Common use of Living Benefit Clause in Contracts

Living Benefit. The life insurance benefit includes a “living benefit” option. To be eligible for this “living benefit,” the claimant must be diagnosed terminally ill (with life expectancy of twelve [12] months or less); not have assigned his or her employee life benefits; and not have a court order in force which affects the payment of life insurance benefits. The life insurance benefit will pay a benefit of up to 90% of the combined basic and any supplemental life amounts. The maximum amount of the living benefit is $600,000. Should the employee recover, the amount paid under this provision would be subtracted from the face amount of his/her full benefit at the time of death.

Living Benefit. The life insurance benefit includes a “living benefit” option. To be eligible for this “living benefit,” the claimant must be under the age of seventy (70); be diagnosed terminally ill (with life expectancy of twelve [12] months or less); not have assigned his or her employee life benefits; and not have a court order in force which affects the payment of life insurance benefits. The life insurance benefit will pay a maximum benefit of up to 9090 % of the combined basic and any supplemental life amounts. The maximum amount of the living benefit is $600,000. Should the employee recover, the amount paid under this provision would be subtracted from the face amount of his/her full benefit at the time of death.

Living Benefit. The life insurance benefit includes a “living benefit” option. To be eligible for this “living benefit,” the claimant must be under the age of seventy (70); be diagnosed terminally ill (with life expectancy of twelve [12] months or less); not have assigned his or her employee life benefits; and not have a court order in force which affects the payment of life insurance benefits. The life insurance benefit will pay a maximum benefit of up to 90% of the combined basic and any supplemental life amounts. The maximum amount of the living benefit is $600,000. Should the employee recover, the amount paid under this provision would be subtracted from the face amount of his/her full benefit at the time of death.

Living Benefit. The life insurance benefit includes a “living benefit” option. To be eligible for this “living benefit,” the claimant must be under the age of seventy (70); be diagnosed terminally ill (with life expectancy of twelve [12] months or less); not have assigned his or her employee life benefits; and not have a court order in force which affects the payment of life insurance benefits. The life insurance benefit will pay a benefit of up to 90% of the combined basic and any supplemental life amounts. The maximum amount of the living benefit is $600,000. Should the employee recover, the amount paid under this provision would be subtracted from the face amount of his/her full benefit at the time of death.