Examples of Annuitization in a sentence
You may apply all or a portion of the Accumulated Value, adjusted for the Bond Adjustment, to an annuity benefit payment option at any time after the second Contract Anniversary and prior to the Annuitization Date by sending Us Notice at Our office.
Annuitization Date: (CM - 8 months) 30, YY Amount Annuitized: $100,000.00 Interest Earned To Date: $ 4,000.00 (remains in annuity) No free look period was offered at annuitization.
You may Surrender this contract at any time prior to the Annuitization Date provided that the Owner and Joint Owner, if any, are living and provided that You give Us Notice in Good Order at Our office.
Segment Option(s) with Segment Term(s) that would extend beyond the next Segment Anniversary divisible by six or beyond the Annuitization Date will not be available.
If this contract is in force and the Annuitant is living, an annuity benefit payment becomes payable upon the earlier of the date You request payments begin or the Annuitization Date.
Prior to the Annuitization Date, You may elect an annuity benefit payment option from the Description of Annuity Benefit Payment Options provision below.
You may transfer amounts among the Segment Options only at Your Segment End Date, which occurs prior to the Annuitization Date.
If the Owner or any Joint Owner dies prior to the Annuitization Date, We will pay the death benefit upon Our receipt of required documents and Notice, in Good Order, including due proof of death.
If the Owner or any Joint Owner dies prior to the Annuitization Date, the death benefit may be distributed in a lump sum or within five years of the date of death or distributed over a time period not extending beyond the life expectancy of the beneficiary as provided for in Internal Revenue Code (“IRC”) section 72(s), as may be amended from time to time.
If the Owner or Joint Owner dies on or after the Annuitization Date and before the entire interest in this contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as required under applicable federal tax laws, including, particularly, IRC section 72(s), as may be amended from time to time.