Essential SolutionsTM

Sample Contract

L I F E I N S U R A N C E

T H E M A R I T I M E L I F E A S S U R A N C E C O M P A N Y

LE650A.MLES.GUAR.20031101

We, THE MARITIME LIFE ASSURANCE COMPANY, insure You, the owner of this policy, against the death of the Insured(s) or other specified loss occurring while the policy is in force. The benefits payable and the provisions governing the policy are shown in the following pages. Your contract consists of this policy, the application for this policy, any application for reinstatement of this policy and any policy amendments agreed upon in writing after this policy has been issued. We guarantee that: 1. the coverage will be renewable as provided in the policy. 2. the basis used to calculate the Monthly Deduction will not change. Refer to the Cost of

Insurance Guarantee and Fund Value sections for further details. 3. the Guaranteed Investment Return is applied on death, surrender, partial withdrawal,

conversion, or lapse. Refer to the Investment Accounts section for further details. The Fund Value is subject to change and the amount of insurance may be subject to change as described in the policy. The contract terminates without value after the grace period described in the Lapse provision is completed, or if You surrender the policy for the Cash Value, or after We resolve the death benefit claim(s) for all benefits.

President Secretary

Important Notice - If you are advised to discontinue this policy and replace it with another, it is in your best interest to insist that the new proposal is put in writing. Please submit it to us for analysis so that you can compare the two and make an informed decision. To claim a benefit or insurance proceeds, contact your advisor or write to our head office. Ten day right to examine policy - Within 10 days of the receipt of this policy, the owner may return it to us, together with a written request for cancellation. We will cancel the coverage from the policy date and refund the premiums. Please read Your policy carefully

LE655A.MLES.EXP.20031101

Explanation of Contract You have purchased a universal life insurance policy. We have organized the policy into sections as follows. * The Policy Schedule contains values such as the initial planned premium and amounts

payable for each insurance benefit. * The Definitions section provides definitions of key terms used in the policy. * The Claim Provisions describe how to make a claim when death occurs. Note the limitation

for Suicide and Self-Inflicted Injury. * The Premium Provisions relate to the amounts that must be paid to keep the policy in force.

Note in particular the Lapse provision. * The Life Insurance Provisions describe how the death benefit is calculated and certain

options you may exercise while the policy is in force. The Exempt Status provision describes the action We will take to maintain the policy's tax exempt status.

* The Cost of Insurance Guarantee describes how the Cost of Insurance (COI) is calculated. * The Investment Account provisions describe the options available on the Policy Issue Date. * The Fund Value Provisions relate to the Fund Value, which is the money held on deposit

within the policy on Your behalf. Your premium payments are directed towards the 10 year Fixed Interest Investment Account. Monthly Deductions are subtracted from this account. You may make Partial Withdrawals, subject to Market Value Adjustments.

* The Disability Payment Benefit Provisions describe the benefit available if the Insured satisfies one of the specified definitions of disability.

* The Contract Provisions relate to the policy as a whole, including the very important Disclosure provision.

* Any riders You have purchased would be found in the Riders section. We recommend that You review the provisions of this policy and ask Your insurance advisor for any explanation or clarification needed.

LE656A.MLES.L&E.20040223

Limitations and Exclusions Please note that benefits may be limited as described in the policy provisions. Please read your policy carefully, and in particular note the following provisions:

Section Provision Claim Suicide and Self-Inflicted Injury - Benefits are limited if an

Insured dies from these causes within 2 years of the Benefit Effective Date or reinstatement.

Life Insurance Exempt Status - Any Additional Sum Insured resulting from an exempt test is temporary insurance. The amount, if any, is recalculated on each Policy Anniversary.

Life Insurance Death Benefit Changes - Increasing the Sum Insured and / or changing the Death Benefit Option requires a conversion.

Life Insurance Addition of Insured - Adding individual life benefits for a new person is not permitted under Essential Solutions and requires either a conversion or purchase of a separate insurance policy.

Life Insurance Substitution of Insured - Substituting a new person for an existing Insured is not permitted under Essential Solutions and requires a conversion.

Premium Premium Tax - The percentage deducted from premium payments is guaranteed for the life of the contract.

Premium Lapse - The contract terminates if the lapse condition is met. There is a grace period of 120 days, during which a late payment can be made to keep the contract in force.

Contract Disclosure - You and each Insured are required to disclose all facts that are material to Our underwriting process. Otherwise, the coverage may be voided.

Any riders You have purchased may contain additional restrictions.

LE657A.MLES.DEFN.20031101 Definitions-1

Definitions This policy uses specific terminology that is explained within the contract. Such defined terms are denoted by capitals and are listed in the index. The following terms are defined in this section since they are used throughout the policy. Schedule Schedule refers to the Policy Schedule found at the beginning of this policy. The Schedule also includes any subsequent amendment acknowledging a change You have requested. The Schedule lists important items, including the initial premium and amounts payable for covered loss. Changes in premiums or benefits are governed by the terms of this policy. You and Your You and Your refer to the Policyowner(s) named in the Schedule. While this policy is in force, You may exercise all the rights and privileges under this policy. Such rights and privileges may be limited by statute or by the rights of any assignee or irrevocable Beneficiary. We, Us and Our We, Us, Our and the Company refer to The Maritime Life Assurance Company. Our head office address is 7 Maritime Place, P.O. Box 1030, Halifax, Nova Scotia, B3J 2X5. Insured(s) The Insured(s) for each insurance benefit are named in the Schedule. Beneficiary You may designate one or more Beneficiaries for the death benefits in this policy. While the Insured for a benefit is living, you may change the Beneficiary of that benefit. When the Beneficiary of a benefit is designated as irrevocable, you may not change this designation without written consent of the Beneficiary. According to the most current designation filed with Us, We will pay the applicable death benefit to the Beneficiary if the Insured dies. If no Beneficiary survives or is designated for a benefit, You or Your estate will be the Beneficiary. A Beneficiary's interest is subject to the rights of any assignee. Sum Insured The Sum Insured for each benefit is the corresponding amount shown in the Schedule. It is the amount of insurance upon which the Basic Death Benefit is based. If the death benefit is “Level Coverage”, the Sum Insured may be reduced if a Partial Withdrawal or Disability Payment Benefit is made, as described in the Life Insurance Provisions. Basic Death Benefit The Basic Death Benefit is the amount of insurance coverage provided by a benefit. The Basic Death Benefit depends on the Sum Insured and the chosen Death Benefit Option, as shown in the Schedule and described in the Life Insurance Provisions. The point at which the Basic Death Benefit becomes payable is determined by the Insurance Type of the benefit. Insurance Type The Insurance Type for each benefit is shown in the Schedule. The Insurance Type determines when the corresponding Sum Insured is payable. If the Insurance Type is "Individual", the Sum Insured is payable on the death of the named Insured. If the Insurance Type is "Joint First", the Sum Insured is payable on the first death of the named Insureds. If the Insurance Type is "Joint Last", the Sum Insured is payable on the last death of the named Insureds. Fund Value The Fund Value for this policy equals the account value of the 10 year Fixed Interest Account. Refer to the Fund Value Provisions for details on the calculation of the account value.

LE657A.MLES.DEFN.20031101 Definitions-2

Cash Value The Cash Value equals the Fund Value less the Surrender Charge described in the Fund Value Provisions and less any applicable Market Value Adjustment. You may surrender this policy at any time for the Cash Value. However, if the policy is surrendered, it may not be reinstated. The effective date of the surrender will be within ten business days after Your written request is received at Our head office or at one of Our regional offices. Basic Risk Amount The Basic Risk Amount is equal to the Basic Death Benefit minus the Fund Value. The Cost of Insurance depends on the level Basic Risk Amount. If the Death Benefit option is “Coverage Plus”, the Basic Risk Amount remains level. Otherwise, the Basic Risk Amount decreases as the Fund Value increases. Additional Sum Insured Additional Sum Insured refers to any increase in the amount of life insurance coverage that is made as a result of the Exempt Status. The amount, if any, is recalculated periodically, as described in the Life Insurance Provisions. Policy Issue Date The Policy Issue Date is shown in the Schedule. See also "Coverage Taking Effect" in the Contract Provisions. Benefit Effective Date The Benefit Effective Date for each insurance benefit is shown in the Schedule. See also "Coverage Taking Effect" in the Contract Provisions. Policy Anniversary A Policy Anniversary occurs each year on the anniversary of the Policy Issue Date. Policy Year A Policy Year is the period of time between two Policy Anniversaries. Policy Year 1 begins on the Policy Issue Date and ends one day before the first Policy Anniversary. Insurance Age The Insurance Age for each insurance benefit is shown in the Schedule. It is based on the age attained at the Insured's birthday nearest to the Benefit Effective Date and the category of risk. For benefits issued on a joint life basis, the Insurance Age represents the single life age for all of the Insureds, taking into account the age, sex, Smoker Status and underwriting class of each Insured. Attained Insurance Age The Attained Insurance Age is equal to the Insurance Age plus the number of Policy Anniversaries that have passed since the Benefit Effective Date. Smoker Status The Smoker Status on the Benefit Effective Date of an insurance benefit is shown in the Schedule. For individual life benefits, this indicates whether the Insured was considered a smoker, non-smoker or juvenile according to Our published guidelines on that date. See the Juvenile Cost of Insurance provision for details on the juvenile smoker status. For benefits issued on a joint life basis, the indicated Smoker Status is determined using Our single life age methodology based on the Smoker Status of each individual Insured as shown in the application. The insurance charges for the Monthly Deduction are based on the Smoker Status. Any misrepresentation regarding an Insured's Smoker Status will be treated as fraudulent, entitling Us to void coverage on that person in accordance with the Disclosure provision.

LE657A.MLES.DEFN.20031101 Definitions-3

Net Premium The Net Premium is premium paid on this policy less a percentage to cover any applicable provincial premium tax, sales tax and any other Federal and Provincial levy or similar charge on premiums. Please refer to the Premiums section of the policy for further details. Minimum Premium The Minimum Premium is the sum of the annual minimum premium(s) for the benefit(s) shown in the Schedule plus twelve times the monthly administration fee plus $10. The Minimum Premium decreases if the Sum Insured is reduced or if an Insured is removed. Total Annual Minimum Premium The Total Annual Minimum Premium is shown in the Schedule. The Total Annual Minimum Premium changes if a policy change is made that affects the Monthly Deduction, such as a request to decrease the Sum Insured. Total Monthly Minimum Premium The Total Monthly Minimum Premium is equal to the Total Annual Minimum Premium divided by 12.

LE658A.MLES.CLM.20031101 Claim-1

Claim Provisions Payment on Death The Basic Death Benefit plus any Additional Sum Insured is payable to the Beneficiary if the specified Insured dies while the policy is in force. Between the date when a claim for a death benefit is received and the date such claim is resolved, no Partial Withdrawals shall be permitted. Suicide or Self-Inflicted Injury This provision applies if an Insured, whether sane or insane, dies by suicide or from intentionally self-inflicted injury within two years from the Benefit Effective Date. Similarly, the provision applies within two years after the effective date of any reinstatement. Under these circumstances, the benefit will be considered to have terminated one day prior to the death of that Insured. If all benefits cover the deceased Insured, We would then refund, without interest, all premiums received less any amounts owed by You to Us. The policy would then terminate. If some benefits do not cover the deceased Insured, We would refund the Cost of Insurance charges deducted for all benefits on the deceased Insured, including joint life benefits. These benefits would then terminate. Benefits on the remaining Insured(s) will be continued. Proof of Claim When a claim becomes payable as a result of the death of an Insured, We require proof, satisfactory to Us, of the following before making a payment: * the date of birth of the Insured(s); * the death of the Insured(s) and the circumstances of the death; * the right of the claimant to receive payment; * the identity and age of the Beneficiary; and * any other information We might reasonably request to evaluate the claim. Optional Methods to Receive Claim Payments The person entitled to payment for a death benefit may elect to receive a lump sum payment or a series of payments (an annuity policy). The terms of the annuity policy will be determined in accordance with Our current rules and regulations in effect at the time of claim. Misstatement of Age or Sex The rates for this policy depend on the Insurance Age, based on the date of birth shown in the application, and the sex of the Insured(s). If the date of birth or sex of an Insured has been misstated, We will increase or decrease the amount of coverage to reflect the change in the rates charged by Us when the correct information is used, compared to the rates originally charged. The premium for the new amount of coverage will equal the premium for the previous amount of coverage.

LE659A.MLES.PREM.20040223 Premium-1

Premium Provisions Payment of Premiums The coverage provided by the policy is conditional upon payment of sufficient premium to prevent the policy from lapsing, as described in the Lapse provision below. Premiums are payable at Our head office, at one of Our regional offices or by monthly pre-authorized withdrawals via any Canadian chartered bank. You must advise Us in writing of a change of address for premium notification purposes. You may change the method or frequency of payments, subject to Our rules and regulations in effect at the time of the request. You may change the amount of your payments at any time, subject to Our minimum and maximum premium guidelines. Any premium paid or accepted in error for a benefit that was never in effect, or that is no longer in effect, does not make us liable for that benefit. A premium will be refunded when it has been determined that it was accepted in error. Premium Tax The percentage deducted from premiums in the calculation of the Net Premium is guaranteed to be 2% for the life of the contract. Currency Amounts payable to and by Us will be in Canadian currency. Lapse This policy will terminate without value after a grace period of 120 days following the lapse start date. The lapse start date is set whenever, (1) The Fund Value becomes less than zero. OR (2) The Cash Value is less than zero and the sum of all premiums paid less partial withdrawals since the last policy anniversary becomes less than the sum of the Total Monthly Minimum Premiums due since the last policy anniversary. The policy will remain in force during the grace period and all policy provisions will remain effective. Monthly Deductions will continue to be subtracted from the account value(s). If an Insured dies during the grace period when the Cash Value is negative, the outstanding amount will be deducted from the Basic Death Benefit before settlement of the claim. If sufficient premium is paid during the grace period, the policy will remain in force. Reinstatement This policy may be reinstated at any time within two years from the lapse start date, as defined in the Lapse provision, subject to the following conditions: a) You must provide evidence satisfactory to Us of the good health and insurability of

the Insured(s); and b) You must make a lump sum payment to cover the Monthly Deductions from the

lapse start date to the current date plus overdue interest and premium tax, all determined according to Our rules and regulations in effect at the time of reinstatement.

When the above two conditions are satisfied, we will provide written confirmation of the effective date of the reinstatement.

LE660A.MLES.LIFE.20031101 Life-1

Life Insurance Provisions Death Benefit Options The following Death Benefit Options are available at the Policy Issue Date. The option You have chosen is shown in the Schedule. 1. Level Coverage The Basic Death Benefit is equal to the Sum Insured or the Fund Value if greater. The Sum

Insured will be reduced by the amount of any Partial Withdrawal or Disability Payment Benefit, including any associated Partial Surrender charge.

2. Coverage Plus The Basic Death Benefit is equal to the applicable Sum Insured plus the Fund Value

payable at the date the claim is received. The Insurance Type of each benefit determines when the associated Sum Insured is payable. When there is more than one Basic Death Benefit available on the policy, the Fund Value is payable on either last death or each death, depending upon your selection. The option You chose is shown in the Schedule. If the "last death" option was selected, the Fund Value is only payable on the last death of the Insureds. If the "each death" option was selected, the Fund Value is payable on each death of the Insureds. With the "each death" option, We will subtract amounts to cover the Monthly Deductions for the remaining Insured(s) from the date the claim is received to the month following the date on which the claim is paid.

Death Benefit Changes At any time while this policy is in force, You may apply to decrease the Sum Insured on which the Basic Death Benefit is based, subject to the following: * The Sum Insured may not be reduced below $50,000, unless the annual minimum premium

for the corresponding benefit is at least $750. Note that a Partial Surrender Charge will be assessed for any reduction in Sum Insured within 9 years of the Benefit Effective Date.

The Death Benefit Option may not be changed. Addition of Insured You may not add individual life benefits for a new person during the lifetime of an existing Insured. Transfer of Coverage If the policy has more than one benefit, You may transfer the "Individual" Insurance Type benefits for any Insured to a separate policy of the exact same type. The Sum Insured may not be increased unless satisfactory evidence of insurability is given. You will be charged a fee for this change. Unless directed otherwise, a proportional amount of Fund Value will also be transferred, with the proportion based on the annual minimum premium for the transferred coverage to the total Minimum Premium. This feature is not available to benefits issued on a joint life basis. Substitution of Insured The substitution of a new person for an existing Insured is not available. Exempt Status Exempt Status means this policy is exempt from accrual taxation under the provisions of the Income Tax Act of Canada in effect on the Policy Issue Date. An exempt test is done each Policy Anniversary to monitor the Exempt Status. Should the government change the definition

LE660A.MLES.LIFE.20031101 Life-2

of an exempt policy or the nature of the exempt test, We will administer the next exempt test under the terms of the amendment. When an adjustment is required to maintain the Exempt Status of this policy, We will take action in the following order: 1. We will increase the amount of life insurance coverage by up to eight percent each year, as

permitted under the current Income Tax Act. Any such increase is referred to in this contract as Additional Sum Insured. This option only applies if the Insured is living when the exempt test is done. The Additional Sum Insured will be reviewed when the next exempt test is done.

2. We will refund any excess premiums paid during the Policy Year, and credit this amount to the Carrier Fund.

3. We will transfer any remaining excess funds to the Carrier Fund. Carrier Fund The Carrier Fund is a special account that holds any premiums that exceed the maximum premium determined by Us during the year. We will also credit the Carrier Fund with funds in excess of the maximum allowable tax exempt value calculated by the exempt test. Carrier Fund deposits will be made to the Daily Interest Account. The rate of return for the Carrier Fund is as described in the corresponding Investment Account section, subject to the same guarantees. The Carrier Fund will be entitled to any applicable Investment Bonus, but the value in the Carrier Fund will not be used to calculate the Qualifying Ratio. Account Deductions will not be made from the Carrier Fund. The Carrier Fund is not included in the calculation of the Fund Value. The Carrier Fund will be paid to You or Your estate when the contract terminates. The investment income of the Carrier Fund is subject to annual accrual taxation. Partial Withdrawals may be made from the Carrier Fund. The exempt test is periodically performed as described in the Exempt Status provision. Transfers are made from or to the Carrier Fund as required to keep the maximum amount in the tax exempt Investment Accounts. Transfers to the Carrier Fund will be withdrawn from the Fixed Interest Account. Premium tax will not be deducted from transfers to the Carrier Fund. Amounts deposited from the Carrier Fund back to the Fixed Interest Account are subject to provincial premium tax. Transfer fees will not apply.

LE661A.MLES.COI.20031101 COI-1

Cost of Insurance Guarantee Cost of Insurance (COI) The Cost of Insurance (COI) is the amount We charge You for the Basic Risk Amount. The Cost of Insurance is included in the Monthly Deduction. The option for each benefit is shown in the Schedule and may not be changed. The Cost of Insurance rates are determined as follows. If the Insurance Age is less than 18, refer also to the Juvenile Cost of Insurance provision. Level Guaranteed COI The annual COI rate is shown in the Schedule. After the Attained Insurance Age reaches 100, the Cost of Insurance is zero. The monthly rates are one-twelfth of the annual rates shown. Juvenile Cost of Insurance If the Insurance Age is less than 18, the Smoker Status is considered juvenile while the Attained Insurance Age remains less than 20. This means the initial rates do not depend on the Smoker Status. When the Attained Insurance Age reaches 20, the Smoker Status is changed to smoker and the Cost of Insurance will increase. This will result in an increase in the Minimum Premium and the Total Annual Minimum Premium. If We then receive satisfactory evidence that the Insured is a non-smoker, We will use the applicable non-smoker rates to calculate these amounts.

LE662A.MLUS.CL2.LIFE.960901 Investments-1

Investment Accounts Investment Accounts Investment Accounts are savings pools within Our general funds to which Your premiums are directed and from which charges are deducted. The following Investment Accounts are available at the Policy Issue Date. 1. Daily Interest Account

The Daily Interest Account is only available for use in the Carrier Fund. The Daily Interest Account is a short term Investment Account whose balance will earn interest, accrued daily, at the then current rate as periodically determined by Us. We guarantee that the Daily Interest Account will always be available to You.

If the bonus option has been selected, the bonus will be credited as described in the Investment Bonus provision. In addition, the annual rate will not be less than 90% of the yield on 90 day Government of Canada Treasury Bills less 2.25%, subject to a minimum of 0.00%.

If the bonus option has not been selected, the annual rate will not be less than 90% of the

yield on 90 day Government of Canada Treasury Bills less 1.75%, subject to a minimum of 0.50%.

2. Fixed Interest Account The 10-year Fixed Interest Account is an Investment Account with a fixed term of 10 years. The Net Premium allocated to a 10-year Fixed Interest Account will earn interest, accrued daily, at the then current rate as periodically determined by Us. The rate of interest assigned to each allocation is guaranteed not to change for the 10 year term. At the end of the chosen term, the maturing portion of the Account Value will be reinvested for another 10 year term, at the then current interest rate. We guarantee that the 10 year Fixed Interest Account will always be available to You. If the bonus option has been selected, the bonus will be credited as described in the Investment Bonus provision. In addition, the annual rate will not be less than 90% of the yield on 10 year Government of Canada Bonds less 1.75%, subject to a minimum of 0.00%.

If the bonus option has not been selected, the annual rate will not be less than 90% of the yield on 10 year Government of Canada Bonds less 1.25%, subject to a minimum of 0.50%.

Guaranteed Investment Return We guarantee on death, surrender, partial withdrawal, conversion or lapse, that your Fund Value, less any applicable Market Value Adjustments, will be no less than the Fund Value determined assuming your Fixed Interest Account had earned the guaranteed investment return. If the bonus option has been selected, the guaranteed investment return is an annual rate of 3.00%. If the bonus option has not been selected, the guaranteed investment return is an annual rate of 3.50%.

LE663A.MLES.INV.20031101 Fund Value-1

Fund Value Provisions Monthly Deduction Beginning on the Policy Issue Date and once each month thereafter, We will calculate a Monthly Deduction equal to the sum of the following: * the guaranteed monthly administration fee shown in the Schedule; * the monthly Cost of Insurance, which is equal to the Basic Risk Amount multiplied by the

applicable monthly Cost of Insurance rate divided by 1,000 for each benefit shown in the Schedule. Refer to the Cost of Insurance section for further details;

* any premium rating applied during Our underwriting process; * any Additional Sum Insured divided by 1,000 multiplied by the yearly renewable term rate

that corresponds to the Insurance Age, Sum Insured, Smoker Status, underwriting class, sex and the number of years elapsed since the Benefit Effective Date, divided by twelve (these rates are available from Us on request); and

* the total of the monthly costs for any riders attached to the policy, as described in those riders.

Account Deduction Account Deduction is the amount deducted each month from the Fixed Interest Account. This amount is determined by the Monthly Deduction described above. The Account Deduction is subtracted from the earliest Net Premium. Market Value Adjustments do NOT apply to Account Deductions. Account Value The account value of an Investment Account on the Policy Issue Date is the Net Premium less the corresponding account deduction. The account value then earns interest. After the Policy Issue Date, the account value reflects the Net Premiums less the sum of Account Deductions, Partial Withdrawals, and any Disability Payment Benefit from the account. Surrender Charge The Surrender Charge is used to calculate the Cash Value. It is charged if You cancel the policy or if a Partial Surrender is made. It is also used in the calculation of the lapse start date (see the Lapse provision). The Surrender Charge for benefits in effect on the Policy Issue Date is equal to the original Minimum Premium multiplied by the "Surrender Factor" below, where the Coverage Year is measured from the Policy Issue Date. For benefits added after the Policy Issue Date, the associated Surrender Charge is equal to the increase in the Minimum Premium multiplied by the "Surrender Factor" below, where the Coverage Year is measured from the Benefit Effective Date. After a benefit has been in force for 9 full years, no Surrender Charge applies to that benefit. Coverage Year Surrender Factor 1 to 8 200% 9 100% 10+ 0% Market Value Adjustment A Market Value Adjustment is applicable to the Fixed Interest Account when the current interest rate is higher than the interest rate associated with the Net Premium. The adjustment for any given Net Premium is the current balance of the Net Premium multiplied by the interest rate differential multiplied by the number of complete months remaining in the investment term divided by 12.

LE663A.MLES.INV.20031101 Fund Value-2

Transfers Transfers of part of the account value or from the Carrier Fund may be made by Us in accordance with the policy provisions. No fee applies to such transfers. Partial Withdrawal You may request a Partial Withdrawal of the Cash Value at any time, subject to a minimum withdrawal of $500. The effective date of withdrawal will be within five business days after Your written request is received at Our head office or at one of Our regional offices. Partial Withdrawals will first be made from the Carrier Fund if applicable. A Market Value Adjustment will apply if funds are withdrawn from a Fixed Interest Account. If the Death Benefit Option is “Level Coverage", a Partial Withdrawal will result in a corresponding reduction in the Sum Insured and / or Additional Sum Insured, as described in the Death Benefit Option section. Any resultant reduction of Sum Insured will be treated as a Partial Surrender (described below). Partial Surrender A Partial Surrender occurs if You reduce the Sum Insured, including any reduction in Sum Insured resulting from a Partial Withdrawal or Disability Payment Benefit, or if You remove an Insured from the policy. If this occurs within nine years of the Benefit Effective Date, You will be assessed a partial surrender charge equal to the "Surrender Factor" described in the Surrender Charge provision multiplied by the decrease in the Minimum Premium. This will be deducted from the Fixed Interest Account. Investment Bonus This section only applies to Your policy if the Bonus Option has been selected for Your policy. Refer to the Schedule to see if the Bonus Option has been selected. The Bonus Option shown on your schedule CANNOT be changed after the Policy Issue Date.

An Investment Bonus is credited on the 5th Policy Anniversary and every Policy Anniversary thereafter. The Investment Bonus is the sum of the Guaranteed Bonus and the Premium Bonus. Guaranteed Bonus The Guaranteed Bonus is equal to the Account Value multiplied by the Guaranteed Bonus Percentage. The Guaranteed Bonus Percentage varies by Policy Anniversary as follows:

Policy Anniversary

Guaranteed Bonus Percentage

5 - 9 0.25%

10+ 0.50% Premium Bonus The Premium Bonus is equal to the Account Value multiplied by the Premium Bonus Percentage. The Premium Bonus Percentage for the first four Policy Anniversaries is zero. For the 5th Policy Anniversary and every Policy Anniversary thereafter, the Premium Bonus Percentage depends on the Qualifying Ratio as shown in the table below:

LE663A.MLES.INV.20031101 Fund Value-3

Qualifying Ratio Premium Bonus Percentage

1.25-1.99 0.50%

2.00 or greater 1.00% The Qualifying Ratio is calculated as the sum of all Essential Solutions premiums paid excluding Minimum Premiums for riders, less the sum of all partial withdrawals since the Policy Issue Date divided by the sum of the Essential Solutions Minimum Premiums due since the Policy Issue Date excluding Minimum Premiums for riders. Beginning on the 10th Policy Anniversary and every Policy Anniversary thereafter, the Qualifying Ratio, and hence the Premium Bonus Percentage, may increase but We guarantee that it will NEVER decrease. Policy Loan Policy Loans are not available.

LE664A.MLES.DPB.20031101 Disability-1

Disability Payment Benefit Provisions For the purposes of this benefit only, the following definitions are in addition to those specified under Definitions. "Disability" means that the Insured becomes either occupationally disabled or afflicted with a critical disability, as these terms are defined below. Disability must commence after the Policy Issue Date and the effective date of any reinstatement, "Regular occupation" means the gainful occupation or occupations in which the Insured was regularly engaged prior to the onset of sickness or injury. If the Insured was not regularly employed prior to the onset of sickness or injury, he or she will not be considered occupationally disabled. "Occupationally disabled" means that, as a result of sickness or injury, the Insured satisfies one of the following conditions: a) the Insured is unable to perform the substantial duties of his or her regular

occupation, and is not engaged in any gainful occupation; b) the Insured is employed in a gainful occupation, but he or she has experienced at

least a 50% loss of income compared to the earned income from his or her regular occupation;

c) the Insured is employed in his or her regular occupation, but is unable to perform one or more substantial duties of that occupation; or

d) the Insured is employed in his or her regular occupation, but is unable to perform that occupation for at least one-half the amount of time usually spent at that occupation.

To be considered occupationally disabled, the Insured must be under the regular care and attendance of a physician. "Critical disability" means one of the following: a) a condition which markedly restricts, all or substantially all of the time, the Insured's

ability to perform any of the activities of daily living, even with therapy and the use of appropriate devices or medication. Activities of daily living include perceiving, thinking, remembering, feeding or dressing oneself, speaking or hearing in a quiet setting with one other familiar person, so as to be understood or understand, normal bodily functions including walking;

b) a condition which has been diagnosed as terminal by a physician, where the prognosis for living is less than 24 months; or

c) a condition which results in the total and permanent loss of any of the following: * sight in both eyes, * hearing in both ears, * speech, or * the use of both hands, or both feet, or one hand and one foot.

Disability Payment Benefit The Disability Payment Benefit is equal to the Cash Value of this policy less the next Monthly Deduction. Subject to the prior interest of an assignee or irrevocable beneficiary, the Disability Payment Benefit is payable to You if the Insured for a benefit

LE664A.MLES.DPB.20031101 Disability-2

becomes disabled, and remains disabled throughout a 30 day waiting period. This benefit may be exercised once per occurrence of disability. We require written notification and supporting documentation satisfactory to Us of the disability. We reserve the right to request an independent medical opinion. The Investment Account will be reduced by the amount of the Disability Payment Benefit. A Market Value Adjustment may apply. If the Death Benefit Option is other than "Coverage Plus", the Disability Payment Benefit will result in a corresponding reduction in the Sum Insured and / or Additional Sum Insured, as described in the Death Benefit Option section. Any resultant reduction of Sum Insured will be treated as a Partial Surrender.

LE665A.MLES.CON.20031101 Contract-1

Contract Provisions Contract Your contract consists of this policy, the application for this policy, any application for reinstatement of this policy and any policy amendments agreed upon in writing after this policy has been issued. Changes to or waiving of policy provisions must be in writing and have the signature of Our president or one of Our vice-presidents. No agent has the authority to change this policy. This policy is subject to any legislative or regulatory requirements. Coverage Taking Effect This policy and the benefits it contains take effect when: * the policy is delivered to You, Your legal agent, or the Beneficiary; and * the first premium is paid; and * no change has occurred to the insurability of any Insured since the date the

application was received. Any insurance benefit added after the Policy Issue Date will take effect when: * an amendment confirming the change in coverage is delivered to You, Your legal

agent, or the Beneficiary; and * the first premium for the additional benefit is paid; and * no change has occurred to the insurability of any Insured since the date the

application for policy change was received. Disclosure You and each Insured must disclose in the application for this policy or application for a change to the policy, or in any application for reinstatement or in any proof of claim, every fact that is material to the contract. Subject to the Incontestability provision, failure to do so or misrepresenting any material fact in the application, will entitle Us to void the coverage. Any misrepresentation regarding an Insured's Smoker Status will be treated as fraudulent, entitling Us to void the coverage on that person. Accident or disability benefits are voidable by us at any time for misrepresentation or concealment of any material facts. Incontestability Statements made in the application for this policy, other than fraudulent statements, will be considered incontestable after the benefit has been in force for two years. Similarly, statements made in an application for reinstatement or change, other than fraudulent statements, will be considered incontestable after two years from the date the request is approved by Us. However, Your right to incontestability does not apply if an Insured dies within two years of the Benefit Effective Date or reinstatement. Written Notification We are not bound by any decision You make that affects this policy, until We receive written notice of it at Our Head Office or at one of Our regional offices. This limitation applies but is not restricted to the following: * a change of beneficiary;

LE665A.MLES.CON.20031101 Contract-2

* a transfer of ownership; * a change in premium amount or frequency; * an assignment of this policy; or * an election of any option provided by this policy. Assignment No assignment of this policy will be binding on Us unless the assignment has been filed at Our head office or at one of Our regional offices. We are not responsible for the legal effect of any assignment. Non-Participating This policy will not participate in Our divisible surplus.

LE685A.MLES.CONV.20031101 Conversions--1

Conversion Provision

Within certain limitations, this policy, and its riders, may be converted without evidence of insurability to any permanent insurance plan designated by Us for conversion purposes at the date of conversion. Conversion is subject to Our rules in effect on the date of conversion. The guaranteed percentage of premium tax outlined in the Premium Provisions section and the guaranteed investment return outlined in the Investment Account section will cease upon conversion. The rates being credited to any existing Fixed Interest Account at the time of conversion will continue until those Fixed Interest Accounts mature and are reinvested. The sum insured of the new permanent policy may not exceed the Sum Insured of this policy and may not be less than the minimum for the plan selected. The rates for the converting coverages will be determined using: 1. The Person Insured's original age on the date of conversion, 2. The sex of the Person Insured shown in the Schedule, 3. The smoker status of the Person Insured shown in the Schedule, and 4. The underwriting class of the Insured shown in the Schedule. If a rating applies to the Insured on the Benefit Effective Date, it will also apply to the new benefit. Conversion is effective when We receive this policy, a written request for conversion, and the first premium due on the new policy at Our head office. The new policy will contain the same provisions and be subject to the same endorsements regularly included in policies issued by Us on the conversion date.