Living Benefit Advance

Life insurance was developed to provide peace of mind. Before its creation, financial well-being of the family was the primary concern of a person facing or thinking about their own death. Those who accumulated enough wealth during their lifetime were secure in knowing their loved ones would have some financial security when they were gone. On the other hand, those who were not wealthy enough or had to face the possibility of dying while still young were more anxious about the fate of their loved ones and the thought of not being there to provide for their needs.

Life insurance was developed to protect the survivors against these types of emotional and financial hardships. It was designed by people who came together to pool their money to protect themselves against the fear of leaving their loved ones with insufficient financial means.

Recently, people have come together once again, this time to help those suffering from a terminal illness, usually with less than 24 months to live. Insurers have adopted the practice of offering a living benefit advance of up to 50% (to a maximum of $50,000) of the death benefit under the contract to the insured suffering from this type of illness, to be used as the insured wishes. Empire Life offers the living benefit advance under all its life insurance policies.