The age at which one becomes a life member is irrelevant, provided the funds donated are properly managed. The distinction is between member and life member. Before becoming a life member I did not think of myself as anything but equal to life members. Felt the same after becoming one.
Nothing elite about it.
Heck, I rarely even capitalize the term. The idea of different prices for different customers is nothing new. Organizations frequently offer different pricing schemes that are dependent on the level of membership. Even supermarkets offer a two-tiered price structure to customers. It's no big deal.