Common use of CHOICE OF ANNUITY PAYMENT OPTION Clause in Contracts

CHOICE OF ANNUITY PAYMENT OPTION. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option as the distribution method for payment of the Death Benefit to a Beneficiary. Such selection of a distribution method must be made in writing to the Home Office and approved by LNL. The Owner may change or revoke, in writing to the Home Office, any such selection, unless such selection was made irrevocable. By Beneficiary If an Annuity Payment Option has not been previously selected by the Owner as the distribution option for 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). The Beneficiary then becomes the Annuitant. A choice or change of an Annuity Payment Option must be made in writing to LNL. After the Annuity Commencement Date, the Annuity Payment Option may not be changed.

CHOICE OF ANNUITY PAYMENT OPTION. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option as the distribution method for payment of the Death Benefit to a Beneficiary. Such selection of a distribution method must be made in writing to the Home Office and approved by LNL. The Owner may change or revoke, in writing to the Home Office, any such selection, unless such selection was made irrevocable. 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). The Beneficiary then becomes the Annuitant. A choice or change of an Annuity Payment Option must be made in writing to LNL. After the Annuity Commencement Date, the Annuity Payment Option may not be changed.

CHOICE OF ANNUITY PAYMENT OPTION. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option as the distribution method for payment of the Death Benefit to a Beneficiary. Such selection of a distribution method must be made in writing to the Home Office and approved by LNL. The Owner may change or revoke, in writing to the Home Office, any such selection, unless such selection was made irrevocable. By Beneficiary If an Annuity Payment Option has had not been previously selected by the Owner as the distribution option for the payment of the Death Benefit to a the 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). The Beneficiary then becomes the Annuitant. A choice or change of an Annuity Payment Option must be made in writing to LNL. After the Annuity Commencement Date, the Annuity Payment Option may not be changed.