Common use of Form of Death Benefit Clause in Contracts

Form of Death Benefit. Death Benefit payments are made annually as a Fixed Period Payout as described in the PAYOUT OPTIONS section of this Contract, with a period certain of two years. In place of that, you may choose to have Death Benefit payments paid as a lump sum or in the form of any Payout Option that is available under this Contract. Your choice must be made by a Request in Good Order that is received by us on or before the date of death for which a Death Benefit is payable. If you do not make such a choice, the Beneficiary may make that choice after the date of death. His or her choice must be made by a Request in Good Order that is received by us no later than the date that the Death Benefit Value is applied to a Payout Option and at least 30 days before the date of the first payment to be made. Any choice is subject to the Death Benefit Distribution Rules provision of this Contract. In any event, a Payout Option that is contingent on life is based on the life of the Beneficiary. A Beneficiary that is a trust, custodial account, corporation, limited liability company, partnership, or other entity may elect a Payout Option based on the life of a person to whom the Beneficiary is obligated. Such an election must be made by a Request in Good Order at least 30 days before the date of payment. We will pay the Death Benefit as a lump sum rather than as payments under a Payout Option if: