Spousal Continuation definition

Spousal Continuation. We allow the Spouse to continue the Annuity subsequent to a decedent's death, subject to our rules and subject to our receipt of Due Proof of Death. The situations where the Annuity may continue subsequent to a death will be determined by us. For example, these situations may include when on the date we receive Due Proof of Death of the decedent:

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Spousal Continuation means the Owner’s spouse may choose to continue the Certificate in lieu of selecting payment of the Death Benefit in the event of the Owner’s death. To accomplish Spousal Continuation as defined in the Contract, the Certificate must be structured as follows: (1) Owner and Annuitant must be the same person; (2) the spouse must be named as the sole Owner’s and ▇▇▇▇▇▇▇▇▇’s Beneficiary; (3) no Contingent Annuitant is named; and (4) in the case of Joint Owners, the surviving spouse must be named as the Owner’s Beneficiary. If the Owner’s Beneficiary is a Spousal Beneficiary and the Certificate is structured as described above, the Spousal Beneficiary may choose Spousal Continuation. The Certificate continues in the name of the Spousal Beneficiary as both Owner and Annuitant. The Spousal Beneficiary may exercise all rights and privileges allowed by this Certificate, including the right to name a new Owner or Owner’s Beneficiary, and ▇▇▇▇▇▇▇▇▇’s Beneficiary who will receive the Death Benefit upon the continuing Spouse’s death. Once Spousal Continuation is in effect, if the original Spousal Beneficiary remarries and designates the new spouse as the new Owner’s Beneficiary, the new spouse will be considered a Nonspousal Beneficiary for distribution purposes. Spousal Continuation is processed when the required election form is received from the Spousal Beneficiary in accordance with our administrative rules then in effect.

Spousal Continuation. When the primary beneficiary is the spouse of the annuitant and is a joint annuitant, upon the first annuitant's death, the spouse will be deemed to have elected to continue the contract in his or her own name. If the contract is a tax qualified contract and the surviving annuitant is age 95 or older on the day we receive due proof death, the contract may not be continued. In this case, the surviving annuitant may elect a death benefit as set forth above.

Examples of Spousal Continuation in a sentence

For purposes of the Spousal Continuation Option, the "continuation date" is the date on which the Company receives the spouse's written request to elect the Spousal Continuation Option and Due Proof of the relevant death in Good Order at the Company's Service Center.
The Spousal Continuation Option is void in the event the original Contract Owner is no longer the Contract Owner or in the event the Contract has been assigned.
If this rider is revoked under the Spousal Continuation provision, the Rider Charge will not be assessed on the date the rider is revoked.
The Continuation Adjustment will be allocated among the Contract Options in accordance with the current instructions for the Contract, subject to any minimum allocation restrictions unless the Company receives other allocation instructions with the Special Spousal Continuation Option election.
Any benefit available under this Special Spousal Continuation Option will end upon the change of ownership or assignment of the Contract.
The Spousal Continuation Option may be elected only if the Company receives the surviving spouse's claim form electing the option and Due Proof of the relevant death in Good Order at the Company's Customer Care Center while the surviving spouse is alive.
The Spousal Continuation Option is not available on or after the Income Date, nor where the original Contract Owner is no longer the Contract Owner, the Contract has been assigned, or You designated a Pre-selected Death Benefit Option.
The Spousal Continuation Option is not available if: 1) it is on or after the Income Date, 2) the original Contract Owner is no longer the Contract Owner, 3) the Contract has been assigned, or 4) You designated a Pre-selected Death Benefit Option.
This Special Spousal Continuation Option can only be exercised one time under this Contract, but may not be available if the Owner elected to pre-select the death benefit option.
The Spousal Continuation Option may be elected only if the Company receives the surviving spouse's claim form electing the option and Due Proof of the relevant death in Good Order, at the Company's Customer Care Center while the surviving spouse is alive.

More Definitions of Spousal Continuation

Spousal Continuation means the Owner’s spouse may choose to continue the Contract in lieu of selecting payment of the Death Benefit in the event of the Owner’s death. To accomplish Spousal Continuation, the Contract must be structured as follows:

Spousal Continuation. There are two situations where the Annuity may continue subsequent to a death during the Accumulation Period such that we may increase your Account Value. These situations are: