SPOUSAL CONTINUATION. In the event that the spousal continuation provision under the Contract is elected, We will increase the Contract Value to the DB value, if greater. The surviving spouse becomes the new Contract Owner and the new Covered Life on the effective date of the spousal continuation. The following are the effects of a Covered Life change due to spousal continuation:
SPOUSAL CONTINUATION. In certain circumstances, the surviving spouse of a deceased Owner may elect, or may be deemed to have elected, to continue the contract and become the Owner. We must receive written notice in Good Order of the election of spousal continuation by the end of the 90th day after we receive Due Proof of Death in Good Order at our Customer Service Office. If the surviving spouse qualifies for spousal continuation, as described below, and has not elected a method of payment of the death benefit by the end of the 90 day period, spousal continuation will be deemed to have been elected on the 90th day. This contract may be continued under spousal continuation only if an Owner dies before the Annuity Commencement Date, the deceased Owner’s spouse is the Primary Beneficiary on the date of such Owner’s death and the surviving spouse meets our issue requirements in effect on the Valuation Date we receive your written request in Good Order at our Customer Service Office. The surviving spouse will become the new Owner and the Annuitant in the event that there is no surviving Annuitant at that time. If this contract is continued under spousal continuation and the amount of the death benefit proceeds that would have been paid, as described in the Death Benefit section of this contract, exceed the Accumulation Value of the contract on the applicable Valuation Date, then we will credit this difference to the Allocation Options in accordance with the allocation instructions in effect at that time. If the deceased Owner had been the Annuitant, the surviving spouse will become the Annuitant. If this contract is continued under spousal continuation, the death benefit on the continued contract will be the Accumulation Value as of the end of the Valuation Date we received Due Proof of Death in Good Order of the surviving spouse at our Customer Service Office. If the Annuitant is changed under spousal continuation in accordance with the terms of this contract, the Annuity Commencement Date will then be the Latest Annuity Commencement Date shown on the Contract Data page, unless an earlier date is otherwise elected by the Owner.
SPOUSAL CONTINUATION. If a Designated Life dies and the surviving spouse continues the contract, this rider may be continued provided the spouse is also a Designated Life.
SPOUSAL CONTINUATION. If the spouse of the deceased Owner is the sole surviving Beneficiary, or is the sole surviving Joint Owner, and has an unrestricted right to receive the Death Benefit proceeds in a lump sum, the spouse may choose to continue this Contract as the Owner when we receive instructions within required time frames.
SPOUSAL CONTINUATION. If the surviving spouse continues the contract under the Spousal Continuation provisions of the contract, and this rider is in effect at the time of the continuation, then the same terms and conditions that applied to the owner under this rider will continue to apply to the surviving spouse. The Rider Maturity Date will remain the same.
SPOUSAL CONTINUATION. If the surviving spouse continues the contract under the Spousal Continuation provisions of the contract, and this rider is in effect at the time of the continuation, then the same terms and conditions that applied to the owner under this rider will continue to apply to the surviving spouse.
SPOUSAL CONTINUATION. If the surviving Owner or joint Owner on a jointly owned Contract, or the sole primary Beneficiary of a single-Owner Contract, is the surviving spouse of the deceased Owner, the spouse may elect to continue this Contract as the Owner instead of receiving the Death Benefit. If the Owner is a non-natural person, no spousal continuation is available. If the surviving spouse succeeds to these rights, the Contract will remain in force, and the surviving spouse will be the Owner subject to the same rights, terms and conditions as were applicable to the deceased Owner, subject to any requirements of the Tax Code. If no Annuitant is living on the date Spousal Continuation is elected, the surviving spouse will become the Annuitant. Pursuant to the Federal Defense of Marriage Act, same-sex marriages are not recognized for purposes of federal law. Therefore, the favorable tax treatment provided by federal tax law to an opposite-sex spouse is NOT available to a same-sex spouse. Same-sex spouses should consult a tax advisor prior to purchasing annuity products that provide benefits based upon status as a spouse, and prior to exercising any spousal rights under an annuity. Multiple Beneficiaries — If multiple Beneficiaries are eligible to receive the Death Benefit, each Beneficiary’s portion will be separately accounted for, and the required election as to form of payment must be received from each Beneficiary. Once our processing requirements are satisfied for at least one of the Beneficiaries, we will divide the Death Benefit into distinct portions, one for each Beneficiary. Each Beneficiary’s portion of the Death Benefit will remain invested in the Subaccounts according to your then-current allocation and will fluctuate with the performance of the Funds until we receive that Beneficiary’s election as to form of payment in Good Order at our Administrative Office. If a Beneficiary elects any form of payment other than a lump sum, the Beneficiary’s portion of the Death Benefit will remain invested in the Subaccounts and will fluctuate with the performance of the Funds unless we are otherwise directed by the Beneficiary by Written Request.
SPOUSAL CONTINUATION. If the Owner dies during the Accumulation Period, the spouse may choose to continue the Contract in his or her own name, to the extent permitted by tax law, and exercise all of the Owner’s rights under the Contract. Upon such election the Account Value will be adjusted to an amount equal to the Death Benefit Amount determined upon such election and receipt of due proof of death of the Owner. Any excess of the Death Benefit Amount over the Account Value will be allocated to the Fixed Account. (See “General Death Benefit Provisions” for more information.) Spousal continuation will not be allowed to the extent it would fail to satisfy minimum required distribution rules for Qualified Contracts. (see “FEDERAL TAX CONSIDERATIONS.”)
SPOUSAL CONTINUATION. If the Owner dies and the sole designated beneficiary is the Owner's surviving spouse, the surviving spouse may elect to treat the Contract as his or her own IRA. This election will be deemed to have been made if such surviving spouse makes a contribution to the Contract or fails to take required distributions as a beneficiary.
SPOUSAL CONTINUATION. Spousal continuation means that the surviving spouse of a deceased owner qualifies to continue the contract and become the owner, and elects (or is deemed to have elected, as described below) to do so. GIAC must receive written notice in Good Order of the election of spousal continuation by the end of the 90th day after GIAC receives proof in Good Order of the owner's death at its Customer Service Office. If the surviving spouse qualifies for spousal continuation, as described below, and has not elected a method of payment of the death benefit by the end of the 90 day period, spousal continuation will be deemed to have been elected on the 90th day. This contract may be continued under spousal continuation if:
