Common use of Death of Annuitant/Beneficiary Clause in Contracts

Death of Annuitant/Beneficiary. (a) When the Annuitant dies under Options 2 or 3, or both the Annuitant and second Annuitant die under Option 4(d), the present value of any remaining guaranteed payments will be paid in one sum to the Beneficiary, or upon election by the Beneficiary, any remaining payments will continue to the Beneficiary. If Option 4 has been elected and the Annuitant dies, the remaining payments will continue to the second Annuitant as successor xxxxx. The second Annuitant does not have the right to change the Beneficiary upon the Contract Xxxxxx's death.