The AgeUp glossary

Age

The age of the Contract Owner or Annuitant, as of his/her last birthday before the date for which Age is being determined, unless specified otherwise.

Annuitant

An "annuitant" is a legal term used to describe the person upon whose life an annuity payout is based. For example, if you buy AgeUp for your father, you'd be the contract owner and your father would be the annuitant. If you select age 95 as the annuity payout start age, the annuity payout start date would be set to the annuitant’s (your father’s) 95th birthday and annuity payouts would then continue for the rest of his life.

Annuity date

The date on which Annuity Payments begin, as shown on the Contract Schedule. At the time this Contract is applied for, the Annuity Date is elected by the Contract Owner.

Annuity options

Options available for Annuity Payments. The Annuity Option elected by the Contract Owner is shown on the Contract Schedule.

Annuity payments

The series of payments that will be made pursuant to the Contract.

Annuity period

The period which begins on the Annuity Date and ends with the last Annuity Payment.

Beneficiary

By design, AgeUp annuity payouts come directly to you. But you can also name a beneficiary - that's the person who will continue receiving the annuity payouts if you die after your parent/loved one has reached the annuity payout start age. The beneficiary should ideally be someone you trust to use the money for your parent or loved one's benefit.

Naming a beneficiary is also important if you selected yes on the "death before payout age" option. If you die before your parent/loved one has reached the annuity payout start age, the beneficiary is the person who will receive the money.

Contract anniversary

An anniversary of the Issue Date of this Contract.

Contract Owner

The individual entitled to the ownership rights stated in this Contract. The Contract Owner must be a natural person.

Contract schedule day

The effective date of any Contract Schedule. A Contract Schedule bearing the latest Contract Schedule Date will supersede all previous Contract Schedules.

Contract year

The first Contract Year is the annual period which begins on the Issue Date and ends on the last calendar day before the first Contract Anniversary. Each new Contract Year begins on the anniversary of the Issue Date.

Issue date

The date on which this Contract became effective, as shown on the Contract Schedule.

Minimum annuity payment

The minimum Annuity Payment that the Company will permit is shown on the Contract Schedule.

Payee

The person(s) or entity(ies) designated by the Contract Owner to receive the Annuity Payments provided by this Contract. The Contract Owner will be the Payee at issue.

Premium tax

A tax imposed by certain states and other jurisdictions when a Purchase Payment is made.

Purchase payment(s)

The total payment(s) made by or on behalf of the Contract Owner with respect to this Contract as described in the Purchase Payment Provisions section of this Contract.

Service center

The office shown on the Contract Schedule, or other location(s) specified by the Company to which notices, requests, and any Purchase Payment must be sent.

Written notice

A written or electronic communication or instruction sent by the Company to the Contract Owner. Any notice that the Company sends to the Contract Owner will be sent to the Contract Owner’s last known address, unless the Contract Owner requests otherwise via Written Request. The Contract Owner must promptly provide the Company with notice of any Contract Owner address change.

Written request

A written communication or instruction sent by the Contract Owner to the Company. A Written Request must be in a form satisfactory to the Company, and must be received by our Service Center. The Company may consent to receiving requests electronically or by telephone at our Service Center. The Company may consent to additional means of receiving requests in the future.

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