Common use of Joint Life and Survivor Income Clause in Contracts

Joint Life and Survivor Income. We will make equal monthly payments to two payees for a guaranteed minimum of 10 years. Each payee must be at least 35 years old when payments begin. The guaranteed amount payable under this plan will earn interest at 3% compounded yearly. We may increase the interest rate and the amount of any payment. Payments will continue as long as either payee is living. If both payees die before the end of the minimum period, the amount of the remaining payments for the 10 year period will be discounted at the same interest rate used to calculate the monthly income. The discounted amount will be paid in one sum to the survivor's estate unless otherwise provided.

Appears in 5 contracts

Samples: Flexible Premium Variable Joint and Last Survivor Life Insurance Policy (Ge Life & Annuity Assurance Co Ii), Flexible Premium Variable Joint and Last Survivor Life Insurance Policy (Ge Life & Annuity Assurance Co Iii), Flexible Premium Variable Joint and Last Survivor Life Insurance Policy (Ge Capital Life Separate Account Iii)

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Joint Life and Survivor Income. We will make equal monthly payments to two payees for a guaranteed minimum of 10 years. Each payee must be at least lease 35 years old when payments begin. The guaranteed amount payable under this plan will earn interest at 3% compounded yearly. We may increase the interest rate and the amount of any payment. Payments will continue as long as either payee is living. If both payees die before the end of the minimum period, the amount of the remaining payments for the 10 year period will be discounted at the same interest a yearly rate used to calculate the monthly incomeof 3%. The discounted amount will be paid in one sum to the survivor's estate unless otherwise provided.

Appears in 1 contract

Samples: Participation Agreement (Life of Virginia Separate Account Ii)

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