Common use of Life Annuity Clause in Contracts

Life Annuity. We make Annuity Payments during will be made for the life of the Annuitant. The last payment will be the one that is due before the Annuitant’s death. Upon the death of the Annuitant, payments will cease and there are no payments made to the beneficiary.

Appears in 2 contracts

Sources: Annuity Contract (Pia Variable Annuity Account I), Annuity Contract (Penn Mutual Variable Annuity Account Iii)

Life Annuity. We make Annuity Payments during the life of the Annuitant. The last payment will be the one that is due before the Annuitant’s death. We make Annuity Payments during the life of the Annuitant. If the Annuitant dies before the end of the selected guaranteed period, we continue to make Annuity Payments to the Payee for the rest of the guaranteed period. If the Payee and Annuitant were the same person, we will make payments to the Owner. If the Payee, Annuitant and Owner were the same person, we will make payments to the Beneficiary.

Appears in 1 contract

Sources: Individual Flexible Purchase Payment Variable Deferred Annuity Contract (Allianz Life Variable Account B)