THE OWNER AND THE BENEFICIARY. The Owner You have rights in the Policy during either Insured's life. The Policy names the Insureds. If you are not an Insured, you should name a contingent owner who will become the Owner if you die before either Insured. If you die before either Insured and there is no contingent owner, ownership passes to your estate. If there are multiple Owners, they own the Policy jointly with rights of survivorship. If the last surviving joint Owner dies before both Insureds, ownership passes to the estate of that joint Owner. The Beneficiary You may name primary and contingent Beneficiaries. Your original Beneficiary choice is shown in the attached application. Unless an Optional Payment Plan is chosen, Death Proceeds will be paid in a lump sum to the primary Beneficiary. If the primary Beneficiary dies before the second Insured to die, Death Proceeds will be paid to the contingent Beneficiary. If no Beneficiary survives both Insureds, Death Proceeds will be paid to you or your estate. You may name more than one primary or contingent Beneficiary. If you do, the proceeds will be paid in equal shares to the survivors in the appropriate Beneficiary class who survive both Insureds, unless you have requested otherwise. Changing the Owner or Beneficiary During either Insured's life, you may change the Owner. You may also change the Beneficiary during either Insured's life if you reserved this right. An irrevocable Beneficiary may only be changed with the consent of that irrevocable Beneficiary. How to Change the Owner or Beneficiary. To make a change, send a written request to our Home Office. The request must be received by us in a form satisfactory to us. The change will take effect as of the date you sign the request. The change will be subject to any payment we make before we record the change. Using the Policy as Collateral for a Loan This Policy may be assigned as collateral security. We must be notified in writing if you assign the Policy. Any payment we make before we record the assignment at our Home Office will not be affected. We are not responsible for the validity of an assignment. Your rights and the rights of any revocable Beneficiary may be affected by an assignment.
THE OWNER AND THE BENEFICIARY
