Spousal Continuation Benefit definition
Spousal Continuation Benefit. If Spousal Continuation is elected (“Continued Contract”), we will calculate the Death Benefit (increased by any Optional Enhanced Death Benefits) on the Death Benefit Date. The calculated Death Benefit will be the same amount that would have been payable to the Spousal Beneficiary if the Spousal Beneficiary had not elected Spousal Continuation. The calculated Death Benefit will become the new Contract Account Value (“Continuation Contribution”). For tax purposes, any gain will be considered earnings.