Summit Prime – Death Benefit

The Death Benefit has the following features:

If the Owner and Annuitant are the same person, the death benefit will be the full Accumulated Value upon their death, with no surrender charges or MVA applied.

If the Owner and Annuitant are not the same person, upon the death of the Owner, the death benefit will be the Surrender Value. (Accumulated value of all principal and interest, minus surrender charges and MVA.)

If the Owner and Annuitant are not the same person, upon the death of the Annuitant, the Owner will have 60 days to name a new Annuitant. If they fail to do so, the Owner will automatically become the new Annuitant.

If the Owner and Annuitant are not the same person, upon the death of the Owner, the Beneficiary will become the new owner.

If the sole Beneficiary is a surviving spouse, they will have the option to elect to continue the contract as their own.

If the sole Beneficiary is not a surviving spouse, 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.

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.