By Beneficiary Clause Samples
By Beneficiary. If the death benefit under this contract becomes payable to a beneficiary (recipient) under an Annuity Payment plan, that recipient shall have the right to name, or later change, their own beneficiary by Written Request or other method agreed to by Us and recorded by Us. If there is no valid beneficiary designation or if no beneficiary survives the recipient, We will pay any benefits due under the Annuity Payment plan following the death of the original beneficiary as follows: • to the recipient’s spouse, if living, otherwise; • if no spouse is living, to the recipient’s lawful children, if living, otherwise; • if the recipient has no spouse or direct descendants, to the recipient’s parents equally or the survivor, if living, otherwise; • to the recipient’s estate.
By Beneficiary. At the time proceeds are payable to a Beneficiary, a Beneficiary may choose or change any Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) if proceeds are available to the Beneficiary in a lump sum. The Beneficiary then becomes the Annuitant. A choice or change must be in writing to LL&A. After the Annuity Commencement Date, the Annuity Payment Option may not be changed.
By Beneficiary. At the time proceeds are payable to a Beneficiary, a Beneficiary may choose or change any Settlement Option that meets the requirements of Code Section 72(s) or 401(a)(9) if proceeds are available to the Beneficiary in a lump sum. The Beneficiary then becomes the Annuitant. A choice or change must be in writing to the Company at its Servicing Office. Once Income Payments have begun, no surrender of the Annuity Account Value can be made and the Annuitant(s) cannot be changed, nor can the settlement option be changed.
By Beneficiary. If an Annuity Payment Option has not been previously selected by the Owner as the distribution option for the payment of the Death Benefit to a Beneficiary, then at the time proceeds are payable to a Beneficiary, a Beneficiary may choose any Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 8.01, Payment of Amounts. The Beneficiary then becomes the Annuitant. A Notice is required to choose an Annuity Payment Option.
By Beneficiary. If the death benefit under this contract becomes payable to a beneficiary (recipient) under an Annuity Payment plan, that recipient shall have the right to name, or later change, their own beneficiary by Written Request or other method agreed to by Us and recorded by Us. If there is no valid beneficiary designation or if no beneficiary survives the recipient, We will pay any benefits due under the Annuity Payment plan following the death of the original beneficiary as follows: • to the recipient’s spouse, if living; • if no spouse is living, to the recipient’s lawful children per stirpes; • if the recipient has no spouse or direct descendants, to the recipient’s parents equally or the survivor, if living, otherwise; • to the recipient’s estate.
By Beneficiary. At the time proceeds are payable to a Beneficiary, a Beneficiary may choose or change any Annuity Payment Option if proceeds are available to the Beneficiary in one sum. A choice or change must be in writing to LNL.