THE ANNUITY CONTRACT Clause Samples
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THE ANNUITY CONTRACT. ABOUT THE CONTRACT This Contract is an agreement between Safeco Life and you, the Owner, where we promise to pay an income in the form of annuity payments, beginning on the date you select, or a death benefit. When you are investing money, your Contract is in the Accumulation Phase. Once you begin receiving annuity payments, your Contract is in the Income Phase. You purchased this Contract with the initial Purchase Payment you paid, and the Contract became effective on the contract date, shown on your contract data page. The Contract is called a variable annuity because you can allocate money among variable investment Portfolios available within the Separate Account. The investment performance of the Portfolio(s) you select may be positive or negative and affects the value of your Contract and the amount of any variable annuity payments. You may also allocate money to the Fixed Account which credits guaranteed interest rates. OWNER The Owner is shown on the contract application and cannot be changed. On the contract date, the Owner must not have been older than the maximum issue age shown on the contract data page. The Owner may exercise all ownership rights under this Contract. If this Contract is owned by joint Owners, they must jointly exercise their ownership rights, unless we are directed otherwise by both joint Owners in writing. On the contract date, each joint Owner must not have been older than the maximum issue age shown on the contract data page. The joint Owner cannot be changed. An Owner who is a non-natural person (for example, a corporation or a trust) may not name a joint Owner. ANNUITANT The Annuitant is/are the person(s) on whose life/lives annuity payments are based. You are the Annuitant unless you designate someone else before the Annuity Date. If you designate someone else as Annuitant, that person must not be older than the maximum issue age on the contract date and the maximum annuitization age when annuity payments begin. The maximum issue age and the maximum annuitization age are shown on the contract data page. An Owner who is a non-natural person may not change the Annuitant. BENEFICIARY The Beneficiary receives any death benefit payable in accordance with the provisions of this Contract. You initially name your Beneficiaries on the contract application. CHANGE OF BENEFICIARY You may change your Beneficiary designation at any time by sending us a signed and dated request. However, if a Beneficiary designation is irrevocable, tha...
THE ANNUITY CONTRACT. ABOUT THE CONTRACT This Contract is an agreement between Symetra and the Owner, where we promise to pay the Annuitant an income in the form of annuity payments, beginning on the date the Owner on behalf of the Annuitant selects, or a death benefit to the Annuitant’s Beneficiary(ies). When money is being invested, the Contract is in the Accumulation Phase. Once annuity payments begin, the Contract is in the Income Phase. The Owner purchased this Contract for the exclusive benefit of the Annuitant and the Annuitant’s Beneficiary(ies) with the initial Purchase Payment. The Contract became effective on the contract date, shown on the contract data page. The Contract is called a variable annuity because the Annuitant can allocate money among Sub-accounts available within the Separate Account. The investment performance of the Sub-account(s) selected may be positive or negative and affects the value of the Contract and the amount of any variable annuity payments. OWNER The Owner is the employer or trust named on the application who may exercise all ownership rights under this Contract on behalf of the Annuitant. ANNUITANT The Annuitant is a participant in the Plan whose rights are subject to the Plan and upon whose life annuity payments are payable under this Contract. The Annuitant must not be older than the maximum issue age shown on the contract data page at issue, and must be less than the maximum annuitization age when annuity payments begin. The maximum issue age and the maximum annuitization age are shown on the contract data page. BENEFICIARY The Annuitant’s Beneficiary receives any death benefit payable in accordance with the provisions of this Contract and subject to the provisions of the Plan. The Annuitant initially names the Beneficiary (ies) on the contract application.
THE ANNUITY CONTRACT. ABOUT THE CONTRACT The Contract is an agreement between Symetra Life and you, the Owner, where we promise to pay the Payee (you or someone you choose) an income in the form of Annuity Payments, beginning on the date you select, or a Death Benefit.