Common use of NAMING AND CHANGING OF BENEFICIARIES UNDER INCOME PLANS Clause in Contracts

NAMING AND CHANGING OF BENEFICIARIES UNDER INCOME PLANS. For Income Plans Elected By Owner. The Owner of the Contract may name and change the direct beneficiaries, contingent beneficiaries, and further payees of an income plan elected for the death benefit. The Owner of the Contract may name and change the contingent beneficiaries and further payees of an income plan elected for the maturity benefit or withdrawal amounts. If the Owner of the Contract elected an income plan, a Beneficiary may name and change any contingent beneficiaries and further payees of the Beneficiary’s share of the benefits only if: • the Beneficiary was the Owner of the Contract; or • no contingent beneficiary or further payee of that share is living.