Common use of Change of Death Benefit Option Clause in Contracts

Change of Death Benefit Option. You may change the Death Benefit Option at any time except when the Death Benefit is a multiple of the Accumulated Value according to Section 5.1(1)(b) or 5.1(2)(b). The change is subject to the following: 1) You must give Written Notice. 2) If you change from Option B to Option A, the Death Benefit will not change and the Face Amount will be decreased by the Accumulated Value on the effective date of the change. The decrease in Face Amount will be applied in the order specified in Section 5.5(2). However, this change may not be made if it would reduce the Face Amount to less than $5,000. 3) If you change from Option A to Option B, the Face Amount will not change and the Death Benefit will be decreased by the Accumulated Value on the effective date of the change. 4) The change may not be made if it would cause total premium payments already made to exceed the Cumulative Premium Limit of the Internal Revenue Code.

Change of Death Benefit Option. You may change the Death Benefit Option at any time except when the Death Benefit is a multiple of the Accumulated Value according to Section 5.1(1)(b) or 5.1(2)(b). The change is subject to the following: 1) You must give Written Notice. 2) If you change from Option B to Option A, the Death Benefit will not change and the Face Amount will be decreased by the Accumulated Value on the effective date of the change. The decrease in Face Amount will be applied in the order specified in Section 5.5(2). However, this change may not be made if it would reduce the Face Amount to less than $5,000. 3) If you change from Option A to Option B, the Face Amount will not change and the Death Benefit will be decreased by the Accumulated Value on the effective date of the change. 4) The change may not be made if it would cause total premium payments already made to exceed the Cumulative Premium Limit of the Internal Revenue Code. 5) The effective date of the change will be the Monthly Anniversary on or next after the date we receive Written Notice.