Common use of Joint and Last Survivor Clause in Contracts

Joint and Last Survivor. Payments will be made in 1, 2, 4, or 12 installments per year as elected while both Annuitants are living. Upon the death of one Annuitant, the survivor's Annuity Payment will be paid throughout the lifetime of the surviving Annuitant. If variable Annuity Payments are elected, the number of Annuity Units supporting each payment will be level while both Annuitants are living and upon the death of one Annuitant will be reduced to 2/3rds of the number of Annuity Units supporting each payment while both Annuitants were living. The dollar amounts of each payment will vary based on the Annuity Unit Value(s) of the selected Subaccount(s). If fixed Annuity Payments are elected, the dollar amount of each payment will be level while both Annuitants are living and upon the death of one Annuitant will be reduced to 2/3rds of the installment dollar amount while both Annuitants were living.