Spousal Continuance Sample Clauses

Spousal Continuance. If the sole primary Beneficiary is your spouse, he or she may elect to continue this Contract at the then current death benefit amount in his or her own name and exercise all ownership rights under this Contract in accordance with Section 72(s)(3) of the Internal Revenue Code (IRC). If the sole primary Beneficiary is a domestic partner, or civil union partner, as defined under applicable state laws, he or she may elect to continue this Contract as described herein. Since current federal tax law does not define a spouse to include a domestic partner, or civil union partner, such domestic partner or civil union partner who elects to continue this Contract must still meet the distribution requirements of Section 72(s) of the IRC. In order to meet these requirements, the amount of any gain in this Contract will become subject to income tax at the time the election to continue this Contract is made. If the Contract is held as a Custodial IRA, and the sole primary Beneficiary of the IRA custodial account is the surviving spouse of the Annuitant, you may choose to continue the Contract, with the surviving spouse as the Annuitant. The right to continue this Contract by a surviving spouse, a domestic partner, a civil union partner or an IRA custodian can only be exercised once while this Contract is in effect. If, at the time the Owner purchased the Contract, the surviving spouse, domestic partner or civil union partner was over the maximum contract issue age, then the Contract cannot be continued.

Spousal Continuance. If the sole primary Beneficiary is the surviving Spouse of the deceased Owner, the surviving Spouse may elect to continue the Contract at the current Contract Value. In this event, the surviving Spouse will assume ownership of the Contract. This benefit may only be exercised one time.

Spousal Continuance. A Spousal Continuation occurs if the deceased owner's spouse is the beneficiary. The surviving spouse continues the contract (including any optional benefits if these benefits had been elected by the deceased owner) as the new owner (referred to as a spousal continuation). In such a case, the distribution rules applicable when a contract owner dies will apply when the spouse, as the owner, dies. In addition, a death benefit will be paid upon the death of the spouse. For purposes of calculating the Death Benefit payable upon the death of the surviving spouse, the death benefit paid upon the first owner's death will be treated as a payment to the contract. In addition, all payments made and all amounts deducted in connection with partial withdrawals prior to the date of the first owner's death will not be considered in determination of the Death Benefit. In determination of the Death Benefit, the Anniversary Values for all prior Contract Anniversaries will be set to zero as of the date of the first owner's death. Provided that the CEDING COMPANY can individually identify Spousal Continuances, as shown in Schedule C, the REINSURER will cover Spousal Continuances under this Agreement and will treat them as new issues to the extent that, at time of continuance:

Spousal Continuance