ELECTION OF AN OPTION. You may elect an option by Written Notice during the Insured's lifetime. The option must be elected before proceeds become payable. Assignees and third-party owners may elect an option only with our consent. Each payee under Options 4 and 5 must be a natural person. If Death Proceeds are payable, the beneficiary may elect a settlement option provided that:
ELECTION OF AN OPTION. If your spouse is the sole surviving Owner, then the spouse may elect, in lieu of receiving the Cash Surrender Value and to the extent permitted by law, to continue this contract in force as the owner. The Cash Surrender Value payable under this provision will be calculated on the later of: The end of the Valuation Period during which we receive proof of death; and The end of the Valuation Period during which we receive signed notice of the owner's or Successor Owner's election to receive the Cash Surrender Value or a later date requested in that notice and agreed to by us.
ELECTION OF AN OPTION. For proceeds payable under a settlement agreement, a settlement option in Section 11.2 may be elected as follows:
ELECTION OF AN OPTION. You may elect an option by Written Notice during an Annuitant's lifetime. The option must be elected before the Annuity Date. Assignees and third-party owners may elect an option only with our consent. Each payee under Options 4, 4V, 5 and 5V must be a natural person who is an Annuitant, a Successor Owner or a beneficiary. If Death Proceeds or the Cash Surrender Value is payable upon the death of an owner (or an Annuitant if any owner is not a natural person), the payee may elect a settlement option provided that: The manner of settlement has not been restricted before the owner's death; The Death Proceeds or Cash Surrender Value has not been paid; and Either: The principal and earnings are completely distributed within 5 years after the date of death; or If the payee is a natural person who is a surviving owner or beneficiary, distribution of the principal and earnings is made by means of a periodic payment which: Begins within one year after the date of death; and Is made over the life of the payee or over a period not extending beyond the life expectancy of the payee. Election of an option is subject to these conditions: Payments must not be less than $50; and Payments are made only at annual, semiannual, quarterly or monthly intervals.
ELECTION OF AN OPTION. If you surrender this contract for its Cash Surrender Value, you may elect a settlement option under which the surrender proceeds will be paid. Assignees and third-party owners may elect an option only with our consent. If Death Proceeds are payable, the beneficiary may elect a settlement option provided that:
ELECTION OF AN OPTION. You may elect an option by Written Notice during the Annuitant's lifetime. The option must be elected before proceeds become payable. Assignees and third-party owners may elect an option only with our consent. Election of Options 4 or4V may be made only if the payee is a natural person who is the Annuitant or a beneficiary. If Death Proceeds are payable, the beneficiary may elect a settlement option other than Option 1 - Interest Income within one year from the date of death provided that:
ELECTION OF AN OPTION. You may elect an option by Written Notice during an Annuitant's lifetime. The option must be elected before the Annuity Date. Assignees and third-party owners may elect an option only with our consent. Each payee under Options 4, 4V, 5 and 5V must be a natural person who is an Annuitant, a Successor Owner or a beneficiary. If Death Proceeds or the Cash Surrender are payable upon the death of an owner, the payee may elect a settlement option provided that: The manner of settlement has not been restricted before the owner's death; The Death Proceeds or Cash Surrender Value has not been paid; and Either: The principal and interest are completely distributed within 5 years after the date of death; or If the payee is a natural person, distribution the principal and interest is made by means of a periodic which: Begins within one year after the date of death; and Is not guaranteed for a period which extends beyond the life expectancy of the payee. Election of an option is subject to these conditions: Payments must not be less than $50; and Payments are made only at annual, semiannual, quarterly or monthly intervals.
ELECTION OF AN OPTION. You may elect an option by Written Notice during the Insured's lifetime. The option must be elected before proceeds become payable. Assignees and third-party owners may elect an option only with our consent. Election of Option 4 may be made only if the payee is a natural person who is the Insured or a beneficiary. If Death Proceeds are payable, the beneficiary may elect a settlement option provided that: 1) The manner of settlement has not been restricted before the Insured's death; and 2) The Death Proceeds have not been paid. Election of an option is subject to these conditions: 1) Payments must not be less than $50; 2) Payments are made only at annual, semiannual, quarterly or monthly intervals; and 3) The first payment, except under Option 1 Interest Income, is payable as of the date the option becomes effective. Under Option 1, interest is payable at the end of the first payment interval. If the beneficiary does not receive Death Proceeds or elect a settlement option by the date one year after we receive proof of the Insured's death, Death Proceeds will then be calculated and applied under Option I - Interest Income. OPTION 3 Guaranteed Monthly Payments for Each $1,000 of Proceeds Years Monthly Years Monthly Years Monthly Years Monthly Years Monthly Payable Payment Payable Payment Payable Payment Payable Payment Payable Payment 1 84.65 7 13.37 13 7.93 19 5.96 25 4.96 2 43.05 8 11.89 14 7.48 20 5.75 26 4.84 3 29.19 9 10.75 15 7.10 21 5.56 27 4.73 4 22.26 10 9.83 16 6.76 22 5.39 28 4.62 5 18.11 11 9.08 17 6.46 23 5.23 29 4.53 6 15.34 12 8.46 18 6.20 24 5.09 30 4.44 Annual, Semiannual or Quarterly payments are 11.813, 5.957 and 2.991 respectively, times the Monthly payments. W3-VC-VUL-24 page 25 Contract Number: LV1234567 OPTION 4 Male Payee - Monthly Life Income GUARANTEED MONTHLY LIFE INCOME FOR EACH $1,000 OF PROCEEDS Adjusted Payments Payments Adjusted Payments Payments Age of Payee Guaranteed Guaranteed Age of Payee Guaranteed Guaranteed on Date of for for on Date of for for First Payment 10 years 20 years First Payment 10 years 20 years 40 3.86 3.82 65 5.80 5.16 45 4.09 4.02 66 5-94 5.22 50 4.38 4.26 67 6.08 5.28 68 6.23 5.33 55 4.74 4.54 69 6.38 5.38 60 5.20 4.85 70 6.54 5.43 61 5.31 4.91 71 6.71 5.48 62 5.42 4.97 72 6.87 5.52 63 5.54 5.04 73 7.05 5.55 64 5.67 5.10 74 7.22 5.59 Adjusted Payments Payments Age of Payee Guaranteed Guaranteed on Date of for for First Payment 10 years 20 years 75 7.40 5.62 76 7.57 5.64 77 7.75 5.65 78 7.92 5.65 79 8.09...
