BD
● Terminated
Basic Death Benefit
Commonwealth Annuity and Life Insurance Company
DTCC ID
—
COMPANY
Commonwealth Annuity and Life Insurance Company
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Basic Death Benefit
Internal benefit name
Basic Death Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
1
Inception date
—
Closed date
Apr 30, 2020
DTCC Rider ID
—
Last modified
Sep 07, 2021
Life & Age
Based on life
Owner (or Annuitant if owner is a natural entity)
Single life
No
Joint life
No
Min age
—
Max age
—
Rider select rule
Mandatory
Waiting period
—
Waiting term
—
Benefit Base
Maximum benefit base
—
Maximum benefit base %
—
With reduce benefit base
—
Subsequent premium
—
Partial withdrawals
Issuer will recalculate benefit base upon partial withdrawal.
Required min distributions
—
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
Yes
Spousal continuation detail
Surviving spouse may elect to continue benefit after death of owner.
State Availability
Exception flag
No
Available in states
—
Benefit Description
Available during accumulation phase. Upon death of owner, benefit will be greater of - 1) contract value, or 2) initial purchase payments adjusted for withdrawals and applicable taxes. If owner dies after age 75, benefit will be equal to contract value only. Issuer will recalculate benefit to lesser of - 1) benefit base adjusted for dollar-for-dollar withdrawal, or 2) benefit base adjusted for same proportion.
Lifecycle Events
Cancellation
May not be cancelled.
Termination
May not be terminated.
Available when added
No longer available for new purchases.