Common use of Joint Life Basis Clause in Contracts

Joint Life Basis. If you elect the Joint Life Basis: • The Spouse must be listed as the sole primary Beneficiary under the Contract. • The GAWA will be reduced by the rates shown in Appendix A. The rates shown in Appendix A provide the payment amount for a Joint Life election based on your age and your spouse’s age and include the reduction or increase to GAWA payments taken prior to age 65 or later. This reduction will not change even if you subsequently drop the Joint Life Basis election. • You may elect to drop the individual designated under the Joint Life Basis if you are no longer married, but your GAWA payments will not be increased to reflect a Single Life Basis and GAWA payments will be guaranteed only for your life. Also, you may not name a new individual under the Joint Life Basis, even if you remarry.