Regularly claim free offers – I'll deny carefree existence (4,2,5)

I believe the answer is:

life of riley

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'carefree existence' is the definition.
'life of riley' can be an answer for 'existence' (I have seen 'Easy existence' mean 'life of riley' so perhaps 'existence' could also mean 'life of riley'). I'm not sure about the 'carefree' bit.

'regularly claim free offers i'll deny' is the wordplay.
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
'claim'+'free'+'offers'+'ill'+'deny'='claimfreeoffersilldeny'
The alternating letters of 'claimfreeoffersilldeny' are 'LIFE OF RILEY'.

Can you help me to learn more?

(Other definitions for life of riley that I've seen before include "Easy existence" , "excellent time" .)

I've seen this clue in The Independent.

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