Life Payout definition

Life Payout. We will make periodic payments until the death of the person on whose life payments are based. The first payment is paid as of the last day of the initial payment interval. Upon request, we will provide information on the payouts that we will make based on the age of the person on whose life payments are based, the payment interval, and the year in which the Contract Value is applied to the Payout Option Life Payout with Payments for at Least a Fixed Period: We will make periodic payments until the death of the person on whose life payments are based. We guarantee that such payments continue for at least a fixed period you select even if the person should die before the end of that fixed period. The first payment is paid as of the last day of the initial payment interval. Upon request, we will provide information on the payments that we will make based on the age of the person on whose life payments are based, the fixed period, the payment interval, and the year in which the Contract value is applied to the Payout Option. Joint and One-half Survivor Payout: We will make periodic payments until the death of the primary person on whose life payments are based; thereafter, we will make one-half of the periodic payment until the death of the secondary person on whose life payments are based. The first payment is paid as of the last day of the initial payment interval. Upon request, we will provide information on the payments that we will make based on the ages of the persons on whose lives payments are based, the payment interval, and the year in which the Contract value is applied to the Payout Option. We will make periodic payments in any other form of Payout Option that is acceptable to us at the time of an election. Once the Contract value is applied to a Payout Option, the periodic payments cannot be accelerated or converted into a lump sum payment unless we agree.
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Life Payout. We will make periodic payments until the death of the person on whose life payments are based. The first payment is paid as of the last day of the initial Payment Interval. Upon request, we will provide information on the payments that we will make based on the age of the person on whose life payments are based, the Payment Interval, and the year in which the Contract value is applied to the Payout Option. Life Payout with Payments for at Least a Fixed Period: We will make periodic payments until the death of the person on whose life payments are based. We will guarantee that such payments continue for at least a fixed period you select even if the person should die before the end of that fixed period. The first payment is paid as of the last day of the initial Payment Interval. Upon request, we will provide information on the payments that we will make based on the age of the person on whose life payments are based, the fixed period, the Payment Interval, and the year in which the Contract value is applied to the Payout Option.
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Examples of Life Payout in a sentence

  • The Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period as described in the PAYOUT OPTIONS section of this Contract, with a fixed period of 10 years, or if fewer, the maximum number of whole years permitted by any tax qualification endorsement.

  • The Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period as described in the PAYOUT OPTIONS section of this Contract.

  • Form of Annuity Payout Benefit The Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period as described in the PAYOUT OPTIONS section of this Contract, with a fixed period of 10 years, or if fewer, the maximum number of whole years permitted by any tax qualification endorsement.

  • Joint Annuitants are permitted only if one of the Joint Life Payout Options is selected.

  • ICC24-P1833624NW 11 [XX] The Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period as described in the PAYOUT OPTIONS section of this Contract.

  • These payments could be relating to a serious illness, terminal illness or Life Payout, or a return of any extra payments.

Related to Life Payout

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Individual retirement account means an individual retirement account under Section 408 of the Code, a Roth IRA under Section 408A of the Code, a simplified employee pension under Section 408(k) of the Code or a simple retirement account for employees under Section 408(p) of the Code.