EXHIBIT 26(D)(11)
OVERLOAN PROTECTION AGREEMENT
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This agreement is a part of the If the agreement is exercised, the
policy to which it is attached and is policy will not terminate because of
subject to all its terms and a policy loan, when the policy's cash
conditions. This agreement is surrender value, or when applicable,
effective as of the original policy the accumulation value less policy
date of this policy unless a loan, is insufficient to cover the
different effective date is shown on monthly policy charges. The policy
the policy data pages. will automatically become paid-up
life insurance.
WHAT DOES THIS AGREEMENT PROVIDE?
WHAT IS THE COST FOR THIS AGREEMENT?
This agreement provides that your
policy will not terminate because of When you exercise this agreement, we
a policy loan even if the will assess a one-time charge against
accumulation value is insufficient to your accumulation value. The charge
cover policy charges. If all the will not exceed the amount shown on
conditions described below are the policy data pages. There is no
satisfied, you may exercise this charge for this agreement if it is
agreement and we will guarantee that never exercised.
your policy will not terminate.
WHAT IS THE EFFECTIVE DATE OF THE
WHAT CONDITIONS MUST BE MET IN ORDER EXERCISE OF THIS AGREEMENT?
TO EXERCISE THIS AGREEMENT?
The exercise of this agreement will
(1) The death benefit qualification be effective on the first monthly
test on your policy must be the policy anniversary on or following
guideline premium test. the day we approve your request to
exercise this agreement.
(2) Your policy must have the Level
Death Benefit Option. If your ARE THERE ANY RESTRICTIONS ON THE
policy does not have this option ALLOCATION OF YOUR ACCUMULATION VALUE?
when you exercise the agreement,
we will change your option to When you exercise this agreement and
the Level option. this agreement is attached to:
(3) Your policy cannot be a modified (1) a variable policy, we will
endowment contract. transfer all of your separate
account accumulation value to
(4) The insured must be at least 75 the guaranteed interest account.
years of age and less than 99
years of age. (2) an indexed policy, we will
transfer your accumulation
(5) Your policy must have been in value that is in any indexed
force for at least 15 years. account segment into a fixed
account at the next segment
(6) The policy loan plus any unpaid anniversary date.
policy loan interest must equal
or exceed the current face (3) a policy other than a variable
amount. or an indexed policy, we will
not restrict the allocation of
(7) The policy loan including any your accumulation value.
unpaid policy loan interest
cannot exceed 99.9% of the ARE THERE OTHER RESTRICTIONS THAT
accumulation value after the EXIST AFTER YOU EXERCISE THIS
charge for this agreement is AGREEMENT?
assessed.
After you exercise this agreement,
(8) If any agreements are attached you may not:
to your policy, they will
terminate when you exercise this (1) request any new policy loans; or
agreement.
(2) pay any additional premiums; or
(9) The cumulative sum of all
partial surrenders on your (3) request any policy changes; or
policy must be greater than or
equal to the sum of premiums (4) request any transfers from the
paid. guaranteed interest account to
the separate account for
(10)The guideline level premium variable policies; or
(under the guideline premium
test) must be greater than zero. (5) request any transfers from a
fixed account to an indexed
(11)We cannot be waiving premiums account for indexed policies.
under the Waiver of Premium
Agreement or waiving charges Once the benefit is exercised, we
under the Waiver of Charges will notify you of any changes to
Agreement, your policy.
(12)You cannot have exercised the
Accelerated Benefit Agreement.
HOW MAY YOU EXERCISE THIS AGREEMENT?
If the above conditions are
satisfied, you may exercise this
agreement by sending us a written
request.
If your policy is in the grace
period, we will send you, and any
assignee of record, at the last known
addresses, a written notice at least
31 days in advance of the end of the
grace period, notifying you of your
right to exercise this agreement and
the time frame for exercise.
ICC15-20003 Overloan Protection Agreement Minnesota Life Insurance Company
WHEN WILL THIS AGREEMENT TERMINATE?
This agreement will terminate on:
(1) the date this policy is
surrendered or otherwise
terminates; or
(2) the date we receive your
written request to cancel this
agreement; or
(3) the date you request an
Accelerated Benefit Agreement
payment.
MAY THIS AGREEMENT BE REINSTATED?
Yes. If your policy has been
reinstated, this agreement will also
be reinstated.
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Secretary President
