Common use of Spousal Continuation Option Clause in Contracts

Spousal Continuation Option. If the spouse of a deceased Owner is the designated Beneficiary, the surviving spouse may elect to continue the contract as the new Owner. The spouse will become the Owner of the contract, with all the rights of the deceased Owner.

Spousal Continuation Option. If the spouse of a deceased Owner is the designated Beneficiary, the surviving spouse may elect to continue the contract as the new Owner. To elect the spousal continuation option on a non-qualified contract, the surviving spouse must be the sole Beneficiary. The spouse will become the Owner of the contract, with all the rights of the deceased Owner. If the surviving spouse elects to continue the contract, this Death Benefit section shall apply on the death of the surviving spouse, and not on the death of the deceased Owner.

Spousal Continuation Option. If the spouse of a deceased Owner is the designated Beneficiary, the surviving spouse may elect to continue the contract as the new Owner. The spouse will become the Owner of the contract, with all the rights of rights, fees and restrictions that were in place under the contract when the deceased OwnerOwner was alive.