Change in Coverage Option Sample Clauses

Change in Coverage Option. You may change the coverage option any time after the contract has been in force for one year. Once you have changed the coverage option, you cannot change it again for the next twelve months. If the Coverage Option is Option B or Option C, you may change it to Option A. For changes from Option B, the new Specified Amount will be the Specified Amount plus the Contract Value as of the effective date of the change. For changes from Option C, the new Specified Amount will be the Specified Amount plus total premiums paid, minus the total amount of partial surrenders as of the effective date of the change. The new death benefit will be as described in Section 4.2, Death Proceeds. The effective date of the change will be the Monthly Anniversary Day on or following the date we receive your application for change. If the Coverage Option is Option A or Option B you may not change it to Option C. Coverage Option C is only available at issue. If the Coverage Option is Option A or Option C, you may change it to Option B subject to satisfactory evidence of insurability. The Specified Amount will not change. The new death benefit will be as described in Section 4.2, Death Proceeds. The effective date of the change will be the Monthly Anniversary Day on or following the date we approve your application for change. We have the right to decline any Coverage Option change that we determine would disqualify this contract as life insurance under applicable tax laws.