Lifetime app on Apple TV - free?

I loaded up the "Lifetime" app, and it just works somehow. How does this just work? AFAIK Lifetime doesn't just give their content away

One word: Advertising.

Slightly longer answer: They also have a higher tier subscription: Lifetime Movie Club, with a separate app and in-app subscription options.

Long term, can I pay for this content via the App? Or do I need to watch via Hulu + Live TV or some other streaming app?

They say they are planning something collaborative with TV providers, but at this time no payment is needed, and you don’t need an additional streaming service for this.

I did notice that Lifetime app shows up in my "recently purchased" section, but I did not actually pay for this. I just downloaded it for free. I'm assuming I will not be getting charged for this?

All items downloaded on your account, even the free apps, are considered purchases on your Apple ID account. The Lifetime app is free to download; a $0.00 purchase.

My wife and I want access to Lifetime. Is it possible to just use this Lifetime app pre-installed to get this? If not, what is the easiest way to get access to the Lifetime content real time?

You can keep using the Lifetime app.