Living Benefit Clause Samples
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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 50% of the combined basic and any supplemental life amounts. The maximum amount of the living benefit is $250,000 and the minimum is $7,500. 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. 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. An employee who meets the following criteria shall be eligible to cash out 50% of his/her total claim value to a maximum of $50,000. • the illness must be terminal with death likely to occur within 24 months; • write the IESO stating intent to apply for Living Benefits; • the consent of the employee and his/her beneficiary is required; • the employee must be competent and able to understand a transaction of this nature. Payments must be processed as a loan and interest charged to avoid making the payment a taxable benefit to the employee. When death occurs, the advance payment plus accrued interest is deducted from the claim value.
Living Benefit. The Living Benefit is the amount of the accelerated benefit that we will pay to you under this rider. The Living Benefit is equal to the Eligible Proceeds, actuarially reduced to reflect: . the life expectancy of the Claimant, as determined by us; and . the amount of future premiums required to keep the policy in force for a 12 month period beginning with the date we receive proof of the terminal illness; and . the Interest Rate. The Interest Rate we will use to determine the Living Benefit will be the smaller of A and B, where
Living Benefit. If a Member develops a Terminal Condition the Carrier will pay to the Member the living benefit amount shown in the Summary of Benefits, provided the Carrier receives:
1. written notice from the Member or the Member’s legal representative requesting this benefit, and
2. written consent from the Member’s Beneficiary, and
3. written proof, satisfactory to the Carrier, of the Member’s medical condition from the attending Physician.
Living Benefit. If you are under age 62 and suffer a terminal illness from which death is expected within 24 months and you have been approved for the Waiver of Premium Benefit above, you may qualify for a Living Benefit. A Living Benefit is an advance payment of a portion of the amount of your basic Life coverage described on the Schedule of Benefits page. The Living Benefit consists of 50% of the amount of your Basic Life coverage to a maximum of $50,000. Upon your death, the Death Benefit will equal the sum insured on your date of death less the Living Benefit paid and the interest accrued on the Living Benefit.
Living Benefit. Effective onon or after April 12, 1998, the life insurance benefit will include a “living benefit”, the claimant must be under the age of 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.
Living Benefit. The Living Benefit is the amount of the accelerated benefit that we will pay to you under this rider. The Living Benefit is equal to the Eligible Proceeds: . discounted for the life expectancy of the Insured at the rate of interest charged for policy loans; and . minus the product of (1) the ratio of the Eligible Proceeds to the Total Proceeds, and (2) the amount of the single premium required to keep the Policy in effect for the life expectancy of the Insured assuming current cost of insurance rates, current expense charges, and the interest rate stated above; and . minus the product of (1) the ratio of the Eligible Proceeds to the Total Proceeds, and (2) the Policy Debt on the date of the accelerated benefit payment.
Living Benefit. Amend the Plan to increase the Living Benefit from 50% of the employee’s GE Life Insurance up to a maximum of $250,000 to 80% of the employee’s GE Life Insurance up to a maximum of $500,000. Effective for applications submitted to the insurance carrier on or after January 1, 2020.
Living Benefit. An employee who meets the following criteria shall be eligible to cash out of total claim value to a maximum of