The Lincoln National Life Insurance Company (the "Company") A Stock Company

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1 Lincoln MoneyGuard II Sample Interstate Compact policy Issue State Alabama The Lincoln National Life Insurance Company (the "Company") A Stock Company Home Office: Service Office: State of Issue Department of Insurance: Consumer Services: Fort Wayne, Indiana One Granite Place PO Box 515 Concord, NH Alabama (334) The Company agrees to pay the Death Benefit to the Beneficiary after receipt of Due Proof of the Insured's death while this policy is In Force and to provide the other rights and benefits in accordance with the terms of this Policy. Read This Policy Carefully. This is a legal contract between You and Us, and is subject to the laws, rules and regulations of the jurisdiction in which the policy was issued or issued for delivery (hereinafter, State of Issue ). 30 Day Right to Return This Policy. You may return this policy for any reason to the insurance agent through whom it was purchased, to any of Our agents, or to Us at the address listed above within 30 days after You receive it or any longer period as may be required by applicable law in the State of Issue. If returned, this policy will be considered void from the Policy Date and We will refund the premium paid less any Debt and partial Surrenders. President Secretary Insured JANE DOE Policy Number SPECIMEN FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY After the Insured s Attained Age 95, this policy may not qualify as life insurance and may be subject to tax consequences. A tax advisor should be consulted prior to continuing this policy after the Insured s Attained Age 95. Proceeds payable at the death of the Insured. Flexible premiums payable to the Insured s Attained Age 95. Non-participating No Dividends. ICC13LN880 Alabama Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.

2 Table of Contents Summary of Policy Features... 2 Policy Schedule... 3 Definitions... 5 General Policy Provisions...7 Ownership, Assignment, and Beneficiary Provisions... 9 Premium, Grace Period, and Reinstatement Provisions Death Benefit Provisions Policy Values Provisions Surrender Provisions Loan Provisions Settlement Options Riders or endorsements providing supplemental benefits or policy changes, if any, and a copy of the application follow the provisions referenced above. ICC13LN880 1a

3 Summary of Policy Features This Summary is an overview of the important features of Your policy. It is meant to give You a basic understanding of Your coverage. Specific details regarding these features are provided in the policy and rider provisions and cannot be fully described in a summary. This summary is not a substitute for reading the entire policy, including all riders and endorsements, carefully. Flexible Premium Adjustable Life Insurance Policy This is Our generic name for universal life insurance. The policy provides a death benefit upon the death of the Insured. Flexible premium means that You may pay premiums by any method agreeable to Us at any time prior to the Insured s Attained Age 95, and in any amount subject to certain limitations. Adjustable life insurance means that You can make certain changes to Your policy to meet Your changing needs. Long-Term Care Acceleration of Benefits Rider ( LABR ) Should the need for long-term care arise, this rider allows You to accelerate the Specified Amount of the policy to pay for the Insured s covered qualified long-term care expenses, up to a specified maximum monthly amount. If elected at issue, Optional Inflation Protection will increase the LABR benefit amount annually. Even if the entire Specified Amount of the policy is used to pay for qualified long-term care expenses, a reduced residual death benefit is still payable upon the death of the Insured. Long-Term Care Extension of Benefits Rider ( LEBR ) If this rider is attached to Your policy at issue, the LEBR will continue to pay for covered qualified longterm care expenses if the Insured still requires long-term care services after all of the benefits under the LABR are exhausted. If elected at issue, Optional Inflation Protection will increase the LEBR benefit amount annually. Value Protection Rider ( VPR ) This rider provides No-Lapse protection if the No-Lapse Premium Test described in the rider is met. This means that even if the Cash Value of Your policy is not sufficient to cover the monthly deduction (e.g. due to claim payments under the LABR), Your policy will not Lapse as long as You have paid enough premium to satisfy the terms and conditions of the VPR. The VPR also provides Return of Premium Benefits if You choose to fully Surrender the policy after the sum of all premiums paid is equal to or greater than the Return of Premium Threshold. Monitoring Your Insurance Objectives We will send You an Annual Report to help You monitor Your policy values and compare it to Your objectives when You purchased Your policy. Ask Your insurance agent to explain anything You do not understand. At any time while Your policy is In Force, You can request a projection of values that will show the effects of the premiums You have paid, any loans or partial Surrenders, the cost of the policy and any additional benefits provided by rider, the Cash Value, the Specified Amount, and the amount of Proceeds then payable as a Death Benefit. It will also show the premiums You have told Us You plan to pay in the future, and how the payment of those premiums would affect Your Cash Values and Proceeds. We encourage You to periodically request a projection, especially before making any changes to Your policy. We are also available to answer Your questions and assist You with any processing you might require. ICC13LN880 2

4 Policy Schedule Policy Number SPECIMEN Insured: JANE DOE Policy Date: FEBRUARY 1, 2014 Initial Specified Amount: $700,000 Date of Issue: FEBRUARY 1, 2014 Minimum Specified Amount: $25,000 Initial Premium: $900, Monthly Anniversary Day: 01 Issue Age and Sex: 75 FEMALE Payment Mode: SINGLE PREMIUM Rate Class: STANDARD Planned Modal Premium: NOT APPLICABLE Minimum Additional Premium: $200 if paid annually or $15 if paid by electronic funds transfer. Guaranteed Maximum Premium Expense Charge: 25% of each premium paid. Premiums payable until Insured s Attained Age 95. Monthly Cost of Insurance: See Policy Values Provisions, Cost of Insurance. Guaranteed Minimum Interest Rate: 2.0% annual, % daily. ICC13LN

5 Policy Schedule Policy Number SPECIMEN Riders and Rider Charges Value Protection Rider ( VPR ) Rider Charge: 3% of each premium paid. Factors used in the No-Lapse Provisions: Policy Year Monthly Accumulation Factor Monthly No-Lapse Premium $13, and thereafter $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 rider. Factors used in the Return of Premium Provision: Return of Premium Threshold: $900, ROP Percentage: Graded. Policy Year ROP Percentage 1 80% 2 84% 3 88% 4 92% 5 96% 6 100% ICC13LN a 1 of 2

6 Policy Schedule Policy Number SPECIMEN Riders and Rider Charges (Continued) Long-Term Care Acceleration of Benefits Rider ( LABR ) Monthly Rider Charge: $ until the 10 th Policy Anniversary. Initial LABR Benefit Limit: $700, LABR Duration: 3 Years Initial Maximum Monthly LABR Benefit: $19, Optional Inflation Protection: 5% Compound Increases Monthly Inflation Charge: $3, until the 10 th Policy Anniversary. The monthly charges as of the Policy Date are shown above, and may change as described in the Rider Charges section of the LABR. Caregiver Training Benefit Limit: $500 Long-Term Care Extension of Benefits Rider ( LEBR ) Monthly Rider Charge: $ until the 10 th Policy Anniversary. Initial LEBR Benefit Limit: $466, LEBR Duration: 2 Years Initial Maximum Monthly LEBR Benefit: $19, Optional Inflation Protection: 5% Compound Increases Monthly Inflation Charge: $1, until the 10 th Policy Anniversary. The monthly charges as of the Policy Date are shown above, and may change as described in the Rider Charges section of the LEBR. To contact Your Personal Long-Term Care Advisor, please call ICC13LN a 2 of 2

7 Policy Schedule Policy Number SPECIMEN Table of Surrender Charges For an explanation of full and partial Surrenders, see Surrender Provisions. Policy Year Rate Per $1,000 of Specified Amount Surrender Charge* $27, $27, $27, $27, $27, $25, $19, $13, $8, $3, and thereafter $0.00 * The Surrender charges shown above are for full Surrender assuming no changes to the Specified Amount. In no event will the charge assessed upon full Surrender exceed the Cash Value. Policy loan interest credited to any Gross Cash Value held as collateral: 2.00% in all Policy Years. Minimum Loan Amount: $100 Minimum Partial Surrender Amount: $500 Maximum Partial Surrender Amount: Not to exceed the Surrender Value less $500. ICC13LN b

8 Policy Schedule Policy Number SPECIMEN Minimum Required Death Benefit Percentages Table The percentage used to calculate the Minimum Required Death Benefit is determined based on the Insured s Attained Age as shown in the table below: Insured s Attained Age Percentage Insured s Attained Age Percentage Insured s Attained Age Percentage % % % % % % % % % % % % % % % % % % % % 95 and 100% over ICC13LN c

9 Policy Schedule Policy Number SPECIMEN Table of Guaranteed Maximum Cost of Insurance Rates Attained Age Monthly Rates Per $1,000 of Net Amount at Risk The monthly cost of insurance rates are based on the Insured s sex and Attained Age using the 2001 CSO Ultimate, Sex Distinct, Composite Tobacco Mortality Tables, Age Last Birthday, but will not exceed the rates shown in the table below. Insured s Attained Age Maximum Monthly Rate Insured s Attained Age Maximum Monthly Rate Insured s Attained Age Maximum Monthly Rate ICC13LN d

10 This Page Intentionally Blank ICC13LN880 4

11 Age The Insured s age, last birthday, on the Policy Date. Definitions Attained Age The Insured s Age plus the number of completed Policy Years. Beneficiary The person(s) or entity(ies) named in the application, unless later changed as provided in this policy, to whom We will pay the Death Benefit upon the death of the Insured. Cash Value The Cash Value is equal to the Gross Cash Value less Debt. Date of Issue The date the policy is issued at our Service Office as shown on the policy schedule. Death Benefit The amount payable upon death of the Insured as described in Death Benefit Provisions. Debt The amount of any outstanding loan against this policy, including loan interest accrued but not yet charged. Due Proof of Death A certified copy of an official death certificate, a certified copy of a decree of a court of competent jurisdiction as to the finding of death, or any other proof of death satisfactory to Us. Gross Cash Value The Gross Cash Value reflects the premium received, interest credited under this policy, partial Surrenders, fees, charges, monthly deductions, and repayments of loans or loan interest, as applicable. In Force Not fully Surrendered or terminated for any reason. In Writing (Written Request, Written Notice) With respect to any notice or request to Us, this term means a written form satisfactory to Us and received at Our Service Office. With respect to any notice from Us to You or any other person, this term means a Written Notice by ordinary mail to such person at the most recent address in Our records. We will not be held responsible for any payment or other action We have taken before Your Written Request or Written Notice is recorded at Our Service Office. Insured The person whose life is insured under this policy as shown on the policy schedule. Irrevocable Beneficiary A Beneficiary named In Writing by You whose written consent is necessary for You to exercise certain ownership rights under this policy. ICC13LN880 5

12 Lapse Terminate without value. Minimum Required Death Benefit An amount equal to the Gross Cash Value multiplied by the applicable percentage shown on the policy schedule in the Minimum Required Death Benefit Percentages Table. Monthly Anniversary Day The same day in each month as the Policy Date. If that day is not a business day, then We will deduct the monthly deduction on the next business day immediately following the Monthly Anniversary Day. Net Amount at Risk An amount equal to the Death Benefit less the Cash Value. Net Premium The premium received less any charges applied before the premium is credited to the Cash Value. Policy Anniversary The same date (month and day) each year as the Policy Date. Policy Date The date We use to determine Policy Anniversaries and monetary values. If a requested Policy Date should fall on the 29 th, 30 th, or 31 st of the month, the Policy Date will be the 28 th of such month. Policy Month The period from one Monthly Anniversary Day up to, but not including, the next Monthly Anniversary Day. Policy Year Twelve-month periods beginning on the Policy Date (month and day) to the next Policy Anniversary. Proceeds The money We will pay as a Death Benefit or if the policy is fully Surrendered. (1) As a death claim: The Proceeds will be the amount of insurance as described in the Death Benefit Provisions. (2) Upon full Surrender: The Proceeds will be the Surrender Value. Specified Amount The amount You chose at issue, which is used to determine the amount of Death Benefit and the amount of certain rider benefits, if any. The Specified Amount at issue ( Initial Specified Amount ) and the minimum Specified Amount allowable under this policy are shown on the policy schedule. Surrender Whether full or partial, the withdrawal by You of money from the Cash Value of this policy. Surrender Value On the date of full or partial Surrender, the Cash Value less any applicable Surrender charge shown on the policy schedule in the Table of Surrender Charges. ICC13LN880 IC 6

13 We, Us, Our The Company. You, Your The Owner of this policy. General Policy Provisions Conformity with Interstate Insurance Product Regulation Commission Standards This policy form and all rider(s) and endorsement(s) that may be attached have been approved under the authority of the Interstate Insurance Product Regulation Commission. Any provision of the policy or any attached rider(s) or endorsement(s) that on the provision s effective date is in conflict with Interstate Insurance Product Regulation Commission standards for this product type is hereby amended to conform to the Interstate Insurance Product Regulation Commission standards for this product type as of the provision s effective date. Entire Contract This policy, the attached copy of the application for this policy, and any amendment(s), endorsement(s), rider(s), and supplemental application(s) that may be attached are the entire contract between You and Us. All statements made in the application will, in the absence of fraud, be deemed representations and not warranties. No statement will be used in defense of a claim under this policy unless it is contained in the application. Policy Changes Only an authorized officer of the Company can change the terms of this policy or waive provisions of this policy. A change must be In Writing. Date of Coverage Coverage will be effective if: a. the initial premium has been paid in full on or before the Policy Date; and b. at the time the policy is delivered, the Insured is alive and has not had a change in health and insurability from that represented in the application. The effective date of any rider or endorsement attached to this policy on the Policy Date will be the Policy Date as defined in this policy. Any reference to the effective date as the "Date of Issue" in any attached rider or endorsement will mean the "Policy Date" as defined in the policy. Incontestability In the absence of fraud, We will not contest this policy after it has been In Force during the lifetime of the Insured for 2 years from the Date of Issue or the date the policy is reinstated (when permitted by the applicable laws of the State of Issue). We will only contest the policy based on material misrepresentations made in the application for this policy, or if the policy is reinstated, in the application for reinstatement. Suicide If the Insured, while sane or insane, commits suicide within 2 years from the Date of Issue or the date the policy is reinstated, the Death Benefit payable will be no more than the sum of the premiums paid less Debt, less any partial Surrenders including any corresponding Surrender charges. The amount payable under this provision will be paid to the Beneficiary. Any amount payable will first be used to pay the interest of anyone to whom the policy has been assigned. ICC13LN880 IC 7

14 Termination of Coverage Unless provided otherwise by rider, all coverage under this policy terminates on the first of the following to occur: a. a full Surrender of this policy; b. death of the Insured; or c. failure to pay the amount of premium necessary to avoid termination before the end of any applicable grace period. No action by Us after this policy has terminated, including any monthly deduction made after termination of coverage, will constitute a reinstatement of this policy or waiver of the termination. Any such deduction will be refunded. Misstatement of Age or Sex If the Age or sex of the Insured has been misstated, the amount of the Death Benefit will be adjusted to the amount which would have been provided by the most recent cost of insurance deduction at the correct Age and sex. The Gross Cash Value will not be affected. Deferment of Payment We reserve the right to defer payment of a loan, partial Surrender or full Surrender for up to 6 months from the date of Your Written Request. However, We will not defer a loan or partial Surrender to be used to pay premiums on this policy. Compliance with the Internal Revenue Code This policy is intended to qualify as life insurance under the Internal Revenue Code. The Death Benefit provided by this policy is intended to qualify for the Federal Income Tax exclusion. If at any time the premium paid under this policy exceeds the amount allowable for such qualification, We will refund the premium to You with interest within sixty days after the end of the Policy Year in which the premium was received. If, for any reason, We do not refund the excess premium within sixty days after the end of such Policy Year, the excess premium will be held in a separate deposit fund and credited with interest until refunded to You. The interest rate used on any refund or credited to the separate deposit fund created by this provision will be the current rate of interest We are paying on this policy until the date We notify You that the excess premium and the earnings on such excess premium have been removed from the policy. After the date of such notice, the interest rate paid on the separate deposit fund will be such rate as We may declare from time to time on advance premium deposit funds. We also reserve the right to refuse to make any change if such change would cause this policy to fail to qualify as life insurance under the Internal Revenue Code. Modified Endowment This policy will be allowed to become a modified endowment contract under the Internal Revenue Code only with Your consent. Otherwise, if at any time the premiums paid under the policy exceed the limit for avoiding modified endowment contract status, the excess premium will be refunded to You with interest within sixty days after the end of the Policy Year in which the premium was received. If, for any reason, We do not refund the excess premium within sixty days after the end of such Policy Year, the excess premium will be held in a separate deposit fund and credited with interest until refunded to You. The interest rate used on any refund or credited to the separate deposit fund created by this provision will be the current rate of interest We are paying on this policy until the date We notify You that the excess premium and the earnings on such excess premium have been removed from the policy. After the date of such notice, the interest rate paid on the separate deposit fund will be such rate as We may declare from time to time on advance premium deposit funds. ICC13LN880 8

15 Annual Report We will provide You with an Annual Report. This report will show the activity of the policy for the past Policy Year. It will list premiums paid, expenses and charges applied, monthly deductions, interest credited, and partial Surrenders. It will show the then current Death Benefit, Gross Cash Value, Cash Value and Debt, as well as any other information required by the laws and regulations of the State of Issue. It will also show if the Cash Value will not maintain coverage to the end of the next Policy Year. You will be informed of any additional premium necessary to maintain coverage to the next Policy Anniversary. Upon request, We will provide You with a projection of future death benefits and policy values. The first projection in any Policy Year will be furnished free of charge. We reserve the right to charge a fee not to exceed $25 for any projection after the first in any Policy Year. Effect of Riders and Endorsements on Policy Provisions If any riders or endorsements are attached to and made a part of this policy, policy provisions and definitions may be impacted, including those concerning premiums and policy values. READ YOUR POLICY, RIDERS AND ENDORSEMENTS CAREFULLY. Ownership, Assignment, and Beneficiary Provisions Rights of Owner The Owner, at issue, is shown on the application or in an amendment attached to this policy. While the Insured is alive, the Owner may exercise all rights and options and receive all benefits under this policy. These rights, however, may be subject to the consent of any assignee of record with Us or any Irrevocable Beneficiary. Change of Owner or Beneficiary While the Insured is alive, the Owner or Beneficiary may be changed. Unless otherwise specified by You, any change will take effect as of the date the request is signed, subject to the applicable laws of the State of Issue and subject to any payments or actions We may take prior to when We receive the request. The Insured need not be living when the requested change is recorded at Our Service Office, however the requested change must be delivered to Us prior to the death of the Insured. Death of the Owner If an Owner other than the Insured dies while the Insured is living, all rights and options of the Owner will belong to the Owner's executors or administrators or to the Owner s successor in interest (if the Owner is a non-natural person) unless otherwise provided. Death of the Beneficiary The interest of any Beneficiary, including any Irrevocable Beneficiary, who dies before the Insured, will belong to the Owner unless otherwise provided. Assignment Only You have the right to assign this policy. We are not bound by any assignment of this policy unless it has been recorded at Our Service Office. We do not assume responsibility for the validity or sufficiency of any assignment. Unless otherwise specified by You, any assignment will take effect as of the date the request is signed, subject to the applicable laws of the State of Issue and subject to any payments or actions We may take prior to when We receive it. ICC13LN880 9

16 Premium, Grace Period, and Reinstatement Provisions Payment of Premiums All premiums are payable at Our Service Office or to any of Our authorized agents. The first premium is due on the Policy Date and is payable in advance. We will furnish a premium receipt signed by an officer of the Company if You request a receipt. Premiums are payable in United States currency. Additional premiums may be paid at any time up to the Insured s Attained Age 95. If a payment of any additional premium would increase the Net Amount at Risk, We may reject the additional premium payment unless You submit satisfactory evidence of insurability and We agree to accept the risk. If satisfactory evidence of insurability is not received, the premium or any portion thereof may be returned. We reserve the right to limit the amount of premiums paid in accordance with the requirements of the Compliance with the Internal Revenue Code and Modified Endowment provisions. Planned Premiums You may, from time to time, change the amount and frequency of planned premium payments. Any change must be agreeable to Us. Any change in the planned premiums may impact the policy values and benefits. We will send premium reminder notices for the amounts and frequency of payments You establish. We reserve the right to stop sending reminder notices if no premium payment is made within 2 Policy Years. Grace Period This policy will enter the grace period described below if the Cash Value on any Monthly Anniversary Day is less than the required monthly deduction. We will allow a grace period of 61 days to pay a premium sufficient to prevent this policy from Lapsing. Unless provided otherwise by rider, this premium will be an amount equal to the monthly deductions due and unpaid plus two additional monthly deductions. At least 30 days before the end of the grace period, We will send a Written Notice to You and to any assignee of record that there is insufficient Cash Value under this policy. The notice will show the amount of premium required to prevent this policy from Lapsing. If You do not pay this billed premium within the grace period, all coverage under this policy will Lapse at the end of the grace period. If the Insured dies during the grace period, We will deduct any overdue monthly deductions from the Death Benefit. Reinstatement Within 3 years from the date of Lapse, You may reinstate this policy so long as: a. the Insured has not reached Attained Age 95 on the date of reinstatement; b. the policy has not been fully Surrendered; c. You submit satisfactory evidence of insurability to Us; d. You pay a premium equal to the monthly deductions due and unpaid during the grace period plus two additional monthly deductions; and e. any Debt is either paid or reinstated. The amount of Debt reinstated with the policy will be equal to the Debt on the date of Lapse. If the policy is reinstated more than 6 months after the date of Lapse, any riders or endorsements which were In Force on the date of Lapse will not be reinstated unless otherwise specified in the rider or endorsement. ICC13LN880 10

17 The Cash Value on the date of reinstatement will be equal to (1) plus (2) minus (3) where: (1) is the Gross Cash Value on the date of Lapse; (2) is the Net Premiums credited at the time of reinstatement; and (3) is Debt at the time of reinstatement. Any Surrender charge and Surrender charge period applicable to the reinstated policy will be based on the duration from the original Policy Date as though the policy had never Lapsed. The reinstated policy will be effective as of the Monthly Anniversary Day after the date on which We approve the application for reinstatement and We receive the premium due to reinstate the policy. In addition to the premium required to reinstate the policy, We recommend that You resume premium payments sufficient to provide coverage beyond the initial period following the date of reinstatement. We recommend that You review the reinstated policy against Your objectives when You purchased the policy to be certain that the reinstated policy will continue to meet those objectives. Limitations apply to reinstating any riders or endorsements issued with this policy. Please review all attached riders and endorsements carefully. Continuation of Policy After the Insured s Attained Age 95 If this policy is In Force at the Insured s Attained Age 95, but not in the grace period, the following will occur: a. the policy will continue In Force until the death of the Insured; b. no further premium payments may be made; c. no further monthly deductions will be taken; d. policy loans can continue to be taken. Loan interest rates will apply as shown on the policy schedule and described in the Loan Interest provision; e. partial Surrenders can continue to be taken. Surrender Charges will no longer apply; and f. interest will continue to be credited to the Gross Cash Value at the rate shown on the policy schedule. If this policy is in the grace period at the Insured s Attained Age 95, You will need to pay the billed premium amount as described in the Grace Period provision in order to guarantee continuation of this policy beyond the Insured s Attained Age 95. ICC13LN880 11

18 Death Benefit Provisions Death Benefit If the Insured dies while this policy is In Force, We will pay a Death Benefit equal to the greater of: a. the Specified Amount on the date of death, less Debt; or b. the Minimum Required Death Benefit, less Debt. Any Death Benefit payable will be paid in a lump sum unless You elect a settlement option made available by Us. We may require return of this policy when settlement is made. Notice of Claim You or someone on Your behalf must provide Us with Due Proof of Death In Writing within 30 days or as soon as reasonably possible after the death of the Insured. Interest on Death Benefit We will pay interest on any Death Benefit payable from the date of death at the rate for funds left on deposit with Us. Payment will be made by Us within 31 days of the latest of the following dates: a. the date that Due Proof of Death is received by Us; b. the date We receive sufficient information to determine Our liability, the extent of the liability and the appropriate payee legally entitled to the Proceeds; or c. the date legal impediments to payment of Proceeds that depend on the action of parties other than Us are resolved and sufficient evidence of the same is provided to Us. Legal impediments to payment include, but are not limited to, (i) the establishment of guardianships and conservatorships; (ii) the appointment and qualification of trustees, executors or administrators; and (iii) the submission of information required to satisfy state and federal reporting requirements. Claims of Creditors To the extent allowed by law, any Death Benefit payable will not be subject to claims of a Beneficiary s creditors. Policy Values Provisions Gross Cash Value The Gross Cash Value on the Policy Date will be equal to all Net Premiums paid for this policy as of the Policy Date, minus the monthly deduction for the current Policy Month. The Gross Cash Value of this policy on each Monthly Anniversary Day following the Policy Date will be equal to (1) plus (2) plus (3) minus (4) minus (5), where: (1) is the Gross Cash Value as of the preceding Monthly Anniversary Day; (2) is any interest credited on a daily basis to the Gross Cash Value since the preceding Monthly Anniversary Day, which may increase or decrease due to additions or deletions from the Gross Cash Value; (3) is all Net Premiums credited since the preceding Monthly Anniversary Day; (4) is the reduction in the Gross Cash Value caused by any partial Surrender or decrease in Specified Amount, including any corresponding Surrender charges, since the preceding Monthly Anniversary Day; and (5) is the monthly deduction for the current policy month. ICC13LN880 IC 12

19 On any day other than a Monthly Anniversary Day, the Gross Cash Value of this policy is equal to (1) plus (2) plus (3) minus (4), where: (1) is the Gross Cash Value as of the preceding Monthly Anniversary Day ( Policy Date will replace Monthly Anniversary Day when calculating the Gross Cash Value in the first Policy Month after issue); (2) is any interest credited on a daily basis to the Gross Cash Value since the preceding Monthly Anniversary Day to the date of calculation, which may increase or decrease due to additions or deletions from the Gross Cash Value; (3) is all Net Premiums credited since the preceding Monthly Anniversary Day to the date of calculation; and (4) is the reduction in the Gross Cash Value caused by any partial Surrender or decrease in Specified Amount, including any corresponding Surrender charges, since the preceding Monthly Anniversary Day. In addition, if a full Surrender is processed as of the preceding Monthly Anniversary Day We will refund any amounts received since the preceding Monthly Anniversary Day. Monthly Deduction The monthly deduction for a Policy Month will be the cost of insurance plus the cost of any additional benefits provided by rider. Interest Rate We will credit interest to the Gross Cash Value of this policy daily. The interest rate applied to the Gross Cash Value of this policy will be the Guaranteed Minimum Interest Rate as shown on the policy schedule. We may credit interest at rates in excess of the Guaranteed Minimum Interest Rate as determined by Us at any time. Such interest is referred to in this policy as excess interest. Excess interest is not guaranteed. At no time will the interest rate credited be less than the Guaranteed Minimum Interest Rate shown on the policy schedule. Interest will be credited on any Gross Cash Value held as security for a policy loan at the rate shown on the policy schedule. Interest will begin to accumulate as of the date the Net Premium is credited. Cost of Insurance The monthly cost of insurance under this policy will be equal to (1) multiplied by (2), divided by (3), where: (1) is the Net Amount at Risk at the beginning of the Policy Month; (2) is the monthly cost of insurance rate as described in the Cost of Insurance Rates provision; and (3) is equal to 1,000. Cost of Insurance Rates We will determine monthly cost of insurance rates based on Our expectations as to future mortality, investment earnings, persistency, and expenses (including taxes). Any change in cost of insurance rates will apply to all individuals of the same class as the Insured. We guarantee that the cost of insurance rates will never be greater than the rates shown on the policy schedule in the Table of Guaranteed Maximum Cost of Insurance Rates. ICC13LN880 13

20 Basis of Computations Minimum policy values are based on the mortality assumptions and interest rates shown on the policy schedule. The values for this policy, including any cash values and paid-up nonforfeiture benefits available under the policy, are not less than the minimum values and benefits required by or pursuant to the NAIC Universal Life Insurance Regulation, Model # 585. A detailed statement of the method used to determine cash values and reserves has been filed with the Interstate Insurance Product Regulation Commission. Decrease in Specified Amount You may request a decrease in the policy s Specified Amount at any time prior to the Insured s Attained Age 95 and after the second Policy Year. The Specified Amount may not be decreased below the minimum Specified Amount shown on the policy schedule. A Surrender charge may apply as described in the Surrender Charges provision below. Surrender Provisions Full Surrender and Surrender Value Upon request and while the Insured is alive, You may fully Surrender this policy for its Surrender Value. Surrender of this policy is effective on the business day We receive both this policy and Your Written Request for full Surrender. Unless otherwise provided by rider, all coverage under this policy will terminate upon full Surrender of this policy for its Surrender Value. If a full Surrender is requested within 30 days after a Policy Anniversary, the Surrender Value will not be less than the Surrender Value on that anniversary, less any policy loans and partial Surrenders made on or after such anniversary. Partial Surrender You may request a partial Surrender from this policy during the lifetime of the Insured while this policy is In Force by submitting a Written Request to Us. We reserve the right to limit partial Surrenders to no more than one per Policy Year and to the limits stated on the policy schedule. We will deduct the amount of the partial Surrender plus any corresponding Surrender charge from the Gross Cash Value. The Specified Amount will be reduced by an amount equal to (1) divided by (2), then multiplied by (3), where: (1) is the amount of the partial Surrender; (2) is all Net Premiums credited prior to the partial Surrender; and (3) is the Initial Specified Amount. The Specified Amount remaining In Force after any partial Surrender will be subject to the minimum Specified Amount shown on the policy schedule. The Death Benefit will be calculated as described in the Death Benefit Provisions based on the reduced Specified Amount and reduced Gross Cash Value. Surrender Charges While there is a Surrender charge in effect, the charge for a full or partial Surrender or a decrease in the Specified Amount will be equal to (1) multiplied by (2), where: (1) is the Surrender Charge Rate per $1,000 of Specified Amount for the corresponding Policy Year as shown in the Table of Surrender Charges on the policy schedule; and; (2) is the Specified Amount, or in the case of a partial Surrender or decrease in Specified Amount, the amount of the reduction in Specified Amount caused by the partial Surrender or requested decrease in Specified Amount. ICC13LN880 IC 14

21 Loan Provisions Policy Loans If this policy has a Surrender Value available, We will grant a loan against the policy so long as: a. a loan agreement is properly executed; and b. You make a satisfactory assignment of this policy to Us. The maximum additional loan at any time is the Surrender Value on the date of the request less all policy loan interest due to the end of the Policy Year. Loan Interest Loans under this policy bear interest at an adjustable interest rate. We may adjust the rate on each Policy Anniversary. The new rate will apply to both new and outstanding loans. We will provide notice of the initial rate for cash loans when the loan is made. We will also provide reasonable advance notice prior to any change in interest rate while a loan is outstanding. The interest rate charged during any Policy Year will not exceed the maximum rate for that year. maximum rate will be the greater of: a. the Published Monthly Average (as defined below) for the calendar month which ends 2 months before the month in which the Policy Anniversary occurs; or b. the rate used to compute the Surrender Value of this policy during the applicable period plus 1% per year. The term Published Monthly Average as used within this provision means the monthly average of the composite yield on seasoned corporate bonds as published by Moody s Investors Service, Inc., or its successors. If such average is no longer published, We will use the average established by law or regulation by the insurance supervisory official of the State of Issue. We guarantee that the interest rate charged will never exceed the maximum rate imposed by law or regulation in the State of Issue. We will not increase the loan interest rate until the new maximum rate exceeds the rate then currently charged under this policy by at least.5% annually. We will reduce the rate being charged whenever such reduction results in a new annual maximum rate that is at least.5% lower than the rate then currently being charged under this policy. Loan Repayments You may repay all or part of a loan at any time while this policy is In Force. If the policy Lapses, any outstanding Debt can be repaid only if this policy is reinstated. Each payment must be at least $25 or the amount of remaining Debt, if less. Every payment to Us on this policy will be considered a premium payment unless clearly marked as being a loan repayment or payment of loan interest. Loan repayments are not subject to the premium expense charge shown on the policy schedule. The ICC13LN880 15

22 Impact of Loan on Benefits Debt will be reflected in the Proceeds payable upon death of the Insured or full Surrender of this policy. Debt may adversely affect the benefits available under any riders attached to this policy. Read Your policy and riders carefully. Settlement Options Upon the death of the Insured, while this policy is In Force, the Proceeds may be paid in a lump sum or left with Us for payment under one of the settlement options shown below, or any other option that We make available. The amount applied under an option for the benefit of any Beneficiary must be at least $2,500. The amount of each payment under an option must be at least $50. You may make, change or revoke an election at any time while the Insured is alive. Following the death of the Insured, the Beneficiary may elect an option if You have not elected one or if Proceeds are payable in one sum. A Beneficiary may make a change in payment under a settlement option You elect only if You provided for it in Your election. A change of Beneficiary automatically cancels a previous election of a settlement option. If this policy is assigned, the assignee s portion of Proceeds will be paid in one sum. Any balance of Proceeds may be applied under a settlement option. To the extent allowed by law, all payments under this policy will be free from creditor claims or legal process. Options 1. Income for a Fixed Period. Monthly installments will be paid for a period agreed upon. 2. Life Income. Monthly installments will be paid as elected under a, b or c: a. Life Only: Installments will be paid for as long as the payee lives. b. Guaranteed Period: Installments will be paid during the guaranteed period. After that, installments will be paid for as long as the payee lives. c. Installment Refund: Installments will be paid until the sum of payments equals all Proceeds retained. After that, installments will be paid for as long as the payee lives. The amount of each installment is determined by the payee s sex and age nearest birthday when payments begin. 3. Interest Installments. For a period agreed upon, Proceeds will be held by Us and will earn interest at a rate We declare annually. This rate will be at least the rate shown on Page 18. During the period agreed upon: a. Interest will be paid monthly to the payee; or b. Interest can be allowed to accumulate. At any time during the period agreed upon, Proceeds may be placed under one of the other settlement options. 4. Income of Fixed Amount. Monthly installments will be paid in an amount agreed upon until Proceeds and interest are exhausted. ICC13LN880 IC 16

23 5. Annuity Settlement Option. Instead of any other settlement option, the Proceeds may be used to provide an income based on Our Single Premium Immediate Annuity rates and rules in effect on the date the Proceeds are payable. The amount of each installment will be adjusted to make it payable at the beginning of the payment period. The amount of each installment provided by the Proceeds will be consistent with the installment which normally would be paid under Our Single Premium Immediate Annuity. The amount of each installment based on Our Single Premium Immediate Annuity is determined by the payee s sex and age nearest birthday when installments begin. When Installment Payments Begin. Interest under Option 3 will be paid at the end of each payment period. Payments under other options are made at the beginning of each payment period. Payment periods begin on the date Proceeds become due and payable. Guaranteed and Excess Interest. Payments are calculated at the guaranteed interest rate as shown on Page 18. When We declare more than that rate, the excess will be paid as part of each payment under Options 1, 3 and 4 and during the guaranteed and refund periods under Option 2. ICC13LN880 IC 17

24 Settlement Option Tables Guaranteed Basis of Calculation for Payment Option Installments: Monthly Installments per $1,000 Option 1, 3 and 4: 2.00% interest compounded annually. of Proceeds Option 2 and 5: 2.00% interest compounded annually and the Annuity 2000 Mortality Table with two-year age setback. Option 1 - Income for Fixed Period No. of Monthly No. of Monthly No. of Monthly No. of Monthly No. of Monthly No. of Monthly Years Income Years Income Years Income Years Income Years Income Years Income 5 $ $ $ $ $ $ Option 2 - Life Income Male Payee Female Payee Guaranteed Period Guaranteed Period Age of Life Instm t Age of Life Instm t Payee 40 Only $ Yrs. $ Yrs. $ Yrs. $ Yrs. $2.87 Refund $2.82 Payee 40 Only $ Yrs. $ Yrs. $ Yrs. $ Yrs. $2.73 Refund $ & over & over Option 3 - Interest Installments Option 4 - Income of Fixed Amount Monthly Monthly Monthly Monthly $ 1.65 Instm t Years Months Instm t Years Months Instm t Years Months Quarterly $ 4.96 $ $ $ Semiannually $ Annually $ At the end of the Option 4 periods shown, there may be a small remaining balance which will be paid. ICC13LN880 IC 18

25 The Lincoln National Life Insurance Company Value Protection Rider This rider provides No-Lapse protection if the No-Lapse Premium Test described below is met. This rider also provides for a Return of Premium Benefit upon full Surrender of the policy, subject to the terms and conditions of the Return of Premium Provision below. This rider modifies certain terms in Your policy. READ YOUR POLICY AND RIDERS CAREFULLY. This rider is part of the policy to which it is attached and becomes effective as of the Policy Date. Except as stated in this rider, all of the provisions, limitations and exclusions of the policy remain in effect. No-Lapse Provisions No-Lapse Premium Test If the Cash Value of the policy on any Monthly Anniversary Day is less than the monthly deduction, the policy will not enter the grace period and Lapse as long as on that day (1) is equal to or greater than (2), where: (1) equals the accumulation of all premiums paid less the accumulation of any partial Surrenders, less Debt; and (2) equals the accumulation of the Monthly No-Lapse Premiums due since the Policy Date as shown on the policy schedule. The above accumulations are compounded by the Monthly Accumulation Factor shown on the policy schedule. If the No-Lapse Premium Test is not met, You may pay additional premiums at any time while the policy and this rider are In Force in order to satisfy such test. Monthly No-Lapse Premium The Monthly No-Lapse Premium as of the Policy Date is shown on the policy schedule. Any decrease in the policy s Specified Amount, including a decrease as a result of a partial Surrender, or termination of any rider attached to the policy may decrease the Monthly No-Lapse Premium. We will notify You of any such decrease. Return of Premium Provision Return of Premium Benefit If You request to fully Surrender the policy at any time before the sum of all premiums paid equals the Return of Premium Threshold shown on the policy schedule (hereinafter, ROP Threshold ), this rider will provide no Return of Premium Benefit. If You request to fully Surrender the policy on or after the date the sum of all premiums paid equals or exceeds the ROP Threshold, We will pay a Return of Premium Benefit equal to (1) minus (2), where: (1) is the ROP Threshold less the sum of rider charges taken for any long-term care insurance rider attached to this policy that has been terminated for its Nonforfeiture Benefit, multiplied by the applicable ROP Percentage as shown on the policy schedule, less Debt, less any partial Surrenders, less any benefits paid under any accelerated benefit rider which may be attached; and (2) is the Surrender Value of the policy. If (2) is greater than (1), there will be no Return of Premium Benefit paid. ICC13LR880 IC 1

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