SUMMARY

1. The owner pays the premium and decides when to withdraw, surrender, and annuitize.
2. The annuitant’s life is used to determine the amount of payments if annuitization is elected and if a death benefit is paid to a beneficiary (the latter for annuitant driven annuity contracts only).
3. The beneficiary receives a death benefit. If the beneficiary receives the death benefit because of the death of the owner, beneficiary, if the spouse, may continue the annuity indefinitely. If the beneficiary is a non-spouse, the beneficiary has up to five years to receive the total proceeds.