EX-4.4 5 policyspc2.htm POLICY SPEC
Policy Specifications

Policy Number [SPECIMEN]

Insured:
[JOHN DOE]
Issue Age and Sex:
[35] [MALE]
 
Premium Class:
[STANDARD NON-TOBACCO]
   
Death Benefit Qualification Test:
[Guideline Premium Test]
 
Underwriting Type:
[Fully Underwritten]
 
Owner:
[JOHN DOE]
 
Initial Specified Amount:
$[100,000.00]
Policy Date:
[JANUARY 1, 2024]
Minimum Specified Amount:
$[100,000.00]
Date of Issue:
[JANUARY 1, 2024]
Monthly Anniversary Day:
[01]
    
 
Plan of Insurance:
INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE LIFE INSURANCE
   
Separate Account:
[Lincoln Life Flexible Premium Variable Life Account M]
   
Death Benefit Option:
[1 (Level)]
[ Death Benefit Option 2 Factor:
[100.00]%]
[ Death Benefit Option 3 Limit:
$[50,000,000.00]
 
NOTE:
This Policy provides life insurance coverage to the death of the Insured if sufficient premiums are paid.  The duration of coverage will depend on the amount, timing, and frequency of premium payments, Premium Loads, interest credited, Cost of Insurance, Administrative Fees, investment performance of the Separate Account, any loans or partial surrenders and the cost of additional benefits.  The Planned Premium may need to be increased to keep this Policy and the coverage In Force.

Premium Payments:
Planned Premium: $[1,500.00]
 
Premiums payable until the Insured’s Attained Age 121.
Additional premium payments may vary by frequency or amount.
   
Payment Mode:
[ANNUALLY]

Beneficiary:
[As named in the application for this Policy, unless later changed.]

Guaranteed Minimum Fixed Account Interest Rate:
[1.00]% annual effective rate ([0.00272616]% daily)
Guaranteed Minimum Persistency Bonus Rate Credited to Fixed Account and each Sub-Account:
[0.01]% annual effective rate ([0.000833]% monthly) in Policy Year(s) [3 and thereafter.]

Policy Specifications

Policy Number [SPECIMEN]

Minimum Specified Amount Increase:
$[1,000]
   
Maximum Attained Age for a Specified Amount Increase:
Increases in Specified Amount not allowed after the Insured reaches Attained Age [85].
   
Maximum Number of Specified Amount Increases per Policy Year:
[0] Increase(s) allowed in Policy Year(s) [1]; and
[1] in Policy Year(s) [2 and thereafter.]
   
Minimum Specified Amount Decrease:
$[1,000]
   
Maximum Number of Specified Amount
Decreases per Policy Year:
[0] Decrease(s) allowed in Policy Year(s) [1]; and
[1] in Policy Year(s) [2 and thereafter.]

Loan Information
  
   
Minimum Loan Amount:
$[500.00]
Minimum Loan Repayment Amount:
$[25.00]

Fixed Loans
    
     
Fixed Loan Interest Rate Charged:
[4.00]% annual effective rate in Policy Year(s) [1-10];
[3.00]% annual effective rate in Policy Year(s) [11 and thereafter.]
  
Guaranteed Minimum Loan Account Credited Interest Rate:
[3.00]% annual effective rate ([0.00809863]% daily) in Policy Year(s) [1 and thereafter].
  
   
Partial Surrenders
  
   
Amount of Partial Surrenders:
Must be at least $500.00; and/or not more than 90.00% of the Surrender Value of this policy as of the end of the Valuation Period ending on the Valuation Day on which we receive your Request.
     
Transfers
    
     
Minimum Transfer Amount:
$[50.00] or the entire value of the Fixed Account or Sub-Account being transferred, whichever is less.
  
     
Minimum Remaining Value of the Fixed Account or any Sub-Account(s) After a Transfer:
$100.00 unless the entire value of the Fixed Account or Sub-Account(s) is being transferred.
  
     
Limitation on Transfers from the Fixed Account:
Cannot exceed the greater of [25.00]% of the Fixed Account Value as of the immediately preceding Policy Anniversary; or the total dollar amount transferred from the Fixed Account in the immediately preceding Policy Year.
  
   
Account(s) available from which to transfer funds for Dollar Cost Averaging:
[money market Sub-Account
Fixed Account (may be elected at policy issue only)]

Policy Specifications

Policy Number [SPECIMEN]

Riders and Benefits Charges

[Enhanced Overloan Protection Endorsement
   
Residual Specified Amount Percentage
[1.00]%
Minimum Attained Age:
[65]
Minimum Policy Years In Force:
[10] ]

Policy Specifications

Policy Number [SPECIMEN]

Table of Surrender Charges

See Surrender Provisions for an explanation of when this table will be used.

Policy Year
  
Surrender Charge as of Beginning of Policy Year
     
[1
  
[$3,036.00
2
  
$2,986.00
3
  
$2,937.00
4
  
$2,887.00
5
  
$2,836.00
6
  
$2,786.00
7
  
$2,735.00
8
  
$2,685.00
9
  
$2,633.00
10
  
$2,239.00
11
  
$1,806.00
12
  
$1,390.00
13
  
$989.00
14
  
$604.00
15 and thereafter]
  
$0.00]

Calculation of Surrender Charge for Decrease in Specified Amount
For decreases in Specified Amount, excluding full surrender of this Policy, the charge will be calculated as (1) divided by (2), then multiplied by (3), where:

(1)
is the amount of the decrease;
(2)
is the Initial Specified Amount; and
(3)
is the then applicable surrender charge from the Table of Surrender Charges shown above.

However, no charge will be applied under the following circumstances:
a.
if we receive your Request to decrease the Specified Amount within [12] Policy Months of the effective date of a change to the Death Benefit Option; or
b.
where the decrease in Specified Amount is caused by a partial surrender.

Policy Specifications

Policy Number [SPECIMEN]

Table of Expense Charges and Fees

The following expenses and fees are charged under this Policy:

Guaranteed Maximum Premium Load
We will deduct a Premium Load from each premium payment.  The Premium Load is calculated by multiplying each premium payment by the applicable percentage, which will not exceed the amount(s) shown below.  After the Insured’s Attained Age 121, no further premium payments may be made.

[5.00]%
for Policy Year(s) [1 and thereafter.]

Cost of Insurance
See the “Cost of Insurance” provision.  The Net Amount at Risk Discount Factor used in that provision is [1.00082954].

Guaranteed Maximum Monthly Administrative Fee
The Monthly Administrative Fee equals (1) plus (2) plus (3), where:
(1) is a monthly fee of $[15.00] for [86] Policy Years;
(2) is a monthly charge of $[0.30667] per $1,000 of Initial Specified Amount for [20] Policy Years; and
(3) [is a monthly charge per $1,000 for any increase in Specified Amount for [20] Policy Years following the date of the increase.]
The rate used to calculate the charges described in (2) and (3) above varies by the Insured’s sex, Premium Class, age (Issue Age for the charges in (2) or Attained Age on the date of the increase for the charges in (3)), and Death Benefit Option.

Guaranteed Maximum Mortality and Expense Risk ("M&E") Charge Rate
[0.25]% annually ([0.020833]% monthly) in Policy Year(s) [1 and thereafter.]

Transfer Fee
$[25.00] per transfer request for each transfer request in excess of [24] during any Policy Year.
Policy Specifications

Policy Number [SPECIMEN]

Table of Guaranteed Maximum Cost of Insurance Rates

The monthly Cost of Insurance rates per $1,000 of net amount at risk vary by the Insured’s sex, Premium Class, Attained Age, and the Policy Year but will not exceed the rates shown in the table below in accordance with the [Ultimate 2017 CSO Male/Female, Unismoke, age nearest birthday] mortality table.  If the Insured is in a rated Premium Class, the Guaranteed Maximum Cost of Insurance Rates shown in the table below will be adjusted to reflect the applicable Risk Factor and/or Flat Extra Monthly Insurance Cost, if any, shown in the Policy Specifications.

Policy
Year
  
Monthly
Rate
  
Policy
Year
  
Monthly
Rate
  
Policy
Year
  
Monthly
Rate
                     
[1
  
0.11425
  
31
  
0.89181
  
61
  
23.93836
2
  
0.12510
  
32
  
0.98376
  
62
  
26.00183
3
  
0.13511
  
33
  
1.08088
  
63
  
28.28101
4
  
0.14680
  
34
  
1.18660
  
64
  
30.86253
5
  
0.15849
  
35
  
1.30517
  
65
  
33.72178
6
  
0.17185
  
36
  
1.44345
  
66
  
36.82893
7
  
0.18438
  
37
  
1.60750
  
67
  
39.87065
8
  
0.19524
  
38
  
1.79919
  
68
  
43.02541
9
  
0.20026
  
39
  
2.02130
  
69
  
46.23878
10
  
0.20610
  
40
  
2.27151
  
70
  
49.44991
11
  
0.21195
  
41
  
2.54665
  
71
  
52.58615
12
  
0.21780
  
42
  
2.84439
  
72
  
55.57224
13
  
0.22282
  
43
  
3.16586
  
73
  
60.05144
14
  
0.22867
  
44
  
3.51657
  
74
  
65.05535
15
  
0.23452
  
45
  
3.91184
  
75
  
70.68603
16
  
0.24455
  
46
  
4.36379
  
76
  
77.06844
17
  
0.25793
  
47
  
4.88763
  
77
  
83.33333
18
  
0.27382
  
48
  
5.46690
  
78
  
83.33333
19
  
0.29222
  
49
  
6.19129
  
79
  
83.33333
20
  
0.31313
  
50
  
7.03014
  
80
  
83.33333
21
  
0.33824
  
51
  
8.00749
  
81
  
83.33333
22
  
0.36670
  
52
  
9.14350
  
82
  
83.33333
23
  
0.39936
  
53
  
10.44600
  
83
  
83.33333
24
  
0.43623
  
54
  
11.92318
  
84
  
83.33333
25
  
0.47982
  
55
  
13.53010
  
85
  
83.33333
26
  
0.52931
  
56
  
15.25398
  
86
  
83.33333
27
  
0.58723
  
57
  
17.04273
  
87 and
  
0.00000]
28
  
0.65192
  
58
  
18.84889
  
later
    
29
  
0.72507
  
59
  
20.66178
        
30
  
0.80587
  
60
  
22.38628
        

Policy Specifications

Policy Number [SPECIMEN]

Corridor Percentages Table

Death Benefit Qualification Test: [Guideline Premium Test]

See the “Death Benefit Proceeds” provision and “Income Tax on Death Benefits” provision for an explanation of how this table will be used.

Insured’s Attained
Age
Corridor
Percentage
  
Insured’s Attained
Age
Corridor
Percentage
           
 
[35-40
250%
  
60
130%
 
41
243%
  
61
128%
 
42
236%
  
62
126%
 
43
229%
  
63
124%
 
44
222%
  
64
122%
           
 
45
215%
  
65
120%
 
46
209%
  
66
119%
 
47
203%
  
67
118%
 
48
197%
  
68
117%
 
49
191%
  
69
116%
           
 
50
185%
  
70
115%
 
51
178%
  
71
113%
 
52
171%
  
72
111%
 
53
164%
  
73
109%
 
54
157%
  
74
107%
           
 
55
150%
  
75-90
105%
 
56
146%
  
90
105%
 
57
142%
  
91
104%
 
58
138%
  
92
103%
 
59
134%
  
93
102%
           
       
94
101%
       
95
100%]
       
and later
  



Policy Specifications

Policy Number [SPECIMEN]

No-Lapse Provision:
No-Lapse Premium: $[35.67] monthly.
No-Lapse Period: [20] Policy Years
 
No-Lapse Test: The No-Lapse Test is met if (a) is at least equal to (b), where:
(a) is an amount equal to the sum of all premium payments less any partial surrenders (i.e. withdrawals) accumulated at [4.00]% annual interest, less any Debt; and
(b) is an amount equal to the sum of the corresponding No-Lapse Premiums above due since the Policy Date, accumulated at [4.00]% annual interest.

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