Joint Annuitant Contract definition

Joint Annuitant Contract means a Non-Registered Contract established with two joint Annuitants;
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Examples of Joint Annuitant Contract in a sentence

  • If the Two-Life Income Stream is selected for a Non-Registered Contract, the Non-Registered Contract must be a Joint Annuitant Contract at the time of the selection with the Second Life (who must be the spouse or common-law partner of the Annuitant) named as joint Annuitant.

  • If the Annuitant dies (or, in the case of a Joint Annuitant Contract, the last surviving Annuitant dies) on or before the Contract Maturity Date, then Sun Life will pay a Maturity Benefit equal to the Death Benefit.

  • If the beneficiary(ies) predeceases the Annuitant or, if applicable, the last surviving Annuitant in the case of a Joint Annuitant Contract, a contingent beneficiary for that beneficiary’s share, if still alive at the death of the Annuitant, shall receive that beneficiary’s share of the Death Benefit.

  • The following is an illustration of how the LWA is recalculated upon the death of an Annuitant (i) for a Joint Annuitant Contract where the One-Life Income Stream was selected and the older Annuitant was designated as the person upon whose life the Guaranteed Lifetime Withdrawal Benefit is based, or (ii) for a RRIF where the One-Life Income Stream was selected and the spouse elects under the Income Tax Act to continue the Contract.

Related to Joint Annuitant Contract

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Contingent Annuitant is the natural person who becomes the Annuitant if the Annuitant dies prior to the Income Date.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Qualified Joint and Survivor Annuity means an annuity for the life of the Participant with a survivor annuity for the life of his Spouse as described in Section 8.2.

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Annuity Contract means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years.

  • Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Starting Date means the date referred to in Clause 3.3 hereof;

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.