Class Plus 2 Information Folder and Contract Provisions - Empire Life

7.6 RRSP to RRIF ConversionIf your contract is an RRSP, you may convert at any time prior tothe Maturity Date to a RRIF within the contract or an equivalentcontract that we may offer at that time. In this event:1) the Fund Class Units at the credit of your contract aretransferred to the same Fund Class Units of the RRIF;2) the retirement income payments are based on theminimum payments required under the Income Tax Actand subject to our rules;3) the beneficiary of the RRIF contract will remain the sameas the beneficiary of the RRSP unless we are notifiedotherwise;4) the Maturity Date will remain the same;5) the Maturity Benefit, Death Benefit, and GWB Guaranteeswill not be affected; and6) the age and amount of your deposits will not change for thepurpose of determining withdrawal fees.Unless you indicate otherwise, we will convert your RRSP orspousal or common-law partner RRSP contract to a RRIF orspousal or common-law partner RRIF if your contract is inforce on December 31st of the year you attain the maximum agefor owning an RRSP. If you have a LIRA or LRSP contract, yourcontract will be converted to a LIF, LRIF, PRIF or other lockedinplan, subject to the requirements of the applicable pensionlegislation.7.7 Death Benefit DateThe Death Benefit Date is the Valuation Date we receivesufficient notification of the death of the Annuitant(s) and, ifapplicable, the Joint Life in accordance with our rules. On theDeath Benefit Date the market value of all Fund Class Unitsat the credit of your contract will be switched to the MoneyMarket Fund.7.8 Death BenefitWe will pay a Death Benefit on the death of the last Annuitant.The contract must be in force and the death must have occurredprior to the Maturity Date.The Death Benefit is determined effective the Death Benefit Dateand is equal to the greater of:1) the market value of the Fund Class Units at the credit ofyour contract; and2) the Death Benefit Guarantee.If 2) is greater than 1) the top up is deposited to the MoneyMarket Fund.On receipt of sufficient proof of the last Annuitant’s death andof the claimant’s right to the proceeds, we will pay in one lumpsum to the beneficiary the market value of your contract.There are no withdrawal fees applicable to the Death Benefit.Payment of the Death Benefit will terminate your contract.7.9 Death Benefit GuaranteeThe Death Benefit Guarantee is 100% of the sum of the depositsreduced proportionately for any withdrawals.The Death Benefit Guarantee will not decrease as a resultof a withdrawal to pay the Class Plus Fee (See Section 8.3Class Plus Fee).7.10 Contract Continuance on Death7.10.1 Non-Registered ContractsIf you have selected the Joint Tiered LWA Option, the contractwill automatically continue until the death of the lastAnnuitant.If you have selected the Single Tiered LWA Option, your nonregisteredcontract may continue following your death if youmake certain elections prior to death.Joint or Successor OwnerJoint owners shall be deemed to hold the contract as jointowners with right of survivorship (unless we are notifiedotherwise), except in Quebec. When a joint owner dies, theother joint owner with right of survivorship will become theContract Owner. In Quebec, joint owners who wish to obtainthe same legal effect as the right of survivorship must eachappoint the other owner as his/her subrogated policyholder.In Quebec, or if the contract is jointly owned without right ofsurvivorship, the successor owner/subrogated policyholder willbecome the Contract Owner when a joint owner dies.If there is no successor owner/subrogated policyholderappointed, the Annuitant will become the Contract Owner.These transfers in ownership described above occur withoutyour contract passing through your estate.Successor AnnuitantIf you have selected the Joint Tiered LWA Option, a SuccessorAnnuitant cannot be appointed.If you have selected the Single Tiered LWA Option, you mayappoint a Successor Annuitant at any time prior to the deathof the Annuitant. On the death of the Annuitant, the SuccessorAnnuitant will automatically become the Annuitant and thecontract will continue with no Death Benefit payable at thattime. You may remove a previously appointed SuccessorAnnuitant at any time.15