INCOME BENEFITS. Income Benefits - Surrender or withdrawal benefits may be used to buy a lifetime monthly income for either Insured as long as the monthly income is at least $100. Death benefits may be used to buy a monthly income for the lifetime of the beneficiary. The monthly income will automatically be guaranteed to continue for at least ten years, unless another form of payment is requested. Under the automatic form of payment, if the income recipient dies before the end of the ten-year period, payments will continue to the end of the ten-year period to a person designated by the income recipient in writing. The purchase rates for the monthly income will be set periodically by the Company. However, under the automatic income benefit, the monthly income bought by each $1,000 of benefit will never be less than that shown below. Monthly Income Monthly Income Monthly Income Age Male Female Age Male Female Age Male Female 0-30 $3.20 $3.09 46 $3.81 $3.61 62 $5.10 $4.73 32 3.25 3.14 48 3.92 3.71 64 5.35 4.95 34 3.31 3.19 50 4.05 3.81 66 5.62 5.20 36 3.38 3.24 52 4.18 3.93 68 5.92 5.47 38 3.45 3.30 54 4.33 4.06 70 6.23 5.78 40 3.53 3.37 56 4.49 4.20 72 6.56 6.11 42 3.62 3.44 58 4.68 4.36 74 6.90 6.48 44 3.71 3.52 60 4.88 4.54 75+ 7.08 6.67 Monthly income amount for Ages not shown are halfway between the two amounts for the nearest two Ages that are shown. Amounts shown are based on the Annuity 2000 table with interest at 3.00%. This benefit is not available if the income would be less than $100 a month. We may require evidence of survival for incomes that last more than ten years. Other Income Options - Surrender, withdrawal or death benefits may be used under any other payment plans that we make available at that time. There is an Interest Settlement Option available under which we will credit interest monthly. Amounts left on deposit under this plan, and credited interest, will be accumulated until you request a withdrawal.
INCOME BENEFITS. All or part of any policy proceeds may, instead of being paid in a lump sum, be left with us under any one, or a combination of the income benefit plans available, subject to our minimum amount requirements on the date of election. If the payee is not a natural person, the choice of a payment option will be subject to our approval. We guarantee that the income benefit will not be less than the income that would be provided by the immediate annuity purchase rates we offer at the time. We guarantee that we will have at least the following income benefit plans available.
INCOME BENEFITS. An Owner of Benefits may elect to have all or any portion of the Investment Accounts which correlate to a Plan Participant used to provide a Flexible Income Option or purchase a benefit payment for the Owner of Benefits, payable under any option of Section 2 of this Article, as long as the benefit conforms to Plan provisions and complies with the following:
INCOME BENEFITS. Section 1 ----- Income Benefits Section 2 ----- Options Section 3 ----- Amount and Form of Benefit Payments Section 4 ----- Change in Variable Annuity Payments Section 5 ----- Adjustment to Variable Annuity Reserves Section 6 ----- Mortality and Expense Guarantees Section 7 ----- Basis of Annuity Purchases Section 8 ----- Cancellation of Annuity
INCOME BENEFITS. Income Benefits - Surrender or withdrawal benefits may be used to purchase a lifetime monthly income. Death benefits may be used to purchase a monthly income for the lifetime of the beneficiary. Monthly income payments will automatically be guaranteed to continue for at least ten years, unless another form of payment is requested. Under the automatic form of payment, if the income recipient dies before the end of the ten-year period, payments will continue to the end of the ten-year period to a person designated by the income recipient in writing. Other options of monthly income benefits are available upon request. We may require evidence of the income recipient's survival when monthly income payments have been made for more than ten years. The purchase rates for the monthly income will be set periodically by the Company. However, under the automatic form, the monthly income bought by each $1000 of benefit amount will always be at least as large as that shown below. Single-Life Single-Life 10 years Certain 10 years Certain Age Monthly Income Age Monthly Income 30 $3.12 54 $4.15 32 3.17 56 4.30 34 3.23 58 4.47 36 3.29 60 4.66 38 3.35 62 4.87 40 3.42 64 5.10 42 3.50 66 5.36 44 3.58 68 5.65 46 3.67 70 5.97 48 3.78 72 6.32 50 3.89 74 6.69 52 4.01 75 6.89 Monthly income amounts for ages not shown are halfway between the two amounts for the nearest two ages which are shown. Guaranteed amounts for ages under 30 are the same as those for age 30; guaranteed amounts for ages over 75 are the same as those for age 75. Amounts shown are based on 1983 Table A mortality with interest at 3%. This benefit is not available if the income would be less than $100 a month. POLICY LOANS Policy Loans - You may obtain loans by written request while this policy is in force on the sole security of the amount in the Loan Account for this policy.
INCOME BENEFITS. 36. STARTING INCOME BENEFITS. An income benefit will be effective and payment will begin as of the date you have chosen, if you are then living and:
INCOME BENEFITS. 12 Incontestability.................................................................................................. 13
INCOME BENEFITS. Income Benefits - Surrender or withdrawal benefits may be used to buy a lifetime monthly income as long as the monthly income is at least $100. Death benefits may be used to buy a monthly income for the lifetime of the beneficiary. The monthly income is guaranteed to continue for at least ten years, unless another form of payment is requested. Under the automatic form of payment, if the income recipient dies before the end of the ten-year period, payments will continue to the end of the ten-year period to a person designated by the income recipient in writing. The purchase rates for the monthly income will be set periodically by the Company. However, under the automatic form, the monthly income bought by each $1,000 of benefit amount will always be at least as large as that shown below. Further, we guarantee that if you elect an income benefit, it will be at least equal to that of any single premium immediate annuity that we offer at the time of your election. Monthly Monthly Monthly Monthly Monthly Age Income Age Income Age Income Age Income Age Income 0-30 3.09 40 3.37 50 3.81 60 4.54 70 5.78 32 3.14 42 3.44 52 3.93 62 4.73 72 6.11 34 3.19 44 3.52 54 4.06 64 4.95 74 6.48 36 3.24 46 3.61 56 4.20 66 5.20 75+ 6.67 38 3.30 48 3.71 58 4.36 68 5.47 Monthly income amount for ages not shown are halfway between the two amounts for the nearest two ages that are shown. Amounts shown are based on the Annuity 2000 table with interest at 3.00%. We may require evidence of survival for incomes that last more than ten years. Other Income Options - Surrender, withdrawal or death benefits may be used under any other payment plans that we make available at that time.
INCOME BENEFITS. 12 Incontestability......................................... 13 Interest................................................. 9 Misstatement............................................. 13 Mortality and Expense Risk Charge........................ 10
INCOME BENEFITS. On the death of an insured employee, a monthly benefit will be payable to s use and/or children under the age of eighteen (18).This be payable until the later of: the date of death or remarriage of the spouse; or the date on which the youngest eligible child attains the age eighteen (18). The amount of the monthly benefit, subject to paragraph of this Appendix will he one-twelfth of the greater of or of the employee’s average annual basic earnings during the three (3) years immediately prior to the em- ployee’s death: or of the total annual Company Retirement Pension benefit which the employee has accrued to the date of the employee’s death. In the event of the remarriage of a surviving spouse with no eligible children under the age of eighteen the benefit shall cease. In the event of the remarriage of a surviving spouse with eligible children under the age of eighteen the benefit shall be reduced to fifty (50%)per cent of the previous amount and be payable until the youngest surviving child attains age eighteen The maximum monthly benefit payable will be per month. This coverage shall terminate at the earliest of the follow- ing dates: the fifteenth (15th) day following the date of termina- tion of employment with Company: the date of the employee’s retirement or early retire- ment Pension under the Company’s Pension Plan; the date on which the employee attains normal retire- ment age; the date on which the employee ceases to have any eligible dependents; the date of remarriage of a surviving spouse. The insurance for an insured employee, who becomes totally disabled before normal retirement age, will be continued during the continuance of total disability until the employee recovers or attains normal retirement age. The Insurer shall reserve the right to require the employee to submit to physical examination by physicians designated by it. Total disability means continuous disability which, during the first two (2)years of total disablement prevents an employee from performing any and every duty pertaining to the em- ployee's own occupation and thereafter from engaging in any occupation for which the employee is fitted through education, training or experience. The Company will continue to provide the following Welfare Benefits for survivors: semi-private Hospital and Ambulance Expense Insurance; Prescription Drug Expense Insurance; Quebec Residents Hospital and Medi- cal Insurance; Dental Insurance Ontario Health Insurance Plan.
