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EXHIBIT 4(i)
WESTERN NATIONAL LIFE INSURANCE COMPANY
ADMINISTRATIVE OFFICE: 000 X. 00XX XXXXXX, XXXXXXXX, XXXXX 00000-0000
TELEPHONE: (000) 000-0000
A STOCK COMPANY
WESTERN NATIONAL LIFE INSURANCE COMPANY ("Company"), in consideration of the
payment of the initial Purchase Payment, issued this Contract, subject to its
terms.
RIGHT TO EXAMINE CONTRACT: Within 10 days of the date of receipt of this
Contract by the Owner, it may be returned by delivering or mailing it to the
Company at its Variable Annuity Service Center or to the agent through whom it
was purchased. When this Contract is received by the Company, it will be voided
as if it had never been in force. The Company will refund the greater of
Purchase Payments less withdrawals or the Contract Value less the Bonus, if any.
For the 15 days following the date this Contract was issued, Purchase Payments
will be allocated to the Money Market Sub-Account. At the end of the 15 days,
the Contract Value will be allocated to the Sub-Accounts of the Separate Account
in accordance with the selections made by the Owner.
THIS IS A LEGAL CONTRACT BETWEEN THE OWNER AND THE COMPANY.
READ YOUR CONTRACT CAREFULLY.
SECRETARY PRESIDENT
INDIVIDUAL FIXED AND VARIABLE DEFERRED ANNUITY CONTRACT
WITH FLEXIBLE PURCHASE PAYMENTS
DEATH BENEFIT PRIOR TO MATURITY
MONTHLY INCOME AT MATURITY
Nonparticipating
ANNUITY PAYMENTS, WITHDRAWAL VALUES AND THE DEATH BENEFITS PROVIDED BY THIS
CONTRACT, WHEN BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE
VARIABLE AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE "VARIABLE ANNUITY"
PROVISIONS ON PAGE 21.
DISCLOSURE OF GUARANTY FUND NON-PARTICIPATION: IN THE EVENT THE COMPANY IS
UNABLE TO FULFILL ITS OBLIGATION UNDER THIS CONTRACT, TO THE EXTENT OF THE
OWNER'S INTEREST IN THE SEPARATE ACCOUNT, THE OWNER IS NOT PROTECTED BY AN
INSURANCE GUARANTY FUND OR OTHER SOLVENCY PROTECTION ARRANGEMENT.
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TABLE OF CONTENTS
Page
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CONTRACT SCHEDULE.................................................................................................4
DEFINITIONS.......................................................................................................8
PURCHASE PAYMENT PROVISIONS......................................................................................10
ALLOCATION OF PURCHASE PAYMENTS.........................................................................10
PURCHASE PAYMENTS.......................................................................................10
SUBSEQUENT PURCHASE PAYMENTS............................................................................10
GENERAL ACCOUNT PROVISIONS.......................................................................................10
GENERAL ACCOUNT VALUE...................................................................................10
INTEREST TO BE CREDITED.................................................................................11
SEPARATE ACCOUNT PROVISIONS......................................................................................11
THE SEPARATE ACCOUNT....................................................................................11
VALUATION OF ASSETS.....................................................................................11
ACCUMULATION UNITS......................................................................................11
ACCUMULATION UNIT VALUE.................................................................................11
NET INVESTMENT FACTOR:...........................................................................................11
MORTALITY AND EXPENSE RISK CHARGE.......................................................................12
ADMINISTRATIVE CHARGE...................................................................................12
ENHANCED DEATH BENEFIT CHARGE...........................................................................12
MORTALITY AND EXPENSE GUARANTEE.........................................................................12
CONTRACT MAINTENANCE CHARGE......................................................................................13
DEDUCTION FOR CONTRACT MAINTENANCE CHARGE...............................................................13
TRANSFERS........................................................................................................13
TRANSFERS PRIOR TO THE ANNUITY DATE.....................................................................13
TRANSFERS DURING THE ANNUITY PERIOD.....................................................................14
WITHDRAWAL PROVISIONS............................................................................................15
WITHDRAWALS.............................................................................................15
CONTINGENT DEFERRED SALES CHARGE........................................................................15
PROCEEDS PAYABLE ON DEATH........................................................................................15
DEATH OF OWNER DURING THE ACCUMULATION PERIOD...........................................................15
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD.....................................................16
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD....................................................16
DEATH OF OWNER DURING THE ANNUITY PERIOD................................................................17
DEATH OF ANNUITANT......................................................................................17
PAYMENT OF DEATH BENEFIT................................................................................17
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BENEFICIARY.............................................................................................17
CHANGE OF BENEFICIARY...................................................................................18
SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION.....................................................................18
ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS......................................................................19
ANNUITANT...............................................................................................19
OWNER...................................................................................................19
JOINT OWNER.............................................................................................19
ASSIGNMENT OF THE CONTRACT..............................................................................19
ANNUITY PROVISIONS...............................................................................................19
GENERAL.................................................................................................19
ANNUITY DATE............................................................................................19
SELECTION OF AN ANNUITY OPTION..........................................................................20
FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS................................................................20
ANNUITY OPTIONS.........................................................................................20
OPTION A. LIFE ANNUITY.........................................................................20
OPTION B. LIFE ANNUITY WITH PERIODS CERTAIN....................................................21
OPTION C. JOINT AND SURVIVOR ANNUITY...........................................................21
ANNUITY.................................................................................................21
FIXED ANNUITY...........................................................................................21
VARIABLE ANNUITY........................................................................................22
ANNUITY UNIT............................................................................................22
MORTALITY TABLES........................................................................................22
GENERAL PROVISIONS...............................................................................................23
THE CONTRACT............................................................................................23
MISSTATEMENT OF AGE OR SEX..............................................................................23
INCONTESTABILITY........................................................................................23
MODIFICATION............................................................................................23
NON-PARTICIPATING.......................................................................................23
EVIDENCE OF SURVIVAL....................................................................................23
PROOF OF AGE............................................................................................23
PROTECTION OF PROCEEDS..................................................................................23
REPORTS.................................................................................................23
TAXES...................................................................................................24
REGULATORY REQUIREMENTS.................................................................................24
ANNUITY TABLES..........................................................................................25
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CONTRACT SCHEDULE
OWNER: [Xxxx Xxxxx] AGE AND SEX: [50 male]
ANNUITANT: [Xxxx Xxxxx] AGE AND SEX: [50 male]
CONTRACT NUMBER: [12345] ISSUE DATE: [July 01, 1995]
ANNUITY DATE: [July 01, 2009]
PURCHASE PAYMENTS:
MINIMUM INITIAL PURCHASE PAYMENT: $5,000 for Non-Qualified Contracts;
$2,000 for Qualified Contracts
MINIMUM SUBSEQUENT PURCHASE PAYMENT: For Non-Qualified Contracts: $1,000,
or if the automatic premium check
option is elected: $50; for Qualified
Contracts: $50
MAXIMUM TOTAL PURCHASE PAYMENTS: $500,000 for issue ages up to 75
without Company approval; $250,000
for issue ages 75 and higher without
Company approval
ALLOCATION RULES:
1. The maximum number of Sub-Accounts that can be selected by an Owner is
20.
2. Allocations must be in whole percentages with a minimum allocation of
10% of each Purchase Payment or transfer, unless the Purchase Payment is
being made pursuant to an approved Dollar Cost Averaging program or an
approved asset allocation program.
BENEFICIARY:
As designated by the Owner at the Issue Date, unless subsequently changed.
CONTRACT MAINTENANCE CHARGE:
The Contract Maintenance Charge is $30 each Contract Year, unless reduced as
specified in the Contract. However, during the Accumulation Period, if the
Contract Value on the Contract Anniversary is at least $40,000, then no Contract
Maintenance Charge is deducted. If a total withdrawal is made on other than a
Contract Anniversary and the Contract Value for the Valuation Period during
which the total withdrawal is made is less than $40,000, the full Contract
Maintenance Charge will be deducted at the time of the total withdrawal. During
the
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Annuity Period, the Contract Maintenance Charge will be deducted pro-rata from
Annuity Payments regardless of Contract size and will result in a reduction of
each Annuity Payment.
MORTALITY AND EXPENSE RISK CHARGE:
Equal on an annual basis to 1.25% of the average daily net asset value of the
Separate Account.
ADMINISTRATIVE CHARGE:
Equal on an annual basis to .15% of the average daily net asset value of the
Separate Account.
ENHANCED DEATH BENEFIT CHARGE: If the Enhanced Death Benefit has been selected,
an Enhanced Death Benefit Charge is deducted each Valuation Period prior to the
75th birthday of the Owner, or oldest Joint Owner which is equal on an annual
basis to .15% of the average daily net asset value of the Separate Account.
TRANSFERS:
NUMBER OF TRANSFERS: Subject to any restrictions imposed on such
transfers by the Company, there are currently no restrictions on the
number of transfers that can be made. However, if the Company does limit
the number of transfers in the future, Owners are guaranteed the right
to at least 4 transfers during any Contract Year.
TRANSFER FEE: Currently, none. However, should the Company impose a
Transfer Fee in the future it will not exceed the lesser of $25 or 2% of
the amount transferred.
FREE TRANSFERS: Currently there are no restrictions on the number of
transfers that can be made. However, if the Company does limit the
number of transfers in the future, Owners are guaranteed 4 transfers
free of any Transfer Fee during any Contract Year.
MINIMUM AMOUNT TO BE TRANSFERRED: $250 (from (i) one or multiple
Sub-Accounts or (ii) the General Account), or the Owner's entire
interest in the Sub-Account or the General Account, if less.
MINIMUM AMOUNT WHICH MUST REMAIN IN A SUB-ACCOUNT AFTER A TRANSFER: $500
per Sub-Account; or $0 if the entire amount in the Sub-Account is
transferred.
MINIMUM AMOUNT WHICH MUST REMAIN IN THE GENERAL ACCOUNT AFTER A
TRANSFER: $500; or $0 if the entire amount in the General Account is
transferred.
MAXIMUM AMOUNT WHICH CAN BE TRANSFERRED FROM THE GENERAL ACCOUNT TO THE
SEPARATE ACCOUNT DURING THE ACCUMULATION PERIOD: Each Contract Year 20%
of the Owner's Contract Value in the General Account as of the last
Contract Anniversary. However, if the Sweep Account Option has been
elected, any funds transferred pursuant to that program will not be
included in this limitation.
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WITHDRAWALS:
If all or a portion of the Contract Value is withdrawn, a Contingent Deferred
Sales Charge will be calculated at the time of each withdrawal and will be
deducted from the Contract Value. The Contingent Deferred Sales Charge is based
upon the length of time from when each Purchase Payment was made and is deemed
to be first-in, first-out in accordance with the following:
CONTINGENT DEFERRED SALES CHARGE:
Length of Time From
Purchase Payment Charge (as a % of
(Number of Years) Purchase Payment
------------------- ----------------
1 5%
2 5%
3 5%
4 4%
5 3%
6 2%
7 1%
8 or more 0%
FREE WITHDRAWAL:
1. After the first Contract Anniversary, a withdrawal of up to 10% of the
Contract Value, determined as of the immediately preceding Contract
Anniversary, may be withdrawn once each Contract Year on a
non-cumulative basis without the imposition of the Contingent Deferred
Sales Charge.
2. A Systematic Withdrawal Option may be selected in lieu of the 10% Free
Withdrawal Option. If the Systematic Withdrawal Option is selected the
total permitted systematic withdrawal in a Contract Year without the
imposition of the Contingent Deferred Sales Charge is limited to 10% of
the Contract Value determined as of the immediately preceding Contract
Anniversary or, during the first Contract Year, the Issue Date.
Systematic Withdrawals can be made monthly, quarterly and semi-annually.
The Systematic Withdrawal Option can be exercised at any time, including
the first Contract Year.
MINIMUM PARTIAL WITHDRAWAL: $500
MINIMUM CONTRACT VALUE WHICH MUST REMAIN IN THE CONTRACT AFTER A PARTIAL
WITHDRAWAL: $5,000 for Non-Qualified Contracts;
$2,000 for Qualified Contracts
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INVESTMENT OPTIONS AND SUB-ACCOUNTS:
INVESTMENT OPTIONS:
WNL SERIES TRUST: PORTFOLIOS SUB-ACCOUNTS:
Global Advisors Growth Equity Global Advisors Growth Equity
Portfolio Sub-Account
BEA Growth and Income Portfolio BEA Growth and Income Sub-Account
CS First Boston International Equity CS First Boston International
Portfolio Equity Sub-Account
American Capital Emerging Growth American Capital Emerging Growth
Portfolio Sub-Account
BlackRock Managed Bond Portfolio BlackRock Managed Bond Sub-Account
Salomon Brothers U.S. Government Salomon Brothers U.S. Government
Securities Portfolio Securities Sub-Account
Quest for Value Asset Allocation Quest for Value Asset Allocation
Portfolio Sub-Account
Global Advisors Money Market Global Advisors Money Market
Portfolio Sub-Account
SEPARATE ACCOUNT: WNL Separate Account A
MINIMUM GUARANTEED INTEREST RATE FOR THE GENERAL ACCOUNT:
3% per year
RIDERS: [IRA Endorsement]
[TSA/403(b) Endorsement]
[Texas ORP Endorsement]
[Enhanced Death Benefit Endorsement]
[Persistency Bonus Endorsement]
[Unisex Rates Endorsement]
ANNUITY SERVICE OFFICE:
Western National Life Insurance Company Western National Life Insurance Company
Variable Annuity Service Center or Variable Annuity Service Center
P.O. Box 000 00 Xxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxx 00000-0000 Xxxxxx, Xxxxxxxxxxx 06438-0361
(000) 000-0000
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DEFINITIONS
ACCUMULATION PERIOD: The period during which Purchase Payments may be made prior
to the Annuity Date.
ACCUMULATION UNIT: A unit of measure used to determine the value of the Owner's
interest in a Sub-Account of the Separate Account during the Accumulation
Period.
ADJUSTED CONTRACT VALUE: The Contract Value less any applicable premium tax and
Contract Maintenance Charge. This amount is applied to the applicable Annuity
Tables to determine Annuity Payments.
AGE: The age of any Owner or Annuitant on his/her last birthday.
ANNUITANT: The natural person on whose life Annuity Payments are based. On or
after the Annuity Date, the Annuitant shall also include any Joint Annuitant.
ANNUITY DATE: The date on which Annuity Payments begin. The Annuity Date is
shown on the Contract Schedule.
ANNUITY OPTIONS: Options available for Annuity Payments.
ANNUITY PAYMENTS: The series of payments made to the Owner or any named payee
after the Annuity Date under the Annuity Option selected.
ANNUITY PERIOD: The period of time beginning with the Annuity Date during which
Annuity Payments are made.
ANNUITY SERVICE OFFICE: The office indicated on the Contract Schedule of this
Contract to which notices, requests and Purchase Payments must be sent. All sums
payable by the Company under this Contract are payable only at the Variable
Annuity Service Center.
ANNUITY UNIT: A unit of measure used to calculate Variable Annuity Payments
during the Annuity Period.
BENEFICIARY: The person(s) or entity(ies) who will receive the death benefit.
COMPANY: Western National Life Insurance Company.
CONTRACT ANNIVERSARY: An anniversary of the Issue Date.
CONTRACT VALUE: The sum of the Owner's interest in the General Account and the
Sub-Accounts of the Separate Account during the Accumulation Period.
CONTRACT YEAR: The first Contract Year is the annual period which begins on the
Issue Date. Subsequent Contract Years begin on each anniversary of the Issue
Date.
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FIXED ANNUITY: A series of payments made during the Annuity Period which are
guaranteed as to dollar amount by the Company.
GENERAL ACCOUNT: The Company's general investment account which contains all the
assets of the Company with the exception of the Separate Account and other
segregated asset accounts.
INVESTMENT OPTION: An investment entity shown on the Contract Schedule.
ISSUE DATE: The date on which the Contract became effective. The Issue Date is
shown on the Contract Schedule.
OWNER: The person or entity entitled to the ownership rights stated in this
Contract.
PORTFOLIO: A segment of an Investment Option which constitutes a separate and
distinct class of shares. Portfolios which are available for investment by the
Sub-Accounts under this Contract are shown on the Contract Schedule.
PURCHASE PAYMENT: A payment made by or on behalf of an Owner with respect to
this Contract.
SEPARATE ACCOUNT: The Company's Separate Account designated on the Contract
Schedule.
SUB-ACCOUNT: Separate Account assets are divided into Sub-Accounts which are
listed on the Contract Schedule. Assets of each Sub-Account will be invested in
shares of an Investment Option or a Portfolio of an Investment Option.
VALUATION DATE: Each day on which the Company and the New York Stock Exchange
("NYSE") are open for business.
VALUATION PERIOD: The period of time beginning at the close of business of the
NYSE on each Valuation Date and ending at the close of business for the next
succeeding Valuation Date.
VARIABLE ANNUITY: An annuity with payments which vary as to dollar amount in
relation to the investment performance of specified Sub-Accounts of the Separate
Account.
WRITTEN REQUEST: A request in writing, in a form satisfactory to the Company,
which is received by the Variable Annuity Service Center.
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PURCHASE PAYMENT PROVISIONS
ALLOCATION OF PURCHASE PAYMENTS: Purchase Payments are allocated to the General
Account and/or the Sub-Accounts of the Separate Account in accordance with the
selections made by the Owner. The allocation of the initial Purchase Payment is
made in accordance with the selection made by the Owner at the Issue Date and
subject to the Allocation Rules set forth on the Contract Schedule. Unless
otherwise changed by the Owner, subsequent Purchase Payments are allocated in
the same manner as the initial Purchase Payment. Allocation of the Purchase
Payments is subject to the terms and conditions imposed by the Company. The
Company has reserved the right to allocate initial Purchase Payments to the
Money Market Sub-Account until the expiration of the Right to Examine Contract
period.
PURCHASE PAYMENTS: The initial Purchase Payment is due on the Issue Date. The
minimum and maximum subsequent Purchase Payments are shown on the Contract
Schedule. The Company reserves the right to reject any forms required to issue
the Contract or Purchase Payment.
SUBSEQUENT PURCHASE PAYMENTS: Subject to the minimum and maximum shown on the
Contract Schedule, the Owner may make subsequent Purchase Payments and may
increase or decrease or change the frequency of such payments.
GENERAL ACCOUNT PROVISIONS
GENERAL ACCOUNT VALUE: The General Account value of the Contract at any time is
equal to:
1. the Purchase Payments allocated to the General Account; plus
2. the Contract Value transferred to the General Account; plus
3. interest credited to the Contract Value in the General Account;
less
4. any prior partial withdrawals and any Contingent Deferred Sales
Charge deducted from the General Account; less
5. any Contract Value transferred from the General Account; less
6. any applicable premium taxes, Contract Maintenance Charge or
Transfer Fees deducted from the General Account.
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INTEREST TO BE CREDITED: The Company guarantees that the interest rate credited
to the General Account will not be less than the Minimum Guaranteed Interest
Rate for the General Account shown on the Contract Schedule. The Company may
credit additional interest at its sole discretion.
SEPARATE ACCOUNT PROVISIONS
THE SEPARATE ACCOUNT: The Separate Account is designated on the Contract
Schedule and consists of assets set aside by the Company, which are kept
separate from the general assets and all other separate account assets of the
Company. The assets of the Separate Account equal to reserves and other
liabilities will not be charged with liabilities arising out of any other
business the Company may conduct.
The Separate Account assets are divided into Sub-Accounts. The Sub-Accounts
which are available under this Contract are listed on the Contract Schedule. The
assets of the Sub-Accounts are allocated to the Investment Option(s) and the
Portfolio(s), if any, within an Investment Option, shown on the Contract
Schedule. The Company may, from time to time, add additional Investment Options
or Portfolios and the related Sub-Accounts to those shown on the Contract
Schedule. The Owner may be permitted to transfer Contract Values or allocate
Purchase Payments to the additional Sub-Accounts. However, the right to make
such transfers or allocations will be limited by the terms and conditions
imposed by the Company.
Should the shares of any such Investment Option(s) or any Portfolio(s) within an
Investment Option become unavailable for investment by the Separate Account, or
the Company's Board of Directors deems further investment in these shares
inappropriate, the Company may limit further purchase of such shares or may
substitute shares of another Investment Option or Portfolio for shares already
purchased under this Contract.
VALUATION OF ASSETS: The assets of the Separate Account are valued at their fair
market value in accordance with the procedures of the Company.
ACCUMULATION UNITS: Accumulation Units shall be used to account for all amounts
allocated to or withdrawn from the Sub-Accounts of the Separate Account as a
result of Purchase Payments, withdrawals, transfers, or fees and charges. The
Company will determine the number of Accumulation Units of a Sub-Account
purchased or cancelled. This will be done by dividing the amount allocated to
(or the amount withdrawn from) the Sub-Account by the dollar value of one
Accumulation Unit of the Sub-Account as of the end of the Valuation Period
during which the request for the transaction is received at the Variable Annuity
Service Center.
ACCUMULATION UNIT VALUE: The Accumulation Unit Value for each Sub-Account was
set initially at $10. Subsequent Accumulation Unit Values for each Sub-Account
are determined by multiplying the Accumulation Unit Value for the immediately
preceding Valuation Period by the Net Investment Factor for the Sub-Account for
the current period.
NET INVESTMENT FACTOR: The Net Investment Factor for each Sub-Account is
determined by dividing A by B and subtracting C where:
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A is (i) the net asset value per share of the Investment Options or
Portfolios of an Investment Option held by the Sub-Account for
the current Valuation Period; plus
(ii) any dividend per share declared on behalf of such
Investment Option or Portfolio that has an ex-dividend date
within the current Valuation Period; less
(iii) the cumulative per share charge or credit for taxes
reserved which is determined by the Company to have resulted
from the operation or maintenance of the Sub-Account.
B is the net asset value per share of the Investment Option or
Portfolio of an Investment Option held by the Sub-Account for
the immediately preceding Valuation Period; plus or minus the
cumulative per share charge or credit for taxes reserved for the
immediately preceding Valuation Date.
C is the factor representing the cumulative per share charges for
the Mortality and Expense Risk Charge, for the Administrative
Charge and or the Enhanced Death Benefit Charge, if any, which
are shown on the Contract Schedule.
The Accumulation Unit Value may increase or decrease from Valuation Period to
Valuation Period.
MORTALITY AND EXPENSE RISK CHARGE: Each Valuation Period, the Company deducts a
Mortality and Expense Risk Charge from the Separate Account which is equal, on
an annual basis, to the amount shown on the Contract Schedule. The Mortality and
Expense Risk Charge compensates the Company for assuming the mortality and
expense risks under this Contract.
ADMINISTRATIVE CHARGE: Each Valuation Period, the Company deducts an
Administrative Charge from the Separate Account which is equal, on an annual
basis, to the amount shown on the Contract Schedule. The Administrative Charge
compensates the Company for the costs associated with the administration of this
Contract and the Separate Account.
ENHANCED DEATH BENEFIT CHARGE: If the Enhanced Death Benefit Endorsement has
been selected, each Valuation Period the Company deducts an Enhanced Death
Benefit Charge from the Separate Account which is equal, on an annual basis, to
the amount shown on the Contract Schedule. The Enhanced Death Benefit Charge
compensates the Company for assuming the mortality risks for the Enhanced Death
Benefit Endorsement attached to this Contract.
MORTALITY AND EXPENSE GUARANTEE: The Company guarantees that the dollar amount
of each Annuity Payment after the first Annuity Payment will not be affected by
variations in mortality or expense experience.
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CONTRACT MAINTENANCE CHARGE
DEDUCTION FOR CONTRACT MAINTENANCE CHARGE: The Contract Maintenance Charge is
shown on the Contract Schedule. On each Contract Anniversary the Company will
deduct a Contract Maintenance Charge from the Contract Value by subtracting
values from the General Account and/or by cancelling Accumulation Units from
each applicable Sub-Account to reimburse it for expenses relating to maintenance
of this Contract. The Contract Maintenance Charge will be deducted from the
General Account and the Sub-Accounts in the Separate Account in the same
proportion that the amount of Contract Value in the General Account and each
Sub-Account bears to the total Contract Value. However, during the Accumulation
Period, if no Purchase Payment has been received during a Contract Year, that
portion of the Contract Maintenance Charge that is deducted from the General
Account will be the lesser of the excess interest over the minimum guaranteed
interest credited to the General Account during the Contract Year and the
otherwise allocated portion of the Contract Maintenance Charge, not to exceed
the Contract Maintenance Charge shown on the Contract Schedule. During the
Accumulation Period the Contract Maintenance Charge will be deducted from the
Contract Value on each Contract Anniversary while this Contract is in force. If
a total withdrawal is made on other than a Contract Anniversary, the Contract
Maintenance Charge will be deducted at the time of withdrawal. During the
Annuity Period, the Contract Maintenance Charge will be deducted from Annuity
Payments and will result in a reduction of each Annuity Payment.
TRANSFERS
TRANSFERS PRIOR TO THE ANNUITY DATE: Subject to any limitations imposed by the
Company on the number of transfers, shown on the Contract Schedule, that can be
made during the Accumulation Period, the Owner may transfer all or part of the
Owner's Contract Value by Written Request without the imposition of any fee or
charge if there have been no more than the number of free transfers shown on the
Contract Schedule for the Contract Year. All transfers are subject to the
following:
1. If more than the number of free transfers, shown on the
Contract Schedule, have been made in a Contract Year, the Company will
deduct a Transfer Fee, shown on the Contract Schedule, for each
subsequent transfer permitted. The Transfer Fee will be deducted from
the amount which is transferred.
2. The minimum amount which can be transferred from a
Sub-Account or the General Account is shown on the Contract Schedule.
The minimum amount which must remain in a Sub-Account or the General
Account is shown on the Contract Schedule.
3. The maximum amount which can be transferred each Contract
Year from the General Account to the Separate Account is shown on the
Contract Schedule.
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4. Transfers from any Sub-Account to the General Account may not
be made for the six month period following any transfer from the General
Account into one or more of the Sub-Accounts.
If the Owner elects to use this transfer privilege, the Company will not be
liable for transfers made in accordance with the Owner's instructions. All
amounts and Accumulation Units will be determined as of the end of the Valuation
Period during which the request for transfer is received at the Variable Annuity
Service Center.
TRANSFERS DURING THE ANNUITY PERIOD: During the Annuity Period, the Owner may
make transfers, by Written Request, as follows:
1. The Owner may make transfers of Contract Values between
Sub-Accounts, subject to any limitations imposed by the Company on the
number of transfers. If more than the number of free transfers, shown on
the Contract Schedule, have been made in a Contract Year, the Company
will deduct a Transfer Fee, shown on the Contract Schedule, for each
subsequent transfer permitted. The Transfer Fee will be deducted from
the amount which is transferred.
2. The Owner may, once each Contract Year, make a transfer from
one or more Sub-Accounts to the General Account. The Owner may not make
a transfer from the General Account to the Separate Account.
3. Transfers between Sub-Accounts will be made by converting the
number of Annuity Units being transferred to the number of Annuity Units
of the Sub-Account to which the transfer is made, so that the next
Annuity Payment if it were made at that time would be the same amount
that it would have been without the transfer. Thereafter, Annuity
Payments will reflect changes in the value of the new Annuity Units.
The amount transferred to the General Account from a Sub-Account
will be based on the annuity reserves for the Owner in that Sub-Account.
Transfers to the General Account will be made by converting the Annuity
Units being transferred to purchase fixed Annuity Payments under the
Annuity Option in effect and based on the Age of the Annuitant at the
time of the transfer.
4. The minimum amount which can be transferred from a
Sub-Account or the General Account is shown on the Contract Schedule.
The minimum amount which must remain in a Sub-Account or the General
Account is shown on the Contract Schedule.
If the Owner elects to use this transfer privilege, the Company will not be
liable for transfers made in accordance with the Owner's instructions. All
amounts and Annuity Unit Values will be determined as of the end of the
Valuation Period during which the request for transfer is received at the
Variable Annuity Service Center.
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WITHDRAWAL PROVISIONS
WITHDRAWALS: During the Accumulation Period, the Owner may, upon Written
Request, make a total or partial withdrawal of the Contract Withdrawal Value.
The Contract Withdrawal Value is:
1. the Contract Value as of the end of the Valuation Period during
which a Written Request for a withdrawal is received by the
Company; less
2. any applicable taxes not previously deducted; less
3. any applicable Contingent Deferred Sales Charge; less
4. the Contract Maintenance Charge, if any.
A withdrawal will result in the cancellation of Accumulation Units from each
applicable Sub-Account or a reduction in the Owner's General Account Contract
Value in the ratio that the Owner's interest in the Sub-Account and/or General
Account bears to the total Contract Value. The Owner must specify by Written
Request in advance which Sub-Account Units are to be cancelled or values are to
be reduced if other than the above method is desired.
The Company will pay the amount of any withdrawal from the Separate Account
within seven (7) days of receipt of a request in good order unless the
Suspension or Deferral of Payments Provision is in effect.
Each partial withdrawal must be for an amount which is not less than the Minimum
Partial Withdrawal amount shown on the Contract Schedule. The minimum Contract
Value which must remain in the Contract after a partial withdrawal is shown on
the Contract Schedule.
CONTINGENT DEFERRED SALES CHARGE: Upon a withdrawal of Contract Value a
Contingent Deferred Sales Charge as set forth on the Contract Schedule may be
assessed. The Contingent Deferred Sales Charge may be waived under certain
circumstances as set forth on the Contract Schedule under "Free Withdrawal."
PROCEEDS PAYABLE ON DEATH
DEATH OF OWNER DURING THE ACCUMULATION PERIOD: Upon the death of the Owner, or
the later surviving Joint Owner, during the Accumulation Period, the death
benefit will be paid to the Beneficiary(ies) designated by the Owner. Upon the
death of a Joint Owner, the surviving Joint Owner, if any, will be treated as
the primary Beneficiary. Any other Beneficiary designation on record at the time
of death will be treated as a contingent Beneficiary.
A Beneficiary may request that the death benefit be paid under one of the Death
Benefit Options below. If the Beneficiary is the spouse of the Owner he or she
may elect to continue the Contract at the then current Contract Value in his or
her own name and exercise all the Owner's rights under the Contract.
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DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD: For a death occurring prior
to the 80th birthday of the Owner, or the oldest Joint Owner, the death benefit
during the Accumulation Period will be the greater of:
1. the Purchase Payments, less any withdrawals including any
previously deducted Contingent Deferred Sales Charge; or
2. the Contract Value determined as of the end of the Valuation
Period during which the Company receives at its Variable Annuity
Service Center both due proof of death and an election of the
payment method; or
3. The highest Step-Up Value prior to the date of death. The
Step-Up Value is equal to the Contract Value on each seventh
Contract Anniversary plus any Purchase Payments made after such
Contract Anniversary less any withdrawals and Contingent
Deferred Sales Charge deducted after such Contract Anniversary.
For a death occurring on or after the 80th birthday of the Owner, or the oldest
Joint Owner, the death benefit during the Accumulation Period will be the
Contract Value determined as of the end of the Valuation Period during which the
Company receives at its Variable Annuity Service Center both due proof of death
and an election of the payment method.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD: A non-spousal Beneficiary
must elect the death benefit to be paid under one of the following options in
the event of the death of the Owner during the Accumulation Period:
OPTION 1 - lump sum payment of the death benefit; or
OPTION 2 - the payment of the entire death benefit within 5 years of the
date of the death of the Owner; or
OPTION 3 - payment of the death benefit under an Annuity Option over the
lifetime of the Beneficiary or over a period not extending beyond the
life expectancy of the Beneficiary with distribution beginning within
one year of the date of death of the Owner or any Joint Owner.
Any portion of the death benefit not applied under Option 3 within one year of
the date of the Owners' death, must be distributed within five years of the date
of death.
A spousal Beneficiary may elect to continue the Contract in his or her own name
at the then current Contract Value, elect a lump sum payment of the death
benefit or apply the death benefit to an Annuity Option.
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If a lump sum payment is requested, the amount will be paid within seven (7)
days of receipt of proof of death and the election, unless the Suspension or
Deferral of Payments Provision is in effect.
Payment to the Beneficiary, other than in a single sum, may only be elected
during the sixty-day period beginning with the date of receipt of proof of
death.
DEATH OF OWNER DURING THE ANNUITY PERIOD: If the Owner, or a Joint Owner, who is
not the Annuitant, dies during the Annuity Period, any remaining payments under
the Annuity Option elected will continue at least as rapidly as under the method
of distribution in effect at such Owner's death. Upon the death of the Owner
during the Annuity Period, the Beneficiary becomes the Owner.
DEATH OF ANNUITANT: Upon the death of an Xxxxxxxxx, who is not the Owner, during
the Accumulation Period, the Owner may designate a new Annuitant, subject to the
Company's underwriting rules then in effect. If no designation is made within 30
days of the death of the Annuitant, the Owner will become the Annuitant. If the
Owner is a non-natural person, the death of the Annuitant will be treated as the
death of the Owner and a new Annuitant may not be designated.
Upon the death of the Annuitant during the Annuity Period, the death benefit, if
any, will be as specified in the Annuity Option elected. Death benefits will be
paid at least as rapidly as under the method of distribution in effect at the
Annuitant's death.
PAYMENT OF DEATH BENEFIT: The Company will require due proof of death before any
death benefit is paid. Due proof of death will be:
1. a certified death certificate;
2. a certified decree of a court of competent jurisdiction as to
the finding of death; or
3. any other proof satisfactory to the Company.
All death benefits will be paid in accordance with applicable law or regulations
governing death benefit payments.
BENEFICIARY: The Beneficiary designation in effect on the Issue Date will remain
in effect until changed. The Beneficiary is entitled to receive the benefits to
be paid at the death of the Owner.
Unless the Owner provides otherwise, the death benefit will be paid in equal
shares to the survivor(s) as follows:
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1. to the Primary Beneficiary(ies) who survive the Owner's and/or
the Annuitant's death, as applicable; or if there are none
2. to the Contingent Beneficiary(ies) who survive the Owner's
and/or the Annuitant's death, as applicable; or if there are
none
3. to the estate of the Owner.
CHANGE OF BENEFICIARY: Subject to the rights of any irrevocable
Beneficiary(ies), the Owner may change the Primary Beneficiary(ies) or
Contingent Beneficiary(ies). Any change must be made by Written Request. The
change will take effect as of the date the Written Request is signed. The
Company will not be liable for any payment made or action taken before it
records the change.
SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION
The Company reserves the right to suspend or postpone payments for a withdrawal
or transfer for any period when:
1. the New York Stock Exchange is closed (other than customary
weekend and holiday closings); weekend and holiday closings);
2. trading on the New York Stock Exchange is restricted;
3. an emergency exists as a result of which disposal of securities
held in the Separate Account is not reasonably practicable or it
is not reasonably practicable to determine the value of the
Separate Account's net assets; or
4. during any other period when the Securities and Exchange
Commission, by order, so permits for the protection of Owners;
provided that applicable rules and regulations of the Securities and Exchange
Commission will govern as to whether the conditions described in (2) and (3)
exist.
The Company further reserves the right to postpone payments from the General
Account for a period not to exceed six months.
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ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS
ANNUITANT: The Annuitant is the person on whose life Annuity Payments are based.
The Annuitant is the person designated by the Owner at the Issue Date, unless
changed prior to the Annuity Date. The Annuitant may not be changed in a
Contract which is owned by a non-natural person. Any change of Annuitant is
subject to the Company's underwriting rules then in effect.
OWNER: The Owner has all rights and may receive all benefits under this
Contract. The Owner is the person designated as such on the Issue Date, unless
changed.
The Owner may change owners at any time prior to the Annuity Date by Written
Request. A change of Owner will automatically revoke any prior designation of
Owner. The change will become effective as of the date the Written Request is
signed. A new designation of Owner will not apply to any payment made or action
taken by the Company prior to the time it was received.
JOINT OWNER: The Contract can be owned by Joint Owners. If Joint Owners are
named, any Joint Owner must be the spouse of the other Owner. Upon the death of
either Owner, the surviving spouse will be the Primary Beneficiary. Any other
Beneficiary designation will be treated as a Contingent Beneficiary unless
otherwise indicated in a Written Request.
ASSIGNMENT OF THE CONTRACT: A Written Request specifying the terms of an
assignment of this Contract must be provided to the Variable Annuity Service
Center. Until the Written Request is received, the Company will not be required
to take notice of or be responsible for any transfer of interest in this
Contract by assignment, agreement, or otherwise.
The Company will not be responsible for the validity or tax consequences of any
assignment. Any assignment made after the death benefit has become payable will
be valid only with Company consent.
If this Contract is assigned, the Owner's rights may only be exercised with the
consent of the assignee of record.
ANNUITY PROVISIONS
GENERAL: On the Annuity Date, the Adjusted Contract Value will be applied under
the Annuity Option selected by the Owner. Annuity Payments may be made on a
fixed or variable basis or both.
ANNUITY DATE: The Annuity Date is selected by the Owner at the Issue Date. The
Annuity Date is shown on the Contract Schedule. The Annuity Date must be the
first day of a calendar month and must be at least five years after the Issue
Date. The Annuity Date may not be later than that required under state law.
Prior to the Annuity Date, the Owner, subject to the above, may change the
Annuity Date by Written Request. Any change must be requested at least fifteen
(15) days prior to the new Annuity Date.
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SELECTION OF AN ANNUITY OPTION: An Annuity Option is selected by the Owner on
the forms provided by the Company. If no Annuity Option is selected, Option B
with 120 months guaranteed will automatically be applied. Prior to the Annuity
Date, the Owner can change the Annuity Option selected by Written Request. Any
change must be requested at least fifteen (15) days prior to the Annuity Date.
FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS: Annuity Payments may be paid in
monthly, quarterly, semi-annual or annual installments. The Adjusted Contract
Value is applied to the Annuity Table for the Annuity Options selected. If the
Adjusted Contract Value to be applied under an Annuity Option is less than
$2,000, the Company reserves the right to make a lump sum payment in lieu of
Annuity Payments. If the Annuity Payment would be or becomes less than $200
where only a Fixed Annuity Payment or a Variable Annuity is selected, or if the
Annuity Payment would be or becomes less than $100 on each basis when a
combination of Fixed and Variable Annuities is selected, the Company will reduce
the frequency of payments to an interval which will result in each payment being
at least $200, or $100 on each basis if a combination of Fixed and Variable
Annuities is selected.
ANNUITY OPTIONS: The following Annuity Options or any other Annuity Option
acceptable to the Company may be selected:
OPTION A. LIFE ANNUITY: Monthly Annuity Payments during the life of the
Annuitant.
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OPTION B. LIFE ANNUITY WITH PERIODS CERTAIN OF 60, 120, 180 OR 240
MONTHS: Monthly Annuity Payments during the lifetime of the Annuitant
and in any event for sixty (60), one hundred twenty (120), one hundred
eighty (180) or two hundred forty (240) months certain as selected.
OPTION C. JOINT AND SURVIVOR ANNUITY: Monthly Annuity Payments payable
during the joint lifetime of the Annuitant and a Joint Annuitant and
then during the lifetime of the survivor at the percentage (100%, 75%,
66 2/3% or 50%) selected.
Annuity Options A, B, and C are available on a Fixed Annuity basis, a Variable
Annuity basis or a combination of both. Election of a Fixed Annuity or a
Variable Annuity must be made no later than fifteen (15) days prior to the
Annuity Date. If no election is made, the Annuity will be paid to reflect the
allocation of the Contract Value on the Annuity Date between the Separate
Account and the General Account, if any.
ANNUITY: If the Owner selects a Fixed Annuity, the Adjusted Contract Value is
allocated to the General Account and the Annuity is paid as a Fixed Annuity. If
the Owner selects a Variable Annuity, the Adjusted Contract Value will be
allocated to the Sub-Accounts of the Separate Account in accordance with the
selection made by the Owner, and the Annuity will be paid as a Variable Annuity.
The Owner can also select a combination of a Fixed and Variable Annuity and the
Adjusted Contract Value will be allocated accordingly. Unless the Owner
specifies otherwise, the payee of the Annuity Payments shall be the Annuitant
and any Joint Annuitant.
The Adjusted Contract Value will be applied to the applicable Annuity Table
contained in the Contract based upon the Annuity Option selected by the Owner.
The amount of the first payment for each $1,000 of Adjusted Contract Value is
shown in the Annuity Tables. If, as of the Annuity Date, the current Annuity
Option rates applicable to this class of contracts provide an initial Annuity
Payment greater than that guaranteed under the same Annuity Option under this
Contract, the greater payment will be made.
FIXED ANNUITY: The Owner may elect to have the Adjusted Contract Value applied
to provide a Fixed Annuity. The dollar amount of each Fixed Annuity Payment
shall be determined in accordance with Annuity Tables contained in this Contract
which are based on the minimum guaranteed interest rate of 3% per year. After
the initial Fixed Annuity Payment, the payments will not change regardless of
investment, mortality or expense experience.
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VARIABLE ANNUITY: Variable Annuity Payments reflect the investment performance
of the Separate Account in accordance with the allocation of the Adjusted
Contract Value to the Sub-Accounts during the Annuity Period. Variable Annuity
Payments are not guaranteed as to dollar amount.
The dollar amount of the first Variable Annuity Payment is determined in
accordance with the description above. The dollar amount of Variable Annuity
Payments for each applicable Sub-Account after the first Variable Annuity
Payment is determined as follows:
1. The dollar amount of the first Variable Annuity Payment is
divided by the value of an Annuity Unit for each applicable Sub-Account
as of the Annuity Date. This sets the number of Annuity Units for each
monthly payment for the applicable Sub-Account. The number of Annuity
Units for each applicable Sub-Account remains fixed during the Annuity
Period;
2. The fixed number of Annuity Units per payment in each
Sub-Account is multiplied by the Annuity Unit Value for that Sub-Account
for the last Valuation Period of the month preceding the month for which
the payment is due. This result is the dollar amount of the payment for
each applicable Sub-Account.
The total dollar amount of each Variable Annuity Payment is the sum of all
Sub-Account Variable Annuity Payments reduced by the applicable portion of the
Contract Maintenance Charge.
ANNUITY UNIT: The value of any Annuity Unit for each Sub-Account of the Separate
Account was set initially at $10.
The Sub-Account Annuity Unit Value at the end of any subsequent Valuation Period
is determined as follows:
1. The Net Investment Factor for the current Valuation Period is
multiplied by the value of the Annuity Unit for the Sub-Account for the
immediately preceding Valuation Period.
2. The result in (1) is then divided by the Assumed Investment
Rate Factor which equals 1.00 plus the Assumed Investment Rate for the
number of days since the preceding Valuation Date. The Assumed
Investment Rate is equal on an annual basis to 3%.
The value of an Annuity Unit may increase or decrease from Valuation Period to
Valuation Period.
MORTALITY TABLES: The Annuity Tables contained in this Contract utilize an
Assumed Investment Rate of 3% for the determination of the initial Variable
Annuity Payment and a minimum guaranteed rate of 3% per year for the
determination of the monthly Fixed Annuity Payment.
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The mortality table used in determining the Annuity Purchase Rates for Options
A, B, and C is the 1983 Individual Annuity Mortality Tables with Projection
Scale G, age last birthday.
The dollar amount of an Annuity Payment for any Age or combination of Ages not
shown in the Tables or for any other form of Annuity Option agreed to by the
Company will be provided by the Company upon request.
GENERAL PROVISIONS
THE CONTRACT: The entire Contract consists of this Contract, the Application, if
any, and any riders or endorsements attached to this Contract.
This Contract may be changed or altered only by the President or Vice President
and the Secretary of the Company. A change or alteration must be made in
writing.
MISSTATEMENT OF AGE OR SEX: If the Age or sex of any Annuitant has been
misstated, any Annuity benefits payable will be the Annuity benefits provided by
the correct Age and sex. After Annuity Payments have begun, any underpayments
will be made up in one sum with the next Annuity Payment. Any overpayments will
be deducted from future Annuity Payments until the total is repaid.
INCONTESTABILITY: The Contract will not be contestable after it has been in
force for a period of two years from the Issue Date.
MODIFICATION: This Contract may be modified in order to maintain compliance with
applicable state and federal law.
NON-PARTICIPATING: This Contract will not share in any distribution of
dividends.
EVIDENCE OF SURVIVAL: The Company may require satisfactory evidence of the
continued survival of any person(s) on whose life Annuity Payments are based.
PROOF OF AGE: The Company may require evidence of Age of any Annuitant or Owner.
PROTECTION OF PROCEEDS: To the extent permitted by law, death benefits and
Annuity Payments shall be free from legal process and the claim of any creditor
if the person is entitled to them under this Contract. No payment and no amount
under this Contract can be taken or assigned in advance of its payment date
unless the Company receives the Owner's written consent.
REPORTS: At least once each calendar year, the Company will furnish the Owner
with a report showing the Contract Value as of a date not more than four months
prior to the date of mailing, and will provide any other information as may be
required by law. The Company will also furnish an annual report of the Separate
Account. Reports will be sent to the last known address of the Owner.
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TAXES: Any taxes paid to any governmental entity relating to this Contract will
be deducted from the Purchase Payment or Contract Value when incurred. The
Company will, in its sole discretion, determine when taxes have resulted from:
the investment experience of the Separate Account; receipt by the Company of the
Purchase Payments; or commencement of Annuity Payments. The Company may, in its
sole discretion, pay taxes when due and deduct that amount from the Contract
Value at a later date. Payment at an earlier date does not waive any right the
Company may have to deduct amounts at a later date. While the Company is not
currently maintaining a provision for federal income taxes with respect to the
Separate Account, the Company has reserved the right to establish a provision
for income taxes if it determines, in its sole discretion, that it will incur a
tax as a result of the operation of the Separate Account. The Company will
deduct for any income taxes incurred by it as a result of the operation of the
Separate Account whether or not there was a provision for taxes and whether or
not it was sufficient. The Company will deduct any withholding taxes required by
applicable law.
REGULATORY REQUIREMENTS: All values payable under the Contract, including any
paid-up annuity, cash withdrawal or death benefits that may be available, will
not be less than the minimum benefits required by the laws and regulations of
the state in which the Contract is delivered.
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WESTERN NATIONAL LIFE INSURANCE COMPANY
The following tables show the monthly income payable for each $1,000
applied under option A, B or C.
----------------------------------------------------------------------------------------------------------------------------------
OPTION A TABLE OPTION B TABLE - Monthly Installments for Life with Guaranteed Period
Attained Age
-------------------------- of Payee When ----------------------------------------------------------------------------------------
Life Only First 5 Years Certain 10 Years Certain 15 Years Certain 20 Years Certain
-------------------------- Installment ----------------------------------------------------------------------------------------
Male Female is Payable Male Female Male Female Male Female Male Female
----------------------------------------------------------------------------------------------------------------------------------
4.30 3.94 50 4.29 3.93 4.26 3.92 4.20 3.89 4.11 3.85
4.38 4.00 51 4.37 3.99 4.33 3.98 4.27 3.95 4.17 3.90
4.47 4.07 52 4.45 4.06 4.41 4.04 4.34 4.01 4.23 3.96
4.56 4.14 53 4.54 4.13 4.49 4.11 4.41 4.07 4.29 4.02
4.65 4.21 54 4.63 4.21 4.58 4.18 4.49 4.14 4.35 4.07
----------------------------------------------------------------------------------------------------------------------------------
4.75 4.29 55 4.73 4.29 4.67 4.26 4.57 4.21 4.42 4.14
4.86 4.38 56 4.83 4.37 4.77 4.34 4.65 4.28 4.48 4.20
4.97 4.47 57 4.94 4.46 4.87 4.42 4.74 4.36 4.55 4.26
5.09 4.56 58 5.06 4.55 4.97 4.51 4.82 4.44 4.61 4.33
5.22 4.67 59 5.18 4.65 5.09 4.61 4.92 4.52 4.68 4.40
----------------------------------------------------------------------------------------------------------------------------------
5.35 4.77 60 5.32 4.76 5.20 4.71 5.01 4.61 4.74 4.47
5.50 4.89 61 5.46 4.87 5.33 4.81 5.11 4.70 4.81 4.54
5.65 5.01 62 5.61 4.99 5.46 4.92 5.20 4.80 4.87 4.61
5.82 5.14 63 5.77 5.12 5.59 5.04 5.31 4.90 4.93 4.69
6.00 5.28 64 5.94 5.25 5.73 5.16 5.41 5.00 4.99 4.76
----------------------------------------------------------------------------------------------------------------------------------
6.19 5.43 65 6.12 5.40 5.88 5.29 5.51 5.10 5.05 4.83
6.40 5.59 66 6.31 5.55 6.04 5.43 5.61 5.21 5.11 4.90
6.61 5.76 67 6.51 5.71 6.19 5.57 5.71 5.32 5.16 4.97
6.85 5.94 68 6.72 5.89 6.36 5.72 5.81 5.43 5.20 5.03
7.10 6.14 69 6.95 6.08 6.52 5.88 5.91 5.54 5.25 5.09
----------------------------------------------------------------------------------------------------------------------------------
7.36 6.36 70 7.19 6.28 6.70 6.05 6.01 5.66 5.29 5.15
7.65 6.59 71 7.44 6.50 6.87 6.22 6.10 5.77 5.32 5.20
7.95 6.84 72 7.71 6.73 7.05 6.40 6.19 5.88 5.35 5.25
8.28 7.11 73 7.99 6.98 7.23 6.59 6.27 5.99 5.38 5.30
8.63 7.41 74 8.29 7.25 7.40 6.79 6.34 6.09 5.41 5.34
9.00 7.72 75 8.60 7.54 7.58 6.98 6.42 6.19 5.43 5.37
----------------------------------------------------------------------------------------------------------------------------------
OPTION C - JOINT AND FULL SURVIVOR ANNUITY
Monthly Income Per $1,000 Applied
----------------------------------------------------------------------------------------------------------------------------------
Age Life Only Age Life Only Age Life Only
------------------------------- ----------------------------- -----------------------------
Male Female Male Female Male Female
----------------------------------------------------------------------------------------------------------------------------------
50 45 3.45 59 54 3.89 68 63 4.64
50 50 3.59 59 59 4.12 68 68 5.04
50 55 3.74 59 64 4.35 68 73 5.45
----------------------------------------------------------------------------------------------------------------------------------
51 46 3.48 60 55 3.96 69 64 4.75
51 51 3.63 60 60 4.20 69 69 5.18
51 56 3.78 60 65 4.44 69 74 5.62
----------------------------------------------------------------------------------------------------------------------------------
52 47 3.52 61 56 4.03 70 65 4.87
52 52 3.68 61 61 4.28 70 70 5.33
52 57 3.83 61 66 4.54 70 75 5.80
----------------------------------------------------------------------------------------------------------------------------------
53 48 3.57 62 57 4.10 71 66 5.00
53 53 3.73 62 62 4.37 71 71 5.49
53 58 3.90 62 67 4.65 71 76 6.00
----------------------------------------------------------------------------------------------------------------------------------
54 49 3.62 63 58 4.17 72 67 5.13
54 54 3.79 63 63 4.46 72 72 5.66
54 59 3.96 63 68 4.76 72 77 6.21
----------------------------------------------------------------------------------------------------------------------------------
55 50 3.67 64 59 4.25 73 68 5.28
55 55 3.85 64 64 4.56 73 73 5.85
55 60 4.03 64 69 4.88 73 78 6.43
----------------------------------------------------------------------------------------------------------------------------------
56 51 3.72 65 60 4.34 74 69 5.43
56 56 3.91 65 65 4.67 74 74 6.05
56 61 4.10 65 70 5.01 74 79 6.68
----------------------------------------------------------------------------------------------------------------------------------
57 52 3.77 66 61 4.43 75 70 5.60
57 57 3.98 66 66 4.78 75 75 6.26
57 62 4.18 66 71 5.14 75 80 6.94
----------------------------------------------------------------------------------------------------------------------------------
58 53 3.83 67 62 4.53
58 58 4.05 67 67 4.91
58 63 4.26 67 72 5.29
----------------------------------------------------------------------------------------------------------------------------------
Other ages and combinations can be supplied on request.
25
