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1.
noun. a bag for life is a euphemism for the male genitalia, or more specifically, scrotal sack. The term pertains in its literal sense to a long-term use carrier bag, popularised by a UK-based high street retailer.
"When I watch television I cup my bag for life."

"My bag for life is red and sore, I should visit my GP post-haste!"
by petersBuddy January 18, 2009
 
2.
1. A bag bought in supermarkets to be kept and reused many times.

2. A womanly part (or a lady with) that is vacuous in size - thus allowing storage of everyday shopping items, eliminating the need for a single-use plastic bag.

3. A wife
Took a girl back to mine on Saturday, when it got to it and I saw her moose's hoof it was so loose and big - she had a right bag for life.
by Fat Sam111111 March 22, 2013