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Exhibit 1.A.5(h)
NEL-490-00
ENDORSEMENT
As of the Date of Issue, the following is added to the Policy.
EXTENDED MATURITY
The Company agrees to defer the Maturity Date of the Policy to which this
Endorsement is attached to the date death proceeds become payable, if that date
occurs after the Maturity Date shown in Section 1.
DEATH BENEFIT
If the age of the Insured on the Date of Issue is 80 or younger, the Death
Benefit after the original Maturity Date will be equal to the greater of:
- The Cash Value on the date the death proceeds become payable; and
- The lesser of: the Face Amount of the Policy as of the original Maturity
Date; and the Face Amount of the Policy on the policy anniversary on which
the Insured is age 80.
If the age of the Insured on the Date of Issue is 81 or older, the Death Benefit
after the original Maturity Date will be equal to the Cash Value on the date the
death proceeds become payable.
CASH VALUE
The Cash Value of the Policy after the original Maturity Date will be calculated
as described in the Cash Value of the Policy Section, except that the Monthly
Deductions will be equal to zero.
RIDERS
All riders attached to the Policy, which are in effect on the original Maturity
Date, will terminate on that Date.
SURRENDER OF THE POLICY
You can surrender the Policy for its Net Cash Value at any time.
PREMIUMS
Premiums and unscheduled payments cannot be made after the original Maturity
Date, unless the Company sends you a premium notice as provided for in the Grace
Period provision."
NEW ENGLAND LIFE INSURANCE COMPANY
501 Boylston Street, Boston, Massachusetts
ABCD ABCD
President Secretary
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NEL-63
Rider: Level Term Insurance
THE COMPANY agrees that if the death of the Insured occurs while this Rider is
in force, the amount of Level Term Insurance (called "Term Amount") will be paid
as part of the Policy's Death Benefit if you choose Inside Term (see below); or
otherwise, will be added to the policy proceeds. Your choice will be made at the
time of application and cannot be changed.
When you apply for this Rider, you can choose:
- To have the Term Amount of the Rider added to the Face Amount of the Policy
for purposes of calculating the Death Benefit (called "Inside Term"); or
- To not have the Term Amount of the Rider added to the Face Amount of the
Policy for purposes of calculating the Death Benefit (called "Outside
Term").
COST OF RIDER
The cost for this Rider is charged as part of the Monthly Deductions. The rates
will be set by the Company each year on the policy anniversary based on the
expectations of the Company as to future experience. The rates for the Rider
will never be more than the rates shown in the Table of Guaranteed Monthly
Insurance Rates Per $1,000 of Level Term Insurance.
DECREASE IN TERM AMOUNT
After the first policy year, the Term Amount can be decreased on the first day
of any policy month by written application to the Company; but only if the Term
Amount which will remain after a decrease is at least $10,000, except with the
consent of the Company. A decrease in Term Amount will be effective on the
Adjustment Date shown in the new Policy Schedule.
ADJUSTMENT OF THE POLICY
The Policy must reflect a decrease in the Term Amount. The new Policy Schedule,
new Policy Table of Guaranteed Monthly Insurance Rates Per $1,000, if necessary,
new Rider Table of Guaranteed Monthly Insurance Rates Per $1,000, if necessary,
and the Application for the adjustment will be made part of the Policy when the
Company, at its option:
- Sends you a new Policy Schedule, new Policy Table of Guaranteed Monthly
Insurance Rates Per $1,000, if necessary, new Rider Table of Guaranteed
Monthly Insurance Rates Per $1,000, if necessary, and a copy of the
Application for the adjustment for you to attach to the Policy; or
- Requires that the Policy and Rider be returned to have the new Policy
Schedule, new Policy Table of Guaranteed Monthly Insurance Rates Per
$1,000, if necessary, new Rider Table of Guaranteed Monthly Insurance Rates
Per $1,000, if necessary, and a copy of the Application for the adjustment
attached to the Policy by the Company; or
- Sends you an adjusted policy to take the place of this Policy.
Upon adjustment, the Policy will be in force only as adjusted.
EXCHANGE OPTION
If Outside Term is in effect, you can, before the policy anniversary on which
the Insured is 85, exchange any portion of the insurance in force under this
Rider for a new Policy:
- If the age of the Insured meets the Company's issue age requirements on the
Policy Date of the new policy;
- If the Company's underwriting class requirements on the Policy Date of the
new policy can be met;
The new policy will be issued:
- Without proof of insurability;
- With the same Insured and underwriting class as this Rider;
- With a current Policy Date and the current age of the Insured;
- With a Face Amount equal to the amount of term insurance being exchanged;
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- On any plan of Variable Life insurance with a level face amount issued by
the Company on the Policy Date of the new policy;
- On a policy form and at rates in use by the Company on the Policy Date of
the new policy; and
- Subject to any assignments and limitations to which this Rider is subject,
and to the exchange cost described below.
The exchange can be made only with the consent of the Company if:
- The amount of term insurance you want to exchange is less than the
Company's published minimum limits of issue; or
- Any rider is to be attached to the new policy.
The Contestable and Suicide periods of the new policy will be measured from the
Date of Issue of this Rider.
EXCHANGE COST
The exchange is subject to payment of the first premium for the new policy.
DATE OF ISSUE
The Date of Issue of this Rider is the same as the Date of Issue of the Policy
unless a later Date of Issue is shown for the Rider in the Policy Schedule.
Rider years will coincide with policy years. If this Rider is issued after the
Date of Issue of the Policy, the first rider year will begin on the policy
anniversary on or next following the Date of Issue of the Rider. The term
insurance provided by this Rider will be in force from the Date of Issue of the
Rider. The effective date of this Rider is its Date of Issue.
NOT CONTESTABLE AFTER TWO YEARS
The insurance issued under this Rider will not be contestable after it has been
in force during the life of the Insured for two years from the Date of Issue of
this Rider.
SUICIDE WITHIN TWO YEARS
If the Insured dies by suicide while sane or insane within two years from the
Date of Issue of this Rider: the amount of Level Term Insurance will not be
paid; and the amount payable under the Rider will be limited to the monthly
deductions made to pay for the Rider.
CONTRACT
A copy of the application for this Rider is attached to and made part of the
Rider. This Rider is made a part of the Policy to which it is attached if the
Rider is listed in the Policy Schedule. This Rider has no cash value.
TERMINATION
This Rider will terminate upon the earliest of:
- Termination of the Policy;
- Receipt by the Company at its Home Office of written request signed by the
Owner of the Policy to terminate the Rider;
- Exchange of the Level Term Insurance for a new policy;
- A decrease in Term Amount to zero; and
- Age 100 of the Insured.
NEW ENGLAND LIFE INSURANCE COMPANY
501 Boylston Street, Boston, Massachusetts
ABCD ABCD
President Secretary
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NEL-486-00
ENDORSEMENT
As of the Date of Issue, the following changes are made to the Policy.
References to Minimum Guaranteed Death Benefits are deleted from the
following Policy Sections: Table of Contents; Policy Schedule; Table of
Guaranteed Minimum Death Benefit A Premiums Accumulated at 4%; Table of
Guaranteed Minimum Death Benefit B Premiums Accumulated at 4%; Monthly
Deduction; and Policy Loans.
The following paragraph is substituted for the Death Benefit provision of the
Death Benefit Section.
"If the Insured dies before the Maturity Date, the Company will pay a
Death Benefit to the Beneficiary. The amount of the Death Benefit will
depend on the Death Benefit Option in effect on the date of death. The
amount payable will be reduced by any Policy Loan Balance on the date
of death. If the Insured dies during the grace period, the Amount Due
(see the Grace Period provision in the Monthly Deduction Section) will
be deducted from the policy proceeds to cover Monthly Deductions to the
date of death. The policy proceeds will be paid in one sum unless all
or part of the proceeds is applied to a Payment Option. (See Payment of
Benefits Section.)"
The following paragraph is added to the end of the Death Benefit Options
provision of the Death Benefit Section.
"When you apply for a Level Term Insurance Rider on this Policy, you
can choose to have the Term Amount of the Rider added to the Face
Amount of the Policy for purposes of calculating the Death Benefit.
Your choice cannot be changed."
The following paragraphs are substituted for the second, third and fourth
paragraphs of the Changing the Death Benefit Option provision of the Death
Benefit Section.
"Except with the consent of the Company, a change from Option 1 to
Option 2 can be made only if the Face Amount after the change is at
least $100,000. If you change from Option 1 to Option 2:
- The Face Amount will be decreased, if necessary, such that the
Death Benefit immediately before and after the changes is the
same;
- A decrease in Face Amount will be applied to reduce the initial
Face Amount and each additional increase in Face Amount on a pro
rata basis; and
- No surrender charge will apply.
A decrease in Face Amount may require a decrease in amounts provided by
riders attached to this Policy.
If you change from Option 2 to Option 1:
- The Face Amount will be increased, if necessary, such that the
Death Benefit immediately before and after the changes is the
same; and
- This increase in Face Amount will be applied to the initial Face
Amount and to each prior increase in Face Amount on a pro rata
basis."
The following paragraph is substituted for the first paragraph of the Monthly
Minimum Premium provision of the Monthly Deduction Section.
"The Company will do the following comparison on the first day of each
policy month during the first five policy years unless: the Face Amount
has been increased; or the Policy has been lapsed; or this Policy is
the result of the exercising of a Change to a New Insured rider."
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The following is substituted for the Grace Period provision of the Monthly
Deduction Section.
"Unless the Policy meets the Monthly Minimum Premium test, if the Net
Cash Value on the first day of a policy month is not enough to cover
the Monthly Deduction for that month, the Company will mail a premium
notice to you and any assignee at the addresses on record with the
Company. There is a grace period of 62 days from the date when the
Monthly Deduction was due in which to pay the Amount Due. The Amount
Due is the lesser of: a premium large enough to permit the Monthly
Deduction to be made; and a premium large enough to meet the Monthly
Minimum Premium test. The insurance remains in force during the grace
period. If the premium remains unpaid at the end of its 62-day grace
period, the Policy will lapse without value. Any riders will also lapse
without value unless otherwise stated in the rider."
The following paragraph is substituted for the last paragraph of the Actual
Investment Return provision of the Cash Value of the Policy Section.
"There is a daily charge for mortality risk and expense risk against
the Policy's share of the sub-accounts. This charge will not be greater
than: .001369863014% which is a rate equivalent to .50% per year
divided by 365.
The following is substituted for the fourth bullet of the Increase in Face
Amount provision of the Adjustments Section.
"- The amount of the increase being at least $25,000, except
with the consent of the Company;"
The following is substituted for the first sentence of the Decrease in Face
Amount provision of the Adjustments Section.
"The Face Amount may be decreased by written application to the
Company; but only if the Face Amount which will remain after a decrease
is at least $100,000, except with the consent of the Company."
The following is substituted for the penultimate sentence of the Partial
Surrender provision of the Adjustments Section.
"The Face Amount which will remain after the partial surrender must be
at least $100,000, except with the consent of the Company."
NEW ENGLAND LIFE INSURANCE COMPANY
501 Boylston Street, Boston, Massachusetts
ABCD ABCD
President Secretary
