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Financial professional’s guide to Eclipse Indexed Life

Eclipse Indexed Life InsuranceProduct Guide

m

A Securian Company

Table of contents

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

The Company behind Eclipse Indexed Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

The market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

Tests for life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

Premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Crediting interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Guaranteed accumulation value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Transfer of funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Distributions from the contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Optional agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Eclipse terms and definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

Suitability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Illustrations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Underwriting guidelines and new business information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Product details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

1

Minnesota Life is pleased to introduce you to Eclipse Indexed Life Insurance. Eclipse Indexed Life offers flexible

life insurance solutions and guarantees for your clients. Eclipse is an indexed universal life insurance policy with

an interest crediting option tied to the performance of an index or combination of indexes.

As a financial professional, you work diligently to provide your

clients with appropriate life insurance plans. With indexed and

fixed interest crediting options, the choice of guaranteeing the

death benefit for life and the flexibility of universal life, Eclipse

offers life insurance solutions that can be customized to meet your

clients’ goals.

In this product guide, we’ve included details about Eclipse that

can help you to make informed presentations to your clients.

Guarantees are based on the financial strength and claims paying ability of

Minnesota Life .

•OptionalDeathBenefitGuaranteeAgreement

•Choiceofthreeindexaccountswitha0percent

minimum interest crediting rate

•Oneyear,point-to-pointinterestcreditingtiedtothe

performance of an underlying index

•FixedAccountoptionwitharatesetbyMinnesota

Life that will never be less than 3 percent annually

•CashAccumulationGuaranteeof3percentaverage

annualinterestuponsurrender,deathorcontract

termination

•Threedeathbenefitoptions:Level,Increasing

and Sum of Premiums

•WaiverofChargesorWaiverofPremiumAgreements

•TermInsuranceAgreement

•Compensationbasedonatwo-yearrolling

target premium

At-a-glance

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The Company behind Eclipse Indexed LifeWith long history in offering flexible life insurance, Minnesota Life takes pride in its commitment to customer

service and quality products. Minnesota Life is highly rated by the major independent rating agencies that

analyze the financial soundness and claims-paying ability of insurance companies. For more information about

the rating agencies and to see where Minnesota Life’s ratings appear relative to other ratings, please see our

web site at www.minnesotalife.com/financials.

The marketIndexed life insurance offers fixed crediting rates, so it appeals to clients who want to build cash value but are

uncomfortable investing directly in the market. These clients are willing to give up potential gains above an

interest cap in exchange for an interest rate floor. Indexed life can appeal to clients of any age.

Protection

Eclipse offers a guaranteed death benefit for life with the optional Death Benefit Guarantee Agreement. If the

client’s need for the guarantee changes, the rider can be removed from the policy and monthly charges for the

agreement will stop. Eclipse offers the premium and death benefit flexibility of universal life insurance along with

the option of a guaranteed death benefit and cash accumulation tied to an index.

Accumulation

Using the Guideline Premium Test with the increasing death benefit option provides the ability to maximize

funding for tax-advantaged cash value growth. Partial surrenders up to the cost basis and policy loans can

offer a source of cash for emergencies or extra retirement income without income tax liability. Switching from

the Increasing to Level death benefit option before distributions begin will decrease the net amount at risk and

cost of the death benefit protection.

Combination

Clients’ life insurance needs can change. Perhaps a guaranteed

death benefit is needed until a mortgage is paid off or the children

finish college. A protection-focus may change to a desire for more

cash accumulation opportunity. Eclipse offers changeable death

benefit, premium, death benefit options and the ability to stop the

charges associated with the Death Benefit Guarantee Agreement if

it’s no longer needed.

Single premium

The flexible premium feature of Eclipse allows for single premium

funding which can result in a Modified Endowment Contract (MEC). Modified endowment status will affect

your client’s ability to take income tax-free distributions from the contract. It is possible to single fund an

Eclipse contract with a 1035 exchange that will not cause a MEC. Eclipse may be a life insurance solution for

clients who want less risk as they near the distribution or retirement phase of their lives.

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Tests for life insurance With Eclipse, you have the option of the Guideline Premium Test (GPT) or Cash Value Accumulation Test

(CVAT) for life insurance. The GPT or CVAT must be chosen at issue and cannot be changed.

Under Section 7702 of the Internal Revenue Code, a contract will generally be treated as life insurance for federal

income tax purposes if, at all times, it meets either the GPT or CVAT.

The GPT uses one set of corridor factors to maintain an IRS mandated minimum amount of death benefit

above the contract’s accumulated value. The GPT also places limits on the amount of premium that can be

paid into the contract. These limits are the Guideline Level Annual Premium Test or the Guideline Single

Premium Test for life insurance. Illustration pages will list both GPT test amounts when this test has been

chosen for the illustration. The Guideline Single Premium amount will be the same for a policy regardless of

the death benefit option chosen. The Guideline Level Premium amount will vary with the death benefit option

that is chosen.

The CVAT places no limits on the amount of premium that can be paid as long as there is a minimum death

benefit maintained above the contract’s accumulation value.

The GPT is used most often with universal life contracts. The CVAT can be useful for clients who wish to

make premium payments which are large in relation to the amount of death benefit.

Death benefit options Death benefit option may be changed after issue.

Option 1 (Level) death benefit is equal to

the face amount

Option 2 (Increasing) death benefit is equal to the

face amount plus the accumulation value

Death benefit option I: Level

Time

Pure insuranceAccumulation

value

Death benefit

Death benefit option II: Increasing

Time

Pure insuranceAccumulation

value

Death benefit

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Option 3 (Sum of premiums) death benefit

is equal to the face amount plus the sum of

premiums less cumulative partial surrenders .

Premium A planned premium is chosen at issue. It is the amount the client plans to pay and can be changed at any time.

The client can actually choose to pay any amount of premium at any time with some restrictions.

•Aminimuminitialpremiumisrequiredtoissuethepolicy.Therequiredminimumpremiumwillbeshown

on each illustration .

•Premiumsthatexceedthetestsforlifeinsurance(GPT)arenotallowed.

•IfthepolicyholderhaschosentohavethepolicyavoidbecomingaMEC,wewillnotacceptanypremium(or

make any other policy change) that would cause the policy to become a MEC .

At issue, the client chooses to allocate their premiums and accumulation value to the fixed account and/or to

an index account. The allocation percentages can be changed.

Dependinguponactualpolicyexperience,clientsmayneedtoincreasepremiumpaymentstokeepthepolicyinforce.

Crediting of interest to accumulation value•Theaccumulationvalueisthesumofvaluesinthefixedaccount,indexaccountsandfixedloanaccount.

•Anaccountallocationchosenatissuedefinesthepercentofnetpremiumappliedtothefixedaccountand/

ortheindexaccounts.Netpremiumcanbeallocatedinanywholepercentfrom0to100andcanbechanged

after issue .

•MoneyinthefixedaccountearnsinterestdailyatafixedratedeclaredbyMinnesotaLife.Thefixedaccount

interestcalculationusesaportfolioapproach.Allmoneyinthefixedaccountreceivesthesameinterestrate.

The interest rate credited to the fixed account will never be less than 3 percent .

•Moneyintheindexaccountsbecomespartofanindexsegment.Upto12indexsegmentscanexistineach

index account — one for each month . Each segment has an anniversary twelve months from the first day of

the segment .

At the anniversary of each segment, an index credit is calculated and credited. The index credit is based on the

percentage increase in a chosen index account or combination of index accounts — excluding dividends.

A point-to-point calculation method is used to determine the growth in the index, and a cap (established when a

segment is created) applies to the index interest credited. Interest crediting is subject to a minimum floor of zero

percent. The index cap is established at the beginning of a segment term and cannot be changed for that segment

term. At the segment maturity (one year from creation of the segment), the amount in the segment is combined

with any new money added to the accumulation value that month, and a new one-year segment is created.

Death Benefit

Death benefit option III: Sum of premiums

Time

Pure Insurance

Accumulation Value

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Guaranteed accumulation value interest rateThere is a ‘minimum accumulation value’ that is calculated using the guaranteed interest rate of 3 percent

(average per year on the accumulation value) less partial surrenders. It is still possible that a minimum of

0 percent could be credited to an annual index segment. This minimum accumulation value is applicable only

at surrender, policy termination and death.

Transfer of funds•Theclientcanchoosetotransfervaluebetweenthefixedaccountandindexaccountsegments.

•Transfersfromthefixedtoindexaccountcanonlyoccurontransferdates(thethirdFridayofeachmonth).

•Transfersfromindexaccountsegmentstothefixedaccountcanonlybedoneonthesegment’sanniversary.

Charges When we receive premium payments, we deduct a premium charge currently set at 5.5 percent, not to exceed a

maximum guaranteed rate of 7 percent and place the remaining amount into the policy’s accumulation value.

Administration and insurance charges are deducted from the accumulation value each month. These charges

will first be deducted from the fixed account. However, if there is insufficient accumulation value in the

fixed account, the balance of the charges will be deducted proportionately from the index account segments.

Transaction charges may apply for changes made to the policy.

Surrender charges apply to the contract for ten years from inception (or face amount increase) if the policy

is surrendered. The surrender charge will recover the expenses associated with the policy not yet covered by

other policy charges.

Distributions from the contract

Partial surrenders

All partial surrenders will cause the face amount of the policy to decrease and are subject to transaction charges.

A face amount increase needs to be requested to keep the face amount the same as before the partial surrender.

With the Sum of Premiums death benefit option, a partial surrender will cause a decrease in face amount to

the extent that cumulative partial surrenders exceed the sum of premiums paid. If money is removed from an

index segment before the segment’s one-year anniversary, it will not be credited any interest.

Loans

•Atthetimeofthefirstloan,theclientchoosesthetypeofloaninterest–fixedor

variable . The type of loan interest cannot be changed unless the existing loan is

repaid prior to taking another loan .

•ThevariableloaninterestratechargedwillbebasedonMoody’sCorporateBond

Index or a minimum of 4 percent .

•Ifafixedloanrateapplies,takingaloanwillresultintheamountoftheloan

movedfromthefixedand/orindexaccountstoafixedloanaccount.

•Ifavariableloanrateapplies,nomoneyistransferredoutoftheindexaccountoraccumulationvalue

allocation.Theamountoftheaccumulationvaluethat‘supports’thepolicyloancangroweithermorequickly

orslowlythanthepolicyloanbalance,dependingonhowthefixedand/orindexaccountsperformwhile

thepolicyloaniseffective.Becauseoftheriskinvolvedtotheclientwithvariableinterestrateloans,itis

important to use caution when illustrating or discussing variable rate loans .

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Fixed loan rates Variable loan rates

-4percentinterestcharged

-3percentinterestcreditedonloansfrompoliciesthathavebeenin-forceforlessthanorequalto 10years

-3.9percentinterestcreditedonloansfrompoliciesthathavebeenin-forceformorethan10years

-Interestchargedwillvarywithanoutsideindex—the greater of 4 percent or the monthly average of Moody’sCorporateBondYieldAverage

-Interestcreditedwillbethesameastheinterestcreditedtothepolicy’saccumulationvalue

•Youcanillustratefixedorvariableloanoptions.Forcomparisonpurposes,youmaywishtoillustrate

each loan option and note the differences .

Loansandpartialsurrendersreducethedeathbenefit.Inaddition,partialsurrendersalsoreducetheaccumulationvalue.

Optional agreements Monthly charges may apply when these agreements are added to a policy.

Accelerated Benefit Agreement provides the payment of a portion of the death benefit (lesser of 75

percent of death benefit or $1,000,000) as an early payment if the insured has a terminal condition

(caused by sickness or accident) which directly results in a life expectancy of 12 months or fewer. The

accelerated benefit will be paid as a loan. The entire amount of the loan will be due and payable at the

death of the insured. There is no charge for this agreement.

Death Benefit Guarantee Agreement provides the policy will remain in force even if there is no

accumulation value to cover monthly charges. The DBGA value less any outstanding loan must be greater

than zero. The DBGA value is only used for the purpose of determining whether the benefit under this

agreement is available. It does not represent any value that the client can access.

It is important that premium payments are paid when scheduled to ensure that the DBGA is in effect for the

period of time desired. Premium payments that are missed or received late will reduce the length of time that

the DBGA will remain in effect.

Term Insurance Agreement provides level term insurance (with annually increasing rates) for the base

insured up to age 100. At policy issue, the ratio of this agreement amount to the base face amount cannot

exceed 4:1. This agreement can only be added at policy issue, but may be removed from the policy after the

first policy year.

Waiver of Premium Agreement provides the payment of a premium by Minnesota Life during the total

and permanent disability of the base insured prior to age 60.

Waiver of Charges Agreement provides the payment of all monthly charges by Minnesota Life during the

total and permanent disability of the base insured prior to age 60.

Interest Accumulation Agreement provides an increase in death benefit by a percentage determined at issue.

Early Values Agreement eliminates surrender charges in exchange for a separate monthly charge.

Surrender Value Enhancement Agreement provides a cash surrender value not less than 100 percent of

total cumulative premiums paid through year three. Using the Surrender Value Enhancement Agreement

requires use of the Early Values Agreement.

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Overloan Protection Agreement provides the policy will not terminate due to a policy loan even if the

accumulation value is insufficient to cover policy expenses. Certain conditions must be met in order to exercise

this agreement.

Policies cannot have both the Term Insurance and Death Benefit Guarantee Agreements. A policy cannot have both the Waiver of Charges and Waiver of Premium Agreements.

Eclipse terms and definitionsIndex: A composite that measures the ups and downs of the stocks, bonds and other markets. Some well-

known indexes include the Standard & Poor’s 500, Dow Jones Averages and the NASDAQ Composite.

Index cap: The maximum growth or upper limit that may be credited to the index segment. The cap can

change, but will not change for each one-year index segment once the segment has been established.

Index credit: The amount added to the accumulation value on each one-year index segment anniversary,

linked to the growth in the index during the segment year. The index credit may be zero but will never be less

than zero. The index credit will never be more than the index cap for a particular index segment.

Index segment: The portion of an index account created each month for a one-year term. It establishes a

beginning and ending point for adding index credits based on the performance of the index.

S&P 500® Index1: A stock index that includes 500 of the largest stocks (in terms of stock market value) in the

United States representing 88 separate industries.

Dow Jones World-Ex. U.S. IndexSM2: A stock index that represents 95 percent of European market

capitalization at the regional level, 95 percent of all other developed markets at the country level and 95

percent of emerging markets as a group.

Suitability The purpose of life insurance is to provide benefits for beneficiaries at the death of the insured person. A client who

purchases Eclipse Indexed Life will have a death benefit need and a desire for permanent cash value life insurance.

It’s important that you represent Eclipse to your clients in an accurate way. These guidelines are not all

inclusive, but a reminder of how ‘to’ and ‘not to’ explain indexed life insurance.

Do:

•Emphasizetheproductisdesignedtoprovidelifeinsuranceordeathbenefitprotection.

•Emphasizetheguaranteesoftheproduct.

•Beclearthatsurrenderchargesduringthesurrenderperiodmayresultinalossoftheamountoriginallypaid

as premium .

1“Standard&Poor’s®,”“S&P®,”“S&P500®,”“Standard&Poor’s500”and“500”aretrademarksofTheMcGraw-HillCompanies,Inc.andhavebeenlicensedforusebyMinnesotaLife.TheProductisnotsponsored,soldorpromotedbyStandard&Poor’s,andStandard&Poor’smakesnorepresentationregardingtheadvisabilityofpurchasingtheProduct.TheS&P500®Indexisanindexof500stocksthataregenerallyrepresentativeoftheperformanceofleadingcompaniesinleadingindustrieswithintheU.S.YoucannotinvestdirectlyintheS&P500® Index .

2“DowJonesWorld-Ex.U.S.IndexSM”isaservicemarkofDowJones&Company,Inc.andhasbeenlicensedforusebyMinnesotaLife.TheProductisnotsponsored,endorsed,soldorpromotedbyDowJones,andDowJonesmakesnorepresentationregardingtheadvisabilityofpurchasingtheProduct.TheDowJonesWorld-Ex.U.S.IndexSMrepresentsapproximately95%ofEuropeanmarketcapitalizationattheregionallevel,95%ofallotherdevelopedmarketsatthecountrylevel,and95%ofemergingmarketsasagroup.AsofDecember3,2007,thisindexcovers45countries.TheDowJonesWorld-Ex.U.S.IndexSM provides a general representation of howselectinternationalinvestmentsmayperform.YoucannotinvestdirectlyintheDowJonesWorld-Ex.U.S.IndexSM . The Dow Jones World-Ex.U.S.IndexSMmayfluctuateinresponsetointernationalconcernssuchascurrencyfluctuations,political,socialandeconomicinstability and differences in accounting standards .

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•Clearlystatethattheproductisnotaninvestmentinthe‘market’orindex.

•Refertotheindexonlyasafactorthatpartiallydeterminestheinterestcreditedatanindexsegment’smaturity.

Do not:

•Donotdescribetheindexinterestcreditingmethodasawaytoparticipateinthestockmarketorindex.

•Donotemphasizethesimilaritiestovariableinvestmentsormutualfundswithaguaranteedfloor.It’sokayto

emphasizetheguaranteesofthecontractontheirown.

•Donotdescribetheproductaslikeorsimilartovariablelife.

•Donotprovideemphasisontheindexorprovidealistofstocksintheindex.

Compensation Compensation paid to financial professionals for sales of Eclipse Indexed Life is based on the following

information. Please refer to your compensation contract for specific details.

•Two-yearrollingtargetapproach

-Twoyearstocollectfirst-yearpremium.

-Whenlessthantargetpremiumispaidinthefirstyear,theremainingtarget(ifpaid)willreceive

first-yearcompensationinthesecondyear.

•External1035exchangesapplytowardtargetpremium.

•Assetbasedcompensationisnotavailable.

Premium increases do not generate new compensation, but face increases may generate new compensation.

IllustrationsClient illustrations for Eclipse Indexed Life are available only on the web-based illustration system located

on our advisor website. Eclipse illustrations follow the NAIC model law and a client-signed illustration is

required in all states.

Underwriting guidelines and new business information For underwriting information, new business forms and application submission instructions, please visit

our advisor web site.

Product details

Policy type: Flexible premium universal life with an interest crediting option tied to the performance of a market index

Issue ages: 0 to 85 based on ‘age nearest’ birthday

Minimum face: $100,000 for all ages

Maximum COI charges: Based upon 2001 CSO Table which has rates to age 121

Initial minimum premium: Amount required to issue the policy (illustration system will show this amount as ‘minimum initial payment’) which represents three months of policy charges

Death benefit test: GPT or CVAT chosen at issue

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Death benefit options: Level, Increasing, or Sum of Premiums

Issue classes: Preferred Select (Non-Tobacco only) Preferred, Standard, Special Risk Male, Female, Unisex Tobacco, Non-Tobacco

Surrender charge: Applies for the first 10 years after issue or face increase

Interest options: Fixed, Indexed or both

Minimum guaranteed interest rates: Fixed account is 3 percent; index account is 0 percent; Contract minimum interest rate is 3 percent cumulative average per year upon death or termination of contract (less surrender charges and withdrawals)

Index accounts:

• Allindexaccountshavea0percentguaranteedfloor

• Indexcapsmaychangeovertime,butwillnotchangeonceasegmentisestablished

• Allindexaccountsuseapoint-to-pointinterestcreditingmethodwithoneyearindex

segments established monthly

• Anyvaluewithdrawnbeforetheendofasegmentdoesnotreceiveinterest

Index Account A: Standard & Poor’s Composite Index of 500 Stocks (S&P 500®), participating at 100 percent up to the cap for Index Account A

Index Account B:Standard & Poor’s Composite Index of 500 Stocks (S&P 500®), participating at 140 percent up to the cap for Index Account B

Index Account C:

Dow Jones World-Ex U.S. IndexSM, participating at 100 percent up to the cap for Index Account C

Agreements available: Accelerated Benefit, Death Benefit Guarantee, Term Insurance, Waiver of Charges, Waiver of Premium, Interest Accumulation Agreement, Early Values Agreement, Surrender Value Enhancement Agreement, Overloan Protection Agreement

Premium mode: Annual, semi-annual, quarterly and monthly Minimum payment for any frequency is $50

Loans: Fixed or variable loan interest (only one loan interest rate type per policy) Fixed loan rates: 4 percent interest charged in arrears 3 percent interest credited on loans from policies with a duration of less than or equal to 10 years 3.9 percent interest credited on loans on policies with a duration of more than 10 years

Variable loan rate charged: Will vary with an outside index – the greater of 4 percent or the Moody’s Corporate Bond Yield Average

Variable loan interest credited: Will be the same as the accumulation value of the policy

Compensation: Based on a two-year rolling target approach; External 1035 exchanges apply toward target premium

For financial professional use only. Not for use with the public.

mMinnesota Life Insurance Company A Securian Company www.minnesotalife.com

400 Robert Street North, St. Paul, MN 55101-2098 651.665.3500 • 651.665.4488 Fax©2009 Securian Financial Group, Inc. All rights reserved.

06-700 06-917 06-919 08-939 06-944 07-947 08-911 08-948 09-937

F65299 Rev 5-2009 DOFU 5-2009A01295-0309