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