Common use of Designated Life Clause in Contracts

Designated Life. The person listed in the Rider Specifications whose lifetime will be used to determine the benefits under this rider. The Designated Life is the Owner of the contract. If the Owner of the contract is other than a natural person, such as a trust or other similar entity, the Designated Life is the Annuitant. A Designated Life may not be added or changed after the Rider Effective Date. Guaranteed Annual Income (GAI) The maximum amount that can be withdrawn in any Contract Year after the Benefit Date without affecting the Benefit Base in future Contract Years. Guaranteed Interest Options A type of investment option that provides an interest rate guaranteed for a specified period of time. These options are as defined in your contract and may also be referred to as Guaranteed Interest Accounts. For purposes of this rider, references to Guaranteed Interest Options also include any options defined in your contract as Guaranteed Interest Accounts.