Common use of Exceptions to Early Withdrawal Penalties Clause in Contracts

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner is in required minimum distribution (RMD) or becomes disabled and begins making periodic withdrawals.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner is in required minimum distribution (RMD) attains age 59½ or becomes disabled and begins making periodic withdrawals.

Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: 1) when an owner on an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. ; 2) Where the account ac- count is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment establishment; or 3) where the account ac- count is an IRA and the owner is in required minimum distribution (RMD) attains age 591/2 or becomes disabled disa- bled and begins making periodic withdrawals.