AMOUNT PAYABLE BEFORE THE ANNUITIZATION START DATE Clause Samples
The "Amount Payable Before the Annuitization Start Date" clause defines the payments or benefits that a policyholder or beneficiary is entitled to receive from an annuity contract prior to the commencement of regular annuity payments. Typically, this clause outlines how surrender values, death benefits, or withdrawals are calculated and distributed if the contract is terminated or a claim is made before the annuitization phase begins. Its core function is to provide clarity and certainty regarding the financial entitlements available before the annuity's income stream starts, thereby protecting the interests of the policyholder or their beneficiaries in the event of early withdrawal or unforeseen circumstances.
AMOUNT PAYABLE BEFORE THE ANNUITIZATION START DATE. If You are the ▇▇▇▇ Benefit Age (shown under Contract Data) or younger on the later of (1) the Contract Date or (2) the date of the most recent "covered life change," (if applicable), and if You die prior to the Annuitization Start Date with a Contract Value greater than zero; then We will pay the beneficiary the greater of the following amounts: