| The contingency option(s) available for policies with more than one covered person (annuitant). The type codes Indicate whether payments/benefits will be changed upon a contingency (i.e. death). BenefitChangeBasedOn does not apply on contracts with one covered person (annuitant). This property should not be used if based on a Single Life (LivesType tc=1).Joint life income options provide for benefits based upon the life of two or more individuals (annuitant and joint annuitant(s)) as long as one of the individuals is alive. The annuity payments may or may not be changed on the death of the first individual. For example, on the death of the primary annuitant, payments could reduce to 75% of the original benefit amount (or increase by 75% depending on the BenefitChangeDirection) and will continue to be paid while the joint annuitant is living. If the joint annuitant dies before the annuitant, the primary annuitant will continue to receive payments without the benefit reduction/increase.Additionally, some joint life payment options provide that the benefit will be reduced/increased on the death of either annuitant. The allowed percentages are noted in ContingentJointCC. |