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Death Benefit - continued

If the sole Beneficiary is a surviving spouse, they will have the option to elect to continue the contract as their own, referred to as spousal continuation.
If the sole Beneficiary is not a surviving spouse

For Non-Qualified policies, the death benefit must be distributed within 5 years of the Owner’s death or over a term not to exceed the life expectancy of the Beneficiary and payments must begin within one year of the death of the Owner.
For Qualified policies, the death benefit must be distributed within 10 years of the Owner’s death, per the requirements of the SECURE Act.

In the case of joint owners, these provisions will be applied upon the first death.
Interest will continue to accumulate until the company has received proof of death, and the death claim is processed.

The difference in the Death Benefit for Bankers Elite policies was discussed earlier for polices still in the Surrender Charged period. The Death Benefit features discussed here will also apply to Bankers Elite Policies, after the Surrender Charge period.

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