Common use of Life Insurance Benefit Clause in Contracts

Life Insurance Benefit. The Northwestern Mutual Life Insurance Company will pay a benefit on the death of the Insured. Subject to the terms and conditions of the policy: o payment of the death proceeds will be made after proof of the death of the Insured is received at the Home Office; and o payment will be made to the beneficiary or other payee under Sections 11 and 12. The amount of the death proceeds when all premiums due have been paid will be: o the Insurance Amount; plus o the amount of variable paid-up additional insurance under Section 7.4; less o if premiums are not paid on an annual basis, an adjustment for any premiums used to purchase variable paid-up additional insurance that are due later in the policy year; plus o the amount of any dividend at death (Section 5.3); less o the amount of any policy debt (Section 9.3). These amounts will be determined as of the date of death. The Insurance Amount will be the greater of (a) and (b) where: (a) is the sum of: o the Minimum Guaranteed Death Benefit shown on page 3; plus o the amount of Additional Protection then in force under Section 3; plus o the Excess Amount determined under Section 7.3; and (b) is the amount of paid-up insurance which could be purchased by the Policy Value applied as a net single premium using the basis of values shown on page 8. If premiums are not paid on an annual basis, this amount of paid-up insurance will be reduced by an adjustment for any premiums due later in the policy year. The amount of the death proceeds when the Insured dies during the grace period following the due date of an a unpaid premium will be: o the amount determined above assuming the overdue premium had been paid; less o the amount of the unpaid premium. The amount of the death proceeds when the Insured dies while the policy is in force as paid-up insurance will be determined under Section 8.

Life Insurance Benefit. The Northwestern Mutual Life Insurance Company will pay a benefit on the death of the Insured. Subject to the terms and conditions of the policy: o . payment of the death proceeds will be made after proof of the death of the Insured is received at the Home Office; and o . payment will be made to the beneficiary or other payee under Sections 11 and 12. The amount of the death proceeds when all premiums due have been paid will be: o . the Insurance Amount; plus o . the amount of variable paid-up additional insurance under Section 7.4; less o . if premiums are not paid on an annual basis, an adjustment for any premiums used to purchase variable paid-up additional insurance that are due later in the policy year; plus o . the amount of any dividend at death (Section 5.3); less o . the amount of any policy debt (Section 9.3). These amounts will be determined as of the date of death. The Insurance Amount will be the greater of (a) and (b) where: (a) is the sum of: o . the Minimum Guaranteed Death Benefit shown on page 3; plus o the . amount of Additional Protection then in force under Section 3; plus o . the Excess Amount determined under Section 7.3; and (b) is the amount of paid-up insurance which could be purchased by the Policy Value applied as a net single premium using the basis of values shown on page 8. If premiums are not paid on an annual basis, this amount of paid-up insurance will be reduced by an adjustment for any premiums due later in the policy year. The amount of the death proceeds when the Insured dies during the grace period following the due date of an a unpaid premium will be: o . the amount determined above assuming the overdue premium had been paid; less o . the amount of the unpaid premium. The amount of the death proceeds when the Insured dies while the policy is in force as paid-up insurance will be determined under Section 8.