Common use of Guaranteed Payment Period Clause in Contracts

Guaranteed Payment Period. The period of time, shown in Section 1, Contract Data, during which one of the following conditions must exist to prevent your contract from lapsing: 1) the Cash Surrender Value of the contract on a Monthly Anniversary Day must be sufficient to cover the Monthly Deduction; or 2) total premiums paid must be at least equal to the sum of the Guaranteed Monthly Premiums for each month the contract has been in force, plus loan balance and the total amount of partial surrenders, as provided in Section 5.8, Grace Period and Contract Lapse. Monthly deductions continue during the Guaranteed Payment Period. The Cash Surrender Value at the end of the Guaranteed Payment Period may be insufficient to keep the contract from lapsing unless an additional payment is made at that time.

Guaranteed Payment Period. The period of time, shown in Section 1, Contract Data, during which one of the following conditions must exist to prevent your contract from lapsing: : 1) the Cash Surrender Value of the contract on a Monthly Anniversary Day must be sufficient to cover the Monthly Deduction; or or 2) total premiums paid must be at least equal to the sum of the Guaranteed Monthly Premiums for each month the contract has been in force, plus loan balance and the total amount of partial surrenders, as provided in Section 5.8, Grace Period and Contract Lapse. Monthly deductions continue during the Guaranteed Payment Period. The Cash Surrender Value at the end of the Guaranteed Payment Period may be insufficient to keep the contract from lapsing unless an additional payment is made at that time.