DEATH PRIOR TO ANNUITY COMMENCEMENT DATE Sample Clauses
The "Death Prior to Annuity Commencement Date" clause defines what happens if the annuitant dies before the scheduled start of annuity payments. Typically, this clause outlines the rights of beneficiaries to receive a death benefit, which may be the return of premiums paid, the contract's cash value, or another specified amount. Its core function is to ensure that the value of the annuity is not lost if the annuitant passes away before payments begin, thereby protecting the interests of the annuitant's heirs or designated beneficiaries.
DEATH PRIOR TO ANNUITY COMMENCEMENT DATE. Payment of death proceeds depends upon the relationships between the Owner, Annuitant, and beneficiary as outlined below. If there are surviving Owners, the surviving Owners automatically take the place of any beneficiary designation.
DEATH PRIOR TO ANNUITY COMMENCEMENT DATE. Death proceeds are payable contingent upon the relationships between the owner, ▇▇▇▇▇▇▇▇▇, and beneficiary as outlined below. The contract must be surrendered upon settlement or on proof of death. If there is a surviving owner(s), the surviving owner(s) automatically takes the place of any beneficiary designation.
DEATH PRIOR TO ANNUITY COMMENCEMENT DATE. Death proceeds are payable contingent upon the relationships between the owner, ▇▇▇▇▇▇▇▇▇, successor owner, and beneficiary as outlined below. The contract must be surrendered upon settlement or on proof of death.
▇. ▇▇▇▇▇▇▇▇▇ and owner are the same. When we have due proof that the owner died before the Annuity Commencement Date, we will provide the death proceeds to the beneficiary.
a) Beneficiary is the deceased owner's surviving spouse. The beneficiary may elect to continue this contract as owner and Annuitant rather than receiving the death proceeds. If the contract is continued, an amount equal to the excess, if any, of the Guaranteed Minimum Death Benefit, if any, over the Account Value will then be added to the Account Value. This is a one-time only Account Value adjustment applied at the time the contract is continued. The Guaranteed Minimum Death Benefit will continue on as applicable. If this beneficiary elects to have the death proceeds paid, the death proceeds must be distributed:
(1) by the end of 5 years after the date of the deceased owner's death, or (2) payments must begin no later than one year after the deceased owner's death and must be made for a period certain or for this beneficiary's lifetime, so long as any period certain does not exceed this beneficiary's life expectancy.
b) Beneficiary is not the deceased owner's surviving spouse. The death proceeds must be distributed as provided in I.a)(1) or I.a)(2) above.
c) Death proceeds which are not paid to or for the benefit of a natural person must be distributed by the end of 5 years after the date of the deceased owner's death.
II. ▇▇▇▇▇▇▇▇▇ and owner are different and the Annuitant dies. When we have due proof that the Annuitant died prior to the Annuity Commencement Date, the owner will become the new Annuitant and no death proceeds are payable. If the owner is also the deceased ▇▇▇▇▇▇▇▇▇'s surviving spouse and the contract is continued, an amount equal to the excess, if any, of the Guaranteed Minimum Death Benefit, if any, over the Account Value will then be added to the Account Value. This is a one-time only Account Value adjustment applied at the time the contract is continued. The Guaranteed Minimum Death Benefit will continue on as applicable. However, in lieu of becoming the new Annuitant, the owner may elect to have the death proceeds distributed to the Annuitant's beneficiary on the death of the Annuitant. This election must be in writing and must be received by us prior to ...