Orphan Benefit

OVERVIEW

We hope it will never happen, but if your child is orphaned, he or she will need financial support.

Subject to the following Requirements should an LCBA Benefit member become orphaned or leave behind an orphaned child or children, LCBA will provide the following Assistance to all children in the family. Agency members are NOT eligible for this benefit.

General Guidelines

LCBA’s Orphan Benefit includes a monthly income program to help take care of your child as he or she grows:

A monthly income up to $250 will be paid to a qualified guardian for each eligible child for care, maintenance and education.*
The total maximum income for one family is $50,000 (this includes orphan scholarships outlined below). If the maximum would be exceeded before the youngest attains age 19, the monthly benefit may be adjusted accordingly by the Association.
One allowance is paid for each child, regardless of the number of certificates on the lives of the parents or child.
Income continues until age 18 and may be extended to age 21 if the child is permanently disabled, physically or mentally.

* The monthly income program pays the premiums on an existing LCBA certificate until your orphaned child either: Reaches age 19; Marries; Enters military service; Is legally adopted; or Receives Orphan’s Scholarship.

Orphan Scholarship

Education is important for our children in today’s world.

With the help of LCBA’s Orphan Scholarship your child will receive a maximum benefit of $1,800 per year for each child towards post-secondary education. ($7,200 for a four-year program or $3,600 for a two-year program).

He or she must be accepted at or attending a four-year or two-year accredited college, university, technical or vocational program, which must lead to a bachelor or associate degree
Scholarship benefit will cease if:
- Child does not maintain scholastic achievement and personal standards set by the educational institution.
- Child receives a full scholarship or Military Academy scholarship.

Eligibility

A child is eligible for the Orphan Benefit when:

at least one parent was or at least one of their children is an LCBA Benefit member with:
- $10,000 or more of LCBA permanent life insurance or
- an LCBA annuity with an account value of at least $5,000 or
- an LCBA term policy with at least $100,000 at the time of death or
- an LCBA Medicare Supplement certificate
Insurance coverage must have been issued at least two years prior; except in the case of accidental death of the parent.
Child/Children includes biological or legally adopted.
If a single insured parent dies and had sole legal custody of the child, the other parent must be deceased or otherwise not legally responsible to provide financial support. If a single parent remarries, he or she will be considered a “single” parent unless the new spouse adopts the child. Children of the new union would be subject to the two parent family eligibility requirements.

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General Guidelines

Orphan Scholarship

Eligibility