Face Amount Change. Subject to our approval, the Owner may change the Face Amount if such request is made: . during the lifetime of the Insured; . no more often than once in any policy year; and . on your Written Request while this policy is in force. Face Amount Increase -- The effective date of the increased Face Amount will be the first Monthly Payment Date on or following the date all applicable conditions are met. A supplemental schedule of benefits and premiums will be issued. This schedule will include: . the risk class; . the effective date; . the M&E Risk Charges; . the Surrender Charges; . the guaranteed Cost of Insurance Rates; . the amount of the increase and the total Face Amount after the increase; and . if the Guideline Premium Test is used, the new Guideline Premiums. We reserve the right to charge a fee not to exceed $100 for each increase. Any such fee will be deducted from the Accumulated Value of the Fixed and the Variable Accounts in the proportion that each bears to the Accumulated Value less Policy Debt on the effective date of the increase. For any increase in Face Amount which arises from conversion of a term rider, we will waive the Surrender Charges and M&E Risk Face Amount Charges that would otherwise apply for the increase. Limits on Face Amount Increase -- An increase in Face Amount will be allowed only if it results in a death benefit increase no less than our minimum limit in effect on the date of the request. Also, an increase will not be allowed if there has been a prior decrease in Face Amount, including any decrease which occurred as a result of a Withdrawal. Face Amount Decrease -- We recommend you consult your tax advisor before requesting a decrease in policy Face Amount. You may not decrease the Face Amount before the fifth anniversary of the effective date of the associated coverage. The effective date of the decreased Face Amount will be the first Monthly Payment Date on or following the date we receive the Written Request. If there have been prior increases in Face Amount, the original Face Amount and any increase(s) in Face Amount will be decreased proportionately. A supplemental schedule of benefits and premiums will be issued. This schedule will include the following information: . the effective date of the decreased Face Amount; . the amount of the decrease and the decreased Face Amount; and . if the Death Benefit Qualification is the Guideline Premium Test, the new Guideline Premiums. Paid-Up Insurance -- On each policy annivers...
Face Amount Change. Subject to our approval, the Owner may change the Face Amount if such request is made: · during the lifetime of the Insured; · no more often than once in any policy year; and · on your Written Request while this policy is in force.
Face Amount Change. Subject to our approval, the Owner may change the Face Amount if such request is made: • during the lifetime of the Insured; • no more often than once in any policy year; and • on your Written Request while this policy is In Force. Face Amount Increase – You may submit an application to increase the Face Amount by an amount not less than $25,000. The Insured must be Age 90 or less and the application must include evidence of insurability satisfactory to us. The effective date of the increased Face Amount will be the first Monthly Payment Date on or following the date all required conditions are met. We reserve the right to limit increases to one per policy year and to charge a fee to evaluate insurability, not to exceed $100, which will be deducted proportionately from the Accumulated Value in the Investment Options. Upon approval of any unscheduled increase, we will send you a Supplemental Schedule of Coverage, which will include the following information: • the increased Face Amount and the effective date of the increase; • the Risk Class for the increase; • the Guaranteed Maximum Monthly Cost of Insurance Rates applicable to the increase; • the Face Amount Charges for the increase; • the Maximum Surrender Charge and the Surrender Charge Factor for the increase; and • if the Guideline Premium Test is used, the new Guideline Premiums.
