Common use of DEATH OF BENEFICIARY Clause in Contracts

DEATH OF BENEFICIARY. In the event of the death of the Beneficiary, the Account Owner may authorize a change in the Beneficiary for the Account to a Member of the Family of the previous Beneficiary or request the withdrawal of the Account balance. A distribution made to a beneficiary of the Beneficiary’s estate (or to the Beneficiary’s estate) due to the death of the Beneficiary will not be subject to the additional 10% federal tax on earnings, but earnings may be subject to any applicable federal and state and/or local income tax.

DEATH OF BENEFICIARY. In the event of the death of the Beneficiary, the Account Owner may authorize a change in the Beneficiary for the Account to a Member of the Family of the previous Beneficiary or request the withdrawal of the Account balance. A distribution made to a beneficiary of the Beneficiary’s an estate (or to the Beneficiary’s estate) due to the death of the Beneficiary will not be subject to the additional 10% federal tax on earnings, but the earnings may portion of such distribution will be subject to any applicable federal and state and/or local income tax.