EX-99.B(D)(2) 3 tm245168d1_ex99-bxdx2.htm EXHIBIT 99.B(D)(2)

 

Exhibit 99.B(d)(2)

 

Policy Specifications

Policy Number [SPECIMEN]

 

Insured: [JOHN DOE] Issue Age and Sex: [35] [MALE]
Rate Class: [STANDARD]    
Owner: [JANE DOE]    

 

 

  

Initial Specified Amount: $[100,000] Policy Date: [AUGUST 1, 2022]
Minimum Specified Amount: $[25,000] Date of Issue: [AUGUST 1, 2022]
Monthly Anniversary Day: [01]    

 

Plan of Insurance: INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE LIFE INSURANCE WITH LONG-TERM CARE BENEFITS

 

Separate Account: [Lincoln Life Flexible Premium Variable Account M]

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: $[8,000.00]
  Premiums may be accepted until the Insured’s Attained Age [121]. Additional premium payments may vary by frequency or amount.
   
Payment Mode: [ANNUALLY]

 

 

  

Minimum Additional Premium Payment Amount: No premium payment may be less than $[200.00] Annually or $[15.00] if paid by electronic funds transfer.

 

Annual Premium Limit: $[28,725] in Policy Year [4] and thereafter.

 

Limit Single Premium: $[94,005]

 

Limit Level Premium: $[9,575]

 

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).

  

ICC24-MGV892-2Page 3 – 1 of 2

 

 

Policy Specifications

Policy Number [SPECIMEN]

 

Minimum Specified Amount Increase: $[25,000]
   
Maximum Attained Age for a Specified Amount Increase: Increases in Specified Amount not allowed after the Insured reaches Attained Age [70].
    
Maximum Number of Specified Amount Increases per Policy Year: [Increases not allowed] in Policy Year(s) [1]; and [1] in Policy Year [2] and thereafter.
   
Minimum Specified Amount Decrease: $[1,000]
    
Maximum Number of Specified Amount Decreases per Policy Year: [Decreases not allowed] in Policy Year(s) [1 and 2]; and [1] in Policy Year [3] and thereafter.
    
Loan Information  
   
Minimum Loan Amount: $[100.00]
   
Minimum Loan Repayment Amount: $[25.00]
   
Loan Interest Rate Charged: [3.00]% annual effective rate in all Policy Years.
   
Loan Account Credited Interest Rate: [1.00]% annual effective rate ([0.00272616]% daily) in all Policy Years.
    
Partial Surrenders  
   
Amount of Partial Surrenders: Must be at least $[500.00]; and/or not more than an amount equal to the Surrender Value of this Policy as of the end of the Valuation Period ending on the Valuation Day on which the request is received in a form acceptable to us, minus $[500.00].
   
Maximum Number of Partial Surrenders per Policy Year: Partial surrender not allowed in the first Policy Month; and [1] per Policy Year beginning with the second Policy Month and thereafter.
    
Transfers  
   
Minimum Transfer Amount: $[50] 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)]

  

ICC24-MGV892-2Page 3 – 2 of 2

 

 

Policy Specifications

Policy Number [SPECIMEN]

 

Riders and Benefits Charges

 

Value Protection Rider

 

  

Factors used in the No-Lapse Provisions: 

Policy Year

Monthly Accumulation 

Factor 

Monthly No-Lapse 

Premium 

[1 - 35 [1.00327374 $[352.98]
36] and thereafter 1.00486756] $0.00

  

The Monthly No-Lapse Premium as of the Policy Date is shown above, and may change as described in the No-Lapse Provisions of the Value Protection Rider.

  

Protected LTC Ratio: [0.5000000000]

  

Long-Term Care Benefits Rider

Monthly LTC Charge Rate:  
LTC Base Charge Rate [0.11121]
LTC Excess Charge Rate [0.07596]
   
Minimum LTC Duration: [36] months
   
Initial LTC Benefit Limit: $[150,000.12]
   
Initial Maximum Monthly LTC Benefit  
Initial Maximum Monthly LTC Benefit: $[4,166.67]
Indemnity Choice Option  
Indemnity Choice Factor: [80%]
Initial Indemnity Choice Option Limit: $[3,333.34]
Right to Purchase Optional Inflation Protection: [ELECTED]

 

  

The Monthly LTC Charge Rate and Rider benefit limits as of the Policy Date are shown above, and may change as described in the Long-Term Care Benefits Rider.

  

Initial Market Benefit Floor: $[75,000.00]
   
Market Benefit Multiplier: [2]
Market Benefit Divisor: [50]
   
Caregiver Training Benefit Limit: $[500.00]

 

 

  

 

To contact your Long-Term Care Claims Specialist, please call [800 487-1485].

 

ICC24-MGV892-2Page 3a - 1 of 3

 

  

Policy Specifications

Policy Number [SPECIMEN]

 

Riders and Benefits Charges (Continued)

 

[Benefit Transfer Rider]

 

Minimum Purchase Payment Amount: $[25,000]

 

Table of Guaranteed Purchase Values

 

 

Each $1,000 of Death Benefit Proceeds used to purchase benefits under the [Benefit Transfer Rider] will purchase the amount of Rider Death Benefit and Rider LTC Benefit shown below. The rates used to calculate these amounts are based on the Insured's Attained Age on the Purchase Date, sex, and for the Rider LTC Benefit, the Right to Purchase Optional Inflation Protection election shown in the Policy Specifications. See the [Benefit Transfer Rider] for more detail.

 

Insured's 

Attained Age 

Rider 

Death Benefit 

Rider 

LTC 

Benefit 

Insured's 

Attained
Age
 

Rider 

Death Benefit 

Rider 

LTC 

Benefit 

Insured's 

Attained
Age
 

Rider 

Death Benefit 

Rider 

LTC 

Benefit 

[50 $1,480 $1,998 78 $1,070 $1,295 106 $1,041 $1,388
51 $1,456 $1,959 79 $1,070 $1,290 107 $1,039 $1,393
52 $1,432 $1,919 80 $1,070 $1,284 108 $1,038 $1,399
53 $1,409 $1,882 81 $1,070 $1,279 109 $1,036 $1,399
54 $1,387 $1,845 82 $1,070 $1,274 110 $1,034 $1,396
55 $1,364 $1,808 83 $1,070 $1,268 111 $1,033 $1,395
56 $1,343 $1,773 84 $1,070 $1,263 112 $1,031 $1,392
57 $1,322 $1,739 85 $1,070 $1,258 113 $1,029 $1,390
58 $1,302 $1,706 86 $1,070 $1,266 114 $1,028 $1,388
59 $1,282 $1,674 87 $1,070 $1,274 115 $1,027 $1,387
60 $1,264 $1,644 88 $1,070 $1,282 116 $1,026 $1,386
61 $1,246 $1,614 89 $1,070 $1,290 117 $1,025 $1,384
62 $1,229 $1,586 90 $1,070 $1,298 118 $1,024 $1,383
63 $1,213 $1,559 91 $1,070 $1,306 119 $1,023 $1,382
64 $1,198 $1,534 92 $1,070 $1,314 120 $1,022 $1,380]
65 $1,184 $1,510 93 $1,070 $1,322      
66 $1,171 $1,488 94 $1,070 $1,330      
67 $1,158 $1,465 95 $1,070 $1,338      
68 $1,146 $1,444 96 $1,068 $1,344      
69 $1,135 $1,425 97 $1,065 $1,348      
70 $1,125 $1,407 98 $1,061 $1,351      
71 $1,115 $1,389 99 $1,057 $1,353      
72 $1,105 $1,371 100 $1,054 $1,358      
73 $1,095 $1,353 101 $1,051 $1,362      
74 $1,085 $1,335 102 $1,048 $1,366      
75 $1,075 $1,317 103 $1,046 $1,371      
76 $1,070 $1,306 104 $1,045 $1,377      
77 $1,070 $1,301 105 $1,043 $1,382      

  

ICC24-MGV892-2Page 3a - 1 of 3

 

 

Policy Specifications

Policy Number [SPECIMEN]

 

Riders and Benefits Charges (Continued)

  

[Benefit Transfer Rider] (continued)

 

Rider Loan Information  
   
Minimum Rider Loan Amount: $[100.00]
   
Minimum Rider Loan Repayment Amount: $[25.00]
   
Rider Loan Interest Rate Charged: 4.00% annual effective rate in all Policy Years.

  

Table of Rider Surrender Value Factors 

 

The Rider Surrender Value Factors below are based on the Insured's sex and Attained Age, using the Ultimate 2017 CSO, Male/Female, Composite Tobacco, Age Last Birthday mortality table. See the [Benefit Transfer Rider] for an explanation of how this table will be used.

  

Insured’s
Attained
Age

Rider 

Surrender
Value
Factor
 

Insured’s
Attained
Age

Rider 

Surrender
Value
Factor
 

Insured’s
Attained
Age

Rider 

Surrender
Value
Factor
 

[50 $397.76 78 $754.22 106 $944.84
51 $408.62 79 $766.77 107 $947.30
52 $419.71 80 $779.15 108 $949.66
53 $431.04 81 $791.32 109 $951.91
54 $442.59 82 $803.25 110 $954.08
55 $454.36 83 $814.86 111 $956.15
56 $466.35 84 $826.05 112 $958.14
57 $478.54 85 $836.74 113 $960.04
58 $490.91 86 $846.87 114 $961.86
59 $503.46 87 $856.34 115 $963.60
60 $516.16 88 $865.08 116 $965.26
61 $529.00 89 $873.07 117 $966.85
62 $541.96 90 $880.30 118 $968.35
63 $555.00 91 $886.83 119 $969.70
64 $568.13 92 $892.72 120 $972.76
65 $581.34 93 $898.09 121 and later $1,000.00]
66 $594.64 94 $903.09    
67 $608.02 95 $907.95    
68 $621.48 96 $912.74    
69 $635.03 97 $917.29    
70 $648.63 98 $921.59    
71 $662.23 99 $925.54    
72 $675.78 100 $929.10    
73 $689.22 101 $932.30    
74 $702.54 102 $935.20    
75 $715.68 103 $937.82    
76 $728.67 104 $940.22    
77 $741.51 105 $942.50    

 

ICC24-MGV892-2Page 3a - 3 of 3

 

 

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 $[2,113.00
2 $2,035.00
3 $1,955.00
4 $1,871.00
5 $1,785.00
6 $1,695.00
7 $1,602.00
8 $1,505.00
9 $1,405.00
10 $1,301.00
11 $963.00
12 $654.00
13 $388.00
14 $169.00
15 and thereafter $0.00]

 

 

 

 

 

Calculation of Surrender Charge for Decrease in Specified Amount 

For decreases in Specified Amount, including a decrease in Specified Amount resulting from a partial surrender but excluding full surrender of this Policy, the charge will be calculated as (1) multiplied by (2), where:

 

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

 

See the “Surrender Charge for Full Surrender” provision for an explanation of the charge upon full surrender of this Policy.

 

ICC24-MGV892-2Page 3b

 

 

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.

 

[25.00]% 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), where: 

(1)is a monthly charge of [0.416] per $1,000 of Initial Specified Amount for [240] Policy Months; and
(2)is a monthly charge per $1,000 for any increase in Specified Amount for [240] Policy Months following the date of increase.

  

The rate used to calculate the charges described in (1) and (2) above varies by the Insured’s sex and age (Issue Age for the charges in (1) or Attained Age on the date of the increase for the charges in (2)).

 

Guaranteed Maximum M&E and Asset Charge Rate 

[0.105]% monthly in Policy Years [[1-10]; 

[0.045]% monthly in Policy Years [11]] and thereafter until the Insured’s Attained Age 121.

 

Transfer Fee 

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

 

Guaranteed Maximum Partial Surrender Fee: $[150.00]

 

ICC24-MGV892-2Page 3c

 

 

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, Issue 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, Composite Tobacco, Age Last Birthday] mortality table.

  

Policy 

Year 

Monthly 

Rate 

Policy 

Year 

Monthly 

Rate 

Policy 

Year 

Monthly 

Rate 

           
[1 0.11758 31 0.93648 61 24.21720
2 0.12842 32 1.03082 62 26.25159
3 0.14094 33 1.13202 63 28.51121
4 0.15263 34 1.24347 64 31.02914
5 0.16515 35 1.37197 65 33.77547
6 0.17767 36 1.52184 66 36.61924
7 0.18936 37 1.69912 67 39.44941
8 0.19939 38 1.90568 68 42.34621
9 0.20356 39 2.14001 69 45.25809
10 0.20941 40 2.40147 70 48.12900
11 0.21442 41 2.68599 71 50.89244
12 0.22027 42 2.99295 72 53.99864
13 0.22611 43 3.32601 73 58.09567
14 0.23113 44 3.69588 74 62.62918
15 0.23948 45 4.11521 75 67.67469
16 0.25118 46 4.59696 76 73.32811
17 0.26622 47 5.14125 77 79.71406
18 0.28294 48 5.78293 78 80.11620
19 0.30300 49 6.55095 79 80.51834
20 0.32558 50 7.44129 80 80.92048
21 0.35235 51 8.47400 81 81.32262
22 0.38247 52 9.66230 82 81.72477
23 0.41762 53 11.01321 83 82.12691
24 0.45782 54 12.50715 84 82.52905
25 0.50473 55 14.11597 85 82.93119
26 0.55754 56 15.80879 86 83.33333
27 0.61877 57 17.53629 87 and 0.00000]
28 0.68759 58 19.27103 later  
29 0.76488 59 20.96545    
30 0.84811 60 22.53736    

 

ICC24-MGV892-2Page 3d

 

 

Policy Specifications

Policy Number [SPECIMEN]

 

Corridor Percentages Table

 

Death Benefit Qualification Test: Cash Value Accumulation 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
[35 527% 70 176%
36 509% 71 171%
37 493% 72 167%
38 477% 73 163%
39 462% 74 159%
40 447% 75 155%
41 433% 76 152%
42 419% 77 148%
43 406% 78 145%
44 393% 79 142%
45 381% 80 139%
46 369% 81 136%
47 357% 82 134%
48 345% 83 131%
49 334% 84 129%
50 323% 85 127%
51 313% 86 125%
52 303% 87 123%
53 293% 88 121%
54 284% 89 120%
55 275% 90 118%
56 266% 91 117%
57 258% 92 116%
58 250% 93 115%
59 242% 94 114%
60 235% 95 112%
61 227% 96 111%
62 221% 97 109%
63 214% 98 107%
64 208% 99 104%
65 202% 100 100%]
66 196% and later  
67 191%    
68 186%    
69 181%    

 

 

ICC24-MGV892-2Page 3e

 

 

 

 

 

 

 

(This Page Left Blank Intentionally)

 

 

 

 

 

ICC24-MGV892-2Page 4