Payout Annuity - Other Benefits
Joint and Survivor Annuity
A Joint and Survivor Annuity pays a Monthly Income benefit for the lifetime of two or more annuitants. Where there are joint annuitants at the time the policy is bought, Monthly Income protection is applied to the joint annuitants as a single covered person, separately and in addition to any Monthly Income protection on either of the annuitants as the sole annuitant.
Cash Refund Annuity
If the death of the annuitant occurs under a cash refund annuity before the total of periodic payments made exceeds the contract premium, a lump sum payment is made equal to the contract premium, less contractual periodic payments already made. The covered amount of that lump sum payment equals the contract premium times the ratio of covered payments to contract payments, less covered periodic payments already made.
Commutation of Guaranteed Periodic Payments at Death
If the commuted value of any remaining guaranteed periodic payments is payable at the time of the death of the annuitant, the amount of commuted value protected is the present value of protected payments payable during the remainder of the guaranteed period.
For any policy that calls for increasing or decreasing benefits over time, the amount of benefit in-force at the date the company fails will be used to determine Assuris protection. After transfer, the protected benefits will continue to change in accordance with the terms of the policy.