Common use of DEATH OF THE OWNER Clause in Contracts

DEATH OF THE OWNER. If you die before the annuity date and the beneficiary is your surviving spouse: Your surviving spouse will become the new owner. The policy will continue with its terms unchanged and your spouse will assume all rights as its owner. Within 120 days of your death, your spouse may elect to receive the death proceeds or withdraw any of the contract value without any early withdrawal penalty. If you die before the annuity date and the beneficiary is not your surviving spouse: The death proceeds will be paid to the beneficiary in a lump sum no later than 120 days after your death, unless the beneficiary elects to have this value applied under a settlement option. If a settlement option is elected, the beneficiary must be named the annuitant and payments must begin within one year of your death. The option also must have payments which are payable over the life of the beneficiary or over a period which does not extend beyond the life expectancy of the beneficiary. Any amount payable hereunder will not be less than the minimum required by the law of the state where this policy is delivered. If the annuitant dies before the annuity date and the annuitant is not also the owner, then:

DEATH OF THE OWNER. If you die before the annuity date Annuity Date and the beneficiary is your surviving spouse: Your surviving spouse will become the new ownerOwner. The policy will continue with its terms unchanged and your spouse will assume all rights as its ownerOwner. Within 120 days of your death, your spouse may elect to receive the death proceeds Death Proceeds or withdraw any of the contract value Account Value without any early withdrawal penalty. If you die before the annuity date Annuity Date and the beneficiary is not your surviving spouse: The death proceeds Death Proceeds will be paid to the beneficiary in a lump sum no later than 120 days after your death, unless the beneficiary elects to have this value applied under a settlement option. If a settlement option is elected, the beneficiary must be named the annuitant Annuitant, and payments must begin within one year of your death. The option must also must have payments which are payable over the life of the beneficiary or over a period which does not extend beyond the life expectancy of the beneficiary. Any amount payable hereunder will not be less than the minimum required by the law of the state where this policy Contract is delivered. If the annuitant dies before the annuity date and the annuitant is not also the owner, then:.

DEATH OF THE OWNER. If you die before the annuity date and the beneficiary is your surviving spouse: Your surviving spouse will become the new owner. The policy will continue with its terms unchanged and your spouse will assume all rights as its owner. Within 120 days of your death, your spouse may elect to receive the death proceeds or withdraw any of the contract value without any early withdrawal penalty. If you die before the annuity date and the beneficiary is not your surviving spouse: The death proceeds will be paid to the beneficiary in a lump sum no later than 120 days after your death, unless the beneficiary elects to have this value applied under a settlement option. If a settlement option is elected, the beneficiary must be named the annuitant and payments must begin within one year of your death. The option also must have payments which are payable over the life of the beneficiary or over a period which does not extend beyond the life expectancy of the beneficiary. Any amount payable hereunder will not be less than the minimum required by the law of the state where this policy is delivered. Death of the Annuitant If the annuitant dies before the annuity date and the annuitant is not also the owner, then:

DEATH OF THE OWNER. If you die before the annuity date Annuity Date and the beneficiary is your surviving spouse: Your surviving spouse will become the new ownerOwner. The policy will continue with its terms unchanged and your spouse will assume all rights as its ownerOwner. Within 120 days of your death, your spouse may elect to receive the death proceeds Death Proceeds or withdraw any of the contract value Account Value without any early withdrawal penalty. If you die before the annuity date Annuity Date and the beneficiary is not your surviving spouse: The death proceeds Death Proceeds will be paid to the beneficiary in a lump sum no later than 120 days after your death, unless the beneficiary elects to have this value applied under a settlement option. If a settlement option is elected, the beneficiary must be named the annuitant Annuitant, and payments must begin within one year of your death. The option must also must have payments which are payable over the life of the beneficiary or over a period which does not extend beyond the life expectancy of the beneficiary. Any amount payable hereunder will not be less than the minimum required by the law of the state where this policy Contract is delivered. Death of the Annuitant - If the annuitant Annuitant dies before the annuity date Annuity Date and the annuitant Annuitant is not also the ownerOwner, then: