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%

          


    

    

    
      
        


    

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