Exhibit 1.(5)(b)
LIBERTY LIFE ASSURANCE COMPANY OF BOSTON
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LAST SURVIVOR This is a Joint and Last Survivor Benefit Agreement. The Death
DEATH BENEFIT Benefit for this Agreement is payable if the surviving Insured
AGREEMENT dies while the contract to which this Agreement is attached is
in force and before the Maturity Date. The surviving Insured is
the Insured who is living upon the death of the other Insured
under this contract. No Death Benefit is payable under the
contract upon the death of the first Insured. This Agreement is
nonparticipating and is not eligible for dividends.
This Agreement amends the following provisions of Your contract:
The Attained Age is an Insured's age on his or her last
birthday. The Maturity Date provision will be based upon the
Attained Age of the younger Insured.
THE BENEFIT
In determining the Death Benefit, the applicable percentage of
the Account Value is based upon the Attained Age of the younger
Insured.
REINSTATEMENT
You may reinstate Your contract subject to the Reinstatement
provision of the contract and if both Insureds are alive, or if
one Insured is alive and the lapse occurred after the death of
the first Insured.
MISSTATEMENT OF AGE OR SEX, ASSIGNMENT
The Misstatement of Age or Sex and Assignment provisions of Your
contract apply to either Insured.
OWNER
During the lifetime of both Insureds, the rights and privileges
stated in this contract may be exercised only by the Owner.
BENEFICIARY
The Beneficiary is as named in the application on the Contract
Date, and may be changed from time to time. The interest of any
Beneficiary who dies before the surviving Insured will terminate
at the death of that Beneficiary.
If no Beneficiary designation is in effect at the surviving
Insured's death, or if there is no designated Beneficiary then
living, You will be the Beneficiary. However, if the surviving
Insured was the Owner, the executors or administrators of the
Insured's estate will be the Beneficiary.
CHANGE OF OWNERSHIP OR BENEFICIARY
You may change the Owner or any Beneficiary by Written Request
during the lifetime of either Insured. The change will take
effect as of the date the request is signed after We acknowledge
receipt in writing, whether or not You or an Insured are living
at the time of acknowledgment. The change will be subject to any
assignment, and to any payment made or action taken by Us before
acknowledgment.
INCONTESTABILITY AFTER TWO YEARS
The Incontestability After Two Years provision of Your contract
applies to both Insureds.
Before the end of the second year from the Contract Date, We
will send a notice to You requesting notification of the death
of any Insured. Failure to notify Us of the death of either
Insured will not avoid a contest of this contract.
SUICIDE WITHIN TWO YEARS
The Suicide Within Two Years provision of Your contract applies
to either Insured.
COST OF INSURANCE RATE
The Cost of Insurance Rate is based on the Attained Age, sex and
rating classification of both Insureds. The Guaranteed Monthly
Maximum Cost of Insurance Rates are replaced with page 3 of this
Agreement.
ACCELERATED DEATH BENEFIT
After the death of the first Insured, the Death Benefit may be
accelerated, subject to the conditions of the Accelerated Death
Benefit provision.
PAYMENT OF PROCEEDS
The Proceeds of this contract will be subject first to the
interest of an assignee, to whom payment will be made in one
sum. We will pay any remaining Proceeds to You before the
surviving Insured's death, and to the Beneficiary after the
surviving Insured's death.
Payment to the Beneficiary will be made only if We receive
proof, satisfactory to Us, of the death of both Insureds. Unless
otherwise provided, payment will be made in equal shares to
those Beneficiaries entitled to receive the Proceeds.
TERMINATION
This Agreement will terminate on the earliest of:
(1) the date of death of the surviving Insured;
(2) the date any Monthly Deduction, Cost of Insurance Charge or
premium due for the contract remains unpaid at the end of
its Grace Period; or
(3) the date the contract matures; is surrendered; or terminates
for any reason.
THIS AGREEMENT AND THE CONTRACT
This Agreement is made a part of your contract if We have listed
it on the Contract Information page.
EFFECTIVE DATE
This Agreement takes effect on the Contract Date shown on the
Contract Information page.
/s/ Xxxxxx X. Xxxxx
PRESIDENT
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TABLE OF GUARANTEED MONTHLY MAXIMUM COST OF INSURANCE RATES
PER $1,000 OF INSURANCE NET AMOUNT OF RISK
[MALE] [STANDARD] [NON-TOBACCO] ISSUE AGE [65] / [FEMALE] [STANDARD]
[NON-TOBACCO] ISSUE AGE [65]
Attained Monthly Cost of Attained Monthly Cost of Attained Monthly Cost of
Age Insurance Rate Age Insurance Rate Age Insurance Rate
0 - 35 - 70 0.5020
1 - 36 - 71 0.6663
2 - 37 - 72 0.8666
3 - 38 - 73 1.1163
4 - 39 - 74 1.4171
5 - 40 - 75 1.7732
6 - 41 - 76 2.1831
7 - 42 - 77 2.6479
8 - 43 - 78 3.1709
9 - 44 - 79 3.7616
10 - 45 - 80 4.4380
11 - 46 - 81 5.2163
12 - 47 - 82 6.1130
13 - 48 - 83 7.1314
14 - 49 - 84 8.2628
15 - 50 - 85 9.4909
16 - 51 - 86 10.8022
17 - 52 - 87 12.1851
18 - 53 - 88 13.6300
19 - 54 - 89 15.1452
20 - 55 - 90 16.7381
21 - 56 - 91 18.4406
22 - 57 - 92 20.3084
23 - 58 - 93 22.4784
24 - 59 - 94 25.2634
25 - 60 - 95 29.2770
26 - 61 - 96 35.7275
27 - 62 - 97 46.8583
28 - 63 - 98 66.0868
29 - 64 - 99 81.9135
30 - 65 0.0267
31 - 66 0.0884
32 - 67 0.1642
33 - 68 0.2559
34 - 69 0.3660
For the purposes of this table, Attained Age is based upon the age of the
younger Insured.
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