Living Benefit Overview
The following information explains:
- what the living benefit is,
- who is eligible for the living benefit,
- how much the living benefit is, and
- how the living benefit is administered.
What is a living benefit?
Living benefits are non-contractual benefits where a portion of the insurance is paid while the insured person is still living. Interest accrues on the amount advanced until the date of death.
If an insured person is diagnosed with a terminal illness, the policy owner may be eligible for a lump sum advance of 50% of the death benefit to a maximum of $100,000. This is a non-contractual benefit offered by Sun Life, at our discretion. Sun Life determines whether or not an insured person's prognosis meets the requirements of the program.