[LOGO OF MetLife]
FIRST METLIFE INVESTORS INSURANCE COMPANY
[000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000]
FIRST METLIFE INVESTORS INSURANCE COMPANY (referred to as "MetLife", the
"Company", "we", "us", and "our") will make Annuity Payments as described in
this Contract beginning on the Annuity Date.
This Contract is issued in return for receipt of the initial Purchase Payment.
FREE LOOK PROVISION - RIGHT TO CANCEL
This Contract may be returned for any reason within [ten (10)] days after you
receive it by mailing or delivering the Contract to us at the Annuity Service
Office or to an agent of the Company. Return of this Contract by mail is
effective on being postmarked, properly addressed and postage prepaid. We will
promptly refund your Account Value, plus the sum of all fees and charges
deducted from the Purchase Payment as of the Business Day we receive your
Contract. Your Account Value may be more or less than your Purchase Payment.
We assess a daily Mortality and Expense Charge at an annual rate of [0.70%]
against the assets of the Contract.
Signed for the Company.
[Xxxx Xxxxxxxx] [Xxxx Xxxxxxxxxxx]
[Secretary] [President]
INDIVIDUAL FLEXIBLE PURCHASE PAYMENT DEFERRED VARIABLE ANNUITY CONTRACT
NONPARTICIPATING
READ YOUR CONTRACT CAREFULLY
CONTRACT VALUES AND BENEFITS BASED ON SEPARATE ACCOUNT ASSETS ARE NOT GUARANTEED
AND WILL DECREASE OR INCREASE WITH INVESTMENT RESULTS.
THIS CONTRACT CONTAINS A BENEFIT THAT CAN WAIVE THE WITHDRAWAL CHARGE.
7-210 (11/15)
TABLE OF CONTENTS
PAGE
----
Contract Schedule ...................................................... [3
Definitions ............................................................ 4
General Provisions ..................................................... 5
Annuitant, Ownership, Assignment Provisions ............................ 6
Beneficiary Provisions ................................................. 7
Purchase Payment Provisions ............................................ 7
Account Value Provision ................................................ 8
Separate Account Provisions ............................................ 8
Transfer Provisions .................................................... 9
Death Benefit Provisions ............................................... 10
Withdrawal Provisions .................................................. 11
Annuity Provisions ..................................................... 11
Suspension or Deferral of Payments or Transfers from the Separate
Account .............................................................. 12
Values and Benefits .................................................... 13]
7-210 (11/15)
DEFINITIONS
ACCOUNT VALUE
The total amount of all Purchase Payments allocated to the Separate Account,
adjusted by partial withdrawals, transfers, specified charges, expenses and the
investment results of the Separate Account.
ACCUMULATION UNIT
A unit of measure used to calculate the Account Value in a Subaccount of the
Separate Account during the Accumulation Period.
ACCUMULATION PERIOD
The period of this Contract prior to the Annuity Date.
ANNUITANT
The natural person(s) on whose life Annuity Payments are based. You may change
the Annuitant at any time prior to the Annuity Date unless an Owner is not a
natural person. Any reference to Annuitant shall also include any Joint
Annuitant under an Annuity Option. The Annuitant and Owner do not have to be the
same person.
ANNUITY CALCULATION DATE
A Business Day no more than five (5) Business Days prior to the Annuity Date.
ANNUITY PAYMENTS
The series of payments made to the Owner or other named payee after the Annuity
Date under the Annuity Option elected.
ANNUITY DATE
The date on which Annuity Payments begin. The Annuity Date is defined on the
Contract Schedule.
ANNUITY PERIOD
The period starting on the Annuity Date during which Annuity Payments are
payable.
ANNUITY SERVICE OFFICE
The office indicated on the Contract Schedule, or as otherwise directed by
notice from us, to which Notices, requests and Purchase Payments must be sent.
All sums payable by us under the Contract are payable through the Annuity
Service Office.
ATTAINED AGE
The age of any Owner or Annuitant on his/her last birthday.
BENEFICIARY
The person(s) or entity(ies) you name to receive a death benefit payable under
this Contract upon the death of the Owner or a Joint Owner, or in certain
circumstances, an Annuitant.
BUSINESS DAY
Each day that the New York Stock Exchange is open for business. The Separate
Account will be valued each Business Day. A Business Day ends as of the close of
regular trading on the New York Stock Exchange.
COMPANY
First MetLife Investors Insurance Company
CONTRACT ANNIVERSARY
An anniversary of the Issue Date of this Contract.
CONTRACT YEAR
A one-year period starting on the Issue Date and on each Contract Anniversary
thereafter.
FIXED ANNUITY PAYMENTS
A series of payments made by us during the Annuity Period which we guarantee as
to dollar amount. Fixed Annuity payments are made out of our General Account.
7-210 (11/15) 4
GENERAL ACCOUNT
All of our assets other than those in any segregated asset account.
INVESTMENT OPTIONS
The investment choices within the Separate Account available under the Contract.
ISSUE DATE
The date this Contract was issued. The Issue Date is shown on the Contract
Schedule.
JOINT OWNER
If there is more than one Owner, each Owner shall be a Joint Owner of the
Contract.
NOTICE
Any form of communication providing information we need, either in signed
writing or another manner that we approve in advance. All Notices to us must be
sent to our Annuity Service Office and received in good order. To be effective
for a Business Day, a Notice must be received in good order prior to the end of
that Business Day.
OWNER
The person(s) or entity(ies) entitled to the ownership rights under this
Contract. If Joint Owners are named, all references to Owner shall mean Joint
Owners. (Referred to as "you" or "your")
PURCHASE PAYMENT
Any amount paid to us under this Contract as consideration for the benefits it
provides, less any Premium and Other Taxes deducted upon receipt of a Purchase
Payment.
SEPARATE ACCOUNT
A segregated asset account of the Company designated on the Contract Schedule.
SUBACCOUNT
The divisions of the Separate Account, each of which invests exclusively in
shares of an Investment Option.
WITHDRAWAL VALUE
The Account Value less any applicable Withdrawal Charge, less any Premium and
Other Taxes, and less any applicable Annual Contract Fee shown on the Contract
Schedule, or added by Rider to this Contract.
GENERAL PROVISIONS
THE CONTRACT
The entire contract consists of this Contract, any riders or endorsements
attached to this Contract, and a copy of the application, if one is attached to
this Contract when issued. This Contract must be returned to us prior to the
payment of any benefit unless otherwise waived by us. Prior to any payment of a
death benefit, due proof of death must be submitted to us unless we agree
otherwise. If your Account Value is reduced to zero, this Contract, including
all riders, endorsements, and death benefits under the Contract will terminate.
INCONTESTABILITY
We will not contest the validity of this Contract at any time following the
Issue Date. Except in the instance of fraud in the procurement of the Contract,
when permitted by applicable law in the state where the Contract is delivered or
issued for delivery.
NONPARTICIPATING
This Contract will not share in any distribution by us of dividends.
MISSTATEMENT OF AGE OR SEX
We may require proof of age or sex of the Annuitant before making any Annuity
Payments under this Contract that are measured by the Annuitant's life. If the
age or sex of the Annuitant has been misstated, the amount payable will be the
amount that the Account Value would have provided at the correct age or sex, as
appropriate, of the Annuitant.
7-210 (11/15) 5
Once Annuity Payments have begun, any underpayments by the Company on account of
misstatement of age or sex, with interest at a rate specified in the Contract
Schedule, will be made up in one sum with the next Annuity Payment. Any
overpayments by the Company on account of misstatement of age or sex, with
interest at a rate specified in the Contract Schedule, will be deducted from
future Annuity Payments until the total is repaid.
PROTECTION OF PROCEEDS
No Beneficiary may commute, encumber, alienate or assign any payments under this
Contract before they are due. To the extent permitted by law, no payments will
be subject to the debts, contracts or engagements of any payee or to any
judicial process to levy upon or attach the same for payment thereof.
REPORTS
At least once each calendar year we will furnish you with a Report showing the
Account Value and any other information as may be required by law. The Report
shall provide current information as of a date not more than four (4) months
prior to the date of mailing. We will send you confirmations of certain
transactions, the beginning and end dates of the current Report period, the
Account Value, if any, at the beginning of the current Report period and at the
end of the current Report period, the Withdrawal Value, if any, at the end of
the current Report period, the amounts that have been credited and debited to
the Account Value such as Purchase Payments, partial withdrawals, and any
applicable Annual Contract Fees or Withdrawal Charges and any additional benefit
values, if any at the end of the current Report period, added by Rider to this
Contract. Reports and confirmations will be sent to your last known address.
Additional copies of a Report are available to the Owner upon request; there
will be no charge for Reports requested.
PREMIUM AND OTHER TAXES
Any taxes paid by us to any governmental entity relating to this Contract will
be deducted from Purchase Payments or Account Value when incurred. We may
determine when taxes relate to the Contract, including when they have resulted
from: the investment results of the Separate Account; receipt by us of Purchase
Payments; or commencement of Annuity Payments. We may pay taxes when due and
deduct that amount from the Account Value at a later date. Payment at an earlier
date does not waive any right we may have to deduct amounts at a later date. We
will deduct any withholding taxes required by applicable law.
EVIDENCE OF SURVIVAL
We may require satisfactory evidence of the continued survival of any person(s)
on whose life Annuity Payments are based. We may discontinue Annuity Payments
until satisfactory proof of continued survival is received.
MODIFICATION OF CONTRACT
Only the President, a Vice President, or the Secretary of the Company has
authority to agree on our behalf to any alteration of the Contract or to any
waiver of our rights or requirements. The change or waiver must be in writing.
We will not change or modify this Contract without your consent except as may be
required to make it conform to any applicable law or regulation or any ruling
issued by a government agency; or unless we may change the terms herein.
INACTIVE CONTRACT
We may terminate this Contract by paying you the Account Value in one sum, if,
prior to the Annuity Date: (i) you do not make a Purchase Payment for three (3)
consecutive Contract Years; (ii) the total amount of Purchase Payments made,
less any partial withdrawals, is less than the Minimum Account Value Required as
shown on the Contract Schedule; and (iii) the Account Value on or after the end
of such three (3) year period is less than the Minimum Account Value Required.
We will give you sixty (60) days' notice to make a Purchase Payment before we
take any action.
ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS
OWNER
You, as the Owner, have all the interest and rights under this Contract. The
Owner is the person or entity named as such on the Issue Date, unless changed.
You, as the Owner, may change the Owner(s) of this Contract at any time after
the Issue Date by sending Notice to us. The change of Owner will become
effective as of the date the Notice is signed, unless otherwise specified by the
Owner, subject to any payments made or actions taken by the Company prior to
receipt of this notice. A change of Owner request
7-210 (11/15) 6
may be refused in a non-discriminatory manner in order to comply with any
applicable laws, rules or regulations in effect at the time of the request. A
change of Owner will automatically revoke any prior named of Owner.
JOINT OWNER
A Contract may be owned by Joint Owners, both of whom must be natural persons.
Joint Owners have equal ownership rights and must both authorize any exercising
of those ownership rights unless otherwise allowed by us. Upon the death of
either Owner, unless you inform us otherwise by Xxxxxx the surviving Joint Owner
will be deemed to be the primary Beneficiary.
ANNUITANT
The Annuitant is the person on whose life Annuity Payments are based. The
Annuitant is the person named by you as of the Issue Date, unless changed prior
to the Annuity Date. The Annuitant may not be changed in a Contract which is
owned by a non-natural person. Any change of Annuitant is subject to specified
age requirements in effect at the time of the request.
ASSIGNMENT
You may assign your rights under this Contract except in situations where
restrictions are required for the purposes of satisfying applicable laws or
regulations. If your contract is assigned absolutely, we will treat it as a
change of ownership and all interests and rights will be transferred. We are not
bound by any assignment unless we receive Notice. We are not responsible for the
validity of any assignment. The change will become effective as of the date the
Notice is signed, unless otherwise specified by the Owner, subject to any
payments made or actions taken by the Company prior to receipt of this Notice.
BENEFICIARY PROVISIONS
BENEFICIARY
The Beneficiary designation in effect on the Issue Date will remain in effect,
unless changed.
Unless you provide otherwise, if a death benefit is payable, the death benefit
will be paid in equal shares or all to the Beneficiary(ies) as follows:
1. to the primary Beneficiary(ies) who survive you (or if the Owner is not a
natural person, the Annuitant's death); or if there are none, then
2. to the contingent Beneficiary(ies) who survive you (or if the Owner is not
a natural person, the Annuitant's death); or if there are none, then
3. to your estate.
If Joint Owners have been named, unless you inform us otherwise by Xxxxxx, the
surviving Joint Owner will be treated as the primary Beneficiary. Any other
Beneficiary designation will be treated as a contingent Beneficiary unless
otherwise indicated in a Notice to us.
CHANGE OF BENEFICIARY
Subject to the rights of any irrevocable Beneficiary, you may change the primary
Beneficiary or contingent Beneficiary. A request to change the Beneficiary(ies)
of this Contract may be refused in order to comply with any applicable laws,
rules or regulations. A change may be made by filing a Notice with us. The
change will take effect as of the date the Notice is signed, unless otherwise
specified by the Owner, subject to any payments made or actions taken by the
Company prior to receipt of this notice.
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS
The Purchase Payment shown on the Contract Schedule is due on the Issue Date. We
may reject any Purchase Payment. Any limitations and requirements for Purchase
Payments, including Minimum Initial Purchase Payment, Minimum Subsequent
Purchase Payments and Maximum Total Purchase Payments, are shown on your
Contract Schedule.
ALLOCATION OF PURCHASE PAYMENTS
7-210 (11/15) 7
The allocation of Purchase Payments is made in accordance with your selection
made at the Issue Date. Unless you elect otherwise, subsequent Purchase Payments
will be allocated in accordance with your initial selection. Allocation of
Purchase Payments is subject to the Allocation Requirements set forth on the
Contract Schedule. If there are Joint Owners, unless we are instructed to the
contrary, allocation instructions will be accepted from either one of the Joint
Owners.
ACCOUNT VALUE PROVISION
ACCOUNT VALUE
Your Account Value for any Business Day is the sum of your interests in the
Subaccounts of the Separate Account as of such Business Day.
The portion of your Account Value in a Subaccount is determined by multiplying
the number of Accumulation Units allocated to the Contract for the Subaccount by
the Accumulation Unit Value.
ANNUAL CONTRACT FEE
The Annual Contract Fee, if any, is shown on the Contract Schedule. Any Annual
Contract Fee will be deducted from the Account Value.
SEPARATE ACCOUNT PROVISIONS
THE SEPARATE ACCOUNT
The Separate Account is designated on the Contract Schedule and consists of
assets owned by us, which are kept separate from our General Account assets and
our other segregated asset accounts. The Separate Account assets, which are
equal to reserves and other liabilities of your Contract and those of other
owners who have an interest in the Separate Account, will not be charged with
liabilities arising out of any other business we may do. Income, gains, and
losses, whether or not realized, from assets allocated to the Separate Account
shall be credited to or charged against the Separate Account without regard to
other income, gains or losses of the Company.
The Separate Account assets are divided into Subaccounts. The assets of each
Subaccount are invested in an Investment Option.
INVESTMENTS OF THE SEPARATE ACCOUNT
Purchase Payments applied to the Separate Account are allocated to the
Subaccounts of the Separate Account according to your instructions. We may add
additional Investment Options. You may be permitted to transfer all or a portion
of your Account Value to the additional Investment Option(s). However, the right
to make any transfer is limited as described in this Contract and will be
subject to any terms and conditions in effect at the time of transfer.
If the shares of any of the Investment Options become unavailable for investment
by the Separate Account, or we deem further investment in these shares
inappropriate, we may prohibit or otherwise limit further purchase of such
shares, subject to obtaining any necessary regulatory approvals. We may
substitute shares of another Investment Option for shares already purchased
under this Contract, subject to obtaining any necessary regulatory approvals.
CHANGE IN OPERATION
We may transfer assets of the Separate Account to another account, and modify
the structure or operation of the Separate Account, subject to obtaining any
necessary regulatory approvals. If we do so, we guarantee that such modification
will not affect your Account Value.
VALUATION OF ASSETS
Assets of the Separate Account are valued at their market value in accordance
with our procedures.
ACCUMULATION UNIT
Accumulation Units shall be used to account for all amounts allocated to or
withdrawn from a Subaccount of the Separate Account as a result of Purchase
Payments, withdrawals, transfers, or fees and charges. We will determine the
number of Accumulation Units of a Subaccount purchased or cancelled. This is
done by dividing the amount allocated to (or the amount withdrawn from) the
Subaccount, by the dollar value of one Accumulation Unit of the Subaccount as of
the end of the Business Day during which the Notice for the transaction is
received at the Annuity Service Office.
7-210 (11/15) 8
ACCUMULATION UNIT VALUE
The initial Accumulation Unit Value for each Subaccount was set by us.
Subsequent Accumulation Unit Values for each Subaccount are determined by
multiplying the Accumulation Unit Value for the immediately preceding Business
Day by the Net Investment Factor of the Subaccount for the current Business Day.
The Accumulation Unit Value may increase or decrease from Business Day to
Business Day.
To the extent permitted by law, we may change when we calculate the Accumulation
Unit Value by giving you thirty (30) days' notice; or delay calculation of the
Accumulation Unit Value if an emergency exists, making valuation of assets in
the Separate Account not reasonably practicable, or the Securities and Exchange
Commission permits such deferral.
NET INVESTMENT FACTOR
The Net Investment Factor for each Subaccount is determined by dividing A by B
and multiplying by (1-C) where:
A is (i) the net asset value per share of the Investment Option held by the
Subaccount at the end of the current Business Day; plus
(ii) any dividend or capital gains per share declared on behalf of such
Investment Option that has an ex-dividend date as of the current
Business Day.
B is the net asset value per share of the Investment Option held by the
Subaccount for the immediately preceding Business Day.
C is (i) the Separate Account Product Charges which are shown on the Contract
Schedule for each day since the last Business Day. The daily charge
is equal to the annual Separate Account Product Charges divided by
365; plus
(ii) a charge factor, if any, for any taxes or any tax reserve we have
established as a result of the operation of this Subaccount.
PRODUCT CHARGES
We deduct Product Charges from the Separate Account and the Account Value as
shown on the Contract Schedule.
TRANSFER PROVISIONS
You may make certain transfers of your Account Value subject to the provisions
set forth below. You may elect to make these transfers in writing or by other
means acceptable to us as long as you have first provided us with a Notice in a
form that we may require. In the case of Joint Owners, transfer instructions
will be accepted from either one of the Joint Owners unless we are instructed to
the contrary. We will use reasonable procedures to confirm that instructions are
genuine. Neither we nor our Annuity Service Office will be liable for any
transfers made in accordance with your instructions. All transfers made on the
same Business Day will be treated as one transfer. A transfer will be made as of
the end of the Business Day when we receive a Notice containing all the
information necessary to process the request.
TRANSFERS DURING THE ACCUMULATION PERIOD
During the Accumulation Period, you may ask us to transfer your Account Value
from one Subaccount to another, subject to the following:
1. The maximum number of transfers per Contract Year is shown on the
Contract Schedule;
2. We may assess a transfer fee, if any, if the number of transfers
exceeds the maximum number of permissible free transfers shown on the
Contract Schedule;
3. The minimum and maximum amounts which may be transferred are shown on
the Contract Schedule;
4. Your right to make transfers is subject to limitations or modification
by us if we determine that the exercise of the right by one or more
owners with interests in the Subaccount is or would be, to the
disadvantage of other Owners. Such restrictions may be applied in any
manner reasonably designed to prevent any use of the transfer right
that is considered by us to be to the disadvantage of other Owners. A
limitation or modification could be applied to transfers to, or from,
one or more of the Subaccounts and could include, but is not limited
to:
a. the requirement of a minimum time period between each
transfer;
b. not accepting a transfer request from an agent acting under
a power of attorney on behalf of more than one Owner;
c. limiting the dollar amount that may be transferred between
Subaccounts by an owner at any one time;
d. requiring that a written transfer request be provided to us,
signed by an Owner;
5. To the extent permitted by applicable law, during times of drastic
economic or market conditions; we may suspend the transfer privilege
temporarily without notice and treat transfer requests based on their
separate components (a redemption order with a simultaneous request
for purchase of another Subaccount). In such a
7-210 (11/15) 9
case, the redemption order would be processed at the source
Subaccount's next determined Accumulation Unit Value. However, the
purchase into the new Subaccount would be effective at the next
determined Accumulation Unit Value for the new Subaccount only after
we receive the proceeds from the source Subaccount, or we otherwise
receive cash on behalf of the source Subaccount;
6. Transfers do not change the allocation instructions for future
Purchase Payments or any pre-scheduled transfers.
DEATH BENEFIT PROVISIONS
DEATH OF OWNER DURING THE ACCUMULATION PERIOD
During the Accumulation Period, upon your death, or upon the first death of a
Joint Owner, the death benefit will be paid to your Beneficiary(ies).
DEATH BENEFIT DURING THE ACCUMULATION PERIOD
The death benefit is the Account Value determined as of the end of the Business
Day on which we have received both due proof of death and an election for the
payment method. The death benefit amount in the Separate Account remains in the
Separate Account until distribution begins. From the time the death benefit is
determined until complete distribution is made; any amount in the Separate
Account will continue to be subject to investment risk. This risk is borne by
the Beneficiary. If your Account Value is reduced to zero, this Contract,
including any death benefit under the Contract will terminate.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD
A Beneficiary must elect the death benefit to be paid under one of the options
below (unless the Owner has previously chosen an option) in the event of the
death of an Owner during the Accumulation Period. In addition, if the
Beneficiary is the spouse of the Owner, he or she may elect to continue the
Contract in his or her own name and exercise all the Owner's rights under the
Contract. The death benefit options available under the Contract are:
Option 1 -- lump sum payment of the death benefit; or
Option 2 -- the payment of the entire death benefit within five (5) years of the
date of the death of the Owner or the first Joint Owner to die; or
Option 3 -- payment of the death benefit under an Annuity Option over the
lifetime of the Beneficiary or over a period not extending beyond the life
expectancy of the Beneficiary with distribution beginning within one (1) year of
the date of death of the Owner or the first Joint Owner to die.
Any portion of the death benefit not applied under Option 3 within one (1) year
of the date of the Owner's or Joint Owner's death must be distributed within
five (5) years of the date of death.
DEATH OF OWNER DURING THE ANNUITY PERIOD
If the Owner or a Joint Owner, who is not the Annuitant, dies during the Annuity
Period, any remaining payments under the Annuity Option elected will continue at
least as rapidly as under the method of distribution in effect at the time of
the Owner's death. Upon the death of the Owner or a Joint Owner during the
Annuity Period, the Beneficiary becomes the Owner.
DEATH OF ANNUITANT
Upon the death of an Annuitant, who is not the Owner or Joint Owner, during the
Accumulation Period, the Owner automatically becomes the Annuitant. The Owner
may select a new Annuitant if the Owner does not want to be the Annuitant. Any
new Annuitant designation will be subject to the specified age requirements in
effect. If the Owner is a non-natural person, the death of the primary Annuitant
will be treated as the death of the Owner.
Upon the death of the Annuitant during the Annuity Period, the death benefit, if
any, will be as specified in the Annuity Option elected. Death benefits will be
paid at least as rapidly as under the method of distribution in effect at the
Annuitant's death.
PAYMENT OF DEATH BENEFIT
We will require due proof of death before any death benefit is paid. Due proof
of death will be:
1. a certified death certificate;
2. a certified decree of a court of competent jurisdiction as to the finding
of death;
7-210 (11/15) 10
3. a written statement by a licensed medical doctor who attended the deceased;
or
4. any other proof satisfactory to us.
Any death benefit will be paid in accordance with applicable law or regulations
governing death benefit payments.
In all events, death benefits under the Contract will be administered in
accordance with Section 72(s) of the Internal Revenue Code, as amended.
WITHDRAWAL PROVISIONS
WITHDRAWALS
Prior to the Annuity Date, you may, upon Notice to us, make a total or partial
withdrawal of the Withdrawal Value. A withdrawal will result in the cancellation
of Accumulation Units from each applicable Subaccount of the Separate Account in
the ratio that the Account Value in the Subaccount bears to the total Account
Value. If another method is desired, you must specify from which Subaccount(s)
values are to be withdrawn in a Notice.
Each partial withdrawal must be for an amount which is not less than the minimum
shown on the Contract Schedule or, if smaller, the remaining Withdrawal Value.
If the withdrawal would result in the Account Value being less than the Minimum
Account Value Required as shown on the Contract Schedule, we will treat the
withdrawal request as a request for a full withdrawal.
WITHDRAWAL CHARGE
Upon withdrawal of all or a portion of the Account Value, a Withdrawal Charge as
set forth on the Contract Schedule may be assessed. For a partial withdrawal,
the Withdrawal Charge will be deducted from the remaining Account Value, if
sufficient, or from the amount withdrawn. Under certain circumstances, described
on the Contract Schedule, a withdrawal may be made without the imposition of a
Withdrawal Charge.
ANNUITY PROVISIONS
ANNUITY DATE
When your Contract is issued the Annuity Date, as defined under Annuity
Requirements in the Contract Schedule, is equal to the Maturity Date as shown on
the Contract Schedule. You may change the Annuity Date to an earlier date by
sending a Notice to us. We must receive the Notice at least thirty (30) days
before the Annuity Date you select.
ELECTION OF ANNUITY OPTION
The Annuity Option is elected by you. If you do not elect an Annuity Option,
Option 2 - Life Annuity with Ten (10) Years of Annuity Payments Guaranteed will
be automatically applied. Upon thirty (30) days' Notice prior to the Annuity
Date you may change the Annuity Option.
ANNUITY OPTIONS
You may elect to receive Annuity Payments monthly, quarterly, semi-annually or
annually. The following Annuity Options, or any other Annuity Option acceptable
to you and us, may be elected:
OPTION 1 -- LIFE ANNUITY
We will make Annuity Payments, payable at the frequency elected, during the
lifetime of the Annuitant and terminating with the last payment due prior to the
Annuitant's death. There are no payments made after the Annuitant's death.
OPTION 2 -- LIFE ANNUITY WITH 10 YEARS OF ANNUITY PAYMENTS GUARANTEED
We will make Annuity Payments, payable at the frequency elected, during the
lifetime of the Annuitant with a guarantee that if at the Annuitant's death
there have been less than ten (10) years of Annuity Payments made as selected,
Annuity Payments will continue for the remainder of the Guaranteed Period only.
OPTION 3 -- LIFE ANNUITY WITH CASH REFUND
We will make Annuity Payments, payable at the frequency elected, during the
lifetime of the Annuitant with a guarantee that if at the Annuitant's death the
total amount of Annuity Payments is less than the Account Value applied to the
Annuity Option, we will pay in a lump sum the difference of the two amounts.
OPTION 4 -- JOINT AND LAST SURVIVOR ANNUITY
7-210 (11/15) 11
We will make Annuity Payments, payable at the frequency elected, during the
joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of
either the Annuitant or Joint Annuitant, Annuity Payments will continue to be
paid during the remaining lifetime of the survivor. Annuity Payments cease with
the final Annuity Payment due prior to the last survivor's death.
OPTION 5 -- JOINT AND LAST SURVIVOR ANNUITY WITH 10 YEARS OF ANNUITY PAYMENTS
GUARANTEED
We will make Annuity Payments, payable at the frequency elected, during the
joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of
either the Annuitant or Joint Annuitant, Annuity Payments will continue to be
paid during the remaining lifetime of the survivor. If at the last death of the
Annuitant and the Joint Annuitant, there have been less than ten (10) years of
Annuity Payments made as selected; Annuity Payments will continue to be made for
the remainder of the Guaranteed Period only.
OPTION 6 -- JOINT AND LAST SURVIVOR ANNUITY WITH CASH REFUND
We will make Annuity Payments, payable at the frequency elected, during the
joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of
either the Annuitant or Joint Annuitant, Annuity Payments will continue to be
paid during the remaining lifetime of the survivor. Upon last death of the
Annuitant and the Joint Annuitant, if the total amount of Annuity Payments is
less than the Account Value applied to the Annuity Option, we will pay in a lump
sum the difference of the two amounts.
ANNUITY PAYMENTS
The Annuity Option will be payable as Fixed Annuity Payments. Fixed Annuity
Payments are guaranteed as to dollar amount. Unless another payee is named, you
will be the payee of the Annuity Payments.
The "Adjusted Account Value" is the Account Value, less any Premium and Other
Taxes or other applicable taxes and less any applicable Annual Contract Fee. All
or a portion of your Adjusted Account Value may be applied to the applicable
fixed annuity tables as defined under the Annuity Requirements set forth on the
Contract Schedule to determine your Annuity Payment. The Adjusted Account Value
is determined on the Annuity Calculation Date which is a Business Day no more
than five Business Days prior to the Annuity Date.
FIXED ANNUITY
Fixed Annuity Payments are based upon the Annuity Option elected, the
Annuitant's Attained Age and sex, and the appropriate Fixed Annuity Option
table. If, as of the Annuity Calculation Date, the then-current Fixed Annuity
Option rates applicable to this class of annuitants provide an Annuity Payment
greater than that which is guaranteed under the same Annuity Option under this
Contract, then the greater payment will be made.
FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS
Annuity Payments will be paid as monthly installments or at any frequency
acceptable to you and us. The Adjusted Account Value on the Annuity Calculation
Date is applied to the annuity table for the Annuity Option elected. If the
amount of the Adjusted Account Value to be applied under an Annuity Option is
less than $5,000, we reserve the right to make one lump sum payment in lieu of
Annuity Payments. If the amount of any Annuity Payment would be or becomes less
than $100, we may reduce the frequency of payments to an interval which will
result in each payment being at least $100.
BASIS OF PAYMENTS
The annuity tables are based on the tables defined under the Annuity
Requirements set forth on the Contract Schedule. The annuity tables are
available upon request.
SUSPENSION OR DEFERRAL OF PAYMENTS OR TRANSFERS
FROM THE SEPARATE ACCOUNT
We reserve the right to suspend or postpone payments for a withdrawal or
transfer for any period when:
1. the New York Stock Exchange is closed (other than customary weekend and
holiday closings);
2. trading on the New York Stock Exchange is restricted;
3. an emergency exists as a result of which disposal of securities held in the
Separate Account is not reasonably practicable or it is not reasonably
practicable to determine the value of the Separate Account's net assets; or
4. during any other period when the Securities and Exchange Commission, by
order, so permits for the protection of the Owner.
7-210 (11/15) 12
The applicable rules and regulations of the Securities and Exchange Commission
will govern as to whether the conditions described in (2) and (3) exist.
VALUES AND BENEFITS
Any values and death benefits that may be available under this Contract are not
less than the minimum benefits required by any law of the state in which this
Contract is delivered.
7-210 (11/15) 13
(THIS PAGE INTENTIONALLY LEFT BLANK)
INDIVIDUAL FLEXIBLE PURCHASE PAYMENT DEFERRED VARIABLE ANNUITY CONTRACT
NONPARTICIPATING
FIRST METLIFE INVESTORS INSURANCE COMPANY
[000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000]
