Common use of Option to Change Maturity Date Clause in Contracts

Option to Change Maturity Date. You may elect a new maturity date at any time by making a written notice to us subject to the following limitations: (1) we must receive your written notice at least 30 days before the current maturity date; (2) the requested maturity date must be a date that is at least 30 days after we receive your written notice; (3) the requested maturity date cannot exceed the later of the contract anniversary following the Annuitant’s 85th birthday, or the tenth anniversary of the contract; and (4) the requested maturity date must be no later than any earlier maturity date required by law. We may require that the contract be submitted for endorsement to show the change. If you elect a new maturity date, the monthly life income factor will be as shown in Table B of Section 10, Payment of Proceeds.

Option to Change Maturity Date. You may elect a new maturity date at any time by making a written notice to us at our Home Office subject to the following limitations: (1) we must receive your written notice must be received by us at least 30 days before the current maturity date; (2) the requested maturity date must be a date that is at least 30 days after we receive receipt of your written notice; (3) the requested maturity date cannot exceed the later of the contract anniversary following the Annuitant’s 85th birthday, or the tenth anniversary of the contract; and (4) the requested maturity date must be no later than any earlier maturity date required by law. We may require that the contract be submitted for endorsement to show the change. If you elect a new maturity date, the monthly life income factor will be as shown in Table B of Section 10, Payment of ProceedsSettlement Options.