DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. In the event an Owner dies during the Accumulation Period, a Beneficiary must choose payment of the death benefit under one of the options below (unless the Owner has previously chosen an option). The death benefit options available under the Contract are:
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. 8 DEATH OF CONTRACT OWNER DURING THE ANNUITY PERIOD...............8
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. 16 DEATH OF OWNER DURING THE ANNUITY PERIOD......................................................................17
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. A Beneficiary must elect the death benefit to be paid under one of the options below (unless the Owner has previously chosen an option) in the event of the death of an Owner. Subject to the requirements of the Code and applicable regulations, the entire Death Benefit Amount must be distributed: (a) as a lump sum payment within five years of the date of death of the decedent; or (b) as to any Beneficiary, over a period not extending beyond the life expectancy of the Beneficiary or over the life of the Beneficiary, with such distributions beginning within one year of the date of death. With the exception of a Spousal Continuation or Beneficiary Continuation, as described below, we will pay the Death Benefit Amount under (a) above, unless we receive a different election. Spousal Continuation If the Owner dies during the Accumulation Period and the sole primary Beneficiary is the Owner’s spouse, the spouse may choose to continue the Contract in their own name and exercise all the Owner’s rights under the Contract. If the Owner’s spouse continues the Contract, the Death Benefit Amount will not be paid. They will instead continue the Contract at the current Account Value on the date we determine the Death Benefit Amount. The Death Benefit Amount under the continued Contract payable upon the continuing spouse’s death will be computed as described above in the Death Benefit Amount section. 5-213-1 (07/24) 9
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. If the Owner has not previously designated a Death Benefit Option, a Beneficiary must request that the death benefit be paid under one of the Death Benefit Options below. In addition, if the Beneficiary is the spouse of the Contract Owner, he or she may elect to continue the Contract in his or her own name and exercise all the Contract Owner's rights under the Contract. In this event, the Contract Value for the Valuation Period during which this election is implemented will be adjusted to equal the death benefit. On each Contract Anniversary the full Contract Maintenance Charge will be deducted.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. Unless already selected by the owner, a beneficiary must elect the death benefit to be paid under one (1) of the options below in the event of the death of an owner during the accumulation period. Furthermore, if the beneficiary is the spouse of the owner, he or she may elect to continue this contract in his or her own name at the current contract value and exercise all the owner's rights under the contract. In this event, the contract value will be adjusted to equal the death benefit.
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 Contract Owner during the Accumulation Period:
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 Owner's death must be distributed within five years of the date of death.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. If the Owner has not previously designated a Death Benefit Option, a Beneficiary must request that the death benefit be paid under one of the Death Benefit Options below. In addition, if the Beneficiary is the spouse of the Contract Owner, he or she may elect to continue the Contract in his or her own name and exercise all the Contract Owner's rights under the Contract. In this event, the Contract Value for the Valuation Period during which this election is implemented will be adjusted to equal the death benefit. On each Contract Anniversary the full Contract Maintenance Charge will be deducted. L30800 OPTION A - lump sum payment of the death benefit. (The Contract Maintenance Charge will not be deducted at the time of a complete withdrawal if the distribution is due to death.); or OPTION B - the payment of the entire death benefit within 5 years of the date of the death of the Contract Owner or any Joint Owner. The Contract Maintenance Charge is assessed to each Beneficiary on each Contract Anniversary; or OPTION C - 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 Contract Owner or any Joint Owner. The Contract Maintenance Charge will continue to be assessed to each Beneficiary's share pro rata over the annual payment. Any portion of the death benefit not applied under Option C within one year of the date of the Contract Owner's death, must be distributed within five years of the date of death. 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 lump sum, may only be elected during the sixty-day period after the day on which such lump sum first became payable by the Company.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD. A Beneficiary must elect the death benefit to be paid under one of the options below (unless the Owner has previously made such election) in the event of the death of an Owner during the Accumulation Period. In addition, if the Beneficiary is the spouse of the Owner, he or she may elect to continue the Contract in his or her own name and exercise all the Owner's rights under the Contract. The death benefit options available under the Contract are: OPTION 1 -- lump sum payment of the death benefit; or OPTION 2 -- the payment of the entire death benefit in a lump sum within five (5) years of the date of the death of the Owner or the first Joint Owner to die; 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 the first Joint Owner to die. Any portion of the death benefit not applied under Option 3 within one (1) year of the date of the Owner's or Joint Owner's death must be distributed within five (5) years of the date of death. 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 lump sum, may only be elected during the sixty (60) day period beginning with the date of receipt of proof of death. BENEFICIARY CONTINUATION OPTIONS DURING ACCUMULATION PERIOD We offer two types of Beneficiary Continuation Options during the Accumulation Period: the Spousal Continuation and Non-Spousal Beneficiary Continuation Options described below. We must receive Notice of the election of one of these Beneficiary Continuation Options by the end of the 90th day after we receive Notice of due proof of death. If the surviving spouse qualifies for Spousal Continuation and has not chosen one of the death benefit options above by the end of the 90-day period, the Spousal Continuation Option will be automatically applied on the 90th day. If a Non-Spousal Beneficiary qualifies for Non-Spousal Beneficiary Continuation and has not chosen one of the death benefit options above by the end of the 90-day period, the Non-Spousal Beneficiary Continuation Option will be automatically applied on the 90th day. SPOUSAL CONTINUATION DURING ACCUMULATION PERIOD If the Owner dies during the Accumulation Per...
