EXHIBIT 26(D)(17)
GUARANTEED INSURABILITY OPTION FOR BUSINESS AGREEMENT
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This agreement is a part of the WILL EVIDENCE OF INSURABILITY BE
policy to which it is attached and is REQUIRED?
subject to all its terms and
conditions. This agreement is No. We will not require evidence of
effective as of the agreement insurability for any new coverage
effective date shown on the policy layer added as a result of exercising
data pages. an option.
WHAT DOES THIS AGREEMENT PROVIDE? WHEN WILL THE NEW COVERAGE LAYER BE
EFFECTIVE?
This agreement guarantees you the
option to increase the face amount of As long as the insured is alive on
this policy, without providing the Option Date, your exercise of the
evidence of insurability. The option to add an additional coverage
increase in face amount will create a layer is effective on the Option
new coverage layer. Date. When we receive your written
request in good order to add this
This additional coverage layer will additional coverage layer, we will
be part of the policy to which this process a policy change to add the
agreement is attached and will be new coverage layer to this policy. A
subject to the underwritten risk policy change transaction charge will
class for this policy at the time apply.
this agreement was issued. If a
coverage layer has been added since WHEN DOES THE NEW COVERAGE LAYER
issuance of the agreement at a more BECOME INCONTESTABLE?
favorable risk class than the base
policy coverage amount, the new The contestable and suicide period
coverage layer will be subject to the for any new coverage layer added as a
more favorable risk class. result of exercising an option will
be measured from the effective date
An additional coverage layer may be of this agreement shown on the policy
added on each option date shown on data pages.
the policy data pages (Option Date).
All applicable charges apply. You WHEN IS THIS AGREEMENT INCONTESTABLE?
must exercise this option within the
31-day period immediately before, or If this agreement is issued on the
the 31-day period immediately after, same date as this policy, it will be
an Option Date (Option Period). If subject to the incontestability
you do not exercise an option within provision in this policy. If this
the Option Period, you will lose the agreement is issued at a date later
right to add the additional coverage than the policy, then this agreement
layer without evidence of will be contestable for two years
insurability at this Option Date. If from the effective date of this
there are any remaining Option Dates agreement, but only as to the
shown on your policy data pages, you evidence of insurability which we
may exercise those options, without required to issue this agreement at
evidence of insurability when they the later date.
are available.
WHAT IF THE INSURED IS TOTALLY
ARE THERE ALTERNATE OPTION DATES? DISABLED DURING AN OPTION PERIOD?
No. If the insured is totally disabled
during an Option Period, you may
WHAT IS THE CHARGE FOR THIS AGREEMENT? exercise your right to add a new
coverage layer. However, if we are
The charge for this agreement is waiving the premiums or charges on
shown on the policy data pages. this policy because the insured is
totally disabled the increase
WHAT MUST YOU DO TO EXERCISE AN available will be limited to one-half
OPTION? of the maximum coverage layer amount
shown on the policy data pages.
You must notify us in writing that
you are exercising your option to add If any premiums are being applied as
an additional coverage layer. You a result of a waiver of premium
must also send us a completed agreement at the time you exercise
application in good order for the new your right under this agreement,
coverage layer. Your written request additional premiums relating to the
must be sent within the Option Period new coverage layer will also be
allowed for each Option Date. applied by us.
WHAT IS THE AMOUNT OF THE NEW If any charges are being waived as a
COVERAGE LAYER? result of a waiver of charges
agreement at the time you exercise
You may select the amount of each your right under this agreement,
coverage layer available on the charges relating to the new coverage
Option Dates. The maximum amount for layer will also be waived.
any coverage layer is shown on the
policy data pages. The minimum amount
for any coverage layer is subject to
the policy minimums for face
increases.
ICC14-20017 Guaranteed Insurability Option for Business Agreement Minnesota Life Insurance Company
HOW WILL EXERCISING THIS OPTION
AFFECT OTHER AGREEMENTS ATTACHED TO
THIS POLICY?
If you exercise the option to add an
additional coverage layer and there
are any other agreements attached to
this policy, the benefits resulting
from those agreements will also apply
to the new coverage layer.
WHAT HAPPENS IF THE INSURED DIES
DURING THE OPTION PERIOD?
If the insured dies before the Option
Date and during the Option Period, a
new coverage layer will not be added
to your policy, even if you had
submitted a request to exercise an
option. Any paid charges for the new
coverage layer will be reversed.
If the insured dies on or after the
Option Date and during the Option
Period, a new coverage layer will be
added to your policy. The amount of
the new coverage layer will be the
maximum amount available on the
Option Date.
WHAT HAPPENS IF YOU DECLINE AN
INCREASE?
You may choose not to exercise your
right to increase your coverage on
any option date. If you do not
exercise an option as stated in this
agreement, you will be given an
opportunity to increase your coverage
at your next available Option Date
DOES THIS AGREEMENT HAVE
NONFORFEITURE VALUES OR LOAN VALUES?
No. This agreement does not have
nonforfeiture values or loan values.
WHEN WILL THIS AGREEMENT TERMINATE?
This agreement will terminate on:
(1) the last available Option Date;
or
(2) the date the policy is
surrendered or terminated; or
(3) the date we receive your
written request to cancel this
agreement; or
(4) the date of the insured's death.
CAN THIS AGREEMENT BE REINSTATED?
Yes. This agreement can be reinstated
under the following conditions:
(1) all of the reinstatement
conditions stated in your
policy have been satisfied; and
(2) we receive written request from
you; and
(3) your request to reinstate is made
prior to the end of the last
available Option Period.
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Secretary President
