PAYMENT PLAN ELECTIONS. FOR DEATH PROCEEDS BY OWNER. The Owner may elect payment plans for death proceeds: - while the Insured is living. - during the first 60 days after the date of death of the Insured, if the Insured just before his death was not the Owner. No one may change this election made during those 60 days. FOR DEATH PROCEEDS BY DIRECT OR CONTINGENT BENEFICIARY. A direct or contingent beneficiary may elect payment plans for death proceeds payable to him if no payment plan that has been elected is in effect. This right is subject to the Owner's rights during the above 60 days. FOR SURRENDER PROCEEDS. The Owner may elect payment plans for surrender proceeds. The Owner will be the direct beneficiary.
Appears in 4 contracts
Samples: Northwestern Mutual Variable Life Account, Northwestern Mutual Variable Life Account, Northwestern Mutual Variable Life Account
