Does the Spousal Life Insurance have a Living Benefit?

Yes, in the event of your spouse’s Terminal Illness expected to result in death within 12 months, you may apply to receive a portion of the life insurance benefit while your spouse is still alive, up to 50% of life benefit with a maximum payment of $125,000, if your spouse has at least $10,000 of life insurance coverage. Because you may have to pay tax on this Living Benefit, you should consult with your tax advisor before requesting this benefit.