EXHIBIT 26(d)(10)
OVERLOAN PROTECTION AGREEMENT
This agreement is a part of the policy to which it is attached and is subject
to all its terms and conditions. Terms not defined in this agreement have the
meaning given to them in the policy to which this agreement is attached. To the
extent any of the provisions contained in this agreement are contrary to, or
inconsistent with, those of the policy, the provisions of this agreement will
control. This agreement is effective as of the original policy date of the
policy unless a different effective date is shown on the policy data pages.
WHAT DOES THIS AGREEMENT PROVIDE?
This agreement provides that your policy will not terminate because of a policy
loan even if the accumulation value is insufficient to cover policy charges. If
all the conditions described in this agreement are satisfied, you may exercise
this agreement and we will guarantee that your policy will not terminate.
WHAT CONDITIONS MUST BE MET IN ORDER TO EXERCISE THIS AGREEMENT?
(1)The death benefit qualification test on your policy must be the guideline
premium test.
(2)Your policy must have the level death benefit option. If your policy does
not have this death benefit option when you exercise the agreement, we will
change your death benefit option to the level option.
(3)Your policy cannot be a modified endowment contract.
(4)The insured must be at least 75 years of age and less than 99 years of age.
(5)Your policy must have been in force for at least 15 years.
(6)The face amount of your policy must equal the minimum amount allowable under
the Code. If the face amount is not equal to that minimum as of the date you
exercise this agreement, we will reduce your face amount to be equal to the
minimum amount allowable under the Code.
(7)The policy loan including any unpaid policy loan interest cannot exceed
99.9% of the accumulation value after the charge for this agreement is
assessed.
(8)You will be required to terminate all agreements attached to your policy,
except for any agreement that provides an irrevocable settlement option.
(9)The cumulative sum of all partial surrenders on your policy must be greater
than or equal to the sum of premiums paid.
(10)We are not waiving premiums under the Waiver of Premium Agreement or
waiving charges under the Waiver of Charges Agreement.
HOW MAY YOU EXERCISE THIS AGREEMENT?
If the above conditions are satisfied, you may exercise this agreement by
sending us a written request prior to the end of the grace period.
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. If you receive the notice less
than 31 days before the end of the grace period you will have 30 days after
receipt of the written notice to exercise the agreement.
If the agreement is exercised, the policy will not terminate because of a
policy loan, when the policy's cash surrender value, or when applicable, the
accumulation value less policy loan, is insufficient to cover the monthly
policy charges. The policy will automatically become paid-up life insurance.
WHAT IS THE COST FOR THIS AGREEMENT?
When you exercise this agreement, we will assess a one-time charge against your
accumulation value. The charge will not exceed the amount described on the
policy data pages. There is no charge for this agreement if it is not exercised.
DOES THIS AGREEMENT PROVIDE ANY ACCUMULATION VALUE?
No.
WHAT IS THE EFFECTIVE DATE OF THE EXERCISE OF THIS AGREEMENT?
The exercise of this agreement will be effective on the first monthly policy
anniversary on or following the day we approve your request to exercise this
agreement.
ARE THERE ANY RESTRICTIONS ON THE ALLOCATION OF YOUR ACCUMULATION VALUE?
When you exercise this agreement and this agreement is attached to:
(1)a variable policy without indexed account options, we will transfer all of
your separate account accumulation value to the guaranteed interest account.
(2)a variable policy with indexed account options, we will transfer all of your
separate account accumulation value to the guaranteed interest account.
However, any accumulation value that is in an indexed account segment that
does not pay partial index credits, where the end of the segment term is
after you exercise this agreement, will be transferred into the guaranteed
interest account at the end of its segment term. Accumulation value that is
in an indexed account segment that does pay
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partial index credits will be transferred to the guaranteed interest account.
(3)an indexed policy, we will transfer your accumulation value that is in any
indexed account segment that does not pay partial index credits, where the
end of the segment term is after you exercise this agreement, into a fixed
account at the end of its segment term. Accumulation value that is in an
indexed account segment that does pay partial index credits will be
transferred to a fixed account.
(4)a policy other than a variable or an indexed policy, we will not restrict
the allocation of your accumulation value.
ARE THERE OTHER RESTRICTIONS THAT EXIST AFTER YOU EXERCISE THIS AGREEMENT?
After you exercise this agreement, you may not:
(1)request any new policy loans; or
(2)pay any additional premiums; or
(3)request any policy changes; or
(4)request any transfers of accumulation value.
Once the benefit is exercised, we will notify you of any changes to your policy.
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 we approve your request to accelerate any death benefit.
MAY THIS AGREEMENT BE REINSTATED?
Yes. If your policy has been reinstated, this agreement will also be reinstated.
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Secretary President]
ICC16-20081 Minnesota Life Insurance Company 2
