Exhibit 26(d)(10)
OVERLOAN PROTECTION AGREEMENT
This agreement is a part of the policy If the agreement is exercised, the
to which it is attached and is subject policy will not terminate because
to all its terms and conditions. This of a policy loan, when the policy's
agreement is effective as of the cash surrender value, or when
original policy date of this policy applicable, the accumulation value
unless a different effective date is less policy loan, is insufficient to
shown on the policy data pages. cover the monthly policy charges.
The policy will automatically become
WHAT DOES THIS AGREEMENT PROVIDE? paid-up life insurance.
This agreement provides that your WHAT IS THE CHARGE FOR THIS
policy will not terminate because of a AGREEMENT?
policy loan even if the accumulation
value is insufficient to cover policy When you exercise this agreement,
charges. If all the conditions we will assess a one-time charge
described below are satisfied, you against your accumulation value. The
may exercise this agreement and we charge will not exceed the amount
will guarantee that your policy will not shown on the policy data pages.
terminate. There is no charge for this
Agreement if it is never exercised.
WHAT CONDITIONS MUST BE MET IN
ORDER TO EXERCISE THIS AGREEMENT? WHAT IS THE EFFECTIVE DATE OF THE
EXERCISE OF THIS AGREEMENT?
(1) The death benefit qualification
test on your policy must be the The exercise of this agreement will
guideline premium test. be effective on the first monthly
policy anniversary on or following
(2) Your policy must have the Level the day we approve your request
Death Benefit Option. If your to exercise this agreement.
policy does not have this option
when you exercise the ARE THERE ANY RESTRICTIONS ON THE
agreement, we will change your ALLOCATION OF YOUR ACCUMULATION
option to the Level option. VALUE?
(3) Your policy cannot be a When you exercise this agreement
modified endowment contract. and this agreement is attached to:
(4) The insured must be at least 75 (1) a variable policy, we will
years of age and less than 99 transfer all of your
years of age. separate account
accumulation value to the
(5) Your policy must have been in guaranteed interest account.
force for at least 15 years.
(2) an indexed policy, we will
(6) The policy loan plus any unpaid transfer your accumulation
policy loan interest must equal value that is in any indexed
or exceed the current face account segment into a fixed
amount. account at the next segment
anniversary date.
(7) The policy loan including any
unpaid policy loan interest (3) a policy other than a
cannot exceed 99.9% of the variable or an indexed
accumulation value after the policy, we will not restrict
charge for this agreement is the allocation of your
assessed. accumulation value.
(8) If any agreements are attached ARE THERE OTHER RESTRICTIONS THAT
to your policy, they will EXIST AFTER YOU EXERCISE THIS
terminate when you exercise AGREEMENT?
this agreement.
After you exercise this agreement,
(9) The cumulative sum of all you may not:
partial surrenders on your
policy must be greater than or (1) request any new policy
equal to the sum of premiums loans; or
paid.
(2) pay any additional premiums;
(10) The guideline level premium or
(under the guideline premium
test) must be greater than zero. (3) request any policy changes;
or
(11) We cannot be waiving
premiums under the Waiver of (4) request any transfers from
Premium Agreement or waiving the guaranteed interest
charges under the Waiver of account to the separate
Charges Agreement, account for variable
policies; or
(12) You cannot have exercised the
Accelerated Benefit Agreement. (5) request any transfers from a
fixed account to an indexed
HOW MAY YOU EXERCISE THIS AGREEMENT? account for indexed
policies.
If the above conditions are satisfied,
you may exercise this agreement by Once the benefit is exercised, we
sending us a written request. will notify you of any changes to
your policy.
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.
ICC14-20003 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]
