Common use of Death Benefit Payment Methods Clause in Contracts

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. 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 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 Certificate Contract Holder's death; or 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 Contract Holder. Any portion of the death benefit not applied under Option 3 within one year of the date of Certificate 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.