Common use of Death Benefit Guarantee Grace Period Clause in Contracts

Death Benefit Guarantee Grace Period. If on a monthly processing date the Death Benefit Guarantee Premium Test (Section 3.5) is performed and not met, a Death Benefit Guarantee Grace Period will be provided. In order to keep the Death Benefit Guarantee, a required minimum premium must be paid by the end of the Death Benefit Guarantee Grace Period. The required minimum premium will be the amount needed to meet the Death Benefit Guarantee Premium Test at the end of the Death Benefit Guarantee Grace Period (Section 3.5). The Death Benefit Guarantee Grace Period will begin on the date the Company sends written notice of the amount that must be paid. The Death Benefit Guarantee Grace Period will end 61 days after the notice is sent. The notice will be sent to the Owner and to any assignee of record under Section 2.4 and will state the date the Death Benefit Guarantee Grace Period ends and the required minimum premium to keep the Death Benefit Guarantee. The Death Benefit Guarantee will continue during the Death Benefit Guarantee Grace Period. If the required minimum premium is not paid by the end of the Death Benefit Guarantee Grace Period, the Death Benefit Guarantee will terminate and may not be reinstated at a later time. Notwithstanding the above, if the Death Benefit Guarantee Period will expire prior to the end of the 61 days, a Death Benefit Guarantee Grace Period will not be provided and the Death Benefit Guarantee will terminate at the end of the Death Benefit Guarantee Period.