SEC Info℠  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Lincoln Life Flexible Premium Variable Life Account M, et al. – ‘N-6’ on 2/9/24 – ‘EX-4.2’

On:  Friday, 2/9/24, at 2:16pm ET   ·   Accession #:  726865-24-18   ·   File #s:  811-08557, 333-276970

Previous ‘N-6’:  ‘N-6’ on 1/22/24   ·   Latest ‘N-6’:  This Filing   ·   23 References:   

Find Words in Filings emoji
 		  in    Show  and   ↓Hints

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/09/24  Lincoln Life Flexible Premium … M N-6                    8:2.7M                                   Lincoln Nat’l Lif… Co/IN
          → Lincoln Life Flexible Premium Variable Life Account M ⇒ Lincoln MoneyGuard Market Advantage 2024 New Class/Contract!

Registration Statement by a Variable Life Unit Investment Trust for a Separate Account   —   Form N-6   —   ICA’40

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-6         Registration Statement by a Variable Life Unit      HTML   1.10M 
                Investment Trust for a Separate Account --                       
                initialn6                                                        
 2: EX-4.1      Instrument Defining the Rights of Security Holders  HTML    261K 
                -- policy                                                        
 3: EX-4.2      Instrument Defining the Rights of Security Holders  HTML    134K 
                -- policyspec                                                    
 4: EX-4.3      Instrument Defining the Rights of Security Holders  HTML    206K 
                -- ltcrider                                                      
 5: EX-4.4      Instrument Defining the Rights of Security Holders  HTML     99K 
                -- ltc                                                           
 6: EX-99.11 OPIN COUNSL  Opinion of Counsel re: Legality --        HTML      8K 
                opinion                                                          
 7: EX-99.16 PWR OF ATTY  Power of Attorney -- poa                  HTML     23K 
 8: EX-99.4o FORM OF ISP  Form of Initial Summary Prospectus --     HTML    509K 
                isp

‘EX-4.2’   —   Instrument Defining the Rights of Security Holders — policyspec

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

 C: 


Policy Specifications
Policy Number [SPECIMEN]

Insured: [JOHN DOE] Issue Age and Sex:[35] [MALE]

Rate Class: [STANDARD]

Owner: [JANE DOE]


Initial Specified Amount: $[100,000] Policy Date:[AUGUST 1, 2022]
Minimum Specified Amount: $[25,000] Date of Issue:[AUGUST 1, 2022]
Monthly Anniversary Day: [01]


 Plan of Insurance:
INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE LIFE INSURANCE WITH LONG-TERM CARE BENEFITS

Separate Account: [Lincoln Life Flexible Premium Variable Account M]

NOTE: This Policy provides life insurance coverage to the death of the Insured if sufficient premiums are paid.
The duration of coverage will depend on the amount, timing, and frequency of premium payments, Premium Loads, interest credited, Cost of Insurance, Administrative Fees, investment performance of the Separate Account, any loans or partial surrenders, and the cost of additional benefits. The Planned Premium may need to be increased to keep this Policy and the coverage In Force.


Premium Payments: Planned Premium: $[8,000.00]
Premiums may be accepted until the Insured’s Attained Age [121]. Additional premium payments may vary by frequency or amount.
Payment Mode: [ANNUALLY]



Minimum Additional Premium Payment Amount:
No premium payment may be less than $[200.00] Annually or $[15.00] if paid by electronic funds transfer.

Annual Premium Limit: $[28,725] in Policy Year [4] and thereafter.
Limit Single Premium: $[94,005]
Limit Level Premium: $[9,575]

Beneficiary: [As named in the application for this Policy, unless later changed.]


Guaranteed Minimum Fixed Account Interest Rate:
[1.00]% annual effective rate ([0.00272616]% daily).



Minimum Specified Amount Increase: $[25,000]


Maximum Attained Age for a Specified Amount Increase:
Increases in Specified Amount not allowed after the Insured reaches Attained Age [70].



Maximum Number of Specified Amount Increases per Policy Year:
[Increases not allowed] in Policy Year(s) [1]; and
[1] in Policy Year [2] and thereafter.

Minimum Specified Amount Decrease: $[1,000]


Maximum Number of Specified Amount Decreases per Policy Year:
[Decreases not allowed] in Policy Year(s) [1 and 2]; and
[1]
in Policy Year [3] and thereafter.


Loan Information

Minimum Loan Amount: $[100.00]

Minimum Loan Repayment Amount: $[25.00]

Loan Interest Rate Charged: [3.00]% annual effective rate in all Policy Years.

Loan Account Credited Interest Rate: [1.00]% annual effective rate ([0.00272616]% daily) in all Policy Years.

Partial Surrenders

Amount of Partial Surrenders: Must be at least $[500.00]; and/or not more than an amount equal to the
Surrender Value of this Policy as of the end of the Valuation Period ending on the Valuation Day on which the request is received in a form acceptable to us, minus $[500.00].

Maximum Number of Partial Surrenders per Policy Year:

Transfers
Partial surrender not allowed in the first Policy Month; and
[1]
per Policy Year beginning with the second Policy Month and thereafter.

Minimum Transfer Amount: $[50] or the entire value of the Fixed Account or Sub-Account being
transferred, whichever is less.


Minimum Remaining Value of the Fixed Account or any Sub-Account(s) After a Transfer:
$100.00 unless the entire value of the Fixed Account or Sub-Account(s) is being transferred.



Limitation on Transfers from the Fixed Account:
Cannot exceed the greater of [25.00]% of the Fixed Account Value as of the immediately preceding Policy Anniversary; or the total dollar amount transferred from the Fixed Account in the immediately preceding Policy Year.



Account(s) available from which to transfer funds for Dollar Cost Averaging:
[money market Sub-Account
Fixed Account (may be elected at policy issue only)]



Riders and Benefits Charges

Value Protection Rider
Factors used in the No-Lapse Provisions:

Policy Year
Monthly Accumulation
Factor
Monthly No-Lapse
Premium
[1 - 35
[1.00327374
$[352.98]
36] and thereafter
1.00486756]
$0.00

The Monthly No-Lapse Premium as of the Policy Date is shown above, and may change as described in the No-Lapse Provisions of the Value Protection Rider.

Protected LTC Ratio: [0.5000000000]

Long-Term Care Benefits Rider
Monthly LTC Charge Rate:
  
LTC Base Charge Rate
[0.11121]
LTC Excess Charge Rate
[0.07596]
Minimum LTC Duration:
[36] months
Initial LTC Benefit Limit:
$[150,000.12]
Initial Maximum Monthly LTC Benefit
  
Initial Maximum Monthly LTC Benefit:
$[4,166.67]
Indemnity Choice Option
  
Indemnity Choice Factor:
[80%]
Initial Indemnity Choice Option Limit:
$[3,333.34]
Right to Purchase Optional Inflation Protection:
[ELECTED]

The Monthly LTC Charge Rate and Rider benefit limits as of the Policy Date are shown above, and may change as described in the Long-Term Care Benefits Rider.

Initial Market Benefit Floor:
$[75,000.00]
Market Benefit Multiplier:
[2]
Market Benefit Divisor:
[50]
Caregiver Training Benefit Limit:
$[500.00]



To contact your Long-Term Care Claims Specialist, please call [800 487-1485].


[Benefit Transfer Rider]
Minimum Purchase Payment Amount: $[25,000]
Table of Guaranteed Purchase Values
Each $1,000 of Death Benefit Proceeds used to purchase benefits under the [Benefit Transfer Rider] will purchase the amount of Rider Death Benefit and Rider LTC Benefit shown below. The rates used to calculate these amounts are based on the Insured's Attained Age on the Purchase Date, sex, and for the Rider LTC Benefit, the Right to Purchase Optional Inflation Protection election shown in the Policy Specifications. See the [Benefit Transfer Rider] for more detail.
Insured's
Attained Age
Rider
Death Benefit
Rider
LTC
Benefit
Insured's
Attained Age
Rider
Death Benefit
Rider
LTC
Benefit
Insured's
Attained Age
Rider
Death Benefit
Rider
LTC
Benefit
[50
$1,480
$1,998
78
$1,070
$1,295
106
$1,041
$1,388
51
$1,456
$1,959
79
$1,070
$1,290
107
$1,039
$1,393
52
$1,432
$1,919
80
$1,070
$1,284
108
$1,038
$1,399
53
$1,409
$1,882
81
$1,070
$1,279
109
$1,036
$1,399
54
$1,387
$1,845
82
$1,070
$1,274
110
$1,034
$1,396
55
$1,364
$1,808
83
$1,070
$1,268
111
$1,033
$1,395
56
$1,343
$1,773
84
$1,070
$1,263
112
$1,031
$1,392
57
$1,322
$1,739
85
$1,070
$1,258
113
$1,029
$1,390
58
$1,302
$1,706
86
$1,070
$1,266
114
$1,028
$1,388
59
$1,282
$1,674
87
$1,070
$1,274
115
$1,027
$1,387
60
$1,264
$1,644
88
$1,070
$1,282
116
$1,026
$1,386
61
$1,246
$1,614
89
$1,070
$1,290
117
$1,025
$1,384
62
$1,229
$1,586
90
$1,070
$1,298
118
$1,024
$1,383
63
$1,213
$1,559
91
$1,070
$1,306
119
$1,023
$1,382
64
$1,198
$1,534
92
$1,070
$1,314
120
$1,022
$1,380]
65
$1,184
$1,510
93
$1,070
$1,322
      
66
$1,171
$1,488
94
$1,070
$1,330
      
67
$1,158
$1,465
95
$1,070
$1,338
      
68
$1,146
$1,444
96
$1,068
$1,344
      
69
$1,135
$1,425
97
$1,065
$1,348
      
70
$1,125
$1,407
98
$1,061
$1,351
      
71
$1,115
$1,389
99
$1,057
$1,353
      
72
$1,105
$1,371
100
$1,054
$1,358
      
73
$1,095
$1,353
101
$1,051
$1,362
      
74
$1,085
$1,335
102
$1,048
$1,366
      
75
$1,075
$1,317
103
$1,046
$1,371
      
76
$1,070
$1,306
104
$1,045
$1,377
      
77
$1,070
$1,301
105
$1,043
$1,382
      


[Benefit Transfer Rider] (continued)
Rider Loan Information

Minimum Rider Loan Amount: $[100.00]

Minimum Rider Loan Repayment Amount: $[25.00]

Rider Loan Interest Rate Charged: 4.00% annual effective rate in all Policy Years.

Table of Rider Surrender Value Factors
The Rider Surrender Value Factors below are based on the Insured's sex and Attained Age, using the Ultimate 2017 CSO, Male/Female, Composite Tobacco, Age Last Birthday mortality table. See the [Benefit Transfer Rider] for an explanation of how this table will be used.

 
Insured’s Attained Age
Rider
Surrender Value Factor
 
Insured’s Attained Age
Rider
Surrender Value Factor
 
Insured’s Attained Age
Rider
Surrender Value Factor
[50
$397.76
78
$754.22
106
$944.84
51
$408.62
79
$766.77
107
$947.30
52
$419.71
80
$779.15
108
$949.66
53
$431.04
81
$791.32
109
$951.91
54
$442.59
82
$803.25
110
$954.08
55
$454.36
83
$814.86
111
$956.15
56
$466.35
84
$826.05
112
$958.14
57
$478.54
85
$836.74
113
$960.04
58
$490.91
86
$846.87
114
$961.86
59
$503.46
87
$856.34
115
$963.60
60
$516.16
88
$865.08
116
$965.26
61
$529.00
89
$873.07
117
$966.85
62
$541.96
90
$880.30
118
$968.35
63
$555.00
91
$886.83
119
$969.70
64
$568.13
92
$892.72
120
$972.76
65
$581.34
93
$898.09
121 and later
$1,000.00]
66
$594.64
94
$903.09
    
67
$608.02
95
$907.95
    
68
$621.48
96
$912.74
    
69
$635.03
97
$917.29
    
70
$648.63
98
$921.59
    
71
$662.23
99
$925.54
    
72
$675.78
100
$929.10
    
73
$689.22
101
$932.30
    
74
$702.54
102
$935.20
    
75
$715.68
103
$937.82
    
76
$728.67
104
$940.22
    
77
$741.51
105
$942.50
    

Policy Number [SPECIMEN

Table of Surrender Charges

See Surrender Provisions for an explanation of when this table will be used.
Surrender Charge as of
Policy Year
Beginning of Policy Year
[1
$[2,113.00
2
$2,035.00
3
$1,955.00
4
$1,871.00
5
$1,785.00
6
$1,695.00
7
$1,602.00
8
$1,505.00
9
$1,405.00
10
$1,301.00
11
$963.00
12
$654.00
13
$388.00
14
$169.00
15 and thereafter
$0.00]





Calculation of Surrender Charge for Decrease in Specified Amount
For decreases in Specified Amount, including a decrease in Specified Amount resulting from a partial surrender but excluding full surrender of this Policy, the charge will be calculated as (1) multiplied by (2), where:
(1)
is the amount of the decrease; and
(2)
is the then applicable surrender charge from the Table of Surrender Charges shown above.
See the “Surrender Charge for Full Surrender” provision for an explanation of the charge upon full surrender of this Policy.


Table of Expense Charges and Fees
The following expenses and fees are charged under this Policy:
Guaranteed Maximum Premium Load
We will deduct a Premium Load from each premium payment. The Premium Load is calculated by multiplying each premium payment by the applicable percentage, which will not exceed the amount(s) shown below. After the Insured’s Attained Age 121, no further premium payments may be made.
[25.00]% for Policy Year(s) 1 and thereafter.
Cost of Insurance
See the “Cost of Insurance” provision. The Net Amount at Risk Discount Factor used in that provision is [1.00082954].
Guaranteed Maximum Monthly Administrative Fee
The Monthly Administrative Fee equals (1) plus (2), where:
(1)
is a monthly charge of [0.416] per $1,000 of Initial Specified Amount for [240] Policy Months; and
(2)
is a monthly charge per $1,000 for any increase in Specified Amount for [240] Policy Months following the date of increase.
The rate used to calculate the charges described in (1) and (2) above varies by the Insured’s sex and age (Issue Age for the charges in (1) or Attained Age on the date of the increase for the charges in (2)).
Guaranteed Maximum M&E and Asset Charge Rate
[0.105]% monthly in Policy Years [[1-10];
[0.045]% monthly in Policy Years [11]] and thereafter until the Insured’s Attained Age 121.
Transfer Fee
$[25.00] per transfer request for each transfer request in excess of [24] during any Policy Year.
Guaranteed Maximum Partial Surrender Fee: $[150.00]


Table of Guaranteed Maximum Cost of Insurance Rates

The monthly Cost of Insurance rates per $1,000 of net amount at risk vary by the Insured’s sex, Issue Age and the Policy Year, but will not exceed the rates shown in the table below in accordance with the [Ultimate 2017 CSO, Male/Female, Composite Tobacco, Age Last Birthday] mortality table.

Policy
Year
Monthly
Rate
Policy
Year
Monthly
Rate
Policy
Year
Monthly
Rate
[1
0.11758
31
0.93648
61
24.21720
2
0.12842
32
1.03082
62
26.25159
3
0.14094
33
1.13202
63
28.51121
4
0.15263
34
1.24347
64
31.02914
5
0.16515
35
1.37197
65
33.77547
6
0.17767
36
1.52184
66
36.61924
7
0.18936
37
1.69912
67
39.44941
8
0.19939
38
1.90568
68
42.34621
9
0.20356
39
2.14001
69
45.25809
10
0.20941
40
2.40147
70
48.12900
11
0.21442
41
2.68599
71
50.89244
12
0.22027
42
2.99295
72
53.99864
13
0.22611
43
3.32601
73
58.09567
14
0.23113
44
3.69588
74
62.62918
15
0.23948
45
4.11521
75
67.67469
16
0.25118
46
4.59696
76
73.32811
17
0.26622
47
5.14125
77
79.71406
18
0.28294
48
5.78293
78
80.11620
19
0.30300
49
6.55095
79
80.51834
20
0.32558
50
7.44129
80
80.92048
21
0.35235
51
8.47400
81
81.32262
22
0.38247
52
9.66230
82
81.72477
23
0.41762
53
11.01321
83
82.12691
24
0.45782
54
12.50715
84
82.52905
25
0.50473
55
14.11597
85
82.93119
26
0.55754
56
15.80879
86
83.33333
27
0.61877
57
17.53629
87 and
0.00000]
28
0.68759
58
19.27103
later
  
29
0.76488
59
20.96545
    
30
0.84811
60
22.53736
    


Corridor Percentages Table

Death Benefit Qualification Test: Cash Value Accumulation Test
See the “Death Benefit Proceeds” provision and “Income Tax on Death Benefits” provision for an explanation of how this table will be used.

Insured’s
Attained Age
 
Corridor Percentage
Insured’s
Attained Age
 
Corridor Percentage
[35
527%
70
176%
36
509%
71
171%
37
493%
72
167%
38
477%
73
163%
39
462%
74
159%
40
447%
75
155%
41
433%
76
152%
42
419%
77
148%
43
406%
78
145%
44
393%
79
142%
45
381%
80
139%
46
369%
81
136%
47
357%
82
134%
48
345%
83
131%
49
334%
84
129%
50
323%
85
127%
51
313%
86
125%
52
303%
87
123%
53
293%
88
121%
54
284%
89
120%
55
275%
90
118%
56
266%
91
117%
57
258%
92
116%
58
250%
93
115%
59
242%
94
114%
60
235%
95
112%
61
227%
96
111%
62
221%
97
109%
63
214%
98
107%
64
208%
99
104%
65
202%
100
100%]
66
196%
and later
  
67
191%
    
68
186%
    
69
181%
    























(This Page Left Blank Intentionally)

Dates Referenced Herein

This ‘N-6’ Filing    Date    Other Filings
Filed on:2/9/24None on these Dates
8/1/22
 List all Filings 

23 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/14/23  Lincoln Nat’l Var Annuity Acct H  485APOS                4:724K                                   Lincoln Nat’l Lif… Co/IN
 4/11/23  Lincoln Life Flexible Premium … S 485BPOS     5/01/23    7:3.3M                                   Toppan Merrill/FA
 5/23/22  Lincoln Life Flexible Premium … M 485APOS                8:762K                                   Lincoln Nat’l Lif… Co/IN
 4/07/22  Lincoln Life Flexible Premium … S 485BPOS     5/01/22    7:3M                                     Toppan Merrill/FA
 2/11/21  Lincoln Life Flexible Premium … M 485APOS2/11/21    6:1.5M                                   Lincoln Nat’l Lif… Co/IN
12/16/20  Lincoln Life Flexible Premium … M N-6/A                  7:17M                                    Toppan Merrill/FA
 9/23/20  Lincoln Life Flexible Premium … M N-6                    8:1.6M                                   Lincoln Nat’l Lif… Co/IN
 4/08/20  Lincoln Life Flexible Premium … S 485BPOS     5/01/20    7:20M                                    Toppan Merrill/FA
 3/05/20  Lincoln Life Var Annuity Acct N   N-4                    5:2M                                     Lincoln Nat’l Lif… Co/IN
 6/07/19  Lincoln Life Flexible Premium … R N-6                    6:1.6M                                   Lincoln Life & Annuit… Y
 4/12/19  Lincoln Life Flexible Premium … S 485BPOS     5/01/19    7:27M                                    Toppan Merrill/FA
 4/09/18  Lincoln Life Flexible Premium … S 485BPOS     5/01/18   11:28M                                    Toppan Merrill/FA
 1/30/18  Lincoln Life Var Annuity Acct N   N-4                    9:4.1M                                   Lincoln Nat’l Lif… Co/IN
 4/03/17  Lincoln Life Flexible Premium … M 485BPOS     5/01/17    8:18M                                    Toppan Merrill/FA
 4/01/16  Lincoln Life Flexible Premium … M 485BPOS     5/01/16    7:18M                                    Toppan Merrill/FA
 4/01/15  Lincoln Life Flexible Premium … M 485BPOS     5/01/15   19:27M                                    Toppan Merrill/FA
 4/01/08  Lincoln Life Flexible Premium … M 485BPOS     5/01/08   21:2.2M                                   Toppan Merrill-FA
12/18/07  Lincoln Life Var Annuity Acct N   485BPOS    12/18/07    5:210K                                   Lincoln Nat’l Lif… Co/IN
 4/05/07  Lincoln Life Flexible Premium … M 485BPOS     4/30/07   19:2.4M                                   Toppan Merrill-FA
 4/13/00  Lincoln Nat’l Var Annuity Acct C  485BPOS     4/13/00   56:1.7M                                   Toppan Merrill-FA2/FA
 4/22/99  Lincoln Nat’l Var Annuity Acct C  485BPOS     4/22/99   12:467K                                   Toppan Merrill-FA
12/17/97  Lincoln Life Flexible Premium … M S-6                    4:309K                                   Toppan Merrill-FA
 9/25/96  Lincoln Nat’l Var Annuity Acct L  N-4 EL/A®             18:920K                                   Toppan Merrill-FA2/FA
↑Top
Filing Submission 0000726865-24-000018   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Mon., May 6, 9:47:21.2am ET