Spousal continuance Your spouse may be able to continue receiving GLWB benefits after your death. If your surviving spouse is the sole beneficiary, he or she may have the option to use a spousal continuance to keep the Income Pay Pro contract and GLWB rider in force. The table below outlines the potential outcomes:
Annuity contract format
Before lifetime payment election date (LPED)
After lifetime payment election date (LPED)
Surviving spouse may continue the GLWB rider as the new covered person, until his/ her death. LPED will be established by the surviving spouse and LPA will be based on surviving spouse’s issue age and the attained age on the LPED. Surviving spouse may continue the GLWB rider as a single covered person. Any nursing home multiplier benefit paid before the election of spousal continuance will count towards the multiplier benefit limit after spousal continuance. The LPA (based on the surviving spouse as a single covered person) will be paid until the death of the surviving spouse as the single covered person.
Single covered person
Spousal continuation of the rider is not available. If contract is continued, the GLWB rider will terminate.
Surviving spouse may continue the GLWB rider. The LPA (based on the younger of the joint covered persons) established at LPED will continue to be paid until the death of the second joint covered person.
Joint covered person
Ownership For purposes of this rider, the owner and the annuitant must be the same. If there are joint owners, they must also be joint annuitants. Joint annuitants must be spouses. If the owner is not a natural person, the annuitant(s) are considered covered person(s) under this rider. Change of ownership is only allowed when changing from a non-natural owner to the annuitant(s) or pursuant to spousal continuance provisions of the Contract and this rider.
35405Z
14
REV 1-24
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