Before Annuity Income Payments Begin
If death occurs before annuity income payments begin, a return-of-purchase-payments death benefit applies.
- For contracts with a non-natural owner: A death benefit becomes payable at the death of the first annuitant.
- For Single Life options or the Period Certain option: The contract is terminated at the death of the first owner or annuitant, and a return-of-purchase-payments death benefit is paid (except for the Life Only annuity income option).
- For Joint Life and the Joint and Survivor Life options: The contract is terminated at the death of the first owner or the last annuitant and a return-of-purchase-payments death benefit is paid (except for the Joint Life Only and Joint and Survivor Life Only annuity income options). At the time of death, if the surviving spouse is an annuitant and a joint owner (if applicable), the spouse can continue the contract instead of receiving the death benefit.
- The recipient of the death benefit will receive a lump-sum payment.
- If an owner or an annuitant is diagnosed with a terminal illness resulting in a life expectancy of 12 months or fewer on or after the contract issue date, a death benefit will be paid (except for Life Only, Joint Life Only, or Joint and Survivor Life Only annuity income options). Other restrictions may apply and availability may vary by state. Please refer to the contract for details. Not available in CA, OR, or PA.
After Annuity Income Payments Begin
If death occurs on or after the Annuity Payment Start Date, the selected annuity income option will determine any additional payments made. Death benefits are not available with any Life Only annuity income options.