Payment Choices. Participants are strongly encouraged by both The Xxxxxx Union admin- istration and the CUFCT to seek professional financial guidance regarding the financial and tax implications of this agreement. Prior to the date of separation, the participant must elect to take payment in one of the following ways: (1) Lump-sum payment of the entire amount within 60 days of the date of separation; (2) Equal payments over a 23 month period starting with the first month immediately following the date of separation; or (3) Other possible alter- native methods of payment proposed by participants will be considered by the administration provided they are proposed by the date of application.
Payment Choices. (1) Receive the Surrender Value in one lump sum payment upon receipt of due proof of death;
Payment Choices. (1) Receive the Surrender Value in one lump sum payment upon receipt of due proof of death; (2) Receive the Surrender Value at any time during the five year period following the date of death by withdrawing Contract Value or surrendering the Contract. At the end of that five year period, we will pay in a lump sum payment any Surrender Value still remaining; (3) Apply the Surrender Value to provide an income under Optional Payment Plan 1 or 2. The first Income Payment must be made no later than one year after the date of death. The income payment period must be either (1) the lifetime of the Designated Beneficiary, or (2) a period not exceeding the Designated Beneficiary's life expectancy. If a lifetime payout is selected, any period certain guarantee must not exceed the Designated Beneficiary's life expectancy. Under payment choices (1) and (2), this Contract will terminate upon payment of the entire Surrender Value. Under payment choice (3), this Contract will terminate when the Surrender Value is applied to the Optional Payment Plan. Due proof of death must be provided within 90 days of death.
Payment Choices. (1) Receive the Death Benefit in one lump sum payment upon receipt of due proof of death; or
