Exists to correct terrible evils (5)

I believe the answer is:

lives

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'exists' is the definition.
('live' can be a synonym of 'exist')

'terrible evils' is the wordplay.
'terrible' indicates anagramming the letters.
'evils' is an anagram of 'LIVES'.

'to correct' acts as a link.
This may not be right. Some or all of it may belong to another bit of the clue.

Can you help me to learn more?

(Other definitions for lives that I've seen before include "Exists" , "Elvis (anag) - is not dead" , "Biographies" , "Is animate" , "Resides" .)

I've seen this clue in the Evening Standard.

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