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EX99.A5Q
MINNESOTA LIFE INDIVIDUAL POLICY RIDER
ACCELERATED BENEFITS AGREEMENT
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Minnesota Life Insurance Company.400 ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇.▇▇. ▇▇▇▇,
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GENERAL INFORMATION
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This rider amends the policy to which it is attached and is subject to all its
terms and conditions.
WHAT DOES THIS POLICY RIDER PROVIDE?
This policy rider provides for the accelerated payment of the death benefits
provided under the policy to which it is attached.
If the insured has a terminal condition, as defined in this agreement, the
insured may request an accelerated benefit. If we agree to pay an accelerated
benefit, your cash values, loan values and the death benefit under your policy
will be reduced.
DEFINITIONS
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When we use the following words, this is what we mean:
DEATH BENEFIT
The face amount of the insured's policy less any existing loans or indebtedness
under the policy and less any term insurance provided by an additional benefit
agreement.
ACCELERATED BENEFIT
The amount of the death benefit we will pay if you are eligible under this
policy rider. We will calculate the accelerated benefit amount by multiplying
the death benefit by the accelerated benefit factor.
PHYSICIAN
An individual who is licensed to practice medicine or treat illness in the state
in which treatment is received. This does not include you, the insured, or a
member of your or the insured's immediate family.
IMMEDIATE FAMILY
The insured's or your spouse, child, parent, grandparent, grandchild, brothers
and sisters and their spouses.
TERMINAL CONDITION
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What is a terminal condition?
A condition caused by sickness or accident which directly results in a life
expectancy of twelve months or less.
What evidence do we require of the insured's terminal condition?
We must be given evidence that satisfies us that the insured's life expectancy,
because of sickness or accident, is twelve months or less. That evidence must
include certification by a licensed physician. We reserve the right to ask for
independent medical verification of a terminal condition.
Payment of Accelerated Benefit
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How do we calculate the accelerated benefit factor?
When we calculate this factor, we will consider the insured's age and sex, and
the option applied for. We will also base our calculation on certain
assumptions, which we may change from time to time, including but not limited to
assumptions about:
1. expected future premiums; and
2. the insured's life expectancy.
How do we calculate the accelerated benefit?
We will multiply the death benefit by the accelerated benefit factor to
determine the accelerated benefit available.
Is there a processing charge?
Yes. We will subtract a processing charge of up to $150 from the accelerated
benefit before we pay that benefit to you.
What are the conditions for the payment of an accelerated benefit?
We will consider the payment of an accelerated benefit, subject to all of the
following conditions:
1. Your policy must be in force other than as extended term insurance and all
premiums due must be fully paid.
2. You must make application in writing and in a form which is satisfactory to
us. We will tell you what form is required.
3. The policy must not be assigned.
4. The policy must not have an irrevocable beneficiary.
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Is the request for an accelerated benefit voluntary?
Yes. An accelerated benefit under this policy rider is not intended to cause you
to involuntarily reduce the death proceeds ultimately payable to the named
beneficiary. An accelerated benefit will be made available on a voluntary basis
only. Therefore:
1. If you are required by law to use this option to meet the claims of
creditors, whether in bankruptcy or otherwise, you are not eligible for this
benefit.
2. If you are required by a government agency to use this option in order to
apply for, obtain, or keep a government benefit or entitlement, you are not
eligible for this benefit.
How will we pay the accelerated benefit?
We will pay the accelerated benefit in one lump sum or in any other mutually
agreeable manner.
Is there a minimum or maximum death benefit for an accelerated benefit?
Yes. We reserve the right to set a minimum death benefit to be eligible for an
accelerated benefit under policy rider. If we do so, it will be at least
$10,000.
The maximum death benefit to be eligible for an accelerated benefit is
$1,000,000.
What is the effect on your policy of the receipt of an accelerated benefit?
If an insured elects to receive accelerated benefits which total the entire
accelerated benefit available under this policy rider, your policy and all other
benefits under your policy based on the insured's life will end. Any insurance
under your policy on the life of someone other than the insured will stay in
effect; we will waive all future premiums for that insurance, subject to the
provisions of your policy nd of any riders thereto.
Do you have to take the entire accelerated benefit?
No. You may choose to receive a partial accelerated benefit. If you do so, you
policy will stay in force.
You may reapply for the payment of the remaining accelerated benefit at any
time. However, we may ask for further satisfactory evidence that the insured
meets all requirements of the accelerated benefit. WE reserve the right to
charge an additional processing charge.
If you choose a partial accelerated benefit, your policy will remain in force
and premiums will be reduced. The face amount, cash values and outstanding loans
of your policy will be reduced in the same proportion as the reduction in the
death benefit resulting from your receipt of accelerated benefits.
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If you elect to receive only a part of the accelerated benefit amount available
to you under this policy rider, the remaining death benefit under your policy
must be at least $25,000.
To whom will we pay accelerated benefits?
All accelerated benefits will be paid to you unless you validly assign them
otherwise. If the insured dies before all payments have been made, we will pay
the remainder to the beneficiary under the policy in one lump sum. The one sum
we pay will be the present value of the payments that remain, using the interest
rate we use to determine the payments.
Do we have the right to obtain independent medical verification?
Yes. We retain the right to have the insured medically examined at our own
expense to verify the insured's medical condition. We may do this as often as
reasonably required while accelerated benefits are being considered or paid.
Termination Of Agreement
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When does this agreement terminate?
This agreement will end at the earliest of:
1. the date any premium due for your policy remains unpaid at the end of the
grace period; or
2. the date we receive written request to cancel this policy rider; or
3. the date your policy matures, is surrendered, terminated or continued in
force as extended term or reduce paid-up insurance; or
4. the date of the insured's death.
This policy rider is effective as of the effective date on the specifications
page attached to your policy.
/s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ /s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Secretary President
MHC-94-18686 Minnesota Life 4