CALCULATION
EXHIBIT (m) 2018 VUL
Sample 5th Year assuming 6% Gross Return 5.15% Net Return) and current charges) Calculations
l. Policy Account Value@ 6% Return (Year 5) = $27,552
The Policy Account Value is equal to the sum of:
| a) | the prior year’s (i.e., 12/31/of the 4th policy year) account value ($21,466); plus |
| b) | the planned premium ($6,830); minus |
| c) | the premium charge ($546); minus |
| d) | the sum of: [ withdrawals, if any (O); plus |
| e) | outstanding loans, if any (O); plus |
| f) | loan interest (O)]; minus |
| g) | the cost of insurance ($560); minus |
| h) | the M&E risk charge ($0); minus |
| i) | the annualized per/1000 monthly expense ($948); minus |
| j) | the annualized per policy monthly expense ($90); plus |
| k) | the investment earnings on the policy account value ($1,401). |
II. Policy Cash Surrender Value@ 6% Gross Return (Year 5) = $20,222
The Policy Cash Surrender Value is equal to the sum of:
| a) | The policy account value ($27,552) minus surrender charges ($7,330) |
III. Policy Net Cash Surrender Value@ 6% Gross Return (Year 5) = $20,222
The Policy Net Cash Surrender Value is equal to the sum of:
| a) | the Cash Surrender Value ($20,222); minus |
| b) | the outstanding loan, if any ($0). |
IV. Policy Net Death Benefit
The Policy Net Death Benefit is equal to the sum of:
| a) | Option 1 DB is equal to the face amount ($500,000). |
| b) | Option 2 DB is equal to face amount plus policy account value ($527,552) |
| c) | Option 3 DB is equal to face amount plus net accumulated premiums ($534,150) |