Common use of Shortened Life Expectancy Withdrawal Clause in Contracts

Shortened Life Expectancy Withdrawal. Upon application in accordance with section 8 of Schedule 3 of the Regulation, the Annuitant may withdraw all or part of the money in the Account if the following conditions are met: i) At the time of execution of the application, the Annuitant has an illness or physical disability that is likely to shorten the Annuitant’s life expectancy to less than two years; ii) The application is signed by the Annuitant and accompanied by a statement signed by a physician who is licensed to practice medicine in a jurisdiction in Canada that, in the opinion of the physician, the Annuitant has an illness or physical disability that is likely to shorten the Annuitant’s life expectancy to less than two years.

Shortened Life Expectancy Withdrawal. Upon application in accordance with section 8 of Schedule 3 of the Regulation, the The Annuitant may withdraw all or part of the money in the Account Fund, upon application by the Annuitant in accordance with section 11 of Schedule 1.1 of the Regulation and if the following conditions are met: i) At at the time of execution of the application, the Annuitant has an illness or physical disability that is likely to shorten the Annuitant’s life expectancy to less than two years; ii) The application is the application, signed by the Annuitant and accompanied by a statement signed by a physician who is licensed to practice medicine in a jurisdiction in Canada that, in the opinion of the physician, the Annuitant has an illness or physical disability that is likely to shorten the Annuitant’s life expectancy to less than two years.; and