Distribution at Death Requirements. If the Owner dies before the Contract Maturity Date, the entire interest in the contract must be distributed within five (5) years after the date of death, and the Beneficiary may be required to elect new Accounts. In the alternative to payment within five (5) years, if any portion of the Owner’s interest is payable to a designated Beneficiary, such Beneficiary may choose to take distributions over the life of such designated Beneficiary (or over a period not extending beyond the life expectancy of such Beneficiary) as long as these lifetime or life expectancy payments begin not later than one year after the date of death of the Owner and that Beneficiary may be required to elect new Accounts. If a lifetime or life expectancy payment option is not timely elected or the Beneficiary is a non-natural person, the entire death benefit will be distributed in a lump sum no later than five years after the date of death.
Distribution at Death Requirements. ..17 Death on or after the Maturity Date....................18
Distribution at Death Requirements. Any Beneficiary who is a natural person entitled to a death benefit, may within one year after the date of an Owner's death, elect to receive the death benefit in the form of an Annuity Payment Option. If an Annuity Payment Option is selected, it may not extend beyond such Beneficiary's life or life expectancy and the payments must begin within one year after the date of death. If an Annuity Payment Option is not elected or the Beneficiary is a non-natural person, the entire death benefit will be distributed in a lump sum no later than five years after the date of death. Death On or After the Maturity Date If an Owner dies on or after the Maturity Date and there is no surviving Owner, any remaining annuity payments will be paid to the Beneficiary under the Annuity Payment Option in effect on the date of death. If there is a surviving Owner, the payments continue as if there had been no death. Payments to the Beneficiary or surviving Owner may not be deferred or otherwise extended without our prior approval. If the Annuitant and Joint Annuitant(s), if any, die and are survived by any Owner, remaining annuity payments, if any, will be paid to such Owner. Payments will continue under the Annuity Payment Option in effect at the date of death and may not be deferred or otherwise extended without our prior approval.
Distribution at Death Requirements. If any Owner dies before the Contract Maturity Date, the entire interest in the contract must be distributed within five (5) years after the date of death. In the alternative to payment within five (5) years, if any portion of the Owner’s interest is payable to a Beneficiary, such Beneficiary may choose to take distributions over the life of such Beneficiary (or over a period not extending beyond the life expectancy of such Beneficiary) as long as these lifetime or life expectancy payments begin no later than one year after the date of death of the Owner. If lifetime or life expectancy payments do not timely commence, or the Beneficiary is a non-natural person, the entire interest will be distributed in a lump sum no later than five years after the date of death. This contract is provided for information purposes only. Contract terms and values may vary significantly from this specimen copy based on the state where the contract is issued. This contract may not be available in your state. Death On or After the Contract Maturity Date If any Owner dies on or after the Contract Maturity Date, or if any Owner of the contract is not an individual and the Annuitant or Joint Annuitant dies on or after the Contract Maturity Date, any remaining annuity payments must be distributed at least as rapidly as under the method of distributions being used as of the date of death. These payments will be paid to the Beneficiary under the Annuity Payment Option in effect on the date of death. If the contract has two Owners and one Owner dies, the surviving Owner will be deemed to be the Beneficiary. Payments to the Beneficiary, or surviving Owner, may not be deferred or otherwise extended. Except as otherwise provided in Section 18, no death benefit is payable on death on or after the Contract Maturity Date.
Distribution at Death Requirements. If the Owner dies before the Contract Maturity Date, the entire interest in the contract must be distributed within five (5) years after the date of death, and the Beneficiary may be required to elect new Accounts. In the alterna tive to payment within five (5 ) years, if any portio n of the Owner’s interest is payable to a designated Beneficiary, such Beneficiary may choose to take distributions over the life of such designated Beneficiary (or over a period not extending beyond the life expectancy of such Beneficiary) as long as these lifetime or life expectancy pay ments begin not later than o ne year after the date of death of the Owner and that Benefi ciary may b e required to elect new Accounts. If a lifetime o r life expectancy payment option is not timely elect ed or the Beneficiary is a non -natural person, the entire death ben efit will be distributed in a lump sum no later than five years after the date of death.
