Common use of Joint Coverage Clause in Contracts

Joint Coverage. If a Participant had elected a Lock-In Date prior to making a Rollover Contribution to this Contract, the Participant’s election of joint or single life coverage shall continue in full force and effect under the terms of this Contract. If a Participant is seeking to elect a Lock-In Date after making a Rollover Contribution, a Participant may elect joint coverage provided that he or she has attained the minimum age of 55 years old, and the Participant’s spouse is at least 50 years old, on the Lock-In Date. There is no additional charge for joint coverage, but: (i) a lower Guaranteed Income Rate will apply if a Participant elects joint coverage, and (ii) the Guaranteed Income Rate will be based on the age of the younger of the Participant or the Participant’s spouse. Under joint coverage, the Participant’s spouse may continue to receive withdrawals of the Guaranteed Income Amount for the life of the spouse pursuant to Section 11.3. Joint coverage can only apply to the person a Participant is legally married to on the Lock-In Date. TLIC may require proof of marriage and the spouse’s birth certificate in order to establish joint coverage. The election to establish joint coverage and the designation of the spouse that is the beneficiary of the joint coverage is irrevocable after the Lock-In Date. A Participant may not add or remove joint coverage after the Lock-In Date, including a Lock-In Date established prior to making a Rollover Contribution to this Contract.

Joint Coverage. If a Participant had elected a Lock-In Date prior to making a Rollover Contribution to this Contract, the Participant’s election of joint or single life coverage shall continue in full force and effect under the terms of this Contract. If a Participant is seeking to elect a Lock-In Date after making a Rollover Contribution, a Participant may elect joint coverage provided that he or she has attained the minimum age of 55 years old, and the Participant’s spouse is at least 50 years old, on the Lock-In Date. There is no additional charge for joint coverage, but: (i) a lower Guaranteed Income Rate will apply if a Participant elects joint coverage, and (ii) the Guaranteed Income Rate will be based on the age of the younger of the Participant or the Participant’s spouse. Under joint coverage, the Participant’s spouse may continue to receive withdrawals of the Guaranteed Income Amount for the life of the spouse pursuant to Section 11.3. Joint coverage can only apply to the person a Participant is legally married to on the Lock-In Date. TLIC TFLIC may require proof of marriage and the spouse’s birth certificate in order to establish joint coverage. The election to establish joint coverage and the designation of the spouse that is the beneficiary of the joint coverage is irrevocable after the Lock-In Date. A Participant may not add or remove joint coverage after the Lock-In Date, including a Lock-In Date established prior to making a Rollover Contribution to this Contract.