Product Details

Distributions of disability are governed by federal law under the IRS code. The company is not responsible for determining the existence of a disability, however, will permit such distribution upon submission of the necessary form(s) and documents in which the participant has obtained all necessary plan administrator approvals and certifes that he or she is disabled.

Under this settlement option, proceeds are paid in equal installments during the lifetime of two payees and continue during the lifetime of the survivor. A guaranteed period is available with this option. If both payees die before all installments are paid under a guaranteed period, the remaining installments are paid to the benficiary, either as they come due for the remainder of the period or in a commuted value. Owner may elect joint and 100%, joint and 75%, joint and 50%, or joint and 66 2/3% to survivor. If owner selects a life only option (no guaranteed period) there is no death benefit to a beneficiary. If the payees outlive the guaranteed period, no payments are due to a beneficiary.

Under this option, proceeds are paid in equal installments during the lifetime of the payee. A guaranteed period is available with this option. If the payee dies before all installments are paid under a guaranteed period, the remaining installments are paid to the beneficiary either as they come due for the remainder of the period or in a cummuted value. If owner selects a Life Only option (no guaranteed period), there is no death benefit to a beneficiary. If the payee outlives the guaranteed period, no installments are due to a beneficiary.

This option guarantees that payments will be made for a certain period of time even if the annuitant dies before that period of time has expired. Proceeds are paid in equal installments of a fixed amount with selectable guaranteed periods of 10, 15, or 20 years. This option can be a fixed or variable payout. If payee dies before all installments are paid under any of the guaranteed periods, the remaining installments will be paid to the beneficiary for the remainder of that period. If payee outlives guaranteed period no payments will be made to the subsequent beneficiary.

Disbursement consist of one or more randomly timed lump sums.

This option guarantees periodic payment for a specified period of time. The payout period cannot be longer than 30 years. This option cannot be a variable payout. The payment amount is the same for the period determined. Under this settlement option, the benefit is paid for a period of time defined by the annuitant. Should the annuitant die prior to the period specified, the beneficiary may continue to receive payments until the period expires, or receive a lump sum payment of the commuted value (the present value of the reamining guaranteed payments). Proceeds are retained by the Company. The payee may not elect a period that extends beyond the payees life expectancy or the combined life expectancy of both the payee and spouse, if the spouse is the primary beneficiary.