SD
● Terminated
Step-Up Death Benefit
Commonwealth Annuity and Life Insurance Company
DTCC ID
—
COMPANY
Commonwealth Annuity and Life Insurance Company
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Step-Up Death Benefit
Internal benefit name
Step-Up Death Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
2
Inception date
—
Closed date
Apr 01, 2019
DTCC Rider ID
—
Last modified
Sep 23, 2020
Life & Age
Based on life
Owner
Single life
No
Joint life
No
Min age
—
Max age
—
Rider select rule
Optional
Waiting period
—
Waiting term
—
Benefit Base
Maximum benefit base
—
Maximum benefit base %
—
With reduce benefit base
—
Subsequent premium
Subsequent purchase payment will increase benefit base by dollar-for-dollar amount.
Partial withdrawals
Withdrawals will reduce benefit base in same proportion.
Required min distributions
Contact Issuer for details.
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) step-up value. Step-up value on contract date is equal to initial purchase payment increased by subsequent purchase payments and adjusted for withdrawals and applicable taxes. Issuer will recalculate step-up value on each contract anniversary prior to owner's 81st birthday is equal to greater of - 1) contract value, or 2) current step-up value.
Lifecycle Events
Cancellation
Once elected may not be cancelled.
Termination
Once elected may not be terminated.
Available when added
No longer available for new purchases.
Effect change ownership
Contact Issuer for details.