# EDGAR Filing Document

**Accession Number:** 0001651981
**File Stem:** 0001651981-26-000034
**Filing Date:** 2026-4
**Character Count:** 593231
**Document Hash:** 441e7783301c3e189500b73b1ee39b46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001651981-26-000034.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001651981-26-000034

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEMBERS Horizon Variable Separate Account
- **CENTRAL INDEX KEY:** 0001651981

**ORGANIZATION NAME:**
- **EIN:** 391236386
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23092
- **FILM NUMBER:** 26859893

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 HERITAGE WAY
- **CITY:** WAVERLY
- **STATE:** IA
- **ZIP:** 50677
- **BUSINESS PHONE:** 608-238-5851

**MAIL ADDRESS:**
- **STREET 1:** 5910 MINERAL POINT ROAD
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53705
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEMBERS Horizon Variable Separate Account
- **CENTRAL INDEX KEY:** 0001651981

**ORGANIZATION NAME:**
- **EIN:** 391236386
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-207276
- **FILM NUMBER:** 26859892

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 HERITAGE WAY
- **CITY:** WAVERLY
- **STATE:** IA
- **ZIP:** 50677
- **BUSINESS PHONE:** 608-238-5851

**MAIL ADDRESS:**
- **STREET 1:** 5910 MINERAL POINT ROAD
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53705

## Series and Classes Contracts Data

### MEMBERS Horizon Variable Separate Account (Series ID: S000051979)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000163893 | MEMBERS Horizon Combination Annuity |  |

As filed with Securities and Exchange Commission on April 14, 2026

<u>File Nos. 333-207276 and 811-23092</u>

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-4**

Registration Statement Under the Securities Act of 1933 [X]

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 11 [X ]

and/or

Registration Statement Under the Investment Company Act of 1940 [ X]

Amendment No. 27 [X]

-----------------------------------

**MEMBERS Horizon Variable Separate Account**

*(Exact Name of Registrant)*

**MEMBERS Life Insurance Company**

*(Name of Depositor)*

**2000 Heritage Way**

**Waverly, Iowa 50677-9202**

*(Address of Depositor's Principal Executive Offices)*

**(319) 352-4090**

*(Depositor's Telephone Number)*

**Britney Schnathorst, Esq.**

**MEMBERS Life Insurance Company**

**2000 Heritage Way**

**Waverly, Iowa 50677-9202**

**(319) 352-4090**

*(Name and Address of Agent for Service)*

--------------------------------------------

**COPY TO:**

**Stephen E. Roth, Esq.**

**Thomas E. Bisset, Esq.**

**Eversheds Sutherland (US) LLP**

**700 Sixth Street, NW, Suite 700**

**Washington, DC 20001**

**(202) 383-0100**

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this

Registration Statement.

It is proposed that this filing will become effective (check appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;[ ] Immediately upon filing pursuant to paragraph (b) of Rule 485.

&nbsp;&nbsp;&nbsp;&nbsp;[X] On May 1, 2026 pursuant to paragraph (b) of Rule 485.

&nbsp;&nbsp;&nbsp;&nbsp;[ ] 60 days after filing pursuant to paragraph (a)(1) of Rule 485.

&nbsp;&nbsp;&nbsp;&nbsp;[ ] On (date) pursuant to paragraph (a)(1) of Rule 485.

If appropriate, check the following box:

&nbsp;&nbsp;&nbsp;&nbsp;[ ] This post-effective amendment designates a new effective date for previously filed post-effective amendment.

Title of Securities Being Registered: Units of interest in MEMBERS Horizon Variable Separate Account under the

MEMBERS<sup>®</sup> Horizon flexible premium deferred variable annuity contract.

**MEMBERS**<sup>®</sup> **Horizon** 

**Flexible Premium Deferred Variable and Index Linked Annuity**

**MEMBERS Horizon Variable Separate Account**

**Issued by:**

**MEMBERS Life Insurance Company**

**2000 Heritage Way**

**Waverly, Iowa 50677**

**Telephone number: 800-798-5500**

**Offered Through: CUNA Brokerage Services, Inc.**

**DATED May 1, 2026**

This Prospectus describes the MEMBERS® Horizon Flexible Premium Deferred Variable and Index Linked

Annuity, an individual or joint owned, flexible premium deferred annuity contract with variable and index-linked

investment options issued by MEMBERS Life Insurance Company.

You may purchase the Contract with an initial Purchase Payment of at least $5,000. During the Accumulation

Period, you may make Additional Purchase Payments that are each $50 or more. The Contract offers two

series: Series B and Series C. Surrender Charges do not apply to Series C Contracts; however Series C

Contracts impose a higher Contract Fee than Series B Contracts. The Contract is a complex investment and

involves risks, including potential loss of principal. Please keep this Prospectus for future reference. This

Prospectus describes all material rights and obligations of Owners, including all state variations, and provides

important information you should know before investing. You should speak with a financial professional about

the Contract's features, benefits, risks and fees, and whether it is appropriate for you based upon your financial

situation and objectives. **We no longer issue new Contracts.**

The Contract is designed primarily for individuals, trusts, and certain retirement plans that qualify for the special

federal income tax treatment associated with annuity contracts. You may allocate your Purchase Payments to

various Investment Options, including Variable Subaccounts and index-linked Investment Options ("Risk

Control Accounts"), for accumulation of retirement savings and long-term investment purposes. We charge an

annual Contract Fee on amounts allocated to the Risk Control Accounts and Variable Subaccounts. The

Contract also offers several payout options. We reserve the right to refuse or limit additional Purchase

Payments or allocations to the Risk Control Accounts, to add or substitute indexes, and to add or substitute the

Funds underlying the Variable Subaccounts, as described in this Prospectus. The availability of Variable

Subaccounts, Risk Control Accounts, Contract benefits, and other Contract features described in this

Prospectus may vary by state and depending on the broker-dealer through which the Contract is sold. **Please** 

**refer to <u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u> for more information about investment options and <u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u> for information** 

**about state and financial intermediary variations.**

Each **Variable Subaccount** invests in an underlying Fund, and your investment results in a Variable

Subaccount will depend on the investment performance of the related Fund. You bear the entire investment risk

of any amounts you allocate to the Variable Subaccounts.

Each **Risk Control Account** is credited with interest based in part on the investment experience of an external

Index. We currently offer two reference indices: the S&P 500 Price Return Index ("S&P 500") and the MSCI

EAFE Price Return Index ("MSCI EAFE"). We credit interest to each Risk Control Account at the end of each

Risk Control Account Year during the five-year Risk Control Account Period by comparing the change in the

Index from each Risk Control Account Anniversary (the first day of the Risk Control Account Year) to the last

day of the current Risk Control Account Year. When funds are withdrawn from a Risk Control Account prior to

the Risk Control Account Anniversary, Index interest is calculated up to the date of withdrawal. **It is possible** 

**that you will not earn any interest in a Risk Control Account or that we may credit negative interest to** 

**the Growth Account.**

Each Risk Control Account has two investment options, a Secure Account and a Growth Account, which have

different Floors and Caps. The Floors may provide protection by limiting the amount of negative interest

credited to you from negative Index performance, but the Caps may limit the amount of interest you can earn

from positive Index performance. During the life of your Contract, an Allocation Option with a Floor of 0% will

always be available, and we will continue to make a Secure Account and Growth Account option available for

each Risk Control Account that is available to you.

• The **Floor** is the maximum amount of negative Index interest that we will credit you at the end of a Risk

Control Account Year. Negative Index performance will reduce your Risk Control Account Value by up

to the amount of the Floor. The Secure Account provides the most protection from negative investment

performance. The Secure Account has a Floor of 0%, which means that negative Index performance

will not reduce your Risk Control Account Value. The Growth Account has a Floor of -10%, which

means that negative Index performance could reduce your Risk Control Account Value by up to 10%

each year. The Floor rate will not change during the life of your Contract. **There is a risk of loss of** 

**principal and previously credited interest with the Growth Account of up to 10% (with a Floor of** 

**-10%) each Risk Control Account Year due to negative Index performance. The Floor does not** 

**limit losses from the Contract Fee, Surrender Charge (for Series B Contracts), Market Value** 

**Adjustment, or taxes.**

• The **Cap** is the maximum amount of positive Index interest that we will credit you at the end of a Risk

Control Account Year. Positive Index performance will increase your Risk Control Account Value by up

to the amount of the Cap. In return for accepting some risk of loss to your Risk Control Account Value

allocated to the Growth Account, the Cap for the Growth Account is higher than the Cap for the Secure

Account. This allows for the potential for greater increases to your Risk Control Account Value allocated

to the Growth Account. On the first Contract Anniversary and each subsequent Contract Anniversary,

we set the Cap, which we guarantee for the next Contract Year. **The Cap will never be less than 1%.** 

**With the Cap, you may receive only a portion of any positive Index performance**.

**The Contract is not a short-term investment and is not appropriate if you need ready access to cash.** 

**Partial withdrawals or surrender of the Contract may result in Surrender Charges (for Series B** 

**Contracts), a Market Value Adjustment, and federal income taxes and a 10% additional tax.**

• For Series B Contracts, each Purchase Payment has an individual **Surrender Charge** schedule. If you

surrender your Contract or take a partial withdrawal during the five years following allocation of a

Purchase Payment, you may pay a Surrender Charge of up to 9% of the Purchase Payment being

surrendered or withdrawn that exceeds the Annual Free Withdrawal Amount. Surrender Charges do not

apply to Series C Contracts.

• During the Accumulation Period, if you surrender your Contract or take a partial withdrawal from a Risk

Control Account on any day other than its Risk Control Account Maturity Date, we will apply a **Market** 

**Value Adjustment** (which may be positive or negative) to the amount being withdrawn from the Risk

Control Account. **A negative Market Value Adjustment may significantly decrease the amount you** 

**receive upon surrender or partial withdrawal of Risk Control Account Value.** Only the Contract

Value remaining after the withdrawal will be credited interest, positive or negative, in the future. **It is** 

**possible in extreme circumstances to lose up to 100% of your principal and previously credited** 

**interest due to the Market Value Adjustment, regardless of the Risk Control Account to which** 

**you allocated Contract Value.**

• Partial withdrawals and surrenders are subject to federal income taxes and may be subject to a 10%

additional tax if taken before age 59½.

• Although the Contract permits systematic withdrawals (including for Required Minimum Distributions

under the Internal Revenue Code) from the Risk Control Accounts before the end of the term, these

withdrawals may have an adverse effect on your values under the Contract. If you intend to make

ongoing withdrawals, you should consult a financial professional to determine whether the Contract is

appropriate for you.

**The Contract is a security. It involves investment risk and other risks and may lose value.** For additional

information on risks associated with the Contract, see "<u>[Principal Risks of Investing in the Contract](#i76f24c8c799849c988d569378ee02db3_19)</u>" on page <u>[16](#i76f24c8c799849c988d569378ee02db3_19)</u>.

The guarantees in this Contract are subject to the Company's financial strength and claims-paying ability.

Additional information about certain investment products, including index-linked and variable annuities, has

been prepared by the Securities and Exchange Commission's staff and is available at investor.gov/.

**The Contract or certain Investment Options may not be available in all states. This Prospectus does not** 

**constitute an offer to sell any Contract and it is not soliciting an offer to buy any Contract in any state** 

**in which the offer or sale is not permitted. We do not authorize anyone to provide any information or** 

**representations regarding the offering described in this Prospectus other than the information and** 

**representations contained in this Prospectus.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities** 

**or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal** 

**offense. The Contracts are not insured by the Federal Deposit Insurance Corporation or any other** 

**government agency. They are not deposits or other obligations of any bank and are not bank** 

**guaranteed. They are subject to investment risks and possible loss of principal and previously credited** 

**interest and earnings.**

i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[GLOSSARY](#i60dfc2a2aba8469bb64727323435b9cb) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[1](#i60dfc2a2aba8469bb64727323435b9cb)** |
| **[OVERVIEW OF THE CONTRACT](#i7e2def4f53e34235aeefc0e55454e762) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[5](#i7e2def4f53e34235aeefc0e55454e762)** |
| [Purpose](#ia2690fd3215d4c1f8f64f0dcddea6c50) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [5](#ia2690fd3215d4c1f8f64f0dcddea6c50) |
| [Contract Series](#i50394dd9436c46e69e163fe3fe6d4763) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [5](#i50394dd9436c46e69e163fe3fe6d4763) |
| [Contract Periods](#i3c774bd6bc614887aa07cd623ca4c828) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [5](#i3c774bd6bc614887aa07cd623ca4c828) |
| [Investment Options](#i9b81b33ac305457d9abbd505a7149370) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [6](#i9b81b33ac305457d9abbd505a7149370) |
| [Withdrawal Options and Market Value Adjustment](#ifb47d3340c7b4697aa2bfa50be2045ea) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [8](#ifb47d3340c7b4697aa2bfa50be2045ea) |
| [Other Contract Features](#i53bd49d24a75422cb308784dcfce8dbf) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [8](#i53bd49d24a75422cb308784dcfce8dbf) |
| **[KEY INFORMATION](#i9be2ee4490264d5ab4d7de94a942ef3d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[9](#i9be2ee4490264d5ab4d7de94a942ef3d)** |
| **[FEE TABLE](#i1ff22d2de8c842cda20e0a1c6f88f1f5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[15](#i1ff22d2de8c842cda20e0a1c6f88f1f5)** |
| **[PRINCIPAL RISKS OF INVESTING IN THE CONTRACT](#i35ff3dcf3f9b461d9cbeab9ba92e7e60) . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[16](#i35ff3dcf3f9b461d9cbeab9ba92e7e60)** |
| **[THE INSURANCE COMPANY AND SEPARATE ACCOUNTS](#i081fabbde60e4f6a89f131c5e599d1c5) . . . . . . . . . . . . . . . . . . . . .** | **[20](#i081fabbde60e4f6a89f131c5e599d1c5)** |
| [MEMBERS Life Insurance Company](#id69e8bb605cb4775b505586fc2d290ed) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [20](#id69e8bb605cb4775b505586fc2d290ed) |
| [The Variable Separate Account](#i0ac482a033364da3b51c744838e98390) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [20](#i0ac482a033364da3b51c744838e98390) |
| [The Risk Control Separate Account](#ie634173fc3a847e1be46579529d0340d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [21](#ie634173fc3a847e1be46579529d0340d) |
| **[GETTING STARTED - THE ACCUMULATION PERIOD](#i51511424d72645f4ad78430d2f80adc8) . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[21](#i51511424d72645f4ad78430d2f80adc8)** |
| [Purchasing a Contract](#i81532d6b577f4547ae5bab76a2dbaa6a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [22](#i81532d6b577f4547ae5bab76a2dbaa6a) |
| [Tax-Free Section 1035 Exchanges](#i1f1f256df3654450ad1c900a9ecf6182) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [22](#i1f1f256df3654450ad1c900a9ecf6182) |
| [Owner](#i8cae572e7df6424db24732e5f432cd68) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [23](#i8cae572e7df6424db24732e5f432cd68) |
| [Divorce](#ie4196f2f4f6a4546b9548b2ae27a7794) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [23](#ie4196f2f4f6a4546b9548b2ae27a7794) |
| [Annuitant](#ia28d1747c180449aa9ff9cac56ae2d07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [23](#ia28d1747c180449aa9ff9cac56ae2d07) |
| [Beneficiary](#ibb59049488834a11b6df71a5f7215004) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [23](#ibb59049488834a11b6df71a5f7215004) |
| [Right to Examine](#i9efbe679ad504bd9b46444fbaa7a497f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [24](#i9efbe679ad504bd9b46444fbaa7a497f) |
| **[ALLOCATING YOUR PURCHASE PAYMENTS](#ib03b36e7db8c49148df8e4f7aff34290) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[24](#ib03b36e7db8c49148df8e4f7aff34290)** |
| [Making Initial and Additional Purchase Payments](#i107535f630e24fe792633860c357e9fa) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [24](#i107535f630e24fe792633860c357e9fa) |
| [Investment Options](#ic8bc7d8a8cb14f71864774bc08998636) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [24](#ic8bc7d8a8cb14f71864774bc08998636) |
| [Express Portfolios](#iec3f6dbe3b814549ae540e0aaee1c5a3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [25](#iec3f6dbe3b814549ae540e0aaee1c5a3) |
| [Allocation of Purchase Payments](#ifad5ccbe64ee4fbd9e56cb84eefe697c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [25](#ifad5ccbe64ee4fbd9e56cb84eefe697c) |
| [Thirty Day Period to Discontinue Initial Risk Control Accounts](#ic51cbc4317ae4fd688e874b2affb6045) . . . . . . . . . . . . . . . . . . . . . . . . . . | [27](#ic51cbc4317ae4fd688e874b2affb6045) |
| [Reallocations - Automatic Rebalance Program](#ibed9ec9cbb644daaa720462831d66ff7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [27](#ibed9ec9cbb644daaa720462831d66ff7) |
| [Risk Control Account Maturity Date](#ic4e1d539dfbc42acb2d28574d1d5e75f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [29](#ic4e1d539dfbc42acb2d28574d1d5e75f) |
| [Transfers](#i9d394267d4c94d9db3b76be28da87409) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [30](#i9d394267d4c94d9db3b76be28da87409) |
| **[VARIABLE SUBACCOUNT OPTION](#i44a23692b1ba46e88062c5e5bfdfedf3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[31](#i44a23692b1ba46e88062c5e5bfdfedf3)** |
| [Funds](#i57fe04c189d0414096fb8b4e5839dd57) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [31](#i57fe04c189d0414096fb8b4e5839dd57) |
| [Availability of the Funds](#i28338953294a4a1bba24da86369dbd48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [31](#i28338953294a4a1bba24da86369dbd48) |
| [Addition, Deletion, or Substitution of Funds](#i2031617b130047deb9fdc599149c82da) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [32](#i2031617b130047deb9fdc599149c82da) |
| [Frequent Transfers Procedures](#i6e90593a131b44f4967fa85a550fe916) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [32](#i6e90593a131b44f4967fa85a550fe916) |
| [Fund Frequent Trading Policies](#icaab57e8628040d4b2c048adf430527d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [33](#icaab57e8628040d4b2c048adf430527d) |
| [Voting Rights](#i6ee04fc8003e44158395dfd34b69120e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [33](#i6ee04fc8003e44158395dfd34b69120e) |
| **[RISK CONTROL ACCOUNT OPTION](#i0aa16a2bd8cb470ab01b169e742acdfc) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[34](#i0aa16a2bd8cb470ab01b169e742acdfc)** |
| [Risk Control Account Period and Crediting Interest](#i59a3e373dde44075bd2ce928df7515b4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [34](#i59a3e373dde44075bd2ce928df7515b4) |
| [The Indexes](#i82ab87081999470ca13ec60f3f07197d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [35](#i82ab87081999470ca13ec60f3f07197d) |
| [Limits on Index Losses and Gains](#i880431c1c1f34401bbaf019477be4107) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [35](#i880431c1c1f34401bbaf019477be4107) |
| [Index Annual Return Examples](#i603ae32cb10740298c230f34c21b2bce) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [36](#i603ae32cb10740298c230f34c21b2bce) |
| [Bailout Provision](#i41c2d6ababc84144a720d47acbf4ba8c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [37](#i41c2d6ababc84144a720d47acbf4ba8c) |
| [Addition or Substitution of an Index](#i89cfa002e42e4ee19a0a53f3749193be) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [38](#i89cfa002e42e4ee19a0a53f3749193be) |
| **[CONTRACT VALUE](#icb310d00db984cf4b7cbbde33f6479cf) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[39](#icb310d00db984cf4b7cbbde33f6479cf)** |

---

ii

---

| | |
|:---|:---|
| [Variable Subaccount Value](#i6b265962822f42d0a0722294b7406e2f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [39](#i6b265962822f42d0a0722294b7406e2f) |
| [Risk Control Account Value](#i0351d23cd68645d6a7de85e574f791b7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [40](#i0351d23cd68645d6a7de85e574f791b7) |
| [Holding Account Value](#id5ebdbc2cc574340a690bf2f1c5ea66b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [45](#id5ebdbc2cc574340a690bf2f1c5ea66b) |
| [Order of Operations for Contract Anniversary Processing](#if4ec7ac4931e49f4aab3b09f1cf87d45) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [46](#if4ec7ac4931e49f4aab3b09f1cf87d45) |
| **[CHARGES AND ADJUSTMENTS](#i12b1d5e1acfc4af7841cdbe1e8b29f63) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[46](#i12b1d5e1acfc4af7841cdbe1e8b29f63)** |
| [Contract Fee](#i9a2558b001994527a9e1f8536f0939ae) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [46](#i9a2558b001994527a9e1f8536f0939ae) |
| [Surrender Charge (For Series B Contracts)](#i1701082539f3418a9f0cb500e4081d3c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [47](#i1701082539f3418a9f0cb500e4081d3c) |
| [Market Value Adjustment (MVA)](#i3f545fbaddcc4aeea58d122758e880a8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [48](#i3f545fbaddcc4aeea58d122758e880a8) |
| [Underlying Fund Fees and Expenses](#i9930f278cd4344e4aa61352f78a426f0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [50](#i9930f278cd4344e4aa61352f78a426f0) |
| [Other Transaction and Administrative Charges](#iab87a0d4a19049c8b82057296849bcd3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [50](#iab87a0d4a19049c8b82057296849bcd3) |
| [Premium Taxes](#i2b687d73a41a49319104e999e3c5228c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [50](#i2b687d73a41a49319104e999e3c5228c) |
| [Other Information](#i5f11f7b082ca4e01b2fe61f0b7591162) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [51](#i5f11f7b082ca4e01b2fe61f0b7591162) |
| **[ACCESS TO YOUR MONEY](#i6d2f55733d514a2b9b2d86102a370721) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[51](#i6d2f55733d514a2b9b2d86102a370721)** |
| [Partial Withdrawals](#iff93b08d1ce14baf9ee1bec727cba676) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [51](#iff93b08d1ce14baf9ee1bec727cba676) |
| [Systematic Withdrawals](#ic7a905e83dd24ac287a37aa08d1d9774) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [51](#ic7a905e83dd24ac287a37aa08d1d9774) |
| [Surrenders](#ifb07e085a82d4c7385ad69442167d1ec) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [52](#ifb07e085a82d4c7385ad69442167d1ec) |
| [Right to Defer Payments](#ic54d1e9e57e24cc890bf6487d0784137) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [52](#ic54d1e9e57e24cc890bf6487d0784137) |
| **[BENEFITS AVAILABLE UNDER THE CONTRACT](#icd1f82f263e949a08daebb8569df5139) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[53](#icd1f82f263e949a08daebb8569df5139)** |
| [Death Benefit](#iba448ed6bcdd4d2ead3749340f80cc87) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [53](#iba448ed6bcdd4d2ead3749340f80cc87) |
| [Express Portfolios](#i32f3941f49d446f2a53df6626016bc7f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [55](#i32f3941f49d446f2a53df6626016bc7f) |
| [Automatic Rebalance Program](#i4d6da8465f4a4a3a9a692208e5fcdd4f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [56](#i4d6da8465f4a4a3a9a692208e5fcdd4f) |
| [Systematic Withdrawals](#i894c271c425943df899d8355e2f7fe65) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [56](#i894c271c425943df899d8355e2f7fe65) |
| **[INCOME PAYMENTS – THE PAYOUT PERIOD](#i429282fc3d294d69b74aa6e5b0cd048f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[57](#i429282fc3d294d69b74aa6e5b0cd048f)** |
| [Payout Date](#ibbd0a6cccd114ca68cf33c0eccdb2bd6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [57](#ibbd0a6cccd114ca68cf33c0eccdb2bd6) |
| [Payout Period](#ifdcb6308e6314e7880902e826aa1f7a6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [57](#ifdcb6308e6314e7880902e826aa1f7a6) |
| [Terms of Income Payments](#ibe2643d93dbf483f8d1b5865cd03007d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [57](#ibe2643d93dbf483f8d1b5865cd03007d) |
| [Electing an Income Payout Option](#i85efe19534ba4edca6816fefb9e476fc) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [57](#i85efe19534ba4edca6816fefb9e476fc) |
| [Income Payout Options](#i761cf87031a3455a9ebf9d3bc24fec1b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [58](#i761cf87031a3455a9ebf9d3bc24fec1b) |
| **[FEDERAL INCOME TAX MATTERS](#i603c1a5f0dfb4136b9033c1a31826778) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[59](#i603c1a5f0dfb4136b9033c1a31826778)** |
| **[OTHER INFORMATION](#i642ad1ad136149259c0f2a727b44e44e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[64](#i642ad1ad136149259c0f2a727b44e44e)** |
| [Important Information about the Indices](#i91209ec7adf540f0b581e3ea8d2072ac) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [64](#i91209ec7adf540f0b581e3ea8d2072ac) |
| [Distribution of the Contract](#ib8c7bf56916d450e9a838c0dd495e195) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [66](#ib8c7bf56916d450e9a838c0dd495e195) |
| [Authority to Change](#ic12bcd6ce9094dc9a56a955d1004b592) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [67](#ic12bcd6ce9094dc9a56a955d1004b592) |
| [Incontestability](#ie11d548f37f24459940b8ca5f9dcb25e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [67](#ie11d548f37f24459940b8ca5f9dcb25e) |
| [Misstatement of Age or Gender](#ia5a061f61a3347a4a6c34e89139074b7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [67](#ia5a061f61a3347a4a6c34e89139074b7) |
| [Conformity with Applicable Laws](#i760b0f12aab741559bc6dc37bf62c1b5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [67](#i760b0f12aab741559bc6dc37bf62c1b5) |
| [Reports to Owners](#i383be6a948b14ccf8b9c767b5563e223) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [67](#i383be6a948b14ccf8b9c767b5563e223) |
| [Householding](#i097de3b5f5c44d7387297ced7312e620) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [67](#i097de3b5f5c44d7387297ced7312e620) |
| [Change of Address](#if7d43dbc5b39408cac5edf909c93fd29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [68](#if7d43dbc5b39408cac5edf909c93fd29) |
| [Inquiries](#if2ce4c9370b94bf0968fc35c17466fe7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [68](#if2ce4c9370b94bf0968fc35c17466fe7) |
| [Legal Proceedings](#iad684673af9d470a8892792611a1d66f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [68](#iad684673af9d470a8892792611a1d66f) |
| **[FINANCIAL STATEMENTS](#ia812f695359446c88b62f29f1598f93d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .** | **[68](#ia812f695359446c88b62f29f1598f93d)** |

---

---

| | |
|:---|:---|
| **APPENDIX A: Investment Options Available under the Contract**............................................. | **A-[1](#i76f24c8c799849c988d569378ee02db3_61)** |
| **APPENDIX B: State and Financial Intermediary Variations**...................................................... | **B-[1](#i76f24c8c799849c988d569378ee02db3_67)** |

---

**GLOSSARY**

**1940 Act** – The Investment Company Act of 1940, as amended.

**Accumulation Credit** – A unit of measure used to calculate Risk Control Account Value.

**Accumulation Credit Factor** – A dollar value for each Accumulation Credit in a Risk Control Account on a

given Business Day.

**Accumulation Period** – The phase of the Contract that begins on the Contract Issue Date and ends on the

Payout Date, or the date the Contract is terminated if earlier.

**Accumulation Unit** – A unit of measure used to calculate Variable Subaccount Value.

**Accumulation Unit Value** – A dollar value for each Accumulation Unit in a Variable Subaccount on a given

Business Day.

**Adjusted Index Value** – The Closing Index Value adjusted for the Cap or Floor for the current Risk Control

Account Year.

**Administrative Office** – MEMBERS Life Insurance Company, 2000 Heritage Way, Waverly, Iowa 50677.

Phone: 1-800-798-5500.

**Age** – Age as of last birthday.

**Allocation Level** – Specific levels identified in your Contract for the sole purpose of administering allocation

instructions according to the requirements of the Contract.

**Annual Free Withdrawal Amount** – For Series B Contracts, the amount that can be withdrawn without

incurring a Surrender Charge each Contract Year. It is equal to 10% of the Contract Value determined at the

beginning of the Contract Year.

**Annuitant (Joint Annuitant)** – The natural person(s) whose life (or lives) determines the amount of annuity

payments under the Contract.

**Authorized Request** – A signed and dated request that is in Good Order. A request to change your allocation

instructions must be signed by all Owners. A request to change a party to the Contract, change the Payout

Date or request a partial withdrawal or full surrender of the Contract must be signed by all Owners and any

Irrevocable Beneficiary or an assignee.

**Automatic Rebalance Program** – A program to automatically transfer values among the Risk Control

Accounts and/or Variable Subaccounts to achieve the balance of Contract Value equal to the Allocation Levels

you requested.

**Bailout Rate** – A specific rate that applies to the Bailout Provision.

**Bailout Provision** – If the Cap for your Risk Control Account is set below the Bailout Rate prominently

displayed on your Contract Data Page, the Bailout Provision allows you to transfer the Risk Control Account

Value from that Risk Control Account during the 30-day period following the Risk Control Account Anniversary.

A Market Value Adjustment will not apply to such transfer.

**Beneficiary** – The person(s) (or entity) you named to receive proceeds payable due to the death of the Owner.

Before the Payout Date, if no Beneficiary survives the Owner, we will pay the Death Benefit proceeds to the

Owner's estate.

**Business Day** – Any day that the New York Stock Exchange is open for trading. All requests for transactions

that are received at our Administrative Office in Good Order on any Business Day prior to market close,

generally 4:00 P.M. Eastern Time, will be processed as of the end of that Business Day. However, with respect

to a subaccount, no valuation may be made on days that the subaccount's corresponding fund does not value

its shares.

**Cap** – The maximum annual Index Return the Company will use in calculating interest credited to Risk Control

Account Value for a Risk Control Account Year. The Cap does not reflect deduction of the Contract Fee.

**Closing Index Value** – The closing value for an Index as of a Business Day.

**Company** – MEMBERS Life Insurance Company; also referred to as "we", "our" and "us".

**Contract** – The MEMBERS<sup>®</sup>Horizon Flexible Premium Deferred Variable and Index Linked Annuity, an

individual or joint owned, flexible premium deferred variable and index-linked annuity contract issued by

MEMBERS Life Insurance Company.

**Contract Anniversary** – The same day and month as the Contract Issue Date for each year the Contract

remains in force. If a Contract Anniversary does not fall on a Business Day, any transactions required as of that

date will be processed on the next Business Day but will be effective as of that Contract Anniversary.

**Contract Fee** – A fee assessed against Contract Value allocated to the Variable Subaccounts and the Risk

Control Accounts. The Contract Fee is shown on your Data Page. The portion of the fee assessed to the

Variable Subaccounts equals a percentage of the average daily value of the assets of the Variable

Subaccounts to which the Variable Subaccount Value is allocated. The portion of the fee assessed to the Risk

Control Accounts equals a percentage of the Accumulation Credit Factor for the Risk Control Account at the

start of a Risk Control Account Year. This fee compensates us for the expenses, expense risk, and mortality

risk assumed by us.

**Contract Issue Date** – The date we use to determine Contract Years and Contract Anniversaries.

**Contract Value** – The total value of your Contract during the Accumulation Period. All values are calculated as

of the end of a Business Day.

**Contract Year** – Any twelve-month period beginning on the Contract Issue Date or Contract Anniversary and

continuing until the end of the day before the next Contract Anniversary.

**Data Page** – Pages attached to your Contract that describe certain terms applicable to your specific Contract.

**Death Benefit** – The Contract Value as of the date Death Benefits are payable. We do not apply the Surrender

Charge or Market Value Adjustment in determining the Death Benefit payable.

**Earnings** – Your Contract Value minus Purchase Payments not previously withdrawn.

**Floor** – The minimum annual Index Return the Company will use in calculating interest credited to Risk Control

Account Value for the life of the Contract. The Floor does not reflect deduction of the Contract Fee.

**Frequent Transfers Procedures** – Policies and procedures that we have adopted to try to protect Owners and

the Funds from potentially harmful trading activity.

**Fund** – Each investment portfolio or any other open-end management investment company or unit investment

trust in which a Variable Subaccount invests.

**General Account** – All of the Company's assets other than the assets in the Separate Accounts.

**Good Order** – A request or transaction generally is considered in "Good Order" if we receive it in our

Administrative Office within the time limits, if any, prescribed in this Prospectus for a particular transaction or

instruction, it includes all information and supporting legal documentation necessary for us to execute the

requested instruction or transaction, and is signed by the individual or individuals authorized to provide the

instruction or engage in the transaction. A request or transaction may be rejected or delayed if not in Good

Order. This information and documentation necessary for a transaction or instruction generally includes, to the

extent applicable: the completed application or instruction form; your contract number; the transaction amount

(in dollars or percentage terms); the names and allocations to and/or from the Funds and Risk Control

Accounts affected by the requested transaction; the signatures of all Owners (exactly as indicated on the

Contract), if necessary; Social Security Number or Tax I.D.; and any other information or supporting

documentation that we may require, including any consents. With respect to Purchase Payments, Good Order

also generally includes receipt by us of sufficient funds to effect the purchase. We may, in our sole discretion,

determine whether any particular transaction request is in Good Order, and we reserve the right to change or

waive any Good Order requirement at any time. If you have any questions, you should contact us or your

financial professional before submitting the form or request.

**Holding Account** – An account that holds each Purchase Payment pending investment in a Risk Control

Account. The Holding Account cannot be elected as an Investment Option. The Holding Account is part of our

General Account.

**Holding Account Value** – The value of the Contract in the Holding Account.

**Income Payout Option** – The choices available under the Contract for payout of your Contract Value.

**Index, Indices** – The reference index (or indices) we use in determining interest credited to the Risk Control

Account Value.

**Index Return** – The change in the Index for the current Contract Year, adjusted for the Cap or Floor.

**Initial Index Value** – The value for the reference Index as of the start of a Risk Control Account Year.

**Internal Revenue Code (IRC)** – The Internal Revenue Code of 1986, as amended.

**Investment Options** – The choices available under this Contract for allocation of your Purchase Payment(s)

and Contract Value. Choices include the Risk Control Accounts ("Risk Control Account Option") and the

Variable Subaccounts ("Variable Subaccount Option").

**Irrevocable Beneficiary** – A Beneficiary who has certain rights which cannot be changed unless he or she

consents to the change.

**Market Value Adjustment** – The amount of an adjustment (increase or decrease) that may be applied to a full

surrender or partial withdrawal from a Risk Control Account, also referred to as the MVA.

**Multiple Source Waiting Period** – The maximum period of time we will wait for multiple sources of payment to

be received by us prior to allocation to a Risk Control Account. It applies only to the sources of payment

indicated on your application. The Multiple Source Waiting Period cannot be longer than six months.

**Non-Qualified Contract** – An annuity contract that is independent of any formal retirement or pension plan.

**Owner** – The person(s) (or entity) who owns the Contract and whose death determines the Death Benefit. If

there are multiple Owners, each Owner will be a joint Owner of the Contract and all references to Owner will

mean joint Owners. The Owner has all rights, title and interest in the Contract. The Owner may exercise all

rights and options stated in the Contract, subject to the rights of any Irrevocable Beneficiary or assignee. The

Owner is also referred to as "you" or "your."

**Payee** – The person(s) (or entity) who receives income payments during the Payout Period while the Annuitant

is living. The Payee is the Owner, unless otherwise designated. A minor cannot be the Payee.

**Payout Date** – The date the first income payment is paid from the Contract to the Payee.

**Payout Period** – The phase the Contract is in once income payments begin.

**Pro Rata** – A method of allocating, withdrawing or transferring values across all Investment Options that is

proportional to the Contract Value in each Investment Option.

**Proof of Death** – Proof of Death may consist of a certified copy of the death record, a certified copy of a court

decree reciting a finding of death or other similar proof.

**Purchase Payment** – Payment(s) made by or on behalf of the Owner for the Contract.

**Qualified Contract** – An annuity that is part of an individual retirement plan, pension plan or employer-

sponsored retirement program that is qualified for special treatment under the Internal Revenue Code.

**Risk Control Account** – An interest crediting option to which you may allocate your Contract Value. We credit

interest under each Risk Control Account based in part on the performance of a reference Index, subject to a

Cap and Floor. There are two types of Risk Control Accounts, the Secure Account and the Growth Account.

**Risk Control Account Anniversary** – The same day and month as a Risk Control Account Start Date for each

year of a Risk Control Account Period. If a Risk Control Account Anniversary does not fall on a Business Day,

any transactions required as of that date will be processed on the next Business Day.

**Risk Control Account Daily Contract Fee** – The Contract Fee divided by the number of days in the Risk

Control Account Year and then multiplied by the Accumulation Credit Factor for the Risk Control Account at the

start of a Risk Control Account Year.

**Risk Control Account Maturity Date** – The last day of a Risk Control Account Period. If a Risk Control

Account Maturity Date does not fall on a Business Day, any transactions required as of that date will be

processed on the next Business Day.

**Risk Control Account Period** – The period that begins on a Risk Control Account Start Date and ends on a

Risk Control Account Maturity Date. Each Risk Control Account Period is five years.

**Risk Control Account Start Date** – The first day of a Risk Control Account Period. It must be a date that we

offer as a Risk Control Account Start Date (as shown on your Contract Data Page). If a Risk Control Account

Start Date does not fall on a Business Day, any transactions required as of that date will be processed on the

next Business Day.

**Risk Control Account Value** – The amount of Contract Value in a Risk Control Account.

**Risk Control Account Year** – Any 12-month period beginning on a Risk Control Account Start Date or Risk

Control Account Anniversary and ending on the next Risk Control Account Anniversary.

**SEC** – The U.S. Securities and Exchange Commission.

**Separate Account** – A legally insulated investment account that is maintained separately from our General

Account. The Separate Account established for the variable portion of the Contract is registered under the 1940

Act, while the Separate Account established for the index-linked aspect of the Contract is not registered under

the 1940 Act.

**Spouse** – The person to whom you are legally married. The term Spouse includes the person with whom you

have entered into a legally-sanctioned same-sex marriage that grants you the rights, responsibilities, and

obligations married couples have in accordance with applicable state laws*.* Individuals who do not meet the

definition of Spouse may have adverse tax consequences when exercising provisions under this Contract.

Additionally, individuals in other arrangements that are not recognized as marriage under the relevant state law

will not be treated as married or as Spouses as defined in this Contract for federal tax purposes. Consult with a

tax advisor for more information on this subject and before exercising benefits under the Contract.

**Surrender Charge** – For Series B Contracts, the charge associated with surrendering either some or all of the

Contract Value. Surrender Charges do not apply to Series C Contracts.

**Surrender Value** – The amount you are entitled to receive if you elect to surrender the Contract during the

Accumulation Period.

**Terminally Ill, Terminal Illness** – A life expectancy of 12 months or less due to any illness or accident.

**Valuation Period** – The period beginning at the close of one Business Day and continuing to the close of the

next succeeding Business Day.

**Variable Separate Account** – The Separate Account for the Variable Subaccounts.

**Variable Subaccount** – A subdivision of the Variable Separate Account, the assets of which are invested in a

corresponding Fund.

**Variable Subaccount Value** – The amount of Contract Value in a Variable Subaccount.

**OVERVIEW OF THE CONTRACT**

The following is a summary of the key features of the Contract. This summary does not include all of the

information you should consider before purchasing a Contract. You should carefully read the entire Prospectus,

which contains more detailed information concerning the Contract and the Company, before making an

investment decision.

You should speak with a financial professional about the Contract's features, benefits, risks and fees, and

whether it is appropriate for you based upon your financial situation and objectives. The Company is not an

investment adviser and does not provide any investment advice to you in connection with your Contract.

The availability of Variable Subaccounts, Risk Control Accounts, Contract benefits, and other Contract features

described in this Prospectus may vary by state and depending on the broker-dealer through which the Contract

is sold. **See <u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u>.**

**Purpose**

The Contract is an individual or joint owned, flexible premium deferred annuity contract with variable and index-

linked investment options. The Contract is designed primarily for individuals, trusts, and certain retirement

plans that qualify for the special federal income tax treatment associated with annuity contracts. Your Contract

can help you save for retirement because your Contract Value can earn interest from the Risk Control Accounts

and/or gains from the Variable Subaccounts on a tax-deferred basis, and you can later elect to receive

retirement income for life or a period of years. You generally will not pay taxes on your earnings until you

withdraw them.

The Contract is designed for long-term investors and is not intended for someone who needs ready access to

cash.

**Contract Series**

The Contract offers two series: Series B and Series C. The primary difference between the two series is that

Series B Contracts are subject to a Surrender Charge and Series C Contracts are not. Series B Contracts have

a Nursing Home and Hospital/Terminal Illness benefit, which provides for a waiver of the Surrender Charge if its

conditions are met. The amount of the Contract Fee for Series B and Series C Contracts differs, with Series C

Contracts subject to a higher Contract Fee. Series B Contracts were no longer available for purchase beginning

January 1, 2021. For Owners who purchased Series B Contracts before January 1, 2021, your rights and

obligations under your Series B Contract remain unchanged. Series C Contracts were no longer available for

purchase beginning May 1, 2022. For Owners who purchased Series C Contracts before May 1, 2022, your

rights and obligations under your Series C Contract remain unchanged.

**Contract Periods**

There are two periods to your Contract: an Accumulation Period and a Payout Period.

***Accumulation Period.*** The Accumulation Period begins on the Contract Issue Date and continues until the

Payout Date. During the Accumulation Period, you allocate your Purchase Payments and Contract Value to the

Variable Subaccounts and/or the Risk Control Accounts. Each of these types of Investment Options is briefly

described below. **Additional information about each Investment Option is provided in <u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u>.**

***Payout Period.*** The Payout Period begins on the Payout Date and continues while income payments are paid.

During the Payout Period, you can elect to receive income payments by applying Contract Value to the income

options offered in your Contract. When the Payout Period begins, you will no longer be able to make

withdrawals. The Death Benefit terminates when the Contract Value is applied to an Income Payout Option.

**Investment Options**

Your Purchase Payments will be allocated according to your allocation instructions on file with us for the

applicable Allocation Levels. See "<u>[Allocating Your Purchase Payments](#i76f24c8c799849c988d569378ee02db3_28)</u>" for more details. There are four

Allocation Levels, among which you may allocate your Purchase Payment(s) and Contract Value: Level C

(Contract Allocation Level), Level V (Variable Subaccount Allocation Level), Level I (Index Allocation Level), and

Level R (Risk Control Allocation Level).

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Level C** | **Level V or Level I** | **Level R** | **Crediting Strategy\*** |
| Variable Subaccounts | See <u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u> | N/A | N/A |
| Risk Control Accounts | S&P 500 Index | Secure Account | 0% Floor, Cap |
| Risk Control Accounts | S&P 500 Index | Growth Account | -10% Floor, Cap |
| Risk Control Accounts | MSCI EAFE Index | Secure Account | 0% Floor, Cap |
| Risk Control Accounts | MSCI EAFE Index | Growth Account | -10% Floor, Cap |

---

\*The Floor will not change during the life of your Contract. In return for accepting some risk of loss to your Risk Control Account Value

allocated to the Growth Account, the Cap for the Growth Account is higher than the Cap for the Secure Account. We set the Cap each

year for the next Contract Year. The Cap will always be at least 1%.

During the life of your Contract, an Allocation Option with a Floor of 0% will always be available. **Otherwise, we** 

**may add, change, or discontinue Allocation Options, including Indices and Funds underlying the** 

**Variable Subaccounts from time to time as described in this Prospectus. The remaining Allocation** 

**Options may have terms that are unacceptable to you and may not provide any protection from losses,** 

**which could result in the loss of the entire amount of your Contract Value.**

***Variable Subaccounts.*** Each Variable Subaccount invests its assets solely in the shares or units of a

designated underlying Fund. For each Variable Subaccount, the Accumulation Unit Value increases or

decreases at the end of each Business Day to reflect the investment performance of the corresponding

underlying Fund, including deductions for underlying Fund fees and expenses. Depending on the performance

of the Funds underlying the Variable Subaccounts you select, you could lose money. You bear the entire

investment risk of any amounts you allocate to the Variable Subaccounts. You should read the Fund

prospectuses carefully before investing, which can be found online at https://www.trustage.com/regulatory-

documents. You can also request this information at no cost by calling 1-800-798-5500 or by emailing

AnnuityAndPRTManagersMail@trustage.com.

***Risk Control Accounts.*** The portion of Contract Value allocated to a Risk Control Account is credited with

positive or negative interest based in part on the investment performance of an external Index (currently, the

S&P 500 Index or the MSCI EAFE Index), subject to a Cap and Floor unique to each Risk Control Account. For

each Risk Control Account, we credit positive or negative interest at the end of each Risk Control Account Year

during the five-year Risk Control Account Period by comparing the change in the Index from each Risk Control

Account Anniversary (the first day of the Risk Control Account Year) to the last day of the current Risk Control

Account Year, adjusted for the Cap or Floor. When funds are withdrawn from a Risk Control Account prior to the

Risk Control Account Anniversary, Index interest is calculated up to the date of withdrawal.

**The Indices can go up or down based on the prices of the securities that comprise the reference Index.** 

**Neither Index includes dividends paid on the securities comprising the Index and therefore does not** 

**reflect the full investment performance of the underlying securities.** Because Index interest is calculated

at a single point in time (on each Risk Control Account Anniversary), you may experience negative or flat

performance even though the Index experienced gains through some, or most, of the Risk Control Account

Period. You could lose a significant amount of money if the Index declines in value.

Each Risk Control Account has two investment options, a Secure Account and a Growth Account, which have

different Floors and Caps. The Floors may provide protection by limiting the amount of negative Index interest

credited to you for negative Index performance, but the Caps may limit the amount of interest you can earn

from positive Index performance. During the life of your Contract, an Allocation Option with a Floor of 0% will

always be available, and we will continue to make a Secure Account and Growth Account option available for

each Risk Control Account that is available to you.

• The Floor is the maximum amount of negative Index interest that we will credit you at the end of a Risk

Control Account Year. This rate will not change during the life of your Contract. Negative Index

performance will reduce your Risk Control Account Value by up to the amount of the Floor. For

example, if the reference Index performance is -25% and the Floor is -10%, we will credit -10% in

interest at the end of the Risk Control Account Year, meaning your Risk Control Account Value will

decrease by 10% due to negative Index performance. The Secure Account provides the most

protection from negative investment performance. The Secure Account has a Floor of 0%, which

means that negative Index performance will not reduce your Risk Control Account Value. The Growth

Account has a Floor of -10%, which means that negative Index performance could reduce your Risk

Control Account Value by up to 10% each year. **It is possible that you will not earn any interest in a** 

**Risk Control Account or that we may credit negative interest to the Growth Account. There is a** 

**risk of loss of principal and previously credited interest with the Growth Account of up to 10%** 

**(with a Floor of -10%) each Risk Control Account Year due to negative Index performance.** The

Floor does not limit losses from the Contract Fee, Surrender Charge (for Series B Contracts), Market

Value Adjustment, or taxes.

• The Cap is the maximum amount of positive Index interest that we will credit you at the end of a Risk

Control Account Year. Positive Index performance will increase your Risk Control Account Value by up

to the amount of the Cap. For example, if the reference Index performance is 12% and the Cap is 4%,

we will credit 4% in interest at the end of the Risk Control Account Year, meaning your Risk Control

Account Value will increase by 4% due to positive Index performance. In return for accepting some risk

of loss to your Contract Value allocated to the Growth Account, the Cap declared for the Growth

Account will be higher than the Cap declared for the Secure Account for the same period and reference

Index, which allows the potential for greater increases to your Risk Control Value allocated to the

Growth Account. For each Risk Control Account, we set a Cap for the first Risk Control Account Year,

which is made available at least two weeks in advance of the Risk Control Account Start Date. We may

set a new Cap prior to each Risk Control Account Anniversary for the subsequent Risk Control Account

Year and will send you written notice at least two weeks prior to the Risk Control Account Anniversary.

The minimum Cap is 1%, and Caps will range between 1% and 75%. With the Cap, you may receive

only a portion of any positive Index performance.

Your Risk Control Account Value must remain in a Risk Control Account for the entire Risk Control Account

Period (five years). To avoid the imposition of a Market Value Adjustment, withdrawals should only be made on

the Risk Control Account Maturity Date (the last day of the 5-year period). Additionally, for Series B Contracts, a

Surrender Charge may apply to withdrawals during the five years following the allocation of a Purchase

Payment.

The same Index will generally be used for each Risk Control Account for the duration of the Risk Control

Account Period. However, if the publication of an Index is discontinued, or calculation of the Index is materially

changed, we will substitute a suitable Index that will be used for the remainder of the Risk Control Account

Period and will notify you of the change in advance. If we substitute an Index, the performance of the new

Index may differ from the original Index, which may, in turn, affect the Index interest credited and your Contract

Value.

**Withdrawal Options and Market Value Adjustment**

**This Contract may not be appropriate for you if you intend to take partial withdrawals or surrender your** 

**Contract.** However, the Contract offers the following liquidity features during the Accumulation Period. See

"<u>[Access to Your Money](#i76f24c8c799849c988d569378ee02db3_43)</u>" for more details.

• Annual Free Withdrawal Amount – For Series B Contracts, each Contract Year, you may withdraw up to

10% of the total Purchase Payments allocated in the five years preceding the withdrawal for that

Contract Year without incurring a Surrender Charge. If the withdrawal is taken from a Risk Control

Account, a Market Value Adjustment may apply. (Surrender Charges, and therefore the Annual Free

Withdrawal Amount, do not apply to Series C Contracts.)

• Systematic Withdrawals – If elected at the time of the application or requested at any other time by

Authorized Request, you may elect to receive periodic partial withdrawals under our systematic

withdrawal plan. Under the systematic withdrawal plan, we will make partial withdrawals (on a monthly,

quarterly, semi-annual, or annual basis), as specified by you. Surrender Charges (for Series B

Contracts) and a Market Value Adjustment may apply. Although the Contract permits such withdrawals

from the Risk Control Accounts before the end of the term, these withdrawals may have an adverse

effect on your values under the Contract. If you intend to make ongoing withdrawals, you should

consult a financial professional to determine whether the Contract is appropriate for you.

• Partial Withdrawals – You may make partial withdrawals during the Accumulation Period by Authorized

Request, but a withdrawal of Risk Control Account Value is not permitted while there is Variable

Subaccount Value. Any applicable Surrender Charge and/or Market Value Adjustment will affect the

amount available for a partial withdrawal.

• Full Surrender – You may surrender your Contract during the Accumulation Period by Authorized

Request. Upon full surrender, a Surrender Charge (for Series B Contracts) and/or a Market Value

Adjustment may apply.

Additionally, withdrawals from Risk Control Accounts prior to the Risk Control Account Maturity Date will be

subject to a Market Value Adjustment, which may be positive or negative and could result in the loss of principal

and previously credited interest. A negative Market Value Adjustment may significantly decrease the amount

you receive upon surrender or partial withdrawal. **It is possible in extreme circumstances to lose up to** 

**100% of your principal and previously credited interest due to the Market Value Adjustment, regardless** 

**of the Risk Control Account to which you allocated Contract Value.** For Series B Contracts, withdrawals

and surrenders may also be subject to a Surrender Charge. Withdrawals and surrenders are subject to income

taxes, and if taken before the Owner is age 59½, a 10% additional tax may apply.

**Other Contract Features**

***Purchase Payments.*** You may purchase the Contract with an initial Purchase Payment of at least $5,000.

Additional Purchase Payments can be made during the Accumulation Period, subject to certain restrictions, but

are not required. We reserve the right in our sole discretion to refuse additional Purchase Payments and to limit

the amount and frequency of additional Purchase Payments under the Contract or that may be allocated to the

Risk Control Accounts at any time. See "<u>[Allocating Your Purchase Payments](#i76f24c8c799849c988d569378ee02db3_28)</u>" for more details.

***Express Portfolios.*** Rather than choosing amounts to be directed to particular Allocation Levels, you can

select one of three asset allocation portfolios or "Express Portfolios" we make available. At the time you

purchase the Contract, you may elect to allocate all of your Purchase Payments according to one of the

Express Portfolios. Each Express Portfolio employs different investment styles and allocates Purchase

Payments among the Variable Subaccounts and Risk Control Accounts to match a specified level of risk

tolerance (e.g., conservative, moderate and aggressive). See "<u>[Allocating Your Purchase Payments](#i76f24c8c799849c988d569378ee02db3_28)</u> - Express

Portfolios" for more details.

***Automatic Rebalance Program.*** The Automatic Rebalance Program, which applies to all Contracts and may

not be terminated, automatically transfers values between Risk Control Accounts and/or Variable Subaccounts

to return your Contract Values to the Allocation Levels on file with us. Transfers that occur pursuant to the

Automatic Rebalance Program will not count towards the number of transfers allowed in a Contract Year

without incurring a transfer fee. Rebalancing occurs at set intervals depending on Allocation Level, subject to

certain conditions. See "<u>[Allocating Your Purchase Payments](#i76f24c8c799849c988d569378ee02db3_28)</u> - Reallocations - Automatic Rebalance Program"

for more details.

***Bailout Provision.*** If the Cap for your Risk Control Account is set <u>below</u> the Bailout Rate specified on your

Data Page for that Risk Control Account, the Bailout Provision allows you to transfer the Risk Control Account

Value from that Risk Control Account during the 30-day period following the Risk Control Account Anniversary

by Authorized Request without the application of a Market Value Adjustment. If the Cap for your Risk Control

Account is less than the Bailout Rate, we may at our discretion restrict transfers into that Risk Control Account.

See "<u>[Risk Control Account Option – Bailout Provision](#i1745831e6307483eb551ca43fcbcd143_27242)</u>" for more details.

***Death Benefit.*** The Contract provides a Death Benefit if the Owner dies during the Accumulation Period. The

Death Benefit is equal to the Contract Value as of the date Death Benefits are payable. We do not apply the

Surrender Charge or Market Value Adjustment in determining the Death Benefit payable. See "<u>[Benefits](#i76f24c8c799849c988d569378ee02db3_46)</u> 

<u>[Available under the Contract](#i76f24c8c799849c988d569378ee02db3_46)</u> - [Death Benefit](#i76f24c8c799849c988d569378ee02db3_13)" for more details.

***Income Payout Options.*** You have several income options to choose from during the Payout Period. Income

payments will start on the Payout Date and continue based on the option you elect. See "<u>[Income Payments](#i76f24c8c799849c988d569378ee02db3_49)</u> -

The Payout Period" for more details.

Please call your financial professional or the Company at 1-800-798-5500 if you have questions about how

your Contract works.

**KEY INFORMATION**

---

| | | |
|:---|:---|:---|
| **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE MEMBERS**<sup>®</sup> **HORIZON ANNUITY** | **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE MEMBERS**<sup>®</sup> **HORIZON ANNUITY** | **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE MEMBERS**<sup>®</sup> **HORIZON ANNUITY** |
| **FEES, EXPENSES, AND ADJUSTMENTS** | **FEES, EXPENSES, AND ADJUSTMENTS** | Location in <br>Prospectus<br>|
| **Are There** <br>**Charges or** <br>**Adjustments for** <br>**Early** <br>**Withdrawals?**<br>| **Yes.** For Series B Contracts, if you withdraw money from your <br>Contract during the five years following allocation of a <br>Purchase Payment, you may pay a Surrender Charge of up to <br>9% of the Purchase Payment withdrawn in excess of the <br>Annual Free Withdrawal Amount. For example, if you were to <br>surrender your Contract during the first Contract Year, you <br>could pay a surrender charge of up to $8,100 on a $100,000 <br>investment. This loss will be greater if there is a negative <br>Market Value Adjustment, income taxes, or an additional tax. <br>Surrender Charges do not apply to Series C Contracts.<br>For both Series B and Series C Contracts, withdrawals and <br>surrenders from Risk Control Accounts prior to the Risk <br>Control Account Maturity Date will be subject to a Market <br>Value Adjustment, which may be positive or negative. In <br>extreme circumstances, you could lose up to 100% of your <br>principal and previously credited interest if you take a <br>withdrawal or surrender your Contract, as a result of the <br>Market Value Adjustment. For example, if you allocate <br>$100,000 to a Risk Control Account and withdraw the entire <br>amount before the Risk Control Account Maturity Date, you <br>could lose all of your $100,000 investment. | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u><br>|
| **Are There** <br>**Transaction** <br>**Charges?**<br>| **Yes.** In addition to Surrender Charges (for Series B Contracts) <br>and a Market Value Adjustment, you may also be charged for <br>other transactions, such as transfers, wire transfers, use of <br>express mail, providing a duplicate contract, and information <br>previously provided to you that requires research on our part. | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u><br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | **Yes.** The table below describes the fees and expenses that <br>you may pay each year, depending on the investment options <br>you choose.<br>**There is an implicit ongoing fee on the Risk Control** <br>**Accounts to the extent that the Cap limits your** <br>**participation in Index gains, which is not reflected in the** <br>**tables below.** This means your returns may be lower than the <br>Index's returns; however, in exchange for accepting a Cap on <br>Index gains, you receive some protection from Index losses <br>through the Floor.<br>Please refer to your Data Page for information about the <br>specific fees you will pay each year based on the options you <br>have elected.  | **Yes.** The table below describes the fees and expenses that <br>you may pay each year, depending on the investment options <br>you choose.<br>**There is an implicit ongoing fee on the Risk Control** <br>**Accounts to the extent that the Cap limits your** <br>**participation in Index gains, which is not reflected in the** <br>**tables below.** This means your returns may be lower than the <br>Index's returns; however, in exchange for accepting a Cap on <br>Index gains, you receive some protection from Index losses <br>through the Floor.<br>Please refer to your Data Page for information about the <br>specific fees you will pay each year based on the options you <br>have elected.  | **Yes.** The table below describes the fees and expenses that <br>you may pay each year, depending on the investment options <br>you choose.<br>**There is an implicit ongoing fee on the Risk Control** <br>**Accounts to the extent that the Cap limits your** <br>**participation in Index gains, which is not reflected in the** <br>**tables below.** This means your returns may be lower than the <br>Index's returns; however, in exchange for accepting a Cap on <br>Index gains, you receive some protection from Index losses <br>through the Floor.<br>Please refer to your Data Page for information about the <br>specific fees you will pay each year based on the options you <br>have elected.  | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | **Series B Contracts** | **Series B Contracts** | **Series B Contracts** | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | **Annual Fee** | **Minimum** | **Maximum** | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | Contract Fee<sup>(1)</sup> | 1.50% | 1.50% | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | Fund Fees and Expenses<sup>(2)</sup> | 0.13% | 3.23% | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** |  |  |  | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | **Series C Contracts** | **Series C Contracts** | **Series C Contracts** | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | **Annual Fee** | **Minimum** | **Maximum** | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | Contract Fee<sup>(1)</sup> | 1.75% | 1.75% | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | Fund Fees and Expenses<sup>(2)</sup> | 0.13% | 3.23% | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | (1)As a percentage of average daily Variable Subaccount Value and as a <br>percentage of the Risk Control Account Value at the start of the Risk <br>Control Account Year, adjusted for any withdrawals. We do not assess a <br>Contract Fee against Contract Value held in the Holding Account.<br>(2)As a percentage of Fund assets.<br>Because your Contract is customizable, the choices you make <br>affect how much you will pay. To help you understand the cost <br>of owning your Contract, the following table shows the lowest <br>and highest cost you could pay each year, based on current <br>charges. **This estimate assumes that you do not take** <br>**withdrawals from the Contract, which could add** <br>**Surrender Charges (for Series B Contracts) and a** <br>**negative Market Value Adjustment that substantially** <br>**increase costs.**  | (1)As a percentage of average daily Variable Subaccount Value and as a <br>percentage of the Risk Control Account Value at the start of the Risk <br>Control Account Year, adjusted for any withdrawals. We do not assess a <br>Contract Fee against Contract Value held in the Holding Account.<br>(2)As a percentage of Fund assets.<br>Because your Contract is customizable, the choices you make <br>affect how much you will pay. To help you understand the cost <br>of owning your Contract, the following table shows the lowest <br>and highest cost you could pay each year, based on current <br>charges. **This estimate assumes that you do not take** <br>**withdrawals from the Contract, which could add** <br>**Surrender Charges (for Series B Contracts) and a** <br>**negative Market Value Adjustment that substantially** <br>**increase costs.**  | (1)As a percentage of average daily Variable Subaccount Value and as a <br>percentage of the Risk Control Account Value at the start of the Risk <br>Control Account Year, adjusted for any withdrawals. We do not assess a <br>Contract Fee against Contract Value held in the Holding Account.<br>(2)As a percentage of Fund assets.<br>Because your Contract is customizable, the choices you make <br>affect how much you will pay. To help you understand the cost <br>of owning your Contract, the following table shows the lowest <br>and highest cost you could pay each year, based on current <br>charges. **This estimate assumes that you do not take** <br>**withdrawals from the Contract, which could add** <br>**Surrender Charges (for Series B Contracts) and a** <br>**negative Market Value Adjustment that substantially** <br>**increase costs.**  | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | **Lowest Annual Cost** <br>**Series B Contracts: $1,364**<br>**Series C Contracts: $1,572** | **Highest Annual Cost**<br>**Series B Contracts: $3,698**<br>**Series C Contracts: $3,849** | **Highest Annual Cost**<br>**Series B Contracts: $3,698**<br>**Series C Contracts: $3,849** | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |
| **Are There** <br>**Ongoing Fees and** <br>**Expenses?** | Assumes:<br>•$100,000 investment<br>•5% annual appreciation<br>•Least expensive <br>combination of Fund fees <br>and expenses<br>•No additional purchase <br>payments, transfers or <br>withdrawals | Assumes:<br>•$100,000 investment<br>•5% annual appreciation<br>•Most expensive <br>combination of Fund fees <br>and expenses<br>•No additional purchase <br>payments, transfers or <br>withdrawals | Assumes:<br>•$100,000 investment<br>•5% annual appreciation<br>•Most expensive <br>combination of Fund fees <br>and expenses<br>•No additional purchase <br>payments, transfers or <br>withdrawals | <u>[Fee Table](#i76f24c8c799849c988d569378ee02db3_16)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u> |

---

---

| | | |
|:---|:---|:---|
| **RISKS** | **RISKS** | Location in <br>Prospectus<br>|
| **Is There a Risk of** <br>**Loss from Poor** <br>**Performance?**<br>| **Yes.** You can lose money by investing in the Contract, <br>including loss of principal and previously credited interest. You <br>bear the entire investment risk of any amounts you allocate to <br>the Variable Subaccounts. There is a risk of loss of principal <br>and previously credited interest with the Growth Account of up <br>to 10% (with a Floor of -10%) each Risk Control Account Year <br>due to negative Index performance. <br>During the life of your Contract, an Allocation Option with a <br>Floor of 0% will always be available. **Otherwise, we may add,** <br>**change, or discontinue Allocation Options, including** <br>**Indices and Funds underlying the Variable Subaccounts** <br>**from time to time as described in this Prospectus. The** <br>**remaining Allocation Options may have terms that are** <br>**unacceptable to you and may not provide any protection** <br>**from losses, which could result in the loss of the entire** <br>**amount of your Contract Value.**  | <u>[Principal Risks of](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Investing in the](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Contract](#i76f24c8c799849c988d569378ee02db3_19)</u><br>|
| **Is this a Short-**<br>**Term Investment?**<br>| **No.** The Contract is not a short-term investment and is not <br>appropriate if you need ready access to cash. The benefits of <br>tax deferral mean that the Contract is more beneficial if you <br>have a long time horizon.<br>Withdrawals and surrenders may be subject to a Surrender <br>Charge (for Series B Contracts), a Market Value Adjustment <br>(which may be positive or negative) and federal and state <br>income taxes, and, if taken before age 59½, a 10% additional <br>tax.<br>During the Accumulation Period, we will automatically <br>rebalance your Contract Value among the Risk Control <br>Accounts and/or Variable Subaccounts at the end of specific <br>periods based on your most recent allocation instructions that <br>we have on file.  | <u>[Principal Risks of](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Investing in the](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Contract](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Charges and](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u><br><u>[Federal Income](#i76f24c8c799849c988d569378ee02db3_52)</u><br><u>[Tax Matters](#i76f24c8c799849c988d569378ee02db3_52)</u><br>|

---

---

| | | |
|:---|:---|:---|
| **What Are the** <br>**Risks Associated** <br>**with the** <br>**Investment** <br>**Options?**<br>| An investment in the Contract is subject to the risk of poor <br>investment performance and can vary depending on the <br>performance of the Investment Options available under the <br>Contract. Each Investment Option, including the Holding <br>Account, the Risk Control Accounts, and the Variable <br>Subaccounts, has its own unique risks. You should review the <br>Investment Options carefully before making an investment <br>decision.<br>With respect to the Risk Control Accounts, the Cap will limit <br>positive Index returns. For example, if the Index performance <br>for a Risk Control Account Year is 12%, and the Cap is 4%, we <br>will credit 4% in interest at the end of that Risk Control <br>Account Year. You may earn less than the Index performance <br>as a result. The Floor will limit negative Index performance <br>and thereby provide limited protection in the case of a market <br>decline. For example, if the Index performance is -25% and <br>the Floor for the Growth Account is -10%, we will credit -10% <br>at the end of the Risk Control Account Year.<br>Each Index is a "price return index." Therefore, performance <br>of the relevant Index does not reflect dividends paid on the <br>securities comprising the Index. This will reduce Index <br>performance and will cause the Index to underperform a direct <br>investment in the underlying securities.  | <u>[Principal Risks of](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Investing in the](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Contract](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Variable](#i76f24c8c799849c988d569378ee02db3_31)</u><br><u>[Subaccount](#i76f24c8c799849c988d569378ee02db3_31)</u><br><u>[Option](#i76f24c8c799849c988d569378ee02db3_31)</u><br><u>[Risk Control](#i76f24c8c799849c988d569378ee02db3_34)</u><br><u>[Account Option](#i76f24c8c799849c988d569378ee02db3_34)</u><br><u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u><br>|
| **What Are the** <br>**Risks Related to** <br>**the Insurance** <br>**Company?**<br>| An investment in the Contract is subject to the risks related to <br>the Company. Any obligations (including under the Holding <br>Account and the Risk Control Accounts), guarantees (such as <br>the Death Benefit), or benefits are subject to the Company's <br>claims-paying ability. More information about the Company, <br>including its financial strength ratings, is available upon <br>request by calling 1-800-798-5500. | <u>[Principal Risks of](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Investing in the](#i76f24c8c799849c988d569378ee02db3_19)</u><br><u>[Contract](#i76f24c8c799849c988d569378ee02db3_19)</u><br>|
| **RESTRICTIONS** | **RESTRICTIONS** | Location in <br>Prospectus<br>|
| **Are There** <br>**Restrictions on** <br>**the Investment** <br>**Options?**<br>| **Yes**, as described below there are restrictions on certain <br>features of Purchase Payments, allocations, transfers, <br>withdrawals, and investment option features.<br>The availability of Variable Subaccounts, Risk Control <br>Accounts, Contract benefits, and other Contract features <br>described in this Prospectus may vary by state and depending <br>on the broker-dealer through which the Contract is sold.  | <u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u><br><u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u><br>|
|  | ***Purchase Payments and Allocations.*** We may refuse or <br>limit the amount and frequency of additional Purchase <br>Payments and the amount and frequency of allocations to the <br>Risk Control Accounts.<br>The Risk Control Account investment options are not available <br>within five years of the Payout Date.<br>Subaccounts that invest in certain Funds may no longer be <br>available for new investments, as identified in <u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u>.  | <u>[Allocating Your](#i76f24c8c799849c988d569378ee02db3_28)</u><br><u>[Purchase](#i76f24c8c799849c988d569378ee02db3_28)</u><br><u>[Payments](#i76f24c8c799849c988d569378ee02db3_28)</u><br><u>[Risk Control](#i76f24c8c799849c988d569378ee02db3_34)</u><br><u>[Account Option](#i76f24c8c799849c988d569378ee02db3_34)</u><br><u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u><br>|

---

---

| | |
|:---|:---|
| ***Allocations, Transfers, and Withdrawals.*** Only one Risk <br>Control Account Period can be in force at any time. Once you <br>have established a Risk Control Account, you may not allocate <br>your subsequent Purchase Payments or make transfers to a <br>new Risk Control Account until the existing Risk Control <br>Account matures at the end of five years. You may not allocate <br>subsequent Purchase Payments to existing Risk Control <br>Accounts (other than during 30 days prior to the Risk Control <br>Account Maturity Date).<br>Contract Value in the Holding Account cannot be transferred to <br>the Variable Subaccounts. Contract Value in the Risk Control <br>Accounts can only be transferred to the Variable Subaccount <br>options on the Risk Control Account Maturity Date.<br>Partial withdrawals from the Risk Control Accounts are not <br>permitted while there is Variable Subaccount Value, except for <br>withdrawals from the Risk Control Accounts on the Risk <br>Control Account Maturity Date (the end of each five-year Risk <br>Control Account Period).<br>We reserve the right, at our discretion, to restrict transfers into <br>the Risk Control Account if the Cap for your Risk Control <br>Account is less than the rate specified in the Bailout Provision <br>(as shown on your Contract Data Page). | <u>[Allocating Your](#i76f24c8c799849c988d569378ee02db3_28)</u><br><u>[Purchase](#i76f24c8c799849c988d569378ee02db3_28)</u><br><u>[Payments](#i76f24c8c799849c988d569378ee02db3_28)</u><br><u>[Risk Control](#i76f24c8c799849c988d569378ee02db3_34)</u><br><u>[Account Option](#i76f24c8c799849c988d569378ee02db3_34)</u><br>|
| ***Changes to Investment Options and Features.*** For each <br>Risk Control Account, we set a Cap for the first Risk Control <br>Account Year, which is made available at least two weeks in <br>advance of the Risk Control Account Start Date. We may set a <br>new Cap prior to each Risk Control Account Anniversary for <br>the subsequent Risk Control Account Year and will send you <br>written notice at least two weeks prior to the Risk Control <br>Account Anniversary. The Caps will always be a minimum of <br>1%.<br>During the life of your Contract, an Allocation Option with a <br>Floor of 0% will always be available. **Otherwise, we may add,** <br>**change, or discontinue Allocation Options, including** <br>**Indices and Funds underlying the Variable Subaccounts** <br>**from time to time as described in this Prospectus. The** <br>**remaining Allocation Options may have terms that are** <br>**unacceptable to you and may not provide any protection** <br>**from losses, which could result in the loss of the entire** <br>**amount of your Contract Value.** <br>If there is a delay between the date we remove the Index for a <br>Risk Control Account and the date we add a substitute Index, <br>your Risk Control Account Value will be based on the value of <br>the Index on the date the Index ceased to be available, which <br>means market changes during the delay will not be used to <br>calculate the index interest.  | [Risk Control](#i76f24c8c799849c988d569378ee02db3_34)<br>[Account Option](#i76f24c8c799849c988d569378ee02db3_34)<br>[Variable](#i76f24c8c799849c988d569378ee02db3_31)<br>[Subaccount](#i76f24c8c799849c988d569378ee02db3_31)<br>[Option](#i76f24c8c799849c988d569378ee02db3_31)<br>|

---

---

| | | |
|:---|:---|:---|
| **Are There any** <br>**Restrictions on** <br>**Contract** <br>**Benefits?**<br>| **Yes.** Express Portfolios are only available at the time of <br>purchase, and you must allocate all of your Purchase <br>Payment to your selected Express Portfolio.<br>Systematic Withdrawals may be taken on a monthly, quarterly, <br>semi-annual, or annual basis. The withdrawals must be at <br>least $100 each. Unless taken to satisfy required minimum <br>distributions, a Market Value Adjustment may be applied to <br>Systematic Withdrawals taken from a Risk Control Account. If <br>the Systematic Withdrawal exceeds the 10% Annual Free <br>Withdrawal Amount, a Surrender Charge (for Series B <br>Contracts) may also apply. | <u>[Benefits Available](#i76f24c8c799849c988d569378ee02db3_46)</u><br><u>[under the Contract](#i76f24c8c799849c988d569378ee02db3_46)</u><br>|
| **TAXES** | **TAXES** | Location in <br>Prospectus<br>|
| **What Are the** <br>**Contract's Tax** <br>**Implications?**<br>| You should consult with a tax professional to determine the tax <br>implications the Contract. There is no additional tax benefit if <br>you purchase the Contract through a qualified retirement plan <br>or individual retirement account (IRA). Withdrawals from the <br>Contract are subject to ordinary income tax, and may be <br>subject to a 10% additional tax if taken before age 59½. | <u>[Federal Income](#i76f24c8c799849c988d569378ee02db3_52)</u><br><u>[Tax Matters](#i76f24c8c799849c988d569378ee02db3_52)</u><br>|
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** | Location in <br>Prospectus<br>|
| **How Are** <br>**Investment** <br>**Professionals** <br>**Compensated?**<br>| Some investment professionals (also referred to as "financial <br>professionals" in this prospectus) may receive compensation <br>for selling the Contract to you in the form of commissions or <br>other compensation. These other forms of compensation may <br>include cash bonuses, insurance benefits and financing <br>arrangements. Non-cash benefits may include conferences, <br>seminars and trips (including travel, lodging and meals in <br>connection therewith), entertainment, merchandise and other <br>similar items. The Company may also pay asset-based <br>commissions (sometimes called trail commissions) in addition <br>to Purchase Payment-based commissions. Investment <br>professionals may also receive other payments from us for <br>services that do not directly involve the sale of the Contracts, <br>including personnel recruitment and training, production of <br>promotional literature and similar services.<br>As a result of these compensation arrangements, investment <br>professionals may have a financial incentive to offer or <br>recommend the Contract over another investment. You should <br>ask your investment professional for additional information <br>about the compensation he or she receives in connection with <br>your purchase of the Contract. | <u>[Other Information](#i066a37df4a194527811a209d15f65947_17407)</u><br><u>[– Distribution of](#i066a37df4a194527811a209d15f65947_17407)</u><br><u>[the Contract](#i066a37df4a194527811a209d15f65947_17407)</u><br>|
| **Should I** <br>**Exchange My** <br>**Contract?**<br>| You should only exchange your contract if you determine, after <br>comparing the features, fees, and risks of both contracts, and <br>any fees or penalties to terminate your existing contract, that it <br>is better for you to purchase the new contract rather than <br>continue to own your existing contract. Some investment <br>professionals may have a financial incentive to offer you a <br>new contract in place of the one you already own.  | <u>[Getting Started -](#i76f24c8c799849c988d569378ee02db3_25)</u><br><u>[The Accumulation](#i76f24c8c799849c988d569378ee02db3_25)</u><br><u>[Period - Tax Free](#i76f24c8c799849c988d569378ee02db3_25)</u><br><u>[1035 Exchanges](#i76f24c8c799849c988d569378ee02db3_25)</u><br>|

---

**FEE TABLE**

**The following tables describe the fees, expenses, and adjustments that you will pay when buying,** 

**owning, and surrendering or making withdrawals from an Investment Option or from the Contract.** 

**Please refer to your Contract Data Page for information about the specific fees you will pay each year** 

**based on the options you have elected.**

**The first table describes the fees and expenses that you will pay at the time that you buy the Contract,** 

**surrender or make withdrawals from an Investment Option or from the Contract, transfer Contract** 

**Value between Investment Options, or request special services. State premium taxes may also be** 

**deducted.**

---

| | |
|:---|:---|
| **Transaction Expenses** | **Charge** |
| Maximum Surrender Charge - Series B Contracts Only (as a percentage of Purchase <br>Payment surrendered or withdrawn)<sup>(1)</sup><br>| 9% |
| Transfer Fee<sup>(2)</sup> | $25 |
| Research Fee | $50 |
| Wire Transfer Fee | $90 |
| Express Mail Charge | $35 |
| Duplicate Contract Charge (per duplicate Contract) | $30 |

---

(1)For Series B Contracts, if you surrender your Contract or make a partial withdrawal during the Accumulation Period, we may assess a

Surrender Charge on Purchase Payments withdrawn during the five years following Purchase Payment allocation. We do not assess a

surrender charge on the Annual Free Withdrawal Amount, withdrawals under the Nursing Home or Hospital/Terminal Illness waiver,

required minimum distributions under the Internal Revenue Code that are withdrawn under a systematic withdrawal program and Risk

Control Account Value withdrawn on a Risk Control Account Maturity Date. No Surrender Charge is assessed on death or when values

are applied on an Income Payout Option. For information about the Surrender Charge, see "Charges and Adjustments[– Surrender](#i76f24c8c799849c988d569378ee02db3_40)

[Charge](#i76f24c8c799849c988d569378ee02db3_40)." Surrender Charges do not apply to Series C Contracts.

(2)Currently no fee is charged for transfers between the Risk Control Accounts and/or Variable Subaccounts. However, we reserve the

right to impose a transfer fee of $25 per transfer after the first twelve transfers in a Contract Year.

**The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a** 

**portion of the Contract Value is removed from an Investment Option or from the Contract before the** 

**expiration of a specified period.**

---

| | |
|:---|:---|
| **Adjustments** | **Charge** |
| Market Value Adjustment Maximum Potential Loss (as a percentage of Risk Control <br>Account Value surrendered or withdrawn)<sup>(1)</sup><br>| 100% |

---

(1)The Market Value Adjustment may be positive or negative, increasing or decreasing the amount you receive from a partial withdrawal

or surrender of value allocated to the Risk Control Accounts.

**The next table describes the fees and expenses that you will pay *each year* during the time that you** 

**own the Contract (not including Fund fees and expenses).**

---

| | | |
|:---|:---|:---|
| **Annual Contract Expenses** | **Series B** | **Series C** |
| Base Contract Expenses (as a percentage of average daily Variable Subaccount <br>Value or as a percentage of beginning of Risk Control Account Year Risk Control <br>Account Value, adjusted for any withdrawals)<sup>(1)</sup><br>| 1.50% | 1.75% |

---

(1)Base Contract Expenses includes the Contract Fee. The Contract Fee is assessed against the Contract Value held in the Variable

Subaccounts and Risk Control Accounts. We do not assess a Contract Fee against Contract Value held in the Holding Account. For

information about the Contract Fee, see "Charges and Adjustments[– Contract Fee](#i76f24c8c799849c988d569378ee02db3_40)."

**In addition to the fees described above, the Cap limits the amount you can earn with respect to each** 

**Risk Control Account. This means your returns may be lower than the Index's returns. In return for** 

**accepting this limit on Index gains, you will receive some protection from Index losses.**

**The next item shows the minimum and maximum total operating expenses charged by the Funds that** 

**you may pay periodically during the time that you own the Contract. The Expenses shown may change** 

**over time and may be higher or lower in the future. A complete list of the Funds available under the** 

**Contract, including their annual expenses, may be found in [Appendix A](#i76f24c8c799849c988d569378ee02db3_61).** 

---

| | | |
|:---|:---|:---|
| **Annual Fund Expenses** (As of 12/31/25) | **Minimum** | **Maximum** |
| Annual Fund Expenses (expenses that are deducted from Fund assets, <br>including management fees, distribution and/or service (12b-1) fees, and <br>other expenses)<br>| 0.13% | 3.23% |
| Annual Fund Expenses After Expense Reimbursements or Fee Waivers<sup>(1)</sup> | 0.13% | 3.04% |

---

(1)The annual fund expenses after expense reimbursements or fee waivers shows the minimum and maximum fees and expenses as of

December 31, 2025, charged by the Funds after contractual reductions or expense reimbursements are considered. These

contractual reductions or expense reimbursements are intended to reduce the overall expense of the Investment Options and will

continue for at least one year from the date of this prospectus.

***Example***

**This Example is intended to help you compare the cost of investing in the Variable Subaccounts with** 

**the cost of investing in other annuity contracts that offer variable options. These costs include the** 

**Transaction Expenses, the Annual Contract Expenses, and the Annual Fund Expenses. These** 

**Examples do not reflect charges for any special services you may request.**

**The Example assumes that all Contract Value is allocated to the Variable Subaccounts. The Example** 

**does not reflect any Market Value Adjustment. Your costs could differ from those shown below if you** 

**invest in the Risk Control Accounts.**

**The Example assumes you own a Series B Contract with a 1.50% Contract Fee, that you invest $100,000** 

**in the Variable Subaccounts for the time periods indicated, and that your investment has a 5% return** 

**each year. The Example also assumes (i) the maximum Annual Fund Expenses; and (ii) there is no** 

**waiver of any Surrender Charge. The Example does not include transfer fees or premium taxes, which** 

**are not currently charged to Contract holders. Although your actual costs may be higher or lower,** 

**based on these assumptions, your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| If you surrender your <br>Contract at the end of the <br>applicable time period<br>| $12836 | $20548 | $23810 | $47943 |
| If you do *not* surrender <br>your Contract<br>| $4736 | $14248 | $23810 | $47943 |

---

**PRINCIPAL RISKS OF INVESTING IN THE CONTRACT**

Your Contract has various risks associated with it. We list these risk factors below, as well as other important

information you should know before purchasing a Contract.

***Risk of Loss.*** An investment in the Contract is subject to the risk of loss. You could lose your investment,

including principal and previously credited interest.

***Market Risk.*** The historical performance of a reference Index or underlying Fund should not be taken as an

indication of the future performance of the Index or the Fund. Index and Fund performance will be influenced by

complex and interrelated economic, financial, regulatory, geographic, judicial, political and other factors that

can affect the capital markets generally, and by various circumstances that can influence the performance of

securities in a particular market segment. Generally, each Investment Option has broad risks that apply to all

funds and indices, such as market risk, as well as specific risks of investing in particular types of securities.

Investing in certain types of securities, such as foreign (non-U.S.) securities or small or mid-cap securities,

subjects you to greater risk and volatility than the general market.

***Variable Subaccount Market Risk.*** Your investment results in a Variable Subaccount will depend on the

investment performance of the underlying Fund. The Variable Subaccounts are not part of the Risk Control

Accounts and are not protected from losses. **You could lose all of your principal and prior earnings when** 

**investing in the Variable Subaccounts, and such losses could be significant.**

***Index-Linked Option Market Risk.*** You assume the investment risk that no Index interest will be credited and

therefore positive Index performance will not increase your Risk Control Account Value. You also bear the risk

that sustained declines in the relevant Index may cause Index performance to not increase your Risk Control

Account Value for a prolonged period. In addition to the general market risks described above, the reference

Indexes are subject to the following specific risks:

• The S&P 500 Price Return Index is comprised of equity securities issued by large-capitalization U.S.

companies. In general, large-capitalization companies may be unable to respond quickly to new

competitive challenges and may not be able to attain the high growth rate of successful smaller

companies.

• The MSCI EAFE Price Return Index is designed to follow the performance of large- and mid-

capitalization companies across 21 developed markets around the world excluding the U.S. and

Canada. In general, large-capitalization companies may be unable to respond quickly to new

competitive challenges and may not be able to attain the high growth rate of successful smaller

companies. Securities of mid-capitalization companies may be more volatile and may involve more risk

than the securities of larger companies. Securities issued by non-U.S. companies are subject to the

risks related to investments in foreign markets (e.g., increased price volatility; changing currency

exchange rates; and greater political, regulatory, and economic uncertainty).

If you invest in a Risk Control Account and the relevant Index declines, it may or may not reduce your Risk

Control Account Value, depending on the Risk Control Account to which you allocated your Contract Value. If

your Risk Control Account Value is allocated to the Growth Account, you assume the risk of negative Index

performance (crediting negative Index interest) up to the -10% Floor, which means your Risk Control Account

Value allocated to the Growth Account could decline up to 10% each year due to negative Index performance.

During the life of your Contract, an Allocation Option with a Floor of 0% will always be available, and we will

continue to make a Secure Account and Growth Account option available for each Risk Control Account that is

available to you.

***Liquidity and Withdrawal Risk.*** We designed your Contract to be a long-term investment that you may use to

help save for retirement. Your Contract is not designed to be a short-term savings vehicle. **The Contract may** 

**not be appropriate for investors who plan to take withdrawals or surrender the Contract in the short-**

**term.**

The Contract Fee, Surrender Charge (for Series B Contracts), Market Value Adjustment, and federal income

taxes could significantly reduce the values under the Contract and the amount you receive from any

withdrawals or a surrender, which may also be subject to additional taxes.

**•**Surrender Charge Risk: For Series B Contracts, if you surrender your Contract or take a partial

withdrawal during the five years following allocation of a Purchase Payment, you may pay a Surrender

Charge of up to 9% of the Purchase Payment being surrendered or withdrawn that is in excess of the

Annual Free Withdrawal Amount. Surrender Charges do not apply to Series C Contracts.

• Market Value Adjustment Risk: During the Accumulation Period, if you surrender your Contract or take

a partial withdrawal from a Risk Control Account on any day other than its Risk Control Account

Maturity Date, we will apply a Market Value Adjustment (which may be positive or negative) to the

amount being withdrawn. A negative Market Value Adjustment may significantly decrease the amount

you receive upon surrender or partial withdrawal. Please note that in certain interest rate environments,

a negative Market Value Adjustment could reduce the amount received to less than the protection

provided by the Floor. **It is possible in extreme circumstances to lose up to 100% of your principal** 

**and previously credited interest due to the Market Value Adjustment, regardless of the Risk** 

**Control Account to which you allocated Contract Value.**

• Future Returns Risk: Only the Contract Value remaining after the withdrawal will be credited interest,

positive or negative, in the future.

• Tax Risks: Federal Income taxes apply to any withdrawal or surrender. A 10% additional tax may also

apply if taken before the Owner is age 59½. You should consult your tax advisor before taking a

withdrawal or surrendering the Contract.

We may defer payments made under your Contract with respect to a Risk Control Account and/or the Holding

Account for up to six months if the insurance regulatory authority of the state in which we issued the Contract

approves such deferral. In addition, we may postpone payments made under this Contract with respect to a

Variable Subaccount as permitted by the SEC.

***Other Index-Linked Option Risks***. In addition to the risk of loss from negative Index performance, there are

other risks of investing in a Risk Control Account.

• You assume the risk that the Cap can be reduced to as little as 1%. If the Index performance is greater

than the applicable Cap, the Index interest that you receive will be lower than the return you would

have received on an investment in a mutual fund or exchange-traded fund designed to track the

performance of the selected reference Index.

• You have no ownership rights in the underlying securities comprising the reference Indices. Purchasing

the Contract is not equivalent to investing in the underlying securities comprising the Indices. As the

Owner of the Contract, you will not have any ownership interest or rights in the underlying securities

comprising the Indices, such as voting rights, dividend payments, or other distributions. Performance of

the relevant Index does not reflect dividends paid on the securities comprising the Index, and therefore

calculation of Index performance under the Contract does not reflect the full Investment performance of

the underlying securities.

• Because the Index interest is calculated at a certain point-in-time, an Owner may experience negative

or flat performance even though a reference Index experienced gains through some or most of the Risk

Control Account Year.

***Risk That We May Eliminate or Change an Investment Option.*** There is no guarantee that any Investment

Option (or its Index or Fund) will be available during the entire time you own your Contract. During the life of

your Contract, an Allocation Option with a Floor of 0% will always be available. **Otherwise, we may add,** 

**change, or discontinue Allocation Options, including Indices and Funds underlying the Variable** 

**Subaccounts from time to time as described in this Prospectus. The remaining Allocation Options may** 

**have terms that are unacceptable to you and may not provide any protection from losses, which could** 

**result in the loss of the entire amount of your Contract Value.** 

If an Index is eliminated or materially changed, the Company may substitute a suitable Index that will be used

for the remainder of the Risk Control Account Period. If we substitute an Index, the performance of the new

Index may differ from the original Index. This, in turn, may affect the interest credited to the Risk Control

Account and the interest you earn under the Contract. If a change in an Index is made during a Risk Control

Account Year, Index interest will be calculated from the Risk Control Account Start Date until the date that the

Index ceased to be available and that Index interest will be added to or subtracted from the Index interest

calculated for the substitute Index from the date of substitution until the next Risk Control Account Anniversary.

If there is a delay between the date we remove the Index and the date we add a substitute Index, your Risk

Control Account Value will be based on the value of the Index on the date the Index ceased to be available,

which means market changes during the delay will not be used to calculate the Index interest.

An Investment Option change may negatively affect interest credited and your resulting Contract Value, as well

as how you want to allocate Contract Value between available Investment Options. If we eliminate an

Investment Option or eliminate or substitute an Index or Fund, and you do not wish to allocate your Contract

Value to the Investment Options available under the Contract, you may surrender your Contract, but you may

be subject to a Surrender Charge (for Series B Contracts) and an MVA, which may result in a loss of principal

and credited Index interest. A surrender of the Contract may also be subject to income taxes and a 10%

additional tax.

***Purchase Payments and Risk Control Account Allocation Restrictions.*** We may refuse or limit the amount

and frequency of additional Purchase Payments and the amount and frequency of allocations to the Risk

Control Accounts. If we exercise this right it will limit your ability to make further investments in the Contract and

increase Contract Values and the Death Benefit through additional Purchase Payments. At any time the Cap for

your Risk Control Account is less than the Bailout Rate, we may, at our discretion, restrict transfers into that

Risk Control Account. See "[Risk Control Account Option – Bailout Provision](#i76f24c8c799849c988d569378ee02db3_34)" for more details.

***Insurance Company Risk.*** Our General Account assets support the guarantees under the Contract and are

subject to the claims of our creditors. As such, the guarantees under the Contract are subject to our financial

strength and claims-paying ability, and therefore, to the risk that we may default on those guarantees. You

should look solely to our financial strength and claims-paying ability in meeting the guarantees under the

Contract. More information about the Company, including its financial strength ratings, is available upon

request by calling 1-800-798-5500.

***Business Disruption and Cyber-Security Risks.*** We rely heavily on interconnected computer systems and

digital data to conduct our variable and index-linked product business activities. Because our variable and

index-linked product business is highly dependent upon the effective operation of our computer systems and

those of our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to

operational and information security risks resulting from information systems failure (e.g., hardware and

software malfunctions), and cyber-attacks. These risks include, among other things, the theft, misuse,

corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks

on websites and other operational disruption and unauthorized release of confidential Owner information. Such

systems failures and cyber-attacks affecting us, CUNA Brokerage Services, Inc. ("CBSI"), the Funds and

intermediaries may adversely affect us and your Contract Value. For instance, systems failures and cyber-

attacks may interfere with our processing of Contract transactions, including the processing of orders with the

Funds, impact our ability to calculate Contract Value, cause the release and possible destruction of confidential

customer or business information, impede order processing, subject us and/or CBSI, the Funds and

intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cyber-security risks

may also impact the issuers of securities that comprise the Indexes or in which the Funds invest, which may

cause the reference Indexes or Funds underlying your Contract to lose value. The risk of cyber-attacks may be

higher during periods of geopolitical turmoil (such as the Russian invasion of Ukraine and the responses by the

United States and other governments). Due to the increasing sophistication of cyber-attacks, a cybersecurity

breach could occur and persist for an extended period of time without detection.

The preventative actions we take to reduce the frequency and severity of cybersecurity incidents and protect

our computer systems may be insufficient to prevent a cybersecurity breach from impacting our operations or

your Contract Value. There can be no assurance that we, CBSI, the Funds or intermediaries will avoid losses

affecting your Contract due to cyber-attacks or information security breaches in the future.

In addition, we are exposed to risks related to natural and man-made disasters and catastrophes, such as

storms, fires, floods, earthquakes, epidemics, pandemics, malicious acts, and terrorist acts, which could

adversely affect our ability to conduct business. A natural or man-made disaster or catastrophe, including a

pandemic (such as the coronavirus COVID-19), could affect the ability, or willingness, of our workforce and

employees of service providers and third-party administrators to perform their job responsibilities. Even if our

workforce and employees of our service providers and third-party administrators were able to work remotely,

those remote work arrangements could result in our business operations being less efficient than under normal

circumstances and lead to delays in our issuing Contracts and processing of other Contract-related

transactions, including orders from Owners. Catastrophic events may negatively affect the computer and other

systems on which we rely and may interfere with our ability to receive, pickup and process mail, our processing

of Contract-related transactions, impact our ability to calculate Contract Value, or have other possible negative

impacts. These events may also impact the issuers of securities that comprise the Index or in which the Funds

invest, which may cause the reference Indexes or the Funds underlying your Contract to lose value. There can

be no assurance that we or our service providers will avoid losses affecting your Contract due to a natural

disaster or catastrophe.

**THE INSURANCE COMPANY AND SEPARATE ACCOUNTS**

**MEMBERS Life Insurance Company**

The name of the Company is MEMBERS Life Insurance Company. You may write us at 2000 Heritage Way,

Waverly, Iowa 50677 9202, or call us at 1-800-798-5500. The Company is responsible for all guarantees

provided under the Contract, including our obligations under the Holding Account and the Risk Control

Accounts, the Death Benefit, and the Income Payout Options. Our General Account assets support these

guarantees. The assets of our General Account are subject to our general liabilities from business operations

and the claims of our creditors. Accordingly, any obligations, guarantees or benefits are subject to our financial

strength and claims-paying ability. You may obtain information on our financial condition by reviewing our

financial statements. You may also call 1-800-798-5500 for more information about us, including our financial

strength ratings.

We are a wholly-owned direct subsidiary of CMFG Life Insurance Company ("CMFG Life"). We were formed by

CMFG Life on February 27, 1976, as a stock life insurance company under the laws of the State of Wisconsin.

The Company's name was changed to its current name on January 1, 1993. We re-domiciled from Wisconsin

to Iowa on May 3, 2007. Currently, we have no employees. The Company issues Index-linked and variable

annuity contracts, which account for all the new product sales of the Company. The Company also services

previously existing blocks of annuities and individual and group life policies.

CMFG Life is a stock insurance company organized on May 20, 1935 and domiciled in Iowa. CMFG Life is one

of the world's largest direct underwriters of credit life and disability insurance, and is a major provider of

qualified pension products to credit unions. CMFG Life and its affiliates currently offer deferred and immediate

annuities, individual term and permanent life insurance, and accident and health insurance. In 2012, CMFG Life

was reorganized as a wholly-owned subsidiary of TruStage Financial Group, Inc. (f/k/a CUNA Mutual Financial

Group, Inc.), which is a wholly-owned subsidiary of CUNA Mutual Holding Company ("CM Holding"), a mutual

holding company organized under the laws of the State of Iowa.

CMFG Life provides significant services required to conduct our operations. Under a Cost Sharing,

Procurement, Disbursement, Billing and Collection Agreement, CMFG Life performs certain administrative

functions related to procurement, disbursement, billing and collection and services, agent licensing, payment of

commissions, actuarial services, annuity policy issuance and service, accounting and financial compliance,

market conduct, general and informational services and marketing, and provides certain resources and

personnel to us. We share office space with CMFG Life in Madison, Wisconsin and Waverly, Iowa. Expenses

associated with the facilities are allocated to us through the Amended and Restated Expense Sharing

Agreement that we entered into with CMFG Life on January 1, 2015.

We rely on the exemption from the reporting requirements of Section 15(d) of the Securities Exchange Act of

1934, as amended (the "1934 Act"), provided by Rule 12h-7 under the 1934 Act with respect to registered non-

variable insurance contracts (such as index-linked investment options) that we issue.

**The Variable Separate Account**

The Variable Separate Account is a segregated investment account to which we allocate certain assets and

liabilities attributable to those variable annuity contracts that offer Variable Subaccounts. The Variable Separate

Account is registered with the SEC as a unit investment trust under the 1940 Act and was formed on June 8,

2015. We own the assets of the Variable Separate Account and value the assets of the Variable Separate

Account each Business Day. The obligations under the Contracts, including obligations related to the Variable

Separate Account, are obligations of the Company.

The portion of the assets of the Variable Separate Account equal to the reserves and other liabilities of the

Contracts supported by the Variable Separate Account will not be charged with liabilities arising from any other

business that we may conduct. We have the right to transfer to our General Account any assets of the Variable

Separate Account that are in excess of such reserves and other Contract liabilities. The income, gains and

losses, realized or unrealized, from the assets allocated to the Variable Separate Account will be credited to or

charged against the Variable Separate Account, without regard to our other income, gains or losses.

The Variable Separate Account is divided into Variable Subaccounts. Each Variable Subaccount invests its

assets solely in the shares or units of designated Funds of underlying investment companies. Purchase

Payments allocated and transfers to a Variable Subaccount are invested in the Fund supporting that Variable

Subaccount.

Subject to obtaining approval or consent required by applicable law, we reserve the right to:

• Combine the Variable Separate Account with any other variable separate accounts that are also

registered as unit investment trusts under the 1940 Act;

• Eliminate or combine any Variable Subaccounts and transfer the assets of any Variable Subaccount to

any other Variable Subaccount;

• Close certain Variable Subaccounts to the allocation of Purchase Payments or transfer of Contract

Value;

• Deregister the Variable Separate Account under the 1940 Act if such registration is no longer required;

• Operate the Variable Separate Account as a management investment company under the 1940 Act

(including managing the Variable Separate Account under the direction of a committee) or in any other

form permitted by law;

• Restrict or eliminate any voting rights of Owners or other persons having such rights as to the Variable

Separate Account; and

• Make any other changes to the Variable Separate Account or its operations as may be required by the

1940 Act or other applicable law or regulations.

In the event of any substitution or other change, we may make changes to the Contract as may be necessary

or appropriate to reflect such substitution or other change.

**The Risk Control Separate Account**

The Risk Control Separate Account is a non-registered Separate Account in which we hold reserves for our

guarantees attributable to annuity contracts that offer Risk Control Accounts. The assets in the Risk Control

Separate Account equal to the reserves and other liabilities of the Contract supported by the Risk Control

Separate Account are not chargeable with liabilities arising out of any other business that we conduct. We have

the right to transfer to our General Account any assets of the Risk Control Separate Account that are in excess

of such reserves and other Contract liabilities. Our General Account assets are also available to meet the

guarantees under the Contract, including the Risk Control Accounts, as well as our other general obligations.

The guarantees in this Contract are subject to the Company's financial strength and claims-paying ability.

**GETTING STARTED - THE ACCUMULATION PERIOD**

The Prospectus describes all material rights, benefits and obligations under the Contract. The availability of

Variable Subaccounts, Risk Control Accounts, Contract benefits, and other Contract features described in this

Prospectus may vary by state and depending on the broker-dealer through which the Contract is sold. **See** 

**<u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u>.**

**Purchasing a Contract**

We offer the Contract to individuals, certain individual retirement plans, and other entities. To purchase a

Contract, you and the Annuitant must be no older than age 85.

The Contract is sold through financial professionals. To start the purchase process, you must submit an

application to your financial professional. The initial Purchase Payment must either be paid at the Company's

Administrative Office or delivered to your financial professional. Your financial professional will then forward

your completed application and Purchase Payment (if applicable) to us. The selling firm's determination of

whether the Contract is suitable for you may delay our receipt of your application. Any such delays will affect

when we issue your Contract.

If the application is not properly completed, we may retain the Purchase Payment while we attempt to complete

the application as follows:

• Pursuant to your specific consent, including without limitation, any consent you provide in the

application; or

• Absent such consent, for up to five Business Days. If the application is not complete at the end of the

5-day period, we will inform you of the reason for the delay, and the initial Purchase Payment will be

returned immediately.

After we receive a completed application, initial Purchase Payment, and all other necessary information in

Good Order, we will begin the process of issuing the Contract. The initial Purchase Payment, if any, will be

allocated as described under "<u>[ALLOCATING YOUR PURCHASE PAYMENTS](#i76f24c8c799849c988d569378ee02db3_28)</u>".

**IMPORTANT: You may use the Contract with certain tax qualified retirement plans ("IRA"). The** 

**Contract includes attributes such as tax deferral on accumulated earnings. Qualified retirement plans** 

**provide their own tax deferral benefit; the purchase of this Contract does not provide additional tax** 

**deferral benefits beyond those provided in the qualified retirement plan. Accordingly, if you are** 

**purchasing this Contract through a qualified retirement plan, you should consider purchasing the** 

**Contract for its other features and other non-tax related benefits. Please consult a tax advisor for** 

**information specific to your circumstances to determine whether the Contract is an appropriate** 

**investment for you.**

If mandated by applicable law, including Federal laws designed to counter terrorism and prevent money

laundering, we may be required to reject your Purchase Payment. We may also be required to provide

additional information about you or your Contract to government regulators. In addition, we may be required to

block an Owner's Contract and thereby refuse to honor any request for transfers, partial withdrawals, surrender,

income payments, and Death Benefit payments, until instructions are received from the appropriate

government regulator.

**Tax-Free Section 1035 Exchanges**

You can generally exchange one annuity contract for another in a "tax-free exchange" under Section 1035 of

the Internal Revenue Code. Before making an exchange, you should compare both contracts carefully.

Remember that if you exchange another contract for the one described in this Prospectus, you might have to

pay a surrender charge or negative market value adjustment on the existing contract. If the exchange does not

qualify for Section 1035 tax treatment, you may have to pay federal income tax and a possible additional tax on

your old contract. There will be a new Surrender Charge period for this Contract (for Series B Contracts), other

charges may be higher (or lower), and the benefits may be different. There may be delays in our processing of

the exchange. You should not exchange another contract for this one unless you determine, after knowing all

the facts, that the exchange is in your best interest. In general, the person selling you this Contract will earn a

commission from us.

**Owner**

The Owner is the person(s) (or entity) who own(s) the Contract and, in the case of a natural person(s), whose

death determines the Death Benefit. The Owner is also the person(s) (or entity) who receives income payments

during the Payout Period while the Annuitant is living. A non-natural person cannot jointly own a Contract.

The Owner names the Annuitant or Joint Annuitants. All rights under the Contract may be exercised by the

Owner, subject to the rights of any other Owner and any Irrevocable Beneficiary. Assignment of the Contract by

the Owner is not permitted, unless the state in which the Contract is issued requires us to provide the Owner

the right to assign the Contract, as identified in <u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u>. In that case, the Owner must provide us with

advance Written Notice of the assignment, and the assignment is subject to our approval, unless those

requirements are inconsistent with the law of the state in which the Contract is issued.

The Owner may request to change the named owner at any time before the Payout Date. If a joint Owner is

changed (or is named), he or she must be the Owner's Spouse (or Partner if the state of issue is Illinois, New

Jersey or Oregon). A Partner will not be treated as a spouse for federal tax purposes; a tax advisor should be

consulted before naming a Partner as a joint Owner. Any change in Owner must be made by Authorized

Request and is subject to our acceptance. Unless otherwise specified by the Owner, such change, if accepted

by us, will take effect as of the date the Authorized Request was signed. We are not liable for any payment we

make or action we take before we receive the Authorized Request.

If an Owner who is a natural person dies during the Accumulation Period, the Beneficiary is entitled to the

Death Benefit. The Death Benefit becomes payable at the death of the Owner (if there are joint Owners, the

Death Benefit will become payable after the first joint Owner dies). If there is a surviving Owner and he or she

is the Spouse of the deceased, the surviving Spouse (or surviving Partner Owner if the state of issue is New

Jersey or Oregon) will be treated as the sole primary Beneficiary, and any other designated Beneficiary will be

treated as a contingent Beneficiary.

**Divorce**

In the event of divorce, the former Spouse must provide us divorce distribution instructions using a form

satisfactory to us, and/or a copy of the divorce decree (or a qualified domestic relations order if it is a qualified

plan). The instruction form or terms of the decree/order must identify the Contract and specify how the Contract

Value should be allocated among the former Spouses.

**Annuitant**

The Annuitant is the natural person(s) whose life (or lives) determines the income payment amount payable

under the Contract. If the Owner is a natural person, the Owner may change the Annuitant at any time before

the Payout Date by Authorized Request. A request to change the Annuitant must be received by us at least 30

days before the Payout Date. Unless otherwise specified by the Owner, such change will take effect as of the

date the Authorized Request was signed. We are not liable for any payment we make or action we take before

we receive the Authorized Request. If you change the Annuitant, the Payout Date will not change. If the Owner

is not a natural person, the Annuitant cannot be changed. The Annuitant does not have any rights under the

Contract.

**Beneficiary**

The Beneficiary is the person(s) (or entity) named by you when you apply for the Contract to receive the

proceeds payable upon your death. If there are joint Owners and an Owner dies before the Payout Date, the

surviving Spouse Owner (or Partner Owner if the Contract is issued in New Jersey or Oregon) will be treated as

the sole primary Beneficiary and any other designated Beneficiary will be treated as a contingent Beneficiary. A

Partner will not be treated as a spouse for federal tax purposes; a tax advisor should be consulted before

naming a Partner as a joint Owner. Prior to the Payout Date, if no Beneficiary survives the Owner, the proceeds

will be paid to the Owner's estate. If there is more than one Beneficiary, each Beneficiary will receive an equal

share, unless otherwise specified by the Owner. If there are joint Owners and we are unable to determine that

one of the joint Owners predeceased the other, it will be assumed that the joint Owners died simultaneously.

Thereupon, one-half of the Death Benefit will be payable to each of the joint Owner's estates.

You may change the Beneficiary by Authorized Request, or you may name one or more Beneficiaries. A change

of Beneficiary will take effect on the date the Authorized Request was signed. If there are joint Owners, each

Owner must sign the Authorized Request. In addition, any Irrevocable Beneficiary or assignee must sign the

Authorized Request. Any change is subject to payment or other actions we took before we received the request

to change the Beneficiary at our Administrative Office.

Use care when naming Beneficiaries. If you have any questions concerning the criteria you should use when

choosing Beneficiaries, consult your financial professional.

**Right to Examine**

You may cancel your Contract and return it to your financial professional or to us within a certain number of

days after you receive the Contract and receive a refund of either the Purchase Payments you paid less

withdrawals, or your Contract Value, depending on the state in which your Contract was issued. If the Contract

Value exceeds your Purchase Payments, you will receive the Contract Value regardless of where the Contract

was issued. If the Purchase Payments exceed the Contract Value, the refund will be your Contract Value unless

the state in which the Contract was issued requires that the Purchase Payments less withdrawals be returned.

If your Contract is an IRA, we will refund the greater of your Purchase Payment(s) less withdrawals or your

Contract Value. Generally, you must return your Contract within 10 days of receipt (30 days if it is a

replacement contract), but some states may permit a different period for you to return your Contract. Refunds

will not be subject to a Surrender Charge (for Series B Contracts) or Market Value Adjustment and will be paid

within seven days following the date of cancellation. State variations are described in [Appendix](#i76f24c8c799849c988d569378ee02db3_67)<u>[B](#i76f24c8c799849c988d569378ee02db3_67)</u>. If you cancel

your Contract by exercising your Right to Examine and attempt to purchase a substantially similar Contract, the

Company may refuse to issue the second Contract.

**ALLOCATING YOUR PURCHASE PAYMENTS**

**Making Initial and Additional Purchase Payments**

The minimum initial Purchase Payment for a Contract is $5,000. If the application for a Contract is in Good

Order, which includes our receipt of the initial Purchase Payment, we will issue the Contract on the Contract

Issue Date and will allocate the initial Purchase Payment according to your allocation instructions, as described

below.

Additional Purchase Payments can be made during the Accumulation Period, but are not required. Each

additional Purchase Payment may not be less than $50 and must be received at our Administrative Office prior

to the oldest Owner's 95<sup>th</sup> birthday, or the oldest Annuitant's 95<sup>th</sup> birthday if the Owner is a non-natural person.

Additional Purchase Payments are not allowed on traditional IRA Contracts after the Owner has reached age

72. Purchase Payments that exceed $1 million in total, including multiple Contracts owned by the same

individual where the sum of the Purchase Payments exceeds $1 million, require our prior approval, which may

be withheld at our sole discretion.

We reserve the right, in our sole discretion, to refuse additional Purchase Payments and to limit the amount

and frequency of additional Purchase Payments under the Contract or amounts that may be allocated to the

Risk Control Accounts at any time. If we exercise this right, it will limit your ability to make further investments in

the Contract and increase Contract Values and the Death Benefit through additional Purchase Payments.

**Investment Options**

Your Purchase Payments will be allocated according to your allocation instructions on file with us for the

applicable Allocation Levels. There are four Allocation Levels available under the Contract, among which you

may allocate your Purchase Payments and Contract Value: Level C (Contract Allocation Level), Level V

(Variable Subaccount Allocation Level), Level I (Index Allocation Level), and Level R (Risk Control Allocation

Level). You must specify the percentage of your Purchase Payment to be allocated to each Allocation Level on

the Contract Issue Date. The amount you direct to a particular Allocation Level must be in whole percentages

from 0% to 100% of the Purchase Payment and your total allocation must equal 100% at each Allocation Level.

The availability of investment options described in this Prospectus may vary by state and depending on the

broker-dealer through which the Contract is sold. **See <u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u>.**

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Level C** | **Level V or Level I** | **Level R** | **Crediting Strategy\*** |
| Variable Subaccounts | See <u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u> | N/A | N/A |
| Risk Control Accounts | S&P 500 Index | Secure Account | 0% Floor, Cap |
| Risk Control Accounts | S&P 500 Index | Growth Account | -10% Floor, Cap |
| Risk Control Accounts | MSCI EAFE Index | Secure Account | 0% Floor, Cap |
| Risk Control Accounts | MSCI EAFE Index | Growth Account | -10% Floor, Cap |

---

\*The Floor will not change during the life of your Contract. In return for accepting some risk of loss to your Risk Control Account Value

allocated to the Growth Account, the Cap for the Growth Account is higher than the Cap for the Secure Account. We set the Cap each

year for the next Contract Year. The Cap will always be at least 1%.

For each Variable Subaccount, the Accumulation Unit Value increases or decreases at the end of each

Business Day to reflect the investment performance of the corresponding underlying Fund, including

deductions for underlying Fund fees and expenses. See "<u>[Variable Subaccount Option](#i76f24c8c799849c988d569378ee02db3_31)</u>."

For each Risk Control Account, we credit interest at the end of each Risk Control Account Year during the five-

year Risk Control Account Period based in part on the performance of the reference Index by comparing the

change in the Index from each Risk Control Account Anniversary (the first day of the Risk Control Account Year)

to the last day of the current Risk Control Account Year, adjusted for the Cap or Floor. Your Risk Control

Account Value must remain in a Risk Control Account for the entire Risk Control Account Period (five years). To

avoid the imposition of a Market Value Adjustment, withdrawals should be made only on the Risk Control

Account Maturity Date (the last day of the 5-year period). See "<u>[Risk Control Account Option](#i76f24c8c799849c988d569378ee02db3_34)</u>."

**Express Portfolios**

Certain asset allocation portfolios or "Express Portfolios" are available to assist you in selecting your

Investment Options. At the time you purchase the Contract, you may elect to allocate all of your Purchase

Payments according to one of the Express Portfolios. Each Express Portfolio allocates your Purchase

Payments among the Variable Subaccounts and Risk Control Accounts based on a specified allocation

percentage for each Investment Option available under the Express Portfolio. Each Express Portfolio employs

different investment styles and allocates Purchase Payments among Investment Options to match a specified

level of risk tolerance (e.g., conservative, moderate and aggressive). There is no separate charge for selecting

an Express Portfolio. See "[Benefits Available Under the Contract – Express Portfolios](#i76f24c8c799849c988d569378ee02db3_46)" for more details.

**Allocation of Purchase Payments**

***Variable Subaccounts.*** If your Contract application is in Good Order, we will allocate the portion of the initial

Purchase Payment to any Variable Subaccounts you have identified in your allocation instructions within two

Business Days. If your Contract application is not in Good Order, and we receive the additional information

from you that completes the application prior to the close of a Business Day, we will allocate the portion of the

initial Purchase Payment you designate for the Variable Subaccounts that Business Day or the next Business

Day according to your allocation instructions. If we receive such information after the close of regular business

on the New York Stock Exchange (usually, 4:00 P.M. Eastern Time) on a Business Day, the initial Purchase

Payment will be allocated within the next two Business Days.

We will allocate the portion of any additional Purchase Payment you designate for the Variable Subaccounts

according to your allocation instructions on the Business Day we receive the Purchase Payment at the

Accumulation Unit Values next determined for the Variable Subaccounts.

***Risk Control Accounts.*** If you allocate any of your initial Purchase Payment to a Risk Control Account, that

portion will be allocated to the Holding Account on your Contract Issue Date before it is transferred to the Risk

Control Account.

If there is one source of payment indicated on your application, the Holding Account Value will be transferred to

the Risk Control Account(s) according to the allocation instructions on file with us for Levels I and R as of your

initial Risk Control Account Start Date. Your initial Risk Control Account Start Date is the next available Risk

Control Account Start Date following the Contract Issue Date (note: Risk Control Account Start Dates offered by

the Company are currently the 10th and 25th of each month, or if a non-Business Day, the next Business Day).

If there is more than one source of payment indicated on your application, the Holding Account Value will be

transferred to the Risk Control Accounts according to the allocation instructions on file with us for Levels I and

R as of the next available Risk Control Account Start Date following our receipt of <u>all</u> sources of payment. If all

sources of payment are not received within the Multiple Source Waiting Period of six months, the Holding

Account Value will be transferred to the Risk Control Accounts according to the allocation instructions on file

with us for Levels I and R as of the next available Risk Control Account Start Date following the last day of the

Multiple Source Waiting Period. Any additional payments we receive after the last day of the Multiple Source

Waiting Period will not be eligible to be added to the Risk Control Account. These funds will be treated as an

additional Purchase Payments, and we will allocate any such additional Purchase Payments to the Variable

Subaccounts according to the allocation instructions on file with us for Level V on the Business Day we receive

the Purchase Payments. If there are no such allocation instructions on file with us or if you request that the

additional Purchase Payment be allocated to the Risk Control Account, we will treat the request to allocate the

additional Purchase Payment as not in Good Order and will return it to you unless you provide Level V

allocation instructions by 4:00 P.M. Eastern Time on the Business Day we receive the Purchase Payment.

Once a Risk Control Account is in force, you may allocate additional Purchase Payments to the Risk Control

Account only during a specific period of time prior to the Risk Control Account Maturity Date. This period of time

is defined as at least one Business Day, but no more than 30 days prior to a Risk Control Account Maturity

Date. Any Purchase Payment we receive during this time will be allocated according to your allocation

instructions on file with us for all four Allocation Levels. The portion of the Purchase Payment to be allocated to

a Risk Control Account will first be allocated to the Holding Account. The Holding Account Value will be

transferred to the Risk Control Accounts according to the allocation instructions on file with us for Levels I and

R as of the Risk Control Account Maturity Date, which becomes the next Risk Control Account Start Date. Any

Purchase Payments we receive outside of this period of time, either on a Risk Control Account Maturity Date,

or more than 30 days prior to that date, will be allocated to the Variable Subaccounts according to the allocation

instructions on file with us for Level V on the Business Day we receive the Purchase Payment.

If there is no Risk Control Account in force, an additional Purchase Payment may be made to establish a Risk

Control Account. However, if you exercised your right to discontinue your Risk Control Accounts, as described

below, a new Risk Control Account cannot be established for a period of 30 days. To establish a Risk Control

Account, the number of years until the Payout Date must be at least equal to the five-year Risk Control Account

Period, and you must change your allocation instructions for Levels C, I and R to include Allocation Level

percentages for the Risk Control Account Option and Risk Control Accounts. If these requirements have been

met, we will allocate the portion of your Purchase Payment designated for the Risk Control Accounts to the

Holding Account, and we will transfer your Holding Account Value to the Risk Control Accounts according to

your allocation instructions on file with us for Levels I and R as of the next available Risk Control Account Start

Date following our receipt of the Purchase Payment. If the number of years from the date we receive a

Purchase Payment until the Payout Date is less than the five-year Risk Control Account Period, the Purchase

Payment will be allocated to the Variable Subaccounts according to the allocation instructions on file with us for

Level V on the Business Day we receive the Purchase Payment. If there are no such allocation instructions on

file with us or if you request that the additional Purchase Payment be allocated to the Risk Control Account, we

will treat the request to allocate the additional Purchase Payment as not in Good Order and will return it to you

unless you provide Level V allocation instructions by 4:00 P.M. Eastern Time on the Business Day we receive

the Purchase Payment.

**Note:** Transactions that are scheduled to occur on a day that the unit value for a Variable Subaccount or Risk

Control Account is not available will be processed on the next Business Day at the Accumulation Unit Value for

the Subaccount or Accumulation Credit Factor for the Risk Control Account next determined.

***Holding Account.*** Funds are allocated to the Holding Account when a Purchase Payment is received pending

investment in a Risk Control Account. Holding Account Value will remain in the Holding Account until the next

Risk Control Account Start Date unless Holding Account Value is being held during a Multiple Source Waiting

Period. Holding Account Value will not be kept in the Holding Account longer than the Multiple Source Waiting

Period of six months. If the maximum Multiple Source Waiting Period is reached, the Holding Account Value will

be transferred to the Risk Control Accounts as of the next available Risk Control Account Start Date. Holding

Account Value cannot be transferred from the Holding Account to the Variable Subaccounts.

**Thirty Day Period to Discontinue Initial Risk Control Accounts**

When Holding Account Value is transferred to the Risk Control Account after our receipt of all funds that

represent the initial Purchase Payment, we will notify you of the applicable Cap for each Risk Control Account

selected. The Cap(s) may be different than the Cap(s) at the time of your application. Therefore, you will have a

30-day period, beginning on the Risk Control Account Start Date, to elect by Authorized Request to discontinue

your Risk Control Account and transfer the entire Risk Control Account Value to the Variable Subaccounts. If

you have multiple Risk Control Accounts, and you elect to exercise this right, **all** of your Risk Control Accounts

will be discontinued. This provision applies only to your initial Purchase Payment. Your election to discontinue

your Risk Control Accounts can only be exercised one time.

If you elect to exercise your right under this provision, your entire Risk Control Account Value will be transferred

to the Variable Subaccounts (according to the allocation instructions on file with us for Level V) on the Business

Day that we receive your request in Good Order. For your request to be in Good Order, we will require you to

provide Variable Subaccount allocation instructions (Level V) if none are on file with us, and to allocate 100% of

your Contract Value to the Variable Subaccounts (Level C) with 0% for Risk Control Account Allocation Levels I

and R. These allocation instructions (C, I and R) cannot be changed for at least 30 days, beginning on the date

of transfer. This means that once discontinued, a new Risk Control Account cannot be established for at least

30 days. You can, however, change your Variable Subaccount allocation instructions (Level V) effective as of

any Business Day.

The right to discontinue the Risk Control Account while funds are in the Holding Account is different than the

Bailout Provision described in <u>["Risk Control Account Option – Bailout Provision](#i76f24c8c799849c988d569378ee02db3_13)</u>." The Bailout Provision applies

if you allocated Contract Values to a Risk Control Account and the Cap is set below the levels identified in your

Contract.

**Reallocations - Automatic Rebalance Program**

During the Accumulation Period, we will automatically rebalance your Contract Value among the Risk Control

Accounts and/or Variable Subaccounts on specified dates based on your most recent allocation instructions

that we have on file. This means, for example, that if your allocation instructions require that 50% of your

Contract Value should be allocated to a Variable Subaccount and 50% of your Contract Value should be

allocated to a Risk Control Account, we will transfer your Contract Values between those Accounts so that 50%

of your Contract Value is allocated to both the Variable Subaccount and Risk Control Account following the

transfer. Transfers that occur as a result of rebalancing will not count towards the 12 transfers we allow each

Contract Year without assessing a transfer fee. **Note that each Risk Control Account Maturity Date is the** 

**last day of the five-year Risk Control Account Period.**

Rebalancing will occur as follows, according to the allocation instructions on file with us:

• If there is Risk Control Account Value, rebalancing at Level C (between Variable Subaccounts and Risk

Control Accounts) will occur as of each Risk Control Account Maturity Date. Rebalancing at Level C will

not occur if you elect to discontinue rebalancing by Authorized Request, or you have requested to

transfer value which results in rebalancing being discontinued at Levels C and V (among Variable

Subaccounts) as of each Risk Control Account Maturity Date.

• If there is Variable Subaccount Value, rebalancing at Level V (among the Variable Subaccounts) will

occur as of each Contract Anniversary and as of each Risk Control Account Maturity Date. Rebalancing

at Level V will not occur on the Risk Control Account Maturity Date if you have requested to transfer

value which results in rebalancing being discontinued at Levels C and V as of each Risk Control

Account Maturity Date.

• If there is Risk Control Account Value, and your allocation instructions are split between Indices,

rebalancing at Level I (between Risk Control Accounts with different reference Indices) will occur as of

each Risk Control Account Maturity Date.

• If there is Risk Control Account Value, and your allocation instructions are split between Risk Control

Accounts with the same reference Index, rebalancing at Level R (between Risk Control Accounts with

the same reference Index) will occur as of each Risk Control Account Anniversary.

You may change your allocation instructions for Level C or Level I prior to rebalancing on a Risk Control

Account Maturity Date by Authorized Request, subject to the requirements described under the "Risk Control

Account Option – Risk Control Account Maturity Date." Your Authorized Request to change your allocation

instructions must be received at least one Business Day prior to the Risk Control Account Maturity Date to take

effect as of that date. If we are not notified at least one Business Day prior to the Risk Control Account Maturity

Date, the request will not be in Good Order and no transfer will occur based on such request.

If rebalancing is discontinued, you may elect to reinstate rebalancing at Level C by Authorized Request, which

will also reinstate rebalancing at Level V. Your Authorized Request to reinstate rebalancing must be received at

least one Business Day prior to the Risk Control Account Maturity Date to take effect as of that date. If we are

not notified at least one Business Day prior to the Risk Control Account Maturity Date, rebalancing at Level C

will not occur until the next Risk Control Account Maturity Date.

You may change your allocation instructions for Level V at any time by Authorized Request, including prior to

rebalancing on a Contract Anniversary or a Risk Control Account Maturity Date. A change to your Level V

allocation instructions will take effect as of the Business Day that we receive the request in Good Order, unless

otherwise specified by you.

You may change your allocation instructions for Level R prior to rebalancing on a Risk Control Account

Anniversary by Authorized Request. We must receive your request to change your allocation instructions at

least one Business Day prior to a Risk Control Account Anniversary for the instructions to take effect prior to

rebalancing. If we do not receive your request at least one Business Day prior to a Risk Control Account

Anniversary, your change in allocation instructions will not be effective until after that Risk Control Account

Anniversary and after rebalancing has taken place. If you change your allocation instructions by Authorized

Request and there is no Risk Control Account in force, a change to your allocation instructions for the

applicable Allocation Levels will be required to establish a Risk Control Account. However, if there is no Risk

Control Account in force because you exercised your right to discontinue your Risk Control Accounts, as

described under "Getting Started – The Accumulation Period – Thirty Day Period to Discontinue Initial Risk

Control Accounts," you will not be allowed to change your allocation instructions to establish a Risk Control

Account for at least 30 days.

Please note that at any time the Cap for your Risk Control Account is less than the rate specified in the Bailout

Provision (as shown on your Contract Data Page), we may, at our discretion, restrict transfers into that Risk

Control Account and may not reallocate your Contract Value between Risk Control Accounts under the

Automatic Rebalance Program. See "[Risk Control Account Option – Bailout Provision](#i76f24c8c799849c988d569378ee02db3_34)" for more details.

**Risk Control Account Maturity Date**

In addition to the Automatic Rebalance Program, you may exercise one of the options below as of the Risk

Account Maturity Date without incurring a Surrender Charge (for Series B Contracts) or Market Value

Adjustment.

If the number of years until the Payout Date is at least equal to the five-year Risk Control Account Period, a

new Risk Control Account Period, with a newly declared Cap, will begin on the Risk Control Account Maturity

Date. You may exercise any of the following options by Authorized Request:

• Request a change to your allocation instructions as of the Risk Control Account Maturity Date for any

or all of the Allocation Levels;

• Request to transfer value (either a specific dollar amount or percentage) from the Risk Control Account

Option to the Variable Subaccount Option (Level C), or vice versa, as of the Risk Control Account

Maturity Date. If you choose this option:

◦ The transfer will occur Pro Rata from the Risk Control Accounts, or Variable Subaccounts, as

applicable; and

◦ Rebalancing at Levels I and R will occur as of the Risk Control Account Maturity Date.

However, rebalancing at Level C and V will be discontinued unless or until you elect to

reinstate rebalancing at Level C.

• Withdraw the total Risk Control Account Value as of the Risk Control Account Maturity Date; or

• Withdraw a portion of the total Risk Control Account Value as of the Risk Control Account Maturity

Date. If you choose this option, you may also change your allocation instructions or request to transfer

value, as described above.

• Within 30 days prior to a Risk Control Account Maturity date, allocate additional Purchase Payments to

the Risk Control Accounts.

**We must receive your Authorized Request at least one Business Day prior to the Risk Control Account** 

**Maturity Date to take effect. Otherwise, your request is not in Good Order, no transfer or withdrawal will** 

**occur based on such request, and your Risk Control Account Value will be allocated to a new Risk** 

**Control Account for another five-year term based on your allocation instructions on file with us.**

If the number of years until the Payout Date is less than the five-year Risk Control Account Period, a new Risk

Control Account cannot be started. You may choose one of the following by Authorized Request:

• Request to transfer the total Risk Control Account Value to one or more Variable Subaccounts as of the

Risk Control Account Maturity Date;

• Request to withdraw the total Risk Control Account Value as of the Risk Control Account Maturity Date;

or

• Request to transfer a portion of the Risk Control Account Value to one or more Variable Subaccounts

and withdraw the remaining Risk Control Account Value as of the Risk Control Account Maturity Date.

**We must receive your Authorized Request at least one Business Day prior to the Risk Control Account** 

**Maturity Date to take effect. Otherwise, your request is not in Good Order, no transfer or withdrawal will** 

**occur based on such request, and your total Risk Control Account Value will then be transferred to the** 

**Variable Subaccounts according to the allocation instructions on file with us for Level V or will be** 

**returned to you.**

We will send you written notice at least two weeks prior to each Risk Control Account Maturity Date. This notice

will describe your right to transfer Contract Value between Investment Options, as permitted by the Contract.

**Transfers**

Transfers between Risk Control Accounts and/or Variable Subaccounts will occur automatically under the

Automatic Rebalance Program. In addition, by Authorized Request, you may also transfer value:

• Between Variable Subaccounts on any Business Day;

• Between Risk Control Accounts with the same reference Index as of a Risk Control Account

Anniversary;

• From Risk Control Accounts to Variable Subaccounts under the Thirty Day Period to Discontinue Initial

Risk Control Account described above;

• Between Risk Control Accounts or between Risk Control Accounts and Variable Subaccounts as of a

Risk Control Account Maturity Date; and

• From a Variable Subaccount to a Risk Control Account as of the next available Risk Control Account

Start Date if there is no Risk Control Account in force.

You may also make a transfer under the Bailout Provision, as described in "[Risk Control Account Option –](#i76f24c8c799849c988d569378ee02db3_34)

[Bailout Provision](#i76f24c8c799849c988d569378ee02db3_34)."

Transfer requests must be in Good Order. Transfers are permitted by telephone, internet or in writing. Transfer

requests received at our Administrative Office in Good Order on a Business Day prior to the close of the New

York Stock Exchange (usually, 4:00 P.M. Eastern Time) will be processed as of the end of that Business Day.

Transfer requests received at our Administrative Office in Good Order on a Business Day after the close of the

New York Stock Exchange will be processed as of the end of the next Business Day. We will not process a

transfer request we receive on the Payout Date.

We reserve the right to impose a transfer fee, which, if imposed, will be deducted from the Variable Subaccount

or Risk Control Account from which the transfer is made. If a transfer is made from more than one Variable

Subaccount or Risk Control Account at the same time, the transfer fee will be deducted Pro Rata from the value

in the Variable Subaccounts and/or Risk Control Accounts. We reserve the right to modify, suspend or

terminate the transfer privilege for any Contract or series of Contracts at any time for any reason.

If there is no Risk Control Account in force, you may request to transfer value from a Variable Subaccount to

establish a Risk Control Account by Authorized Request. To establish one or more Risk Control Accounts, the

number of years from the Risk Control Account Start Date until the Payout Date must be at least equal to the

five-year Risk Control Account Period. You must also provide allocation instructions for Levels I and R by

Authorized Request at least one Business Day prior to a Risk Control Account Start Date to be effective as of

that Risk Control Account Start Date. Allocation instructions received on a Risk Control Account Start Date will

be effective as of the next available Risk Control Account Start Date. If these requirements are met, the transfer

will occur on a Pro Rata basis from the Variable Subaccounts as of the next available Risk Control Account

Start Date. The Variable Subaccount Value transferred to a Risk Control Account will be allocated according to

the allocation percentages on file with us for Levels I and R. Note: if you exercised your right to discontinue

your Risk Control Accounts under the [Thirty Day Period to Discontinue Initial Risk Control Accounts](#i76f24c8c799849c988d569378ee02db3_13), a new Risk

Control Account cannot be established for a period of 30 days.

If the number of years until the Payout Date is less than the five-year Risk Control Account Period, transfers to

a Risk Control Account will not be allowed.

**VARIABLE SUBACCOUNT OPTION**

Each Variable Subaccount invests in an underlying Fund, and your investment results in a Variable Subaccount

will depend on the investment performance of the related Fund. You bear the entire investment risk of any

amounts you allocate to the Variable Subaccounts. More information about how we determine the value of the

Variable Subaccounts is provided under Contract Value - Variable Subaccount Value. The names, investment

objectives, investment advisers and subadvisers, current expenses, and performance information for each

Fund are summarized in [Appendix A](#i76f24c8c799849c988d569378ee02db3_61).

**Funds**

There is no guarantee that any Fund's stated objectives and policies will be achieved. More detailed

information concerning each Fund's investment objectives, policies and restrictions, expenses, risks, and other

aspects of their operations can be found in its current prospectus and statement of additional information. You

should read the Fund prospectuses carefully before investing, which can be found online at https://

www.trustage.com/regulatory-documents. You can also request this information at no cost by calling

1-800-798-5500 or by emailing AnnuityAndPRTManagersMail@trustage.com.

We select the Funds based on several criteria, including asset class coverage, the strength of the investment

adviser's or subadviser's reputation and tenure, brand recognition, performance, fees, and the capability and

qualification of each investment firm. Another factor we consider is whether the Fund, its investment adviser, its

subadviser(s), or an affiliate will compensate us or our affiliates, as described below. We review the Funds

periodically and may remove or limit a Fund's availability to new Purchase Payments and/or transfers if we

determine that the Fund no longer meets one or more of the selection criteria, and/or if the Fund has not

attracted significant allocations from Owners.

Owners, through their indirect investment in the Funds, bear the costs of: (i) investment advisory or

management fees that the Funds pay their respective investment advisers, and in some cases, subadvisers

(see the Funds' prospectuses for more information); (ii) administrative fees; (iii) 12b-1 service fees; and (iv)

other expenses. As discussed above, an investment adviser or subadviser to a Fund, or its affiliates, may make

payments to us and/or certain of our affiliates. These payments may be derived, in whole or in part, from the

advisory (and in some cases, subadvisory) or other fees deducted from Fund assets.

The Funds are not available for purchase directly by the general public, and are not the same as other mutual

fund portfolios with very similar or nearly identical names that are sold directly to the public. However, the

investment objectives and policies of certain Funds may be very similar to the investment objectives and

policies of other portfolios that are managed by the same investment adviser or manager. Nevertheless, the

investment performance and results of the Funds may be lower, or higher, than the investment results of such

other (publicly available) portfolios. There can be no assurance, and no representation is made, that the

investment results of any of the Funds will be comparable to the investment results of any other mutual fund

portfolio, even in the other portfolio has the same investment adviser or manager and the same investment

objectives and policies, and a very similar name.

**Availability of the Funds**

The Variable Separate Account purchases shares of a Fund in accordance with a participation agreement. If a

participation agreement terminates, the Variable Separate Account may not be able to purchase additional

shares of the Fund(s) covered by the agreement. Likewise, in certain circumstances, it is possible that shares

of a Fund may not be available to the Variable Separate Account even if the participation agreement relating to

that Fund has not been terminated. **In either event, Owners will no longer be able to allocate Purchase** 

**Payments or transfer Contract Value to the Variable Subaccount investing in the Fund.**

From time to time, the Funds may reorganize or merge with other mutual funds. If that occurs, after the merger,

we may process any instructions to allocate to the Variable Subaccount investing in the merged Fund instead

to the Variable Subaccount investing in the surviving Fund.

We have entered into agreements with the investment adviser or distributor of certain Funds pursuant to which

the investment adviser or distributor pays us a servicing fee based upon an annual percentage of the average

daily net assets invested by the Variable Separate Account in the Fund. These percentages vary and currently

range from 0.00% to 0.25% of each Fund's average daily net assets. The amount paid is based on assets of

the particular Fund attributable to the Contract issued by us. The amounts we receive under the servicing

agreements may be significant. The service fees are for administrative services provided to the Funds by us

and our affiliates. These payments may be derived, in whole or in part, from the investment management fees

deducted from assets of the Funds. Owners, through their indirect investment in the Funds, bear the costs of

the investment management fees.

In addition, certain Funds have adopted 12b-1 plans. Such plans allow the Fund to pay Rule 12b-1 fees to

those who sell or distribute Fund shares and/or provide services to shareholders and Owners. Each of those

Funds describes its Rule 12b-1 plan in its prospectus. Under certain Rule 12b-1 plans, we may receive 12b-1

fees for providing services to the Funds. Rule 12b-1 fees are deducted from Fund assets and, therefore, are

indirectly borne by Owners.

**Addition, Deletion, or Substitution of Funds**

We may, subject to applicable law, make additions to, deletions from, or substitutions for the shares of a Fund

that are held in the Variable Separate Account or that the Variable Separate Account may purchase. If the

shares of a Fund are no longer available for investment or if, in our judgment, further investment in any Fund

should become inappropriate, we may redeem the shares, if any, of that Fund and substitute shares of another

Fund. Such other Funds may have different fees and expenses. We will not substitute any shares attributable

to a Contract's interest in a Variable Subaccount without prior notice and approval of the SEC and state

insurance authorities, if and to the extent required by the 1940 Act or other applicable law.

We also may establish additional Variable Subaccounts of the Variable Separate Account, each of which would

invest in shares of a new corresponding Fund having a specified investment objective. We may, in our sole

discretion, establish new Variable Subaccounts or eliminate or combine one or more Variable Subaccounts if

marketing needs, tax considerations, or investment conditions warrant. Any new Variable Subaccounts may be

made available to existing Owners on a basis to be determined by us. Also, certain Variable Subaccounts may

be closed to certain customers. Subject to obtaining any approvals or consents required by applicable law, the

assets of one or more Variable Subaccounts may be transferred to any other Variable Subaccount if, in our sole

discretion, marketing, tax, or investment conditions warrant.

In the event of any such substitution or change, we (by appropriate endorsement, if necessary) may change the

Contract to reflect the substitution or change.

**Frequent Transfers Procedures**

Frequent, large, or short-term transfers among Variable Subaccounts, such as those associated with market

timing transactions, can adversely affect the Funds and the returns achieved by Owners. In particular, such

transfers may dilute the value of Fund shares, interfere with the efficient management of the Funds, and

increase brokerage and administrative costs of the Funds. These costs are borne by all Owners allocating

Purchase Payments or Contract Value to the Variable Subaccounts and other Fund shareholders, not just the

Owner making the transfers. To try to protect Owners and the Funds from potentially harmful trading activity, we

have adopted certain Frequent Transfers Procedures.

We employ various means in an attempt to detect, deter, and prevent inappropriate frequent, large, or short-

term transfer activity among the Variable Subaccounts that may adversely affect other Owners or Fund

shareholders. We may vary the Frequent Transfers Procedures with respect to the monitoring of potential

harmful trading activity from Variable Subaccount to Variable Subaccount, and may be more restrictive with

regard to certain Variable Subaccounts than others. However, we will apply the Frequent Transfers Procedures,

including any variance in the Frequent Transfers Procedures by Variable Subaccount, uniformly to all Owners.

We also coordinate with the Funds to identify potentially inappropriate frequent trading, and will investigate any

patterns of trading behavior identified by Funds that may not have been captured through operation of the

Frequent Transfers Procedures.

If we determine under the Frequent Transfers Procedures that an Owner has engaged in inappropriate frequent

transfers, we will notify such Owner that from that date forward, for three months from the date we mail the

notification letter, transfer privileges for the fund(s) in which inappropriate transfers were made will be revoked.

Second time offenders will be permanently restricted from buying into the fund(s).

In our sole discretion, we may revise the Frequent Transfers Procedures at any time without prior notice as

necessary to (i) better detect and deter frequent, large, or short-term transfers that may adversely affect other

Owners or Fund shareholders, (ii) comply with state or federal regulatory requirements, or (iii) impose

additional or alternate restrictions on Owners who make inappropriate frequent transfers (such as dollars or

percentage limits on transfers). We also may, to the extent permitted by applicable law, implement and

administer redemption fees imposed by one or more of the Funds in the future. If required by applicable law, we

may deduct redemption fees imposed by the Funds. Further, to the extent permitted by law, we also may defer

the transfer privilege at any time that we are unable to purchase shares of the Funds. You should be aware that

we are contractually obligated to prohibit purchases and transfers of Fund shares at the Fund's request.

We currently do not impose redemption fees on transfers, or expressly allow a certain number of transfers in a

given period, or limit the size of transfers in a given period; however, we may impose a transfer fee as

discussed under "<u>[Charges and Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u>." Redemption fees, transfer limits, and other procedures or

restrictions may be more or less successful than our policies in deterring inappropriate frequent transfers or

other disruptive transfers and in preventing or limiting harm from such transfers.

Please note that despite our best efforts, we may not be able to detect nor stop all harmful transfers. Our ability

to detect and deter such transfer activity is limited by our operational and technological systems, as well as by

our ability to predict strategies employed by Owners (or those acting on their behalf) to avoid detection.

Accordingly, despite our best efforts, we cannot guarantee that the Frequent Transfers Procedures will detect or

deter frequent or harmful transfers by such Owners or intermediaries acting on their behalf. We apply the

Frequent Transfers Procedures consistently to all Owners without waiver or exception.

**Fund Frequent Trading Policies**

The Funds have adopted their own policies and procedures with respect to inappropriate frequent purchases

and redemptions of their respective shares. The prospectuses for the Funds describe any such policies and

procedures. The frequent trading policies and procedures of a Fund may be different, and more or less

restrictive, than the frequent trading policies and procedures of other Funds and the policies and procedures

we have adopted. Accordingly, Owners and other persons who have material rights under the Contracts should

assume that the sole protections they may have against potential harm from frequent transfers are the

protections, if any, provided by the Frequent Transfers Procedures. You should read the Funds prospectuses

for more details on their ability to refuse or restrict purchases or redemptions of their shares.

Purchase and redemption orders received by the Funds generally are "omnibus" orders from intermediaries

such as retirement plans and separate accounts funding variable insurance contracts. The omnibus orders

reflect the aggregation and netting of multiple orders from individual owners of variable insurance contracts and

individual retirement plan participants. The omnibus nature of these orders may limit each Fund's ability to

apply its respective frequent trading policies and procedures.

We are required to provide to a Fund or its designee, promptly upon request, certain information about the

transfer activity of individual Owners and, if requested by the Fund, to restrict or prohibit further purchases or

transfers by specific Owners identified by the Fund as violating its frequent trading policies.

**Voting Rights**

In accordance with our view of current applicable law, we will vote Fund shares held in the Variable Separate

Account at regular and special shareholder meetings of the Funds in accordance with instructions received

from persons having voting interests in the corresponding Variable Subaccounts. If, however, the 1940 Act or

any regulation thereunder should be amended, the present interpretation should change, or we otherwise

determine that we are allowed to vote the shares in our own right, we may elect to do so.

The number of votes that an Owner has the right to instruct will be calculated separately for each Variable

Subaccount and may include fractional votes. An Owner holds a voting interest in each Variable Subaccount to

which the Variable Subaccount Value is allocated.

The number of votes attributable to a Variable Subaccount will be determined by dividing the Variable

Subaccount Value by the net asset value per share of the Fund(s) in which that Variable Subaccount invests.

The number of votes available to an Owner will be determined as of the date coincident with the date

established by the Fund for determining shareholders eligible to vote at the relevant meeting of the Fund's

shareholders. Voting instructions will be solicited by written communication prior to such meeting in accordance

with procedures established for the Fund. Each Owner having a voting interest in a Variable Subaccount will

receive proxy materials and reports relating to any meeting of shareholders of the Fund in which that Variable

Subaccount invests.

Fund shares for which no timely instructions are received and shares held by us in a Variable Subaccount for

which no Owner has a beneficial interest will be voted in proportion to the voting instructions which are received

with respect to all Contracts participating in that Variable Subaccount. This means that a small number of

Owners may determine the outcome of the vote. Voting instructions to abstain on any item to be voted upon will

be applied to reduce the total number of votes eligible to be cast on a matter.

**RISK CONTROL ACCOUNT OPTION**

You may allocate your Purchase Payments and Variable Subaccount Value to the Risk Control Accounts we

make available. The portion of the Contract Value allocated to a Risk Control Account becomes part of the Risk

Control Account Value. Information about the features of each currently offered Risk Control Account, including

its name, a brief statement describing the assets that the Index seeks to track, its crediting period, its Floor, and

its Cap are set forth in <u>[Appendix A](#i76f24c8c799849c988d569378ee02db3_61)</u> .

**Risk Control Account Period and Crediting Interest**

Each Risk Control Account Period is five years. Partial withdrawals from the Risk Control Accounts are not

permitted if there is Variable Subaccount Value, except for withdrawals on the Risk Control Account Maturity

Date. Only one Risk Control Account Period can be in force at any time. This would allow for both a Secure

Account and Growth Account for each reference Index to be established for the same Risk Control Account

Period. However, once a Risk Control Account(s) is in force, new Risk Control Accounts cannot be established

until the termination of the existing Risk Control Accounts on the Risk Control Account Maturity Date. No

additional values can be transferred into a Risk Control Account and no additional Purchase Payments can be

allocated to a Risk Control Account until the end of the current Risk Control Account Period.

The portion of your Contract Value allocated to a Risk Control Account is credited with interest, if any, based in

part on the investment performance of an external Index, subject to the applicable Floor and Cap. Each Risk

Control Account Anniversary prior to the Risk Control Account Maturity Date starts a new year for purposes of

calculating Index interest. We credit interest to each Risk Control Account at the end of each Risk Control

Account Year during the five-year Risk Control Account Period by comparing the change in the Index from each

Risk Control Account Anniversary (the first day of the Risk Control Account Year) to the last day of the current

Risk Control Account Year. When funds are withdrawn from a Risk Control Account prior to the Risk Control

Account Anniversary for a surrender, partial withdrawal, transfer, annuitization or payment of the Death Benefit,

Index interest is calculated up to the date of withdrawal. For examples illustrating how we credit interest to the

Risk Control Accounts, See "<u>[Contract Value - Risk Control Account Value](#ia441305866d34be992e258a4fd7dfb76_33097)</u>."

**It is possible that you will not earn any interest in a Risk Control Account or that we may credit** 

**negative interest to the Growth Account. There is a risk of loss of principal and previously credited** 

**interest with the Growth Account of up to 10% (with a Floor of -10%) each Risk Control Account Year** 

**due to negative Index performance.**

**Your Risk Control Account Value must remain in a Risk Control Account for the entire Risk Control** 

**Account Period to avoid the imposition of Surrender Charges (for Series B Contracts) and a Market** 

**Value Adjustment. During the Accumulation Period, if you surrender your Contract or take a partial** 

**withdrawal from a Risk Control Account on any day other than its Risk Control Account Maturity Date,** 

**we will apply a Market Value Adjustment (which may be positive or negative) to the amount being** 

**withdrawn. Surrender charges (for Series B Contracts) and a negative Market Value Adjustment may** 

**significantly decrease the amount you receive upon surrender or partial withdrawal. Additionally, only** 

**the Contract Value remaining after the withdrawal will be credited interest, positive or negative, in the** 

**future.**

We will send you written notice at least two weeks prior to the Risk Control Account Anniversary. This notice will

describe the Owner's right to transfer Contract Value between Risk Control Accounts, as permitted by the

Contract, and the right to exercise the Bailout Provision, if applicable.

**The Indexes**

Each reference Index can go up or down based on the prices of the underlying securities that comprise the

Index. We currently offer the following reference Indices:

• The **S&P 500 Price Return Index** is a stock market index based on the market capitalizations of 500

leading companies publicly traded in the U.S. stock market, as determined by Standard & Poor's.

• The **MSCI EAFE Price Return Index** is a stock market index which is designed to measure the equity

market performance of developed markets excluding the U.S. and Canada. As of the date of this

Prospectus, it captures large and mid-cap representation across 21 developed markets countries:

Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy,

Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and

the UK.

An investment in a Risk Control Account is not an investment in the Index or in any Index fund. The

performance of each Index associated with the Risk Control Accounts does not include dividends paid on the

securities comprising the Index, and therefore, the performance of the Index does not reflect the full

performance of those underlying securities. The Index Return is determined on each Risk Control Account

Anniversary and is measured over the Risk Control Account Year. Because Index interest is calculated on a

single point in time you may experience negative or flat performance even though the Index experienced gains

through some, or most, of the Risk Control Account Period.

**Limits on Index Losses and Gains**

Each Risk Control Account has two investment options, a Secure Account and a Growth Account, which have

different Floors and Caps. During the life of your Contract, an Allocation Option with a Floor of 0% will always

be available, and we will continue to make a Secure Account and Growth Account option available for each

Risk Control Account that is available to you. These features may provide protection by limiting the amount of

negative interest credited to you for negative Index performance, but they also may limit the amount you can

earn from positive Index performance.

The Floor is the maximum amount of negative Index interest that we will credit you at the end of a Risk Control

Account Year. Negative Index performance will reduce your Risk Control Account Value by up to the amount of

the Floor. For example, if the reference Index performance is -25% and the Floor is -10%, we will credit -10% in

interest at the end of the Risk Control Account Year, meaning your Risk Control Account Value will decrease by

10% due to negative Index performance. The Secure Account has a Floor of 0% and the Growth Account has a

Floor of -10%. This rate will not change during the life of your Contract. For the Secure Account, this means

that any negative investment performance of the Index would not reduce your Risk Control Account Value; and

for the Growth Account, this means that any negative investment performance of the Index would not reduce

your Risk Control Account Value at the end of a Risk Control Account Year by more than 10% even if such

negative investment performance is worse than -10%. However, the Floor does not limit losses from the

Contract Fee, Surrender Charge (for Series B Contracts), Market Value Adjustment, or taxes.

The Cap is the maximum amount of positive Index interest that we will credit you at the end of a Risk Control

Account Year. Positive Index performance will increase your Risk Control Account Value by up to the amount of

the Cap. For example, if the reference Index performance is 12% and the Cap is 4%, we will credit 4% in

interest at the end of the Risk Control Account Year, meaning your Risk Control Account Value will increase by

4% due to positive Index performance. In return for accepting some risk of loss to your Contract Value allocated

to the Growth Account, the Cap declared for the Growth Account will be higher than the Cap declared for the

Secure Account for the same period, which allows the potential for greater increases to your Risk Control Value

allocated to the Growth Account.

For each Risk Control Account, we set a Cap for the first Risk Control Account Year, which is made available at

least two weeks in advance of the Risk Control Account Start Date. The Cap(s) may be different than the

Cap(s) at the time of your application. Therefore, as described under "<u>[Allocating Your Purchase Payments](#i76f24c8c799849c988d569378ee02db3_28)</u>," you

will have a 30-day period, beginning on the first Risk Control Account Start Date, to elect by Authorized

Request to discontinue your Risk Control Account. We may set a new Cap prior to each Risk Control Account

Anniversary for the subsequent Risk Control Account Year and will send you written notice at least two weeks

prior to the Risk Control Account Anniversary. The minimum Cap is 1%, and Caps will range between 1% and

75%. The current Caps being offered for new Risk Control Account Years of the available Risk Control Account

Options can be located at the following publicly accessible website: https://www.trustage.com/horizon-annuity-

rates. The rates posted on that website address are incorporated by reference into this prospectus.

We consider various factors in determining the Caps and Floors, including investment returns available at the

time that we issue the Contract, the costs of our risk management techniques, sales commissions,

administrative expenses, regulatory and tax requirements, general economic trends, and competitive factors.

We determine the Cap and the Floor at our sole discretion. Before selecting a Risk Control Account for

investment, you should consider whether the Cap is acceptable to you in return for the protection from negative

returns provided by the Floor and whether the Floor is consistent with your risk tolerance and investment.

Before you select a Risk Control Account for investment, you should consider whether the Cap is acceptable to

you in return for the protection from negative returns provided by the Floor and whether the Floor is consistent

with your risk tolerance and investment goals.

**Index Annual Return Examples**

**The bar charts shown below provide the annual returns for each Index for the last 10 calendar years (or** 

**for the life of the Index if less than 10 years), as well as the Index returns for each Index after applying a** 

**hypothetical 5% Cap and a hypothetical -10% Floor. The charts illustrate the variability of the returns** 

**from year to year and show how hypothetical limits on Index gains and losses may affect these returns.** 

**Past performance is not necessarily an indication of future performance.**

**The performance below is NOT the performance of any Risk Control Account. Your performance under** 

**the Contract will differ, perhaps significantly. The performance below may reflect a different return** 

**calculation, time period, and limit on Index gains and losses than the Risk Control Accounts, and does** 

**not reflect Contract fees and charges, including Surrender Charges (for Series B Contracts) and the** 

**Market Value Adjustment, which reduce performance.**

![sp500index.jpg](sp500index.jpg)

![mscieafeindex.jpg](mscieafeindex.jpg)

*\* Each Index is a "price return" index, not a "total return" index, and therefore the performance of the Index does not reflect dividends* 

*declared by any of the companies included in the Index, reducing the Index return. As a result, the Index will underperform a direct* 

*investment in the securities composing the Index.*

**Bailout Provision**

The Bailout Provision applies to all Risk Control Accounts. We will set a single Bailout Rate for all Risk Control

Accounts under the Secure Account and a single Bailout Rate for all Risk Control Accounts under the Growth

Account. The Bailout Rate for the Risk Control Account under the Secure Account may range from 1% - 10%,

and the Bailout Rate for the Risk Control Account under the Growth Account may range from 1.5% - 25%. The

Bailout Rate(s) will be prominently displayed on your Contract Data Page attached to the front of the cover

page of the Contract and will not change during the life of your Contract. At any time the Cap for your Risk

Control Account is less than the Bailout Rate specified on your Contract Data Page, we may, at our discretion,

restrict transfers into that Risk Control Account.

If the Cap for your Risk Control Account is set <u>below</u> the Bailout Rate for that Risk Control Account, the Bailout

Provision allows you to transfer the Risk Control Account Value from that Risk Control Account to the Variable

Subaccounts during the 30-day period following the Risk Control Account Anniversary by Authorized Request,

without the application of a Market Value Adjustment. We must receive your Authorized Request under the

Bailout Provision in Good Order during the 30-day period following the Risk Control Account Anniversary. (If the

Bailout Rate <u>equals</u> the Cap for your Risk Control Account, you will <u>not</u> be eligible to transfer your Risk Control

Account Value under the Bailout Provision. For example, if the Bailout Rate for the Secure Account is set at

1.00% and the Cap for the Secure Account is set at 1.00%, you would not be eligible to transfer under the

Bailout Provision.)

Note that if you intend to withdraw Risk Control Account Value transferred from a Risk Control Account under

the Bailout Provision, the Risk Control Account Value would first be transferred to the Variable Subaccounts

according to your instructions and then withdrawn from the Variable Subaccounts without the application of a

Market Value Adjustment. The amount withdrawn from the Variable Subaccounts may be subject to a Surrender

Charge (for Series B Contracts). Partial withdrawals and surrenders are also subject to income taxes, and if

taken before age 59½, a 10% additional tax may apply.

**Addition or Substitution of an Index**

We may offer additional Risk Control Accounts or discontinue a Risk Control Account at our discretion as of the

end of the Contract Year. There is no guarantee that a Risk Control Account or Index will be available during

the entire time you own your Contract.

**We reserve the right to add or substitute an Index. If we substitute the Index, the performance of the** 

**new Index may differ from the original Index. This, in turn, may affect the Index interest you earn. If** 

**there is a delay between the date we remove the Index and the date we add a substitute Index, your** 

**Risk Control Account Value will be based on the value of the Index on the date the Index ceased to be** 

**available, which means market changes during the delay will not be used to calculate the Index** 

**interest.**

Generally, the Index associated with a given Risk Control Account will remain unchanged for the duration of the

Risk Control Account Period. However, if: (i) the Index is discontinued, or (ii) the calculation of that Index is

materially changed, we may substitute a suitable Index that will be used for the remainder of the Risk Control

Account Period. Examples of such material changes to the Index include, without limitation: a contractual

dispute between us and the Index provider, changes that make it impractical or too expensive to purchase

derivatives to hedge the Index, or changes that result in significantly different Contract Values or performance.

We will attempt to add a suitable alternative index that is substantially similar to the Index being replaced on the

same day that we remove the Index. If a change in an Index is made during a Risk Control Account Year, Index

interest will be calculated from the Risk Control Account Start Date until the date that the Index ceased to be

available and that Index interest will be added to or subtracted from the Index interest calculated for the

substitute Index from the date of substitution until the next Risk Control Account Anniversary. If we are unable

to substitute a new Index at the same time as an Index ceases to be available, there may be a brief interval

between the date on which we remove the Index and add a suitable alternative index as a replacement, your

Contract Value will continue to be allocated to the Risk Control Accounts. However, any credit to your Contract

Value for that Risk Control Account Year will not reflect changes in the value of the Index or the replacement

index during that interim period. If you take a partial withdrawal, surrender or annuitize the Contract, or die

during the interim period, we will apply to your Contract Value allocated to a Risk Control Accounts based on

the percentage change in the Index from the beginning of the Risk Control Account Year to the date on which

the Index became unavailable under the Contract.

In the unlikely event that an Index is discontinued during a Risk Control Account Period and we do not provide

a substitute Index, we may discontinue the relevant Allocation Option. We will credit interest from the Risk

Control Account Start Date until the date the Allocation Option is discontinued using the percentage change in

the Index from the Risk Control Account Start Date to the date on which the Index became unavailable. The

resulting Risk Control Account Value will be transferred to the S&P 500 Index Secure Account for the remainder

of the Risk Control Account Period, where the Index Return is determined as the percentage change in the

Index from the date of substitution until the next Risk Control Account Anniversary. The amount of interest you

earn in the S&P 500 Index Secure Account may be less than the amount you would have earned in the Risk

Control Account. If there is a delay between the date we remove the Index and the date we transfer value, your

Risk Control Account Value prior to the transfer will be based on the value of the Index on the date the Index

ceased to be available, which means market changes during the delay will not be used to calculate the Index

Return.

Please note that we may add or substitute an Index associated with the Risk Control Accounts by sending you

written notice at your last known address stating the effective date on which the Index will be added or

substituted. We will send you the notice in your annual report unless earlier written notice is necessary. We will

not substitute an Index until that Index has been approved by the insurance department in your state.

**An Index or Allocation Option Change may negatively affect interest credited and your resulting** 

**Contract Value, as well as how you want to allocate Contract Value between available Allocation** 

**Options.**

**CONTRACT VALUE**

On the Contract Issue Date, your Contract Value equals the initial Purchase Payment. After the Contract Issue

Date, during the Accumulation Period, your Contract Value will equal the total Risk Control Account Value, plus

the total Variable Subaccount Value, plus the Holding Account Value.

**Variable Subaccount Value**

Your total Variable Subaccount Value for any Valuation Period is the sum of all Variable Subaccount Values.

The Variable Subaccount Value for each Variable Subaccount is equal to:

• The number of the Variable Subaccount's Accumulation Units credited to you; multiplied by

• The Accumulation Unit Value for that Variable Subaccount at the end of the Valuation Period for which

the determination is being made. As shown in formula below, the Accumulation Unit Value for a

Variable Subaccount is based in part on the net asset value (also known as NAV) of the underlying

Fund shares held by the Variable Subaccount as of the end of each Valuation Period (the end of each

Business Day). This means the Accumulation Unit Value for each Subaccount increases or decreases

at the end of each Business Day to reflect the investment performance of the corresponding underlying

Fund, including deductions for underlying Fund fees and expenses and underlying Fund taxes. In

addition, the Accumulation Unit Value decreases to reflect the Contract Fee and increases or

decreases to reflect tax charges or credits at the Variable Subaccount level.

***Accumulation Unit Values.*** The Accumulation Unit Value at the end of every Valuation Period is determined

by subtracting (b) from (a) and dividing the result by (c) (i.e., (a - b) / c), where:

(a)= The net asset value of the shares of the underlying Fund held by the Variable Subaccount as of the

end of the Valuation Period plus or minus the net charge or credit with respect to any taxes paid or any

amount set aside by the underlying Fund as a provision for taxes during the Valuation Period;

(b)= The daily Contract Fee multiplied by the number of days in the Valuation Period; and

(c)= The number of Accumulation Units outstanding at the end of such Valuation Period.

***Accumulation Units.*** For each Variable Subaccount, Purchase Payments or transferred amounts are

converted into Accumulation Units. The number of Accumulation Units credited is determined by dividing the

dollar amount directed to each Variable Subaccount by the Accumulation Unit Value for that Variable

Subaccount at the end of the Valuation Period in which the Purchase Payment or amount is received. The

number of your Accumulation Units in a Variable Subaccount is increased by additional Purchase Payments

and transfers. The number of Accumulation Units does not change as a result of investment experience or

deduction of the Contract Fee.

We will redeem Accumulation Units from a Variable Subaccount upon: (i) a partial withdrawal or full surrender

(including deduction of any Surrender Charge, if applicable); (ii) a transfer from the Variable Subaccount; (iii)

payment of the Death Benefit; (iv) the Payout Date; (v) the deduction of the transfer fee; (vi) the deduction of

any fees imposed by a Fund as a redemption fee or liquidity fee in connection with the redemption of its shares

or otherwise imposed by applicable law; and (vii) to pay fees for special services such as the wire transfers or

express mail.

**Risk Control Account Value**

The Risk Control Account Value for each Risk Control Account is equal to:

• The number of that Risk Control Account's Accumulation Credits credited to you; multiplied by

• The Accumulation Credit Factor for that Risk Control Account at the end of the Valuation Period for

which the determination is being made.

***Accumulation Credit Factors.*** The Accumulation Credit Factor for each Risk Control Account is arbitrarily set

initially at $10 as of each Risk Control Account Start Date. Thereafter, the Accumulation Credit Factor for the

Risk Control Account at the end of each Valuation Period is determined by multiplying (a) by (b) and subtracting

(c) (i.e., a x b – c), where:

(a)= The Accumulation Credit Factor for the Risk Control Account at the start of the Risk Control Account

Year;

(b)= The Index Return (defined below); and

(c)= The Risk Control Account Daily Contract Fee (defined below) multiplied by the number of days that

have passed since the last Risk Control Account Anniversary.

The "Index Return" for each Risk Control Account on any Business Day is equal to the change in the Index for

the current Risk Control Account Year, adjusted for the Cap or Floor. Specifically, it is calculated as (A / B),

where:

A = Adjusted Index Value (defined below) as of the current Business Day; and

B = The Initial Index Value as of the start of the current Risk Control Account Year. If a Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control Account Start Date or Risk Control Account Anniversary does not fall on a Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Day, the Initial Index Value for the next Business Day will be used.

We use the Index Return to determine the interest we credit, if any, to Risk Control Account Value.

The "Adjusted Index Value" is the Closing Index Value adjusted for the Cap or Floor for the current Risk Control

Account Year. The Adjusted Index Value is calculated each time the Index Return is calculated. This can be as

frequently as daily and occurs on each Risk Control Account Anniversary or on any date when a partial

withdrawal, surrender, Death Benefit or annuitization is processed. The Closing Index Value is the closing value

of an Index as of a Business Day. If the closing value of the Index is not published on that date, we will use the

closing value of the Index from the next day on which the closing value of the Index is published. The Adjusted

Index Value for each Risk Control Account is calculated as follows:

• If the Closing Index Value is *greater than* the Initial Index Value *multiplied by* (1 + Cap), then the Adjusted

Index Value will equal the Initial Index Value *multiplied by* (1 + Cap).

• If the Closing Index Value is *less than* the Initial Index Value *multiplied by* (1 + Floor), then the Adjusted

Index Value will equal the Initial Index Value *multiplied by* (1 + Floor).

• If the Closing Index Value is *less than* the Initial Index Value *multiplied by* (1 + Cap) but *more than* the Initial

Index Value *multiplied by* (1 + Floor), then the Adjusted Index Value will equal the Closing Index Value.

For example, assume the following:

• Initial Index Value = 1,000

• Cap = 15%

• Floor = -10%

At the time the Index Return is calculated, the Adjusted Index Value will be:

• Scenario 1: Closing Index Value is *greater than* Initial Index Value *multiplied by* (1 + Cap)

oClosing Index Value = 1,200

o1,200 is greater than 1,150 (1,000 x (1 + 0.15)) so the Adjusted Index Value is equal to 1,150.

• Scenario 2: Closing Index Value is *less than* Initial Index Value *multiplied by* (1 + Floor)

oClosing Index Value = 850

o850 is less than 900 (1,000 x (1 – 0.10)) so the Adjusted Index Value is equal to 900.

• Scenario 3: Closing Index Value is *less than* Initial Index Value *multiplied by* (1 + Cap) but *more than* Initial

Index Value *multiplied by* (1 + Floor)

oClosing Index Value = 1,100

o1,100 is less than 1,150 (1,000 x (1 + 0.15)) and greater than 900 (1,000 x (1 – 0.10)) so the Adjusted

Index Value is equal to 1,100.

The Adjusted Index Value will never exceed the Initial Index Value multiplied by (1 + Cap) and will never be

lower than the Initial Index Value multiplied by (1 + Floor).

The Risk Control Account Daily Contract Fee is calculated as (a) the Contract Fee divided by (b) the number of

days in the Risk Control Account Year multiplied by (c) the Accumulation Credit Factor for the Risk Control

Account at the start of the Risk Control Account Year (i.e., a / b x c).

For example, assume the following:

• Contract Fee = 1.50%

• Number of days in the Risk Control Account Year = 365

• Accumulation Credit Factor for the Risk Control Account at the start of the Risk Control Account Year =

10.00 Then, the Risk Control Account Daily Contract Fee = 1.50% / 365 x 10.00 = 0.000410959.

***Accumulation Credits.*** To establish a Risk Control Account, Purchase Payments and/or Variable Subaccount

Value transferred to the Risk Control Accounts are converted into Accumulation Credits. The number of

Accumulation Credits credited to each Risk Control Account is determined by dividing the dollar amount

directed to each Risk Control Account by the Accumulation Credit Factor as of the end of the Valuation Period

for which the Purchase Payment or Variable Subaccount Value transferred is received.

We will redeem Accumulation Credits from a Risk Control Account upon: (i) partial withdrawal or full surrender

(including any applicable Surrender Charge and negative Market Value Adjustment); (ii) a transfer from the Risk

Control Account; (iii) payment of the Death Benefit; (iv) the Payout Date; (v) the deduction of the transfer fee;

and (vi) to pay fees for special services such as wire transfers or express mail. We redeem Accumulation

Credits as of the end of the Valuation Period (or effective date of the transfer) in which we receive your request

for surrender, partial withdrawal or transfer or your Beneficiary's request for payment of the Death Benefit in

Good Order unless you or your Beneficiary specify a later date. We redeem Accumulation Credits to cover the

transfer fee at the time the transfer occurs.

***Examples.*** The following examples illustrate how we calculate and credit interest under each Index crediting

methodology assuming hypothetical Index returns and hypothetical limits on Index gains and losses. The

examples assume no withdrawals. The change in the value of the Accumulation Credit Factor reflects the

application of the Index Return and a reduction for the Contract Fee. All values are determined on Risk Control

Account Anniversaries. The examples assume the purchase of a Series B Contract and the Caps remain

unchanged since Contract issue. The examples illustrate hypothetical circumstances solely for the purpose of

demonstrating Risk Control Account calculations and are not intended as estimates of future performance of

the Index.

Example 1: This example illustrates how interest would be credited based on the return of the Index and

subject to the Cap and Floor. In this example, the return on the Index is greater than the Cap and Floor.

Assume the following information:

*As of the Risk Control Account Start Date:*

Initial Index Value: 1,000

Contract Fee: 1.50%

<u>S&P 500 Secure Account</u>

Account Value: $75,000

Accumulation Credit Factor: $10

Accumulation Credits: 7,500

Floor: 0.00%

Cap: 8.00%

<u>S&P 500 Growth Account</u>

Account Value: $25,000

Accumulation Credit Factor: $10

Accumulation Credits: 2,500

Floor: -10.00%

Cap: 18.00%

*As of the Risk Control Account Anniversary:*

Closing Index Value: 1,200

Days in Risk Control Account Year: 366

*Step 1:* Calculate the Adjusted Index Value

The Initial Index Value is 1,000 and the Closing Index Value is 1,200. The Closing Index Value is greater than

the Initial Index Value multiplied by the result of 1 plus the Cap for both the Secure and Growth Accounts.

Therefore, the Adjusted Index Value equals the Initial Index Value multiplied by the result of 1 plus the Cap. For

the Secure Account, this is calculated as 1,000 multiplied by the result of 1 plus 0.08 which equals 1,080. For

the Growth Account, this is calculated as 1,000 multiplied by the result of 1 plus 0.18 which equals 1,180.

*Step 2:* Calculate the Index Return

The Index Return is equal to the Adjusted Index Value divided by the Initial Index Value. For the Secure

Account, this is calculated as 1,080 divided by 1,000 which equals 1.08 (8% increase from Initial Index Value).

For the Growth Account, this is calculated as 1,180 divided by 1,000 which equals 1.18 (18% increase from

Initial Index Value).

*Step 3:* Calculate the Risk Control Account Daily Contract Fee

The Risk Control Account Daily Contract Fee is equal to the Contract Fee divided by the number of days in the

Risk Control Account Year multiplied by the Accumulation Credit Factor at the start of the Risk Control Account

Year. For both the Secure and Growth Accounts, this is equal to 1.50% divided by 366 multiplied by $10 which

equals $0.000409836.

*Step 4:* Calculate the Accumulation Credit Factor

The Accumulation Credit Factor is equal to the Accumulation Credit Factor at the start of the Risk Control

Account Year multiplied by the Index Return less the result of the Risk Control Account Daily Contract Fee

multiplied by the number of days that have passed since the last Risk Control Account Anniversary. For the

Secure Account, this is equal to $10 multiplied by 1.08 less the result of $0.000409836 multiplied by 366 which

equals $10.65. For the Growth Account, this is equal to $10 multiplied by 1.18 less the result of $0.000409836

multiplied by 366 which equals $11.65.

*Step 5:* Calculate the Risk Control Account Value.

The Risk Control Account Value is equal to the number of Accumulation Credits multiplied by the ending

Accumulation Credit Factor. For the Secure Account, this is equal to 7,500 multiplied by $10.65 which equals

$79,875. For the Growth Account, this is equal to 2,500 multiplied by $11.65 which equals $29,125. This is an

increase of $4,875 for the Secure Account ($79,875 – $75,000 = $4,875) and an increase of $4,125 for the

Growth Account ($29,125 – $25,000 = $4,125).

Example 2: This example illustrates how interest would be credited based on the return of the Index and

subject to the Cap and Floor. In this example, the return on the Index is less than the Cap and greater than the

Floor.

Assume the following information:

*As of the Prior Risk Control Account Anniversary:*

Initial Index Value: 1,200

Contract Fee: 1.50%

<u>S&P 500 Secure Account</u>

Account Value: $79,875

Accumulation Credit Factor: $10.65

Accumulation Credits: 7,500

Floor: 0.00%

Cap: 8.00%

<u>S&P 500 Growth Account</u>

Account Value: $29,125

Accumulation Credit Factor: $11.65

Accumulation Credits: 2,500

Floor: -10.00%

Cap: 18.00%

*As of the Risk Control Account Anniversary:*

Closing Index Value: 1,236

Days in Risk Control Account Year: 365

*Step 1:* Calculate the Adjusted Index Value

The Initial Index Value is 1,200 and the Closing Index Value is 1,236. The Closing Index Value is less than the

Initial Index Value multiplied by the result of 1 plus the Cap, but it is more than the Initial Index Value multiplied

by the result of 1 plus the Floor for both the Secure and Growth Accounts. Therefore, the Adjusted Index Value

equals the Closing Index Value which is 1,236.

*Step 2:* Calculate the Index Return

The Index Return is equal to the Adjusted Index Value divided by the Initial Index Value. For both the Secure

and Growth Accounts, this is calculated as 1,236 divided by 1,200 which equals 1.03 (3% increase from Initial

Index Value).

*Step 3:* Calculate the Risk Control Account Daily Contract Fee

The Risk Control Account Daily Contract Fee is equal to the Contract Fee divided by the number of days in the

Risk Control Account Year multiplied by the Accumulation Credit Factor at the start of the Risk Control Account

Year. For the Secure Account, this is equal to 1.50% divided by 365 multiplied by $10.65 which equals

$0.000437671. For the Growth Account, this is equal to 1.50% divided by 365 multiplied by $11.65 which

equals $0.000478767.

*Step 4:* Calculate the Accumulation Credit Factor

The Accumulation Credit Factor is equal to the Accumulation Credit Factor at the start of the Risk Control

Account Year multiplied by the Index Return less the result of the Risk Control Account Daily Contract Fee

multiplied by the number of days that have passed since the last Risk Control Account Anniversary. For the

Secure Account, this is equal to $10.65 multiplied by 1.03 less the result of $0.000437671 multiplied by 365

which equals $10.80975. For the Growth Account, this is equal to $11.65 multiplied by 1.03 less the result of

$0.000478767 multiplied by 365 which equals $11.82475.

*Step 5:* Calculate the Risk Control Account Value.

The Risk Control Account Value is equal to the number of Accumulation Credits multiplied by the ending

Accumulation Credit Factor. For the Secure Account, this is equal to 7,500 multiplied by $10.80975 which

equals $81,073.13. For the Growth Account, this is equal to 2,500 multiplied by $11.82475 which equals

$29,561.88. This is an increase of $1,198.13 for the Secure Account ($81,073.13 – $79,875 = $1,198.13) and

an increase of $436.88 for the Growth Account ($29,561.88 – $29,125 = $436.88).

Example 3: This example illustrates how interest would be credited based on the return of the Index and

subject to the Cap and Floor. In this example, the return on the Index is less than the Floor.

Assume the following information:

*As of the Prior Risk Control Account Anniversary:*

Initial Index Value: 1,236

Contract Fee: 1.50%

<u>S&P 500 Secure Account</u>

Account Value: $81,073.13

Accumulation Credit Factor: $10.80975

Accumulation Credits: 7,500

Floor: 0.00%

Cap: 8.00%

<u>S&P 500 Growth Account</u>

Account Value: $29,561.88

Accumulation Credit Factor: $11.82475

Accumulation Credits: 2,500

Floor: -10.00%

Cap: 18.00%

*As of the Risk Control Account Anniversary:*

Closing Index Value: 988.8

Days in Risk Control Account Year: 365

*Step 1:* Calculate the Adjusted Index Value

The Initial Index Value is 1,236 and the Closing Index Value is 988.8. The Closing Index Value is less than the

Initial Index Value multiplied by the result of 1 plus the Floor for both the Secure and Growth Accounts.

Therefore, the Adjusted Index Value equals the Initial Index Value multiplied by the result of 1 plus the Floor.

For the Secure Account, this is calculated as 1,236 multiplied by the result of 1 plus 0.00 which equals 1,236.

For the Growth Account, this is calculated as 1,236 multiplied by the result of 1 plus -0.10 which equals 1,112.4.

*Step 2:* Calculate the Index Return

The Index Return is equal to the Adjusted Index Value divided by the Initial Index Value. For the Secure

Account, this is calculated as 1,236 divided by 1,236 which equals 1.00 (0% increase from the Initial Index

Value). For the Growth Account, this is calculated as 1,112.4 divided by 1,236 which equals 0.90 (10%

decrease from Initial Index Value).

*Step 3:* Calculate the Risk Control Account Daily Contract Fee

The Risk Control Account Daily Contract Fee is equal to the Contract Fee divided by the number of days in the

Risk Control Account Year multiplied by the Accumulation Credit Factor at the start of the Risk Control Account

Year. For the Secure Account, this is equal to 1.50% divided by 365 multiplied by $10.80975 which equals

$0.000444236. For the Growth Account, this is equal to 1.50% divided by 365 multiplied by $11.82475 which

equals $0.000485949.

*Step 4:* Calculate the Accumulation Credit Factor

The Accumulation Credit Factor is equal to the Accumulation Credit Factor at the start of the Risk Control

Account Year multiplied by the Index Return less the result of the Risk Control Account Daily Contract Fee

multiplied by the number of days that have passed since the last Risk Control Account Anniversary. For the

Secure Account, this is equal to $10.80975 multiplied by 1.00 less the result of $0.000444236 multiplied by 365

which equals $10.647604. For the Growth Account, this is equal to $11.82475 multiplied by 0.90 less the result

of $0.000485949 multiplied by 365 which equals $10.464904.

*Step 5:* Calculate the Risk Control Account Value.

The Risk Control Account Value is equal to the number of Accumulation Credits multiplied by the ending

Accumulation Credit Factor. For the Secure Account, this is equal to 7,500 multiplied by $10.647604 which

equals $79,857.03. For the Growth Account, this is equal to 2,500 multiplied by $10.464904 which equals

$26,162.26. This is a decrease of $1,216.10 for the Secure Account ($79,857.03 – $81,073.13 = -$1,216.10)

and a decrease of $3,399.62 for the Growth Account ($26,162.26 – $29,561.88 = -$3,399.62).

**Holding Account Value**

We do not assess a Contract Fee against Contract Value held in the Holding Account. Surrenders or

withdrawals of Holding Account Values are subject to a Surrender Charge (for Series B Contracts).

The Holding Account Value at any time is equal to:

• The portion of the Purchase Payment(s) held in the Holding Account pending allocation to a Risk

Control Account;

• Plus interest credited; and

• Less any prior partial withdrawal.

We credit interest daily on Purchase Payments that will be allocated to one or more Risk Control Accounts for

the duration those Purchase Payments remain in the Holding Account. The annual effective interest rate that

applies to the Holding Account will be the interest rate in effect when a Purchase Payment is allocated to the

Holding Account. The annual effective rate of interest shown on your Contract Data Page applies to the initial

Purchase Payment held in the Holding Account as of the Contract Issue Date. Funds allocated to the Holding

Account on different dates may be credited with a different rate of interest. The interest rate, once determined

will never be less than the minimum guaranteed interest rate described below and will not change for the

duration that the funds remain in the Holding Account.

We determine a new minimum guaranteed interest rate each calendar quarter (on each January 1 for the first

calendar quarter, April 1 for the second calendar quarter, July 1 for the third calendar quarter, and October 1 for

the fourth calendar quarter). For subsequent Purchase Payments, the minimum rate of interest credited on

those amounts will be the minimum guaranteed interest rate we determine for the calendar quarter in which

those Purchase Payments are allocated to the Holding Account. The minimum guaranteed interest rate will

never be less than the lesser of:

• An annual rate of interest of 3%; or

• An annual rate of interest determined as follows:

oThe average of the three applicable monthly five-year Constant Maturity Treasury rates

reported by the Federal Reserve (described below), and rounded to the nearest 0.05%;

oMinus 1.25%; and

oSubject to a minimum interest rate of 1.00%.

The three monthly five-year Constant Maturity Treasury rates used in the calculation above are as follows:

• The prior September, October, and November monthly five-year Constant Maturity Treasury rates will

be used to determine the first quarter Minimum Guaranteed Interest Rate effective each January 1;

• The prior December, January, and February monthly five-year Constant Maturity Treasury rates will be

used to determine the second quarter Minimum Guaranteed Interest Rate effective each April 1;

• The prior March, April, and May monthly five-year Constant Maturity Treasury rates will be used to

determine the third quarter Minimum Guaranteed Interest Rate effective each July 1; and

• The prior June, July, and August monthly five-year Constant Maturity Treasury rates will be used to

determine the fourth quarter Minimum Guaranteed Interest Rate effective each October 1.

**Order of Operations for Contract Anniversary Processing**

Step 1: The Accumulation Credit Factors and Accumulation Unit Value are calculated and applied to the

Accumulation Units and Accumulation Credits to determine the Contract Value on Contract Anniversary.

Step 2: Transactions effective on the Contract Anniversary are processed first from the Variable Account Value

until depleted then Risk Control Account Value in the following order, from first to last:

• Deposits, then

• Death Benefit, then

• Withdrawals, then

• Transfers, then

• Surrender, then

• Annuitization

Step 3: The beginning Accumulation Credit Factors, Accumulation Credits, Accumulation Unit Value, and

Accumulation Units are determined for the next Contract Year.

**CHARGES AND ADJUSTMENTS**

**Contract Fee**

The annual Contract Fee percentage is 1.50% for Series B Contracts and 1.75% for Series C Contracts. We

deduct a Contract Fee from your Contract Value in the Variable Subaccounts and Risk Control Accounts on a

daily basis to compensate us for the expenses, expense risks, and mortality risk we assume under the

Contract.

The Contract Fee assessed against Contract Value held in the Variable Subaccounts is equal on an annual

basis to the annual Contract Fee percentage multiplied by the average daily value of the Contract Value held in

the Variable Subaccounts. The deduction of the Contract Fee reduces the Accumulation Unit Value for each

Variable Subaccount in which you are invested.

The Contract Fee assessed against Contract Value held in the Risk Control Accounts is equal on an annual

basis to the annual Contract Fee percentage multiplied by the Accumulation Credit Factor for each Risk Control

Account at the start of the Risk Control Account Year. The deduction of the Contract Fee reduces the

Accumulation Credit Factor for each Risk Control Account in which you are invested, thereby reducing the

Index interest credited, if any, to values held in the Risk Control Accounts.

We do not assess the Contract Fee against Contract Value held in the Holding Account.

**Surrender Charge (For Series B Contracts)** 

For Series B Contracts, we deduct a Surrender Charge from each Purchase Payment withdrawn during the five

years following the allocation of such Purchase Payment that exceeds the Annual Free Withdrawal Amount.

The deduction of the Surrender Charge will reduce the amount you receive from a partial withdrawal or

surrender of the Contract during the Accumulation Period. Each Purchase Payment has an individual Surrender

Charge schedule which begins when the Purchase Payment is credited to your Contract and continues for a

period of five years, as shown in the table below. The amount of the Surrender Charge is determined

separately for each Purchase Payment withdrawn and is expressed as a percentage of the Purchase Payment

as follows:

---

| | |
|:---|:---|
| **Number of Years Since** <br>**Purchase Payment Credited**<br>| **Surrender Charge as a Percent of** <br>**Purchase Payments Withdrawn**<br>|
| Less than 1 | 9% |
| At least 1 but less than 2 | 9% |
| At least 2 but less than 3 | 8% |
| At least 3 but less than 4 | 7% |
| At least 4 but less than 5 | 6% |
| 5 or more | 0% |

---

For purposes of calculating the Surrender Charge, Purchase Payments are assumed to be withdrawn on a first-

in-first-out basis. This means that Purchase Payments that were allocated to your Contract first are considered

to be withdrawn first and Purchase Payments are considered to be withdrawn before Earnings. Therefore,

withdrawals will be processed to occur in the following order: (1) Purchase Payments that are no longer subject

to a Surrender Charge as of the date of the withdrawal; (2) your Annual Free Withdrawal Amount; (3) Purchase

Payments that are subject to a Surrender Charge on a first-in-first-out basis; and (4) Earnings, if any, after all

Purchase Payments have been withdrawn. We will deduct the Surrender Charge from your withdrawal

proceeds. We will deduct the Surrender Charge before we apply any Market Value Adjustment to withdrawal

proceeds from the Risk Control Accounts. For examples of how we calculate the Surrender Charge, please

refer to the Statement of Additional Information.

We will not assess the Surrender Charge on:

• Withdrawals under the Nursing Home or Hospital/Terminal Illness waiver described below;

• Required minimum distributions under the Internal Revenue Code that are withdrawn under the

systematic withdrawal program provided by the Company;

• Withdrawal of Risk Control Account Value on a Risk Control Account Maturity Date;

• Purchase Payments that are no longer subject to a Surrender Charge as of the date of the partial

withdrawal or full surrender;

• Your Annual Free Withdrawal Amount;

• Earnings, if any, after all Purchase Payments have been withdrawn;

• Death;

• At the time Contract Value is applied to an Income Payout Option; and

• Transfers.

We will not deduct a Surrender Charge in the case of a partial withdrawal or surrender where the Owner or

Annuitant qualifies for the Nursing Home or Hospital or Terminal Illness waiver, as described below. Before

granting the waiver, we may request a second opinion or examination of the Owner or Annuitant by one of our

examiners. We will bear the cost of such second opinion or examination. Each waiver may be exercised only

one time.

• <u>Nursing Home or Hospital Waiver.</u> We will not deduct a Surrender Charge in the case of a partial

withdrawal or surrender where any Owner or Annuitant is confined to a licensed Nursing Home or

Hospital, and has been confined to such Nursing Home or Hospital for at least 180 consecutive days

after the latter of the Contract Issue Date or the date of change of the Owner or Annuitant. A hospital

refers to a facility that is licensed and operated as a hospital according to the law of the jurisdiction in

which it is located. A nursing home refers to a facility that is licensed and operates as a nursing facility

according to the law of the jurisdiction in which it is located. We require verification of confinement to

the Nursing Home or Hospital, and such verification must be signed by the administrator of the facility

(not available in Massachusetts).

• <u>Terminal Illness Waiver.</u> We will not deduct a Surrender Charge in the case of a partial withdrawal or

surrender where any Owner or Annuitant has a life expectancy of 12 months or less due to illness or

accident. As proof, we require a determination of the Terminal Illness. Such determination must be

signed by the licensed physician making the determination after the latter of Contract Issue Date or the

date of change of the Owner or Annuitant. The physician may not be a member of your or the

Annuitant's immediate family (not available in New Jersey).

The laws of your state may limit the availability of the Surrender Charge waivers and may also change certain

terms and/or benefits under the waivers. You should consult [Appendix](#i76f24c8c799849c988d569378ee02db3_67)<u>[B](#i76f24c8c799849c988d569378ee02db3_67)</u> and your Contract for further details on

these variations. Also, even if you do not pay a Surrender Charge because of the waivers, a Market Value

Adjustment may apply and you may be required to pay taxes on the amount withdrawn. You should consult a

tax advisor to determine the effect of a partial withdrawal on your taxes.

Surrender Charges offset promotion, distribution expenses, and investment risks borne by the Company. To the

extent Surrender Charges are insufficient to cover these risks and expenses, the Company will pay for the

costs that it incurs out of the Contract Fees it collects and from its General Account.

Surrender Charges do not apply to Series C Contracts.

**Market Value Adjustment (MVA)**

The Market Value Adjustment is a positive or negative adjustment that may be made to the amount you receive

if you surrender the Contract or take a partial withdrawal from the Risk Control Accounts during the

Accumulation Period. In general, if interest rate levels have increased at the time of surrender or partial

withdrawal over their levels at the Risk Control Account Start Date, the Market Value Adjustment will be

negative. Conversely, in general, if interest rate levels have decreased at the time of surrender or partial

withdrawal over their levels at the Risk Control Account Start Date, the Market Value Adjustment will be

positive.

The Market Value Adjustment only applies to withdrawals from the Risk Control Accounts and is calculated

separately for each Risk Control Account. The Market Value Adjustment applies during every Risk Control

Account Period, for the entire Risk Control Account Period. This means it applies for the initial 5-year Risk

Control Account Period, is zero on the Risk Control Account Maturity Date, and restarts for any subsequent 5-

year Risk Control Account Period. A surrender or partial withdrawal from a Risk Control Account on a Risk

Control Account Maturity Date is not subject to a Market Value Adjustment.

You may obtain information about your Contract Value, including any applicable Market Value Adjustment, by

calling us. Contract Values are calculated at the end of each Business Day and therefore fluctuate daily. As a

result, the Contract Value may be higher or lower at the time a requested transaction is completed than it was

when you requested information.

**A negative Market Value Adjustment could significantly decrease the amount you receive from a partial** 

**withdrawal or your Surrender Value. It is possible in extreme circumstances to lose up to 100% of your** 

**principal and previously credited interest due to the Market Value Adjustment regardless of the Risk** 

**Control Account to which you allocated Contract Value. You directly bear the investment risk** 

**associated with a Market Value Adjustment. You should carefully consider your income needs before** 

**purchasing the Contract.**

***Purpose of the Market Value Adjustment.*** The Market Value Adjustment helps protect us from market losses

related to changes in the value of the fixed income investments and other investments we use to back the

guarantees under your Contract from the Risk Control Account Start Date to the time of a surrender or partial

withdrawal if we have to sell those investments early to pay the surrender or partial withdrawal.

***Application and Waiver.*** For each Risk Control Account, we will calculate the Market Value Adjustment as of

the date we receive your Authorized Request. If the Market Value Adjustment is positive, we will increase your

Surrender Value or amount you receive from a partial withdrawal by the amount of the positive Market Value

Adjustment. If the Market Value Adjustment is negative, we will decrease the Surrender Value or amount you

receive from a partial withdrawal by the amount of the negative Market Value Adjustment.

We will **<u>not</u>** apply a Market Value Adjustment to:

1. Death Benefit proceeds;

2. Transfers;

3. Partial withdrawals taken as required minimum distributions under the Internal Revenue Code that are

withdrawn under a systematic withdrawal program we provide;

4. Application of Contract Value to an Income Payout Option;

5. Partial withdrawals and surrenders from a Risk Control Account on the Risk Control Account Maturity

Date;

6. Partial withdrawals and surrenders from the Holding Account and the Variable Subaccounts; and

7. Amounts withdrawn for the Contract Fee.

No withdrawals or surrenders can be taken once Contract Value has been allocated to an Income Payout

Option, therefore no Market Value Adjustment will apply after the end of the Accumulation Period.

***Market Value Adjustment Calculation.*** The Market Value Adjustment reflects, in part, the difference in yield of

the Constant Maturity Treasury rate for a period consistent with the Risk Control Account Period beginning on

the Risk Control Account Start Date and the yield of the Constant Maturity Treasury rate for a period starting on

the date of surrender or partial withdrawal and ending on the Risk Control Account Maturity Date. The Constant

Maturity Treasury rate is a rate representing the average yield of various Treasury securities. The calculation

also reflects in part the difference between the effective yield of the ICE BofA 1-10 Year U.S. Corporate

Constrained Index, Asset Swap Spread (the "ICE BofAML Index"), a rate representative of investment grade

corporate debt credit spreads in the U.S., on the Risk Control Account Start Date and the effective yield of the

ICE BofAML Index at the time of surrender or partial withdrawal. The greater the difference in those yields,

respectively, the greater the effect the Market Value Adjustment will have.

The amount of the Market Value Adjustment also reflects in part any change in the Accumulation Credit Factor

for the Risk Control Account(s) determined at the time of surrender or partial withdrawal. We use the change in

the Accumulation Credit Factor measured from the last Risk Control Account Anniversary (prior Accumulation

Credit Factor) to the date of surrender or partial withdrawal (current Accumulation Credit Factor) to increase or

decrease the amount of the Market Value Adjustment. If the change in the Accumulation Credit Factor, the

current Accumulation Credit Factor divided by the prior Accumulation Credit Factor, is positive (greater than

one), we divide the amount of the withdrawal subject to the Market Value Adjustment by the change in the

Accumulation Credit Factor, which will decrease the amount subject to the market value adjustment factor and

thereby reduce the amount of any positive or negative Market Value Adjustment. Conversely, if the change is

negative (less than one), we divide the amount of the withdrawal subject to the Market Value Adjustment by the

change in the Accumulation Credit Factor, which will increase the amount subject to the market value

adjustment factor and therefore increase the amount of any positive or negative Market Value Adjustment. If

there is no change in the Accumulation Credit Factor (the current Accumulation Credit Factor divided by the

prior Accumulation Credit Factor equals one), there will be no change in the amount of the withdrawal subject

to the market value adjustment factor and in the amount of any positive or negative Market Value Adjustment.

For information about the Market Value Adjustment Formula and examples of how we calculate Market Value

Adjustments, see the Statement of Additional Information.

**Underlying Fund Fees and Expenses**

There are fees and expenses charged by the mutual funds underlying the Variable Subaccounts. The fees and

expenses incurred are described in the Funds' prospectuses.

**Other Transaction and Administrative Charges**

***Transfer Fee.*** Currently no fee is charged for transfers among the Risk Control Accounts and Variable

Subaccounts. However, we reserve the right to impose a transfer fee of $25 per transfer after the first 12

transfers in a Contract Year. Each Written Request or telephone/fax authorization is considered to be one

transfer, regardless of the number of Subaccounts affected by the transfer. The fee is deducted on a Pro Rata

basis first from any Variable Subaccount, then, if there are insufficient funds, from the Risk Control Accounts on

a Pro Rata basis after the other funds are exhausted.

***Research Fee.*** We may charge you a fee of up to $50 when you request information that is duplicative of

information previously provided to you and requires research on our part. The fee is deducted on a Pro Rata

basis according to the current values in the accounts, first from any Variable Subaccounts, then, if there are

insufficient funds, from the Holding Account and then from the Risk Control Accounts on a Pro Rata basis after

all the other funds are exhausted.

***Wire Transfer Fee.*** We may charge you a fee of up to $90 when you request a wire transfer of funds from your

Contract. The fee reimburses us for the costs we incur in sending funds by wire transfer. The wire transfer fee

is deducted on a Pro Rata basis according to current values in the accounts, first from any Variable

Subaccounts, then, if there are insufficient funds, from the Holding Account and then from the Risk Control

Accounts on a Pro Rata basis after all the other funds are exhausted.

***Express Mail Charge.*** We reserve the right to charge you a fee of up to $35 when you request that a check or

other documents be sent via express mail. The express mail charge reimburses us for the costs we incur when

sending materials by express mail. The fee is deducted on a Pro Rata basis according to current values in the

accounts, first from any Variable Subaccounts, then, if there are insufficient funds, from the Holding Account

and then from the Risk Control Accounts on a Pro Rata basis after all the other funds are exhausted.

***Duplicate Contract Charge.*** You can obtain a summary of your Contract at no charge. However, we will

assess a $30 charge for each copy of your Contract that you request. A request for a duplicate copy of the

Contract must be made by a Written Request in Good Order. The fee is deducted on a Pro Rata basis

according to current values in the accounts, first from any Variable Subaccounts, then, if there are insufficient

funds, from the Holding Account and then from the Risk Control Accounts on a Pro Rata basis after all the other

funds are exhausted.

**Premium Taxes**

Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your

state, may also apply. However, premium taxes are not currently charged to Contract holders. State premium

taxes currently range from 0% to 3.5% of Purchase Payments.

**Other Information**

We assume investment risks and costs in providing the guarantees under the Contract. These investment risks

include the risks we assume in providing the Floors for the Risk Control Accounts, the surrender rights available

under the Contract, the Death Benefit and the income benefits. We must provide the rates and benefits set forth

in your Contract regardless of how our General Account investments that support the guarantees we provide

perform. To help manage our investment risks, we engage in certain risk management techniques. There are

costs associated with those risk management techniques. You do not directly pay the costs associated with our

risk management techniques. However, we take those costs into account when we set rates and guarantees

under your Contract.

**ACCESS TO YOUR MONEY**

**Partial Withdrawals**

At any time during the Accumulation Period you may make partial withdrawals by Authorized Request. The

minimum partial withdrawal amount is $100. Although withdrawal of Risk Control Account Value is generally not

permitted while there is Variable Subaccount Value, you may withdraw Risk Control Account Value on the Risk

Control Account Maturity Date. You may provide specific instructions for withdrawal of Variable Subaccount

Value. If you do not provide specific instructions, withdrawals will be processed on a Pro Rata basis from the

value in all Variable Subaccounts. If there is insufficient Variable Subaccount Value, Holding Account Value will

be withdrawn. If there is insufficient Holding Account Value, the Risk Control Account Value will be withdrawn

on a Pro Rata basis. Any applicable Surrender Charge and/or Market Value Adjustment will affect the amount

available for a partial withdrawal. We will pay you the amount you request in connection with a partial

withdrawal by redeeming Accumulation Units from the appropriate Variable Subaccounts, withdrawing Holding

Account Value, and/or redeeming Accumulation Credits from the appropriate Risk Control Accounts, if

applicable.

To make a partial withdrawal, you must do so by Authorized Request. Partial withdrawals for less than $25,000

and changes to systematic withdrawals are permitted by telephone and in writing. The written consent of all

Owners and Irrevocable Beneficiaries must be obtained before we will process the partial withdrawal. If an

Authorized Request is received by 4:00 P.M. Eastern Time, it will be processed that day. If an Authorized

Request is received at or after 4:00 P.M. Eastern Time, it will be processed on the next Business Day.

If a partial withdrawal would cause your Surrender Value to be less than $2,000, we will provide written notice

that the Contract will be surrendered 15 Business Days following mailing of the notice unless the Surrender

Value is increased to the minimum required value of $2,000.

**The Contract may not be appropriate for investors who plan to take withdrawals or surrender the** 

**Contract. Partial withdrawals may be subject to Surrender Charges (for Series B Contracts) and/or a** 

**Market Value Adjustment (for Risk Control Accounts only). See "[Benefits Available Under the Contract](#i76f24c8c799849c988d569378ee02db3_46)"** 

**and "<u>[Charges and Adjustments](#i76f24c8c799849c988d569378ee02db3_40)</u>" for more details. Partial withdrawals are subject to income tax and, if** 

**taken before age 59½, a 10% additional tax may apply. You should consult your tax advisor before** 

**taking a partial withdrawal. See "[Federal Income Tax Matters](#i76f24c8c799849c988d569378ee02db3_52)."**

**Systematic Withdrawals**

You may elect to receive periodic partial withdrawals under our systematic withdrawal plan. Under the

systematic withdrawal plan, we will make partial withdrawals (on a monthly, quarterly, semi-annual, or annual

basis), as specified by you. Although the Contract permits such withdrawals from the Risk Control Accounts

before the end of the term, these withdrawals may have an adverse effect on your values under the Contract. If

you intend to make ongoing withdrawals, you should consult a financial professional to determine whether the

Contract is appropriate for you. See "[Benefits Available Under the Contract – Systematic Withdrawals](#i76f24c8c799849c988d569378ee02db3_46)."

**Surrenders**

You may surrender your Contract for the Surrender Value at any time during the Accumulation Period by

Authorized Request. The consent of all Owners and Irrevocable Beneficiaries must be obtained before the

Contract is surrendered. If an Authorized Request is received before 4:00 P.M. Eastern Time on a Business

Day, it will be processed that day. If an Authorized Request is received at or after 4:00 P.M. Eastern Time on a

Business Day or on a non-Business Day, it will be processed on the next Business Day.

If you surrender the Contract, you will receive the Surrender Value, as of the Business Day we received your

Authorized Request. The Surrender Value is equal to your Contract Value at the end of the Valuation Period in

which we receive your Authorized Request, minus any applicable Surrender Charge (for Series B Contracts),

adjusted for any applicable Market Value Adjustment for Risk Control Accounts.

**The Surrender Value could be significantly lower than your Contract Value due to the Surrender Charge** 

**(for Series B Contracts) and Market Value Adjustment. Federal income taxes may further reduce the** 

**amount you receive from a surrender, and a 10% additional tax may apply if taken before the Owner is** 

**age 59½. You should consult a tax advisor before requesting a surrender.** Upon payment of the Surrender

Value, the Contract is terminated, and we have no further obligation under the Contract. We may require that

the Contract be returned to our Administrative Office prior to making payment. The Surrender Value will not be

less than the amount required by applicable state law. We will pay you the amount you request in connection

with a full surrender by redeeming Accumulation Units from the Variable Subaccounts and/or Accumulation

Credits from the Risk Control Accounts, and withdrawing Holding Account Value, if applicable.

**Annual Free Withdrawal Amount (For Series B Contracts)**

Each Contract Year, you may withdraw up to 10% of the total Purchase Payments allocated within the five

years preceding the time of the withdrawal for that Contract Year without incurring a Surrender Charge (for

Series B Contracts), although a Market Value Adjustment may apply. As long as the partial withdrawals you

take during a Contract Year do not exceed the Annual Free Withdrawal Amount, we will not assess a Surrender

Charge.

If you make a partial withdrawal of less than the Annual Free Withdrawal Amount, the remaining Annual Free

Withdrawal Amount will be applied to any subsequent partial withdrawal which occurs during the same Contract

Year. Any remaining Annual Free Withdrawal Amount will not carry over to a subsequent Contract Year. Partial

annuitization will count toward the Annual Free Withdrawal Amount.

The Annual Free Withdrawal Amount is subtracted from full surrenders for purposes of calculating the

Surrender Charge.

**Partial Withdrawal and Surrender Restrictions**

Your right to make partial withdrawals and surrender the Contract is subject to any restrictions imposed by any

applicable law or employee benefit plan.

**Right to Defer Payments**

Generally, the amount of any partial withdrawal or full surrender will be paid to you within seven days after we

receive your Authorized Request. With respect to the Risk Control Accounts and the Holding Account, we

reserve the right to postpone payment for up to six months after we receive your Authorized Request, subject to

obtaining prior written approval by the state insurance commissioner if required by the law of the state in which

we issued the Contract. In the event of postponement as described above, we will pay interest on the proceeds

if required by state law, calculated at the effective annual rate and for the time period required under state law.

With respect to Variable Subaccounts, to the extent permitted by applicable law, we reserve the right to

postpone payment of any partial withdrawal or full surrender or Death Benefit proceeds for any period when: (i)

the New York Stock Exchange is closed (other than customary weekend and holiday closings), or the SEC

determines that trading on the exchange is restricted; (ii) the SEC determines than an emergency exists such

that disposal of securities held in the Variable Separate Account, or the termination of their value, is not

reasonably practicable; or (iii) the SEC, by order, permits us to defer payment to protect persons with interests

in the Funds. In addition, pursuant to SEC rules, if the money market fund available as one of the Fund options

(the "Money Market Fund") suspends payment of redemption proceeds in connection with the liquidation of the

Money Market Fund, we may delay a transfer or payment of any partial withdrawal or full surrender from the

Variable Subaccount investing in the Money Market Fund ("Money Market Subaccount") until the Money Market

Fund is liquidated. Moreover, if the Money Market Fund suspends payment of redemption proceeds in

connection with the implementation of liquidity gates by such Money Market Fund, we will delay transfer or

payment of any partial withdrawal or full surrender from the Money Market Subaccount until the removal of

such liquidity gates.

**BENEFITS AVAILABLE UNDER THE CONTRACT**

**The following table summarizes information about the benefits available under the Contract.** The

availability of Variable Subaccounts, Risk Control Accounts, Contract benefits, and other Contract features

described in this Prospectus may vary by state and depending on the broker-dealer through which the Contract

is sold. **See <u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u>.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit** | **Purpose** | **Standard or** <br>**Optional**<br>| **Maximum** <br>**Fee**<br>| **Restrictions and** <br>**Limitations**<br>|
| Death Benefit | Provides a death benefit during <br>the Accumulation Period equal <br>to the Contract Value.<br>| Standard | No Charge | None. |
| Express Portfolios | Provides asset allocation <br>portfolios to assist you in <br>selecting Investment Options. <br>The Express Portfolio use Risk <br>Control Accounts and Variable <br>Subaccounts to accommodate <br>various risk tolerances. <br>| Optional | No Charge | Only available at <br>the time of <br>purchase.<br>|
| Automatic <br>Rebalance Program<br>| Returns your Contract Values <br>to the Allocation Levels on file <br>with us through a rebalancing <br>schedule. <br>| Standard | No Charge | There is a set <br>schedule of when <br>rebalancing occurs <br>at various levels of <br>the Contract.<br>|
| Systematic <br>Withdrawals<br>| Provide payments on a <br>schedule as set up by you.<br>| Optional | No Charge | Withdrawals may <br>be subject to a <br>Surrender Charge <br>(for Series B <br>Contracts) or <br>Market Value <br>Adjustment.<br>|

---

**Death Benefit**

***Death of the Owner***. The Contract provides a Death Benefit during the Accumulation Period. The Death

Benefit terminates on the earlier of the termination of the Contract or when the entire Contract is applied to an

Income Payout Option.

If the Owner dies during the Accumulation Period (if there are joint Owners, the Death Benefit will become

payable after the first joint Owner dies), a Death Benefit will become payable to the Beneficiary. We will pay the

Death Benefit after we receive the following at our Administrative Office in a form and manner satisfactory to us:

• Proof of Death of the Owner while the Contract is in force;

• our claim form from each Beneficiary, properly completed; and

• any other documents we require.

The Death Benefit will equal the Contract Value on the date we receive all the documents listed above. If we

receive Proof of Death before 4:00 P.M. Eastern Time on a Business Day, we will determine the amount of the

Death Benefit as of that day. If we receive Proof of Death at or after 4:00 P.M. Eastern Time, we will determine

the amount of the Death Benefit as of the next Business Day. The Death Benefit proceeds will be paid within 7

days after our receipt of due proof of death and all other required documents as described above.

No Surrender Charges or Market Value Adjustments will apply to the Death Benefit.

Within 60 days after we receive Proof of Death, the Beneficiary must elect the payment method for the Death

Benefit. Those options are described below. We will pay the Death Benefit in a manner that complies with the

requirements of Section 72(s) or 401(a)(9) of the Internal Revenue Code, as applicable. If one or more

Beneficiaries do not elect a payment method within 60 days of our receipt of due proof of death of the Owner,

we will pay the Death Benefit proceeds to those Beneficiaries who did elect a payment method according to the

payment method elected by the Beneficiary. If the Beneficiary has not elected a payment method, the

Beneficiary's interest in the Contract will be distributed as a lump sum immediately following the 60-day period.

***Death of Annuitant While the Owner is Living.*** If an Owner is a non-natural person, and an Annuitant dies

during the Accumulation Period the following will occur: (i) if there is a surviving Joint Annuitant, the surviving

Joint Annuitant will become the Annuitant; and (ii) if there is no Joint Annuitant, the Owner (Primary Owner if

Joint Owner) will become the Annuitant. If, however, the Owner is a non-natural person, and an Annuitant dies

during the Accumulation Period the following will occur: (i) The death of any Annuitant will be treated as the

death of the Owner and Death Benefit proceeds must be distributed in accordance with the Death Benefit

Options; and (ii) if there is no Joint Annuitant, the Beneficiary must elect to receive the Death Benefit proceeds.

If you have any questions concerning the criteria you should use when choosing Annuitants under the Contract,

or the treatment of your Contract, consult your legal counsel or financial professional.

***Death Benefit Payment Options.*** The following rules apply to the payment of the Death Benefit under a Non-

Qualified Contract:

• ***Spouses*** – If the sole Beneficiary is the surviving Spouse of the deceased Owner, then he or she may

choose to continue the Contract and become the new Owner (except under certain Qualified

Contracts). At the death of the surviving Spouse, this provision may not be used again, even if that

surviving Spouse remarries. In that case, the rules for non-Spouses will apply. A surviving Spouse may

also elect to receive the Death Benefit proceeds in a lump sum, apply the proceeds to an Income

Payout Option, or receive the Death Benefit proceeds within five years of the date of the Owner's

death.

• ***Non-Spouses*** – If the Beneficiary is not the surviving Spouse of the deceased Owner, then this

Contract cannot be continued. Instead, upon the death of any Owner, the Beneficiary must choose one

of the following:

oReceive the Death Benefit (if the Beneficiary is a natural person) pursuant to one of the Income

Payout Options. Payments under an Income Payout Option must begin within one year of the

Owner's death and must not extend beyond the Beneficiary's life expectancy;

oReceive the Death Benefit in one lump sum following our receipt of Proof of Death; or

oReceive the Death Benefit in one lump sum, deferred for up to five years from the date of the

Owner's death.

Upon receipt of Proof of Death, the Beneficiary must instruct us how to treat the proceeds subject to the

distribution rules discussed above. Other minimum distribution rules apply to Qualified Contracts.

***Death of Owner or Annuitant On or After the Payout Date.*** If an Annuitant dies during the Payout Period,

remaining income payments or Death Benefit proceeds, if any, will be distributed as provided by the Income

Payout Option in effect. The Income Payout Option in effect will determine whether additional income payments

or a Death Benefit apply.

If an Owner dies during the Payout Period, any remaining income payments will be distributed at least as

rapidly as provided by the Income Payout Option in effect.

***Interest on Death Benefit Proceeds.*** Interest will be paid on lump sum Death Benefit proceeds if required by

state law. Interest, if any, will be calculated at the rate and for the time period required by state law.

***Abandoned Property Requirements.*** Every state has unclaimed property laws which generally declare

annuity contracts to be abandoned after a period of inactivity of three to five years from the date the Death

Benefit is due and payable. For example, if the payment of a Death Benefit has been triggered, but, if after a

thorough search, we are still unable to locate the Beneficiary, or the Beneficiary does not come forward to claim

the Death Benefit in a timely manner, the Death Benefit will be paid to the abandoned property division or

unclaimed property office of the state in which the Beneficiary or you last resided, as shown on our books and

records, or to our state of domicile. The "escheatment" is revocable, however, and the state is obligated to pay

the Death Benefit (without interest) if your Beneficiary steps forward to claim it with the proper documentation.

The distribution of annuity contracts to the state abandoned property division is subject to tax information

reporting, federal income tax withholding and state income tax withholding, where applicable. To prevent such

escheatment, it is important that you update your Beneficiary designations, including addresses, if and as they

change. To make such changes, please contact us by writing to us or calling us at our Administrative Office.

**Express Portfolios**

Certain asset allocation portfolios or "Express Portfolios" are available to assist you in selecting Investment

Options. At the time you purchase the Contract, you may elect to allocate all of your Purchase Payments

according to one of the Express Portfolios. Each Express Portfolio allocates your Purchase Payments among

the Variable Subaccounts and Risk Control Accounts based on a specified allocation percentage for each

Investment Option available under the Express Portfolio. Each Express Portfolio employs different investment

styles and allocates Purchase Payments among Investment Options to match a specified level of risk tolerance

(e.g., conservative, moderate and aggressive). You and your investment adviser can use an Express Portfolio

as a tool to help select a menu of investment options under the Contract that matches your level of risk

tolerance. There is no separate charge for selecting an Express Portfolio.

The Express Portfolios are only available on or before the Contract Issue Date. You may select only one

Express Portfolio and you must allocate 100% of your initial Purchase Payment to that Express Portfolio. Each

Express Portfolio contains several different Investment Options that in combination may create different

degrees of exposure to market risks and corresponding opportunities for more potential growth, while other

combinations of investment options may offer different degrees of protection from market risks but lower growth

potential. If you elect to invest according to one of the Express Portfolios, we will invest your initial Purchase

Payment according to the specified allocation percentages of the Express Portfolio you selected.

If you make additional Purchase Payments, the Purchase Payments will be invested according to the allocation

percentages of your Express Portfolio, subject to additional requirements described in "<u>[Allocating Your](#i76f24c8c799849c988d569378ee02db3_28)</u> 

<u>[Purchase Payments](#i76f24c8c799849c988d569378ee02db3_28)</u>." If you submit new allocation instructions after the Contract Issue Date, these instructions

will replace your existing instructions and will terminate your participation in the Express Portfolio. Changes to

instructions for the Variable Subaccounts will take effect on the date we receive the request. Changes to

instructions for investments in the Risk Control Accounts will take effect following our receipt of the request in

Good Order either on the next Risk Control Account Anniversary or Risk Control Maturity Date, depending on

the change requested. In either case, you will not be able to select a new Express Portfolio. However, you can

always submit new allocation instructions that replicate the allocation percentages under an existing Express

Portfolio.

If you are interested in the Express Portfolios, you should consult your investment adviser. In providing these

Express Portfolios, we are not providing investment advice. You are responsible for determining which Express

Portfolio is best for you. The Express Portfolios are an allocation tool, and investing by means of an Express

Portfolio does not ensure a profit or protect against a loss. The compositions of the Express Portfolios may vary

over time. The composition of the Express Portfolio you select will not change unless a Variable Subaccount or

Risk Control Account option is discontinued, you terminate your Express Portfolio by amending your allocation

instructions, or you discontinue an Automatic Rebalance Program at levels C or V. We reserve the right to

discontinue current Express Portfolios and making available new Express Portfolios in the future.

**Automatic Rebalance Program**

During the Accumulation Period, we will automatically rebalance your Contract Value among the Risk Control

Accounts and/or Variable Subaccounts on specified dates based on your most recent allocation instructions

that we have on file. See "<u>[Allocating Your Purchase Payments - Reallocations - Automatic Rebalance Program](#i653542fe93504955ac04cc5588139ee2_28973)</u>"

for more details.

**Systematic Withdrawals**

You may elect to receive periodic partial withdrawals under our systematic withdrawal plan either at the time of

application or at any other time by Authorized Request. Under the systematic withdrawal plan, we will make

partial withdrawals (on a monthly, quarterly, semi-annual, or annual basis), as specified by you. Such

withdrawals must be at least $100 each. Generally, you must be at least age 59½ to participate in the

systematic withdrawal plan. The withdrawals may be requested on the following basis:

• As a specified dollar amount; or

• In an amount equal to your required minimum distribution under the Internal Revenue Code.

For systematic withdrawals of Variable Subaccount Value, you may provide specific withdrawal instructions. If

you do not provide instructions or if there is insufficient Variable Subaccount Value for the specified

subaccounts, withdrawals will be processed on a Pro Rata basis from the value in all Variable Subaccounts. If

there is insufficient Variable Subaccount Value, Holding Account Value will be withdrawn. If there is insufficient

Holding Account Value, Risk Control Account Value will be withdrawn on a Pro Rata basis. No Surrender

Charges or Market Value Adjustment will be deducted from systematic withdrawals to satisfy minimum required

distributions established by the Internal Revenue Code. Other systematic withdrawals may be subject to

Surrender Charges (for Series B Contracts) if they exceed the 10% Annual Free Withdrawal Amount. A Market

Value Adjustment will be applied to all amounts taken from a Risk Control Account unless the systematic

withdrawals are taken to satisfy minimum required distribution obligations. Although the Contract permits such

withdrawals from the Risk Control Accounts before the end of the term, these withdrawals may have an

adverse effect on your values under the Contract. If you intend to make ongoing withdrawals, you should

consult a financial professional to determine whether the Contract is appropriate for you.

Participation in the systematic withdrawal plan will terminate on the earliest of the following events:

• The Surrender Value falls below the minimum required value of $2,000;

• A termination date that you have specified is reached;

• You request that your participation in the plan cease; or

• The Payout Date is reached.

There are federal income tax consequences to partial withdrawals through the systematic withdrawal plan and

you should consult with your tax advisor before electing to participate in the plan. We may discontinue offering

the systematic withdrawal plan at any time.

**INCOME PAYMENTS – THE PAYOUT PERIOD**

**Payout Date**

When you purchase the Contract, we will set the Payout Date as the Contract Anniversary following the

Annuitant's 95th birthday. If there are Joint Annuitants, we will set the Payout Date based on the age of the

oldest Joint Annuitant. Please refer to the Data Page of your Contract for details.

You may change the Payout Date by sending an Authorized Request, provided: (i) the request is made while an

Owner is living; (ii) the request is received at our Administrative Office at least 30 days before the anticipated

Payout Date; (iii) the requested Payout Date is at least two years after the Contract Issue Date; and (iv) the

requested Payout Date is no later than the anticipated Payout Date as shown on your Data Page. Any such

change is subject to any maximum maturity age restrictions that may be imposed by law.

**Payout Period**

The Payout Period is the period of time that begins on the Payout Date and continues until we make the last

payment as provided by the Income Payout Option chosen. On the first day of the Payout Period, your Contract

Value will be applied to the Income Payout Option you selected. A Surrender Charge and Market Value

Adjustment will not apply to proceeds applied to an Income Payout Option. You cannot change the Annuitant or

Owner on or after the Payout Date for any reason. When the Payout Period begins, you will no longer be able

to make withdrawals.

**Terms of Income Payments**

We use fixed rates of interest to determine the amount of fixed income payments payable under the Income

Payout Options. Fixed income payments are periodic payments from us to the designated Payee, the amount

of which is fixed and guaranteed by us. The amount of each payment depends on the form and duration of the

Income Payout Option chosen, the age of the Annuitant, the gender of the Annuitant (if applicable), the amount

applied to purchase the Income Payments and the applicable income purchase rates in the Contract. The

income purchase rates in the Contract are based on a minimum guaranteed interest rate of 1%. We may, in our

discretion and on a non-discriminatory basis, make Income Payments in an amount based on a higher interest

rate. Once income payments begin, you cannot change the terms or method of those payments. We do not

apply a Surrender Charge or Market Value Adjustment to income payments.

We will make the first income payment on the Payout Date. We may require proof of age and gender (if the

Income Payout Option rate is based on gender) of the Annuitant/Joint Annuitants before making the first income

payment. To receive income payments, the Annuitant/Joint Annuitant must be living on the Payout Date and on

the date that each subsequent payment is due as required by the terms of the Income Payout Option. We may

require proof from time to time that this condition has been met.

**Electing an Income Payout Option**

You and/or the Beneficiary may elect to receive one of the Income Payout Options described below. The

Income Payout Option and distribution, however, must satisfy the applicable distribution requirements of

Section 72(s) or 401(a)(9) of the Internal Revenue Code, as applicable.

The election of an Income Payout Option must be made by Authorized Request. The election is irrevocable

after the payments commence. The Payee may not assign or transfer any future payments under any option.

The amount applied under each option must be at least $2,500, or the amount required to provide an initial

monthly income payment of $20. If the Contract Value is less than $2,500, we may make a lump sum payment

equal to the Contract Value in lieu of income payments.

We will make income payments monthly, quarterly, semiannually, or annually for the Installment Option. Life

Income and Joint Survivor options allow monthly income payments. We will also furnish the amount of such

payments on request. Payments that are less than $20 will only be made annually.

If you do not select an Income Payout Option, we will make monthly payments on the following basis, unless

the Internal Revenue Code requires that we pay in some other manner in order for this Contract to qualify as an

annuity or to comply with Section 401(a)(9), in which case we will comply with those requirements;

• Life Income Option with a 10-Year Guaranteed Period Certain (as described below) for Contracts with

one Annuitant; and

• Joint and Survivor Life Income Option with a 10-Year Guaranteed Period Certain (as described below)

for Contracts with two Annuitants.

You may change your Income Payout Option any time before payments begin on the Payout Date.

**Income Payout Options**

We offer the following Income Payout Options described below. The frequency and duration of income

payments will affect the amount you receive with each payment. In general, if income payments are expected

to be made over a longer period of time, the amount of each income payment will be less than the amount of

each income payment if income payments are expected to be made over a shorter period of time. Similarly,

more frequent income payments will result in the amount of each income payment being lower than if income

payments were made less frequently for the same period of time.

***Option 1 -- Installment Option.*** We will pay monthly income payments for a chosen number of years, not less

than 10, nor more than 30. If the Annuitant dies before income payments have been made for the chosen

number of years: (a) income payments will be continued for the remainder of the period to the Payee; or (b)

the present value of the remaining income payments, computed at the interest rate used to create the Option 1

rates, will be paid to the Payee or to the Owner, if there is no surviving Payee. For purposes of the present

value calculation, guaranteed rates will be used.

***Option 2 -- Life Income Option -- Guaranteed Period Certain.*** We will pay monthly income payments for as

long as the Annuitant lives. If the Annuitant dies before all the income payments have been made for the

guaranteed period certain: (a) income payments will be continued for the remainder of the guaranteed period

to the Payee; or (b) the present value of the remaining income payments, computed at the interest rate used to

create the Option 2 rates, will be paid to the Payee or to the Owner, if there is no surviving Payee. For

purposes of the present value calculation, guaranteed rates will be used. The guaranteed period certain

choices are 0 (life income only), 5, 10, 15, or 20 years.

***Option 3 -- Joint and Survivor Life Income Option – Guaranteed Period Certain.*** We will pay monthly

income payments for as long as either of the Annuitants lives. If at the death of the second surviving Annuitant,

income payments have been made for less than 10 years: (a) income payments will be continued for the

remainder of the guaranteed period certain to the Payee; or (b) the present value of the remaining income

payments, computed at the interest rate used to create the Option 3 rates, will be paid to the Payee or to the

Owner, if there is no surviving Payee. For purposes of the present value calculation, guaranteed rates will be

used.

The Income Payout Options described above may not be offered in all states. Any state variations are

described in [Appendix](#i76f24c8c799849c988d569378ee02db3_67)<u>[B](#i76f24c8c799849c988d569378ee02db3_67)</u>. Further, we may offer other Income Payout Options. More than one option may be

elected. If your Contract is a Qualified Contract, not all options may satisfy required minimum distribution rules.

In addition, note that effective for Qualified Contract Owners who die on or after January 1, 2020, subject to

certain exceptions, most non-spouse designated beneficiaries must now complete death benefit distributions

within ten years of the Owner's death to satisfy required minimum distribution rules. Consult a tax advisor.

Option 2 and Option 3 pay monthly income payments. We do allow partial annuitization. Partial annuitization

will count toward the Annual Free Withdrawal Amount.

**FEDERAL INCOME TAX MATTERS**

The following discussion is general in nature and is not intended as tax advice. Each person concerned should

consult a competent tax advisor. No attempt is made to consider any applicable state or other income tax laws,

any state and local estate or inheritance tax, or other tax consequences of ownership or receipt of distributions

under a Contract.

**General Tax Treatment**

When you invest in an annuity contract, you usually do not pay taxes on your investment gains until you

withdraw the money—generally for retirement purposes.

If you invest in an annuity as part of an individual retirement plan, pension plan or employer-sponsored

retirement program, your contract is called a Qualified Contract. The tax rules applicable to Qualified Contracts

vary according to the type of retirement plan and the terms and conditions of the plan.

If your annuity is independent of any formal retirement or pension plan, it is termed a Non-Qualified Contract.

Tax law imposes several requirements that annuities must satisfy to receive the tax treatment normally

accorded to annuity contracts. We believe that the Contracts will qualify as annuity contracts for Federal

income tax purposes and this discussion is based on that assumption. Non-Qualified Contracts contain

provisions that are intended to comply with these Internal Revenue Code requirements; we intend to review

such provisions and modify them, if necessary, to assure that they comply with the applicable requirements

when such requirements are clarified by regulation or otherwise. Other rules may apply to Qualified Contracts.

**Diversification Requirements**

Section 817(h) of the Internal Revenue Code provides that separate account investments underlying a contract

must be "adequately diversified" in accordance with Treasury regulations for the Contract to qualify as an

annuity contract under Section 72 of the Internal Revenue Code. The Variable Account, through each Fund,

intends to comply with the diversification requirements prescribed in regulations under Section 817(h) of the

Internal Revenue Code, which affect how the assets in the various Subaccounts may be invested. Although we

do not have direct control over the Funds in which the Variable Account invests, we believe that each Fund in

which the Variable Account owns shares will meet the diversification requirements, and therefore, the Contract

will be treated as an annuity contract under the Internal Revenue Code.

**Owner Control**

In certain circumstances, owners of variable annuity contracts have been considered for Federal income tax

purposes to be the owners of the assets of the separate account supporting their contracts due to their ability to

exercise investment control over those assets. When this is the case, contract owners have been currently

taxed on income and gains attributable to the variable account assets. There is limited guidance in this area,

and some features of the Contract, such as the flexibility of an Owner to allocate premium payments and

transfer amounts among the investment divisions of the separate account, have not been explicitly addressed

in published rulings. While we believe that the Contract does not give Owners investment control over separate

account assets, we reserve the right to modify the Contract as necessary to prevent an Owner from being

treated as the Owner of the separate account assets supporting the Contract.

**Taxation of Withdrawals** 

***Non-Qualified Contracts.*** When a partial withdrawal from a Non-Qualified Contract occurs, the amount

received will be treated as ordinary income subject to tax up to an amount equal to the excess (if any) of the

Contract Value, without adjustment for any applicable Surrender Charge, immediately before the distribution

over the Owner's investment in the Contract (generally, the Purchase Payments or other consideration paid for

the Contract, reduced by any amount previously distributed from the Contract that was not subject to tax) at

that time. In the case of a full surrender under a Non-Qualified Contract, the amount received generally will be

taxable only to the extent it exceeds the Owner's investment in the Contract.

***Qualified Contracts.*** In the case of a withdrawal under a Qualified Contract, you are taxed based on the

portion of the withdrawal that exceeds your "investment in the contract" (often referred to as cost basis). For

Qualified Contracts, you typically have not paid tax on the Purchase Payment contributed to your Contract, and

therefore there is generally no cost basis. As a result, most amounts withdrawn from the Contract will be

treated as fully taxable ordinary income. Exceptions to this general rule include withdrawals from Roth IRAs

and IRAs where you have separately tracked and reported any after-tax contributions that you have made. We

generally do not track employee contributions. You should consult your tax advisor.

**Market Value Adjustment**

The Contract Value immediately before a withdrawal may be increased or decreased by a Market Value

Adjustment that results from a withdrawal. There is, however, no definitive guidance on the proper tax treatment

of Market Value Adjustments and you should discuss the potential tax consequences of a Market Value

Adjustment with your tax advisor.

**Additional Tax on Certain Withdrawals**

In the case of a distribution, there may be an imposed federal additional tax equal to ten percent of the amount

treated as income. In general, however, there is no additional tax on distributions if:

• you die;

• you become disabled;

• you receive a series of substantially equal periodic payments made (at least annually) for your life (or

life expectancy) or the joint lives (or life expectancies) for you and your named beneficiary;

• your withdrawal is a qualified reservist distribution;

• the distribution is due to any IRS levy;

• your withdrawal is due to a terminal illness distribution; or

• you withdraw funds up to the cap for domestic violence abuse distribution.

Other exceptions may be applicable under certain circumstances and special rules may be applicable in

connection with the exceptions enumerated above. Additional exceptions may apply to distributions from a

Qualified Contract. You should consult a qualified tax advisor.

**Substantially Equal Periodic Payments**

Substantially equal periodic payments must continue until the later of reaching age 59½ or five years.

Modification of payments during that time period will result in the retroactive application of the 10% additional

tax. You should consult a qualified tax advisor before making a modification.

**Taxation of Income Payments**

Although tax consequences may vary depending on the payout option elected under an annuity contract, a

portion of each income payment is generally not taxed, and the remainder is taxed as ordinary income. The

non-taxable portion of an income payment is generally determined in a manner that is designed to allow you to

recover your investment in the Contract ratably on a tax-free basis over the expected stream of income

payments, as determined when income payments start. Once your investment in the Contract has been fully

recovered, however, the full amount of each income payment is subject to tax as ordinary income.

**Partial Annuitization**

If part of an annuity contract's value is applied to an annuity option that provides payments for one or more

lives or for a period of at least ten years, those payments may be taxed as annuity payments instead of

withdrawals. The payment options under the Contract are intended to qualify for this "partial annuitization"

treatment. Please consult a tax advisor if you are considering a partial annuitization.

**Taxation of Death Benefit Proceeds** 

Amounts may be distributed from a Contract because of your death or the death of the Annuitant. Generally,

such amounts are includible in the income of the recipient as follows: (i) if distributed in a lump sum, they are

taxed in the same manner as surrender of the Contract, or (ii) if distributed under a payout option, they are

taxed in the same way as income payments.

To be treated as an annuity contract for Federal income tax purposes, Section 72(s) of the Internal Revenue

Code requires any Non-Qualified Contract to contain certain provisions specifying how your interest in the

Contract will be distributed in the event of the death of an Owner of the Contract. Specifically, Section 72(s)

requires that (i) if any Owner dies on or after the annuity starting date, but prior to the time the entire interest in

the Contract has been distributed, the entire interest in the Contract will be distributed at least as rapidly as

under the method of distribution being used as of the date of such Owner's death; and (ii) if any Owner dies

prior to the annuity starting date, the entire interest in the Contract will be distributed within five years after the

date of such Owner's death unless distributions are made over life or life expectancy, beginning within one year

of the death of the Owner. However, if the designated Beneficiary is the surviving spouse of the deceased

Owner, the Contract may be continued with the surviving spouse as the new Owner.

**Transfers, Assignments or Exchanges of the Contract**

A transfer or assignment of ownership of the Contract, the designation of an Annuitant other than the Owner,

the selection of certain maturity dates, or the exchange of the Contract may result in certain tax consequences

to you that are not discussed herein. An Owner contemplating any such transfer, assignment or exchange,

should consult a tax advisor as to the tax consequences.

**Withholding**

Annuity and pension Distributions are generally subject to federal income tax withholding. They may also be

subject to state income tax withholding, where applicable. Recipients can generally elect, however, not to have

tax withheld from distributions. The withholding rate varies according to the type of distribution and the Owner's

tax status. The Owner will be provided the opportunity to elect not have tax withheld from distributions. Certain

limitations may apply. Please consult a tax advisor before making any withholding election.

"Eligible rollover distributions" from section 401(a), 403(b), and governmental 457 plans are subject to a

mandatory federal income tax withholding of 20%. For this purpose, an eligible rollover distribution is any

distribution to an employee (or employee's spouse or former spouse as Beneficiary or alternate Payee) from

such a plan, except certain distributions such as distributions required by the Internal Revenue Code,

distributions in a specified annuity form, or hardship distributions. The 20% withholding does not apply,

however, to nontaxable distributions or if (i) the employee (or employee's spouse or former spouse as

Beneficiary or alternative Payee) chooses a "direct rollover" from the plan to a tax-qualified plan, IRA or tax

sheltered annuity or to a governmental 457 plan that agrees to separately account for rollover contributions; or

(ii) a non-spouse Beneficiary chooses a "direct rollover" from the plan to an IRA established by the direct

rollover.

**Federal Estate Taxes, Gift and Generation-Skipping Transfer Taxes**

While no attempt is being made to discuss in detail the Federal estate tax implications of the Contract, a

purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a

Beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the

terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump

sum payment payable to the contingent Owner or the actuarial value of the payments to be received by the

Beneficiary. Consult an estate planning advisor for more information.

Under certain circumstances, the Internal Revenue Code may impose a generation-skipping transfer tax

("GST") when all or part of an annuity contract is transferred to, or a Death Benefit is paid to, an individual two

or more generations younger than the Owner. Regulations issued under the Internal Revenue Code may

require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

The federal estate tax, gift tax and GST tax exemptions and maximum rates may each be adjusted.

The potential application of these taxes underscores the importance of seeking guidance from a qualified

advisor to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries

under all possible scenarios.

**Same-Sex Spouses**

Under the Contract, a surviving spouse may have certain continuation rights that he or she may elect to

exercise upon your death for the Contract's Death Benefit. All Contract provisions relating to spousal

continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S.

Supreme Court has held that same-sex marriages must be permitted under state law and that marriages

recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions

that are not recognized as legal marriages under state law, however, will not be treated as marriages under

federal law. Consult a tax advisor for more information on this subject.

**Annuity Purchases By Nonresident Aliens and Foreign Corporations**

The discussion above provides general information regarding U.S. federal income tax consequences to annuity

purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or U.S. permanent

residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts

at a 30% rate unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or

municipal taxes and taxes that may be imposed by the purchaser's country of citizenship or residence.

Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships,

and trusts) that are not U.S. residents. Prospective purchasers are advised to consult with a qualified tax

advisor regarding U.S., state, and foreign taxation with respect to an annuity contract purchase.

**Additional Information about the Taxation of Non-Qualified Contracts**

This discussion generally applies to Contracts owned by natural persons. See "Non-Natural Person" below for

a discussion of Non-Qualified Contracts owned by persons such as corporations and trusts that are not natural

persons.

***Medicare Tax.*** Distributions from a Non-Qualified Contract will be considered "investment income" for

purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be

applied to some or all of the taxable portion of distributions (e.g., earnings) to individuals whose income

exceeds certain threshold amounts. Please consult a tax advisor for more information.

***Multiple Contracts.*** All Non-Qualified deferred annuity contracts that are issued by us (or our affiliates) to the

same Owner during any calendar year are treated as one annuity contract for purposes of determining the

amount includible in such Owner's income when a taxable distribution occurs.

***Non-Natural Person.*** If a non-natural person (e.g., a corporation or a trust) owns a Non-Qualified Contract, the

taxpayer generally must include in income any increase in the excess of the account value over the investment

in the Contract (generally, the Purchase Payment or other consideration paid for the Contract) during the

taxable year. There are some exceptions to this rule and a prospective Owner that is not a natural person

should discuss these with a tax advisor.

**Additional Information about the Taxation of Qualified Contracts**

***Individual Retirement Annuities (IRAs)***, as defined in Section 408 of the Internal Revenue Code, permit

individuals to make annual contributions of up to the lesser of a specified dollar amount for the year or the

amount of compensation includible in the individual's gross income for the year. The contributions may be

deductible in whole or in part, depending on the individual's income. Distributions from certain retirement plans

may be "rolled over" into an IRA on a tax-deferred basis without regard to these limits. Amounts in the IRA

(other than nondeductible contributions) are taxed when distributed from the IRA. A 10% additional tax

generally applies to distributions made before age 59½, unless an exception applies. Distributions that are

rolled over to an IRA within 60 days are not immediately taxable, however only one such rollover is permitted

each year. An individual can make only one rollover from an IRA to another (or the same) IRA in any 12-month

period, regardless of the number of IRAs that are owned. The limit will apply by aggregating all of an

individual's IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating

them as one IRA for purposes of the limit. This limit does not apply to direct trustee-to-trustee transfers or

conversion to Roth IRAs.

***Roth IRAs***, as described in Internal Revenue Code Section 408A, permit certain eligible individuals to

contribute to make non-deductible contributions to a Roth IRA in cash or as a rollover or transfer from another

Roth IRA or other IRA. A rollover from or conversion of an IRA to a Roth IRA is generally subject to tax and

other special rules apply. The Owner may wish to consult a tax advisor before combining any converted

amounts with any other Roth IRA contributions, including any other conversion amounts from other tax years.

Distributions from a Roth IRA generally are not taxed, except that, once aggregate distributions exceed

contributions to the Roth IRA, income tax and a 10% additional tax may apply to distributions made (i) before

age 59½ (subject to certain exceptions) or (ii) during the five taxable years starting with the year in which the

first contribution is made to any Roth IRA. A 10% additional tax may apply to amounts attributable to a

conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the

conversion was made. Distributions that are rolled over to an IRA within 60 days are not immediately taxable,

however only one such rollover is permitted each year. An individual can make only one rollover from an IRA to

another (or the same) IRA in any 12-month period, regardless of the number of IRAs that are owned. The limit

will apply by aggregating all of an individual's IRAs, including SEP and SIMPLE IRAs as well as traditional and

Roth IRAs, effectively treating them as one IRA for purposes of the limit. This limit does not apply to direct

trustee-to-trustee transfers or conversions to Roth IRAs.

***Required Minimum Distributions***. Qualified Contracts have required minimum distribution ("RMD") rules that

govern the timing and amount of distributions. You should refer to your Contract or consult a tax advisor for

more information about these rules. The required beginning date for these distributions is based on your

applicable age as defined in the tax law. You should refer to your Contract, retirement plan, adoption

agreement, or consult a tax advisor for more information about these distribution rules.

If distributions from your IRA are made in the form of an annuity, and the annuity payments in a year exceed the

amount that would be required to be distributed for the year under the rules for non-annuitized contracts

(determined by treating the IRA's account balance as including the value of the annuity), the excess can be

counted towards satisfying the RMD with respect to any non-annuitized account balance in your IRA(s). You

should consult a tax advisor if you want to use this special rule.

Effective for Qualified Contract Owners who die on or after January 1, 2020, subject to certain exceptions, most

non-spouse designated beneficiaries must now complete death benefit distributions within ten years of the

Owner's death in order to satisfy RMD rules. Consult a tax advisor.

If you fail to take your full RMD for a year, you will be subject to a 25% excise tax on any shortfall. This excise

tax is reduced to 10% if a distribution of the shortfall is made within two years and prior to the date the excise

tax is assessed or imposed by the IRS. If you fail to take your full RMD for a year, you should consult with a tax

advisor for more information.

**Possible Tax Law Changes**

Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment

of the Contract could change by legislation or otherwise. Consult a tax advisor with respect to legislative

developments and their effect on the Contract.

We have the right to modify the Contract in response to legislative changes that could otherwise diminish the

favorable tax treatment that annuity contract owners currently receive. We make no guarantee regarding the

tax status of any contact and do not intend the above discussion as tax advice.

**What Acts may result in Penalties or Additional Taxes?**

There are tax advantages to using an annuity for retirement savings. The tax advantages may be offset by

additional taxes and penalties if you are not familiar with and follow the rules.

For example, there may be additions to regular tax for the following activities:

• Taking early distributions

• Allowing excess amounts to accumulate for failing to tax required distributions

• Making excess contributions

There may be penalties for the following, without limitation:

• Overstating the amount of nondeductible contributions

• Not having enough tax withheld

• Failing to report income

Please consult with your personal advisor to understand when additional tax or penalties may apply.

**OTHER INFORMATION**

**Important Information about the Indices**

***ICE BofAML Index.*** The Contract is not sponsored, endorsed, sold or promoted by Bank of America/Merrill

Lynch ("BofA Merrill Lynch"). BofA Merrill Lynch has not passed on the legality or suitability of, or the accuracy

or adequacy of descriptions and disclosures relating to, the Contract, nor makes any representation or

warranty, express or implied, to the Owners of the Contract or any member of the public regarding the Contract

or the advisability of investing in the Contract, particularly the ability of the ICE BofAML Index to track

performance of any market or strategy. BofA Merrill Lynch's only relationship to the Company is the licensing of

certain trademarks and trade names and indices or components thereof. The ICE BofAML Index is determined,

composed and calculated by BofA Merrill Lynch without regard to the Company or the Contract or its Owners.

BofA Merrill Lynch has no obligation to take the needs of the Company or the Owners of the Contract into

consideration in determining, composing or calculating the ICE BofAML Index. BofA Merrill Lynch is not

responsible for and has not participated in the determination of the timing of, prices of, or quantities of the

Contract to be issued or in the determination or calculation of the equation by which the Contract is to be

priced, sold, purchased, or redeemed. BofA Merrill Lynch has no obligation or liability in connection with the

administration, marketing, or trading of the Contract.

BOFA MERRILL LYNCH DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF

THE ICE BOFAML INDEX OR ANY DATA INCLUDED THEREIN AND BOFA MERRILL LYNCH SHALL HAVE

NO LIABILITY FOR ANY ERRORS, OMISSIONS, UNAVAILABILITY, OR INTERRUPTIONS THEREIN. BOFA

MERRILL LYNCH MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY

THE COMPANY, HOLDERS OF THE PRODUCT OR ANY OTHER PERSON OR ENTITY FROM THE USE OF

THE ICE BOFAML INDEX OR ANY DATA INCLUDED THEREIN. BOFA MERRILL LYNCH MAKES NO

EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF

MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, WITH RESPECT TO THE ICE

BOFAML INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN

NO EVENT SHALL BOFA MERRILL LYNCH HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE,

INDIRECT, INCIDENTAL, CONSEQUENTIAL DAMAGES, OR LOST PROFITS, EVEN IF NOTIFIED OF THE

POSSIBILITY OF SUCH DAMAGES.

**The ICE BofAML Index is a trademark of Bank of America/Merrill Lynch or its affiliates and has been** 

**licensed for use by the Company.**

***S&P 500 Index.*** The Contract is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division

of the McGraw-Hill companies, Inc. ("S&P"). S&P makes no representation or warranty, express or implied, to

the owners of the Contract or any member of the public regarding the advisability of investing in securities

generally or in the Contract particularly or the ability of the S&P 500 Index to track general stock market

performance. S&P's only relationship to the Company is the licensing of certain trademarks and trade names of

S&P and of the S&P 500 Index which is determined, composed and calculated by S&P without regard to the

Company or the Contract. S&P has no obligation to take the needs of the Company or the Owners of the

Contract into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible

for and has not participated in the determination of the prices and amount of the Contract or the timing of the

issuance or sale of the Contract or in determination or calculation of the equation by which the Contract is to be

converted into cash. S&P has no obligation or liability in connection with the administration, marketing or

trading of the Contract.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX

OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS,

OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS

TO RESULTS TO BE OBTAINED BY THE COMPANY, OWNERS OF THE PRODUCT, OR ANY OTHER

PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. S&P

MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF

MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P

500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO

EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR

CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF

SUCH DAMAGES.

The S&P 500 Index is a stock market index based on the market capitalizations of 500 leading companies

publicly traded in the U.S. stock market, as determined by Standard & Poor's. The S&P 500 Index can go up

or down based on the stock prices of the 500 companies that comprise the Index. The S&P 500 Index does not

include dividends paid on the stocks comprising the Index and therefore does not reflect the full investment

performance of the underlying stocks.

**The S&P 500 Index is a trademark of Standard & Poor's or its affiliates and has been licensed for use by** 

**the Company.**

***MSCI EAFE Index.*** The Contract is not sponsored, endorsed, sold or promoted by Morgan Stanley Capital

International Inc. ("MSCI"). MSCI makes no representation or warranty, express or implied, to the owners of the

Contract or any member of the public regarding the advisability of investing in securities generally or in the

Contract particularly or the ability of the MSCI EAFE Index to track general stock market performance. MSCI's

only relationship to the Company is in the licensing of certain trademarks and trade names of MSCI and of the

MSCI EAFE Index which is determined, composed and calculated by MSCI without regard to the Company or

the Contract. MSCI has no obligation to take the needs of the Company or the Owners of the Contract into

consideration in determining, composing or calculating the MSCI EAFE Index. MSCI is not responsible for and

has not participated in the determination of the prices and amount of the Contract or the timing of the issuance

or sale of the Contract or in determination or calculation of the equation by which the Contract is to be

converted into cash. MSCI has no obligation or liability in connection with the administration, marketing or

trading of the Contract.

MSCI DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MSCI EAFE

INDEX OR ANY DATA INCLUDED THEREIN AND MSCI SHALL HAVE NO LIABILITY FOR ANY ERRORS,

OMISSIONS, OR INTERRUPTIONS THEREIN. MSCI MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS

TO RESULTS TO BE OBTAINED BY THE COMPANY, OWNERS OF THE PRODUCT, OR ANY OTHER

PERSON OR ENTITY FROM THE USE OF THE MSCI INDEX OR ANY DATA INCLUDED THEREIN. MSCI

MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF

MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MSCI

EAFE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO

EVENT SHALL MSCI HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR

CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF

SUCH DAMAGES.

The MSCI EAFE Index is an equity index which captures large and mid cap representation across developed

markets countries around the world, excluding the U.S. and Canada. With 912 constituents, the MSCI EAFE

Index covers approximately 85% of the free float-adjusted market capitalization in each country.

**The MSCI EAFE Index is a trademark of MSCI or its affiliates and has been licensed for use by the** 

**Company.**

**Distribution of the Contract**

We no longer issue new Contracts. We have entered into a distribution agreement with our affiliate, CBSI, for

the distribution of the Contract. CBSI is a wholly-owned subsidiary of CUNA Mutual Investment Corporation

("CMIC"). The principal business address of CBSI is 2000 Heritage Way, Waverly, IA 50677.

We and CBSI enter into selling agreements with other broker-dealers (the "Selling Broker-Dealers") registered

under the Securities Exchange Act of 1934, as amended (the "1934 Act"), who are members of the Financial

Industry Regulatory Authority, Inc. ("FINRA"). Contracts are sold by registered representatives of the Selling

Broker-Dealers (the "Selling Agents"). In those states where the Contract may be lawfully sold, the Selling

Agents are licensed as insurance agents by applicable state insurance authorities and are appointed as agents

of the Company.

Until May 2022, CBSI offered securities directly to customers through its registered representatives, many of

whom are also employed by CBSI's affiliates or various credit unions. Pursuant to agreements between CBSI

and LPL Financial ("LPL"), most of them registered as LPL's Selling Agents, and CBSI receives compensation

from LPL for certain sales.

The Selling Broker-Dealers receive compensation for the promotion and sale of the Contract. The Selling

Agents who solicit sales of the Contract typically receive a portion of the compensation paid to the Selling

Broker-Dealers in the form of commissions or other compensation, depending on the agreement between the

Selling Broker-Dealer and the Selling Agent. The amount and timing of commissions paid to Selling Broker-

Dealers may vary depending on the selling agreement and the Contract sold but is not expected to be more

than 7.25% of each Purchase Payment. We and/or our affiliates may also pay asset-based commission

(sometimes called trail commissions) and may pay or allow other promotional incentives or payments in the

form of cash or other compensation to the extent permitted by FINRA rules and other applicable laws and

regulations.

We also pay compensation to wholesaling broker-dealers or other firms or intermediaries, including payments

to affiliates of ours, in return for wholesaling services such as providing marketing and sales support, product

training and administrative services to the Selling Agents of the Selling Broker-Dealers. These allowances may

be based on a percentage of each Purchase Payment.

In addition to the compensation described above, we may make additional cash payments, in certain

circumstances referred to as "override" compensation or reimbursements to Selling Broker-Dealers in

recognition of their marketing and distribution, transaction processing and/or administrative services support.

These payments are not offered to all Selling Broker-Dealers, and the terms of any particular agreement

governing the payments may vary among Selling Broker-Dealers depending on, among other things, the level

and type of marketing and distribution support provided. Marketing and distribution support services may

include, among other services, placement of the Company's products on the Selling Broker-Dealers' preferred

or recommended list, increased access to the Selling Broker-Dealers' registered representatives for purposes

of promoting sales of our products, assistance in training and education of the Selling Agents, and opportunities

for us to participate in sales conferences and educational seminars. The payments or reimbursements may be

calculated as a percentage of the particular Selling Broker-Dealer's actual or expected aggregate sales of our

annuity contracts (including the Contract) and/or may be a fixed dollar amount. Broker-dealers receiving these

additional payments may pass on some or all of the payments to the Selling Agent.

You should ask your Selling Agent for further information about what commissions or other compensation he or

she, or the Selling Broker-Dealer for which he or she works, may receive in connection with your purchase of a

Contract.

Commissions and other incentives or payments described above are not charged directly to you. We intend to

recover commissions and other compensation, marketing, administrative and other expenses and costs of

Contract benefits through the fees and charges imposed under the Contract.

**Authority to Change**

Only the President or Secretary of the Company may change or waive any of the terms of your Contract. Any

change must be in writing and signed by the President or Secretary of the Company. You will be notified of any

such change, as required by law.

**Incontestability**

We consider all statements in your application (in the absence of fraud) to be representations and not

warranties. We will not contest your Contract.

**Misstatement of Age or Gender**

If an Annuitant's date of birth is misstated, we will adjust the income payments under the Contract to be equal

to the payout amount the Contract Value would have purchased based on the Annuitant's correct date of birth.

If an Annuitant's gender has been misstated, and the Life Income Rate Type is based on gender, we will adjust

the income payments under the Contract to be equal to the payout amount the Contract Value would have

purchased based on the Annuitant's correct gender. We will add any underpayments to the next payment. We

will subtract any overpayment from future payments. We will not credit or charge any interest to any

underpayment or overpayment.

**Conformity with Applicable Laws**

The provisions of the Contract conform to the minimum requirements of the state in which the Contract is

delivered (i.e., the "state of issue"). The laws of the state of issue control any conflicting laws of any other state

in which the Owner may live on or after the Contract Issue Date. If any provision of your Contract is determined

not to provide the minimum benefits required by the state in which the Contract is issued, such provision will be

deemed to be amended to conform or comply with such laws or regulations. Further, the Company will amend

the Contract to comply with any changes in law governing the Contract or the taxation of benefits under the

Contract.

**Reports to Owners**

At least annually, we will mail a report to you at your last known address of record, a report that will state the

beginning and end dates for the current report period; your Contract Value at the beginning and end of the

current report period; the amounts that have been credited and debited to your Contract Value during the

current report period, identified by the type of activity the amount represents; the Surrender Value at the end of

the current report period; and any other information required by any applicable law or regulation.

You also will receive confirmations of each financial transaction, such as transfers, withdrawals, and

surrenders.

**Householding**

To reduce service expenses, the Company may send only one copy of certain mailings and reports per

household, regardless of the number of contract owners at the household. However, you may obtain additional

copies upon request to the Company. If you have questions, please call us at 1-800-798-5500, Monday through

Friday, 7:30 A.M. to 6:00 P.M. Central Time.

**Change of Address**

You may change your address by writing to us at our Administrative Office. If you change your address, we will

send a confirmation of the address change to both your old and new addresses.

**Inquiries**

You may make inquiries regarding your Contract by writing to us or calling us at our Administrative Office.

**Legal Proceedings**

Like other insurance companies, we routinely are involved in litigation and other proceedings, including class

actions, reinsurance claims and regulatory proceedings arising in the ordinary course of our business. In recent

years, the life insurance and annuity industry, including us and our affiliated companies, has been subject to an

increase in litigation pursued on behalf of both individual and purported classes of insurance and annuity

purchasers, questioning the conduct of insurance companies and their agents in the marketing of their

products. In addition, state and federal regulatory bodies, such as state insurance departments and attorneys

general, periodically make inquiries and conduct examinations concerning compliance by us and others with

applicable insurance and other laws.

In connection with regulatory examinations and proceedings, government authorities may seek various forms of

relief, including penalties, restitution and changes in business practices. The Company has established

procedures and policies to facilitate compliance with laws and regulations and to support financial reporting.

These actions are based on a variety of issues and involve a range of the Company's practices. We respond to

such inquiries and cooperate with regulatory examinations in the ordinary course of business. In the opinion of

management, the ultimate liability, if any, resulting from all such pending actions will not materially affect the

financial statements of the Company, nor have a material adverse impact on the Variable Separate Account, on

CBSI's ability to perform its contract with the Variable Separate Account, nor the Company's ability to meet its

obligations under the Contracts.

**FINANCIAL STATEMENTS**

The Company's statutory basis financial statements are hereby incorporated by reference to the <u>[Form N-VPFS](https://www.sec.gov/Archives/edgar/data/1562577/000156257726000062/mlicstat2025-forworkiva.htm)</u> 

filed with the SEC by the Company on April 1, 2026. The Company's financial statements should be

distinguished from the financial statements of the Variable Separate Account, and you should consider the

Company's financial statements only as bearing on the Company's ability to meet its obligations under your

Contract.

The Variable Separate Account's Financial Statements are hereby incorporated by reference to the <u>[Form N-](https://www.sec.gov/Archives/edgar/data/1651981/000165198126000017/mlicva2025.htm)</u>

<u>[VPFS](https://www.sec.gov/Archives/edgar/data/1651981/000165198126000017/mlicva2025.htm)</u> filed with the SEC by the Variable Separate Account on April 1, 2026 (File No. 811-23092).

**APPENDIX A: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT**

**Variable Subaccounts**

The following is a list of the Funds available under the Contract. More information about the Funds is available

in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://

www.trustage.com/regulatory-documents. You can also request this information at no cost by calling

1-800-798-5500 or by sending an email request to AnnuityAndPRTManagersMail@trustage.com.

The current expenses and performance information below reflects fees and expenses of the Funds, but do not

reflect the other fees and expenses that your Contract may charge. Expenses would be higher and

performance would be lower if these other charges were included. Each Fund's past performance is not

necessarily an indication of future performance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and Adviser/Subadviser** | **Current** <br>**Expenses** | **Average Annual Total** <br>**Returns**<br>(as of 12/31/25) | **Average Annual Total** <br>**Returns**<br>(as of 12/31/25) | **Average Annual Total** <br>**Returns**<br>(as of 12/31/25) |
| **Investment Objective** | **Fund and Adviser/Subadviser** | **Current** <br>**Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Total return through growth <br>of capital and current <br>income<br>| **Invesco V.I. Global Real Estate** <br>**Fund (Series I)**<sup>(4)</sup><br>Invesco Advisers, Inc. <br>*(Adviser)*<br>Invesco Asset Management Ltd. <br>*(Subadviser)*<br>| 1.02% | 7.85% | 1.73% | 2.44% |
| Long-term growth of capital | **Invesco V.I. Small Cap Equity** <br>**Fund (Series I)**<br>Invesco Advisers, Inc.<br>*(Adviser)*<br>| 0.96% | 8.05% | 7.32% | 9.55% |
| Capital appreciation  | **Invesco V.I. International** <br>**Growth Fund (Series I)** (f/k/a <br>INVESCO Oppenheimer V.I. <br>International Growth Fund)<br>Invesco Advisers, Inc.<br>| 1.18% | 16.32% | 2.15% | 5.64% |
| High total return (including <br>income and capital gains) <br>consistent with <br>preservation of capital over <br>the long-term<br>| **American Funds IS Asset** <br>**Allocation Fund (Class 1)**<br>Capital Research and <br>Management Company<br>*(Adviser)*<br>| 0.29% | 16.16% | 9.24% | 10.05% |
| Provide as high a level of <br>current income as is <br>consistent with the <br>preservation of capital<br>| **American Funds IS The Bond** <br>**Fund of America (Class 1)**<br>Capital Research and <br>Management Company<br>*(Adviser)*<br>| 0.38% | 7.40% | 0.10% | 2.61% |
| Growth of capital | **American Funds IS Growth** <br>**Fund (Class 1)**<br>Capital Research and <br>Management Company<br>*(Adviser)*<br>| 0.28% | 20.54% | 13.66% | 18.26% |
| High level of current <br>income; capital <br>appreciation is the <br>secondary objective<br>| **American Funds IS American** <br>**High-Income Trust (Class 1)**<br>Capital Research and <br>Management Company<br>*(Adviser)*<br>| 0.45% | 8.52% | 5.87% | 7.22% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long-term growth of capital | **American Funds IS International** <br>**Fund (Class 1)**<br>Capital Research and <br>Management Company<br>*(Adviser)*<br>| 0.53% | 27.04% | 3.66% | 7.26% |
| High total investment return | **BlackRock Global Allocation** <br>**V.I. Fund (Class I)**<br>BlackRock Advisors, LLC<br>*(Adviser)*<br>BlackRock International Limited<br>BlackRock (Singapore) Limited<br>*(Sub-Adviser)*<br>| 0.85% | 19.80% | 5.79% | 7.59% |
| High total return through <br>current income and, <br>secondarily, through capital <br>appreciation<br>| **Columbia VP Emerging Markets** <br>**Bond Fund (Class 1)**<br>Columbia Management <br>Investment Advisers, LLC<br>*(Adviser)*<br>| 0.76% | 12.78% | 1.70% | 4.28% |
| To achieve long-term <br>capital appreciation<br>| **Dimensional VA International** <br>**Small Portfolio**<br>Dimensional Fund Advisors Ltd. <br>*(Sub-Adviser)*<br>*DFA Australia Limited* <br>*(Sub-Adviser)*<br>| 0.39% | 36.99% | 8.89% | 8.68% |
| To achieve long-term <br>capital appreciation<br>| **Dimensional VA International** <br>**Value Portfolio**<br>Dimensional Fund Advisors Ltd.<br>*(Adviser)*<br>Dimensional Fund Advisors Ltd. <br>*(Sub-Adviser)*<br>*DFA Australia Limited* <br>*(Sub-Adviser)*<br>| 0.27% | 45.64% | 15.85% | 10.46% |
| To achieve long-term <br>capital appreciation<br>| **Dimensional VA U.S. Large** <br>**Value Portfolio**<br>Dimensional Fund Advisors LP<br>*(Adviser)*<br>| 0.21% | 15.83% | 11.97% | 10.51% |
| To achieve long-term <br>capital appreciation<br>| **Dimensional VA U.S. Targeted** <br>**Value Portfolio**<br>Dimensional Fund Advisors LP<br>*(Adviser)*<br>| 0.29% | 8.95% | 13.60% | 11.00% |
| Long-term capital growth  | **Templeton Foreign VIP Fund** <br>**(Class 1)**<br>Templeton Investment Counsel, <br>LLC<br>*(Adviser)*<br>| 0.84% | 29.51% | 8.52% | 6.01% |
| High current income, <br>consistent with <br>preservation of capital; <br>capital appreciation is a <br>secondary objective<br>| **Templeton Global Bond VIP** <br>**Fund (Class 1)**<sup>(4)</sup><br>Franklin Advisors, Inc.<br>*(Adviser)*<br>| 0.53% | 16.09% | -0.69% | 0.11% |
| Seeks a total return <br>consisting of capital <br>appreciation and income<br>| **Goldman Sachs VIT Core Fixed** <br>**Income Trust (Institutional)**<br>Goldman Sachs Asset <br>Management, L.P.<br>*(Adviser)*<br>| 0.60% | 7.46% | -0.57% | 2.11% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long-term capital <br>appreciation<br>| **Lazard Retirement Emerging** <br>**Markets Equity Portfolio** <br>**(Investor)**<sup>(3)</sup><br>Lazard Asset Management LLC<br>*(Adviser)*<br>| 1.14% | 42.12% | 11.04% | 9.63% |
| Total return with emphasis <br>on current income, but also <br>considering capital <br>appreciation<br>| **MFS Total Return Bond Series** <br>**(Initial Class)**<br>Massachusetts Financial Services <br>Company<br>*(Adviser)*<br>| 0.54% | 7.17% | 0.15% | 2.63% |
| Total return  | **MFS Utilities Series** <br>**(Initial Class)**<br>Massachusetts Financial Services <br>Company<br>*(Adviser)*<br>| 0.79% | 15.01% | 7.64% | 9.49% |
| Capital appreciation  | **MFS Value Series (Initial Class)**<br>Massachusetts Financial Services <br>Company<br>*(Adviser)*<br>| 0.72% | 13.01% | 9.95% | 10.05% |
| Capital appreciation  | **MFS Blended Research Small** <br>**Cap Equity Portfolio** <br>**(Initial Class)**<br>Massachusetts Financial Services <br>Company<br>*(Adviser)*<br>| 0.59% | 5.76% | 6.92% | 9.10% |
| Long-term capital <br>appreciation by investing <br>primarily in growth-oriented <br>equity securities of large <br>capitalization companies<br>| **Morgan Stanley Variable** <br>**Insurance Fund, Inc. Growth** <br>**Portfolio (Class I)**<br>Morgan Stanley Investment <br>Management Inc.<br>*(Adviser)*<br>| 0.57% | 35.72% | 3.41% | 17.76% |
| Capital appreciation  | **TOPS Aggressive ETF Portfolio** <br>**(Class 1)**<sup>(1)</sup>(f/k/a TOPS Aggressive <br>Growth ETF Portfolio)<br>ValMark Advisers, Inc.<br>*(Adviser)*<br>| 0.29% | 19.17% | 9.69% | 10.71% |
| Income and capital <br>appreciation<br>| **TOPS Balanced ETF Portfolio** <br>**(Class 1)**<sup>(1)</sup><br>ValMark Advisers, Inc.<br>*(Adviser)*<br>| 0.29% | 13.17% | 5.79% | 6.66% |
| Preserve capital and <br>provide moderate income <br>and moderate capital <br>appreciation<br>| **TOPS Conservative ETF** <br>**Portfolio (Class 1)**<sup>(1)</sup><br>ValMark Advisers, Inc.<br>*(Adviser)*<br>| 0.31% | 10.39% | 4.61% | 5.25% |
| Capital appreciation | **TOPS Moderately Aggressive** <br>**ETF Portfolio (Class 1)**<sup>(1)</sup>(f/k/a <br>TOPS Growth ETF Portfolio)<br>ValMark Advisers, Inc.<br>*(Adviser)*<br>| 0.29% | 18.31% | 8.85% | 9.80% |
| Capital appreciation | **TOPS Moderate ETF Portfolio** <br>**(Class 1)**<sup>(1)</sup>(f/k/a TOPS Moderate <br>Growth ETF Portfolio)<br>ValMark Advisers, Inc.<br>*(Adviser)*<br>| 0.29% | 15.50% | 7.20% | 8.26% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Maximum real return, <br>consistent with prudent <br>investment management <br>| **PIMCO Commodity Real Return** <br>**Strategy Portfolio** <br>**(Institutional Class)**<br>Pacific Investment Management <br>Company LLC<br>*(Adviser)*<br>| 3.23% | 19.07% | 10.72% | 6.70% |
| Maximum real return, <br>consistent with <br>preservation of real capital <br>and prudent investment <br>management<br>| **PIMCO VIT All Asset Portfolio** <br>**(Institutional Class)**<br>Pacific Investment Management <br>Company LLC<br>*(Adviser)*<br>| 2.07% | 14.34% | 5.77% | 6.93% |
| Maximum real return, <br>consistent with <br>preservation of real capital <br>and prudent investment <br>management<br>| **PIMCO VIT Real Return** <br>**Portfolio (Institutional Class)**<br>Pacific Investment Management <br>Company LLC<br>*(Adviser)*<br>| 1.24% | 8.01% | 1.36% | 3.37% |
| Seeks high current income. <br>Capital growth is a <br>secondary goal when <br>consistent with achieving <br>high current income<br>| **Putnam VT High Yield Fund (IA)**<br>Franklin Advisers, Inc.*(Adviser)* <br>Putnam Investment Management, <br>LLC and Franklin Templeton <br>Investment Management limited <br>*(Sub-advisers)*<br>| 0.73% | 8.86% | 4.28% | 5.94% |
| Long-term capital growth; <br>income is a secondary <br>objective<br>| **T. Rowe Price Blue Chip** <br>**Growth Portfolio (Class I)**<br>T. Rowe Price Associates<br>*(Adviser)*<br>| 0.74% | 18.74% | 11.68% | 15.54% |
| Long-term capital <br>appreciation, using a <br>fundamental approach to <br>invest in growth-oriented <br>companies at attractive <br>valuation level<br>| **Vanguard VIF - PRIMECAP** <br>**Portfolio** (f/k/a Vanguard VIF Capital <br>Growth Portfolio)<br>PRIMECAP Management <br>Company *(Adviser)*<br>| 0.34% | 28.98% | 13.97% | 14.96% |
| Long-term capital <br>appreciation and income <br>growth, with reasonable <br>current income<br>| **Vanguard VIF Diversified Value** <br>**Portfolio**<br>Hotchkis and Wiley Capital <br>Management, LLC and Lazard <br>Asset Management LLC <br>*(Subadvisers)*<br>| 0.28% | 16.83% | 13.24% | 11.76% |
| Seeks to track the <br>investment performance of <br>the Standard & Poor's 500 <br>Index, an unmanaged <br>benchmark representing <br>U.S. large-capitalization <br>stocks<br>| **Vanguard VIF Equity Index** <br>**Portfolio**<br>The Vanguard Group, Inc.<br>*(Adviser)*<br>| 0.14% | 17.70% | 14.27% | 14.66% |
| High and sustainable level <br>of current income by <br>investing primarily in <br>below-investment-grade <br>corporate securities <br>offering attractive yields<br>| **Vanguard VIF High Yield Bond** <br>**Portfolio**<br>The Vanguard Group, Inc. <br>*(Adviser)*<br>Wellington Management <br>Company LLP *(Subadviser)*<br>| 0.24% | 9.18% | 4.05% | 5.62% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long-term capital <br>appreciation through <br>broadly diversified <br>exposure to the major <br>equity markets outside the <br>United States<br>| **Vanguard VIF International** <br>**Portfolio**<br>Baillie Gifford Overseas, Ltd and <br>Schroder Investment Mgt North <br>America Inc *(Subadvisers)*<br>| 0.32% | 19.97% | 0.62% | 10.48% |
| Seeks to track the <br>investment performance of <br>the CRSP US Mid Cap <br>Index, an unmanaged <br>benchmark representing <br>medium-size U.S. firms<br>| **Vanguard VIF Mid-Cap Index** <br>**Portfolio**<br>The Vanguard Group, Inc.<br>*(Adviser)*<br>| 0.17% | 11.54% | 8.46% | 10.77% |
| Seeks to provide current <br>income, while maintaining <br>a stable $1 NAV and a very <br>short maturity<br>| **Vanguard VIF Money Market** <br>**Portfolio**<br>**The Vanguard**<sup>®</sup> **Group, Inc.**<br>***(Adviser)***<br>| 0.15% | 4.18% | 3.17% | 2.20% |
| Seeks to track the <br>investment performance of <br>the MSCI US REIT Index, <br>which covers <br>approximately two-thirds of <br>the U.S. real estate <br>investment trust (REIT) <br>market<br>| **Vanguard VIF Real Estate Index** <br>**Portfolio**<br>The Vanguard Group, Inc.<br>*(Adviser)*<br>| 0.26% | 3.11% | 4.51% | 5.08% |
| Long-term capital <br>appreciation by investing in <br>a broad universe of small-<br>company growth stocks<br>| **Vanguard VIF Small Company** <br>**Growth Portfolio**<sup>(2)</sup><br>The Vanguard Group, Inc.<br>*(Adviser)*<br>ArrowMark Partners *(Subadviser)*<br>| 0.29% | 6.11% | 3.81% | 9.61% |
| Seeks to track the <br>investment performance of <br>the Bloomberg Barclays <br>U.S. Aggregate Float <br>Adjusted Bond Index, an <br>unmanaged benchmark <br>representing the broad <br>U.S. bond market<br>| **Vanguard VIF Total Bond** <br>**Market Index Portfolio**<br>The Vanguard Group, Inc.<br>*(Adviser)* <br>| 0.14% | 6.94% | -0.51% | 1.90% |
| Seeks to track the <br>investment performance of <br>the Standard and Poor's <br>Total Market Index, an <br>unmanaged benchmark <br>representing the overall <br>U.S. equity market<br>| **Vanguard VIF Total Stock** <br>**Market Index Portfolio**<br>The Vanguard Group, Inc.<br>*(Adviser)*<br>| 0.13% | 16.93% | 12.98% | 14.10% |

---

<sup>(1)</sup> The Fund operates as a fund of funds.

<sup>(2)</sup> The Vanguard Group, Inc. has requested that the Company no longer make the Vanguard VIF Small Company Growth

Portfolio available for new investments. Existing contract owners with allocation to the Vanguard VIF Small Company Growth

Portfolio can continue to invest in the portfolio.

<sup>(3)</sup> These Funds and their investment advisers have entered into contractual fee waivers or expense reimbursement

arrangements. The temporary fee reductions are reflected in their annual expenses. Those contractual arrangements are

designed to reduce total annual Fund operating expenses for Contract Owners and will continue past the current year.

<sup>(4)</sup> Effective May 1, 2022, these Funds are no longer available for new investments. Existing contract owners with allocation to

these Funds can continue to invest in the portfolios.

**Risk Control Account Options**

The following is a list of the Risk Control Account options currently available under the Contract. We may

change the features of the Risk Control Accounts listed below (including the Index and the Caps), offer new

Risk Control Accounts, and terminate existing Risk Control Accounts. We will provide you with written notice

before making any changes other than changes to the Caps. Information about current Caps is available at

https://www.trustage.com/horizon-annuity-rates.

**Note: Each Risk Control Account Period is five years, and each Risk Control Account Maturity Date is** 

**the last day of the five-year Risk Control Account Period. During the Accumulation Period, if you** 

**surrender your Contract or take a partial withdrawal on any day other than its Risk Control Account** 

**Maturity Date, we will apply a Market Value Adjustment (which may be positive or negative). This may** 

**result in a significant reduction in your Contract Value that could exceed any protection from Index** 

**loss that would be in place if you held the option until the Risk Control Account Maturity Date.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index** | **Type of Index** | **Crediting** <br>**Period**<br>| **Account Type** | **Limit on Index** <br>**Loss (if held** <br>**until the Risk** <br>**Control** <br>**Account** <br>**Maturity Date)**<br>| **Minimum Limit** <br>**on Index Gain** <br>**(for the Life of** <br>**the Contract)**<br>|
| S&P 500 <br>Index<sup>(1)</sup> | stock market index based <br>on market capitalizations <br>of 500 leading companies <br>publicly traded in the U.S. <br>stock market | 1 year<sup>(2)</sup> | Secure Account | 0% Floor | 1% Cap |
| S&P 500 <br>Index<sup>(1)</sup> | stock market index based <br>on market capitalizations <br>of 500 leading companies <br>publicly traded in the U.S. <br>stock market | 1 year<sup>(2)</sup> | Growth Account | -10% Floor | 1% Cap |
| MSCI EAFE <br>Index<sup>(1)</sup> | stock market index <br>designed to measure the <br>equity market <br>performance of developed <br>markets excluding the <br>U.S. and Canada | 1 year<sup>(2)</sup> | Secure Account | 0% Floor | 1% Cap |
| MSCI EAFE <br>Index<sup>(1)</sup> | stock market index <br>designed to measure the <br>equity market <br>performance of developed <br>markets excluding the <br>U.S. and Canada | 1 year<sup>(2)</sup> | Growth Account | -10% Floor | 1% Cap |

---

(1)Each Index is a "price return index" and not a "total return index." Performance of the relevant Index

does not reflect dividends paid on the securities comprising the Index, and therefore calculation of

Index performance under the Contract does not reflect the full Investment performance of the

underlying securities. This will reduce Index returns and cause the Index to underperform a direct

investment in the securities comprising the Index.

(2)We credit interest to each Risk Control Account at the end of each Risk Control Account Year during

the five-year Risk Control Account Period by comparing the change in the Index from each Risk Control

Account Anniversary (the first day of the Risk Control Account Year) to the last day of the current Risk

Control Account Year. Rebalancing among Risk Control Accounts occurs on each Risk Control Account

Maturity Date (the last day of each five-year Risk Control Account Period). No additional values can be

transferred, and no additional Purchase Payments can be allocated, to a Risk Control Account until the

Risk Control Account Maturity Date. Moreover, withdrawals and surrenders from a Risk Control

Account on any day other than its Risk Control Account Maturity Date will be subject to the Market

Value Adjustment.

The Floors for the Secure Account and Growth Account will not change during the life of your Contract. During

the life of your Contract, an Allocation Option with a Floor of 0% will always be available. **Otherwise, we may** 

**add, change, or discontinue Allocation Options, including Indices and Funds underlying the Variable** 

**Subaccounts from time to time as described in this Prospectus. The remaining Allocation Options may** 

**have terms that are unacceptable to you and may not provide any protection from losses, which could** 

**result in the loss of the entire amount of your Contract Value.**

We set the Cap each year for the next Contract Year. In return for accepting some risk of loss to your Risk

Control Account Value allocated to the Growth Account, the Cap for the Growth Account is higher than the Cap

for the Secure Account. The Cap will always be at least 1%.

More information is about the Risk Control Accounts and the Market Value Adjustment is available under "<u>[Risk](#i76f24c8c799849c988d569378ee02db3_34)</u> 

<u>[Control Account Option](#i76f24c8c799849c988d569378ee02db3_34)</u>" and "<u>[Charges and Adjustments - Market Value Adjustment](#i0e4c3101307d4b30ba69e6c1b4e420c4_29739)</u>."

The availability of Variable Subaccounts and Risk Control Accounts may vary by state and depending on the

broker-dealer through which the Contract is sold. **See <u>[Appendix B](#i76f24c8c799849c988d569378ee02db3_67)</u>.**

**APPENDIX B: STATE AND FINANCIAL INTERMEDIARY VARIATIONS**

The following information is a summary of certain features or benefits of the Contracts that vary from those

previously described in this Prospectus as a result of requirements imposed by states or requests from broker-

dealers through which the Contract is sold. There may be other broker-dealer variations not included in this

Appendix because some broker-dealers may impose variations without our knowledge. For example, your

financial professional may not recommend a particular investment option or Contract benefit to you. We have

identified all material broker-dealer variations that are known to us. However, taking into consideration the

breadth of our distribution network, the terms of our current distribution agreements, and the frequency with

which we may make changes to the investment options, benefits, and/or other Contract features, we cannot

obtain information about any other financial intermediary variations without unreasonable effort or expense.

You should discuss with your financial professional any state variations, as well as any limitations or restrictions

on investment options, benefits and/or features that apply through your broker-dealer or financial intermediary.

**States where certain MEMBERS**<sup>®</sup> **Horizon Annuity features or benefits vary:**

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| Arizona | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If your age as of the Contract Issue Date is <br>at least 65 years old, you must return your <br>Contract within 30 days of receipt.<br>|
| California | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15853)</u> <br><u>[Period - Owner](#i0971086296e7485d80d165bf4a254b5c_15853)</u>"<br>See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>""<br>See "<u>[Charges and Adjustments - Surrender](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u> <br><u>[Charge](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if your <br>age as of the Contract Issue Date is at least <br>60 years old and you only allocated your <br>Purchase Payments to the money market <br>fund option.<br>If your age as of the Contract Issue Date is <br>at least 60 years old, you must return your <br>Contract within 30 days of receipt.<br>"Nursing Home or Hospital" is replaced with <br>"Facility Care, Home Care, or Community-<br>Based Services". There is no minimum <br>confinement period to utilize this waiver. The <br>Facility Care or Home Care and Terminal <br>Illness waivers apply to full surrenders only, <br>not partial withdrawals.<br>|
| Connecticut | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>See "<u>[Charges and Adjustments - Surrender](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u> <br><u>[Charge](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>You must return your Contract within 10 <br>days of receipt, including replacement <br>contracts.<br>There is a one-year wait before the waiver <br>of surrender charge provisions may be <br>exercised.<br>|

---

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| Delaware | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| You must return your Contract within 10 <br>days of receipt (20 days if it is a <br>replacement contract).<br>|
| Florida | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15853)</u> <br><u>[Period - Owner](#i0971086296e7485d80d165bf4a254b5c_15853)</u>"<br>See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>See "<u>[Income Payments – The Payout](#id329d9fa4bbc4685908d676f590e2a2e_10380)</u> <br><u>[Period - Payout Date](#id329d9fa4bbc4685908d676f590e2a2e_10380)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>You must return your Contract within 21 <br>days of receipt (30 days if it is a <br>replacement contract).<br>The requested Payout Date must be at <br>least one year after the Contract Issue <br>Date.<br>|
| Georgia | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>|
| Hawaii | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| Illinois | See "<u>[Glossary - Terminally Ill, Terminal](#icd7ff4532a2c4bf7a6375a0a4479dd07_16512)</u> <br><u>[Illness](#icd7ff4532a2c4bf7a6375a0a4479dd07_16512)</u>"<br>| **Terminally Ill, Terminal Illness** – A life <br>expectancy of 24 months or less due to any <br>illness or accident.<br>|
| Idaho | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>You must return your Contract within 20 <br>days of receipt, including replacement <br>contracts.<br>|
| Indiana | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was a replacement, not new money.<br>You must return your Contract within 10 <br>days of receipt (20 days if it is a <br>replacement contract).<br>|
| Kansas | See "<u>[Glossary - Terminally Ill, Terminal](#icd7ff4532a2c4bf7a6375a0a4479dd07_16512)</u> <br><u>[Illness](#icd7ff4532a2c4bf7a6375a0a4479dd07_16512)</u>"<br>| **Terminally Ill, Terminal Illness** – A life <br>expectancy of 24 months or less due to any <br>illness or accident.<br>|
| Louisiana | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| Maryland | Series Offered<br>See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| Series C Contracts are not available. <br>If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|

---

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| Massachusetts | See "<u>[Glossary - Terminally Ill, Terminal](#icd7ff4532a2c4bf7a6375a0a4479dd07_16512)</u> <br><u>[Illness](#icd7ff4532a2c4bf7a6375a0a4479dd07_16512)</u>"<br>See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>See "<u>[Charges and Adjustments - Surrender](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u> <br><u>[Charge](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u>"<br>See "<u>[Income Payments – The Payout](#id329d9fa4bbc4685908d676f590e2a2e_10381)</u> <br><u>[Period - Terms of Income Payments](#id329d9fa4bbc4685908d676f590e2a2e_10381)</u>"<br>See "<u>[Other Information - Misstatement of](#i066a37df4a194527811a209d15f65947_17408)</u> <br><u>[Age or Gender](#i066a37df4a194527811a209d15f65947_17408)</u>" <br>| **Terminally Ill, Terminal Illness** – A life <br>expectancy of 24 months or less due to any <br>illness or accident.<br>If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>You must return your Contract within 10 <br>days of receipt (20 days if it is a <br>replacement contract).<br>There is no Nursing Home or Hospital <br>waiver. The Terminal Illness waiver applies <br>to full surrenders only, not partial <br>withdrawals.<br>Income Options are not based on gender. <br>The amount of each payment depends on <br>all the items listed other than gender.<br>Income Options are not based on gender. <br>Only proof of age is required for <br>misstatement; proof of gender is not.<br>|
| Minnesota | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was a replacement, not new money.<br>|
| Mississippi | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| Montana | See "<u>[Income Payments – The Payout](#id329d9fa4bbc4685908d676f590e2a2e_10381)</u> <br><u>[Period - Terms of Income Payments](#id329d9fa4bbc4685908d676f590e2a2e_10381)</u>"<br>See "<u>[Other Information - Misstatement of](#i066a37df4a194527811a209d15f65947_17408)</u> <br><u>[Age or Gender](#i066a37df4a194527811a209d15f65947_17408)</u>" <br>| Income Options are not based on gender. <br>The amount of each payment depends on all <br>the items listed other than gender.<br>Income Options are not based on gender. <br>Only proof of age is required for <br>misstatement; proof of gender is not.<br>|
| Nebraska | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| Nevada | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>|

---

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| New Jersey | See "<u>[Allocating Your Purchase Payments -](#i653542fe93504955ac04cc5588139ee2_28978)</u><br><u>[Making Initial and Additional Purchase](#i653542fe93504955ac04cc5588139ee2_28978)</u><br><u>[Payments](#i653542fe93504955ac04cc5588139ee2_28978)</u>"<br>See "<u>[Charges and Adjustments - Surrender](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u><br><u>[Charge](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u>"<br>| We reserve the right, in our sole discretion, <br>to refuse additional Purchase Payments. <br>This refusal cannot be before the 5<sup>th</sup> <br>Contract Anniversary.<br>There is no Terminal Illness waiver.<br>|
| New Hampshire | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| North Carolina | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| North Dakota | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| You must return your Contract within 20 <br>days of receipt (30 days if it is a <br>replacement contract).<br>|
| Oklahoma | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>You must return your Contract within 10 <br>days of receipt (20 days if it is a <br>replacement contract).<br>|
| Pennsylvania | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>See "<u>[Charges and Adjustments - Surrender](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u> <br><u>[Charge](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u>"<br>| You must return your Contract within 10 days <br>of receipt (30 days if it is an external <br>replacement contract and 45 days if it is an <br>internal replacement contract).<br>"Terminal Illness" is replaced with "Terminal <br>Condition". The minimum consecutive day <br>confinement is 90 days for a Nursing Home <br>and 30 days for a Hospital.<br>|
| Rhode Island | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>You must return your Contract within 20 <br>days of receipt (30 days if it is a <br>replacement contract).<br>|
| South Carolina | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| Tennessee | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was a replacement, not new money.<br>|

---

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| Texas | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15853)</u> <br><u>[Period - Owner](#i0971086296e7485d80d165bf4a254b5c_15853)</u>"<br>See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>See "<u>[Charges and Adjustments - Surrender](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u> <br><u>[Charge](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>You must return your Contract within 20 <br>days of receipt (30 days if it is a <br>replacement contract).<br>"Terminal Illness" is replaced with "Terminal <br>Disability".<br>|
| Utah | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15853)</u> <br><u>[Period - Owner](#i0971086296e7485d80d165bf4a254b5c_15853)</u>"<br>See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>|
| Vermont | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals if the <br>source of your initial Purchase Payments <br>was new money, not a replacement.<br>|
| Washington | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15852)</u> <br><u>[Period - Right to Examine](#i0971086296e7485d80d165bf4a254b5c_15852)</u>"<br>See "<u>[Charges and Adjustments - Surrender](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u> <br><u>[Charge](#i0e4c3101307d4b30ba69e6c1b4e420c4_29740)</u>"<br>| If the Purchase Payments exceed the <br>Contract Value, the refund will be your <br>Purchase Payments less withdrawals.<br>You must return your Contract within 10 <br>days of receipt (20 days if it is a <br>replacement contract).<br>The life expectancy to utilize the Terminal <br>Illness waiver is 24 months.<br>|
| Wisconsin | See "<u>[Getting Started – The Accumulation](#i0971086296e7485d80d165bf4a254b5c_15853)</u> <br><u>[Period - Owner](#i0971086296e7485d80d165bf4a254b5c_15853)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>|

---

**Known Financial Intermediary Variations:** None

Registration statements relating to this offering have been filed with the Securities and Exchange Commission ("SEC").

The Statement of Additional Information ("SAI") dated May 1, 2026 is part of a registration statement filed on Form N-4.

The SAI contains additional information about MEMBERS Life Insurance Company, the MEMBERS Horizon Variable

Separate Account, and the Contracts. The SAI is available free of charge. You may request a copy of the SAI or make

inquiries regarding your Contract by writing to our Administrative Office at 2000 Heritage Way, Waverly, Iowa 50677, or by

calling 1-800-798-5500. This Prospectus and the SAI can also be obtained from the SEC's website at www.sec.gov. The

SAI is incorporated by reference into this Prospectus.

Reports and other information about MEMBERS Life Insurance Company and the MEMBERS Horizon Variable Separate

Account, including the SAI, may be obtained from the Commission's Internet site at http://www.sec.gov and copies of this

information may also be obtained, after paying a duplicating fee, by emailing the Commission at publicinfo@sec.gov.

**Dealer Prospectus Delivery Obligations**

All dealers that effect transactions in these securities are required to deliver a Prospectus.

EDGAR Contract Identifiers: C000163893 (VA) and C000261257 (RILA)

**STATEMENT OF ADDITIONAL INFORMATION**

**For**

**MEMBERS**<sup>®</sup> **HORIZON FLEXIBLE PREMIUM DEFERRED VARIABLE AND**

 **INDEX LINKED ANNUITY** 

 *(a combination variable and index-linked deferred annuity contract)*

**Issued through MEMBERS Horizon Variable Separate Account**

**Offered by**

**MEMBERS LIFE INSURANCE COMPANY**

2000 Heritage Way

Waverly, Iowa 50677-9202

(800) 798-5500

**DATED MAY 1, 2026**

This Statement of Additional Information ("SAI") is not a Prospectus. It should be read in conjunction with

the Prospectus for the MEMBERS<sup>®</sup> Horizon Flexible Premium Deferred Variable and Index Linked Annuity

Contract (the "Contract"), dated May 1, 2026 (as amended from time to time). The Prospectus provides

detailed information concerning the Contract, which is offered by MEMBERS Life Insurance Company

(the "Company," "we," "us," or "our"), and the Investment Options available thereunder.

Capitalized terms used in this SAI that are not otherwise defined have the meanings set forth in the

Prospectus.

A copy of the Prospectus is available free of charge by writing to the Company's Administrative Office

(2000 Heritage Way, Waverly, Iowa 50677-9202), by calling 1-800-798-5500 toll free, or by contacting

your financial professional.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **MEMBERS LIFE INSURANCE COMPANY..............................................................................** | S-[1](#i21f30d1c88da4933b76d0352c3489286_7) |
| **ADDITIONAL CONTRACT PROVISIONS................................................................................** | S-[1](#i21f30d1c88da4933b76d0352c3489286_71) |
| The Contract....................................................................................................................... | S-[1](#i21f30d1c88da4933b76d0352c3489286_89) |
| Market Value Adjustment Formula and Examples.............................................................. | S-[2](#i21f30d1c88da4933b76d0352c3489286_279) |
| **PRINCIPAL UNDERWRITER...................................................................................................** | S-[14](#i21f30d1c88da4933b76d0352c3489286_106) |
| **INCOME PAYMENTS ..............................................................................................................** | S-[15](#i21f30d1c88da4933b76d0352c3489286_123) |
| **RESOLVING MATERIAL CONFLICTS....................................................................................** | S-[15](#i21f30d1c88da4933b76d0352c3489286_140) |
| **OTHER INFORMATION...........................................................................................................** | S-[15](#i21f30d1c88da4933b76d0352c3489286_157) |
| **CUSTODIAN............................................................................................................................** | S-[16](#i21f30d1c88da4933b76d0352c3489286_174) |
| **EXPERTS..................................................................................................................................** | S-[16](#i21f30d1c88da4933b76d0352c3489286_191) |
| **MEMBERS LIFE INSURANCE COMPANY FINANCIAL STATEMENTS ...............................** | S-[16](#i21f30d1c88da4933b76d0352c3489286_209) |
| **MEMBERS HORIZON VARIABLE SEPARATE ACCOUNT FINANCIAL STATEMENTS......** | S-[16](#i21f30d1c88da4933b76d0352c3489286_405) |
| **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS............................................** | S-[16](#i21f30d1c88da4933b76d0352c3489286_226) |

---

**MEMBERS LIFE INSURANCE COMPANY**

The depositor for the MEMBERS Horizon Variable Separate Account (a "Variable Separate Account") and

the Risk Control Separate Account, MEMBERS Life Insurance Company (the "Company"), is a wholly-

owned direct subsidiary of CMFG Life Insurance Company ("CMFG Life"). The Company was formed by

CMFG Life on February 27, 1976, as a stock life insurance company under the laws of the State of

Wisconsin for the purpose of writing credit disability insurance. The original name of the Company was

CUDIS Insurance Society, Inc. On August 3, 1989, the Company's name changed to CUMIS Life

Insurance, Inc., and was subsequently changed to its current name on January 1, 1993. League Life

Insurance Company (Michigan) merged into the Company on January 1, 1992, and MEMBERS Life

Insurance Company (Texas) merged into the Company on January 1, 1993. The Company re-domiciled

from Wisconsin to Iowa on May 3, 2007. The Company is 100% owned by CMFG Life. On February 17,

2012, the Company's Articles of Incorporation were amended and restated to change the Company's

purpose to be the writing of any and all of the lines of insurance and annuity business authorized by Iowa

Code Chapter 508 and any other line of insurance or annuity business authorized by the laws of the State

of Iowa. Currently, the Company has no employees.

CMFG Life is a stock insurance company organized on May 20, 1935, and domiciled in Iowa. CMFG Life

is one of the world's largest direct underwriters of credit life and disability insurance, and is a major

provider of qualified pension products to credit unions. CMFG Life and its affiliated companies currently

offer deferred and immediate annuities, individual term and permanent life insurance, and accident and

health insurance. In 2012, CMFG Life was reorganized as a wholly-owned subsidiary of CUNA Mutual

Financial Group, Inc. which is a wholly-owned subsidiary of CUNA Mutual Holding Company, a mutual

insurance holding company organized under the laws of the State of Iowa.

The Company is authorized to sell life, health, and annuity policies in all states in the U.S. and the District

of Columbia, except New York. As of December 31, 2025 and 2024, the Company had more than $373

million and $374 million in admitted assets and more than $3,627 million and $1,714 million of life

insurance in force, respectively. Currently, the Company services existing blocks of individual and group

life policies. In addition, in August 2013, the Company began issuing a single premium deferred index

annuity under the name MEMBERS<sup>®</sup> Zone Annuity. In July 2016, the Company began issuing a flexible

premium deferred variable and index-linked annuity contract under the name MEMBERS<sup>®</sup> Horizon

Flexible Premium Deferred Variable and Index Linked Annuity. In December 2018, the Company began

issuing a flexible premium variable and index-linked annuity contract under the name TruStage<sup>®</sup> Horizon

II Annuity contract. In August 2019, the Company began issuing a single premium deferred index annuity

under the name TruStage<sup>®</sup> Zone Income Annuity. In July 2021, the Company began issuing a single

premium deferred index annuity under the name TruStage<sup>®</sup> ZoneChoice Annuity. In May 2025, the

Company began issuing a single purchase payment deferred index-linked annuity under the name

TruStage<sup>®</sup> ZoneChoice Advantage Annuity. In September 2025, the Company began issuing a single

purchase payment deferred index-linked annuity contract under the name TruStage<sup>®</sup> ZoneChoice Income

Annuity.

**ADDITIONAL CONTRACT PROVISIONS** 

**The Contract**

The application, endorsements and all other attached papers are part of the Contract. The statements

made in the application are representations and not warranties. We will not use any statement in defense

of a claim or to void the Contract unless it is contained in the application.

**Market Value Adjustment Formula and Examples**

The following are examples of partial withdrawals and full surrender with the application of the Surrender

Charge and Market Value Adjustment. These charges and adjustments are described in more detail in the

Prospectus.

A Market Value Adjustment is equal to the amount of the partial withdrawal or surrender from the Risk

Control Account (**W**) divided by the result of the current Accumulation Credit Factor for the Risk Control

Account divided by the prior Accumulation Credit Factor for the Risk Control Account then multiplied by

the market value adjustment factor (**MVAF**) minus 1 or **(W/(C/P))x(MVAF -1),** where:

• C = current Accumulation Credit Factor for the Risk Control Account (i.e., as of the date of

withdrawal); and

• P = prior Accumulation Credit Factor for the Risk Control Account (i.e., as of the Risk Control

Account Anniversary immediately preceding the date of withdrawal).

• **MVAF** = ((1 + I + K)/(1 + J + L)) ^N where:

• I = The Constant Maturity Treasury Rate as of the Risk Control Account Start Date for a

maturity consistent with the Risk Control Account Period (each Risk Control Account

Period is five years);

• J = Constant Maturity Treasury Rate as of the date of withdrawal for a maturity consistent

with the remaining number of years (whole and partial) in the Risk Control Account Period

(each Risk Control Account Period is five years);

• If there is no corresponding maturity of the Constant Maturity Treasury Rate, then the

linear interpolation of the Constant Maturity Treasury Rates with maturities closest to N

will be used to determine I and J.

• K = The ICE BofAML Index as of the Risk Control Account Start Date;

• L = The ICE BofAML Index as of the date of withdrawal; and

• N = The number of years (whole and partial) from the date of withdrawal until the Risk

Control Account Maturity Date.

We determine I based on the Risk Control Account Period. For example, if the Risk Control Account

Period is 5 years, I would correspond to the 5-year Constant Maturity Treasury rate on the Risk Control

Account Start Date. We determine J when you take a partial withdrawal or surrender. For example, if the

Risk Control Account Period is 5 years and you surrender the Contract 2 years into the Risk Control

Account Period, J would correspond to the Constant Maturity Treasury rate consistent with the time

remaining in the Risk Control Account Period or 3 years (3 = 5 - 2). For I and J where there is no Constant

Maturity Treasury rate declared, we will use linear interpolation between declared Constant Maturity rates

to determine I and J.

The value of K and L on any Business Day will be equal to the closing value of the ICE BofAML Index on

the previous Business Day.

The Company uses both the Constant Maturity Treasury rate and ICE BofAML Index in determining any

Market Value Adjustment since together both indices represent a broad mix of investments whose values

may be affected by changes in market interest rates.If the publication of any component of the Market

Value Adjustment indices is discontinued or if the calculation of the Market Value Adjustment indices is

changed substantially, we may substitute a new index for the discontinued or substantially changed index,

subject to approval by the insurance department in your state. Before we substitute a Market Value

Adjustment index, we will notify you in writing of the substitution.

The examples below illustrate partial withdrawals and a full surrender during the five years following

allocation of a Purchase Payment. Partial withdrawals and full surrenders more than five years

following allocation of a Purchase Payment will not be subject to a Surrender Charge but may be

subject to a Market Value Adjustment.

***Example 1: Partial Withdrawal with a Negative Market Value Adjustment (MVA)***

Contract Assumptions:

• The Contract was issued with an initial deposit of $100,000.00.

• The Contract is a Series B Contract; therefore, the Contract Fee is 1.50%.

• Money is allocated to the Variable Subaccounts and S&P 500 Risk Control Accounts.

• There have been no additional Purchase Payments.

• A gross withdrawal of $20,000.00 is taken 1.5 years after the Contract Issue Date. No other

withdrawals have been previously taken.

Variable Subaccount Assumptions:

• As of the withdrawal date, there are 1,012.09 Variable Subaccount Accumulation Units with an

Accumulation Unit Value of $10.56.

Risk Control Account Assumptions:

• The S&P 500 Secure Risk Control Account has a 0.00% Floor and a 7.00% Cap.

• The S&P 500 Growth Risk Control Account has a -10.00% Floor and a 17.00% Cap.

• As of the withdrawal date, there are 5,940.59 S&P 500 Secure Risk Control Account

Accumulation Credits.

• As of the withdrawal date, there are 3,902.44 S&P 500 Growth Risk Control Account

Accumulation Credits.

• The Accumulation Credit Factor (P) at the start of the Risk Control Account Year immediately

preceding the withdrawal for the S&P 500 Secure Risk Control Account is $10.1.

• The Accumulation Credit Factor (P) at the start of the Risk Control Account Year immediately

preceding the withdrawal for the S&P 500 Growth Risk Control Account is $10.25.

• The S&P 500 Index value at the start of the Risk Control Account Year immediately preceding the

withdrawal is 1000.00.

• The S&P 500 Index value at the time of the withdrawal is 1200.00.

• On the Risk Control Account Start Date, the interpolated 5-year Constant Maturity Treasury Rate

(I) was 2.50% and the ICE BofAML Index (K) was 1.00%.

• At the time of the withdrawal the Constant Maturity Treasury Rate for the remaining Index period

(J) is 2.90% and the ICE BofAML Index (L) is 1.10%.

• At the time of the withdrawal there are 3.50137 years remaining in the Risk Control Account

Period (N).

We take the following steps to determine the net partial withdrawal amount (excluding taxes) payable to

the Owner:

<u>First</u>, we calculate the Contract Value at the time of the withdrawal.

---

| | | | |
|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** |
| **Account** | Units /<br>Accumulation <br>Credits<br>| Unit Value /<br>Accumulation <br>Credit Factor<br>| Contract Value at <br>time of Withdrawal<br>|
| Variable Subaccounts | 1012.09 | $10.56  | $10687.67  |
| S&P 500 Secure Risk Control Account | 5940.59 | $10.731042  | $63748.72  |
| S&P 500 Growth Risk Control Account | 3902.44 | $11.915414  | $46499.19  |
| **Total** |  |  | **$120935.58** |

---

**(1), (2), (3)**

The current Variable Subaccounts Value is 1,012.09 x $10.56 which equals $10,687.67.

The return of the Index is equal to the Closing Index Value divided by the Initial Index Value. The return of

the S&P 500 Index is calculated to be 1.2 (1,200.00 / 1,000.00 - 1). This is greater than the (1 + Cap) and

above (1 + the Floor) for both the S&P 500 Secure and Growth Accounts. Therefore, the Index Return is

set to (1 + the Cap) which equals 1.07 for the S&P 500 Secure Risk Control Account and 1.17 for the S&P

500 Growth Risk Control Account.

The Risk Control Account Daily Contract Fee is calculated as 1.50% divided by the number of days in the

Risk Control Account Year multiplied by the Accumulation Credit Factor at the start of the Risk Control

Account Year (1.50% / 365 x 10.1 for the S&P 500 Secure Risk Control Account and 1.50% / 365 x 10.25

for the S&P 500 Growth Risk Control Account).

The Accumulation Credit Factor is then calculated as (a) the Accumulation Credit Factor at the start of the

Risk Control Account Year multiplied by (b) the Index Return less (c) the Risk Control Account Daily

Contract Fee multiplied by the number of days that have passed since the last Risk Control Account

Anniversary (i.e. a x b – c).

For the S&P 500 Secure Risk Control Account, this results in an Accumulation Credit Factor at the time of

the withdrawal of $10.1 x 1.07 – ((1.50% / 365 x 10.1) x 183) which equals $10.731042. The current S&P

500 Secure Risk Control Account Contract Value is then calculated as 5,940.59 x $10.731042 which

equals $63,748.72.

For the S&P 500 Growth Risk Control Account, this results in an Accumulation Credit Factor at the time of

the withdrawal of $10.25 x 1.17 – ((1.50% / 365 x $10.25) x 183) which equals $11.915414. The current

S&P 500 Growth Risk Control Account Contract Value is then calculated as 3,902.44 x $11.915414 which

equals $46,499.19.

<u>Next</u>, we calculate the gross withdrawal from each account.

---

| | |
|:---|:---|
|  | **(4)** |
| **Account** | Gross <br>Withdrawal<br>|
| Variable Subaccounts | $10687.67  |
| S&P 500 Secure Risk Control Account | $5384.67 |
| S&P 500 Growth Risk Control Account | $3927.66 |
| **Total** | **$20000.00** |

---

**(4)** Withdrawal of Risk Control Account Value is not permitted while there is Variable Subaccount Value.

Therefore, the withdrawal of $20,000.00 will first be taken from the Variable Subaccounts. The Variable

Subaccount Value of $10,687.67 is insufficient to cover the gross withdrawal, and there is no Holding

Account Value. Therefore, the remaining withdrawal of $9,312.33 will be taken Pro Rata from the Risk

Control Accounts.

The Pro Rata withdrawal from the S&P 500 Secure Risk Control Account is the Contract Value in this

account divided by the total S&P 500 Risk Control Account Contract Value multiplied by the Risk Control

Account withdrawal. This is calculated as $63,748.72 / $110,247.91 x $9,312.33 which equals $5,384.67.

The Pro Rata withdrawal from the S&P 500 Growth Risk Control Account is calculated the same way to

be $46,499.19 / $110,247.91 x $9,312.33 which equals $3,927.66.

<u>Next</u>, we calculate the net withdrawal from each account.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(5)** | **(6)** | **(7)** | **(8)** | **(9)** |
| **Account** | Withdrawal <br>Subject to <br>MVA<br>| MVA | Withdrawal <br>Subject to <br>Surrender <br>Charge<br>| Surrender <br>Charge<br>| Net <br>Withdrawal<br>|
| Variable Subaccounts | $0.00  | $0.00  | $687.67  | $61.89  | $10625.78  |
| S&P 500 Secure Risk Control Account | $5384.67 | ($84.80) | $5384.67 | $484.62  | $4815.25  |
| S&P 500 Growth Risk Control Account | $3927.66 | ($56.53) | $3927.66 | $353.49  | $3517.64  |
| **Total** | $9312.33 | ($141.33) | $10000.00 | $900.00 | **$18958.67** |

---

**(5)** 100% of the withdrawal from a Risk Control Account is subject to the MVA. The MVA does not apply to

Variable Subaccounts.

**(6)** The MVA equals (W/(C/P)) x (MVAF - 1), where W is the amount of withdrawal from the Risk Control

Account Value, C is the Current Accumulation Credit Factor for the Risk Control Account, and P is Prior

Accumulation Credit Factor for the Risk Control Account. At the time of the withdrawal there are 3.50137

years remaining in the Risk Control Account Period (N). Therefore, MVAF = ((1 + I + K)/(1 + J + L))^N =

((1 + 2.50% + 1.00%)/(1 + 2.90% + 1.10%))^3.50137 = 0.983267.

For the S&P 500 Secure Risk Control Account, the MVA is ($5,384.67 / ($10.731042 / $10.10) x

(0.983267 - 1) which equals -$84.80. For the S&P 500 Growth Risk Control Account, the MVA is

($3,927.66 / ($11.915414 / $10.25) x (0.983267 - 1) which equals -$56.53.

**(7)** The amount of the withdrawal that is free of Surrender Charges is equal to 10% of the Purchase

Payments allocated in the preceding five years. Because there have been no additional Purchase

Payments and no prior withdrawals, the amount of the withdrawal that is free of Surrender Charge at the

time of the withdrawal is equal to 10% x $100,000.00 which equals $10,000.00. The gross withdrawal is

$20,000.00, and Purchase Payments are withdrawn before earnings, so the amount of the withdrawal

subject to a Surrender Charge is calculated as $20,000.00 - $10,000.00 which equals $10,000.00.

Withdrawals are first taken from the Variable Subaccounts, and because $10,000.00 is free of Surrender

Charge, the Surrender Charge only applies to the remaining $687.67. There is no Surrender Charge free

withdrawal amount remaining, so a Surrender Charge applies to the entire withdrawal from the Risk

Control Accounts.

**(8)** It has been more than one year but less than two years since the Purchase Payment was received so the

applicable Surrender Charge percentage is 9.00%. This is multiplied by the amount of the withdrawal

subject to a Surrender Charge to determine the Surrender Charge. For the Variable Subaccounts, the

Surrender Charge is calculated as $687.67 x 9.00% which equals $61.89. For the S&P 500 Secure Risk

Control Account, the Surrender Charge is calculated as $5,384.68 x 9.00% which equals $484.62. For the

S&P 500 Growth Risk Control Account, the Surrender Charge is calculated as $3,927.66 x 9.00% which

equals $353.49.

**(9)** The net withdrawal is equal to the gross withdrawal plus the Market Value Adjustment less the Surrender

Charge. For the Variable Subaccounts, the net withdrawal is calculated as $10,687.67 + $0.00 - $61.89

which equals $10,625.78. For the S&P 500 Secure Risk Control Account, the net withdrawal is calculated

as $5,384.67 + -$84.80 - $484.62 which equals $4,815.25. For the S&P 500 Growth Risk Control

Account, the net withdrawal is calculated as $3,927.66 + -$56.53 - $353.49 which equals $3,517.64. The

total net withdrawal is the sum of the three accounts, $18,958.67.

<u>Next</u>, we calculate the Accumulation Units, Accumulation Credits, and Contract Value remaining after the

withdrawal.

---

| | | |
|:---|:---|:---|
|  | **(10)** | **(11)** |
| **Account** | Units /<br>Accumulation Credits<br>After Withdrawal<br>| Contract Value <br>after Withdrawal<br>|
| Variable Subaccounts | 0.00 | $0.00  |
| S&P 500 Secure Risk Control Account | 5438.81 | $58364.10  |
| S&P 500 Growth Risk Control Account | 3572.81 | $42571.51  |
| Total |  | **$100935.61** |

---

**(10)** The number of Accumulation Units/Accumulation Credits remaining after the withdrawal is equal to the

number of Accumulation Units/Accumulation Credits prior to the withdrawal minus the result of the gross

withdrawal from the account divided by the Accumulation Unit Value/Accumulation Credit Factor as of the

withdrawal date. For the Variable Subaccounts, this is calculated as 1,012.09 - ($10,687.67 / $10.56)

which equals 0.00. For the S&P 500 Secure Risk Control Account, this is calculated as 5,940.59 -

($5,384.67 / $10.7310742) which equals 5,438.81. For the S&P 500 Growth Risk Control Account, this is

calculated as 3,902.44 - ($3,927.66 / $11.915414) which equals 3,572.81.

**(11)** The Contract Value remaining after the withdrawal is equal the Accumulation Unit Value/Accumulation

Credit Factor as of the withdrawal date multiplied by the number of Accumulation Units/Accumulation

Credits after the withdrawal. For the Variable Subaccounts, this is calculated as $10.56 x 0.00 which

equals $0.00. For the S&P 500 Secure Risk Control Account, this is calculated as $10.731042 x 5,438.81

which equals $58,365.23. For the S&P 500 Growth Risk Control Account, this is calculated as $11.915414

x 3,572.81 which equals $42,571.51. The total Contract Value after the withdrawal is the sum of the three

accounts, $100,935.61.

***Example 2: Partial Withdrawal with a Positive MVA***

Contract Assumptions:

• The Contract was issued with an initial deposit of $100,000.00.

• The Contract is a Series B Contract; therefore, the Contract Fee is 1.50%.

• Money is allocated to the Variable Subaccounts and S&P 500 Risk Control Accounts.

• There have been no additional Purchase Payments.

• A gross withdrawal of $20,000.00 is taken 1.5 years after the Contract Issue Date. No other

withdrawals have been previously taken.

Variable Subaccount Assumptions:

• As of the withdrawal date, there are 1,012.09 Variable Subaccount Accumulation Units with an

Accumulation Unit Value of $10.56.

Risk Control Account Assumptions:

• The S&P 500 Secure Risk Control Account has a 0.00% Floor and a 7.00% Cap.

• The S&P 500 Growth Risk Control Account has a -10.00% Floor and a 17.00% Cap.

• As of the withdrawal date, there are 5,940.59 S&P 500 Secure Risk Control Account

Accumulation Credits.

• As of the withdrawal date, there are 3,902.44 S&P 500 Growth Risk Control Account

Accumulation Credits.

• The Accumulation Credit Factor (P) at the start of the Risk Control Account Year immediately

preceding the withdrawal for the S&P 500 Secure Risk Control Account is $10.1.

• The Accumulation Credit Factor (P) at the start of the Risk Control Account Year immediately

preceding the withdrawal for the S&P 500 Growth Risk Control Account is $10.25.

• The S&P 500 Index value at the start of the Risk Control Account Year immediately preceding the

withdrawal is 1000.00.

• The S&P 500 Index value at the time of the withdrawal is 1200.00.

• On the Risk Control Account Start Date, the interpolated 5-year Constant Maturity Treasury Rate

(I) was 2.50% and the ICE BofAML Index (K) was 1.00%.

• At the time of the withdrawal the Constant Maturity Treasury Rate for the remaining Index period

(J) is 2.10% and the ICE BofAML Index (L) is 0.90%.

• At the time of the withdrawal there are 3.50137 years remaining in the Risk Control Account

Period (N).

We take the following steps to determine the net partial withdrawal amount (excluding taxes) payable to

the Owner:

<u>First,</u> we calculate the Contract Value at the time of the withdrawal.

---

| | | | |
|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** |
| **Account** | Units /<br>Accumulation <br>Credits<br>| Unit Value /<br>Accumulation <br>Credit Factor<br>| Contract Value at <br>time of <br>Withdrawal<br>|
| Variable Subaccounts | 1012.09 | $10.56  | $10687.67  |
| S&P 500 Secure Risk Control Account | 5940.59 | $10.731042  | $63748.72  |
| S&P 500 Growth Risk Control Account | 3902.44 | $11.915414  | $46499.19  |
| **Total** |  |  | **$120935.58** |

---

**(1), (2), (3)**

The current Variable Subaccounts Value is 1,012.09 x $10.56 which equals $10,687.67.

The return of the Index is equal to the Closing Index Value divided by the Initial Index Value.

The return of the S&P 500 Index is calculated to be 1.2 (1,200.00 / 1,000.00). This is greater than (1 + the

Cap) and above (1+ the Floor) for both the S&P 500 Secure and Growth Accounts. Therefore, the Index

Return is set to (1 + the Cap) which equals 1.07 for the S&P 500 Secure Risk Control Accounts and 1.17

for the S&P 500 Growth Risk Control Account.

The Risk Control Account Daily Contract Fee is calculated as 1.50% divided by the number of days in the

Risk Control Account Year, multiplied by the Accumulation Credit Factor at the start of the Risk Control

Account Year (1.50% / 365 x 10.1 for the S&P 500 Secure Risk Control Account and 1.50% / 365 x 10.25

for the S&P 500 Growth Risk Control Account).

The Accumulation Credit Factor is then calculated as (a) the Accumulation Credit Factor at the start of the

Risk Control Account Year multiplied by (b) the Index Return less (c) the Risk Control Account Daily

Contract Fee multiplied by the number of days that have passed since the last Risk Control Account

Anniversary (i.e. a x b – c).

For the S&P 500 Secure Risk Control Account, this results in an Accumulation Credit Factor at the time of

the withdrawal of $10.1 x 1.07 – ((1.50% x 365 x 10.1) x 183) which equals $10.731042. The current S&P

500 Secure Risk Control Account Contract Value is then calculated as 5,940.59 x $10.731042 which

equals $63,748.72.

For the S&P 500 Growth Risk Control Account, this results in an Accumulation Credit Factor at the time of

the withdrawal of $10.25 x (1.17 – ((1.50% / 365 x $10.25) x 183 which equals $11.915414. The current

S&P 500 Growth Risk Control Account Contract Value is then calculated as 3,902.44 x $11.915414 which

equals $46,499.19.

<u>Next</u>, we calculate the gross withdrawal from each account.

---

| | |
|:---|:---|
|  | **(4)** |
| **Account** | Gross <br>Withdrawal<br>|
| Variable Subaccounts | $10687.67 |
| S&P 500 Secure Risk Control Account | $5384.67 |
| S&P 500 Growth Risk Control Account | $3927.66 |
| **Total** | **$20000.00** |

---

**(4)** Withdrawal of Risk Control Account Value is not permitted while there is Variable Subaccount Value.

Therefore, the withdrawal of $20,000.00 will first be taken from the Variable Subaccounts. The Variable

Subaccount Value of $10,687.67 is insufficient to cover the gross withdrawal, and there is no Holding

Account Value. Therefore, the remaining withdrawal of $9,312.33 will be taken Pro Rata from the Risk

Control Accounts.

The Pro Rata withdrawal from the S&P 500 Secure Risk Control Account is the Contract Value in this

account divided by the total S&P 500 Risk Control Account Contract Value multiplied by the Risk Control

Account withdrawal. This is calculated as $63,748.72 / $110,247.91 x $9,312.33 which equals $5,384.67.

The Pro Rata withdrawal from the S&P 500 Growth Risk Control Account is calculated the same way to

be $46,499.19 / $110,247.91 x $9,312.33 which equals $3,927.66.

<u>Next</u>, we calculate the net withdrawal from each account.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(5)** | **(6)** | **(7)** | **(8)** | **(9)** |
| **Account** | Withdrawal <br>Subject to <br>MVA<br>| MVA | Withdrawal <br>Subject to <br>Surrender <br>Charge<br>| Surrender <br>Charge<br>| Net <br>Withdrawal<br>|
| Variable Subaccounts | $0.00  | $0.00  | $687.67  | $61.89  | $10625.78  |
| S&P 500 Secure Risk Control Account | $5384.67 | $86.67 | $5384.67 | $484.62  | $4986.72 |
| S&P 500 Growth Risk Control Account | $3927.66 | $57.78 | $3927.66 | $353.49  | $3631.95 |
| **Total** | $9312.33 | $144.45 | $10000.00 | $900.00 | **$19244.45** |

---

**(5)** 100% of the withdrawal from a Risk Control Account is subject to the MVA. The MVA does not apply to

Variable Subaccounts.

**(6)** The MVA equals (W/(C/P)) x (MVAF - 1), where W is the amount of withdrawal from the Risk Control

Account Value, C is the Current Accumulation Credit Factor for the Risk Control Account, and P is Prior

Accumulation Credit Factor for the Risk Control Account. At the time of the withdrawal there are 3.50137

years remaining in the Risk Control Account Period (N). Therefore, MVAF = ((1 + I + K)/(1 + J + L))^N =

((1 + 2.50% + 1.00%)/(1 + 2.10% + 0.90%))^3.50137 = 1.00171.

For the S&P 500 Secure Risk Control Account, the MVA is ($5,384.67 / ($10.731042 / $10.100000) x

(1.0171 - 1) which equals $86.67. For the S&P 500 Growth Risk Control Account, the MVA is ($3,927.66 /

($11.915414 / $10.25) x (1.0171 - 1) which equals $57.78.

**(7)** The amount of the withdrawal that is free of Surrender Charges is equal to 10% of the Purchase

Payments allocated in the preceding five years. Because there have been no additional Purchase

Payments and no prior withdrawals, the amount of the withdrawal that is free of Surrender Charge at the

time of the withdrawal is equal to 10% x $100,000.00 which equals $10,000.00. The gross withdrawal is

$20,000.00, and Purchase Payments are withdrawn before earnings, so the amount of the withdrawal

subject to a Surrender Charge is calculated as $20,000.00 - $10,000.00 which equals $10,000.00.

Withdrawals are first taken from the Variable Subaccounts, and because $10,000.00 is free of Surrender

Charge, the Surrender Charge only applies to the remaining $687.67. There is no Surrender Charge free

withdrawal amount remaining, so a Surrender Charge applies to the entire withdrawal from the Risk

Control Accounts.

**(8)** It has been more than one year but less than two years since the Purchase Payment was received so the

applicable Surrender Charge percentage is 9.00%. This is multiplied by the amount of the withdrawal

subject to a Surrender Charge to determine the Surrender Charge. For the Variable Subaccounts, the

Surrender Charge is calculated as $687.67 x 9.00% which equals $61.89. For the S&P 500 Secure Risk

Control Account, the Surrender Charge is calculated as $5,384.67 x 9.00% which equals $484.62. For the

S&P 500 Growth Risk Control Account, the Surrender Charge is calculated as $3,927.66 x 9.00% which

equals $353.49.

**(9)** The net withdrawal is equal to the gross withdrawal plus the Market Value Adjustment less the Surrender

Charge. For the Variable Subaccounts, the net withdrawal is calculated as $10,687.67 + $0.00 - $61.89

which equals $10,625.78. For the S&P 500 Secure Risk Control Account, the net withdrawal is calculated

as $5,384.67 + $86.67- $484.62 which equals $4,986.72. For the S&P 500 Growth Risk Control Account,

the net withdrawal is calculated as $3,927.66 + $57.78 - $353.49 which equals $3,631.95. The total net

withdrawal is the sum of the three accounts, $19,244.45.

Next, we calculate the Accumulation Units, Accumulation Credits, and Contract Value remaining after the

withdrawal.

---

| | | |
|:---|:---|:---|
|  | **(10)** | **(11)** |
| **Account** | Units /<br>Accumulation Credits<br>After Withdrawal<br>| Contract Value <br>after Withdrawal<br>|
| Variable Subaccounts | 0.00 | $0.00  |
| S&P 500 Secure Risk Control Account | 5438.81 | $58364.10  |
| S&P 500 Growth Risk Control Account | 3572.82 | $42571.51  |
| **Total** |  | **$100935.61** |

---

**(10)** The number of Accumulation Units/Accumulation Credits remaining after the withdrawal is equal to the

number of Accumulation Units/Accumulation Credits prior to the withdrawal minus the result of the gross

withdrawal from the account divided by the Accumulation Unit Value/Accumulation Credit Factor as of the

withdrawal date. For the Variable Subaccounts, this is calculated as 1,012.09 - ($10,687.67 / $10.56)

which equals 0.00. For the S&P 500 Secure Risk Control Account, this is calculated as 5,940.59 -

($5,384.67 / $10.731042) which equals 5,438.81. For the S&P 500 Growth Risk Control Account, this is

calculated as 3,902.44 - ($3,927.66 / $11.915414) which equals 3,572.81.

**(11)** The Contract Value remaining after the withdrawal is equal the Accumulation Unit Value/Accumulation

Credit Factor as of the withdrawal date multiplied by the number of Accumulation Units/Accumulation

Credits after the withdrawal. For the Variable Subaccounts, this is calculated as $10.56 x 0.00 which

equals $0.00. For the S&P 500 Secure Risk Control Account, this is calculated as $10.731042 x 5,438.81

which equals $58,364.10. For the S&P 500 Growth Risk Control Account, this is calculated as $11.915414

x 3,572.81 which equals $42,571.51. The total Contract Value after the withdrawal is the sum of the three

accounts, $100,935.61.

***Example 3: Full Surrender of Contract with a Negative MVA***

Contract Assumptions:

• The Contract was issued with an initial deposit of $100,000.00.

• The Contract is a Series B Contract; therefore, the Contract Fee is 1.50%.

• Money is allocated to the Variable Subaccounts and S&P 500 Risk Control Accounts.

• There have been no additional Purchase Payments.

• A full surrender is taken 1.5 years after the Contract Issue Date. No other withdrawals have been

previously taken.

Variable Subaccount Assumptions:

• As of the withdrawal date, there are 1,012.09 Variable Subaccount Accumulation Units with an

Accumulation Unit Value of $10.56.

Risk Control Account Assumptions:

• The S&P 500 Secure Risk Control Account has a 0.00% Floor and a 7.00% Cap.

• The S&P 500 Growth Risk Control Account has a -10.00% Floor and a 17.00% Cap.

• As of the withdrawal date, there are 5,940.59 S&P 500 Secure Risk Control Account

Accumulation Credits.

• As of the withdrawal date, there are 3,902.44 S&P 500 Growth Risk Control Account

Accumulation Credits.

• The Accumulation Credit Factor (P) at the start of the Risk Control Account Year immediately

preceding the withdrawal for the S&P 500 Secure Risk Control Account is $10.1.

• The Accumulation Credit Factor (P) at the start of the Risk Control Account Year immediately

preceding the withdrawal for the S&P 500 Growth Risk Control Account is $10.25.

• The S&P 500 Index value at the start of the Risk Control Account Year immediately preceding the

withdrawal is 1000.00.

• The S&P 500 Index value at the time of the withdrawal is 1200.00.

• On the Risk Control Account Start Date, the interpolated 5-year Constant Maturity Treasury Rate

(I) was 2.50% and the ICE BofAML Index (K) was 1.00%.

• At the time of the withdrawal the Constant Maturity Treasury Rate for the remaining Index period

(J) is 2.90% and the ICE BofAML Index (L) is 1.10%.

• At the time of the withdrawal there are 3.50137 years remaining in the Risk Control Account

Period (N).

We take the following steps to determine the Surrender Value (excluding taxes) payable to the Owner:

<u>First</u>, we calculate the Contract Value at the time of the withdrawal.

---

| | | | |
|:---|:---|:---|:---|
|  | **(1)** | **(2)** | **(3)** |
| **Account** | Units /<br>Accumulation <br>Credits<br>| Unit Value /<br>Accumulation <br>Credit Factor<br>| Contract Value at <br>time of Withdrawal<br>|
| Variable Subaccounts | 1012.09 | $10.56  | $10687.67  |
| S&P 500 Secure Risk Control Account | 5940.59 | $10.731042  | $63748.72  |
| S&P 500 Growth Risk Control Account | 3902.44 | $11.915414  | $46499.19  |
| **Total** |  |  | **$120935.58** |

---

**(1), (2), (3)**

The current Variable Subaccounts Value is 1,012.09 x $10.56 which equals $10,687.67.

The return of the Index is equal to the Closing Index Value divided by the Initial Index Value. The return of

the S&P 500 Index is calculated to be 1.2 (1,200.00 / 1,000.00). This is greater than (1 + the Cap) and

above (1 + the Floor) for both the S&P 500 Secure and Growth Accounts. Therefore, the Index Return is

set to (1 + the Cap), which equals 1.07 for the S&P 500 Secure Risk Control Account and 1.17% for the

S&P 500 Growth Risk Control Account.

The Risk Control Account Daily Contract Fee is calculated as 1.50% divided by the number of days in the

Risk Control Account Year multiplied by the Accumulation Credit Factor at the start of the Risk Control

Account Year (1.50% / 365 x 10.1 for the S&P 500 Secure Risk Control Account and 1.50% / 365 x 10.25

for the S&P 500 Growth Risk Control Account).

The Accumulation Credit Factor is then calculated as (a) the Accumulation Credit Factor at the start of the

Risk Control Account Year multiplied by (b) the Index Return less (c) the Risk Control Account Daily

Contract Fee multiplied by the number of days that have passed since the last Risk Control Account

Anniversary (i.e. a x b – c).

For the S&P 500 Secure Risk Control Account, this results in an Accumulation Credit Factor at the time of

the withdrawal of $10.1 x 1.07 – ((1.50% x 365 x 1.1) x 183) which equals $10.731042. The current S&P

500 Secure Risk Control Account Contract Value is then calculated as 5,940.59 x $10.731042 which

equals $63,748.72.

For the S&P 500 Growth Risk Control Account, this results in an Accumulation Credit Factor at the time of

the withdrawal of $10.25 x 1.17 – ((1.50% x 365 x 10.25) x 183) which equals $11.915414. The current

S&P 500 Growth Risk Control Account Contract Value is then calculated as 3,902.44 x $11.915414 which

equals $46,499.19.

<u>Next</u>, we calculate the gross withdrawal from each account.

---

| | |
|:---|:---|
|  | **(4)** |
| **Account** | Gross <br>Withdrawal<br>|
| Variable Subaccounts | $10687.67  |
| S&P 500 Secure Risk Control Account | $63748.72 |
| S&P 500 Growth Risk Control Account | $46499.19 |
| **Total** | **$120935.58** |

---

**(4)** Withdrawal of Risk Control Account Value is not permitted while there is Variable Subaccount Value.

Therefore, the surrender is assumed to come from the Variable Subaccounts first and then from the Risk

Control Accounts. Because this is a full surrender, the entire Contract Value will be withdrawn from each

account.

<u>Next</u>, we calculate the net withdrawal from each account.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(5)** | **(6)** | **(7)** | **(8)** | **(9)** |
| **Account** | Withdrawal <br>Subject to <br>MVA<br>| MVA | Withdrawal <br>Subject to <br>Surrender <br>Charge<br>| Surrender <br>Charge<br>| Net <br>Withdrawal<br>|
| Variable Subaccounts | $0.00  | $0.00  | $687.67  | $61.89  | $10625.78  |
| S&P 500 Secure Risk Control <br>Account<br>| $63748.72 | ($1003.95) | $51643.13 | $4647.88  | $58096.89 |
| S&P 500 Growth Risk Control <br>Account<br>| $46499.19 | ($669.30) | $37669.20 | $3390.23  | $42439.66  |
| **Total** | $110247.91 | ($1673.25) | $90000.00 | $8100.00 | **$111162.33** |

---

**(5)** 100% of the withdrawal from a Risk Control Account is subject to the MVA. The MVA does not apply to

Variable Subaccounts.

**(6)** The MVA equals (W/(C/P)) x (MVAF - 1), where W is the amount of withdrawal from the Risk Control

Account Value, C is the Current Accumulation Credit Factor for the Risk Control Account, and P is Prior

Accumulation Credit Factor for the Risk Control Account. At the time of the withdrawal there are 3.50137

years remaining in the Risk Control Account Period (N). Therefore, MVAF = ((1 + I + K)/(1 + J + L))^N =

((1 + 2.50% + 1.00%)/(1 + 2.90% + 1.10%))^3.50137 = 0.983267.

For the S&P 500 Secure Risk Control Account, the MVA is ($63,748.72 / ($10.731042 / $10.1) x

(0.983267 - 1) which equals -$1,003.95. For the S&P 500 Growth Risk Control Account, the MVA is

($46,499.19 / ($11.915414 / $10.25) x (0.983267 - 1) which equals -$669.30.

**(7)** The amount of the withdrawal that is free of Surrender Charges is equal to 10% of the Purchase

Payments allocated within the preceding five years. Because there have been no additional Purchase

Payments and no prior withdrawals, the amount of the withdrawal that is free of Surrender Charge at the

time of the withdrawal is equal to 10% x $100,000.00 which equals $10,000.00. The Purchase Payment

within the preceding five years is $100,000.00, so the amount of the withdrawal subject to a Surrender

Charge is calculated as $100,000.00 - $10,000.00 which equals $90,000.00.

Withdrawals are first taken from the Variable Subaccounts, and because $10,000.00 is free of Surrender

Charge, the Surrender Charge only applies to the remaining $687.67. There is no Surrender Charge free

withdrawal amount remaining, so a Surrender Charge applies to the Pro Rata withdrawal of the remaining

Purchase payments subject to a Surrender Charge from the Risk Control Accounts. The remaining

purchase Payments subject to a Surrender Charge is equal to the withdrawal subject to a Surrender

Charge less the withdrawal from the Variable Subaccount subject to a surrender Charge, calculated as

$90,000 - $687.67 which equals $89,312.33.

The Pro Rata withdrawal from the S&P 500 Secure Risk Control Account that is subject to a Surrender

Charge is equal to the withdrawal from the S&P 500 Secure Risk Control Account divided by the total

withdrawal from the S&P 500 Risk Control Account multiplied by the remaining Purchase Payments

subject to a Surrender Charge. This is calculated as $63,748.72 / $110,247.91 x $89,312.33 =

$51,643.13.

The Pro Rata withdrawal from the S&P 500 Growth Risk Control Account that is subject to a Surrender

Charge is equal to the withdrawal from the S&P 500 Growth Risk Control Account divided by the total

withdrawal from the S&P 500 Risk Control Account multiplied by the remaining Purchase Payments

subject to a Surrender Charge. This is calculated as $46,499.19 / $110,247.91 x $89,312.33 =

$37,669.20.

**(8)** It has been more than one year but less than two years since the Purchase Payment was received so the

applicable Surrender Charge percentage is 9.00%. This is multiplied by the amount of the withdrawal

subject to a Surrender Charge to determine the Surrender Charge. For the Variable Subaccounts, the

Surrender Charge is calculated as $687.67 x 9.00% which equals $61.89. For the S&P 500 Secure Risk

Control Account, the Surrender Charge is calculated as $51,643.13 x 9.00% which equals $4,647.88. For

the S&P 500 Growth Risk Control Account, the Surrender Charge is calculated as $37,669.20 x 9.00%

which equals $3,390.23.

**(9)** The net withdrawal is equal to the gross withdrawal plus the Market Value Adjustment less the Surrender

Charge. For the Variable Subaccounts, the net withdrawal is calculated as $10,687.67 + $0.00 - $61.89

which equals $10,625.78. For the S&P 500 Secure Risk Control Account, the net withdrawal is calculated

as $63,748.72 + -$1,003.95 - $4,647.88 which equals $58,096.89. For the S&P 500 Growth Risk Control

Account, the net withdrawal is calculated as $46,499.19 + -$669.30 - $3,390.23 which equals $42,439.66.

The total net withdrawal is the sum of the three accounts, $111,162.33.

Next, we calculate the Accumulation Units, Accumulation Credits, and Contract Value remaining after the

withdrawal.

---

| | | |
|:---|:---|:---|
|  | **(10)** | **(11)** |
| Account | Units / Accumulation Credits<br>After Withdrawal<br>| Contract Value after <br>Withdrawal<br>|
| Variable Subaccounts | 0.00 | $0.00  |
| S&P 500 Secure Risk Control Account | 0.00 | $0.00  |
| S&P 500 Growth Risk Control Account | 0.00 | $0.00  |
| **Total** |  | **$0.00** |

---

**(10)** The number of Accumulation Units/Accumulation Credits remaining after the withdrawal is equal to the

number of Accumulation Units/Accumulation Credits prior to the withdrawal minus the result of the gross

withdrawal from the account divided by the Accumulation Unit Value/Accumulation Credit Factor as of the

withdrawal date. For the Variable Subaccounts, this is calculated as 1,012.09 - ($10,687.67 / $10.56)

which equals 0.00. For the S&P 500 Secure Risk Control Account, this is calculated as 5,940.59 -

($63,748.72 / $10.731042) which equals 0.00. For the S&P 500 Growth Risk Control Account, this is

calculated as 3,902.44 - ($46,499.19 / $11.915414) which equals 0.00.

**(11)** Following the surrender of the Contract, there is no Contract Value remaining because there are no

Accumulation Units or Accumulation Credits remaining.

**PRINCIPAL UNDERWRITER**

We no longer offer new Contracts. CUNA Brokerage Services, Inc. ("CBSI") serves as principal

underwriter (or distributor) for the Contract. CBSI is a Wisconsin corporation and its home office is located

at 2000 Heritage Way, Waverly, Iowa 50677. CBSI is our indirect, wholly-owned subsidiary, and is

registered as a broker-dealer with the Securities and Exchange Commission ("SEC") under the Securities

Exchange Act of 1934, as amended, as well as with the securities commissions in the states in which it

operates, and is a member of the Financial Industry Regulatory Authority, Inc.

CBSI enters into selling agreements with other broker-dealers ("selling firms") and compensates them for

their services. Registered representatives of other selling firms are appointed as our insurance agents.

Until May 2022, CBSI offered securities directly to customers through its registered representatives, many

of whom are also employed by CBSI's affiliates or various credit unions. Pursuant to agreements between

CBSI and LPL Financial ("LPL"), most of them registered as LPL's Selling Agents, and CBSI receives

compensation from LPL for certain sales.

Selling firms pay their registered representatives a portion of the commissions received for their sales of

the Contract. Registered representatives may also be eligible for various cash benefits and non-cash

compensation programs, such as conferences, seminars and trips (including travel, lodging and meals in

connection therewith), entertainment, merchandise and other similar items, where sales of the Contract

help such registered representatives qualify. We may pay certain selling firms additional amounts for

promoting the Contract and/or educating their registered representatives about the Contract. These

additional payments are not offered to all selling firms, and the terms of any particular agreement

governing the payments may vary among selling firms.

CBSI received sales compensation with respect to the Contracts in the following amounts during the

periods indicated:

---

| | | |
|:---|:---|:---|
| Fiscal <br>Year<br>| Aggregate Amount of Commissions<br>Paid to CBSI<br>| Aggregate Amount of Commissions <br>Retained by CBSI After Payments to its <br>Registered Persons and Selling Firms<br>|
| 2025 | $1831865 | $395392 |
| 2024 | $1912745 | $461557 |
| 2023 | $1875764 | $457939 |

---

In addition to the compensation paid for sales of the Contracts, we pay compensation when an Owner

annuitizes all or a portion of his or her Contract and elects a life contingent annuity payout after the first

Contract Year.

**INCOME PAYMENTS**

We use fixed rates of interest to determine the amount of income payments payable under the Income

Payout Options. Income Payout Options offered under your Contract are described in the "Income Payout

Options" in the Prospectus. Income Payout Options on a variable basis are not offered under your

Contract.

**RESOLVING MATERIAL CONFLICTS** 

The Funds are offered through other separate accounts affiliated with us, and directly to employee benefit

plans affiliated with us. We do not anticipate any disadvantages to this. However, it is possible that a

conflict may arise between the interest of the Variable Separate Account and one or more of the other

separate accounts in which these Funds participate.

Material conflicts may occur due to a change in law affecting the operations of variable life insurance

policies and variable annuity contracts, or differences in the voting instructions of the Owners and those of

owners of other types of contracts issued by us. Material conflicts could also arise between the interests

of Owners (or owners of other types of contracts issued by us) and the interests of participants in

employee benefit plans invested in the Funds. If a material conflict occurs, we will take steps to protect

Owners and variable annuity Payees, including withdrawal of the Variable Separate Account from

participation in the Fund(s) involved in the conflict.

**OTHER INFORMATION**

A registration statement on Form N-4 (the "Registration Statement") has been filed with the SEC under

the Securities Act of 1933, as amended, with respect to the Contract discussed in this SAI. Not all the

information set forth in the Registration Statement, amendments and exhibits thereto has been included in

this SAI. Statements contained in this SAI concerning the content of the Contract and other legal

instruments are intended to be summaries. For a complete statement of the terms of these documents,

reference should be made to the Prospectus filed with the SEC.

The Variable Separate Account and Risk Control Separate Account were each established as a separate

account of MEMBERS Life Insurance Company on June 8, 2015.

**CUSTODIAN**

The Company is the custodian for the shares of the underlying Funds owned by the Variable Separate

Account.

**EXPERTS**

The financial statements of each of the Subaccounts comprising MEMBERS Horizon Variable Separate

Account, incorporated by reference in the Registration Statement, have been audited by Deloitte &

Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial

statements are incorporated by reference in reliance upon the report of such firm given their authority as

experts in accounting and auditing.

The statutory basis financial statements of MEMBERS Life Insurance Company, incorporated by

reference in the Registration Statement, have been audited by Deloitte & Touche LLP, an independent

auditor, as stated in their report. Such report expresses an unmodified opinion on such financial

statements prepared in accordance with the accounting practices prescribed or permitted by the Iowa

Department of Commerce, Insurance Division; and which expresses an adverse opinion that the statutory

basis financial statements are not fairly presented in accordance with accounting principles generally

accepted in the United States of America as the variances between the statutory basis of accounting and

accounting principles generally accepted in the United States of America, although not reasonably

determinable, are presumed to be material and pervasive. Such financial statements are incorporated by

reference in reliance upon the report of such firm given their authority as experts in accounting and

auditing.

The principal business address of Deloitte & Touche LLP is 111 S. Wacker Dr., Chicago, Illinois 60606.

**MEMBERS LIFE INSURANCE COMPANY FINANCIAL STATEMENTS**

The Company's statutory basis financial statements are hereby incorporated by reference to the <u>[Form N-](https://www.sec.gov/Archives/edgar/data/1562577/000156257726000062/mlicstat2025-forworkiva.htm)</u>

<u>[VPFS](https://www.sec.gov/Archives/edgar/data/1562577/000156257726000062/mlicstat2025-forworkiva.htm)</u> filed with the SEC by the Company on April 1, 2026. The Company's financial statements should be

distinguished from the financial statements of the Variable Separate Account, and you should consider the

Company's financial statements only as bearing on the Company's ability to meet its obligations under

your Contract.

**MEMBERS HORIZON VARIABLE SEPARATE ACCOUNT FINANCIAL STATEMENTS**

The Variable Separate Account's financial statements as of and for the year ended December 31, 2025

and for each of the two years in the period ended December 31, 2025, are hereby incorporated by

reference to the <u>[Form N-VPFS](https://www.sec.gov/Archives/edgar/data/1651981/000165198126000017/mlicva2025.htm)</u> filed with the SEC by the Variable Separate Account on April 1, 2026 (File

No. 811-23092).

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

None

**PART C**

**OTHER INFORMATION**

**Item 27. Exhibits.**

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit Item** <br>**Number**<br>| **Description** | **Incorporated by Reference to** | **Filed** <br>**Herewith**<br>|
| (a) | Board of Directors Resolution. | Board of Directors Resolution. | Board of Directors Resolution. |
| (a)(i) | <u>[Resolutions of the Board of Directors](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u><br><u>[of MEMBERS Life Insurance Company](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u><br><u>[("MLIC") authorizing the establishment](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u><br><u>[of the MEMBERS Horizon Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u><br><u>[Separate Account (the "Registrant")](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex1.txt)</u> |  |
| (b) | Custodian Agreements – Not Applicable | Custodian Agreements – Not Applicable | Custodian Agreements – Not Applicable |
| (c) | Underwriting Contracts. | Underwriting Contracts. | Underwriting Contracts. |
| (c)(1) | <u>[Amended and Restated Distribution](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u><br><u>[Agreement dated as of January 7,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u><br><u>[2016 between MLIC, for itself and as](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u><br><u>[depositor on behalf of the Registrant,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u><br><u>[and CUNA Brokerage Services, Inc.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u><br><u>[("CBSI")](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u> |  |
| (c)(2) | <u>[Amended and Restated Expense](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u><br><u>[Sharing Agreement dated January 1,](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u><br><u>[2015 between MLIC and CBSI](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u> <br><u>[the Post-Effective Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u> <br><u>[filed March 31, 2017 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u> |  |
| (d) | Contracts. | Contracts. | Contracts. |
| (d)(1) | <u>[Form of MEMBERS](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u><sup>®</sup><u>[Horizons](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u><br><u>[Flexible Premium Deferred Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u><br><u>[Annuity Contract (Form No. 2015-VA-](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u><br><u>[B)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4a.txt)</u> |  |
| (d)(2) | <u>[Form of MEMBERS](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u><sup>®</sup><u>[Horizons](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u><br><u>[Flexible Premium Deferred Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u><br><u>[Annuity Contract (Form No. 2015-VA-](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u><br><u>[C)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4b.txt)</u> |  |
| (d)(3) | <u>[Form of MEMBERS](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u><sup>®</sup><u>[Horizons](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u><br><u>[Flexible Premium Deferred Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u><br><u>[Annuity Data Page (Form No. 2015-](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u><br><u>[VADP-B)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4c.txt)</u> |  |
| (d)(4) | <u>[Form of MEMBERS](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u><sup>®</sup><u>[Horizons](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u><br><u>[Flexible Premium Deferred Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u><br><u>[Annuity Data Page (Form No. 2015-](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u><br><u>[VADP-C)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4d.txt)</u> |  |
| (d)(5) | <u>[Form of Individual Retirement Annuity](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4e.txt)</u><br><u>[Endorsement](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4e.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4e.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4e.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4e.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4e.txt)</u> |  |

---

---

| | | |
|:---|:---|:---|
| (d)(6) | <u>[Form of Roth Individual Retirement](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4f.txt)</u><br><u>[Annuity Endorsement](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4f.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4f.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4f.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4f.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex4f.txt)</u> |
| (e) | Applications. | Applications. |
| (e)(1) | <u>[Form of MEMBERS](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u><sup>®</sup><u>[Horizons](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u><br><u>[Flexible Premium Deferred Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u><br><u>[Annuity Application](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u> <br><u>[Form N-4, filed October 5, 2015 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928615000646/e110717_ex5.txt)</u> |
| (f) | Insurance Company's Certificate of Incorporation and By-Laws. | Insurance Company's Certificate of Incorporation and By-Laws. |
| (f)(1) | <u>[Articles of Incorporation of MLIC](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> <br><u>[the initial filing of the MLIC](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> <br><u>[Registration Statement on Form S-1,](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> <br><u>[filed February 6, 2013 (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> <br><u>[333-186477)](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> |
| (f)(2) | <u>[Bylaws of MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> |
| (g) | Reinsurance Contracts. | Reinsurance Contracts. |
| (g)(1) | <u>[MEMBERS Horizon Coinsurance and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u><br><u>[Modified Coinsurance Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u><br><u>[dated November 1, 2015 between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u><br><u>[MLIC and CMFG Life Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u><br><u>[Company ("CMFG Life")](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-7.htm)</u> |
| (g)(2) | <u>[Amended and Restated Coinsurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u><br><u>[and Modified Coinsurance Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u><br><u>[dated January 1, 2019 between MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u><br><u>[and CMFG Life](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u> <br><u>[the Post-Effective Amendment No. 5](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u> <br><u>[filed April 17, 2020 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928620000119/g163322_ex-7a.htm)</u> |
| (g)(2)(a) | <u>[Amended and Restated Coinsurance](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u><br><u>[and Modified Coinsurance Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u><br><u>[dated February 4, 2021 between MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u><br><u>[and CMFG Life](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u> <br><u>[the Post-Effective Amendment No. 7](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u> <br><u>[filed April 5, 2022 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg3.htm)</u> |
| (g)(2)(b) | <u>[Second Amendment to Amended and](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u><br><u>[Restated Coinsurance and Modified](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u><br><u>[Coinsurance Agreement dated](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u><br><u>[November 23, 2021 between MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u><br><u>[and CMFG Life](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u> <br><u>[the Post-Effective Amendment No. 7](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u> <br><u>[filed April 5, 2022 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exg4.htm)</u> |
| (g)(2)(c) | <u>[Third Amendment to Amended and](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u><br><u>[Restated Coinsurance and Modified](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u><br><u>[Coinsurance Agreement dated October](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u><br><u>[10, 2022 between MLIC and CMFG](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u><br><u>[Life](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u> <br><u>[the Post-Effective Amendment No. 8](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u> <br><u>[filed April 13, 2023 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exg5.htm)</u> |
| (g)(2)(d) | <u>[Fourth Amendment to Amended and](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[Restated Coinsurance and Modified](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[Coinsurance Agreement dated April](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[17, 2023 between MLIC and CMFG](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[Life](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[Post-Effective Amendment No. 9 to](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[the Form N-4 Registration Statement](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[of the Registrant, filed April 18, 2024](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> <br><u>[(File No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392624000765/g196967_exg6.htm)</u> |

---

---

| | | | |
|:---|:---|:---|:---|
| (g)(3) | Amended and Restated Coinsurance <br>and Modified Coinsurance Agreement <br>dated March 6, 2025<br>|  | X |
| (g)(3)(a) | First Amendment to Amended and <br>Restated Coinsurance and Modified <br>Coinsurance Agreement dated May 23, <br>2025<br>|  | X |
| (h) | Participation Agreements. | Participation Agreements. | Participation Agreements. |
| (h)(1)(i) | <u>[Fund Participation and Service](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8a.htm)</u><br><u>[Agreement between American Funds](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8a.htm)</u><br><u>[Insurance Series and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8a.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8a.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8a.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8a.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8a.htm)</u> |  |
| (h)(1)(ii) | <u>[Business Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ai.htm)</u><br><u>[American Funds Distributors, Inc.,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ai.htm)</u><br><u>[CBSI and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ai.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ai.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ai.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ai.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ai.htm)</u> |  |
| (h)(1)(iii) | <u>[American Funds Rule 22c-2](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8aii.htm)</u><br><u>[Agreement between American Funds](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8aii.htm)</u><br><u>[Service Company and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8aii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8aii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8aii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8aii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8aii.htm)</u> |  |
| (h)(1)(iv) | <u>[Amendment No. 1 to Fund Participation](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u><br><u>[and Service Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u><br><u>[American Funds Service Company and](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u> <br><u>[the Post-Effective Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u> <br><u>[filed March 31, 2017 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8aiii.htm)</u> |  |
| (h)(2)(i) | <u>[Fund Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8b.htm)</u><br><u>[BlackRock Variable Series Funds, Inc.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8b.htm)</u><br><u>[and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8b.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8b.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8b.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8b.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8b.htm)</u> |  |
| (h)(2)(ii) | <u>[Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bi.htm)</u><br><u>[between BlackRock Advisors, LLC and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bi.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bi.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bi.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bi.htm)</u> |  |
| (h)(2)(iii) | <u>[Form of Distribution Sub-Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bii.htm)</u><br><u>[between BlackRock Variable Series](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bii.htm)</u><br><u>[Funds, Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8bii.htm)</u> |  |
| (h)(2)(iv) | <u>[First Amendment to Administrative](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u><br><u>[Services Agreement dated July 1, 2020](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u><br><u>[between BlackRock Advisors, LLC and](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u> <br><u>[the Post-Effective Amendment No. 7](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u> <br><u>[filed April 5, 2022 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh2iv.htm)</u> |  |
| (h)(3)(i) | <u>[Fund Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u><br><u>[Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u><br><u>[Trust I, Columbia Management](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u><br><u>[Investment Advisors, LLC, Columbia](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u><br><u>[Management Investment Distributors,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u><br><u>[Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8c.htm)</u> |  |

---

---

| | | |
|:---|:---|:---|
| (h)(3)(ii) | <u>[Fund Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u><br><u>[Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u><br><u>[Trust II, Columbia Management](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u><br><u>[Investment Advisors, LLC, Columbia](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u><br><u>[Management Investment Distributors,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u><br><u>[Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ci.htm)</u> |
| (h)(3)(iii) | <u>[Fund Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u><br><u>[Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u><br><u>[Trust, Columbia Management](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u><br><u>[Investment Advisors, LLC, Columbia](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u><br><u>[Management Investment Distributors,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u><br><u>[Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8cii.htm)</u> |
| (h)(3)(iv) | <u>[Revenue Sharing Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ciii.htm)</u><br><u>[Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ciii.htm)</u><br><u>[Distributors, Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ciii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ciii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ciii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ciii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ciii.htm)</u> |
| (h)(3)(v) | <u>[First Amendment to the Fund](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[Columbia Funds Variable Series Trust](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[II, Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[Advisers, LLC, Columbia Management](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[Investment Distributors, Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[the Pre-Effective Amendment No. 1](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[filing of the MEMBERS Horizon](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[Variable Separate Account on Form](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[N-4, filed November 20, 2018 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br><u>[No. 333-226804)](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8civ.htm)</u><br>|
| (h)(3)(vi) | <u>[Variable Portfolio Administrative](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u><br><u>[Services Agreement between](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u><br><u>[Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u><br><u>[Services Corp. and CUNA Brokerage](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u><br><u>[Services, Inc.](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u> <br><u>[the Pre-Effective Amendment No. 1 of](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u> <br><u>[the MLIC Registration Statement on](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u> <br><u>[Form S-1, filed April 18, 2019 (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u> <br><u>[333-228962)](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vcvi.htm)</u> |
| (h)(4)(i) | <u>[Participation Agreement between DFA](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8d.htm)</u><br><u>[Investment Dimensions Group Inc. and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8d.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8d.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8d.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8d.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8d.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8d.htm)</u> |
| (h)(4)(ii) | <u>[Amendment 1 to Participation](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u><br><u>[Agreement between DFA Investment](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u><br><u>[Dimensions Group Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u><br><u>[dated January 1, 2022](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u> <br><u>[the Post-Effective Amendment No. 7](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u> <br><u>[filed April 5, 2022 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh4i.htm)</u> |
| (h)(5)(i) | <u>[Fund Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8e.htm)</u><br><u>[The Dreyfus Corporation and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8e.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8e.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8e.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8e.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8e.htm)</u> |
| (h)(5)(ii) | <u>[Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ei.htm)</u><br><u>[between The Dreyfus Corporation and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ei.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ei.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ei.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ei.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ei.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ei.htm)</u> |
| (h)(5)(iii) | <u>[Distribution Letter Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8eii.htm)</u><br><u>[MBSC Securities Corporation (The](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8eii.htm)</u><br><u>[Dreyfus Corporation) and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8eii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8eii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8eii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8eii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8eii.htm)</u> |

---

---

| | | |
|:---|:---|:---|
| (h)(5)(iv) | <u>[First Amendment to Fund Participation](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u><br><u>[Agreement between the Dreyfus](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u><br><u>[Corporation and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u> <br><u>[the Post-Effective Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u> <br><u>[filed March 31, 2017 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8eiii.htm)</u> |
| (h)(6)(i) | <u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8f.htm)</u><br><u>[Franklin Templeton Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8f.htm)</u><br><u>[Products Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8f.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8f.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8f.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8f.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8f.htm)</u> |
| (h)(6)(ii) | <u>[Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fi.htm)</u><br><u>[between Franklin Templeton Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fi.htm)</u><br><u>[Insurance Products Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fi.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fi.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fi.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fi.htm)</u> |
| (h)(6)(iii) | <u>[Shareholder Information Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fii.htm)</u><br><u>[between Franklin Templeton Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fii.htm)</u><br><u>[Insurance Products Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fii.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fii.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fii.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8fii.htm)</u> |
| (h)(6)(iv) | <u>[Amendment No. 1 to Participation](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u><br><u>[Agreement between Franklin](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u><br><u>[Templeton Variable Insurance Products](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u><br><u>[Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u> <br><u>[the Post-Effective Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u> <br><u>[filed March 31, 2017 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8fiii.htm)</u> |
| (h)(6)(v) | <u>[Amendment No. 2 to Participation](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u><br><u>[Agreement between Franklin](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u><br><u>[Templeton Variable Insurance Products](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u><br><u>[Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u> <br><u>[the Post-Effective Amendment No. 8](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u> <br><u>[filed April 18, 2023 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6v.htm)</u> |
| (h)6(vi) | <u>[Amendment No. 1 to Administrative](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u><br><u>[Services Agreement between Franklin](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u><br><u>[Templeton Variable Insurance Products](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u><br><u>[Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u> <br><u>[the Post-Effective Amendment No. 8](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u> <br><u>[filed April 18, 2023 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392623000413/g188562_exh6vi.htm)</u> |
| (h)(7)(i) | <u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8g.htm)</u><br><u>[Goldman Sachs Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8g.htm)</u><br><u>[Trust, Goldman Sachs & Co. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8g.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8g.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8g.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8g.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8g.htm)</u> |
| (h)(7)(ii) | <u>[Amendment #1 to Participation](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gi.htm)</u><br><u>[Agreement between Goldman Sachs](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gi.htm)</u><br><u>[Variable Insurance Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gi.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gi.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gi.htm)</u> |
| (h)(7)(iii) | <u>[Service Class Services Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gii.htm)</u><br><u>[between Goldman Sachs Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gii.htm)</u><br><u>[Insurance Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8gii.htm)</u> |
| (h)(7)(iv) | <u>[Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giii.htm)</u><br><u>[between Goldman Sachs Asset](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giii.htm)</u><br><u>[Management, L.P. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giii.htm)</u> |

---

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| | | |
|:---|:---|:---|
| (h)(7)(v) | <u>[Shareholder Information Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giv.htm)</u><br><u>[between Goldman Sachs & Co and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giv.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giv.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giv.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giv.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giv.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8giv.htm)</u> |
| (h)(7)(vi) | <u>[Amendment #2 to Participation](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u><br><u>[Agreement between Goldman Sachs](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u><br><u>[Variable Insurance Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u> <br><u>[the Post-Effective Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u> <br><u>[filed March 31, 2017 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8gv.htm)</u> |
| (h)(8)(i) | <u>[Participation Agreement between AIM](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u><br><u>[Variable Insurance Funds(Invesco](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u><br><u>[Variable Insurance Funds), Invesco](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u><br><u>[Distributors, Inc., CBSI and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8h.htm)</u> |
| (h)(8)(ii) | <u>[Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u><br><u>[between AIM Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u><br><u>[Funds(Invesco Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u><br><u>[Funds) and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hi.htm)</u> |
| (h)(8)(iii) | <u>[Distribution Services Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u><br><u>[between AIM Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u><br><u>[Funds(Invesco Variable Insurance](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u><br><u>[Funds) and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8hii.htm)</u> |
| (h)(8)(iv) | <u>[Amendment No. 1 to Administrative](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u><br><u>[Services Agreement between AIM](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u><br><u>[Variable Insurance Funds(Invesco](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u><br><u>[Variable Insurance Funds) and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u> <br><u>[the Post-Effective Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u> <br><u>[filed March 31, 2017 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex8hiii.htm)</u> |
| (h)(9)(i) | <u>[Fund Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u><br><u>[Lazard Retirement Series, Inc., Lazard](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u><br><u>[Asset Management Securities LLC and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8i.htm)</u> |
| (h)(9)(ii) | <u>[Servicing Agreement between Lazard](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ii.htm)</u><br><u>[Retirement Series, Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ii.htm)</u> |
| (h)(9)(iii) | <u>[Amendment 1 to Fund Participation](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u><br><u>[Agreement between Lazard](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u><br><u>[Retirement Series, Inc., Lazard Asset](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u><br><u>[Management Securities LLC and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u><br><u>[dated January 31, 2022](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u> <br><u>[the Post-Effective Amendment No. 7](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u> <br><u>[filing of the Registrant on Form N-4,](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u> <br><u>[filed April 5, 2022 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000175392622000437/g180887_exh9iii.htm)</u> |
| (h)(10)(i) | <u>[Participation Agreement between MFS](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u><br><u>[Variable Insurance Trust, MFS Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u><br><u>[Insurance Trust II, MFS Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u><br><u>[Insurance Trust III, MFS Fund](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u><br><u>[Distributors, Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8j.htm)</u> |
| (h)(10)(ii) | <u>[Fund/Serv and Networking](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u><br><u>[Supplement to Participation Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u><br><u>[between MFS Variable Insurance Trust](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u><br><u>[and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8ji.htm)</u> |

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| | | |
|:---|:---|:---|
| (h)(10)(iii) | <u>[Fee Letter Agreement between MFS](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8jii.htm)</u><br><u>[Variable Insurance Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8jii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8jii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8jii.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8jii.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8jii.htm)</u> |
| (h)(11)(i) | <u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8k.htm)</u><br><u>[Morgan Stanley and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8k.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8k.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8k.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8k.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8k.htm)</u> |
| (h)(11)(ii) | <u>[Servicing Agreement between Morgan](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8ki.htm)</u><br><u>[Stanley and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8ki.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8ki.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8ki.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8ki.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8ki.htm)</u> |
| (h)(11)(iii) | <u>[Letter Agreement between Morgan](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kii.htm)</u><br><u>[Stanley and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kii.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kii.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kii.htm)</u> |
| (h)(11)(iv) | <u>[Administrative Service Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kiii.htm)</u><br><u>[between Morgan Stanley and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kiii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kiii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kiii.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kiii.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8kiii.htm)</u> |
| (h)(11)(v) | <u>[Amendment to Participation Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u><br><u>[between Morgan Stanley and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u> <br><u>[the Pre-Effective Amendment No. 1](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u> <br><u>[filing of MEMBERS Horizon Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u> <br><u>[Separate Account on Form N-4, filed](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u> <br><u>[November 20, 2018 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u> <br><u>[333-226804)](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000627/e149431_ex8kiv.htm)</u> |
| (h)(12)(i) | <u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8l.htm)</u><br><u>[Oppenheimer Variable Account Funds](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8l.htm)</u><br><u>[and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8l.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8l.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8l.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8l.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8l.htm)</u> |
| (h)(12)(ii) | <u>[Shareholder Information Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8li.htm)</u><br><u>[between OppenheimerFunds](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8li.htm)</u><br><u>[Distributor, Inc. and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8li.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8li.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8li.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8li.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8li.htm)</u> |
| (h)(13)(i) | <u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u><br><u>[PIMCO Variable Insurance Trust,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u><br><u>[PIMCO Equity Series, VIT, PIMCO](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u><br><u>[Investments LLC and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8m.htm)</u> |
| (h)(14)(i) | <u>[Fund Participation Agreement](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8n.htm)</u><br><u>[between Northern Lights Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8n.htm)</u><br><u>[Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8n.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8n.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8n.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8n.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8n.htm)</u> |
| (h)(14)(ii) | <u>[Fund/Serv Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u><br><u>[Northern Lights Distributors, LLC and](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u> <br><u>[the initial filing of the MEMBERS](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u> <br><u>[Horizon II Variable Annuity on Form](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u> <br><u>[N-4, filed August 13, 2018 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u> <br><u>[333-226804)](https://www.sec.gov/Archives/edgar/data/1651981/000120928618000481/e146947_ex8ni.htm)</u> |
| (h)(14)(iii) | <u>[Distribution and Shareholder Services](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8nii.htm)</u><br><u>[Agreement between Northern Lights](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8nii.htm)</u><br><u>[Variable Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8nii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8nii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8nii.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8nii.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8nii.htm)</u> |

---

---

| | | | |
|:---|:---|:---|:---|
| (h)(15)(i) | <u>[Participation Agreement between T](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8o.htm)</u><br><u>[Rowe Price Equity Series, Inc. and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8o.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8o.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8o.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8o.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8o.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8o.htm)</u> |  |
| (h)(15)(ii) | <u>[Rule 22c-2 Agreement between T](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oi.htm)</u><br><u>[Rowe Price Equity Series, Inc. and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oi.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oi.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oi.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oi.htm)</u> |  |
| (h)(15)(iii) | <u>[12b-1 Agreement between T. Rowe](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oii.htm)</u><br><u>[Price Investment Services, Inc. and](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oii.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oii.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oii.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8oii.htm)</u> |  |
| (h)(16)(i) | <u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u><br><u>[Vanguard Variable Insurance Fund,](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u><br><u>[The Vanguard Group, Inc., Vanguard](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u><br><u>[Marketing Corporation and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8p.htm)</u> |  |
| (h)(16)(ii) | <u>[Defined Contribution Clearance &](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8pi.htm)</u><br><u>[Settlement Agreement between The](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8pi.htm)</u><br><u>[Vanguard Group and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8pi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8pi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8pi.htm)</u> <br><u>[Form N-4, filed April 6, 2016 (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8pi.htm)</u> <br><u>[333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000976/e116040_ex8pi.htm)</u> |  |
| (h)(16)(iii) | <u>[Amendment to Participation Agreement](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u><br><u>[between Vanguard Variable Insurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u><br><u>[Fund, the Vanguard Group, Inc.,](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u><br><u>[Vanguard Marketing Corporation and](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u><br><u>[MLIC](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u> <br><u>[the Pre-Effective Amendment No. 1 of](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u> <br><u>[the MLIC Registration Statement on](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u> <br><u>[Form S-1, filed April 18, 2019 (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u> <br><u>[333-228962)](https://www.sec.gov/Archives/edgar/data/1562577/000120928619000287/e154064_ex10vqii.htm)</u> |  |
| (h)(17)(i) | <u>[Participation Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8q.htm)</u><br><u>[Putnam Variable Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8q.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8q.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8q.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8q.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8q.htm)</u> |  |
| (h)(17)(ii) | <u>[Rule 22c-2 Agreement between](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qi.htm)</u><br><u>[Putnam Variable Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qi.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qi.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qi.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qi.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qi.htm)</u> |  |
| (h)(17)(iii) | <u>[Marketing and Administrative Services](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qii.htm)</u><br><u>[Agreement between Putnam Variable](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qii.htm)</u><br><u>[Trust and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qii.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qii.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qii.htm)</u> |  |
| (h)(17)(iv) | <u>[Letter Agreement between T. Rowe](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qiii.htm)</u><br><u>[Price Associates and MLIC](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qiii.htm)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qiii.htm)</u> <br><u>[the initial filing of the Registrant on](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qiii.htm)</u> <br><u>[Form N-4, filed January 29, 2016 (File](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qiii.htm)</u> <br><u>[No. 333-207276)](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-8qiii.htm)</u> |  |
| (i) | Administrative Contracts - Not <br>Applicable<br>|  |  |
| (j) | Other Material Contracts - Not <br>Applicable<br>|  |  |
| (k) | Legal Opinion | Legal Opinion | Legal Opinion |
| (k)(1) | <u>[Legal Opinion of Britney Schnathorst](membershorizon_2026xlegalo.htm)</u> |  | X |
| (l) | Other Opinions | Other Opinions | Other Opinions |
| (l)(1)(i) | <u>[Consent of Independent Registered](membershorizon-mlicconsent.htm)</u><br><u>[Public Accounting Firm](membershorizon-mlicconsent.htm)</u><br>|  | X |
| (l)(1)(ii) | <u>[Consent of Independent Auditor](membershorizon-mlicconsenta.htm)</u> |  | X |

---

---

| | | |
|:---|:---|:---|
| (m) | Omitted Financial Statements - Not Applicable | Omitted Financial Statements - Not Applicable |
| (n) | Initial Capital Agreements - Not Applicable | Initial Capital Agreements - Not Applicable |
| (o) | Form of Initial Summary Prospectus - Not Applicable | Form of Initial Summary Prospectus - Not Applicable |
| (p) | Power of Attorney | Power of Attorney |
| (p)(1) | <u>[Powers of Attorney](memberslifepowersofattorne.htm)</u> | X |
| (q) | Letter Regarding Change in Certifying Accountant - Not Applicable | Letter Regarding Change in Certifying Accountant - Not Applicable |
| (r) | <u>[Historical Current Limits on Index](membershorizon_ex27rxitem3.htm)</u> | X |

---

**Item 28. Directors and Officers of the Insurance Company.**

Set forth below is information regarding the directors and principal officers of MLIC. Unless otherwise

noted, the business address of each person below is: 5910 Mineral Point Road, Madison, Wisconsin

53705. ---

| | |
|:---|:---|
| **Name** | **Positions and Officers with Depositor** |
| Tammy L. Schultz<sup>(2)</sup> | President and Director |
| Brian J. Borakove<sup>(1)</sup> | Treasurer |
| Paul D. Barbato<sup>(1)</sup> | Secretary and Director |
| Jennifer M. Kraus-Florin<sup>(1)</sup> | Director |
| Abigail R. Rodriguez<sup>(1)</sup> | Director |
| William A. Karls<sup>(1)</sup> | Director |

---

<sup>(1)</sup> 5910 Mineral Point Road, Madison, Wisconsin 53705

<sup>(2)</sup> 440 Mt. Rushmore Road, Rapid City, South Dakota 57701

**Item 29. Persons Controlled by or Under Common Control with the Insurance Company and the** 

**Registered Separate Account.** 

MLIC is a wholly-owned direct subsidiary of CMFG Life Insurance Company ("CMFG Life"). MLIC is a

stock life insurance company organized under the laws of the State of Iowa for the purpose of writing any

and all of the lines of insurance and annuity business authorized by Iowa Code Chapter 508 and any

other line of insurance or annuity business authorized by the laws of the State of Iowa.

Various companies and other entities are controlled by CMFG Life and may be considered to be under

common control with MLIC. Such other companies and entities, together with the identity of their

controlling persons (where applicable), are set forth on the following organization charts.

CUNA Mutual Holding Company Organizational Chart

As of February 28, 2026

CUNA Mutual Holding Company is a mutual insurance holding company, and as such is controlled by its

policy owners. CUNA Mutual Holding Company was formed under the Plan of Reorganization of CMFG

Life Insurance Company. CUNA Mutual Holding Company, either directly or indirectly, is the controlling

company of the following wholly-owned subsidiaries:

TruStage Financial Group, Inc.

State of domiciled: Iowa

<u>Entity</u> <u>Ownership</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1. | CUNA Mutual Global Holdings, Inc.<br>State of domicile: Iowa | CUNA Mutual Global Holdings, Inc.<br>State of domicile: Iowa | CUNA Mutual Global Holdings, Inc.<br>State of domicile: Iowa | CUNA Mutual Global Holdings, Inc.<br>State of domicile: Iowa | 25.58% TruStage <br>Financial Group, Inc.<br>74.42% CMFG Life <br>Insurance Company<br>|
| 2. | TruStage Ventures, LLC<br>State of domicile: Iowa | TruStage Ventures, LLC<br>State of domicile: Iowa | TruStage Ventures, LLC<br>State of domicile: Iowa | TruStage Ventures, LLC<br>State of domicile: Iowa | 100% |
|  | a. | Happy Monday Holdings, Inc.<br>State of domicile: Delaware | Happy Monday Holdings, Inc.<br>State of domicile: Delaware | Happy Monday Holdings, Inc.<br>State of domicile: Delaware | 46.6% |
|  |  | 1. | 1. | Happy Money, Inc.<br>State of domicile: Delaware<br>| 100% |
| 3. | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | 100% |
| 4. | CMFG Life Insurance Company<br>State of domicile: Iowa | CMFG Life Insurance Company<br>State of domicile: Iowa | CMFG Life Insurance Company<br>State of domicile: Iowa | CMFG Life Insurance Company<br>State of domicile: Iowa | 100% |
|  | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the <br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance <br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the <br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance <br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the <br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance <br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the <br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance <br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the <br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance <br>Company's consolidated financial statements: |
|  | A. | CUNA Mutual Investment Corporation owns the following:<br>State of domicile: Wisconsin | CUNA Mutual Investment Corporation owns the following:<br>State of domicile: Wisconsin | CUNA Mutual Investment Corporation owns the following:<br>State of domicile: Wisconsin | 100% |
|  |  | 1. | CUMIS Insurance Society, Inc. owns the following:<br>State of domicile: Iowa | CUMIS Insurance Society, Inc. owns the following:<br>State of domicile: Iowa | 100% |
|  |  |  | a. | CUMIS Specialty Insurance Company, Inc.<br>State of domicile: Iowa | 100% |
|  |  |  | b. | CUMIS Mortgage Reinsurance Company<br>State of domicile: Wisconsin | 100% |
|  |  | 2. | CUNA Brokerage Services, Inc.<br>State of domicile: Wisconsin | CUNA Brokerage Services, Inc.<br>State of domicile: Wisconsin | 100% |
|  |  | 3. | CUNA Mutual Insurance Agency, Inc.<br>State of domicile: Wisconsin | CUNA Mutual Insurance Agency, Inc.<br>State of domicile: Wisconsin | 100% |
|  |  | 4. | CUMIS Vermont, Inc.<br>State of domicile: Vermont | CUMIS Vermont, Inc.<br>State of domicile: Vermont | 100% |
|  |  | 5. | International Commons, Inc.<br>State of domicile: Wisconsin | International Commons, Inc.<br>State of domicile: Wisconsin | 100% |
|  |  | 6. | MEMBERS Capital Advisors, Inc.<br>State of domicile: Iowa | MEMBERS Capital Advisors, Inc.<br>State of domicile: Iowa | 100% |
|  |  |  | a. | MCA Fund I GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | b. | MCA Fund II GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | c. | MCA Fund III GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | d. | MCA Fund IV GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | e. | MCA Fund V GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | f. | MCA Fund VI GP LLC<br>State of domicile: Delaware | 100% |
|  |  | 7. | CPI Qualified Plan Consultants, Inc.<br>State of domicile: Delaware | CPI Qualified Plan Consultants, Inc.<br>State of domicile: Delaware | 100% |
|  | B. | 5910 Investments, LLC<br>State of domicile: Delaware | 5910 Investments, LLC<br>State of domicile: Delaware | 5910 Investments, LLC<br>State of domicile: Delaware | 100% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | C. | TruStage Insurance Agency, LLC<br>State of domicile: Iowa | TruStage Insurance Agency, LLC<br>State of domicile: Iowa | 100% |
| | D. | CUNA Mutual Management Services, LLC<br>State of domicile: Iowa | CUNA Mutual Management Services, LLC<br>State of domicile: Iowa | 100% |
| | | 1. | Compliance Systems, LLC<br>State of domicile: Michigan | 100% |
| | | 2. | ForeverCar Holdings, LLC<br>State of domicile: Delaware | 100% |
| | | | ForeverCar LLC<br>State of domicile: Illinois | 100% |
| | | | ForeverCar Consumer Credit LLC<br>State of domicile: Illinois | 100% |
| | E. | MCA Fund I Holding LLC<br>State of domicile: Delaware | MCA Fund I Holding LLC<br>State of domicile: Delaware | 100% |
| | F. | AdvantEdge Digital, LLC<br>State of domicile: Iowa | AdvantEdge Digital, LLC<br>State of domicile: Iowa | 100% |
| | G. | MCA Fund II Holding LLC<br>State of domicile: Delaware | MCA Fund II Holding LLC<br>State of domicile: Delaware | 100% |
| | H. | MCA Fund III Holding LLC<br>State of domicile: Delaware | MCA Fund III Holding LLC<br>State of domicile: Delaware | 100% |
| | I. | American Memorial Life Insurance Company<br>State of domicile: Iowa | American Memorial Life Insurance Company<br>State of domicile: Iowa | 100% |
| | J. | Union Security Insurance Company<br>State of domicile: Iowa | Union Security Insurance Company<br>State of domicile: Iowa | 100% |
| | K. | Family Considerations, Inc.<br>State of domicile: Georgia | Family Considerations, Inc.<br>State of domicile: Georgia | 100% |
| | L. | Mt. Rushmore Road, LLC<br>State of domicile: Delaware | Mt. Rushmore Road, LLC<br>State of domicile: Delaware | 100% |
| | M. | PPP Services, LLC<br>State of domicile: Delaware | PPP Services, LLC<br>State of domicile: Delaware | 100% |
| | N. | MCA Fund IV Holding LLC<br>State of domicile: Delaware | MCA Fund IV Holding LLC<br>State of domicile: Delaware | 100% |
| | O. | MEMBERS Life Insurance Company<br>State of domicile: Iowa | MEMBERS Life Insurance Company<br>State of domicile: Iowa | 100% |
| 5. | CUNA Mutual Holding Company either directly or indirectly, is the controlling company of the <br>following: | CUNA Mutual Holding Company either directly or indirectly, is the controlling company of the <br>following: | CUNA Mutual Holding Company either directly or indirectly, is the controlling company of the <br>following: | CUNA Mutual Holding Company either directly or indirectly, is the controlling company of the <br>following: |
|  | A. | CUNA Mutual International Finance, Ltd.<br>Domicile: Cayman Islands | CUNA Mutual International Finance, Ltd.<br>Domicile: Cayman Islands | 100% CUNA Mutual <br>Global Holdings, Inc.<br>|
|  | B. | CUNA Mutual International Holdings, Ltd.<br>Domicile: Cayman Islands | CUNA Mutual International Holdings, Ltd.<br>Domicile: Cayman Islands | 100% CUNA Mutual <br>International <br>Finance, Ltd.<br>|
|  | C. | TruStage Global Holdings, ULC<br>Domicile: Alberta, Canada | TruStage Global Holdings, ULC<br>Domicile: Alberta, Canada | 100% TruStage <br>Financial Group, Inc.<br>|
|  |  | 1. | TruStage Life of Canada ("TLOC")<br>Domicile: Toronto, Canada | 100% TruStage <br>Global Holdings, <br>|
|  |  |  | Association for Personal Resource Planning of <br>Canada<br>Domicile: Ontario, Canada | 100% TLOC |
|  |  | 2. | Family Side, Inc.<br>Domicile: Ontario, Canada | 100% TruStage <br>Global Holdings, <br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| D. | CUNA Caribbean Holdings St. Lucia, Ltd.<br>Domicile: St. Lucia | CUNA Caribbean Holdings St. Lucia, Ltd.<br>Domicile: St. Lucia | CUNA Caribbean Holdings St. Lucia, Ltd.<br>Domicile: St. Lucia | 100% CUNA Mutual <br>International <br>|
|  | 1. | CUNA Caribbean Insurance Jamaica Limited<br>Domicile: Jamaica | CUNA Caribbean Insurance Jamaica Limited<br>Domicile: Jamaica | 100% |
|  | 2. | CUNA Caribbean Insurance OECS Limited<br>Domicile: St. Lucia | CUNA Caribbean Insurance OECS Limited<br>Domicile: St. Lucia | 100% |
|  | 3. | CUNA Mutual Insurance Society Dominicana, S.A.<br>Domicile: Dominican Republic | CUNA Mutual Insurance Society Dominicana, S.A.<br>Domicile: Dominican Republic | 99.99% |
|  |  | a. | TruStage Costa Rica, S.A.<br>Domicile: Costa Rica | 100% |
|  | 4. | CUNA Caribbean Insurance Society Limited<br>Domicile: Trinidad and Tobago | CUNA Caribbean Insurance Society Limited<br>Domicile: Trinidad and Tobago | 100% |
|  | 5. | TFG Bermuda Reinsurance Company, Ltd.<br>Domicile: Bermuda | TFG Bermuda Reinsurance Company, Ltd.<br>Domicile: Bermuda | 100% by CMFG Life <br>Insurance Company<br>|

---

**Item 30. Indemnification.**

(a)**Indemnification of Directors and Officers.** Section 490.202 of the Iowa Business Corporation Act

(the "IBCA"), provides that a corporation's articles of incorporation may contain a provision eliminating

or limiting the personal liability of a director to the corporation or its shareholders for monetary

damages for any action taken, or failure to take action, as a director, except liability for (1) the amount

of a financial benefit received by a director to which the director is not entitled, (2) an intentional

infliction of harm on MEMBERS Life Insurance Company (the "Registrant," "we," "our," or "us") or the

shareholders, (3) a violation of Section 490.833 of the IBCA or (4) an intentional violation of criminal

law.

Further, Section 490.851 of the IBCA provides that a corporation may indemnify its directors who may

be party to a proceeding against liability incurred in the proceeding by reason of such person serving

in the capacity of director, if such person has acted in good faith and in a manner reasonably believed

by the individual to be in the best interests of the corporation, if the director was acting in an official

capacity, and in all other cases that the individual's conduct was at least not opposed to the best

interests of the corporation, and in any criminal proceeding if such person had no reasonable cause to

believe the individual's conduct was unlawful or the director engaged in conduct for which broader

indemnification has been made permissible or obligatory under a provision of the articles of

incorporation. The indemnity provisions under Section 490.851 do not apply (i) in the case of actions

brought by or in the right of the corporation except for reasonable expenses incurred in connection

with the proceeding if it is determined that the director has met the relevant standard of conduct set

forth above or (ii) in connection with any proceedings with respect to conduct for which the director

was adjudged liable on the basis that the director received a financial benefit to which the director was

not entitled, whether or not involving action in the director's official capacity.

In addition, Section 490.852 of the IBCA provides mandatory indemnification of reasonable expenses

incurred by a director who is wholly successful in defending any action in which the director was a

party because the director is or was a director of the corporation. A director who is a party to a

proceeding because the person is a director may also apply for court-ordered indemnification and

advance of expenses under Section 490.854 of the IBCA.

Section 490.853 of the IBCA provides that a corporation may, before final disposition of a proceeding,

advance funds to pay for or reimburse the reasonable expenses incurred by a director who is a party

to a proceeding because such person is a director if the director delivers the following to the

corporation: (1) a written affirmation that the director has met the standard of conduct described

above or that the proceeding involved conduct for which liability has been eliminated under the

corporation's articles of incorporation and (2) the director's written undertaking to repay any funds

advanced if the director is not entitled to mandatory indemnification under Section 490.852 of the

IBCA and it is ultimately determined that the director has not met the standard of conduct described

above.

Under Section 490.856 of the IBCA, a corporation may indemnify and advance expenses to an officer

of the corporation who is a party to a proceeding because such person is an officer, to the same

extent as a director. In addition, if the person is an officer but not a director, further indemnification

may be provided by the corporation's articles of incorporation or bylaws, a resolution of the board of

directors or by contract, except liability for (1) a proceeding by or in the right of the corporation other

than for reasonable expenses incurred in connection with the proceeding and (2) conduct that

constitutes receipt by the officer of a financial benefit to which the officer is not entitled, an intentional

infliction of harm on the corporation or the shareholders or an intentional violation of criminal law.

Such indemnification is also available to an officer who is also a director if the basis on which the

officer is made a party to a proceeding is an act taken or a failure to take action solely as an officer.

Our Amended and Restated Articles of Incorporation provide that our directors will not be liable to us

or our shareholders for money damages for any action taken, or any failure to take any action, as a

director, except liability for (1) the amount of a financial benefit received by a director to which the

director is not entitled, (2) an intentional infliction of harm on the Registrant or the shareholders, (3) a

violation of Section 490.833 of the IBCA or (4) an intentional violation of criminal law.

Our Amended and Restated Articles of Incorporation also provide that we indemnify each of our

directors or officers for any action taken, or any failure to take any action, as a director or officer

except liability for (1) the amount of a financial benefit received by a director to which the director is

not entitled, (2) an intentional infliction of harm on the Registrant or the shareholders, (3) a violation of

Section 490.833 of the IBCA or (4) an intentional violation of criminal law. Additionally, the Registrant

is required to exercise all of its permissive powers as often as necessary to indemnify and advance

expenses to its directors and officers to the fullest extent permitted by law.

Our Bylaws also provide indemnification to our directors on the same terms as the indemnification

provided in our Amended and Restated Articles of Incorporation. Our Bylaws also provide for

advances of expenses to our directors and officers. The indemnification provisions of our Bylaws are

not exclusive of any other right which any person seeking indemnification may have or acquire under

any statute, our Amended and Restated of Incorporation or any agreement, vote of stockholders or

disinterested directors or otherwise.

Section 490.857 of the IBCA provides that a corporation may purchase and maintain insurance on

behalf of a person who is a director or officer of a corporation, or who, while a director or officer of a

corporation, serves at the corporation's request as a director, officer, partner, trustee, employee or

agent of another domestic or foreign corporation, partnership, joint venture, trust, employee benefit

plan or other entity, against liability asserted against or incurred by that person in that capacity or

arising from that person's status as a director or officer, whether or not the corporation would have the

power to indemnify or advance expenses to that person against the same liability under the IBCA. As

permitted by and in accordance with Section 490.857 of the IBCA, we maintain insurance coverage

for our officers and directors as well as insurance coverage to reimburse us for potential costs for

indemnification of directors and officers.

(b)**Indemnification of Principal Underwriters.** Pursuant to the Distribution Agreement with CBSI,

MLIC has agreed to indemnify CBSI and CBSI's directors, shareholders, officers, agents and

employees and hold each of them harmless from and against any losses, damages, judgments and

other costs, fees and expenses, including reasonable attorneys' fees, resulting from any breach by

MLIC of the Distribution Agreement or from the gross negligence, fraud or willful misconduct of

employees and permissible contractors and agents of MLIC.

(c)**Undertaking.** Insofar as indemnification for liability arising under the Securities Act of 1933, as

amended (the "Securities Act") may be permitted to directors, officers and controlling persons of the

Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in

the opinion of the Securities and Exchange Commission, such indemnification is against public policy

as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for

indemnification against such liabilities (other than the payment by the Registrant of expenses incurred

or paid by a director, officer or controlling person of the Registrant in the successful defense of any

action, suit or proceeding) is asserted by such director, officer or controlling person in connection with

the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has

been settled by controlling precedent, submit to a court of appropriate jurisdiction the question

whether such indemnification by it is against public policy as expressed in the Securities Act and will

be governed by the final adjudication of such issue.

**Item 31. Principal Underwriter.**

(a) CUNA Brokerage Services, Inc. ("CBSI"), an affiliate of MLIC, is the principal underwriter for the

Insurance Company. In addition, CBSI is the principal underwriter for CMFG Variable Annuity

Account, CMFG Variable Life Insurance Account and MEMBERS Horizon Variable Separate Account.

The principal business address of CBSI is 2000 Heritage Way, Waverly, Iowa 50677-9202.

(b) Set forth below is certain information regarding the directors and principal officers of CBSI.

---

| | |
|:---|:---|
| **Name** | **Positions and Offices with Principal Underwriter** |
| Paul D. Barbato\* | Secretary |
| Joe Boen\*\*\*\* | Director and President |
| Jenny Brock\* | Treasurer |
| Katherine Castro\* | Assistant Secretary |
| Christopher Copeland\* | Director |
| Melissa Haberstich\*\* | Chief Compliance Officer |
| William A. Karls\* | Director |
| Barth T. Thomas\* | Director |
| Tammy L. Schultz\*\*\* | Director |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*The principal business address of these persons is: 5910 Mineral Point Road, Madison, Wisconsin

53705. \*\*The principal business address of these persons is: 2000 Heritage Way, Waverly, Iowa 50677.

\*\*\*The principal business address of this person is: 440 Mt. Rushmore Road, Rapid City, South Dakota

57701. \*\*\*\*The principal business address of this person is: 2812 Pocock Road, Monkton, Maryland 21111.

(c) CBSI is the only principal underwriter. The services provided by CBSI are described in the Distribution

Agreement and Servicing Agreement filed as exhibits to this Registration Statement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Principal Underwriter** | **Net Underwriting** <br>**Discounts** <br>| **Compensation** <br>**on** <br>**Redemption**<br>| **Brokerage** <br>**Commissions**<br>| **Compensation** |
| CUNA Brokerage Services, Inc. | $1,831,865\* | $0\* | $395,392\* | $1,436,473\* |

---

\*Information for fiscal year ended December 31, 2025.

**Item 31A. Information about Contracts with Index-Linked Options and Fixed Options Subject to a** 

**Contract Adjustment.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of the** <br>**Contract**<br>| **Number of** <br>**Contracts** <br>**outstanding**<br>| **Total value** <br>**attributable the** <br>**Index-and/or** <br>**Fixed Option** <br>**subject to an** <br>**Adjustment**<br>| **Number of** <br>**Contracts** <br>**sold during** <br>**the prior** <br>**calendar** <br>**year**<br>| **Gross** <br>**premiums** <br>**received** <br>**during the** <br>**prior** <br>**calendar year**<br>| **Amount of** <br>**Contract** <br>**value** <br>**redeemed** <br>**during the** <br>**prior** <br>**calendar** <br>**year**<br>| **Combination** <br>**Contract** <br>**(Yes/No)**<br>|
| MEMBERS <br>Horizon <br>Annuity<br>| 3016 | 260144783 | 0 | 2175216 | 221425569 | Yes |

---

\*Information for fiscal year ended December 31, 2025.

**Item 32. Location of Accounts and Records.**

The records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and

Rules 31a-1 to 31a-3 thereunder are maintained by: (i) MLIC, 2000 Heritage Way, Waverly, Iowa 50677;

(ii) CMFG Life, 5910 Mineral Point Road, Madison, Wisconsin 53705; and (iii) Zinnia (f/k/a se2), 5801 SW

Sixth Ave, Topeka, Kansas 66636-0001.

**Item 33. Management Services**

Not applicable.

**Item 34. Fee Representation and Undertakings**

With respect to the variable options, MLIC represents that the fees and charges deducted under the

contracts described in this Registration Statement, in the aggregate, are reasonable in relation to the

services rendered, the expenses expected to be incurred, and the risks assumed by MLIC under the

contracts.

MLIC represents that it will file, during any period in which offers or sales are being made, a post-effective

amendment to the registration statement to include any prospectus required by Section 10(a)(3) of the

Securities Act and that, for the purpose of determining any liability under the Securities Act, each such

post-effective amendment shall be deemed to be a new registration statement relating to the securities

offering therein, and the offering of such securities at that time shall be deemed to be the initial bona fide

offering thereof.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the

Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under

rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its

behalf by the undersigned, duly authorized, in the City of Madison, and State of Wisconsin on this day of 14<sup>th</sup>

day of April, 2026.

MEMBERS HORIZON VARIABLE SEPARATE ACCOUNT

(Registered Separate Account)

By: <u>/s/Tammy L. Schultz</u>

Tammy L. Schultz, President

MEMBERS LIFE INSURANCE COMPANY

(Insurance Company)

By: <u>/s/Tammy L. Schultz</u>

Tammy L. Schultz, President

As required by the Securities Act of 1933, this Registration Statement has been signed by the following

persons in the capacities and as of the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| \* | President and Director (Principal <br>Executive Officer)  | April 14, 2026 |
| Tammy L. Schultz | President and Director (Principal <br>Executive Officer)  | April 14, 2026 |
| \* |  |  |
| Brian J. Borakove | Treasurer (Principal Financial & <br>Accounting Officer) | April 14, 2026 |
| \* | Treasurer (Principal Financial & <br>Accounting Officer) | April 14, 2026 |
| Jennifer M. Kraus-Florin | Director | April 14, 2026 |
| \* | Director | April 14, 2026 |
| Abigail R. Rodriguez | Director  | April 14, 2026 |
| \* | Director  | April 14, 2026 |
| William A. Karls | Director | April 14, 2026 |
| \* | Director | April 14, 2026 |
| Paul D. Barbato | Director and Secretary | April 14, 2026 |
|  | Director and Secretary | April 14, 2026 |

---

\*By: <u>/s/Britney Schnathorst</u>

Britney Schnathorst

\*Pursuant to Power of Attorney dated April 14, 2026, filed electronically with this Registration

Statement on Form N-4 (File No. 333-207276), filed with the Commission on April 14, 2026.

## Exhibit 99.27

**AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE** 

**AGREEMENT DATED MARCH 6, 2025**

by and between

**MEMBERS Life Insurance Company**

(referred to as the "Company")

and

**CMFG Life Insurance Company**

(referred to as the "Reinsurer")

Effective as of March 6, 2025

**AMENDED AND RESTATED**

**COINSURANCE AND MODIFIED COINSURANCE AGREEMENT DATED MARCH 6, 2025**

THIS AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE

AGREEMENT DATED MARCH 6, 2025 (this **"Agreement")** is effective as of March 6, 2025, by and between

MEMBERS Life Insurance Company, an Iowa domiciled stock insurance company (together with its successors

and permitted assigns, the **"Company"),** and CMFG Life Insurance Company, an Iowa domiciled stock insurance

company (together with its successors and permitted assigns, the **"Reinsurer").**

WHEREAS, the Company and the Reinsurer have previously entered into the following

reinsurance agreements covering registered index annuity products being issued by the Company (collectively,

the **"Prior Agreements"):** Coinsurance Agreement dated January 1, 2013, as amended; MEMBERS Horizon

Coinsurance and Modified Coinsurance Agreement dated November 1, 2015, as amended; Coinsurance Agreement

dated August 19, 2019, as amended; Amended and Restated Modified Coinsurance Agreement dated January 1,

2019, as amended; and Amended and Restated Modified Coinsurance Agreement dated February 4, 2021, as

amended November 23, 2021, October 10, 2022, and April 17, 2023; and

WHEREAS, the Company and Reinsurer desire to supersede and replace the Prior Agreements with

this Agreement and make certain other amendments related to the addition of a new Covered Policy and approval

by the Iowa Insurance Division; and,

WHEREAS, the Company desires to reinsure, and the Reinsurer desires to assume, 100% of the

Company's Policies (as defined herein) using a combination of modified coinsurance and coinsurance in accordance

with the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual and several promises and undertakings herein

contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby

acknowledged, the Company and the Reinsurer agree as follows:

**<u>ARTICLE I</u>** 

**<u>DEFINITIONS</u>**

Section 1.1 <u>Definitions.</u> The following terms shall have the respective meanings set forth below

throughout this Agreement:

**"AAA"** shall have the meaning set forth in Section 9.1 hereof.

**"Agreement"** shall have the meaning set forth in the preamble hereof.

**"Applicable Law"** means any domestic or foreign federal, state or local statute, law, ordinance or

code, or any written rules, regulations or administrative interpretations issued by any Government Entity pursuant

to any of the foregoing, and any order, writ, injunction, directive, judgment or decree of a court of competent

jurisdiction applicable to the parties hereto.

**"Business Day"** means any day other than a Saturday, Sunday, a day on which banking

institutions in the State of Iowa are permitted or obligated by Applicable Law to be closed or a day on which the

New York Stock Exchange is closed for trading.

**"Company"** shall have the meaning set forth in the preamble hereof

**"Code"** means the Internal Revenue Code of 1986, as amended, and the rules and regulations

thereunder.

**"Declared Rate Separate Account"** means the insulated, non-unitized separate account(s)

established and maintained by the Company pertaining to the Policies which account is linked to an interest rate

declared by the Company and is not registered as a unit investment trust under the Investment Company Act of 1940.

**"Declared Rate Separate Account Assets"** means the assets held in the Declared Rate Separate

Account(s).

**"Declared Rate Separate Account Liabilities"** means for the Declared Rate Separate

Account(s), all liabilities, reserves, obligations, costs and expenses relating to, based upon or arising out of the

Policies, and relating to the Declared Rate Separate Account Assets, provided, however, that the Declared Rate

Separate Account Liabilities shall not include the General Account Liabilities, Risk Control Account Separate

Account Liabilities or Variable Separate Account Liabilities

**"Effective Date"** means 12:01 a.m., Central Standard Time, on _______, 2025.

**"Extra Contractual Obligations"** means all liabilities, expenses or other obligations arising out

of or relating to the Policies, exclusive of liabilities, expenses or other obligations arising under the express terms

and conditions of the Policies, the General Account Liabilities, the Risk Control Separate Account Liabilities

Declared Rate Separate Account Liabilities and the Variable Separate Account Liabilities, but including any

liability for fines, penalties, forfeitures, punitive, special, exemplary or other form of extra contractual damages,

which liabilities or obligations arise from any act, error or omission, whether or not intentional, negligent, in bad

faith or otherwise relating to: (a) the marketing, sale, underwriting, issuance or administration of the Policies; (b)

the investigation, defense, trial, settlement or handling of claims, benefits or payments under the Policies; or (c) the

failure to pay, the delay in payment, or errors in calculating or administering the payment of benefits, claims or any

other amounts due or alleged to be due under or in connection with the Policies.

**"Fund Participation Agreements"** shall mean any and all agreements by and between the

Company and investment management companies which provide funding vehicles for the Variable Separate

Account.

**"General Account"** means the general investment account of the Company.

**"General Account Liabilities"** means all liabilities, reserves, obligations, costs and expenses

relating to, based upon or arising out of the Policies, whether incurred prior to, on or after the Effective Date,

including amounts held in the Holding Account, after applying the effect of any Hedging Arrangements maintained

by or for the benefit of the Company with respect to the General Account Liabilities: <u>provided,</u> <u>however,</u> that the

General Account Liabilities shall not include the Variable Separate Account Liabilities, Declared Rate Separate

Account or the Risk Control Separate Account Liabilities.

**"Government Entity"** shall mean any federal, state, local, municipal, county, foreign or other

governmental, quasi-governmental, administrative or regulatory authority, body, agency, court, tribunal,

commission or other similar governmental entity (including any branch, department, agency or political subdivision

thereof) or any self-regulating body of similar standing.

**"Hedging Arrangement"** means any contract, agreement, financial instrument or other

arrangement entered into by or for the benefit of the Company for purposes of offsetting potential losses or gains

attributable to the Reinsured Liabilities, including, without limitation, exchange-traded funds, forward contracts,

swaps, options or futures contracts.

**"Holding Account"** refers to the account that holds funds eligible and awaiting investment into a

Risk Control Account in accordance with the terms of the Policies, which account shall be part of the Company's

General Account. The assets in the account accrue interest at a rate declared by the Company subject to a

guaranteed minimum rate.

**"Income Tax Regulations"** means the temporary and final regulations issued under the Code.

Any citation to a section of the Income Tax Regulations includes a citation to any successor regulatory provision.

**"Insurance Taxes and Charges"** means all premium taxes and other insurance taxes (not

including any federal, state or local tax measured by income) and guaranty fund assessments, if any, payable by the

Company on account of the Policies,

**"Investment Guidelines"** shall have the meaning set forth in Section 4.3 hereof.

**"Iowa SAP"** means the statutory accounting principles and practices prescribed or permitted by

the Iowa Insurance Division.

**"Non-Guaranteed Elements"** means the index cap rates, expense charges, and administrative

expense risk charges, as applicable, under the Policies.

**"Person"** means any individual, corporation, partnership, limited liability company, limited

liability partnership, firm, joint venture, association, joint-stock company, trust, unincorporated organization,

governmental, judicial or regulatory body, business unit, division or other entity of any kind or nature.

**"Policies"** means all of the Company's individual registered index annuity contracts identified on

Schedule A (Covered Policies), together with all supplementary contracts (including applications therefore and all

endorsements, riders and agreements issued in connection therewith).

**"Prior Agreements"** shall have the meaning set forth in the preamble.

**"Quarterly Accounting"** shall mean a quarterly accounting, or more frequently as mutually

agreed to by the parties, prepared in accordance with Iowa SAP and prepared by the Company in accordance with

the provisions of Section 5.1 hereof.

**"Reinsured Liabilities"** means the General Account Liabilities, the Risk Control Separate

Account Liabilities, the Declared Rate Separate Account liabilities and the Variable Separate Account Liabilities.

**"Reinsurer"** shall have the meaning set forth in the preamble hereof.

**"Reinsurer's Separate Account"** means the insulated, non-unitized separate account(s)

established and maintained by the Reinsurer for the purposes of holding assets and reserves ceded directly from the

Company's Risk Control Separate Account(s) and Declared Rate Separate Account pursuant hereto.

**"Risk Control Separate Account"** means the insulated, non-unitized separate account(s)

established and maintained by the Company pertaining to the Policies which account is linked to the performance of

one or more equity indices and is not registered as a unit investment trust under the Investment Company Act of 1940.

**"Risk Control Separate Account Assets"** means the assets held in the Risk Control Separate

Account(s).

**"Risk Control Separate Account Liabilities"** means for the Risk Control Separate Account(s),

all liabilities, reserves, obligations, costs and expenses relating to, based upon or arising out of the Policies, and

relating to the Risk Control Separate Account Assets, provided, however, that the Risk Control Separate Account

Liabilities shall not include the General Account Liabilities Declared Rate Separate Account Liabilities or Variable

Separate Account Liabilities.

**"Statutory Reserves"** means, as of any given date, the gross reserves established and maintained

as a liability on the Company's statutory financial statements for the Policies, prior to giving effect to the reinsurance

provided hereunder, calculated in accordance with Iowa SAP and in accordance with sound actuarial principles.

**"SSAP 70"** means Statement of Statutory Accounting Principles No. 70, Allocation of Expenses.

**"Tax"** (or **"Taxes"** as the context may require) shall mean any federal, state, local or foreign net

income, gross income, gross receipts, severance, property, production, sales, use, license, excise, franchise,

employment, payroll, withholding, premium, alternative or add-on minimum, ad valorem, value-added, transfer,

stamp, or environmental (including taxes under Section 59A of the Code) tax, or any other similar tax, customs duty,

withholding, charge, fee, levy or other assessment, including any interest, penalty or addition imposed on such taxes

by any Taxing Authority.

**"Taxing Authority"** shall mean any agency or political subdivision of any foreign, federal, state, local or

municipal Government Entity with the authority to impose any Tax.

**"Variable Separate Account"** or **"VSA"** means the insulated, unitized separate account(s)

established and maintained by the Company pertaining to the Policies which accounts are registered as a unit

investment trust under the Investment Company Act of 1940.

**"Variable Separate Account Assets"** means the assets held in the Variable Separate Account.

**"Variable Separate Account Liabilities"** means for the Variable Separate Account(s), all

liabilities, reserves, obligations, costs and expenses relating to, based upon or arising out of the Policies, and

relating to the Variable Separate Account Assets, provided, however, that the Variable Separate Account Liabilities

shall not include the General Account Liabilities, Declared Rate Separate Account or the Risk Control Separate

Account Liabilities.

**"VSA Accumulated Value"** shall have the meaning set forth in Section 3.l(b) hereof.

**<u>ARTICLE II</u>**

**<u>BASIS</u> <u>OF</u> <u>REINSURANCE</u>**

Section 2.1 <u>Coinsurance</u> <u>and</u> <u>Modified</u> <u>Coinsurance.</u> Subject to the terms and conditions of this Agreement,

the Company hereby cedes to the Reinsurer with effect as of the Effective Date, and the Reinsurer hereby accepts and

agrees to reinsure on an indemnity basis one hundred percent (100%) of the Reinsured Liabilities, with (i) all

General Account Liabilities, Risk Control Separate Account Liabilities and Declared Rate Separate Account

liabilities included in the Reinsured Liabilities being reinsured on a coinsurance basis; and (ii) all Variable Separate

Account Liabilities included in the Reinsured Liabilities being reinsured on a modified coinsurance basis. The

reinsurance effected under this Agreement shall be maintained in force, without reduction, as long as the Company

has any liabilities or obligations under the Policies, unless such reinsurance is terminated

or reduced as provided herein. The Parties have agreed that this Agreement shall supersede and replace the Prior

Agreements, as that term is defined in the preamble.

Section 2.2 <u>Follow the Fortunes.</u> The Reinsurer's liability under this Agreement shall attach

simultaneously with that of the Company on and after the Effective Date, and all reinsurance with respect to which

the Reinsurer shall be liable by virtue of this Agreement shall be subject in all respects to the same risks, terms, rates,

conditions, interpretations, assessments, waivers, and premium adjustments, and to the same modifications,

alterations and cancellations, as the respective Policies and Reinsured Liabilities, the true intent of this Agreement

being that the Reinsurer shall follow the fortunes of the Company, and the Reinsurer shall be bound, without

limitation, by all payments and settlements entered into by or on behalf of the Company.

Section 2.3 <u>Territory</u> The reinsurance provided under this Agreement shall be coextensive with the

territory of the Policies reinsured hereunder.

Section 2.4 <u>Information</u> The Company will use its commercially reasonable efforts to provide to the

Reinsurer after the Effective Date all information available to the Company relating to the Reinsured Liabilities and

not otherwise available to or accessible by the Reinsurer.

**<u>ARTICLE III</u>** 

**<u>VARIABLE SEPARATE</u> <u>ACCOUNTS</u>**

Section 3.1 <u>Variable</u> <u>Separate</u> <u>Accounts</u> <u>V</u><u>SA).</u>

(a)The Company shall establish and maintain in its books and records one or more Variable

Separate Accounts into which shall be allocated all Variable Separate Account Assets and Variable Separate

Account Liabilities. The Company shall own and control all Variable Separate Account Assets in a VSA and all

reserves related thereto shall remain in a VSA. Investment income, capital gains and losses earned or accrued on the

assets held in a VSA shall be credited to the VSA.

(b)The Company shall calculate the accumulated value of the Variable Separate Account

Assets relating to a VSA as provided herein. The accumulated value of the Variable Separate Account Assets as

calculated by the Company from time to time shall be known as the **"VSA Accumulated Value."**

Section 3.2 <u>VSA Valuation Adjustment.</u> A valuation adjustment of a VSA will be computed by the

Company in accordance with the provisions of <u>Schedule</u> <u>3.2</u> as of the beginning of each calendar quarter to the end

of such calendar quarter, or more frequently as mutually agreed by the parties, commencing with the calendar

quarter following the Effective Date **("VSA Valuation Adjustment").** The VSA Valuation Adjustment, whether

positive or negative, shall be included as part of the calculation of the periodic payment as provided for in Section 5.2

Section 3.3 <u>VSA</u> <u>Earnings Credit.</u> On a quarterly basis, or more frequently as mutually agreed by the

parties, the Company will compute the investment earnings credit on a VSA (the **"VSA Earnings Credit"),** as

determined in accordance with <u>Schedule</u> <u>3.3.</u> The VSA Earnings Credit, whether positive or negative, reflects the

change in value of the Variable Separate Account Assets, net of cash flows between a VSA and the General Account,

and shall be included as part of the calculation of the periodic payment as provided for in Section 5.2.

Section 3.4 <u>VSA Payable Liability.</u> The Company will establish one or more accounts payable (the

**"VSA Payable Liability")** on its statutory books equal to the difference between the aggregate VSA Accumulated

Value and the aggregate Statutory Reserves related to a VSA. The quarterly change (or monthly change as

applicable) in a VSA Payable Liability shall be calculated in accordance with the provisions of <u>Schedule 3.4.</u> The

Reinsurer will set up a corresponding account receivable on its statutory books equal to the VSA Payable Liabilities.

**<u>ARTICLE</u> <u>IV</u>**

**<u>RISK</u> <u>CONTROL</u> <u>SEPARATE</u> <u>ACCOUNTS</u> <u>AND</u> <u>DECLARED</u> <u>RATE</u>**

**<u>SEPARATE</u> <u>ACCOUNTS</u>**

Section 4.1 Risk Control Separate Accounts and Declared Rate Separate Accounts.

(a)The Company shall establish and maintain in its books and records one or more Risk

Control Separate Accounts and Declared Rate Separate Accounts to which shall be allocated all Risk Control and

Declared Rate Separate Account Assets and Risk Control and Declared Rate Separate Account Liabilities. The

Company shall own and control all assets in a Risk Control Separate Account or a Declared Rate Separate Account.

(b)The Company shall calculate the accumulated value of the Risk Control Separate

Accounts and Declared Rate Separate Accounts as provided herein.

Section 4.2 <u>Risk Control Separate Account and Declared Rate Separate Account Premiums.</u> All premiums

remitted from the Company's Risk Control Separate Accounts or Declared Rate Separate Accounts on account of

the Policies shall be ultimately deposited into the Reinsurer's Separate Accounts. The Reinsurer shall be permitted to

invest premiums deposited into the Reinsurer's Separate Accounts in accordance with the investment guidelines

attached hereto as <u>Schedule 4.2</u> (the **"Investment Guidelines").** The Reinsurer shall have the authority to manage,

substitute and re-invest assets held in the Reinsurer's Separate Accounts at its discretion, provided that (a) all assets

held in, allocated to or transferred to the Reinsurer's Separate Accounts shall comply at all times with the

Investment Guidelines, and (b) the aggregate value of assets held in the Reinsurer's Separate Accounts shall at all

times be no less than the Risk Control Separate Account and the Declared Rate Separate Account Liabilities. All

assets held in the Reinsurer's Separate Accounts shall be used solely to satisfy liabilities attributable to the

Company's Risk Control Separate Accounts and Declared Rate Separate Accounts shall not be chargeable with

liabilities arising out of any other business of the Company or the Reinsurer. The Reinsurer shall provide the

Company with a semi-annual report (or more frequently if requested by the Company), with a copy provided to the

Iowa Insurance Division, summarizing the investment holdings in the Reinsurer's Separate Accounts with respect to

the six-month period at issue.

**<u>ARTICLE V</u>** 

**<u>PAYMENTS</u>**

Section 5**.**1 <u>Payments.</u> The Company agrees to transfer to the Reinsurer one hundred percent (100%) of any of

the following amounts actually received by the Company after the Effective Date:

(a)premiums, fees and other amounts received with regard to the Policies or the Reinsured

Liabilities, less any refunds or return of premium;

(b)litigation recoveries pursuant to litigation to the extent liability for such litigation

constitutes a Reinsured Liability;

(c)net gains attributable to any Hedging Arrangements;

(d)an amount equal to any Tax savings or benefits actually realized by the Company on

account of, or attributable to, the Policies to the extent such saving or benefit actually offsets or reduces taxable

income of the Company for any applicable Tax year covered under this Agreement;

(e)any administrative services fees, expense reimbursement, indemnification or revenue-share

payments made to the Company under any Fund Participation Agreements; and

(f)any and all other collections and recoveries relating to the Policies or the Reinsured

Liabilities.

In addition, the Company hereby transfers, conveys and assigns to the Reinsurer all of its right, title and interest in

any future payments of the amounts indicated above and not yet actually received, and the parties agree that upon

receipt all such amounts shall be transferred directly to the Reinsurer.

Section 5.2 <u>Reinsurer's</u> <u>Payment</u> <u>Obligation.</u> The Reinsurer agrees to pay to the Company one hundred

percent (100%) of any of the following amounts actually paid by the Company:

(a)annuity benefits, surrender values, withdrawal benefits, death benefits and any other

amounts paid under the Policies. Any such benefit payable by the Reinsurer attributable to Risk Control Separate

Accounts or Declared Rate Separate Accounts shall be satisfied solely through assets of the Reinsurer's Separate

Accounts. Any such benefit payable on account of Variable Separate Accounts shall be satisfied using assets from

the Variable Separate Accounts. Any such benefit payable by the Reinsurer hereunder attributable to the General

Account shall be satisfied using assets from the Reinsurer's general account.

(b)an amount equal to any Tax cost or detriment actually incurred by the Company on account

of, or attributable to, the Policies to the extent such cost or detriment actually increases the taxable income of the

Company for any applicable Tax year covered under this Agreement.

(c)any and all Extra Contractual Obligations;

(d)net losses attributable to any Hedging Arrangements, including any costs, expenses or lost

investment income incurred by the Company related thereto; and

(e)any and all other directly charged and allocated expenses paid or payable by the Company

relating to the Policies, including but not limited to (i) commissions, (ii) product development and acquisition

expenses (iii) expenses incurred in the provision of policyholder and benefit payment services, and

(iv) Insurance Taxes and Charges. Such expenses and costs shall be allocated between Risk Control Separate

Accounts, Declared Rate Separate Accounts, Variable Separate Accounts and the General Account in accordance

with SSAP 70.

Section 5.3 <u>Payments.</u> All payments pursuant to this Agreement shall be made in U.S. dollars and

immediately available funds.

**<u>ARTICLE VI</u>** 

**<u>ACCOUNTINGS</u>**

Section 6.1 <u>Quarterly</u> <u>Accountings,</u> On a quarterly basis, or more frequently as mutually agreed by the

Parties, commencing with the first calendar quarter following the Effective Date, the Company shall prepare a

Quarterly Accounting as of the end of each calendar quarter, no later than thirty (30) days after the end of such quarter;

<u>provided, however,</u> that in the event that subsequent data or calculations require revision of the final Quarterly

Accounting, the required revision and any appropriate payments shall be made in cash by the patties within five (5)

Business Days after they mutually agree as to the appropriate revision. All Quarterly Accountings shall be prepared

in the format set forth on <u>Schedule</u> <u>6.1</u> hereto. The Quarterly Accounting shall separately identify payment

obligations attributable to a Variable Separate Account, a Risk Control Separate Account, a Declared Rate Separate

Account and the General Account. In addition to the Quarterly Accounting, the Company shall provide the Reinsurer

with any additional information related to this Agreement or the Policies as is reasonably necessary for the Reinsurer

to satisfy any financial reporting or disclosure requirements or to comply with Applicable Law.

Section 6.2 <u>Quarterly Payments.</u> If a Quarterly Accounting reflects a balance due to the Company, the

amount(s) shown as due shall be paid within ten (10) Business Days of the preparation of the Quarterly Accounting. If

a Quarterly Accounting reflects a balance due to the Reinsurer, the amount(s) shown as due shall be paid within ten

(10) Business Days after the date on which the Quarterly Accounting was prepared. Any such balance payable by the

Reinsurer from the Reinsurer's Risk Control Separate Accounts or the Declared Rate Separate Accounts shall be

satisfied solely from assets of the Reinsurer's Risk Control Separate

Accounts or Declared Rate Separate Accounts. Any such balance payable on account of a Variable Separate

Account shall be satisfied solely from assets held in a Variable Separate Account. Any such balance payable by the

Reinsurer from the Reinsurer's General Account shall be satisfied solely from assets held in the Reinsurer's General

Account.

Section 6.3 <u>Offset Rights.</u> Subject to Section 562, each party hereto shall have, and may exercise at any

time and from time to time, the right to offset any balance or balances, whether on account of premiums or on

account of losses or otherwise, due from such party to the other party hereto under this Agreement and may offset

the same against any balance or balances due to the former from the latter under this Agreement; and the party

asserting the right of offset shall have and may exercise such right whether the balance or balances due to such party

from the other are on account of premiums or on account of losses or otherwise, which shall be deemed mutual

debts or credits, as the case may be.

**<u>ARTICLE</u> <u>VII</u>** 

**<u>POLICY</u> <u>ADMINISTRATION</u>**

Section 7.1 <u>Policy</u> <u>Administration.</u> The Company shall provide all required, necessary and appropriate

claims, administrative and other services with respect to the Policies. The Company shall use reasonable care in its

administration and claims practices with respect to the Policies and in administering and performing its duties

under this Agreement and such practices, administration and performance shall (a) conform with Applicable Law;

(b) not be fraudulent; and (c) be no less favorable than those used by the Company with respect to other policies of

the Company not reinsured by the Reinsurer.

Section 7.2 <u>Record Keeping.</u> The Company shall maintain appropriate books and records relating to the

Policies in accordance with Applicable Law and industry standards of insurance record keeping. In the event of the

termination of this Agreement and upon the request of the Company, any records in the possession of the Reinsurer

related to the Policies shall be duplicated and forwarded to the Company. The Company shall establish and maintain

an adequate system of internal controls and procedures for financial reporting relating to the Policies and shall

make such documentation available for examination and inspection by the Reinsurer upon request. Either party or

its designated representative may, upon reasonable advance notice and during normal business hours at the offices

of the Company or the Reinsurer, as the case may be, conduct reasonable inspections of the books and records of

the other party reasonably relating to the Policies or this Agreement for such period as this Agreement remains in

effect and as long thereafter as the Company or the Reinsurer, as the case may be, has any outstanding obligation

under this Agreement.

Section 7.3 <u>Certain Changes.</u>From and after the Effective Date, the Company shall set and may make

changes to:

(a)the Non-Guaranteed Elements of the Policies, provided any material changes to such

Non-Guaranteed Elements shall be mutually agreed upon by the Parties;

(b)the reserving methodology related to the Policies including changes required by

Applicable Law or Iowa SAP; and

(c)with respect to those Policies that are issued in connection with a Variable Separate

Account, the addition or substitution of investment options to the extent permitted under the terms of such Policies.

Section 7.4 <u>Changes to</u> <u>Policies.</u> The Company reserves the right to change the terms and conditions of the

Policies. The Reinsurer shall share proportionally, on a 100% coinsurance basis or modified coinsurance basis, as

applicable, in any such changes in the terms or conditions of the Policies.

**<u>ARTICLE VIII</u>** 

**<u>OVERSIGHTS</u>**

Section 8.1 <u>Oversights.</u> Inadvertent delays, errors or omissions made in connection with this Agreement

or any transaction hereunder shall not relieve either party from any liability which would have attached had such

delay, error or omission not occurred, provided that such error or omission is rectified as soon as possible after

discovery.

**<u>ARTICLE IX</u>** 

**<u>REGULATORY</u> <u>APPROVAL</u>**

Section 9.1 <u>Regulatory Approval.</u> This Agreement shall not become effective with respect to Policies

issued in any jurisdiction in which the approval of a Government Entity is required unless and until all such

approvals shall have been obtained under Applicable Law.

Section 9.2 <u>Savings</u> <u>Clause.</u> If any law or regulation of any federal, state or local government of the United

States of America, or the ruling of officials having supervision over insurance companies, or a ruling of a court having

jurisdiction over the parties to this Agreement should prohibit or render illegal this Agreement, or any portion thereof,

as to risks or properties located in the jurisdiction of such authority, either the Company or the Reinsurer may upon

written notice to the other party terminate, suspend or abrogate this Agreement insofar as it relates to risks or

properties located within such jurisdiction to such extent as may be necessary to comply with such law, regulations

or ruling.

**<u>ARTICLE X</u>** 

**<u>DISPUTE</u> <u>RESOLUTION</u>**

Section 10.1 <u>Arbitration.</u> If a dispute, controversy, or claim arises out of or relates to this Agreement, or an

alleged breach thereof, and if said dispute cannot be settled through direct discussions, the parties agree to first

endeavor to settle the dispute in an amicable manner by mediation administered by the American Arbitration

Association **("AAA")** under its Commercial Mediation Rules, before resorting to arbitration. If the matter has not

been resolved pursuant to mediation within thirty (30) calendar days of the commencement of such mediation

(which period may be extended by mutual agreement in writing), then any unresolved dispute, controversy, or claim

arising out of or relating to this Agreement, its termination or non-renewal, or any breach thereof, shall be settled by

arbitration in accordance with the Commercial Arbitration Rules of the AAA, and judgment upon the award

rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitration shall be

conducted by a sole arbitrator or, at the election of either party, before a panel of three arbitrators. Selection of the

arbitrator(s) shall be in accordance with the Commercial Arbitration Rules of the AAA. The arbitrator(s) shall

allow each party to conduct limited relevant discovery. The arbitrator(s) shall have no authority to award punitive

damages or any damages not measured by the prevailing party's actual damages, and may not, in any event, make

any ruling, finding or award that does not conform to the terms and conditions of this Agreement and Applicable

Laws. All fees and expenses of arbitration shall be borne by the parties equally. However, each party shall bear the

expense of its own counsel, experts, witnesses, and preparation and presentation of the arbitration matter. Any such

arbitration shall be conducted in Madison, Wisconsin.

**<u>ARTICLE XI</u>** 

**<u>INSOLVENCY</u>**

Section 11.1 <u>Insolvency</u> <u>of</u> <u>Company.</u> In the event of insolvency and the appointment of a conservator,

liquidator, or statutory successor of the Company, the reinsurance hereunder shall be payable directly to the

conservator, rehabilitator, liquidator, receiver or statutory successor of the Company on the basis of claims allowed

against the Company by any court of competent jurisdiction or by any conservator, rehabilitator, liquidator, receiver

or statutory successor of the Company having authority to allow such claims, without diminution because of that

insolvency, or because the conservator, rehabilitator, liquidator, receiver or statuto1y

successor of the Company has failed to pay all or a portion of any claims. Payments by the Reinsurer, as set forth

herein, shall be made directly to the Company or to its conservator, rehabilitator, liquidator, receiver or statutory

successor, except where this Agreement specifically provides another payee of such reinsurance in the event of the

insolvency of the Company. The conservator, rehabilitator, liquidator, receiver or statutory successor of the

Company shall give written notice to the Reinsurer of the pendency of a claim against the Company indicating the

Policy reinsured, within a reasonable time after such claim is filed and the Reinsurer may investigate and interpose,

at its own expense, in any proceeding where such claim is to be adjudicated, any defense or defenses that the

Reinsurer may deem available to the Company or to its conservator, rehabilitator, liquidator, receiver or statutory

successor.

**<u>ARTICLE</u> <u>XII</u>** 

**<u>DURATION</u>**

Section 12.1 <u>Term.</u> The reinsurance provided under this Agreement shall remain continuously in force for

so long as the Company shall remain liable on the Policies or until terminated by either Party by written notice

given to the other Party at least twelve (12) months in advance of the termination date, a copy of which shall be

provided to the Iowa Insurance Division.

Section 12.2 <u>Runoff Coverage.</u> If this Agreement is terminated, the reinsurance hereunder shall continue

to apply to benefits and/or claims under all Policies (including any lapsed, surrendered, reinstated, renewed or

matured Policy) until the Company's obligations under the Policies cease. The Parties hereto expressly covenant

and agree that, in the event of termination of this Agreement, they will cooperate with each other in the handling of

all such run-off insurance business until the Company's obligations under the Policies cease. All costs and expenses

associated with the handling of such run-off business shall be borne solely by the Reinsurer. For the avoidance of

doubt, in the event this Agreement is terminated, the reinsurance hereunder shall not apply to any insurance policies

or annuity contracts, or binders, contracts, certificates, riders, endorsements, supplemental benefits, or other

agreements related or attaching to such insurance policies or contracts, that were first issued or assumed by the

Company on or after the effective date of any termination of this Agreement.

Section 12.3 <u>Recapture.</u> The Policies are not eligible for recapture by the Company except upon the

mutual agreement of the Company and the Reinsurer, and any partial or complete recapture/commutation shall be

subject to the prior approval of the Iowa Insurance Division to the extent required under Iowa law.

**<u>ARTICLE XIII</u> <u>CREDIT</u>** 

**<u>FOR</u> <u>REINSURANCE</u>**

Section 13.1 <u>Credit</u> <u>for</u> <u>Reinsurance.</u>

(a)The Reinsurer shall, at its own expense, take all steps necessary (including the posting of

letters of credit or other acceptable security) to enable the Company to receive and maintain full credit for the

reinsurance provided by this Agreement in any jurisdiction applicable throughout the entire term of this Agreement.

(b)It is understood and agreed that any term or condition required by Applicable Law to be

included in this Agreement for the Company to receive statutory credit for the reinsurance provided by this

Agreement shall be deemed to be incorporated in this Agreement by reference. Furthermore, the Reinsurer and the

Company agree to amend this Agreement, or enter into other agreements or execute additional documents as needed

to comply with the credit for reinsurance laws and regulations and/or the requirements of lowa Insurance Division.

**<u>ARTICLE</u> <u>XIV</u>** 

**<u>DAC TAX</u>**

Section 14.1 <u>Party.</u> The term "party" will refer to either contracting company as appropriate.

Section 14.2 <u>Other Terms.</u> The terms "Net Positive Consideration", "Specified Policy Acquisition

Expenses" and "General Deductions Limitation" used in this Article are defined by reference to Regulation Section

1.848-2 and Code Section 848.

Section 14.3 <u>DAC Tax Election.</u> The parties to this Agreement agree to make the election set forth below

pursuant to Section l .848-2(g) (8) of the Income Tax Regulations issued under Section 848 of the Code. This

election shall be effective for taxable year 2016 and for all subsequent taxable years for which this Agreement

remains in effect.

(a)The party with the Net Positive Consideration for this Agreement for each taxable year

will capitalize Specified Policy Acquisition Expenses with respect to this Agreement without regard to the General

Deductions Limitation of Code Section 848(c)(1).

(b)Both parties agree to exchange information pertaining to the amount of net consideration

under this Agreement each year, or as otherwise required by the Internal Revenue Service, to ensure consistency.

(c)The Company will submit a schedule to the Reinsurer by May 1 of each year with its

calculation of the net consideration for the preceding calendar year. The Reinsurer may contest such calculation by

providing an alternative calculation to the Company in writing within thirty (30) calendar days of the Reinsurer's

receipt of the Company's calculation.

(d)If the Reinsurer contests the Company's calculation, the parties will act in good faith to

reach an agreement as to the correct amount within thirty (30) calendar days of the date that the Company receives

the Reinsurer's alternative calculation. If the parties reach an agreement on the net consideration calculation, each

party will report the agreed upon amount in its income tax return for the preceding calendar year. If the parties are

unable to reach an agreement on the amount of net consideration, then the dispute shall be resolved pursuant to

Article IX of this Agreement. If Reinsurer does not contest the Company's calculation the parties will utilize the

calculation provided by the Company for reporting purposes in their respective income tax returns for the preceding

year.

(e)Each party will attach a schedule to its federal income tax return for its first taxable year

ending after the election becomes effective that identifies this Agreement as a reinsurance agreement for which

joint elections have been made under Treasury Regulation Section 1.848-2(g)(8).

**<u>ARTICLE XV</u>** 

**<u>SERVICE</u> <u>OF</u> <u>SUIT</u>**

Section 15.1. In the event of the failure of the Reinsurer to perform its obligations hereunder, the

Reinsurer, at the request of the Company, shall submit to the jurisdiction of a court of competent jurisdiction.

Nothing in this Article constitutes or should be understood to constitute a waiver of the Reinsurer's right to

commence an action in any court of competent jurisdiction, to remove an action or to seek a transfer of a case to

another court as permitted by law. The Reinsurer, once the appropriate court is selected, whether such court is the

one originally chosen by the Company and accepted by the Reinsurer or is determined by removal, transfer or

otherwise, as provided for above, shall comply with all requirements necessary to give said court jurisdiction and,

in any suit instituted against the Reinsurer upon this Agreement, shall abide by the final decision of such court or of

any appellate court in the event of appeal. This Article shall not be read to conflict with or override the obligations

of the parties to arbitrate their disputes as provided in Article IX.

**<u>ARTICLE XVI</u> <u>GENERAL</u>** 

**<u>PROVISIONS</u>**

Section 16.1 <u>Notices.</u> All notices and communications hereunder shall be in writing and shall become

effective when received. Any written notice shall be sent by either certified or registered mail, return receipt

requested, overnight delivery service (providing for delivery receipt), electronic facsimile transmission, or

delivered by hand. All notices or communications under this Agreement shall be addressed as follows:

If to the Company:

MEMBERS Life Insurance Company

5910 Mineral Point Rd.

Madison, WI 53705

Attention: Treasurer

If to the Reinsurer:

CMFG Life Insurance Company

5910 Mineral Point Rd.

Madison, WI 53705

Attention: Treasurer

Section 16.2 <u>Successors and Assigns.</u> Assignment or novation of this Agreement and related documents

requires the prior written consent of both parties and the prior approval of the Iowa Insurance Division. The

provisions of this Agreement and related documents shall be binding upon and inure to the benefit of and be

enforceable by the parties hereto and their respective successors and assigns as permitted herein.

Section 16.3 <u>Execution in Counterparts.</u> This Agreement may be executed by the parties hereto in any

number of counterparts, and by each of the parties hereto in separate counterparts, each of which counterparts,

when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute

but one and the same instrument.

Section 16.4 <u>Entire Agreement.</u> This Agreement, together with the schedules and exhibits attached hereto,

constitutes the entire agreement between the parties hereto with respect to the business being reinsured hereunder

and there are no understandings between the parties other than those expressed in this Agreement. Any change or

modification to this Agreement shall be null and void unless made by amendment to this Agreement and signed by

both parties hereto.

Section 16.5 <u>Regulatory Approval of</u> <u>Amendments.</u> No amendment to this Agreement until prior approval of the

Iowa Insurance Department has been received by the Company. Similarly, if the approval of other Governmental

Entities is required no amendment to this Agreement shall take effect until all such necessary approvals have been

received by the Company.

Section 16.6 <u>Governing Law.</u> This Agreement and related documents shall be governed by and construed

in accordance with the laws of the State of Iowa.

Section 16.7 <u>Severability.</u> In the event any section or provision of this Agreement or related documents is

found to be void and unenforceable by a court of competent jurisdiction, the remaining sections and provisions of

this Agreement or related documents shall nevertheless be binding upon the parties with the same force and effect

as though the void or unenforceable part had not been severed or deleted.

Section 16.8 <u>No Third Party Beneficiaries.</u> This Agreement constitutes an indemnity reinsurance

agreement solely between the Company and the Reinsurer. Nothing expressed or implied in this Agreement is

intended to confer any rights, benefits, remedies, obligations or liabilities upon any Person other than the parties

hereto and their respective successors and permitted assigns.

Section 16.9 <u>Compliance</u> <u>with</u> <u>Applicable</u> <u>Laws.</u> The Company and the Reinsurer shall maintain all licenses,

obtain all regulatory approvals and comply with all applicable laws and regulatory requirements necessary to perform their

respective obligations under this Agreement.

*[Remainder of page left intentionally blank]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly

authorized representative.

**MEMBERS LIFE INSURANCE COMPANY**

By: <u>/s/Brian Borakove</u>

Name: Brian Borakove

Title: Senior Vice President

Date: March 6, 2025

**CMFG LIFE INSURANCE COMPANY**

By: <u>/s/Paul Barbato</u>

Name: Paul Barbato

Title:SVP, Secretary

Date: March 12, 2025

**<u>SCHEDULE A</u>**

**<u>(Covered</u> <u>Policies)</u>**

MEMBERS® Zone Annuity

MEMBERS® Horizon Variable Annuity

TruStage™ Horizon II Annuity

TruStage™ Zone Income Annuity

TruStage™ ZoneChoice Annuity

TruStage™ ZoneChoice Advantage Annuity

**<u>SCHEDULE</u> <u>3.2</u>**

**VARIABLE SEPARATE ACCOUNT (VSA) VALUATION ADJUSTMENT CALCULATION**

The VSA Valuation Adjustment shall be calculated as of the end of each calendar quarter, or more frequently as

mutually agreed by the parties, as follows:

(A-B) Where:

A= VSA Accumulated Value with respect to the VSA as of the end of such calendar quarter (or month if

calculated on a monthly basis)

B = VSA Accumulated Value with respect to the VSA as of the beginning of such calendar quarter (or month if

calculated on a monthly basis)

**<u>SCHEDULE</u> <u>3.3</u>**

**VARIABLE SEPARATE ACCOUNT (VSA) EARNINGS CREDIT CALCULATION**

The VSA Earnings Credit shall be calculated as of the end of each calendar quarter (or month if calculated on a

monthly basis) as follows:

A-B-C+D

Where:

A= VSA Accumulated Value with respect to the VSA as of the end of such calendar quarter (or month if calculated

on a monthly basis)

B = VSA Accumulated Value with respect to the VSA as of the beginning of such calendar quarter (or month if

calculated on a monthly basis)

C = Increases in VSA Accumulated Value during such calendar quarter (or month if calculated on a monthly basis)

which shall be calculated as the premiums allocated to the VSA

D = Decreases in VSA Accumulated Value during such calendar quarter (or month if calculated on a monthly

basis) which shall be calculated as follows:

**1.**Death benefits, surrenders, withdrawals and annuitizations paid from the VSA

2. Contract, administration and transfer fee deductions

3. Deductions for contingent deferred sales charges or surrender charges

4. D(l) + D(2) + D(3)

**<u>SCHEDULE</u> <u>3.4</u>**

**VARIABLE SEPARATE (VSA) PAYABLE LIABILITY CALCULATION**

The VSA Payable Liability shall be calculated as of the end of each calendar quarter (or month if calculated on a

monthly basis) as follows:

(A-B)

Where:

A= VSA Accumulated Value with respect to the VSA as of the end of such calendar quarter (or month if calculated

on a monthly basis)

B = Statutory Reserves with respect to the VSA as of the end of such calendar quarter (or month if calculated on a

monthly basis)

**<u>SCHEDULE 5</u> <u>4.2</u>** 

**INVESTMENT GUIDELINES**

**Investment Guidelines for CMFG Life Insurance Company Risk Control Separate Accounts and Declared Rate** 

**Separate Accounts**

---

| | | | |
|:---|:---|:---|:---|
| **<u>Broad</u> <u>Asset</u> <u>Class</u>** | **<u>Asset</u> <u>Class</u>** | **Minimum** | **Maximum** |
| **Near Risk-Free** |  | **0%** | **100%** |
|  | Cash | -% | 100% |
|  | Government | 0% | 100% |
|  | Agency MBS\* | 0% | 40% |
| **Corporate** |  | **20%** | **80%** |
|  | Public - Investment Grade | 20% | 80% |
|  | Private - Investment Grade | 0% | 25% |
|  | High Yield | 0% | 10% |
| **Other Credit** |  | **0%** | **30%** |
|  | Municipal | 0% | 10% |
|  | Mortgage Loan | 0% | 30% |
| **Structured Credit** |  | **3%** | **35%** |
|  | ABS | 0% | 20% |
|  | CMBS | 0% | 20% |
|  | CLO | 0% | 20% |
|  | RMBS | 0% | 10% |
| **Equity or Near-Equity** |  | **0%** | **15%** |
|  | Real Estate | 0% | 5% |
|  | Alternative - Income | 0% | 7% |
|  | Alternative - MOIC | 0% | 7% |
|  | Public Equity | 0% | 5% |

---

\*A pass-through security or unleveraged CMO class

**<u>Derivatives</u>**

Derivative usage and limits on notional amounts will be set by the Board of Directors of CMFG Life Insurance

Company from time to time and must comply with the CMFG Life Insurance Company Derivative Use Plan and

Derivative Policy. Derivatives will not be used for speculative purposes.

**<u>Alternatives</u>**

The alternative equity allowed as part of these guidelines may be held in the form of direct limited partnership

holdings in private equity funds or as equity ownership in an affiliated entity formed to hold such limited

partnership holdings in private equity funds.

**<u>Transfer</u> <u>restrictions</u>**

Assets may be transferred into and out of the separate accounts as long as asset values exceed liability values after

such transfers. Impaired securities, securities in default or assets encumbered by other agreements (modified

coinsurance "segregated" assets, collateral for trusts, etc.) may not be transferred into the separate accounts.

**<u>Borrowing</u> <u>to</u> <u>Support</u> <u>the</u> <u>Separate</u> <u>Accounts</u>**

Assets of the Separate Accounts may be used to collateralize borrowing in order to meet short-term liquidity needs of

the Separate Accounts.

**<u>Use</u> <u>of</u> <u>Funding</u> <u>Agreements</u>**

Assets of the Separate Accounts may be used to collateralize funding agreements with the Federal Home Loan

Bank ("FHLB"). Funding agreement proceeds will be invested within the Separate Accounts in assets that are

consistent with these investment guidelines and that match funding agreement liabilities. The funding agreement

liabilities are recorded in each separate account so we are using separate account assets to satisfy liabilities

attributable to the separate accounts. We track these assets that back the funding agreements in a separate

portfolio so they can be identified separately.

**<u>Securities</u> <u>Lending</u>**

The Separate Accounts may participate in a securities lending program consistent with the terms of the general

account securities lending program in which collateral is received for loaned securities, provided investments made

with such collateral are invested within the Separate Accounts in assets consistent with these Investment guidelines

and that match securities lending program liabilities.

**<u>Applicability</u> <u>of</u> <u>Guidelines</u> <u>to</u> <u>New</u> <u>Products</u>**

Portfolios are established within each Separate Account in order to identify the specific assets intended to support

obligations associated with different contract forms. The assets within a portfolio intended to support a new

product may not be diversified among the asset classes described above until the assets within that portfolio total

$100 million. However, the total assets within the Separate Account will comply with these Investment Guidelines

at all times.

Effective: <u>10/10/2022</u>

**<u>SCHEDULE</u> <u>6.1</u>**

**FORM OF QUARTERLY STATEMENT**

I.Payments due to the Reinsurer shall be calculated as follows:

a.Premium ceded, less any return or refunds of premium

b.VSA Earnings Credit (if positive), excluding the change in VSA Payable Liability

c.Payments under Fund Participation Agreements

d.VSA Valuation Adjustment (if negative)

e.Any other items payable to the Reinsurer under Section 4.1 of this Agreement

f.Any amounts remitted to the Reinsurer after the date of the last quarterly settlement

g.I (a)+ I (b)+ I (c)+ I (d)+ I (e)-1 (f)

2. Payments due to the Company shall be calculated as follows:

a.Benefits ceded - surrenders, withdrawals, death and annuity benefits

b.VSA Earnings Credit (if negative), excluding the change in VSA Payable Liability

c.VSA Valuation Adjustment (if positive)

d.Any other items payable to the Company under Section 4.2 of this Agreement

e.Any payments to the Company after the date of the last quarterly settlement

f.2(a) + 2(b) + 2(c) + 2(d)-2(e)

3. Balance during the period shall be calculated as

follows: I (g)-2 (f)

With the amount of a positive balance paid by the Company to the Reinsurer, and the amount of a

negative balance paid by the Reinsurer to the Company.

Agreement on Accounting Periods

The Parties to the Amended and Restated Coinsurance and Modified Coinsurance Agreement dated January 1, 2019

have agreed that the Accountings described in Section V - Accountings of the Agreement shall be performed on a

monthly basis. Accordingly, the Parties agree that the Quarterly Accountings described in Section 5.1, the

Quarterly Accountings in Section 5.2 and the Schedule 5.1 Quarterly Statement shall be prepared on a monthly basis

until such time as the Parties agree in writing to change the timing for these reports.

MEMBERS Life Insurance Company

CMFG Life Insurance Company

## Exhibit 99.27

**FIRST AMENDMENT TO AMENDED AND RESTATED**

**COINSURANCE AND MODIFIED COINSURANCE AGREEMENT DATED MARCH 6, 2025**

**THIS FIRST AMENDMENT TO AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE** 

**AGREEMENT DATED MARCH 6, 2025** ("Amendment") amends the AMENDED AND RESTATED

COINSURANCE AND MODIFIED COINSURANCE AGREEMENT DATED MARCH 6, 2025 (the "Agreement")

between **MEMBERS LIFE INSURANCE COMPANY** and **CMFG LIFE INSURANCE COMPANY**. This

Amendment is eﬀective May 23, 2025.

**WHEREAS**, the parties wish to amend the terms of the Agreement to add a new Covered Policy.

**NOW THEREFORE**, in consideration of the premises and the mutual covenants contained herein, the

parties agree to amend the Agreement as follows:

**1.1 Amendment to SCHEDULE A.** "Schedule A – Covered Policies" to the Agreement is replaced

in its entirety with the "Schedule A – Covered Policies" attached to this Amendment.

**IN WITNESS WHEREOF,** the parties have caused this Amendment to be executed by their duly authorized

representatives eﬀective as of the date set forth above.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MEMBERS LIFE INSURANCE COMPANY** | **MEMBERS LIFE INSURANCE COMPANY** | **MEMBERS LIFE INSURANCE COMPANY** | **CMFG LIFE INSURANCE COMPANY** | **CMFG LIFE INSURANCE COMPANY** |
| By: | /s/Brian Borakove | /s/Brian Borakove | By: | /s/Paul Barbato |
| Print Name: | Print Name: | Brian Borakove | Print Name: Paul Barbato | Print Name: Paul Barbato |
| Title: | Senior Vice President | Senior Vice President | Title: | SVP, Chief Legal Officer |
| Date: | 06/06/2025 | 06/06/2025 | Date: | 06/05/2025 |

---

**SCHEDULE A** 

**COVERED POLICIES**

MEMBERS® Zone Annuity

MEMBERS® Horizon Variable Annuity

TruStage™ Horizon II Annuity

TruStage™ Zone Income Annuity

TruStage™ ZoneChoice Annuity

TruStage™ ZoneChoice Advantage Annuity

TruStage™ ZoneChoice Income Annuity

## Exhibit 99.27

---

| | |
|:---|:---|
| Britney Schnathorst<br>Associate General Counsel<br>Office of General Counsel<br>Phone: 608.665.4184<br>E-mail: Britney.Schnathorst@trustage.com<br>| ![image_0.jpg](image_0.jpg)<br>MEMBERS Life Insurance Company<br>|

---

April 14, 2026

Board of Directors

MEMBERS Life Insurance Company

2000 Heritage Way

Waverly, Iowa 50677

---

| | |
|:---|:---|
| Re: | MEMBERS Life Insurance Company <br>MEMBERS<sup>®</sup> Horizon Variable Separate Account<br>MEMBERS<sup>®</sup> Horizon Flexible Premium Deferred Variable and <br>Index Linked Annuity <br>Post-Effective Amendment 11 to<br>Registration Statement on Form N-4, File No. 333-207276 and<br>MEMBERS<sup>®</sup> Horizon Flexible Premium Deferred Variable and <br>Index Linked Annuity<br>Post-Effective Amendment 2 to<br><u>Registration Statement on Form N-4 (RILA), File No. 333-276342</u><br>|

---

Dear Board of Directors:

With reference to the above-mentioned post-effective amendment to the registration statement on Form

N-4 (the "Amendment") to be filed by MEMBERS Life Insurance Company (the "Company") and

MEMBERS<sup>®</sup> Horizon Variable Separate Account (the "Account") with the Securities and Exchange

Commission for the purpose of registering under the Securities Act of 1933, as amended, certain flexible

premium deferred variable and index linked annuity contracts (the "Contracts"), I have examined such

documents and such law as I considered necessary and appropriate, and on the basis of such

examination, it is my opinion that:

1. The Company is a corporation duly organized and validly existing as a stock life insurance

company under the laws of the State of Iowa and is duly authorized by the Insurance Division of

the Department of Commerce of the State of Iowa to issue the Contracts.

2. The Account is a duly authorized and existing separate account established pursuant to the

provisions of Section 508A.1 of the Iowa Code (2016).

3. The Contracts, when issued as contemplated by the Form N-4 registration statement, will

constitute legal, validly issued and binding obligations of the Company.

I hereby consent to the filing of this opinion as an exhibit to the Form N-4 registration statement for the

Contracts and the Account. If you have any questions or comments regarding the Amendment, please

call the undersigned at (608) 665-4184.

Sincerely,

/s/Britney Schnathorst

Britney Schnathorst

Associate General Counsel

## Exhibit 99.27

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Post-Effective Amendment No. 11 to

Registration Statement No. 333-207276 on Form N-4 and Amendment No. 27 to Registration

Statement No. 811-23092 on Form N-4 of our report dated March 5, 2026, relating to the financial

statements and financial highlights of each of the Subaccounts comprising MEMBERS Horizon

Variable Separate Account, appearing on Form N-VPFS filed with the SEC by the Company on

April 1, 2026. We also consent to the reference to us under the heading "Experts" in the

Statement of Additional Information, which is part of such Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

April 13, 2026

## Exhibit 99.27

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the incorporation by reference in this Post-Effective Amendment No. 11 to

Registration Statement No. 333-207276 on Form N-4 and Amendment No. 27 to Registration

Statement No. 811-23092 on Form N-4 of our report dated March 19, 2026, relating to the

statutory basis financial statements of MEMBERS Life Insurance Company, appearing on Form

N-VPFS filed with the SEC by the Company on April 1, 2026. We also consent to the reference to

us under the heading "Experts" in the Statement of Additional Information, which is part of such

Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

April 13, 2026

## Exhibit 99.27

**MEMBERS Life Insurance Company**

**Power of Attorney**

**Paul D. Barbato**

**Director**

KNOW ALL PERSONS BY THESE PRESENT, that I, Paul D. Barbato, Director of MEMBERS Life

Insurance Company, an Iowa company (the "Company"), do hereby appoint Britney Schnathorst, as my

attorney-in-fact and agent, for me and in my name, place and stead to prepare, review, execute, deliver

and file with any state and/or federal authority registration statements; any and all amendments to the

registration statements and any and all other instruments, documents, correspondence or forms which

they deem necessary or advisable to be filed by the Company under the Securities Act of 1933, as

amended (the "1933 Act") the Investment Company Act of 1940, as amended (the "1940 Act") and/or

applicable state law and regulation, in connection with:

**MEMBERS Horizon Variable Separate Account**

**1940 Act File No. 811-23092**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**  |
| MEMBERS Horizon Variable Annuity | 333-207276 |
| TruStage Horizon II Annuity | 333-226804 |

---

**MEMBERS Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| MEMBERS Zone Annuity | 333-276341 |
| MEMBERS Horizon Variable Annuity | 333-276342 |
| TruStage Horizon II Annuity | 333-264135 |
| TruStage ZoneChoice Annuity | 333-271753 |
| TruStage Zone Income Annuity | 333-276157 |
| TruStage ZoneChoice Advantage Annuity | 333-283638 |
| TruStage ZoneChoice Income Annuity | 333-288103 |

---

and have the full power and authority to do or cause to be done in my name, place and stead each and

every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and

purposes as I might or could do in person, hereby ratifying and confirming all that said attorney-in-fact

may do or cause to be done by virtue hereof. Said attorney-in-fact shall have power to act hereunder with

or without the others.

IN WITNESS WHEREOF, this 14 day of April, 2026.

/s/Paul D. Barbato

_________________________________

Paul D. Barbato

**MEMBERS Life Insurance Company**

**Power of Attorney**

**William A. Karls**

**Director**

KNOW ALL PERSONS BY THESE PRESENT, that I, William A. Karls, Director of MEMBERS Life

Insurance Company, an Iowa company (the "Company"), do hereby appoint Britney Schnathorst, as my

attorney-in-fact and agent, for me and in my name, place and stead to prepare, review, execute, deliver

and file with any state and/or federal authority registration statements; any and all amendments to the

registration statements and any and all other instruments, documents, correspondence or forms which

they deem necessary or advisable to be filed by the Company under the Securities Act of 1933, as

amended (the "1933 Act") the Investment Company Act of 1940, as amended (the "1940 Act") and/or

applicable state law and regulation, in connection with:

**MEMBERS Horizon Variable Separate Account**

**1940 Act File No. 811-23092**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**  |
| MEMBERS Horizon Variable Annuity | 333-207276 |
| TruStage Horizon II Annuity | 333-226804 |

---

**MEMBERS Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| MEMBERS Zone Annuity | 333-276341 |
| MEMBERS Horizon Variable Annuity | 333-276342 |
| TruStage Horizon II Annuity | 333-264135 |
| TruStage ZoneChoice Annuity | 333-271753 |
| TruStage Zone Income Annuity | 333-276157 |
| TruStage ZoneChoice Advantage Annuity | 333-283638 |
| TruStage ZoneChoice Income Annuity | 333-288103 |

---

and have the full power and authority to do or cause to be done in my name, place and stead each and

every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and

purposes as I might or could do in person, hereby ratifying and confirming all that said attorney-in-fact

may do or cause to be done by virtue hereof. Said attorney-in-fact shall have power to act hereunder with

or without the others.

IN WITNESS WHEREOF, this 14 day of April, 2026.

/s/William A. Karls

_________________________________

William A. Karls

**MEMBERS Life Insurance Company**

**Power of Attorney**

**Brian J. Borakove**

**Treasurer**

KNOW ALL PERSONS BY THESE PRESENT, that I, Brian J. Borakove, Director of MEMBERS Life

Insurance Company, an Iowa company (the "Company"), do hereby appoint Britney Schnathorst, as my

attorney-in-fact and agent, for me and in my name, place and stead to prepare, review, execute, deliver

and file with any state and/or federal authority registration statements; any and all amendments to the

registration statements and any and all other instruments, documents, correspondence or forms which

they deem necessary or advisable to be filed by the Company under the Securities Act of 1933, as

amended (the "1933 Act") the Investment Company Act of 1940, as amended (the "1940 Act") and/or

applicable state law and regulation, in connection with:

**MEMBERS Horizon Variable Separate Account**

**1940 Act File No. 811-23092**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**  |
| MEMBERS Horizon Variable Annuity | 333-207276 |
| TruStage Horizon II Annuity | 333-226804 |

---

**MEMBERS Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| MEMBERS Zone Annuity | 333-276341 |
| MEMBERS Horizon Variable Annuity | 333-276342 |
| TruStage Horizon II Annuity | 333-264135 |
| TruStage ZoneChoice Annuity | 333-271753 |
| TruStage Zone Income Annuity | 333-276157 |
| TruStage ZoneChoice Advantage Annuity | 333-283638 |
| TruStage ZoneChoice Income Annuity | 333-288103 |

---

and have the full power and authority to do or cause to be done in my name, place and stead each and

every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and

purposes as I might or could do in person, hereby ratifying and confirming all that said attorney-in-fact

may do or cause to be done by virtue hereof. Said attorney-in-fact shall have power to act hereunder with

or without the others.

IN WITNESS WHEREOF, this 14 day of April, 2026.

/s/Brian J. Borakove

_________________________________

Brian J. Borakove

**MEMBERS Life Insurance Company**

**Power of Attorney**

**Jennifer M. Kraus-Florin**

**Director**

KNOW ALL PERSONS BY THESE PRESENT, that I, Jennifer M. Kraus-Florin, Director of MEMBERS Life

Insurance Company, an Iowa company (the "Company"), do hereby appoint Britney Schnathorst, as my

attorney-in-fact and agent, for me and in my name, place and stead to prepare, review, execute, deliver

and file with any state and/or federal authority registration statements; any and all amendments to the

registration statements and any and all other instruments, documents, correspondence or forms which

they deem necessary or advisable to be filed by the Company under the Securities Act of 1933, as

amended (the "1933 Act") the Investment Company Act of 1940, as amended (the "1940 Act") and/or

applicable state law and regulation, in connection with:

**MEMBERS Horizon Variable Separate Account**

**1940 Act File No. 811-23092**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**  |
| MEMBERS Horizon Variable Annuity | 333-207276 |
| TruStage Horizon II Annuity | 333-226804 |

---

**MEMBERS Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| MEMBERS Zone Annuity | 333-276341 |
| MEMBERS Horizon Variable Annuity | 333-276342 |
| TruStage Horizon II Annuity | 333-264135 |
| TruStage ZoneChoice Annuity | 333-271753 |
| TruStage Zone Income Annuity | 333-276157 |
| TruStage ZoneChoice Advantage Annuity | 333-283638 |
| TruStage ZoneChoice Income Annuity | 333-288103 |

---

and have the full power and authority to do or cause to be done in my name, place and stead each and

every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and

purposes as I might or could do in person, hereby ratifying and confirming all that said attorney-in-fact

may do or cause to be done by virtue hereof. Said attorney-in-fact shall have power to act hereunder with

or without the others.

IN WITNESS WHEREOF, this 14 day of April, 2026.

/s/Jennifer M. Kraus-Florin

_________________________________

Jennifer M. Kraus-Florin

**MEMBERS Life Insurance Company**

**Power of Attorney**

**Abigail R. Rodriguez**

**Director**

KNOW ALL PERSONS BY THESE PRESENT, that I, Abigail R. Rodriguez, Director of MEMBERS Life

Insurance Company, an Iowa company (the "Company"), do hereby appoint Britney Schnathorst, as my

attorney-in-fact and agent, for me and in my name, place and stead to prepare, review, execute, deliver

and file with any state and/or federal authority registration statements; any and all amendments to the

registration statements and any and all other instruments, documents, correspondence or forms which

they deem necessary or advisable to be filed by the Company under the Securities Act of 1933, as

amended (the "1933 Act") the Investment Company Act of 1940, as amended (the "1940 Act") and/or

applicable state law and regulation, in connection with:

**MEMBERS Horizon Variable Separate Account**

**1940 Act File No. 811-23092**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**  |
| MEMBERS Horizon Variable Annuity | 333-207276 |
| TruStage Horizon II Annuity | 333-226804 |

---

**MEMBERS Life Insurance Company**

**1933 Act File Nos.**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| MEMBERS Zone Annuity | 333-276341 |
| MEMBERS Horizon Variable Annuity | 333-276342 |
| TruStage Horizon II Annuity | 333-264135 |
| TruStage ZoneChoice Annuity | 333-271753 |
| TruStage Zone Income Annuity | 333-276157 |
| TruStage ZoneChoice Advantage Annuity | 333-283638 |
| TruStage ZoneChoice Income Annuity | 333-288103 |

---

and have the full power and authority to do or cause to be done in my name, place and stead each and

every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and

purposes as I might or could do in person, hereby ratifying and confirming all that said attorney-in-fact

may do or cause to be done by virtue hereof. Said attorney-in-fact shall have power to act hereunder with

or without the others.

IN WITNESS WHEREOF, this 14 day of April, 2026.

/s/Abilgail R. Rodriguez

_________________________________

Abigail R. Rodriguez

**MEMBERS Life Insurance Company**

**Power of Attorney**

**Tammy L. Schultz**

**President/Director**

KNOW ALL PERSONS BY THESE PRESENT, that I, Tammy L. Schultz, President and Director of

MEMBERS Life Insurance Company, an Iowa company (the "Company"), do hereby appoint Britney

Schnathorst, as my attorney-in-fact and agent, for me and in my name, place and stead to prepare,

review, execute, deliver and file with any state and/or federal authority registration statements; any and all

amendments to the registration statements and any and all other instruments, documents,

correspondence or forms which they deem necessary or advisable to be filed by the Company under the

Securities Act of 1933, as amended (the "1933 Act") the Investment Company Act of 1940, as amended

(the "1940 Act") and/or applicable state law and regulation, in connection with:

**MEMBERS Horizon Variable Separate Account**

**1940 Act File No. 811-23092**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**  |
| MEMBERS Horizon Variable Annuity | 333-207276 |
| TruStage Horizon II Annuity | 333-226804 |

---

**MEMBERS Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| MEMBERS Zone Annuity | 333-276341 |
| MEMBERS Horizon Variable Annuity | 333-276342 |
| TruStage Horizon II Annuity | 333-264135 |
| TruStage ZoneChoice Annuity | 333-271753 |
| TruStage Zone Income Annuity | 333-276157 |
| TruStage ZoneChoice Advantage Annuity | 333-283638 |
| TruStage ZoneChoice Income Annuity | 333-288103 |

---

and have the full power and authority to do or cause to be done in my name, place and stead each and

every act and thing necessary or appropriate in order to effectuate the same, as fully to all intents and

purposes as I might or could do in person, hereby ratifying and confirming all that said attorney-in-fact

may do or cause to be done by virtue hereof. Said attorney-in-fact shall have power to act hereunder with

or without the others.

IN WITNESS WHEREOF, this 14 day of April, 2026.

/s/Tammy L. Schultz

_________________________________

Tammy L. Schultz