Default Annuity Option Sample Clauses

Default Annuity Option. If this is a Non-Qualified Contract or a Qualified Contract and you are not married, the Annuity Option will be Life with a Period Certain of Ten (10)

Default Annuity Option. For all Non-Qualified Contracts and those Qualified Contracts where the Annuitant is not married, the Annuity Option will be a fixed annuity Life with a Period Certain of Ten (10) Years. If this is a Qualified Contract and you are married, the Annuity Option will be a fixed annuity Joint and Survivor Life, with survivor payments of 50%, and your spouse will automatically be named as the secondary Annuitant. The Annuity Option may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date, to any other Annuity Option contained in this Contract or allowed by us. Unless otherwise specified or changed, we will make annuity payments based on our most frequent payment schedule that results in an initial annuity payment of at least $250. The payment frequency may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date. Subject to our minimum requirements, the Net Contract Value less any charges for premium taxes and/or other taxes will be converted to a fixed annuity payout option on the Annuity Date. Application of Contract Value — Prior to the Annuity Date, you may elect to convert all or part of the Net Contract Value less any charge for premium taxes and/or other taxes, to any currently offered Annuity Option. The aggregate net amount you convert must be at least $10,000; otherwise, we reserve the right to terminate this Contract and pay a single amount equal to the withdrawal proceeds as determined under the Full Withdrawal provision. You may elect to have annuity payments made monthly, quarterly, semiannually, or annually. Regardless of the frequency of payments, the minimum annuity payment that you may elect to receive is $250. We reserve the right to reduce the frequency of payments or the period certain if the initial annuity payment is less than $250. We reserve the right to pay the amount in a lump sum withdrawal if no annuity benefit equals or exceeds the minimum annuity payment.

Default Annuity Option. If you have a Non-Qualified Contract and you do not choose an Annuity Date when you submit your application, your Annuity Date will be your Annuitant’s 95th birthday or your younger Joint Annuitant’s 95th birthday, whichever applies. If you have a Qualified Contract and you do not choose an Annuity Date when you submit your application, your Annuity Date will be your Annuitant’s 95th birthday. However, some states’ laws or federal laws may require a different Annuity Date. Certain Qualified Contracts may require distributions to occur at an earlier age. If you have not specified an Annuity Option or do not instruct us otherwise, at your Annuity Date your Net Contract Value, less charges for premium taxes and/or other taxes, will be converted (if this amount is no less than the Minimum Annuitization Amount as shown in the Contract Specifications) to a fixed annuity payout option on the Annuity Date.

Default Annuity Option. If you have a Non-Qualified Contract and you do not choose an Annuity Date, it will be your Annuitant’s Maximum Annuitization Age or your younger Joint Annuitant’s Maximum Annuitization Age, whichever applies. If you have a Qualified Contract and you do not choose an Annuity Date, it will be your Annuitant’s Maximum Annuitization Age. However, some states’ laws or federal laws may require a different Annuity Date. Certain Qualified Contracts may require distributions at an earlier Age. If you have not selected an Annuity Option at your Annuity Date, your Contract Value, less charges for Premium Taxes and/or other taxes, will be variably annuitized per the following: · Non-Qualified Contract — Your Annuity Option will be Life with a [ten (10) year] Period Certain. · Qualified Contract — Your Annuity Option will be Life with [five (5) year] Period Certain, or a shorter Period Certain as may be required by federal regulation. If you are married, different requirements may apply. Please contact your plan administrator for further information, if applicable.

Default Annuity Option. If you have a Non-Qualified Contract and you do not choose an Annuity Date when you submit your application, your Annuity Date will be your Annuitant’s Maximum Annuitization Age or your younger Joint Annuitant’s Maximum Annuitization Age shown on the Contract Specifications, whichever applies. If you have a Qualified Contract and you do not choose an Annuity Date when you submit your application, your Annuity Date will be the date shown in the Contract Specifications. However, some states’ laws or federal laws may require a different Annuity Date. Certain Qualified Contracts may require distributions to occur at an earlier age. If you have not specified an Annuity Option or do not instruct us otherwise, at your Annuity Date your Net Contract Value, less charges for premium taxes and/or other taxes, will be converted (if this amount is no less than the Minimum Annuitization Amount as shown in the Contract Specifications) to a fixed annuity payout option on the Annuity Date. Additionally: · If you have a Non-Qualified Contract, your default Annuity Option will be Life with a ten year Period Certain; or · If you have a Qualified Contract, your default Annuity Option will be Life with a five year Period Certain, or a shorter period certain as may be required by federal regulation. If you are married, different requirements may apply. Please contact your plan administrator for further information, if applicable. · If the amount is less than the Minimum Annuitization Amount as shown in the Contract Specifications, the entire amount will be distributed in one lump sum.

Default Annuity Option. If you have a Non-Qualified Contract and you do not choose an Annuity Date when you submit your application, your Annuity Date will be will be the later of the Annuitant’s 90th birthday (youngest Annuitant’s 90th birthday for Joint Annuitants) or the tenth (10th)

Default Annuity Option. If this is a Non-Qualified Contract or a Qualified Contract and you are not married, the Annuity Option will be Life with a Period Certain of 10 Years. If this is a Qualified Contract and you are married, the Annuity Option will be Joint and Survivor Life, with survivor payments of 50%, and your spouse will automatically be named as the secondary Annuitant. The Annuity Option may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date, to any other Annuity Option contained in this Contract or allowed by us. Unless otherwise specified or changed, we will make annuity payments based on our most frequent payment schedule that results in an initial annuity payment of at least $250. The payment frequency may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date. The Net Contract Value, less any charges for premium taxes and/or other taxes, when converted, will, subject to our minimum requirements, be converted as follows: . the net amount from the Variable Account Value will be applied to a variable annuity and applied to the Subaccounts in proportion to the Account Value in each Subaccount on the Annuity Date.

Default Annuity Option. If you have a Non-Qualified Contract and you do not choose an Annuity Date, it will be your Annuitant’s Maximum Annuitization Age or your younger Joint Annuitant’s Maximum Annuitization Age, whichever applies. If you have a Qualified Contract and you do not choose an Annuity Date, it will be your Annuitant’s Maximum Annuitization Age. However, some states’ laws or federal laws may require a different Annuity Date. Certain Qualified Contracts may require distributions at an earlier Age. If you have not selected an Annuity Option at your Annuity Date, we will apply the sum of: · Index-Linked Option Value(s), plus · Fixed Account Option Value Less charges for Premium Taxes and/or other taxes, if applicable, and this amount will be annuitized per the following: · Non-Qualified Contract – Your Annuity Option will be Life with a ten (10) year Period Certain. · Qualified Contract – Your Annuity Option will be Life with ten (10) year Period Certain, or a shorter Period Certain as may be required by federal regulation. If you are married, different requirements may apply. Please contact your plan administrator for further information, if applicable.

Default Annuity Option. 15 P40059 (5-03) 2

Default Annuity Option. 24 Mortality and Expense Risk Charge Application of Contract Value ....................24 ("Risk Charge") ..............................13