I was emailed about becoming a life time member and it says to become a lifetime member I would have to pay $300.  Would I pay it off over time or do I have to pay it right away.  And do I really get a free shimano rod?

Yes you do get a Shimano rod and reel along with some other stuff. Most of the time the club offers a 12 payment plan and will credit any dues you have paid in the last couple months. I took a life membership mostly to avoid having to remember to renew yearly and also as a hedge against a raise in fees. You can call Member services and they can answer questions for you.

yea i just became a life member and i think you can do 12- monthly payments which were around $23.something

Yes you can pay it off in Monthly payments!!!