Common use of ANNUITY OPTION Clause in Contracts

ANNUITY OPTION. If the beneficiary is the surviving spouse of the deceased Owner, he or she may choose to receive payments under any of the Annuity Options of this Contract. For any other beneficiary, only those options are available that provide for full payment of such Owner's interest in the Contract: (a) Within five years of the date of such Owner's death; (b) Over the lifetime of such beneficiary of this Contract; or (c) Over a period that does not exceed the life expectancy, as defined by Internal Revenue Service regulations, of such beneficiary of this Contract. Subparagraphs (b) and (c) apply only to individuals, and such payments must start within one year of the date of such Owner's death. For IRAs, any annuity option chosen must meet the requirements of the Internal Revenue Code.

ANNUITY OPTION. If the beneficiary is the surviving spouse of the deceased Owner, he or she may choose to receive payments under any of the Annuity Options annuity options of this Contract. For any other beneficiary, only those options are available that provide for full payment of such Owner's interest in the Contract: (a) Within five years of the date of such Owner's death; (b) Over the lifetime of such beneficiary of this Contract; or (c) Over a period that does not exceed the life expectancy, as defined by Internal Revenue Service regulations, of such beneficiary of this Contract. Subparagraphs (b) and (c) apply only to individuals, and such payments must start within one year of the date of such Owner's death. For IRAs, any annuity option chosen must meet the requirements of the Internal Revenue Code.

ANNUITY OPTION. If the beneficiary Beneficiary is the surviving spouse of the deceased Owner, he or she may choose to receive payments under any of the Annuity Options annuity options of this Contract. For any other beneficiaryBeneficiary, the only options available are those options are available that provide for full payment of such Owner's interest in the Contract: (a) Within five years of the date of such Owner's death; (b) Over the lifetime of such beneficiary Beneficiary of this Contract; or (c) Over a period that does not exceed the life expectancy, expectancy of such Beneficiary of this Contract as defined by Internal Revenue Service regulations, of such beneficiary of this Contract. Subparagraphs (b) and (c) apply only to individuals, and such payments must start within one year of the date of such Owner's death. For IRAs, any annuity option chosen must meet the requirements of the Internal Revenue Code.

ANNUITY OPTION. If the beneficiary Beneficiary is the surviving spouse of the deceased Owner, he or she may choose to receive payments under any of the Annuity Options of this Contract. For any other beneficiary, only those options are available that provide for full payment of such Owner's interest in the Contract: (a) Within within five years of the date of such Owner's death; (b) Over over the lifetime of such beneficiary of this Contract; or (c) Over over a period that does not exceed the life expectancy, as defined by Internal Revenue Service regulations, of such beneficiary of this Contract. Subparagraphs (b) and (c) apply only to individuals, and such payments must start within one year of the date of such Owner's death. For IRAs, any annuity option chosen must meet the requirements of the Internal Revenue Code.