MGWB definition
Examples of MGWB in a sentence
For the MGAB and MGWB riders, amounts payable under this agreement shall be calculated and payable at the same time as the benefit under the contract.
Payment of Claims under the MGAB or MGWB rider will not terminate the reinsurance coverage of other Benefits.
Thereafter, MGWB Periodic Payments will be payable on Contract Anniversaries as described above.
If the Accumulation Value is reduced to zero (other than by an Excess Withdrawal or Surrender), the Contract will enter the Lifetime Automatic Periodic Benefit Status on the date of the first MGWB Periodic Payment.
If the Contract is in the Lifetime Automatic Periodic Benefit Status at the time of the Annuitant’s death, or in the case of a Joint and Survivor MGWB the later of the Annuitant’s or the Annuitant’s spouse’s death, the Minimum Guaranteed Withdrawal Benefit and the Contract will terminate.
MGWB Periodic Payments will begin on the Contract Anniversary following the later of the date the Accumulation Value is reduced to zero (other than by an Excess Withdrawal or Surrender) and the date the Annuitant reaches the Lifetime Withdrawal Eligibility Age.
We subtract any charges that have been incurred but not deducted, including but not limited to, any annual administrative charges and the pro rata portion of any MGWB Charges.
The MGWB Periodic payment will be paid in annual installments unless some other frequency of payment is requested and agreed to by us, and the frequency of installments within a Contract Year may be changed subject to our approval.
MGWB Charge Rate means the percentage of the MGWB Base as of the last Business Day immediately prior to the date the MGWB Charge is deducted.
In the case of a single life MGWB, if the Annuitant is the Owner and no Beneficiaries are alive or have been designated at the time of the Annuitant’s death, the Annuitant’s estate will be deemed to be the primary Beneficiary.