If you have purchased the Kindur Assured Income, and pass before the contract’s “Maturity Date” (which for Kindur Assured Income is not until you are 114 years old, unless you change the maturity date), then American Equity will pay your beneficiary the greater of your contract value or the minimum guaranteed surrender value. Additionally, if your spouse is your sole beneficiary, he or she may elect to become the new owner and continue your annuity contract under the same terms. If you were receiving Lifetime Income Benefit Rider (“LIBR”) payments prior to your death, your spouse may be able to continue receiving payments, depending on the LIBR payout option you select. In all other cases, American Equity will pay your beneficiary any remaining Contract Value.
If you pass away after your maturity date, American Equity will pay any remaining guaranteed annuity payments directly to your beneficiary.
Specific terms and conditions related to the death benefit are located in your annuity contract.