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EX-99.D.13
11
y41129exv99wdw13.txt
EX-99.D.13: TERM INSURANCE RIDER
Exhibit (d)(13)
TERM INSURANCE ON OTHER COVERED INSURED RIDER (OCI)
This rider, when paid for, is made a part of the Base
Policy, based on the application for the rider.
1. BENEFIT We will promptly pay the rider proceeds to the beneficiary, when we
have due proof that a person named on the Policy Data page of the Base
Policy to which this rider is attached (referred to as Base Policy in the
rest of this rider) as an Other Covered Insured under this rider died while
his or her coverage under this rider was in effect. These proceeds will be
for the amount of term insurance provided by this rider on that person, as
shown on the Rider Data page
For any proceeds payable because of the death of a specified Other Covered
Insured, each reference to "Insured" in the Owner and Beneficiary or
Payment of Policy Proceeds sections of the Base Policy means that Other
Covered Insured.
2. CONVERSION TO A PERMANENT POLICY You can exchange all or part of the term
insurance on a person who is an Other Covered Insured under this rider
subject to the provisions below, as well as those of the Base Policy. This
type of change is called a conversion. A conversion can be made without
proof of insurability. This rider can be exchanged for a new permanent life
insurance policy or policies on that person or any increase in the Face
Amount of the Base Policy if the Other Covered is the Insured under the
Base Policy.
CONVERTING COVERAGE To make a conversion, this rider must be in effect on
that person with premiums paid to the date of conversion. Within 31 days of
that date, we must receive your application for the new policy or increase
in Face Amount (signed by the Other Covered Insured and You), and the first
premium for the new policy. Term Insurance on an Other Covered Insured ends
when it is converted.
If you do not have the insurance converted on the death of the Insured
under the Base Policy, it may be converted within the same period provided
for in this rider by the person to be insured under the new policy. The
same procedures for converting coverage apply in this situation..
FINAL DATE FOR CONVERSION You can convert the term insurance on an Other
Covered Insured on any Monthly Deduction Day under the Base Policy when
that person is age 70 or younger. If the Insured under the Base Policy
dies, the final date of conversion will be the Monthly Deduction Day on or
next following the Insured's date of death.
NEW POLICY If you convert this rider, we will issue you a new life plan
which may be offered on its policy date by us or by one of our affiliated
or subsidiary companies including New York Life Insurance Company, for the
amount of insurance which is converted. We guarantee that at least one life
or endowment plan will be offered by the company issuing the new insurance.
The new policy may not be on a plan, which provides term insurance.
The policy date of the new policy will be the conversion date. It will have
the same provisions and the same limitations on liability as are in the
series of policies being issued by the issuing company on that date. The
premium rates for the new policy will be based on the Other Covered
Insured's age and gender, and the issuing company's premium rates on that
date.
The Other Covered Insured's class of risk for the new policy or policies
will be the same as it was for this rider. If this rider is in a risk class
which is not available on the new policy as of the policy date shown on the
Policy Data pages of the new policy, the new policy's risk class will be
the best risk class the Insured would have qualified for under the new
policy as of this rider's Issue Date.
INCONTESTABILITY AND SUICIDE EXCLUSION PERIODS Except as noted below, any
suicide exclusion or contestable period for the new policy will be measured
from this rider's Issue Date. If the new policy is issued with a rider or
with an additional amount of insurance, the suicide exclusion and
incontestability periods for such rider or additional amount of insurance
will be measured from the issue date of each new policy.
AVAILABLE RIDERS WITH NEW POLICY No riders can be made a part of the new
policy, unless the issuing company agrees.
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TERM INSURANCE ON OTHER COVERED INSURED RIDER (OCI)
(CONTINUED)
3. REINSTATEMENT OF THIS RIDER If you apply to reinstate the policy with this
rider as part of it, we must have proof of insurability that is acceptable
to us for each Other Covered Insured.
4. OWNER Any Successor Owner or Change of Ownership section of this policy is
modified, while this rider is in effect, as follows. If you die and there
is no successor owner, the Insured under the basic policy, if living, will
become the new owner.
5. CASH OR LOAN VALUE This rider does not have cash or loan value.
6. CONTESTABLE PERIOD OF RIDER We will not contest the insurance on any person
who is an Other Covered Insured under this rider after that insurance has
been in effect during the lifetime of that person for 2 years from the date
of issue of that insurance.
7. SUICIDE EXCLUSION Suicide of the Insured under the Base Policy, or suicide
of an Other Covered Insured, while sane or insane, within 2 years of the
Issue Date of this rider, is not covered by this rider.
In the event of the Insured's suicide within that 2-year period, any
monthly costs which were deducted for this rider will be part of any amount
payable because of the Insured's death. However, the insurance on each
person who is an Other Covered Insured under this rider may still be
converted within 31 days of the next Monthly Deduction Date after the
Insured's date of death. In the event of an Other Covered Insured's suicide
within that 2-year period, we will adjust the Base Policy's Cash Value to
include the amount of any cost of insurance that we had subtracted for that
person during that period.
8. AGE When we refer to a person's age on any date, we mean his or her age on
the birthday that is nearest to that date.
9. DATES AND AMOUNTS OF RIDER When this rider is issued at the same time as
the Base Policy, we show the name of each Other Covered Insured and the
amount of that person's term insurance on the Rider Data page. The rider
and the policy have the same Issue Date, as shown on the "Policy
Information" Data pages of the Base Policy.
When this rider, or more insurance on an Other Covered Insured, is added to
a policy that is already in effect, we send you an add-on rider. The add-on
rider names any new person or persons who become Other Covered Insureds
under this rider. The amount of new term insurance on each person and the
Issue Date are also shown in the add-on rider.
10. COST OF INSURANCE FOR RIDER A separate rate will be used to obtain the cost
of the initial amount of term insurance on each Other Covered Insured, and
for each increase in that amount. The actual rates applicable to term
insurance under this rider will be set by us, in advance, at least once a
year.
Any change in cost of insurance rates will be made on a uniform basis for
Insureds in the same class, based on issue age, as well as the duration
since issue of such insurance, gender and risk classification.
When this rider is issued at the same time as the policy, the maximum rates
used to determine the cost of the term insurance will be shown on the Data
page included in the policy.
When this rider, or more insurance on an Other Covered Insured, is added to
a policy that is already in force, the maximum rates used to determine the
cost of term insurance will be shown on a separate Data page included in
the policy.
11. CONFORMITY WITH LAW This rider is subject to all laws that apply. We
reserve the right to make changes to this rider to ensure that this rider,
or any policies to which this rider is converted, qualifies as life
insurance under federal tax law.
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TERM INSURANCE ON OTHER COVERED INSURED RIDER (OCI)
(CONTINUED)
12. WHEN RIDER ENDS You can cancel this rider, or all or part of the coverage
on an Other Covered Insured, at any time. To do this, you must send your
signed notice to us. The rider or coverage will end on the Monthly
Deduction Day on or next following the date we receive your request.
All insurance under this rider ends 31 days after the Monthly Deduction Day
on or next following the date of death of the Insured under the Base
Policy. If this rider is still in effect, coverage on an Other Covered
Insured will automatically terminate on the policy anniversary on which
that person is age 100?.
This rider ends at the death of the Insured or if the policy ends or is
surrendered.
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Secretary President
/s/ Catherine A. Marrion /s/ Frederick J. Sievert
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