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EXHIBIT 1.(5)(i)
LAST SURVIVOR ADDED PROTECTION BENEFIT
Coverage - When we receive proof that the survivor's death occurred while this
benefit was in force, we will pay the Face Amount in effect, if any, under this
benefit on the date of the survivor's death.
Face Amount - The Face Amount provided by this benefit in any policy year is the
amount you specified in the application for that policy year. This Face Amount
is also shown in the policy specifications pages; such amount may be level or
varying by policy year. Unscheduled increases or decreases in the Face Amount
may take place after the policy date as described below. The initial Face Amount
is the Face Amount on this benefit's effective date.
Unscheduled Increase in Face Amount - You may request an unscheduled increase in
the Face Amount subject to the following conditions:
- you provide evidence of insurability satisfactory to us for both insureds;
- both insureds consent to the increase;
- the effective date of the increase is after the first policy year;
- no previous increase became effective during the same policy year;
- the Face Amount is increased by at least $10,000; and
- we receive your written request for the increase while this policy is in
force.
The effective date of the unscheduled increase in the Face Amount will be the
first monthly payment date on or following the date all of the above conditions
are met.
An Administrative Charge of $200 will be deducted from the base policy's
Accumulated Value on the effective date of any unscheduled increase in the Face
Amount. This charge is to cover expenses associated with the evaluation of the
evidence of insurability.
Upon approval of any unscheduled increase, we will issue a supplemental schedule
of coverage, which will include the following information:
- the effective date of the increase in the Face Amount;
- the amount of the increase;
- each insured's risk classification for the increase; and
- the Guaranteed Maximum Monthly Cost of Insurance Rates applicable to the
increase.
Unscheduled Decrease in Face Amount - You may request an unscheduled decrease in
the Face Amount subject to the following conditions:
- you request the decrease while either or both insureds are living;
- the effective date of the decrease is after the first policy year;
- no previous decrease became effective during the same policy year; and
- we receive your written request for the decrease while this policy is in
force.
The effective date of the unscheduled decrease in the Face Amount will be the
first monthly payment date on or following the date all of the above conditions
are met. The existing Face Amount will be decreased or eliminated in the
following order:
- first, the most recent increase in the Face Amount;
- then, the next most recent increases successively; and
- finally, the initial Face Amount.
In the case of a Face Amount that varies by policy year, any unscheduled
decrease in the Face Amount which you request for any policy year will require
equivalent decreases in the Face Amount for future policy years. You will be
informed of such equivalent future decreases, and your consent will be obtained
before your requested decrease becomes effective.
Upon approval of any unscheduled decrease, we will issue a supplemental schedule
of coverage, which will include the following information:
- the effective date of the decrease in the Face Amount;
- the amount of the decrease; and
- the resulting Face Amount remaining in force after the decrease.
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Benefit Charges - The monthly charge for this benefit is equal to the sum of the
Benefit Charges applicable to the following portions of the Face Amount:
- initial Face Amount remaining in force for that month; plus
- each increase in the Face Amount remaining in force for that month.
The Benefit Charge for each portion of the Face Amount noted above is obtained
by multiplying the applicable monthly Cost of Insurance Rate by the appropriate
portion of the Face Amount at the beginning of the policy month divided by
1.00327374.
If there has been an unscheduled decrease in the Face Amount, see the
Unscheduled Decrease in Face Amount provision for a description of the order in
which the existing Face Amount has been decreased or eliminated.
Cost of Insurance Rates - The Cost of Insurance Rates for the initial Face
Amount are based on the policy duration and on the two insured's ages and risk
classifications on the policy date. The Cost of Insurance Rates for each
increase in the Face Amount are based on the policy duration applicable to the
increase and on the two insured's ages and risk classifications on the effective
date of the increase.
The current monthly Cost of Insurance Rates will be determined by the Company
and are subject to change by us at any time, but will not exceed the Guaranteed
Maximum Monthly Cost of Insurance Rates for this benefit shown on the policy
specifications pages. Any change in the current Cost of Insurance Rates will
apply uniformly for all pairs of insureds of the same ages, risk classifications
and policy duration under this benefit form.
The Cost of Insurance Rates used to calculate the Cost of Insurance Charges for
an increase in coverage necessary to meet the Guideline Minimum Death Benefit
will be the same as those used for the most recent Face Amount in force under
this benefit.
Death Benefit - The death benefit of the policy to which this benefit is
attached is modified to include the Face Amount under this benefit. The death
benefit for this policy will be determined by the death benefit option selected
for the base policy and will be one of the following:
Option A - The death benefit is the greater of:
- the base policy face amount plus this benefit Face Amount; or
- the Guideline Minimum Death Benefit.
Option B - The death benefit is the greater of:
- the base policy face amount plus this benefit Face Amount, plus the
Accumulated Value on the date of death; or
- the Guideline Minimum Death Benefit.
Option C - The death benefit is the greater of:
- the base policy face amount plus this benefit Face Amount, plus the sum of
the premiums paid to date minus the sum of any partial withdrawals taken and
any other distribution of the Accumulated Value to the date of death; or
- the Guideline Minimum Death Benefit.
Option D - The death benefit is the greater of:
- the result of the base policy face amount plus this benefit Face Amount,
times the death benefit factor for the current policy year as shown on the
policy specifications pages; or
- the Guideline Minimum Death Benefit.
DECREASE/WITHDRAWALS
Decrease - The Decrease provision of the policy to which this benefit is
attached is modified to include this benefit. This benefit will always be
decreased or eliminated before any decrease is applied to the base policy face
amount in effect on the policy date. For further details please see the Decrease
provision of your contract.
Withdrawals - The Withdrawals provision of the policy, to which this benefit is
attached, is modified to include this benefit. For the purpose of the
Withdrawals provision, the Last Survivor Added Protection Benefit is considered
part of the face amount of the policy. This benefit will always be decreased or
eliminated before any decrease is applied to the base policy face amount in
effect on
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the policy date. For details, please see the Withdrawals provision of
your contract.
Misstatement - The Misstatement provision of the policy, to which this benefit
is attached, is modified to include this benefit. For the purpose of the
Misstatement provision, the Last Survivor Added Protection Benefit is considered
part of the face amount of the policy. For further details please see the
Misstatement provision of your contract.
Renewal - Coverage under this benefit is renewable annually until terminated as
described below under the Termination provision.
Effective Date - This benefit is effective on the policy date unless otherwise
stated.
Termination - Coverage under this benefit will terminate on the earlier of:
- your written request;
- termination of the base policy; or
- upon the survivor's death.
General Conditions - This benefit is part of the base policy to which it is
attached. As applied to this benefit, the periods stated in the base policy's
Incontestability and Suicide Exclusion provisions will start with this benefit's
effective date and any future increases in the Face Amount under this benefit.
All terms of the base policy which do not conflict with this benefit's terms
apply to this benefit.
In the event of any conflict between the terms of this benefit and the terms of
the base policy, the terms of this benefit shall prevail over the terms of the
base policy.
PACIFIC LIFE INSURANCE COMPANY
/s/ Thomas C Sutton /s/ Signature Elligible
Chairman and Chief Executive Officer Secretary
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