Common use of Proceeds Applied Under Payment Options Clause in Contracts

Proceeds Applied Under Payment Options. If you elect to receive proceeds under a payment option as described in Section 10, we may require proof that the Annuitant is living. If you choose to receive a life income (payment options 4 or 5), this life income will be purchased using the applicable monthly life income factor shown in Section 10. If the pay out rates in use by us at the time proceeds become payable are more favorable than those shown in Section 10, we will provide a life income using the more favorable rates. Once a monthly life income (payment options 4 or 5 as described in Section 10) becomes payable, you may not make any election regarding payment of the proceeds other than the right to change the beneficiary or contingent payee.