Common use of Settlement Options Clause in Contracts

Settlement Options. A lump sum payment of any amount payable under one or several Life Insurance benefits provided under this policy, may, at the request of the Insured Employee or of the Beneficiary, be replaced by a method of payment mutually agreed upon by the Insured Employee or the Beneficiary and the Insurer such as a deposit bearing interest, guaranteed annuity, immediate or deferred life annuity.

Settlement Options. A lump sum payment of any amount payable under one (1) or several Life Insurance benefits provided under this policy, may, at the request of the Insured Employee or of the Beneficiary, be replaced by a method of payment mutually agreed upon by the Insured Employee or the Beneficiary and the Insurer such as a deposit bearing interest, guaranteed annuity, immediate or deferred life annuity.

Settlement Options. A lump sum payment of any amount payable under one (1) or several Life Insurance life insurance benefits provided under this policy, may, at the request of the Insured Employee or of the Beneficiary, be replaced by a method of payment mutually agreed upon by the Insured Employee or the Beneficiary and the Insurer such as a deposit bearing interest, guaranteed annuity, immediate or deferred life annuity.