Common use of SPOUSAL CONTINUATION Clause in Contracts

SPOUSAL CONTINUATION. On the Notice Date, 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 processing Instructions prior to one year from the date of death. Spousal Continuation is unavailable if the deceased Owner’s Contract is an inherited Contract.

SPOUSAL CONTINUATION. On the Notice Date, 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 processing Instructions prior to one year from the date of deathmaximum time limit under state unclaimed property guidelines. Spousal Continuation is unavailable if the deceased Owner’s Contract is an inherited Contract.