Common use of Change in Coverage Option Clause in Contracts

Change in Coverage Option. You may change the coverage option any time after the contract has been in force 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, it may be changed to Option A. The new Specified Amount will be the death benefit as of the effective date of the change. The effective date of change will be the Monthly Anniversary Day on or next following the date we receive and approve 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 does not change. The new death benefit will be the Specified Amount plus the Contract Value. The effective date of 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 cause this contract to not qualify as life insurance under applicable tax laws.