CONTRACT CONTINUATION OPTION Sample Clauses

CONTRACT CONTINUATION OPTION. If the surviving spouse of the deceased Owner is the beneficiary, such spouse may choose to continue this Contract in force on the same terms as before such Owner's death, and the spouse shall thereafter become the "new" Owner and the beneficiary until a new beneficiary is named.

CONTRACT CONTINUATION OPTION. If an Owner dies prior to the Annuity Date and the beneficiary is the surviving spouse of the deceased Owner, such spouse may choose to continue this Contract. The spouse shall become the "new" owner and the beneficiary until a new beneficiary is named. If the death benefit which would have been paid to the surviving spouse is greater than the Contract Value as of the date we determine the death benefit, we will increase the Contract Value of the continued Contract to equal the death benefit we would have paid to the surviving spouse. Your interest in each subaccount will be increased by the ratio of your Contract Value in each subaccount to your Contract Value. If the surviving co-owner is not the surviving spouse of the deceased Owner, the Contract may not be continued under this provision.