Conditions applicable to the Source Contract. 1) The death of the Deceased Holder of the Source Contract triggers the requirement to make post-death required payments by the Required Payment Starting Date from or with respect to the proceeds of the Source Contract. 2) You must not have already made an election with the insurance company which issued the Deceased Holder’s Source Contract for the payout under Section 72(s) of the Code of the Source Contract proceeds. 3) You cannot have previously applied the value of your interest as a beneficiary under the Source Contract to an annuity payout or any other post-death substantially equal periodic payment method offered under the Source Contract in accordance with Section 72(s)(2) of the Code. 4) You must not have elected to receive the Source Contract proceeds within 5 years after the date of death of the Deceased Holder of the Source Contract, in accordance with Section 72(s)(1)(B) of the Code. Also, even if no affirmative election was made, the insurance company that issued the Deceased Holder’s Source Contract must not have applied the 5 Year Rule under Section 72(s)(1)(B) of the Code.
Appears in 4 contracts
Samples: Inherited Non Qualified Payout Contract (Equitable America Variable Account No.70A), Inherited Non Qualified Payout Contract (Equitable Financial Life Insurance Co of America), Inherited Non Qualified Payout Endorsement (Equitable Financial Life Insurance Co)
Conditions applicable to the Source Contract. 1) The death of the Deceased Holder of the Source Contract triggers the requirement to make post-death required payments by the Required Payment Starting Date from or with respect to the proceeds of the Source Contract.
2) You must not have already made an election with the insurance company which issued the Deceased Holder’s Source Contract for the payout under Section 72(s) of the Code of the Source Contract proceeds.
3) You cannot have previously applied the value of your interest as a beneficiary under the Source Contract to an annuity payout or any other post-death substantially equal periodic payment method offered under the Source Contract in accordance with Section 72(s)(2) of the Code.
4) You must not have elected to receive the Source Contract proceeds within 5 years after the date of death of the Deceased Holder of the Source Contract, in accordance with Section 72(s)(1)(B) of the Code. Also, even if no affirmative election was made, the insurance company that issued the Deceased Holder’s Source Contract must not have applied the 5 Five Year Rule under Section 72(s)(1)(B) of the Code.
Appears in 2 contracts
Samples: Inherited Non Qualified Payout Endorsement (Equitable Financial Life Insurance Co of America), Inherited Non Qualified Payout Endorsement (Equitable Financial Life Insurance Co)
