-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, W2JKTaRmzMb+Of18L6U5mQd+u1/4/26ue6l+D8mEJZofiQ4KsWQekMmIn8ZxqZHq 572eg8EJx9hYabN3uGV/sQ== 0000950130-97-002032.txt : 19970501 0000950130-97-002032.hdr.sgml : 19970501 ACCESSION NUMBER: 0000950130-97-002032 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 20 FILED AS OF DATE: 19970430 EFFECTIVENESS DATE: 19970430 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL CENTRAL INDEX KEY: 0000858997 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-47927 FILM NUMBER: 97591392 BUSINESS ADDRESS: STREET 1: 1 MADISON AVE STREET 2: METROPOLITAN LIFE INSURANCE CO CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2125788717 MAIL ADDRESS: STREET 1: 1 MADISON AVENUE STREET 2: LAW DEPARTMENT AREA 7 G CITY: NEW YORK STATE: NY ZIP: 10010 485BPOS 1 AMENDMENT NO. 5 TO FORM S-6 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 30, 1997 REGISTRATION NO. 33-47927 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM S-6 POST-EFFECTIVE AMENDMENT No. 5 To REGISTRATION STATEMENT Under THE SECURITIES ACT OF 1933 ---------------- METROPOLITAN LIFE SEPARATE ACCOUNT UL (EXACT NAME OF TRUST) METROPOLITAN LIFE INSURANCE COMPANY (NAME OF DEPOSITOR) 1 Madison Avenue New York, New York 10010 (COMPLETE ADDRESS OF DEPOSITOR'S PRINCIPAL EXECUTIVE OFFICES) ---------------- GARY A. BELLER, ESQ. Executive Vice-President and General Counsel Metropolitan Life Insurance Company 1 Madison Avenue New York, New York 10010 (NAME AND COMPLETE ADDRESS OF AGENT FOR SERVICE) ---------------- Copies to: GARY O. COHEN, ESQ. and THOMAS C. LAUERMAN, ESQ. Freedman, Levy, Kroll & Simonds 1050 Connecticut Avenue, N.W. Washington, D.C. 20036 ---------------- It is proposed that the filing will become effective (check appropriate box) [_] immediately upon filing pursuant to paragraph (b) of Rule 485 [X] on May 1, 1997 pursuant to paragraph (b) of Rule 485 [_] 60 days after filing pursuant to paragraph (a) of Rule 485 [_] on (date), pursuant to paragraph (a) of Rule 485 ---------------- This filing is made pursuant to Rule 6c-3 and 6e-3(T) under the Investment Company Act of 1940 to register interests in Metropolitan Life Separate Account UL which funds certain variable universal life insurance policies. Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the Registrant has registered an indefinite amount of securities. THE REGISTRANT'S RULE 24F-2 NOTICE WAS FILED WITH THE COMMISSION ON FEBRUARY 27, 1997. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- METROPOLITAN LIFE SEPARATE ACCOUNT UL METROPOLITAN LIFE INSURANCE COMPANY CROSS-REFERENCE TABLE
ITEMS OF FORM N-8B-2 CAPTIONS IN PROSPECTUS - ----------- ---------------------- 1...................... Cover Page 2...................... SUMMARY--About Metropolitan Life 3...................... Inapplicable 4...................... SALES AND ADMINISTRATION OF THE POLICIES; SUMMARY-- About Metropolitan Life 5, 6, 7................ SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--The Separate Account; STATE REGULATION 8...................... FINANCIAL STATEMENTS 9...................... Inapplicable 10(a)................... OTHER POLICY PROVISIONS--Owner; Beneficiary; Collat- eral Assignment 10(c), 10(d)............ DEFINITIONS--Valuation Date; SUMMARY--Surrender and Surrender Charges; Partial Withdrawal; Free Look Period; POLICY BENEFITS--Benefit at Final Date; POLICY RIGHTS--Surrender and Withdrawal Privileges; Exchange Privilege; PAYMENT AND ALLOCATION OF PRE- MIUMS--Allocation of Premiums and Cash Value, Cash Value Transfers; THE FIXED ACCOUNT--Transfers, Withdrawals, Surrenders, and Policy Loans; OTHER POLICY PROVISIONS--Payment and Deferment 10(e)................... PAYMENT AND ALLOCATION OF PREMIUMS--Policy Termina- tion and Reinstatement 10(f)................... VOTING RIGHTS 10(g)(1)-(3), 10(h)(1)- (3).................... RIGHTS RESERVED BY METROPOLITAN LIFE 10(g)(4), 10(h)(4)...... Inapplicable 10(i)................... POLICY BENEFITS--Death Benefits; Death Benefit Op- tions; Cash Value; Optional Income Plans; Optional Insurance Benefits; PAYMENT AND ALLOCATION OF PRE- MIUMS--Issuance of a Policy; Premiums; Allocation of Premiums and Cash Value; Policy Termination and Reinstatement 11...................... SUMMARY--The Separate Account and the Metropolitan Series Fund; The Fixed Account; SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Metropolitan Series Fund 12(a)................... Cover Page 12(b), 12(e)............ Inapplicable 12(c), 12(d)............ SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met- ropolitan Series Fund
i
ITEMS OF FORM N-8B-2 CAPTIONS IN PROSPECTUS - ----------- ---------------------- 13(a), 13(b), 13(c), SUMMARY--The Separate Account and the Metropolitan 13(d)................... Series Fund; The Fixed Account; Fund Transfers and Charges; Premium Expense Charges; Monthly Deduction from Cash Value; Separate Account Charges; Fund In- vestment Management Fees; Increase in Specified Face Amount Charge; Surrender and Surrender Charges; CHARGES AND DEDUCTIONS; SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--The Separate Account; POLICY BENEFITS--Death Benefit Increases 13(e).................... SALES AND ADMINISTRATION OF THE POLICIES 13(f), 13(g)............. Inapplicable 14....................... PAYMENT AND ALLOCATION OF PREMIUMS--Issuance of a Policy; SALES AND ADMINISTRATION OF THE POLICIES 15....................... PAYMENT AND ALLOCATION OF PREMIUMS 16....................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met- ropolitan Series Fund 17(a), 17(b)............. Captions referenced under Items 10(c), 10(d), 10(e) and 10(i) above 17(c).................... Inapplicable 18(a), 18(c)............. SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND 18(b), 18(d)............. Inapplicable 19....................... SALES AND ADMINISTRATION OF THE POLICIES; VOTING RIGHTS; REPORTS 20(a), 20(b)............. RIGHTS RESERVED BY METROPOLITAN LIFE; SEPARATE AC- COUNT AND METROPOLITAN SERIES FUND--The Separate Account 20(c), 20(d), 20(e), 20(f)................... Inapplicable 21(a), 21(b)............. POLICY RIGHTS--Loan Privileges; OTHER POLICY PROVI- SIONS--Payment and Deferment 21(c), 22................ Inapplicable 23....................... SALES AND ADMINISTRATION OF THE POLICIES 24....................... OTHER POLICY PROVISIONS 25....................... SUMMARY--About Metropolitan Life 26....................... CHARGES AND DEDUCTIONS--Other Charges 27....................... SUMMARY--About Metropolitan Life 28....................... MANAGEMENT 29....................... Inapplicable 30, 31, 32, 33, 34....... Inapplicable 35....................... STATE REGULATION 36, 37................... Inapplicable
ii
ITEMS OF FORM N-8B-2 CAPTIONS IN PROSPECTUS - ----------- ---------------------- 38....................... SALES AND ADMINISTRATION OF THE POLICIES; DISTRIBU- TION OF THE POLICIES 39....................... SUMMARY--About Metropolitan Life; SALES AND ADMINIS- TRATION OF THE POLICIES; DISTRIBUTION OF THE POLI- CIES 40(a).................... Inapplicable 40(b).................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met- ropolitan Series Fund; CHARGES AND DEDUCTIONS-- Other Charges 41(a).................... SUMMARY--About Metropolitan Life; SALES AND ADMINIS- TRATION OF THE POLICIES 41(b), 41(c), 42, 43..... Inapplicable 44(a).................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met- ropolitan Series Fund; POLICY BENEFITS--Cash Value 44(b).................... Inapplicable 44(c).................... CHARGES AND DEDUCTIONS--Monthly Deduction From Cash Value 45....................... Inapplicable 46....................... Captions referenced under Item 44 above 47....................... Captions referenced under Items 10(c) and 16 above 48, 49................... Inapplicable 50....................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--The Separate Account 51(a), 51(b)............. SUMMARY--About Metropolitan Life; Cover Page; POLICY BENEFITS--Optional Insurance Benefits; POLICY RIGHTS--Exchange Privileges 51(c), 51(d), 51(e)...... Captions referenced under Item 10(i) above 51(f).................... PAYMENT AND ALLOCATION OF PREMIUMS--Policy Termina- tion and Reinstatement 51(g).................... Captions referenced under Items 10(i) and 13 above 51(h), 51(j)............. Inapplicable 51(i).................... DISTRIBUTION OF THE POLICIES 52(a), 52(c)............. RIGHTS RESERVED BY METROPOLITAN LIFE 52(b), 52(d)............. Inapplicable 53(a).................... FEDERAL TAX MATTERS 53(b), 54 through 58..... Inapplicable 59....................... FINANCIAL STATEMENTS
iii MAY 1, 1997 PROSPECTUS for FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES (Minimum Initial Specified Face Amount $50,000) Issued by METROPOLITAN LIFE INSURANCE COMPANY The individual flexible premium multifunded life insurance policies ("Policies") offered by this Prospectus are issued by Metropolitan Life Insurance Company ("Metropolitan Life") and are designed to provide lifetime insurance coverage on the insureds named in the Policies, as well as maximum flexibility in connection with premium payments and death benefits. This flexibility allows an owner of a Policy to provide for changing insurance needs within the confines of a single insurance policy. The Policy provides for a death benefit payable at the insured's death as long as the Policy is still in effect. The Policy owner may choose either Death Benefit Option A (the death benefit is fixed in amount) or Death Benefit Option B (the death benefit includes the Policy's cash value in addition to a fixed insurance amount). For Policies issued on or after May 1, 1994 and provided Death Benefit Option C is available in the state where the Policy is issued, a Policy owner, where the insured is age 60 or less, will have a third possible choice: Death Benefit Option C (the death benefit includes the Policy's cash value in addition to a fixed insurance amount if the insured dies prior to the Policy anniversary on which the insured is 65 and is fixed in amount if death occurs thereafter). If greater than the death benefit otherwise payable under Option A, B or C, a minimum death benefit equivalent to a percentage of the cash value will be paid. The Policy's cash value will vary with the investment experience of the Separate Account investment divisions to which amounts are allocated and the fixed rates of interest earned by allocations to the General Account. The cash value will also be adjusted for other factors, including the amount of charges imposed and the premium payments made. The Policy owner may withdraw or borrow a portion of the Policy's cash surrender value, or the Policy may be fully surrendered, at any time, subject to certain limitations and charges. The Policy owner has the flexibility to vary the frequency and amount of premium payments, subject to certain restrictions and conditions. The premiums paid, less premium expense charges, will be allocated at the owner's discretion among one or more investment divisions of Metropolitan Life Separate Account UL ("Separate Account") and/or a fixed interest account ("Fixed Account") within the General Account of Metropolitan Life. The assets in each investment division are invested in shares of a corresponding portfolio of the Metropolitan Series Fund, Inc. ("Fund"). Metropolitan Life is the investment manager of the Fund and the distributor of its shares. Metropolitan Life also distributes and administers the Policies. The prospectus for the Fund describes the investment objectives and certain attendant risks of the eleven currently available portfolios of the Fund. The following chart lists the name of each available portfolio and the Company that has the day-to-day investment management responsibility with respect to each such Portfolio.
PORTFOLIO PORTFOLIO MANAGER --------- ----------------- GFM International Investors GFM International Stock Limited ------------------------------------------------------------------------ Janus Mid Cap Janus Capital Corporation ------------------------------------------------------------------------ Loomis Sayles High Yield Bond Loomis, Sayles & Company, L.P. ------------------------------------------------------------------------ Metropolitan Life Insurance MetLife Money Market Company ------------------------------------------------------------------------ Metropolitan Life Insurance MetLife Stock Index Company ------------------------------------------------------------------------ Scudder Global Equity Scudder, Stevens & Clark, Inc. ------------------------------------------------------------------------ State Street Research & State Street Research Aggressive Growth Management Company ------------------------------------------------------------------------ State Street Research & State Street Research Diversified Management Company ------------------------------------------------------------------------ State Street Research & State Street Research Growth Management Company ------------------------------------------------------------------------ State Street Research & State Street Research Income Management Company ------------------------------------------------------------------------ T. Rowe Price Small Cap Growth T. Rowe Price Associates, Inc.
As in the case of other life insurance policies, it may not be advantageous to purchase flexible premium multifunded life insurance as a replacement for an existing life insurance policy or in addition to an existing flexible premium multifunded life insurance policy. THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. INTERESTS IN THE SEPARATE ACCOUNT AND THE FIXED ACCOUNT ARE NOT DEPOSITS OR OBLIGATIONS OF, OR INSURED, OR GUARANTEED BY THE U.S. GOVERNMENT, ANY BANK OR OTHER DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY, ENTITY OR PERSON, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. THIS PROSPECTUS IS NOT VALID UNLESS ATTACHED TO THE CURRENT PROSPECTUS FOR THE METROPOLITAN SERIES FUND, INC., WHICH CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND. THIS PROSPECTUS SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE. 1 Madison Avenue, New York, New York 10010 Telephone (800) 638-5000 TABLE OF CONTENTS
PAGE ---- DEFINITIONS............................... 3 SUMMARY................................... 5 Purpose of Summary....................... 5 About Metropolitan Life.................. 5 Policy in Brief.......................... 5 Premiums................................. 5 Cash Value............................... 5 Benefits and Riders...................... 5 Death Benefit Options.................... 5 The Fixed Account........................ 6 The Separate Account and the Metropolitan Series Fund............................. 6 The Funding Options...................... 6 Automated Investment Strategies.......... 6 Fund Transfers and Charges............... 7 Premium Expense Charges.................. 7 Monthly Deduction From Cash Value........ 7 Separate Account Charges................. 7 Increase in Specified Face Amount Charge. 7 Surrender and Surrender Charges.......... 7 Partial Withdrawal....................... 7 Loans.................................... 7 Fund Investment Management Fees and Di- rect Expenses........................... 8 Free Look Period......................... 9 Tax Treatment of Cash Value.............. 9 Tax Treatment of the Death Benefit....... 9 Communications........................... 9 SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND.............................. 10 The Separate Account..................... 10 Metropolitan Series Fund................. 10 POLICY BENEFITS........................... 11 Death Benefits........................... 11 Death Benefit Options.................... 12 Cash Value............................... 14 Benefit at Final Date.................... 22 Optional Income Plans.................... 22 Optional Insurance Benefits.............. 22 PAYMENT AND ALLOCATION OF PREMIUMS........ 22 Issuance of a Policy..................... 22 Premiums................................. 23 Allocation of Premiums and Cash Value.... 23
PAGE ---- Policy Termination and Reinstatement.................................... 25 CHARGES AND DEDUCTIONS................................................... 26 Premium Expense Charges................................................. 26 Transfer Charge......................................................... 26 Monthly Deduction From Cash Value....................................... 26 Charges Against the Separate Account.................................... 28 Surrender Charge........................................................ 28 Guarantee of Certain Charges............................................ 30 Other Charges........................................................... 30 ILLUSTRATIONS OF DEATH BENEFITS, CASH VALUES, CASH SURRENDER VALUES AND ACCUMULATED PREMIUMS.................................................... 30 POLICY RIGHTS............................................................ 44 Loan Privileges......................................................... 44 Surrender and Withdrawal Privileges..................................... 45 Exchange Privilege...................................................... 45 THE FIXED ACCOUNT........................................................ 46 General Description..................................................... 46 Fixed Account Benefits.................................................. 46 Fixed Account Cash Value................................................ 46 Transfers, Withdrawals, Surrenders and Policy Loans..................... 47 RIGHTS RESERVED BY METROPOLITAN LIFE..................................... 47 OTHER POLICY PROVISIONS.................................................. 47 SALES AND ADMINISTRATION OF THE POLICIES................................. 48 DISTRIBUTION OF THE POLICIES............................................. 48 FEDERAL TAX MATTERS...................................................... 49 Taxation of the Policy.................................................. 49 Taxation of Metropolitan Life........................................... 50 MANAGEMENT............................................................... 51 VOTING RIGHTS............................................................ 54 Right to Instruct Voting of Fund Shares................................. 54 Disregard of Voting Instructions........................................ 54 REPORTS.................................................................. 54 STATE REGULATION......................................................... 55 REGISTRATION STATEMENT................................................... 55 LEGAL MATTERS............................................................ 55 EXPERTS.................................................................. 55 FINANCIAL STATEMENTS..................................................... 55 APPENDIX TO PROSPECTUS................................................... 94
THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE. METROPOLITAN LIFE DOES NOT AUTHORIZE ANY INFORMATION OR REPRESENTATIONS REGARDING THE OFFERING DESCRIBED IN THIS PROSPECTUS OTHER THAN AS CONTAINED IN THIS PROSPECTUS OR ANY ATTACHED PROSPECTUS OR ANY SUPPLEMENT THERETO OR IN ANY SUPPLEMENTAL SALES MATERIAL AUTHORIZED BY METROPOLITAN LIFE. 2 DEFINITIONS Age--The age in full years of the insured at issue of the Policy or in the case of an increase, at the time of the increase, plus the number of full Policy years completed since issue or increase. A full Policy year is completed upon the commencement of the next succeeding Policy year. Base Administration Charge--The portion of the first year monthly administration charge which is determined by the Age of the insured under a Policy and not by the specified face amount. Beneficiary--The beneficiary is the person or persons designated by the owner of the Policy to receive the insurance proceeds upon the death of the insured. Cash Surrender Value--The cash value less any indebtedness and any applicable surrender charge (computed from the tables set forth under "Surrender Charge") and, if the Policy is surrendered in the first Policy year, less the Base Administration Charge for each full Policy month remaining to the end of the first Policy year. Cash Value--The sum of the Policy cash values in the Fixed Account, the investment divisions of the Separate Account and the Policy Loan Account. Date of Policy--The date set forth in the Policy that is used to determine Policy years and Policy months from issue. Policy anniversaries are measured from the Date of Policy. Designated Office--The home office of Metropolitan Life at 1 Madison Avenue, New York, New York 10010, to which all Policy owner communications are to be sent. Metropolitan Life may, by written notice, name other locations within the United States to serve as designated offices, in place of or in addition to the home office. Final Date--The policy anniversary on which the insured is age 95. Fixed Account--An account which is part of the General Account and to which Metropolitan Life will allocate net premiums as directed by the owner of a Policy and credit certain fixed rates of interest. General Account--The assets of Metropolitan Life other than those allocated to the Separate Account or any other legally-segregated separate account. Guideline Annual Premium--The level annual amount of premium that would be payable through the Final Date of a Policy for the specified face amount of the Policy if premiums were fixed by Metropolitan Life as to both timing and amount and were based on 1980 Commissioners Standard Ordinary Mortality Tables, net investment earnings at an annual effective rate of 5%, and fees and charges as set forth in the Policy and any Policy riders. Indebtedness--The total of any unpaid Policy loan and loan interest. Insured--The person upon whose life the Policy is issued. Investment Start Date--The date the first premium is applied to the Fixed Account and/or the Separate Account. It is the later of (1) the Date of Policy and (2) the date the first premium for a Policy is received at the Designated Office. Investment Division--A subdivision of the Separate Account. The assets in each investment division are invested exclusively in the shares of a specified portfolio. Loan Value--The maximum amount that may be borrowed under the Policy. The loan value equals the Policy's cash surrender value less two monthly deductions, or, if greater, 75% (90% in Virginia and Maryland) of the cash surrender value (or, in Texas, the Policy's cash surrender value less two monthly deductions or 100% of the cash surrender value in the Fixed Account and 75% of the cash surrender value in the Separate Account, if greater). Minimum Initial Specified Face Amount--The minimum specified face amount of insurance for which a Policy may be issued. Currently, the amount is $100,000 for insureds in the preferred rate class, $50,000 for most other insureds, $25,000 for certain insureds over age 59 and $250,000 for most Policies distributed through brokers (see "Distribution of the Policies"). Monthly Anniversary--The same date in each month as the Date of Policy. For purposes of the Separate Account, whenever the monthly anniversary date falls on a date other than a Valuation Date, the next Valuation Date will be deemed to be the monthly anniversary. 3 Monthly Deduction--Charges deducted monthly from the cash value of a Policy and which include the monthly cost of term insurance, the monthly cost of any benefits provided by riders, and the monthly policy charges. Planned Periodic Premium--The Policy owner's self-determined level-amount premium planned to be paid at fixed intervals over a specified period of time. The Policy owner is not required to follow this schedule after the first two Policy years. Policy--The flexible premium multifunded life insurance policy offered by Metropolitan Life and described in this Prospectus. Policy Loan Account--An account within the General Account to which cash value from the Separate Account and/or the Fixed Account in an amount equal to a Policy loan requested by a Policy owner is transferred. Policy Month--The month beginning on the monthly anniversary. Policy owner ("Owner")--The person so designated in the application or as subsequently changed. Portfolio--A portfolio represents a different class (or series) of stock of the Metropolitan Series Fund, Inc., a mutual fund in which the Separate Account assets are invested. Separate Account--Metropolitan Life Separate Account UL, a separate investment account of Metropolitan Life through which premiums paid under the Policy are invested to the extent allocated to the Separate Account by the Policy owner. Specified Face Amount--The amount of insurance specified on the face of the Policy. Target Premium--The estimated annual amount which would keep a Policy in force to maturity based on the insured's attained age and sex, the specified face amount of insurance and reasonable estimates of mortality and interest, as established as of the Date of Policy. Valuation Date--Each day on which the New York Stock Exchange is open for trading or, on days other than when the New York Stock Exchange is open, on which it is determined that there is a sufficient degree of trading in the Fund's portfolio securities that the current net asset value of its redeemable securities might be materially affected. Valuations for any date other than a Valuation Date will be determined as of the next Valuation Date. Valuation Period--The period between two successive Valuation Dates, commencing at 4:00 p.m., New York City time, on each Valuation Date and ending at 4:00 p.m., New York City time, on the next succeeding Valuation Date. This Prospectus describes only those aspects of the Policy that relate to the Separate Account since only interests in the Separate Account are being offered by this Prospectus. Aspects of the Fixed Account are briefly summarized in order to give a better understanding of how the Policy functions (see "The Fixed Account"). 4 SUMMARY ................................................................................ PURPOSE OF SUMMARY This summary was written to give you an overview of the Policy and is quali- fied by the more detailed information provided in the prospectus and the Poli- cy, when issued. You may find it helpful to review the definitions of terms de- scribed preceding this summary before reading the prospectus in full. ABOUT METROPOLITAN LIFE Metropolitan Life, the issuer of the Policies, is a mutual life insurance company incorporated under the laws of the State of New York in 1866. Its home office is located at 1 Madison Avenue, New York, New York 10010. MetLife is au- thorized to transact business in all states of the United States, the District of Columbia, Puerto Rico, and all Provinces of Canada. Metropolitan Life, serv- ing millions of people, is one of the largest financial services companies in the world with many of the largest United States corporations for its clients. On December 31, 1996, Metropolitan Life had total life insurance in force of approximately $1.6 trillion and total assets under management of approximately $298 billion. POLICY IN BRIEF The Policy is issued by Metropolitan Life. It is designed to meet the chang- ing life insurance needs of a Policy owner. The Policy provides for a choice of death benefit options, flexible premium payments, and cash value accumulation through the Policy owner's selected options. The owner of the Policy may, within limits: . Select from among three death benefit options . Increase or decrease the specified face amount . Choose the amount and frequency of premium payments . Direct net premium payments to any of twelve funding options . Transfer amounts among the funding options. PREMIUMS The Policy owner selects a planned periodic premium payment schedule at the time of application. A minimum premium payment equal to the target premium must be paid during each of the first two Policy years. This schedule does not need to be followed after the first two Policy years; a planned periodic payment may be skipped, or subject to certain limitations, additional premium payments of at least $250 may be made. Payment of the planned periodic premium does not guarantee that the Policy will remain in force after the first two Policy years. For a Policy to remain in force, the cash surrender value on any monthly anniversary must be enough to cover the monthly deduction. (See "Payment and Allocation of Premiums.") CASH VALUE The Policy's total cash value includes the Policy value in the Separate Ac- count, the Fixed Account, and the Policy Loan Account. This value reflects the investment experience of the Separate Account investment divisions selected, the interest credited to any allocations to the Fixed Account, loan activity, partial withdrawals, and Policy charges. There is no guaranteed minimum cash value if amounts are allocated to the Separate Account. (See "Policy Benefits," "Policy Rights" and "The Fixed Account.") BENEFITS AND RIDERS A Policy owner has the flexibility to add optional insurance benefits by rid- er. These riders include spouse term insurance, children's term insurance, ac- cidental death benefit, disability waiver benefit, and accelerated death bene- fit. (See "Policy Benefits.") DEATH BENEFIT OPTIONS The Policy provides for three death benefit options in most states: .Option A: the death benefit is the specified face amount of the Policy. . Option B: the death benefit is equal to the specified face amount of the Policy plus the cash value on the date of death. 5 . Option C: available for Policies issued on or after May 1, 1994 where the in- sured is age 60 or less (not available in Minnesota, Montana, or South Carolina), the death benefit is equal to the specified face amount of the Policy plus the cash value on the date of death un- til the Policy anniversary at age 65; at Policy anniversary age 65, the death benefit is recalculated to equal the specified face amount plus the cash value on the Policy anniversary at age 65; the death benefit does not vary after this recalculation. After the second Policy year, the Policy owner may change the death benefit option or increase or decrease the specified face amount, subject to certain conditions and limitations. Such changes can have tax consequences and affect the charges assessed under the Policy. (See "Policy Benefits.") THE FIXED ACCOUNT Fixed Account assets are held in the General Account of Metropolitan Life. Net premiums allocated to the Fixed Account are credited with an effective an- nual interest rate of at least 4% per year. (See "The Fixed Account.") THE SEPARATE ACCOUNT AND THE METROPOLITAN SERIES FUND Separate Account UL is a separate investment account of Metropolitan Life. It currently has eleven investment divisions. The assets of each division are in- vested in the corresponding portfolio of the Metropolitan Series Fund, Inc. There are currently eleven portfolios of the Fund available to Policy owners. Each portfolio of the Fund has a different investment objective. (See "Separate Account and Metropolitan Series Fund," and the prospectus for the Fund, which is attached at the end of this prospectus.) THE FUNDING OPTIONS The available investment divisions of the Separate Account are the State Street Research Growth, State Street Research Income, MetLife Money Market, State Street Research Diversified, State Street Research Aggressive Growth, MetLife Stock Index, GFM International Stock, Loomis Sayles High Yield Bond, T. Rowe Price Small Cap Growth, Janus Mid Cap and Scudder Global Equity divisions. Some of the divisions may not be available in all states. Consult a sales rep- resentative registered with Metropolitan Life for more information. The Policy owner may allocate the net premiums paid to one or more of the investment divi- sions of the Separate Account and/or to the Fixed Account. Net premiums are equal to the premium paid less premium expense charges. Unlike the Fixed Ac- count, the investment performance of a Separate Account investment division is not guaranteed by Metropolitan Life. The Policy owner should consider his or her risk tolerance before selecting the funding options for premium payments. A Policy owner may change the allocation of future net premiums at any time. (See "Separate Account and Metropolitan Series Fund," "Payment and Allocation of Premiums," and "The Fixed Account.") AUTOMATED INVESTMENT STRATEGIES There are currently four automated investment strategies available. . Equity Generator SM--If monthly interest earned is at least $20, the in- terest is transferred from the Fixed Account to the Policy owner's se- lected option of either the MetLife Stock Index Division or the State Street Research Aggressive Growth Division. . Equalizer SM--At the end of a specified period as determined by Metropol- itan Life (e.g. monthly, quarterly) a transfer is made between the Fixed Account and the Policy owner's selected option of either the MetLife Stock Index Division or the State Street Research Aggressive Growth Divi- sion to make them equal in value. . Allocator SM--The Policy owner designates a monthly transfer from the MetLife Money Market Division to the Fixed Account and/or any investment division. . Rebalancer SM--Cash value is redistributed quarterly so that it is allo- cated among the Fixed Account and the investment divisions of the Sepa- rate Account in the same proportion in which net premiums are allocated. 6 FUND TRANSFERS AND CHARGES A Policy owner may transfer amounts among the investment divisions of the Separate Account and to/from the Fixed Account. Currently there are no charges assessed for transfers. Metropolitan Life reserves the right to charge up to $25 for each transfer; however, no charges will be assessed under any of the automated investment strategies. (See "Payment and Allocation of Premiums," and "Charges and Deductions.") PREMIUM EXPENSE CHARGES A 5 1/2% charge is deducted from each premium payment. The charge includes: . 2% for front-end sales charges . 2% for state premium tax charges . 1 1/2% to recover a portion of Metropolitan Life's federal income taxes. (See "Charges and Deductions.") MONTHLY DEDUCTION FROM CASH VALUE The Policy's cash value is reduced each month by the sum of: 1) cost of term insurance charge, 2) cost of additional riders charge, and 3) administration charge. (See "Charges and Deductions.") The monthly administration charge for the first Policy year is $0.25 per $1,000 of specified face amount plus a monthly base administration charge of: . $5 for Ages under 18 . $15 for Ages 18 to 49 . $20 for Ages 50 and above. If the Policy is surrendered during the first Policy year, any remaining amount of the full year's base administration charge will be deducted upon surrender. After the first Policy year, the monthly administration charge is determined by the specified face amount of the Policy. The charge is: . $9 for specified face amounts of less than $100,000 . $7 for specified face amounts of $100,000 to $249,999 . $5 for specified face amounts of $250,000 and above. SEPARATE ACCOUNT CHARGES A daily charge is made against the Separate Account for mortality and expense risks assumed by Metropolitan Life. This charge is equivalent to an annual rate of 0.90% of the average daily value of the assets in the Separate Account at- tributable to the Policies. (See "Charges and Deductions.") INCREASE IN SPECIFIED FACE AMOUNT CHARGE Any increase in the specified face amount requested by a Policy owner will result in a one-time underwriting expense charge of up to a maximum of $5 per thousand dollars of increase. (See "Policy Benefits.") SURRENDER AND SURRENDER CHARGES At any time the Policy owner may request in writing the Policy's cash surren- der value. A surrender charge is imposed during the first 15 Policy years and during the first 15 Policy years after an increase in the specified face amount. (See "Charges and Deductions" and "Policy Rights.") PARTIAL WITHDRAWALS Partial withdrawals of at least $250 may be made from the Policy's cash value without charge. The request must be made in writing. Partial withdrawals under death benefit Option A or Option C (on or after Policy anniversary 65) will re- duce the specified face amount of the Policy. (See "Policy Rights.") LOANS A Policy owner may obtain a Policy loan whenever the Policy has a loan value. The loan value equals the cash surrender value less two monthly deductions, or if greater, 75% of the cash surrender value (90% in Virginia and Maryland). For Policies issued in Texas, the loan value equals the Policy's cash surrender value less two monthly deductions or 100% of the cash surrender value in the Fixed Account and 75% of the cash surrender value in the Separate Account, if greater. The loan amount is placed into the Policy Loan Account as collateral, and is credited an interest rate of no less than 4% per year. Currently the rate credited is 6%. The rate charged on the loan is a fixed rate of 8% per year. Loan interest is payable at the end of each Policy year. Loans and ac- crued interest may be repaid at any time prior to the Final Date. (See "Policy Rights.") 7 FUND INVESTMENT MANAGEMENT FEES AND DIRECT EXPENSES For providing investment management services to the Fund, Metropolitan Life receives a fee from the Fund for providing investment management services to each Portfolio. The following chart shows the fee and other Fund expenses for each Portfolio. METROPOLITAN SERIES FUND ANNUAL EXPENSES (AS A PERCENTAGE OF AVERAGE NET ASSETS)
OTHER EXPENSES AFTER EXPENSE MANAGEMENT REIMBURSEMENT FEES (A) TOTAL ---------- ------------- ----- MetLife Stock Index Portfolio................. .25% .05% .30% State Street Research Income Portfolio(d)..... .33% .07% .40% MetLife Money Market Portfolio................ .25% .18% .43% State Street Research Diversified Portfolio(d)................................. .46% .04% .50% State Street Research Growth Portfolio(d)..... .51% .04% .55% State Street Research Aggressive Growth Portfolio(d)................................. .71% .04% .75% T. Rowe Price Small Cap Growth Portfolio(b)... .55% .20% .75% Scudder Global Equity Portfolio(b)(c)......... .62% .20% .82% Loomis Sayles High Yield Bond Portfolio(b).... .70% .20% .90% Janus Mid Cap Portfolio(b).................... .75% .20% .95% GFM International Stock Portfolio(d).......... .75% .22% .97%
-------- (a) Prior to May 16, 1993, Metropolitan Life paid all expenses of the then existing portfolios of the Fund other than management fees, brokerage commissions, taxes, interest and any extraordinary or non- recurring expenses. (b) The Portfolios commenced operations on March 3, 1997. Management fees and other expenses for these Portfolios are estimated amounts for the year ending December 31, 1997. Metropolitan Life has agreed to bear all expenses (other than management fees, brokerage commissions, taxes, interest and any extraordinary or non-recurring expenses) in excess of .20% of the net assets for each of the Loomis Sayles High Yield Bond, T. Rowe Price Small Cap Growth, Janus Mid Cap and Scudder Global Equity Portfolios until a Portfolio's total net assets are at least $100 million, or March 2, 1999, whichever is earlier. The marginal fee rate for the T. Rowe Price Small Cap Growth Portfolio, Janus Mid Cap Portfolio, and Scudder Global Equity Portfolio will decrease when the dollar amount in each such Portfolio reaches certain threshold amounts. (c) Metropolitan Life has agreed to waive a portion of its investment management fee for the Scudder Global Equity Portfolio during the first year of the Portfolio's operations. The waiver of investment management fees during the first six months of the Portfolio's operations will be equal to .35% of the average daily value of the aggregate net assets of the Portfolio up to $50 million, .175% of such assets on the next $50 million, .15% of such assets on the next $400 million and .1375% of such assets on amounts in excess of $500 million. During the second six months of the Portfolio's operations such waiver of the investment management fee will be equal to .175% of assets up to $50 million, .0875% of assets on the next $50 million, .075% of assets on the next $400 million and .06875% of such assets in excess of $500 million. Absent its waiver of its investment management fee, Metropolitan Life estimates that the management fee and other expenses for the Scudder Global Equity Portfolio would be .84% and .20%, respectively, for a total of 1.04%. (d) Reflects 1996 fees and expenses, restated for proposed management fee revisions expected to take effect August 1, 1997. For a full description of the Fund, see the prospectus for the Fund, which is attached at the end of this Prospectus, and the Fund's Statement of Additional Information referred to therein. 8 FREE LOOK PERIOD The Policy owner may return the Policy during the free look period. This pe- riod is the later of 10 days after receipt of the Policy (except where state law requires a longer period) or 45 days after Part A of the application has been completed. If the Policy is returned, Metropolitan Life will send the Pol- icy owner a complete refund of any premiums paid within 7 days. The refund of any premium paid by check, however, may be delayed until the check has cleared the Policy owner's bank. There is a similar free look period after an increase in the specified face amount that applies only to the amount of the increase. This free look period is the later of 10 days after the owner receives revised Policy pages reflecting the increase or 45 days after the application for the increase has been completed. During this period, the Policy owner may elect to terminate the face amount increase, and all Policy values will be restored to what they would have been had the increase not occurred. Metropolitan Life will also refund the amount of any premiums paid, to the extent necessary for the Policy to continue to be within the definition of life insurance for federal income tax purposes. (See "Premium Limitations.") TAX TREATMENT OF CASH VALUE Cash value in the Policy is not taxed until it is withdrawn. In general, a Policy owner will be taxed on the amount of cash value withdrawn that is in ex- cess of the premiums paid at the time of withdrawal, surrender, or Policy Final Date. This excess is treated as ordinary income. Special rules govern withdraw- als and loans from contracts referred to as modified endowment contracts. If a Policy is part of a collateral assignment equity split-dollar arrangement with an employer, any increase in cash value may be taxable annually. An individual should consult with and rely on the advice of a tax advisor with respect to any type of split-dollar arrangement involving a Policy. (See "Federal Tax Mat- ters.") TAX TREATMENT OF THE DEATH BENEFIT The beneficiary generally will not be taxed on the death benefit proceeds of the Policy. The death benefit under the Policy may be subject to Federal estate tax. (See "Federal Tax Matters.") COMMUNICATIONS Premium payments and other communications should be sent to the Designated Office for the Policy. Metropolitan Life may establish different Designated Of- fices for various Policy transactions. The Policy owner should use the forms that Metropolitan Life has prepared for these purposes. The forms may be ob- tained from an account representative or the Designated Office. A premium payment or other communication is considered received on the date that it is actually received in the Designated Office (the "Date of Receipt") with two exceptions: 1) if received on a day that is not a Valuation Date or 2) if received by other than U.S. mail after 4:00 p.m. New York City time. The Date of Receipt will then be the next Valuation Date. 9 ............................................................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND ................................................................................ THE SEPARATE ACCOUNT The Separate Account, which is a separate investment account of Metropolitan Life, was established by Metropolitan Life pursuant to the New York Insurance Law on December 13, 1988. The Separate Account also receives premium payments in connection with an earlier form of the flexible premium multifunded life in- surance policy, a flexible premium variable life insurance policy and group variable universal life insurance policies issued by Metropolitan Life. The as- sets allocated to the Separate Account are the property of Metropolitan Life, and Metropolitan Life is not a trustee by reason of the Separate Account. Met- ropolitan Life may accumulate in the Separate Account mortality and expense risk charges, mortality gains and investment gains on those assets (which rep- resent such charges) in the Separate Account and other amounts in excess of Metropolitan Life's liabilities and reserves with respect to the Separate Account. The Separate Account meets the definition of "separate account" under the federal securities laws. All income, gains and losses, whether or not realized, from assets allocated to the Separate Account are credited to or charged against the Separate Account without regard to other income, gains or losses of Metropolitan Life. Each Policy provides that such portion of the assets in the Separate Account as equals the liabilities (and reserves) of Metropolitan Life with respect to the Separate Account shall not be chargeable with liabilities arising out of any other business of Metropolitan Life. Metropolitan Life may from time to time transfer to its General Account any assets in the Separate Account in excess of such reserves and liabilities. The liabilities are Metro- politan Life's total commitments under the Policies; the reserves are the as- sets allocated to pay these commitments. Although the Separate Account is an integral part of Metropolitan Life, the Separate Account is registered with the Securities and Exchange Commission as a unit investment trust under the Investment Company Act of 1940 ("1940 Act"). Registration does not involve supervision of management or investment practices or policies of the Separate Account or of Metropolitan Life by the Commission. There are currently eleven investment divisions in the Separate Account. The assets in each investment division are invested in a separate class (or series) of stock issued by the Fund. Each class of stock represents a separate portfo- lio within the Fund. New investment divisions may be added as new portfolios are added to the Fund and made available to Policy owners. In addition, invest- ment divisions may be eliminated from the Separate Account. The owner of a Pol- icy may designate how the net premiums under the Policy are to be allocated among the then current investment divisions. METROPOLITAN SERIES FUND The Fund is a "series" type of mutual fund which is registered with the Secu- rities and Exchange Commission as a diversified open-end management investment company under the 1940 Act. The Fund has served as the investment medium for the Separate Account since the Separate Account commenced operations. A brief summary of the investment objectives of each Fund portfolio presently available to Policy owners is set forth below. State Street Research Growth Portfolio. The investment objective of this portfolio is to achieve long-term growth of capital and income, and moderate current income, by investing primarily in common stocks that are believed to be of good quality or to have good growth potential or which are considered to be undervalued based on historical investment standards. State Street Research Income Portfolio. The investment objective of this portfolio is to achieve the highest possible total return, by combining current income with capital gains, consistent with prudent investment risk and the preservation of capital, by investing primarily in fixed-income, high-quality debt securities. MetLife Money Market Portfolio. The investment objective of this portfolio is to achieve the highest possible current income consistent with the preservation of capital and maintenance of liquidity, by investing primarily in short-term money market instruments. State Street Research Diversified Portfolio. The investment objective of this portfolio is to achieve a high total return while attempting to limit invest- ment risk and preserve capital by investing in equity securities, fixed-income debt securities, or short-term money market instruments, or any combination thereof, at the discretion of State Street Research. State Street Research Aggressive Growth Portfolio. The investment objective of this portfolio is to achieve maximum capital appreciation by investing pri- marily in common stocks (and equity and debt securities convertible into or carrying the right to acquire common stocks) of emerging growth companies, un- dervalued securities or special situations. GFM International Stock Portfolio. The investment objective of this portfolio is to achieve long-term growth of capital by investing primarily in common stocks and equity-related securities of non-United States companies. MetLife Stock Index Portfolio. The investment objective of this portfolio is to equal the performance of the Standard & Poor's 500 Composite Stock Price In- dex (adjusted to assume reinvestment of dividends) by investing in the common stock of companies which are included in the index. 10 ............................................................... Loomis Sayles High Yield Bond Portfolio: The investment objective of this portfolio is to achieve high total investment return through a combination of current income and capital appreciation. The Portfolio will normally invest at least 65% of its assets in fixed income securities of below investment grade quality. Janus Mid Cap Portfolio: The investment objective of this non-diversified portfolio is to provide long-term growth of capital. It pursues this objective by investing primarily in securities issued by medium sized companies. T. Rowe Price Small Cap Growth Portfolio: The investment objective of this portfolio is to achieve long-term growth by investing in small capitalization companies. Scudder Global Equity Portfolio: The investment objective of this portfolio is to achieve long-term growth of capital through a diversified portfolio of marketable securities, primarily equity securities, including common stocks, preferred stocks and debt securities convertible into common stocks. The Portfolio invests on a worldwide basis in equity securities of companies which are incorporated in the U.S. or in foreign countries. It also may invest in the debt securities of U.S. and foreign issuers. Income is an incidental consideration. Metropolitan Life acts as the investment manager for the Fund; State Street Research & Management Company ("State Street Research"), a wholly-owned subsidiary of Metropolitan Life, provides sub-investment management services with respect to the State Street Research Growth, State Street Research Income, State Street Research Diversified and State Street Research Aggressive Growth Portfolios. GFM International Investors Limited ("GFM"), a subsidiary of Metropolitan Life, provides sub-investment management services with respect to the GFM International Stock Portfolio. Loomis, Sayles & Company, L.P. ("Loomis Sayles"), whose general partner is indirectly owned by Metropolitan Life, provides sub-investment management services with respect to the Loomis Sayles High Yield Bond Portfolio. T. Rowe Price Associates, Inc. ("T. Rowe Price") provides sub-investment management services with respect to the T. Rowe Price Small Cap Growth Portfolio. Janus Capital Corporation ("Janus") provides sub-investment management services with respect to the Janus Mid Cap Portfolio. Scudder, Stevens & Clark, Inc. ("Scudder") provides sub-investment management services with respect to the Scudder Global Equity Portfolio. Sub- investment manager fees are paid by Metropolitan Life. It is expected that State Street Research will become the sub-investment manager with respect to the MetLife Money Market Portfolio and the GFM International Stock Portfolio on August 1, 1997. GFM will become the sub-sub-investment manager and will continue to have day-to-day investment responsibility for the GFM International Stock Portfolio. In the event these changes take place, the names of the portfolios will be changed to the State Street Research Money Market Portfolio and the State Street Research International Stock Portfolio, respectively. Metropolitan Life purchases and redeems Fund shares for the Separate Account at their net asset value without the imposition of any sales or redemption charges. Such shares represent an interest in one of the portfolios of the Fund which correspond to the investment divisions of the Separate Account. Any dividend or capital gain distributions received from the Fund are likewise re- invested in Fund shares at net asset value as of the dates paid. The distribu- tions have the effect of reducing the value of each share of the Fund and in- creasing the number of Fund shares outstanding. However, the total cash value in the Separate Account does not change as a result of such distributions. On each Valuation Date, shares of each portfolio are purchased or redeemed by Metropolitan Life for the Separate Account, based on, among other things, the amounts of net premiums allocated to the Separate Account, dividends and distributions reinvested, transfers to and among investment divisions, Policy loans, loan repayments and benefit payments to be effected pursuant to the terms of the Policies as of that date. Such purchases and redemptions for the Separate Account are effected at the net asset value per share for each port- folio determined as of 4:00 p.m., New York City time, on that same Valuation Date. A full description of the Fund, its investment policies and restrictions, its charges and other aspects of its operation is contained in the prospectus for the Fund, which is attached at the end of this Prospectus, and in the Statement of Additional Information referred to therein. See "The Fund and its Purpose," in the prospectus for the Fund for a discussion of the different separate accounts of Metropolitan Life and its affiliates that invest in the Fund and the risks related thereto. POLICY BENEFITS ............................................................................... The discussion below assumes that no riders under the Policy are in effect. See the Appendix to Prospectus, for a discussion of how certain riders can af- fect benefits under the Policy. DEATH BENEFITS As long as the Policy remains in force (see "Policy Termination and Rein- statement--Termination"), Metropolitan Life will, upon due proof of the insured's death, pay the insurance proceeds of the Policy to the named benefi- ciary. The proceeds may be received by the beneficiary in a single sum or un- der one or more of the optional income plans set forth in the Policy (see "Op- tional Income Plans"). The insurance proceeds are: The death benefit provided under Option A, Op- tion B or Option C, whichever is elected and in effect on the date of death; plus (b) any additional insurance on the insured's life that is provided 11 ............................................................... by rider; minus (c) any outstanding indebtedness and any due and unpaid charges accruing during the grace period. DEATH BENEFIT OPTIONS At least two death benefit options are available as described below: Option A and Option B. Death Benefit Option C is also available in certain states where the insured is age 60 or less, for Policies issued on and after May 1, 1994. The Policy owner designates the desired option in the application and can change the option by written request after the second Policy year (see "Change in Death Benefit Option"). Option A--The death benefit is equal to the specified face amount of insur- ance. Option B--The death benefit is equal to the specified face amount of insur- ance plus the cash value. Option C--The death benefit is equal to the specified face amount of insur- ance plus the cash value if the insured dies prior to policy anniversary 65. At policy anniversary 65, the specified face amount of insurance is recalcu- lated to equal the specified face amount of insurance plus the cash value as of the end of the prior day. Thereafter, the specified face amount of insur- ance will be paid upon death. This option may not be available in all states. Minimum Death Benefit--Under Option A, Option B or Option C, there is a min- imum death benefit equal to the greater of (1) the death benefit option chosen and (2) a percentage of the cash value as set forth in the following table. The minimum death benefit is determined in accordance with federal income tax laws, to ensure that the Policy qualifies as a life insurance contract and that the insurance proceeds will be excluded from the gross income of the ben- eficiary.
ATTAINED AGE OF INSURED AT BEGINNING OF POLICY PERCENTAGE OF YEAR CASH VALUE ------------------- ------------- 40 and less: ................................................... 250% 45: ............................................................ 215% 50: ............................................................ 185% 55: ............................................................ 150% 60: ............................................................ 130% 65: ............................................................ 120% 70: ............................................................ 115% 75: ............................................................ 105% 80: ............................................................ 105% 85: ............................................................ 105% 90: ............................................................ 105% 95: ............................................................ 100%
For the ages not listed, the percentage shall decrease by a ratable portion for each full year. In no event will the death benefit be lower than the minimum amount required to maintain the Policy as life insurance under federal income tax law and ap- plicable Internal Revenue Service rules. Option A, Option B, and Option C all provide insurance protection as well as possible build-up of cash value. Under Option A, and under Option C on or af- ter policy anniversary 65, the insurance coverage remains level unless the minimum death benefit applies. Under Option B, and under Option C prior to policy anniversary 65, the insurance protection varies as the cash value changes. For a given specified face amount, the amount of the death benefit will be greater under Option B, and under Option C prior to policy anniversary 65, than under Option A, and under Option C on or after policy anniversary 65, since the cash value is added to the specified face amount and included in the death benefit under the former situations but not under the latter situations. By the same token, the cost of term insurance included in the monthly deduc- tion (see "Charges and Deductions--Cost of Term Insurance") will be greater, and thus the accumulation of cash value will be lower under Option B, and un- der Option C prior to policy anniversary 65, than under Option A assuming the same specified face amount and the same actual premiums paid. After policy an- niversary 65, the cost of term insurance will be greater for Option B than for Option C and greater for Option C than for Option A, assuming the same speci- fied face amount at issue and the same premiums paid. Under Option C the death benefit is designed to increase during the Policy owner's earning years because the need for life insurance is presumed to in- crease with increasing income. On policy anniversary 65, which is the assumed retirement age, the specified face amount is adjusted to equal the then cur- rent level of death ben-efit and no further increases in death benefit are made, since presumably such increases are no longer required. As a result, the target premiums for Option C are lower than would be required under Option B which is designed to have an increasing death benefit until the Policy ma- tures. Illustration of Option A. For purposes of this illustration, assume that the insured is under the age of 40, that there is no outstanding indebtedness and that the insured has not died during a grace period (see "Policy Termination and Reinstatement--Termination"). Under Option A, a Policy with a $100,000 specified face amount will gener- ally pay $100,000 in death benefits. However, because the death benefit must be equal to or be greater than 250% of cash value, any time the cash value of this Policy exceeds $40,000, the death benefit will exceed the $100,000 speci- fied face amount. Each additional dollar of cash value above $40,000 will in- crease the death benefit (assuming the insured is age 40 or less) by $2.50. Thus a Policy with a cash value of $50,000 will have a death benefit of $125,000 (250% X $50,000); a cash value of $60,000 will yield a death benefit of $150,000 (250% X $60,000); and a cash value of $100,000 will yield a death benefit of $250,000 (250% X $100,000). Similarly, so long as cash value exceeds $40,000, each dollar reduction in cash value will reduce the death benefit (assuming the insured is age 40 or less) by $2.50. If at any time, however, the cash value multiplied 12 ............................................................... by the applicable percentage is less than the specified face amount, the death benefit will equal the specified face amount of the Policy. Illustration of Option B. For purposes of this illustration, assume that the insured is under the age of 40, that there is no outstanding indebtedness and that the insured has not died during a grace period. Under Option B, a Policy with a specified face amount of $100,000 will gen- erally pay a death benefit of $100,000 plus the cash value. Thus, for example, a Policy with a cash value of $25,000 will have a death benefit of $125,000 ($100,000 + $25,000); a cash value of $50,000 will yield a death benefit of $150,000 ($100,000 + $50,000); and a cash value of $65,000 will yield a death benefit of $165,000 ($100,000 + $65,000). The death benefit, however, must be at least 250% of cash value. As a result, if the cash value of the Policy ex- ceeds $66,666.67, the death benefit will be greater than the specified face amount plus cash value. Each additional dollar of cash value above $66,666.67 will increase the death benefit (assuming the insured is age 40 or less) by $2.50. A Policy with a cash value of $75,000 will therefore have a death bene- fit of $187,500 (250% X $75,000); a cash value of $85,000 will yield a death benefit of $212,500 (250% X $85,000); a cash value of $100,000 will yield a death benefit of $250,000 (250% X $100,000). Similarly, any time cash value exceeds $66,666.67, each dollar taken out of cash value will reduce the death benefit (assuming the insured is age 40 or less) by $2.50. Whenever cash value is less than $66,666.67 each dollar taken out of cash value will reduce the death benefit by one dollar and the death benefit will be the specified face amount plus the cash value of the Policy. Illustration of Option C. Under Option C prior to policy anniversary 65, the death benefit will work the same way as under Option B. On and after policy anniversary 65, the specified face amount would have already been adjusted to include the cash value of the Policy at policy anniversary 65 and the death benefit will work the same way as under Option A. If the insured dies on a date that is not a Valuation Date, the amount of death benefit proceeds payable will be determined as of the next Valuation Date. Change in Specified Face Amount. Subject to certain limitations, a Policy owner, after the second Policy year and before the insured reaches Age 80, may increase or decrease the specified face amount of a Policy (see "Decreases" and "Increases," below). Any increase or decrease in the specified face amount requested by the Policy owner will become effective on the monthly anniversary on or next following the Date of Receipt of the request, or, if evidence of insurability is required, the date of approval of the request. Decreases. The specified face amount remaining in force after any requested decrease may not be less than the Minimum Initial Specified Face Amount during the first five Policy years nor less than one-half the Minimum Initial Speci- fied Face Amount thereafter. However, no decrease in specified face amount will be permitted that would reduce the specified face amount below $25,000. No decrease in the specified face amount will be permitted if it would result in total premiums paid exceeding the then current maximum premium limitations determined by Internal Revenue Code rules (see "Pre- miums--Premium Limita- tions"). For purposes of determining the cost of term insurance charge (see "Charges and Deductions--Cost of Term Insurance," "Cost of Term Insurance Rate" and "Rate Class"), a decrease in the specified face amount will reduce the specified face amount in the following order: (a) the specified face amount provided by the most recent increase; (b) the next most recent in- creases successively; and (c) the specified face amount when the Policy was issued. Increases. Any change in the specified face amount requested by the Policy owner which results in an increase in the death benefit may be made only if the cash surrender value after the change is large enough to cover at least two monthly deductions based on the most recent cost of term insurance charge deducted. The minimum amount of an increase is $5,000. Any such change will require that additional evidence of insurability be submitted to Metropolitan Life and will be subject to a maximum guaranteed underwriting charge of $5 for each $1,000 of specified face amount increase. Currently the underwriting charge is $100 for the first $100,000 of face increase (but no more than $5 per thousand), and $3 per thousand thereafter, to an overall maximum charge of $2,500. Metropolitan Life will deduct this charge from the existing cash value in the Fixed Account and the investment divisions of the Separate Account in the same proportion that the Policy's cash value in the Fixed Account and the Policy's cash value in each investment division bear to the Policy's total cash value (except for the cash value in the Policy Loan Account) as of the Date of Receipt of the request (this method hereinafter referred to as the "Pro Rata Basis"). Effect of Changes in Specified Face Amount on Charges. A change in the spec- ified face amount may affect the net amount at risk which may affect a Policy owner's cost of term insurance charge and the monthly administration charge (see "Charges and Deductions--Cost of Term Insurance," "Cost of Term Insurance Rate," "Rate Class," and "Monthly Policy Charges"). This in turn can affect the level of subsequent cash values and death benefits. A change in the speci- fied face amount may also affect the Policy's status as a modified endowment contract for tax purposes (see "Federal Tax Matters"). Finally, an increase in the specified face amount can result in additional surrender charges (see "Charges and Deductions--Surrender Charge"). Change in Death Benefit Option. Generally, the death benefit option in ef- fect may be changed at any 13 ............................................................... time after the second Policy year while the insured is alive to any other available death benefit option by sending a written request for change to the Designated Office. A change from Option A or Option B to Option C will only be permitted for Policy owners who have Policies under which Option C is avail- able. In addition, a change to Option C will not be permitted after the policy anniversary on which the insured is age 60. A change in death benefit option will not be permitted unless the cash surrender value of a Policy after the change is effected would be sufficient to pay at least two monthly deductions. Changing death benefit options will not require evidence of insurability sat- isfactory to Metropolitan Life and the effective date of any such change will be the monthly anniversary on or following the Date of Receipt of the request. If the death benefit option is changed from Option B, or Option C prior to policy anniversary 65, to Option A, the specified face amount will be in- creased to equal the death benefit which would have been payable under Option B on the effective date of the change. The death benefit will not be altered at the time of the change. However, the change in death benefit option will affect the determination of the death benefit from that point on since the cash value will no longer be added to the specified face amount in determining the death benefit. From that point on, the death benefit will equal the new specified face amount (or, if higher, the minimum death benefit). This will mean that the cost of term insurance may be higher or lower than it otherwise would have been since any increases or decreases in cash values will, respec- tively, reduce or increase the term insurance amount under Option A (see "Charges and Deductions--Cost of Term Insurance"). If the death benefit option is changed from Option A, or Option C on and af- ter policy anniversary 65, to Option B, the specified face amount will be de- creased to equal the death benefit less the cash value on the effective date of the change. Similarly, if the death benefit is changed from Option A to Op- tion C (when permitted) the specified face amount will be decreased to equal the death benefit less the cash value on the effective date of the change. Neither of these changes may be made if it would result in a specified face amount which is less than the Minimum Initial Specified Face Amount during the first five Policy years and one-half the Minimum Initial Specified Face Amount thereafter. In no case will a change be made if it would result in a specified face amount of less than $25,000. As with a change from Option B, or Option C prior to policy anniversary 65, to Option A, a change from Option A, or Option C on and after policy anniversary 65, to Option B will not alter the death benefit at the time of the change, but will affect the determination of the death benefit from that point on. Since, from that point on, the cash value will be added to the new specified face amount, the death benefit will vary with the cash value. This is also the case with a change from Option A to Op- tion C (when permitted). Moreover, under Option B, or Option C prior to policy anniversary 65, the term insurance amount will not vary unless the minimum death benefit is in effect. Therefore, the cost of term insurance may be higher or lower than it otherwise would have been without the change in death benefit option (see "Charges and Deductions--Cost of Term Insurance"). A change in death benefit option will not be permitted if it results in total premiums paid exceeding the then current maximum premium limitations deter- mined by Internal Revenue Service Rules (see "Premiums--Premium Limitations"). If the death benefit option is changed from Option B to Option C (when per- mitted), from Option C to Option A on or after policy anniversary 65, or from Option C to Option B prior to policy anniversary 65, no change in specified face amount will be made. Under Option A, Option B and Option C, cost of term insurance rates gener- ally increase as the insured's age increases. Nevertheless, assuming a posi- tive cumulative net investment return with respect to any amounts in the Sepa- rate Account, changing the death benefit option from Option B, or Option C prior to policy anniversary 65, to Option A will reduce the term insurance amount and therefore the cost of term insurance charge for all subsequent monthly deductions compared to what such charge would have been if no such change were made. A change in the death benefit option may also affect the monthly administra- tion charge (see "Charges and Deductions--Monthly Policy Charges"). CASH VALUE The total cash value of a Policy at any time is the sum of the Policy's cash values in the Fixed Account (see "The Fixed Account"), the Policy Loan Account (see "Policy Rights--Loan Privileges"), and the investment divisions of the Separate Account at such time. The Policy's cash value in the Separate Account may increase or decrease on each Valuation Date depending on the investment return of the chosen investment divisions of the Separate Account (see "Sepa- rate Account Net Investment Return"). There is no guaranteed minimum cash value in the Separate Account. Calculation of Separate Account Cash Value. On the Investment Start Date, the Policy's cash value in an investment division will equal the portion of any net premium allocated to the investment division, reduced by the portion of the first monthly deduction allocated to the Policy's cash value in that investment division (see "Payment and Allocation of Premiums--Allocation of Premiums and Cash Value"). Thereafter, on each Valuation Date, the Policy's cash value in an investment division of the Separate Account will equal: 14 ............................................................... (1) The cumulative net premium payments allocated to the investment division; plus (2) All cash values transferred to the investment division from the Fixed Ac- count, from the Policy Loan Account upon loan repayment (including all in- terest credited on loaned amounts) or from another investment division; minus credited on loaned amounts) or from another investment division; mi- nus (3) Any cash value transferred from the investment division to the Fixed Ac- count, to the Policy Loan Account upon taking out a loan or to another in- vestment division; minus (4) Any partial cash withdrawal from the investment division; minus (5) The portion of the cumulative monthly deductions allocated to the Policy's cash value in the investment division (see "Charges and Deductions-- Monthly Deduction from Cash Value"); minus (6) The portion of any transfer charge allocated to the Policy's cash value in the investment division (see "Charges and Deductions--Transfer Charge"); plus (7) The cumulative net investment return (discussed below) on the net amount of cash value in the investment division. The Policy's total cash value in the Separate Account equals the sum of the Policy's cash value in each investment division. Separate Account Net Investment Return. A Separate Account investment divi- sion's net investment return is determined as of 4:00 p.m., New York City time, on each Valuation Date. All transactions and calculations with respect to the Policies as of any Valuation Date are determined as of such time. Each Separate Account division is credited with a rate of net investment re- turn equal to its gross rate of investment return during the Valuation Period less (1) an adjustment for the Separate Account's charge for mortality and ex- pense risks (equivalent to .90% on an annual basis) and (2) a charge for Met- ropolitan Life's taxes, if any such tax charge becomes necessary in the future (see "Charges and Deductions--Charges Against the Separate Account"). The in- vestment division's gross rate of investment return is equal to the rate of increase or decrease in the net asset value per share of the underlying Fund portfolio over the Valuation Period, adjusted upward to take appropriate ac- count of any dividends paid by the portfolio during the period. Depending primarily on the investment experience of the underlying Fund portfolio, a Separate Account investment division's net investment return may be either positive or negative during a Valuation Period. Index of Investment Experience. The index of investment experience measures changes in each investment division's investment experience during a Valuation Period. Each investment division has its own distinct index. The index for each investment division was set at $10.00 when it first began operations. On May 1, 1990, the divisions which invest in the State Street Research Growth Portfolio, State Street Research Income Portfolio, State Street Research Di- versified Portfolio and MetLife Money Market Portfolio were available to re- ceive net premium payments. The division which invests in the GFM Interna- tional Stock Portfolio was available to receive net premium payments on July 1, 1991, the division which invests in the MetLife Stock Index Portfolio was available to receive net premium payments on May 1, 1992 and the division which invests in the State Street Research Aggressive Growth Portfolio was available to receive net premium payments on April 30, 1993. On March 3, 1997, the divisions which invest in the Loomis Sayles High Yield Bond Portfolio, the T. Rowe Price Small Cap Growth Portfolio, the Janus Mid Cap Portfolio and the Scudder Global Equity Portfolio of the Fund were available to receive net pre- mium payments. In determining an investment division's index for a Valuation Period, the index for the preceding Valuation Period is multiplied by the net investment return of the investment division for the current period. As indi- cated in "Calculation of Separate Account Cash Value," other factors in addi- tion to investment experience affect the cash value and death benefit of a particular Policy. Thus, the index of investment experience for each invest- ment division does not reflect charges against premiums and cost of term in- surance and monthly Policy charges. See "Charges and Deductions--Premium Ex- pense Charges," and "Monthly Deduction from Cash Value". Also, the index of investment experience is based on historical information and does not repre- sent what may happen in the future. Rates of Return and Index Values. The following rates of return for the Sep- arate Account investment divisions reflect all charges against the Separate Account and the Fund but do not reflect charges against premiums or cost of term insurance and monthly Policy charges (see "Charges and Deductions--Pre- mium Expense Charges," and "Monthly Deduction from Cash Value"). The rates do not reflect proposed management fee revisions expected to take effect August 1, 1997. If such revisions were reflected, the rates of return would be lower in most cases. The rate of return is computed in each case by subtracting the value of the index of investment experience of the investment division (see above) at the beginning of the period from the value of said index at the end of the period and dividing the result by the value of said index at the begin- ning of the period. The Average Annual Return is determined by dividing the value of the index of investment experience of each investment division at the end of the period by the value of said index at the beginning of the period. The resulting ratio is annualized to obtain the Average Annual Return shown. The annualization makes the assumption that the rate of return does not vary from any one year period to another and takes into account the effect of com- pounding. 15 The first rates of return column shown for each investment division begins on the later of the date the portfolio of the Fund in which it invests began operations and the date the first registration statement relating to such portfolio was declared effective by the Securities and Exchange Commission and ends on the date indicated. Other periods shown begin on January 1st of the following year and end on December 31st of that year, except that the Average Annual Return column is for the entire period shown for the division in question. Thus the rates of return are based on the actual historical experience of the Fund as if the Separate Account investment division had been in existence on the dates indicated. The computation of index values for an investment division prior to the time it was first available to receive net premium payments are based on monthly figures. The annual return and index values for the GFM International Stock investment division were increased due to the voluntary assumption by Metropolitan Life of certain expenses for the GFM International Stock Portfolio of the Fund in 1993 (see "Management of the Fund," in the prospectus for the Fund). This subsidization affected average annual returns only by .01%. There was no subsidization in 1994, 1995 or 1996. No illustrations are included relating to the Loomis Sayles High Yield Bond, T. Rowe Price Small Cap Growth, Janus Mid Cap or Scudder Global Equity divisions because the corresponding portfolios of the Fund in which these investment divisions invest were added to the Fund on March 3, 1997.
INDEX VALUES 06/24/83 12/31/83 12/31/84 12/31/85 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- State Street Research Growth......... $4.89 $4.64 $4.63 $6.18 $6.75 $7.07 $7.70 $10.68 $ 9.53 $12.58 $13.91 $15.77 State Street Research Income......... $5.09 $5.16 $5.82 $7.34 $8.70 $8.45 $9.15 $10.29 $11.21 $13.05 $13.83 $15.25 MetLife Money Market......... $6.20 $6.48 $7.09 $7.60 $8.04 $8.46 $9.02 $ 9.77 $10.48 $11.02 $11.32 $11.55 07/25/86 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- -------- -------- -------- -------- State Street Research Diversified.......... $7.50 $7.73 $7.93 $8.56 $10.46 $10.27 $12.72 $13.80 $15.43 05/01/90 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- MetLife Stock Index............................................................ $ 7.70 $ 7.81 $10.04 $10.69 $11.61 04/29/88 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- -------- -------- State Street Research Aggressive Growth...................... $4.47 $4.65 $ 6.13 $ 5.38 $ 8.88 $ 9.72 $11.81 05/01/91 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- GFM International Stock................................................................. $10.86 $10.63 $ 9.46 $13.86
RATES 0F RETURN 06/24/83 06/24/83 01/01/84 01/01/85 01/01/86 01/01/87 01/01/88 01/01/89 01/01/90 01/01/91 01/01/92 01/01/93 12/31/96 12/31/83 12/31/84 12/31/85 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- State Street Research Growth........ 394.21% -5.05% -0.29% 33.60% 9.21% 4.73% 8.89% 38.71% -10.78% 31.99% 10.58% 13.39% State Street Research Income........ 250.09% 1.52% 12.81% 26.07% 18.52% -2.86% 8.26% 12.41% 9.00% 16.38% 5.94% 10.33% MetLife Money Market........ 108.63% 4.37% 9.48% 7.17% 5.76% 5.28% 6.67% 8.27% 7.22% 5.15% 2.80% 1.98% 07/25/86 07/25/86 01/01/87 01/01/88 01/01/89 01/01/90 01/01/91 01/01/92 01/01/93 12/31/96 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- -------- -------- -------- -------- State Street Research Diversified......... 182.07% 3.01% 2.62% 7.90% 22.16% -1.78% 23.83% 8.51% 11.78% 05/01/90 05/01/90 01/01/91 01/01/92 01/01/93 12/31/96 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- MetLife Stock Index........................................................... 149.14% 1.34% 28.60% 6.48% 8.57% 04/29/88 04/29/88 01/01/89 01/01/90 01/01/91 01/01/92 01/01/93 12/31/96 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- -------- -------- -------- State Street Research Aggressive Growth..................... 252.24% 3.99% 31.92% -12.14% 64.97% 9.38% 21.57% 05/01/91 05/01/91 01/01/92 01/01/93 12/31/96 12/31/91 12/31/92 12/31/93 -------- -------- -------- -------- GFM International Stock................................................................ 29.15% -2.14% -11.01% 46.44% INDEX VALUES 12/31/94 12/31/95 12/31/96 -------- -------- -------- State Street Research Growth................................................................................. $15.04 $20.05 $24.16 State Street Research Income................................................................................. $14.62 $17.34 $17.80 MetLife Money Market................................................................................. $11.89 $12.44 $12.94 12/31/94 12/31/95 12/31/96 -------- -------- -------- State Street Research Diversified....................................................... $14.76 $18.71 $21.17 12/31/94 12/31/95 12/31/96 -------- -------- -------- MetLife Stock Index..................................................................... $11.64 $15.91 $19.19 12/31/94 12/31/95 12/31/96 -------- -------- -------- State Street Research Aggressive Growth................................................. $11.29 $14.66 $15.74 12/31/94 12/31/95 12/31/96 -------- -------- -------- GFM International Stock................................................................. $14.34 $14.47 $14.03
RATES 0F RETURN AVERAGE 01/01/94 01/01/95 01/01/96 ANNUAL 12/31/94 12/31/95 12/31/96 RETURN -------- -------- -------- ------- State Street Research Growth................................................................................. -4.61% 33.30% 20.48% 12.53% State Street Research Income................................................................................. -4.19% 18.63% 2.68% 9.70% MetLife Money Market................................................................................. 2.96% 4.61% 4.07% 5.59% AVERAGE 01/01/94 01/01/95 01/01/96 ANNUAL 12/31/94 12/31/95 12/31/96 RETURN -------- -------- -------- ------- State Street Research Diversified....................................................... -4.30% 26.73% 13.14% 10.44% AVERAGE 01/01/94 01/01/95 01/01/96 ANNUAL 12/31/94 12/31/95 12/31/96 RETURN -------- -------- -------- ------- MetLife Stock Index..................................................................... 0.24% 36.72% 20.65% 14.66% AVERAGE 01/01/94 01/01/95 01/01/96 ANNUAL 12/31/94 12/31/95 12/31/96 RETURN -------- -------- -------- ------- State Street Research Aggressive Growth................................................. -4.38% 29.83% 7.31% 15.61% AVERAGE 01/01/94 01/01/95 01/01/96 ANNUAL 12/31/94 12/31/95 12/31/96 RETURN -------- -------- -------- ------- GFM International Stock................................................................. 3.52% 0.90% -3.05% 4.61%
16 ............................................................... Illustrations. In order to demonstrate how the investment experience of the Separate Account investment divisions would have affected the death benefit, cash value and cash surrender value of a Policy, hypothetical illustrations for each investment division are set forth below. These hypothetical illustra- tions are based on the actual historical experience of the Fund as if the Sep- arate Account had been in existence and a Policy had been issued on the dates indicated. They do not reflect proposed management fee revisions expected to take effect August 1, 1997. If such revisions were reflected, the cash value, cash surrender value and death benefit amounts would be lower in most cases. THEY DO NOT REPRESENT WHAT MAY HAPPEN IN THE FUTURE. The illustrations are based on the payment of annual planned premiums of $1,000 for a specified face amount of $100,000 for a male aged 25. The illus- trations assume that the insured is in Metropolitan Life's standard nonsmoker underwriting risk classification. The periods illustrated are based on the rates of return for such periods set forth in "Rates of Return and Index Val- ues" above. The amounts shown for the death benefits, cash values and cash surrender values take into account the charges against premiums and cost of term insur- ance and monthly Policy charges, as well as the daily charge against the Sepa- rate Account for mortality and expense risks equivalent to an effective annual rate of .90% of the average daily value of the assets in the Separate Account attributable to the Policies, the daily charges to the Fund for direct Fund expenses and the daily charge against the average daily value of the aggregate net assets of each portfolio for investment management services equivalent to an annual rate of .25% for the State Street Research Growth, State Street Re- search Income, MetLife Money Market, State Street Research Diversified and MetLife Stock Index Portfolios of the Fund and .75% for the GFM International Stock and State Street Research Aggressive Growth Portfolios of the Fund. (See "Charges and Deductions.") For each investment division, one illustration is based on the guaranteed cost of term insurance rates, the other illustration is based as if the cur- rent cost of term insurance rates were in effect during the period illustrated (see "Monthly Deduction From Cash Value--Cost of Term Insurance Rate"). These examples of Policy performance are for a specific age, sex, risk class, premium payment pattern and policy anniversary as set forth above. The benefits are calculated for a specific policy anniversary. The amount and tim- ing of premium payments would affect individual policy benefits as would any withdrawals or Policy loans. Performance may be shown for the automated investment strategies made avail- able under the Policies (see "Allocation of Premiums and Cash Value--Automated Investment Strategies"). Average annual return for each of the automated in- vestment strategies may be calculated by presuming a certain dollar value at the beginning of a period, and comparing this dollar value with the dollar value, based on historical performance for the applicable investment divisions or the Fixed Account, at the end of the period, expressed as a percentage. The average annual return in each case will assume that no withdrawals have oc- curred and will not reflect charges against premiums, cost of term insurance or monthly policy charges. This Prospectus also contains illustrations based on hypothetical rates of return. See "Illustrations Of Death Benefits, Cash Values, Cash Surrender Val- ues And Accumulated Premiums." 17 The following examples show how the hypothetical net return of each investment division which invests in the corresponding portfolio of the Fund would have affected benefits for a Policy issued on the January 1 immediately following the effective date of such portfolio. These examples assume that net premiums and related cash values were in the applicable investment division for the entire period. No illustrations are included relating to the Loomis Sayles High Yield Bond, T. Rowe Price Small Cap Growth, Janus Mid Cap or Scudder Global Equity divisions because the corresponding portfolios of the Fund in which these investment divisions invest were added to the Fund on March 3, 1997. STATE STREET RESEARCH GROWTH BASED ON CURRENT CHARGES
POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- OPTION A -------- -------- -------- -------- -------- -------- -------- -------- 1985.................... 100,000 100,388 100,388 388 388 388 88* 0* *0 1986.................... 100,000 101,593 101,593 1,595 1,593 1,593 1,295* 893* 1,093* 1987.................... 100,000 102,605 102,605 2,609 2,605 2,605 2,309 2,005 2,105 1988.................... 100,000 103,555 103,555 3,562 3,555 3,555 3,262 2,955 3,055 1989.................... 100,000 104,733 104,733 4,744 4,733 4,733 4,444 4,133 4,233 1990.................... 100,000 107,684 107,684 7,706 7,684 7,684 7,506 7,184 7,284 1991.................... 100,000 107,549 107,549 7,574 7,549 7,549 7,374 7,049 7,149 1992.................... 100,000 111,026 111,026 11,067 11,026 11,026 10,867 10,626 10,726 1993.................... 100,000 113,069 113,069 13,125 13,069 13,069 12,925 12,669 12,769 1994.................... 100,000 115,703 115,703 15,781 15,703 15,703 15,581 15,403 15,403 1995.................... 100,000 115,710 115,710 15,799 15,710 15,710 15,699 15,410 15,510 1996.................... 100,000 121,996 121,996 22,135 21,996 21,996 22,035 21,796 21,796 1997.................... 100,000 127,430 127,430 27,626 27,430 27,430 27,526 27,230 27,230 STATE STREET RESEARCH GROWTH BASED ON GUARANTEED CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1985.................... $100,000 $100,289 $100,289 $ 290 $ 289 $ 289 $ 0* $ 0* $ 0* 1986.................... 100,000 101,349 101,349 1,353 1,349 1,349 1,053* 649* 849* 1987.................... 100,000 102,238 102,238 2,246 2,238 2,238 1,946 1,638 1,738 1988.................... 100,000 103,073 103,073 3,087 3,073 3,073 2,787 2,473 2,573 1989.................... 100,000 104,108 104,108 4,131 4,108 4,108 3,831 3,508 3,608 1990.................... 100,000 106,699 106,699 6,742 6,699 6,699 6,542 6,199 6,299 1991.................... 100,000 106,572 106,572 6,623 6,572 6,572 6,423 6,072 6,172 1992.................... 100,000 109,606 109,606 9,692 9,606 9,606 9,492 9,206 9,306 1993.................... 100,000 111,373 111,373 11,490 11,373 11,373 11,290 10,973 11,073 1994.................... 100,000 113,658 113,658 13,820 13,658 13,658 13,620 13,358 13,358 1995.................... 100,000 113,637 113,637 13,822 13,637 13,637 13,722 13,337 13,437 1996.................... 100,000 119,068 119,068 19,359 19,068 19,068 19,259 18,868 18,868 1997.................... 100,000 123,743 123,743 24,154 23,743 23,743 24,054 23,543 23,543 STATE STREET RESEARCH INCOME BASED ON CURRENT CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1985.................... $100,000 $100,473 $100,473 $ 473 $ 473 $ 473 $ 173* $ 0* $ 0* 1986.................... 100,000 101,606 101,606 1,608 1,606 1,606 1,308* 906* 1,106* 1987.................... 100,000 102,849 102,849 2,854 2,849 2,849 2,554 2,249 2,349 1988.................... 100,000 103,529 103,529 3,536 3,529 3,529 3,236 2,929 3,029 1989.................... 100,000 104,677 104,677 4,688 4,677 4,677 4,388 4,077 4,177 1990.................... 100,000 106,150 106,150 6,167 6,150 6,150 5,967 5,650 5,750 1991.................... 100,000 107,566 107,566 7,591 7,566 7,566 7,391 7,066 7,166 1992.................... 100,000 109,732 109,732 9,769 9,732 9,732 9,569 9,332 9,432 1993.................... 100,000 111,147 111,147 11,194 11,147 11,147 10,994 10,747 10,847 1994.................... 100,000 113,156 113,156 13,221 13,156 13,156 13,021 12,856 12,856 1995.................... 100,000 113,340 113,340 13,413 13,340 13,340 13,313 13,040 13,140 1996.................... 100,000 116,754 116,754 16,857 16,754 16,754 16,757 16,554 16,554 1997.................... 100,000 117,981 117,981 18,106 17,981 17,981 18,006 17,781 17,781
- ------- *The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). 18 STATE STREET RESEARCH INCOME BASED ON GUARANTEED CHARGES
POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1985................... $100,000 $100,367 $100,367 $ 368 $ 367 $ 367 $ 68* $ 0* $ 0* 1986................... 100,000 101,364 101,364 1,368 1,364 1,364 1,068* 664* 864* 1987................... 100,000 102,457 102,457 2,466 2,457 2,457 2,166 1,857 1,957 1988................... 100,000 103,055 103,055 3,069 3,055 3,055 2,769 2,455 2,555 1989................... 100,000 104,064 104,064 4,087 4,064 4,064 3,787 3,464 3,564 1990................... 100,000 105,355 105,355 5,390 5,355 5,355 5,190 4,855 4,955 1991................... 100,000 106,591 106,591 6,641 6,591 6,591 6,441 6,091 6,191 1992................... 100,000 108,476 108,476 8,551 8,476 8,476 8,351 8,076 8,176 1993................... 100,000 109,693 109,693 9,792 9,693 9,693 9,592 9,293 9,393 1994................... 100,000 111,432 111,432 11,565 11,432 11,432 11,365 11,132 11,132 1995................... 100,000 111,565 111,565 11,718 11,565 11,565 11,618 11,265 11,365 1996................... 100,000 114,494 114,494 14,710 14,494 14,494 14,610 14,294 14,294 1997................... 100,000 115,515 115,515 15,777 15,515 15,515 15,677 15,315 15,315 METLIFE MONEY MARKET BASED ON CURRENT CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1985................... $100,000 $100,451 $100,451 $ 452 $ 451 $ 451 $ 152* $ 0* $ 0* 1986................... 100,000 101,331 101,331 1,332 1,331 1,331 1,032* 631* 831* 1987................... 100,000 102,243 102,243 2,246 2,243 2,243 1,946 1,643 1,743 1988................... 100,000 103,192 103,192 3,198 3,192 3,192 2,898 2,592 2,692 1989................... 100,000 104,248 104,248 4,258 4,248 4,248 3,958 3,648 3,748 1990................... 100,000 105,456 105,456 5,471 5,456 5,456 5,271 4,956 5,056 1991................... 100,000 106,697 106,697 6,719 6,697 6,697 6,519 6,197 6,297 1992................... 100,000 107,872 107,872 7,901 7,872 7,872 7,701 7,472 7,572 1993................... 100,000 108,902 108,902 8,938 8,902 8,902 8,738 8,502 8,602 1994................... 100,000 109,866 109,866 9,911 9,866 9,866 9,711 9,566 9,566 1995................... 100,000 110,953 110,953 11,010 10,953 10,953 10,910 10,653 10,753 1996................... 100,000 112,267 112,267 12,338 12,267 12,267 12,238 12,067 12,067 1997................... 100,000 113,557 113,557 13,645 13,557 13,577 13,545 13,357 13,357 METLIFE MONEY MARKET BASED ON GUARANTEED CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1985................... $100,000 $100,347 $100,347 $ 348 $ 347 $ 347 $ 48* $ 0* $ 0* 1986................... 100,000 101,120 101,120 1,123 1,120 1,120 823* 420* 620* 1987................... 100,000 101,921 101,921 1,928 1,921 1,921 1,628 1,321 1,421 1988................... 100,000 102,756 102,756 2,768 2,756 2,756 2,468 2,156 2,256 1989................... 100,000 103,684 103,684 3,703 3,684 3,684 3,403 3,084 3,184 1990................... 100,000 104,741 104,741 4,771 4,741 4,741 4,571 4,241 4,341 1991................... 100,000 105,823 105,823 5,866 5,823 5,823 5,666 5,323 5,423 1992................... 100,000 106,839 106,839 6,897 6,839 6,839 6,697 6,439 6,539 1993................... 100,000 107,719 107,719 7,794 7,719 7,719 7,594 7,319 7,419 1994................... 100,000 108,544 108,544 8,639 8,544 8,544 8,439 8,244 8,244 1995................... 100,000 109,464 109,464 9,583 9,464 9,464 9,483 9,164 9,264 1996................... 100,000 110,565 110,565 10,715 10,565 10,565 10,615 10,365 10,365 1997................... 100,000 111,639 111,639 11,824 11,639 11,639 11,724 11,439 11,439
- ------- * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). 19 STATE STREET RESEARCH DIVERSIFIED BASED ON CURRENT CHARGES
POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1988................... $100,000 $100,407 $100,407 $ 407 $ 407 $ 407 $ 107* $ 0* $ 0* 1989................... 100,000 101,292 101,292 1,294 1,292 1,292 994* 592* 792* 1990................... 100,000 102,555 102,555 2,559 2,555 2,555 2,259 1,955 2,055 1991................... 100,000 103,280 103,280 3,286 3,280 3,280 2,986 2,680 2,780 1992................... 100,000 105,053 105,053 5,064 5,053 5,053 4,764 4,453 4,553 1993................... 100,000 106,341 106,341 6,359 6,341 6,341 6,159 5,841 5,941 1994................... 100,000 107,975 107,975 8,001 7,975 7,975 7,801 7,475 7,575 1995................... 100,000 108,381 108,381 8,412 8,381 8,381 8,212 7,981 8,081 1996................... 100,000 111,637 111,637 11,686 11,637 11,637 11,486 11,237 11,337 1997................... 100,000 114,049 114,049 14,116 14,049 14,049 13,916 13,749 13,749 STATE STREET RESEARCH DIVERSIFIED BASED ON GUARANTEED CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1988................... $100,000 $100,306 $100,306 $ 307 $ 306 $ 306 $ 7* $ 0* $ 0* 1989................... 100,000 101,084 101,084 1,087 1,084 1,084 787* 384* 584* 1990................... 100,000 102,194 102,194 2,202 2,194 2,194 1,902 1,594 1,694 1991................... 100,000 102,832 102,832 2,844 2,832 2,832 2,544 2,232 2,332 1992................... 100,000 104,390 104,390 4,413 4,390 4,390 4,113 3,790 3,890 1993................... 100,000 105,518 105,518 5,554 5,518 5,518 5,354 5,018 5,118 1994................... 100,000 106,945 106,945 6,997 6,945 6,945 6,797 6,445 6,545 1995................... 100,000 107,286 107,286 7,351 7,286 7,286 7,151 6,886 6,986 1996................... 100,000 110,114 110,114 10,215 10,114 10,114 10,015 9,714 9,814 1997................... 100,000 112,203 112,203 12,344 12,203 12,203 12,144 11,903 11,903 METLIFE STOCK INDEX BASED ON CURRENT CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --- 1992................... $100,000 $100,577 $100,577 $ 578 $ 577 $ 577 $ 278* $ 0* $ 77* 1993................... 100,000 101,456 101,456 1,458 1,456 1,456 1,158* 756* 956* 1994................... 100,000 102,440 102,440 2,444 2,440 2,440 2,144 1,840 1,940 1995................... 100,000 103,234 103,234 3,240 3,234 3,234 2,940 2,634 2,734 1996................... 100,000 105,523 105,523 5,536 5,523 5,523 5,236 4,923 5,023 1997................... 100,000 107,627 107,627 7,649 7,627 7,627 7,449 7,127 7,227 METLIFE STOCK INDEX BASED ON GUARANTEED CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1992................... $100,000 $100,463 $100,463 $ 465 $ 463 $ 463 $ 165* $ 0* $ 0* 1993................... 100,000 101,236 101,236 1,239 1,236 1,236 939* 536* 736* 1994................... 100,000 102,101 102,101 2,109 2,101 2,101 1,809 1,501 1,601 1995................... 100,000 102,799 102,799 2,812 2,799 2,799 2,512 2,199 2,299 1996................... 100,000 104,815 104,815 4,842 4,815 4,815 4,542 4,215 4,315 1997................... 100,000 106,663 106,663 6,707 6,663 6,663 6,507 6,163 6,263
- ------- * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). 20 STATE STREET RESEARCH AGGRESSIVE GROWTH BASED ON CURRENT CHARGES
POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1990................... $100,000 $100,599 $100,599 $ 600 $ 599 $ 599 $ 300* $ 0* $ 99* 1991................... 100,000 101,208 101,208 1,210 1,208 1,208 910* 508* 708* 1992................... 100,000 103,341 103,341 3,346 3,341 3,341 3,046 2,741 2,841 1993................... 100,000 104,521 104,521 4,530 4,521 4,521 4,230 3,921 4,021 1994................... 100,000 106,467 106,467 6,483 6,467 6,467 6,183 5,867 5,967 1995................... 100,000 106,932 106,932 6,953 6,932 6,932 6,753 6,432 6,532 1996................... 100,000 110,043 110,043 10,077 10,043 10,043 9,877 9,543 9,643 1997................... 100,000 111,625 111,625 11,671 11,625 11,625 11,471 11,225 11,325 STATE STREET RESEARCH AGGRESSIVE GROWTH BASED ON GUARANTEED CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1990................... $100,000 $100,484 $100,484 $ 485 $ 484 $ 484 $ 185* $ 0* $ 0* 1991................... 100,000 101,017 101,017 1,020 1,017 1,017 720* 317* 517* 1992................... 100,000 102,899 102,899 2,910 2,899 2,899 2,610 2,299 2,399 1993................... 100,000 103,938 103,938 3,957 3,938 3,938 3,657 3,338 3,438 1994................... 100,000 105,653 105,653 5,685 5,653 5,653 5,385 5,053 5,153 1995................... 100,000 106,057 106,057 6,098 6,057 6,057 5,898 5,557 5,657 1996................... 100,000 108,786 108,786 8,856 8,786 8,786 8,656 8,286 8,386 1997................... 100,000 110,161 110,161 10,256 10,161 10,161 10,056 9,761 9,861 GFM INTERNATIONAL STOCK BASED ON CURRENT CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1993................... $100,000 $100,319 $100,319 $ 320 $ 319 $ 319 $ 20* $ 0* $ 0* 1994................... 100,000 101,654 101,654 1,656 1,654 1,654 1,356* 954* 1,154* 1995................... 100,000 102,528 102,528 2,532 2,528 2,528 2,232 1,928 2,028 1996................... 100,000 103,345 103,345 3,351 3,345 3,345 3,051 2,745 2,845 1997................... 100,000 104,002 104,002 4,012 4,002 4,002 3,712 3,402 3,502 GFM INTERNATIONAL STOCK BASED ON GUARANTEED CHARGES POLICY NNIVERSARYA DEATH BENEFIT CASH VALUE CASH SURRENDER VALUE N JANUARYO -------------------------- -------------------------- ---------------------------- 1ST OF OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C - ----------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1993................... $100,000 $100,226 $100,226 $ 227 $ 226 $ 226 $ 0* $ 0* $ 0* 1994................... 100,000 101,400 101,400 1,403 1,400 1,400 1,103* 700* 900* 1995................... 100,000 102,167 102,167 2,175 2,167 2,167 1,875 1,567 1,667 1996................... 100,000 102,885 102,885 2,898 2,885 2,885 2,598 2,285 2,385 1997................... 100,000 103,463 103,463 3,481 3,463 3,463 3,181 2,863 2,963
- ------- * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). 21 ............................................................... From time to time the Separate Account may advertise its performance ranking and rating information among similar investments as compiled by Lipper Analyt- ical Services Inc., Morningstar, Inc. and other independent organizations. From time to time the Separate Account may compare the performance of its investment divisions with the performance of common stocks, long-term govern- ment bonds, long-term corporate bonds, intermediate-term government bonds, Treasury Bills, certificates of deposit and savings accounts. The Separate Ac- count may use the Consumer Price Index in its advertisements as a measure of inflation for comparison purposes. BENEFIT AT FINAL DATE If the insured is living, Metropolitan Life will pay to the Policy owner the cash value of the Policy on the Final Date, reduced by any outstanding indebt- edness (see "Policy Benefits--Cash Value"). The Final Date of a Policy is the Policy anniversary on which the insured is 95 (see "Federal Tax Matters"). OPTIONAL INCOME PLANS During the insured's lifetime, the Policy owner may arrange for the insur- ance proceeds to be paid in a single sum, in an account that earns interest or under one or more of the available optional income plans. For more specifics regarding optional income plans, see the Appendix to Prospectus. These choices are also available at the Final Date and if the Policy is surrendered. If no election is made, Metropolitan Life will place the amount in an account that earns interest. The payee will have immediate access to all or any part of the account. When the insurance proceeds are payable in a single sum, the beneficiary may, within one year of the insured's death, select one or more of the op- tional income plans, if no payments have yet been made. If the insurance pro- ceeds become payable under an optional income plan and the beneficiary has the right to withdraw the entire amount, the beneficiary may name and change con- tingent beneficiaries. OPTIONAL INSURANCE BENEFITS Subject to certain requirements, one or more of the optional insurance bene- fits described in the Appendix to Prospectus, may be included with a Policy by rider. The cost of any optional insurance benefits will be deducted as part of the monthly deduction (see "Charges and Deductions--Monthly Deduction From Cash Value"). There is no charge for the accelerated death benefit rider. See the Appendix to Prospectus, for a discussion of how certain riders affect the benefits and the exercise of certain rights under the Policy. PAYMENT AND ALLOCATION OF PREMIUMS ............................................................................... ISSUANCE OF A POLICY Individuals wishing to purchase a Policy must complete an application which will be sent to the Designated Office. A Policy will not be issued with a specified face amount less than the Minimum Initial Specified Face Amount. A Policy will generally be issued only to insureds 80 years of age or under who supply evidence of insurability satisfactory to Metropolitan Life. Metropoli- tan Life may, however, at its sole discretion, issue a Policy to an individual above the age of 80. Acceptance is subject to Metropolitan Life's underwriting rules, and Metropolitan Life reserves the right to reject an application for any reason permitted by law. The Date of Policy is the date used to determine Policy years and Policy months regardless of when the Policy is delivered. The Date of Policy will or- dinarily be the date the application is approved. Within limits, Metropolitan Life may establish an earlier Date of Policy (but no earlier than the date the application is completed) if desired to preserve a younger age at issue for the insured. Individuals may also request that the Date of Policy be the date the application is completed if a payment of at least $2,500 is received with the application. In these instances, the Policy owner will incur a charge for insurance protection under the Policy where the insurance is in force under the temporary insurance agreement described below. However, an earlier Date of Policy has the potential advantage, to the Policy owner, of an earlier Invest- ment Start Date if a payment is received with the application. In the case of certain payroll deduction plans, or other automatic investment plans, the Date of Policy may be earlier or later than the date the first premium payment is received, pursuant to established administrative rules. If a premium payment equivalent to at least one "check-o-matic" payment is received with the application, and there has been no material misrepresenta- tion in the application, fixed, temporary insurance equal to the specified face amount applied for up to a maximum amount of $500,000, provided at no ad- ditional charge, will start as of the date the application was completed and will continue for a maximum of 90 days. However, if a medical examination of a person to be insured is initially required by the underwriting rules of Metro- politan Life, coverage on that person will not start until completion of the examination. If it is not completed within 90 days from the date of the appli- cation, there will be no coverage, except that, if the person to be insured dies from an accident within 30 days from the date of the application and be- fore the examination is completed, temporary insurance will be in effect if it has not already ended under the terms of the temporary insurance agreement. In no event will a death benefit be provided under the temporary insurance agree- ment if death is by suicide. Metropolitan Life will allocate net premiums to the Separate Account and/or the Fixed Account on the Investment Start Date (see "Allocation of Premiums and Cash Value"). The Investment Start Date is the later of (i) the Date of Policy and (ii) the date the first premium for a Policy is received at the Designated Office. 22 ............................................................... Except as otherwise provided in any temporary insurance agreement, there will be no insurance coverage under a Policy unless at the time the Policy is delivered the insured's health is the same as stated in the application and, in most states, the insured has not sought medical advice or treatment subse- quent to the date of the application. PREMIUMS Payment of Premiums. Each Policy owner will determine a planned periodic premium schedule that provides for the payment of a level premium at fixed in- tervals for a specified period of time. During the first two Policy years, premium payments must be at least equal to a minimum allowable planned premium schedule. After the first two Policy years, the Policy owner is not required to pay premiums in accordance with the planned periodic premium schedule. MOREOVER THE PAYMENT OF PLANNED PERIODIC PREMIUMS WILL NOT GUARANTEE THAT THE POLICY REMAINS IN FORCE AFTER THE FIRST TWO POLICY YEARS. Instead, the du- ration of the Policy after the first two Policy years depends upon the Policy's cash surrender value (see "Policy Termination and Reinstatement--Ter- mination"). The Policy owner must designate in the application one of the following ways to pay the planned periodic premium. The Policy owner may elect to pay the planned periodic premium annually, semi-annually, or monthly through "check-o- matic" payments. Monthly "check- o-matic" payments are automatically made by preauthorized transfers from a bank checking account. A Policy owner may also elect to pay monthly planned periodic premiums through other systematic pay- ment plans or through various payroll deduction plans if provided by the em- ployer of the Policy owner. In certain situations Metropolitan Life may permit the payment of monthly planned periodic premiums in another manner. Any such payment method will be made available in a manner that will not discriminate unreasonably or unfairly against any Owner. Subject to the minimum and maximum premium limitations described below, a Policy owner may make unscheduled premium payments at any time in any amount. The Policy, therefore, provides the owner with the flexibility to vary the frequency and amount of premium payments to reflect changing financial condi- tions. All premium payments after the initial premium payment are credited to the Separate Account or Fixed Account as of the Date of Receipt. Premium Limitations. During the first two Policy years, premium payments by a Policy owner must at least equal the minimum allowable planned premium for the particular Policy or the Policy will terminate after a grace period com- mencing on a monthly anniversary when the total premiums paid as of that date are not at least equal to the minimum premiums required as of that date and the cash surrender value is insufficient to pay the monthly deduction on that date. The minimum allow able planned premium is equal to the then current an- nual target premium for the Policy. Except as described below, the total of all premiums paid, both planned and unplanned, can never exceed the then current maximum premium limitation deter- mined by Internal Revenue Code rules relating to the definition of life insur- ance. If at any time a premium is paid that would result in total premiums ex- ceeding the then current maximum premium limitations, Metropolitan Life will accept only that portion of the premium that will make total premiums equal the limit. Any part of the premium in excess of that amount will be refunded, and no further premiums will be accepted until allowed by the maximum premium limitations. These limitations will not apply to any premium that is required to be paid in order to prevent the Policy from terminating. There may be cases where the total of all premiums paid could cause the Pol- icy to be classified as a modified endowment contract (see "Federal Tax Mat- ters"). The annual statement (see "Reports") sent to each Policy owner will include information regarding the modified endowment contract status of a Pol- icy. In cases where a Policy is not an irrevocable modified endowment con- tract, the annual statement will indicate what action the Policy owner can take to reverse the modified endowment contract status of the Policy. Every planned premium payment after the first Policy year must be at least $200 on an annual basis, $100 on a semi-annual basis and $15 on a "check-o- matic" or other pre-authorized transfer or payment basis. For some Policies distributed through brokers (see "Distribution of the Policies"), the planned periodic premium for the first Policy year may be required to be at least $2,500. Every unplanned premium payment must be at least $250. Premium pay- ments less than these minimum amounts will be refunded to the Policy owner. ALLOCATION OF PREMIUMS AND CASH VALUE Net Premiums. The net premium equals the premium paid less premium expense charges (see "Charges and Deductions--Premium Expense Charges"). Allocation of Net Premiums. In the application for a Policy, the Policy owner indicates the initial allocation of net premiums among the Fixed Account and the investment divisions of the Separate Account. The minimum percentage of each premium that may be allocated to the Fixed Account or any investment division of the Separate Account is 10%. Allocation percentages must be in whole numbers; for example, 33 1/3% may not be chosen. The Policy owner may change the allocation of future net premiums without charge at any time by providing Metropolitan Life with written notification at the Designated 23 ............................................................... Office. The change will be effective as of the Date of Receipt of the notice at the Designated Office. The Policy's cash value in the investment divisions of the Separate Account will vary with the investment experience of these investment divisions, and the Policy owner bears this investment risk. Policy owners should periodically review their allocations of net premiums and cash values in light of market conditions and their overall financial planning requirements. Cash Value Transfers. The Policy owner may transfer cash value between the Fixed Account and the investment divisions of the Separate Account and among the investment divisions of the Separate Account. At the present time, there is no charge for transfers. Metropolitan Life reserves the right in the future to assess a charge of up to $25 against each transfer. A transfer must be made in either dollar amounts or a percentage in whole numbers. The minimum amount that may be transferred is the lesser of $50 or the total amount in an invest- ment division or, if the transfer is from the Fixed Account the total amount in the Fixed Account. Transferring cash value from one or more investment di- visions and/or the Fixed Account into one or more other investment divisions and/or the Fixed Account counts as one transfer. Metropolitan Life reserves the right to delay the transfer, withdrawal, surrender and payment of policy loans of amounts from the Fixed Account for up to six months (see "The Fixed Account--Transfers, Withdrawals, Surrenders, and Policy Loans"). Metropolitan Life will effectuate transfers and determine all values in connection with transfers as of the Date of Receipt of written notice at the Designated Of- fice. Transfers are not taxable transactions under current law. Transfer requests must be in writing in a form acceptable to Metropolitan Life, or in another form of communication acceptable to Metropolitan Life. Metropolitan Life reserves the right, if permitted by state law, to allow Policy owners to make transfer requests by telephone and to allow Policy own- ers to authorize their sales representatives to make requests on behalf of the Policy owners by telephone on a form Metropolitan Life will supply to Policy owners. If Metropolitan Life decides to permit either of these transfer proce- dures, and a Policy owner elects to participate in either of these transfer procedures, the following will apply: the Policy owner will authorize Metro- politan Life to act upon the telephone instructions of any person purporting to be the Policy owner (or, if applicable, the Policy owner's sales represen- tative), assuming Metropolitan Life's procedures have been followed, to make transfers both from amounts in the Policy's Fixed Account and in the Separate Account. Metropolitan Life will institute reasonable procedures to confirm that any instructions commu-nicated by telephone are genuine. All telephone calls will be recorded, and the Policy owner (or, if applicable, the Policy owner's sales representative) will be asked to produce the Policy owner's per- sonalized data prior to Metropolitan Life initiating any transfer requests by telephone. Additionally, as with other transactions, the Policy owner will re- ceive a written confirmation of any such transfer. Neither Metropolitan Life nor the Separate Account will be liable for any loss, expense or cost arising out of any requests that Metropolitan Life or the Separate Account reasonably believe to be genuine. In the event that these transfer procedures are insti- tuted and in the further event that the Policy owner who has elected to use such procedures encounters difficulty with them, such Policy owner should make the request to the Designated Office. Automated Investment Strategies. Metropolitan Life may permit the Policy owner to submit a written authorization directing Metropolitan Life to make transfers on a continuing periodic basis from one investment division to an- other or to the Fixed Account. Metropolitan Life currently offers four such investment strategies: the "Equity Generator," the "Equalizer," the "Alloca- tor" and the "Rebalancer." Only one automated investment strategy may be in effect at any one time. The Owner may submit a written request electing a strategy or directing Metropolitan Life to cancel a strategy at any time. Under the "Equity Generator," Policy owners may have the interest earned on amounts in the Fixed Account transferred to the MetLife Stock Index Division or the State Street Research Aggressive Growth Division, as elected by the Policy owner. Any such transfer from the Fixed Account to the MetLife Stock Index Division or the State Street Research Aggressive Growth Division, as ap- plicable, will be made at the beginning of each Policy month following the Policy month in which the interest is earned. The transfer will only be made for a month during which at least $20 in interest is earned. Amounts earned during a month in which less than $20 in interest is earned will remain in the Fixed Account. Under the "Equalizer," at the end of a specified period (e.g. monthly, quar- terly) as determined by Metropolitan Life, a transfer is made from the MetLife Stock Index Division or the State Street Research Aggressive Growth Division, as elected by the Policy owner, to the Fixed Account or from the Fixed Account to such elected investment division in order to make the Fixed Account and such elected investment division equal in value. While the "Equalizer" is in effect, any cash value transfer out of such elected investment division that is not part of this automated investment strategy will automatically terminate the "Equalizer" election. The Policy owner may then reelect the "Equalizer" strategy to become effective on the next Policy anniversary. 24 ............................................................... Under the "Allocator," at the beginning of each Policy month, an amount des- ignated by the Policy owner is transferred from the MetLife Money Market Divi- sion to the Fixed Account and/or any investment division(s) specified by the Owner. The Policy owner may choose to do this in one of the following three ways: (1) designating an amount to be transferred from the MetLife Money Mar- ket Division each month until amounts in that investment division are exhaust- ed; (2) designating an amount to be transferred from the MetLife Money Market Division for a certain number of months; or (3) designating a total amount to be transferred from the MetLife Money Market Division in equal monthly in- stallments over a certain number of months. The Policy owner's designations must allow the "Allocator" to remain in effect for at least three months. Under the "Rebalancer," Policy owners may elect the periodic redistribution of cash value so that the cash value is allocated among the Fixed Account and the investment divisions of the Separate Account in the same proportion as the net premiums are allocated. Metropolitan Life will redistribute the cash value at the beginning of each calendar quarter. POLICY TERMINATION AND REINSTATEMENT Termination. If, during the first two Policy years, the cash surrender value on any monthly anniversary is insufficient to cover the monthly deduction and the total premiums paid as of such monthly anniversary are not equal to the minimum premiums required as of that date, Metropolitan Life will notify the Policy owner and any assignee of record of that difference. Also, if, after the first two Policy years, the cash surrender value on any monthly anniver- sary is insufficient to cover the monthly deduction, Metropolitan Life will notify the Policy owner and any assignee of record of that shortfall. In ei- ther case, the Policy owner will then have a grace period of 61 days, measured from the monthly anniversary, to make sufficient payment. In the first two Policy years, the minimum necessary premium payment will be an amount equal to the difference between the total premiums previously paid and the minimum re- quired premiums. After the first two Policy years, the minimum necessary pay- ment must be an amount sufficient to keep the Policy in force for two months after the premium expense charges have been deducted. Failure to make a suffi- cient payment within the grace period will result in termination of the Poli- cy. In the first two Policy years after issue or after an increase in the specified face amount, any excess sales charges (see "Surrender Charge--Excess Sales Charge") will be returned to the Policy owner. Otherwise, a Policy ter- minates without any cash surrender value. If the insured dies during the grace period, the insurance proceeds will still be pay able, but any due and unpaid monthly deductions will be deducted from the proceeds. Reinstatement. A terminated Policy may be reinstated anytime within 3 years (5 years in Missouri) after the end of the grace period and before the Final Date by submitting the following items to Metropolitan Life: (1) a written ap- plication for reinstatement; (2) evidence of insurability satisfactory to Met- ropolitan Life; and (3) a premium that, after the deduction of the premium ex- pense charges (see "Charges and Deductions--Premium Expense Charges"), is large enough to cover: (a) the monthly deductions for at least the two Policy months commencing with the effective date of reinstatement; (b) any due and unpaid monthly Policy charges incurred during the first Policy year; (c) any portion of the surrender charge which was not paid at termination because the cash value at termination was insufficient to pay such portion of the charge; (d) for terminations occurring in the two Policy years after issue or after an increase in the specified face amount, an amount equal to the excess, if any, of (i) the portion of the surrender charge applicable to the issue or the in- crease which would be payable (without regard to any excess sales charge limi- tations as described under "Surrender Charge--Excess Sales Charge") if the Policy were surrendered in the Policy year of reinstatement and as if the Pol- icy had not been terminated earlier over (ii) the amount of the applicable surrender charge paid at termination; and (e) interest at the rate of 6% per year on the amount set forth in (b) from the commencement of the grace period to the date of reinstatement. Metropolitan Life reserves the right to waive the interest due set forth in (e) above. Notwithstanding the above, at the present time, with respect to the rein- statement of a Policy that is terminated during the first two Policy years, Metropolitan Life will accept as the premium required for reinstatement the lesser of the amount as defined in the immediately preceding paragraph and the following: the excess of the sum of (a) the monthly deductions for at least the two Policy months commencing with the effective date of reinstatement; (b) the total of the minimum required premiums that would have been payable under the Policy from the date of the Policy until the effective date of reinstate- ment had no termination occurred; and (c) an amount that after the deduction of the premium expense charges would equal any amount previously refunded to the Policy owner as an Excess Sales Charge (see "Surrender Charge--Excess Sales Charge"), over the sum of all premiums paid by the Policy owner to the effective date of the termination before any charges or deductions were ap- plied. Metropolitan Life offers this alternative calculation of the premium required for reinstatement at present but reserves the right to modify or re- scind this offer at its sole discretion. 25 ............................................................... Indebtedness on the date of termination will be cancelled and need not be repaid and will not be reinstated. The amount of cash surrender value on the date of reinstatement will be equal to two monthly deductions plus any amount of net premiums paid at reinstatement in excess of the amount of premium re- quired above to reinstate the Policy. The date of reinstatement will be the date of approval of the application for reinstatement. The terms of the original Policy, including the insurance rates provided therein, will apply to the reinstated Policy. However, a Policy which was terminated and reinstated during the first two Policy years will be subject to termination after a grace period when the cash surrender value is insufficient to pay a monthly deduction even if all minimum premiums required to be paid during the first two Policy years have been paid. A reinstated Pol- icy is subject to a new two year period of contestability (see "Other Policy Provisions--Incontestability"). CHARGES AND DEDUCTIONS ............................................................................... PREMIUM EXPENSE CHARGES Sales Load. A charge (which may be deemed to be a sales load as defined in the 1940 Act) is deducted from each premium payment received by Metropolitan Life as described below. A charge of 2% of premiums paid is deducted from all premium payments. There is also a charge (which may be deemed to be a sales load) upon the surrender of a Policy during the first fifteen Policy years or during the first fifteen Policy years after an increase in the specified face amount of a Policy (see "Surrender Charge"). The amount of the sales load (whether from either the premium expense charge or upon surrender of the Policy) in any Policy year cannot be specifically re- lated to actual sales expenses for that year, which include sales commissions and costs of prospectuses, other sales material and advertising. To the extent that sales expenses are not recovered from the charges for sales load, such expenses will be recovered from other sources, including any excess accumu- lated charges for mortality and expense risks under the Policies, any other gains attributable to operations with respect to the Policies and Metropolitan Life's general assets and surplus. Metropolitan Life does not anticipate that all its total sales expenses will be recovered from the sales charges. Tax Charges. Two charges are currently made for taxes related to premiums. These taxes include any fed- eral, state or local taxes measured by or based on the amount of premiums re- ceived by Metropolitan Life. A charge of 1.5% of each premium payment is made for the purpose of recovering the federal income taxes of Metropolitan Life that are determined by the amount of premiums received in connection with the Policy (the "DAC tax charge"). An additional charge is made for state premium taxes of 2% of each premium payment. Premium taxes vary from state to state ranging from zero to 3.5% currently. The 2% rate approximates the average tax rate expected to be paid on premiums from all states. TRANSFER CHARGE At the present time, no charge will be assessed against the cash value of a Policy when amounts are transferred among the investment divisions of the Sep- arate Account and between the investment divisions and the Fixed Account. Met- ropolitan Life reserves the right in the future to assess a charge of up to $25 against each transfer. If made, the charge would be allocated among the Fixed Account and each investment division of the Separate Account from which amounts are transferred in the same proportion that the amounts transferred from the Fixed Account and the amounts transferred from each investment divi- sion bear to the total amount transferred, when the requested transfer is ef- fected. Thus, for example, if a request is received for a transfer of $100, cash value in the amount of $100 would be deducted from the particular invest- ment division(s), with $100 being transferred to the requested new investment division(s). The $25 would be deducted based on the cash value in each invest- ment division from which amounts are transferred at the time of the transfer. Charges will not be assessed for transfers made under the "Equalizer," "Equity Generator," "Allocator" or "Rebalancer" (see "Allocation of Premiums and Cash Value--Automated Investment Strategies"). MONTHLY DEDUCTION FROM CASH VALUE The monthly deduction from cash value includes the cost of term insurance charge, the charge for optional insurance benefits added by rider (see "Policy Benefits--Optional Insurance Benefits") and monthly Policy charges. The cost of term insurance charge and the monthly Policy charges are discussed sepa- rately in the paragraphs that follow. The monthly deduction will also include a charge for requested increases in the death benefit for the month in which the increase occurs, as discussed more fully under "Policy Benefits--Increas- es". The monthly deduction will be deducted as of each monthly anniversary com- mencing with the Date of Policy. It will be allocated among the Fixed Account and each investment division on the Separate Account on a Pro Rata Basis. See "Payment and Allocation of Premiums--Issuance of a Policy", regarding when in- surance coverage starts under a newly issued Policy. 26 ............................................................... Cost of Term Insurance. Because the cost of term insurance depends upon a number of variables, it can vary from month to month. Metropolitan Life will determine the monthly cost of term insurance charge by multiplying the appli- cable cost of term insurance rate or rates by the term insurance amount for each Policy month. The term insurance amount for a Policy month is (a) the death benefit at the beginning of the Policy month divided by 1.0032737 (a discount factor to account for return deemed to be earned during the month), less (b) the cash value at the beginning of the Policy month. The term insurance amount may be affected by changes in the cash value or in the specified face amount of the Policy and will be greater for owners who have selected Death Benefit Option B, or Death Benefit Option C prior to pol- icy anniversary 65, than for those who have selected Death Benefit Option A, or Death Benefit Option C on and after policy anniversary 65 (see "Policy Ben- efits--Death Benefits"), assuming the same specified face amount in each case and assuming that the minimum death benefit is not in effect. Since the death benefit under Option A, and under Option C on and after policy anniversary 65, remains constant while the death benefit under Option B, and under Option C prior to policy anniversary 65, varies with the cash value, cash value in- creases will generally reduce the term insurance amount under Option A, and Option C on and after policy anniversary 65, but not under Option B, and Op- tion C prior to policy anniversary 65. If the term insurance amount is great- er, the cost of insurance will be greater. If the minimum death benefit is in effect (see "Death Benefit Options--Minimum Death Benefit"), then the cost of term insurance will vary directly with the cash value under all of the death benefit options. If more than one rate class is in effect under a Policy (see "Rate Class"), the cost of term insurance will generally decrease if a Policy owner changes the Death Benefit Option. In those cases where the specified face amount of the Policy does not change as a result of the Option change (i.e., converting from Option B to C (when permitted), from Option C to Option B before Policy anniversary 65 or from Option C to Option A after Policy anniversary 65), the cost of term insurance will not change. Cost of Term Insurance Rate. Cost of term insurance rates are based on the sex (except in Montana and Massachusetts, in the case of group conversions which require unisex rates and in the case of Policies sold in connection with executive bonus and split dollar deferred compensation plans), age and rate class of the insured. The actual monthly cost of term insurance rates will be based on Metropolitan Life's expectations as to future experience. They will not, however, be greater than the guaranteed cost of term insurance rates set forth in the Policy. These guaranteed rates are based on certain of the 1980 Commissioners Standard Ordinary Mortality Tables and the insured's sex and age. The Tables used for this purpose set forth different mortality estimates for males and females. Any change in the cost of term insurance rates will ap- ply to all persons of the same insuring age, sex, and rate class whose Poli- cies have been in force for the same length of time. Metropolitan Life reviews its cost of term insurance rates periodically and may adjust the rates from time to time. Rate Class. The rate class of an insured affects the cost of term insurance rate. Metropolitan Life currently places insureds into a standard rate class or rate classes involving a higher or lower mortality risk. For Ages 18 and over, each such rate class is further divided into a smoker division and a nonsmoker division. In an otherwise identical Policy, insureds in the standard rate class will have a lower cost of term insurance than those in the rate class with the higher mortality risk, and a higher cost of term insurance than those in the rate class with the lower mortality risk. Also, those insureds in the nonsmoker division of a rate class will have a lower cost of term insur- ance than those in the smoker division of the same rate class. If a Policy owner requests a specified face amount increase at a time when the insured is in a less favorable rate class or division than previously, a correspondingly higher cost of insurance rate will apply to that portion of the term insurance amount attributable to the increase. On the other hand, if the insured's rate class or division improves, the lower cost of insurance rate will apply to the entire term insurance amount. Monthly Policy Charges. During the first Policy year, there will be a Base Administration Charge as described below plus a monthly charge equal to $0.25 per thousand dollars of specified face amount of the Policy. The Base Adminis- tration Charge is equal to $5 per month at Ages less than eighteen, $15 per month at Ages eighteen to forty-nine, and $20 per month at Ages fifty and above. After the first Policy year, the monthly administration charge is $5 per month for Policies with a specified face amount of $250,000 or more, $7 per month for Policies with a specified face amount of $100,000 to $249,999, and $9 per month for Policies with a specified face amount of less than $100,000. The monthly administration charge will be determined by the speci- fied face amount of the Policy at the time the monthly deduction is made. Thus, any change in the specified face amount of a Policy may result in a change in the monthly administration charge. These charges will be used to compensate Metropolitan Life for expenses in- curred in the administration of the Policy as a multifunded policy. The first year charge 27 ................................... will also compensate Metropolitan Life for first year underwriting and other start-up expenses incurred in connection with the Policy. These expenses in- clude the cost of processing applications, conducting medical examinations, determining insurability and the insured's risk class, and establishing Policy records. If a Policy is surrendered in the first Policy year, the remaining Base Administration Charge for each of the full Policy months remaining in the first Policy year will be deducted from the cash value of the Policy in addi- tion to any applicable surrender charge (see "Surrender Charge"). CHARGES AGAINST THE SEPARATE ACCOUNT Charge for Mortality and Expense Risks. A daily charge is made against the Separate Account for mortality and expense risks assumed by Metropolitan Life. The amount of the charge is equivalent to an effective annual rate of .90% of the average daily value of the assets in the Separate Account which are attributable to the Policies. The mortality risk assumed is that insureds may live for a shorter period of time than estimated (i.e., the period of time based on the appropriate 1980 Commissioners Standard Ordinary Mortality Table) and, thus, a greater amount of death benefits than expected will be payable. The expense risk assumed is that expenses incurred in issuing and administering the Policies will be greater than estimated. Metropolitan Life will realize a gain if the charges prove ultimately to be more than sufficient to cover its actual costs of such mortality and expense commitments. If the charges are not sufficient, the loss will fall on Metropolitan Life. If its estimates of future mortality and ex- pense experience are accurate, Metropolitan Life anticipates that it will re- alize a profit from the mortality and expense risk charge; however if such es- timates are inaccurate, Metropolitan Life could incur a loss. Charge for Income Taxes. Currently, no charge is made against the Separate Account for income taxes. However, Metropolitan Life may decide to make such a charge in the future (see "Federal Tax Matters--Taxation of Metropolitan Life"). SURRENDER CHARGE A sales charge will be deducted in the form of a surrender charge from the cash value if the Policy is surrendered or terminated after a grace period during the first fifteen Policy years. A sales charge will also be deducted upon surrender or termination of a Policy during the first fifteen Policy years after an increase in the specified face amount of a Policy. In each case, the amount of the surrender charge is based on a charge per thousand dollars of specified face amount which varies with the Age of the insured at the time of the issue of the Policy or of the increase in the specified face amount and the death benefit option chosen at the time of issue or increase by the Policy owner. The surrender charges per thousand dollars of specified face amount are as follows: Option A:
AGE AT POLICY YEARS SINCE ISSUE OR INCREASE ISSUE OR ----------------------------------------------------------- INCREASE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 - --------------------------------------------------------------------- 0- 5 $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1 $ 1 6-10 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 11-20 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 21-25 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 26-30 4 4 3 3 3 3 3 2 2 2 2 1 1 1 1 31-35 7 6 6 6 5 5 5 4 4 3 3 2 2 1 1 36-40 8 7 7 7 6 6 5 5 4 4 3 3 2 1 1 41-44 10 9 8 8 7 7 6 6 5 4 4 3 2 2 1 45-50 12 12 11 10 10 9 8 7 7 6 5 4 3 2 1 51-54 15 15 14 13 12 11 10 9 8 7 6 5 4 3 1 55-59 18 17 16 15 14 13 12 11 10 9 8 6 5 3 2 60-69 22 21 20 18 17 16 15 13 12 11 9 7 6 4 2 70-79 22 21 20 18 17 16 15 13 12 11 9 8 6 4 2 80 22 21 20 18 17 16 15 14 13 12 10 9 8 6 3
28 .................................. Option B:
AGE AT POLICY YEARS SINCE ISSUE OR INCREASE ISSUE OR ----------------------------------------------------------- INCREASE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 - --------------------------------------------------------------------- 0- 5 $ 4 $ 4 $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1 6-10 4 4 4 4 3 3 3 3 2 2 2 1 1 1 1 11-20 5 5 5 4 4 4 3 3 3 2 2 2 1 1 1 21-25 7 7 6 6 6 5 5 4 4 3 3 2 2 1 1 26-30 10 8 7 7 7 6 6 5 4 4 3 3 2 1 1 31-35 12 12 11 10 10 9 8 7 6 5 4 4 3 2 1 36-40 15 14 13 12 12 11 10 9 8 7 6 5 4 3 1 41-44 20 20 19 18 17 16 14 13 12 10 9 7 5 4 2 45-50 24 24 24 22 21 19 17 16 14 12 10 8 6 4 2 51-54 27 27 26 24 23 21 19 18 16 14 12 10 7 5 3 55-59 30 29 27 25 24 22 20 18 16 14 12 10 8 5 3 60-69 32 30 29 27 25 23 22 20 18 15 13 11 8 6 3 70-79 36 34 33 31 29 27 25 23 20 18 16 13 10 7 4 80 40 38 36 34 32 30 28 26 24 22 19 17 14 11 6
Option C:
AGE AT POLICY YEARS SINCE ISSUE OR INCREASE ISSUE OR ----------------------------------------------------------- INCREASE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 - --------------------------------------------------------------------- 0- 5 $ 4 $ 4 $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1 6-10 4 4 4 4 3 3 3 3 2 2 2 1 1 1 1 11-20 4 4 4 4 4 3 3 3 3 2 2 2 1 1 1 21-25 5 5 5 5 5 4 4 3 3 3 2 2 2 1 1 26-30 7 6 5 5 5 5 5 4 3 3 3 2 2 1 1 31-35 10 9 9 8 8 7 7 6 5 4 4 3 3 2 1 36-40 12 11 10 10 9 9 8 7 6 6 5 4 3 2 1 41-44 15 15 14 13 12 12 10 10 9 7 7 5 4 3 2 45-50 18 18 18 16 16 14 13 12 11 9 8 6 5 3 2 51-54 21 21 20 19 18 16 15 14 12 11 9 8 6 4 2 55-59 24 23 22 20 19 18 16 15 13 12 10 8 7 4 3 60-64 27 26 25 23 21 20 19 17 15 13 11 9 7 5 3 65-69 22 22 20 18 17 16 15 13 12 11 9 7 6 4 2 70-79 22 21 20 18 17 16 15 13 12 11 9 8 6 4 2 80 22 21 20 18 17 16 15 14 13 12 10 9 8 6 3
A total surrender charge at surrender or termination of a Policy will equal the sum of any surrender charge based on the specified face amount at issue and any surrender charges based on any increases in the specified face amount. Thus, a surrender charge may apply to a surrender made more than fifteen years after issue of a Policy where a specified face amount increase has occurred within fifteen years prior to the surrender. No surrender charge applies to any increase in the specified face amount resulting from a change in the death benefit option. Also, surrender charges are not reduced by any decrease in the specified face amount, regardless of the reason for the decrease. No surrender charges are assessed against partial withdrawals or loans, but the amount of the applicable surrender charge indicated above which would be deducted (dis- regarding the effect of the excess sales charge limits, discussed below) if the Policy were surrendered reduces the amount of cash value which may be withdrawn or borrowed. For example, if a Policy owner who is 25 years old purchases a Policy with a specified face amount of $100,000 and chooses death benefit Option A, the sur- render charge in year five, assuming no increases in the specified face amount, would be $300 ($3 X 100). If the Policy owner increases the specified face amount by $50,000 in year 10 (when the Policy owner is 35 years old), the surrender charge in year 15 would be $350, consisting of $100 ($1 X 100) re- lating to the specified face amount at issue, and $250 ($5 X 50) relating to the increase in the specified face amount. In year 20, the surrender charge would be $150, consisting of 0 relating to the specified face amount at issue (since the surrender takes place more than 15 years after the original issu- ance of the Policy), and $150 ($3 X 50) relating to the increase in the speci- fied face amount. During the first Policy year, in addition to the applicable surrender charge, the remaining monthly Base Ad- 29 ............................................................... ministration Charges will also be imposed upon surrender of a Policy (see "Charges and Deductions--Monthly Policy Charges"). Excess Sales Charge. With respect to the surrender or termination of a Pol- icy during the first two Policy years after issue, the applicable surrender charge, together with all premium expense charges (other than the 2% charge for state premium taxes and that portion of the DAC tax charge that is not considered to be sales load), previously deducted from premium payments may not exceed the sum of (i) 30% of premium payments in aggregate amount less than or equal to one guideline annual premium, plus (ii) 10% of premium pay- ments in aggregate amount greater than one guideline annual premium but not more than two guideline annual premiums, plus (iii) 9% of each premium payment in excess of two guideline annual premiums. With respect to the surrender or termination of a Policy during the first two years after an increase in speci- fied fact amount, comparable limitations will be imposed on the amount of any then applicable surrender charge that is attributable to the increase. For purposes of computing the amount of any such limitation, a portion of each premium payment made after such increase in face amount will be deemed attrib- utable to the increase. That portion will bear the same ratio to the total premium payment as the Guideline Annual Premium for the face amount increase bears to the Guideline Annual Premium for the entire Policy. The cash surren- der value of an in force Policy is not affected by these limits. GUARANTEE OF CERTAIN CHARGES Metropolitan Life guarantees, and may not increase, the charges deducted from premiums, the monthly administration charge, the surrender charge and the charge against the Separate Account for mortality and expense risks with re- spect to the Policies. OTHER CHARGES Fund Investment Management Fee. Shares of the Fund are purchased for the Separate Account at their net asset value. The net asset value of Fund shares is determined after deduction of the fee for investment management services and the deduction of direct expenses from the assets of the Fund as more fully described under "Fund Investment Management Fees and Direct Expenses" and in the attached prospectus for the Fund. ILLUSTRATIONS OF DEATH BENEFITS, CASH VALUES, CASH SURRENDER VALUES AND ACCUMULATED PREMIUMS ............................................................................... The tables in this section illustrate the way in which a Policy's death ben- efit, cash value and cash surrender value could vary over an extended period of time assuming that all premiums are allocated to and remain in the Separate Account for the entire period shown and hypothetical gross investment rates of return for the Fund (i.e., investment income and capital gains and losses, re- alized or unrealized) equivalent to constant gross (after tax) annual rates of 0%, 6% and 12%. The tables are based on the payment of annual planned premiums (see "Premiums--Premium Limitations"), for a specified face amount of $100,000 for males aged 25 and 40. Each illustration assumes that the insured is in Metropolitan Life's standard nonsmoker underwriting risk classification. Il- lustrations for an insured in Metropolitan Life's standard smoker underwriting risk classification would show, for the same age and premium payments, lower cash values and cash surrender values and, therefore, for the minimum death benefit, death benefits under Option B and Option C prior to policy anniver- sary 65, lower death benefits. The differences between the cash values and the cash surrender values in the first fifteen years are the surrender charges. The death benefits, cash values and cash surrender values would be different from those shown if the actual gross investment rates of return averaged 0%, 6% or 12% over a period of years, but fluctuated above or below such averages for individual policy years. The values would also be different depending on the allocation of a Policy's total cash value among the investment divisions of the Separate Account, if the actual rates of return averaged 0%, 6% or 12% but the rates for each portfolio of the Fund varied above and below such aver- ages. The amounts shown for the death benefits, cash values and cash surrender values take into account the deductions from premiums and the monthly deduc- tion from cash value, as well as the daily charge against the Separate Account for mortality and expense risks equivalent to an effective annual rate of .90% of the average daily value of the assets in the Separate Account attributable to the Policies and the daily charge to the Fund for investment management services equivalent to an annual rate of .51% of the average daily value of the aggregate net assets of the Fund (which represents a simple average of the maximum management fees applicable to the eleven available Portfolios of the Fund) and .13% for other direct Fund expenses (the average of the expenses in- dicated in the chart of "Metropolitan Series Fund Annual Expenses" under "Fund Investment Management Fees and Direct Expenses"). The amounts do not reflect proposed management fee revisions expected to take effect August 1, 1997. If such revisions were reflected, the cash value, cash surrender value and death benefit amounts would be lower. (See "Charges and Deductions.") Some of the following illustrations are based on the guaranteed cost of term insurance rates; the remainder of the illustrations are based on the current cost of term insurance rates as presently in effect (see "Monthly Deduction From Cash Value--Cost of Term Insurance Rate"). 30 ............................................................... Taking account of the charges for mortality and expense risks, investment management services and other Fund expenses, the gross annual investment rates of return of 0%, 6% and 12% correspond to actual (or net) annual rates of: - 1.52%, 4.39% and 10.30%, respectively. Taking into account the investment man- agement fees changes anticipated to take effect on August 1, 1997, these ac- tual rates would be -1.57%, 4.34% and 10.25%, respectively. The hypothetical returns shown in the tables do not reflect any charges for income taxes against the Separate Account since no such charges are currently made. However, if in the future such charges are made, in order to produce the death benefits and cash values illustrated, the gross annual investment rate of return would have to exceed 0%, 6% or 12% by a sufficient amount to cover the tax charges. (See "Federal Tax Matters--Taxation of Metropolitan Life.") The second column of the tables shows the amount which would accumulate if an amount equal to the annual planned premium were invested to earn interest, after taxes, at 5% compounded annually. Upon request, Metropolitan Life will furnish an illustration reflecting the proposed insured's age, sex, the specified face amount or premium amount re- quested, frequency of planned periodic premium payments, death benefit option selected and any available rider requested. 31 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 25 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION A GUARANTEED COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------------- ----------------------------- ----------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- -------- 1.................... $ 1,050 $ 282 $ 317 $ 353 $ 0*(3) $ 17* $ 53* $100,000 $100,000 $100,000 2.................... 2,153 958 1,059 1,165 658* 759* 865* 100,000 100,000 100,000 3.................... 3,310 1,624 1,834 2,062 1,324 1,534 1,762 100,000 100,000 100,000 4.................... 4,526 2,282 2,646 3,054 1,982 2,346 2,754 100,000 100,000 100,000 5.................... 5,802 2,930 3,494 4,149 2,630 3,194 3,849 100,000 100,000 100,000 6.................... 7,142 3,566 4,377 5,355 3,366 4,177 5,155 100,000 100,000 100,000 7.................... 8,549 4,189 5,295 6,683 3,989 5,095 6,483 100,000 100,000 100,000 8.................... 10,027 4,797 6,249 8,144 4,597 6,049 7,944 100,000 100,000 100,000 9.................... 11,578 5,389 7,238 9,750 5,189 7,038 9,550 100,000 100,000 100,000 10.................... 13,207 5,964 8,264 11,516 5,764 8,064 11,316 100,000 100,000 100,000 15.................... 22,657 8,519 13,927 23,329 8,419 13,827 23,229 100,000 100,000 100,000 20.................... 34,719 10,384 20,476 42,332 10,384 20,476 42,332 100,000 100,000 100,000 25.................... 50,113 11,356 27,975 72,901 11,356 27,975 72,901 100,000 100,000 139,240(4) 40.................... 126,840 2,909 56,283 321,548 2,909 56,283 321,548 100,000 100,000 392,289(4) 45.................... 167,685 0(3) 68,002 515,971 0(3) 68,002 515,971 0(3) 100,000 598,527(4) 50.................... 219,815 0(3) 82,264 825,927 0(3) 82,264 825,927 0(3) 100,000 883,742(4)
- ------- (1) Assumes annual planned premium payments of $1,000 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination," for further details. Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). (4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death Benefit," for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge," which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 32 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 25 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION B GUARANTEED COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL TOTAL DEATH BENEFIT(2) PREMIUMS GROSS ANNUAL GROSS ANNUAL ASSUMING HYPOTHETICAL ACCUMULATED INVESTMENT INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST ------------------------ ----------------------------- ----------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------ ------ ------- ------ ------ ------- -------- -------- -------- 1...................... $ 1,050 $ 281 $ 316 $ 352 $ 0*(3) $ 0*(3) $ 0*(3) $100,281 $100,316 $100,352 2...................... 2,153 955 1,056 1,161 255* 356* 461* 100,955 101,056 101,161 3...................... 3,310 1,618 1,828 2,054 1,018 1,228 1,454 101,618 101,828 102,054 4...................... 4,526 2,272 2,634 3,040 1,672 2,034 2,440 102,272 102,634 103,040 5...................... 5,802 2,916 3,475 4,127 2,316 2,875 3,527 102,916 103,475 104,127 6...................... 7,142 3,545 4,350 5,321 3,045 3,850 4,821 103,545 104,350 105,321 7...................... 8,549 4,161 5,257 6,633 3,661 4,757 6,133 104,161 105,257 106,633 8...................... 10,027 4,760 6,198 8,073 4,360 5,798 7,673 104,760 106,198 108,073 9...................... 11,578 5,341 7,171 9,653 4,941 6,771 9,253 105,341 107,171 109,653 10...................... 13,207 5,905 8,176 11,384 5,605 7,876 11,084 105,905 108,176 111,384 15...................... 22,657 8,369 13,657 22,839 8,269 13,557 22,739 108,369 113,657 122,839 20...................... 34,719 10,064 19,776 40,763 10,064 19,776 40,763 110,064 119,776 140,763 25...................... 50,113 10,752 26,344 68,857 10,752 26,344 68,857 110,752 126,344 168,857 40...................... 126,840 762 41,207 289,754 762 41,207 289,754 100,762 141,207 389,754 45...................... 167,685 0(3) 38,059 458,473 0(3) 38,059 458,473 0(3) 138,059 558,473 50...................... 219,815 0(3) 23,461 722,011 0(3) 23,461 722,011 0(3) 123,461 822,011
- ------- (1) Assumes annual planned premium payments of $1,000 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination," for further details. Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). * The values indicated are based on the full surrender charges as described under "Surrender Charge," which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 33 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 25 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION C GUARANTEED COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL TOTAL DEATH BENEFIT(2) PREMIUMS GROSS ANNUAL GROSS ANNUAL ASSUMING HYPOTHETICAL ACCUMULATED INVESTMENT INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST ------------------------ ----------------------------- ----------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------ ------ ------- ------ ------ ------- -------- -------- -------- 1.................... $ 1,050 $ 281 $ 316 $ 352 $ 0*(3) $ 0*(3) $ 0*(3) $100,281 $100,316 $100,352 2.................... 2,153 955 1,056 1,161 455* 556* 661* 100,955 101,056 101,161 3.................... 3,310 1,618 1,828 2,054 1,118 1,328 1,554 101,618 101,828 102,054 4.................... 4,526 2,272 2,634 3,040 1,772 2,134 2,540 102,272 102,634 103,040 5.................... 5,802 2,916 3,475 4,127 2,416 2,975 3,627 102,916 103,475 104,127 6.................... 7,142 3,545 4,350 5,321 3,145 3,950 4,921 103,545 104,350 105,321 7.................... 8,549 4,161 5,257 6,633 3,761 4,857 6,233 104,161 105,257 106,633 8.................... 10,027 4,760 6,198 8,073 4,460 5,898 7,773 104,760 106,198 108,073 9.................... 11,578 5,341 7,171 9,653 5,041 6,871 9,353 105,341 107,171 109,653 10.................... 13,207 5,905 8,176 11,384 5,605 7,876 11,084 105,905 108,176 111,384 15.................... 22,657 8,369 13,657 22,839 8,269 13,557 22,739 108,369 113,657 122,839 20.................... 34,719 10,064 19,776 40,763 10,064 19,776 40,763 110,064 119,776 140,763 25.................... 50,113 10,752 26,344 68,857 10,752 26,344 68,857 110,752 126,344 168,857 40.................... 126,840 762 41,207 289,754 762 41,207 289,754 100,762 141,207 389,754 45.................... 167,685 0(3) 37,978 464,361 0(3) 37,978 464,361 0(3) 141,207 538,658(4) 50.................... 219,815 0(3) 20,536 743,889 0(3) 20,536 743,889 0(3) 141,207 795,961(4)
- ------- (1) Assumes annual planned premium payments of $1,000 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination" for further details. Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). (4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death Benefit" for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 34 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 25 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION A CURRENT COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------------- -------------------------------- ------------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- -------- ---------- ------- -------- ---------- -------- -------- ---------- 1.............. $ 1,050 $ 380 $ 419 $ 457 $ 80*(3) $ 119* $ 157* $100,000 $100,000 $ 100,000 2.............. 2,153 1,148 1,261 1,379 848* 961* 1,079* 100,000 100,000 100,000 3.............. 3,310 1,905 2,142 2,398 1,605 1,842 2,098 100,000 100,000 100,000 4.............. 4,526 2,650 3,061 3,521 2,350 2,761 3,221 100,000 100,000 100,000 5.............. 5,802 3,385 4,022 4,762 3,085 3,722 4,462 100,000 100,000 100,000 6.............. 7,142 4,110 5,026 6,131 3,910 4,826 5,931 100,000 100,000 100,000 7.............. 8,549 4,823 6,074 7,642 4,623 5,874 7,442 100,000 100,000 100,000 8.............. 10,027 5,527 7,170 9,311 5,327 6,970 9,111 100,000 100,000 100,000 9.............. 11,578 6,220 8,314 11,152 6,020 8,114 10,952 100,000 100,000 100,000 10.............. 13,207 6,889 9,495 13,170 6,689 9,295 12,970 100,000 100,000 100,000 15.............. 22,657 10,055 16,204 26,842 9,955 16,104 26,742 100,000 100,000 100,000 20.............. 34,719 12,835 24,391 49,113 12,835 24,391 49,113 100,000 100,000 109,030(3) 25.............. 50,113 15,117 34,316 85,119 15,117 34,316 85,119 100,000 100,000 162,577(3) 40.............. 126,840 16,525 78,900 387,785 16,525 78,900 387,785 100,000 100,000 473,098(3) 45.............. 167,685 12,370 101,170 629,388 12,370 101,170 629,388 100,000 117,357(3) 730,090(3) 50.............. 219,815 1,131 128,219 1,016,396 1,131 128,219 1,016,396 100,000 137,194(3) 1,087,544(3)
- ------- (1) Assumes annual planned premium payments of $1,000 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Minimum death benefit applies; see "Death Benefit Options--Minimum Death Benefit," for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 35 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 25 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION B CURRENT COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------------- -------------------------------- ------------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- ---------- 1.............. $ 1,050 $ 380 $ 418 $ 456 $ 0*(3) $ 0*(3) $ 0*(3) $100,380 $100,418 $ 100,456 2.............. 2,153 1,147 1,260 1,378 447* 560* 678* 101,147 101,260 101,378 3.............. 3,310 1,902 2,138 2,394 1,302 1,538 1,794 101,902 102,138 102,394 4.............. 4,526 2,645 3,055 3,514 2,045 2,455 2,914 102,645 103,055 103,514 5.............. 5,802 3,378 4,013 4,750 2,778 3,413 4,150 103,378 104,013 104,750 6.............. 7,142 4,099 5,012 6,114 3,599 4,512 5,614 104,099 105,012 106,114 7.............. 8,549 4,809 6,056 7,617 4,309 5,556 7,117 104,809 106,056 107,617 8.............. 10,027 5,509 7,145 9,276 5,109 6,745 8,876 105,509 107,145 109,276 9.............. 11,578 6,197 8,282 11,105 5,797 7,882 10,705 106,197 108,282 111,105 10.............. 13,207 6,860 9,452 13,107 6,560 9,152 12,807 106,860 109,452 113,107 15.............. 22,657 9,985 16,078 26,613 9,885 15,978 26,513 109,985 116,078 126,613 20.............. 34,719 12,689 24,075 48,417 12,689 24,075 48,417 112,689 124,075 148,417 25.............. 50,113 14,832 33,572 83,532 14,832 33,572 83,532 114,832 133,572 183,532 40.............. 126,840 14,836 70,597 376,930 14,836 70,597 376,930 114,836 170,597 476,930 45.............. 167,685 9,550 82,934 610,439 9,550 82,934 610,439 109,550 182,934 710,439 50.............. 219,815 0(3) 89,876 982,379 0(3) 89,876 982,379 0(3) 189,876 1,082,379
- ------- (1) Assumes annual planned premium payments of $1,000 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination" for further details. Zeros values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 36 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 25 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION C CURRENT COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------------- -------------------------------- ------------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- ---------- 1.............. $ 1,050 $ 380 $ 418 $ 456 $ 0*(3) $ 0*(3) $ 0*(3) $100,380 $100,418 $ 100,456 2.............. 2,153 1,147 1,260 1,378 647* 760* 878* 101,147 101,260 101,378 3.............. 3,310 1,902 2,138 2,394 1,402 1,638 1,894 101,902 102,138 102,394 4.............. 4,526 2,645 3,055 3,514 2,145 2,555 3,014 102,645 103,055 103,514 5.............. 5,802 3,378 4,013 4,750 2,878 3,513 4,250 103,378 104,013 104,750 6.............. 7,142 4,099 5,012 6,114 3,699 4,612 5,714 104,099 105,012 106,114 7.............. 8,549 4,809 6,056 7,617 4,409 5,656 7,217 104,809 106,056 107,617 8.............. 10,027 5,509 7,145 9,276 5,209 6,845 8,976 105,509 107,145 109,276 9.............. 11,578 6,197 8,282 11,105 5,897 7,982 10,805 106,197 108,282 111,105 10.............. 13,207 6,860 9,452 13,107 6,560 9,152 12,807 106,860 109,452 113,107 15.............. 22,657 9,985 16,078 26,613 9,885 15,978 26,513 109,985 116,078 126,613 20.............. 34,719 12,689 24,075 48,417 12,689 24,075 48,417 112,689 124,075 148,417 25.............. 50,113 14,832 33,572 83,532 14,832 33,572 83,532 114,832 133,572 183,532 40.............. 126,840 14,836 70,597 376,930 14,836 70,597 376,930 114,836 170,597 476,930 45.............. 167,685 9,380 83,637 611,779 9,380 83,637 611,779 114,836 170,597 709,663(4) 50.............. 219,815 0(3) 94,214 988,121 0(3) 94,214 988,121 0(3) 170,597 1,057,289(4)
- ------- (1) Assumes annual planned premium payments of $1,000 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination" for further details. Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). (4) Minimum death benefit applies, see "Death Benefit Options--Minimum Death Benefit" for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 37 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 40 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION A GUARANTEED COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------------- ----------------------------- ----------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- -------- 1................... $ 1,748 $ 765 $ 833 $ 901 $ 0*(3) $ 33* $ 101* $100,000 $100,000 $100,000 2................... 3,584 1,889 2,085 2,290 1,189* 1,385* 1,590* 100,000 100,000 100,000 3................... 5,511 2,970 3,367 3,796 2,270 2,667 3,096 100,000 100,000 100,000 4................... 7,535 4,010 4,680 5,433 3,310 3,980 4,733 100,000 100,000 100,000 5................... 9,660 5,005 6,022 7,212 4,405 5,422 6,612 100,000 100,000 100,000 6................... 11,891 5,956 7,395 9,147 5,356 6,795 8,547 100,000 100,000 100,000 7................... 14,234 6,861 8,799 11,255 6,361 8,299 10,755 100,000 100,000 100,000 8................... 16,694 7,719 10,235 13,555 7,219 9,735 13,055 100,000 100,000 100,000 9................... 19,277 8,529 11,701 16,066 8,129 11,301 15,666 100,000 100,000 100,000 10................... 21,989 9,288 13,198 18,810 8,888 12,798 18,410 100,000 100,000 100,000 15................... 37,725 12,131 21,027 36,952 12,031 20,927 36,852 100,000 100,000 100,000 20................... 57,808 12,868 29,169 66,328 12,868 29,169 66,328 100,000 100,000 100,000 25................... 83,439 10,424 37,199 115,228 10,424 37,199 115,228 100,000 100,000 140,578(4) 30................... 116,152 2,329 44,165 192,768 2,329 44,165 192,768 100,000 100,000 223,611(4) 35................... 157,902 0(3) 48,238 316,367 0(3) 48,238 316,367 0(3) 100,000 338,512(4)
- ------- (1) Assumes annual planned premium payments of $1,665 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination" for further details. The zero value in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). (4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death Benefit," for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 38 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 40 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION B GUARANTEED COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------------- -------------------------------- ----------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% - ------------------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- -------- 1................ $ 1,748 $ 762 $ 829 $ 897 $ 0*(3) $ 0*(3) $ 0*(3) $100,762 $100,829 $100,897 2................ 3,584 1,878 2,073 2,277 478* 673* 877* 101,878 102,073 102,277 3................ 5,511 2,948 3,341 3,767 1,648 2,041 2,467 102,948 103,341 103,767 4................ 7,535 3,971 4,633 5,378 2,771 3,433 4,178 103,971 104,633 105,378 5................ 9,660 4,944 5,946 7,118 3,744 4,746 5,918 104,944 105,946 107,118 6................ 11,891 5,866 7,280 9,000 4,766 6,180 7,900 105,866 107,280 109,000 7................ 14,234 6,736 8,632 11,033 5,736 7,632 10,033 106,736 108,632 111,033 8................ 16,694 7,551 10,002 13,234 6,651 9,102 12,334 107,551 110,002 113,234 9................ 19,277 8,311 11,386 15,614 7,511 10,586 14,814 108,311 111,386 115,614 10................ 21,989 9,010 12,782 18,187 8,310 12,082 17,487 109,010 112,782 118,187 15................ 37,725 11,395 19,670 34,444 11,295 19,570 34,344 111,395 119,670 134,444 20................ 57,808 11,326 25,590 57,974 11,326 25,590 57,974 111,326 125,590 157,974 25................ 83,439 7,738 28,887 91,766 7,738 28,887 91,766 107,738 128,887 191,766 30................ 116,152 0(3) 26,363 139,369 0(3) 26,363 139,369 0(3) 126,363 239,369 35................ 157,902 0(3) 12,534 204,932 0(3) 12,534 204,932 0(3) 112,534 304,932
- ------- (1) Assumes annual planned premium payments of $1,665 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination" for further details. Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 39 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 40 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION C GUARANTEED COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------------- -------------------------------- ----------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- -------- 1.............. $ 1,748 $ 762 $ 829 $ 897 $ 0*(3) $ 0*(3) $ 0*(3) $100,762 $100,829 $100,897 2.............. 3,584 1,878 2,073 2,277 778* 973* 1,177* 101,878 102,073 102,277 3.............. 5,511 2,948 3,341 3,767 1,948 2,341 2,767 102,948 103,341 103,767 4.............. 7,535 3,971 4,633 5,378 2,971 3,633 4,378 103,971 104,633 105,378 5.............. 9,660 4,944 5,946 7,118 4,044 5,046 6,218 104,944 105,946 107,118 6.............. 11,891 5,866 7,280 9,000 4,966 6,380 8,100 105,866 107,280 109,000 7.............. 14,234 6,736 8,632 11,033 5,936 7,832 10,233 106,736 108,632 111,033 8.............. 16,694 7,551 10,002 13,234 6,851 9,302 12,534 107,551 110,002 113,234 9.............. 19,277 8,311 11,386 15,614 7,711 10,786 15,014 108,311 111,386 115,614 10.............. 21,989 9,010 12,782 18,187 8,410 12,182 17,587 109,010 112,782 118,187 15.............. 37,725 11,395 19,670 34,444 11,295 19,570 34,344 111,395 119,670 134,444 20.............. 57,808 11,326 25,590 57,974 11,326 25,590 57,974 111,326 125,590 157,974 25.............. 83,439 7,738 28,887 91,766 7,738 28,887 91,766 107,738 128,887 191,766 30.............. 116,152 0(3) 26,407 144,325 0(3) 26,407 144,325 0(3) 128,887 191,766 35.............. 157,902 0(3) 10,249 238,014 0(3) 10,249 238,014 0(3) 128,887 254,675(4)
- ------- (1) Assumes annual planned premium payments of $1,665 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash value, cash surrender value and death benefit indicate termination of insurance coverage in the absence of a sufficient additional premium payment; see "Payment and Allocation of Premiums-- Termination" for further details. Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). (4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death Benefit" for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 40 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 40 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION A CURRENT COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST ------------------------ -------------------------- ----------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- -------- 1................... $ 1,748 $ 955 $ 1,029 $ 1,103 $ 155* $ 229* $ 303* $100,000 $100,000 $100,000 2................... 3,584 2,290 2,510 2,740 1,590* 1,810* 2,040* 100,000 100,000 100,000 3................... 5,511 3,592 4,044 4,532 2,892 3,344 3,832 100,000 100,000 100,000 4................... 7,535 4,862 5,633 6,497 4,162 4,933 5,797 100,000 100,000 100,000 5................... 9,660 6,100 7,278 8,652 5,500 6,678 8,052 100,000 100,000 100,000 6................... 11,891 7,307 8,986 11,019 6,707 8,386 10,419 100,000 100,000 100,000 7................... 14,234 8,485 10,757 13,621 7,985 10,257 13,121 100,000 100,000 100,000 8................... 16,694 9,634 12,597 16,484 9,134 12,097 15,984 100,000 100,000 100,000 9................... 19,277 10,754 14,508 19,634 10,354 14,108 19,234 100,000 100,000 100,000 10................... 21,989 11,834 16,482 23,092 11,434 16,082 22,692 100,000 100,000 100,000 15................... 37,725 16,677 27,469 46,396 16,577 27,369 46,296 100,000 100,000 100,000 20................... 57,808 20,327 40,465 84,487 20,327 40,465 84,487 100,000 100,000 113,212(3) 25................... 83,439 22,525 56,092 146,371 22,525 56,092 146,371 100,000 100,000 178,572(3) 30................... 116,152 21,602 74,850 245,389 21,602 74,850 245,389 100,000 100,000 284,651(3) 35................... 157,902 14,520 98,959 404,028 14,520 98,959 404,028 100,000 105,886(3) 432,310(3)
- ------- (1) Assumes annual planned premium payments of $1,665 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Minimum death benefit applies; see "Death Benefit Options--Minimum Death Benefit," for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 41 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 40 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION B CURRENT COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL TOTAL DEATH BENEFIT(2) PREMIUMS GROSS ANNUAL GROSS ANNUAL ASSUMING HYPOTHETICAL ACCUMULATED INVESTMENT INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST --------------------- ----------------------------- ----------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------ ------ ------- ------ ------ ------- ------- ------- ------- 1...................... 1,748 954 1,027 1,102 0*(3) 0*(3) 0*(3) 100,954 101,027 101,102 2...................... 3,584 2,285 2,505 2,734 885* 1,105* 1,334* 102,285 102,505 102,734 3...................... 5,511 3,583 4,033 4,520 2,283 2,733 3,220 103,583 104,033 104,520 4...................... 7,535 4,845 5,613 6,473 3,645 4,413 5,273 104,845 105,613 106,473 5...................... 9,660 6,073 7,245 8,612 4,873 6,045 7,412 106,073 107,245 108,612 6...................... 11,891 7,267 8,935 10,955 6,167 7,835 9,855 107,267 108,935 110,955 7...................... 14,234 8,429 10,683 13,523 7,429 9,683 12,523 108,429 110,683 113,523 8...................... 16,694 9,558 12,492 16,340 8,658 11,592 15,440 109,558 112,492 116,340 9...................... 19,277 10,655 14,366 19,431 9,855 13,566 18,631 110,655 114,366 119,431 10...................... 21,989 11,705 16,291 22,809 11,005 15,591 22,109 111,705 116,291 122,809 15...................... 37,725 16,303 26,799 45,184 16,203 26,699 45,084 116,303 126,799 145,184 20...................... 57,808 19,438 38,526 80,212 19,438 38,526 80,212 119,438 138,526 180,212 25...................... 83,439 20,709 51,200 135,277 20,709 51,200 135,277 120,709 151,200 235,277 30...................... 116,152 17,993 62,467 220,118 17,993 62,467 220,118 117,993 162,467 320,118 35...................... 157,902 8,166 68,075 349,149 8,166 68,075 349,149 108,166 168,075 449,149
- ------- (1) Assumes annual planned premium payments of $1,665 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 42 FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1) MALE ISSUE AGE 40 STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION C CURRENT COST OF TERM INSURANCE CHARGES
TOTAL CASH TOTAL CASH VALUE(2) SURRENDER VALUE(2) TOTAL DEATH BENEFIT(2) PREMIUMS ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ACCUMULATED GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT GROSS ANNUAL INVESTMENT END OF AT 5% RATES OF RETURN OF RATES OF RETURN OF RATES OF RETURN OF POLICY INTEREST ------------------------ -------------------------------- -------------------------- YEAR PER YEAR 0% 6% 12% 0% 6% 12% 0% 6% 12% ------ ----------- ------- ------- -------- ------- ------- -------- -------- -------- -------- 1.............. $ 1,748 $ 954 $ 1,027 $ 1,102 $ 0*(3) $ 0*(3) $ 0*(3) $100,954 $101,027 $101,102 2.............. 3,584 2,285 2,505 2,734 1,185* 1,405* 1,634* 102,285 102,505 102,734 3.............. 5,511 3,583 4,033 4,520 2,583 3,033 3,520 103,583 104,033 104,520 4.............. 7,535 4,845 5,613 6,473 3,845 4,613 5,473 104,845 105,613 106,473 5.............. 9,660 6,073 7,245 8,612 5,173 6,345 7,712 106,073 107,245 108,612 6.............. 11,891 7,267 8,935 10,955 6,367 8,035 10,055 107,267 108,935 110,955 7.............. 14,234 8,429 10,683 13,523 7,629 9,883 12,723 108,429 110,683 113,523 8.............. 16,694 9,558 12,492 16,340 8,858 11,792 15,640 109,558 112,492 116,340 9.............. 19,277 10,655 14,366 19,431 10,055 13,766 18,831 110,655 114,366 119,431 10.............. 21,989 11,705 16,291 22,809 11,105 15,691 22,209 111,705 116,291 122,809 15.............. 37,725 16,303 26,799 45,184 16,203 26,699 45,084 116,303 126,799 145,184 20.............. 57,808 19,438 38,526 80,212 19,438 38,526 80,212 119,438 138,526 180,212 25.............. 83,439 20,709 51,200 135,277 20,709 51,200 135,277 120,709 151,200 235,277 30.............. 116,152 17,974 63,151 224,360 17,974 63,151 224,360 120,709 151,200 260,257(4) 35.............. 157,902 7,066 72,118 370,262 7,066 72,118 370,262 120,709 151,200 396,181(4)
- ------- (1) Assumes annual planned premium payments of $1,665 paid in full at beginning of each Policy year. The values would vary from those shown if the amount or frequency of payments varies. (2) Assumes no policy loan or partial withdrawal has been made. Excessive loans or withdrawals, adverse investment performance or insufficient premium payments may cause the Policy to terminate because of insufficient cash value. (3) Zero values in cash surrender value in the first Policy year will not cause coverage to terminate since illustrations assume payment of at least minimum allowable planned premium (see "Premiums--Payment of Premiums"). (4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death Benefit," for further details. * The values indicated are based on the full surrender charges as described under "Surrender Charge", which determine whether a Policy will terminate and the amount a Policy owner may borrow or partially withdraw. If the Policy were to terminate or be fully surrendered, a refund of excess sales charges may be paid (see "Surrender Charge--Excess Sales Charge"). IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS, INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. 43 ............................................................... POLICY RIGHTS ............................................................................... The description of rights under the Policy set forth below assumes that no riders are in effect. See the Appendix to Prospectus, for a discussion of how these rights may be affected by certain riders under the Policy. LOAN PRIVILEGES Policy Loan. At any time, the Policy owner may borrow money from Metropoli- tan Life using the Policy as the only security for the loan. The smallest amount the Policy owner can borrow at any one time is $250. The maximum amount that may be borrowed at any time is the loan value. The loan value equals the cash surrender value less two monthly deductions or, if greater, 75% (90% for Policies issued in Virginia or Maryland) of the cash surrender value (or, in Texas, the Policy's cash surrender value less two monthly deductions or 100% of the cash surrender value in the Fixed Account and 75% of the cash surrender value in the Separate Account, if greater). For situations where a Policy loan may be treated as a taxable distribution, see "Federal Tax Matters." Allocation of Policy Loan. Metropolitan Life will allocate a Policy loan among the Fixed Account and the investment divisions of the Separate Account on a Pro Rata Basis. Interest. The interest charged on a Policy loan accrues daily. The interest rate is a fixed rate of 8% per year. Interest payments are due at the end of each Policy year. If unpaid within 31 days after it is due, interest will be treated as a new loan subject to the interest rates applicable at that time and an amount equal to such interest due will be transferred from the Fixed Account and the investment divisions of the Separate Account on a Pro Rata Ba- sis to the Policy Loan Account. For individuals, interest paid to Metropolitan Life in connection with pol- icy loans used for consumer purposes is not tax deductible. Generally, pursuant to legislation enacted in 1996, no deduction is allowed for interest on policyholder loans on life insurance policies owned by businesses where the insured is an officer, employee or a financially interested person, subject to certain exceptions for key person insurance covering a limited number of individ- uals. Counsel and other competent advisors should be consulted with respect to the deductibility of Policy loan interest for income tax purposes. (See "Federal Tax Matters.") Effect of a Policy Loan. As of the Date of Receipt of the loan request, cash value equal to the portion of the Policy loan allocated to the Fixed Account and to each investment division will be transferred from the Fixed Account and/or such investment divisions to a Policy Loan Account within the General Account, reducing the Policy's cash value in the accounts from which the transfer was made. Cash value in the Policy Loan Account equal to indebtedness will be credited with interest at a rate equal to the fixed rate charged less a percentage charge, based on expenses associated with Policy loans, determined by Metro- politan Life. Presently, this charge is 2%. Thus, the interest rate presently credited is 6%. The minimum rate credited to the Policy Loan Account will be 4% per year. NO ADDITIONAL INTEREST WILL BE CREDITED TO THE CASH VALUE IN THE POLICY LOAN ACCOUNT, NOR WILL THE CASH VALUE IN THE POLICY LOAN ACCOUNT PAR- TICIPATE IN ANY INVESTMENT EXPERIENCE APPLICABLE TO THE SEPARATE ACCOUNT. The Policy's cash value in the Policy Loan Account will be the outstanding indebtedness on the valuation date plus any interest credited to the Policy Loan Account which has not yet been allocated to the Fixed Account or the in- vestment divisions of the Separate Account as of the Valuation Date. Interest credited to amounts in the Policy Loan Account will be allocated at least once a year among the Fixed Account and the investment divisions of the Separate Account in the same proportion as the net premiums are then being allocated. Indebtedness. Indebtedness equals the outstanding Policy loan plus accrued interest thereon. If, on a monthly anniversary, indebtedness exceeds the cash value minus the monthly deduction, Metropolitan Life will notify the Policy owner and any assignee of record. If a sufficient payment is not made to Met- ropolitan Life within 61 days from the monthly anniversary, the Policy will terminate without value. The Policy may, however, later be reinstated, subject to certain conditions (see "Policy Termination and Reinstatement"). Repayment of Indebtedness. Indebtedness may be repaid any time before the Final Date while the insured is living. The minimum repayment is $50. If not repaid, Metropolitan Life will deduct indebtedness from any amount payable un- der the Policy. As of the Date of Receipt of the repayment, the Policy's cash value in the Policy Loan Account securing indebtedness will be allocated among the Fixed Account and the investment divisions of the Separate Account in the same proportion that net premiums are being allocated to those accounts at the time of repayment. The Policy owner should designate whether a payment is in- tended as a loan repayment or a premium payment. Any payment for which no des- ignation is made will be treated as a premium payment. 44 ............................................................... SURRENDER AND WITHDRAWAL PRIVILEGES Subject to the limitations set forth below, at any time before the earlier of the death of the insured and the Final Date, the Policy owner may make a par- tial withdrawal or totally surrender the Policy by sending a written request to the Designated Office. Metropolitan Life may require that these requests be made on forms provided for these purposes. The maximum amount available for surrenders or withdrawal is the cash surrender value on the Date of Receipt of the request. No charge will be imposed on partial withdrawals. See "Charges and Deductions--Surrender Charge" for a discussion of surrender charges. For any tax consequences in connection with a partial withdrawal or surrender, see "Federal Tax Matters". Surrenders. The Policy owner may surrender the Policy for its cash surrender value. If the Policy is being surrendered, Metropolitan Life may require that the Policy itself be returned along with the request. A Policy owner may elect to have the proceeds paid in a single sum or applied under an optional income plan (see "Appendix to Prospectus"). If the insured dies after the surrender of the Policy and payment to the Policy owner of the cash surrender value but be- fore the end of the Policy month in which the surrender occurred, a death bene- fit will be payable to the beneficiary in an amount equal to the difference be- tween the Policy's death benefit and cash value, both computed as of the sur- render date. Partial Withdrawals. The Policy owner may make a partial withdrawal from the Policy's cash surrender value. The minimum partial withdrawal is $250. There is no charge for a partial withdrawal. The amount withdrawn will be deducted from the Policy's cash value as of the Date of Receipt. The amount will be deducted from the Fixed Account and the investment divisions of the Separate Account on a Pro Rata Basis. When death benefit Option A, or Option C on and after policy anniversary 65, is in effect, any partial withdrawal will reduce the specified face amount, and thus the death benefit, by the amount withdrawn. When death benefit Option B, or Option C prior to policy anniversary 65, is in effect, the amount withdrawn will not reduce the specified face amount. However, the death benefit will be reduced by the amount withdrawn. If increases in the specified face amount pre- viously have occurred, a partial withdrawal when Death Benefit Option A, or Op- tion C on and after policy anniversary 65, is in effect will reduce the speci- fied face amount in the same manner as would a direct request by the Policy owner to reduce the specified face amount (see "Policy Benefits--Decreases"). A decrease in specified face amount may affect the Policy's status as a modified endowment contract for tax purposes (see "Federal Tax Matters"). A Policy owner will not be permitted to make any partial withdrawal that would reduce the specified face amount of the Policy below the Minimum Initial Specified Face Amount in the first five Policy years or one-half the Minimum Initial Specified Face Amount thereafter (see "Policy Benefits--Decreases"), or that would result in total premiums paid exceeding the then current maximum premium limitation determined by Internal Revenue Service Code (see "Premiums-- Premium Limitations"). In no case will a partial withdrawal be permitted that would reduce the specified face amount below $25,000. A partial withdrawal will also not be permitted unless the resulting cash surrender value would be suffi- cient to pay at least two monthly deductions. Any time a request for a partial withdrawal is received that would reduce the specified face amount below the minimum face amount, result in total premiums paid exceeding maximum premium limitations, or reduce the cash surrender value below two monthly deductions, Metropolitan Life will not implement the partial withdrawal request, but will contact the Policy owner as to whether the request should be withdrawn or re- duced to a smaller amount or changed to a request for the full cash surrender value. EXCHANGE PRIVILEGE During the first 24 Policy months following the issuance of the Policy, the Policy owner may exercise the Policy exchange privilege, which results in the transfer at any one time of the entire amount in the Separate Account to the Fixed Account, and the allocation of all future net premiums to the Fixed Ac- count. This will, in effect, serve as an exchange of the Policy for the equiva- lent of a flexible premium fixed benefit life insurance policy. No charge will be imposed on such transfer in exercising this exchange privilege. Moreover, the Policy owner may subsequently transfer amounts back to one or more of the investment divisions of the Separate Account at any time, within the limita- tions described in "Allocation of Premiums and Cash Value--Cash Value Trans- fers". Similarly, during the first 24 months following an increase in the spec- ified face amount requested by the Owner, the Owner may request a one time charge-free transfer of the Separate Account cash value attributable to the in- crease to the Fixed Account, including a transfer in the amount of any premium payments that have been deemed attributable to the increase (see "Charges and Deductions--Excess Sales Charge"). In those states which require it, the Policy owner may also, during the first 24 Policy months following the issuance of the Policy, without charge, on one occasion exchange any Policy still in force for a flexible premium fixed benefit life insurance policy issued by Metropolitan Life. Upon such exchange, the Policy's cash value will be transferred to the general account of Metropolitan Life. 45 ............................................................... THE FIXED ACCOUNT ............................................................................... A Policy owner may allocate net premiums and transfer cash value to the Fixed Account, which is part of the General Account of Metropolitan Life. Be- cause of exemptive and exclusionary provisions, interests in the Fixed Account have not been registered under the Securities Act of 1933 and neither the Fixed Account nor the General Account has been registered as an investment company under the 1940 Act. Accordingly, neither the General Account, the Fixed Account nor any interests therein are generally subject to the provi- sions of these Acts and Metropolitan Life has been advised that the staff of the Securities and Exchange Commission has not reviewed the disclosures in this Prospectus relating to the Fixed Account. Disclosures regarding the Fixed Account may, however, be subject to certain generally applicable provisions of the Federal securities laws relating to the accuracy and completeness of statements made in prospectuses. GENERAL DESCRIPTION This Prospectus is generally intended to serve as a disclosure document only for the aspects of the Policy involving the Separate Account and contains only selected information regarding the Fixed Account. For complete details regard- ing the Fixed Account, see the Policy itself. The General Account consists of all assets owned by Metropolitan Life other than those in the Separate Account and other legally-segregated separate ac- counts. Subject to applicable law, Metropolitan Life has sole discretion over the investment of the assets of the General Account, including those in the Fixed Account. Unlike the assets of the Separate Account, the assets in the Fixed Account, as a part of the General Account, are chargeable with liabili- ties arising out of any other business of Metropolitan Life. A Policy owner may elect to allocate net premiums to the Fixed Account or to transfer cash value from the investment divisions of the Separate Account to the Fixed Account. The allocation or transfer of funds to the Fixed Account does not entitle a Policy owner to share in the investment experience of the General Account. Instead, Metropolitan Life guarantees that cash value in the Fixed Account will accrue interest at an effective annual rate of at least 4%, independent of the actual investment experience of the General Account. Metro- politan Life is not obligated to credit interest at any higher rate, although Metropolitan Life may, in its sole discretion, do so. FIXED ACCOUNT BENEFITS The Policy owner may select death benefit Option A or B under the Policy. For Policies issued on or after May 1, 1994 and provided death benefit Option C is available in the state where the Policy is issued, the Policy owner may also select death benefit Option C. The Policy owner may change such option or the Policy's specified face amount, subject to satisfactory evidence of insur- ability where required and subject to all the conditions and limitations ap- plicable to such transactions generally (see "Policy Benefits--Death Bene- fits"). FIXED ACCOUNT CASH VALUE Net premiums allocated to the Fixed Account are credited to the Policy. Met- ropolitan Life guarantees that interest credited to each Policy owner's cash value in the Fixed Account will not be less than an effective annual rate of at least 4% per year. This is the rate that will be credited to the first $1,000 of cash value in the Fixed Account. Metropolitan Life may declare any rate of interest in excess of 4% at any time to be credited to amounts of cash value in the Fixed Account in excess of $1,000, subject to the following con- ditions: Metropolitan Life will not change the rate of excess interest on any premiums paid during any month of the year before the first day of the same month of the subsequent year; thereafter, Metropolitan Life will not change the rate of excess interest for a period of twelve months from the date de- clared. Metropolitan Life has also established multiple bands of excess inter- est. This means that different rates of excess interest may apply to premium payments made in different months of the year and at the end of each twelve- month period, and different rates of excess interest may apply to cash value related to premiums received in a given month of each prior year. Transfers made into the Fixed Account will be treated as new premium payments for these purposes. The guaranteed and excess interest are credited each Valuation Date. Once credited, that interest will be guaranteed and become part of the Policy's cash value in the Fixed Account. The monthly deduction will be charged against the most recent premiums paid and interest credited thereto. ANY INTEREST METROPOLITAN LIFE CREDITS ON THE POLICY'S CASH VALUE IN THE FIXED ACCOUNT IN EXCESS OF THE GUARANTEED RATE OF 4% PER YEAR WILL BE DETER- MINED IN THE SOLE DISCRETION OF METROPOLITAN LIFE. THE POLICY OWNER ASSUMES THE RISK THAT INTEREST CREDITED TO AMOUNTS OF CASH VALUE IN THE FIXED ACCOUNT IN EXCESS OF $1,000 MAY NOT EXCEED THE GUARANTEED MINIMUM RATE OF 4% PER YEAR. The cash value in the Fixed Account will be calculated on each Valuation Date. The Policy's cash value in the Fixed Account will reflect the amount and frequency of premium payments allocated to the Fixed Account, the amount of interest credited to amounts in the Fixed Account, any partial withdrawals, any transfers from or to the investment divisions of the Separate Account, any Policy 46 ............................................................... indebtedness and any charges imposed on amounts in the Fixed Account in connec- tion with the Policy. The portion of the monthly deduction attributable to the Fixed Account will be determined as of the actual monthly anniversary, even if the monthly anni- versary does not fall on a Valuation Date. TRANSFERS, WITHDRAWALS, SURRENDERS, AND POLICY LOANS Amounts in the Fixed Account are subject to the same rights and limitations as are amounts allocated to the investment divisions of the Separate Account with respect to transfers, withdrawals, surrenders and Policy loans (see "Allo- cation of Premiums and Cash Value--Cash Value Transfers;" "Loan Privileges," and "Surrender and Withdrawal Privileges"). Metropolitan Life reserves the right to delay transfers, withdrawals, surren- ders and the payment of the Policy loans allocated to the Fixed Account for up to six months (see "Other Policy Provisions--Payment and Deferment"). Payments to pay premiums on another policy with Metropolitan Life will not be delayed. RIGHTS RESERVED BY METROPOLITAN LIFE ................................................................................ Metropolitan Life reserves the right to make certain changes if, in its judg- ment, they would best serve the interests of the Policy owners or would be ap- propriate in carrying out the purposes of the Policies. Any changes will be made only to the extent and in the manner permitted by applicable laws. Also, when required by law, Metropolitan Life will obtain Policy owner approval of the changes and approval from any appropriate regulatory authority. Examples of the changes Metropolitan Life may make include: . To operate the Separate Account in any form permitted under the 1940 Act or in any other form permitted by law. . To take any action necessary to comply with or obtain and continue any ex- emptions from the 1940 Act. . To transfer any assets in any investment division to another investment di- vision, or to one or more separate accounts, or to the Fixed Account; or to add, combine or remove investment divisions in the Separate Account. . To substitute, for the Fund shares held in any investment division, the shares of another portfolio of the Fund or the shares of another investment company or any other investment permitted by law. . To change the way Metropolitan Life assesses charges, but without increas- ing the aggregate amount charged to the Fixed Account and the Separate Ac- count in connection with the Policies. . To make any other necessary technical changes in the Policy in order to conform with any action the above provisions permit Metropolitan Life to take. If any of these changes result in a material change in the underlying invest- ments of an investment division to which the net premiums of a Policy are allo- cated. Metropolitan Life will notify the Policy owner of such change, and the owner may then make a new choice of investment divisions or the Fixed Account without charge. OTHER POLICY PROVISIONS ................................................................................ Owner. The owner of a Policy is the insured unless another owner has been named in the application for the Policy. The owner is entitled to exercise all rights under a Policy while the insured is alive, including the right to name a new owner or a contingent owner who would become the Policy owner if the owner should die before the insured dies. Beneficiary. The beneficiary is the person or persons to whom the insurance proceeds are payable upon the insured's death. The owner may name a contingent beneficiary to become the beneficiary if all the beneficiaries die while the insured is alive. If no beneficiary or contingent beneficiary is alive when the insured dies, the owner (or the owner's estate) will be the beneficiary. While the insured is alive, the owner may change any beneficiary or contingent bene- ficiary. If more than one beneficiary is alive when the insured dies, they will be paid in equal shares, unless the owner has chosen otherwise. Incontestability. Metropolitan Life will not contest the validity of a Policy after it has been in force during the insured's lifetime for two years from the Date of Policy (or date of reinstatement if a terminated Policy is reinstated) except with respect to certain optional insurance benefits that may be added subsequent to the Date of Policy. Metropolitan Life will not contest the valid- ity of any increase in the death benefit after such increase has been in force during the insured's lifetime for two years from its effective date. Suicide. The insurance proceeds will not be paid if the insured commits sui- cide, while sane or insane, within two years (one year in Colorado and North Dakota) from the Date of Policy. Instead, Metropolitan Life will pay the bene- ficiary an amount equal to all premiums paid for the Policy, without interest, less any outstanding Policy loan and accrued loan interest and less any partial cash withdrawal. If the insured commits suicide, while sane or insane, more than two years after the Date of Policy but within two years (one year in Colo- rado and North Dakota) from the effective date of any increase in the death benefit, Metropolitan Life's liability with respect to such increase will be limited to the cost thereof. 47 ............................................................... Age and Sex. If the insured's age or sex as stated in the application for a Policy is not correct, benefits under a Policy will be adjusted to reflect the correct age and sex. Collateral Assignment. The owner may assign a Policy as collateral. All rights under the Policy will be transferred to the extent of the assignee's interest. Metropolitan Life is not bound by an assignment or release thereof, unless it is in writing and is recorded at the Designated Office. Metropolitan Life is not responsible for the validity of any assignment or release thereof. Payment and Deferment. With respect to amounts in the investment divisions of the Separate Account, payment of the death benefit, all or a portion of the cash surrender value, free look proceeds or a loan will ordinarily be made within seven days after the Date of Receipt of all documents required for such payment. Metropolitan Life will pay interest on the amount of death benefit at a rate which is currently 6% per year (or such higher rate as may be required by state law) from the date of death until the date of payment of the death benefit. However, Metropolitan Life may defer the determination, application or pay- ment of any such amount or any transfer of cash value to the Separate Account for any period during which the New York Stock Exchange is closed (other than customary weekend and holiday closings), for any period during which any emer- gency exists as a result of which it is not reasonably practicable for Metro- politan Life to determine the investment experience for a Policy or for such other periods as the Securities and Exchange Commission may by order permit for the protection of Policy owners provided the delay is permitted under New York State Insurance Law and regulations. Metropolitan Life will not defer a loan used to pay premiums on other policies issued by it. As with traditional life insurance, Metropolitan Life can delay payment of the entire insurance proceeds or other Policy benefits if entitlement to pay- ment is being questioned or is uncertain. Dividends. The Policies are nonparticipating. This means that they are not eligible for dividends, and they do not participate in any distribution of Metropolitan Life's surplus. The description throughout this Prospectus of the features of the Policies is subject to the specific terms of the Policies. SALES AND ADMINISTRATION OF THE POLICIES ............................................................................... Metropolitan Life performs the sales and administrative services relating to the Policies. The offices of Metropolitan Life which may administer the Poli- cies are located in: Aurora, Illinois; Johnstown, Pennsylvania; Pearl River, New York; Princeton, New Jersey; San Ramon, California; Tampa, Florida; Tulsa, Oklahoma; and Warwick, Rhode Island. Each Policy owner will be notified which office will be the Designated Office for servicing the Policy. Metropolitan Life may name different Designated Offices for different transactions. Metropolitan Life acts as the principal underwriter (distributor) of the Policies as defined in the 1940 Act (see "Distribution of the Policies," be- low). In addition to selling insurance and annuities, Metropolitan Life also serves as investment adviser to certain other advisory clients, and is also principal underwriter for Metropolitan Tower Separate Accounts One and Two of Metropolitan Tower Life Insurance Company, a wholly-owned subsidiary of Metro- politan Life, and Metropolitan Life Separate Account E of Metropolitan Life, each of which is registered as a unit investment trust under the 1940 Act. Fi- nally, Metropolitan Life acts as principal underwriter for an earlier form of the flexible premium multifunded life insurance policy, for a flexible premium variable life insurance policy and for group variable universal life insurance policies, premiums for which may also be allocated to the Separate Account. Bonding. The directors, officers and employees of Metropolitan Life are bonded in the amount of $50,000,000, subject to a $5,000,000 deductible. DISTRIBUTION OF THE POLICIES ............................................................................... The Policies will be sold by individuals who are licensed life insurance sales representatives and registered representatives of Metropolitan Life, the principal underwriter of the Policies. Metropolitan Life is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the National Association of Securi- ties Dealers, Inc. The Policies may in the future be sold through other regis- tered broker-dealers, including MetLife Securities, Inc., a wholly owned bro- ker-dealer subsidiary of Metropolitan Life. Maximum commissions payable during the first policy year to writing representatives employed by MetLife will be 45% of the target premium for a Policy where the Policy owner chooses death benefit Option A at issue, 50% of the Option A target premium for a Policy where Option C is chosen and 55% of the Option A target premium for a Policy where Option B is chosen, plus, in any case, 3% of the excess of the premium paid over the Option A target premium. Maximum commissions payable under brokerage arrangements are as follows: 50% of the Option A target premium for a Policy for any option chosen, plus 3% of the excess of the premium paid over the Option A target premium. In no event will first year commissions, excluding the 3% excess commission, exceed the commissions payable on 75% of the federally prescribed guideline level premium set forth in Section 7702 of the Internal Reve- 48 ............................................................... nue Code. Writing representatives may be required to return all or part of the first year commission if the Policy is not continued through the second Policy year. Renewal commissions in Policy years 2 through 4 will be 5% of premiums paid to the writing representative. Renewal commissions in Policy years 5 through 10 will be 2% of premiums paid. Renewal commissions in Policy years 11 and af- ter will be 1% of premiums paid. Maximum renewal commissions payable under brokerage arrangements are as follows: renewal commissions in Policy years 2 through 4 will be 3% of premiums paid and are payable to the broker-dealer. Renewal commissions in Policy years 5 through 10 will be 2% of premiums paid. There will be no renewal commissions after Policy year 10. When a sale is made by a Metropolitan Life employee, the sales manager gen- erally receives a commission override based on many factors, including the writing representative's commissions and the overall commissions from all writing representatives under the sales manager's supervision. The commissions are paid by Metropolitan Life. They do not result in any charges against the Policy in addition to those set forth under "Charges and Deductions". During 1996, 1995 and 1994 such commissions aggregated approxi- mately $26,092,000, $21,001,907 and $26,236,463. FEDERAL TAX MATTERS ............................................................................... The following description is a brief summary of some of the tax rules, pri- marily related to federal income and estate taxes, which in the opinion of Metropolitan Life are currently in effect. TAXATION OF THE POLICY The Policy receives the same federal income and estate tax treatment as fixed benefit life insurance. The death benefit payable under any death bene- fit option in the Policy is generally excludable from the gross income of the beneficiary under Section 101 of the Internal Revenue Code ("Code") and the Policy owner is not deemed to be in constructive receipt of the cash values under the Policy until actual withdrawal or surrender. Under existing tax law, unless a Policy is a modified endowment contract as discussed below, a Policy owner generally will be taxed on cash value with- drawn from the Policy and cash value received upon surrender of the Policy. Under most circumstances, unless the distribution occurs during the first 15 Policy years, only the amount withdrawn, received upon surrender or distrib- uted at the Final Date of a Policy that exceeds the total premiums paid (less previous non-taxable withdrawals) will be treated as ordinary income. During the first 15 Policy years, cash distributions from a Policy, made as a result of a Policy change that reduces death benefits or other benefits under a Poli- cy, will be taxable to the Policy owner, under a complex formula, to the ex- tent that cash value exceeds premiums paid (less previous non-taxable with- drawals). However, if a Policy is part of a collateral assignment equity split-dollar arrangement with an employer, any increase in cash value may be taxable annually. This type of arrangement involves premium advances by an em- ployer which are secured through a collateral assignment of the Policy. An in- dividual should consult with and rely on the advice of a tax advisor with re- spect to any type of split-dollar arrangement involving the Policy. The United States Treasury Department has adopted regulations which set diversification rules for the investments underlying the Policies, in order for the Policies to be treated as life insurance. Metropolitan Life believes that these diversification standards will be satisfied. There is a provision in the regulations which allows for the correction of an inadvertent failure to diversify. Failure to comply with the rules found in the regulations would result in immediate taxation to Policy owners of all positive investment experience credited to a Policy. There is a possibility that regulations may be proposed or that a controlling ruling may be issued in the future describing the extent to which Policy owner control over allocation of cash value may cause Policy owners to be treated as the owners of Separate Account assets for tax purposes. Metropolitan Life reserves the right to amend the Policies in any way necessary to avoid any such result. Metropolitan Life also believes that loans received under the Policy will be treated as indebtedness of an owner for federal tax purposes, and, unless the Policy is or becomes a modified endowment contract as described below or terminates, that no part of any loan received under a Policy will constitute income to the owner. Generally, interest on Policy loans is not deductible. However, a Policy owner should consult a tax advisor to determine how the rules governing the deductibility of interest would apply in the Policy owner's situation. A partial withdrawal may have tax consequences depending on the circumstances of such withdrawal. A total surrender, cancellation of the Policy or distribution at the Final Date of a Policy where there is an outstanding loan also may have tax consequences depending on the amount of gain in the Policy. The Technical and Miscellaneous Revenue Act of 1988 amended the federal income tax treatment of pre-death withdrawals from a class of life insurance contracts referred to as modified endowment contracts. Unlike other life insurance contracts, amounts received before death from a modified endowment contract, including policy loans, are treated first as income (to the extent of gain) and then as recovered investment. For purposes of determining the amount includible in income, all modified endowment contracts issued by the same company (or affiliate) to the same policyholder during any calendar year will be treated as one modified 49 ............................................................... endowment contract. Finally, an additional 10% income tax is generally imposed on the taxable portion of amounts received before age 59 1/2. In general, a modified endowment contract is a life insurance contract en- tered into or materially changed after June 20, 1988 that fails to meet a "7- pay test". Under the 7-pay test, if the amount of premiums paid under the life insurance contract at any time during the first 7 policy years exceeds the sum of the net level premiums which would have been paid if the contract provided for paid-up future benefits after the payment of 7 level annual payments, the contract is a modified endowment contract. A policy may have to be reviewed under the 7-pay test even after the first seven policy years in the case of certain events such as a material modification of the policy as discussed be- low. If there is a reduction in benefits under the contract during any 7-pay testing period, the 7-pay test is applied using the reduced benefits level. Any distribution made within two years before a policy fails the 7-pay test may be treated as made in anticipation of such failure. Whether or not a par- ticular policy meets these definitional requirements is dependent on the date the contract was entered into, premium payments made and the periodic premium payments to be made, the level of death benefits, any changes in the level of death benefits, the extent of any prior cash withdrawals, and other factors. Generally, a life insurance policy which is received in exchange for a modi- fied endowment contract will also be considered a modified endowment contract. A Policy should be reviewed upon issuance, upon making a cash withdrawal, upon making a change in future benefits and upon making a material modifica- tion to the Policy to determine to what extent, if any, these tax rules apply. A material modification to a Policy includes, but is not limited to, any in- crease in the future benefits provided under the Policy. However, in general, increases that are attributable to the payment of premiums necessary to fund the lowest death benefit payable in the first 7 Policy years will not be con- sidered material modifications. The annual statement sent to each Policy owner will include information regarding the modified endowment contract status of a Policy (see "Premiums--Premium Limitations"). Counsel and other competent advisors should be consulted to determine how these rules apply to an individual situation and before making unplanned pre- mium payments, increasing or decreasing the specified face amount, or adding or removing a rider. Congress may, in the future, consider other legislation that, if enacted, could adversely affect the tax treatment of life insurance policies. In addi- tion, the Treasury Department may by regulation or interpretation modify the above described tax effects. Any legislative or administrative action could be applied retroactively. The death benefit payable under the Policy is includable in the insured's gross estate for federal estate tax purposes if the death benefit is paid to the insured's estate or if the death benefit is paid to a beneficiary other than the estate and the insured either possessed inci- dents of ownership in the Policy at the time of death or transferred incidents of ownership in the Policy to another person within three years of death. Whether or not any federal estate tax is payable with respect to the death benefit of the Policy which is included in the insured's gross estate depends on a variety of factors including the following. A smaller size estate may be exempt from federal estate tax because of a current estate tax credit which generally is equivalent to an exemption of $600,000. In addition, a death ben- efit paid to a surviving spouse may not be taxable because of a 100% estate tax marital deduction. Furthermore, a death benefit paid to a tax-exempt char- ity may not be taxable because of the allowance of an estate tax charitable deduction. If the owner of the Policy is not the insured, and the owner dies before the insured, the value of the Policy, as determined under Internal Revenue Service regulations, is includable in the federal gross estate of the owner for fed- eral estate tax purposes. Whether a federal estate tax is payable depends on a variety of factors, including those listed in the preceding paragraph. State and local income, estate, inheritance and other tax consequences of ownership or receipt of Policy proceeds depend on the circumstances of each insured, owner or beneficiary. The foregoing summary does not purport to be complete or to cover all situa- tions. Counsel and other competent advisors should be consulted for more com- plete information. TAXATION OF METROPOLITAN LIFE Metropolitan Life does not initially expect to incur any federal income tax upon the earnings or the realized capital gains attributable to the Separate Account. Based upon these expectations, no charge is currently being made against the Separate Account for federal income taxes, with respect to earn- ings or capital gains, which may be attributable to the Separate Account. If, however, Metropolitan Life determines that it may incur such taxes, it may as- sess a charge against or make provisions in the Separate Account for those taxes. There is a 1.5% charge imposed on premiums paid for the purpose of re- covering the federal income taxes imposed on Metropolitan Life based on the amount of premiums received in connection with the Policies. Under present laws, Metropolitan Life may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant. If they increase, however, Metropolitan Life may decide to make charges for such taxes against or provisions for such taxes in the Separate Account. However, there is a 2% charge imposed on premiums paid for state pre- mium taxes. 50 MANAGEMENT The present directors and the senior officers and secretary of Metropolitan Life are listed below, together with certain information concerning them: DIRECTORS, OFFICERS-DIRECTORS
PRINCIPAL OCCUPATION & POSITIONS AND OFFICES NAME BUSINESS ADDRESS WITH METROPOLITAN LIFE ---- ---------------------- ---------------------- Curtis H. Barnette...... Chairman and Chief Executive Officer, Director Bethlehem Steel Corp., 1170 Eighth Avenue, Martin Tower 2118, Bethlehem, PA 18016-7699. Gerald Clark............ Senior Executive Vice-President Senior Executive Vice- and Chief Investment Officer, President and Chief Metropolitan Life Insurance Company, Investment Officer, One Madison Avenue, Director New York, N.Y. 10010 Joan Ganz Cooney........ Chairman, Executive Committee, Director Children's Television Workshop, One Lincoln Plaza, New York, NY 10023. Burton A. Dole.......... Chairman of the Board, Director Nellcor Puritan Bennett, 2200 Faraday Avenue, Carlsbad, CA 92008-7208 James R. Houghton....... Retired Chairman of the Board and Director Chief Executive Officer, Corning Incorporated, HQ EQ-08 Corning, NY 14831. Harry P. Kamen.......... Chairman, President, and Chairman, President, Chief Executive Officer, Chief Executive Officer and Metropolitan Life Insurance Company, Director One Madison Avenue, New York, NY 10010. Helene L. Kaplan........ Of Counsel, Skadden, Arps, Slate, Director Meagher & Flom, 919 Third Avenue, New York, NY 10022. Charles M. Leighton..... Chairman and Chief Executive Officer, Director CML Group, Inc., 524 Main Street, Acton, MA 01720 Richard J. Mahoney...... Chairman of the Executive Committee, Director Monsanto Company- Mail Zone N3L, 800 N. Lindbergh Blvd., St. Louis, MO 63167.
51
PRINCIPAL OCCUPATION & POSITIONS AND OFFICES NAME BUSINESS ADDRESS WITH METROPOLITAN LIFE ---- ---------------------- ---------------------- Allen E. Murray......... Retired Chairman of the Board Director and Chief Executive Officer, Mobil Corporation, P.O. Box 2072, New York, NY 10163. John J. Phelan, Jr. .... Retired Chairman and Chief Executive Director Officer, New York Stock Exchange, Inc., P.O. Box 312, Mill Neck, NY 11765. John B. M. Place........ Former Chairman of the Board, Director Crocker National Corporation, 111 Sutter Street, 4th Fl., San Francisco, CA 94104. Hugh B. Price........... President and Chief Executor Officer, Director National Urban League, Inc., 500 East 62nd Street, New York, NY 10021. Robert G. Schwartz...... Retired Chairman of the Board, Director President and Chief Executive Officer, Metropolitan Life Insurance Company, 200 Park Avenue, Suite 5700, New York, NY 10166. Ruth J. Simmons, Ph.D. . President, Director Smith College, College Hall 20, Northhampton, MA 01063. William S. Sneath....... Retired Chairman of the Board, Director Union Carbide Corporation, 41 Leeward Lane, Riverside, CT 06878. William C. Steere, Jr. . Chairman of the Board and Chief Director Executive Officer Pfizer, Inc., 235 East 2nd Street, New York, NY 10017.
52 OFFICERS*
NAME OF OFFICER POSITION WITH METROPOLITAN LIFE --------------- ------------------------------- Harry P. Kamen.......... Chairman, President and Chief Executive Officer Gerald Clark............ Senior Executive Vice-President and Chief Investment Officer Stewart G. Nagler....... Senior Executive Vice-President and Chief Financial Officer Gary A. Beller.......... Executive Vice-President and General Counsel Robert H. Benmosche..... Executive Vice-President C. Robert Henrikson..... Executive Vice-President Jeffrey J. Hodgman...... Executive Vice-President David A. Levene......... Executive Vice-President John D. Moynahan, Jr. .. Executive Vice-President Catherine A. Rein....... Executive Vice-President William J. Toppeta...... Executive Vice-President John H. Tweedie......... Executive Vice-President Richard M. Blackwell.... Senior Vice-President James B. Digney......... Senior Vice-President William T. Friedewald... Senior Vice-President Ira Friedman............ Senior Vice-President Frederick P. Hauser..... Senior Vice-President and Controller Anne E. Hayden.......... Senior Vice-President Sybil C. Jacobsen....... Senior Vice-President Joseph W. Jordan........ Senior Vice-President Nicholas D. Latrenta.... Senior Vice-President Leland C. Launer, Jr. .. Senior Vice-President Terence I. Lennon....... Senior Vice-President James L. Lipscomb....... Senior Vice-President James M. Logan.......... Senior Vice-President Francis P. Lynch........ Senior Vice-President Dominick A. Prezzano.... Senior Vice-President Joseph A. Reali......... Senior Vice-President Vincent P. Reusing...... Senior Vice-President Felix Schirripa......... Senior Vice-President Robert E. Sollmann, Jr.. Senior Vice-President Thomas L. Stapleton..... Senior Vice-President and Tax Director James F. Stenson........ Senior Vice-President Stanley J. Talbi........ Senior Vice-President Richard R. Tartre....... Senior Vice-President Arthur G. Typermass..... Senior Vice-President and Treasurer James A. Valentino...... Senior Vice-President Judy E. Weiss........... Senior Vice-President and Chief Actuary Richard F. Wisemen...... Senior Vice-President Harvey M. Young......... Senior Vice-President Louis Ragusa............ Vice-President and Secretary
- ------- * The principal occupation of each officer, except for Gary A. Beller, Robert H. Benmosche and Terence I. Lennon, during the last five years has been as an officer of Metropolitan Life or an affiliate thereof. Gary A. Beller has been an officer of Metropolitan Life since November, 1994; prior thereto, he was a Consultant and Executive Vice-President and General Counsel of the American Express Company. Robert H. Benmosche has been an officer of Metropolitan Life since September, 1995; prior thereto, he was an Executive Vice-President of Paine Webber. Terence I. Lennon has been an officer of Metropolitan Life since March, 1994; prior thereto, he was Assistant Deputy Superintendent and Chief Examiner of the New York State Department of Insurance. The business address of each officer is 1 Madison Avenue, New York, New York 10010. 53 ............................................................... VOTING RIGHTS ................................................................................ RIGHT TO INSTRUCT VOTING OF FUND SHARES In accordance with its view of present applicable law, Metropolitan Life will vote the shares of each of the portfolios of the Fund which are deemed attrib- utable to Policies at regular and special meetings of the shareholders of the Fund based on instructions received from persons having the voting interest in corresponding investment divisions of the Separate Account. However, if the 1940 Act or any rules thereunder should be amended or if the present interpre- tation thereof should change, and as a result Metropolitan Life determines that it is permitted to vote such shares of the Fund in its own right, it may elect to do so. Accordingly, the Policy owner will have a voting interest under a Policy. The number of shares held in each Separate Account investment division deemed at- tributable to each owner is determined by dividing a Policy's cash value in that division, if any, by the net asset value of one share in the corresponding Fund portfolio in which the assets in that Separate Account investment division are invested. Fractional votes will be counted. The number of shares concerning which a Policy owner has the right to give instructions will be determined as of the record date for the meeting. Fund shares held in each registered separate account of Metropolitan Life or any affiliate that are or are not attributable to life insurance policies (in- cluding the Policies) or annuity contracts and for which no timely instructions are received will be voted in the same proportion as the shares for which vot- ing instructions are received by that separate account. Fund shares held in the general accounts or unregistered separate accounts of Metropolitan Life or its affiliates will be voted in the same proportion as the aggregate of (i) the shares for which voting instructions are received and (ii) the shares that are voted in proportion to such voting instructions. However, if Metropolitan Life or an affiliate determines that it is permitted to vote any such shares of the Fund in its own right, it may elect to do so subject to the then current inter- pretation of the 1940 Act or any rules thereunder. The Policy owners may give instructions regarding, among other things, the election of the Board of Directors of the Fund, ratification of the selection of the Fund's independent auditors, and the approval of the Fund's investment manager and sub-investment manager. Each Policy owner having a voting interest will be sent voting instruction soliciting material and a form for giving voting instructions to Metropolitan Life. DISREGARD OF VOTING INSTRUCTIONS Notwithstanding contrary Policy owner voting instructions, Metropolitan Life may vote Fund shares in any manner necessary to enable the Fund to (1) make or refrain from making any change in the investments or investment policies for any portfolio of the Fund, if required by any insurance regulatory authority; (2) refrain from making any change in the investment policies or any investment adviser or principal underwriter of any portfolio which may be initiated by Policy owners or the Fund's Board of Directors, provided Metropolitan Life's disapproval of the change is reasonable and, in the case of a change in invest- ment policies or investment adviser, based on a good faith determination that such change would be contrary to state law or otherwise inappropriate in light of the portfolio's objective and purposes; or (3) enter into or refrain from entering into any advisory agreement or underwriting contract, if required by any insurance regulatory authority. In the event that Metropolitan Life does disregard voting instructions, a summary of the action and the reasons for such action will be included in the next semiannual report to Policy owners. REPORTS ................................................................................ Policy owners will receive promptly statements of significant transactions such as change in specified face amount, change in death benefit option, trans- fers among investment divisions, partial withdrawals, increases in loan princi- pal by the Policy owner, loan repayments, termination for any reason, rein- statement and premium payments. Transactions pursuant to automated investment strategies (see "Payment and Allocation of Premiums,") may be confirmed quar- terly. Policy owners whose premiums are automatically remitted under a check-o- matic allotment deduction or certain payroll deduction plans do not receive in- dividual confirmations of premium payments from Metropolitan Life apart from that provided by their bank or employer. An annual statement will also be sent to the Policy owner within thirty days after a Policy year summarizing all of the above transactions and deductions of charges occurring during that Policy year and setting forth the status of the death benefit, cash and cash surrender values, amounts in the investment divisions and Fixed Account, any policy loan and unpaid loan interest added to loan principal. The annual statement will also discuss the modified endowment contract status of a Policy (see "Premi- ums--Premium Limitations"). In addition, an owner will be sent semiannual re- ports containing financial statements for the Fund, as required by the 1940 Act. 54 ............................................................... STATE REGULATION ................................................................................ Metropolitan Life is subject to regulation and supervision by the Insurance Department of the State of New York, which periodically examines its affairs. It is also subject to the insurance laws and regulations of all jurisdictions where it is authorized to do business. Where required, a copy of the form of Policy has been filed with, and approved by, insurance officials in each juris- diction where the Policies are sold. Metropolitan Life is required to submit annual statements of its operations, including financial statements, to the insurance departments of the various ju- risdictions in which it does business, for the purposes of determining solvency and compliance with local insurance laws and regulations. Such statements are available for public inspection at state insurance department offices. REGISTRATION STATEMENT ................................................................................ A registration statement under the Securities Act of 1933 has been filed with the Securities and Exchange Commission relating to the offering described in this Prospectus. This Prospectus does not contain all the information set forth in the registration statement and amendments thereto and the exhibits filed as a part thereof, to all of which reference is hereby made for additional infor- mation concerning the Separate Account, Metropolitan Life and the Policies. The additional information may be obtained at the Commission's main office in Wash- ington, D.C., upon payment of the prescribed fees. LEGAL MATTERS ................................................................................ The legality of the Policies described in this Prospectus has been passed upon by Christopher P. Nicholas, Associate General Counsel of Metropolitan Life. Messrs. Freedman, Levy, Kroll & Simonds, Washington, D.C., have advised Metropolitan Life on certain matters relating to the federal securities laws. EXPERTS ................................................................................ The financial statements included in this Prospectus have been audited by Deloitte & Touche LLP, independent auditors, as stated in their reports appear- ing herein, and are included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. Actuarial matters included in this Prospectus have been examined by Michael Harwood, FSA, MAAA, VicePresident and Actuary of Metropolitan Life, as stated in his opinion filed as an exhibit to the registration statement. FINANCIAL STATEMENTS ................................................................................ The financial statements of Metropolitan Life included in this Prospectus should be considered only as bearing upon the ability of Metropolitan Life to meet its obligations under the Policies. 55 INDEPENDENT AUDITORS' REPORT To the Board of Directors Metropolitan Life Insurance Company: We have audited the accompanying statements of assets and liabilities of the Growth, Income, Money Market, Diversified, International Stock, Stock Index, and Aggressive Growth Divisions of Metropolitan Life Separate Account UL (the "Separate Account") as of December 31, 1996, and the related statements of operations for the year then ended and of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 1996 by correspondence with the custodian and the depositor of the Separate Account. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets of the Growth, Income, Money Market, Diversified, International Stock, Stock Index and Aggressive Growth Divisions of Metropolitan Life Separate Account UL as of December 31, 1996 and the results of their operations for the year then ended and the changes in their net assets for each of the two years in the period then ended, in conformity with generally accepted accounting principles. DELOITTE & TOUCHE LLP New York, New York February 28, 1997 56 METROPOLITAN LIFE SEPARATE ACCOUNT UL STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1996
MONEY INTERNATIONAL STOCK AGGRESSIVE GROWTH INCOME MARKET DIVERSIFIED STOCK INDEX GROWTH DIVISION DIVISION DIVISION DIVISION DIVISION DIVISION DIVISION ------------ ----------- ---------- ------------ ------------- ----------- ----------- ASSETS: Investments in Metropol- itan Series Fund, Inc. at Value (Note 1A): Growth Portfolio (5,208,796 shares; cost $133,325,492).......... $158,920,369 -- -- -- -- -- -- Income Portfolio (2,210,984 shares; cost $27,751,597)........... -- $27,327,760 -- -- -- -- -- Money Market Portfolio (584,077 shares; cost $6,278,669)............ -- -- $6,095,430 -- -- -- -- Diversified Portfolio (6,643,203 shares; cost $100,173,963).......... -- -- -- $110,742,194 -- -- -- International Stock Portfolio (1,991,487 shares; cost $24,907,650)........... -- -- -- -- $23,798,267 -- -- Stock Index Portfolio (1,450,886 shares; cost $27,248,573)........... -- -- -- -- -- $32,253,185 -- Aggressive Growth Port- folio (3,107,005 shares; cost $78,361,229)........... -- -- -- -- -- -- $84,106,614 ------------ ----------- ---------- ------------ ----------- ----------- ----------- Total Investments...... 158,920,369 27,327,760 6,095,430 110,742,194 23,798,267 32,253,185 84,106,614 Cash and Accounts Re- ceivable............... 11,882 3,998 86,448 168 6,129 119,880 28,704 ------------ ----------- ---------- ------------ ----------- ----------- ----------- Total Assets........... 158,932,251 27,331,758 6,181,878 110,742,362 23,804,396 32,373,065 84,135,318 LIABILITIES............. 34,679 74,006 62,023 274,903 135,056 339,551 394,115 ------------ ----------- ---------- ------------ ----------- ----------- ----------- NET ASSETS.............. $158,897,572 $27,257,752 $6,119,855 $110,467,459 $23,669,340 $32,033,514 $83,741,203 ============ =========== ========== ============ =========== =========== ===========
See Notes to Financial Statements. 57 METROPOLITAN LIFE SEPARATE ACCOUNT UL STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996 --------------------------------------------------------------------------------- MONEY INTERNATIONAL STOCK AGGRESSIVE GROWTH INCOME MARKET DIVERSIFIED STOCK INDEX GROWTH DIVISION DIVISION DIVISION DIVISION DIVISION DIVISION DIVISION ----------- ---------- -------- ----------- ------------- ---------- ---------- INVESTMENT INCOME: Income: Dividends (Note 2)..... $15,051,436 $1,723,590 $300,997 $ 9,697,032 $ 200,282 $ 744,725 $2,234,170 Expenses: Mortality and expense charges (Note 3)...... 1,221,219 220,150 37,221 870,631 181,892 185,397 641,863 ----------- ---------- -------- ----------- --------- ---------- ---------- Net investment income... 13,830,217 1,503,440 263,776 8,826,401 18,390 559,328 1,592,307 ----------- ---------- -------- ----------- --------- ---------- ---------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from security transac- tions.................. 2,929,455 (16,679) (11,231) 532,857 (9,816) 742,061 166,243 Change in unrealized ap- preciation (deprecia- tion) of investments ....................... 9,406,099 (697,499) (90,379) 3,200,410 (559,306) 2,836,911 1,728,894 ----------- ---------- -------- ----------- --------- ---------- ---------- Net realized and unrealized gain (loss) on investments (Note 1B).................... 12,335,554 (714,178) (101,610) 3,733,267 (569,122) 3,578,972 1,895,137 ----------- ---------- -------- ----------- --------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........ $26,165,771 $ 789,262 $162,166 $12,559,668 ($550,732) $4,138,300 $3,487,444 =========== ========== ======== =========== ========= ========== ==========
See Notes to Financial Statements. 58 METROPOLITAN LIFE SEPARATE ACCOUNT UL STATEMENTS OF CHANGES IN NET ASSETS
GROWTH INCOME MONEY MARKET DIVISION DIVISION DIVISION -------------------------- ------------------------ ------------------------ FOR THE YEAR ENDED DECEMBER 31, --------------------------------------------------------------------------------------- 1996 1995 1996 1995 1996 1995 ------------ ------------ ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS: From operations: Net investment income.. $ 13,830,217 $ 4,694,831 $ 1,503,440 $ 1,147,331 $ 263,776 $ 128,508 Net realized gain (loss) from security transactions.......... 2,929,455 293,233 (16,679) (8,290) (11,231) 35,201 Change in unrealized appreciation (depreciation) of investments........... 9,406,099 19,543,807 (697,499) 1,977,261 (90,379) 4,641 ------------ ------------ ----------- ----------- ----------- ----------- Net increase (decrease) in net assets resulting from operations........ 26,165,771 24,531,871 789,262 3,116,302 162,166 168,350 ------------ ------------ ----------- ----------- ----------- ----------- From capital transac- tions: Net premiums........... 50,115,276 41,455,659 9,255,854 8,687,776 4,945,669 2,988,786 Redemptions............ (4,742,435) (2,766,288) (764,548) (546,157) (31,149) (89,665) Net portfolio trans- fers.................. (2,214,936) 395,373 (154,542) 36,042 (1,062,557) (3,328,483) Other net transfers.... (22,866,726) (19,059,583) (4,179,745) (4,186,427) (869,014) (1,058,931) ------------ ------------ ----------- ----------- ----------- ----------- Net increase (decrease) in net assets resulting from capital transactions .......... 20,291,179 20,025,161 4,157,019 3,991,234 2,982,949 (1,488,293) ------------ ------------ ----------- ----------- ----------- ----------- NET CHANGE IN NET ASSETS................. 46,456,950 44,557,032 4,946,281 7,107,536 3,145,115 (1,319,943) NET ASSETS--BEGINNING OF YEAR................... 112,440,622 67,883,590 22,311,471 15,203,935 2,974,740 4,294,683 ------------ ------------ ----------- ----------- ----------- ----------- NET ASSETS--END OF YEAR................... $158,897,572 $112,440,622 $27,257,752 $22,311,471 $ 6,119,855 $ 2,974,740 ============ ============ =========== =========== =========== ===========
See Notes to Financial Statements. 59
DIVERSIFIED INTERNATIONAL STOCK STOCK INDEX AGGRESSIVE GROWTH DIVISION DIVISION DIVISION DIVISION - -------------------------- ------------------------ ------------------------ -------------------------- FOR THE YEAR ENDED DECEMBER 31, - ---------------------------------------------------------------------------------------------------------- 1996 1995 1996 1995 1996 1995 1996 1995 - ------------ ------------ ----------- ----------- ----------- ----------- ------------ ------------ $ 8,826,401 $ 4,695,480 $ 18,390 $ 27,416 $ 559,328 $ 213,805 $ 1,592,307 $ 4,726,548 532,857 248,523 (9,816) 28,349 742,061 29,512 166,243 152,387 3,200,410 10,898,818 (559,306) 136,578 2,836,911 2,271,366 1,728,894 4,188,117 - ------------ ------------ ----------- ----------- ----------- ----------- ------------ ------------ 12,559,668 15,842,821 (550,732) 192,343 4,138,300 2,514,683 3,487,444 9,067,052 - ------------ ------------ ----------- ----------- ----------- ----------- ------------ ------------ 34,025,252 31,888,789 10,992,609 12,024,423 16,930,258 7,870,004 45,233,040 32,859,273 (3,640,372) (2,358,803) (611,355) (392,901) (385,783) (232,828) (2,071,839) (1,185,240) (466,159) (416,768) (688,494) (658,961) 4,466,799 1,324,319 1,106,638 2,162,117 (16,191,671) (15,856,704) (2,768,825) (5,248,525) (6,541,830) (2,897,249) (18,345,877) (14,163,669) - ------------ ------------ ----------- ----------- ----------- ----------- ------------ ------------ 13,727,050 13,256,514 6,923,935 5,724,036 14,469,444 6,064,246 25,921,962 19,672,481 - ------------ ------------ ----------- ----------- ----------- ----------- ------------ ------------ 26,286,718 29,099,335 6,373,203 5,916,379 18,607,744 8,578,929 29,409,406 28,739,533 84,180,741 55,081,406 17,296,137 11,379,758 13,425,770 4,846,841 54,331,797 25,592,264 - ------------ ------------ ----------- ----------- ----------- ----------- ------------ ------------ $110,467,459 $ 84,180,741 $23,669,340 $17,296,137 $32,033,514 $13,425,770 $ 83,741,203 $ 54,331,797 ============ ============ =========== =========== =========== =========== ============ ============
60 METROPOLITAN LIFE SEPARATE ACCOUNT UL NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1996 Metropolitan Life Separate Account UL (the "Separate Account") is a multi- division unit investment trust registered under the Investment Company Act of 1940 and presently consists of seven investment divisions used to support variable universal life insurance policies. The assets in each division are invested in shares of the corresponding portfolio of the Metropolitan Series Fund, Inc. (the "Fund"). Each portfolio has varying investment objectives relative to growth of capital and income. The Separate Account was formed by Metropolitan Life Insurance Company ("Metropolitan Life") on December 13, 1988, and registered as a unit investment trust on January 5, 1990. The assets of the Separate Account are the property of Metropolitan Life. A summary of significant accounting policies, all of which are in accordance with generally accepted accounting principles, is set forth below: 1. SIGNIFICANT ACCOUNTING POLICIES A. VALUATION OF INVESTMENTS Investments in shares of the Fund are valued at the reported net asset values of the respective portfolios. A summary of investments of the seven designated portfolios of the Fund in which the seven investment divisions of the Separate Account invest as of December 31, 1996 is included as Note 4. The methods used to value the Fund's investments at December 31, 1996 are described in Note 1A of the Fund's 1996 Annual Report. B.SECURITY TRANSACTIONS Purchases and sales are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. C.FEDERAL INCOME TAXES In the opinion of counsel of Metropolitan Life, the Separate Account will be treated as a part of Metropolitan Life and its operations, and the Separate Account will not be taxed separately as a "regulated investment company" under existing law. Metropolitan Life is taxed as a life insurance company. The policies permit Metropolitan Life to charge against the Separate Account any taxes, or reserves for taxes, attributable to the maintenance or operation of the Separate Account. Metropolitan Life is not currently charging any Federal income taxes against the Separate Account arising from the earnings or realized capital gains attributable to the Separate Account. Such charges may be imposed in future years depending on market fluctuations and transactions involving the Separate Account. D. NET PREMIUMS Metropolitan Life deducts a sales load and a state premium tax charge from premiums before amounts are allocated to the Separate Account. In the case of certain of the policies, Metropolitan Life also deducts a Federal income tax charge before amounts are allocated to the Separate Account. The Federal income tax charge is imposed in connection with certain of the policies to recover a portion of the Federal income tax adjustment attributable to policy acquisition expenses. 2. DIVIDENDS On April 25, 1996 and December 16, 1996, the Fund declared dividends for all shareholders of record on April 25, 1996 and December 26, 1996, respectively. The amount of dividends received by the Separate Account was $29,952,232. The dividends were paid to Metropolitan Life on April 26, 1996 and December 27, 1996, respectively, and were immediately reinvested in additional shares of the portfolios in which the investment divisions invest. As a result of this reinvestment, the number of shares of the Fund held by each of the seven investment divisions increased by the following: Growth Portfolio 488,416 shares, Income Portfolio 139,135 shares, Money Market Portfolio 28,861 shares, Diversified Portfolio 578,116 shares, International Stock Portfolio 16,160 shares, Stock Index Portfolio 33,043 shares, and Aggressive Growth Portfolio 82,174 shares. 61 NOTES TO FINANCIAL STATEMENTS--(CONTINUED) 3. EXPENSES With respect to assets in the Separate Account that support certain policies, Metropolitan Life applies a daily charge against the Separate Account for the mortality and expense risks assumed by Metropolitan Life. This charge is equivalent to the effective annual rate of .90% of the average daily value of the net assets in the Separate Account which are attributable to such policies. 62 NOTES TO FINANCIAL STATEMENTS--(CONTINUED) 4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND, INC.
GROWTH INCOME MONEY MARKET DIVERSIFIED PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO -------------- ------- ------------ ------- ------------ ------- -------------- VALUE VALUE VALUE VALUE (NOTE 1A) (NOTE 1A) (NOTE 1A) (NOTE 1A) COMMON STOCK Aerospace.............. $ 14,697,375 (0.9%) $ 8,224,562 (0.6%) Automotive............. 38,188,750 (2.4%) 21,290,925 (1.5%) Banking................ 157,307,202 (9.8%) 87,632,900 (6.0%) Broadcasting........... 19,728,750 (1.2%) 11,025,000 (0.8%) Business Services...... 31,078,650 (1.9%) 17,361,575 (1.2%) Chemicals.............. 105,060,638 (6.6%) 58,547,387 (4.0%) Cosmetics.............. 20,924,887 (1.3%) 11,739,188 (0.8%) Drugs & Health Care.... 65,432,344 (4.1%) 36,554,638 (2.5%) Electrical Equipment... 39,896,063 (2.5%) 22,197,437 (1.5%) Electronics............ 147,966,575 (9.3%) 82,595,572 (5.7%) Financial Services..... 34,196,000 (2.1%) 19,078,600 (1.3%) Food & Beverages....... 55,678,225 (3.5%) 31,081,563 (2.1%) Hospital Management.... 26,943,900 (1.7%) 15,140,663 (1.0%) Hospital Supply........ 64,140,600 (4.0%) 35,693,650 (2.5%) Hotel & Restaurant..... 34,541,887 (2.2%) 19,286,312 (1.3%) Household Products..... 27,788,750 (1.7%) 15,490,750 (1.1%) Insurance.............. 58,992,362 (3.7%) 32,934,038 (2.3%) Leisure................ 37,965,054 (2.4%) 21,750,587 (1.5%) Machinery.............. 24,072,650 (1.5%) 13,385,200 (0.9%) Metals--Aluminum....... 45,886,900 (2.9%) 25,661,113 (1.8%) Miscellaneous.......... 17,727,000 (1.1%) 9,861,000 (0.7%) Office & Business Equipment............. 104,763,338 (6.6%) 58,437,513 (4.0%) Oil.................... 27,677,510 (1.7%) 15,646,986 (1.1%) Oil--Domestic.......... 7,318,575 (0.5%) 4,071,375 (0.3%) Oil--International..... 32,374,200 (2.0%) 18,031,200 (1.2%) Oil--Services.......... 46,821,401 (2.9%) 26,157,263 (1.8%) Retail Grocery......... 23,040,750 (1.4%) 13,019,606 (0.9%) Retail Trade........... 74,240,420 (4.7%) 41,373,775 (2.9%) Software............... 19,964,200 (1.3%) 11,203,265 (0.8%) Tobacco................ 22,356,062 (1.4%) 12,602,737 (0.9%) Transportation-- Railroad.............. 8,116,800 (0.5%) 4,548,600 (0.3%) Transportation-- Trucking.............. 0 (0.0%) 5 (0.0%) Utilities--Gas Distribution & Pipelines............. 33,212,237 (2.1%) 18,517,850 (1.3%) -------------- -------------- Total Common Stock..... 1,468,100,055 (91.9%) 820,142,835 (56.6%) -------------- -------------- LONG-TERM DEBT SECURITIES Corporate Bonds: Banking................ $ 17,291,411 (4.5%) $ 13,220,347 (0.9%) Collateralized Mortgage Obligations........... 8,684,394 (2.3%) 9,152,935 (0.6%) Financial Services..... 36,834,715 (9.6%) 60,619,051 (4.2%) Government Sponsored... 5,656,770 (1.5%) 6,496,680 (0.5%) Industrials............ 26,858,935 (7.0%) 33,637,368 (2.3%) Miscellaneous.......... 6,288,068 (1.6%) 8,335,834 (0.6%) Utilities--Electric.... 7,305,058 (1.9%) 5,318,809 (0.4%) Utilities-- Miscellaneous......... 0 (0.0%) 2,838,920 (0.2%) Utilities--Telephone... 0 (0.0%) 5,040,000 (0.3%) ------------ -------------- Total Corporate Bonds.. 108,919,351 (28.4%) 144,659,944 (10.0%) ------------ -------------- Federal Agency Obligations........... 19,701,551 (5.1%) 30,641,236 (2.1%) Federal Treasury Obligations........... 201,495,177 (52.6%) 317,610,213 (21.9%) Foreign Obligations.... 14,393,603 (3.8%) 20,255,361 (1.4%) Yankee Bonds........... 15,352,261 (4.0%) 21,020,607 (1.5%) ------------ -------------- Total Bonds............ 359,861,943 (93.9%) 534,187,361 (36.9%) ------------ -------------- SHORT-TERM OBLIGATIONS Commercial Paper....... $ 125,797,417 (7.9%) $ 17,393,000 (4.5%) $25,926,227 (62.3%) $ 82,989,000 (5.7%) Corporate Note......... 3,998,775 (9.6%) Federal Agency Obligations........... 11,675,628 (28.0%) -------------- ------------ ----------- -------------- Total Short-Term Obligations........... 125,797,417 (7.9%) 17,393,000 (4.5%) 41,600,630 (99.9%) 82,989,000 (5.7%) -------------- ------------ ----------- -------------- TOTAL INVESTMENTS....... 1,593,897,472 (99.8%) 377,254,943 (98.4%) 41,600,630 (99.9%) 1,437,319,196 (99.2%) Other Assets Less Liabilities........... 3,831,003 (0.2%) 6,139,895 (1.6%) 36,001 (0.1%) 11,521,971 (0.8%) -------------- ------------ ----------- -------------- NET ASSETS.............. $1,597,728,475 (100.0%) $383,394,838 (100.0%) $41,636,631 (100.0%) $1,448,841,167 (100.0%) ============== ============ =========== ==============
63 NOTES TO FINANCIAL STATEMENTS--(CONTINUED) 4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND, INC. (CONTINUED)
INTERNATIONAL STOCK PORTFOLIO ------------- VALUE (NOTE 1A) COMMON STOCK Automotive.............................................. $ 12,042,055 (4.0%) Banking................................................. 28,537,013 (9.4%) Broadcasting............................................ 1,583,340 (0.5%) Business Services....................................... 1,353,994 (0.5%) Chemicals............................................... 15,831,034 (5.2%) Construction Materials.................................. 4,410,671 (1.5%) Consumer Non-Durables................................... 1,078,633 (0.4%) Drugs & Health Care..................................... 13,669,733 (4.5%) Electrical Equipment.................................... 4,851,913 (1.6%) Electronics............................................. 33,670,645 (11.1%) Financial Services...................................... 16,109,145 (5.3%) Food & Beverages........................................ 4,475,477 (1.5%) Forest Products & Paper................................. 1,650,874 (0.6%) General Business........................................ 81,167 (0.0%) Homebuilders............................................ 2,312,664 (0.8%) Household Products...................................... 1,626,631 (0.5%) Insurance............................................... 12,269,901 (4.0%) Investment Companies.................................... 2,234,375 (0.7%) Leisure................................................. 2,828,608 (0.9%) Machinery............................................... 5,079,733 (1.7%) Metals--Gold............................................ 59,942 (0.0%) Metals--Non-Ferrous..................................... 4,051,349 (1.3%) Metals--Steel & Iron.................................... 6,796,496 (2.2%) Miscellaneous........................................... 5,656,864 (1.9%) Multi-Industry.......................................... 14,979,104 (4.9%) Oil & Gas Exploration................................... 6,073,231 (2.0%) Oil--International...................................... 15,038,125 (4.9%) Printing & Publishing................................... 3,890,524 (1.3%) Real Estate............................................. 15,753,267 (5.2%) Retail Trade............................................ 8,007,127 (2.6%) Textiles & Apparel...................................... 2,385,456 (0.8%) Toys & Amusements....................................... 976,600 (0.3%) Transportation.......................................... 1,745,426 (0.6%) Utilities--Electric..................................... 4,565,840 (1.5%) Utilities--Gas Distribution & Pipelines................. 3,750,981 (1.2%) Utilities--Miscellaneous................................ 3,130,194 (1.0%) Utilities--Telephone.................................... 7,711,745 (2.5%) ------------ Total Common Stock...................................... 270,269,877 (88.9%) ------------ PREFERRED STOCK Retail Trade............................................ 518,032 (0.2%) ------------ Total Equity Securities................................. 270,787,909 (89.1%) TOTAL LONG-TERM DEBT SECURITIES--CONVERTIBLE BONDS....... 19,499,259 (6.4%) ------------ TOTAL INVESTMENTS........................................ 290,287,168 (95.5%) Other Assets Less Liabilities........................... 13,538,315 (4.5%) ------------ NET ASSETS............................................... $303,825,483 (100.0%) ============
64 NOTES TO FINANCIAL STATEMENTS--(CONTINUED) 4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND, INC. (CONTINUED)
STOCK INDEX PORTFOLIO ----------- VALUE (NOTE 1A) COMMON STOCK Aerospace.............................................. $ 28,736,048 (2.6%) Automotive............................................. 28,701,626 (2.6%) Banking................................................ 93,714,830 (8.4%) Broadcasting........................................... 11,450,367 (1.0%) Building & Construction................................ 7,528,376 (0.7%) Business Services...................................... 14,455,324 (1.3%) Chemicals.............................................. 34,500,400 (3.1%) Containers & Glass..................................... 1,693,750 (0.2%) Cosmetics.............................................. 3,360,350 (0.3%) Drugs & Health Care.................................... 72,616,988 (6.5%) Electrical Equipment................................... 48,407,363 (4.3%) Electronics............................................ 63,125,007 (5.6%) Financial Services..................................... 35,084,926 (3.1%) Food & Beverages....................................... 68,548,136 (6.1%) Forest Products & Paper................................ 16,456,307 (1.5%) Hospital Management.................................... 10,165,689 (0.9%) Hospital Supply........................................ 30,587,031 (2.7%) Hotel & Restaurant..................................... 10,602,137 (0.9%) Household Appliances & Home Furnishings................ 1,995,625 (0.2%) Household Products..................................... 34,569,100 (3.1%) Insurance.............................................. 38,990,773 (3.5%) Leisure................................................ 9,888,705 (0.9%) Liquor................................................. 2,526,500 (0.2%) Machinery.............................................. 14,790,412 (1.3%) Metals--Aluminum....................................... 4,013,638 (0.4%) Metals--Gold........................................... 5,642,260 (0.5%) Metals--Non-Ferrous.................................... 2,738,985 (0.2%) Metals--Steel & Iron................................... 1,839,738 (0.2%) Mining................................................. 2,180,087 (0.2%) Miscellaneous.......................................... 3,178,900 (0.3%) Multi-Industry......................................... 9,577,826 (0.9%) Newspapers............................................. 6,143,637 (0.5%) Office & Business Equipment............................ 48,538,755 (4.3%) Oil & Gas Exploration.................................. 2,800,313 (0.2%) Oil--Domestic.......................................... 21,819,438 (1.9%) Oil--International..................................... 65,066,563 (5.8%) Oil--Services.......................................... 11,558,751 (1.0%) Photography............................................ 5,953,875 (0.5%) Printing & Publishing.................................. 3,554,968 (0.3%) Retail Grocery......................................... 5,887,863 (0.5%) Retail Trade........................................... 42,490,678 (3.8%) Software............................................... 30,829,784 (2.7%) Textiles & Apparel..................................... 6,880,088 (0.6%) Tires & Rubber......................................... 3,116,200 (0.3%) Tobacco................................................ 21,138,225 (1.9%) Toys & Amusements...................................... 2,450,273 (0.2%) Transportation--Airlines............................... 4,475,875 (0.4%) Transportation--Railroad............................... 11,508,961 (1.0%) Transportation--Trucking............................... 1,006,875 (0.1%) Utilities--Electric.................................... 27,914,283 (2.5%) Utilities--Gas Distribution & Pipelines................ 14,503,806 (1.3%) Utilities--Telephone................................... 72,606,227 (6.5%) -------------- Total Common Stock..................................... 1,121,912,642 (100.0%) PREFERRED STOCK Hospital Supply........................................ 1,774 (0.0%) -------------- Total Equity Securities................................ 1,121,914,416 (100.0%) TOTAL SHORT-TERM OBLIGATIONS--U.S. TREASURY BILLS....... 6,119,501 (0.5%) -------------- TOTAL INVESTMENTS....................................... 1,128,033,917 (100.5%) Other Assets Less Liabilities.......................... (5,736,583) (-0.5%) -------------- NET ASSETS.............................................. $1,122,297,334 (100.0%) ==============
65 NOTES TO FINANCIAL STATEMENTS--(CONCLUDED) 4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND, INC. (CONCLUDED)
AGGRESSIVE GROWTH PORTFOLIO ---------- VALUE (NOTE 1A) --------- COMMON STOCK Automotive............................................. $ 8,300,475 (0.6%) Banking................................................ 52,161,093 (4.0%) Broadcasting........................................... 1,911,644 (0.1%) Business Services...................................... 111,731,275 (8.5%) Chemicals.............................................. 8,035,150 (0.6%) Drugs & Health Care.................................... 40,531,901 (3.1%) Electronics............................................ 159,063,920 (12.0%) Finance................................................ 1,903,687 (0.1%) Financial Services..................................... 36,782,250 (2.8%) Food & Beverages....................................... 8,800,137 (0.7%) Hospital Supply........................................ 24,680,369 (1.9%) Hotel & Restaurant..................................... 147,865,328 (11.2%) Insurance.............................................. 24,104,063 (1.8%) Leisure................................................ 22,011,718 (1.7%) Machinery.............................................. 5,305,125 (0.4%) Office & Business Equipment............................ 46,756,744 (3.5%) Oil.................................................... 1,795,219 (0.1%) Oil & Gas Exploration.................................. 22,009,875 (1.7%) Oil--Services.......................................... 115,561,562 (8.7%) Personal Care.......................................... 2,647,288 (0.2%) Printing & Publishing.................................. 7,947,212 (0.6%) Retail Trade........................................... 116,932,900 (8.9%) Software............................................... 110,257,289 (8.3%) Textiles & Apparel..................................... 38,388,025 (2.9%) Tobacco................................................ 1,785,938 (0.1%) Transportation--Airlines............................... 19,139,375 (1.4%) Utilities--Miscellaneous............................... 7,936,000 (0.6%) Utilities--Telephone................................... 19,502,387 (1.5%) -------------- Total Common Stock..................................... 1,163,847,949 (88.0%) PREFERRED STOCK Printing & Publishing.................................. 3,590,300 (0.3%) -------------- Total Equity Securities................................. 1,167,438,249 (88.3%) TOTAL LONG-TERM DEBT SECURITIES--CONVERTIBLE BONDS...... 2,312,500 (0.2%) TOTAL SHORT-TERM OBLIGATIONS--COMMERCIAL PAPER.......... 142,773,021 (10.8%) -------------- TOTAL INVESTMENTS....................................... 1,312,523,770 (99.3%) Other Assets Less Liabilities.......................... 9,325,594 (0.7%) -------------- NET ASSETS.............................................. $1,321,849,364 (100.0%) ==============
66 INDEPENDENT AUDITORS' REPORT Metropolitan Life Insurance Company We have audited the accompanying consolidated balance sheets of Metropolitan Life Insurance Company (the "Company") as of December 31, 1996 and 1995 and the related consolidated statements of earnings, equity and cash flows for each of the three years in the period ended December 31, 1996. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 1996 and 1995 and the consolidated results of its operations and its consolidated cash flows for each of the three years in the period ended December 31, 1996 in conformity with generally accepted accounting principles. As discussed in Notes 1 and 13 to the consolidated financial statements, the Company has retroactively adopted applicable generally accepted accounting principles relating to mutual life insurance companies and has changed, as of December 31, 1994, the method of accounting for fixed maturity investments. Deloitte & Touche LLP New York, New York April 4, 1997 67 METROPOLITAN LIFE INSURANCE COMPANY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 1996 AND 1995 (IN MILLIONS)
NOTES 1996 1995 ----- -------- -------- ASSETS Investments: Fixed Maturities: 2,12 Available for Sale, at Estimated Fair Value......... $ 75,039 $ 76,412 Held to Maturity, at Amortized Cost................. 11,322 11,340 Equity Securities..................................... 2,12 2,816 1,749 Mortgage Loans on Real Estate......................... 2,12 18,964 17,216 Policy Loans.......................................... 12 5,842 5,714 Real Estate........................................... 2 7,744 8,761 Real Estate Joint Ventures............................ 4 851 753 Other Limited Partnership Interests................... 4 992 797 Leases and Leveraged Leases........................... 2 1,883 1,503 Short-Term Investments................................ 12 741 1,769 Other Invested Assets................................. 2,692 2,651 -------- -------- Total Investments................................... 128,886 128,665 Cash and Cash Equivalents.............................. 12 2,325 1,930 Deferred Policy Acquisition Costs...................... 7,227 6,508 Accrued Investment Income.............................. 1,611 1,961 Premiums and Other Receivables......................... 2,916 2,533 Deferred Income Taxes Receivable....................... 37 -- Other Assets........................................... 2,094 2,157 Separate Account Assets................................ 43,775 39,384 -------- -------- Total Assets........................................ $188,871 $183,138 ======== ======== LIABILITIES AND EQUITY LIABILITIES Future Policy Benefits................................. 5 $ 69,223 $ 68,256 Policyholder Account Balances.......................... 5,12 47,674 48,133 Other Policyholder Funds............................... 12 4,179 4,006 Policyholder Dividends Payable......................... 1,817 1,825 Short- and Long-Term Debt.............................. 9,12 5,365 5,580 Income Taxes Payable: 6 Current............................................... 599 827 Deferred.............................................. -- 230 Other Liabilities...................................... 4,632 3,666 Separate Account Liabilities........................... 43,399 38,861 -------- -------- Total Liabilities................................... 176,888 171,384 -------- -------- Commitments and Contingencies (Notes 2, 4 and 10) EQUITY Retained Earnings...................................... 10,937 10,084 Net Unrealized Investment Gains........................ 3 1,028 1,646 Foreign Currency Translation Adjustments............... 18 24 -------- -------- Total Equity........................................ 13 11,983 11,754 -------- -------- Total Liabilities and Equity........................ $188,871 $183,138 ======== ========
See accompanying notes to consolidated financial statements. The New York State Insurance Department (the "Department") recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company for determining solvency under the New York Insurance Law. No consideration is given by the Department to financial statements prepared in accordance with generally accepted accounting principles in making such determination. 68 METROPOLITAN LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF EARNINGS FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994 (IN MILLIONS)
NOTES 1996 1995 1994 ----- ------- ------- ------- REVENUES Premiums....................................... 5 $11,462 $11,178 $10,078 Universal Life and Investment-Type Product Pol- icy Fee Income................................ 1,173 1,105 883 Net Investment Income.......................... 3 8,848 8,711 8,283 Investment Gains, Net.......................... 3 603 199 4 Commissions, Fees and Other Income............. 1,152 741 636 ------- ------- ------- Total Revenues................................ 23,238 21,934 19,884 ------- ------- ------- BENEFITS AND OTHER DEDUCTIONS Policyholder Benefits.......................... 5 12,525 11,976 11,179 Interest Credited to Policyholder Account Bal- ances......................................... 2,868 3,143 3,040 Policyholder Dividends......................... 1,728 1,786 1,752 Other Operating Costs and Expenses............. 4,711 4,285 3,500 ------- ------- ------- Total Benefits and Other Deductions........... 21,832 21,190 19,471 ------- ------- ------- Earnings from Continuing Operations before In- come Taxes.................................... 1,406 744 413 Income Taxes................................... 6 482 407 380 ------- ------- ------- Earnings from Continuing Operations............ 924 337 33 ------- ------- ------- Discontinued Operations: (Loss) Earnings from Discontinued Operations (Net of Income Tax (Benefit) Expense of $(18) in 1996, $32 in 1995 and $54 in 1994)........ (52) (54) 81 (Loss) Gain on Disposal of Discontinued Opera- tions (Net of Income Tax (Benefit) Expense of $(11) in 1996 and $106 in 1995).............. (19) 416 -- ------- ------- ------- (Loss) Earnings from Discontinued Operations... (71) 362 81 ------- ------- ------- Net Earnings................................... 13 $ 853 $ 699 $ 114 ======= ======= =======
See accompanying notes to consolidated financial statements. 69 METROPOLITAN LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF EQUITY FOR THE YEARS ENDED DECEMBER 31, 1996 ,1995 AND 1994 (IN MILLIONS)
NOTES 1996 1995 1994 ----- ------- ------- ------ Retained Earnings, Beginning of Year........... $10,084 $ 9,385 $9,271 Net Earnings................................... 853 699 114 ------- ------- ------ Retained Earnings, End of Year................. 10,937 10,084 9,385 ------- ------- ------ Net Unrealized Investment Gains (Losses), Beginning of Year.............................. 1,646 (955) 259 Cumulative Effect of Accounting Change......... 1 -- -- (1,247) Change in Unrealized Investment (Losses) Gains. (618) 2,601 33 ------- ------- ------ Net Unrealized Investment Gains (Losses), End of Year........................................ 1,028 1,646 (955) ------- ------- ------ Foreign Currency Translation Adjustments, Beginning of Year.............................. 24 (2) (17) Change in Foreign Currency Translation Adjustments.................................... (6) 26 15 ------- ------- ------ Foreign Currency Translation Adjustments, End of Year........................................ 18 24 (2) ------- ------- ------ Total Equity, End of Year...................... 13 $11,983 $11,754 $8,428 ======= ======= ======
See accompanying notes to consolidated financial statements. 70 METROPOLITAN LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994 (IN MILLIONS)
1996 1995 1994 -------- -------- -------- Net Cash Provided by Operating Activities......... $ 3,688 $ 4,823 $ 3,980 Cash Flows from Investing Activities: Sales, Maturities and Repayments of: Fixed Maturities................................ 76,117 64,372 47,658 Equity Securities............................... 2,069 694 795 Mortgage Loans on Real Estate................... 2,380 3,182 2,684 Real Estate..................................... 1,948 1,193 688 Real Estate Joint Ventures...................... 410 387 471 Other Limited Partnership Interests............. 178 42 24 Purchases of: Fixed Maturities................................ (76,225) (66,693) (51,073) Equity Securities............................... (2,742) (781) (812) Mortgage Loans on Real Estate................... (4,225) (2,491) (1,465) Real Estate..................................... (859) (904) (773) Real Estate Joint Ventures...................... (130) (285) (51) Other Limited Partnership Interests............. (307) (87) (164) Net Change in Short-Term Investments............. 1,028 (634) 198 Net Change in Policy Loans....................... (128) (112) (393) Other, Net ...................................... (438) (568) (107) -------- -------- -------- Net Cash Used by Investing Activities............. (924) (2,685) (2,320) -------- -------- -------- Cash Flows from Financing Activities: Policyholder Account Balances Deposits........................................ 17,167 16,017 15,580 Withdrawals..................................... (19,321) (19,142) (16,876) Additions to Long-Term Debt...................... -- 692 148 Repayments of Long-Term Debt..................... (284) (389) (334) Net Increase (Decrease) in Short-Term Debt....... 69 (78) 143 -------- -------- -------- Net Cash Used by Financing Activities............. (2,369) (2,900) (1,339) -------- -------- -------- Change in Cash and Cash Equivalents............... 395 (762) 321 Cash and Cash Equivalents, Beginning of Year...... 1,930 2,692 2,371 -------- -------- -------- Cash and Cash Equivalents, End of Year............ $ 2,325 $ 1,930 $ 2,692 ======== ======== ======== Supplemental Cash Flow Information: Interest Paid.................................... $ 310 $ 280 $ 257 ======== ======== ======== Income Taxes Paid................................ $ 497 $ 283 $ 161 ======== ======== ========
See accompanying notes to consolidated financial statements. 71 METROPOLITAN LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994 (IN MILLIONS)
1996 1995 1994 ------- ------- ------ Net Earnings......................................... $ 853 $ 699 $ 114 Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: Change in Deferred Policy Acquisition Costs, Net... (391) (376) (538) Change in Accrued Investment Income................ 350 (191) (70) Change in Premiums and Other Receivables........... (106) (29) (458) Undistributed (Income) Loss of Real Estate Joint Ventures and Other Limited Partnerships........... 100 (95) 150 Gains from Sale of Investments and Businesses, Net. (573) (721) (4) Depreciation and Amortization Expenses............. (18) 30 (25) Interest Credited to Policyholder Account Balances. 2,868 3,143 3,040 Universal Life and Investment-Type Product Policy Fee Income........................................ (1,173) (1,105) (883) Change in Future Policy Benefits................... 2,149 2,332 2,089 Change in Other Policyholder Funds................. 181 (66) 65 Change in Policyholder Dividends Payable........... (8) 11 (55) Change in Income Taxes Payable..................... (134) 327 503 Other, Net......................................... (410) 864 52 ------- ------- ------ Net Cash Provided by Operating Activities............ $ 3,688 $ 4,823 $3,980 ======= ======= ======
See accompanying notes to consolidated financial statements. 72 METROPOLITAN LIFE INSURANCE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BUSINESS Metropolitan Life Insurance Company ("MetLife") and its subsidiaries (collectively, the "Company") principally provide life insurance and annuity products and pension, pension-related and investment-related services to individuals, corporations and other institutions. The Company also provides nonmedical health, disability and property and casualty insurance and offers investment management, investment advisory, and commercial finance services. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles ("GAAP"). The New York State Insurance Department (the "Department") recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company for determining solvency under the New York Insurance Law. No consideration is given by the Department to financial statements prepared in accordance with GAAP in making such determination. The accompanying consolidated financial statements include the accounts of MetLife and its subsidiaries, partnerships and joint venture interests in which MetLife has control. Other equity investments in affiliated companies, partnerships and joint ventures are generally reported on the equity basis. Significant intercompany transactions and balances have been eliminated in consolidation. Minority interest related to subsidiaries, partnership and joint venture interests that are consolidated amounted to $149 million and $137 million at December 31, 1996 and 1995, respectively, and is included in other liabilities. Minority interest in earnings of $30 million, $22 million and $5 million in 1996, 1995 and 1994, respectively, is included in other operating costs and expenses. In August 1996, MetLife completed a merger with New England Mutual Life Insurance Company ("The New England") whereby The New England was merged directly into MetLife. The merger was accounted for as a pooling of interest and, accordingly, the accompanying consolidated financial statements include the accounts and operations of The New England for all periods. Prior to 1996, MetLife, as a mutual life insurance company, prepared its financial statements in conformity with accounting practices prescribed or permitted by the Department (statutory financial statements), which accounting practices were considered to be GAAP for a mutual life insurance company. In 1996, MetLife adopted Interpretation No. 40, Applicability of Generally Accepted Accounting Principles to Mutual Life Insurance and Other Enterprises (the "Interpretation"), and Statement of Financial Accounting Standards ("SFAS") No. 120, Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long Duration Participating Policies (the "Standard"), of the Financial Accounting Standards Board ("FASB"). The Interpretation and the Standard required mutual life insurance companies to adopt all standards promulgated by the FASB in their general purpose financial statements. The financial statements of MetLife for 1995 and 1994 have been retroactively restated to reflect the adoption of all applicable authoritative GAAP pronouncements. The effect of such adoption, except for SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities," has been reflected in equity at January 1, 1994 (see Note 13). As of December 31, 1994, the Company adopted SFAS No. 115, which expanded the use of fair value accounting for those securities that a company does not have positive intent and ability to hold to maturity. Implementation of SFAS No. 115 decreased consolidated equity at December 31, 1994, by $1,247 million, net of deferred income taxes, amounts attributable to participating pension contractholders and adjustments of deferred policy acquisition costs and future policy benefits. In 1995, the FASB issued implementation guidance for SFAS No. 115 and permitted companies a one-time opportunity, through December 31, 1995, to reassess the appropriateness of the classification of all securities held at that time. On December 31, 1995, the Company transferred $3,058 million of securities classified as held to maturity to the available for sale portfolio. As a result, consolidated equity at December 31, 1995, increased by $135 million, excluding the effects of deferred income taxes, amounts attributable to participating pension contractholders and adjustments of deferred policy acquisition costs and future policy benefits. 73 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) VALUATION OF INVESTMENTS Fixed maturity securities for which the Company has the positive intent and ability to hold to maturity are stated principally at amortized cost and include bonds and redeemable preferred stock. All other fixed maturity securities are classified as available for sale and are reported at estimated fair value. Equity securities are stated principally at estimated fair value and include common stocks and nonredeemable preferred stocks. Unrealized investment gains and losses on fixed maturity securities available for sale and equity securities are reported as a separate component of equity. Such amounts are net of related deferred income taxes, amounts attributable to participating pension contractholders and adjustments of deferred policy acquisition costs and future policy benefits relating to unrealized gains on available for sale securities. Costs of fixed maturity and equity securities are adjusted for impairments in value deemed to be other than temporary. All security transactions are recorded on a trade date basis. Mortgage loans in good standing are carried at outstanding principal balances less unaccreted discounts. Mortgage loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contract terms of the loan agreement. When the Company determines that a loan is impaired, an allowance for loss is established for the difference between the carrying value of the mortgage loan and the estimated fair value. Estimated fair value is based on either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's observable market price or the fair value of the collateral. The provision for losses is reported as a realized investment loss. Mortgage loans deemed to be uncollectible are charged against the allowance for losses and subsequent recoveries, if any, are credited to the allowance for losses. Investment real estate, including real estate acquired in satisfaction of debt, is generally stated at depreciated cost (or amortized cost for capital leases). At the date of foreclosure, real estate acquired in satisfaction of debt is recorded at estimated fair value. Cost is adjusted for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. In performing the review for recoverability, management estimates future cash flows expected from real estate investments including proceeds on disposition. If the sum of such expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the real estate, an impairment loss is recognized. Measurement of impairment losses is based on the estimated fair market value of the real estate, which is generally computed using the present value of expected future cash flows discounted at a rate commensurate with underlying risks. Real estate investments that management intends to sell in the near term are reported at the lower of cost or estimated fair market value less allowances for the estimated cost of sales. Changes in allowances relating to real estate to be disposed of and impairments of real estate are reported as realized investment gains or losses. Depreciation, including charges relating to capital leases, of real estate is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 20 to 40 years or the terms of the lease, if shorter. Accumulated depreciation and amortization on real estate was $2,109 million and $2,187 million at December 31, 1996 and 1995, respectively. Depreciation and amortization expense totaled $348 million, $427 million and $356 million for the years ended December 31, 1996, 1995 and 1994, respectively. Policy loans are stated at unpaid principal balances. Short-term investments are stated at amortized cost, which approximates fair value. The Company acts as the lessor of equipment in both direct financing and operating lease transactions. At lease commencement, the Company records the aggregate future minimum lease payments due, the estimated residual value of the leased equipment and unearned lease income for direct financing leases. The unearned lease income represents the excess of aggregate future minimum lease receipts plus the estimated residual value over the cost of the leased equipment or its net capitalized value. Lease income is recognized over the term of the lease in a manner which reflects a level yield on the net investment in the lease. Certain origination fees and costs are deferred and recognized over the term of the lease using the interest method. For operating lease transactions, the cost of equipment or its net realizable value is depreciated on a straight-line basis over its estimated economic life and lease income is recorded as earned. The Company participates in leasing transactions in which it supplies only a portion of the purchase price, but generally has the entire equity interest in the equipment and rentals receivable (leveraged leases). These interests, however, are subordinated to the interests of the lenders supplying the nonequity portion of the repurchase price. The financing is generally in the form of long-term debt that provides for no recourse against the Company and is collateralized by the property. The investment in leveraged leases is recorded net of the nonrecourse debt. Revenue, 74 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) including related tax benefits, is recorded over the term of the lease at a level rate of return. Management regularly reviews residual values and writes down residuals to expected values as needed. INVESTMENT RESULTS Realized investment gains and losses are determined by specific identification and are presented as a component of revenues. Valuation allowances are netted against asset categories to which they apply and provisions for losses for investments are included in investment gains and losses. PROPERTY AND EQUIPMENT Property and equipment and leasehold improvements are included in other assets, and are stated at cost, less accumulated depreciation and amortization. Depreciation, including charges relating to capitalized leases, is provided using the straight-line or sum of the years digits methods over the estimated useful lives of the assets, which generally range from 20 to 40 years for real estate and five to 15 years or the term of the lease, if shorter, for all other property and equipment. Amortization of leasehold improvements is provided using the straight-line method over the lesser of the term of the lease or the estimated useful life of the improvements. RECOGNITION OF INCOME AND EXPENSES Premiums from traditional life and annuity policies with life contingencies are generally recognized as income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contract. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs. For contracts with a single premium, or limited number of premium payments due over a significantly shorter period of time than the total period over which benefits are provided ("limited payment contracts"), premiums are recorded as income when due with any excess profit deferred and recognized in income in a constant relationship to insurance in force or, for annuities, the amount of expected future benefit payments. Premiums from nonmedical health contracts are recognized as income on a pro rata basis over the contract terms. Premiums from universal life and investment-type contracts are reported as deposits to policyholder account balances. Revenues from these contracts consist of amounts assessed during the period against policyholder account balances for mortality, policy administration and surrender charges. Policy benefits and claims that are charged to expenses include benefit claims incurred in the period in excess of related policyholder account balances and interest credited to policyholder account balances. Property and liability premiums are generally recognized as revenue on a pro rata basis over the policy term. Unearned premiums are included in other liabilities and are computed principally by the monthly pro rata method. DEFERRED POLICY ACQUISITION COSTS The costs of acquiring new business, principally commissions, agency and policy issue expenses, all of which vary with and are primarily related to the production of new business, have been deferred. Deferred policy acquisition costs are subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. Deferred policy acquisition costs are amortized over 40 years for participating traditional life and 30 years for universal life and investment- type products as a constant percentage of estimated gross margins or profits arising principally from surrender charges and interest, mortality and expense margins based on historical and anticipated future experience, updated regularly. The effects of revisions to experience on previous amortization of deferred policy acquisition costs are reflected in earnings in the period estimated gross margins or profits are revised. For nonparticipating traditional life and annuity policies with life contingencies, deferred policy acquisition costs are amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings in the period such deviations occur. For these contracts, the amortization periods generally are for the estimated life of the policy. For nonmedical health insurance contracts, deferred policy acquisition costs are amortized over the life of the contracts (generally 10 years) in proportion to anticipated premium revenue at the time of issue. 75 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) For property and liability insurance, deferred policy acquisition costs are amortized over the terms of policies or reinsurance treaties. VALUE OF INSURANCE BUSINESS ACQUIRED AND GOODWILL The cost of insurance acquired of $358 million and $381 million at December 31, 1996 and 1995, respectively, and the excess of purchase price over the fair value of net assets acquired of $17 million and $22 million at December 31, 1996 and 1995, respectively, are included in other assets. The cost of insurance acquired is being amortized over the expected policy or contract duration in relation to the present value of estimated gross profits from such policies and contracts. Accumulated amortization of cost of insurance acquired was $48 million and $18 million at December 31, 1996 and 1995, respectively, and related amortization expense was $30 million, $27 million and $2 million for the years ended December 31, 1996, 1995 and 1994, respectively. The excess of purchase price over the fair value of assets acquired is being amortized generally over a 10 year period using the straight-line method. Accumulated amortization of cost in excess of net assets acquired was $48 million and $43 million at December 31, 1996 and 1995, respectively, and related amortization expense was $5 million, $5 million and $6 million for the years ended December 31, 1996, 1995 and 1994, respectively. FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES Future policy benefit liabilities for participating traditional life insurance policies are equal to the aggregate of net level premium reserves for death and endowment policy benefits, the liability for terminal dividends and premium deficiency reserves. The net level premium reserve is calculated based on the nonforfeiture interest rate, ranging from 2.5 percent to 7.0 percent, and mortality rates guaranteed in calculating the cash surrender values described in such contracts. Premium deficiency reserves are established, if necessary, when the liabilities for future policy benefits plus the present value of expected future gross premiums are insufficient to provide for expected future policy benefits and expenses after deferred policy acquisition costs are written off. Future policy benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholder fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing future policy benefit liabilities range from 2.5 percent to 7.0 percent for life insurance policies and 6.0 percent to 8.25 percent for annuity contracts. Policyholder account balances for universal life and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. Benefit liabilities for nonmedical health insurance are calculated using the net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. For property and liability insurance, the liability for unpaid reported losses is based on a case by case or overall estimate using the Company's past experience. A provision is also made for losses incurred but not reported on the basis of estimates and past experience. INCOME TAXES MetLife and its eligible life insurance and nonlife insurance subsidiaries file a consolidated federal income tax return. The future tax consequences of temporary differences between financial reporting and tax basis of assets and liabilities are measured as of the balance sheet dates and are recorded as deferred tax assets or liabilities. SEPARATE ACCOUNT OPERATIONS Separate Accounts are established in conformity with insurance laws and are generally not chargeable with liabilities that arise from any other business of the Company. Separate Account assets are subject to general account claims only to the extent the value of such assets exceeds the Separate Account liabilities. Separate Account assets and liabilities also include assets and liabilities relating to unit-linked products sold in the United Kingdom. 76 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) Investments held in the Separate Accounts (stated at estimated fair market value) and liabilities of the Separate Accounts (including participants' corresponding equity in the Separate Accounts) are reported separately as assets and liabilities. Deposits to Separate Accounts are reported as increases in Separate Account liabilities and are not reported in revenues. Mortality, policy administration and surrender charges to all Separate Accounts are included in revenues. POLICYHOLDER DIVIDENDS The amount of policyholder dividends to be paid is determined annually by the Board of Directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year and management's judgment as to the appropriate level of statutory surplus to be retained by the Company. CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, amounts due from banks and highly liquid debt instruments purchased with an original maturity of three months or less. CONSOLIDATED STATEMENTS OF CASH FLOWS--NON CASH TRANSACTIONS For the years ended December 31, 1996, 1995 and 1994, respectively, real estate of $189 million, $429 million and $273 million was acquired in satisfaction of debt. At December 31, 1996 and 1995, the Company owned real estate acquired in satisfaction of debt of $456 million and $649 million, respectively. During 1995 and 1994, respectively, the company assumed liabilities of $1,573 million and $88 million and received assets of $1,573 million and $86 million through assumption of certain businesses from other insurance companies. DISCONTINUED OPERATIONS In January 1995, the Company contributed its group medical benefits businesses to a corporate joint venture, The MetraHealth Companies, Inc. ("MetraHealth"). In October 1995, the Company sold its investment in MetraHealth to United HealthCare Corporation. For its interest in MetraHealth, the Company received $485 million face amount of United HealthCare Corporation convertible preferred stock and $326 million in cash (including additional consideration of $50 million in 1996). The sale resulted in an aftertax loss of $36 million in 1996 and an aftertax gain of $372 million in 1995. Operating losses in 1996 related principally to the finalization of the transfer of group medical contracts to MetraHealth. The Company also has the right to receive from United HealthCare Corporation up to approximately $169 million in cash based on the 1997 consolidated financial results of United HealthCare Corporation. During 1995, the company also sold its real estate brokerage, mortgage banking and mortgage administration operations for an aggregate consideration of $251 million (including additional cash consideration of $25 million in 1996), resulting in aftertax gains of $17 million in 1996 and $44 million in 1995. These operations are accounted for as discontinued operations and, accordingly, are segregated in the accompanying consolidated statements of earnings. FOREIGN CURRENCY TRANSLATION Assets and liabilities of foreign operations and subsidiaries are translated at the exchange rate in effect at year end. Revenues and benefits and other expenses are translated at the average rate prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are charged or credited directly to equity. ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 77 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) 2. INVESTMENTS FIXED MATURITY AND EQUITY SECURITIES The cost or amortized cost, gross unrealized gain and loss and estimated fair value of fixed maturity and equity securities, by category, are shown below. HELD TO MATURITY SECURITIES--DECEMBER 31, 1996 (in millions):
GROSS UNREALIZED AMORTIZED ----------------- ESTIMATED COST GAIN LOSS FAIR VALUE --------- -------- ---- ---------- Fixed Maturities: Bonds: U. S. Treasury securities and obligations of U. S. government corporations and agencies............ $ 48 $ 3 $ 51 States and political subdivisions..... 58 1 59 Foreign governments................... 260 5 265 Corporate............................. 7,520 236 $ 64 7,692 Mortgage-backed securities............ 689 1 16 674 Other................................. 2,746 85 24 2,807 ------- -------- -------- ------- Total bonds......................... 11,321 331 104 11,548 Redeemable preferred stocks............ 1 -- -- 1 ------- -------- -------- ------- Total Fixed Maturities.............. $11,322 $ 331 $ 104 $11,549 ======= ======== ======== ======= HELD TO MATURITY SECURITIES--DECEMBER 31, 1995 (in millions): Fixed Maturities: Bonds: U. S. Treasury securities and obligations of U. S. government corporations and agencies............ $ 63 $ 3 $ 66 States and political subdivisions..... 57 -- 57 Foreign governments................... 194 10 204 Corporate............................. 8,039 398 $ 33 8,404 Mortgage-backed securities............ 860 5 31 834 Other................................. 2,126 128 5 2,249 ------- -------- -------- ------- Total bonds......................... 11,339 544 69 11,814 Redeemable preferred stocks............ 1 -- -- 1 ------- -------- -------- ------- Total Fixed Maturities.............. $11,340 $ 544 $ 69 $11,815 ======= ======== ======== =======
78 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) AVAILABLE FOR SALE SECURITIES--DECEMBER 31, 1996 (in millions)
GROSS UNREALIZED ----------- ESTIMATED AMORTIZED FAIR COST GAIN LOSS VALUE --------- ------ ---- --------- Fixed Maturities: Bonds: U. S. Treasury securities and obligations of U. S. government corporations and agen- cies........................................ $12,949 $ 901 $128 $13,722 States and political subdivisions............. 536 13 1 548 Foreign governments........................... 2,597 266 6 2,857 Corporate..................................... 32,520 1,102 294 33,328 Mortgage-backed securities.................... 21,200 407 91 21,516 Other......................................... 2,511 90 30 2,571 ------- ------ ---- ------- Total bonds.................................. 72,313 2,779 550 74,542 Redeemable preferred stocks.................... 500 -- 3 497 ------- ------ ---- ------- Total Fixed Maturities....................... $72,813 $2,779 $553 $75,039 ======= ====== ==== ======= Equity Securities: Common stocks................................. $ 1,882 $ 648 $ 55 $ 2,475 Nonredeemable preferred stocks................ 371 51 81 341 ------- ------ ---- ------- Total Equity Securities...................... $ 2,253 $ 699 $136 $ 2,816 ======= ====== ==== ======= AVAILABLE FOR SALE SECURITIES--DECEMBER 31, 1995 (in millions) Fixed Maturities: Bonds: U. S. Treasury securities and obligations of U. S. government corporations and agencies.................................... $15,963 $2,194 $ 4 $18,153 States and political subdivisions............. 54 1 -- 55 Foreign governments........................... 1,851 195 -- 2,046 Corporate..................................... 29,742 1,905 124 31,523 Mortgage-backed securities.................... 21,255 707 28 21,934 Other......................................... 1,788 235 7 2,016 ------- ------ ---- ------- Total bonds.................................. 70,653 5,237 163 75,727 Redeemable preferred stocks.................... 593 95 3 685 ------- ------ ---- ------- Total Fixed Maturities......................... $71,246 $5,332 $166 $76,412 ======= ====== ==== ======= Equity Securities: Common stocks................................. $ 1,372 $ 389 $134 $ 1,627 Nonredeemable preferred stocks................ 167 2 47 122 ------- ------ ---- ------- Total Equity Securities...................... $ 1,539 $ 391 $181 $ 1,749 ======= ====== ==== =======
79 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) The amortized cost and estimated fair value of bonds classified as held to maturity, by contractual maturity, are shown below.
AMORTIZED ESTIMATED COST FAIR VALUE --------- ---------- DECEMBER 31, 1996 (in millions) Due in one year or less.............................. $ 389 $ 391 Due after one year through five years................ 3,317 3,413 Due after five years through 10 years................ 5,444 5,562 Due after 10 years................................... 1,482 1,508 ------- ------- Subtotal............................................ 10,632 10,874 Mortgage-backed securities........................... 689 674 ------- ------- Total.............................................. $11,321 $11,548 ======= =======
The amortized cost and estimated fair value of bonds classified as available for sale, by contractual maturity, are shown below.
AMORTIZED ESTIMATED COST FAIR VALUE --------- ---------- DECEMBER 31, 1996 (in millions) Due in one year or less.............................. $ 1,842 $ 1,844 Due after one year through five years................ 13,659 13,957 Due after five years through 10 years................ 15,729 16,228 Due after 10 years................................... 19,883 20,997 ------- ------- Subtotal............................................ 51,113 53,026 Mortgage-backed securities........................... 21,200 21,516 ------- ------- Total.............................................. $72,313 $74,542 ======= =======
Bonds not due at a single maturity date have been included in the above tables in the year of final maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. MORTGAGE LOANS Mortgage loans are collateralized by properties principally located throughout the United States and Canada. At December 31, 1996, approximately 16 percent and 7 percent of the properties were located in California and Illinois, respectively. Generally, the Company (as the lender) requires that a minimum of one-fourth of the purchase price of the underlying real estate be paid by the borrower. The mortgage loan investments were categorized as follows:
1996 1995 ---- ---- DECEMBER 31 Office buildings..................................................... 30% 32% Retail............................................................... 19% 18% Residential.......................................................... 16% 17% Agricultural......................................................... 18% 16% Other................................................................ 17% 17% --- --- Total.............................................................. 100% 100% === ===
Many of the Company's real estate joint ventures have loans with the Company. The carrying values of such mortgages were $869 million and $1,164 million at December 31, 1996 and 1995, respectively. 80 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) Mortgage loan valuation allowances and changes thereto are shown below.
1996 1995 1994 ---- ---- ---- DECEMBER 31 (in millions) Balance, beginning of year.................................... $466 $483 $569 Additions charged to income................................... 144 107 89 Deductions for writedowns and dispositions.................... (166) (124) (175) ---- ---- ---- Balance, end of year.......................................... $444 $466 $483 ==== ==== ====
Impaired mortgage loans and related valuation allowances are as follows:
1996 1995 ------ ------ DECEMBER 31 (in millions) Impaired mortgage loans with valuation allowances............... $1,677 $2,028 Impaired mortgage loans with no valuation allowances............ 165 389 ------ ------ Recorded investment in impaired mortgage loans.................. 1,842 2,417 Valuation allowances............................................ (427) (449) ------ ------ Net impaired mortgage loans..................................... $1,415 $1,968 ====== ======
During the years ended December 31, 1996 and 1995, the Company's average recorded investment in impaired mortgage loans was $2,113 million and $2,365 million, respectively. Interest income recognized on these impaired mortgage loans totaled $122 million and $169 million for the years ended December 31, 1996 and 1995, respectively. Interest income earned on loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on loans, where the present value method is used to measure impairment, is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. REAL ESTATE Real Estate valuation allowances and changes thereto are shown below.
1996 1995 1994 ---- ---- ---- YEARS ENDED DECEMBER 31 (in millions) Balance, beginning of year.................................... $743 $622 $674 Additions charged to income................................... 127 358 82 Deductions for writedowns and dispositions.................... (341) (237) (134) ---- ---- ---- Balance, end of year.......................................... $529 $743 $622 ==== ==== ====
The above table does not include valuation reserves of $118 million, $167 million and $95 million at December 31, 1996, 1995 and 1994, respectively, relating to investments in real estate joint ventures. Prior to 1996, the Company established valuation allowances for impaired real estate investments. During 1996, $150 million of valuation allowances relating to real estate held for investment were applied as writedowns to specific properties. The balance in the real estate valuation allowance at December 31, 1996, relates to properties that management has committed to a plan of sale. The carrying value, net of valuation allowances, of properties committed to a plan of sale was $1,844 million at December 31, 1996. Net investment income relating to such properties was $60 million for the year ended December 31, 1996. 81 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) LEASES AND LEVERAGED LEASES The Company's investment in direct financing leases and leveraged leases is summarized below.
DIRECT FINANCING LEVERAGED LEASES LEASES TOTAL ------------------ ------------ -------------- 1996 1995 1996 1995 1996 1995 -------- -------- ------ ---- ------ ------ DECEMBER 31 (in millions) Investment.................... $ 1,247 $ 1,054 $ 507 $298 $1,754 $1,352 Estimated Residual Values..... 238 231 543 445 781 676 -------- -------- ------ ---- ------ ------ Total........................ 1,485 1,285 1,050 743 2,535 2,028 Unearned Income............... (336) (295) (316) (230) (652) (525) -------- -------- ------ ---- ------ ------ Net Investment................ $ 1,149 $ 990 $ 734 $513 $1,883 $1,503 ======== ======== ====== ==== ====== ======
The investment amounts set forth above are due primarily in monthly installments. The payment periods generally range from three to eight years, but in certain circumstances are as long as 20 years. Average yields range from 7 percent to 12 percent. These receivables are generally collateralized by the related property. Scheduled aggregate receipts for the investment and estimated residual values in direct financing leases are:
DIRECT FINANCING RESIDUALS TOTAL --------- --------- ------ YEAR ENDING DECEMBER 31 (in millions) 1997.............................................. $ 236 $ 20 $ 256 1998.............................................. 209 9 218 1999.............................................. 189 25 214 2000.............................................. 167 26 193 2001.............................................. 128 23 151 Thereafter.......................................... 318 135 453 ------ ---- ------ Total............................................... $1,247 $238 $1,485 ====== ==== ======
Historical collection experience indicates that a portion of the above amounts will be paid prior to contractual maturity. Accordingly, the future receipts, as shown above, should not be regarded as a forecast of future cash flow. FINANCIAL INSTRUMENTS The Company has a securities lending program whereby large blocks of securities are loaned to third parties, primarily major brokerage firms. Company policy requires a minimum of 102 percent of the fair value of the loaned securities to be separately maintained as collateral for the loans. The collateral is recorded in memorandum records and is not reflected in the accompanying consolidated balance sheets. To further minimize the credit risks related to this lending program, the Company regularly monitors the financial condition of counterparties to these agreements. The Company engages in a variety of derivative transactions. Certain derivatives, such as forwards, futures, options and swaps, which do not themselves generate interest or dividend income, are acquired or sold in order to hedge or reduce risks applicable to assets held, or expected to be purchased or sold, and liabilities incurred or expected to be incurred. The Company may also sell covered call options for income generation purposes from time to time. The Company does not engage in trading of these derivatives. Derivative financial instruments involve varying degrees of market risk resulting from changes in the volatility of interest rates, foreign currency exchange rates or market values of the underlying financial instruments. The Company's risk of loss is typically limited to the fair value of these instruments and not by the notional or contractual amounts which reflect the extent of involvement but not necessarily the amounts subject to risk. Credit risk arises from 82 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) the possible inability of counterparties to meet the terms of the contracts. Credit risk due to counterparty nonperformance associated with these instruments is the unrealized gain, if any, reflected by the fair value of such instruments. During the three year period ended December 31, 1996, the Company employed several ongoing derivatives strategies. The Company entered into a number of anticipatory hedges using securities forwards, futures and interest rate swaps to limit the interest rate exposure of investments expected to be acquired or sold within one year. The Company also executed swaps and foreign currency forwards to hedge, including on an anticipatory basis, the foreign currency risk of foreign currency denominated investments. The Company also used interest rate swaps and forwards to reduce risks from changes in interest rates and exposures arising from mismatches between assets and liabilities. In addition, the Company has used interest rate caps to reduce the market and interest rate risks relating to certain assets and liabilities. Income and expenses related to derivatives used to hedge or manage risks are recorded on the accrual basis as an adjustment to the yield of the related securities over the periods covered by the derivative contracts. Gains and losses relating to early terminations of interest rate swaps used to hedge or manage interest rate risk are deferred and amortized over the remaining period originally covered by the swap. Gains and losses relating to derivatives used to hedge the risks associated with anticipated transactions are deferred and utilized to adjust the basis of the transaction once it has closed. If it is determined that the transaction will not close, such gains and losses are included in realized investment gains and losses. ASSETS ON DEPOSIT As of December 31, 1996 and 1995, the Company had assets on deposit with regulatory agencies of $4,062 million and $3,917 million, respectively. 3. INVESTMENT INCOME AND INVESTMENT GAINS The sources of investment income are as follows:
1996 1995 1994 ------ ------ ------ YEARS ENDED DECEMBER 31 (in millions) Fixed maturities........................................ $6,042 $6,006 $5,682 Equity securities....................................... 60 45 53 Mortgage loans on real estate........................... 1,523 1,501 1,573 Policy loans............................................ 399 394 359 Real estate............................................. 1,647 1,833 1,870 Real estate joint ventures.............................. 21 41 (99) Other limited partnership interests..................... 70 23 40 Leases and leveraged leases............................. 135 113 92 Cash, cash equivalents and short-term investments....... 214 231 146 Other investment income................................. 281 326 337 ------ ------ ------ Gross investment income................................. 10,392 10,513 10,053 Investment expenses..................................... (1,544) (1,802) (1,770) ------ ------ ------ Investment income, net.................................. $8,848 $8,711 $8,283 ====== ====== ======
83 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) Investment gains (losses), including changes in valuation allowances, are summarized as follows:
1996 1995 1994 ------ ------ ------- YEARS ENDED DECEMBER 31 (in millions) Fixed maturities...................................... $ 234 $ 621 $ (97) Equity securities..................................... 78 (5) 141 Mortgage loans on real estate......................... (86) (51) (41) Real estate........................................... 165 (375) (20) Real estate joint ventures............................ 206 (16) 18 Other limited partnership interests................... 82 117 28 Other................................................. (76) (92) (25) ------ ------ ------- Investment gains, net................................. $ 603 $ 199 $ 4 ====== ====== ======= Proceeds from the sales of bonds classified as available for sale during 1996, 1995 and 1994 were $74,580 million, $58,537 million and $43,903 million, respectively. During 1996, 1995 and 1994, respectively, gross gains of $1,069 million, $1,013 million and $642 million and gross losses of $842 million, $402 million and $719 million were realized on those sales. Proceeds from the sale of bonds classified as held to maturity during 1996, 1995 and 1994 were $1,281 million, $1,806 million and $1,797 million, respectively. During 1996, 1995 and 1994, respectively, gross gains of $10 million, $17 million and $9 million and gross losses of $1 million, $4 million and $13 million were realized on those sales. Sales of held to maturity bonds were principally due to prepayments and callable features on privately placed bonds. The net unrealized investment gains (losses), which are included in the consolidated balance sheets as a component of equity, and the changes for the corresponding years are summarized as follows: 1996 1995 1994 ------ ------ ------- DECEMBER 31 (in millions) Balance, end of year, comprised of: Unrealized investment gains (losses) on: Fixed maturities.................................... $2,226 $5,166 $(2,328) Equity securities................................... 563 210 41 Other............................................... 474 380 378 ------ ------ ------- 3,263 5,756 (1,909) Amounts of unrealized investment gains (losses) attributable to: Participating pension contracts..................... (9) (350) (92) Loss recognition.................................... (1,219) (2,064) (1) Deferred policy acquisition cost allowances......... (420) (748) 499 Deferred income tax (expense) benefit............... (587) (948) 548 ------ ------ ------- Balance, end of year.................................. $1,028 $1,646 $ (955) ====== ====== ======= 1996 1995 1994 ------ ------ ------- YEARS ENDED DECEMBER 31 (in millions) Balance, beginning of year:........................... $1,646 $ (955) $ 259 Change in unrealized investment gains (losses)....... (2,493) 7,665 50 Unrealized loss at date of adoption of SFAS No. 115.. -- -- (2,449) Change in unrealized investment gains (losses) attributable to: Participating pension contracts..................... 341 (258) (86) Loss recognition.................................... 845 (2,063) 21 Deferred policy acquisition cost allowances......... 328 (1,247) 550 Deferred income tax (expense) benefit............... 361 (1,496) 700 ------ ------ ------- Balance, end of year.................................. $1,028 $1,646 $ (955) ====== ====== =======
84 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) 4. REAL ESTATE JOINT VENTURES AND OTHER LIMITED PARTNERSHIP INTERESTS Summarized combined financial information of real estate joint ventures and other limited partnership interests accounted for under the equity method, in which the Company has an investment of $10 million or greater and an equity interest of 10 percent or greater, is as follows:
1996 1995 ------ ------ DECEMBER 31 (in millions) Assets: Investments in real estate, at depreciated cost.................. $1,030 $1,409 Investments in securities, generally at estimated fair value..... 621 534 Cash and cash equivalents........................................ 37 33 Other............................................................ 1,030 1,005 ------ ------ Total assets...................................................... $2,718 $2,981 ====== ====== Liabilities: Borrowed funds--third party...................................... $ 243 $ 264 Borrowed funds--MetLife.......................................... 69 133 Other............................................................ 915 933 ------ ------ Total liabilities................................................. 1,227 1,330 ------ ------ Partners' Capital................................................. $1,491 $1,651 ====== ====== MetLife equity in partners' capital included above................ $ 786 $1,103 ====== ======
1996 1995 1994 ---- ---- ---- YEARS ENDED DECEMBER 31 (in millions) Operations: Revenues of real estate joint ventures...................... $275 $364 $357 Revenues of other limited partnerships interests............ 297 417 287 Interest expense--third party............................... (11) (26) (24) Interest expense--MetLife................................... (19) (31) (27) Other expenses.............................................. (411) (501) (499) ---- ---- ---- Net earnings................................................. $131 $223 $ 94 ==== ==== ==== MetLife earnings from real estate joint ventures and other limited partnership interests included above.............................................. $ 34 $ 28 $ 9 ==== ==== ====
5. REINSURANCE AND OTHER INSURANCE TRANSACTIONS In the normal course of business, the Company assumes and cedes insurance with other insurance companies. The accompanying consolidated statements of earnings are presented net of reinsurance ceded. The effect of reinsurance on premiums earned is as follows:
1996 1995 1994 ------- ------- ------- YEARS ENDED DECEMBER 31 (in millions) Direct premiums...................................... $12,569 $11,944 $11,309 Reinsurance assumed.................................. 508 812 227 Reinsurance ceded.................................... (1,615) (1,578) (1,458) ------- ------- ------- Net premiums earned.................................. $11,462 $11,178 $10,078 ======= ======= =======
Policyholder benefits in the accompanying consolidated statements of earnings are presented net of reinsurance recoveries of $1,667 million, $1,523 million and $1,328 million for the years ended December 31, 1996, 1995 and 1994, respectively. Premiums and other receivables in the accompanying consolidated balance sheets include reinsurance recoverables of $700 million and $458 million at December 31, 1996 and 1995, respectively. 85 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) A contingent liability exists with respect to reinsurance ceded should the reinsurers be unable to meet their obligations. The Company acquired, in part through reinsurance effective in January 1995, group life, dental, disability, accidental death and dismemberment, vision and long-term care insurance businesses for $403 million, $53 million of which was paid in 1994. In January 1995, the Company received assets with a fair market value equal to the $1,565 million of liabilities assumed under the reinsurance agreements. The reinsured contracts converted to Company contracts at policy anniversary dates. Activity in the liability for unpaid losses and loss adjustment expenses relating to property and casualty and group accident and nonmedical health policies and contracts is summarized as follows:
1996 1995 1994 ------ ------ ------ YEARS ENDED DECEMBER 31 (in millions) Balance at January 1.................................... $3,296 $2,670 $2,553 Less reinsurance recoverables.......................... 214 104 88 ------ ------ ------ Net balance at January 1................................ 3,082 2,566 2,465 ------ ------ ------ Incurred related to: Current year........................................... 2,951 3,420 2,831 Prior years............................................ (114) (68) (75) ------ ------ ------ Total incurred.......................................... 2,837 3,352 2,756 ------ ------ ------ Paid related to: Current year........................................... 1,998 2,053 1,887 Prior years............................................ 791 783 768 ------ ------ ------ Total paid.............................................. 2,789 2,836 2,655 ------ ------ ------ Net balance at December 31.............................. 3,130 3,082 2,566 Plus reinsurance recoverables.......................... 215 214 104 ------ ------ ------ Balance at December 31.................................. $3,345 $3,296 $2,670 ====== ====== ======
The Company has exposure to catastrophes, which are an inherent risk of the property and casualty insurance business and could contribute to material fluctuations in the Company's results of operations. The Company uses excess of loss and quota share reinsurance arrangements to reduce its catastrophe losses and provide diversification of risk. 6. INCOME TAXES Income tax expense for U.S. operations has been calculated in accordance with the provisions of the Internal Revenue Code, as amended (the "Code"). Under the Code, the amount of Federal income tax expense incurred by mutual life insurance companies includes an equity tax calculated by a prescribed formula that incorporates a differential earnings rate between stock and mutual life insurance companies. MetLife and its eligible subsidiaries file a consolidated U. S. income tax return and separate income tax returns as required. The Company uses the liability method of accounting for income taxes. Income tax provisions are based on income reported for financial statement purposes. Deferred income taxes arise from the recognition of temporary differences between income determined for financial reporting purposes and taxable income. 86 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) INCOME TAX EXPENSE (BENEFIT) OF CONTINUING OPERATIONS
CURRENT DEFERRED TOTAL ------- -------- ----- 1996 (in millions) Federal.................................................. $346 $ 66 $412 State and local.......................................... 25 6 31 Foreign.................................................. 27 12 39 ---- ---- ---- Total.................................................. $398 $ 84 $482 ==== ==== ==== 1995 (in millions) Federal.................................................. $241 $ 65 $306 State and local.......................................... 52 3 55 Foreign.................................................. 22 24 46 ---- ---- ---- Total.................................................. $315 $ 92 $407 ==== ==== ==== 1994 (in millions) Federal.................................................. $443 $(95) $348 State and local.......................................... 15 (5) 10 Foreign.................................................. 17 5 22 ---- ---- ---- Total.................................................. $475 $(95) $380 ==== ==== ====
Reconciliations of the differences between income taxes of continuing operations computed at the federal statutory tax rates and consolidated provisions for income taxes are as follows:
1996 1995 1994 ------ ---- ---- YEARS ENDED DECEMBER 31 (in millions) Income before taxes........................................ $1,406 $744 $413 Income tax rate............................................ 35% 35% 35% ------ ---- ---- Expected income tax expense at federal statutory income tax rate....................................................... 492 260 145 Tax effect of: Tax exempt investment income.............................. (18) (9) (9) Differential earnings amount.............................. 38 67 206 State and local income taxes.............................. 23 37 5 Foreign operations........................................ (7) 25 3 Tax credits............................................... (15) (15) -- Prior year taxes.......................................... (46) (3) 3 Other, net................................................ 15 45 27 ------ ---- ---- Income tax expense......................................... $ 482 $407 $380 ====== ==== ====
The deferred tax asset or liability recorded on the consolidated balance sheets represents the future tax effects of the temporary differences between the tax basis of assets and liabilities and their amounts for financial reporting. Significant components of deferred tax assets relate to policyholder liabilities and unrealized investment losses. The major items associated with deferred tax liabilities relate to policy acquisition costs, the excess of tax over financial statement depreciation, and unrealized investment gains. As of December 31, 1996, the net deferred tax asset includes a benefit of $18 million resulting from foreign net operating loss carryforwards from several foreign affiliates. This benefit is offset by a valuation allowance of $18 million. The valuation allowance reflects management's assessment, based on available information, that it is more likely than not that the deferred tax asset for foreign net operating loss carryforwards will not be realized. The benefit will be recognized when management believes that it is more likely than not that the deferred tax asset is realizable. As of December 31, 1996, the deferred tax asset includes a benefit of $12 million resulting from U.S. tax basis net operating loss carryforwards of $34 million. Subject to statutory limitations, these carryforwards are available to offset taxable income through the year 2011. 87 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) 7. EMPLOYEE BENEFIT PLANS PENSION PLANS The Company has defined benefit pension plans covering all eligible employees and sales representatives of MetLife and certain of its subsidiaries. The Company is both the sponsor and administrator of these plans. Retirement benefits are based on years of credited service and final average earnings history. Components of the net periodic pension cost for the defined benefit qualified and nonqualified pension plans are as follows:
1996 1995 1994 ---- ---- ---- YEARS ENDED DECEMBER 31 (in millions) Service cost.................................................. $ 77 $ 62 $ 93 Interest cost on projected benefit obligation................. 232 222 216 Actual return on assets....................................... (273) (280) (246) Net amortization and deferrals................................ (12) (13) (28) ---- ---- ---- Net periodic pension cost..................................... $ 24 $ (9) $ 35 ==== ==== ====
The funded status of the qualified and nonqualified defined benefit pension plans and a comparison of the accumulated benefit obligation, plan assets and projected benefit obligation are as follows:
1996 1995 ---------------------- ---------------------- OVERFUNDED UNDERFUNDED OVERFUNDED UNDERFUNDED ---------- ----------- ---------- ----------- DECEMBER 31 (in millions) Actuarial present value of obligations: Vested.......................... $2,756 $135 $2,682 $121 Nonvested....................... 38 -- 43 1 ------ ---- ------ ---- Accumulated benefit obligation... $2,794 $135 $2,725 $122 ====== ==== ====== ==== Projected benefit obligation..... $3,084 $184 $3,047 $166 Plan assets (principally Company investment contracts) at contract value.................. 3,495 133 3,236 117 ------ ---- ------ ---- Plan assets in excess of (less than) projected benefit obliga- tion............................ 411 (51) 189 (49) Unrecognized prior service cost.. 165 -- 71 (4) Unrecognized net (loss) gain from past experience different from that assumed.................... (5) 38 351 43 Unrecognized net asset at transi- tion............................ (172) (4) (206) (5) ------ ---- ------ ---- Prepaid (accrued) pension cost at December 31..................... $ 399 $(17) $ 405 $(15) ====== ==== ====== ====
The weighted average discount rate used in determining the actuarial present value of the projected benefit obligation ranged from 7.25 percent to 8.0 percent for 1996 and 7.25 percent to 8.5 percent for 1995. The weighted average assumed rate of increase in future compensation levels ranged from 4.0 percent to 8.0 percent in 1996 and 1995. The assumed long-term rate of return on assets used in determining the net periodic pension cost ranged from 8.0 percent to 8.5 percent in 1996 and 8.0 percent to 9.5 percent in 1995. In addition, several other factors, such as expected retirement dates and mortality, enter into the determination of the actuarial present value of the accumulated benefit obligation. SAVINGS AND INVESTMENT PLANS The Company sponsors savings and investment plans available for substantially all employees under which the Company matches a portion of employee contributions. During 1996, 1995 and 1994, the Company contributed $42 million, $49 million and $53 million, respectively, to the plans. 88 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) OTHER POSTRETIREMENT BENEFITS The Company also provides certain postretirement health care and life insurance benefits for retired employees through insurance contracts. Substantially all of the Company's employees may, in accordance with the plans applicable to such benefits, become eligible for these benefits if they attain retirement age, with sufficient service, while working for the Company. The following table sets forth the postretirement health care and life insurance plans' combined status reconciled with the amount included in the Company's consolidated balance sheets.
1996 1995 ------ ------ DECEMBER 31 (in millions) Accumulated postretirement benefit obligation: Retirees...................................................... $1,170 $1,223 Fully eligible active employees............................... 135 111 Active employees not eligible to retire....................... 378 366 ------ ------ Total........................................................ 1,683 1,700 Plan assets (Company insurance contracts) at contract value.... 897 804 ------ ------ Plan assets less than accumulated postretirement benefit obli- gation........................................................ (786) (896) Unrecognized net (loss) gain from past experience different from that assumed and from changes in assumptions........................................ (20) 108 ------ ------ Accrued nonpension postretirement benefit cost at December 31.. $ (806) $ (788) ====== ======
The components of the net periodic nonpension postretirement benefit cost are as follows:
1996 1995 1994 ---- ---- ---- YEARS ENDED DECEMBER 31 (in millions) Service cost.................................................. $ 41 $28 $ 43 Interest cost on accumulated postretirement benefit obliga- tion......................................................... 127 115 122 Actual return on plan assets (Company insurance contracts).... (58) (63) (56) Net amortization and deferrals................................ 2 (9) (1) ---- --- ---- Net periodic nonpension postretirement benefit cost........... $112 $71 $108 ==== === ====
The assumed health care cost trend rate used in measuring the accumulated nonpension postretirement benefit obligation was generally 9.5 percent in 1996, gradually decreasing to 5.25 percent over 12 years and 10.0 percent in 1995 decreasing to 5.25 percent over 12 years. The weighted average discount rate used in determining the accumulated postretirement benefit obligation ranged from 7.0 percent to 7.75 percent at December 31, 1996 and was 7.25 percent at December 31, 1995. If the health care cost trend rate assumptions were increased 1.0 percent, the accumulated postretirement benefit obligation as of December 31, 1996 would be increased 9.0 percent. The effect of this change on the sum of the service and interest cost components of the net periodic postretirement benefit cost for the year ended December 31, 1996, would be an increase of 13.0 percent. 8. LEASES LEASE INCOME ON REAL ESTATE During 1996, 1995 and 1994, the Company received $1,658 million, $1,523 million and $1,538 million, respectively, in lease income related to its wholly owned real estate portfolio. In accordance with industry practice, certain of the Company's lease agreements with retail tenants result in income that is contingent on the level of the tenants' sales revenues. At December 31, 1996, the minimum future rental income on noncancelable operating leases for wholly owned investments in real estate is $853 million, $783 million, $695 million, $607 million and $526 million for 1997 and each of the succeeding four years, respectively, and $1,609 million thereafter. 89 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) LEASE EXPENSE The Company has entered into various lease agreements for office space, data processing and other equipment. Future gross minimum rental payments under noncancelable leases for 1997 and the succeeding four years are $129 million, $110 million, $91 million, $70 million and $55 million, respectively, and $74 million thereafter. Minimum future sublease rental income on these noncancelable leases is $30 million, $25 million, $32 million, $23 million and $17 million for 1997 and the succeeding four years, respectively, and $45 million thereafter. 9. DEBT Debt consisted of the following:
1996 1995 ------ ------ DECEMBER 31 (in millions) 6.300% surplus notes scheduled to mature on November 1, 2003..... $ 396 $ 395 7.000% surplus notes scheduled to mature on November 1, 2005..... 248 248 7.700% surplus notes scheduled to mature on November 1, 2015..... 197 197 7.450% surplus notes scheduled to mature on November 1, 2023..... 296 296 7.875% surplus notes scheduled to mature on February 15, 2024.... 148 148 7.800% surplus notes scheduled to mature on November 1, 2025..... 248 247 Mortgage debt, due 1997 through 2015, interest rates ranging from 7.25% to 10.25%.................................................. 96 187 Other............................................................ 425 627 ------ ------ Total long-term debt............................................ 2,054 2,345 Short-term debt.................................................. 3,311 3,235 ------ ------ Total........................................................... $5,365 $5,580 ====== ======
Payments of interest and principal on the surplus notes may be made only with the prior approval of the Superintendent of Insurance of the State of New York ("Superintendent"). Subject to the prior approval of the Superintendent, the 7.45 percent surplus notes may be redeemed, as a whole or in part, at the election of the Company at any time on or after November 1, 2003. At December 31, 1996, aggregate maturities of the long-term debt based on required principal payments at maturity for 1997 and the succeeding four years amounted to $72 million, $22 million, $106 million, $38 million and $9 million, respectively, and $1,828 million thereafter. As of December 31, 1996, the Company had unused lines of credit under agreements with various banks having a principal amount of $1,821 million. 10. CONTINGENCIES Litigation seeking compensatory and/or punitive damages relating to the marketing by the Company of individual life insurance (including putative class and individual actions) has been instituted by or on behalf of policyholders and others, and additional litigation relating to the Company's life insurance marketing may be commenced in the future. In addition, an investigation into certain life insurance marketing, which was commenced by the Office of the United States Attorney for the Middle District of Florida, in conjunction with a grand jury, as early as 1994, has not been terminated. Numerous litigation, claims and assessments against the Company, in addition to the aforementioned, have arisen in the course of the Company's business, operations and activities. In certain of these matters, including actions with multiple plaintiffs, very large and/or indeterminate amounts, including punitive and treble damages, are sought. While it is not feasible to predict or determine the ultimate outcome of all pending investigations and legal proceedings or to make a meaningful estimate of the amount or range of loss that could result from an unfavorable outcome in all such matters, it is the opinion of the Company's management that their outcome, after consideration of the provisions made in the Company's financial statements, is not likely to have a material adverse effect on the Company's financial position. 90 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) 11. OTHER OPERATING COSTS AND EXPENSES Other operating costs and expenses consisted of the following:
1996 1995 1994 ------ ------ ------ YEARS ENDED DECEMBER 31 (in millions) Compensation costs...................................... $1,813 $1,607 $1,553 Commissions............................................. 722 853 700 Interest and debt issue costs........................... 311 285 264 Amortization of policy acquisition costs................ 637 684 601 Capitalization of policy acquisition costs.............. (1,028) (1,060) (1,062) Rent expense, net of sublease........................... 180 184 179 Restructuring charges................................... 18 88 -- Other................................................... 2,058 1,644 1,265 ------ ------ ------ Total.................................................. $4,711 $4,285 $3,500 ====== ====== ======
During 1996 and 1995, the Company recorded restructuring charges primarily related to the consolidation of administration and agency sales force leased office space and costs relating to workforce reductions. 12. FAIR VALUE INFORMATION The estimated fair value amounts of financial instruments presented below have been determined by the Company using market information available as of December 31, 1996 and 1995, and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value for financial instruments for which there are no available market value quotations. The estimates presented below are not necessarily indicative of the amounts the Company could have realized in a market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
ESTIMATED NOTIONAL CARRYING FAIR AMOUNT VALUE VALUE -------- -------- --------- DECEMBER 31, 1996 (in millions) Assets Fixed maturities.................................. $86,361 $86,588 Equity securities................................. 2,816 2,816 Mortgage loans on real estate..................... 18,964 19,342 Policy loans...................................... 5,842 5,796 Short-term investments............................ 741 741 Cash and cash equivalents......................... 2,325 2,325 Liabilities Policyholder account balances..................... 30,470 30,611 Short- and long-term debt......................... 5,365 5,331 Other financial instruments Interest rate swaps............................... $1,242 -- (14) Interest rate caps................................ 1,946 20 14 Foreign currency swaps............................ 207 -- (23) Foreign currency forwards......................... 151 3 3 Covered call options.............................. 25 (2) (2) Unused lines of credit............................ 1,821 -- 1
91 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
ESTIMATED NOTIONAL CARRYING FAIR AMOUNT VALUE VALUE -------- -------- --------- DECEMBER 31, 1995 (in millions) Assets Fixed maturities.................................. $87,752 $88,227 Equity securities................................. 1,749 1,749 Mortgage loans on real estate..................... 17,216 18,161 Policy loans...................................... 5,714 5,884 Short-term investments............................ 1,769 1,769 Cash and cash equivalents......................... 1,930 1,930 Liabilities Policyholder account balances..................... 31,595 31,974 Short- and long-term debt......................... 5,580 5,594 Other financial instruments Interest rate swaps............................... $2,031 (29) (40) Interest rate caps................................ 2,711 32 15 Foreign currency swaps............................ 89 -- 4 Foreign currency forwards......................... 121 1 1 Covered call options.............................. 25 (2) (2) Futures contracts................................. 1,402 (19) -- Unused lines of credit............................ 1,645 -- 1
For fixed maturities that are publicly traded, estimated fair value was obtained from an independent market pricing service. Publicly traded fixed maturities represented approximately 80 percent of the estimated fair value of the total fixed maturities as of December 31, 1996 and 1995. For all other bonds, estimated fair value was determined by management, based primarily on interest rates, maturity, credit quality and average life. Included in fixed maturities are loaned securities with estimated fair values of $7,293 million and $8,418 million at December 31, 1996 and 1995, respectively. Estimated fair values of equity securities were generally based on quoted market prices. Estimated fair values of mortgage loans were generally based on discounted projected cash flows using interest rates offered for loans to borrowers with comparable credit ratings and for the same maturities. Estimated fair values of policy loans were based on discounted projected cash flows using U.S. Treasury rates to approximate interest rates and Company experience to project patterns of loan accrual and repayment. For cash and cash equivalents and short-term investments, the carrying amount is a reasonable estimate of fair value. The fair values for policyholder account balances are estimated using discounted projected cash flows, based on interest rates being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. The estimated fair value of short- and long-term debt was determined using rates currently available to the Company for debt with similar terms and remaining maturities. For interest rate and foreign currency swaps, interest rate caps, foreign currency forwards, covered call options and futures contracts, estimated fair value is the amount at which the contracts could be settled based on estimates obtained from dealers. The estimated fair values of unused lines of credit were based on fees charged to enter into similar agreements. 13. STATUTORY FINANCIAL INFORMATION The FASB Interpretation and the FASB Standard referred to in Note 1 required mutual life insurance companies to adopt all standards promulgated by the FASB in their general purpose financial statements. The effect (except for 92 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED) the adoption of SFAS No. 115 in 1994) of applying the Interpretation and the Standard is as follows:
(IN MILLIONS) DECEMBER 31, 1993, statutory surplus: MetLife historical...... $ 6,406 The New England historical.............. 401 Adjustments to conform statutory accounting policies................ (315) ------- 6,492 Adjustments to GAAP: Future policy benefits and policyholder account balances................ (3,975) Deferred policy acquisition costs....... 6,142 Deferred income taxes... 1,032 Valuation of investments............. (2,216) Statutory asset valuation reserves...... 1,743 Statutory interest maintenance reserve..... 962 Surplus notes........... (629) Other, net.............. (38) ------- January 1, 1994, Equity.. $ 9,513 =======
The following reconciles net change in statutory surplus and statutory surplus determined in accordance with accounting practices prescribed or permitted by insurance regulatory authorities with net earnings and equity on a GAAP basis.
1996 1995 1994 ---- ---- ----- YEARS ENDED DECEMBER 31 (in millions) Net change in statutory surplus: MetLife historical.......................................... $366 $260 $(102) The New England historical.................................. -- (8) 231 Adjustments to conform statutory accounting policies........ -- (23) (65) ---- ---- ----- 366 229 64 Adjustments to GAAP: Future policy benefits and policyholder account balances.... (165) (17) (464) Deferred policy acquisition costs........................... 391 376 461 Deferred income taxes....................................... (74) (97) 47 Valuation of investments.................................... (84) 106 (53) Statutory asset valuation reserves.......................... 599 30 313 Statutory interest maintenance reserve...................... 19 284 (58) Surplus notes............................................... -- (622) (148) Other, net.................................................. (199) 410 (48) ---- ---- ----- Net Earnings................................................ $853 $699 $ 114 ==== ==== =====
93 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
1996 1995 ------- ------- DECEMBER 31 (in millions)..................................... Statutory surplus: MetLife historical........................................... $ 7,151 $ 6,564 The New England historical................................... -- 624 Adjustments to conform statutory accounting policies......... -- (403) ------- ------- 7,151 6,785 Adjustments to GAAP: Future policy benefits and policyholder account balances.... (5,742) (6,781) Deferred policy acquisition costs........................... 7,227 6,508 Deferred income taxes....................................... 264 (28) Valuation of investments.................................... 610 3,070 Statutory asset valuation reserves.......................... 2,684 2,085 Statutory interest maintenance reserve...................... 1,208 1,189 Surplus notes............................................... (1,393) (1,391) Other, net.................................................. (26) 317 ------- ------- Equity...................................................... $11,983 $11,754 ======= =======
94 APPENDIX TO PROSPECTUS OPTIONAL INCOME PLANS The insurance proceeds when the insured dies, the proceeds payable on the Final Date, or the cash surrender value payable on full surrender of a Policy, instead of being paid in one lump sum, may be applied under one or more of the following income plans. Values under the income plans do not depend upon the investment experience of a separate account. The selection of an income plan can significantly affect the federal income tax consequences associated with the Policy proceeds. Owners and beneficiaries should consult with qualified tax advisers in this regard. OPTION 1. Interest income The amount applied will earn interest which will be paid monthly. Withdrawals of at least $500 each may be made at any time by written request. OPTION 2. Installment Income for a Stated Period Monthly installment payments will be made so that the amount applied, with interest, will be paid over the period chosen (from 1 to 30 years). OPTION 2A. Installment Income of a Stated Amount Monthly installment payments of a chosen amount will be made until the entire amount applied, with interest, is paid. OPTION 3. Single Life Income--Guaranteed Payment Period Monthly payments will be made during the lifetime of the payee with a chosen guaranteed payment period of 10, 15 or 20 years. OPTION 3A. Single Life Income--Guaranteed Return Monthly payments will be made during the lifetime of the payee. If the payee dies before the total amount applied under this plan has been paid, the remainder will be paid in one sum as a death benefit. OPTION 4. Joint and Survivor Life Income Monthly payments will be made jointly to two persons during their lifetime and will continue during the remaining lifetime of the survivor. A total payment period of 10 years is guaranteed. Other Frequencies and Plans. Instead of monthly payments, the owner may elect to have payments made quarterly, semiannually or annually. Other income plans may be arranged with Metropolitan Life's approval. Choice of Income Plans. See "Policy Benefits--Optional Income Plans" and "Policy Rights--Surrenders" regarding how optional income plans may be chosen. When an income plan starts, a separate contract will be issued describing the terms of the plan. Specimen contracts may be obtained from Metropolitan Life sales representatives, and reference should be made to these forms for further details. Limitations. If the payee is not a natural person, the choice of an income plan will be subject to Metropolitan Life's approval. A collateral assignment will modify a prior choice of income plan. The amount due the assignee will be payable in one sum and the balance will be applied under the income plan. A choice of an income plan will not become effective unless each payment under the plan would be at least $50. Income plan payments may not be assigned and, to the extent permitted by law, will not be subject to the claims of creditors. Income Plan Rates. Amounts applied under the interest income and installment income plans will earn interest at a rate set from time to time by Metropolitan Life but never less than 3% per year. Life income payments will be based on a rate set by Metropolitan Life and in effect on the date the amount to be applied becomes payable, but never less than the minimum payments guaranteed in the Policy. Such minimum guaranteed payments are based on certain assumed mortality rates and an interest rate of 3%. 95 OPTIONAL INSURANCE BENEFITS Optional insurance benefit riders may be attached to a Policy, subject to certain insurance underwriting requirements and the payment of additional premiums. These riders are described in general terms below. Limitations and conditions are contained in the riders, and the description below is subject to the specific terms of the riders. A prospective purchaser may obtain a specimen Policy with riders from a Metropolitan Life sales representative. The duration, but not the amount, of rider benefits may depend on the investment experience of a separate account. Disability Waiver Benefit. This rider waives the entire monthly deduction during the total disability of the insured if the insured is totally and continuously disabled for at least six months beginning prior to age 60. If the total disability continues without interruption to the Policy anniversary at age 65, it will be deemed permanent and all further monthly deductions will be waived as they fall due. If there has been an increase in the death benefit resulting from a request by the Policy owner and the Policy owner at the time of the increase did not request or did not qualify for this rider with respect to such increase, monthly deductions for charges related to such increase will continue to be made against the cash value of the Policy. This could result in the cash value being insufficient to cover the monthly deductions related to the increase. In such a case, the grace period and termination provisions of the Policy would apply only to such increase in death benefit. Since the monthly deduction with respect to the increase in the death benefit could reduce the cash value of the Policy to zero, it may be advantageous for the Policy owner, at the time of the total disability, to reduce the death benefit to that amount which is subject to this rider. Accidental Death Benefit. This rider provides additional insurance equal to an amount stated in the Policy if the insured dies from an accident prior to age 70. It also provides an additional amount equal to twice the stated amount if the insured dies from an accident occurring while the insured is a fare- paying passenger on a common carrier. This rider is available at issue only. Children's Term Insurance Benefit. This rider provides term insurance on each insured child payable to the child's beneficiary if an insured child dies before the end of coverage on that child (generally at the child's twenty- fifth birthday). Spouse Term Insurance Benefit. This rider provides term insurance on the life of the spouse payable to the spouse's beneficiary if the spouse dies prior to age 65 while the rider is in effect. Accelerated Death Benefit. This rider provides for a one-time discounted payment of all or a portion of the death benefit to the Policy owner once the insured has been determined to be terminally ill with twelve months or less to live. The size of the benefit payment and the maximum benefit are stated in the rider. There are no premiums or rider fees for this rider. A payment of all the discounted death benefit will not be subject to any surrender charges. Upon payment of a portion of the death benefit, the death benefit under the Policy is reduced to reflect the amount of the payment. In addition, the specified face amount, the cash value and the cash surrender value are reduced by the same proportion as the amount of the reduction of the death benefit divided by the death benefit prior to the payment. Any outstanding loan is reduced and paid out of the proceeds of the portion only if such reduction is necessary to keep the Policy in force. Moreover, in the case of payment of all of the death benefit, the amount of any outstanding Policy loan will be deducted from the payment. The payment under this rider may affect eligibility for benefits under state or federal law. Generally, payments under this rider should be income tax free as amounts paid by reason of the death of the insured. Counsel and other competent advisors should be consulted to determine the effect on an individual situation. 96 [LOGO] MetLife(R) Bulk MetLife Customer Service Center--Warwick Rate P.O. Box 520 U.S. Warwick, RI 02887-0520 Postage Paid ADDRESS CORRECTION REQUESTED Rutland, VT FORWARDING AND RETURN Permit POSTAGE GUARANTEED 220 [LOGO] MetLife(R) Bulk MetLife Customer Service Center--Tulsa Rate P.O. Box 21889 U.S. Tulsa, OK 74121-1889 Postage Paid ADDRESS CORRECTION REQUESTED Rutland, VT FORWARDING AND RETURN Permit POSTAGE GUARANTEED 220 METLIFE (R) UL II FLEXIBLE PREMIUM MULTIFUNDED LIFE PROSPECTUSES FOR . FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY . METROPOLITAN SERIES FUND, INC. [ART] ML-UL2 (5/97 EDITION) PRINTED IN U.S.A. 96041ASX (EXP0597) MLIC-LD PART II CONTENTS OF REGISTRATION STATEMENT REPRESENTATION WITH RESPECT TO FEES AND CHARGES Metropolitan Life represents that the fees and charges deducted under the Policies described in this amended Registration Statement, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by Metropolitan Life under the Policies. Metropolitan Life bases its representation on its assessment of all of the facts and circumstances, including such relevant factors as: the nature and extent of such services, expenses and risks, the need for Metropolitan Life to earn a profit, the degree to which the Policies include innovative features, and regulatory standards for exemptive relief under the Investment Company Act of 1940 used prior to October 1996, including the range of industry practice. This Registration Statement comprises the following papers and documents: The facing sheet. Cross-Reference Table. The Prospectus, consisting of 96 pages. Undertaking to File Reports as filed with the initial filing of this Registration Statement on May 14, 1992. Undertaking pursuant to Rule 484(b)(1) under the Securities Act of 1933 as filed with the initial filing of this Registration Statement on May 14, 1992. Representation with respect to fees and charges as filed herewith. The signatures. Written Consents of the following persons: Michael Harwood (filed with Exhibit 6 below). Freedman, Levy, Kroll & Simonds as filed with the initial filing of this Registration Statement on May 14, 1992. Deloitte & Touche LLP. The following exhibits: 1.A (1) --Resolution of Board of Directors of Metropolitan Life effecting the establishment of Metropolitan Life Separate Account UL.................................................. + (2) --Not Applicable (3) --(a) Not Applicable --(b) Form of Selected Broker Agreement...................... + --(c) Schedule of Sales Commissions.......................... ++ (4) --Not applicable (5) --(a) Specimen Flexible Premium Multifunded Life Insurance Policy (including application and any alternate pages as required by state law) with form of riders, if any....... + --(b) Riders for Disability Waiver Rider, and Accidental Death Benefit................................................ + --(c) Riders for Accelerated Death Benefit, Children's Term Insurance Benefit and Spouse Term Insurance Benefit...... + --(d) New York Endorsement to Flexible Premium Multifunded Life Insurance Policy.................................... + --(e) Additional alternate pages required by state law....... + --(f) Endorsement adding death benefit Option C.............. +
II-1 (6) --(a) Charter and By-Laws of Metropolitan Life................... +++ --(b) Amendment to By-laws....................................... +++ (7) --Not Applicable (8) --Not Applicable (9) --Not Applicable 2. --See Exhibit 1.A(5) above 3. --Opinion and consent of Counsel as to the legality of the securities being registered..................................... + 4. --Not Applicable 5. --Not Applicable 6. --Opinion and consent of Michael Harwood relating to the Flexible Premium Multifunded Life Insurance Policies..................... + 8. --Powers of Attorney............................................. + 9. --Method of Computing Exchange pursuant to Rule 6e- 3(T)(b)(13)(v)(B) under the Investment Company Act of 1940 (not required because there will be no cash value adjustments) 11. --Memoranda describing certain procedures filed pursuant to Rule 6e-3(T)(b)(12)(iii)............................................. + 27. --Financial Data Schedule........................................ +
- -------- +Filed herewith. ++Incorporated by reference from "Distribution of the Policies" in the Prospectus included herein. +++ Incorporated by reference to the filing of Post-Effective Amendment No. 4 to the Registration Statement of Separate Account UL (File No. 33-57320) on March 1, 1996. II-2 SIGNATURES PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, METROPOLITAN LIFE INSURANCE COMPANY CERTIFIES THAT IT MEETS ALL OF THE REQUIREMENTS FOR EFFECTIVENESS OF THIS AMENDED REGISTRATION STATEMENT PURSUANT TO RULE 485(b) UNDER THE SECURITIES ACT OF 1933 AND HAS DULY CAUSED THIS AMENDED REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED, AND ITS SEAL TO BE HEREUNTO AFFIXED AND ATTESTED, ALL IN THE CITY OF NEW YORK, STATE OF NEW YORK, THIS 30TH DAY OF APRIL, 1997. METROPOLITAN LIFE INSURANCE COMPANY (Seal) /s/ Gary A. Beller By: ________________________________ GARY A. BELLER, ESQ. EXECUTIVE VICE-PRESIDENT & GENERAL COUNSEL /s/ Ruth Gluck Attest: _____________________________ RUTH GLUCK, ESQ. ASSISTANT SECRETARY PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS AMENDED REGISTRATION STATEMENT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES AND ON THE DATES INDICATED. SIGNATURE TITLE DATE * Chairman, President, - ------------------------------------- Chief Executive HARRY P. KAMEN Officer and Director (Principal Executive Officer) * Senior Executive - ------------------------------------- Vice-President and STEWART G. NAGLER Chief Financial Officer (Principal Financial Officer) * Senior Vice- - ------------------------------------- President and FREDERICK P. HAUSER Controller (Principal Accounting Officer) * Director - ------------------------------------- CURTIS H. BARNETTE * Director - ------------------------------------- GERALD CLARK * Director - ------------------------------------- JOAN GANZ COONEY /s/ Christopher P. Nicholas *By _________________________________ April 30, 1997 CHRISTOPHER P. NICHOLAS, ESQ. ATTORNEY-IN-FACT II-3 SIGNATURE TITLE DATE * - ------------------------------------- Director BURTON A. DOLE, JR. * Director - ------------------------------------- JAMES R. HOUGHTON * Director - ------------------------------------- HELENE L. KAPLAN * Director - ------------------------------------- CHARLES M. LEIGHTON * Director - ------------------------------------- RICHARD J. MAHONEY * Director - ------------------------------------- ALLEN E. MURRAY * Director - ------------------------------------- JOHN J. PHELAN, JR. * Director - ------------------------------------- JOHN B. M. PLACE * Director - ------------------------------------- HUGH B. PRICE * Director - ------------------------------------- ROBERT G. SCHWARTZ * Director - ------------------------------------- RUTH J. SIMMONS, PH.D. * Director - ------------------------------------- WILLIAM S. SNEATH Director - ------------------------------------- WILLIAM C. STEERE, JR. /s/ Christopher P. Nicholas *By _________________________________ April 30, 1997 CHRISTOPHER P. NICHOLAS, ESQ. ATTORNEY-IN-FACT II-4 PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT, METROPOLITAN LIFE SEPARATE ACCOUNT UL, CERTIFIES THAT IT MEETS ALL OF THE REQUIREMENTS FOR EFFECTIVENESS OF THIS AMENDED REGISTRATION STATEMENT PURSUANT TO RULE 485(B) UNDER THE SECURITIES ACT OF 1933 AND HAS DULY CAUSED THIS AMENDED REGISTRATION STATEMENT TO BE SIGNED, ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED, AND ITS SEAL TO BE HEREUNTO AFFIXED AND ATTESTED, ALL IN THE CITY OF NEW YORK, STATE OF NEW YORK THIS 30TH DAY OF APRIL, 1997. METROPOLITAN LIFE SEPARATE ACCOUNT UL (REGISTRANT) By: METROPOLITAN LIFE INSURANCE COMPANY (DEPOSITOR) (Seal) /s/ Gary A. Beller By: _____________________________ GARY A. BELLER, ESQ. EXECUTIVE VICE-PRESIDENT AND GENERAL COUNSEL /s/ Ruth Gluck Attest: _____________________________ RUTH GLUCK, ESQ. ASSISTANT SECRETARY II-5 INDEPENDENT AUDITORS' CONSENT Metropolitan Life Insurance Company: We consent to the use in this Post-Effective Amendment No. 5 to the Registration Statement No. 33-47927 of Metropolitan Life Separate Account UL on Form S-6 of our report dated February 28, 1997 relating to Metropolitan Life Separate Account UL appearing in the Prospectus, which is a part of such Registration Statement, our report dated April 4, 1997 relating to Metropolitan Life Insurance Company also appearing in the Prospectus, and to the reference to us under the heading "Experts" in such Prospectus. Deloitte & Touche LLP New York, New York April 28, 1997 II-6 EX-1.A1 2 RESOLUTION OF BOARD OF DIRECTORS [LOGO] METROPOLITAN LIFE METROPOLITAN LIFE INSURANCE COMPANY AND AFFILIATED COMPANIES - ----------------------------------- Board of Directors December 13, 1988 Authorization Referring to a memorandum included with the Agenda, President for Variable and Chief Executive Officer Creedon stated that an authorization Life Insurance of the Board was necessary in order for Variable Life Insurance products to be issued by Metropolitan Life. These products have In the past been issued by a subsidiary. ON MOTION, it was resolved that 1) the Officers be authorized to prepare variable life insurance policies and the Company is authorized to issue such policies and such other forms which relate thereto, all as may be approved by the Officers of the Company; and such authority shall include, without limitation, registering the security interests under the policies (which may be in an indefinite amount) from time to time, under the Securities Act of 1933, as amended, and taking all other actions necessary in order that such proposed issue and sale of the policies may comply with the requirements of the Investment Company Act of 1940, as amended, and all other applicable federal and state laws and regulations, provided that prior tO the effectiveness of any Registration Statement filed with the Securities and Exchange Commission under the Securities Act of 1933 with respect to such policies, the Registration Statement or one of the amendments thereof, including a complete Prospectus, will be submitted to the Board for approval or ratification; and 2) the signature of any Director or Officer required by law to affix his or her signature to such Registration Statement or Statements, or to any amendments thereof, may be affixed by said Director or Officer personally, or by any attorney In fact duly constituted in writing by said Director or Officer to sign his or her name thereto; and - 2 - 3) the Officers be authorized to amend the licenses of the Company in each jurisdiction where required to conduct an insurance business extending to variable life insurance and to sign, execute and deliver on behalf of the Company any and all papers and documents (including, without limitation, appointments of agents or attorneys to accept service of process on the Company in any such jurisdiction, certificates of adherence to the laws or constitution of any such jurisdiction, escrow agreements and deposit agreements) and to do or cause to be done any and all lawful acts necessary or desirable to carry out the intent and purpose of this resolution, all as conclusively evidenced by his or her action; and 4) a separate account to be designated "Metropolitan Life Separate Account H" be established, in accordance with the provisions of Section 4240, Article 42, Chapter 28 of the Consolidated Laws of New York, for the purpose of providing a funding medium to support reserves under such variable life insurance policies as may be issued by the Company and as the Officers may designate for such purpose; and the Officers may, from time to time, change the designation of "Metropolitan Life Separate Account H" to such other designation as they may deem necessary or appropriate; and 5) the fundamental investment policy of Metropolitan Life Separate Account H shall be to invest or reinvest the assets of Metropolitan Life Separate Account H in securities issued by Metropolitan Series Fund, Inc. or such other investment companies registered under the Investment Company Act of 1940, as amended, as the Officers may designate; and 6) the Officers be authorized and directed to take all actions necessary to register Metropolitan Life Separate Account H as a unit investment trust under the Investment Company Act of 1940, as amended, and to take such related actions as they deem necessary and appropriate to carry out the foregoing; and 7) the Officers be authorized to establish criteria by which the Company shall institute procedures to provide for a pass- through of voting rights to the owners of any variable life insurance policies issued by the Company as required under applicable laws and regulations with respect to the shares of any investment companies which are held in Metropolitan Life Separate Account H; and - 3 - 8) Harry P. Kamen, Senior Vice-President and General Counsel of the Company, be constituted and appointed agent for service of process for the Company to receive notices and communications from the Securities and Exchange Commission with respect to such Registration Statements as may be filed on behalf of the Company concerning Metropolitan Life Separate Account H, and to exercise the powers given to such agent in the rules and regulations of the Securities and Exchange Commission under the Securities Act of 1933, as amended; and 9) the following which expresses the policy of the Company with respect to determining the suitability for applicants for variable life insurance policies be adopted: No recommendation shall be made to a potential applicant to purchase a variable life insurance policy and no variable life insurance policy shall be issued in the absence of reasonable grounds to believe that the purchase of such policy is not unsuitable for such applicant on the basis of information furnished after reasonable inquiry of such applicant concerning the applicant's insurance and investment objectives, financial situation and needs, and any other information known to the Company or to the agent making the recommendation; and 10) the Officers be authorized to secure and maintain a license for the Company to transact a variable contract business in the State of Indiana, including but not limited to, signing, executing, amending and delivering on behalf of the Company any and all papers and documents and to do or cause to be done any lawful acts necessary or desirable to carry out the intent and purpose of this resolution; and 11) the Officers be authorized to do or cause to be done all things necessary or desirable to carry out the foregoing, and, as may be advised by counsel, to comply with, or obtain exemptions from, federal, state or local statutes or regulations that may be applicable to the issuance and sale of variable life insurance by the Company. EX-1.A3B 3 FORM OF SELECTED BROKER AGRMNT EXHIBIT 1.A(3)(B) SELECTED BROKER AGREEMENT ------------------------- Agreement dated ______________, 1997, by and between Metropolitan Life Insurance Company ("Metropolitan" or "Distributor"), a New York corporation, and __________________ ("Broker"), a _________________ corporation. WITNESSETH: In consideration of the mutual promises contained herein, the parties hereto agree as follows: A. Definitions ----------- (1) VLI Policies - The VLI Policies are flexible premium variable life insurance policies issued by Metropolitan and listed in the attached Schedule A as amended from time to time. (2) Variable Contracts - Other variable contracts issued by Metropolitan which the Distributor may from time to time underwrite and make available to Broker for distribution and which are listed in the attached Schedule A as amended from time to time, including variable annuity, variable life insurance, and other variable insurance contracts and certificates. (3) Registration Statements - Registration statements and amendments filed with the Securities and Exchange Commission relating to VLI Policies or Variable Contracts, including those for any relevant funding vehicle. (4) Prospectus - The prospectuses and Statements of Additional Information included within the Registration Statements referred to herein or filed pursuant to Rules 424 and 497 under the Securities Act of 1933, as amended. (5) 1934 Act - The Securities Exchange Act of 1934, as amended. (6) SEC - the Securities and Exchange Commission. B. Representations by Distributor and Broker ----------------------------------------- Both Distributor and Broker agree to comply with all applicable rules and regulations of the National Association of Securities Dealers, Inc. ("NASD"), federal and state securities laws, and insurance laws, as well as with all other state or federal laws, rules or regulations that are now or may hereafter become applicable to the transactions which are the subject of this Agreement. C. Agreements of Distributor ------------------------- (1) Distributor hereby authorizes Broker, during the term of this Agreement, to solicit applications for the VLI Policies and Variable Contracts listed in the attached Schedule A, as amended from time to time, provided that there is an effective Registration Statement relating to such VLI Policies and such other Variable Contracts and, provided further, that Broker shall not solicit applications for VLI Policies or Variable Contracts except in those states or jurisdictions in which such 2 VLI Policies or Variable Contracts are qualified for sale under all applicable securities and insurance laws as listed in the attached Schedule A, as amended from time to time. Broker understands that no territory is exclusively assigned hereunder and that Distributor may enter into agreements with other brokers regarding the sale of such VLI Policies and Variable Contracts. (2) Distributor, during the term of this Agreement, will notify Broker of the issuance by the SEC of any stop order with respect to a Registration Statement or the initiation of any proceedings for that purpose or for any other purpose relating to the registration and/or offering of VLI Policies and Variable Contracts and of any other action or circumstances that may prevent the lawful sale of the VLI Policies and the Variable Contracts in any state or jurisdiction. (3) During the term of this Agreement, Distributor shall advise Broker of any amendment to any Registration Statement or supplement to any Prospectus. (4) Distributor reserves the right at any time to suspend sales or withdraw the offering of VLI Policies and Variable Contracts in its discretion and without prior notice to the Broker. (5) The performance or receipt of services pursuant to this Agreement shall in no way impair the absolute control of the business and operations of each of the parties by its own Board of Directors. 3 Pursuant to the foregoing, Metropolitan shall specifically retain ultimate authority: (i) to appoint and discharge agents marketing insurance on its behalf; (ii) to direct the marketing of its insurance products and services; (iii) to review and approve all advertising concerning its insurance products and services; (iv) to underwrite all insurance policies issued by it; (v) to cancel risks; (vi) to handle all matters involving claims adjusting and payment; (vii) to prepare all policy forms and amendments; and (viii) to maintain custody of, responsibility for and control of all investments. D. Agreements of Broker -------------------- (1) Broker represents and agrees that it is a registered broker/dealer under the 1934 Act and in such other jurisdictions as the business transacted by it requires, is a member in good standing of the NASD, has obtained any other approvals, licenses, authorizations, orders or consents which are necessary to enter into this Agreement and to perform its duties hereunder, and is bonded as required by all applicable laws and regulations. Broker further represents that the agents or representatives of Broker who will be soliciting 4 applications for VLI Policies and Variable Contracts will be duly licensed registered representatives or principals of Broker, will be appropriately licensed under applicable insurance laws and will have received a level of qualification with the NASD appropriate for the relevant VLI Policies and Variable Contracts. (2) Commencing at such time as Distributor and Broker shall agree upon, Broker agrees to use its best efforts to find purchasers of the VLI Policies and Variable Contracts. In meeting its obligation to use its best efforts to solicit applications for the VLI Policies and Variable Contracts, Broker shall, during the term of this Agreement, engage in the following activities: (a) Continuously utilize those training, sales, advertising, and promotional materials which have been approved by the Distributor; (b) Establish and implement reasonable procedures for periodic inspection and supervision of sales practices of its agents or representatives and submit periodic reports to Distributor, as may be requested, on the results of such inspections and the compliance with such procedures; provided however that Broker shall retain sole responsibility for the supervision, inspection and control of its agents and representatives; (c) Take reasonable steps to ensure that the various representatives appointed by it shall not make recommendations to an applicant to purchase a VLI Policy or a 5 Variable Contract in the absence of reasonable grounds to believe that the purchase of a VLI Policy or a Variable Contract is suitable for such applicant consistent with the suitability guidelines provided by Distributor from time to time. (3) Only initial premiums or purchase payments for VLI Policies or Variable Contracts shall be collected by agents or representatives of Broker and shall be remitted promptly in full together with the appropriate applications, forms and any other required documentation to an office designated by the Distributor. Remittances will be made pursuant to the procedures described in the relevant Prospectus. Checks or money orders in payment of premiums or purchase payments shall be drawn to the order of "Metropolitan Life Insurance Company" (or "Metropolitan Life"). To the extent that any premiums or purchase payments for VLI Policies or Variable Contracts are collected directly by Broker or its agents or representatives, Broker shall at all times hold such premiums or purchase payments in a fiduciary capacity and transfer such premiums or purchase payments to an office designated by Distributor within 30 days from the date of collection. Broker acknowledges that Distributor shall have the unconditional right to reject, in whole or in part, any application for a VLI Policy or a Variable Contract. In the event Distributor rejects an application, Distributor will immediately return any payment directly to the purchaser and Broker will be notified of such action. In the event that any purchaser of a VLI Policy or a Variable Contract elects to return 6 such VLI Policy or Variable Contract pursuant to any law or contractual provision, any payment made will be refunded to the purchaser and Broker will be notified of such action. (4) Broker shall act as an independent contractor, and nothing herein contained shall constitute Broker, its agents or representatives, or any employees thereof as employees of Distributor in connection with the solicitation of applications for VLI Policies or Variable Contracts. Broker, its agents or representatives, and its employees shall not hold themselves out to be employees of Distributor in this connection or in any dealings with the public. Broker is not a principal underwriter or agent of any Metropolitan separate account or any funding medium therefor. (5) Broker agrees that any material it develops, approves or uses for sales, training, explanatory or other purposes in connection with the solicitation of applicants for VLI Policies or Variable Contracts hereunder other than generic advertising material which does not make specific reference to Distributor, the VLI Policies or the Variable Contracts will not be used without the prior written consent of Distributor. (6) Solicitation and other activities by Broker shall be undertaken only in accordance with applicable laws and regulations. Broker represents that no commissions, or portions thereof, or other compensation for the sale of VLI Policies or Variable Contracts will be paid to any person or entity which is not duly licensed and appointed by Metropolitan as a life 7 insurance and variable contract broker or agent of Metropolitan in the appropriate states or other jurisdictions. Broker shall ensure that such agents or representatives fulfill any training requirements necessary to be licensed. Broker understands and acknowledges that neither it nor its agents or representatives is authorized by Distributor to give any information or make any representation in connection with this Agreement or the offering of the VLI Policies or the Variable Contracts or any relevant funding vehicle other than those contained in the Prospectus or other solicitation material authorized in writing by Distributor and agrees to take all reasonable steps necessary to insure that no representations are made or information given that is not contained in the Prospectus or such other solicitation material. The Prospectus for a VLI Policy or Variable Contract, for any relevant funding vehicle, and any supplements or amendments thereto, shall be delivered to every applicant for that VLI Policy or Variable Contract, provided that any Statement of Additional Information shall be delivered only to any applicant who requests one except where otherwise required by law. (7) Neither Broker nor its agents or representatives shall have authority on behalf of Distributor to: make, alter or discharge any VLI Policy, Variable Contract or other form; receive any monies or payments due, or to become due, to Metropolitan except as set forth in Section D(3) of this Agreement; adjust or settle any claim or commit Distributor with respect thereto, or bind Distributor or any of its affiliates in 8 any way; or enter into legal proceedings in connection with any matter pertaining to Distributor's business without its prior written consent, unless Broker is named in such proceedings. Broker shall not expend, nor contract for the expenditure of, the funds of Distributor nor shall Broker possess or exercise any authority on behalf of the Distributor other than that expressly conferred on Broker by this Agreement. (8) Broker agrees to prepare any forms necessary to comply with applicable state insurance laws or regulations or received from Distributor in connection with the sale of VLI Policies or Variable Contracts as replacement for other insurance or annuity products and to send such forms to Distributor. In the alternative, if such forms are not required but information with respect to replacement is required, Broker will transmit such information in writing to Distributor. Broker further agrees to notify Distributor when sales of VLI Policies or Variable Contracts are replacement contracts. Such notification shall not be later than the time that Broker submits to Distributor the information required to calculate commissions payable hereunder. (9) Broker agrees to furnish Distributor or any appropriate regulatory authority with any information or reports in connection with its responsibilities under this Agreement which such person may reasonably request in order to ascertain whether the operations of Distributor related to the VLI Policies and Variable Contracts are being conducted in a manner consistent with applicable laws or regulations. 9 E. Compensation ------------ (1) Distributor shall arrange for payment of commissions to Broker or its designee as compensation for the sale of each VLI Policy or Variable Contract sold by an agent or representative of Broker. The amount of such compensation shall be paid monthly and shall be based on a schedule which is determined by agreement of Distributor and Broker. Distributor shall identify to Broker with each such payment the name or names of the agent(s) or representative(s) of Broker who solicited each VLI Policy or Variable Contract covered by the payment. Broker will be responsible for issuing checks, statements or forms for tax purposes and other administrative duties connected with compensation of such agents or representatives. (2) Any indebtedness of Broker to Distributor shall be a first lien against any monies payable hereunder. The right of Broker, or any person claiming through Broker to receive any compensation provided by this Agreement, shall be subordinate to the right of Distributor to offset such compensation against any indebtedness of the Broker to Distributor. (3) Neither Broker nor any of its agents or representatives shall have any right to withhold or deduct any part of any purchase payment it shall receive for purposes of payment of commission or otherwise. (4) No compensation shall be payable, and any compensation already paid shall be returned to Distributor on request, under each of the following conditions: 10 (a) If Distributor, in its sole discretion, determines not to issue the VLI Policy or Variable Contract applied for, (b) if Distributor refunds the premium paid by the applicant, upon the exercise of applicant's right of withdrawal pursuant to any "free-look" privilege, (c) if Distributor refunds the premium paid by applicant as a result of a complaint by applicant, recognizing that Distributor has sole discretion to refund premiums paid by applicants, or (d) if Distributor determines that any person signing an application who is required to be licensed or any other person or entity receiving compensation for soliciting purchases of the VLI Policies or Variable Contracts is not duly licensed to sell the VLI Policies or Variable Contracts in the jurisdiction of such attempted sale. (5) Broker, either directly or by reimbursing Distributor on request, shall pay all other expenses of soliciting applications for the VLI Policies or Variable Contracts, including but not limited to expenses relating to sales literature and advertisements originated by Broker. F. Complaints and Investigations ----------------------------- (1) Broker and Distributor jointly agree to cooperate fully in any insurance regulatory investigation or proceeding or 11 judicial proceeding arising in connection with the VLI Policies or the Variable Contracts. Broker and Distributor further agree to cooperate fully in any securities regulatory investigation or proceeding or judicial proceeding with respect to Broker, Distributor, their affiliates and their agents or representatives to the extent that such investigation or proceeding is in connection with the VLI Policies or Variable Contracts. (2) Both the Broker and Distributor jointly agree to investigate any customer complaint in connection with the VLI Policies or the Variable Contracts. The term customer complaint shall mean an oral or written communication either directly from the purchaser of or applicant for a VLI Policy or a Variable Contract or his/her legal representative, or indirectly from a regulatory agency to which he or she or his/her legal representative has expressed a grievance. (3) Such cooperation referred to in Sections F(1) and F(2) of this Agreement shall include, but is not limited to, each party promptly notifying the other of the receipt of notice of any such investigation, proceeding, or customer complaint, forwarding to the other party a copy of any written materials in connection with the matter (or a written statement of an oral complaint) and such additional information as may be necessary to furnish a complete understanding of same, and, in the case of a customer complaint, consulting with the other party, prior to responding thereto, and, thereafter, providing each other with copies of all written responses. 12 (4) Notwithstanding Sections F(1), F(2) and F(3), Distributor retains discretion to resolve complaints or grievances of applicants, policyholders or others with respect to the VLI Policies and Variable Contracts. G. Records and Administration -------------------------- (1) Once a VLI Policy or Variable Contract has been issued, it will be mailed promptly to the applicant, accompanied by any applicable Notice of Withdrawal Right and additional appropriate documents. Distributor will confirm or cause to be confirmed to customers of Broker all VLI Policy and Variable Contract transactions, as and to the extent legally required and will administer all of the VLI Policies or Variable Contracts after they have been delivered, but may from time to time require assistance from Broker. (2) Broker will maintain all books and records as required by Rules 17a-3 and 17a-4 under the 1934 Act, except to the extent that Distributor may agree to maintain any such records on Broker's behalf. Records subject to any such agreement shall be maintained by Distributor as agent for Broker in compliance with said rules, and such records shall be and remain the property of Broker and be at all times subject to inspection by the SEC in accordance with Section 17(a) of that Act. Nothing contained herein shall be construed to affect Metropolitan's right to ownership and control of all pertinent records and documents pertaining to its business operations including, without 13 limitation, its operations relating to the VLI Policies and Variable Contracts, which right is hereby recognized and affirmed. Distributor and Broker agree that each shall retain all records pertaining to Metropolitan's VLI Policies and Variable Contracts operations as required by the 1934 Act, and the rules and regulations thereunder and by any other applicable law or regulation, as confidential information and neither party shall reveal or disclose such confidential information to any third party unless such disclosure is authorized by the party affected thereby or unless such disclosure is expressly required by applicable federal or state regulatory authorities, except, however, that nothing contained herein shall be deemed to interfere with any document, record or other information which by law, is a matter of public record. H. Indemnification --------------- (1) Distributor will indemnify and hold harmless Broker from any and all losses, claims, damages or liabilities (or actions in respect thereof), to which Broker may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Prospectus for any of the VLI Policies, Variable Contracts or any relevant funding vehicle or any amendments or supplements thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the 14 statements therein not misleading; and will reimburse Broker for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such loss, claim, damage, liability or action in respect thereof; provided, however, that Distributor shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such Prospectus, amendment or supplement in reliance upon and in conformity with information furnished by Broker specifically for use in the preparation thereof. Distributor shall not indemnify Broker for any action where an applicant for any of the VLI Policies or Variable Contracts was not furnished or sent or given, at or prior to written confirmation of the sale of a VLI Policy or Variable Contract, a copy of the appropriate Prospectus(es), any Statement of Additional Information, if requested, and any supplements or amendments to either furnished to Broker by Distributor. The foregoing indemnities shall, upon the same terms and conditions, extend to and inure to the benefit of each director and officer of Broker and any person controlling it. (2) Broker will indemnify and hold harmless Distributor against any losses, claims, damages or liabilities (or actions in respect thereof), to which Distributor may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any 15 untrue statement or alleged untrue statement of any material fact contained in the Prospectus for any of the VLI Policies, Variable Contracts or any relevant funding vehicle or any amendments or supplements thereto, or arise out of or are based upon the omission or alleged omission to state therein or necessary to make the statements therein not misleading, in each case to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in any such Prospectus, amendment or supplement, in reliance upon and in conformity with information furnished to Distributor by Broker specifically for use in the preparation thereof; and will reimburse Distributor for any legal or other expenses reasonably incurred by it in connection with investigating or defending against any such loss, claim, damage, liability or action. The foregoing indemnities shall, upon the same terms and conditions, extend to and inure to the benefit of each director and officer of Distributor and any person controlling it. (3) Broker shall indemnify and hold harmless Distributor from any and all losses, claims, damages or liabilities (or actions in respect thereof) to which Distributor may be subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or result from negligent, improper, fraudulent or unauthorized acts or omissions by Broker, its employees, agents, representatives or principals, including but not limited to improper solicitation of applications for the VLI Policies or Variable Contracts, except 16 as stated herein. Broker shall indemnify and hold harmless Distributor for any losses, claims, damages or liabilities (or actions in respect thereof) to which Distributor may become subject, insofar as the losses, claims, damages or liabilities (or action in respect thereof) arise out of or are based upon any unauthorized use of sales materials or advertisements or any oral or written misrepresentations or any unlawful sales practices concerning the VLI Policies or Variable Contracts by Broker, its employees, agents, representatives or principals, except as stated below. Broker shall indemnify and hold Distributor harmless for any penalties, losses or liabilities resulting from Distributor improperly paying any compensation under this Agreement, unless such improper payment was caused by Distributor's negligence or willful misconduct. Unless such improper payment was caused by Broker's negligence or willful misconduct, the indemnity under the immediately preceding sentence shall be limited to all compensation payable to and by Broker pursuant to this Agreement. The foregoing indemnities shall, upon the same terms and conditions, extend to and inure to the benefit of each director and officer of Distributor and any person controlling it. (4) Promptly after receipt by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the 17 indemnifying party shall not relieve it from any liability which it may otherwise have to any indemnified party. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party, similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. I. Term of Agreement ----------------- (1) This Agreement shall continue in force for one year from its effective date and thereafter shall automatically be renewed every year for a further one year period; provided that either party may unilaterally terminate this Agreement with or without cause upon thirty (30) days' written notice to the other party of its intention to do so. (2) Upon termination of this Agreement, all authorizations, rights and obligations shall cease except (a) the agreements contained in Section F, G and H hereof; and (b) the obligation to settle accounts hereunder. Except with respect to records maintained by or on behalf of Broker pursuant to Rules 17a-3 and 18 17a-4 under the 1934 Act, Broker shall return to Distributor, within 30 days after the effective date of termination, any and all records in its possession which have been specifically maintained in connection with Metropolitan's operations related to the VLI Policies or Variable Contracts. J. Assignability ------------- This Agreement shall not be assigned by either party without the written consent of the other. K. Modification ------------ This Agreement may only be modified in writing signed by both parties. L. Notices ------- Notices to be given hereunder shall be addressed to: Metropolitan Life Insurance Company One Madison Avenue New York, NY 10010 Attention: Attention: M. Governing Law ------------- This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 19 In Witness Whereof, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written. METROPOLITAN LIFE INSURANCE COMPANY (Distributor) By___________________________________ (Broker) By_________________________________ 20 EX-1.A5A 4 SPEC FLEX PREM LIFE INS POLICY EXHIBIT 1.A(5)(a) [METLIFE LOGO APPEARS HERE] __________________________________________________ METROPOLITAN LIFE INSURANCE COMPANY A Mutual Company Incorporated in New York State __________________________________________________ Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured JOHN A. DOE Face Amount of Insurance $100,000 AS OF DATE OF POLICY Policy Number SPECIMEN FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. RIGHT TO EXAMINE POLICY -- PLEASE READ THIS POLICY. YOU MAY RETURN THIS POLICY TO US OR TO THE ACCOUNT REPRESENTATIVE THROUGH WHOM YOU BOUGHT IT WITHIN 10 DAYS FROM THE DATE YOU RECEIVE IT OR WITHIN 45 DAYS AFTER THE APPLICATION IS SIGNED, WHICHEVER PERIOD ENDS LATER. IF YOU RETURN IT WITHIN THIS PERIOD, THE POLICY WILL BE VOID FROM THE BEGINNING. WE WILL REFUND ANY PREMIUM PAID. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 1 7FM-90 POLICY SPECIFICATIONS DATE OF POLICY MAY 1, 1990 INSURED'S AGE AND SEX 35 MALE FINAL DATE OF POLICY POLICY ANNIVERSARY AT AGE 95 DEATH BENEFIT OPTION A (SEE PAGE 6) OWNER JOHN A. DOE BENEFICIARY MARY B. DOE CONTINGENT BENEFICIARY SEE APPLICATION POLICY CLASSIFICATION NONSMOKER STANDARD INSURED JOHN A. DOE SPECIFIED FACE AMOUNT OF INSURANCE.....$100,000 AS OF DATE OF POLICY SPECIMEN.....POLICY NUMBER PLAN.......FLEXIBLE PREMIUM MULTIFUNDED LIFE INITIAL ALLOCATION OF NET PREMIUM: FIXED SEPARATE GROWTH 100% INCOME 0% MONEY MARKET 0% ACCOUNT 0% ACCT. DIVS: DIVERSIFIED 0% EQUITY INCOME 0% THIS POLICY PROVIDES LIFE INSURANCE COVERAGE UNTIL THE FINAL DATE IF SUFFICIENT PREMIUMS ARE PAID. PREMIUM PAYMENTS IN ADDITION TO THE PLANNED PREMIUM SHOWN BELOW MAY NEED TO BE MADE TO KEEP THIS POLICY AND COVERAGE IN FORCE. PLANNED PREMIUM OF....................................$1,000 -- PAYABLE ANNUALLY MINIMUM REQUIRED PREMIUM..............................$705 -- ANNUALLY GUIDELINE ANNUAL PREMIUM..............................$1,451.64 (TOTAL PREMIUM FOR LIFE INSURANCE BENEFIT, ANY SUPPLEMENTAL RATING AND ANY ADDITIONAL BENEFITS LISTED BELOW) ADDITIONAL BENEFITS 3 7FM-90 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.)
- -------------------------------------------------------------------------------- Monthly Rate* Monthly Rate* ------------------------------- -------------------------- Age Age Male Female Male Female - -------------------------------------------------------------------------------- 0 .219 .157 48 .499 .374 1 .086 .070 49 .540 .400 2 .083 .067 50 .585 .429 3 .081 .065 51 .638 .459 4 .078 .064 52 .697 .495 5 .073 .063 53 .764 .533 6 .069 .061 54 .838 .573 7 .065 .059 55 .918 .613 8 .063 .058 56 1.003 652 9 .062 .058 57 1.093 .690 10 .063 .057 58 1.189 .728 11 .068 .058 59 1.294 .770 12 .077 .061 60 1.411 .820 13 .089 .064 61 1.543 .883 14 .103 .068 62 1.692 .963 15 .118 .073 63 1.860 1.059 16 .133 .077 64 2.045 1.167 17 .143 .080 65 2.246 1.283 18 .152 .083 66 2.461 1.403 19 .157 .086 67 2.689 1.524 20 .158 .088 68 2.934 1.647 21 .158 .090 69 3.207 1.787 22 .157 .092 70 3.515 1.951 23 .153 .093 71 3.867 2.153 24 .150 .096 72 4.272 2.404 25 .146 .098 73 4.733 2.706 26 .143 .100 74 5.240 3.055 27 .143 .103 75 5.785 3.445 28 .142 .107 76 6.359 3.869 29 .143 .110 77 6.958 4.325 30 .146 .114 78 7.585 4.819 31 .150 .118 79 8.262 5.370 32 .156 .123 80 9.012 6.000 33 .163 .128 81 9.958 6.729 34 .171 .134 82 10.822 7.579 35 .181 .142 83 11.902 8.549 36 .194 .152 84 13.077 9.629 37 .208 .163 85 14.325 10.811 38 .224 .178 86 15.626 12.091 39 .242 .194 87 16.976 13.469 40 .263 .211 88 18.375 14.952 41 .285 .229 89 19.834 16.556 42 .310 .249 90 21.379 18.306 43 .336 .267 91 23.052 20.250 44 .365 .287 92 24.937 22.470 45 .395 .307 93 27.244 25.155 46 .428 .327 94 30.445 28.736 47 .462 .350 - --------------------------------------------------------------------------------
* If there is a supplemental rating for the life insurance benefit as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table 4 7FM-04 A AAABH1 DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL (SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES ISSUED BY METROPOLITAN SERIES FUND, INC. DIVISION 1-- GROWTH PORTFOLIO--The investment objective of this portfolio is to achieve long-term growth of capital and income, and moderate current income, by investing primarily in common stocks that are believed to be of good quality or to have good growth potential or which are considered to be undervalued based on historical investment standards. DIVISION 2-- INCOME PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible total return, by combining current income with capital gains, consistent with prudent investment risk and the preservation of capital, by investing primarily in fixed- income, high-quality debt securities. DIVISION 3-- MONEY MARKET PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible current income consistent with the preservation of capital and maintenance of liquidity, by investing primarily in short-term money market instruments. DIVISION 4-- DIVERSIFIED PORTFOLIO--The investment objective of this portfolio is to achieve a high total return while attempting to limit investment risk and preserve capital by investing in equity securities, fixed-income debt securities, or short-term money market instruments, or any combination thereof, at the discretion of State Street Research. DIVISION 5-- EQUITY INCOME PORTFOLIO--The investment objective of this portfolio is to provide a high level of current income and, secondarily, long-term growth of capital by investing primarily in common stocks offering above-average dividend yields and in equity and debt securities convertible into or carrying the right to acquire common stocks. DIVISION 6-- INTERNATIONAL STOCK PORTFOLIO--The investment objective of this portfolio is to achieve long-term growth of capital by investing primarily in common stocks and equity-related securities of non- United States companies. DIVISION 7-- STOCK INDEX PORTFOLIO. The investment objective of this portfolio is to equal the performance of the Standard & Poor's 500 Composite Stock Price Index (adjusted to assume reinvestment of dividends) by investing in the common stock of companies which are included in the index. INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES. PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED PORTFOLIOS. 5 7FM-05 (92) AAABVE DEFINITIONS This policy provides life insurance through flexible premium payments. Net Premiums are credited at your option to either a fixed interest account ("Fixed Account") or a multifunded separate account ("Separate Account") or both. Interest will be credited to the cash value in the Fixed Account. The cash value in the Separate Account will vary with investment experience. The cost of insurance and other charges will be deducted each month proportionately from the Fixed Account and the Separate Account. To make this policy clear and easy to read, we have left out many cross-references and conditional statements. Therefore, the provisions of the policy must be read as a whole. For example, our payment of the insurance proceeds depends on the payment of sufficient premiums. To exercise your rights, you should follow the procedures stated in this policy. If you want to request a payment, change the allocation of net premiums, adjust the death benefit, change a beneficiary, change an address or request any other action by us, you should do so on the forms prepared for each purpose. You can get these forms from your account representative or our Designated Office. "You" and "your" refer to the owner of this policy. "We", "us" and "our" refer to Metropolitan Life Insurance Company. The "insured" named on page 3 is the person at whose death the insurance proceeds will be payable. The "Specified Face Amount of Insurance" as of the date of policy is shown on page 3. A new page 3 will be issued to show any change in the Specified Face Amount of Insurance that occurs at your request. The "Final Date of Policy" is the policy anniversary on which the insured is age 95. Policy years and months are measured from the date of policy. For example, if the date of policy is May 5, 1999, the first policy month ends June 4, 1999, and the first policy year ends May 4, 2000. Also, the first monthly anniversary is June 5, 1999 and the first policy anniversary is May 5, 2000. The "Designated Office" is the office to which your communications are to be sent. It is our Home Office at One Madison Avenue, New York, N.Y. 10010. We may, by written notice, name one or more other offices within the United States to serve as a Designated Office in place of the Home Office. The "Investment Start Date" is the date the first premium is applied to the Fixed Account and/or Separate Account. It is the later of: (1) the Date of Policy; and (2) the date we receive the first premium at our Designated Office. "Issue Age" is the age of the insured shown on page 3. "Guideline Annual Premium" is the level annual amount of premium that would be payable through the Final Date of Policy for the specified face amount of the policy if premiums were fixed by us as to both timing and amount and were based on the 1980 Commissioners Standard Ordinary Mortality Tables, net investment earnings at an annual effective rate of 5%, and fees and charges as set forth in the policy and any policy riders. 6 7FM-06 AAABDI DEFINITIONS (CONTINUED) "Fixed Account" is the account under the policy to which we will add the payments that you allocate to the Fixed Account. The Fixed Account is part of our general account. "Separate Account" is Metropolitan Life Separate Account UL, the account under this policy to which we will add the payments that you allocate to any of the Investment Divisions in the Separate Account. "Policy Loan Account" is the account to which we will transfer the amount of any policy loan from the Fixed and Separate Accounts. "Cash Value" is the sum of: (a) the policy's cash value in the Fixed Account; (b) the policy's cash value in each investment division of the Separate Account; and (c) the policy's cash value in the Policy Loan Account. "Cash Surrender Value" is the cash value less any policy loan and loan interest and any applicable surrender charge computed from the chart set forth on page 15 and, if the policy is surrendered in the first policy year, less the Base Administration Charge for each full policy month remaining to the end of the first policy year. PAYMENT WHEN INSURED DIES INSURANCE If the insured dies before the Final Date of Policy, an amount of PROCEEDS money, called the insurance proceeds, will be paid to the beneficiary. The insurance proceeds are the sum of: * The death benefit described below. PLUS * Any insurance on the insured's life that may be provided by riders to this policy. MINUS * Any policy loan and loan interest. MINUS * Any due and unpaid monthly deductions accruing during a grace period. We will pay the insurance proceeds to the beneficiary after receipt at our Designated Office of proof of death and a proper written claim. DEATH BENEFIT You must choose one of the following two death benefit options: 1. OPTION A: The Specified Face Amount of Insurance. 2. OPTION B: The Specified Face Amount of Insurance; PLUS The cash value on the date of death. The death benefit will be the amount of the option in effect at the time of death or, if greater, the minimum death benefit described on page 8. 7 7FM-07 AAABAK PAYMENT WHEN INSURED DIES (CONTINUED) MINIMUM DEATH In no event will the death benefit be less than the amounts BENEFIT described below:
MINIMUM DEATH BENEFIT AGE ON DATE AS A PERCENTAGE OF THE OF DEATH CASH VALUE 40 or younger 250% 41-45 243-215 46-50 209-185 51-55 178-150 56-60 146-130 61-65 128-120 66-70 119-115 71-75 113-105 76-90 105 91-95 104-100
The minimum death benefit will decrease uniformly within the age ranges shown. DEATH BENEFIT At any time after the second policy year, while this policy is in ADJUSTMENT force, you may change the death benefit option and change (either increase on decrease) the Specified Face Amount of Insurance, subject to the following: 1. In the event of a change in the death benefit option, we will change the Specified Face Amount of Insurance as follows: a. If you change from Option A to Option B, the Specified Face Amount of Insurance will be reduced by the then current cash value. b. If you change from Option B to Option A, the Specified Face Amount of Insurance will be increased by the then current cash value. 2. The Specified Face Amount of Insurance may not be reduced to less than the Specified Face Amount Limits shown on page 3.1, nor may it be reduced to a level where the total premiums already paid to date exceed the then current Internal Revenue Service limits relating to the definition of life insurance. 3. The Specified Face Amount of Insurance may not be increased after the insured reaches age 80. For any change at your request which would increase the death benefit, you must provide evidence satisfactory to us of the insurability of the insured. Each increase must be at least $5,000. Also, at the time of change there will be an underwriting charge of $5 for each $1,000 of insurance increase. This charge will be part of the monthly deduction as of the date the increase takes effect. New withdrawal charges will apply for 15 policy years after the increase. 4. No change in the death benefit will take effect unless the cash surrender value after the change is equal to at least two monthly deductions. A request for a change in the death benefit will take effect as of the monthly anniversary which coincides with or next follows: (a) if evidence of insurability is required, the date we approve the request, or (b) if not, the date of the request. 5. We will issue a new page 3 for this policy showing the change. We may require that you send us this policy to make any requested change. 8 7FM-08 AAABAL MONTHLY DEDUCTION Each policy month, a deduction is made from the cash value to pay for the cost of insurance and administrative expenses. The monthly deduction is determined on each monthly anniversary, and is the sum of the following items: 1. The monthly cost of term insurance, as defined below. 2. The monthly cost of any benefits provided by riders. 3. A base administration charge as shown on page 3.1. 4. For any month in which your request results in an increase in the death benefit, an underwriting charge of $5.00 per thousand dollars of such increase. The monthly deduction will be charged proportionately to the Fixed Account and each Investment Division of the Separate Account at the beginning of the policy month. COST OF TERM The cost of the term insurance for any policy month is equal to INSURANCE the amount of term insurance multiplied by the monthly term insurance rate. From time to time we will set monthly term insurance rates based on the insured's age, sex, and underwriting class. These rates will never be more than the maximum rates shown in the table on page 4. Any changes in mortality charges will not recoup past losses. Any adjustments in policy cost factors will be by class and based on changes in such factors as investment earnings, mortality, persistency and expenses. The amount of term insurance for any policy month is equal to: * The death benefit divided by 1.0032737; MINUS * The Cash Value of the policy. The cash value used in this calculation is determined at the start of the policy month before the deduction for the monthly cost of term insurance and for any Disability Waiver Benefit, but after the deduction for any other riders or charges. FIXED ACCOUNT VALUE The policy's cash value in the Fixed Account on the Investment Start Date is equal to: 1. The portion of the initial net premium which has been paid and allocated to the Fixed Account; MINUS 2. The portion of the first monthly deduction charged to the Fixed Account. 9 7FM-09 AAABF9 FIXED ACCOUNT (CONTINUED) The policy's cash value in the Fixed Account on any day after the Investment Start Date is equal to: 1. The value on the preceding day, with interest on such value at the currently applicable rates; PLUS 2. Any portion of net premium paid and allocated to the Fixed Account on that day; PLUS 3. Any amount transferred to the Fixed Account on that day; PLUS 4. Any loan repayments allocated to the Fixed Account on that day; PLUS 5. That portion of any interest credited on outstanding loans which is allocated to the Fixed Account on that day; MINUS 6. Any amount transferred from the Fixed Account to the Separate Account on that day; MINUS 7. Any cash withdrawal made from the Fixed Account on that day; MINUS 8. Any amount transferred from the Fixed Account to the Policy Loan Account on that day; MINUS 9. The portion of any transfer charge allocated to the policy's cash value in the fixed account; MINUS, IF THAT DAY IS A MONTHLY ANNIVERSARY, 10. The portion of the monthly deduction which is charged to the Fixed Account, to cover the policy month which starts on that day. INTEREST The guaranteed interest rate for the Fixed Account is .01075% a RATE day, compounded daily. This is equivalent to a rate of 4% a year compounded annually. We may declare rates of Interest in excess of the 4% guaranteed rate on amounts in excess of $1,000 in the Fixed Account at any time, subject to the following conditions: the rate of excess interest on any net premiums paid during a month of the year will not decrease before the first day of the same month of the subsequent year; thereafter, the rate of excess interest will not decrease for a period of twelve months from the date declared. We also may credit different rates of excess interest to premium payments made in different months of the year and different rates of excess interest at the end of each twelve-month period for cash value related to premiums received in a given month of each prior year. Transfers made into the Fixed Account will be treated as new premium payments for these purposes. We will credit the guaranteed and any excess interest on every Valuation Date. Once credited, that interest will be guaranteed and will become part of the policy's cash value in the Fixed Account from which monthly deductions are made. The monthly deduction will be charged against the most recent premiums paid (and transfers made) and interest credited thereto. 10 7FM-10 AAABGA SEPARATE ACCOUNT Separate Account UL is an investment account established and maintained by us, separate from our general account or other separate investment accounts. It is used for flexible premium multifunded life insurance policies, and if permitted by law, may be used for other policies or contracts as well. We own the assets in the Separate Account. Assets equal to the reserves and other liabilities of the Separate Account will not be charged with liabilities that arise from any other business we conduct. We may from time to time transfer to our general account assets in excess of such reserves and liabilities. Income and realized and unrealized gains or losses from assets in the Separate Account are credited to or charged against the Separate Account without regard to our other income, gains or losses. The Separate Account will be valued at the end of each Valuation Period. A "Valuation Date" is each day on which there is enough trading in a portfolio's securities that the current value of its shares could be materially affected. In general, Valuation Dates will be days when the New York Stock Exchange is open for trading. We reserve the right, on 30 days notice, to change the basis for such Valuation Date, as long as the basis is not inconsistent with applicable laws. A "Valuation Period" is the period between successive Valuation Dates starting at 4:00 P.M. New York City time, on each Valuation Date and ending at 4:00 P.M., New York City time, on the next Valuation Date. We reserve the right, on 30 days notice, to change the basis for such Valuation Period, as long as the basis is not inconsistent with applicable laws. INVESTMENT The "Investment Divisions" are part of the Separate Account. Each DIVISIONS division holds a separate class (or series) of stock of a designated investment company or companies. Each class of stock represents a separate portfolio in an investment company. The Investment Divisions available on the Date of Policy are described on Page 5. Those you selected in the application are shown on Page 3. We may from time to time make other investment divisions available to you. We will provide you with written notice of all material details including investment objectives and all charges. OUR RIGHT We reserve the right to make certain changes if, in our judgment, TO MAKE they would best serve the interests of the owners of policies CHANGES such as this one, or would be appropriate in carrying out the purposes of such policies. Any changes will be made only to the extent and in the manner permitted by applicable laws. Also, when required by law, we will obtain your approval of the changes and the approval of any appropriate regulatory authority. Example of the changes we may make include: * To operate the Separate Account in any form permitted under the Investment Company Act of 1940, or in any other form permitted by law. * To take any action necessary to comply with or obtain and continue any exemptions from the Investment Company Act of 1940. 11 7FM-11 AAABDK SEPARATE ACCOUNT (CONTINUED) * To transfer any assets in an Investment Division to another Investment Division, or to one or more separate accounts, or to our general account, or to add, combine, or remove Investment Divisions in the Separate Account. * To substitute, for the investment company shares held in any Investment Division, the shares of another class of the investment company or the shares of another investment company or any other investment permitted by law. * To change the way we assess charges, but without increasing the aggregate amount charged to the Fixed Account and any currently available investment division of the Separate Account or available portfolios of the fund. * To make any other necessary technical changes in this policy in order to conform with any action this provision permits us to take. If any of these changes result in a material change in the underlying investments of an Investment Division in the Separate Account, we will notify you of such change. If you have funds allocated to that division, you may then make a new choice of Investment Divisions. INDEX OF We use an index to measure changes in each Investment Division's INVESTMENT investment experience during a Valuation Period. We set the index EXPERIENCE at $10 when the Investment Division first began operations. The index for a current Valuation Period equals the index for the preceding Valuation Period multiplied by the experience factor for the current period. The "experience factor" for a valuation period in each division is calculated as follows: (1) We take the net asset value per investment company share at the end of the current valuation period. We add the per share amount of any dividend or capital gain distribution paid by the investment company during the current valuation period. We subtract any per share charge for our taxes and for any reserve for taxes. (2) We divide (1) by the net asset value per investment company share at the end of the preceding valuation period. (3) We subtract a charge of not more than .002454% for each day in the valuation period. This charge is to cover the expense and mortality risks that we are assuming and is equivalent to no more than 0.90% a year. VALUE The policy's cash value in the Separate Account is the sum of the cash values in each of the Investment Divisions. The policy's cash value in each Investment Division of the Separate Account on the Investment Start Date is equal to: 1. The portion of the initial net premium which has been paid and is allocated to the Investment Division; MINUS 2. The portion of the first monthly deduction which is charged to the Investment Division. 12 7FM-12 AAABAP SEPARATE ACCOUNT (CONTINUED) The policy's cash value in each Investment Division on subsequent valuation dates is equal to: 1. The cash value in the Investment Division on the preceding Valuation Date multiplied by the experience factor for the current valuation period; PLUS 2. Any net premium payments received during the current valuation period which are allocated to the Investment Division; PLUS 3. Any net amounts transferred to the Investment Division from the Fixed Account or from another Investment Division during the current valuation period; PLUS 4. Any loan repayments allocated to the Investment Division during the current valuation period; PLUS 5. That portion of any interest credited on outstanding loans which is allocated to the Investment Division during the current valuation period; MINUS 6. Any amounts transferred from the Investment Division during the current valuation period; MINUS 7. Any cash withdrawal from the Investment Division during the current valuation period; MINUS 8. Any amount transferred from the Investment Division to the Policy Loan Account during that Valuation Period; MINUS 9. The portion of any transfer charge allocated to the policy's cash value in the Investment Division; MINUS, IF A MONTHLY ANNIVERSARY OCCURS DURING THE CURRENT VALUATION PERIOD, 10. The portion of the monthly deduction charged to the Investment Division during the current valuation period to cover the policy month which starts on that day. OWNER'S RIGHT TO CHANGE ALLOCATION You can change the allocation of future net premiums among the Fixed Account and/or the Investment Divisions of the Separate Account. You must allocate at least 10% of net premiums to each alternative you choose. Percentages must be in whole numbers. (For example, 33 1/3% may not be chosen.) You must notify us in writing of a change in the allocation percentages. The change will take effect immediately upon receipt at our Designated Office. 13 7FM-13 AAABAQ OWNER'S RIGHT TO CHANGE ALLOCATION (CONTINUED) You may also change the allocation of the cash value. To do this, you may transfer amounts among the alternatives at any time. A transfer charge of $25 will be deducted from the cash value from which amounts are transferred on a pro-rata basis when each transfer is effected. However, no charge will be assessed for transfers from Policy loans and loan repayments. In addition, during the first 24 Policy months, no charge will be assessed for a complete transfer of all amounts in the investment divisions of the Separate Account to the Fixed Account. Transfers must be in either dollar amounts or a percentage in whole numbers. The minimum amount that may be transferred is $50, or, if less, the entire cash value in an Investment Division of the Separate Account or the entire cash value in the Fixed Account. The change will take effect on the date we receive written notice from you at our Designated Office. We will reflect the change in our calculations and in your annual report. PAYMENTS DURING INSURED'S LIFETIME PAYMENT ON If the insured is alive on the Final Date of Policy, we will pay FINAL DATE you the cash value minus any policy loan and loan interest. OF POLICY Coverage under this policy will then end. FULL AND We will pay you all or part of the cash surrender value after we PARTIAL receive your request at our Designated Office. The cash surrender CASH value will be determined as of the date we receive your WITHDRAWAL request. If you request and are paid the full cash surrender value, this policy and all our obligations under it will end. We may require surrender of this policy before we pay you the full cash surrender value. Each partial cash withdrawal must be at least $250. When a cash withdrawal is made, we will reduce the cash value by the amount of the partial withdrawal. The withdrawal will be allocated proportionately among the Fixed Account and each Investment Division of the Separate Account. If Death Benefit Option A is in effect, we will also reduce the Specified Face Amount of Insurance by the amount of the partial withdrawal, and a new page 3 will then be issued. We may require that you send us this policy to make the change. Partial cash withdrawals will not affect the Specified Face Amount of Insurance if Option B is in effect. A partial withdrawal which would reduce the cash surrender value to less than two monthly deductions may not be made. Also, if Option A is in effect, a partial withdrawal may not be made if it would reduce the Specified Face Amount of Insurance to less than the Specified Face Amount Limits on page 3.1, or to a level where the premiums already paid would exceed then current Internal Revenue Service limits. If you request a partial cash withdrawal and these conditions apply, we will contact you to determine if you want to cancel the request, withdraw a smaller amount, or surrender the policy. SURRENDER If, within the first 15 policy years, you request a full cash CHARGES withdrawal or the policy ends because the grace period expired, we will deduct a surrender charge from the cash value. We will also deduct a surrender charge from the cash value if you have increased the specified face amount and, within 15 years of the increase, you request a full cash withdrawal or the policy ends because the grace period expired. No surrender charge applies to an increase in the specified face amount of insurance resulting from a change in the death benefit option. 14 7FM-14 AAABAR PAYMENTS DURING INSURED'S LIFETIME (CONTINUED) The surrender charge per thousand dollars of specified face amount of insurance is as follow: Option A at Issue or Increase:
Age at Policy Years Since Issue or Increase Issue or-------------------------------------------------------------------------------------- Increase 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 ---------------------------------------------------------------------------------------------- 0-5 $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1 $ 1 6-10 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 11-20 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 21-25 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 26-30 4 4 3 3 3 3 3 2 2 2 2 1 1 1 1 31-35 7 6 6 6 5 5 5 4 4 3 3 2 2 1 1 36-40 8 7 7 7 6 6 5 5 4 4 3 3 2 1 1 41-44 10 9 8 8 7 7 6 6 5 4 4 3 2 2 1 45-50 12 12 11 10 10 9 8 7 7 6 5 4 3 2 1 51-54 15 15 14 13 12 11 10 9 8 7 6 5 4 3 1 55-59 18 17 16 15 14 13 12 11 10 9 8 6 5 3 2 60-69 22 21 20 18 17 16 15 13 12 11 9 7 6 4 2 70-79 22 21 20 18 17 16 15 13 12 11 9 8 6 4 2 80 22 21 20 18 17 16 15 14 13 12 10 9 8 6 3
Option B at Issue or Increase:
Age at Policy Years Since Issue or Increase Issue or------------------------------------------------------------------------------------ Increase 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 -------------------------------------------------------------------------------------------- 0-5 $ 4 $ 4 $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1 6-10 4 4 4 4 3 3 3 3 2 2 2 1 1 1 1 11-20 5 5 5 4 4 4 3 3 3 2 2 2 1 1 1 21-25 7 7 6 6 6 5 5 4 4 3 3 2 2 1 1 26-30 10 8 7 7 7 6 6 5 4 4 3 3 2 1 1 31-35 12 12 11 10 10 9 8 7 6 5 4 4 3 2 1 36-10 15 14 13 12 12 11 10 9 8 7 6 5 4 3 1 41-44 20 20 19 18 17 16 14 13 12 10 9 7 5 4 2 45-50 24 24 24 22 21 19 17 16 14 12 10 8 6 4 2 51-54 27 27 26 24 23 21 19 18 16 14 12 10 7 5 3 55-59 30 29 27 25 24 22 20 18 16 14 12 10 8 5 3 60-69 32 30 29 27 25 23 22 20 18 15 13 11 8 6 3 70-79 36 34 33 31 29 27 25 23 20 18 16 13 10 7 4 80 40 38 36 34 32 30 28 26 24 22 19 17 14 11 6
However during the first two policy years, the surrender charge, together with all sale charges previously deducted from the premiums paid, will not exceed the total of: 30% of the premiums paid up to one guideline annual premium PLUS 10% of the premiums paid which are greater than one guideline annual premium but not more than two guideline annual premiums PLUS 9% of the premiums paid which are greater than two guideline annual premiums. The above also applies to a surrender charge allowable to an increase in the specified face amount if policy is surrendered within 2 years of the increase. The cash surrender value of an inforce policy is not affected by the above limits during the first two policy years. 15 7FM-15 AAABGT PAYMENTS DURING INSURED'S LIFETIME (CONTINUED) POLICY LOAN At any time, you may get cash by taking a policy loan upon assignment of this policy as sole security. If there is an existing loan, you can increase it. The maximum amount available for a new or increased loan will be the greater of the policy's cash surrender value less two monthly deductions or 75% of the policy's cash surrender value. The smallest amount you can borrow at any one time is $250. The loan will be allocated proportionately among the Fixed Account and the Investment Divisions of the Separate Account. Loan interest is charged daily at the rate of 8% a year, and is due at the end of each policy year. Interest not paid within 31 days after it is due will be added to the loan principal. It will be added as of the due date and will bear interest at the same rate as the rest of the loan. It will be deducted proportionately from the policy's cash value in the Fixed Account and each Investment Division of the Separate Account and will be transferred to the Policy Loan Account. The amount transferred will be treated as an increased loan. LOAN You may repay all or part (but not less than $50) of a policy REPAYMENT loan at any time while the insured is alive and this policy is in force. You must tell us when you make a payment if the payment is intended as a loan repayment. Otherwise, it will be treated as a premium payment. Loan repayments will be allocated in the same manner as net premium payments. Failure to repay a policy loan or to pay loan interest will not terminate this policy unless the cash surrender value is less than the monthly deduction due on a monthly anniversary. In that case, the Grace Period provision will apply (see page 17). EFFECT OF When a loan is made, the cash value in each Investment Division A POLICY of the Separate Account equal to the portion of the policy loan LOAN ON THE allocated to each Investment Division will be transferred to a CASH VALUE Policy Loan Account within the General Account. The cash value in the Fixed Account equal to the portion of the policy loan allocated to that Account will also be transferred to the Policy Loan Account. Amounts in the Policy Loan Account will be credited with interest at a rate we set but never less than 4%. Interest credited to amounts in the Policy Loan Account will be allocated at least once a year among the Fixed Account and the Investment Divisions of the Separate Account in the same proportions as net premiums are then being allocated. DEFERMENT We reserve the right to defer calculation and payment of benefits in the following circumstances: 1. If your policy is in force with a cash value in the Separate Account, it will generally not be practical for us to determine the investment experience of the Separate Account during any period when the New York Stock Exchange is closed for trading (except for customary weekend and holiday closings), or when the Securities and Exchange Commission restricts trading or determines that an emergency exists. In such a case and with respect to the Separate Account, we reserve the right to defer: (a) determination, application, or payment of a cash withdrawal value: (b) determination of policy loans except for a loan to pay a premium to us; (c) a change in the allocation among the Investment Divisions of the Separate Account; and (d) payment of the death benefit. 2. If your policy is in force with a cash value in the Fixed Account, we may defer paying a cash withdrawal value from that account for up to 6 months from the date we receive a request for payment. If we delay for 30 days or more, interest will be paid at a rate not less than 4% a year. 3. We may delay making a loan from the Fixed Account, except for a loan to pay a premium to us, for up to 6 months from the date you request the loan. 16 7FM-16 AAABAS PREMIUMS PREMIUM Premium payments other than the first premium are to be sent to PAYMENTS our Designated Office. No insurance will take effect before the first premium is paid. Other premiums may be paid at any time while the policy is in force and before the Final Date of Policy and in any amount subject to the limits described below. We will send premium notices, if you request in writing, according to the planned premium shown on page 3. After the first two policy years, you may skip planned premium payments or change their frequency and amount if the cash surrender value is large enough to keep your policy in force. The planned premium shown on page 3 was determined as an amount which would be sufficient to continue this policy to the Final Date, assuming a continuation of current mortality experience, assuming reasonable investment results, and assuming that there is no policy loan, cash withdrawal, or change in the death benefit. However, the planned premium may need to be increased in order to keep this policy in force if there is any change in these assumptions or in the amount and frequency of premium payments. LIMITS During the first two policy years, total premiums may not be less than the minimum required premium shown on page 3. After the first two policy years, additional premium payments may be necessary to keep the policy in force depending upon actual investment experience and the timing and frequency of the premium payments. Each planned premium payment after the first two policy years must be at least $200 annually and $100 semi-annually ($15 for a Special Account payment). However, any unplanned premium payment must be at least $250. We may increase these minimum premium limits. No increase will take effect until 90 days after notice is sent. The total premiums paid in a policy year may not exceed the maximum we set for that year. When we set the maximum for total premiums paid in a policy year, we will take account of any requirements in federal legislation relating to the definition of life insurance. We will return to you any premium paid in a policy year to the extent it is more than the maximum. GRACE PERIOD If, during the first two policy years, the cash surrender value on any monthly anniversary is insufficient to cover the monthly deduction and the total premiums paid as of a monthly anniversary are not equal to the minimum required premiums shown on page 3, there will be a grace period of 61 days to pay an amount equal to the difference between the total premiums previously paid and the minimum required premiums. If you do not pay this amount the policy will end and we will send you any sales charge we may have deducted which exceeds the maximum surrender charge permitted during the first two policy years. If, after two policy years or at any time after you change the death benefit or reinstate this policy, the cash surrender value on any monthly anniversary is less than the deduction for that month, there will be a grace period of 61 days after that anniversary to pay an amount that will cover two monthly deductions. If you do not pay this amount the policy will end, without value. In either case we will send you a notice at the start of the grace period. We will also send a notice to any assignee on our records. If the insured dies during the grace period, we will pay the insurance proceeds minus any overdue monthly deduction. REINSTATEMENT If the grace period has ended and you have not paid the required premium and have not surrendered your policy for its cash surrender value, you may reinstate this policy while the insured is alive if you: 1. Request in writing reinstatement within 3 years after the end of the grace period; 2. Provide evidence of insurability satisfactory to us; 3. Pay a sufficient amount to keep the policy in force for at least 2 months after the date of reinstatement; plus (a) an amount sufficient to cover the unpaid portion of the charges applicable during the first 12 policy months; plus (b) any portion of the surrender charge which was not paid when the policy ended because the cash value was not sufficient to pay such portion of the charge: plus (c) interest on (a) to the date of reinstatement at the rate of 6% a year. Any policy loan and interest due when the policy ends will be cancelled. 17 7FM-17 AAABAT PREMIUMS (CONTINUED) The effective date of the reinstated policy will be the date we approve the reinstatement application. The amount of cash value on the date of reinstatement will be equal to: * the net premiums paid at reinstatement; PLUS * an amount equal to the lesser of: (i) the surrender charge which would apply under the policy if it were surrendered in the policy year of reinstatement and as if the policy had not ended earlier, and (ii) the total surrender charges as described on page 14 when the policy ended, except if the policy ended during the first two policy years, the total surrender charges actually paid; MINUS * the amounts paid in accordance with (a), (b) and (c) in item 3 above. OWNERSHIP AND BENEFICIARY OWNER As owner, you may exercise all rights under your policy while the insured is alive. You may name a contingent owner who would become the owner if you die before the insured. CHANGE OF You may name a new owner at any time. If a new owner is named, OWNERSHIP any earlier choice of a contingent owner, beneficiary, contingent beneficiary or optional income plan will be cancelled, unless you specify otherwise. BENEFICIARY The beneficiary is the person or persons to whom the insurance proceeds are payable when the insured dies. You may name a contingent beneficiary to become the beneficiary if all the beneficiaries die while the insured is alive. If no beneficiary or contingent beneficiary is named, or if none is alive when the insured dies, the owner (or the owner's estate) will be the beneficiary. While the insured is alive, the owner may change any beneficiary or contingent beneficiary. If more than one beneficiary is alive when the insured dies, we will pay them in equal shares, unless you have chosen otherwise. HOW TO CHANGE You may change the owner, contingent owner, beneficiary or THE OWNER OR contingent beneficiary of this policy by written notice or THE assignment of the policy. No change is binding on us until it is BENEFICIARY recorded at our Designated Office. Once recorded, the change binds us as of the date you signed it. The change will not apply to any payment made by us before we recorded your request. We may require that you send us this policy to make the change. COLLATERAL Your policy may be assigned as collateral. All rights under the ASSIGNMENT policy will be transferred to the extent of the assignee's interest. We are not bound by an assignment or release thereof unless and until it is in writing and is recorded at our Designated Office. We are not responsible for the validity of any assignment. GENERAL PROVISIONS THE CONTRACT This policy includes any riders and, with the application attached at issue and any application added after issue, makes up the entire contract. All statements in the application will be representations and not warranties. No statement will be used to contest the policy unless it appears in the application. LIMITATION No account representative or other person except our President, ON SALES Secretary, or Vice-President may make or change any contract of REPRESEN- insurance, or change or waive any of the terms of this policy. TATIVE'S Any change or waiver must be in writing and signed by our OR OTHER President, Secretary, or Vice-President. PERSON'S AUTHORITY INCONTESTA- We will not contest the validity of your policy after it has been BILITY in force during the insured's lifetime for 2 years from the date of policy. We will not contest the validity of any increase in the death benefit after such increase has been in force during the insured's lifetime for 2 years from its effective date. 18 7FM-18 AAABAU GENERAL PROVISIONS (CONTINUED) AGE AND SEX If the insured's age or sex on the date of the policy is not correct as shown on page 3, we will adjust the benefits under this policy. To do this, we will recompute the cash value by taking out the monthly deductions for the life of the policy, using the insured's correct age and sex. NONPARTICIPATION This policy is not eligible for dividends, it does not participate in any distribution of our surplus. COMPUTATION The Fixed Account Cash Value is computed using a guaranteed OF VALUES minimum interest rate of 4% a year. These values and the maximum term insurance rates shown on page 4 are based on the 1980 Commissioners Standard Ordinary Mortality (sex distinct) Table, age last birthday. For substandard policy classifications, these values and rates are based on a modified version of the 1980 CSO Mortality Table that reflects our mortality experience. We have filed a detailed statement of the method of computation with the insurance supervisory official of the state in which this policy is delivered. The values under this policy are equal to or greater than those required by the law of that state. ANNUAL REPORTS Each year we will send you a report showing the current death benefit, cash value and any outstanding policy loans for this policy. It will show the amount and type of credits to and deductions from the cash value during the past policy year. The report will also include any other information required by state laws and regulations. ILLUSTRATION OF At any time, we will provide an illustration of the future FUTURE BENEFITS benefits and values under your policy. You must ask in writing for this illustration. The first illustration in any policy year will be furnished free of charge. Any subsequent request in that policy year will be subject to a service fee of up to $5. EXCLUSION SUICIDE The insurance proceeds will not be paid if the insured commits suicide, while sane or insane, within 2 years from the date of policy. Instead we will pay the beneficiary an amount equal to all premiums paid, without interest, less any policy loan and loan interest and less any partial cash withdrawals. If the insured commits suicide, while sane or insane, more than 2 years after the date of this policy but within 2 years from the effective date of any increase in the death benefit, our liability with respect to the increase will be limited to its cost. METHODS OF PAYMENT Unless otherwise requested, we may pay the insurance proceeds when the insured dies, or the cash surrender value on surrender of the policy in one sum, or by placing the amount in an account that earns interest. The payee will have immediate access to all or any part of the account. If requested, we will apply the amount under one or more of the following payment plans: OPTION 1. INTEREST INCOME-- The amount applied will earn interest which will be paid monthly. Withdrawals of at least $500 each may be made at any time by written request. OPTION 2. INSTALMENT INCOME FOR A STATED PERIOD-- Monthly instalment payments will be made so that the amount applied, with interest, will be paid over the period chosen (from 1 to 30 years). OPTION 2A. INSTALMENT INCOME OF A STATED AMOUNT-- Monthly instalment payments of a chosen amount will be made until the entire amount applied, with interest, is paid. OPTION 3. SINGLE LIFE INCOME-- GUARANTEED PAYMENT PERIOD-- Monthly payments will be made during the lifetime of the payee with a chosen guaranteed payment period of 10, 15 or 20 years. 19 7FM-19 AAABAV METHODS OF PAYMENT (CONTINUED) OPTION 3A. SINGLE LIFE INCOME-- GUARANTEED RETURN-- Monthly payments will be made during the lifetime of the payee. If the payee dies before the total amount applied under this plan has been paid, the remainder will be paid in one sum as a death benefit. OPTION 4. JOINT AND SURVIVOR LIFE INCOME-- Monthly payments will be made jointly to two persons during their lifetime and will continue during the remaining lifetime of the survivor. A total payment period of 10 years is guaranteed. OTHER Instead of monthly payments, you may choose to have FREQUENCIES payments made quarterly, semiannually or annually. AND PLANS Other payment plans may be arranged with us. CHOICE OF A choice of a payment plan for insurance proceeds made by PAYMENT PLANS you in writing and recorded by us while the insured is alive will take effect when the insured dies. All other choices of payment plans will take effect when recorded by us or later, if requested. When a payment plan starts, we will issue a contract which will describe the terms of the plan. We may require that you send us this policy. We may also require proof of the payee's age. Payment plans may be chosen: 1. By you during the lifetime of the insured. 2. By the beneficiary within one year after the date the insured died and before any payment has been made, if no choice of payment plan was in effect on the date of death. A choice of a payment plan will not take effect unless each payment under the plan would be at least $50. LIMITATIONS If the payee is not a natural person, the choice of a payment plan will be subject to our approval. An assignment for a loan will modify a prior choice of payment plan. The amount due the assignee will be payable in one sum and the balance will be applied under the payment plan. Payment plan payments may not be assigned and, to the extent permitted by law, will not be subject to the claims of creditors. PAYMENT PLAN Amounts applied under the interest income and instalment RATES payment plans will earn interest at the rate we set from time to time. That rate will never be less than 3% a year. Life income plan payments will be based on a rate set by us and in effect on the date the insurance proceeds or cash surrender value become payable. 20 7FM-20 AAABAW METHODS OF PAYMENT (CONTINUED) MINIMUM PAYMENTS UNDER PAYMENT PLANS - Monthly payments under Options 2, 3, 3A and 4 for each $1,000 applied will not be less than the amounts shown in the following Tables.
----------------------------------------------------------------------------------- OPTION 2. INSTALMENT INCOME FOR A STATED PERIOD Monthly Payment for each $1,000 Applied ----------------------------------------------------------------------------------- Years Minimum Amount Years Minimum Amount Years Minimum Amount Chosen of Each Monthly Chosen of Each Monthly Chosen of Each Monthly Payment Payment Payment ----------------------------------------------------------------------------------- 1 $84.47 11 $8.86 21 $5.32 2 42.86 12 8.24 22 5.15 3 28.99 13 7.71 23 4.99 4 22.06 14 7.26 24 4.84 5 17.91 15 6.87 25 4.71 6 15.14 16 6.53 26 4.59 7 13.16 17 6.23 27 4.47 8 11.68 18 5.96 28 4.37 9 10.53 19 5.73 29 4.27 10 9.61 20 5.51 30 4.18 ----------------------------------------------------------------------------------- To determine the minimum amount for a quarterly payment, multiply the above monthly payment by 2.99: for semiannual by 5.96: and for annual by 11.84. -----------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ OPTION 3. SINGLE LIFE INCOME-- Guaranteed Payment Period OPTION 3A. Minimum Amount of each Monthly Payment for each $1,000 Applied SINGLE LIFE INCOME-- ------------------------------------------------------------------------------ Guaranteed Return Guaranteed Payment Period Minimum Amount of each Payee's ------------------------------------------------------------------------------ Monthly Payment for each Age 10 Years 15 Years 20 Years $1,000 Applied - ------------------------------------------------------------------------------------------------------------------------------------ Male Female Male Female Male Female Male Female -------------------------------------------------------------------------------------------------------------------- 50 $4.29 $3.94 $4.23 $3.91 $4.15 $3.86 $4.11 $3.82 55 4.72 4.29 4.62 4.23 4.47 4.15 4 47 4.11 60 5.29 4.73 5.09 4.62 4.79 4.47 4.92 4.47 65 6.02 5.29 5.60 5.09 5.09 4.81 5.48 4.93 70 6.86 6.02 6.08 5.63 5.31 5.13 6.18 5.53 75 7.71 6.92 6.46 6.16 5.44 5.36 7.05 6.32 80 8.48 7.89 6.70 6.55 5.49 5.47 8.15 7.36 85 and over 9.07 8.74 6.82 6.77 5.51 5 50 9.54 8.70 - ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------- OPTION 4. JOINT AND SURVIVOR LIFE INCOME-- Guaranteed period of 10 years Minimum Amount of each Monthly Payment for each $1,000 Applied -------------------------------------------------------------------------------------------------- Age of One Male and Two Two Both Payees One Female Males Females -------------------------------------------------------------------------------------------------- 50 $3.64 $3.79 $3.54 55 3.93 4.11 3.80 60 4.30 4.55 4.13 65 4.80 5.13 4.57 70 5.47 5.90 5.17 75 6.33 6.80 6.00 --------------------------------------------------------------------------------------------------
On request, we will provide additional information about amounts of premium payments. 21 7FM-21 AAAGE4 [LOGO OF METROPOLITAN LIFE APPEARS HERE] 1847817-3 [X] METROPOLITAN LIFE INSURANCE COMPANY [_] METROPOLITAN TOWER LIFE INSURANCE COMPANY [_] METROPOLITAN INSURANCE AND ANNUITY COMPANY [_] METLIFE SECURITY INSURANCE COMPANY PART A -- APPLICATION FOR LIFE INSURANCE 1. IDENTITY OF JOHN A. DOE M MARRIED 3/27/54 PROPOSED Full Name First, Middle Initial, Last Name Sex Marital Status Date of Birth Mo./Day INSURED ANY STATE 5"10" 160 $10,000 123 45 6789 State/Country of Birth Co. Use Height Weight Total Life Insurance Social Security Number Enter Age Ft. In. Pounds in all companies Last Birthday (including Metropolitan) 2. ADDRESS 123 MAIN ST. ANYCITY, ANYSTATE 10000 Mailing Address of Proposed Insured, or Owner if named in Item 6. Number, Street, City or Town, State and Zip Code 3. PLAN FLEXIBLE PREMIUM MULTIFUNDED LIFE $100,000 - (a.) PLAN (For VLI or FPMLI Complete (b.) AMOUNT (The Specified Face Amount or Supplement II to Part A) Guaranteed Insurance Amount) (c.) COMPLETE FOR UNIVERSAL LIFE PLANS (d.) For a qualified Plan specify: I. Death Benefit Option (check one) I. Type of Plan [X] Option A (Specified Face Amount) [_] II. New Plan [_] Option B (Specified Face Amount PLUS the [_]III. Existing Plan- accumulation fund or cash value) Employer Group No. II. Planned Premium Amount $1000 - (e.) State any Special Request 4. OPTIONAL [_] Disability Waiver [_] 1 Year Cost of Living [_] 10 Year Term $ [_] Guarantee Issue BENEFITS Option Amount [_] Accidental Death [_] 1 Year Term $ [_] 20 Year Family Income $ $ 5. (a.) Select a mode of payment which is available with the plan applied for: PREMIUM [X] Annual [_] C-O-M [_] Govt. Allot.-Mil. [_] Govt. Allot. -Civ. [_] Sal. Sav. [_] PAYMENTS [X] is (b.) Amount paid with application: $ 1000 - [_] None This Amount at least equal to one C-O-M premium [_] is not 6. OWNER/ (a.) Owner if other than Proposed Insured Relationship to Date of Birth Social Security # or Tax I.D # CONTINGENT (Full Name of person or firm) Proposed Insured OWNER (b.) Contingent Owner (Full Name) Relationship to Date of Birth Social Security # or Tax I.D. # Proposed Insured (c.) [_] Check here if Proposed Insured is to become the Owner if pre-deceased by both the Owner and Contingent Owner, if any, indicated above (only applicable if Proposed Insured is age 15 or over). 7. MARY B. DOE WIFE 8/1/56 BENEFICIARY/ (a.) Revocable Beneficiary (Full Name) Relationship to Proposed Insured Date of Birth CONTINGENT BENEFICIARY (b.) Revocable Contingent Beneficiary (Full Name) Relationship to Proposed Insured Date of Birth (c.) [_] Check here if all present and future children born of the marriage of Proposed Insured and current spouse are to be included as contingent beneficiaries. (d.) Address of Beneficiary or Contingent Beneficiary, if different from address in Item 2. NOTE: (I) Unless indicated otherwise, if more than one beneficiary is alive when the insured dies, we will pay them in equal shares. If no beneficiary is alive when the insured dies, the contingent beneficiary will become the beneficiary, (II) any entry in item 7 is invalid for a corporate pension or profit-sharing plan or public employee deferred compensation plan, (III) a check in item 7(c.) above is valid only if the proposed insured's current spouse is named as the beneficiary.
036 K-16 8. ATTORNEY - LITIGATION 1847817-4 OCCUPATION (a.) Occupation of Proposed Insured - Job Title and Duties DOE & DOE 6 YEARS (b.) Employed by How Long? (c.) Actively at Work? (If a homemaker, are you performing regular household duties; if a student, are you attending school regularly? If No, attach explanatory letter.) Yes [X] No [_] - 9. Indicate date Proposed Insured last smoked/used: TOBACCO USE cigarette cigar pipe smokeless tobacco [X] never [X] never [X] never [X] never - - - - 10. DR. JOHN SMITH 789 FIRST ST. ANYCITY, ANYSTATE 10000 ATTENDING (a.) Name and address of personal physician, practitioner or health facility used by Proposed Insured. PHYSICIAN 2/9/89 (b.) Date of last consultation FLU-REST (c.) Reason for consultation and diagnosis, treatment and advice. ITEMS 11. AND 12. APPLY TO AND ARE TO BE COMPLETED FOR ALL PERSONS TO BE INSURED. 11. FOR ANY YES ANSWERS, GIVE DETAILS BELOW. MEDICAL Has any person proposed for insurance: DATA (a.) In the last five years, been treated, examined, or advised by any physician, practitioner, or health facility? (Do not include colds, minor viruses or minor injuries which prevented normal activities for a period less than 5 days.) [_] Yes [X] No - (b.) Ever received treatment, attention, or advice from any physician, practitioner or health facility for, or been told by any physician, practitioner, or health facility that such person had heart trouble, chest pain, high blood pressure, diabetes, lung disease, tumor, or cancer? [_] Yes [X] No - (c.) In the last two years, had persistent cough, pneumonia, chest discomfort, muscle weakness, unexplained weight loss of ten pounds or more, swollen glands, patches in mouth, visual disturbance or recurring diarrhea, fever, or infection? [_] Yes [X] No - (d.) In the last five years, received or applied for disability or hospitalization benefits from any source? [_] Yes [X] No - (e.) Ever had any surgical operation not revealed in previous questions or went to a hospital, clinic, dispensary, or sanitarium for observation, examination, or treatment not revealed in previous questions? [_] Yes [X] No - (f.) Had a parent, brother, or sister with heart or coronary artery disease, high blood pressure, cancer or diabetes? (If Yes, give details for each person, including age at onset and age at death if applicable.) [_] Yes [X] No -
Details Dates Nature and Severity of Condition Item Name and Address of Each Physician and Frequency of Attacks, Specific No. Name of Person Practitioner and Health Facility Durations Diagnosis and Treatment ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Details for Yes answers to items (d.) and (f.)
036 K-16 1847817-5 12. FOR ANY YES ANSWER TO ITEMS (A.) THROUGH (F.), GIVE DETAILS BELOW. NON-MEDICAL Has any person proposed for insurance: DATA (a.) Ever had an application for Life or Health Insurance declined, postponed, rated, modified or required an extra premium? [_] Yes [X] No - (b.) Any other application for Life or Health insurance now pending or planned in this or any other company? [_] Yes [X] No - (c.) Intentions in connection with the policy applied for, to borrow against, surrender or discontinue existing insurance or annuities (including Group) in force with this or any other insurer? [_] Yes [X] No - (d.) Had a driving license suspended or revoked in the last 3 years; or been convicted of 3 or more moving violations in the last 3 years; or ever been convicted of driving while impaired or intoxicated? [_] Yes [X] No - (e.) Been outside the U.S. or Canada in the past 2 years, or intend to be in the next 12 months? [_] Yes [X] No - (f.) Ever used heroin, cocaine, barbiturates or other drugs, except as prescribed by a physician or other licensed practitioner; or received treatment or advice from a physician or other practitioner regarding the use of alcohol, or the use of drugs except for medical purposes; or received treatment or advice from an organization which assists those who have an alcohol or drug problem? [_] Yes [X] No - (g.) Flown as a pilot, student pilot, crew member or passenger (except on a scheduled airline) in the last 2 years or intend to do so in the next 12 months? If Yes, complete the Aviation Questionnaire. [_] Yes [X] No - (h.) Engaged in, or plan to engage in Automotive, Motorcycle or Power Boat Sports; Bobsledding; Ballooning; Scuba or Sky Diving; Hang Gliding (including Slope Soaring, Para-kiting, etc.); Mountain Climbing; Parachuting; Snowmobile Racing or any other hazardous sport or hobby? If Yes, complete the Avocation Questionnaire. [_]Yes [X] No - DETAILS Item No. ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- DRIVER'S IN ALL CASES, GIVE NAME, DRIVER'S LICENSE NUMBER AND STATE OF ISSUE FOR EACH PERSON TO BE INSURED. LICENSE ------------------------------------------------------------------------------------------------------------------------ DATA JOHN DOE 1234567890 ANY STATE ------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------
036 K-16 1847817-6 AGREEMENT I HAVE READ THIS APPLICATION AND AGREE THAT ALL STATEMENTS AND ANSWERS ARE TRUE AND COMPLETE TO THE BEST OF MY KNOWLEDGE AND BELIEF. IT IS ALSO AGREED THAT: 1. The statements and answers in Part A and if applicable Supplements I and II to Part A, Part B and the Aviation and/or Avocation Questionnaire, are the basis of any policy issued. 2. No sales representative or other person except the President, Secretary or a Vice-President of Metropolitan may (a) make or change any contract of insurance; or (b) make any binding promises about insurance benefits; or (c) change or waive any of the terms of an application, receipt or policy. 3. No information about any person to be insured will be considered to have been given to Metropolitan unless it is stated in this application. 4. Except as set forth in the Receipt and Temporary Insurance Agreement, Metropolitan will have no liability until a policy is delivered personally to the owner and the full first premium due is paid. The policy will then be in effect as of its date of issue. But it will not be in effect unless at the time it is delivered: (a.) the condition of health of each person to be insured, and of the applicant if the Applicant's Waiver of Premiums Benefit is applied for, is the same as given in the application; and (b.) no person to be insured, nor the Applicant if the Applicant's Waiver of Premiums Benefit is applied for, has received any medical advice or treatment from a physician or other practitioner since the date of the application. 5. If any annual dividends are payable on a policy issued under this application, they may be taken in cash or used in any other way provided by the policy. A choice may be made by an entry in Item 3(e). If there is no such entry, annual dividends will be: (a) left with Metropolitan to earn interest if the policy is a Term Plan or if Item 3(d) is checked; or (b) used to buy paid-up additional insurance if the policy is a Life plan and Item 3(d) is not checked; or (c) used as stated in the policy applied for. IF DIVIDENDS ARE LEFT WITH METROPOLITAN TO EARN INTEREST AND ITEM 3(D) IS NOT CHECKED, THE OWNER CERTIFIES, UNDER PENALTY OF PERJURY, THAT THE OWNER'S SOCIAL SECURITY OR TAX I.D. NUMBER SHOWN IN ITEM 1 OR 6(A) IS CORRECT AND THE OWNER [_] is subject to a backup withholding order issued by the IRS. [_] is not
WITNESS PLACE (Licensed Resident Agent) (City/State where signed) Mo. Day. Yr. SIGNATURE RICHARD ROE ANYCITY, ANYSTATE 5/1/90 JOHN A. DOE Witness to Signature in (A) (A) Proposed insured (Age 15 or Over) Br./Dist. No. 100 Agency 100 Index 001 Witness to Signature in (B) (B) Other Proposed insured Witness to Signatures in (C) or (D) (C) Owner (if named in item 6) If Owner is a firm or corporation, enter on line (C) full business name as it appears in item 6, and have a partner or officer (other than Proposed Insured) sign on line (D), and give title. (D) SIGNATURE TITLE Complete Only for a Juvenile Policy. Also, be sure to complete Item 6 and have Owner sign in (C) above. Witness to Signature in (E) (E) Applicant (Juvenile Policy) Witness to Signature (F) (F) Child (required only if a New York State resident and exact age is between 14 1/2 and 15.) Also to be signed below if Applicant or Owner is not a parent, guardian or person liable for child's support. I consent to this application for insurance on the life of the Proposed Insured. I have read the answers in this application, and they are true and complete to the best of my knowledge and belief. Witness to Signature in (G) (G) Parent, Guardian or Person Liable for Child's Support
036 K-16 [LOGO OF METROPOLITAN LIFE APPEARS HERE] Application No. 1847817 SUPPLEMENT II TO PART A Case No. --------------- [X] METROPOLITAN LIFE INSURANCE COMPANY - [_] METROPOLITAN TOWER LIFE INSURANCE COMPANY Flexible Premium Multifunded Life (FPMLI)
DIVISION/ACCOUNT ALLOCATION ---------------- ---------- 1. INVESTMENT DIVISION/ACCOUNT ALLOCATION GROWTH 100 % ----- Select the percentage of premium to be allocated to each division/account. INCOME For each division/account to which an allocation is made the percentage -----% must be a whole number and must be at least 10% (Enter zero for any MONEY MARKET division/account to which no allocation is made). The percentage will apply -----% to future premiums unless changed by the owner. DIVERSIFIED -----% EQUITY INCOME -----% FIXED -----% OTHER -----% (SPECIFY) 100% 2. SUITABILITY Applies to both Proposed Insured (Applicant for Juvenile policy) and Owner if Owner is other than Proposed Insured: (a) Have you received a prospectus for the policy indicated above? Yes [X] No [_] - Edition date of Prospectus 5/1/90 Edition dates of any supplements 5/1/90 (b) Have you received a prospectus for the Metropolitan Series Fund? Yes [X] No [_] - Edition date of Prospectus 5/1/90 Edition dates of any supplements 5/1/90 (c) Do you understand that under the policy indicated above (exclusive of any optional benefits): (i) the amount of death benefit in excess of the Specified Face Amount for FPMLI policies may increase or decrease depending on the policy's investment experience? Yes [X] No [_] - (ii) the duration of the death benefit for FPMLI policies may increase or decrease depending on the policy's investment experience? Yes [X] No [_] - (iii) the cash value may increase or decrease depending on the policy's investment experience? Yes [X] No [_] - With this in mind, do you believe that the policy indicated above is in accord with your insurance objectives and financial needs? Yes [X] No [_] - NOTE: Upon request, we will furnish illustrations of benefits, including death benefits and cash values, for (a) the policy applied for and (b) a fixed benefit life insurance policy for the same premium.
IT IS UNDERSTOOD THAT, AS SPECIFIED IN 2.(C) ABOVE, THE AMOUNT AND/OR THE DURATION OF THE DEATH BENEFIT AND THE AMOUNT OF THE CASH VALUE MAY INCREASE OR DECREASE BASED ON THE INVESTMENT EXPERIENCE OF THE APPLICABLE SEPARATE ACCOUNT AND ARE NOT GUARANTEED. - ------------------------------------------------------------------------------------------------------------------------------------ PLACE WITNESS (LICENSED RESIDENT AGENT) (CITY/STATE WHERE SIGNED) MO. DAY YR. SIGNATURE - ------------------------------------------------------------------------------------------------------------------------------------ RICHARD ROE ANYCITY, ANYSTATE 5/1/90 JOHN A DOE Witness to Signature in (A) (A) Proposed Insured (Age 15 or Over) - ------------------------------------------------------------------------------------------------------------------------------------ Witness to Signature in (B) (B) Owner (if named in Part A) - ------------------------------------------------------------------------------------------------------------------------------------
If Owner is a firm or corporation, enter on line (B) full business name as it appears in Part A and have one or more partners or officers (other than Proposed Insured) sign on line (C), and give their titles. (C) ------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ COMPLETE ONLY FOR A JUVENILE POLICY. ALSO, BE SURE TO COMPLETE OWNER DESIGNATION IN PART A AND HAVE OWNER SIGN IN (B) ABOVE. - ------------------------------------------------------------------------------------------------------------------------------------ Witness to Signature in (D) (D) Applicant (Juvenile Policy) - ------------------------------------------------------------------------------------------------------------------------------------ Witness to Signature in (E) (E) Child (required only if a New York - ------------------------------------------------------------------------------------------------------------------------------------ State resident and exact age is Also to be signed below if Applicant or Owner is not a parent, guardian or between 14 1/2 and 15.) person liable for child's support. I consent to this application for insurance on the life of the Proposed Insured. I have read the answers in this application, and they are true and complete to the best of my knowledge and belief. - ------------------------------------------------------------------------------------------------------------------------------------ Witness to Signature in (F) (F) Parent, Guardian or Person Liable - ------------------------------------------------------------------------------------------------------------------------------------ for Child's Support
036 K-16-SUPP-II (590) TABLE OF CONTENTS
Page Page Page POLICY SPECIFICATIONS 3, 3.1 Index of Investment Change of Ownership 18 Experience 12 Beneficiary 18 TABLE OF GUARANTEED Value 12 How to Change the Owner MAXIMUM INSURANCE RATES 4 or the Beneficiary 18 OWNER'S RIGHT TO CHANGE Collateral Assignment 18 DESCRIPTION OF INVESTMENT ALLOCATION 13 DIVISIONS IN THE SEPARATE GENERAL PROVISIONS 18 ACCOUNT 5 PAYMENTS DURING The Contract 18 INSURED'S LIFETIME 14 Limitation on Sales DEFINITIONS 6 Payment on Final Date Representatives or Other of Policy 14 Person's Authority 18 PAYMENT WHEN INSURED DIES 7 Full and Partial Incontestability 18 Insurance Proceeds 7 Cash Withdrawal 14 Age and Sex 19 Death Benefit 7 Surrender Charges 14 Nonparticipation 19 Minimum Death Benefit 8 Policy Loan 16 Computation of Values 19 Death Benefit Adjustment 8 Loan Repayment 16 Annual Reports 19 Effect of a Policy Loan Illustration of Future Benefits 19 MONTHLY DEDUCTION 9 on the Cash Value 16 Cost of Term insurance 9 Deferment 16 EXCLUSION 19 Suicide 19 FIXED ACCOUNT 9 PREMIUMS 17 Value 9 Premium Payments 17 METHODS OF PAYMENT 19 Interest Rate 10 Limits 17 Other Frequencies and Plans 20 Grace Period 17 Choice of Payment Plans 20 SEPARATE ACCOUNT 11 Reinstatement 17 Limitations 20 Investment Divisions 11 Payment Plan Rates 20 Our Right to Make OWNERSHIP AND BENEFICIARY 18 Minimum Payments Under Changes 11 Owner 18 Payment Plans 21
------------------------------------------------------------------- Page 2 has intentionally been left blank. ------------------------------------------------------------------- Any riders for additional benefits follow page 21. NOTICE When you write to us, please give us your name, address and policy number. Please notify us promptly of any changes. We will write to you at your address last known to us. Checks, drafts or money orders may be drawn to the order of Metropolitan Life Insurance Company (or "Met Life"). They are received subject to the condition that they may be handled for collection in accordance with the practice of the collecting bank or banks. If we do not receive the full amount of any check, draft or money order, it will not constitute payment. All payments are to be made in U.S. currency. Metropolitan Life insurance Company Home Office One Madison Avenue New York, New York 10010-3690 Countersigned and Delivered _____________________ 19 ____ By____________________ 7FM-90 AAABDM DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL (SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES ISSUED BY METROPOLITAN SERIES FUND, INC. DIVISION 1-- GROWTH PORTFOLIO--The investment objective of this portfolio is to achieve long-term growth of capital and income, and moderate current income, by investing primarily in common stocks that are believed to be of good quality or to have good growth potential or which are considered to be undervalued based on historical investment standards. DIVISION 2-- INCOME PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible total return, by combining current income with capital gains, consistent with prudent investment risk and the preservation of capital, by investing primarily in fixed- income, high-quality debt securities. DIVISION 3-- MONEY MARKET PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible current income consistent with the preservation of capital and maintenance of liquidity, by investing primarily in short-term money market instruments. DIVISION 4-- DIVERSIFIED PORTFOLIO--The investment objective of this portfolio is to achieve a high total return while attempting to limit investment risk and preserve capital by investing in equity securities, fixed-income debt securities, or short-term money market instruments, or any combination thereof, at the discretion of State Street Research. DIVISION 5-- EQUITY INCOME PORTFOLIO--The investment objective of this portfolio is to provide a high level of current income and, secondarily, long-term growth of capital by investing primarily in common stocks offering above-average dividend yields and in equity and debt securities convertible into or carrying the right to acquire common stocks. DIVISION 6-- STOCK INDEX PORTFOLIO--The investment objective of this portfolio is to equal the performance of the Standard & Poor's 500 Composite Stock Price Index (adjusted to assume reinvestment of dividends) by investing in the common stock of companies which are included in the index. INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES. PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED PORTFOLIOS. 5 7FM-05 (92) AAABVF CA POLICY SPECIFICATIONS (CONTINUED) GUARANTEED INTEREST RATE FOR FIXED ACCOUNT.......................4% A YEAR INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT...............4% A YEAR BASE ADMINISTRATION CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE AFTER THE FIRST TWELVE POLICY MONTHS $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $250,000 OR MORE $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $100,000 TO $249,999 $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS LESS THAN $100,000. TRANSFER CHARGE.......$25 SURRENDER CHARGE......SEE PAGE 14 NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT, THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH. SPECIFIED FACE AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE TO LESS THAN $100,000 FOR THE FIRST 5 POLICY YEARS OR TO LESS THAN $50,000 AFTER THE 5TH POLICY YEAR. 3.1 7FM-9003.1 PR (92) AAABVI POLICY SPECIFICATIONS (CONTINUED) GUARANTEED INTEREST RATE FOR FIXED ACCOUNT......................4% A YEAR INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT..............4% A YEAR BASE ADMINISTRATION CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE AFTER THE FIRST TWELVE POLICY MONTHS $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $250,000 OR MORE $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $100,000 TO $249,999 $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS LESS THAN $100,000. TRANSFER CHARGE.......$25 SURRENDER CHARGE......SEE PAGE 14 NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT, THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH. SPECIFIED FACE AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE TO LESS THAN $100,000 FOR THE FIRST 5 POLICY YEARS OR TO LESS THAN $50,000 AFTER THE 5TH POLICY YEAR. INTEREST RATE CREDITED ON POLICY LOAN........2% LESS THAN THE RATE CHARGED FOR THE LOAN BUT NOT LESS THAN 4% 3.1 7FM-9003.1 PR (92) AAABVH NY POLICY SPECIFICATIONS (CONTINUED) GUARANTEED INTEREST RATE FOR FIXED ACCOUNT.......................4% A YEAR INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT...............4% A YEAR BASE ADMINISTRATION CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE AFTER THE FIRST TWELVE POLICY MONTHS $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $250,000 OR MORE $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $100,000 TO $249,999 $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS LESS THAN $100,000. TRANSFER CHARGE.......$25 SURRENDER CHARGE......SEE PAGE 14 NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT, THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH. SPECIFIED FACE AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE TO LESS THAN $50,000 FOR THE FIRST 5 POLICY YEARS OR TO LESS THAN $25,000 AFTER THE 5TH POLICY YEAR. INTEREST RATE CREDITED ON POLICY LOAN........2% LESS THAN THE RATE CHARGED FOR THE LOAN BUT NOT LESS THAN 4%. 3.1 7FM-9003.1 S (92) AAABVG POLICY SPECIFICATIONS (CONTINUED) GUARANTEED INTEREST RATE FOR FIXED ACCOUNT.......................4% A YEAR INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT...............4% A YEAR BASE ADMINISTRATION CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE AFTER THE FIRST TWELVE POLICY MONTHS $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $250,000 OR MORE $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS $100,000 TO $249,999 $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS LESS THAN $100,000. TRANSFER CHARGE.......$25 SURRENDER CHARGE......SEE PAGE 14 NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT, THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH. SPECIFIED FACE AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE TO LESS THAN $50,000 FOR THE FIRST 5 POLICY YEARS OR TO LESS THAN $25,000 AFTER THE 5TH POLICY YEAR. INTEREST RATE CREDITED ON POLICY LOAN........2% LESS THAN THE RATE CHARGED FOR THE LOAN BUT NOT LESS THAN 4%. 3.1 7FM-9003.1 S (92) AAABVJ NY EX-1.A5B 5 RIDERS DIS WAIV & ACCIDENT/DEATH EXHIBIT 1.A(5)(b) METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if insured becomes totally disabled for at least 6 months, we will waive the monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's 60th BEFORE AGE 60 birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 AND birthday but on or before his or her 65th 65 birthday, we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 BAABY1 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED) EFFECT ON While the insured is totally disabled, you may not increase POLICY the death benefit under this policy by increasing the PROVISIONS Specified Face Amount of Insurance. You may, however, change the death benefit option subject to the provisions of the policy. The calculation of the cash value will remain as described in the policy. If you wish, you may continue to pay premiums while the insured is disabled. The expense charge will be deducted from these premiums. INCONTESTABILITY We will not contest the validity of this rider unless total disability of the insured occurred within 2 years from the date of the rider. TERMINATION This rider will end on the policy anniversary on which the insured is age 65; or before that date, at the end of the grace period. Termination of this rider at age 65 will have no effect on your claim if you are then disabled. You may end this rider on any monthly anniversary by sending us a written request and this policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be deducted monthly from the cash value. The monthly cost of this rider will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. /s/ Joseph A. Reali Joseph A. Reali Vice-President and Secretary (Continued on next page) 83W-94 BAABY2 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED) TABLE OF GUARANTEED MAXIMUM COSTS (SEE "COST OF RIDER" PROVISION)
- -------------------------------------------------------------------------------- Maximum Maximum Age at Monthly Cost for Age at Monthly Cost for Beginning of Each $1,000 of Beginning of Each S1,000 of Rider Year Insurance Rider Year Insurance -------------------------- ------------------------ Male Female Male Female - -------------------------------------------------------------------------------- 20 .012 .012 43 .031 .030 21 .012 .012 44 .035 .033 22 .012 .012 45 .042 .039 23 .012 .012 46 .047 .043 24 .012 .013 47 .053 .047 25 .013 .013 48 .059 .052 26 .013 .013 49 .067 .058 27 .013 .013 50 .087 .073 28 .013 .013 51 .098 .081 29 .013 .013 52 .111 .090 30 .014 .014 53 .124 .101 31 .014 .014 54 .140 .112 32 .014 .015 55 .184 .140 33 .015 .015 56 .205 .155 34 .015 .015 57 .229 .171 35 .017 .016 58 .255 .189 36 .017 .017 59 .283 .208 37 .018 .018 60 .085 .045 38 .020 .019 61 .088 .046 39 .021 .021 62 .091 .047 40 .024 .023 63 .095 .048 41 .026 .025 64 .098 .049 42 .029 .027 - --------------------------------------------------------------------------------
83W-94 BAABY3 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th birthday, AND 65 we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 U BAACAN RIDER: DISABILITY WAIVER BENEFIT (CONTINUED) EFFECT ON POLICY While the insured is totally disabled, you may not increase PROVISIONS the death benefit under this policy by increasing the Specified Face Amount of Insurance. You may, however, change the death benefit option subject to the provisions of the policy. The calculation of the cash value will remain as described in the policy. If you wish, you may continue to pay premiums while the insured is disabled. The expense charge will be deducted from these premiums. INCONTESTABILITY We will not contest the validity of this rider unless total disability of the insured occurred within 2 years from the date of the rider. TERMINATION This Rider will end on the policy anniversary on which the insured is age 65; or before that date, at the end of the grace period. Termination of this rider at age 65 will have no effect on your claim if you are then disabled. You may end this rider on any monthly anniversary by sending us a written request and this policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be deducted monthly from the cash value. The monthly cost of this rider will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. /s/ Joseph A. Reali Joseph A. Reali Vice-President and Secretary (Continued on next page) 83W-94 U BAABY5 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED) TABLE OF GUARANTEED MAXIMUM COSTS (SEE "COST OF RIDER" PROVISION)
- -------------------------------------------------------------------------------- Maximum Maximum Age at Monthly Cost for Age at Monthly Cost for Beginning of Each $1,000 of Beginning of Each $1,000 of Rider Year Insurance Rider Year Insurance - -------------------------------------------------------------------------------- 20 .012 43 .031 21 .012 44 .035 22 .012 45 .042 23 .012 46 .047 24 .013 47 .053 25 .013 48 .059 26 .013 49 .067 27 ,013 50 .087 28 .013 51 .098 29 .013 52 .111 30 .014 53 .124 31 .014 54 .140 32 .015 55 .184 33 .015 56 .205 34 .015 57 .228 35 .017 58 .254 36 .017 59 .282 37 .018 60 .080 38 .020 61 .083 39 .021 62 .086 40 .024 63 .089 41 .026 64 .092 42 .029 - --------------------------------------------------------------------------------
83W-94 U BAABY4 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th AND 65 birthday, we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing the substantial and material acts of any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured at the time disability began. After that time, it means any occupation for which the insured is or becomes reasonably qualified. If the insured is a student at the time total disability starts, going to school is the insured's regular occupation. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 CA BAACEG METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's 60th BEFORE AGE 60 birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th birthday BETWEEN AGES 60 but on or before his or her 65th birthday, we will AND 65 waive eligible monthly deductions as they fail due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF Total disability means an incapacity which: TOTAL DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing the substantial and material acts of any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured at the time disability began. After that time, it means any occupation for which the insured is or becomes reasonably qualified. If the insured is a student at the time total disability starts, going to school is the insured's regular occupation. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 U CA BAACEH METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th AND 66 birthday, we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The effective date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 IL BAABZD METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th AND 66 birthday, we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy shown on page 3. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 MA BAABZC RIDER: DISABILITY WAIVER BENEFIT (CONTINUED) EFFECT ON POLICY While the insured is totally disabled, you may not PROVISIONS increase the death benefit under this policy by increasing the Specified Face Amount of Insurance. You may, however, change the death benefit option subject to the provisions of the policy. The calculation of the cash value will remain as described in the policy. If you wish, you may continue to pay premiums while the insured is disabled. The expense charge will be deducted from these premiums. INCONTESTABILITY We will not contest the validity of this rider unless total disability of the insured occurred within 2 years from the date of issue of the rider. TERMINATION This rider will end on the policy anniversary on which the insured is age 65; or before that date, at the end of the grace period. Termination of this rider at age 65 will have no effect on your claim if you are then disabled. You may end this rider on any monthly anniversary by sending us a written request and this policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be deducted monthly from the cash value. The monthly cost of this rider will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. (Continued on next page) 83W-94 MA BAA8Y METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's 60th BEFORE AGE 60 birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th AND 65 birthday, we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy shown on page 3. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 U MA BAACDQ RIDER: DISABILITY WAIVER BENEFIT (CONTINUED) EFFECT ON POLICY While the insured is totally disabled, you may not increase PROVISIONS the death benefit under this policy by increasing the Specified Face Amount of Insurance. You may, however, change the death benefit option subject to the provisions of the policy. The calculation of the cash value will remain as described in the policy. If you wish, you may continue to pay premiums while the insured is disabled. The expense charge will be deducted from these premiums. INCONTESTABILITY We will not contest the validity of this rider unless total disability of the insured occurred within 2 years from the date of the rider. TERMINATION This rider will end on the policy anniversary on which the insured is age 65; or before that date, at the end of the grace period. Termination of this rider at age 65 will have no effect on your claim if you are then disabled. You may end this rider on any monthly anniversary by sending us a written request and this policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be deducted monthly from the cash value. The monthly cost of this rider will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. (Continued on next page) 83W-94 U MA BAAA8Z METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 180 days, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th AND 65 birthday, we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing the substantial and material acts of any work for income or profit. During the first 24 months of total disability, work means the substantial and material duties of the insured's regular occupation. After that time, it means the substantial and material duties of any occupation for which the insured is or becomes reasonably fitted by education, training or experience. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 180 days must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 MO, WA BAABY8 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 180 days, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th AND 65 birthday, we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing the substantial and material acts of any work for income or profit. During the first 24 months of total disability, work means the substantial and material duties of the insured's regular occupation. After that time, it means the substantial and material duties of any occupation for which the insured is or becomes reasonably fitted by education, training or experience. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 180 days must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 MO, WA U BAACA7 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the monthly deductions as described below. DISABILITY STARTING * If disability starts on or before the insured's 60th BEFORE AGE 60 birthday, we will waive monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th birthday BETWEEN AGES 60 but on or before his or her 65th birthday, we will AND 65 waive monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the monthly deductions. (Continued on reverse side) 83W-94 NY BAACA1 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the monthly deductions as described below. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th birthday BETWEEN AGES 60 but on or before his or her 65th birthday, we will AND 65 waive monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hard and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the monthly deductions. (Continued on reverse side) 83W-94 NY U BAACA2 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's 60th BEFORE AGE 60 birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th birthday, AND 65 we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. If the insured becomes disabled from the same cause as that of a prior disability and has not worked for more than 6 months, we will treat that disability as the continuation of the prior disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred as a result of any war, declared or undeclared, or any act of war, whether the insured was in the armed forces or any civilian noncombatant unit serving with such forces. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 PA BAABY9 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not he waived. DISABILITY STARTING * If disability starts on or before the insured's 60th BEFORE AGE 60 birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th birthday, AND 65 we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. Prevents the insured from doing any work for income or profit. During the first 24 months of total disability, work means the regular occupation of the insured. After that time it means any occupation for which the insured is or becomes reasonably fitted. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. If the insured becomes disabled from the same cause as that of a prior disability and has not worked for more than 6 months, we will treat that disability as the continuation of the prior disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; 2. Occurred as a result of any war, declared or undeclared, or any act of war, whether the insured was in the armed forces or any civilian noncombatant unit serving with such forces. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 PA U BAACA3 METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's BEFORE AGE 60 60th birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 6Oth BETWEEN AGES 60 birthday but on or before his or her 65th birthday, AND 65 we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. During the first 24 months, prevents the insured from performing, with reasonable continuity and in the usual and customary manner, the substantial and material acts of the insured's occupation, business our profession. After that time, prevents the insured from performing, with reasonable continuity and in the usual and customary manner, the substantial and material acts of the insured's occupation, business or profession or any other occupation, business or profession the insured, based upon education, training and experience, is qualified and would be reasonably contemplated to pursue and for which the insured shall receive compensation reasonably comparable with that earned in the insured's former occupation, business or profession. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 SD BAACDH METROPOLITAN LIFE INSURANCE COMPANY RIDER: DISABILITY WAIVER BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides that, if the insured becomes totally disabled for at least 6 months, we will waive the eligible monthly deductions as described below. Eligible monthly deductions are all monthly deductions except deductions for mortality and expense risk charges. Deductions for mortality and expense risk charges will not be waived. DISABILITY STARTING * If disability starts on or before the insured's 60th BEFORE AGE 60 birthday, we will waive eligible monthly deductions as they fall due while the insured remains disabled. If the insured remains totally disabled until his or her 65th birthday, we will consider such disability to continue thereafter. We will then waive all future eligible monthly deductions. DISABILITY STARTING * If disability starts after the insured's 60th BETWEEN AGES 60 birthday but on or before his or her 65th birthday, AND 65 we will waive eligible monthly deductions as they fall due while the insured remains totally disabled. We will waive such deductions until the policy anniversary on which the insured is age 65 or, if later, the third policy anniversary after disability starts. Any eligible monthly deductions due after that date will be made from the policy's cash value. All monthly deductions will be made until we approve your claim. Upon approval, we will restore the value of any eligible monthly deductions made during the period of total disability. DATE OF RIDER The date of this rider is the date of this policy. DEFINITION OF TOTAL Total disability means an incapacity which: DISABILITY 1. Results from bodily injury or disease; and 2. During the first 24 months, prevents the insured from performing, with reasonable continuity and in the usual and customary manner, the substantial and material acts of the insured's occupation, business or profession. After that time, prevents the insured from performing, with reasonable continuity and in the usual and customary manner, the substantial and material acts of the insured's occupation, business or profession or any other occupation, business or profession the insured, based upon education, training and experience, is qualified and would be reasonably contemplated to pursue and for which the insured shall receive compensation reasonably comparable with that earned in the insured's former occupation, business or profession. The total and permanent loss of the sight of both eyes or the loss by severance of both hands or both feet, or one hand and one foot, will be considered total disability. RISKS NOT COVERED This rider will not cover a disability which: 1. Began before the date of this rider; or 2. Occurred, while the insured was in any armed forces, as a result of any war or warlike action in time of peace. PROOF OF DISABILITY Written notice and proof that total disability has existed continuously for 6 months must be given to us while the insured is alive and totally disabled. As part of any proof we may require, at our expense, medical examinations of the insured by physicians we name. We may also require proof of continued total disability at reasonable intervals, including, at our expense, medical examinations of the insured by physicians we name. After 2 years of total disability, proof will not be required more than once a year. If notice or proof is late, we will accept it if it is given as soon as reasonably possible. If notice or proof is not given as soon as reasonably possible, we will not waive any eligible monthly deduction made more than one year before the date that written notice or proof of disability is given to us. When the insured is no longer totally disabled or if proof of total disability is not given when required, we will no longer waive the eligible monthly deductions. (Continued on reverse side) 83W-94 U SD BAACDJ METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 BAAA24 RIDER: ACCIDENTAL DEATH BENEFIT (CONTINUED) TABLE OF GUARANTEED MAXIMUM COSTS (SEE "COST OF RIDER" PROVISION)
- -------------------------------------------------------------------------------- Maximum Maximum Age at Monthly Cost for Age at Monthly Cost for Beginning of Each $1,000 of Beginning of Each $1,000 of Rider Year Accidental Death Rider Year Accidental Death - --------------------- ------------------------ Male Female Benefit Male Female Benefit - -------------------------------------------------------------------------------- 0 - .070 28 31 .080 1 - .080 29 32 .080 2 - .080 30 33 .080 3 - .080 31 34 .080 4 - .080 32 35 .080 5 - .080 33 36 .080 6 - .080 34 37 .080 7 - .080 35 38 .070 8 - .080 36 39 .070 9 - .080 37 40 .070 10 - .080 38 41 .070 11 - .080 39 42 .070 - 0 .070 40 43 .070 - 1 .070 41 44 .070 - 2 .070 42 45 .070 - 3 .070 43 46 .070 - 4 .080 44 47 .070 - 5 .080 45 48 .070 - 6 .080 46 49 .070 - 7 .080 47 50 .080 - 8 .080 48 51 .080 - 9 .080 49 52 .080 - 10 .080 50 53 .080 - 11 .080 51 54 .080 - 12 .080 52 55 .080 - 13 .080 53 56 .080 - 14 .080 54 57 .080 12 15 .090 55 58 .080 13 16 .090 56 59 .080 14 17 .090 57 60 .080 15 18 .090 58 61 .080 16 19 .090 59 62 .080 17 20 .090 60 63 .090 18 21 .090 61 64 .090 19 22 .090 62 65 .090 20 23 .090 63 66 .090 21 24 .090 64 67 .090 22 25 .090 65 68 .100 23 26 .090 66 69 .100 24 27 .090 67 - .110 25 28 .090 68 - .110 26 29 .090 69 - .120 27 30 .090 - --------------------------------------------------------------------------------
72A-82 MIAC 82A-85 MTL BAAAAF 72A-89 82A-90 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U BAAA28 RIDER: ACCIDENTAL DEATH BENEFIT (CONTINUED) TABLE OF GUARANTEED MAXIMUM COSTS (SEE "COST OF RIDER" PROVISION)
- -------------------------------------------------------------------------------- Age at Maximum Age at Maximum Beginning Monthly Cost for Beginning Monthly Cost for of Rider Year Each $1,000 of of Rider Year Each $1,000 of Accidental Death Accidental Death Benefit Benefit - -------------------------------------------------------------------------------- 0 .070 40 .070 1 .078 41 .070 2 .078 42 .070 3 .078 43 .070 4 .080 44 .070 5 .080 45 .070 6 .080 46 .070 7 .080 47 .078 8 .080 48 .078 9 .080 49 .078 10 .080 50 .080 11 .080 51 .080 12 .088 52 .080 13 .088 53 .080 14 .088 54 .080 15 .090 55 .080 16 .090 56 .080 17 .090 57 .080 18 .090 58 .080 19 .090 59 .080 20 .090 60 .088 21 .090 61 .088 22 .090 62 .088 23 .090 63 .090 24 .090 64 .090 25 .090 65 .098 26 .090 66 .098 27 .090 67 .106 28 .082 68 .108 29 .082 69 .116 30 .082 31 .080 32 .080 33 .080 34 .080 35 .072 36 .072 37 .072 38 .070 39 .070 - --------------------------------------------------------------------------------
82A-90 U BAAAQ9 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by any infection, except infection caused by an accidental injury; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 AR BAAA29 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by any infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U AR BAAA30 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Is an act of self-destruction; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 CA BAAA3A METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Is an act of self-destruction; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U CA BAAA3P METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an accident; 5. Is caused or contributed to, directly or indirectly, by the voluntary use of any controlled substance as defined in Title II of the Comprehensive Drug Abuse Prevention and Control Act of 1970, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 CT BAAA3B METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the voluntary use of any controlled substance as defined in Title II of the Comprehensive Drug Abuse Prevention and Control Act of 1970, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U CT BAAA3Q METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness or treatment for the illness; 4. Is caused by an infection, except infection caused by a wound sustained by an accident; 5. Is caused by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 IL BAAA77 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness or treatment for the illness; 4. Is caused by an infection, except infection caused by a wound sustained by an accident; 5. Is caused by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U IL BAAA76 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 MD BAAA8V METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 U MD BAAA8W METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to by the use of any drug voluntarily taken, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit a felonious assault or other felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 MN BAAA3D METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to by the use of any drug voluntarily taken, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit a felonious assault or other felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U MN BAAA39 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by accidental injury or by the accidental ingestion of contaminated substances; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane if we can show that the insured intended suicide when the policy was applied for; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 MO BAAA3E METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by accidental injury or by the accidental ingestion of contaminated substances; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane if we can show that the insured intended suicide when the policy was applied for; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U MO BAAA4A METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness or treatment for the illness; 4. Is caused by any infection, except infection caused by accidental injury; 5. Is caused by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 NH BAAA3F METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness or treatment for the illness; 4. Is caused by any infection, except infection caused by accidental injury; 5. Is caused by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U NH BAAA4B METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 180 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 OR BAAA4V METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 180 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-miiitary flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U OR BAAA4W METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died after the effective date of coverage, while the policy and rider are in force, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. DATE OF RIDER The date of this rider is the date of the policy. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 3. Is caused or contributed to by an infection, except infection caused by an accident; 4. Is caused or contributed to, directly or indirectly, by the use of any drug voluntarily taken, unless prescribed by a licensed medical practitioner; 5. Results from suicide while sane or insane; 6. Results from committing or attempting to commit an assault or felony; 7. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 8. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period of the policy; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 PA BAAA3G METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died after the effective date of coverage, while the policy and rider are in force, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. DATE OF RIDER The date of this rider is the date of the policy. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 3. Is caused or contributed to by an infection, except infection caused by an accident; 4. Is caused or contributed to, directly or indirectly, by the use of any drug voluntarily taken, unless prescribed by a licensed medical practitioner; 5. Results from suicide while sane or insane; 6. Results from committing or attempting to commit an assault or felony; 7. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 8. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period of the policy; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U PA BAAA4C METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by a wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 SC BAAA3H METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U SC BAAA4D METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 TN BAAA3X METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused or contributed to, directly or indirectly, by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U TN BAAA4E METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 180 days after the accident; 3. Is caused or contributed to by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an accident; 5. Is caused or contributed to by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 UT BAAA3I METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 180 days after the accident; 3. Is caused or contributed to by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an accident; 5. Is caused or contributed to by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U UT BAAA4F METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness; 4. Is caused or contributed to by an infection, except infection caused by an accident; 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 VT BAAA3J METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness; 4. Is caused or contributed to by an infection, except infection caused by an accident, 5. Is caused or contributed to, directly or indirectly, by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U VT BAAA4G METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness or treatment for the illness; 4. Is caused by an external infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 WA BAAA3C METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT COVERED No payment will be made if the death: 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused by physical or mental illness or treatment for the illness; 4. Is caused by an external infection, except infection caused by an external visible wound sustained by an accident; 5. Is caused by the voluntary use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 WA BAAA3R METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT No payment will be made if the death: COVERED 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an accidental injury; 5. Is caused or contributed to by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age and sex. It will never be more than the maximum cost according to the table on the next page. 82A-90 WV BAAA40 METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCIDENTAL DEATH BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides additional insurance if the insured dies from an accident. If we receive proof that the insured died, directly and independently of all other causes, as the result of an accident, we will pay under this rider: 1. The amount shown on page 3 under "Additional Benefits"; or 2. An amount equal to twice the amount stated in item 1 above if we receive proof that the accident occurred while the insured was a fare-paying passenger in a licensed public conveyance being operated by a common carrier for passenger service. RISKS NOT No payment will be made if the death: COVERED 1. Occurs before the insured's first birthday; 2. Occurs more than 90 days after the accident; 3. Is caused or contributed to, directly or indirectly, by physical or mental illness or treatment for the illness; 4. Is caused or contributed to by an infection, except infection caused by an accidental injury; 5. Is caused or contributed to by the use of any drug, unless used on the advice of a licensed medical practitioner; 6. Results from suicide while sane or insane; 7. Results from committing or attempting to commit an assault or felony; 8. Results from travel in an aircraft, or descent from the aircraft while in flight, if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight; or 9. Results, directly or indirectly, from any war, or warlike action in time of peace. TERMINATION The rider will end on the earlier of: (a) the end of the grace period; or (b) the policy anniversary on which the insured is age 70. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of accidental death benefit will be set by us from time to time, based on the insured's age. It will never be more than the maximum cost according to the table on the next page. 82A-90 U WV BAAA41 EX-1.A5C 6 RIDERS ACC. DEATH BEN/SPOUSE TERM EXHIBIT 1(a)(5)(c) METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF DEATH BENEFITS This rider is a part of the policy as of the issue date of the policy. This rider provides for payment of an Accelerated Death Benefit during the lifetime of the insured, if the insured is terminally ill. Rider benefits may be used for any purpose whatsoever. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. DEFINITIONS The "INSURED" is the person at whose death the Policy Benefit would be payable. The "INSURED" does not include any person who has life insurance coverage only under a rider to the policy, or any person who has coverage because of his or her relationship to the insured. "POLICY BENEFIT" is the amount we would pay to the insured's beneficiaries in the absence of this rider, on the death of the insured. "ACCELERATED DEATH BENEFIT" is the amount we will pay under this rider if we receive proof that the insured is terminally ill. We will compute this amount based on the amount of the Policy Benefit applied under this rider, using an interest factor based on the insured's reduced life expectancy. If we pay an Accelerated Death Benefit, the Policy Benefit may be adjusted by the following if they apply: any expected future premiums; any expected future dividends at the then current dividend scale; any excess interest credited on contract values; the rate of any current contract charges; an administrative fee of up to $150. "YOU" refers to the owner of this policy. "WE," "US," and "OUR" refer to Metropolitan Life Insurance Company. "TERMINALLY ILL" means having a life expectancy of 12 months or less. ASSUMPTIONS The interest and mortality assumptions we use may change from time to time. However, the interest rate we use will never be more than the rate charged on policy loans for policies then being issued. The rider proceeds will never be less than the cash value of the policy multiplied by the percentage of the Policy Benefit you choose to accelerate. AMOUNT OF You must apply all of the Policy Benefit to your ACCELERATED Accelerated Death Benefit, if the face amount of your DEATH BENEFIT policy is $50,000 or less. You cannot apply more than the greater of (1) $250,000, or (2) 10% of the Policy Benefit under this and all other similar riders issued by Metropolitan Life Insurance Company or one of our affiliates. If you apply part of the Policy Benefit to an Accelerated Death Benefit under this rider: (1) you must apply at least $20,000; and (2) the face amount of insurance remaining after this payment must be at least $25,000. You may not ask for more than one Accelerated Death Benefit under the rider. EFFECT OF BENEFIT If you apply all of the Policy Benefit to your Accelerated ACCELERATION ON Death Benefit, all policy benefits based on the insured's POLICY RIDERS life, except for any benefit for accidental death, will end. Any accidental death benefit on the life of the insured will continue in force for 12 months from the date of any payment under this rider. Any riders which provide insurance on the life of someone other than the insured will stay in effect pursuant to their terms as if the insured had died. No further premiums will be payable. RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) If you apply part of the Policy Benefit to your Accelerated Death Benefit, the policy will stay in force. We will make payment by applying coverages in the following order to the Accelerated Death Benefit; 1) any riders on the insured's life; 2) any insurance bought by dividends and 3) the policy Face Amount. Policy premiums, values and the face amount of insurance will be reduced appropriately. GENERAL PROVISIONS Your right to Accelerated Death Benefits under this rider is subject to the following: 1. The policy must be in force other than as extended term insurance. 2. This rider is subject to the terms of the policy Incontestability provision. 3. This rider does not apply if the insured's terminal illness is the result of an attempt to commit suicide, while any policy suicide clause is in effect. 4. Any irrevocable beneficiary must consent in writing to the payment of an Accelerated Death Benefit under this rider. We may also require that the beneficiary, contingent beneficiary, assignee, or any other party in interest consent to our payment. 5. Your policy is not eligible for this benefit if: (a) you are required by law to use this rider to meet the claims of creditors, whether in bankruptcy or otherwise; or (2) you are required by a government agency to use this rider to apply for, obtain, or keep a government benefit or entitlement. 6. This rider may be reinstated subject to the same terms which apply to the policy. HOW TO APPLY You must: (1) apply for this option in writing: (2) FOR THIS BENEFIT send us the policy: and (3) provide proof satisfactory to us, including a statement signed by a physician, that the insured is terminally ill. We have the right to have the insured examined at our expense by a physician we choose. PAYMENT OF At our option, the Accelerated Death Benefit will be ACCELERATED paid to you or will be placed in an interest bearing DEATH BENEFIT account to which you will have immediate access. RIDER DEATH BENEFIT If the insured dies within 60 days of a payment made under this rider, on receipt of proof of death and a proper claim, we will pay the beneficiary the difference between the Policy Benefit and Accelerated Death Benefit. TERMINATION 1. You may cancel this rider if you ask us to do so in writing, and send us the policy. 2. This rider will end at the end of the grace period of the first unpaid premium for the policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary METROPOLITAN LIFE INSURANCE COMPANY RIDER: SPOUSE TERM INSURANCE BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides level term insurance on the life of the spouse payable to the spouse's beneficiary if the spouse dies before the Final Date of this rider. SPOUSE The spouse is the insured's spouse who is named in the application for this benefit. DATE OF RIDER The date of this rider is the date of this policy. FINAL DATE The Final Date of this rider is the policy anniversary on which the spouse is age 65. TERM INSURANCE After we receive proof that the spouse died on or BENEFIT before the Final Date, we will pay the term insurance benefit to the spouse's beneficiary. The amount of the term insurance benefit is shown on page 3 under "Additional Benefits". PAID-UP POLICY If the insured dies while this policy and rider are in force, the term insurance provided by this rider will be continued to the Final Date at no further cost. We will issue a supplementary paid-up policy to the owner of this rider. OPTION TO CONVERT At any time before this rider ends, you may convert it without evidence of insurability to a new policy on the life of the spouse. To do so, send us a written request and this policy. The amount of life insurance provided by the new policy may not be more than the amount of insurance under this rider. The date of the new policy will be the date of conversion. The new policy may be on any life plan (but not a term plan) in an amount which is regularly issued at the spouse's age at the time of conversion. The new policy will be in the same underwriting class as this rider. If that class is not offered, the new policy will be in the class closest to it as determined by us. Any disability benefit, accidental death benefit, or other riders will be included in the new policy only if approved by us. The premium for the new policy will be based on the plan, amount of insurance, any riders included, the spouse's age and sex on the date of the new policy and its underwriting class. Premium rates will be those in effect on the date of the new policy. If you convert this rider within 2 years after its date, we will rely on the representations in the application for this rider. The "Incontestability" and "Suicide" provisions in the new policy will be measured from the date of this rider rather than from the date of the new policy. GENERAL PROVISIONS OWNERSHIP The owner of this policy is the owner of this rider while both the insured and the spouse are alive. Such owner will also own any supplementary paid-up policy issued under this rider after the insured dies. However, if the owner is the insured, the spouse will be the owner of any supplementary paid-up policy issued under this rider after the insured dies. (Continued on reverse side) RIDER: SPOUSE TERM INSURANCE BENEFIT (CONTINUED) GENERAL PROVISIONS (CONTINUED) The owner of the supplementary paid-up policy may exercise all of the rights provided under the paid-up policy, including the right to change the beneficiary. BENEFICIARY If no other beneficiary is named, the insured is the beneficiary of this benefit. INCONTESTABILITY We will not contest the validity of this rider after it has been in force for 2 years from the date of this rider if the insured and the spouse are alive at the end of the 2-year period. We will also not contest the validity of any supplementary paid-up policy issued after the insured dies. REINSTATEMENT If you reinstate this policy, this rider may also be reinstated at the same time and under the terms of the "Reinstatement" provision of the policy. You must provide evidence satisfactory to us of the insurability of both the insured and the spouse. AGE If the age of the spouse on the date of this rider is not correct as shown in the application, we will adjust the benefits under this rider. The adjusted benefits will be those that the cost paid for this rider would have provided at the correct age of the spouse. TERMINATION This rider will end (1) on the Final Date or (2) before that date on the earliest of: (a) the end of the grace period of the policy; (b) the date of any conversion of this rider; and (c) immediately before the date of any supplementary paid-up policy issued after the insured dies. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of term insurance will be set by us, from time to time, based on the spouse's age, sex and underwriting class. It will never be more than the maximum cost according to the table on the next page. EXCLUSION SUICIDE If the insured or the spouse commits suicide, while sane or insane, within 2 years from the date of this rider, the benefits provided by this rider (or any paid-up policy issued under this rider) will be void. Instead, we will pay an amount equal to the cost of this rider to the date of death without interest. In the case of the insured's suicide, you may convert this rider within 3 months after the death of the insured to a new policy on the life of the spouse under the "Option to Convert" provision of this rider. /s/ Richard M. Blackwell Richard M. Blackwell Vice President and Secretary RIDER SPOUSE TERM INSURANCE BENEFIT (CONTINUED) TABLE OF GUARANTEED MAXIMUM COSTS (SEE "COST OF RIDER" PROVISION)
Spouse's Age at Spouse's Age at Beginning of Maximum Monthly Beginning of Maximum Monthly Rider Year Cost for Each Rider Year Cost for Each --------------- $1,000 of Spouse --------------- $1,000 of Spouse Male Term Insurance Benefit Female Term Insurance Benefit - ------------------------------------------------------------------------------------------------------------------ 18 .223 18 .156 19 .229 19 .159 20 .232 20 .160 21 .232 21 .163 22 .229 22 164 23 .227 23 .167 24 .224 24 170 25 .220 25 .172 26 .218 26 .175 27 .217 27 .177 28 .218 28 .182 29 .219 29 .185 30 .222 30 .191 31 .227 31 .195 32 .234 32 .202 33 .242 33 .209 34 .251 34 .216 35 .262 35 .226 36 .276 36 .238 37 .292 37 .251 38 .310 38 .269 39 .330 39 .287 40 .353 40 .309 41 .380 41 .331 42 .406 42 .355 43 .436 43 .376 44 .469 44 .399 45 .503 45 .424 46 .539 46 .448 47 .577 47 .475 48 .619 48 .504 49 .663 49 .538 50 .710 50 .571 51 .773 51 .609 52 .834 52 .651 53 .906 53 .693 54 .984 54 .738 55 1.069 55 .782 56 1.158 56 .827 57 1.251 57 .866 58 1.348 58 .903 59 1.455 59 .944 60 1.570 60 .991 61 1.698 61 1.045 62 1.840 62 1.110 63 1.999 63 1.186 64 2.169 64 1.264
METROPOLITAN LIFE INSURANCE COMPANY RIDER: CHILDREN'S TERM INSURANCE BENEFIT This rider is a part of the policy if it is referred to on page 3. This rider provides level term insurance on each insured child payable to the child's beneficiary if an insured child dies before the end of coverage on that child. INSURED CHILD An insured child is any child, stepchild or legally adopted child of the insured if such child is named in the application for this benefit and is less than 18 years old on the date of the application. An insured child is also any child who, after the date of the application and while less than 18 years old, becomes a child, stepchild or legally adopted child of the insured. However, no child will be covered under this rider while less than 14 days old. DATE OF RIDER The date of this rider is the date of this policy. FINAL DATE The Final Date of this rider is the policy anniversary on which the insured is age 65. TERM INSURANCE After we receive proof that an insured child died before BENEFIT the end of coverage on that child, we will pay the term insurance benefit to the child's beneficiary. The amount of the term insurance benefit on each insured child is shown on page 3 under "Additional Benefits". The term insurance coverage on each insured child will end on: (1) the insured child's 25th birthday; (2) the Final Date; or (3) the date of any new policy issued on the insured child under the Option for New Policy provision of this rider; whichever comes first. PAID-UP POLICY If the insured dies before the Final Date, any remaining insurance on each insured child will be continued for the balance of its term at no further cost. We will issue a supplementary paid-up policy to the owner of such insurance. OPTION FOR NEW POLICY An insured child may obtain a new policy on his or her life at any time between the child's 22nd and 25th birthdays or, if earlier, on the Final Date. Evidence of insurability is not required. The amount of life insurance provided by the new policy may be up to 5 times the amount of term insurance on the insured child under this rider. A written application for a new policy must be made by the insured child, who will be the owner of the new policy. If the insured child dies within 31 days after the end of the coverage on his or her life and before a new policy has been applied for or has become effective,we will pay the amount of the term insurance on the insured child which had been in effect under the rider. This amount will be paid to the beneficiary of such term insurance. For the new policy to take effect: (1) the insured child must be alive and this policy must be in force on the applicable option date; and (2) the full first premium for the new policy must be paid while the insured child is alive. The new policy may be on any life plan (but not a term plan) in an amount which is regularly issued at the insured child's age on the date of the new policy. The new policy will be in the standard underwriting class. Any disability benefit, accidental death benefit,or other riders will be included in the new policy only if approved by us. The premium for the new policy will be based on the plan, amount of insurance, any riders included, the insured child's age and sex on the date of the new policy, and the standard underwriting class. Premium rates will be those in effect on the date of the new policy. The policy provisions will also be those in effect on the date of the new policy, including any war or aviation restrictions that are then regularly included in policies being issued. (Continued on reverse side) RIDER: CHILDREN'S TERM INSURANCE BENEFIT (CONTINUED) EFFECT ON POLICY PROVISIONS OWNERSHIP The owner of this policy is the owner of this rider while the insured is alive. The owner may, while an insured child is alive, exercise all the rights under this policy with respect to the insurance on that child; except that the right to obtain a new policy on an insured child may be exercised only by that child. The owner will also own any supplementary paid-up policy issued under this rider. However, if the insured is the owner of this policy, each insured child will be the owner of any supplementary paid-up policy on his or her life issued under this rider after the insured dies. BENEFICIARY If no other beneficiary is named, the insured is the beneficiary of an insured child's insurance under this rider and the child's estate is the contingent beneficiary of that insurance. While an insured child is alive, you may change that child's beneficiary or contingent beneficiary. INCONTESTABILITY We will not contest the validity of this rider with respect to coverage on any insured child after it has been in force for 2 years from the date of the rider if the insured and that insured child are alive at the end of the 2-year period. We will also not contest the validity of any supplementary paid-up policies issued after the insured dies. REINSTATEMENT If you reinstate this policy, this rider may also be reinstated at the same time and under the terms of the reinstatement provision of the policy. You must provide evidence satisfactory to us of the insurability of any child who is to be insured on or within 14 days after the date of reinstatement if satisfactory evidence is not provided for any child, the rider may be reinstated but with that child excluded from coverage until such evidence is provided. TERMINATION This rider will end on the earliest of: (1) the Final Date; (2) the end of the grace period of the policy; (3) immediately before the date of any supplementary paid-up policy issued after the insured dies; whichever comes first. You may end this rider on any monthly anniversary by sending us a written request and the policy. We will make the change and return the policy. COST OF RIDER While this rider is in force, its cost will be a part of the monthly deduction from the cash value. The monthly cost of this rider for each $1,000 of term insurance will be set by us, from time to time. It will never be more than $.60 for each $1,000 of term insurance provided by this rider. EXCLUSION SUICIDE If the insured commits suicide, while sane or insane, within 2 years from the date of this rider, the benefits provided by the rider (or any paid-up policy issued under the rider) will be void. Instead, we will pay an amount equal to all premiums paid for this rider, without interest. Also, each insured child (or child's legal guardian) may, within 3 months after the death of the insured, obtain a new policy on his or her life. The amount of life insurance under the new policy may not be more than the amount of term insurance on the insured child under this rider. In all other respects, the conditions which apply to the new policy will be as set forth in the "Option for New Policy" provision of this rider. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary EX-1.A5D 7 NY ENDORSEMENT TO POLICY METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT GENERAL PROVISIONS-- The following is added: "CHANGE OF PLAN-- Within 24 months from the date of Policy, you may change this policy to a Flexible-Premium Life policy. The cash value under this policy will be transferred to the new policy. The new policy will be on the life of the insured and will bear the same issue age, be in the same underwriting class, and be for the same specified face amount and same death benefit option as this policy." /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary EX-1.A5E 8 ADDL ALT. PAGES REQ. BY STATE LAW EXHIBIT 1.A(5)(e) DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL (SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES ISSUED BY METROPOLITAN SERIES FUND, INC. DIVISION 1 -- GROWTH PORTFOLIO--The investment objective of this portfolio is to achieve long-term growth of capital and income, and moderate current income, by investing primarily in common stocks that are believed to be of good quality or to have good growth potential or which are considered to be undervalued based on historical investment standards. DIVISION 2 -- INCOME PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible total return, by combining current income with capital gains, consistent with prudent investment risk and the preservation of capital, by investing primarily in fixed- income, high-quality debt securities. DIVISION 3 -- MONEY MARKET PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible current income consistent with the preservation of capital and maintenance of liquidity, by investing primarily in short-term money market instruments. DIVISION 4 -- DIVERSIFIED PORTFOLIO--The investment objective of this portfolio is to achieve a high total return while attempting to limit investment risk and preserve capital by investing in equity securities, fixed-income debt securities, or short-term money market instruments, or any combination thereof, at the discretion of State Street Research. DIVISION 5 -- EQUITY INCOME PORTFOLIO--The investment objective of this portfolio is to provide a high level of current income and, secondarily, long-term growth of capital by investing primarily in common stocks offering above-average dividend yields and in equity and debt securities convertible into or carrying the right to acquire common stocks. DIVISION 6 -- INTERNATIONAL STOCK PORTFOLIO--The investment objective of this portfolio is to achieve long-term growth of capital by investing primarily in common stocks and equity-related securities of non- United States companies. DIVISION 7 -- STOCK INDEX PORTFOLIO. The investment objective of this portfolio is to equal the performance of the Standard & Poor's 500 Composite Stock Price Index (adjusted to assume reinvestment of dividends) by investing in the common stock of companies which are included in the index. INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES. PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED PORTFOLIOS. 7FM-05 (92) 5 AAABVE DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL (SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES ISSUED BY METROPOLITAN SERIES FUND, INC. DIVISION 1 -- GROWTH PORTFOLIO--The investment objective of this portfolio is to achieve long-term growth of capital and income, and moderate current income, by investing primarily in common stocks that are believed to be of good quality or to have good growth potential or which are considered to be undervalued based on historical investment standards. DIVISION 2 -- INCOME PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible total return, by combining current income with capital gains, consistent with prudent investment risk and the preservation of capital, by investing primarily in fixed- income, high-quality debt securities. DIVISION 3 -- MONEY MARKET PORTFOLIO--The investment objective of this portfolio is to achieve the highest possible current income consistent with the preservation of capital and maintenance of liquidity, by investing primarily in short-term money market instruments. DIVISION 4 -- DIVERSIFIED PORTFOLIO--The investment objective of this portfolio is to achieve a high total return while attempting to limit investment risk and preserve capital by investing in equity securities, fixed-income debt securities, or short-term money market instruments, or any combination thereof, at the discretion of State Street Research. DIVISION 5 -- EQUITY INCOME PORTFOLIO--The investment objective of this portfolio is to provide a high level of current income and, secondarily, long-term growth of capital by investing primarily in common stocks offering above-average dividend yields and in equity and debt securities convertible into or carrying the right to acquire common stocks. DIVISION 6 -- STOCK INDEX PORTFOLIO. The investment objective of this portfolio is to equal the performance of the Standard & Poor's 500 Composite Stock Price Index (adjusted to assume reinvestment of dividends) by investing in the common stock of companies which are included in the index. INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES. PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED PORTFOLIOS. 7FM-05 (92) 5 AABVF CA SEPARATE ACCOUNT Separate Account UL is an investment account established and maintained by us, separate from our general account or other separate investment accounts. It is used for flexible premium multifunded life insurance policies, and if permitted by law, may be used for other policies or contracts as well. We own the assets in the Separate Account. Assets equal to the reserves and other liabilities of the Separate Account will not be charged with liabilities that arise from any other business we conduct. We may from time to time transfer to our general account assets in excess of such reserves and liabilities. Income and realized and unrealized gains or losses from assets in the Separate Account are credited to or charged against the Separate Account without regard to our other income, gains or losses. The Separate Account will be valued at the end of each Valuation Period but never less than monthly. A "Valuation Date" is each day on which there is enough trading in a portfolio's securities that the current value of its shares could be materially affected. In general, Valuation Dates will be days when the New York Stock Exchange is open for trading. We reserve the right, on 30 days notice, to change the basis for such Valuation Date, as long as the basis is not inconsistent with applicable laws. A "Valuation Period" is the period between successive Valuation Dates starting at 4:00 P.M. New York City time, on each Valuation Date and ending at 4:00 P.M., New York City time, on the next Valuation Date. We reserve the right, on 30 days notice, to change the basis for such Valuation Period, as long as the basis is not inconsistent with applicable laws. INVESTMENT The "Investment Divisions" are part of the Separate Account. DIVISIONS Each division holds a separate class (or series) of stock of a designated investment company or companies. Each class of stock represents a separate portfolio in an investment company. The Investment Divisions available on the Date of Policy are described on Page 5. Those you selected in the application are shown on Page 3. We may from time to time make other investment divisions available to you. We will provide you with written notice of all material details including investment objectives and all charges. OUR RIGHT We reserve the right to make certain changes if, in our TO MAKE judgment, they would best serve the interests of the owners of CHANGES policies such as this one, or would be appropriate in carrying out the purposes of such policies. Any changes will be made only to the extent and in the manner permitted by applicable laws and with the approval of the insurance commissioner of our state of domicile, New York. The approval process is on file with the Commissioner. Also, when required by law, we will obtain your approval of the changes. Examples of the changes we may make include: . To operate the Separate Account in any form permitted under the Investment Company Act of 1940, or in any other form permitted by law. . To take any action necessary to comply with or obtain and continue any exemptions from the Investment Company Act of 1940. 7FM-11 11 AAABDR PA,TX [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 1 AAABA6 [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 30 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 1 AAABA7 [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7FM-90 1 AAABA8 [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7FM-90 1 AAABA9 [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 30 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. Military Personnel See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on back cover. 7FM-90 1 AAABBA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the fixed account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. RIGHT TO CANCEL. You may cancel this policy by delivering or mailing a written notice or sending a telegram to Metropolitan Life Insurance Company at Aurora, Illinois 60505 or to your account Representative and by returning the policy before midnight of the twentieth day after the date you receive it or within 45 days after the application is signed, whichever period ends later. Notice given by mail and return of the policy by mail are effective on being postmarked, properly addressed and postage prepaid. The insurer must return all payment made for this policy within ten days after it receives notice of cancellation and the returned policy. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7.1 FM-90 1 AAABBB [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. RIGHT TO CANCEL. You may cancel this policy by delivering or mailing a written notice or sending a telegram to Metropolitan Life Insurance Company at Aurora, Illinois 60505 or to your account Representative and by returning the policy before midnight of the tenth day after the date you receive it or within 45 days after the application is signed, whichever period ends later. Notice given by mail and return of the policy by mail are effective on being postmarked, properly addressed and postage prepaid. The insurer must return all payment made for this policy within ten days after it receives notice of cancellation and the returned policy. READ THlS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. 7.1 FM-90 1 AAABBC [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. RIGHT TO CANCEL. You may cancel this policy by delivering or mailing a written notice or sending a telegram to Metropolitan Life Insurance Company at Aurora, Illinois 60505 or to your account Representative and by returning the policy before midnight of the twentieth day after the date you receive it or within 45 days after the application is signed, whichever period ends later. Notice given by mail and return of the policy by mail are effective on being postmarked, properly addressed and postage prepaid. The insurer must return all payment made for this policy within ten days after it receives notice of cancellation and the returned policy. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7.1 FM-90 1 AAABBD [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% OF THE CASH SURRENDER VALUE. Right to Examine Policy--Please read this policy. You may return this policy to us or to the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7.2 FM-90 1 AAABBG VA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% OF THE CASH SURRENDER VALUE. Right to Examine Policy--Please read this policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on last page. 7.2 FM-90 1 AAABBF VA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% OF THE CASH SURRENDER VALUE. Right to Examine Policy--Please read this policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7.2 FM-90 1 AAABBE VA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% OF THE CASH SURRENDER VALUE. Right to Examine Policy--Please read this policy. You may return this policy to us or to the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7.2 FM-90 1 AAABA2 VA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE DURATION OF THE POLICY AND, IN CERTAIN CASES, THE AMOUNT OF THE DEATH BENEFIT DEPEND UPON THE AMOUNT OF THE CASH VALUE WHICH MAY INCREASE OR DECREASE WITH INVESTMENT EXPERIENCE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7.5 FM-90 1 AAABBH NM [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE DURATION OF THE POLICY AND, IN CERTAIN CASES, THE AMOUNT OF THE DEATH BENEFIT DEPEND UPON THE AMOUNT OF THE CASH VALUE WHICH MAY INCREASE OR DECREASE WITH INVESTMENT EXPERIENCE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7.5 FM-90 1 AAAGE6 NM [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE DURATION OF THE POLICY AND, IN CERTAIN CASES, THE AMOUNT OF THE DEATH BENEFIT DEPEND UPON THE AMOUNT OF THE CASH VALUE WHICH MAY INCREASE OR DECREASE WITH INVESTMENT EXPERIENCE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7.5 FM-90 1 AAAGE7 NM [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, MAY BE VARIABLE OR FIXED AND DEPEND UPON THE AMOUNT OF THE CASH VALUE. The death benefit will be equal to at least the Specified Face Amount of Insurance at issue if there are no outstanding loans, partial withdrawals or partial surrenders and sufficient premiums are paid. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7.6 FM-90 1 AAABBJ PA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, MAY BE VARIABLE OR FIXED AND DEPEND UPON THE AMOUNT OF THE CASH VALUE. The death benefit will be equal to at least the Specified Face Amount of Insurance at issue if there are no outstanding loans, partial withdrawals or partial surrenders and sufficient premiums are paid. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7.6 FM-90 1 AAABBI VA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, MAY BE VARIABLE OR FIXED AND DEPEND UPON THE AMOUNT OF THE CASH VALUE. The death benefit will be equal to at least the Specified Face Amount of Insurance at issue if there are no outstanding loans, partial withdrawals or partial surrenders and sufficient premiums are paid. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7.6 FM-90 1 AAABBK PA [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 MO, WI 1 AAAGGX [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 MO, WI 1 AAAGGZ [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less. any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. Term Insurance Involved. 7FM-90 NC 1 AAAGHN [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. Term Insurance Involved. 7FM-90 NC 1 AAAGHO [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. Term Insurance Involved. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7FM-90 NC 1 AAAGHP [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. Term Insurance Involved. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7FM-90 NC 1 AAAGHQ [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. MILITARY PERSONNEL See Page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 SD, SC 1 AAAGHH [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 SD, SC 1 AAAGHG [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Richard M. Blackwell /s/ Robert G. Schwartz Richard M. Blackwell Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number VARIABLE LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and loan interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE. Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. MILITARY PERSONNEL See Page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 SD, SC 1 AAAGHI [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE (SEE PAGE 7). Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. See Table of Contents and Company address on the last page. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. 7FM-90 1 AAABBL TX [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE (SEE PAGE 7). Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 10 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7FM-90 1 AAABBM TX [LOGO] METROPOLITAN LIFE (SM) AND AFFILIATED COMPANIES - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company A Mutual Company Incorporated in New York State - -------------------------------------------------------------------------------- Metropolitan Life Insurance Company will pay the amount of insurance and provide the other benefits of this policy according to its provisions. /s/ Nicholas D. Latrenta /s/ Robert G. Schwartz Nicholas D. Latrenta Robert G. Schwartz Vice-President and Secretary Chairman of the Board, President and Chief Executive Officer Insured Face Amount of Insurance Policy Number FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY Life insurance payable if the insured dies before the Final Date of Policy. Cash Value, if any, less any policy loan and interest, payable on the Final Date. Adjustable death benefit. Premiums payable while the insured is alive and before the Final Date of Policy. Premiums must be sufficient to keep the policy in force. Not eligible for dividends. THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE ACCOUNT PROVISION ON PAGE 11. The cash value in the Fixed Account will be credited with interest at a guaranteed rate of 4% a year. We may credit additional interest in excess of the guaranteed rate. See the Fixed Account provision on page 9. THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT OF THE CASH VALUE (SEE PAGE 7). Right to Examine Policy--Please read the policy. You may return this policy to us or the account representative through whom you bought it within 20 days from the date you receive it or within 45 days after the application is signed, whichever period ends later. If you return it within this period, the policy will be void from the beginning. We will refund any premium paid. READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy owner and Metropolitan Life Insurance Company. MILITARY PERSONNEL See page 3 for information concerning premiums payable and amount of insurance. See Table of Contents and Company address on the last page. 7FM-90 1 AAABBN TX TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.) Age Monthly Rate* Age Monthly Rate* Age Monthly Rate* - --- ------------ --- ------------ --- ------------ 0 .195 33 .149 66 2.010 1 .080 34 .157 67 2.190 2 .076 35 .165 68 2.378 3 .074 36 .177 69 2.587 4 .072 37 .190 70 2.825 5 .069 38 .206 71 3.103 6 .066 39 .223 72 3.430 7 .063 40 .242 73 3.807 8 .061 41 .264 74 4.229 9 .060 42 .286 75 4.685 10 .060 43 .309 76 5.171 11 .064 44 .334 77 5.682 12 .071 45 .360 78 6.221 13 .080 46 .388 79 6.812 14 .090 47 .416 80 7.472 15 .101 48 .449 81 8.233 16 .111 49 .483 82 9.104 17 .119 50 .523 83 10.093 18 .125 51 .567 84 11.184 19 .129 52 .615 85 12.359 20 .131 53 .671 86 13.607 21 .131 54 .732 87 14.938 22 .131 55 .795 88 16.355 23 .130 56 .860 89 17.864 24 .128 57 .929 90 19.498 25 .127 58 1.001 91 21.324 26 .126 59 1.080 92 23.388 27 .127 60 1.167 93 25.912 28 .129 61 1.269 94 29.362 29 .130 62 1.389 30 .134 63 1.525 31 .137 64 1.676 32 .142 65 1.839 - ---------------------------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 A 4 AAABH7 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.) Age Monthly Rate* Age Monthly Rate* -------------- ----------------- Male Female Male Female ------------------------------------------------- 0 .000 .000 48 .943 .609 1 .000 .000 49 1.013 .651 2 .000 .000 50 1.092 .698 3 .000 .000 51 1.188 .750 4 .000 .000 52 1.303 .814 5 .000 .000 53 1.440 .888 6 .000 .000 54 1.592 .968 7 .000 .000 55 1.755 1.051 8 .000 .000 56 1.919 1.130 9 .000 .000 57 2.081 1.206 10 .000 .000 58 2.241 1.277 11 .000 .000 59 2.446 1.369 12 .200 .113 60 2.517 1.408 13 .227 .122 61 2.556 1.443 14 .252 .130 62 2.756 1.553 15 .268 .140 63 2.989 1.688 16 .286 .146 64 3.354 1.839 17 .291 .149 65 3.647 2.000 18 .296 .156 66 3.956 2.167 19 .306 .161 67 4.278 2.334 20 .311 .166 68 4.613 2.501 21 .310 .168 69 4.977 2.685 22 .308 .168 70 5.415 2.893 23 .303 .170 71 5.845 3.145 24 .299 .171 72 6.335 3.453 25 .294 .171 73 6.890 3.817 26 .290 .172 74 7.502 4.237 27 .291 .176 75 8.162 4.706 28 .292 .181 76 8.859 5.218 29 .298 .185 77 9.591 5.769 30 .310 .194 78 10.372 6.367 31 .326 .204 79 11.206 7.026 32 .347 .221 80 12.081 7.773 33 .356 .224 81 13.131 8.627 34 .382 .241 82 14.307 9.609 35 .400 .254 83 15.606 10.720 36 .424 .269 84 17.002 11.943 37 .447 .284 85 18.474 13.276 38 .477 .307 86 19.996 14.707 39 .509 .334 87 21.560 16.237 40 .540 .357 88 23.166 17.873 41 .575 .382 89 24.820 19.627 42 .617 .412 90 26.573 21.545 43 .661 .439 91 28.449 23.656 44 .712 .472 92 30.529 26.049 45 .765 .502 93 33.106 28.836 46 .819 .536 94 36.749 32.940 47 .879 .572 - -------------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E1 (10/90) 4 AAAGH1 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.) ------------------------------------------------- Age Monthly Rate* Age Monthly Rate* -------------- ----------------- Male Female Male Female ------------------------------------------------- 0 .000 .000 48 1.402 .854 1 .000 .000 49 1.503 .912 2 .000 .000 50 1.608 .971 3 .000 .000 51 1.718 1.031 4 .000 .000 52 1.834 1.097 5 .000 .000 53 1.954 1.163 6 .000 .000 54 2.082 1.232 7 .000 .000 55 2.224 1.305 8 .000 .000 56 2.379 1.380 9 .000 .000 57 2.558 1.465 10 .000 .000 58 2.762 1.558 11 .000 .000 59 3.035 1.686 12 .384 .210 60 3.067 1.758 13 .410 .219 61 3.231 1.804 14 .435 .228 62 3.503 1.952 15 .451 .237 63 3.796 2.117 16 .470 .245 64 4.214 2.296 17 .475 .248 65 4.552 2.481 18 .480 .254 66 4.907 2.671 19 .490 .257 67 5.279 2.864 20 .495 .263 68 5.667 3.057 21 .497 .267 69 6.088 3.271 22 .496 .267 70 6.579 3.506 23 .491 .267 71 7.038 3.778 24 .487 .271 72 7.541 4.097 25 .482 .272 73 8.090 4.464 26 .479 .273 74 8.681 4.879 27 .483 .278 75 9.308 5.336 28 .485 .284 76 9.968 5.833 29 .494 .290 77 10.663 6.369 30 .508 .300 78 11.414 6.951 31 .527 .312 79 12.222 7.602 32 .552 .329 80 13.076 8.340 33 .565 .335 81 14.114 9.187 34 .593 .354 82 15.281 10.164 35 .614 .368 83 16.573 11.267 36 .640 .384 84 17.965 12.489 37 .665 .401 85 19.434 13.819 38 .697 .424 86 20.969 15.253 39 .734 .453 87 22.533 16.788 40 .769 .480 88 24.155 18.433 41 .814 .511 89 25.832 20.203 42 .873 .548 90 27.614 22.136 43 .941 .590 91 29.519 24.267 44 1.023 .638 92 31.625 26.676 45 1.111 .687 93 34.237 29.485 46 1.204 .742 94 37.934 33.622 47 1.301 .797 - ----------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E2 (10/92) 4 AAAGH2 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.) ------------------------------------------------- Age Monthly Rate* Age Monthly Rate* -------------- ----------------- Male Female Male Female ------------------------------------------------- 0 .000 .000 48 1.553 .984 1 .000 .000 49 1.661 1.047 2 .000 .000 50 1.779 1.118 3 .000 .000 51 1.918 1.197 4 .000 .000 52 2.074 1.289 5 .000 .000 53 2.253 1.391 6 .000 .000 54 2.447 1.498 7 .000 .000 55 2.657 1.612 8 .000 .000 56 2.873 1.725 9 .000 .000 57 3.096 1.840 10 .000 .000 58 3.323 1.952 11 .000 .000 59 3.603 2.089 12 .610 .356 60 3.667 2.138 13 .638 .366 61 3.720 2.163 14 .662 .375 62 3.983 2.312 15 .679 .383 63 4.271 2.480 16 .695 .389 64 4.688 2.664 17 .700 .392 65 5.029 2.856 18 .705 .398 66 5.392 3.055 19 .714 .402 67 5.772 3.260 20 .718 .406 68 6.176 3.467 21 .718 .408 69 6.610 3.694 22 .716 .410 70 7.117 3.942 23 .713 .410 71 7.614 4.229 24 .709 .413 72 8.156 4.561 25 .704 .414 73 8.745 4.939 26 .700 .415 74 9.372 5.363 27 .699 .421 75 10.034 5.826 28 .704 .427 76 10.726 6.328 29 .713 .432 77 11.447 6.865 30 .727 .444 78 12.222 7.447 31 .747 .457 79 13.052 8.090 32 .772 .474 80 13.927 8.822 33 .786 .482 81 14.957 9.663 34 .816 .501 82 16.120 10.636 35 .839 .517 83 17.412 11.741 36 .867 .536 84 18.808 12.964 37 .895 .555 85 20.286 14.299 38 .931 .581 86 21.824 15.740 39 .970 .611 87 23.414 17.284 40 1.005 .639 88 25.053 18.939 41 1.048 .670 89 26.751 20.722 42 1.099 .706 90 28.556 22.668 43 1.156 .742 91 30.486 24.816 44 1.222 .783 92 32.662 27.242 45 1.292 .826 93 35.276 30.079 46 1.372 .875 94 39.021 34.246 47 1.457 .928 - ----------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E3 (10/90) 4 AAAGH3 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.) ---------------------------------------------- Monthly Rate* Monthly Rate* Age --------------- Age --------------- Male Female Male Female ---------------------------------------------- 0 .000 .000 48 1.896 1.179 1 .000 .000 49 1.998 1.239 2 .000 .000 50 2.118 1.311 3 .000 .000 51 2.267 1.395 4 .000 .000 52 2.445 1.499 5 .000 .000 53 2.660 1.621 6 .000 .000 54 2.908 1.760 7 .000 .000 55 3.184 1.910 8 .000 .000 56 3.477 2.066 9 .000 .000 57 3.786 2.229 10 .000 .000 58 4.104 2.392 11 .000 .000 59 4.476 2.579 12 0.999 .579 60 4.566 2.618 13 1.027 .588 61 4.628 2.673 14 1.052 .596 62 4.925 2.840 15 1.068 .605 63 5.222 3.013 16 1.080 .609 64 5.626 3.188 17 1.078 .612 65 5.943 3.366 18 1.076 .611 66 6.276 3.548 19 1.080 .612 67 6.631 3.737 20 1.080 .616 68 7.019 3.935 21 1.079 .617 69 7.447 4.157 22 1.077 .615 70 7.957 4.407 23 1.072 .614 71 8.457 4.694 24 1.068 .613 72 9.007 5.032 25 1.063 .610 73 9.604 5.417 26 1.059 .610 74 10.237 5.845 27 1.058 .615 75 10.908 6.315 28 1.056 .621 76 11.610 6.823 29 1.055 .625 77 12.341 7.366 30 1.057 .638 78 13.124 7.953 31 1.087 .651 79 13.963 8.605 32 1.113 .669 80 14.849 9.345 33 1.128 .677 81 15.895 10.193 34 1.159 .696 82 17.073 11.174 35 1.183 .713 83 18.382 12.285 36 1.212 .733 84 19.796 13.519 37 1.241 .751 85 21.291 14.864 38 1.277 .778 86 22.849 16.315 39 1.317 .810 87 24.457 17.871 40 1.354 .837 88 26.117 19.538 41 1.398 .870 89 27.834 21.332 42 1.451 .906 90 29.662 22.668 43 1.510 .942 91 31.616 25.455 44 1.576 .984 92 33.777 27.897 45 1.646 1.027 93 36.467 30.756 46 1.723 1.075 94 40.269 34.958 47 1.807 1.125 ----------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E4 (10/90) 4 AAAGH4 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.) ---------------------------------------------- Monthly Rate* Monthly Rate* Age --------------- Age --------------- Male Female Male Female ---------------------------------------------- 0 .000 .000 48 2.384 1.456 1 .000 .000 49 2.506 1.527 2 .000 .000 50 2.638 1.606 3 .000 .000 51 2.791 1.691 4 .000 .000 52 2.963 1.792 5 .000 .000 53 3.154 1.901 6 .000 .000 54 3.366 2.018 7 .000 .000 55 3.600 2.143 8 .000 .000 56 3.851 2.276 9 .000 .000 57 4.120 2.416 10 .000 .000 58 4.411 2.563 11 .000 .000 59 4.763 2.741 12 1.527 .879 60 4.866 2.788 13 1.554 .888 61 4.880 2.814 14 1.579 .896 62 5.194 2.990 15 1.595 .905 63 5.517 3.178 16 1.610 .909 64 5.955 3.371 17 1.610 .912 65 6.310 3.570 18 1.596 .914 66 6.681 3.773 19 1.600 .917 67 7.071 3.981 20 1.600 .919 68 7.486 4.193 21 1.599 .920 69 7.939 4.428 22 1.597 .921 70 8.473 4.690 23 1.592 .921 71 8.999 4.994 24 1.588 .921 72 9.583 5.351 25 1.583 .922 73 10.224 5.759 26 1.579 .921 74 10.911 6.219 27 1.578 .923 75 11.637 6.721 28 1.576 .926 76 12.389 7.257 29 1.580 .926 77 13.166 7.827 30 1.586 .933 78 13.982 8.434 31 1.594 .938 79 14.844 9.099 32 1.606 .949 80 15.747 9.850 33 1.610 .952 81 16.808 10.707 34 1.628 .964 82 18.002 11.695 35 1.640 .973 83 19.326 12.815 36 1.659 .986 84 20.757 14.055 37 1.681 1.001 85 22.271 15.410 38 1.711 1.026 86 23.848 16.873 39 1.749 1.054 87 25.477 18.441 40 1.784 1.081 88 27.161 20.122 41 1.828 1.114 89 28.903 21.928 42 1.882 1.150 90 30.759 23.907 43 1.942 1.188 91 32.740 26.086 44 2.014 1.233 92 34.925 28.544 45 2.092 1.280 93 37.652 31.427 46 2.181 1.333 94 41.511 35.662 47 2.277 1.392 ----------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E5 (10/90) 4 AAAGH5 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.) -------------------------------------------------------------------- Age Monthly Rate* Age Monthly Rate* Age Monthly Rate* -------------------------------------------------------------------- 0 .000 33 .304 66 3.213 1 .000 34 .327 67 3.467 2 .000 35 .341 68 3.727 3 .000 36 .361 69 4.008 4 .000 37 .382 70 4.342 5 .000 38 .409 71 4.687 6 .000 39 .440 72 5.088 7 .000 40 .467 73 5.546 8 .000 41 .499 74 6.059 9 .000 42 .535 75 6.615 10 .000 43 .572 76 7.210 11 .000 44 .616 77 7.839 12 .166 45 .660 78 8.513 13 .186 46 .706 79 9.241 14 .204 47 .755 80 10.022 15 .218 48 .810 81 10.956 16 .231 49 .867 82 12.007 17 .235 50 .934 83 13.184 18 .240 51 1.014 84 14.464 19 .249 52 1.107 85 15.835 20 .254 53 1.219 86 17.275 21 .253 54 1.342 87 18.796 22 .252 55 1.472 88 20.398 23 .251 56 1.601 89 22.084 24 .247 57 1.728 90 23.910 25 .245 58 1.852 91 25.924 26 .243 59 2.011 92 28.175 27 .245 60 2.066 93 30.901 28 .249 61 2.101 94 34.826 29 .253 62 2.263 30 .265 63 2.454 31 .277 64 2.731 32 .296 65 2.966 -------------------------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E1 U (10/90) 4 AAAGH6 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.) -------------------------------------------------------------------- Age Monthly Rate* Age Monthly Rate* Age Monthly Rate* -------------------------------------------------------------------- 0 .000 33 .473 66 3.985 1 .000 34 .499 67 4.280 2 .000 35 .515 68 4.581 3 .000 36 .537 69 4.909 4 .000 37 .560 70 5.286 5 .000 38 .588 71 5.656 6 .000 39 .622 72 6.069 7 .000 40 .653 73 6.525 8 .000 41 .694 74 7.023 9 .000 42 .743 75 7.555 10 .000 43 .801 76 8.122 11 .000 44 .869 77 8.722 12 .315 45 .942 78 9.371 13 .335 46 1.020 79 10.081 14 .353 47 1.098 80 10.846 15 .367 48 1.183 81 11.770 16 .381 49 1.266 82 12.813 17 .385 50 1.353 83 13.983 18 .390 51 1.444 84 15.260 19 .397 52 1.538 85 16.628 20 .403 53 1.637 86 18.071 21 .405 54 1.742 87 19.600 22 .404 55 1.855 88 21.216 23 .403 56 1.977 89 22.922 24 .400 57 2.118 90 24.771 25 .398 58 2.277 91 26.811 26 .396 59 2.491 92 29.084 27 .401 60 2.536 93 31.840 28 .406 61 2.650 94 35.809 29 .413 62 2.871 30 .426 63 3.110 31 .441 64 3.429 32 .462 65 3.702 -------------------------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E2U (10/90) 4 AAAGH7 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.) -------------------------------------------------------------------- Age Monthly Rate* Age Monthly Rate* Age Monthly Rate* -------------------------------------------------------------------- 0 .000 33 .665 66 4.430 1 .000 34 .691 67 4.734 2 .000 35 .710 68 5.051 3 .000 36 .734 69 5.392 4 .000 37 .759 70 5.783 5 .000 38 .791 71 6.182 6 .000 39 .827 72 6.624 7 .000 40 .859 73 7.108 8 .000 41 .898 74 7.631 9 .000 42 .942 75 8.186 10 .000 43 .991 76 8.775 11 .000 44 1.046 77 9.391 12 .509 45 1.106 78 10.055 13 .531 46 1.174 79 10.774 14 .548 47 1.244 80 11.549 15 .562 48 1.326 81 12.466 16 .573 49 1.414 82 13.505 17 .578 50 1.515 83 14.676 18 .583 51 1.631 84 15.956 19 .590 52 1.759 85 17.331 20 .594 53 1.908 86 18.785 21 .594 54 2.067 87 20.327 22 .594 55 2.238 88 21.957 23 .593 56 2.411 89 23.681 24 .590 57 2.591 90 25.549 25 .588 58 2.771 91 27.611 26 .586 59 2.993 92 29.908 27 .588 60 3.048 93 32.701 28 .594 61 3.087 94 36.711 29 .601 62 3.303 30 .615 63 3.540 31 .631 64 3.861 32 .652 65 4.138 -------------------------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E3 U (10/90) 4 AAAGH8 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.) -------------------------------------------------------------------- Age Monthly Rate* Age Monthly Rate* Age Monthly Rate* -------------------------------------------------------------------- 0 .000 33 .948 66 5.157 1 .000 34 .975 67 5.440 2 .000 35 .994 68 5.744 3 .000 36 1.020 69 6.079 4 .000 37 1.045 70 6.473 5 .000 38 1.077 71 6.873 6 .000 39 1.115 72 7.323 7 .000 40 1.147 73 7.814 8 .000 41 1.188 74 8.343 9 .000 42 1.233 75 8.906 10 .000 43 1.283 76 9.503 11 .000 44 1.339 77 10.128 12 .832 45 1.399 78 10.798 13 .853 46 1.464 79 11.526 14 .870 47 1.533 80 12.312 15 .884 48 1.609 81 13.241 16 .892 49 1.693 82 14.292 17 .893 50 1.795 83 15.475 18 .890 51 1.919 84 16.771 19 .893 52 2.066 85 18.160 20 .895 53 2.244 86 19.630 21 .894 54 2.449 87 21.188 22 .892 55 2.673 88 22.835 23 .890 56 2.910 89 24.575 24 .885 57 3.160 90 26.213 25 .882 58 3.416 91 28.544 26 .879 59 3.713 92 30.863 27 .881 60 3.779 93 33.686 28 .883 61 3.836 94 37.745 29 .884 62 4.079 30 .891 63 4.324 31 .913 64 4.633 32 .935 65 4.890 -------------------------------------------------------------------- * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E4 U (10/90) 4 AAAGH9 TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.) ------------------------------------------------------------------ Age Monthly Rate* Age Monthly Rate* Age Monthly Rate* ------------------------------------------------------------------ 0 .000 33 1.347 66 5.490 1 .000 34 1.364 67 5.802 2 .000 35 1.373 68 6 127 3 .000 36 1.389 69 6.483 4 .000 37 1.409 70 6.896 5 .000 38 1.437 71 7.319 6 .000 39 1.472 72 7.796 7 .000 40 1.503 73 8.323 8 .000 41 1.544 74 8.897 9 .000 42 1.590 75 9.506 10 .000 43 1.641 76 10.144 11 .000 44 1.702 77 10.819 12 1.268 45 1.768 78 11.550 13 1.289 46 1.842 79 12.320 14 1.307 47 1.922 80 13.137 15 1.320 48 2.013 81 14.025 16 1.330 49 2.113 82 15.058 17 1.332 50 2.225 83 16.254 18 1.324 51 2.352 84 17.562 19 1.327 52 2.494 85 18.967 20 1.328 53 2.653 86 20.453 21 1.327 54 2.827 87 22.028 22 1.327 55 3.016 88 23.695 23 1.325 56 3.218 89 25.454 24 1.320 57 3.435 90 27.367 25 1.318 58 3.668 91 29.471 26 1.316 59 3.950 92 31.811 27 1.316 60 4.027 93 34.665 28 1.317 61 4.044 94 38.772 29 1.319 62 4.301 30 1.326 63 4.567 31 1.332 64 4.904 32 1.343 65 5.192 ------------------------------------------------------------------ * If there is a supplemental rating for the life insurance benefit, as shown on page 3, the monthly deduction for such supplemental rating must be added to the monthly rate determined from this table. 7FM-04 E5 U (10/90) 4 AAAGIA METHODS OF PAYMENT (CONTINUED) MINIMUM PAYMENTS UNDER PAYMENT PLANS- Monthly payments under Options 2, 3, 3A and 4 for each $1,000 applied will not be less than the amounts shown in the following Tables. - -------------------------------------------------------------------------------- OPTION 2. Installment Income for a Stated Period Monthly Payment for each $1,000 Applied
- ------------------------------------------------------------------------------------------------------- Years Minimum Amount Years Minimum Amount Years Minimum Amount Chosen of Each Monthly Chosen of Each Monthly Chosen of Each Monthly Payment Payment Payment - ------------------------------------------------------------------------------------------------------- 1 $84.47 11 $8.86 21 $5.32 2 42.86 12 8.24 22 5.15 3 28.99 13 7.71 23 4.99 4 22.06 14 7.26 24 4.84 5 17.91 15 6.87 25 4.71 6 15.14 16 6.53 26 4.59 7 13.16 17 6.23 27 4.47 8 11.68 18 5.96 28 4.37 9 10.53 19 5.73 29 4.27 10 9.61 20 5.51 30 4.18 - -------------------------------------------------------------------------------------------------------
To determine the minimum amount for a quarterly payment, multiply the above monthly payment by 2.99; for semiannual by 5.96; and for annual by 11.84.
- ----------------------------------------------------------------------------------- OPTION 3. Single Life Income- OPTION 3A. Guaranteed Payment Period Single Life Income- Guaranteed Return Minimum Amount of each Monthly Minimum Amount of each Payment for each $1,000 Applied Monthly Payment for each Payee's ---------------------------------------- $1,000 Applied Age Guaranteed Payment Period ---------------------------------------- 10 Years 15 Years 20 Years - ----------------------------------------------------------------------------------- 50 $ 4.12 $4.08 $4.02 $3.97 55 4.51 4.44 4.32 4.29 60 5.02 4.87 4.65 4.70 65 5.67 5.36 4.97 5.21 70 6.46 5.88 5.24 5.85 75 7.34 6.33 5.41 6.68 80 8.21 6.64 5.48 7.75 85 and over 8.92 6.80 5.51 9.12 - -----------------------------------------------------------------------------------
OPTION 4. Joint and Survivor Life Income - Guaranteed period of 10 Years Age of Minimum Amount of each Monthly Both Payees Payment for each $1,000 Applied ------------------------------------------------------ 50 $3.64 55 3.93 60 4.30 65 4.80 70 5.47 75 6.33 ------------------------------------------------------ On request, we will provide additional information about amounts of premium payments. 7FM-21 U 21 AAAGE5 RIDER: ACCELERATION OF POLICY BENEFITS FOR LONG TERM CARE (CONTINUED) Continuous Period of Care is a period of continuous Home Health Care or daily treatment in a Convalescent Care Facility for which we will pay benefits under this rider. This care must be under a planned program established and approved in writing by the insured's physician. A Continuous Period of Care will stop when the insured no longer needs the care. But the period will resume if the insured again becomes eligible for benefits within 90 days after the period stops. Beyond 90 days after a Continuous Period of Care stops, a new Continuous Period of Care will start if: (1) we have not yet paid the Maximum Lifetime Benefit; and (2) the insured again satisfies the requirements of the Elimination Period. Convalescent Care Facility is a Skilled Nursing Facility or an Intermediate Care Facility. Custodial Care means any care intended primarily to help a physically impaired person to meet basic personal needs. Basic personal needs include feeding and personal hygiene. Custodial Care may be given by persons without medical training. Home Health Care is specific services provided by a licensed home health care agency. Home Health Care must be under a planned program of care and treatment which is established and approved in writing by the insured's physician. Intermediate Care Facility is a facility which: (1) is licensed and operated as an intermediate care facility in the state in which it is located; (2) provides room and board and a planned continuous medical treatment program, including nursing care and personal care, to improve or maintain health, and relieve sickness, injury or pain; (3) has 24 hour nursing services by or under the supervision of a registered nurse (RN) or a licensed practical nurse (LPN); (4) provides intermediate care but not the level of care provided in a hospital or skilled nursing facility; (5) is not a motel, a hotel, a place for rest or a place that predominantly provides for the care and treatment of drug addicts, alcoholics or the mentally ill; and (6) keeps a daily medical record of each patient. Maximum Lifetime Benefit is the maximum amount of benefits we will pay before the rider ends. We may adjust the Maximum Lifetime Benefit as indicated in the Duration of Benefits provision of this rider. If so, we will adjust the Maximum Lifetime Benefit according to the formula described in Exhibit A of this rider. Preexisting Condition means a condition for which medical advice or treatment was recommended by, or received from a provider of health care services, within 6 months before the effective date of this rider. Skilled Nursing Facility is a facility which: (1) is licensed and operated as a skilled nursing facility in the state in which it is located; (2) provides, under the supervision of a licensed physician, room and board and a planned continuous medical treatment program, including nursing care and personal care, to improve or maintain health, and relieve sickness, injury or pain; (3) has 24 hour nursing services by or under the supervision of a registered nurse (RN); (4) provides skilled nursing care but not the level of care provided in a hospital; (5) is not a motel, a hotel, a place for rest or a place that predominantly provides for the care and treatment of drug addicts, alcoholics or the mentally ill; and (6) keeps a daily medical record of each patient. 1-LTCFPMLI-90 BAABPM MO METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF POLICY BENEFITS FOR LONG TERM CARE This rider is a part of the policy if it is referred to on page 3. This rider provides for payment of part of the Death Benefit of the policy during the lifetime of the insured, to help cover certain long term care costs incurred by the insured. Rider benefits may be used to pay for the cost of care, or in any other way you choose. The cash value, loan values and the Specified Face Amount of the policy will be reduced to the extent we pay benefits under this rider. This rider is NOT a long term care rider and the amount this rider pays you may NOT be enough to cover your nursing home or other bills. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR AFFECT YOUR ELIGIBILITY FOR BENEFITS UNDER STATE AND FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. DATE OF RIDER The effective date of this rider is the date shown on page 3. ELIMINATION For each Continuous Period of Care, we will pay benefits for PERIOD care received after the insured has received any combination of Home Health Care or treatment in a Convalescent Care Facility for 90 continuous days. BENEFIT FOR We will pay benefits monthly if the insured is: (1) confined for TREATMENT IN a Continuous Period of Care in a Convalescent Care Facility; and A CONVALESCENT (2) is unable to perform three or more Activities of Daily Living CARE FACILITY without human assistance; or we determine that the insured has a comparable level of disability. The monthly benefit for each Continuous Period of Care will be equal to the lesser of: (1) 2% of the Death Benefit as of the time we pay the first benefit for that period; or (2) $5,000. If you reduce the Death Benefit during a Continuous Period of Care by taking a cash withdrawal after we pay a benefit, we may adjust the amount and duration of all future monthly benefits. We will not deny benefits because the insured is receiving Custodial Care, as long as the insured would otherwise be eligible for benefits. BENEFIT FOR We will pay benefits monthly if, for a Continuous Period of HOME HEALTH Care: (1) the insured receives Home Health Care because of CARE inability to perform three or more Activities of Daily Living without human assistance; or (2) the insured receives Home Health Care for what we determine to be a comparable level of disability. The monthly benefit for each Continuous Period of Care will be equal to the lesser of: (1)1% of the Death Benefit as of the time we pay the first benefit for that period; or (2) $2,500. If you reduce the Death Benefit during a Continuous Period of Care by taking a cash withdrawal after we pay a benefit, we may adjust the amount and duration of all future monthly benefits. DEFINITIONS Activities of Daily Living are: (1) bathing; effectively using bath water, and towel drying the body; (2) dressing, putting on, taking off, clothes and special devices like splints or braces; (3) transferring; moving from one support structure to another, such as from a chair to a bed; (4) mobility; moving about from one place to another; (5) toileting; using the toilet or related equipment and performing related hygiene; (6) continence; controlling bladder and bowel sphincter muscles and maintaining hygiene; and (7) eating; consuming food after it has been prepared, including food to mouth. 1-LTCFPMLI-90 BAABPE OH METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF POLICY BENEFITS FOR LONG TERM CARE This rider is a part of the policy if it is referred to on page 3. This rider provides for payment of part of the Death Benefit of the policy during the lifetime of the insured, to help cover certain long term care costs incurred by the insured. Rider benefits may be used to pay for the cost of care, or in any other way you choose. The cash value, loan values and the Specified Face Amount of the policy will be reduced to the extent we pay benefits under this rider. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR AFFECT YOUR ELIGIBILITY FOR BENEFITS UNDER STATE AND FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. DATE OF RIDER The effective date of this rider is the date shown on page 3. ELIMINATION For each Continuous Period of Care, we will pay benefits for care PERIOD received after the insured has received any combination of Home Health Care or treatment in a Convalescent Care Facility for 90 continuous days. BENEFIT FOR We will pay benefits monthly if the insured is: (1) confined for TREATMENT IN a Continuous Period of Care in a Convalescent Care Facility; and A CONVALESCENT (2) is unable to perform three or more Activities of Daily Living CARE FACILITY without human assistance; or we determine that the insured has a comparable level of disability. The monthly benefit for each Continuous Period of Care will be equal to the lesser of: (1) 2% of the Death Benefit as of the time we pay the first benefit for that period; or (2) $5,000. If you reduce the Death Benefit during a Continuous Period of Care by taking a cash withdrawal after we pay a benefit, we may adjust the amount and duration of all future monthly benefits. We will not deny benefits because the insured is receiving care in a Custodial Care facility, as long as the insured would otherwise be eligible for benefits. BENEFIT FOR We will pay benefits monthly if, for a Continuous Period of Care: HOME HEALTH (1) the insured receives Home Health Care because of inability to CARE perform three or more Activities of Daily Living without human assistance; or (2) the insured receives Home Health Care for what we determine to be a comparable level of disability. The monthly benefit for each Continuous Period of Care will be equal to the lesser of: (1) 1% of the Death Benefit as of the time we pay the first benefit for that period; or (2) $2,500. If you reduce the Death Benefit during a Continuous Period of Care by taking a cash withdrawal after we pay a benefit, we may adjust the amount and duration of all future monthly benefits. DEFINITIONS Activities of Daily Living are: (1) bathing; effectively using bath water, and towel drying the body; (2) dressing; putting on, taking off, clothes and special devices like splints or braces; (3) transferring; moving from one support structure to another, such as from a chair to a bed; (4) mobility; moving about from one place to another; (5) toileting; using the toilet or related equipment and performing related hygiene; (6) continence; controlling bladder and bowel sphincter muscles and maintaining hygiene; and (7) eating; consuming food after it has been prepared, including food to mouth. 1-LTCFPMLI-90 BAABPJ TN METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF DEATH BENEFITS This rider is a part of the policy as of the issue date of the policy. This rider provides for payment of an Accelerated Death Benefit during the lifetime of the insured, if the insured is terminally ill. Rider benefits may be used for any purpose whatsoever. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. DEFINITIONS The "INSURED" is the person at whose death the Policy Benefit would be payable. The "INSURED" does not include any person who has life insurance coverage only under a rider to the policy, or any person who has coverage because of his or her relationship to the insured. "POLICY BENEFIT" is the amount we would pay to the insured's beneficiaries in the absence of this rider, on the death of the insured. "ACCELERATED DEATH BENEFIT" is the amount we will pay under this rider if we receive proof that the insured is terminally ill. We will compute this amount based on the amount of the Policy Benefit applied under this rider, using an interest factor based on the insured's reduced life expectancy. If we pay an Accelerated Death Benefit, the Policy Benefit may be adjusted by the following if they apply: any expected future premiums; any expected future dividends at the then current dividend scale; any excess interest credited on contract values; the rate of any current contract charges; an administrative fee of up to $150. "YOU" refers to the owner of this policy. "WE," "US," and "OUR" refer to Metropolitan Insurance and Annuity Company. "TERMINALLY ILL" means having a life expectancy of 12 months or less. ASSUMPTIONS The interest and mortality assumptions we use may change from time to time. However, the interest rate we use will never be more than the rate charged on policy loans for policies then being issued. The rider proceeds will never be less than the cash value of the policy multiplied by the percentage of the Policy Benefit you choose to accelerate. AMOUNT OF If the face amount of your policy is $50,000 or less, you must ACCELERATED apply 75% of the Policy Benefit to your Accelerated Death DEATH BENEFIT Benefit. If the face amount of your policy is greater than $50,000, you may apply less than 75% of the Policy Benefit but: (1) you must apply at least $20,000; and (2) the face amount of insurance remaining after this payment must be at least $25,000. If the face amount of your policy is greater than $50,000, you cannot apply more than the greater of (1) $250,000, or (2) 10% of the Policy Benefit. You may not ask for more than one Accelerated Death Benefit under the rider. EFFECT OF When you apply part of the Policy Benefit to your Accelerated BENEFIT Death Benefit, the policy will stay in force. Any riders which ACCELERATION provide insurance on the life of someone other than the insured ON POLICY will stay in effect pursuant to their terms as if the insured had RIDERS died, and no further premiums will be payable. We will make payment under this rider by applying coverages in the following order to the Accelerated Death Benefit: 1) any riders on the insured's life; 2) any insurance bought by dividends and 3) the policy Face Amount. Policy premiums, values and the face amount of insurance will be reduced appropriately. 1-AB-91 BAABRE CT RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) GENERAL Your right to Accelerated Death Benefits under this rider is PROVISIONS subject to the following: 1. The policy must be in force other than as extended term insurance. 2. This rider is subject to the terms of the policy Incontestability provision. 3. This rider does not apply if the insured's terminal illness is the result of an attempt to commit suicide, while any policy suicide clause is in effect. 4. Any irrevocable beneficiary must consent in writing to the payment of an Accelerated Death Benefit under this rider. We may also require that the beneficiary, contingent beneficiary, assignee, or any other party in interest consent to our payment. 5. Your policy is not eligible for this benefit if: (a) you are required by law to use this rider to meet the claims of creditors, whether in bankruptcy or otherwise; or (b) you are required by a government agency to use this rider to apply for, obtain, or keep a government benefit or entitlement. 6. This rider may be reinstated subject to the same terms which apply to the policy. HOW TO APPLY You must: (1) apply for this option in writing; (2) send us the FOR THIS policy; and (3) provide proof satisfactory to us, including a BENEFIT statement signed by a physician, that the insured is terminally ill. We have the right to have the insured examined at our expense by a physician we choose. PAYMENT OF At our option, the Accelerated Death Benefit will be paid to you ACCELERATED or will be placed in an interest bearing account to which you DEATH will have immediate access. BENEFIT RIDER DEATH If the insured dies within 60 days of a payment made under this BENEFIT rider, on receipt of proof of death and a proper claim, we will pay the beneficiary the difference between the Policy Benefit and Accelerated Death Benefit. TERMINATION 1. You may cancel this rider if you ask us to do so in writing, and send us the policy. 2. This rider will end at the end of the grace period of the first unpaid premium for the policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary 1-AB-91 BAABRF CT METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF DEATH BENEFITS This rider is a part of the policy as of the issue date of the policy. THIS RIDER PROVIDES AN ACCELERATED PAYMENT OF LIFE INSURANCE PROCEEDS. IT IS NOT INTENDED TO PROVIDE HEALTH, NURSING HOME OR LONG-TERM CARE INSURANCE. RIDER BENEFITS MAY BE USED FOR ANY PURPOSE WHATSOEVER. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. DEFINITIONS The "INSURED" is the person at whose death the policy benefit would be payable. The "INSURED" does not include any person who has life insurance coverage only under a rider to the policy, or any person who has coverage because of his or her relationship to the insured. "POLICY BENEFIT" is the amount we would pay to the insured's beneficiaries in the absence of this rider, on the death of the insured. "ACCELERATED DEATH BENEFIT" is the amount we will pay under this rider if we receive proof that the insured has a total and permanent disability. We will compute this amount based on the amount of the Policy Benefit applied under this rider, using an interest factor based on the insured's reduced life expectancy. If we pay an Accelerated Death Benefit, the Policy Benefit may be adjusted by the following if they apply: any expected future premiums; any expected future dividends at the then current dividend scale; any excess interest credited on contract values; the rate of any current contract charges; an administrative fee of up to $150. "YOU" refers to the owner of this policy. "WE," "US," and "OUR" refer to Metropolitan Insurance and Annuity Company. "TOTAL AND PERMANENT DISABILITY" is a diagnosis that the insured is terminally ill with 6 months or less to live. ASSUMPTIONS The interest and mortality assumptions we use may change from time to time. However, the interest rate we use will never be more than the rate charged on policy loans for policies then being issued. The rider proceeds will never be less than the cash value of the policy multiplied by the percentage of the Policy Benefit you choose to accelerate. AMOUNT OF You must apply all of the Policy Benefit to your Accelerated ACCELERATED Death Benefit, if the face amount of your policy is $50,000 or DEATH BENEFIT less. You cannot apply more than the greater of (1) $250,000, or (2) 10% of the Policy Benefit under this and all other similar riders issued by Metropolitan Life Insurance Company or one of our affiliates. If you apply part of the Policy Benefit to an Accelerated Death Benefit under this rider: (1) you must apply at least $20,000; and (2) the face amount of insurance remaining after this payment must be at least $25,000. You may not ask for more than one Accelerated Death Benefit under the rider. EFFECT OF If you apply all of the Policy Benefit to your Accelerated BENEFIT Death Benefit, all policy benefits based on the insured's life, ACCELERATION except for any benefit for accidental death, will end. Any ON POLICY accidental death benefit on the life of the insured will RIDERS continue in force for 12 months from the date of any payment under this rider. Any riders which provide insurance on the life of someone other than the insured will stay in effect pursuant to their terms as if the insured had died. No further premiums will be payable. 1-AB-91 BAABR1 MI RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) If you apply part of the Policy Benefit to your Accelerated Death Benefit, the policy will stay in force. We will make payment by applying coverages in the following order to the Accelerated Death Benefit: 1) any riders on the insured's life; 2) any insurance bought by dividends and 3) the policy Face Amount. Policy premiums, values and the face amount of insurance will be reduced appropriately. GENERAL Your right to Accelerated Death Benefits under this rider is PROVISIONS subject to the following: 1. The policy must be in force other than as extended term insurance. 2. This rider is subject to the terms of the policy Incontestability provision. 3. This rider does not apply if the insured's total and permanent disability is the result of an attempt to commit suicide, while any policy suicide clause is in effect. 4. Any irrevocable beneficiary must consent in writing to the payment of an Accelerated Death Benefit under this rider. We may also require that the beneficiary, contingent beneficiary, assignee, or any other party in interest consent to our payment. 5. Your policy is not eligible for this benefit if: (a) you are required by law to use this rider to meet the claims of creditors, whether in bankruptcy or otherwise; or (b) you are required by a government agency to use this rider to apply for, obtain, or keep a government benefit or entitlement. 6. This rider may be reinstated subject to the same terms which apply to the policy. HOW TO APPLY You must: (1) apply for this option in writing; (2) send us the FOR THIS policy; and (3) provide proof satisfactory to us, including a BENEFIT statement signed by a physician, that the insured is terminally ill. We have the right to have the insured examined at our expense by a physician we choose. PAYMENT OF The Accelerated Death Benefit will be paid to you. We may ACCELERATED provide an option for the benefit to be placed in an interest DEATH BENEFIT bearing account to which you will have immediate access. RIDER DEATH If the insured dies within 60 days of a payment made under BENEFIT this rider, on receipt of proof of death and a proper claim, we will pay the beneficiary the difference between the Policy Benefit and Accelerated Death Benefit. TERMINATION 1. You may cancel this rider if you ask us to do so in writing, and send us the policy. 2. This rider will end at the end of the grace period of the first unpaid premium for the policy. /s/ Nicholas D. Latrenta Nicholas D. Latrenta Vice-President and Secretary 1-AB-92 BAABR2 MI METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF DEATH BENEFITS FOR TERMINAL CONDITION This rider is a part of the policy as of the issue date of the policy. This rider provides for payment of an Accelerated Death Benefit during the lifetime of the insured, if the insured has a terminal condition. Rider benefits may be used for any purpose whatsoever. THE DEATH BENEFIT AND ANY ACCUMULATION VALUES AND CASH VALUES OF THE POLICY WILL BE REDUCED IF WE PAY A BENEFIT UNDER THIS RIDER. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. DEFINITIONS The "INSURED" is the person at whose death the Policy Benefit would be payable. The "INSURED" does not include any person who has life insurance coverage only under a rider to the policy, or any person who has coverage because of his or her relationship to the insured. "POLICY BENEFIT" is the amount we would pay to the insured's beneficiaries in the absence of this rider, on the death of the insured. "ACCELERATED DEATH BENEFIT" is the amount we will pay under this rider if we receive proof that the insured has a terminal condition. We will compute this amount based on the amount of the Policy Benefit applied under this rider, using an interest factor based on the insured's reduced life expectancy. If we pay an Accelerated Death Benefit, the Policy Benefit may be adjusted by the following if they apply: any expected future premiums; any expected future dividends at the then current dividend scale; any excess interest credited on contract values; the rate of any current contract charges; an administrative fee of up to $150. "YOU" refers to the owner of this policy. "WE," "US," and "OUR" refer to Metropolitan Life Insurance Company. "TERMINAL CONDITION" means having a life expectancy of 12 months or less. ASSUMPTIONS The interest and mortality assumptions we use may change from time to time. However, the interest rate we use will never be more than the rate charged on policy loans for policies then being issued. The rider proceeds will never be less than the cash value of the policy multiplied by the percentage of the Policy Benefit you choose to accelerate. AMOUNT OF You must apply all of the Policy Benefit to your Accelerated ACCELERATED Death Benefit, if the face amount of your policy is $50,000 or DEATH BENEFIT less. You cannot apply more than the greater of (1) $250,000, or (2) 10% of the Policy Benefit under this and all other similar riders issued by Metropolitan Life Insurance Company or one of our affiliates. The amount of your Accelerated Death Benefit will be reduced by the amount of any outstanding policy loan and loan interest to the date of claim. If you apply part of the Policy Benefit to an Accelerated Death Benefit under this rider: (1) you must apply at least $20,000; and (2) the face amount of insurance remaining after this payment must be at least $25,000. You may not receive more than one Accelerated Death Benefit under the rider. The amount of your Accelerated Death Benefit will be reduced by the amount of any policy loan and loan interest that cannot be supported by the policy that continues in force. EFFECT OF If you apply all of the Policy Benefit to your Accelerated Death BENEFIT Benefit, all policy benefits based on the insured's life, except ACCELERATION for any benefit for accidental death, will end. Any accidental ON POLICY AND death benefit on the life of the insured will continue in force RIDERS for 12 months from the date of any payment under this rider. Any riders which provide insurance on the life of someone other than the insured will stay in effect pursuant to their terms as if the insured had died. No further premiums will be payable. 1-AB-91 BAABQ2 PA RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) If you apply part of the Policy Benefit to your Accelerated Death Benefit, the policy will stay in force. We will make payment by applying coverages in the following order to the Accelerated Death Benefit: 1) any riders on the insured's life; 2) any insurance bought by dividends and 3) the policy Face Amount. Policy premiums, accumulation or cash values and the face amount of insurance for any coverage that is only partially applied will be reduced in proportion to the reduction in the death benefit accelerated. Any outstanding policy loan and loan interest will be reduced, if necessary, to an amount that can be supported by the policy that continues in force. GENERAL Your right to Accelerated Death Benefits under this rider is PROVISIONS subject to the following: 1. The policy must be in force other than as extended term insurance, when the insured is diagnosed as having a terminal condition. 2. This rider is subject to the terms of the policy Incontestability provision. 3. This rider does not apply if the insured's terminal condition is the result of an attempt to commit suicide, while any policy suicide clause is in effect. 4. Any irrevocable beneficiary must consent in writing to the payment of an Accelerated Death Benefit under this rider. We may also require that the beneficiary, contingent beneficiary, assignee, or any other party in interest consent to our payment. 5. Your policy is not eligible for this benefit if: (a) you are required by law to use this rider to meet the claims of creditors, whether in bankruptcy or otherwise; or (b) you are required by a government agency to use this rider to apply for, obtain, or keep a government benefit or entitlement. 6. This rider may be reinstated subject to the same terms which apply to the policy. HOW TO APPLY You must: (1) apply for this option in writing (2) send us the FOR THIS policy and (3) provide proof satisfactory to us, including a BENEFIT statement signed by a physician, that the insured has a terminal condition. We will send you a Benefit Payment Notice, specifying the amounts of the benefit, and any remaining death benefit accumulation values, cash values, and loan balance. We have the right to have the insured examined at our expense by a physician we choose. PAYMENT OF At our option, the Accelerated Death Benefit will be paid to you ACCELERATED or will be placed in an interest bearing account to which you DEATH BENEFIT will have immediate access. RIDER DEATH If the insured dies within 60 days of a payment made under this BENEFIT rider, on receipt of proof of death and a proper claim, we will pay the beneficiary the difference between the Policy Benefit and Accelerated Death Benefit. TERMINATION 1. You may cancel this rider if you ask us to do so in writing, and send us the policy. 2. This rider will end: (a) at the end of the grace period of the first unpaid premium for the policy; (b) on termination of the policy; or (c) on payment of an accelerated death benefit. /s/ Nicholas D. Latrenta Nicholas D. Latrenta Vice-President and Secretary 1-AB-91 BAABQ3 PA METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF DEATH BENEFITS This rider is a part of the policy as of the issue date of the policy. This rider provides for payment of an Accelerated Death Benefit during the lifetime of the insured, if the insured is terminally ill. Rider benefits may be used for any purpose whatsoever. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. BENEFIT PAYMENTS MADE UNDER THIS RIDER WILL REDUCE POLICY PREMIUMS, VALUES AND THE FACE AMOUNT OF INSURANCE. DEFINITIONS The "INSURED" is the person at whose death the Policy Benefit would be payable. The "INSURED" does not include any person who has life insurance coverage only under a rider to the policy, or any person who has coverage because of his or her relationship to the insured. "POLICY BENEFIT" is the amount we would pay to the insured's beneficiaries in the absence of this rider, on the death of the insured. "ACCELERATED DEATH BENEFIT" is the amount we will pay under this rider if we receive proof that the insured is terminally ill. We will compute this amount based on the amount of the Policy Benefit applied under this rider, using an interest factor based on the insured's reduced life expectancy. If we pay an Accelerated Death Benefit, the Policy Benefit may be adjusted by the following if they apply: any expected future premiums; any expected future dividends at the then current dividend scale; any excess interest credited on contract values; the rate of any current contract charges; an administrative fee of up to $150. "YOU" refers to the owner of this policy. "WE," "US," and "OUR" refer to Metropolitan LIfe Insurance Company. "TERMINALLY ILL" means having a life expectancy of 12 months or less. ASSUMPTIONS The interest and mortality assumptions we use may change from time to time. However, the interest rate we use will never be more than the rate charged on policy loans for policies then being issued. The rider proceeds will never be less than the cash value of the policy multiplied by the percentage of the Policy Benefit you choose to accelerate. AMOUNT OF If the face amount of your policy is $50,000 or less, you must ACCELERATED apply 75% of the Policy Benefit to your Accelerated Death DEATH BENEFIT Benefit. If the face amount of your policy is greater than $50,000, you may apply less than 75% of the Policy Benefit but: (1) you must apply at least $20,000; and (2) the face amount of insurance remaining after this payment must be at least $25,000. If the face amount of your policy is greater than $50,000, you cannot apply more than the greater of (1) $250,000, or (2) 10% of the Policy Benefit. You may not ask for more than one Accelerated Death Benefit under the rider. EFFECT OF When you apply part of the Policy Benefit to your Accelerated BENEFIT Death Benefit, the policy will stay in force. Any ACCELERATION riders which provide insurance on the life of someone other than ON POLICY the insured will stay in effect pursuant to their terms as if the RIDERS insured had died, and no further premiums will be payable. We will make payment under this rider by applying coverages in the following order to the Accelerated Death Benefit; 1) any riders on the insured's life; 2) any insurance bought by dividends and 3) the policy Face Amount. Policy premiums, values and the face amount of insurance will be reduced appropriately. 1-AB-91 BAABQ8 SC RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) GENERAL Your right to Accelerated Death Benefits under this rider is PROVISIONS subject to the following: 1. The policy must be in force other than as extended term insurance. 2. This rider is subject to the terms of the policy Incontestability provision, beginning on the effective date of the policy. 3. This rider does not apply if the insured's terminal illness is the result of an attempt to commit suicide, while any policy suicide clause is in effect. 4. Any irrevocable beneficiary must consent in writing to the payment of an Accelerated Death Benefit under this rider. We may also require that the beneficiary, contingent beneficiary, assignee, or any other party in interest consent to our payment. 5. Your policy is not eligible for this benefit if: (a) you are required by law to use this rider to meet the claims of creditors, whether in bankruptcy or otherwise; or (b) you are required by a government agency to use this rider to apply for, obtain, or keep a government benefit or entitlement. 6. This rider may be reinstated subject to the same terms which apply to the policy. HOW TO APPLY You must: (1) apply for this option in writing; (2) send us the FOR THIS policy; and (3) provide proof satisfactory to us, including a BENEFIT statement signed by a physician, that the insured is terminally ill. We have the right to have the insured examined at our expense by a physician we choose. PAYMENT OF Unless you request otherwise, at our option, the Accelerated ACCELERATED Death Benefit will be paid to you or will be placed in an DEATH BENEFIT interest bearing account to which you will have immediate access. RIDER DEATH If the insured dies within 60 days of a payment made under this BENEFIT rider, on receipt of proof of death and a proper claim, we will pay the beneficiary the difference between the Policy Benefit and Accelerated Death Benefit. TERMINATION 1. You may cancel this rider if you ask us to do so in writing, and send us the policy. 2. This rider will end at the end of the grace period of the first unpaid premium for the policy. /s/ Nicholas D. Latrenta Nicholas D. Latrenta Vice-President and Secretary 1-AB-91 BAABQ9 SC METROPOLITAN LIFE INSURANCE COMPANY RIDER: ACCELERATION OF DEATH BENEFITS This rider is a part of the policy as of the issue date of the policy. This rider provides for payment of an Accelerated Death Benefit during the lifetime of the insured, if the insured is terminally ill. Rider benefits may be used for any purpose whatsoever. DEATH BENEFITS & CASH VALUES WILL BE REDUCED, AND LOAN VALUES MAY BE REDUCED, IF AN ACCELERATED BENEFIT IS PAID. IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO DETERMINE THE EFFECT ON YOU. DEFINITIONS The "INSURED" is the person at whose death the Policy Benefit would be payable. The "INSURED" does not include any person who has life insurance coverage only under a rider to the policy, or any person who has coverage because of his or her relationship to the insured. "POLICY BENEFIT" is the amount we would pay to the insured's beneficiaries in the absence of this rider, on the death of the insured. "ACCELERATED DEATH BENEFIT" is the amount we will pay under this rider if we receive proof that the insured is terminally ill. We will compute this amount based on the amount of the Policy Benefit applied under this rider, using an interest factor based on the insured's reduced life expectancy. If we pay an Accelerated Death Benefit, the Policy Benefit may be adjusted by the following if they apply: any expected future premiums; any expected future dividends at the then current dividend scale; any excess interest credited on contract values; the rate of any current contract charges; an administrative fee of up to $150. "YOU" refers to the owner of this policy. "WE," "US," And "OUR" refer to Metropolitan Insurance and Annuity Company. "TERMINALLY ILL" means having a life expectancy of 12 months or less. ASSUMPTIONS The interest and mortality assumptions we use may change from time to time. However, the interest rate we use will never be more than the rate charged on policy loans for policies then being issued. The rider proceeds will never be less than the cash value of the policy multiplied by the percentage of the Policy Benefit you choose to accelerate. AMOUNT OF You must apply all of the Policy Benefit to your Accelerated ACCELERATED Death Benefit, if the face amount of your policy is $50,000 or DEATH BENEFIT less. You cannot apply more than the greater of (1) $250,000, or (2) 10% of the Policy Benefit under this and all other similar riders issued by Metropolitan Life Insurance Company or one of our affiliates. If you apply part of the Policy Benefit to an Accelerated Death Benefit under this rider: (1) you must apply at least $20,000; and (2) the face amount of insurance remaining after this payment must be at least $25,000. You may not ask for more than one Accelerated Death Benefit under the rider. 1-AB-91 BAABRK TX RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) If you apply all of the Policy Benefit to your Accelerated Death Benefit, the benefit of this rider will be reduced by the amount of any outstanding policy loan and loan interest to the date of claim. If you apply part of the Policy Benefit to your Accelerated Death Benefit, the benefit of this rider will be reduced by the amount of any policy loan and loan interest that cannot be supported by the policy that continues in force. EFFECT OF If you apply all of the Policy Benefit to your Accelerated BENEFIT Death Benefit, all policy benefits based on the insured's life, ACCELERATION except for any benefit for accidental death, will end. Any ON POLICY accidental death benefit on the life of the insured will VALUES continue in force for 12 months from the date of any payment under this rider. Any riders which provide insurance on the life of someone other than the insured will stay in effect pursuant to their terms as if the insured had died. No further premiums will be payable. If you apply part of the Policy Benefit to your Accelerated Death Benefit, the policy will stay in force. Premiums and cash value will be reduced. Cash value will be reduced by an amount equal to the pro rata portion of the cash value associated with the death benefit accelerated by this rider. We will make payment by coverages in the following order to the Accelerated Death Benefit; 1) any riders on the insured's life; 2) any insurance bought by dividends; 3) any increase after policy issue in the Face Amount, on a last in, first out, basis; and 4) the original policy Face Amount. Policy premiums, values and the face amount of insurance will be reduced appropriately. Any benefit paid under this rider will be accompanied by a statement of the effect of benefit acceleration on policy values, to include, where appropriate, the Death Benefit, Specified Face Amount, Accumulation Fund, cash values, loans, and future charges or premiums. GENERAL Your right to Accelerated Death Benefits under this rider is PROVISIONS subject to the following: 1. The policy must be in force other than as extended term insurance. 2. This rider is subject to the terms of the policy Incontestability provision. 3. This rider does not apply if the insured's terminal illness is the result of an attempt to commit suicide, while any policy suicide clause is in effect. 4. Any irrevocable beneficiary must consent in writing to the payment of an Accelerated Death Benefit under this rider. We may also require that the beneficiary, contingent beneficiary, assignee, or any other party in interest consent to our payment. 5. Your policy is not eligible for this benefit if: (a) you are required by law to use this rider to meet the claims of creditors, whether in bankruptcy or otherwise; or (b) you are required by a government agency to use this rider to apply for, obtain, or keep a government benefit or entitlement. 6. This rider may be reinstated subject to the same terms which apply to the policy. HOW TO APPLY You must: (1) apply for this option in writing; (2) send us the FOR THIS policy, and before the death of the insured; (3) provide proof BENEFIT satisfactory to us, including a statement signed by a physician, that the insured is terminally ill. We have the right to have the insured examined at our expense by a physician we choose. If we do so, the opinion of the physician we choose will determine if the insured is terminally ill as defined by this rider. 1-AB-91 BAABRL TX RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) PAYMENT OF At our option, the Accelerated Death Benefit will be paid to you ACCELERATED or will be placed in an interest bearing account to which you DEATH BENEFIT will have immediate access. RIDER DEATH If the insured dies within 60 days of a payment made under this BENEFIT rider, on receipt of proof of death and a proper claim, we will pay the beneficiary the difference between the Policy Benefit and Accelerated Death Benefit. TERMINATION 1. You may cancel this rider if you ask us to do so in writing, and send us the policy. 2. This rider will end at the end of the grace period of the first unpaid premium for the policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary 1-AB-91 BAABRM TX RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED) If you apply part of the Policy Benefit to your Accelerated Death Benefit, the policy will stay in force. We will make payment by applying coverages in the following order to the Accelerated Death Benefit: 1) any riders on the insured's life; 2) any insurance bought by dividends and 3) the policy Face Amount. Policy premiums, values and the face amount of insurance will be reduced appropriately. GENERAL Your right to Accelerated Death Benefits under this rider is PROVISIONS subject to the following: 1. The policy must be in force other than as extended term insurance. 2. This rider is subject to the terms of the policy Incontestability provision. 3. This rider does not apply if the insured's terminal illness is the result of an attempt to commit suicide, while any policy suicide clause is in effect. 4. Any irrevocable beneficiary must consent in writing to the payment of an Accelerated Death Benefit under this rider. We may also require that the beneficiary, contingent beneficiary, assignee, or any other party in interest consent to our payment. 5. Your policy is not eligible for this benefit if: (a) you are required by law to use this rider to meet the claims of creditors, whether in bankruptcy or otherwise; or (b) you are required by a government agency to use this rider to apply for, obtain, or keep a government benefit or entitlement. 6. This rider may be reinstated subject to the same terms which apply to the policy. HOW TO APPLY You must: (1) apply for this option in writing; (2) send us the FOR THIS policy; and (3) provide proof satisfactory to us, including a BENEFIT statement signed by a physician, that the insured is terminally ill. We have the right to have the insured examined at our expense by a physician we choose. PAYMENT OF The Accelerated Death Benefit will be paid to you. We may ACCELERATED provide an option for the benefit to be placed in an interest DEATH BENEFIT bearing account to which you will have immediate access. RIDER DEATH If the insured dies within 60 days of a payment made under BENEFIT this rider, on receipt of proof of death and a proper claim, we will pay the beneficiary the difference between the Policy Benefit and Accelerated Death Benefit. TERMINATION 1. You may cancel this rider if you ask us to do so in writing, and send us the policy. 2. This rider will end at the end of the grace period of the first unpaid premium for the policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary 1-AB-91 BAABR8 WA RIDER: DISABILITY WAIVER BENEFIT (CONTINUED) TABLE OF GUARANTEED MAXIMUM COSTS (SEE "COST OF RIDER" PROVISION) - -------------------------------------------------------------------------------- Maximum Monthly Maximum Monthly Age at Cost of Rider as a Age at Cost of Rider as a Beginning of Percentage of the Beginning of Percentage of the Rider Year Total Monthly Deduction Rider Year Total Monthly Deduction - -------------------------------------------------------------------------------- 5 .020 33 .020 6 .020 34 .020 7 .020 35 .028 8 .020 36 .030 9 .020 37 .030 10 .020 38 .030 11 .020 39 .030 12 .020 40 .030 13 .020 41 .030 14 .020 42 .032 15 .020 43 .040 16 .020 44 .040 17 .020 45 .048 18 .020 46 .050 19 .020 47 .058 20 .020 48 .076 21 .020 49 .088 22 .020 50 .098 23 .020 51 .116 24 .020 52 .142 25 .020 53 .155 26 .020 54 .192 27 .020 55 .240 28 .020 56 .284 29 .020 57 .293 30 .020 58 .380 31 .020 59 .432 32 .020 - -------------------------------------------------------------------------------- 82W-87 MTLU BAABA9 82W-90 U METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No._______________________ ___________ issued on the life of ___________________________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at ________________ this ___________ day of____________ 19 ____ Witness to Signature __________________________ ______________________________ Signature of Applicant (Owner) Witness to Signature __________________________ ______________________________ Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHL METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Participating in a rodeo performance or in practice for such performance. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No._______________________ ___________ issued on the life of ___________________________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at ________________ this ___________ day of____________ 19 ____ Witness to Signature __________________________ ______________________________ Signature of Applicant (Owner) Witness to Signature __________________________ ______________________________ Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHM METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Any and all aspects of mountain climbing, either with or without special rigging or equipment, and encamping at the site of such climbing. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The --------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Applicant (Owner) Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHN METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Ascent, flight, or descent, by means of any apparatus used for such activity as kite flying, parasail flying, or hang- gliding. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The ----------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Applicant (Owner) Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHP METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Scuba diving or other underwater activity with supplementary air supply. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The --------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Applicant (Owner) Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHQ METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Driving or riding a motorcycle or similar vehicle engaged in racing, speed testing, or in trial runs in preparation for such racing or speed testing. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The --------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Applicant (Owner) Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHR METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Riding a bicycle engaged in racing or in trial runs or practice in preparation for such racing. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The --------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Applicant (Owner) Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHS METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Driving or riding in an automobile or similar vehicle engaged in racing, speed testing, or in trial runs in preparation for such racing or speed testing. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The --------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Applicant (Owner) Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHT METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY DEATH Upon the death of the insured as the result of an excluded BENEFIT risk, we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHX (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED) Written application for the new policy must be made by the insured person. (If an insured person is less than 15 years old, application may be made by the person who supports that person.) The application must be submitted, and the full first premium for the new policy must be paid, within 60 days before or 31 days after the end of the temporary death benefit on the insured person as provided by this endorsement. For the new policy to take effect: (1) the insured person must be alive on the date the temporary death benefit on that person ends; and (2) the full first premium for the new policy must be paid while that insured person is alive. The new policy may be on any life plan (but not a term plan) in an amount we regularly issue on the date of the new policy. If the insured person is the spouse of the insured, the new policy will be in the same underwriting classification as the applicable rider on the spouse; if that class is not offered, the new policy will be in the closest available class as we determine. If the insured person is a child of the insured, the new policy will be in the standard underwriting class. Any disability benefit, accidental death benefit, or other rider will be included in the new policy only if we approve. The premium for the new policy will be based on the plan, amount, the insured person's sex and age on the date of the policy, and its underwriting class. Premium rates will be those in effect on the date of the new policy. The policy provisions will also be those in effect on the date of the new policy, including any war or aviation restrictions that are then regularly included in policies being issued. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The --------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Insured Witness to Signature ------------------------- ------------------------------- Signature of Insured's Spouse Witness to Signature ------------------------- ------------------------------- Signature of Owner if other than the Insured Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary 71HX-89 Original BAABHY (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED) Written application for the new policy must be made by the insured person. (If an insured person is less than 15 years old, application may be made by the person who supports that person.) The application must be submitted, and the full first premium for the new policy must be paid, within 60 days before or 31 days after the end of the temporary death benefit on the insured person as provided by this endorsement. For the new policy to take effect: (1 )the insured person must be alive on the date the temporary death benefit on that person ends; and (2) the full first premium for the new policy must be paid while that insured person is alive. The new policy may be on any life plan (but not a term plan) in an amount we regularly issue on the date of the new policy. If the insured person is the spouse of the insured, the new policy will be in the same underwriting classification as the applicable rider on the spouse; if that class is not offered, the new policy will be in the closest available class as we determine. If the insured person is a child of the insured, the new policy will be in the standard underwriting class. Any disability benefit, accidental death benefit, or other rider will be included in the new policy only if we approve. The premium for the new policy will be based on the plan, amount, the insured person's age on the date of the policy, and its underwriting class. Premium rates will be those in effect on the date of the new policy. The policy provisions will also be those in effect on the date of the new policy, including any war or aviation restrictions that are then regularly included in policies being issued. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. ----------------------- issued on the life of when it was delivered. The --------------------------- undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at this day of 19 ---------- ----------- ----------------------- ---- Witness to Signature ------------------------- ------------------------------- Signature of Insured Witness to Signature ------------------------- ------------------------------- Signature of Insured's Spouse Witness to Signature ------------------------- ------------------------------- Signature of Owner if other than the Insured Witness to Signature ------------------------- ------------------------------- Signature of Beneficiary 71HX-89 Original BAABHZ METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Participating in a rodeo performance or in practice for such performance. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY DEATH Upon the death of the insured as the result of an excluded BENEFIT risk, we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABIB METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Any and all aspects of mountain climbing, either with or without special rigging or equipment, and encamping at the site of such climbing. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY DEATH Upon the death of the insured as the result of an excluded BENEFIT risk, we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABIC METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Ascent, flight, or descent, by means of any apparatus used for such activity as kite flying, parasail flying, or hang- gliding. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY DEATH Upon the death of the insured as the result of an excluded BENEFIT risk, we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABID METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Riding a bicycle engaged in racing or in trial runs or practice for such racing. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY DEATH Upon the death of the insured as the result of an excluded BENEFIT risk, we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABIE METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Scuba diving or other underwater activity with supplementary air supply. AMOUNT If the insured dies as the result of an excluded risk, the PAYABLE insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY Upon the death of the insured as the result of an excluded risk, DEATH BENEFIT we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABIF METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of the hazard or hazards described below will not be covered under this policy: Driving or riding in an automobile or similar vehicle engaged in racing, speed testing, or in trial runs in preparation for such racing or speed testing. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk . 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY Upon the death of the insured as the result of an excluded risk, DEATH BENEFIT we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABIG METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of travel in an aircraft or descent from the aircraft while in flight will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. _______________________ issued on the life of _______________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at _____________ this _________ day of __________________ 19___ Witness to Signature _________________________ ______________________________ Signature of Applicant (Owner) Witness to Signature _________________________ ______________________________ Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHG METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of travel in an aircraft or descent from the aircraft while in flight will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. CHANGE IN The "Incontestability" provision of this policy is canceled. The INCONTEST- following is substituted for it: ABILITY PROVISION "INCONTESTABILITY"-- We will not contest the validity of your policy after it has been in force during the insured's lifetime for 2 years from the date of the policy, except with respect to any aviation or war exclusion provisions included in the policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. _______________________ issued on the life of _______________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at _____________ this _________ day of __________________ 19___ Witness to Signature _________________________ ______________________________ Signature of Applicant (Owner) Witness to Signature _________________________ ______________________________ Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHH METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions This endorsement is a part of the policy to which it is attached. This endorsement will apply only if the insured dies within 5 years after the date of this policy. However, this endorsement will continue to apply after such 5-year period if: (a) before the date of this policy, the insured received aviation training or instruction; or (b) on the date of this policy, the insured's occupation entails duty on an aircraft in flight. EXCLUDED RISKS The death of the insured as a result of travel in an aircraft or descent from the aircraft while in flight will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. _______________________ issued on the life of _______________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at _____________ this _________ day of __________________ 19___ Witness to Signature _________________________ ______________________________ Signature of Applicant (Owner) Witness to Signature _________________________ ______________________________ Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHI METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions This endorsement is a part of the policy to which it is attached. EXCLUDED RISKS The death of the insured as a result of travel in an aircraft will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest: 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. _______________________ issued on the life of _______________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at _____________ this _________ day of __________________ 19___ Witness to Signature _________________________ ______________________________ Signature of Applicant (Owner) Witness to Signature _________________________ ______________________________ Signature of Beneficiary --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABHJ METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of travel in an aircraft or descent from the aircraft while in flight will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. CHANGE IN The "Incontestability" provision of this policy is canceled. INCONTEST- The following is substituted for it: ABILITY PROVISION "INCONTESTABILITY-- We will not contest the validity of your policy after it has been in force during the insured's lifetime for 2 years from the date of the policy, except with respect to any aviation or war exclusion provisions included in the policy." (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY Upon the death of the insured as the result of an excluded risk, DEATH BENEFIT we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71hx-89 Original BAABH1 METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED This endorsement will apply only if the insured dies within 5 years after the date of this policy. However, this endorsement will continue to apply after such 5-year period if: (a) before the date of this policy, the insured received aviation training or instruction; or (b) on the date of this policy, the insured's occupation entails duty on an aircraft in flight. EXCLUDED RISKS The death of the insured as a result of travel in an aircraft or descent from the aircraft while in flight will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY Upon the death of the insured as the result of an excluded risk, DEATH BENEFIT we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABH2 METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of travel in an aircraft will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY Upon the death of the insured as the result of an excluded risk, DEATH BENEFIT we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABH3 (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED) Written application for the new policy must be made by the insured person. (If an insured person is less than 15 years old, application may be made by the person who supports that person.) The application must be submitted, and the full first premium for the new policy must be paid, within 60 days before or 31 days after the end of the temporary death benefit on the insured person as provided by this endorsement. For the new policy to take effect: (1) the insured person must be alive on the date the temporary death benefit on that person ends; and (2) the full first premium for the new policy must be paid while that insured person is alive. The new policy may be on any life plan (but not a term plan) in an amount we regularly issue on the date of the new policy. If the insured person is the spouse of the insured, the new policy will be in the same underwriting classification as the applicable rider on the spouse; if that class is not offered, the new policy will be in the closest available class as we determine. If the insured person is a child of the insured, the new policy will be in the standard underwriting class. Any disability benefit, accidental death benefit, or other rider will be included in the new policy only if we approve. The premium for the new policy will be based on the plan, amount, the insured person's age on the date of the policy, and its underwriting class. Premium rates will be those in effect on the date of the new policy. The policy provisions will also be those in effect on the date of the new policy, including any war or aviation restrictions that are then regularly included in policies being issued. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. _______________________ issued on the life of _______________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at _____________ this _________ day of __________________ 19___ Witness to Signature _________________________ ______________________________ Signature of Insured Witness to Signature _________________________ ______________________________ Signature of Insured's Spouse Witness to Signature _________________________ ______________________________ Signature of Owner if other than the insured Witness to Signature _________________________ ______________________________ Signature of Beneficiary 71HX-89 Original BAABH4 METROPOLITAN LIFE INSURANCE COMPANY Endorsement: Aviation Exclusion Provisions (A) Limited Death Benefit on Insured AND (B) Benefits For Any Other Insured Family Members This endorsement is a part of the policy to which it is attached. (A) LIMITED DEATH BENEFIT ON INSURED EXCLUDED RISKS The death of the insured as a result of travel in an aircraft or descent from the aircraft while in flight will not be covered under this policy if the insured: (a) Acted in any capacity other than as a passenger; or (b) Was on a non-military flight for the purpose of descent from the aircraft while in flight. AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the insurance proceeds will not be payable. Instead, we will pay the beneficiary an amount equal to (1) or (2) below, whichever is more, less any policy loan and loan interest. Also, this policy and any riders will be void, except as provided in Section (B) below, when the insured dies as the result of an excluded risk. 1. All premiums paid; or 2. The reserve on this policy. If the insured dies as the result of an excluded risk: . The "Incontestability" provision of this policy will not require us to pay more than the amount stated above; and . We will in no event pay more than would be the case if this endorsement were not a part of this policy. RESERVE For the purpose of this endorsement, the reserve will not include the reserve on any disability or accidental death benefits which may be included in this policy. (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS The following provisions apply if this policy includes any rider which provides coverage on other insured family members (the spouse or children of the insured); and if such rider is in force on the date of the insured's death. Each such other family member is called an "insured person" in the following provisions. TEMPORARY Upon the death of the insured as the result of an excluded risk, DEATH BENEFIT we will provide term insurance on each insured person for a period of one year from the date of the insured's death. However, this term insurance will not be provided beyond the date when coverage on the insured person would have ended, as stated in the applicable rider. The amount of this term insurance will equal the amount of insurance that would have been provided under a supplementary paid-up policy issued under the rider's terms, in the event of the insured's death. No premium will be required for this temporary death benefit. The benefit will be payable under the terms of the applicable rider. OPTION FOR When the temporary death benefit ends, a new policy may be NEW POLICY obtained without evidence of insurability on each insured person. The amount of life insurance provided by the new policy on an insured person may not exceed the temporary death benefit provided by this endorsement on such person. (continued on following page) --------------------------------------------- THIS COPY IS TO REMAIN ATTACHED TO THE POLICY --------------------------------------------- 71HX-89 Original BAABH7 (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED) Written application for the new policy must be made by the insured person. (If an insured person is less than 15 years old, application may be made by the person who supports that person.) The application must be submitted, and the full first premium for the new policy must be paid, within 60 days before or 31 days after the end of the temporary death benefit on the insured person as provided by this endorsement. For the new policy to take effect: (1) the insured person must be alive on the date the temporary death benefit on that person ends; and (2) the full first premium for the new policy must be paid while that insured person is alive. The new policy may be on any life plan (but not a term plan) in an amount we regularly issue on the date of the new policy. If the insured person is the spouse of the insured, the new policy will be in the same underwriting classification as the applicable rider on the spouse; if that class is not offered, the new policy will be in the closest available class as we determine. If the insured person is a child of the insured, the new policy will be in the standard underwriting class. Any disability benefit, accidental death benefit, or other rider will be included in the new policy only if we approve. The premium for the new policy will be based on the plan, amount, the insured person's sex and age on the date of the policy, and its underwriting class. Premium rates will be those in effect on the date of the new policy. The policy provisions will also be those in effect on the date of the new policy, including any war or aviation restrictions that are then regularly included in policies being issued. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary A copy of the above agreement was attached to Policy No. _______________________ issued on the life of _______________________ when it was delivered. The undersigned have read and understand the agreement, and accept the policy with the conditions set forth in the agreement. Signed and dated at _____________ this _________ day of __________________ 19___ Witness to Signature _________________________ ______________________________ Signature of Insured Witness to Signature _________________________ ______________________________ Signature of Insured's Spouse Witness to Signature _________________________ ______________________________ Signature of Owner if other than the insured Witness to Signature _________________________ ______________________________ Signature of Beneficiary 71HX-89 Original BAABH8 METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT As of its date, this policy is amended as follows: The "Incontestability" and "Suicide" provisions will be measured from rather than from the date of the policy with respect to all benefits which have been obtained, without evidence of insurability, by conversion of previous insurance on the life of the insured. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary R.S. 652 July 1979 CAAAFH METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT As of its date, this policy is amended as follows: The "Incontestability" provision will be measured from rather than from the date of the policy with respect to all benefits which have been obtained, without evidence of insurability, by exercise of an option to obtain new insurance on the life of the insured. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary R.S. 653 July 1979 CAAAF1 METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT As of its date, the Disability Waiver of Premiums Benefit rider included in this policy is amended as follows: "Policy anniversary", wherever it appears under the provision entitled "Disability Starting Between Ages 60 and 65", means a policy anniversary of the original term policy under which this benefit was provided prior to the date of conversion of that policy. The date of the original term policy is .............. /s/ Richard M. Blackwell Richard M. Blackwell Secretary R.S. 700 July 1979 CAAAKP METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: POLICY AGREEMENT As of its date, the policy's INCONTESTABILITY provision is amended by adding the following: If this policy replaces other life insurance policies as defined by Kentucky law: 1. The INCONTESTABILITY provision will be measured from the date(s) shown below rather than from the date of the policy with respect to the amount(s) shown below of the life insurance coverage under this policy. Date Coverage Amount ---- --------------- 2. There is no change with respect to the contestable period of any other coverage. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary R.S. 733 December 1980 CAAAFT METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: LEGAL LIMITS ON AMOUNT OF INSURANCE TAKEN OUT IN THE STATE OF NEW YORK ON PERSONS UNDER THE AGE OF 14 YEARS AND 6 MONTHS. This endorsement limits the amount of insurance under this policy while the insured is under the age of 14 years and 6 months, as required by the Insurance Law of the State of New York. AMOUNT OF INSURANCE--the "amount of insurance", as used in the endorsement, does not include any return of premium benefits, or any accidental death benefits. APPLICANT--The "applicant" is the person who applies for this policy. LIMITS--while the insured is under the age of 4 years and 6 months, the amount of insurance under this policy may not be more than: * $5,000 or 25% of the total amount of insurance in force on the life of the applicant on the date of this policy, whichever is larger. MINUS * The total amount of insurance in force on the life of the insured under all other policies issued by us and any other insurer on or before the date of this policy. While the insured is between the ages of 4 years and 6 months and 14 years and 6 months, the amount of insurance under this policy may not be more than: * $10,000 or 50% of the total amount of insurance in force on the life of the applicant on the date of this policy, whichever is larger. MINUS * The total amount of insurance in force on the life of the insured under all other policies issued by us and any other insurer on or before the date of this policy. However, in no case will the amount of insurance under this policy be more than that specified on page 3. If the amount of insurance under this policy is more than permitted by this endorsement, we will reduce such amount to the amount permitted. The reduction will be made when the insured dies or earlier if you request it. If the amount of insurance is reduced, we will refund: * The part of the premium paid under this policy proportionate to the reduction; MINUS * Any policy loan and loan interest outstanding, with respect to the reduction. The refund will include interest at the guaranteed interest rate shown in the policy. If the amount of insurance is reduced, we may require you to send us the policy for endorsement. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary R.S. 813 May 1990 CAABAQ METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT: POLICY AGREEMENT As of its date, the policy's INCONTESTABILITY provision is amended by adding the following: If this policy replaces other life insurance policies as defined in Kansas: 1. The INCONTESTABILITY provision will be measured from the date(s) shown below rather than from the date of the policy with respect to the amount(s) shown below of the life insurance coverage under this policy. Date Coverage Amount ---- --------------- 2. There is no change with respect to the contestable period of any other coverage. /s/ Richard M. Blackwell Richard M. Blackwell Vice-President and Secretary R.S. 1142 May 1989 CAABAGG Metropolitan Life Insurance Company ENDORSEMENT 1. This endorsement replaces the MINIMUM DEATH BENEFIT provision found on page 7 of this policy. 2. Notwithstanding any other provision, the death benefit shall never be less than (a) divided by (b), where (a) - the Cash Value immediately before the death of the insured, and (b) - the net single premium immediately before the death of the insured (computed on the basis of the 1980 CSO Mortality Table and on the basis of interest at the greater of an annual effective rate of 4% or the rate or rates guaranteed on issuance of this contract and as otherwise required under section 7702 of the Internal Revenue Code) for one dollar of death benefit. 3. Therefore, although the death benefit will be based on the death benefit option in effect at the time of death, the death benefit will never be less than an amount determined under paragraph 2 above. Generally, this means that the death benefit will never be less than the Cash Value multiplied by the minimum death benefit factor from the table on the reverse of this endorsement. R.S. 1195 (S) CAAHIY TABLE OF MINIMUM DEATH BENEFIT FACTORS
- -------------------------------------------------------------------------------- Age on Factors Age on Factors Date of ------------------------ Date of --------------------------- Death Male Female Death Male Female - -------------------------------------------------------------------------------- 20 6.6164 7.8790 58 2.0452 2.3617 21 6.4251 7.6272 59 1.9925 2.2951 22 6.2375 7.3828 60 1.9420 2.2305 23 6.0525 7.1454 61 1.8935 2.1679 24 5.8703 6.9142 62 1.8472 2.1075 25 5.6905 6.6903 63 1.8029 2.0494 26 5.5133 6.4729 64 1.7607 1.9939 27 5.3393 6.2621 65 1.7204 1.9407 28 5.1696 6.0577 66 1.6821 1.8899 29 5.0035 5.8596 67 1.6455 1.8410 30 4.8414 5.6676 68 1.6105 1.7940 31 4.6843 5.4819 69 1.5770 1.7486 32 4.5317 5.3022 70 1.5450 1.7047 33 4.3838 5.1282 71 1.5144 1.6623 34 4.2411 4.9598 72 1.4853 1.6218 35 4.1029 4.7971 73 1.4578 1.5831 36 3.9695 4.6402 74 1.4320 1.5466 37 3.8410 4.4889 75 1.4077 1.5121 38 3.7173 4.3433 76 1.3849 1.4796 39 3.5983 4.2038 77 1.3634 1.4489 40 3.4837 4.0698 78 1.3431 1.4198 41 3.3737 3.9412 79 1.3237 1.3921 42 3.2680 3.8178 80 1.3051 1.3658 43 3.1666 3.6993 81 1.2873 1.3409 44 3.0690 3.5853 82 1.2703 1.3172 45 2.9753 3.4755 83 1.2542 1.2950 46 2.8852 3.3697 84 1.2390 1.2741 47 2.7986 3.2677 85 1.2247 1.2544 48 2.7153 3.1694 86 1.2110 1.2358 49 2.6351 3.0746 87 1.1977 1.2180 50 2.5581 2.9831 88 1.1846 1.2007 51 2.4839 2.8950 89 1.1712 1.1835 52 2.4128 2.8101 90 1.1571 1.1660 53 2.3447 2.7284 91 1.1415 1.1475 54 2.2794 2.6498 92 1.1235 1.1272 55 2.2170 2.5740 93 1.1019 1.1038 56 2.1572 2.5009 94 1.0746 1.0754 57 2.1000 2.4302 - --------------------------------------------------------------------------------
R.S. 1195 (S) CAABFS Metropolitan Life Insurance Company ENDORSEMENT 1. This endorsement replaces the MINIMUM DEATH BENEFIT provision found on page 7 of this policy. 2. Notwithstanding any other provision, the death benefit shall never be less than (a) divided by (b), where (a) - the Cash Value immediately before the death of the insured, and (b) - the net single premium immediately before the death of the insured (computed on the basis of the 1980 CSO Mortality Table and on the basis of interest at the greater of an annual effective rate of 4% or the rate or rates guaranteed on issuance of this contract and as otherwise required under section 7702 of the Internal Revenue Code) for one dollar of death benefit. 3. Therefore, although the death benefit will be based on the death benefit option in effect at the time of death, the death benefit will never be less than an amount determined under paragraph 2 above. Generally, this means that the death benefit will never be less than the Cash Value multiplied by the minimum death benefit factor from the table on the reverse of this endorsement. R.S. 1195 (U) CAAHIZ TABLE OF MINIMUM DEATH BENEFIT FACTORS
- -------------------------------------------------------------------------------- Age on Factors Age on Factors Date of --------------------- Date of ----------------------- Death Unisex Death Unisex - -------------------------------------------------------------------------------- 20 6.8329 58 2.1030 21 6.6326 59 2.0481 22 6.4358 60 1.9955 23 6.2422 61 1.9448 24 6.0518 62 1.8963 25 5.8648 63 1.8499 26 5.6812 64 1.8056 27 5.5012 65 1.7634 28 5.3251 66 1.7231 29 5.1536 67 1.6846 30 4.9865 68 1.6478 31 4.8242 69 1.6124 32 4.6668 70 1.5785 33 4.5145 71 1.5460 34 4.3672 72 1.5151 35 4.2246 73 1.4858 36 4.0871 74 1.4582 37 3.9548 75 1.4321 38 3.8272 76 1.4076 39 3.7045 77 1.3845 40 3.5867 78 1.3625 41 3.4735 79 1.3415 42 3.3649 80 1.3214 43 3.2604 81 1.3021 44 3.1601 82 1.2837 45 3.0635 83 1.2662 46 2.9707 84 1.2497 47 2.8815 85 1.2340 48 2.7956 86 1.2190 49 2.7130 87 1.2045 50 2.6335 88 1.1902 51 2.5571 89 1.1756 52 2.4837 90 1.1603 53 2.4132 91 1.1437 54 2.3458 92 1.1249 55 2.2812 93 1.1026 56 2.2194 94 1.0749 57 2.1600 - --------------------------------------------------------------------------------
R.S. 1195 (U) CAABFT EX-1.A5F 9 ENDORSEMENT ADDING DEATH BENEFIT EXHIBIT 1.A(5)(F) METROPOLITAN LIFE INSURANCE COMPANY ENDORSEMENT I. The following is substituted for the DEATH BENEFIT provision of this policy: You must choose one of the following three death benefit options: 1. Option A: The Specified Face Amount of insurance. 2. Option B: The Specified Face Amount of insurance PLUS The cash value on the date of death. 3. Option C: If death occurs prior to the policy anniversary on which the insured is age 65: The Specified Face Amount of Insurance PLUS The cash value on the date of death. On the policy anniversary on which the insured is age 65, the Specified Face Amount of Insurance will be recalculated to equal the Specified Face Amount of Insurance plus the cash value at the end of the previous day. We will issue a new page 3 at that time. If death occurs on or after the policy anniversary on which the insured is age 65: The Specified Face Amount of Insurance. The death benefit will be the amount due under the option in effect at the time of death or, if greater, the minimum death benefit described on page 8. II. The following is added to Item 1 of the DEATH BENEFIT ADJUSTMENT provision: c. If you change from Option C to Option A prior to the policy anniversary on which the insured is age 65, the Specified Face Amount of Insurance will be increased by the then current cash value. If you make this option change later, there will be no change in the Specified Face Amount of Insurance. d. If you change from Option C to Option B prior to the policy anniversary on which the insured is age 65, there will be no change in the Specified Face Amount of Insurance. If you make this change later, the Specified Face Amount of Insurance will be reduced by the then current cash value. e. If you change from Option A to Option C, the Specified Face Amount of Insurance will be reduced by the then current cash value. You may change to Option C at any time on or before the policy anniversary on which the insured is age 60. f. If you change from Option B to Option C there will be no change in the Specified Face Amount of Insurance. You may change to Option C at any time on or before the policy anniversary on which the insured is age 60. (see over) R.S. 1194 CAABCY III. The following is substituted for the last two paragraphs of the FULL AND PARTIAL CASH WITHDRAWAL provision: If either i) Option A is then in effect or ii) Option C is in effect and the policy anniversary on which the insured is age 65 has past, we will also reduce the Specified Face Amount of Insurance by the amount of the partial withdrawal, and a new page 3 will then be issued. We may require that you send us this policy to make the change. Partial cash withdrawals will not affect the Specified Face Amount of Insurance if i) Option B is in effect or ii) Option C is in effect and the withdrawal is made prior to the policy anniversary on which the insured is age 65. A partial withdrawal which would reduce the cash surrender value to less than two monthly deductions may not be made. Also, if either i) Option A is then in effect, or ii) Option C is in effect and the policy anniversary on which the insured is age 65 has past, then a partial withdrawal may not be made if it would reduce the Specified Face Amount of Insurance to less than the Specified Face Amount Limits on Page 3.1, or to a level where the premiums already paid would exceed the then current Internal Revenue Service limits. If you request a partial cash withdrawal and these conditions apply, we will contact you to determine if you want to cancel the request, withdraw a smaller amount, or surrender the policy. IV. The following is added to the SURRENDER CHARGES provision: Option C at Issue or Increase.
Age at Policy Years Since Issue or Increase Issue or--------------------------------------------------------------------------------------------------------------- Increase 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 ----------------------------------------------------------------------------------------------------------------------- 0-5 $ 4 $ 4 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1 6-10 4 4 4 4 3 3 3 3 2 2 2 1 1 1 1 11-20 4 4 4 4 4 3 3 3 3 2 2 2 1 1 1 21-25 5 5 5 5 5 4 4 3 3 3 2 2 2 1 1 26-30 7 6 5 5 5 5 5 4 3 3 3 2 2 1 1 31-35 10 9 9 8 8 7 7 6 5 4 4 3 3 2 1 36-40 12 11 10 10 9 9 8 7 6 6 5 4 3 2 1 41-44 15 15 14 13 12 12 10 10 9 7 7 5 4 3 2 45-50 18 18 18 16 16 14 13 12 11 9 8 6 5 3 2 51-54 21 21 20 19 18 16 15 14 12 11 9 8 6 4 2 55-59 24 23 22 20 19 18 16 15 13 12 10 8 7 4 3 60-64 27 26 25 23 21 20 19 17 15 13 11 9 7 5 3 65-69 22 22 20 18 17 16 15 13 12 11 9 7 6 4 2 70-79 22 21 20 18 17 16 15 13 12 11 9 8 6 4 2 80+ 22 21 20 18 17 16 15 14 13 12 10 9 8 6 3
/s/ Nicholas D. Latrenta Nicholas D. Latrenta Vice-President and Secretary R.S. 1194 2 CAABCZ EX-3 10 OPINION-LEGALITY OF SECURITIES EXHIBIT 3 [LETTERHEAD OF METROPOLITAN LIFE APPEARS HERE] Christopher P. Nicholas Associate General Counsel Law Department May 13, 1992 Metropolitan Life Insurance Company One Madison Avenue New York, New York 10010 Dear Sirs: This opinion is furnished in connection with the offering of individual flexible premium multifunded life insurance policies ("Policies") of Metropolitan Life Insurance Company ("Metropolitan Life") under a Registration Statement to be filed by Metropolitan Life and Metropolitan Life Separate Account UL ("Account") on May 14, 1992 under the Securities Act of 1933, as amended ("Act"). I have made such examination of the law and examined such corporate records and such other documents as in my judgment are necessary and appropriate to enable me to render the following opinion that: 1. Metropolitan Life has been duly organized under the laws of the State of New York and is a validly existing corporation. 2. The Account is duly created and validly existing as a separate account pursuant to Section 4240 of Chapter 28 of the Consolidated Laws of New York. 3. The portion of the assets to be held in the Account equal to the reserves and other liabilities under the Policies and under other life insurance policies the premium in which may be allocated to the Account is not chargeable with liabilities arising out of any other business Metropolitan Life may conduct. 4. The Policies have been duly authorized by Metropolitan Life and, when issued as contemplated by the Registration Statement, as amended, will constitute legal, validly issued and binding obligations of Metropolitan Life in accordance with their terms. I hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of my name under the caption "Legal Matters" in the Prospectus contained in the Registration Statement. Very truly yours, /s/ Christopher P. Nicholas Christopher P. Nicholas Assistant General Counsel EX-6 11 OPINION-MICHAEL HARWOOD/POLICIES EXHIBIT 6 April 28, 1997 Metropolitan Life Insurance Company One Madison Avenue New York, New York 10010 Dear Sirs: This opinion is furnished in connection with the filing of Post-Effective Amendment No. 5 to Registration Statement No. 33-47927 on Form S-6 ("Registration Statement") which covers premiums received under Flexible Premium Multifunded Life Insurance Policies ("Policies") offered by Metropolitan Life Insurance Company ("MLIC") in each State where they have been approved by appropriate State insurance authorities. As a Vice-President and Actuary of MLIC, I have reviewed the Policy form and I am familiar with the Registration Statement and Exhibits thereto. In my opinion: (1) The illustrations of death benefits, cash values, cash surrender values and, where applicable, accumulated premiums for the Policy in the Section "Policy Benefits -- Cash Value -- Rates of Return and Index Values" and in the Section "Illustrations of Death Benefits, Cash Values, Cash Surrender Values and Accumulated Premiums" of the prospectus included in the Registration Statement ("Prospectus"), based on the assumptions stated in the illustrations, are consistent with the provisions of the Policies. The rate structure of the Policies has not been designed so as to make the relationship between premiums and benefits, as shown in these illustrations appear to be correspondingly more favorable to a prospective purchaser of the Policy for males ages 25 or 40, than to prospective purchasers of Policies for a male at other ages or for a female. (2) The illustrations of the amount of the death benefit under each of the death benefit options in the Section "Policy Benefits -- Death Benefits" based on the assumptions stated in the illustrations, are consistent with the provisions of the Policies. (3) The illustration of the amount of surrender charge which would be taken upon the surrender of a particular policy in various Policy years in the Section "Charges and Deductions - Surrender Charge," based on the assumptions stated in the illustration, are consistent with the provisions of the Policies. I hereby consent to the use of this opinion as an exhibit to the Registration Statement and to the reference to my name under the heading "Experts" in the Prospectus. Very truly yours, ----------------- Michael Harwood Vice-President and Actuary EX-8 12 POWERS OF ATTORNEY EXHIBIT 8 POWER OF ATTORNEY ----------------- Harry P. Kamen Director and Officer KNOW ALL MEN BY THESE PRESENTS, that I, a director and officer of Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell, Nicholas D. Latrenta, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL or Metropolitan Life Separate Account E of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 8th day of December, 1992. /s/ Harry P. Kamen ------------------- Signature POWER OF ATTORNEY ----------------- Stewart G. Nagler Officer KNOW ALL MEN BY THESE PRESENTS, that I, an officer of Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell, Nicholas D. Latrenta, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL or Metropolitan Life Separate Account E of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in- fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 26th day of July, 1993. /s/ Stewart G. Nagler --------------------- Signature POWER OF ATTORNEY ----------------- Gerald Clark Director KNOW ALL MEN BY THESE PRESENTS, that I, a director and officer of Metropolitan Life Insurance Company, do hereby appoint Gary A. Beller, Louis J. Ragusa, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL, Metropolitan Life Separate Account E, The New England Variable Account, New England Variable Annuity Fund I or New England Retirement Investment Account of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 14th day of February, 1997. /s/ Gerald Clark ---------------------- Signature POWER OF ATTORNEY ----------------- Frederick P. Hauser Officer KNOW ALL MEN BY THESE PRESENTS, that I, an officer of Metropolitan Life Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 15th day of December, ---- 1989. /s/ Frederick P. Hauser ------------------------- Signature POWER OF ATTORNEY ----------------- Burton A. Dole, Jr. Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell, Christine N. Markussen, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL, Metropolitan Life Separate Account E, The New England Variable Account, New England Variable Annuity Fund I or New England Retirement Investment Account of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 16th day of September, 1996. /s/ Burton A. Dole, Jr. ---------------------------- Signature POWER OF ATTORNEY ----------------- Charles M. Leighton Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell, Christine N. Markussen, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL, Metropolitan Life Separate Account E, The New England Variable Account, New England Variable Annuity Fund I or New England Retirement Investment Account of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 13th day of September, 1996. /s/ Charles M. Leighton ------------------------------ Signature POWER OF ATTORNEY ----------------- Hugh B. Price Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell, Joseph A. Reali, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL or Metropolitan Life Separate Account E of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in- fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 23rd day of May, 1995. /s/ Hugh B. Price ------------------ Signature POWER OF ATTORNEY ----------------- Ruth J. Simmons Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell, Joseph A. Reali, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL or Metropolitan Life Separate Account E of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in- fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 7th day of June, 1995. /s/ Ruth J. Simmons --------------------- Signature POWER OF ATTORNEY ----------------- Curtis Handley Barnette Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell, Joseph A. Reali, Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL or Metropolitan Life Separate Account E of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in- fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of August, 1994. /s/ Curtis H. Barnette ------------------------ Signature POWER OF ATTORNEY ----------------- Robert G. Schwartz Officer and Director KNOW ALL MEN BY THESE PRESENTS, that I, an officer of Metropolitan Life Insurance Company, do hereby Harry P. Kamen, Richard M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys- in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of December, ---- 1989. /s/ Robert G. Schwartz ----------------------- Signature POWER OF ATTORNEY ----------------- Joan Ganz Cooney Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of December, ---- 1989. /s/ Joan Ganz Cooney ---------------------- Signature POWER OF ATTORNEY ----------------- James R. Houghton Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 14th day of December, ---- 1989. /s/ James R. Houghton ------------------------ Signature POWER OF ATTORNEY ----------------- Helene L. Kaplan Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 19th day of December, ---- 1989. /s/ Helene L. Kaplan --------------------- Signature POWER OF ATTORNEY ----------------- Richard J. Mahoney Director KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true and lawful attorney-in-fact, for me and in my name, place and stead to execute and file any instrument or document to be filed as part of or in connection with or in any way related to the Registration Statements and any and all amendments thereto, filed by said Company under the Securities Act of 1933 and/or the Investment Company Act of 1940, in connection with Metropolitan Life Separate Account UL of said Company, and to have full power and authority to do or cause to be done in my name, place and stead each and every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or any of them, may do or cause to be done by virtue hereof. Each said attorney-in-fact shall have power to act hereunder with or without the others. IN WITNESS WHEREOF, I have hereunto set my hand this 15th day of December, ---- 1989. /s/ Richard J. Mahoney ------------------------ Signature EX-11 13 MEMORANDA RE CERTAIN PROCEDURES EXHIBIT 11 To: See Distribution From: Earl Inniss, Business Analyst UL Dev & Admin - Aurora X153-7943 Date: February 2, 1990 Re: TAMRA - Premium Payment Processing FPL's/FPMLI This memorandum addresses the action to be taken when a TAMRA violation is detected. Our intent is to install this modification as soon as possible while continuing to refine the processing necessary to fully support Material Changes, 1035's, Term Conversions and Payouts for policies under the MEC status. Currently, UL customers are notified of a violation on the policy anniversary. This modification will now provide for notification at the time of violation for annual and semi-annual policies and continues anniversary notification for monthly payment arrangements (Check-O-Matic, Government Allotment Etc.). As currently done, policies will be tested to determine if payments received cause the accumulated premiums to exceed the 7-Pay limits. When a payment does cause a violation, the system will set the MEC Indicator to 'P' for pending, and begin recording the amount in excess of the 7-Pay guideline. If a premium refund is made up to 60 days after the policy anniversary following detection, the policy will be de-MECd. If no request for refund is received, the policy will become a permanent MEC. Please direct any comments to my attention by March 1, 1990. /s/ Earl Inniss - ----------------------------- Earl Inniss SYSTEM PROCESSING ----------------- When an NA/MA payment is received, determine the value in the ME Indicator field. If the ME Indicator is 'Y', take no action. If the ME Indicator is 'P' and the Call-up date is more than 90 days away from current date (i.e. current date is prior to the next anniversary), add the NA/MA amount to the existing Violation Amount. If NA/MA payments are received while the ME Indicator is 'P', and the Call-up date is 90 days or less away from current date, the payments are not to be added to the existing Violation Amount. Policies in this condition will either become MECs on the Call-up date and no longer require testing, or have refunds processed and again become subject to violation testing. If the ME Indicator is 'X', 'N' or blank, access the appropriate 7-Pay module to determine if there is a violation. If in violation: - -- Set ME Indicator to 'P' - -- Set ME Date to equal the NA/MA effective date - -- The ME Test Date will be the policy issue date - -- The MEC Guideline will be the 7-pay premium - -- The Violation Amount will equal the calculated excess - -- The Call-up date will equal three month-a-versaries from the next policy anniversary date Violations on Annual and Semiannual Policies On the date of violation, generate the notification in EXHIBIT 1 to the policyowner. Violations on Monthly Payment Arrangements The anniversary processing now in place for all policies, will continue for monthly payment arrangements only. That is, during the annual statement processing, monthly policies with the ME Indicator 'P' will be selected so that a notification to the policyowner (EXHIBIT 2) can be included with the annual statement. No Violation - -- Set ME Indicator to 'N' - -- Set ME Test Date to equal policy issue date - -- Set MEC Guideline premium to equal the 7-pay premium 2 REQUEST FOR PAYMENT REVERSAL AND REFUND - ME Indicator 'P' - ---------------------------------------------------------- If an NA/MA reversal is accepted on a policy with an ME indicator of 'P', reduce the Violation Amount by the amount of the reversal. If a NA/MA reversal reduces the Violation Amount to zero, determine if the reversal is taking place before the anniversary preceding the Call-up date or between that anniversary and the Call-up date. If before the anniversary: - -- Delete Violation Amount - -- Delete ME Date - -- Delete Call-up date - -- Set ME IND to 'N'. If between the anniversary and the Call-up date: - -- Delete Violation Amount - -- Delete ME Date - -- Delete Call-up date - -- Set ME IND to 'N' - -- Search history for any payments applied since the anniversary and subject those payments to the 7-pay testing. Call-up date Processing If ME IND is 'P' on Call-up date change ME Indicator to 'Y' and stop monitoring the policy. Annual and Semiannual Billing Prior to Anniversary If a semiannual or annual bill is being produced for a policy which does not have an ME Indicator of 'Y', determine if the amount being billed will cause a TAMRA violation in the current year. If it will, print a special note in the message area of the bill indicating that the payment should be sent to Metropolitan on the anniversary date. (EXHIBIT 3). 3 (HEAD OFFICE ADDRESS) (MET LOGO) POLICYOWNER NAME POLICYOWNER ADDRESS Re: Policy number Scheduled Premium: District/Branch: Insured: Telephone: Plan: Sales Agency: Dear: (POLICYOWNER NAME) For Federal Income Tax purposes, certain life insurance policies are classified as "Modified Endowment Contracts" when the total premiums paid exceed certain limits. For such policies: 1. Payments an insurance company makes to the policyowner during the life of the insured, such as loans and withdrawals, will be treated first as income and then as recovered investment. 2. Additionally, if you receive a taxable payment before you become 59 1/2 years of age, an additional 10% tax is payable unless you receive payment (1) on account of becoming disabled or (2) in a series of substantially equivalent payments over the period of your life expectancy or the combined life expectancy of you and your beneficiary. Significantly, however, the law does not change the tax treatment of death benefit payments if no distributions are made prior to the death of the insured. Death benefit payments will remain generally tax free to your beneficiary. As of today, your total premiums paid exceed the Modified Endowment Contract limits by (Viol. Amt). You may choose to leave your policy as is or ask us, in ------------- writing, to refund the excess amount to you. If the refund is made before (Anniversary + 60 days, your policy will not be considered a Modified - ----------------------- Endowment Contract. At Metropolitan, we value your business and are always happy to be of service. If you have any questions about your policy or any aspect of your insurance coverage, please contact your Met Life representative at the telephone number listed above.** Thank you for the opportunity to serve you. Sincerely, VICE-PRESIDENT TERRITORY CYCLE DATE **For CEHO and NEHO, add:".. .or call 1-800-MET LIFE". EXHIBIT 1 IMPORTANT TAX NOTICE Your policy is considered a "Modified Endowment Contract" for Federal Income Tax purposes. The tax treatment of Modified Endowment Contracts differs from that of life insurance policies you may have purchased in the past. Two important differences are: 1. Payments an insurance company makes while the insured is alive, such as loans and withdrawals, are be treated first as income and then as recovered investment. 2. If you receive a taxable payment before you become 59 1/2 years of age, an additional l0% tax is payable unless you receive payment (1) on account of becoming disabled or (2) in a series of substantially equivalent payments over the period of your life expectancy or the combined life expectancy of you and your beneficiary. Although your policy does not provide for a refund of premiums, we are willing to refund $ of the premium you paid if you request us to do so, in ------------ writing, within the next 3 weeks. If the refund is made prior to anniversary ------------ date + 60 days, your policy will not be considered a Modified Endowment - -------------- Contract. If no distributions are made from your policy while the insured is alive, the law does not change the tax treatment of death benefit payments. They will remain generally tax free to your beneficiary. Please send your request to your local Metropolitan office. Your Met Life representative will be pleased to assist you with any questions you may have about your policy. Thank you for the opportunity to serve you. Sincerely, (Vice-President) EXHIBIT 2 STATEMENT FOR MESSAGE AREA OF PREMIUM NOTICE -------------------------------------------- If we receive this payment before (next anniversary), the tax treatment of money withdrawn from your policy may change. To avoid this, your payment should not reach us before (next anniversary). EXHIBIT 3 Field Release ------------- Re: Flexible Premium Multifunded Life(FPMLI) - Special Accounts Arrangements. To: Field Force We are pleased to announce that effective immediately, the Government Allotment and Fedematic, Commercial Salary Allotment, and Metropolitan Salary Allotment Arrangements are available with the FPMLI policy. The addition of these payment arrangements should increase your sales activity as well as provide the convenience of salary deductions to your clients. Application For Insurance, Form 036K-16 - --------------------------------------- When one of these payment arrangements is requested, question 5A on page 3 of the application should be completed as follows: Method of Payment ON APPLICATION ----------------- -------------- Gov't Allot Check Gov't Allot.-Mil box Fedematic Check Gov't Allot.-Civ box Commercial Sal. Allot Check Sal. Sav box & write CSA Field Employee Sal. Sav Check Sal. Sav box & write FESS H.O. Employee Sal. Sav Check Sal. Sav box & write HOSS Initial Premium and Issue Date - ------------------------------ Administrative difficulties sometimes occur in the salary and government allotment programs which delay premium remittances and can result in insufficient policy value situations. To minimize these difficulties, and also due to the investment sensitive nature of the FPMLI product, special procedures have been established with regard to the initial payment. An initial payment equal to two monthly premiums must be collected with all allotment arrangements for FPMLI policies. Once the application is approved and the policy issued, commissions will be credited. The two monthly premiums will keep the policy inforce until regular premium receipts begin. For Government Allotment and Fedematic cases where the initial premium is to be paid by allotment, the application will be approved and held in the Underwriting division. The policy will be issued when the first allotment is received in the Home Office. 2 As with our other UL products, the policy issue dates will be the 1st of the month for CSA, FESS and HOSS, and the 20th for Government Allotment and Fedematic. Agreement Forms - --------------- The following payroll and allotment agreement forms are to be completed and submitted with the application for insurance, Form 036K-16. Government Allotment - Mil -------------------------- Form DA 1341 Army Allotment Authorization Form AF 1548 Auth. to start, change or stop Form 12323 Armed forces Allot. Certification Fedematic --------- Form 1199A or PS1199A Direct Deposit Sign-Up Form 14962 Allotment agreement Form 14999 Premium Payment Agreement Commercial Salary Allotment --------------------------- Form 11367 Employee Request for Pay't of Prems .. Through the Extra Security Program Metropolitan Salary Allotment ----------------------------- Form 11367-A Request for the Pay't of prems.... Through Salary Savings Plan Make sure the appropriate forms contain the required signatures and are dispersed as instructed on the forms. Transfer to a Special Account Arrangement - ----------------------------------------- Transfers to the above arrangements are permitted if requested by the policyholder. However, premiums that have already been paid will not be refunded if the transfer occurs on other than the anniversary date of the policy. Complete the appropriate form as outlined above, and submit to the New York Home Office. Special Accounts Division, Area 10-VW. 3 General ------- The Government Allotment and Fedematic(GA), Commercial Salary Allotment(CSA), Field Employee Salary Allotment(FESS) and Home Office Salary Allotment(HOSS) Programs are now available with FPMLI. These paymethods are available with new business or with existing FPMLI policies. The application, authorization forms and initial payment will be sent to the Head Office Underwriting Division. After the policies are issued an electronic file will be created by the VantageOne system which will insert the policies to the Special Accounts Disk. Premiums collected for these policies will be electronically applied to the VTG1 system, by the Special Accounts Disk. Issue processing will differ for FPMLI. Unlike regular UL, the issue dates for FPLMI policies cannot be advanced to cover for the delays which sometimes occur in the receipt of allotments. The issue dates will however continue to be on the 1st for Salary programs and the 20th for Government programs. To keep the policies inforce until the first allotment is received, an initial payment equaling 2 monthly premiums must be collected witht the application. As these policies can only be issued with a current issue date, approved applications must be held in Underwriting until the 1st or the 20th is reached, depending on the type of allotment arrangement. These policies can be identified on the VantageOne system as follows: Mode of Payment VantageOne Paymethod Code - --------------- ------------------------- GA/Fedmatic G CSA C FESS/HOSS S The paymethod is found on the billing screen(BI) of the VTG1 inquiry system. Since FESS and HOSS have the same code S, an additional identifier, 7000500/2 for FESS and 7000500/3 for HOSS will be established on Bank I.D area of the billing screen. The following changes to VTGI will electronically update the Special Accounts Disk. Status Changes Premium Changes Paymethod Changes Address Changes District Changes Instructions for the Head Office areas follow. 4 UNDERWRITING AND ISSUE AND TERM CONVERSIONS ------------------------------------------- FPMLI special accounts policies will bear issue dates of the 1st or the 20th of the month. An 'approve and hold' procedure will apply to these cases. Advance Payment Received With Application - ----------------------------------------- MODE Approved On Action To Be Taken: GA/Fedemaatic 1st to 20th Hold until the 20th of current month and issue on that day 21st to 31st Backdate to the 20th of current month CSA/FESS/HOSS 1st to 7th Issue on the 1st of the current month 8th to 31st Hold until the 1st of the following month and issue on that day Initial Payment By Allotment - ---------------------------- MODE Approved On Action To Be Taken: GA & Anytime Contact NYHO Special Fedematic Accounts to determine when allotment has been received. Issue policy on the 20th of the month money was rec'd Edit messages will appear online if issue dates other than the 1st or the 20TH are entered. Policy Records - -------------- The mode of payment shown on page 3 of the policy will be 'monthly'. The Agent's Record Card will show monthly/CSA, monthly/FESS, monthly/Gov't or monthly/HOSS. Mode of payment rider pages have been discontinued and therefore were not developed for this product. 5 Forms Distribution - ------------------ Submit all authorization forms to the Special Accounts Division in the Home Office as is currently done. Make certain that a copy of the Agent's Record Card accompanies each authorization. For Government Allotment & Fedematic cases where the initial payment is by allotment, the attached form (exhibit I) is to be used to send the authorization for these policies to the Home Office. The Home Office will reply via Bulletin, indicating that the first payment has been received. A copy of all forms are to be retained for microfilming with the original application. Reissues - -------- Special Account reissue rules are the same as any other FPMLI policies. Review the 'BI' screen of the VTGl system to determine the status of the policy. If the status is unplaced 'W' --Process VTGI transaction QA-N to change status to 'N' for not-taken --Update VTGI user area line 4 on each policy in the usual manner If the policy is placed, status 'A' for active, refer to the premium payment processing area in your office for handling. In either case, complete exhibit 2 and send it along with the new Agent's Record Card and copies of the authorization forms to the Special Accounts Division in the Home Office. 6 FES/ADMINISTRATION ------------------ Premium Payments An advance pay equalling 2 monthly premiums will be received on these cases. The advance payment and placing should be handled the regular way. Subsequent payments will be processed by Special Accounts each month. The applicable VTGI memo code used by Special Accounts are: GA Gov't allotment ES Commer. sal. allot SS Metropolitan sal. sav Recalls involving these memo codes should be refetred to Special Accounts in the Home office. You may recall payments applied by your office. Reissues - -------- Process VTG1 transaction QA-C as is currently done to make the old policy not- taken. Reapply necessary monies to the new policy. Update VTG1 User Area line 4 as is currently done. Transfers - --------- Existing FPMLI policies can be transferred to a Special Account arrangement. Requests for transfers to the special Account modes of payment are to be referred to the Home Office. 7 TO: SPECIAL ACCOUNTS DIVISION NY HOME OFFICE SALARY ALLOTMENT AND MISCELLANEOUS ACCOUNTS SECTION (AREA 10V) - -------------- GOVERNMENT ALLOTMENT RECORD SECTION (AREA 10VW) - -------------- Original Policy Number Name --------------------------- --------------------- Employee or Social Branch of Security Number Service -------------------------------- ----------------- - ------------------------- ------------------------ ------------------------ Monthly Premium District (Issue Date) [_] The above policy has been reissued to Policy Number ---------------------- Issue date . Please start deductions with premium due ---------------- and update the Allotment disk file where necessary. ----------------------- (enter date) [X] The above policy was issued on (Salary Authorization Form --------------- Attached). Please update all necessary records so that allotment processing may take place on schedule. [_] The above policy was made Not Taken. Please inhibit all future payment activity and refund premiums accordingly. [_] Additional Comments: ------------------------------------------------------ --------------------------------------------------------------------------- --------------------------------------------------------------------------- EX-27.1 14 FINANCIAL DATA SCHEDULE - GROWTH
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1 GROWTH YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 133,325,492 158,920,369 0 0 11,882 158,932,251 0 0 34,679 34,679 0 0 5,208,796 0 0 0 0 0 0 158,897,572 15,051,436 0 0 1,221,219 13,830,217 2,929,455 9,406,099 26,165,779 0 0 0 0 0 0 0 46,456,950 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.2 15 FINANCIAL DATA SCHEDULE - INCOME
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 2 INCOME YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 27,751,597 27,327,760 0 0 3,998 27,331,758 0 0 74,006 74,006 0 0 2,210,984 0 0 0 0 0 0 27,257,752 1,723,590 0 0 220,150 1,503,440 (16,679) (697,499) 789,262 0 0 0 0 0 0 0 4,946,281 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.3 16 FDS - MONEY MARKET
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3 MONEY MARKET YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 6,278,669 6,095,430 0 0 86,448 6,181,878 0 0 62,023 62,023 0 0 584,077 0 0 0 0 0 0 6,119,855 300,997 0 0 37,221 263,776 (11,231) (90,379) 162,166 0 0 0 0 0 0 0 3,145,115 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.4 17 FDS - DIVERSIFIED
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 4 DIVERSIFIED YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 100,173,963 110,742,194 0 0 168 110,742,362 0 0 274,903 274,903 0 0 6,643,203 0 0 0 0 0 0 110,467,459 9,697,032 0 0 870,631 8,826,401 532,857 3,200,410 12,589,668 0 0 0 0 0 0 0 26,286,718 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.5 18 FDS - INT'L STOCK
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 5 INT'L STOCK YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 24,907,650 23,798,267 0 0 6,129 23,804,396 0 0 135,056 135,056 0 0 1,991,487 0 0 0 0 0 0 23,669,340 200,282 0 0 181,892 18,390 (9,816) (559,306) (550,732) 0 0 0 0 0 0 0 6,373,203 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.6 19 FDS - STOCK INDEX
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6 STOCK INDEX YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 27,248,573 32,253,185 0 0 119,880 32,373,065 0 0 339,551 339,551 0 0 1,450,886 0 0 0 0 0 0 32,033,514 744,725 0 0 185,397 559,328 742,061 2,836,911 4,138,300 0 0 0 0 0 0 0 18,607,744 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.7 20 FDS - AGGR. GROWTH
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 7 AGGR. GROWTH YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 78,361,229 84,106,614 0 0 28,704 84,135,318 0 0 394,115 394,115 0 0 3,107,005 0 0 0 0 0 0 83,741,203 2,234,170 0 0 641,863 1,592,307 166,243 1,728,894 3,487,444 0 0 0 0 0 0 0 29,409,406 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-----END PRIVACY-ENHANCED MESSAGE-----