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Universal SolutionsTM

Sample Contract

L I V I N G B E N E F I T S

T H E M A R I T I M E L I F E A S S U R A N C E C O M P A N Y

Table of Contents Definitions Schedule .......................................................................................................................................................... Definitions-6 You and Your ................................................................................................................................................... Definitions-6 We, Us and Our................................................................................................................................................ Definitions-6 Insured(s) ......................................................................................................................................................... Definitions-6 Beneficiary........................................................................................................................................................ Definitions-6 Sum Insured ..................................................................................................................................................... Definitions-6 Basic Death Benefit .......................................................................................................................................... Definitions-6 Insurance Type................................................................................................................................................. Definitions-6 Fund Value ....................................................................................................................................................... Definitions-7 Net Fund Value ................................................................................................................................................ Definitions-7 Cash Value....................................................................................................................................................... Definitions-7 Basic Risk Amount ........................................................................................................................................... Definitions-7 Additional Sum Insured .................................................................................................................................... Definitions-7 Policy Issue Date.............................................................................................................................................. Definitions-7 Benefit Effective Date....................................................................................................................................... Definitions-7 Policy Anniversary............................................................................................................................................ Definitions-7 Policy Year ....................................................................................................................................................... Definitions-7 Insurance Age .................................................................................................................................................. Definitions-7 Attained Insurance Age .................................................................................................................................... Definitions-7 Smoker Status.................................................................................................................................................. Definitions-8 Net Premium .................................................................................................................................................... Definitions-8 Premium Allocation .......................................................................................................................................... Definitions-8 Minimum Premium ........................................................................................................................................... Definitions-8 Total Annual Minimum Premium ...................................................................................................................... Definitions-8 Total Monthly Minimum Premium..................................................................................................................... Definitions-8 Claim Provisions Payment on Death................................................................................................................................................... Claim-9 Suicide or Self-Inflicted Injury.................................................................................................................................. Claim-9 Proof of Claim.......................................................................................................................................................... Claim-9 Optional Methods to Receive Claim Payments ....................................................................................................... Claim-9 Misstatement of Age or Sex .................................................................................................................................... Claim-9 Premium Provisions Payment of Premiums .......................................................................................................................... Premium-10, 12, 14 Premium Tax ......................................................................................................................................... Premium-10, 12, 14 Currency............................................................................................................................................... Premium-10, 12, 14 Lapse.................................................................................................................................................... Premium-10, 12, 14 Reinstatement ...................................................................................................................................... Premium-10, 12, 15 Life Insurance Provisions Death Benefit Options ................................................................................................................................... Life-16, 20, 22 Death Benefit Changes ................................................................................................................................. Life-17, 20, 23 Addition of Insured .............................................................................................................................................. Life-17, 23 Transfer of Coverage .......................................................................................................................................... Life-17, 23 Substitution of Insured................................................................................................................................... Life-18, 20, 24 Exempt Status ............................................................................................................................................... Life-18, 20, 24 Carrier Fund .................................................................................................................................................. Life-18, 21, 24 Cost of Insurance Guarantee Cost of Insurance (COI) ............................................................................................................................... COI-26, 27, 28 Level Guaranteed COI ................................................................................................................................ COI-26 YRT Guaranteed COI ............................................................................................................................ COI-26, 27 Level Guaranteed COI with Coverage Enhancer ........................................................................................ COI-26 Level Guaranteed COI with Capital Adjustment.......................................................................................... COI-28 Juvenile Cost of Insurance .......................................................................................................................... COI-26, 27, 28 YRT Cost Switch ...................................................................................................................................................... COI-26

Coverage Enhancer Benefit ............................................................................................................................................. Coverage Enhancer-29 Coverage......................................................................................................................................... Coverage Enhancer-29 Conversion Option........................................................................................................................... Coverage Enhancer-29 Termination ..................................................................................................................................... Coverage Enhancer-29 Investment Accounts Investment Accounts ............................................................................................................................... Investment-30, 36 Currency Stabilization Factor .................................................................................................................. Investment-34, 40 Investment Income Tax (IIT) Rate........................................................................................................... Investment-34, 40 Death Benefit Guarantee............................................................................................................................... Investment-34 Advisor Portfolios .................................................................................................................................... Investment-34, 40 Discontinuation of Investment Accounts ................................................................................................. Investment-35, 41 Fund Value Provisions Monthly Deduction....................................................................................................................... Fund Value-42, 46, 50, 54 Account Deduction ..................................................................................................................... Fund Value-42, 46, 50, 54 Account Value ............................................................................................................................ Fund Value-42, 46, 50, 54 Net Account Value....................................................................................................................... Fund Value-42, 46, 50, 54 Surrender Charge....................................................................................................................... Fund Value-43, 47, 51, 54 Market Value Adjustment ............................................................................................................ Fund Value-43, 47, 51, 55 Transfers ..................................................................................................................................... Fund Value-43, 47, 51, 55 Partial Withdrawal ....................................................................................................................... Fund Value-43, 47, 51, 55 Partial Surrender ......................................................................................................................... Fund Value-43, 48, 51, 55 Investment Bonus........................................................................................................................ Fund Value-44, 48, 52, 56 Stabilization Rate .................................................................................................................................... Fund Value-48, 56 Policy Loan.................................................................................................................................. Fund Value-44, 48, 52, 57 Capital Adjustment Capital Adjustment ........................................................................................................................... Capital Adjustment-58 Capital Mix......................................................................................................................................... Capital Adjustment-58 Market Value Adjustment ................................................................................................................. Capital Adjustment-59 Disability Payment Benefit Provisions Disability Payment Benefit................................................................................................................................ Disability-60 Contract Provisions Contract ............................................................................................................................................................. Contract-62 Coverage Taking Effect..................................................................................................................................... Contract-62 Disclosure........................................................................................................................................................... Contract-62 Incontestability................................................................................................................................................... Contract-62 Written Notification ............................................................................................................................................. Contract-62 Assignment........................................................................................................................................................ Contract-63 Non-Participating................................................................................................................................................ Contract-63 Joint Life Insurance Provisions Joint Last with Waiver on First Death...................................................................................................................... Joint-64 Monthly Deduction for Joint Last ............................................................................................................................. Joint-65 Survivor Option................................................................................................................................................... Joint-64, 65 Multiple Benefit .................................................................................................................................................. Joint-64, 65 Policy Exchange Option ..................................................................................................................................... Joint-64, 65

LE600A.MLUS.GUAR.20031101

We, THE MARITIME LIFE ASSURANCE COMPANY, insure You, the owner of this policy, against the death of the Insured(s) or other specified loss occurring while the policy is in force. The benefits payable and the provisions governing the policy are shown in the following pages. Your contract consists of this policy, the application for this policy, any application for reinstatement of this policy and any policy amendments agreed upon in writing after this policy has been issued. We guarantee that:

1. The coverage will be renewable as provided in the policy. 2. the basis used to calculate the Monthly Deduction will not change. Refer to the

Cost of Insurance Guarantee and Fund Value sections for further details. The Fund Value is subject to change and the amount of insurance may be subject to change as described in the policy. The contract terminates without value after the grace period described in the Lapse provision is completed, or if You surrender the policy for the Cash Value, or after We resolve the death benefit claim(s) for all benefits.

President Secretary

Important Notice - If you are advised to discontinue this policy and replace it with another, it is in your best interest to insist that the new proposal is put in writing. Please submit it to us for analysis so that you can compare the two and make an informed decision. To claim a benefit or insurance proceeds, contact your advisor or write to our head office. Ten day right to examine policy - Within 10 days of the receipt of this policy, the owner may return it to us, together with a written request for cancellation. We will cancel the coverage from the policy date and refund the premiums. Please read Your policy carefully

LE605A.MLUS.EXP.20020901

Explanation of Contract You have purchased a universal life insurance policy. Because Your policy is designed to be flexible, it is also somewhat complex. We have organized the policy into sections as follows. * An Index for specially defined terms can be found at the back of the policy. These

terms are capitalized when referred to in the policy. Please refer to the appropriate definitions as You review the policy.

* The Policy Schedule contains values such as the initial planned premium and amounts payable for each insurance benefit.

* The Definitions section provides definitions of key terms used in the policy. * The Claim Provisions describe how to make a claim when death occurs. Note the

limitation for Suicide and Self-Inflicted Injury. * The Premium Provisions relate to the amounts that must be paid to keep the policy in

force. Note in particular the Lapse provision. * The Life Insurance Provisions describe how the death benefit is calculated and

certain options you may exercise while the policy is in force. The Exempt Status provision describes the action We will take to maintain the policy's tax exempt status.

* The Cost of Insurance Guarantee describes how the Cost of Insurance (COI) is calculated.

* The Investment Account provisions describe the options available on the Policy Issue Date. We may add or remove accounts from time to time. However, the Fixed Interest Accounts will always be available.

* The Fund Value Provisions relate to the Fund Value, which is the money held on deposit within the policy on Your behalf. Your premium payments are directed towards one or more Investment Accounts. Monthly Deductions are subtracted from these accounts. Policy Loans may be available or You may make Partial Withdrawals, subject to Market Value Adjustments.

* The Disability Payment Benefit Provisions describe the benefit available if the Insured satisfies one of the specified definitions of disability.

* The Contract Provisions relate to the policy as a whole, including the very important Disclosure provision.

* Any riders You have purchased would be found in the Riders section. We recommend that You review the provisions of this policy and ask Your insurance advisor for any explanation or clarification needed.

LE606A.MLUS.L&E.20031101

Limitations and Exclusions Please note that benefits may be limited as described in the policy provisions. Please read your policy carefully, and in particular note the following provisions:

Section Provision Claim Suicide and Self-Inflicted Injury - Benefits are limited if an

Insured dies from these causes within 2 years of the Benefit Effective Date or reinstatement.

Life Insurance Exempt Status - Any Additional Sum Insured resulting from an exempt test is temporary insurance. The amount, if any, is recalculated on each Policy Anniversary.

Premium Premium Tax - The percentage deducted from premium payments will increase or decrease if provincial tax rates change or if You move to a province with a different tax rate.

Premium Minimum Premium - The Minimum Premium will increase or decrease if provincial tax rates change or if You move to a province or a territory with a different tax rate.

Premium Total Annual Minimum Premium - The Total Annual Minimum Premium will increase or decrease if provincial tax rates change or if You move to a province or a territory with a different tax rate.

Premium Lapse - The contract terminates if the lapse condition is met. There is a grace period of 120 days, during which a late payment can be made to keep the contract in force.

Investment Account Discontinuation of Investment Accounts - We reserve the right to withdraw any Investment Account except the Fixed Interest Accounts.

Contract Disclosure - You and each Insured are required to disclose all facts that are material to Our underwriting process. Otherwise, the coverage may be voided.

LE607A.MLUS.DEFN.20031101 Definitions-6

Definitions This policy uses specific terminology that is explained within the contract. Such defined terms are denoted by capitals and are listed in the index. The following terms are defined in this section since they are used throughout the policy. Schedule Schedule refers to the Policy Schedule found at the beginning of this policy. The Schedule also includes any subsequent amendment acknowledging a change You have requested. The Schedule lists important items, including the initial premium and amounts payable for covered loss. Changes in premiums or benefits are governed by the terms of this policy. You and Your You and Your refer to the Policyowner(s) named in the Schedule. While this policy is in force, You may exercise all the rights and privileges under this policy. Such rights and privileges may be limited by statute or by the rights of any assignee or irrevocable Beneficiary. We, Us and Our We, Us, Our and the Company refer to The Maritime Life Assurance Company. Our head office address is 7 Maritime Place, P.O. Box 1030, Halifax, Nova Scotia, B3J 2X5. Insured(s) The Insured(s) for each insurance benefit are named in the Schedule. Beneficiary You may designate one or more Beneficiaries for the death benefits in this policy. While the Insured for a benefit is living, you may change the Beneficiary of that benefit. When the Beneficiary of a benefit is designated as irrevocable, you may not change this designation without written consent of the Beneficiary. According to the most current designation filed with Us, We will pay the applicable death benefit to the Beneficiary if the Insured dies. If no Beneficiary survives or is designated for a benefit, You or Your estate will be the Beneficiary. A Beneficiary's interest is subject to the rights of any assignee. Sum Insured The Sum Insured for each benefit is the corresponding amount shown in the Schedule. It is the amount of insurance upon which the Basic Death Benefit is based. If the Death Benefit Option is "Minimized Coverage Plus", the Sum Insured may change as described in the Life Insurance Provisions. If the Death Benefit Option is other than "Coverage Plus" or "Minimized Coverage Plus", the Sum Insured may be reduced if a Partial Withdrawal or Disability Payment Benefit is made, as described in the Life Insurance provisions. Basic Death Benefit The Basic Death Benefit is the amount of insurance coverage provided by a benefit. The Basic Death Benefit depends on the Sum Insured and the chosen Death Benefit Option, as shown in the Schedule and described in the Life Insurance Provisions. The point at which the Basic Death Benefit becomes payable is determined by the Insurance Type of the benefit. Insurance Type The Insurance Type for each benefit is shown in the Schedule. The Insurance Type determines when the corresponding Sum Insured is payable. If the Insurance Type is "Individual", the Sum Insured is payable on the death of the named Insured. If the Insurance Type is "Joint First", the Sum Insured is payable on the first death of the named Insureds. If the Insurance Type is "Joint Last", the Sum Insured is payable on the last death of the named Insureds.


Fund Value The Fund Value for this policy equals the sum of the Account Values of the Investment Accounts. Refer to the Fund Value Provisions for details on the calculation of Account Values. Net Fund Value The Net Fund Value equals the Fund Value less the outstanding balance of all Policy Loans. Refer to the Fund Value Provisions for details on Policy Loans. Cash Value The Cash Value equals the Fund Value less the Surrender Charge described in the Fund Value Provisions less the outstanding balance of all Policy Loans and less any applicable Market Value Adjustment. You may cancel this policy at any time for the Cash Value. However, if the policy is surrendered, it may not be reinstated. The effective date of the surrender will be within ten business days after Your written request is received at Our head office or at one of Our regional offices. Basic Risk Amount The Basic Risk Amount is equal to the Basic Death Benefit minus the Fund Value. The Cost of Insurance depends on the Basic Risk Amount. If the Death Benefit Option is "Coverage Plus", the Basic Risk Amount remains level. If the Death Benefit Option is "Minimized Coverage Plus", the Basic Risk Amount changes as the Sum Insured changes. Otherwise, the Basic Risk Amount decreases as the Fund Value increases. Additional Sum Insured Additional Sum Insured refers to any increase in the amount of life insurance coverage that is made as a result of the Exempt Status provision or if the Death Benefit Option is either "Coverage with ROP", "Indexed Coverage" or "Coverage with ACB". The amount, if any, is recalculated periodically, as described in the Life Insurance Provisions. Policy Issue Date The Policy Issue Date is shown in the Schedule. See also "Coverage Taking Effect" in the Contract Provisions. Benefit Effective Date The Benefit Effective Date for each insurance benefit is shown in the Schedule. See also "Coverage Taking Effect" in the Contract Provisions. Policy Anniversary A Policy Anniversary occurs each year on the anniversary of the Policy Issue Date. Policy Year A Policy Year is the period of time between two Policy Anniversaries. Policy Year 1 begins on the Policy Issue Date and ends one day before the first Policy Anniversary. Insurance Age The Insurance Age for each insurance benefit is shown in the Schedule. It is based on the age attained at the Insured's birthday nearest to the Benefit Effective Date and the category of risk. For benefits issued on a joint life basis, the Insurance Age represents the single life age for all of the Insureds, taking into account the age, sex, Smoker Status and underwriting class of each Insured. Attained Insurance Age The Attained Insurance Age is equal to the Insurance Age plus the number of Policy Anniversaries that have passed since the Benefit Effective Date.


Smoker Status The Smoker Status on the Benefit Effective Date of an insurance benefit is shown in the Schedule. For individual life benefits, this indicates whether the Insured was considered a smoker, non-smoker or juvenile according to Our published guidelines on that date. See the Juvenile Cost of Insurance provision for details on the juvenile smoker status. For benefits issued on a joint life basis, the indicated Smoker Status is determined using Our single life age methodology based on the Smoker Status of each individual Insured as shown in the application. The insurance charges for the Monthly Deduction are based on the Smoker Status. Any misrepresentation regarding an Insured's Smoker Status will be treated as fraudulent, entitling Us to void coverage on that person in accordance with the Disclosure provision. Net Premium The Net Premium is premium paid on this policy less a percentage to cover any applicable Provincial Premium Tax, sales tax and any other Federal and Provincial levy or similar charge on premiums. Please refer to the Premiums section of the policy for further details. Premium Allocation Premium Allocation is the portion of the Net Premium directed toward a particular Investment Account, expressed as a percentage in round numbers from 1% to 100%. You can change the Premium Allocation from time to time. The Advisor Portfolio is an automatic allocation of 100% of the Net Premium. Refer to the Investment Account provisions for details concerning Investment Accounts. Minimum Premium The Minimum Premium is the sum of the annual minimum premium(s) for the benefit(s) shown in the Schedule plus twelve times the monthly administration fee plus $10. The Minimum Premium increases if the Sum Insured is increased or if a new Insured is added. The Minimum Premium decreases if the Sum Insured is reduced or if an Insured is removed. However, the Minimum Premium is unaffected by changes in the Sum Insured resulting from the "Minimized Coverage Plus" Death Benefit Option. Total Annual Minimum Premium The Total Annual Minimum Premium is shown in the Schedule. The Total Annual Minimum Premium changes if a policy change is made that affects the Monthly Deduction, such as a request to increase or decrease the Sum Insured. Total Monthly Minimum Premium The Total Monthly Minimum Premium is equal to the Total Annual Minimum Premium divided by 12.

LE608A.MLUS.CLM.20020901 Claim-9

Claim Provisions Payment on Death The Basic Death Benefit plus any Additional Sum Insured is payable to the Beneficiary if the specified Insured dies while the policy is in force. If there is an outstanding Policy Loan, the amount owing will be deducted from the proceeds on death. Between the date when a claim for a death benefit is received and the date such claim is resolved, no Partial Withdrawals or Policy Loans shall be permitted. Suicide or Self-Inflicted Injury This provision applies if an Insured, whether sane or insane, dies by suicide or from intentionally self-inflicted injury within two years from the Benefit Effective Date. Similarly, the provision applies within two years after the effective date of any reinstatement. Under these circumstances, the benefit will be considered to have terminated one day prior to the death of that Insured. If all benefits cover the deceased Insured, We would then refund, without interest, all premiums received less any amounts owed by You to Us. The policy would then terminate. If some benefits do not cover the deceased Insured, We would refund the Cost of Insurance charges deducted for all benefits on the deceased Insured, including joint life benefits. These benefits would then terminate. Benefits on the remaining Insured(s) will be continued. Proof of Claim When a claim becomes payable as a result of the death of an Insured, We require proof, satisfactory to Us, of the following before making a payment: * the date of birth of the Insured(s); * the death of the Insured(s) and the circumstances of the death; * the right of the claimant to receive payment; * the identity and age of the Beneficiary; and * any other information We might reasonably request to evaluate the claim. Optional Methods to Receive Claim Payments The person entitled to payment for a death benefit may elect to receive a lump sum payment or a series of payments (an annuity policy). The terms of the annuity policy will be determined in accordance with Our current rules and regulations in effect at the time of claim. Misstatement of Age or Sex The rates for this policy depend on the Insurance Age, based on the date of birth shown in the application, and the sex of the Insured(s). If the date of birth or sex of an Insured has been misstated, We will increase or decrease the amount of coverage to reflect the change in the rates charged by Us when the correct information is used, compared to the rates originally charged. The premium for the new amount of coverage will equal the premium for the previous amount of coverage.

LE609A.MLUS.PREM.20031101 Premium-10

Premium Provisions Payment of Premiums The coverage provided by the policy is conditional upon payment of sufficient premium to prevent the policy from lapsing, as described in the Lapse provision below. Premiums are payable at Our head office, at one of Our regional offices or by monthly pre-authorized withdrawals via any Canadian chartered bank. You must advise Us in writing of a change of address for premium notification purposes. You may change the method or frequency of payments, subject to Our rules and regulations in effect at the time of the request. You may change the amount of your payments at any time, subject to Our minimum and maximum premium guidelines. Any premium paid or accepted in error for a benefit that was never in effect, or that is no longer in effect, does not make us liable for that benefit. A premium will be refunded when it has been determined that it was accepted in error. Premium Tax We reserve the right to increase the percentage deducted from premiums in the calculation of the Net Premium, the Minimum Premium and the Total Annual Minimum Premium: * by the amount of any increase in the premium tax rate, or * to reflect the cost of any new government tax on premiums, or * if You move to a province or territory with a higher tax rate. If the premium tax rate decreases or You move to a province or a territory with a lower premium tax rate, We will reduce the percentage deducted from premiums in the calculation of the Net Premium, the Minimum Premium and the Total Annual Minimum Premium accordingly. Currency Amounts payable to and by Us will be in Canadian currency. Lapse This policy will terminate without value after a grace period of 120 days following the lapse start date. The lapse start date is set whenever, (1) The Net Fund Value becomes less than zero. OR (2) The Cash Value is less than zero and the sum of all premiums paid less partial

withdrawals since the last policy anniversary becomes less than the sum of the Total Monthly Minimum Premiums due since the last policy anniversary.

The policy will remain in force during the grace period and all policy provisions will remain effective. Monthly Deductions will continue to be subtracted from the Account Value(s). If an Insured dies during the grace period when the Cash Value is negative, the outstanding amount will be deducted from the Basic Death Benefit before settlement of the claim. If sufficient premium is paid during the grace period, the policy will remain in force. Reinstatement This policy may be reinstated at any time within two years from the lapse start date, as defined in the Lapse provision, subject to the following conditions:

LE609A.MLUS.PREM.20031101 Premium-11

a) You must provide evidence satisfactory to Us of the good health and insurability of the Insured(s); and

b) You must make a lump sum payment to cover the Monthly Deductions from the lapse start date to the current date plus overdue interest and premium tax, all determined according to the rules and regulations in effect at the time of reinstatement.

When the above two conditions are satisfied, we will provide written confirmation of the effective date of the reinstatement.

LE609B.MLUS.PREM.20031101 Premium-12

Premium Provisions Payment of Premiums The coverage provided by the policy is conditional upon payment of sufficient premium to prevent the policy from lapsing, as described in the Lapse provision below. Premiums are payable at Our head office, at one of Our regional offices or by monthly pre-authorized withdrawals via any Canadian chartered bank. You must advise Us in writing of a change of address for premium notification purposes. You may change the method or frequency of payments, subject to Our rules and regulations in effect at the time of the request. You may reduce the amount of your payments at any time after the first Policy Anniversary. Premiums can be made for a maximum of 20 years from the Policy Issue Date. Any premium paid or accepted in error for a benefit that was never in effect, or that is no longer in effect, does not make us liable for that benefit. A premium will be refunded when it has been determined that it was accepted in error. Premium Tax We reserve the right to increase the percentage deducted from premiums in the calculation of the Net Premium, the Minimum Premium and the Total Annual Minimum Premium: * by the amount of any increase in the premium tax rate, or * to reflect the cost of any new government tax on premiums, or * if You move to a province or territory with a higher tax rate. If the premium tax rate decreases or You move to a province or a territory with a lower premium tax rate, We will reduce the percentage deducted from premiums in the calculation of the Net Premium, the Minimum Premium and the Total Annual Minimum Premium accordingly. Currency Amounts payable to and by Us will be in Canadian currency. Lapse This policy will terminate without value after a grace period of 120 days following the lapse start date. The lapse start date is set whenever, 1. The Net Fund Value becomes less than zero. OR 2. The Cash Value is less than zero and the sum of all premiums paid less partial


The policy will remain in force during the grace period and all policy provisions will remain effective. Monthly Deductions will continue to be subtracted from the Account Value(s). If an Insured dies during the grace period when the Cash Value is negative, the outstanding amount will be deducted from the Basic Death Benefit before settlement of the claim. If sufficient premium is paid during the grace period, the policy will remain in force. Reinstatement This policy may be reinstated at any time within two years from the lapse start date, as defined in the Lapse provision, subject to the following conditions:

LE609B.MLUS.PREM.20031101 Premium-13

a) You must provide evidence satisfactory to Us of the good health and insurability of the Insured(s); and

b) You must make a lump sum payment to cover the Monthly Deductions from the lapse start date to the current date plus overdue interest and premium tax, all determined according to the rules and regulations in effect at the time of reinstatement.


LE609C.MLUS.PREM.20031101 Premium-14

Premium Provisions Payment of Premiums The coverage provided by the policy is conditional upon payment of sufficient premium to prevent the policy from lapsing, as described in the Lapse provision below. Premiums are payable at Our head office, at one of Our regional offices or by monthly pre-authorized withdrawals via any Canadian chartered bank. You must advise Us in writing of a change of address for premium notification purposes. You may change the method or frequency of payments, subject to Our rules and regulations in effect at the time of the request. You may change the amount of your payments at any time, subject to Our minimum and maximum premium guidelines. Any premium paid or accepted in error for a benefit that was never in effect, or that is no longer in effect, does not make us liable for that benefit. A premium will be refunded when it has been determined that it was accepted in error. Premium Tax We reserve the right to increase the percentage deducted from premiums in the calculation of the Net Premium, the Minimum Premium and the Total Annual Minimum Premium: * by the amount of any increase in the premium tax rate, or * to reflect the cost of any new government tax on premiums, or * if You move to a province or territory with a higher tax rate. If the premium tax rate decreases or You move to a province or a territory with a lower premium tax rate, We will reduce the percentage deducted from premiums in the calculation of the Net Premium, the Minimum Premium and the Total Annual Minimum Premium accordingly. Currency Amounts payable to and by Us will be in Canadian currency. Lapse This policy will terminate without value after a grace period of 120 days following the lapse start date. The lapse start date is set whenever, 1. The Net Fund Value becomes less than zero. However, if the Net Fund Value

becomes less than zero due solely to a negative Capital Adjustment, this condition will not apply.

OR 2. The Cash Value is less than zero and the sum of all premiums paid less partial


The policy will remain in force during the grace period and all policy provisions will remain effective. Monthly Deductions will continue to be subtracted from the Account Value(s). If an Insured dies during the grace period when the Cash Value is negative, the outstanding amount will be deducted from the Basic Death Benefit before settlement of the claim. If sufficient premium is paid during the grace period, the policy will remain in force.

LE609C.MLUS.PREM.20031101 Premium-15

Reinstatement This policy may be reinstated at any time within two years from the lapse start date, as defined in the Lapse provision, subject to the following conditions: a) You must provide evidence satisfactory to Us of the good health and insurability of

the Insured(s); and b) You must make a lump sum payment to cover the Monthly Deductions from the

lapse start date to the current date plus overdue interest and premium tax, all determined according to the rules and regulations in effect at the time of reinstatement.


LE610A.MLUS.LIFE.20031101 Life-16

Life Insurance Provisions Death Benefit Options The following Death Benefit Options are available at the Policy Issue Date. The option You have chosen is shown in the Schedule. 1. Level Coverage The Basic Death Benefit is equal to the Sum Insured or the Fund Value if greater. The Sum

Insured will be reduced by the amount of any Partial Withdrawal or Disability Payment Benefit, including any associated Partial Surrender charge.

2. Coverage Plus The Basic Death Benefit is equal to the applicable Sum Insured plus the Fund Value

payable at the date the claim is received. The Insurance Type of each benefit determines when the associated Sum Insured is payable. When there is more than one Basic Death Benefit available on the policy, the Fund Value is payable on either last death or each death, depending upon your selection. The option You chose is shown in the Schedule. If the "last death" option was selected, the Fund Value is only payable on the last death of the Insureds. If the "each death" option was selected, the Fund Value is payable on each death of the Insureds. With the "each death" option, We will subtract amounts to cover the Monthly Deductions for the remaining Insured(s) from the date the claim is received to the month following the date on which the claim is paid.

3. Minimized Coverage Plus With this option, the Sum Insured remains level for the first five Policy Years. On the fifth

Policy Anniversary or on any Policy Anniversary thereafter, You may notify Us that You do not want to make any more premium payments in the future, and that You elect to minimize Your Sum Insured. We will then automatically adjust the Sum Insured to the minimum level required to maintain the Exempt Status at that time, provided the adjusted Sum Insured is not greater than the initial Sum Insured or less than the minimum amount chosen by You. You will be advised of the adjusted amount. If You resume paying premiums after an adjustment is calculated, We will not make any further adjustments to the Sum Insured until You notify Us that premium payments will no longer be made.

The Basic Death Benefit is equal to the applicable Sum Insured as of the last adjustment plus the Fund Value payable at the date the claim is received. The Insurance Type of each benefit determines when the associated Sum Insured is payable. When there is more than one Basic Death Benefit available on the policy, the Fund Value is only payable on the last death of the Insureds.

4. Coverage with ROP The Basic Death Benefit is equal to the Sum Insured or the Fund Value if greater. Prior to

making each Monthly Deduction, We will calculate the Additional Sum Insured, which, subject to the maximum below, is equal to the sum of all premiums paid to date less any Partial Withdrawals or Disability Payment Benefit, accumulated with interest. The annual interest rate is shown in the Schedule. Allowable rates are any whole number between 0% and 8% inclusive. If the amount of a Partial Withdrawal or Disability Payment Benefit is greater than the Additional Sum Insured at that time, the Additional Sum Insured will be reset to zero and the Sum Insured will be reduced by the balance plus any associated Partial Surrender charge.

The maximum Additional Sum Insured will be four times the Sum Insured, subject to Our published coverage limits.


5. Indexed Coverage The Basic Death Benefit is equal to the Sum Insured or the Fund Value if greater. On each

Policy Anniversary, We will calculate the Additional Sum Insured, which, subject to the maximum below, is equal to the following formula: (Sum Insured plus any existing Additional Sum Insured) multiplied by (the index factor shown in the Schedule plus one), less the Sum Insured. Allowable factors are any whole number between 1% and 8% inclusive. The Additional Sum Insured will be reduced by the amount of any Partial Withdrawal or Disability Payment Benefit. If the amount of a Partial Withdrawal or Disability Payment Benefit is greater than the Additional Sum Insured at that time, the Additional Sum Insured will be reset to zero and the Sum Insured will be reduced by the balance plus any associated Partial Surrender charge. You may elect to stop an increase by sending Us a written request sixty days before the applicable Policy Anniversary. However, if increases are stopped, no further increases will be made unless You provide Us with satisfactory evidence of the insurability of the Insured(s).

The maximum Additional Sum Insured will be four times the Sum Insured, subject to Our published coverage limits.

6. Coverage with ACB The Basic Death Benefit is equal to the Sum Insured or the Fund Value if greater. On each

Policy Anniversary, We will calculate the Additional Sum Insured, which is equal to the adjusted cost basis, or zero if the adjusted cost basis is negative. The adjusted cost basis is determined according to the provisions of the Income Tax Act of Canada in effect at the Policy Issue Date. The Additional Sum Insured will be reduced by the non-taxable portion of any Partial Withdrawal. The Sum Insured will be reduced by any Disability Payment Benefit and the taxable portion of any Partial Withdrawal, including any associated Partial Surrender charge.

Death Benefit Changes At any time while this policy is in force, You may apply to change the Death Benefit Option or the Sum Insured on which the Basic Death Benefit is based, subject to the following: * The availability of some Death Benefit Options may be restricted according to Our business

guidelines. * The Sum Insured may not be reduced below $50,000, unless the annual minimum premium

for the corresponding benefit is at least $750. Note that a Partial Surrender Charge will be assessed for any reduction in Sum Insured within 9 years of the Benefit Effective Date.

* For any change that would increase the current or future Basic Death Benefit, We will require satisfactory evidence of the insurability of the Insured(s). If You increase the Sum Insured, the Cost of Insurance rates for the additional amount will be the rates in use at the time of increase.

Addition of Insured You may request that individual life benefits for a new person be added during the lifetime of an existing Insured, provided that no more than six lives are insured in total. We must receive satisfactory evidence of insurability of the new Insured. You will be charged a fee for this change. The Monthly Deduction will be increased to reflect the additional benefits, based on the Sum Insured, Smoker Status, underwriting class, Insurance Age and sex of the new Insured. The Cost of Insurance rates applicable to the new Insured will be Our rates in use on the addition date.


Transfer of Coverage If the policy has more than one benefit, You may transfer the "Individual" Insurance Type benefits for any Insured to a separate policy of the exact same type. The Sum Insured may not be increased unless satisfactory evidence of insurability is given. You will be charged a fee for this change. Unless directed otherwise, a proportional amount of Fund Value will also be transferred, with the proportion based on the annual minimum premium for the transferred coverage to the total Minimum Premium. This feature is not available to benefits issued on a joint life basis. Substitution of Insured You may request that a new person be substituted for an existing Insured, providing the new person was born prior to the Policy Issue Date. We will require satisfactory evidence of insurability for the proposed new life insured. Our rules and regulations at that time will determine the specific requirements to make the change and its terms and conditions. You will be charged a fee for this change and any underwriting costs we incur. The Incontestability and Suicide or Self-Inflicted Injury provisions will re-commence on the substitution date for the substitute life. Exempt Status Exempt Status means this policy is exempt from accrual taxation under the provisions of the Income Tax Act of Canada in effect on the Policy Issue Date. An exempt test is done each Policy Anniversary to monitor the Exempt Status. Should the government change the definition of an exempt policy or the nature of the exempt test, We will administer the next exempt test under the terms of the amendment. When an adjustment is required to maintain the Exempt Status of this policy, We will take action in the following order: 1. We will increase the amount of life insurance coverage by up to eight percent each year, as

permitted under the current Income Tax Act. Any such increase is referred to in this contract as Additional Sum Insured. This option only applies if the Insured is living when the exempt test is done. The Additional Sum Insured will be reviewed when the next exempt test is done.

2. We will refund any excess premiums paid during the Policy Year, and credit this amount to the Carrier Fund.

3. We will transfer any remaining excess funds to the Carrier Fund. Carrier Fund The Carrier Fund is a special account that holds any premiums that exceed the maximum premium determined by Us during the year. We will also credit the Carrier Fund with funds in excess of the maximum allowable tax exempt value calculated by the exempt test. You may base the Carrier Fund on any one of the available Investment Accounts. The default will be the Daily Interest Account. You may change the Account used for the Carrier Fund up to twice each year at no charge. However, a Market Value Adjustment may apply if you change the Carrier Fund from a Fixed Interest Account. The rate of return for the Carrier Fund is as described in the corresponding Investment Account section, subject to the same guarantees. The Carrier Fund will be entitled to any applicable Investment Bonus, but the value in the Carrier Fund will not be used to calculate the Qualifying Ratio. Account Deductions will not be made from the Carrier Fund. The Carrier Fund is not included in the calculation of the Fund Value. The Carrier Fund will be paid to You or Your estate when the contract terminates. The investment income of the Carrier Fund is subject to annual accrual taxation.


Partial Withdrawals may be made from the Carrier Fund, subject to Market Value Adjustment if the Carrier Fund is invested in a Fixed Interest Account. The exempt test is periodically performed as described in the Exempt Status provision. Transfers are made from or to the Carrier Fund as required to keep the maximum amount in the tax exempt Investment Accounts. Transfers to the Carrier Fund will be withdrawn from the Investments Accounts in proportion to the Account Values. Premium tax will not be deducted from transfers to the Carrier Fund. Transfers from the Carrier Fund will be in proportion to the Premium Allocation. Amounts deposited from the Carrier Fund back to the Investment Accounts are subject to provincial premium tax. Transfer fees will not apply. Market Value Adjustment may apply to transfers involving a Fixed Interest Account.

LE610B.MLUS.LIFE.20031101 Life-20

Life Insurance Provisions Death Benefit Option Minimized Coverage Plus The Sum Insured remains level for the first three Policy Years. On the third Policy Anniversary or on any Policy Anniversary thereafter, You may notify Us that You do not want to make any more premium payments in the future, and that You elect to minimize Your Sum Insured. We will then automatically adjust the Sum Insured to the minimum level required to maintain the Exempt Status at that time, provided the adjusted Sum Insured is not greater than the initial Sum Insured or less than the minimum amount chosen by You. You will be advised of the adjusted amount. If You resume paying premiums after an adjustment is calculated, We will not make any further adjustments to the Sum Insured until You notify Us that premium payments will no longer be made. The Basic Death Benefit is equal to the applicable Sum Insured as of the last adjustment plus the Fund Value payable at the date the claim is received. The Insurance Type of each benefit determines when the associated Sum Insured is payable. Death Benefit Changes At any time while this policy is in force, You may apply to change the Sum Insured on which the Basic Death Benefit is based, subject to the following: * The Sum Insured may not be reduced below $50,000, unless the annual premium for the

corresponding benefit is at least $5,000. Note that a Partial Surrender Charge will be assessed for any reduction in Sum Insured within 10 years of the Benefit Effective Date.

* For any change that would increase the current or future Basic Death Benefit, We will require satisfactory evidence of the insurability of the Insured. If You increase the Sum Insured, the Cost of Insurance rates for the additional amount will be the rates in use at the time of increase.

Substitution of Insured You may request that a new person be substituted for an existing Insured, providing the new person was born prior to the Policy Issue Date. We will require satisfactory evidence of insurability for the proposed new life insured. Our rules and regulations at that time will determine the specific requirements to make the change and its terms and conditions. You will be charged a fee for this change and any underwriting costs we incur. The Incontestability and Suicide or Self-Inflicted Injury provisions will re-commence on the substitution date for the substitute life. Exempt Status Exempt Status means this policy is exempt from accrual taxation under the provisions of the Income Tax Act of Canada in effect on the Policy Issue Date. An exempt test is done each Policy Anniversary to monitor the Exempt Status. Should the government change the definition of an exempt policy or the nature of the exempt test, We will administer the next exempt test under the terms of the amendment. When an adjustment is required to maintain the Exempt Status of this policy, We will take action in the following order: 1. We will increase the amount of life insurance coverage by up to eight percent each year, as

permitted under the current Income Tax Act. Any such increase is referred to in this contract as Additional Sum Insured. This option only applies if the Insured is living when the exempt test is done. The Additional Sum Insured will be reviewed when the next exempt test is done.

LE610B.MLUS.LIFE.20031101 Life-21

2. We will refund any excess premiums paid during the Policy Year, and credit this amount to the Carrier Fund.

3. We will transfer any remaining excess funds to the Carrier Fund. Carrier Fund The Carrier Fund is a special account that holds any premiums that exceed the maximum premium determined by Us during the year. We will also credit the Carrier Fund with funds in excess of the maximum allowable tax exempt value calculated by the exempt test. You may base the Carrier Fund on any one of the available Investment Accounts. The default will be the Daily Interest Account. You may change the Account used for the Carrier Fund up to twice each year at no charge. However, a Market Value Adjustment may apply if you change the Carrier Fund from a Fixed Interest Account. The rate of return for the Carrier Fund is as described in the corresponding Investment Account section, subject to the same guarantees. The Carrier Fund will be entitled to any applicable Investment Bonus. Account Deductions will not be made from the Carrier Fund. The Carrier Fund is not included in the calculation of the Qualifying Ratio. The Carrier Fund will be paid to You or Your estate when the contract terminates. The investment income of the Carrier Fund is subject to annual accrual taxation. Partial Withdrawals may be made from the Carrier Fund, subject to Market Value Adjustment if the Carrier Fund is invested in a Fixed Interest Account. The exempt test is periodically performed as described in the Exempt Status provision. Transfers are made from or to the Carrier Fund as required to keep the maximum amount in the tax exempt Investment Accounts. Transfers to the Carrier Fund will be withdrawn from the Investments Accounts in proportion to the Account Values. Premium tax will not be deducted from transfers to the Carrier Fund. Transfers from the Carrier Fund will be in proportion to the Premium Allocation. Amounts deposited from the Carrier Fund back to the Investment Accounts are subject to provincial premium tax. Transfer fees will not apply. Market Value Adjustment may apply to transfers involving a Fixed Interest Account.

LE611A.MLUS.COI.20031101 COI-22

Cost of Insurance Guarantee Cost of Insurance (COI) The Cost of Insurance (COI) is the amount We charge You for the Basic Risk Amount. The Cost of Insurance is included in the Monthly Deduction. The following Cost of Insurance options are available. The option for each benefit is shown in the Schedule and may not be changed except as described below in the YRT Cost Switch provision. The Cost of Insurance rates are determined as follows. If the Insurance Age is less than 18, refer also to the Juvenile Cost of Insurance provision. 1. Level Guaranteed COI For each benefit with the Level Guaranteed COI option, the annual COI rate is shown in the

Schedule. 2. YRT Guaranteed COI The YRT Guaranteed Cost of Insurance rates are available from Us on request. For each

benefit with the YRT Guaranteed COI option, We use the rate that corresponds to the Insurance Age, Smoker Status, underwriting class, sex, Sum Insured and the number of years elapsed since the Benefit Effective Date.

3. Level Guaranteed COI with Coverage Enhancer For each benefit with the Level Guaranteed COI with Coverage Enhancer option, the annual

COI rate is shown in the Schedule. After the Attained Insurance Age reaches 100, the Cost of Insurance is zero. For YRT Guaranteed COI, the Cost of Insurance is zero after the later of 20 years from the Benefit Effective Date or the Attained Insurance Age reaches 85. The monthly rates are one-twelfth of the annual rates shown. Juvenile Cost of Insurance If the Insurance Age is less than 18, the Smoker Status is considered juvenile while the Attained Insurance Age remains less than 20. This means the initial rates do not depend on the Smoker Status. When the Attained Insurance Age reaches 20, the Smoker Status is changed to smoker and the Cost of Insurance will increase. This will result in an increase in the Minimum Premium and the Total Annual Minimum Premium. If We then receive satisfactory evidence that the Insured is a non-smoker, We will use the applicable non-smoker rates to calculate these amounts. YRT Cost Switch You may change a benefit from YRT Guaranteed COI to Level Guaranteed COI after at least 5 years have elapsed from the Benefit Effective Date, but not beyond Attained Insurance Age 80. If the Sum Insured is less than or equal to $5,000,000, the Cost of Insurance rate for that benefit will then be based on the Level Guaranteed COI rate that corresponds to the Attained Insurance Age, using the rate scale in effect at the Benefit Effective Date. You may not later switch back to YRT Guaranteed COI.

LE611B.MLUS.COI.20031101 COI-23

Cost of Insurance Guarantee Cost of Insurance (COI) The Cost of Insurance (COI) is the amount We charge You for the Basic Risk Amount. The Cost of Insurance is included in the Monthly Deduction. The Cost of Insurance rates are determined as follows. If the Insurance Age is less than 18, refer also to the Juvenile Cost of Insurance provision. YRT Guaranteed COI The YRT Guaranteed Cost of Insurance rates are available from Us on request. For each

benefit with the YRT Guaranteed COI option, We use the rate that corresponds to the Insurance Age, Smoker Status, underwriting class, sex, and the number of years elapsed since the Benefit Effective Date.

The Cost of Insurance is zero after the later of 20 years from the Benefit Effective Date or the Attained Insurance Age reaches 85. The monthly rates are one-twelfth of the annual rates shown. Juvenile Cost of Insurance If the Insurance Age is less than 18, the Smoker Status is considered juvenile while the Attained Insurance Age remains less than 20. This means the initial rates do not depend on the Smoker Status. When the Attained Insurance Age reaches 20, the Smoker Status is changed to smoker and the Cost of Insurance will increase. This will result in an increase in the Minimum Premium and the Total Annual Minimum Premium. If We then receive satisfactory evidence that the Insured is a non-smoker, We will use the applicable non-smoker rates to calculate these amounts.

LE611C.MLUS.COI.20031101 COI-24

Cost of Insurance Guarantee Cost of Insurance (COI) The Cost of Insurance (COI) is the amount We charge You for the Basic Risk Amount. The Cost of Insurance is included in the Monthly Deduction. The Cost of Insurance rates are determined as follows. If the Insurance Age is less than 18, refer also to the Juvenile Cost of Insurance provision. Level Guaranteed COI with Capital Adjustment For each benefit with the Level Guaranteed COI with Capital Adjustment option, the annual

COI rate is shown in the Schedule. After the Attained Insurance Age reaches 100, the Cost of Insurance is zero. The monthly rates are one-twelfth of the annual rates shown. Juvenile Cost of Insurance If the Insurance Age is less than 18, the Smoker Status is considered juvenile while the Attained Insurance Age remains less than 20. This means the initial rates do not depend on the Smoker Status. When the Attained Insurance Age reaches 20, the Smoker Status is changed to smoker and the Cost of Insurance will increase. This will result in an increase in the Minimum Premium and the Total Annual Minimum Premium. If We then receive satisfactory evidence that the Insured is a non-smoker, We will use the applicable non-smoker rates to calculate these amounts.

LE631A.MLUS.COEN.20030301 Coverage Enhancer-25

Coverage Enhancer Benefit The Level Guaranteed COI with Coverage Enhancer provides, in addition to the base coverage, 7-year term coverage that is non-renewable and convertible. Coverage The amount of 7-year term coverage is shown in the Schedule. Conversion Option The Coverage Enhancer benefit may be converted at any time within seven years from the Benefit Effective Date without evidence of insurability to any permanent insurance plan designated by Us for conversion purposes at the date of conversion. Conversion is subject to Our rules and regulations in effect on the date of conversion. Conversion must take place on or before the conversion expiry date shown in the Schedule. The premium for the new policy will be determined using: 1. The Insured's Attained Insurance Age on the date of conversion, 2. The rates in effect on the date of conversion for the new plan type, 3. The Smoker Status of the Insured shown in the Schedule, and 4. The underwriting class of the Insured shown in the Schedule, or its equivalent under the

underwriting guidelines in effect on the date of the conversion. If a rating applies to the Insured on the Benefit Effective Date, it will also apply to the new benefit. Conversion is effective when We receive a written request for conversion and the first premium due on the new policy at Our head office or at one of Our regional offices. The new policy will contain the same provisions and be subject to the same endorsements regularly included in policies issued by Us on the conversion date. Termination The term coverage will automatically terminate on the earlier of: (1) the effective date of the new benefit if the Conversion Option is exercised, or (2) the termination date shown in the Schedule for this coverage.

LE612A.MLUS.INV.20031101 Investment-26

Investment Accounts Investment Accounts Investment Accounts are savings pools within Our general funds to which Your premiums are directed and from which charges are deducted. They provide different levels of risk and expected rates of return. While Your policy is in force, We will offer various Investment Accounts which may change from time to time. The following Investment Accounts are available at the Policy Issue Date. 1. Daily Interest Account

The Daily Interest Account is a short term Investment Account whose balance will earn interest, accrued daily, at the then current rate as periodically determined by Us.

If the bonus option has been selected, the bonus will be credited as described in the Investment

Bonus provision. In addition, the annual rate will not be less than 90% of the yield on 90 day Government of Canada Treasury Bills less 2.25%, subject to a minimum of 0.00%.

If the bonus option has not been selected, the annual rate will not be less than 90% of the yield

on 90 day Government of Canada Treasury Bills less 1.75%, subject to a minimum of 0.50%.

2. Fixed Interest Accounts A Fixed Interest Account is a fixed term Investment Account. A Premium Allocation to a Fixed

Interest Account will earn interest, accrued daily, at the then current rate as periodically determined by Us.

The rate of interest assigned to each allocation is guaranteed not to change for the term

chosen. At the end of the chosen term, the maturing portion of the Account Value will be reinvested for a new period, for the same term, at the then current interest rate.

The available terms and the minimum guarantees are shown below. If the Government of

Canada investments referenced below are not available, We will use Government of Canada investments which We deem comparable.

If the bonus option has been selected, the bonus will be credited as described in the Investment

Bonus provision. In addition: a) For a 1 year term account, the annual rate will not be less than 90% of the yield on

Government of Canada 1 year treasury bills less 1.75%, subject to a minimum of 0.00%. b) For a 3 year term account, the annual rate will not be less than 90% of the yield on 3

year Government of Canada Bonds less 1.75%, subject to a minimum of 0.00%. c) For a 5 year term account, the annual rate will not be less than 90% of the yield on 5

year Government of Canada Bonds less 1.75%, subject to a minimum of 2.00%. d) For a 10 year term account, the annual rate will not be less than 90% of the yield on 10

year Government of Canada Bonds less 1.75%, subject to a minimum of 2.50%. If the bonus option has not been selected:

a) For a 1 year term account, the annual rate will not be less than 90% of the yield on Government of Canada 1 year treasury bills less 1.25%, subject to a minimum of 0.50%.

b) For a 3 year term account, the annual rate will not be less than 90% of the yield on 3 year Government of Canada Bonds less 1.25%, subject to a minimum of 0.50%.

c) For a 5 year term account, the annual rate will not be less than 90% of the yield on 5 year Government of Canada Bonds less 1.25%, subject to a minimum of 2.50%.


d) For a 10 year term account, the annual rate will not be less than 90% of the yield on 10 year Government of Canada Bonds less 1.25%, subject to a minimum of 3.00%.

3. Variable Interest Accounts A Variable Interest Account is an Investment Account whose value, depending on the performance of a portfolio of assets, may increase or decrease. The "valuation date" represents the end of the business day on which We calculate the return of the appropriate account. The bonus will be credited as described in the Investment Bonus provision if the bonus option has been selected. The rate of return for a Variable Interest Account is equal to A – (B*C/365), where: A = the percentage change in the underlying portfolio of assets of the Variable Interest Account, including dividends for the equity assets, since the last valuation date. The percentage change for some foreign equity accounts are adjusted by the currency stabilization factor described below; If the Bonus option has been selected, B = the annual corresponding expense rate from the column labeled “with Bonus Option” in the tables below If the Bonus option has not been selected, B = the annual corresponding expense rate from the column labeled “without Bonus Option” in the tables below C = the number of days since the last valuation date. a) Index-Linked Accounts


Expense Rate Account

Specified Index

Currency Stabilization

Factor with Bonus Option

without Bonus Option

Canadian Equity

Standard & Poor's Toronto Stock Exchange (TSE) 60 Index

n/a 3.00% 2.00%

Canadian Bond Scotia Capital Markets Universe Index

n/a 3.00% 2.00%

U.S. Equity Standard and Poor's (S&P) 500 Composite Index

yes 3.00% 2.00%

U.S. Equity (Cdn. $)

Standard and Poor's (S&P) 500 Composite Index expressed in Canadian dollars

no 3.00%

2.00%

U.S. Technology (Cdn. $)

Nasdaq 100 Composite Index expressed in Canadian dollars

no 3.75% 2.75%

U.S. Small Cap (Cdn. $)

Russell 2000 Composite Index expressed in Canadian dollars

no 3.75% 2.75%

Japanese Equity

Nikkei 225 Index yes 3.75% 2.75%

European Equity

Composite of the following indices: ATX (Austrian), Bel-20 (Belgium), KFX 20 (Denmark), FOX (Finland), CAC-40 (France), DAX 30 (Germany), MIB-30 (Italy), AEX (Netherlands), IBEX 35 (Spain), PSI (Portugal), OMX 30 (Sweden), SMI (Switzerland), OBX (Norway), and the FT-SE 100 (United Kingdom)

yes 4.00% 3.00%

International Equity

Composite of the following indices: All Ords (Australia), ATX (Austria), Bel-20 (Belgium), KFX 20 (Denmark), FOX (Finland), CAC-40 (France), DAX 30 (Germany), Hang Seng (Hong Kong), MIB-30 (Italy), Nikkei 225 (Japan), AEX (Netherlands), OBX (Norway), IBEX 35 (Spain), PSI (Portugal), SIMEX (Singapore), OMX 30 (Sweden), SMI (Switzerland), and the FT-SE 100 (United Kingdom)

yes 4.00% 3.00%

Tactical Portfolio

Composite net change in the following Index-Linked Accounts: Canadian Equity, U.S. Equity, Japanese Equity, European Equity, International Equity, Canadian Bond

Per ILA account

Underlying ILA Index expense

rate + 0.10%

Underlying ILA Index

expense rate + 0.10%


If the index used to calculate the return is no longer available, We will use some other index that We deem suitable. For the composite accounts, the respective weightings of the underlying indices will vary from time to time. b) Maritime Life Managed Linked Accounts

Expense Rate Maritime Life Managed Linked Account


Factor with Bonus

Option without Bonus

Option

Maritime Life Growth n/a 1.00% 0.00%

Maritime Life All American Portfolio no 1.00% 0.00%

Maritime Life International Equity no 1.00% 0.00%

Maritime Life Bond n/a 1.00% 0.00%

Maritime Life Balanced n/a 1.00% 0.00%

The Expense Rates above are charged in addition to the corresponding segregated fund MERs. The Expense Rates will not increase unless the corresponding MERs of the segregated funds decrease. c) Mackenzie Managed Linked Accounts

Expense Rate Mackenzie Managed Linked Account*


Factor with Bonus

Option without Bonus

Option

Mackenzie Universal Select Managers Canada no 1.50% 0.50%

Mackenzie Cundill Value no 1.50% 0.50%

Mackenzie Universal US Growth Leaders no 1.50% 0.50%

Mackenzie Ivy Foreign Equity no 1.50% 0.50%

The Expense Rates above are charged in addition to the corresponding mutual fund MERs. The Expense Rates will not increase unless the corresponding MERs of the mutual funds decrease. We reserve the right to add, remove or replace Variable Interest Accounts in the future as described, and subject to the limitations, in the Discontinuation of Investment Accounts section. We will notify You of any significant change to a Variable Interest Account.

*Universal Solutions is not issued, sponsored, sold or promoted by Mackenzie Financial Corporation. Mackenzie Financial Corporation does not make any representation or warranty, expressed or implied whatsoever regarding the advisability of selecting any Mackenzie Managed Linked Accounts, making any investment or acquiring the contract. As such, Mackenzie Financial Corporation does not have any association, liability or responsibility with respect to the contract.


Currency Stabilization Factor The currency stabilization factor applicable to certain Index-Linked Accounts will reduce the exposure associated with specified indices based on a foreign currency. This adjustment can be positive or negative, and depends on the relative difference between Canadian and foreign interest rates, applied to the Account Value at the last valuation date, and also the impact of the change in currency applied to the return of the specified index since the last valuation date. The exact formula is available from Us upon request.

Investment Income Tax (IIT) Rate The IIT reduction is included in the expense rates in the above tables.

Death Benefit Guarantee If the Death Benefit Option is either "Coverage Plus" or "Minimized Coverage Plus", We guarantee that the sum of the Account Value in all Variable Interest Accounts on the date when the Fund Value is payable due to the death of the Insured will not be less than the guaranteed death benefit amount. The guaranteed death benefit amount is equal to the sum of the Premium Allocations and transfers from the Daily Interest Account or from a Fixed Interest Account to any of the Variable Interest Accounts, less Account Deductions from any of the Variable Interest Accounts, and is proportionally reduced by Partial Withdrawals, transfers to the Daily Interest Account or to a Fixed Interest Account, Disability Payment Benefits or death benefit payments from any of the Variable Interest Accounts. The guaranteed death benefit amount is not modified by transfers between Variable Interest Accounts. Advisor Portfolios An Advisor Portfolio is an automatic Premium Allocation, based on the Insured's age at each Policy Anniversary. The Advisor Portfolio also redistributes the existing value of the accounts when the age of the Insured enters a new range, over a 24 month period according to the new Premium Allocation. At the Policy Issue Date, the following Advisor Portfolio options are available. You may switch the Advisor Portfolio option once per Policy Year upon written request. Conservative Advisor Portfolio

Age

Range

5 Year Fixed

Interest Account

10 Year Fixed

Interest Account

Canadian Bond

Index-Linked Account

Canadian Equity


less than 40 20% 20% 30% 30% 40-49 25% 25% 25% 25% 50-59 30% 30% 20% 20% 60+ 40% 30% 20% 10%

Balanced Advisor Portfolio

Age

Range

5 Year Fixed

Interest Account

Canadian Bond


Canadian Equity


U.S. Equity


less than 40 10% 20% 35% 35% 40-49 15% 25% 30% 30% 50-59 20% 30% 25% 25% 60+ 30% 30% 20% 20%


Aggressive Advisor Portfolio

Age Range

Canadian Bond


Canadian Equity


U.S. Equity


International Index-Linked

Account less than 40 0% 35% 35% 30%

40-49 10% 30% 30% 30% 50-59 25% 25% 25% 25% 60+ 40% 20% 20% 20%

If any of the above Investment Accounts is discontinued by Us, We will either substitute an appropriate account in its place or discontinue the Advisor Portfolio completely. We may adjust the investment mix for any range from time to time depending on general economic conditions. We will notify You at least 30 days in advance of any such change. For the Advisor Portfolio, age means the number of completed years between the Insured's date of birth and the current Policy Anniversary. If there is more than one Insured, the age of the first Insured named in the Schedule determines the investment mix. If You transfer to the Advisor Portfolio or change the option, Your Fund Value will be reallocated according to the investment mix.

Discontinuation of Investment Accounts We reserve the right to discontinue any Investment Account or Advisor Portfolio at any time except the Fixed Interest Accounts and Daily Interest Account, which We guarantee will always be available to You. We also conditionally guarantee that We will maintain at least one Index Linked Account that links your investment return to each of the Canadian equity, Canadian bond and U.S. equity markets. The investment return of these three accounts would be calculated using the same formula as the Canadian Equity, Canadian Bond and U.S. Equity (Cdn. $) Index Linked Accounts described above, including the guaranteed expense rate, although the specified index may change. The conditions for this guarantee are that: 1) the investment environment for monitoring and replicating a market index, and 2) insurance regulations related to maintaining these options must remain materially the same as at the Policy Issue Date. When an Investment Account is no longer being offered, We reserve the right to transfer the Account Value to another Investment Account then being offered by Us. There will be no charge when We make such a transfer. Any such transfer will only take effect after We have advised You.

LE612B.MLUS.INV.20031101 Investment-32

Investment Accounts Investment Accounts Investment Accounts are savings pools within Our general funds to which Your premiums are directed and from which charges are deducted. They provide different levels of risk and expected rates of return. While Your policy is in force, We will offer various Investment Accounts which may change from time to time. The following Investment Accounts are available at the Policy Issue Date.

1. Daily Interest Account The Daily Interest Account is a short term Investment Account whose balance will earn interest,

accrued daily, at the then current rate as periodically determined by Us. The bonus will be credited as described in the Investment Bonus provision. In addition, the

annual rate will not be less than 90% of the yield on 90 day Government of Canada Treasury Bills less 2.25%, subject to a minimum of 0.00%.

2. Fixed Interest Accounts

A Fixed Interest Account is a fixed term Investment Account. A Premium Allocation to a Fixed Interest Account will earn interest, accrued daily, at the then current rate as periodically determined by Us.

The rate of interest assigned to each allocation is guaranteed not to change for the term

chosen. At the end of the chosen term, the maturing portion of the Account Value will be reinvested for a new period, for the same term, at the then current interest rate.

The available terms and the minimum guarantees are shown below. If the Government of

Canada investments referenced below are not available, We will use Government of Canada investments which We deem comparable.

The bonus will be credited as described in the Investment Bonus provision. In addition:

a) For a 1 year term account, the annual rate will not be less than 90% of the yield on Government of Canada 1 year treasury bills less 1.75%, subject to a minimum of 0.00%.

b) For a 3 year term account, the annual rate will not be less than 90% of the yield on 3 year Government of Canada Bonds less 1.75%, subject to a minimum of 0.00%.

c) For a 5 year term account, the annual rate will not be less than 90% of the yield on 5 year Government of Canada Bonds less 1.75%, subject to a minimum of 2.00%.

d) For a 10 year term account, the annual rate will not be less than 90% of the yield on 10 year Government of Canada Bonds less 1.75%, subject to a minimum of 2.50%.


3. Variable Interest Accounts A Variable Interest Account is an Investment Account whose value, depending on the performance of a portfolio of assets, may increase or decrease. The "valuation date" represents the end of the business day on which We calculate the return of the appropriate account. The bonus will be credited as described in the Investment Bonus provision.

The rate of return for a Variable Interest Account is equal to A – (B*C/365), where: A = the percentage change in the underlying portfolio of assets of the Variable Interest Accounts, including dividends for the equity assets, since the last valuation date. The percentage change for some foreign equity accounts are adjusted by the currency stabilization factor described below; B = the annual corresponding expense rate in the tables below C = the number of days since the last valuation date.

a) Index-Linked Accounts


Account

Specified Index


Factor

Expense Rate

Canadian Equity

Standard & Poor's Toronto Stock Exchange (TSE) 60 Index

n/a 3.00%

Canadian Bond Scotia Capital Markets Universe Index

n/a 3.00%

U.S. Equity Standard and Poor's (S&P) 500 Composite Index

yes 3.00%

U.S. Equity (Cdn. $)

Standard and Poor's (S&P) 500 Composite Index expressed in Canadian dollars

no 3.00%

U.S. Technology (Cdn. $)

Nasdaq 100 Composite Index expressed in Canadian dollars

no 3.75%

U.S. Small Cap (Cdn. $)

Russell 2000 Composite Index expressed in Canadian dollars

no 3.75%

Japanese Equity

Nikkei 225 Index yes 3.75%

European Equity

Composite of the following indices: ATX (Austrian), Bel-20 (Belgium), KFX 20 (Denmark), FOX (Finland), CAC-40 (France), DAX 30 (Germany), MIB-30 (Italy), AEX (Netherlands), IBEX 35 (Spain), PSI (Portugal), OMX 30 (Sweden), SMI (Switzerland), OBX (Norway), and the FT-SE 100 (United Kingdom)

yes 4.00%

International Equity

Composite of the following indices: All Ords (Australia), ATX (Austria), Bel-20 (Belgium), KFX 20 (Denmark), FOX (Finland), CAC-40 (France), DAX 30 (Germany), Hang Seng (Hong Kong), MIB-30 (Italy), Nikkei 225 (Japan), AEX (Netherlands), OBX (Norway), IBEX 35 (Spain), PSI (Portugal), SIMEX (Singapore), OMX 30 (Sweden), SMI (Switzerland), and the FT-SE 100 (United Kingdom)

yes 4.00%

Tactical Portfolio

Composite net change in the following Index-Linked Accounts: Canadian Equity, U.S. Equity, Japanese Equity, European Equity, International Equity, Canadian Bond

Per ILA Account

Underlying ILA Index expense rate + 0.10%


If the index used to calculate the return is no longer available, We will use some other index that We deem suitable. For the composite accounts, the respective weightings of the underlying indices will vary from time to time.

b) Maritime Life Managed Linked Accounts

Maritime Life Managed Linked Account


Factor

Expense Rate

Maritime Life Growth n/a 1.00%

Maritime Life All American Portfolio no 1.00%

Maritime Life International Equity no 1.00%

Maritime Life Bond n/a 1.00%

Maritime Life Balanced n/a 1.00%

The Expense Rates above are charged in addition to the corresponding segregated fund MERs. The ERs will not increase if the corresponding MER of the segregated funds do not increase. c) Mackenzie Managed Linked Accounts

Mackenzie Managed Linked Account*


Factor

Expense Rate

Mackenzie Universal Select Managers Canada no 1.50%

Mackenzie Cundill Value no 1.50%

Mackenzie Universal US Growth Leaders no 1.50%

Mackenzie Ivy Foreign Equity no 1.50%

The Expense Rates above are charged in addition to the corresponding mutual fund MERs. The ERs will not increase if the corresponding MER of the mutual funds do not increase. We reserve the right to add, remove or replace Variable Interest Accounts in the future as described, and subject to the limitations, in the Discontinuation of Investment Accounts section. We will notify You of any significant change to a Variable Interest Account.


*Universal Solutions is not issued, sponsored, sold or promoted by Mackenzie Financial Corporation. Mackenzie Financial Corporation does not make any representation or warranty, expressed or implied whatsoever regarding the advisability of selecting any Mackenzie Managed Linked Accounts, making any investment or acquiring the contract. As such, Mackenzie Financial Corporation does not have any association, liability or responsibility with respect to the contract. Currency Stabilization Factor The currency stabilization factor applicable to certain Index-Linked Accounts will reduce the exposure associated with specified indices based on a foreign currency. This adjustment can be positive or negative, and depends on the relative difference between Canadian and foreign interest rates, applied to the Account Value at the last valuation date, and also the impact of the change in currency applied to the return of the specified index since the last valuation date. The exact formula is available from Us upon request.

Investment Income Tax (IIT) Rate The IIT reduction will be included in the expense rate in the above table. Advisor Portfolios An Advisor Portfolio is an automatic Premium Allocation, based on the Insured's age at each Policy Anniversary. The Advisor Portfolio also redistributes the existing value of the accounts when the age of the Insured enters a new range, over a 24 month period according to the new Premium Allocation. At the Policy Issue Date, the following Advisor Portfolio options are available. You may switch the Advisor Portfolio option once per Policy Year upon written request. Conservative Advisor Portfolio

Age

Range

5 Year Fixed

Interest Account

10 Year Fixed

Interest Account

Canadian Bond


Canadian Equity


less than 40 20% 20% 30% 30% 40-49 25% 25% 25% 25% 50-59 30% 30% 20% 20% 60+ 40% 30% 20% 10%

Balanced Advisor Portfolio

Age

Range

5 Year Fixed

Interest Account

Canadian Bond


Canadian Equity


U.S. Equity


less than 40 10% 20% 35% 35% 40-49 15% 25% 30% 30% 50-59 20% 30% 25% 25% 60+ 30% 30% 20% 20%

Aggressive Advisor Portfolio

Age

Range

Canadian Bond


Canadian Equity


U.S. Equity


International Index-Linked

Account less than 40 0% 35% 35% 30%

40-49 10% 30% 30% 30% 50-59 25% 25% 25% 25% 60+ 40% 20% 20% 20%

If any of the above Investment Accounts is discontinued by Us, We will either substitute an appropriate account in its place or discontinue the Advisor Portfolio completely. We may adjust


the investment mix for any range from time to time depending on general economic conditions. We will notify You at least 30 days in advance of any such change. For the Advisor Portfolio, age means the number of completed years between the Insured's date of birth and the current Policy Anniversary. If there is more than one Insured, the age of the first Insured named in the Schedule determines the investment mix. If You transfer to the Advisor Portfolio or change the option, Your Fund Value will be reallocated according to the investment mix.

Discontinuation of Investment Accounts We reserve the right to discontinue any Investment Account or Advisor Portfolio at any time except the Fixed Interest Accounts and Daily Interest Account, which We guarantee will always be available to You. We also conditionally guarantee that We will maintain at least one Index-Linked Account that links your investment return to each of the Canadian equity, Canadian bond and U.S. equity markets. The investment return of these three accounts would be calculated using the same formula as the Canadian Equity, Canadian Bond and U.S. Equity (Cdn. $) Index-Linked Accounts described above, including the guaranteed expense rate, although the specified index may change. The conditions for this guarantee are that: 1) the investment environment for monitoring and replicating a market index, and 2) insurance regulations related to maintaining these options must remain materially the same as at the Policy Issue Date. When an Investment Account is no longer being offered, We reserve the right to transfer the Account Value to another Investment Account then being offered by Us. There will be no charge when We make such a transfer. Any such transfer will only take effect after We have advised You.

LE613A.MLUS.FUND.20031101 Fund Value-38

Fund Value Provisions Monthly Deduction Beginning on the Policy Issue Date and once each month thereafter, We will calculate a Monthly Deduction equal to the sum of the following: * the guaranteed monthly administration fee shown in the Schedule; * the monthly Cost of Insurance, which is equal to the Basic Risk Amount multiplied by the

applicable monthly Cost of Insurance rate divided by 1,000 for each benefit shown in the Schedule. Refer to the Cost of Insurance section for further details;

* any premium rating applied during Our underwriting process; * any Additional Sum Insured divided by 1,000 multiplied by the yearly renewable term rate

that corresponds to the Insurance Age, Sum Insured, Smoker Status, underwriting class, sex and the number of years elapsed since the Benefit Effective Date, divided by twelve (these rates are available from Us on request); and

* the total of the monthly costs for any riders attached to the policy, as described in those riders.

Account Deduction Account Deduction is the amount deducted each month from each Investment Account. This amount depends on the Monthly Deduction described above and the account deduction method as described below. The account deduction method is shown in the Schedule. You may change the method or the specified account to be used up to once each year by sending Us a written request. However, you may not use the specified account method while you are using an Advisor Portfolio. We may change the method only as described in (2) below. (1) If the method is "Proportionate", the Account Deduction from each account equals the

Monthly Deduction multiplied by the ratio of the applicable Account Value to the Fund Value. (2) If the method is from a specified account, the Account Deduction from the corresponding

Investment Account equals the Monthly Deduction. No Account Deduction is made from any other Investment Accounts. However, if the Account Value of the specified account is not sufficient to cover the Monthly Deduction, the method will automatically be changed to "Proportionate". We will notify You if this happens.

For any Fixed Interest Account, the Account Deduction is subtracted from the earliest Premium Allocation. Market Value Adjustments do NOT apply to Account Deductions. Account Value The Account Value of an Investment Account on the Policy Issue Date is the Premium Allocation less the corresponding Account Deduction. The Account Value then earns interest in the case of Daily or Fixed Interest Accounts, and for Variable Interest Accounts will increase or decrease based on the performance of the specified group of assets. After the Policy Issue Date, the Account Value reflects the sum of the Premium Allocations and transfers credited to the account less the sum of Account Deductions, Partial Withdrawals, transfers and any Disability Payment Benefit from the account. Net Account Value The Net Account Value of an Investment Account is the corresponding Account Value less the proportionate Policy Loan balance. The proportion that applies to a given account is equal to the Account Value divided by the Fund Value.


Surrender Charge The Surrender Charge is used to calculate the Cash Value. It is charged if You cancel the policy or if a Partial Surrender is made. It is also used in the calculation of the lapse start date (see the Lapse provision). The Surrender Charge for benefits in effect on the Policy Issue Date is equal to the original Minimum Premium multiplied by the "Surrender Factor" below, where the Coverage Year is measured from the Policy Issue Date. For benefits added after the Policy Issue Date, the associated Surrender Charge is equal to the increase in the Minimum Premium multiplied by the "Surrender Factor" below, where the Coverage Year is measured from the Benefit Effective Date. After a benefit has been in force for 9 full years, no Surrender Charge applies to that benefit. Coverage Year Surrender Factor 1 to 8 200% 9 100% 10+ 0% Market Value Adjustment A Market Value Adjustment is applicable to the Fixed Interest Accounts when the current interest rate is higher than the interest rate associated with a particular Premium Allocation. The adjustment for any given Premium Allocation is the current balance of the Premium Allocation multiplied by the interest rate differential multiplied by the number of complete months remaining in the investment term divided by 12. Transfers At any time, You may elect to transfer all or part of the Account Value of one Investment Account to another. The effective date of any transfer will be within five business days after Your written request is received at Our head office or at one of Our regional offices. A Market Value Adjustment will apply to any transfers from the Fixed Interest Accounts. The first 12 transfers in the calendar year will be processed free of charge. We reserve the right to charge an administration fee of $30 per transfer for the 13th and subsequent transfers requested in a calendar year. Transfers may be restricted if there is an outstanding Policy Loan balance. Other transfers may be made by Us in accordance with the policy provisions, such as transfers involving the Carrier Fund and Advisor Portfolio. No fee applies to such transfers. Partial Withdrawal You may request a Partial Withdrawal of the Cash Value at any time, subject to a minimum withdrawal of $500. The effective date of withdrawal will be within five business days after Your written request is received at Our head office or at one of Our regional offices. Partial Withdrawals will first be made from the Carrier Fund if applicable. Except for the Advisor Portfolio, You may indicate the Investment Account(s) from which the remaining funds are to be withdrawn. Otherwise, We will make withdrawals in proportion to the current Account Values. A Market Value Adjustment will apply if funds are withdrawn from a Fixed Interest Account. If the Death Benefit Option is other than "Coverage Plus" or "Minimized Coverage Plus", a Partial Withdrawal will result in a corresponding reduction in the Sum Insured and / or Additional Sum Insured, as described in the Death Benefit Option section. Any resultant reduction of Sum Insured will be treated as a Partial Surrender (described below). Partial Surrender A Partial Surrender occurs if You reduce the Sum Insured, including any reduction in Sum Insured resulting from a Partial Withdrawal or Disability Payment Benefit, or if You remove an Insured from the policy. If this occurs within nine years of the Benefit Effective Date, You will be assessed a partial surrender charge equal to the "Surrender Factor" described in the Surrender Charge provision


multiplied by the decrease in the Minimum Premium. This will be deducted from the Account Values in proportion to their current value. The partial surrender charge does not apply to automatic reductions made under the "Minimized Coverage Plus" Death Benefit Option. Investment Bonus This section only applies to Your policy if the Bonus Option has been selected for Your policy. Refer to the Schedule to see if the Bonus Option has been selected. The Bonus Option shown on your schedule CANNOT be changed after the Policy Issue Date.

An Investment Bonus is credited on the 5th Policy Anniversary and every Policy Anniversary thereafter. The Investment Bonus is the sum of the Guaranteed Bonus and the Premium Bonus. Guaranteed Bonus The Guaranteed Bonus is equal to the Net Account Value multiplied by the Guaranteed Bonus Percentage. The Guaranteed Bonus Percentage varies by Policy Anniversary as follows:

Policy Anniversary

Guaranteed Bonus Percentage

5 – 9 0.25%

10+ 0.50% Premium Bonus The Premium Bonus is equal to the Net Account Value multiplied by the Premium Bonus Percentage. The Premium Bonus Percentage for the first four Policy Anniversaries is zero. For the 5th Policy Anniversary and every Policy Anniversary thereafter, the Premium Bonus Percentage depends on the Qualifying Ratio as shown in the table below:

Qualifying Ratio Premium Bonus Percentage

1.25 – 1.99 0.50%

2.00 or greater 1.00% The Qualifying Ratio is calculated as the sum of all Universal Solutions premiums paid excluding Minimum Premiums for riders, less the sum of all partial withdrawals since the Policy Issue Date divided by the sum of the Universal Solutions Minimum Premiums due since the Policy Issue Date excluding Minimum Premiums for riders. Beginning on the 10th Policy Anniversary and every Policy Anniversary thereafter, the Qualifying Ratio, and hence the Premium Bonus Percentage, may increase but We guarantee that it will NEVER decrease. Policy Loan Policy Loans are available against the Cash Value of the policy. The minimum loan amount at any time is $500. The maximum Policy Loan is 90% of the sum of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Variable Interest Accounts less a proportionate Surrender Charge calculated as follows: the Surrender Charge multiplied by (90% of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Variable Interest Accounts) divided by the Fund Value.


The interest rate charged on Policy Loans will be determined by Us, but will not be greater than the prime rate charged by Our main banker plus 2%. The rate will stay in force until the next Policy Anniversary, at which time the then current rate will be charged. Interest will be compounded annually at the Policy Anniversary and accrued daily. At Our option, the granting of the loan may be deferred for a period not exceeding 60 days. We reserve the right to restrict transfers from the Daily and Fixed Interest Accounts if there is an outstanding loan. Any proceeds on death or termination will be reduced by the outstanding Policy Loan balance. A Policy Loan repayment may take place at any time.

LE613B.MLUS.FUND.20031101 Fund Value-42











Surrender Charge The Surrender Charge is used to calculate the Cash Value. It is charged if You cancel the policy or if a Partial Surrender is made. It is also used in the calculation of the lapse start date (see the Lapse provision). The Surrender Charge for benefits in effect on the Policy Issue Date is equal to the initial annual premium multiplied by the "Surrender Factor" below, where the Coverage Year is measured from the Policy Issue Date. For benefits added after the Policy Issue Date, the associated Surrender Charge is equal to the increase in the annual premium multiplied by the "Surrender Factor" below, where the Coverage Year is measured from the Benefit Effective Date. After a benefit has been in force for 10 full years, no Surrender Charge applies to that benefit. Coverage Year Surrender Factor 1 10% 2 9% 3 8% 4 7% 5 6% 6 5% 7 4% 8 3% 9 2% 10 1% 11+ 0% Market Value Adjustment A Market Value Adjustment is applicable to the Fixed Interest Accounts when the current interest rate is higher than the interest rate associated with a particular Premium Allocation. The adjustment for any given Premium Allocation is the current balance of the Premium Allocation multiplied by the interest rate differential multiplied by the number of complete months remaining in the investment term divided by 12. Transfers At any time, You may elect to transfer all or part of the Account Value of one Investment Account to another. The effective date of any transfer will be within five business days after Your written request is received at Our head office or at one of Our regional offices. A Market Value Adjustment will apply to any transfers from the Fixed Interest Accounts. The first 12 transfers in the calendar year will be processed free of charge. We reserve the right to charge an administration fee of $30 per transfer for the 13th and subsequent transfers requested in a calendar year. Transfers may be restricted if there is an outstanding Policy Loan balance. Other transfers may be made by Us in accordance with the policy provisions, such as transfers involving the Carrier Fund and Advisor Portfolio. No fee applies to such transfers. Partial Withdrawal You may request a Partial Withdrawal of the Cash Value at any time, subject to a minimum withdrawal of $500. The effective date of withdrawal will be within five business days after Your written request is received at Our head office or at one of Our regional offices. Partial Withdrawals will first be made from the Carrier Fund if applicable. Except for the Advisor Portfolio, You may indicate the Investment Account(s) from which the remaining funds are to be withdrawn. Otherwise, We will make withdrawals in proportion to the current Account Values. A Market Value Adjustment will apply if funds are withdrawn from a Fixed Interest Account.


Partial Surrender A Partial Surrender occurs if You reduce the Sum Insured, including any reduction in Sum Insured resulting from a Partial Withdrawal or Disability Payment Benefit. If this occurs within ten years of the Benefit Effective Date, You will be assessed a partial surrender charge equal to the "Surrender Factor" described in the Surrender Charge provision multiplied by the corresponding decrease in the initial premium. This will be deducted from the Account Values in proportion to their current value. The partial surrender charge does not apply to automatic reductions made under the "Minimized Coverage Plus" Death Benefit Option. Investment Bonus An Investment Bonus is credited on the first Policy Anniversary and every Policy Anniversary thereafter. The Investment Bonus credited to each Investment Account is 1.25% of the Net Account Value of the Daily Interest Account and Fixed Interest Accounts, and 1.50% of the Net Account Value of Variable Interest Accounts. Stabilization Rate You must notify Us in writing that You wish to use this feature. This feature may result in less volatility in your total investment returns. A Stabilization Rate will be established the first time the total investment return for the month (excluding any investment bonus), calculated immediately prior to a Monthly Deduction, is greater than 0.8%. Total investment returns for any month exceeding 0.8% will be limited to 0.8% and excess returns will increase the Stabilization Rate. For example, if the calculated total investment return is 1%, the amount credited to the Investment Accounts will be limited to 0.8% and the extra 0.2% will be added to the Stabilization Rate. When there is a positive Stabilization Rate and the total investment return for the month is less than 0.8%, We will reduce the Stabilization Rate and increase the total investment return. The percentage subtracted from the Stabilization Rate will be the lesser of the current value of the Stabilization Rate or an amount sufficient to make the total investment return equal to 0.8%. For example, if the calculated total investment return is 0.5%, We will subtract up to 0.3% from the Stabilization Rate and add this amount to the Investment Accounts. If You make premium payments while this feature is in effect, a pro-rata reduction in the Stabilization Rate will apply. The Stabilization Rate has no Cash Value and will not be considered in the calculation of the death benefit. If You cancel this feature, the Stabilization Rate will be set to zero. Policy Loan Policy Loans are available against the Cash Value of the policy. The minimum loan amount at any time is $500. The maximum Policy Loan is 90% of the sum of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Variable Interest Accounts less a proportionate Surrender Charge calculated as follows: the Surrender Charge multiplied by (90% of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Variable Interest Accounts) divided by the Fund Value. If the Stabilization Rate feature has been elected, the maximum Policy Loan is 90% of the sum of the Account Values of the Daily and Fixed Interest Accounts plus 75% of the Account Values of the Variable Interest Accounts less a proportionate Surrender Charge calculated as follows: the Surrender Charge multiplied by (90% of the Account Values of the Daily and Fixed Interest Accounts plus 75% of the Account Values of the Variable Interest Accounts) divided by the Fund Value. The interest rate charged on Policy Loans will be determined by Us, but will not be greater than the prime rate charged by Our main banker plus 2%. The rate will stay in force until the next


Policy Anniversary, at which time the then current rate will be charged. Interest will be compounded annually at the Policy Anniversary and accrued daily. At Our option, the granting of the loan may be deferred for a period not exceeding 60 days. We reserve the right to restrict transfers from the Daily and Fixed Interest Accounts if there is an outstanding loan. Any proceeds on death or termination will be reduced by the outstanding Policy Loan balance. A Policy Loan repayment may take place at any time.

LE613C.MLUS.FUND.20031101 Fund Value-46













Policy Anniversary


5 - 9 0.25%



1.25-1.99 0.50%

2.00 or greater 1.00% The Qualifying Ratio is calculated as the sum of all Universal Solutions premiums paid excluding Minimum Premiums for riders, less the sum of all partial withdrawals since the Policy Issue Date divided by the sum of the Universal Solutions Minimum Premiums due since the Policy Issue Date excluding Minimum Premiums for riders. Beginning on the 10th Policy Anniversary and every Policy Anniversary thereafter, the Qualifying Ratio, and hence the Premium Bonus Percentage, may increase but We guarantee that it will NEVER decrease. Policy Loan Policy Loans are available against the Cash Value of the policy. The minimum loan amount at any time is $500. The maximum Policy Loan is 90% of the sum of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Variable Interest Accounts less a proportionate Surrender Charge, multiplied by the proportion of the Capital Mix invested in the Portfolio Option. The proportionate Surrender Charge is calculated as follows:


the Surrender Charge multiplied by (90% of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Variable Interest Accounts) divided by the Fund Value. The interest rate charged on Policy Loans will be determined by Us, but will not be greater than the prime rate charged by Our main banker plus 2%. The rate will stay in force until the next Policy Anniversary, at which time the then current rate will be charged. Interest will be compounded annually at the Policy Anniversary and accrued daily. At Our option, the granting of the loan may be deferred for a period not exceeding 60 days. We reserve the right to restrict transfers from the Daily and Fixed Interest Accounts if there is an outstanding loan. Any proceeds on death or termination will be reduced by the outstanding Policy Loan balance. A Policy Loan repayment may take place at any time.

LE613D.MLUS.FUND.20031101 Fund Value-50









For any Fixed Interest Account, the Account Deduction is subtracted from the earliest Premium Allocation. Market Value Adjustments do NOT apply to Account Deductions. Account Value The Account Value of an Investment Account on the Policy Issue Date is the Premium Allocation less the corresponding Account Deduction. The Account Value then earns interest in the case of Daily or Fixed Interest Accounts, and for Index-Linked Accounts will increase or decrease based on the performance of the respective index. After the Policy Issue Date, the Account Value reflects the sum of the Premium Allocations and transfers credited to the account less the sum of Account Deductions, Partial Withdrawals, transfers and any Disability Payment Benefit from the account. Net Account Value The Net Account Value of an Investment Account is the corresponding Account Value less the proportionate Policy Loan balance. The proportion that applies to a given account is equal to the Account Value divided by the Fund Value.




Policy Anniversary


5 - 9 0.25%



1.25-1.99 0.50%

2.00 or greater 1.00% The Qualifying Ratio is calculated as the sum of all Universal Solutions premiums paid excluding Minimum Premiums for riders, less the sum of all partial withdrawals since the Policy Issue Date divided by the sum of the Universal Solutions Minimum Premiums due since the Policy Issue Date excluding Minimum Premiums for riders. Beginning on the 10th Policy Anniversary and every Policy Anniversary thereafter, the Qualifying Ratio, and hence the Premium Bonus Percentage, may increase but We guarantee that it will NEVER decrease. Stabilization Rate This feature may be elected provided the Cost of Insurance option for each benefit is "YRT Guaranteed" and the Death Benefit Option is "Minimized Coverage Plus". You must notify Us in writing that You wish to use this feature. This feature may result in less volatility in your total


investment returns. While this feature is in effect, You may not exercise a Term Cost Switch and You may not change the Death Benefit Option. A Stabilization Rate will be established the first time the total investment return for the month (excluding any investment bonus), calculated immediately prior to a Monthly Deduction, is greater than 0.8%. Total investment returns for any month exceeding 0.8% will be limited to 0.8% and excess returns will increase the Stabilization Rate. For example, if the calculated total investment return is 1%, the amount credited to the Investment Accounts will be limited to 0.8% and the extra 0.2% will be added to the Stabilization Rate. When there is a positive Stabilization Rate and the total investment return for the month is less than 0.8%, We will reduce the Stabilization Rate and increase the total investment return. The percentage subtracted from the Stabilization Rate will be the lesser of the current value of the Stabilization Rate or an amount sufficient to make the total investment return equal to 0.8%. For example, if the calculated total investment return is 0.5%, We will subtract up to 0.3% from the Stabilization Rate and add this amount to the Investment Accounts. If You make premium payments while this feature is in effect, a pro-rata reduction in the Stabilization Rate will apply. The Stabilization Rate has no Cash Value and will not be considered in the calculation of the death benefit. If You cancel this feature, the Stabilization Rate will be set to zero. Policy Loan Policy Loans are available against the Cash Value of the policy. The minimum loan amount at any time is $500. The maximum Policy Loan is 90% of the sum of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Index-Linked Accounts less a proportionate Surrender Charge calculated as follows: the Surrender Charge multiplied by ( 90% of the Account Values of the Daily and Fixed Interest Accounts plus 50% of the Account Values of the Index-Linked Accounts ) divided by the Fund Value. If the Stabilization Rate feature has been elected, the maximum Policy Loan is 90% of the sum of the Account Values of the Daily and Fixed Interest Accounts plus 75% of the Account Values of the Index-Linked Accounts less a proportionate Surrender Charge calculated as follows: the Surrender Charge multiplied by ( 90% of the Account Values of the Daily and Fixed Interest Accounts plus 75% of the Account Values of the Index-Linked Accounts ) divided by the Fund Value. The interest rate charged on Policy Loans will be determined by Us, but will not be greater than the prime rate charged by Our main banker plus 2%. The rate will stay in force until the next Policy Anniversary, at which time the then current rate will be charged. Interest will be compounded annually at the Policy Anniversary and accrued daily. At Our option, the granting of the loan may be deferred for a period not exceeding 60 days. We reserve the right to restrict transfers from the Daily and Fixed Interest Accounts if there is an outstanding loan. Any proceeds on death or termination will be reduced by the outstanding Policy Loan balance. A Policy Loan repayment may take place at any time.

LE632A.MLUS.CAP.20020901 Capital Adjustment-54

Capital Adjustment Capital Adjustment Beginning on the third coverage anniversary date, and on each subsequent anniversary date, the Fund Value will be adjusted by the value of the Capital Adjustment, in the same proportion as the Premium Allocation. The amount of the adjustment can be positive or negative and will depend on the Capital Mix You select. It is calculated as follows:

R x A x (i % - 3.5%); where R is the Basic Risk Amount;

A is the Adjustment Factor applicable to this benefit and is included in the Adjustment Factor Table for this policy; and

i is defined as the 12 month geometric average of the investment return at the end of the processing period for each Investment Account specified in the Capital Mix multiplied by the appropriate proportion of each Investment Account within the Capital Mix.

The Investment Bonus is not included in the calculation of i%. Capital Mix The Capital Mix defines the percentage of each Investment Account used to determine i%, and applies to all the coverages on the policy. The Investment Accounts available for the Capital Mix are listed below (please refer to the Investment Accounts section for more details): * Canadian Equity * Canadian Bond * U.S. Equity * U.S. Equity (Cdn. $) * U.S. Technology (Cdn. $) * U.S. Small Cap (Cdn. $) * Japanese Equity * European Equity * International Equity * Tactical Portfolio Two options in addition to those listed above are available only for the Capital Mix, the Portfolio Option and the T-Bill Option, and are described below: Portfolio Option

Based on a portfolio of assets invested over the most recent 15 years, but not prior to May 1, 1995. This return is calculated using rates guaranteed never to be less than 90% of Government of Canada Bond Yields, on an effective annualized basis, with maturity of 15 years, less 1.75%, subject to a minimum of 3.5% and maximum of 7%. We guarantee that the Portfolio Option will always be available to You.

T-Bill Option

Based on a portfolio of assets invested over the most recent year. This return is calculated using rates guaranteed never to be less than 90% of Government of Canada Bond Yields, on an effective annualized basis, with maturity of 1 year, less 2.25%. We guarantee that the T-Bill Option will always be available to You.

The Capital Mix allocation to each Investment Account is expressed as a percentage in round numbers from 1% to 100%. You can use a maximum of 10 Investment Accounts in the Capital Mix. You have the right to change the Investment Accounts included in the Capital Mix or their

LE632A.MLUS.CAP.20020901 Capital Adjustment-55

allocation at any time. Any change in the Capital Mix will take effect at the beginning of the processing period following the change. Market Value Adjustment A change in allocation to or from the Portfolio Option may be subject to a Market Value Adjustment at the time the change is effective depending on the level of fixed interest rates at that time. The Market Value Adjustment is calculated as follows: i < j i >j B% Decrease in Allocation to Portfolio Option (j-i) x 10 x R x A x B% N/A B% Increase in Allocation to Portfolio Option N/A (i -j) x 10 x R x A x B%

i is the 12 month geometric average of the investment return on the Portfolio

Option; j is the posted rate on a 10 Year FIA (see Investment Account Section); R is the Basic Risk Amount; and A is the Adjustment Factor applicable to this benefit and is included in the

Adjustment Factor Table for this policy. Capital Adjustment with Level Coverage Where the Death Benefit Option for a coverage, as shown in the Schedule, is Level Coverage and the Capital Mix includes the Portfolio Option, the value of the Capital Adjustment associated with that coverage cannot exceed the Cost of Insurance charge for that year divided by the percentage of the Portfolio Option in the Capital Mix.

LE614A.MLUS.DPB.20020901 Disability-56

Disability Payment Benefit Provisions For the purposes of this benefit only, the following definitions are in addition to those specified under Definitions. "Disability" means that the Insured becomes either occupationally disabled or afflicted with a critical disability, as these terms are defined below. Disability must commence after the Policy Issue Date and the effective date of any reinstatement, "Regular occupation" means the gainful occupation or occupations in which the Insured was regularly engaged prior to the onset of sickness or injury. If the Insured was not regularly employed prior to the onset of sickness or injury, he or she will not be considered occupationally disabled. "Occupationally disabled" means that, as a result of sickness or injury, the Insured satisfies one of the following conditions: a) the Insured is unable to perform the substantial duties of his or her regular

occupation, and is not engaged in any gainful occupation; b) the Insured is employed in a gainful occupation, but he or she has experienced at

least a 50% loss of income compared to the earned income from his or her regular occupation;

c) the Insured is employed in his or her regular occupation, but is unable to perform one or more substantial duties of that occupation; or

d) the Insured is employed in his or her regular occupation, but is unable to perform that occupation for at least one-half the amount of time usually spent at that occupation.

To be considered occupationally disabled, the Insured must be under the regular care and attendance of a physician. "Critical disability" means one of the following: a) a condition which markedly restricts, all or substantially all of the time, the Insured's

ability to perform any of the activities of daily living, even with therapy and the use of appropriate devices or medication. Activities of daily living include perceiving, thinking, remembering, feeding or dressing oneself, speaking or hearing in a quiet setting with one other familiar person, so as to be understood or understand, normal bodily functions including walking;

b) a condition which has been diagnosed as terminal by a physician, where the prognosis for living is less than 24 months; or

c) a condition which results in the total and permanent loss of any of the following: * sight in both eyes, * hearing in both ears, * speech, or * the use of both hands, or both feet, or one hand and one foot.

Disability Payment Benefit The Disability Payment Benefit is equal to the Cash Value of this policy less the next Monthly Deduction. Subject to the prior interest of an assignee or irrevocable beneficiary, the Disability Payment Benefit is payable to You if the Insured for a benefit

LE614A.MLUS.DPB.20020901 Disability-57

becomes disabled, and remains disabled throughout a 30 day waiting period. This benefit may be exercised once per occurrence of disability. We require written notification and supporting documentation satisfactory to Us of the disability. We reserve the right to request an independent medical opinion. The Account Value of each Investment Account will be proportionately reduced by the amount of the Disability Payment Benefit. A Market Value Adjustment may apply to amounts in any Fixed Interest Account. If the Death Benefit Option is other than "Coverage Plus" or "Minimized Coverage Plus", the Disability Payment Benefit will result in a corresponding reduction in the Sum Insured and / or Additional Sum Insured, as described in the Death Benefit Option section. Any resultant reduction of Sum Insured will be treated as a Partial Surrender. If the Death Benefit Option is "Minimized Coverage Plus", after the Disability Payment Benefit is processed We will not make any further adjustments to the Sum Insured until You notify Us that premium payments will no longer be made.

LE615A.MLUS.CON.20020901 Contract-58

Contract Provisions Contract Your contract consists of this policy, the application for this policy, any application for reinstatement of this policy and any policy amendments agreed upon in writing after this policy has been issued. Changes to or waiving of policy provisions must be in writing and have the signature of Our president or one of Our vice-presidents. No agent has the authority to change this policy. This policy is subject to any legislative or regulatory requirements. Coverage Taking Effect This policy and the benefits it contains take effect when: * the policy is delivered to You, Your legal agent, or the Beneficiary; and * the first premium is paid; and * no change has occurred to the insurability of any Insured since the date the

application was received. Any insurance benefit added after the Policy Issue Date will take effect when: * an amendment confirming the change in coverage is delivered to You, Your legal

agent, or the Beneficiary; and * the first premium for the additional benefit is paid; and * no change has occurred to the insurability of any Insured since the date the

application for policy change was received. Disclosure You and each Insured must disclose in the application for this policy, or in any application for reinstatement or in any proof of claim, every fact that is material to the contract. Subject to the Incontestability provision, failure to do so or misrepresenting any material fact in the application, will entitle Us to void the coverage. Any misrepresentation regarding an Insured's Smoker Status will be treated as fraudulent, entitling Us to void the coverage on that person. Accident or disability benefits are voidable by us at any time for misrepresentation or concealment of any material facts. Incontestability Statements made in the application for this policy, other than fraudulent statements, will be considered incontestable after the benefit has been in force for two years. Similarly, statements made in an application for reinstatement or change, other than fraudulent statements, will be considered incontestable after two years from the date the request is approved by Us. However, Your right to incontestability does not apply if an Insured dies within two years of the Benefit Effective Date or reinstatement. Written Notification We are not bound by any decision You make that affects this policy, until We receive written notice of it at Our Head Office or at one of Our regional offices. This limitation applies but is not restricted to the following: * a change of beneficiary; * a transfer of ownership;

LE615A.MLUS.CON.20020901 Contract-59

* a change in premium amount or frequency; * an assignment of this policy; or * an election of any option provided by this policy. Assignment No assignment of this policy will be binding on Us unless the assignment has been filed at Our head office or at one of Our regional offices. We are not responsible for the legal effect of any assignment. Non-Participating This policy will not participate in Our divisible surplus.

LE628A.MLUS.JNT.20030301 Joint-60

Joint Life Insurance Provisions

The following benefit option is available if the Insurance Type is "Joint Last". Refer to the Schedule page to see if it has been selected. Joint Last with Waiver on First Death If this option has been selected, the monthly Cost of Insurance for the associated benefit and monthly administration fee included in the Monthly Deduction will be waived after the first death of the named Insureds. Note that Monthly Deductions for any other benefits, Additional Sum Insured or riders will continue. The following provisions are automatically included if the Insurance Type is "Joint First". Survivor Option This option is available if the Insurance Type is "Joint First". Within 90 days of the first death of the Insureds, the survivor(s) may purchase additional insurance coverage on themselves without providing evidence of insurability, provided that the oldest of the surviving Insureds is Attained Insurance Age 80 or less. If there is one survivor, an individual policy may be purchased. If there is more than one survivor, a "Joint First" policy may be purchased on the remaining lives. The maximum amount of coverage will be the Basic Risk Amount in effect immediately prior to the death of the first Insured to die. The Cost of Insurance rates for the new policy will be based on the current age of the remaining Insured(s) and the rates in effect when the new policy is purchased.

Multiple Benefit The Multiple Benefit is available if the Insurance Type is "Joint First". For each death of the surviving Insureds that occurs within 90 days of the first death, We will pay an additional death benefit equal to the Sum Insured. Policy Exchange Option This option is available if the Insurance Type is "Joint First". During the lifetime of the Insureds and before the oldest Insured is Attained Insurance Age 81, the policy may be divided into individual life policies without providing evidence of insurability. The joint policy will be cancelled for its Cash Value on the effective date of the new policies. The new Cost of Insurance rates will be based on the Attained Insurance Ages of the Insureds and the rates in effect at the time of exchange. The maximum amount of coverage on each life is the Basic Risk Amount of the joint policy at the time of exchange.

LE628B.MLUS.JNT.20020901 Joint-61

Joint Life Insurance Provisions

The following provision is automatically included if the Insurance Type is “Joint Last”. Monthly Deduction for Joint Last The Sum Insured is payable on the last death of the named Insureds. The Monthly Deductions will continue until the last death of the named Insureds. The following provisions are automatically included if the Insurance Type is "Joint First".

Survivor Option This option is available if the Insurance Type is "Joint First". Within 90 days of the first death of the Insureds, the survivor(s) may purchase additional insurance coverage on themselves without providing evidence of insurability, provided that the oldest of the surviving Insureds is age 80 or less. If there is one survivor, an individual policy may be purchased. If there is more than one survivor, a "Joint First" policy may be purchased on the remaining lives. The maximum amount of coverage will be the Basic Risk Amount in effect immediately prior to the death of the first Insured to die. The Cost of Insurance rates for the new policy will be based on the current age of the remaining Insured(s) and the rates in effect when the new policy is purchased.

Multiple Benefit The Multiple Benefit is available if the Insurance Type is "Joint First". For each death of the surviving Insureds that occurs within 90 days of the first death, We will pay an additional death benefit equal to the Sum Insured.

Policy Exchange Option This option is available if the Insurance Type is "Joint First". During the lifetime of the Insureds and before the 81st birthday of the oldest Insured, the policy may be divided into individual life policies without providing evidence of insurability. The joint policy will be canceled for its Cash Value on the effective date of the new policies. The new Cost of Insurance rates will be based on the attained ages of the Insureds and the rates in effect at the time of exchange. The maximum amount of coverage on each life is the Basic Risk Amount of the joint policy at the time of exchange.

E4721 (11/2003)

The Maritime Life Assurance Company

Head Office

7 Maritime Place PO Box 1030Halifax NS B3J 2X5

HalifaxMontrealTorontoKitchenerCalgaryVancouver

Visit our website at www.maritimelife.ca

TM - Universal Solutions is a trademark of the Maritime Life Assurance Company.Maritime Life is a Registered trademark of the Maritime Life Assurance Company.

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