Common use of Payment of Death Clause in Contracts

Payment of Death. Benefit To pay the death benefit, we need proof of death acceptable to us, such as a certified copy of a death certificate, plus written direction regarding how to pay the death benefit payment. If the death benefit is payable to an Owner’s estate, we will pay it in a single payment. The death benefit may be paid as: • a lump sum payment or series of withdrawals that are completed within five years from the date of death; or • annuity payments made over life or life expectancy. To receive annuity payments, this election must be made within 60 days from our receipt of proof of death. Annuity payments must begin within one year from the date of death. Once annuity payments begin, they cannot be changed. If a person entitled to receive a death benefit dies before the death benefit is distributed, we will pay the death benefit to that person’s named beneficiary or, if none, to that person’s estate.

Payment of Death. Benefit To pay the death benefit, we need proof of death acceptable to us, such as a certified copy of a death certificate, plus written direction regarding how to pay the death benefit payment. If the death benefit is payable to an Owner’s estate, we will pay it in a single payment. Upon receiving due proof of death we will credit interest at the rate required by law. The death benefit may be paid as: • · a lump sum payment or series of withdrawals that are completed within five years from the date of death; or • · annuity payments made over life or life expectancy. To receive annuity payments, this election must be made within 60 days from our receipt of proof of death. Annuity payments must begin within one year from the date of death. Once annuity payments begin, they cannot be changed. If a person entitled to receive a death benefit dies before the death benefit is distributed, we will pay the death benefit to that person’s named beneficiary or, if none, to that person’s estate.