WHAT HAPPENS Sample Clauses
WHAT HAPPENS. IF THE If the sole owner (who is not also an SOLE OWNER (WHO IS annuitant) dies during the accumulation period, NOT ALSO AN no death benefit will be paid, and the ANNUITANT) DIES annuitant becomes the new owner. DURING THE ACCUMULATION PERIOD? If the new owner (previously the annuitant) is the deceased owner's spouse, the contract may be continued. If the new owner is someone other than the deceased owner's spouse, the surrender value (described in Section 9) must be:
a.) distributed in a single sum to the surviving owner within five (5) years of the deceased owner's death; or
b.) taken by the surviving owner as payee under one of the income payment options, provided:
1.) payments under the income payout option begin within one (1) year of the deceased owner's death; and
2.) payments are made over the life of the payee or over a period not greater than the payee's life expectancy.
WHAT HAPPENS. IF AN If an owner dies during the accumulation OWNER DIES DURING period, and there is a surviving owner, no THE ACCUMULATION death benefit will be paid and one of the PERIOD, AND THERE IS A following applies: SURVIVING OWNER?
a.) if the deceased owner is not the annuitant, and the surviving owner is the deceased owner's spouse, he or she will become the sole owner and the contract will continue;
b.) if the deceased owner is not the annuitant, and the surviving owner is someone other than the deceased owner's spouse, the surrender value (described in Section 9) must be:
1.) distributed in a single sum to the surviving owner within 5 years of the deceased owner's death; or
2.) taken by the surviving owner as payee under one of the income payment options, provided:
i.) payments under the income payout option begin within one (1) year of the deceased owner's death; and
ii.) payments are made over the life of the payee or over a period not greater than the payee's life expectancy.
c.) if the deceased owner is also the sole annuitant, we will pay the death benefit to the beneficiary, as described in Section 10.1.
WHAT HAPPENS. IF AN If an annuitant dies during the accumulation ANNUITANT DIES period, and there is a surviving annuitant, no DURING THE death benefit will be paid and the contract ACCUMULATION PERIOD will continue. AND THERE IS A SURVIVING ANNUITANT?
WHAT HAPPENS. IF THE If the Annuitant dies during the accumulation period, while the owner is living, and no ANNUITANT DIES DURING joint Annuitant has been named, the owner will become the annuitant, until and unless THE ACCUMULATION PERIOD? we receive other written notice. If a joint annuitant has been named, then upon the death of an annuitant, the surviving joint annuitant will become the annuitant.
WHAT HAPPENS. IF AN If you die during the accumulation period, your beneficiary is entitled to a death OWNER DIES DURING THE benefit. If you have a joint owner, the death benefit will be available when the first ACCUMULATION PERIOD? joint owner dies. A beneficiary must make his/her election within sixty (60) days of the date we receive due proof of death. The following death benefit options are available:
OPTION A: If the sole beneficiary is the surviving spouse of the deceased owner, the surviving spouse may elect to continue the contract as the new owner.