CL65 CREW DSNDED TO AN INAPPROPRIATE ALT ON THE ILS RWY 25 APCH; (GS OUT) AT TOL.

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BRIEFED AND SET UP FOR THE ILS RWY 25 WITH GS OUT. APPROX 180 NM FROM TOL. ATIS RPTED MARGINAL VMC CONDITIONS AT TIME OF FMS SETUP. SOME 10-12 MINS LATER; WHILE VECTORED TO AND CLRED FOR THE APCH; I CALLED FOR THE MDA TO BE SET INTO THE ALT SELECTOR. UPON XING FAF; I INITIATED A DSCNT TO MOA. AFTER BREAKING OUT OF CLOUD COVER AT APPROX 1500 FT MSL WITH THE RWY IN SIGHT APPROX 2 MI AHEAD; TWR ISSUED A 'LOW ALT ALERT' AND ADVISED THAT LOWEST ALT IN MY AREA WAS 1240 FT. INITIATED A SLIGHT CLB AND THEN CONTINUED APCH WITH VASI GUIDANCE. AFTER LNDG AND QUITE PUZZLED BY THE EVENT; I LOOKED AGAIN AT THE CHART. THAT'S WHEN I FOUND MY ERROR. EVEN THOUGH WE HAD BRIEFED AND SET UP INTO THE FMS THE CORRECT APCH; INCLUDING THE PUBLISHED STEP DOWN AFTER THE FAF; I INADVERTENTLY CALLED FOR AND RECEIVED FROM THE PNF THE LOWER MDA OF THIS APCH. THE SAVING GRACE OF THIS EVENT WAS DSNDING INTO VMC CONDITIONS PRIOR TO DSNDING BELOW THE STEP DOWN ALT AND WX CONDITIONS THAT ALLOWED FOR RWY VISUAL CONTACT. NO GPWS ALERTS WERE RECEIVED. I'M VERY DISAPPOINTED IN MYSELF THAT AFTER NEARLY 25 YRS OF FLT EXPERIENCE; I MADE THIS MISTAKE. I'M ALSO BEWILDERED AS TO WHY THE OTHER PLT DIDN'T CATCH THE ERROR. I AM; HOWEVER; ENCOURAGED TO KNOW THAT THE CHKS AND BALS WORKED; IE; AFTER CREW FAILED TO LEVEL AT MDA -- CTLR NOTIFIED AND GPWS SYS WAS ONBOARD TO BACK UP ALL. LESSON LEARNED: YOU'RE NEVER TOO OLD AND EXPERIENCED TO MAKE A MISTAKE. I MUST STRIVE TO BE MORE VIGILANT AND CONTINUE TO PRACTICE THE GOOD DEEDS OF CRM.