Common use of Proof of Death Clause in Contracts

Proof of Death. Any of the following will serve as Proof of Death of the Owner: certified copy of the death certificate; certified decree of a court of competent jurisdiction as to the finding of death; written statement by a medical doctor who attended the deceased Owner; or any proof accepted by SBL. DISTRIBUTION RULES In the event of an Owner's death prior to the Annuity Start Date, the entire Death Benefit shall be paid within 5 years after the death of the Owner, except as provided below. In the event that the Beneficiary elects an Annuity Option, the length of time for payment of the benefit may be longer than 5 years if: The Designated Beneficiary is a natural person; The Death Benefit is paid out under one of Annuity Options 1 through 8; Payments are made over a period that does not exceed the life or life expectancy of the Beneficiary; and Payments begin within one year of the death of the Owner. If the deceased Owner's spouse is the sole Designated Beneficiary, the spouse shall become the sole Owner of the Contract. He or she may elect to: keep the Contract in force until the sooner of the spouse's death or the Annuity Start Date; or receive the Death Benefit. If any Owner dies on or after the Annuity Start Date, Annuity Payments shall continue to be paid at least as rapidly as under the method of payment being used as of the date of the Owner's death. If the Owner is a Nonnatural Person, the distribution rules set forth above apply in the event of the death of, or change in, the Annuitant. This Contract is deemed to include any provision of Section 72(s) of the Internal Revenue Code of 1986, as amended (the "Code"), or any successor provision. This Contract is also deemed to include any other provision of the Code deemed necessary by SBL in its sole judgment, to qualify this Contract as an annuity. The application of the distribution rules will be made in accordance with Code section 72(s), or any successor provision, as interpreted by SBL in its sole judgment. The foregoing distribution rules do not apply to a Contract, which is: provided under a plan described in Code section 401(a) or 403(b); an individual retirement annuity or provided under an individual retirement account or annuity; or otherwise exempt from the Code section 72(s) distribution rules.