<PAGE>


                                                                  [EXHIBIT 4(m)]

                      MERRILL LYNCH LIFE INSURANCE COMPANY

                                BONUS ENDORSEMENT

This Endorsement is part of the Contract to which it is attached ("the Base
Contract") and is subject to all the terms and conditions of the Base Contract.
This Endorsement amends the Base Contract as specified below. The provisions of
this Endorsement control over any contrary provisions of the Base Contract.

The Bonus Effective Date is shown on the Bonus Endorsement page of the Contract
Schedule ("Bonus Endorsement Schedule").

1. The definition of "Contract Value" is amended to read as follows:

      CONTRACT VALUE: The total value of Your interest in this Contract as of
      the end of a Valuation Period. It is equal to the Account Value plus the
      value of Your interest in any other accounts that may be included by Rider
      or Endorsement less the amount of the any Unvested Bonus.

2. The following are added to the DEFINITIONS Section of the Base Contract:

      BONUS AMOUNT: The amount attributable to each Premium payment which We add
      to Your Contract Value. How this amount is determined and when and how it
      is credited to Your Contract Value are described on the Bonus Endorsement
      Schedule.

      UNVESTED BONUS: The Bonus Amount which has not been previously forfeited
      and has not yet vested. This is the amount we can deduct from the Contract
      Value upon the occurrence of certain events during the Vesting Period for
      each Bonus Amount. How the Unvested Bonus is determined and the events
      that can cause forfeiture of all or a portion of each Unvested Bonus are
      described on the Bonus Endorsement Schedule.

      VESTING PERIOD: The period following each Premium payment during which any
      Unvested Bonus attributable to that Premium payment is subject to
      forfeiture. The Vesting Period is shown on the Bonus Endorsement Schedule.

3. SECTION 2. PREMIUMS of the Base Contract is amended by addition of the
following provision:

      2.4   BONUS AMOUNT: The current and minimum Bonus Percentage, how each
            Bonus Amount is determined and when and how it is credited to Your
            Contract Value are described on the Bonus Endorsement Schedule. The
            current Bonus Percentage may change, but it will never be less than
            the minimum Bonus Percentage shown on the Bonus Endorsement
            Schedule.

            If, during the Vesting Period attributable to each Bonus Amount, any
            of the events described on the Bonus Endorsement Schedule occur, all
            or a portion of each Unvested Bonus is subject to forfeiture. The
            amount of each Unvested Bonus subject to forfeiture is described
            under Bonus Amount Forfeiture on the Bonus Endorsement Schedule. On
            the effective date of any of these events, each forfeited Unvested
            Bonus is deducted from the Contract Value as described on the
            Bonus Endorsement Schedule.

                                        MERRILL LYNCH LIFE INSURANCE COMPANY

                                                  /s/ Lori M. Salvo
                                            -----------------------------------
                                                      Secretary

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BONUS ENDORSEMENT SCHEDULE

BONUS EFFECTIVE DATE:             [January 3, 2005]

BONUS AMOUNT:

      Each Premium payment is allocated to the Bonus Tiers shown below based on
      the amount of cumulative Premium payments. Each Bonus Tier amount is the
      amount of the Premium payment allocated to that tier multiplied by the
      Current Bonus Percentage associated with that tier. The Bonus Amount
      attributable to a Premium payment is the sum of these Bonus Tier amounts.

<TABLE>
<CAPTION>
[               Cumulative          Current        Minimum
  Bonus          Premium             Bonus          Bonus
  Tier          Payments          Percentage     Percentage
  ----          --------          ----------     ----------
<S>         <C>                   <C>            <C>
  [1]       [First $125,000]        [4.0%]         [2.5%]
  [2]       [Next $375,000]         [4.5%]         [3.0%]
  [3]       [Next $500,000]         [5.0%]         [3.5%]
  [4]       [Over $1,000,000]       [5.5%]         [4.0%]  ]
</TABLE>

      [We add the Bonus Amount attributable to the Initial Premium payment to
      Your Contract Value on the Contract Date and the Bonus Amount attributable
      to any Additional Premium payment to Your Contract Value at the end of the
      Valuation Period during which the Additional Premium payment is received
      and accepted at Our Service Center.]

BONUS AMOUNT ALLOCATION:

      [Bonus Amounts will be allocated to each [subaccount] according to the
      allocation for the associated Premium payment.]

UNVESTED BONUS:

      [The Unvested Bonus amount for each Premium payment is equal to (a) minus
      (b) where:

      (a)   is the Bonus Amount attributable to that Premium multiplied by:

                  (1 minus the applicable Vested Bonus Percentage); and

      (b)   is the sum of any prior forfeited Unvested Bonus amounts
            multiplied by:

                  (1 minus the applicable Vested Bonus Percentage) divided by (1
                  minus the Vested Bonus Percentage applicable on the date of
                  forfeiture).]

      The Vesting Schedule is shown below.]

VESTING SCHEDULE:

      Each Unvested Bonus not previously forfeited will vest and will be
      non-forfeitable according to the following schedule:

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BONUS ENDORSEMENT SCHEDULE (CONTINUED)

<TABLE>
<CAPTION>
[ [Number of Complete
   Years Since the         Vested Bonus
   Premium Payment]         Percentage
   ----------------         ----------
<S>                        <C>
        [0]                     [0%]
        [1]                    [35%]
        [2]                    [70%]
        [3+]                  [100%] ]
</TABLE>

      [However, each Unvested Bonus amount will be fully vested on the date of
       either of the following events, provided such event occurs at least 12
       months after the date the associated Premium payment is received and
       accepted at Our Service Center:

            [(1) application of all of the Annuity Value to an Annuity Option;
                 or

             (2) death of the Owner (first Owner to die if the Contract has
                 Co-Owners).]

       Each Unvested Bonus amount will be fully vested on the Spousal
       Continuation Date.]

BONUS AMOUNT FORFEITURE:

      The sum of the Unvested Bonus amounts will be forfeited and deducted from
      the Contract Value upon the occurrence of any of the following:

            (1)   application of all of the Annuity Value to an Annuity Option
                  on the Annuity Date; or

            (2)   receipt of Due Proof of Death (unless from an Eligible Spousal
                  Beneficiary who continues the Base Contract and qualifies for
                  continuation of this Rider); or

            (3)   termination of the Base Contract under the RIGHT TO REVIEW
                  CONTRACT provision; or

            (4)   payment of the entire Surrender Value.

      At the time of any partial withdrawal, all or a portion of any Unvested
      Bonus may be forfeited and deducted from the Contract Value at the end of
      the Valuation Period during which we receive all of the information
      necessary to process the withdrawal. [The amount of each Unvested Bonus
      which will be forfeited is determined on a "First-In, First Out" (FIFO)
      basis. The amount forfeited is based on the ratio of the associated
      Premium withdrawn to the total amount of that Premium remaining in the
      Contract immediately prior to the withdrawal.]

      [Each forfeited Unvested Bonus amount will be deducted from each
      [subaccount] in the ratio of Your interest in each [subaccount] to your
      [Account Value] before the withdrawal.]