Question

If the partial withdrawal made after election of liftime income withrawals is greater than the tota amount of the future Lifetime Income Withdrawals scheduled to be paid later in the same policy year, how will this affect the amount of the partial withdrawal?

Answer 1

If the partial withdrawal made after election of lifetime income withdrawals is greater than the total amount of the future Lifetime Income Withdrawals scheduled to be paid later in the same policy year, the amount of the partial withdrawal will be reduced to match the total amount of the future Lifetime Income Withdrawals.

Step-by-step explanation:

If the partial withdrawal made after election of lifetime income withdrawals is greater than the total amount of the future Lifetime Income Withdrawals scheduled to be paid later in the same policy year, the amount of the partial withdrawal will be reduced to match the total amount of the future Lifetime Income Withdrawals. In other words, the excess amount withdrawn will be deducted from the future withdrawals.