Examples of COVERED SPOUSE in a sentence
The surviving Covered Spouse can name a new beneficiary, however, a new Covered Spouse cannot be added to the rider.
However, if the Covered Spouse continues the contract as an Inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan under the Code, the rider will terminate.
After the death benefit is payable, continuation of the contract by anyone other than a Covered Spouse will terminate the rider.
The lifetime benefit of this rider ends at the death of the surviving Covered Spouse.
Death Benefit Before the Annuitization Start Date If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation provision to continue the lifetime benefit.