Common use of Joint and Survivor Life Annuity Clause in Contracts

Joint and Survivor Life Annuity. The Company shall make monthly payments during the Owner’s lifetime. Upon the Owner’s death, monthly annuity payments equal to 66-2/3%, or such other percentage agreed to by the Company, of the Owner’s monthly annuity benefit shall be payable to the joint annuitant during the lifetime of the joint annuitant, if living. Upon the death of the Owner and the joint annuitant no additional benefits shall be paid.

Joint and Survivor Life Annuity. The Company shall make monthly payments during the OwnerBeneficiary’s lifetime. Upon the OwnerBeneficiary’s death, monthly annuity payments equal to 66-2/3%, or such other percentage agreed to by the Company, of the OwnerBeneficiary’s monthly annuity benefit shall be payable to the joint annuitant during the lifetime of the joint annuitant, if living. Upon the death of the Owner Beneficiary and the joint annuitant no additional benefits shall be paid.