Exhibit 1.A.5(e)
NEL-474-00
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Endorsement
MODIFICATION OF THE CONTRACT SECTION
As of the Date of Issue of this Policy, the following is substituted for the
Not Contestable After Two Years provision of the Policy.
NOT CONTESTABLE AFTER TWO YEARS
Insurance is issued by the Company in reliance on the statements made in the
Application for the insurance. Those statements are representations; they are
not warranties. No statement can be used to contest or rescind insurance or to
defend against a claim unless contained in the Application for the insurance.
The insurance issued under this Policy will not be contestable after it has been
in force during the life of the Insured:
. With respect to the amount of Death Benefit which results from other than
payments for which proof of insurability is required, for two years from the
Date of Issue; and
. With respect to any amount of Death Benefit which results from a payment for
which proof of insurability is required, for two years from the date that
payment is received; and
. With respect to the amount of the Death Benefit associated with each increase
in Face Amount, for two years from the Adjustment Date for that increase; and
. With respect to the amount of the increase in Death Benefit associated with a
change in Corridor for which proof of insurability is required, for two years
from the Adjustment Date for that change; and
. With respect to the amount of the increase in Death Benefit associated with
a change in Death Benefit Option for which proof of insurability is required,
for two years from the Adjustment Date for that change.
MODIFICATION OF THE DEATH BENEFIT SECTION
As of the Date of Issue of this Policy, the following is substituted for the
Death Benefit section of the Policy:
Death Benefit
DEATH BENEFIT
The Company will pay a Death Benefit to the Beneficiary upon receipt of proof of
the death of the Insured. The amount of the Death Benefit will depend on the
Death Benefit Option in effect on the date of death if death occurs prior to age
100. If death occurs on or after age 100, the Death Benefit will equal the
greater of: the Cash Value on the date of death; and the Face Amount of the
Policy if, at age 100, the Policy has a Guaranteed Death Benefit Rider attached
and the Guarantee is in effect. The amount payable in either event will be
reduced by any Policy Loan Balance on the date of death. If the Insured dies
during the grace period, an amount will be deducted from the policy proceeds to
cover Monthly Deductions to the date of death. The policy proceeds will be paid
in one sum unless all or part of the proceeds is applied to a Payment Option.
(See Payment of Benefits Section.)
DEFINITION OF LIFE INSURANCE TEST
This Policy is intended to qualify as a flexible premium adjustable life
insurance contract under the Internal Revenue Code ("the Code") and any
interpretive regulation or rulings by the Internal Revenue Service. The Code
provides two tests to determine whether the policy meets the definition of life
insurance: the Cash Value Accumulation Test; and the Guideline Premium Test. The
Test used for the life of this Policy will be the one chosen in the original
Application and shown in Section 1; that Test cannot be changed.
CASH VALUE ACCUMULATION TEST
If you choose the Cash Value Accumulation Test, you must choose one of two Net
Single Premium Corridors (the Net Single Premium Corridor or the Enhanced
Net Single Premium Corridor) in the original Application. The Corridor chosen
for the Policy is shown in Section 1.
If you choose the Net Single Premium Corridor, the Death Benefit will not be
less than: the Policy's Cash Value plus the pro rata portion of any Monthly
Deduction made for a period beyond the date of death; divided by the Net
Single Premium shown in Section 3.
NEL-474-00
If you choose the Enhanced Net Single Premium Corridor, the Death Benefit
will not be less than: the Policy's Cash Value plus the pro rata portion of any
Monthly Deduction made for a period beyond the date of death; divided by: the
Net Single Premium shown in Section 3 times the Enhanced Net Single Premium
Factor shown in Table I below.
GUIDELINE PREMIUM TEST
If you choose the Guideline Premium Test, you must choose one of two Death
Benefit Corridors (the IRS Corridor or the Enhanced IRS Corridor) in the
original Application. The Corridor chosen for the Policy is shown in Section 1.
If you choose the IRS Corridor, the Death Benefit will not be less than a
percentage of: the Policy's Cash Value plus the pro rata portion of any
Monthly Deduction made for a period beyond the date of death. The percent used
will be based on the age of the Insured at the beginning of the policy year
as shown in Table II below.
If you choose the Enhanced IRS Corridor, the Death Benefit will not be less than
a percentage of: the Policy's Cash Value plus the pro rata portion of any
Monthly Deduction made for a period beyond the date of death. The percent used
will be based on the age of the Insured at the beginning of the policy year as
shown in Table III below.
CHANGING THE CORRIDOR
Although the Definition of Life Insurance Test for the Policy cannot be changed,
you can change your choice of the Corridor within each Test. A change in
Corridor will be effective on the Adjustment Date shown in the new Policy
Schedule. A change from a regular Corridor (Net Single Premium or IRS) to an
Enhanced Corridor will require evidence that the Insured is still eligible for
the Policy Class shown in Section 1. Otherwise, no underwriting will be
required. A change in Corridor will change the Death Benefit; but no other
policy values or benefits (including the Face Amount) will change.
TABLE I : ENHANCED NET SINGLE PREMIUM FACTORS
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AGE APPLICABLE AGE APPLICABLE
PERCENT PERCENT
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0 through 75 1.00 83 0.93
76 0.98 84 0.94
77 0.96 85 0.95
78 0.94 86 0.96
79 0.92 87 0.97
80 0.90 88 0.98
81 0.91 89 0.99
82 0.92 90 through 100 1.00
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TABLE II : APPLICABLE PERCENTAGES FOR IRS CORRIDOR
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AGE APPLICABLE AGE APPLICABLE
PERCENT PERCENT
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0 through 40 250 61 128
41 243 62 126
42 236 63 124
43 229 64 122
44 222 65 120
45 215
46 209 66 119
47 203 67 118
48 197 68 117
49 191 69 116
50 185 70 115
51 178 71 113
52 171 72 111
53 164 73 109
54 157 74 107
55 150 75 through 90 105
56 146 91 104
57 142 92 103
58 138 93 102
59 134 94 through 99 101
60 130 100 100
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NEL-474-00
TABLE III : APPLICABLE PERCENTAGES FOR ENHANCED IRS CORRIDOR
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AGE APPLICABLE AGE APPLICABLE
PERCENT PERCENT
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0 through 40 250
41 243 71 113
42 236 72 111
43 229 73 109
44 222 74 107
45 215 75 105
46 209 76 107
47 203 77 109
48 197 78 112
49 191 79 114
50 185 80 117
51 178 81 115
52 171 82 114
53 164 83 113
54 157 84 112
55 150 85 111
56 146 86 109
57 142 87 108
58 138 88 107
59 134 89 106
60 130 90 105
61 128 91 104
62 126 92 103
63 124 93 102
64 122 94 through 99 101
65 120 100 100
66 119
67 118
68 117
69 116
70 115
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DEATH BENEFIT OPTIONS
This Policy provides for three Death Benefit Options. The Death Benefit Option
will be as chosen in the Application or as later changed. The Death Benefit
Option is shown in Section 1.
If Option 1 is chosen, the Death Benefit equals the greater of:
. The Face Amount shown in Section 1; and
. The death benefit required by the Definition of Life Insurance Test and
Corridor chosen for the Policy.
If Option 2 is chosen, the Death Benefit equals the greater of:
. The Face Amount shown in Section 1 plus the Cash Value; and
. The death benefit required by the Definition of Life Insurance Test and
Corridor chosen for the Policy.
If Option 3 is chosen, the Death Benefit equals the greater of:
. The Face Amount shown in Section 1 plus the total premiums paid for the
Policy less all partial surrenders; and
. The death benefit required by the Definition of Life Insurance Test and
Corridor chosen for the Policy.
When you apply for an Adjustable Term Rider, you can choose to have the Term
Amount of the Rider added to the Face Amount of the Policy for purposes of
calculating the Death Benefit. Your choice cannot be changed.
CHANGING THE DEATH BENEFIT OPTION
After the first policy year you can change the Death Benefit Option by
written application to the Company. A change in Death Benefit Option will be
effective on the Adjustment Date shown in the new Policy Schedule.
FROM OPTION 1
Except with the consent of the Company, a change from Option 1 to Option 2 can
be made only if the Face Amount after the change will be at least $50,000. If
you change from Option 1 to Option 2:
. The Face Amount will be decreased such that the Death Benefit immediately
before and after the change is the same; and
. A decrease in Face Amount will be applied to reduce the initial Face Amount
and each increase in Face Amount on a pro rata basis.
A decrease in Face Amount may require a decrease in the amounts provided by
riders attached to this Policy. If you chose the Guideline Premium Test for the
Policy, a portion of the Cash Value will be paid to you if necessary to allow
the Policy to continue to qualify as life insurance.
A change from Option 1 to Option 3 will require evidence that the Insured
is still eligible for the Policy Class shown in Section 1. The Death Benefit
will change. No other policy values or benefits (including the Face Amount) will
change.
FROM OPTION 2
If you change from Option 2 to Option 1:
. The Face Amount will be increased such that the Death Benefit immediately
before and after the change is the same; and
. This increase in Face Amount will be applied to the initial Face Amount
and to each prior increase in Face Amount on a pro rata basis.
NEL-474-00
If you change from Option 2 to Option 3:
. Will require evidence that the Insured is still eligible for the Policy
Class shown in Section 1
. The Face Amount will be increased such that the Death Benefit immediately
before and after the change is the same; and
. This increase in Face Amount will be applied to the initial Face Amount and
to each prior increase in Face Amount on a pro rata basis.
The requirements in the Increase in Face Amount provision of the Adjustment
Section do not apply to increases in Face Amount as a result of a change from
Option 2.
FROM OPTION 3
A change from Option 3 to Option 1 will change the Death Benefit. No other
policy values or benefits (including the Face Amount) will change.
Except with the consent of the Company, a change from Option 3 to Option 2 can
be made only if the Face Amount after the change will be at least $50,000. If
you change from Option 3 to Option 2:
. The Face Amount will be decreased such that the Death Benefit immediately
before and after the change is the same; and
. A decrease in Face Amount will be applied to reduce the initial Face Amount
and each increase in Face Amount on a pro rata basis.
A decrease in Face Amount may require a decrease in the amounts provided by
riders attached to this Policy. If you chose the Guideline Premium Test for the
Policy, a portion of the Cash Value will be paid to you if necessary to allow
the Policy to continue to qualify as life insurance.
NEW ENGLAND LIFE INSURANCE COMPANY
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President Secretary
NEL-474-00
Nel-475-00
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Endorsement
MODIFICATION OF THE PREMIUMS SECTION
As of the Date of Issue of this Policy, the following provision is added to the
Premiums section in the section of the Policy:
PREMIUM EXPENSE CHARGE ADJUSTMENT AT SURRENDER
If the Policy is surrendered within two years from the Date of Issue, the
following amount will be added to the surrender proceeds:
. The total Premium Expense Charges deducted from premium payments and net
unscheduled payments made in the first policy year (any payments made within
20 days prior to the first policy anniversary are treated as if paid in the
next policy year);
LESS
. 2% of the total of all premium payments and net unscheduled payments made in
the first year (any payments made within 20 days prior to the first policy
anniversary are treated as if paid in the next policy year).
MODIFICATION OF THE ADJUSTMENT SECTION
As of the Date of Issue of this Policy, the following provision is substituted
for the increase in Face Amount provision in the Adjustment section of the
Policy:
INCREASE IN FACE AMOUNT
After the first policy year, the Face Amount can be increased effective on the
first day of any policy month. An increase in Face Amount is subject to:
. Written application to increase the Face Amount;
. Proof that the Insured is insurable;
. The increase being available on the same underwriting basis as this Policy;
. New insurance for the amount of the increase on the same plan at the age
of the Insured on the Adjustment Date being allowed under the underwriting
rules of the Company;
. The amount of the increase being at least $10,000, except with the consent
of the Company;
. A Monthly Deduction for the increase (See Monthly Deduction Section); and
. If the increase is medically underwritten, a monthly Face Amount Increase
Administrative Charge not greater than the Maximum stated in Section 1, to
be deducted from the Cash Value in the same manner as the Monthly Deduction
(see Monthly Deduction Section).
The amount of any rider which is attached to the Policy can be increased only
as stated in the rider.
The Application to increase the Face Amount must be signed by the Insured and
by you. An increase will be effective on the Adjustment Date shown in the new
Policy Schedule.
NEW ENGLAND LIFE INSURANCE COMPANY
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President Secretary
NEL-475-00
NEL-44-1
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Rider: Adjustable Term Insurance
THE COMPANY agrees that if the Insured dies while this Rider is in force, the
amount of Adjustable Term Insurance will be paid as a part of the policy
proceeds.
When you apply for this Rider, you can choose to have the Term Amount of the
Rider added to the Face Amount of the Policy for purposes of calculating the
Death Benefit. Your choice cannot be changed.
COST OF RIDER
The cost for this Rider is charged as part of the Monthly Deductions. The rates
for the Rider are set by the Company each year on the policy anniversary, based
on the expectations of the Company as to future experience. The rates are
guaranteed for one year. The rates for the Rider will never be more than the
rates shown in the attached Table of Guaranteed Monthly Insurance Rates Per
$1,000.
DATE OF ISSUE
The Date of Issue of this Rider is the same as the Date of Issue of the Policy
unless a later Date of Issue is shown for the Rider in the Policy Schedule.
Rider years will coincide with policy years. If this Rider is issued after the
Date of Issue of the Policy, the first rider year will begin on the policy
anniversary on or next following the Date of Issue of the Rider. The term
insurance provided by this Rider will be in force from the Date of Issue of the
Rider. The effective date of this Rider is its Date of Issue.
INCREASE IN TERM AMOUNT
After the first policy year, the Term Amount can be increased effective on the
first day of any policy month. An increase in Term Amount is subject to:
. Written application to increase the Term Amount;
. Proof that the Insured is insurable;
. The increase being available on the same underwriting basis as this Rider;
. The underwriting rules of the Company allowing new insurance for the amount
of the increase at the age of the Insured on the Adjustment Date;
. The amount of the increase being at least $10,000, except with the consent of
the Company; and
. A Monthly Deduction for the increase.
The Application to increase the Term Amount must be signed by you and the
Insured. An increase will be effective on the Adjustment Date shown in the new
Policy Schedule.
DECREASE IN TERM AMOUNT
The Term Amount can be decreased effective on the first day of any policy month
by written application to the Company; but only if the Term Amount after the
decrease is at least $10,000, except with the consent of the Company. A decrease
in Term Amount will be applied to reduce the initial Term Amount and each
increase in Term Amount on a pro rata basis, except with the consent of the
Company. A decrease in Term Amount will be effective on the Adjustment Date
shown in the new Policy Schedule.
ADJUSTMENT OF THE POLICY
The Policy Schedule and the Rider's Table of Guaranteed Monthly Insurance Rates
Per $1,000 must reflect an increase or a decrease in the Term Amount. The new
Policy Schedule, the new Table, if any, and the Application for the adjustment
will be made part of the Policy when the Company, at its option:
. Sends you a new Policy Schedule and Table, if any, and a copy of the
Application for the adjustment for you to attach to the Policy; or
. Requires that the Policy be returned to have the new Policy Schedule and
Table, if any, and a copy of the Application for the adjustment attached to
the Policy by the Company; or
. Sends you an adjusted policy to take the place of this Policy.
Upon adjustment, the Policy will be in force only as adjusted.
NOT CONTESTABLE AFTER TWO YEARS
The insurance issued under this Rider will not be contestable after it has been
in force during the life of the Insured:
. For the Death Benefit associated with the initial Term Amount, for two years
from the Date of Issue of this Rider; and
. For the Death Benefit associated with each increase in Term Amount of this
Rider, for two years from the Adjustment Date for that increase.
NEL-44-1 (continued)
SUICIDE WITHIN TWO YEARS
If the death of the Insured is by suicide while sane or insane within two years
of the Date of Issue of this Rider or within two years of the Adjustment Date of
an increase in Term Amount, a limited benefit will be paid.
THE AMOUNT PAYABLE UNDER THIS RIDER: WILL BE LIMITED TO THE PORTION OF THE
MONTHLY DEDUCTION MADE TO PAY FOR THE INSURANCE SUBJECT TO THIS PROVISION; AND
WILL BE PAID AS PART OF THE BENEFITS OF THE POLICY. CONTRACT
A copy of the Application for this Rider is attached to and made a part of the
Rider. This Rider is made a part of the Policy to which it is attached if the
Rider is listed in the Policy Schedule. This Rider has no cash value.
EXCHANGE OPTION
You can, after the first policy year and before the policy anniversary on which
the Insured is age 80, exchange any portion of the insurance then in force under
this Rider for an increase in Face Amount for this Policy effective on the first
day of any policy month. If you have not chosen to have the Term Amount of this
Rider added to the Face Amount of the Policy for purposes of calculating the
Death Benefit, you can, before the policy anniversary on which the Insured is
age 80, exchange any portion of the insurance then in force under this Rider:
for a policy issued on any plan of fixed or variable whole life insurance; or of
fixed or variable flexible premium adjustable life insurance issued by the
Company on the Policy Date of the new policy at any time. The exchange can be
made without proof that the Insured is insurable. The Term Amount in force after
the exchange will equal: the Term Amount in force immediately before the
exchange; less the Term Amount exchanged. The coverage resulting from an
exchange will not be subject to the Contestable and Suicide periods beyond the
date that the exchanged insurance would have been subject to those provisions.
EXCHANGE TO FIXED OR VARIABLE WHOLE LIFE INSURANCE OR TO FIXED OR VARIABLE
FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE
Any policy resulting from an exchange under this Rider will be issued:
. With a Face Amount equal to the amount of term insurance being exchanged;
. With the same Insured and underwriting class as this Rider;
. On a policy form and at premium rates in use by the Company on the Policy
Date of the new policy;
. With a current Policy Date and Age of Insured; and
. Subject to any assignments and limitations to which this Rider is subject,
and to payment of the first premium for the new policy.
An exchange can be made only with the consent of the Company if: the amount of
term insurance you want to exchange is less than the Company's published minimum
limits of issue; or any rider is to be attached to the new policy.
EXCHANGE FOR AN INCREASE IN FACE AMOUNT FOR THIS POLICY
Any Increase in Face Amount for this Policy resulting from an exchange under
this Rider is subject to:
. The underwriting rules of the Company allowing new insurance for the amount
of the increase on the same plan at the age of the Insured on the Adjustment
Date;
. The amount of the increase being at least $10,000, except with the consent of
the Company;
. A Monthly Deduction for the increase.
An increase will be effective on the Adjustment Date shown in the new Policy
Schedule.
NEL-44-1 (continued)
AUTOMATIC EXCHANGE AT AGE 100
At the Insured's age 100, if a Guaranteed Death Benefit rider is attached to the
Policy and the Benefit is in effect, the Term Amount will be exchanged for an
increase in Face Amount for this Policy. No evidence of insurability will be
required. No Face Amount Increase Administrative Charge will be imposed.
The increase will be effective on the Adjustment Date shown in the new Policy
Schedule.
TERMINATION
This Rider will terminate upon the earliest of: (a) termination of the Policy;
(b) exchange of the full amount of term insurance under the Rider for a new
policy; (c) a decrease in coverage which decreases the Term Amount to zero; (d)
receipt at the Administrative Office of the Company of written election signed
by the Owner of the Policy to terminate the Rider; and (e) the Insured's age
100.
NEW ENGLAND LIFE INSURANCE COMPANY
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President Secretary
NEL-44-1 (continued)
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Table of Guaranteed Monthly Insurance Rates Per $1,000
POLICY NUMBER: Specimen INSURED: ▇▇▇▇ ▇▇▇▇▇
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RIDER MONTHLY RIDER MONTHLY RIDER MONTHLY
YEAR RATE YEAR RATE YEAR RATE
1 .1758 23 1.0408 45 7.5875
2 .1867 24 1.1325 46 8.2367
3 .2000 25 1.2308 47 8.9567
4 .2150 26 1.3400 48 9.7708
5 .2325 27 1.4617 49 10.6883
6 .2517 28 1.5992 50 11.6875
7 .2742 29 1.7550 51 12.7458
8 .2967 30 1.9283 52 13.8408
9 .3225 31 2.1183 53 14.9625
10 .3492 32 2.3208 54 16.1058
11 .3792 33 2.5367 55 17.2742
12 .4100 34 2.7658 56 18.4808
13 .4433 35 3.0142 57 19.7483
14 .4783 36 3.2925 58 21.1208
15 .5175 37 3.6083 59 22.6758
16 .5592 38 3.9708 60 24.6583
17 .6083 39 4.3867 61 27.4967
18 .6633 40 4.8492 62 32.0458
19 .7258 41 5.3492 63 40.0167
20 .7967 42 5.8775 64 54.8317
21 .8725 43 6.4267 65 83.3333
22 .9550 44 6.9917
This Rider is adjustable. If it is adjusted, a new Table will supersede this
Table.
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Secretary
NEL-44-1
NEL-41-1
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Rider Guaranteed Death Benefit
The Policy to which this Rider is attached is issued by the Company subject to
the provisions of this Rider.
GUARANTEED DEATH BENEFIT
On the first day of each policy month the Company will determine if the
Guaranteed Death Benefit is in effect. If the Benefit is in effect, the Policy
will not be lapsed even if the Net Cash Value of the Policy on the first day of
the policy month is not enough to cover the full Monthly Deduction for that
month. If the Insured dies while the Benefit is in effect, the Death Benefit of
the Policy will be based on the Death Benefit Option in effect on the date of
death.
The Guaranteed Death Benefit Premium is shown in the Policy Schedule. This
Premium will be recalculated when: the Face Amount is increased or decreased;
the amount provided by riders attached to the Policy is increased or decreased;
a partial surrender which results in a decrease in Face Amount is made; or the
underwriting class of the Policy and its riders is changed to a more favorable
underwriting class. When this Premium is recalculated, the new Premium and its
effective date will be shown in Section 1 of the Policy.
The Benefit will be in effect if (a) is equal to or greater than (b) where: (a)
equals the total of the premiums paid to date; less every partial surrender made
to date; less any Cash Value paid to you to allow the Policy to continue to
qualify as life insurance; less the Policy Loan Balance; and (b) equals the sum
of 1/12 of each Guaranteed Death Benefit Premium times the number of completed
policy months the Premium was in effect plus 1/12 of the most recent Guaranteed
Death Benefit Premium.
If the Benefit is not in effect, the amount of premium required to put the
Benefit in force is: the sum of 1/12 of each Guaranteed Death Benefit Premium
times the number of completed policy months the Premium was in effect plus 1/12
of the most recent Guaranteed Death Benefit Premium; minus the total amount of
premium which has already been paid into the Policy; plus every partial
surrender made to date; plus any Cash Value paid to you to allow the Policy to
continue to qualify as life insurance; plus the Policy Loan Balance.
COST OF RIDER
Whether or not the Benefit is in effect, the cost for this Rider is Rider is
charged as part of the Monthly Deductions. The monthly cost for this Rider
equals: the Face Amount of the Policy plus the Term Amount of the Adjustable
Term Insurance Rider, if any; times $0.00001.
CONTRACT
This Rider is made part of the Policy to which it is attached if the Rider is
listed in the Policy Schedule. (See Section 1 of the Policy.) This Rider has no
cash value.
TERMINATION
This Rider will terminate upon the earliest of:
. Termination of the Policy;
. Death of the Insured;
. The Insured's age 100;
. A change in Death Benefit Option for
the Policy;
. A change from the Net Single Premium
Corridor to the Enhanced Net Single
Premium Corridor; or
. Receipt by the Company at its
Administrative Office of written
election signed by the Owner of the
Policy to terminate the Rider.
If you elect to terminate this Rider, there can be no Guaranteed Death Benefit
for this Policy.
NEW ENGLAND LIFE INSURANCE COMPANY
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ABCD ABCD
President Secretary
NEL-41-1
