Death Benefit Payment Methods Sample Clauses
The 'Death Benefit Payment Methods' clause defines how the proceeds from a life insurance policy or similar agreement will be distributed to beneficiaries upon the insured's death. It typically outlines the available options for payment, such as a lump sum, installment payments, or annuities, and may specify the process for beneficiaries to select their preferred method. This clause ensures that both the insurer and beneficiaries have a clear understanding of how and when death benefits will be paid, thereby preventing disputes and facilitating timely and orderly disbursement of funds.
Death Benefit Payment Methods. A non-spousal Beneficiary must elect the death benefit to be paid under one of the following methods in the event of the death of the Certificate Holder prior to the Annuity Date:
Method 1 - Lump sum payment of the death benefit; or
Method 2 - The payment of the entire death benefit within five years of the date of the Certificate Holder's death; or
Method 3 - Payment of the death benefit over the lifetime of the designated Beneficiary or over a period not extending beyond the life expectancy of the designated Beneficiary with distribution beginning within one year of the date of death of the Certificate Holder. Any portion of the death benefit not applied under Method 3 within one year of the date of Certificate Holder's death, or the death of the Annuitant if the Certificate Holder is a nonnatural person, must be distributed within five years of the date of death.
Death Benefit Payment Methods. A non-spousal Beneficiary must elect the death benefit to be paid under one of the following methods in the event of the death of the Certificate Holder prior to the Annuity Date:
Method 1 - Lump sum payment of the death benefit; or Method 2 - The payment of the entire death benefit within (5) years of the date of the Certificate Holder's death; or <PAGE> Method 3 - Payment of the death benefit over the lifetime of the designated Beneficiary or over a period not extending beyond the life expectancy of the designated Beneficiary with distribution beginning within one year of the date of death of the Certificate Holder. Any portion of the death benefit not applied under Option 3 within one year of the date of Certificate Holder's death, must be distributed within five (5) years of the date of death. A Market Value Adjustment will apply at the time the death benefit is paid. A spousal Beneficiary may elect to continue the Certificate Holder's Account in his or her name, elect a lump sum payment of the death benefit or apply the Adjusted Certificate Holder's Account Value to an Annuity Option.
Death Benefit Payment Methods. A non-spousal Beneficiary must elect the death benefit to be paid under one of the following methods in the event of the death of the Certificate Holder prior to the Annuity Date:
Method 1 - Lump sum payment of the death benefit; or
Method 2 - The payment of the entire death benefit within (5) years of the date of the Certificate Holder's death; or Method 3 - Payment of the death benefit over the lifetime of the designated Beneficiary or over a period not extending beyond the life expectancy of the designated Beneficiary with distribution beginning within one year of the date of death of the Certificate Holder. Any portion of the death benefit not applied under Option 3 within one year of the date of Certificate Holder's death, must be distributed within five (5) years of the date of death. A Market Value Adjustment will apply at the time the death benefit is paid.
Death Benefit Payment Methods. Prior to the date the Death Benefit Payment is paid or begins, the Beneficiary may elect, subject to the applicable restrictions and distribution requirements of ERISA and the IRC and of any rulings and regulations issued under ERISA and the IRC, any one of the following Death Benefit Payment Methods or revoke a previous election. Death Benefit Payments will be paid or begin on the first day of the calendar month designated by the Policyholder by written notice to CREF. A Single sum Payment is payable to the Beneficiary in one sum. A One-Life Unit-Annuity is payable monthly during the lifetime of the Beneficiary and ceases at his or her death. CREF GA Ed. 7-94 A One-Life Unit-Annuity with 10-, 15- or 20-Year Guarantee, as elected, is payable monthly during the lifetime of the Beneficiary. If the Beneficiary dies before the end of the guaranteed period elected, monthly payments will continue to the end of such guaranteed period as provided in Section 30.
Death Benefit Payment Methods. A non-spousal Beneficiary must elect the death benefit to be paid under one of the following methods in the event of the death of the Contract Holder prior to the Annuity Date:
Method 1 - Lump sum payment of the death benefit; or
Method 2 - The payment of the entire death benefit within (5) years of the date of the Contract Holder's death; or Method 3 - Payment of the death benefit over the lifetime of the ▇▇▇▇▇://▇▇▇.▇▇▇.▇▇▇/Archives/▇▇▇▇▇/data/925981/0000950146-98-000663.txt 03/26/2018 designated Beneficiary or over a period not extending beyond the life expectancy of the designated Beneficiary with distribution beginning within one year of the date of death of the Contract Holder. Any portion of the death benefit not applied under Option 3 within one year of the date of Contract Holder's death, must be distributed within five (5) years of the date of death. A Market Value Adjustment will apply at the time the death benefit is paid. A spousal Beneficiary may elect to continue the Contract in his or her name, elect a lump sum payment of the death benefit or apply the Adjusted Contract Value to an Annuity Option.