Common use of Cash Surrender Clause in Contracts

Cash Surrender. You may surrender this contract for its cash surrender value at any time before the earlier of: (1) your death; (2) the Annuitant's death; or (3) the maturity date. The cash surrender value of this contract is: (1) the contract value of this contract at the time of surrender; less (2) any loan balance; less (3) any premium taxes payable. To surrender the contract you must submit a written request to us. We have the right to require that the contract be returned to us as well. We will determine the cash surrender value on the date we receive these requirements. We will pay the cash surrender value in a lump sum unless you request payment under a payment option. Certain federal income tax consequences may apply to a cash surrender of the contract. You should consult your tax advisor before requesting a surrender.