Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  	
          Insured:

        	
          [JOHN DOE]

        	
          Issue Age and Sex:

        	
          [35] [MALE]

        
	 
	
          Owner:

        	
          [JOHN DOE]

        
	 
	
          Target Age

        	
          [65]

        
	 
	
          Initial Life Insurance Amount:

        	
          $[100,000]

        	
          Policy Date:

        	
          [SEPTEMBER 15, 2022]

        
	 	 	 	 
	
          Monthly Anniversary Day:

        	
          [15]

        	
          Date of Issue:

        	
          [SEPTEMBER 15, 2022]

        
	 
	
          Plan of Insurance:

        	
          INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE LIFE INSURANCE

        
	 	 
	
          Separate Account:

        	
          [Lincoln Life Flexible Premium Variable Life Account M]

        
	 	 
	
          Death Benefit Option:

        	
          2 (Increasing)

        
	 	 
	
          Death Benefit Option Change Period:

        	
          [11th] Policy Year and thereafter until the Insured’s Attained Age 121.

        


  

  

  	NOTE:	
          This Policy provides life insurance coverage to the death of the Insured if sufficient premiums are paid.  The duration of coverage will depend on the
            amount, timing, and frequency of premium payments, Persistency Bonus credited, Cost of Insurance, investment performance of the Separate Account, any loans or withdrawals and the cost of additional benefits.  The Planned Premium may need to be
            increased to keep this Policy and the coverage In Force.

        


  

  

  	
          Minimum Initial Premium Payment:

        	
          $[3,000.00].

        


  

  

  	
          Premium Payments:

        	
          Planned Premium Amount: $[3,000.00] [and increasing by [5.00]% in each Policy Year in Policy Year(s) [2] and thereafter until the Target Age.]

        
	 	
          Premiums payable until the Insured’s Attained Age 121.

          Premium payments after the Minimum Initial Premium may vary by frequency or amount subject to the Minimum Additional Premium Payment Amounts shown
            below.

        
	 
	
          Payment Mode:

        	
          [ANNUALLY]

        
	 
	
          Minimum Additional Premium Payment Amount:

        	
          We will not accept a premium payment of less than $[200.00] Annually, $[100.00] Semi-Annually, $[60.00] Quarterly, or $[15.00] Monthly.

        


  

  

  	
          Beneficiary:

        	
          [As named in the application for this Policy, unless later changed.]

        
	 	 
	
          Persistency Bonus Duration:

        	
          The later of a. or b., where:

          a. is Policy Years [30 and thereafter];

          b. is the Policy Year in which you change to Death Benefit Option
              1 and all Policy Years thereafter.

        	 
	 	 
	
          Guaranteed Minimum Persistency Bonus Rate Credited to Sub-Accounts:

        	
          [0.01]% annual effective rate ([0.000833]% monthly).

        	 
	 	 


  

  

  
    
      


  

  Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  	
          Loan Information

        	 
	 	 
	
          Loan Amount:

        	
          Must not exceed [100.00]% of the Cash Value of this Policy as of the end of the Valuation Period ending on the Valuation Day on which we receive your
            Request.

        
	 	 
	
          Minimum Loan Repayment Amount:

        	
          $[25.00]

        


  

  

  	
          Loans

        	 	 
	 	 	 
	
          Loan Interest Rate Charged:

        	
          [0.25]% annual effective rate in Policy Years [1 and thereafter].

        	 
	 	 
	
          Loan Account Credited Interest Rate:

        	
          [0.25]% annual effective rate ([0.000684]% daily) in Policy Years [1 and thereafter].

        	 
	 	 
	
          Withdrawals

        	 
	 	 
	
          Amount of Withdrawals:

        	
          Must not exceed [100.00]% of the Cash Value of this Policy as of the end of the Valuation Period ending on the Valuation Day on which we receive your
            Request.

        
	 	 
	
          Transfers

        	 	 
	 	 	 
	
          Minimum Transfer Amount:

        	
          $[50.00] or the entire value of the Sub-Account being transferred, whichever is less.

        	 
	 	 	 
	
          Minimum Remaining Value of the Sub-Account(s) After a Transfer:

        	
          $100.00 unless the entire value of the Sub-Account(s) is being transferred.

        	 
	 	 	 


  
    
      


  

  Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  Riders and Benefits Charges

  

  

  [No riders/benefits have been elected.]

  
    
      


  

  Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  Table of Expense Charges and Fees

  

  

  The following expenses and fees are charged under this Policy:

  

  

  Cost of Insurance

  See the “Cost of Insurance” provision.

  

  

  Mortality and Expense Risk ("M&E") Charge Rate

  	
          [0.60]% annually ([0.05]% monthly) in Policy Year(s) [1-20].

        


  

  

  Transfer Fee

  $[25.00] per transfer request for each transfer request in excess of [24] during any Policy Year.

  

  

  
    
      


  

  Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  Table of Monthly Administrative Fees

  

  

  This Policy’s Monthly Administrative Fee
    will be equal to (a) multiplied by (b), where:

  
    	
            (a)

          	
            is the applicable Monthly Administrative Fee shown below;

          


  

  
    	
            (b)

          	
            is the Initial Life Insurance Amount, divided by 1,000.

          


  

  The Monthly Administrative Fees per $1,000 of Initial Life Insurance Amount vary by the Insured’s sex, Target Age, and Issue Age.

  

  

  	
          Policy

          Year

        	 	
          Monthly

          Rate

        	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
          [1

        	 	
          0.12888

        	 	 	 	 	 	 	 	 
	
          2

        	 	
          0.11803

        	 	 	 	 	 	 	 	 
	
          3

        	 	
          0.10551

        	 	 	 	 	 	 	 	 
	
          4

        	 	
          0.09382

        	 	 	 	 	 	 	 	 
	
          5

        	 	
          0.08129

        	 	 	 	 	 	 	 	 
	
          6

        	 	
          0.06876

        	 	 	 	 	 	 	 	 
	
          7

        	 	
          0.05707

        	 	 	 	 	 	 	 	 
	
          8

        	 	
          0.04704

        	 	 	 	 	 	 	 	 
	
          9

        	 	
          0.04287

        	 	 	 	 	 	 	 	 
	
          10

        	 	
          0.03702

        	 	 	 	 	 	 	 	 
	
          11

        	 	
          0.03200

        	 	 	 	 	 	 	 	 
	
          12

        	 	
          0.02615

        	 	 	 	 	 	 	 	 
	
          13

        	 	
          0.02030

        	 	 	 	 	 	 	 	 
	
          14

        	 	
          0.01529

        	 	 	 	 	 	 	 	 
	
          15

        	 	
          0.00693

        	 	 	 	 	 	 	 	 
	
          16

        	 	
          0.00000]

        	 	 	 	 	 	 	 	 
	
          and later

        	 	 	 	 	 	 	 	 	 	 


  

  

  
    
      


  

  Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  Table of Guaranteed Maximum Cost of Insurance Rates

  

  

  The monthly Cost of Insurance rates per $1,000 of net amount at risk vary by the Insured’s sex, Attained Age, and the Policy Year but will not exceed the rates
    shown in the table below in accordance with the [Ultimate 2017 CSO Male/Female, Unismoke, age last birthday] mortality table.

  

  

  	
          Policy

          Year

        	 	
          Monthly

          Rate

        	 	
          Policy

          Year

        	 	
          Monthly

          Rate

        	 	
          Policy

          Year

        	 	
          Monthly

          Rate

        
	 	 	 	 	 	 	 	 	 	 	 
	
          [1

        	 	
          0.11759

        	 	
          31

        	 	
          0.93735

        	 	
          61

        	 	
          24.81823

        
	
          2

        	 	
          0.12844

        	 	
          32

        	 	
          1.03189

        	 	
          62

        	 	
          26.95932

        
	
          3

        	 	
          0.14096

        	 	
          33

        	 	
          1.13330

        	 	
          63

        	 	
          29.34796

        
	
          4

        	 	
          0.15265

        	 	
          34

        	 	
          1.24502

        	 	
          64

        	 	
          32.02278

        
	
          5

        	 	
          0.16518

        	 	
          35

        	 	
          1.37386

        	 	
          65

        	 	
          34.95613

        
	
          6

        	 	
          0.17771

        	 	
          36

        	 	
          1.52416

        	 	
          66

        	 	
          38.01118

        
	
          7

        	 	
          0.18940

        	 	
          37

        	 	
          1.70201

        	 	
          67

        	 	
          41.06958

        
	
          8

        	 	
          0.19942

        	 	
          38

        	 	
          1.90932

        	 	
          68

        	 	
          44.21871

        
	
          9

        	 	
          0.20360

        	 	
          39

        	 	
          2.14460

        	 	
          69

        	 	
          47.40348

        
	
          10

        	 	
          0.20945

        	 	
          40

        	 	
          2.40725

        	 	
          70

        	 	
          50.56253

        
	
          11

        	 	
          0.21447

        	 	
          41

        	 	
          2.69323

        	 	
          71

        	 	
          53.62137

        
	
          12

        	 	
          0.22032

        	 	
          42

        	 	
          3.00193

        	 	
          72

        	 	
          57.08094

        
	
          13

        	 	
          0.22617

        	 	
          43

        	 	
          3.33711

        	 	
          73

        	 	
          61.67895

        
	
          14

        	 	
          0.23118

        	 	
          44

        	 	
          3.70959

        	 	
          74

        	 	
          66.81366

        
	
          15

        	 	
          0.23954

        	 	
          45

        	 	
          4.13221

        	 	
          75

        	 	
          72.58700

        
	
          16

        	 	
          0.24647

        	 	
          46

        	 	
          4.61819

        	 	
          76

        	 	
          79.13061

        
	
          17

        	 	
          0.24647

        	 	
          47

        	 	
          5.16782

        	 	
          77

        	 	
          83.33333

        
	
          18

        	 	
          0.24647

        	 	
          48

        	 	
          5.81657

        	 	
          78

        	 	
          83.33333

        
	
          19

        	 	
          0.24647

        	 	
          49

        	 	
          6.59415

        	 	
          79

        	 	
          83.33333

        
	
          20

        	 	
          0.24647

        	 	
          50

        	 	
          7.49708

        	 	
          80

        	 	
          83.33333

        
	
          21

        	 	
          0.24647

        	 	
          51

        	 	
          8.54642

        	 	
          81

        	 	
          83.33333

        
	
          22

        	 	
          0.24647

        	 	
          52

        	 	
          9.75657

        	 	
          82

        	 	
          83.33333

        
	
          23

        	 	
          0.24647

        	 	
          53

        	 	
          11.13585

        	 	
          83

        	 	
          83.33333

        
	
          24

        	 	
          0.24647

        	 	
          54

        	 	
          12.66556

        	 	
          84

        	 	
          83.33333

        
	
          25

        	 	
          0.24647

        	 	
          55

        	 	
          14.31808

        	 	
          85

        	 	
          83.33333

        
	
          26

        	 	
          0.24647

        	 	
          56

        	 	
          16.06273

        	 	
          86

        	 	
          83.33333

        
	
          27

        	 	
          0.24647

        	 	
          57

        	 	
          17.84931

        	 	
          87 and

        	 	
          0.00000]

        
	
          28

        	 	
          0.24647

        	 	
          58

        	 	
          19.64970

        	 	
          later

        	 	 
	
          29

        	 	
          0.24647

        	 	
          59

        	 	
          21.41442

        	 	 	 	 
	
          30

        	 	
          0.24647

        	 	
          60

        	 	
          23.05701

        	 	 	 	 


  

  

  
    
      


  

  Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  Corridor Percentages Table

  

  

  Death Benefit Qualification Test: Guideline Premium Test

  

  

  See the “Death Benefit Proceeds” provision and “Income Tax on Death Benefits” provision for an explanation of how this table will be used.

  

  

  	
          Insured’s Attained

          Age

        	
          Corridor

          Percentage

        	 	
          Insured’s Attained

          Age

        	
          Corridor

          Percentage

        
	 	 	 	 	 	 
	 	
          [35-40

        	
          250%

        	 	
          60

        	
          130%

        
	 	
          41

        	
          243%

        	 	
          61

        	
          128%

        
	 	
          42

        	
          236%

        	 	
          62

        	
          126%

        
	 	
          43

        	
          229%

        	 	
          63

        	
          124%

        
	 	
          44

        	
          222%

        	 	
          64

        	
          122%

        
	 	 	 	 	 	 
	 	
          45

        	
          215%

        	 	
          65

        	
          120%

        
	 	
          46

        	
          209%

        	 	
          66

        	
          119%

        
	 	
          47

        	
          203%

        	 	
          67

        	
          118%

        
	 	
          48

        	
          197%

        	 	
          68

        	
          117%

        
	 	
          49

        	
          191%

        	 	
          69

        	
          116%

        
	 	 	 	 	 	 
	 	
          50

        	
          185%

        	 	
          70

        	
          115%

        
	 	
          51

        	
          178%

        	 	
          71

        	
          113%

        
	 	
          52

        	
          171%

        	 	
          72

        	
          111%

        
	 	
          53

        	
          164%

        	 	
          73

        	
          109%

        
	 	
          54

        	
          157%

        	 	
          74

        	
          107%

        
	 	 	 	 	 	 
	 	
          55

        	
          150%

        	 	
          75-90

        	
          105%

        
	 	
          56

        	
          146%

        	 	
          91

        	
          104%

        
	 	
          57

        	
          142%

        	 	
          92

        	
          103%

        
	 	
          58

        	
          138%

        	 	
          93

        	
          102%

        
	 	
          59

        	
          134%

        	 	
          94

        	
          101%

        
	 	 	 	 	 	 
	 	 	 	 	
          95

        	
          100%]

        
	 	 	 	 	
          and later

        	 


  
    
      


  

  Policy Specifications

  

  

  Policy Number [SPECIMEN]

  

  

  	
          No-Lapse Provision:

        	
          No-Lapse Premium: $[24.67] monthly

          No-Lapse Period: [30] Policy Years

        
	 
	
          No-Lapse Test: The No-Lapse Test is met if:

        
	
          (a) on each Monthly Anniversary Day, you have paid premium equal to [12] monthly No-Lapse Premiums within the past [15] Policy Months; and

          (b) (1) is at least equal to (2), where:

          (1) is an amount equal to the sum of all premium payments less any withdrawals, less any Debt; and

          (2) is an amount equal to the sum of the corresponding No-Lapse Premiums above due since the Policy Date.

        


  

  

  	
          Overloan Protection

        
	 	 
	
          Residual Life Insurance Amount Percentage:

        	
          [1.00]%

        
	 	 
	
          Percentage of Accumulation Value:

        	
          100.00%

        


  

  

  
    
      


  

  (This Page Left Blank Intentionally)