# EDGAR Filing Document

**Accession Number:** 0001562577
**File Stem:** 0001562577-26-000130
**Filing Date:** 2026-4
**Character Count:** 378862
**Document Hash:** 251f94d59f2ec6a5c77c75c19f76a445
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562577-26-000130.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001562577-26-000130

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20260414

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEMBERS Life Insurance Co
- **CENTRAL INDEX KEY:** 0001562577
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 391236386
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-276341
- **FILM NUMBER:** 26859260

**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 Life Insurance Co (Series ID: S000089882)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000261253 | MEMBERS Zone Annuity |  |

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

Registration No. 333-276341

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-4**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 2 [X]

(Check appropriate box or boxes.)

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

**MEMBERS Life Insurance Company**

(Name of Insurance Company)

**2000 Heritage Way**

**Waverly, Iowa 50677**

(Address of Insurance Company's Principal Executive Offices) (Zip Code)

**(319) 352-4090**

(Insurance Company's Telephone Number, including Area Code)

**Britney Schnathorst, Esq.**

**MEMBERS Life Insurance Company**

**2000 Heritage Way**

**Waverly, Iowa 50677**

**(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 possible 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)

☒ On May 1, 2026 pursuant to paragraph (b)

&nbsp;&nbsp;&nbsp;&nbsp;☐ 60 days after filing pursuant to paragraph (a)(1)

&nbsp;&nbsp;&nbsp;&nbsp;☐ On May 1, 2026 pursuant to paragraph (a)(1) of Rule 485 under the Securities Act of 1933 ("Securities Act").

**If appropriate, check the following box:**

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

**Check each box that appropriately characterizes the Registrant:** 

☐ New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement

or amendment thereto within 3 years preceding this filing)

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"))

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

☒ Insurance Company relying on Rule 12h-7 under the Exchange Act

☐ Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

**Title of Securities Being Registered:** MEMBERS<sup>®</sup> Zone Annuity

**MEMBERS**<sup>®</sup> **Zone Annuity**

**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<sup>®</sup> Zone Annuity, an individual or joint owned, single premium deferred

index annuity contract issued by MEMBERS Life Insurance Company.

You may purchase the Contract with a single Purchase Payment of at least $5,000. **We do not allow additional** 

**Purchase Payments.** 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, corporations, financial institutions, trusts, and certain

retirement plans that qualify for special federal income tax treatment associated with annuity Contracts, as well

as those that do not qualify for such treatment. Under your Contract, you choose the duration of the Initial Index

Period, which can be 5, 6, 7 or 10 years. During the Initial Index Period, you may allocate your Contract Value

among two index-linked options (the "Risk Control Accounts") for accumulation and long-term investment

purposes. After the Initial Index Period, only the Secure Account will be available as an investment option. (For

Contracts issued in California, after the Initial Index Period, you must select either an Income Payment Option or

a lump sum payment of Contract Value.) We reserve the right to add or substitute the Index for a Risk Control

Account. The availability of 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](#i790158dbb31e4de8a513445885a81d95_530)</u> for more information about investment options and <u>[Appendix B](#i790158dbb31e4de8a513445885a81d95_582)</u> for** 

**information about state and financial intermediary variations.**

We credit interest to the **Risk Control Accounts** at the end of each Contract Year based in part on the

performance of the S&P 500 Price Return Index (the "Index") by comparing the change in the Index from each

Contract Anniversary (the first day of the Contract Year) to the last day of the Contract Year. When funds are

withdrawn from a Risk Control Account prior to the Contract Anniversary for a surrender or withdrawal, 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.

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

Contract 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 Contract Year due to negative Index performance. The Floor does** 

**not limit losses from the Surrender Charge, 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

Contract 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, a Market Value** 

**Adjustment, and federal income taxes and a 10% additional tax.**

• If you surrender your Contract or take a partial withdrawal during the Initial Index Period, you may pay a

**Surrender Charge** of up to 9% of the amount being withdrawn that exceeds the free annual withdrawal

amount.

• If you surrender your Contract or take a partial withdrawal during the Initial Index Period, we will apply a

**Market Value Adjustment ("MVA")** (which may be positive or negative) to the amount being withdrawn

that exceeds the free annual withdrawal amount. **A negative MVA may significantly decrease the** 

**amount you receive upon surrender or partial withdrawal.** Only the Contract Value remaining after

the withdrawal will be credited interest, positive or negative, in the future. **During the Initial Index** 

**Period, if you make withdrawals or surrenders exceeding the free annual withdrawal amount** 

**(which is provided beginning in Contract Year 2), it is possible in extreme circumstances to lose** 

**up to 90% of your principal and previously credited interest per year due to the MVA for Contract** 

**Value allocated to the Secure Account, and up to 99% of your principal and previously credited** 

**interest per year due to the MVA for Contract Value allocated to the Growth Account.**

• If you surrender your Contract in Contract Year 1, you may pay a Surrender Charge of 9% and an MVA.

For Contract Year 1, there is no free annual withdrawal amount and we do not allow partial withdrawals,

with the exception to allow for requirements set forth by the Internal Revenue Code. **Therefore, if you** 

**surrender your Contract in Contract Year 1, it is possible in extreme circumstances to lose up to** 

**100% of your principal and interest due to the MVA 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](#i790158dbb31e4de8a513445885a81d95_289)</u>" on Page <u>[13](#i2bece02272c64f8083f7d9ab4e749af7_33547)</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 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.**

i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[GLOSSARY](#ic7c5d47a32714cee8920730e7708f1f6) ...............................................................................................................................................** | **[1](#ic7c5d47a32714cee8920730e7708f1f6)** |
| **[OVERVIEW OF THE CONTRACT](#i9f51c68e95484df69db380d9091fe2f6) .........................................................................................................** | **[4](#i9f51c68e95484df69db380d9091fe2f6)** |
| [Purpose](#i505fa84f9369432f9148af89c38fe293) .................................................................................................................................................. | [4](#i505fa84f9369432f9148af89c38fe293) |
| [Purchase and Contract Periods](#iba253dab41e84bacb28c3be560c8e4d1) .......................................................................................................... | [4](#iba253dab41e84bacb28c3be560c8e4d1) |
| [Investment Options](#i7cf20028cd6b4baa9c58332e71510f6f) ............................................................................................................................... | [4](#i7cf20028cd6b4baa9c58332e71510f6f) |
| [Withdrawal Options and Market Value Adjustment](#iaaa6f6bd8bef4dc5a9b625128bace0fc) ......................................................................... | [6](#iaaa6f6bd8bef4dc5a9b625128bace0fc) |
| [Other Contract Features](#i6106513cd9ff4c0a82dc58d30e71070f) ...................................................................................................................... | [7](#i6106513cd9ff4c0a82dc58d30e71070f) |
| **[KEY INFORMATION](#i0a80f48448df43e58e4f8a50bccb4f91) ................................................................................................................................** | **[8](#i0a80f48448df43e58e4f8a50bccb4f91)** |
| **[FEE TABLE](#i2945afb6f23f40539261dcc9e6ae95c5) ................................................................................................................................................** | **[12](#i2945afb6f23f40539261dcc9e6ae95c5)** |
| **[PRINCIPAL RISKS OF INVESTING IN THE CONTRACT](#i4b7a6a8f01a34413b6a504e09d22dbbd) ................................................................** | **[13](#i4b7a6a8f01a34413b6a504e09d22dbbd)** |
| **[THE INSURANCE COMPANY AND SEPARATE ACCOUNT](#id1867f5da198493ca7b61aa9660ade15) ..........................................................** | **[16](#id1867f5da198493ca7b61aa9660ade15)** |
| [MEMBERS Life Insurance Company](#ie8ea62ef3a9b4fdf8f3969f972d4200a) ................................................................................................ | [16](#ie8ea62ef3a9b4fdf8f3969f972d4200a) |
| [The Risk Control Separate Account](#if1086688ed8547a9bbccc8c47c161099) ................................................................................................... | [17](#if1086688ed8547a9bbccc8c47c161099) |
| **[GETTING STARTED - THE ACCUMULATION PERIOD](#i87a1f6f9f8b24f508c33d47e699e3234) ..................................................................** | **[17](#i87a1f6f9f8b24f508c33d47e699e3234)** |
| [Purchasing a Contract](#ie11610cc8d944268927dbe90cf78de0f) .......................................................................................................................... | [17](#ie11610cc8d944268927dbe90cf78de0f) |
| [Tax-Free Section 1035 Exchanges](#i9d6e2b328b464429b46782a553b73a19) .................................................................................................... | [17](#i9d6e2b328b464429b46782a553b73a19) |
| [Owner](#i9e0c29622dc7499d8204d70a72af6e26) ..................................................................................................................................................... | [18](#i9e0c29622dc7499d8204d70a72af6e26) |
| [Divorce](#iadb8f91674de438a897ac6b731de46f5) .................................................................................................................................................... | [18](#iadb8f91674de438a897ac6b731de46f5) |
| [Beneficiary](#i8df823cfc5d8446e9cb65f16dd81d2fc) ............................................................................................................................................. | [18](#i8df823cfc5d8446e9cb65f16dd81d2fc) |
| **[ALLOCATING YOUR PURCHASE PAYMENT](#iafddfc8f03c14bba834730480a24c912) ...................................................................................** | **[18](#iafddfc8f03c14bba834730480a24c912)** |
| [Purchase Payment](#ie75897dd0b284721a6c0b78c5e6fba1e) ............................................................................................................................... | [18](#ie75897dd0b284721a6c0b78c5e6fba1e) |
| [Initial Index Period](#ic4eb7a16a741455b9837550dfbeaf6e8) ................................................................................................................................ | [19](#ic4eb7a16a741455b9837550dfbeaf6e8) |
| [Investment Options](#i98230e87088f4630af11b694d06fcceb) ............................................................................................................................... | [19](#i98230e87088f4630af11b694d06fcceb) |
| [Reallocations - Automatic Rebalance Program](#if5cfce4638864fd39a1f225ba3db14ba) ............................................................................... | [20](#if5cfce4638864fd39a1f225ba3db14ba) |
| **[RISK CONTROL ACCOUNT OPTION](#i4623816e841b482a8eff8b7be62762a9) ..................................................................................................** | **[20](#i4623816e841b482a8eff8b7be62762a9)** |
| [Crediting Interest](#if1198bbfa2124fe782b5b789d5ca19c5) ................................................................................................................................... | [20](#if1198bbfa2124fe782b5b789d5ca19c5) |
| [The Index](#i8e5dc65e5d084cd781cad9720760c5a6) ............................................................................................................................................... | [21](#i8e5dc65e5d084cd781cad9720760c5a6) |
| [Limits on Index Losses and Gains](#ie8ce6aeec8e2425bb9b2717635d41215) ..................................................................................................... | [21](#ie8ce6aeec8e2425bb9b2717635d41215) |
| [Index Annual Return Examples](#idc97a57ed9f6405d934b29b6362f6183) .......................................................................................................... | [22](#idc97a57ed9f6405d934b29b6362f6183) |
| [Bailout Provision](#ifc9b8849d290488898796a6b7ae28a06) ................................................................................................................................... | [23](#ifc9b8849d290488898796a6b7ae28a06) |
| [Investment Option and Index Changes](#i34c4399df5bd44969873e711c1f7369d) ............................................................................................. | [24](#i34c4399df5bd44969873e711c1f7369d) |
| **[CONTRACT VALUE](#i2812afd11a2d471697ef629bd69b5b2d) .................................................................................................................................** | **[25](#i2812afd11a2d471697ef629bd69b5b2d)** |
| **[CHARGES AND ADJUSTMENTS](#i1e871ddae0924515bd33bf28726ef224) .........................................................................................................** | **[28](#i1e871ddae0924515bd33bf28726ef224)** |
| [Surrender Charge](#i3e612b71510f4e2bbff53fe2fc057b2c) ................................................................................................................................. | [28](#i3e612b71510f4e2bbff53fe2fc057b2c) |
| [Market Value Adjustment ("MVA")](#if801ba2067164af5a2d550a00dad9130) ...................................................................................................... | [29](#if801ba2067164af5a2d550a00dad9130) |
| [Change of Annuitant Endorsement Charge](#ic9c2d74b398c4ecb964770fd4b59f62a) ...................................................................................... | [31](#ic9c2d74b398c4ecb964770fd4b59f62a) |
| [Premium Taxes](#if093b5a065934c2e9d347dec1027dd4b) ...................................................................................................................................... | [31](#if093b5a065934c2e9d347dec1027dd4b) |
| [Other Information](#i9bc8c31a65e84baea6487b8cc83ef39c) .................................................................................................................................. | [31](#i9bc8c31a65e84baea6487b8cc83ef39c) |
| **[ACCESS TO YOUR MONEY](#ia43dba17985f4d5faa7a9d4ea5610239) ..................................................................................................................** | **[31](#ia43dba17985f4d5faa7a9d4ea5610239)** |
| [Partial Withdrawals](#i69d14b2395c941e8b856ba80f7a8d748) ............................................................................................................................... | [31](#i69d14b2395c941e8b856ba80f7a8d748) |
| [Surrenders](#i940de09bd6df42faa146c490f15ce572) ............................................................................................................................................. | [32](#i940de09bd6df42faa146c490f15ce572) |
| [Free Annual Withdrawal Amount](#i64a134506a1d45b1b40b9a56943ce0da) ........................................................................................................ | [32](#i64a134506a1d45b1b40b9a56943ce0da) |
| [Partial Withdrawal and Surrender Restrictions](#ifa52c1a265fb47b99aff400c9977971d) ................................................................................ | [32](#ifa52c1a265fb47b99aff400c9977971d) |
| [Right to Defer Payments](#i3275c3d5eb94468eb3efe96973ed2b22) ...................................................................................................................... | [33](#i3275c3d5eb94468eb3efe96973ed2b22) |
| **[BENEFITS AVAILABLE UNDER THE CONTRACT](#id9521554d7a14615a6a8046f84b3f1a4) ..........................................................................** | **[33](#id9521554d7a14615a6a8046f84b3f1a4)** |

---

ii

---

| | |
|:---|:---|
| [Death Benefit](#i8784f1f9b8234cee9a6d1ef80fda67b3) ......................................................................................................................................... | [33](#i8784f1f9b8234cee9a6d1ef80fda67b3) |
| [Automatic Rebalance Program](#ieb75b7fece8e48c7a9511e876922025f) ........................................................................................................... | [35](#ieb75b7fece8e48c7a9511e876922025f) |
| [Systematic Withdrawals](#iedc39652a1d640e49d9d578afb8aa5bd) ....................................................................................................................... | [35](#iedc39652a1d640e49d9d578afb8aa5bd) |
| **[INCOME PAYMENTS – THE PAYOUT PERIOD](#i20fedf42451f4e4b96ce5cc5835d444c) ................................................................................** | **[36](#i20fedf42451f4e4b96ce5cc5835d444c)** |
| [Payout Date](#ib3e14d4d6bc443fd80c0f3e6968a8c97) ........................................................................................................................................... | [36](#ib3e14d4d6bc443fd80c0f3e6968a8c97) |
| [Terms of Income Payments](#ia5468ec901a74eaab09884b89e92568f) ................................................................................................................. | [36](#ia5468ec901a74eaab09884b89e92568f) |
| [Electing an Income Payment Option](#i7905eda6641a4d94b73928578af61be3) ................................................................................................. | [37](#i7905eda6641a4d94b73928578af61be3) |
| [Income Payout Options](#ie80a0663548d4d3fa2c84a40f38abd76) ........................................................................................................................ | [37](#ie80a0663548d4d3fa2c84a40f38abd76) |
| **[FEDERAL INCOME TAX MATTERS](#id1e65da07d6d499998df3d8b4f8ce18b) ....................................................................................................** | **[38](#id1e65da07d6d499998df3d8b4f8ce18b)** |
| **[OTHER INFORMATION](#i8350b3a475af4b05b75565d7d750944e) ...........................................................................................................................** | **[43](#i8350b3a475af4b05b75565d7d750944e)** |
| [Important Information about Indices](#i906c2368e18b453b85e1cd9e27007b50) .................................................................................................. | [43](#i906c2368e18b453b85e1cd9e27007b50) |
| [Distribution of the Contract](#i6b8a7969df2849ee82ebbb3a11002463) .................................................................................................................. | [45](#i6b8a7969df2849ee82ebbb3a11002463) |
| [Authority to Change](#i9b559c460db84682bac267f940da3d1e) .............................................................................................................................. | [46](#i9b559c460db84682bac267f940da3d1e) |
| [Incontestability](#i5b5a3b5b24b54432b9b2c5be4506d73e) ....................................................................................................................................... | [46](#i5b5a3b5b24b54432b9b2c5be4506d73e) |
| [Misstatement of Age or Gender](#i2465293867e944e882c67e050f630279) .......................................................................................................... | [46](#i2465293867e944e882c67e050f630279) |
| [Conformity with Applicable Laws](#i33549f83c95544618898f503789e6e6f) ........................................................................................................ | [46](#i33549f83c95544618898f503789e6e6f) |
| [Reports to Owners](#ia74f2e8902c744708a888b7da3f2c261) ............................................................................................................................... | [46](#ia74f2e8902c744708a888b7da3f2c261) |
| [Householding](#i1000d3b6d16a41a192b2fd46fb4b41a8) ......................................................................................................................................... | [46](#i1000d3b6d16a41a192b2fd46fb4b41a8) |
| [Change of Address](#ic67d84b3168d43df8d780ffa7444c007) ............................................................................................................................... | [46](#ic67d84b3168d43df8d780ffa7444c007) |
| [Inquiries](#if9f4bc0a3bbf4ef78b7a8d804d1ea5c3) .................................................................................................................................................. | [47](#if9f4bc0a3bbf4ef78b7a8d804d1ea5c3) |
| [Legal Proceedings](#i890b43a4315346d2a8d3ce2997ad5929) ................................................................................................................................ | [47](#i890b43a4315346d2a8d3ce2997ad5929) |
| **[FINANCIAL STATEMENTS](#i2eaee6046fb7430d8564ab9ec5eaf445) ....................................................................................................................** | **[47](#i2eaee6046fb7430d8564ab9ec5eaf445)** |

---

---

| | |
|:---|:---|
| **APPENDIX A: Investment Options Available Under the Contract**......................................... | **A-1** |
| **APPENDIX B: State and Financial Intermediary Variations**................................................... | **B-1** |

---

**GLOSSARY**

**Accumulation Period** – The Accumulation Period is the period of time that begins on the Contract Issue

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

**Adjusted Index Value** – The Initial Index Value adjusted for the Cap or Floor for the current Contract

Year.

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

Phone: 1-800-798-5500.

**Age** – Age as of last birthday.

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

annuity payments under the Contract.

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

Accounts to achieve the balance of Contract Value equal to the allocation percentages you requested.

The Automatic Rebalance Program is only in effect during the Initial Index Period.

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

displayed on your Data Page, the Bailout Provision allows you to make a withdrawal of some or all of the

Contract Value attributable to that Risk Control Account without a Surrender Charge or MVA during the

Initial Index Period.

**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 both the Company and the New York Stock Exchange are open for business.

The Company will be closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day,

Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. We are closed on

the day itself if those days fall Monday through Friday, the day immediately preceding if those days fall on

a Saturday, and the day immediately following if those days fall on a Sunday.

**Cap** – The maximum index interest rate that we may use to determine Credited Index Interest. We may

change this rate at the beginning of a Contract Year.

**Closing Index Value** – The closing value of the Index on a date on which we calculated Index Interest.

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

**Contingent Owner** – A contingent owner assumes control of the Contract and becomes the new Owner if

the original Owner(s) dies before the Annuitant.

**Contract** – The MEMBERS Zone Annuity, an individual or joint owned, single premium deferred 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.

**Contract Issue Date** – The date from which Contract Years and Contract Anniversaries are determined.

The Contract Issue Date is shown on your Data Page.

**Contract Value** – The current value of your annuity as provided under this Contract during the

Accumulation Period.

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

and ending one day before the next Contract Anniversary.

**Credited Index Interest** – The amount of Index Interest credited on each Contract Anniversary and at

time of partial withdrawal, surrender, death and annuitization. Credited Index Interest may be positive or

negative and will impact Contract Value.

**Credited Index Interest Rate** – The rate used to determine the index interest to be applied to Contract

Value.

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

Contract.

**Death Benefit** – The Contract Value adjusted for Credited Index Interest as of the date death benefits are

payable. We do not apply the Surrender Charge or MVA in determining the death benefit payable.

**Floor** – The minimum index interest rate that we may use to determine the Credited Index Interest.

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

**Good Order** – All necessary documents and forms that are complete and in our possession. To be in

"Good Order," an instruction must be sufficiently clear so that we do not need to exercise any discretion to

follow such instructions and any payment amount must meet our minimum requirements to complete the

request. We reserve the right to change, from time to time, our requirements for what constitutes Good

Order and which documents, forms and payment amounts are required in order for us to complete your

request. We will provide you a written notice of any change in our requirements for what constitutes

"Good Order" at least 10 days in advance of such change.

**Income Payment Option** – An option to receive income payments during the Payout Period.

**Index** – The S&P 500 Price Return Index or any substituted suitable alternative index.

**Index Interest** – Interest we calculate that is based in part on the performance of an Index.

**Initial Index Value** – The index value as of the beginning of the current Contract Year.

**Initial Index Period** – The period beginning on the Contract Issue Date and ending on the Initial Index

Period Expiration Date specified on your Contract Data Page. Under your Contract, you choose the

duration of the Initial Index Period, which can be 5, 6, 7 or 10 years.

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

**Market Value Adjustment ("MVA")** – An adjustment that we will make to the amount you receive if you

surrender the Contract or take a partial withdrawal during the Initial Index Period.

**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 this Contract during the

Accumulation Period. The Owner may exercise all rights and options stated in this Contract, subject to the

rights of any irrevocable Beneficiary. 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 we begin making income payments to the Payee from the Contract.

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

**Purchase Payment** – A single payment that we require to issue the Contract. We do not allow any

additional Purchase Payments under 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 tax treatment under the Internal Revenue Code.

**Risk Control Account** – An interest crediting option to which you may allocate your contract value.

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

**Surrender Charge** – The charge we assess when you surrender the Contract or make a partial

withdrawal of Contract Value during the Initial Index Period.

**Surrender Value** – The amount you are entitled to receive under this Contract, in the event this Contract

is terminated during the Accumulation Period.

**Written Request** – A request in writing and in a form satisfactory to us signed by the Owner and received

at our Administrative Office. A Written Request may also include a telephone or fax request for specific

transactions, if permitted under our current administrative procedures.

**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 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](#i790158dbb31e4de8a513445885a81d95_582)</u>.**

**Purpose**

Your Contract is an individual or joint owned, single premium deferred annuity contract. The Contract is

designed primarily for individuals, corporations, financial institutions, trusts, and certain retirement plans

that qualify for special federal income tax treatment associated with annuity Contracts, as well as those

that do not qualify for such treatment. Your Contract can help you save for retirement because it can allow

your Contract Value to earn interest 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.

**Purchase and Contract Periods**

You may purchase the Contract with a single Purchase Payment of at least $5,000. **You may not make** 

**additional Purchase Payments.**

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 Risk Control Accounts, which are briefly described below. **Additional information about** 

**each investment option is provided in <u>[Appendix A](#i790158dbb31e4de8a513445885a81d95_530)</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**

You must specify the percentage of your Purchase Payment to be allocated to each investment option on

the Contract Issue Date. Your Purchase Payment and Contract Value will be allocated according to your

allocation instructions on file with us. The current investment options under the Contract are shown in the

tables below. See <u>[Appendix B](#i790158dbb31e4de8a513445885a81d95_582)</u>.

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options During the Initial Index Period** | **Investment Options During the Initial Index Period** | **Investment Options During the Initial Index Period** | **Investment Options During the Initial Index Period** |
| **Interest Term\*** | **Index** | **Risk Control Account**  | **Crediting Strategy\*\*** |
| 1 Year | S&P 500 | Secure Account | 0% Floor, Cap |
| 1 Year | S&P 500 | Growth Account | -10% Floor, Cap |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options after the Initial Index Period** | **Investment Options after the Initial Index Period** | **Investment Options after the Initial Index Period** | **Investment Options after the Initial Index Period** |
| **Interest Term\*** | **Index** | **Risk Control Account**  | **Crediting Strategy\*\*** |
| 1 Year | S&P 500 | Secure Account | 0% Floor, Cap |

---

\*The Interest Term is the period for which interest is calculated for an investment option.

\*\*The Floor will not change during the life of your Contract. 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%.

***The Initial Index Period and Reallocations.*** Under your Contract, you choose the duration of the Initial

Index Period. We offer Initial Index Periods with durations of 5, 6, 7 or 10 years.

Upon each Contract Anniversary, after Credited Index Interest has been applied, the Automatic

Rebalance Program will reallocate your Contract Value between the Risk Control Accounts based on your

most recent allocation instructions that we have on file or the allocation applied on the Contract Issue

Date if no additional allocation change requests have been made.

You may change your allocation of Contract Value between Risk Control Accounts once each Contract

Year during the Initial Index Period. Your request to change your allocation instructions must be received

at our Administrative Office at least two Business Days prior to your Contract Anniversary for the

instructions to be effective for that Contract Anniversary. If we do not receive your Written Request in time

for the next Contract Anniversary, your instructions will be effective the following Contract Anniversary.

**As described below, withdrawals before the end of the Initial Index Period could significantly** 

**reduce the values under the Contract and the amount you receive from any payments.** 

***Risk Control Accounts.*** We credit interest to the Risk Control Accounts at the end of the Contract Year

based in part on the performance of the S&P 500 Price Return Index (the "Index") by comparing the

change in the Index from each Contract Anniversary (the first day of the Contract Year) to the last day of

the Contract Year. When funds are withdrawn from a Risk Control Account prior to the Contract

Anniversary for a surrender or withdrawal, 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.**

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

**does not include dividends paid on the securities comprising it 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 Contract Anniversary), you may experience negative or flat performance

even though the Index experienced gains through some, or most, of the Contract Year. 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 interest credited to you from negative Index performance, but the Caps may limit the

amount of interest you can earn from positive Index performance. Both Risk Control Accounts are

available as investment options during the Initial Index Period. After the Initial Index Period, only the

Secure Account will be available as an investment option under the Contract.

• The Floor is the maximum amount of negative Index interest that we will credit you each

Contract Year. The Floor 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 Contract 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** 

**Contract Year due to negative Index performance.** The Floor does not limit losses from the

Surrender Charge, MVA, or taxes.

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

Contract 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 Contract 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 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 Risk Control Account Value allocated to the Growth Account. We may set

a new Cap prior to each Contract Anniversary for the next Contract Year and will send you written

notice at least fifteen days prior to the Contract Anniversary. **The Cap minimum Cap is 1%. With** 

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

***Changes to Investment Options.*** The same Index will generally be used for each Risk Control Account

for the duration of the Contract Year. 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 Contract Year 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 (including** 

**systematic withdrawals and Required Minimum Distributions) or surrender the Contract.** However,

the Contract offers the following liquidity features during the Accumulation Period. See <u>[Access to Your](#i790158dbb31e4de8a513445885a81d95_411)</u> 

<u>[Money](#i790158dbb31e4de8a513445885a81d95_411)</u> for more details.

• Free annual withdrawal amount – Beginning in Contract Year 2, each Contract Year you may

withdraw up to 10% of your Contract Value determined as of the beginning of the Contract Year

without incurring any Surrender Charge or MVA. In Contract Year 1, one time withdrawals will be

permitted only for purposes of meeting requirements set forth by the Internal Revenue Code. The

free annual withdrawal amount may be larger for certain Qualified Contracts to satisfy minimum

distribution requirements set forth in the Internal Revenue Code.

• Systematic Withdrawals - You may elect to receive payments, monthly, quarterly, semi-annually,

or annually, subject to the $100 minimum partial withdrawal amount and minimum Surrender

Value. Surrender Charges and an MVA may apply. Although the Contract permits systematic

withdrawals (including for Required Minimum Distributions under the Internal Revenue Code)

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 take up to two withdrawals each Contract Year beginning in

Contract Year 2 to the beginning of the Payout Period. We do not allow withdrawals in Contract

Year 1, with the exception to allow for requirements set forth by the Internal Revenue Code.

Partial withdrawals in excess of the free annual withdrawal amount will be subject to a Surrender

Charge of up to 9% and an MVA.

• Full surrender – You may surrender your Contract at any time prior to beginning the Payout

Period. Upon full surrender, a Surrender Charge and MVA may apply.

Withdrawals will reduce the Death Benefit, perhaps by significantly more than the amount of the

withdrawal. Additionally, withdrawals from Risk Control Accounts during the Initial Index Period will be

subject to an MVA, which may be positive or negative and could result in the loss of principal and

previously credited interest. A negative MVA 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 MVA, regardless of the Risk Control Account** 

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

***Death Benefit.*** The Contract provides a Death Benefit during the Accumulation Period equal to the

Contract Value adjusted for Credited Index Interest as of the date Death Benefits are payable. We do not

apply the Surrender Charge or MVA in determining the Death Benefit payable.

***Income 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.

***Change of Annuitant Endorsement Charge.*** If you change the Annuitant within the first two Contract

Years, we reserve the right to assess a fee to offset the expenses incurred. This fee will not exceed $150

and will be assessed on a pro-rata basis proportional to your Contract Value in the Risk Control Accounts.

***Bailout Provision.*** If the Cap for your Risk Control Account is set <u>below</u> the bailout rate for that Risk

Control Account specified on your Data Page, the Bailout Provision allows you to withdraw some or all of

the Contract Value attributable to that Risk Control Account during the 30-day period following a Contract

Anniversary without incurring any Surrender Charge or MVA. 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

"Risk Control Account Option – Bailout Provision" for more details.

**KEY INFORMATION**

---

| | | |
|:---|:---|:---|
| **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE MEMBERS ZONE ANNUITY** | **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE MEMBERS ZONE ANNUITY** | **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE MEMBERS ZONE ANNUITY** |
| **FEES, EXPENSES, AND ADJUSTMENTS** | **FEES, EXPENSES, AND ADJUSTMENTS** | Location in <br>Prospectus<br>|
| **Are There Charges** <br>**or Adjustments for** <br>**Early Withdrawals?**<br>| **Yes.** If you surrender your contract or take a withdrawal <br>during the Initial Index Period, you may pay a Surrender <br>Charge of up to 9% of the amount withdrawn in excess of the <br>free annual withdrawal amount. For example, if you were to <br>surrender your Contract during the first Contract Year (when <br>there is no free annual withdrawal amount), you could pay a <br>surrender charge of up to $9,000 on a $100,000 investment.<br>Your loss will be greater if there is a negative MVA, income <br>taxes, or an additional tax.<br>If you surrender your Contract or take a withdrawal during the <br>Initial Index Period, we will apply an MVA (which may be <br>positive or negative) to the amount being withdrawn that is in <br>excess of the free annual withdrawal amount.<br>A negative MVA could result in the loss of your principal and <br>previously credited interest, regardless of the investment <br>option to which you allocated Contract Value. **In extreme** <br>**circumstances, such losses could be as high as 100% of** <br>**your Contract Value allocated to a Risk Control Account** <br>**($100,000 of a $100,000 investment).** | <u>[Fee Table](#i790158dbb31e4de8a513445885a81d95_269)</u><br><u>[Charges and](#i790158dbb31e4de8a513445885a81d95_391)</u><br><u>[Adjustments](#i790158dbb31e4de8a513445885a81d95_391)</u><br>|
| **Are There** <br>**Transaction** <br>**Charges?**<br>| **Yes.** In addition to Surrender Charges and the MVA, if you <br>change the Annuitant within the first two Contract Years, we <br>reserve the right to assess a fee to offset the expenses <br>incurred.  | <u>[Fee Table](#i790158dbb31e4de8a513445885a81d95_269)</u><br><u>[Charges and](#i790158dbb31e4de8a513445885a81d95_391)</u><br><u>[Adjustments](#i790158dbb31e4de8a513445885a81d95_391)</u><br>|
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?**<br>| **Yes. 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.**<br>This means your returns may be lower than the Index's <br>returns; however, in exchange for accepting limits on Index <br>gains, you receive some protection from Index losses through <br>the Floor.<br>Please refer to your Data Page for information about the <br>specific implicit fees you will pay each year based on the <br>options you have elected. | <u>[Fee Table](#i790158dbb31e4de8a513445885a81d95_269)</u><br><u>[Charges and](#i790158dbb31e4de8a513445885a81d95_391)</u><br><u>[Adjustments](#i790158dbb31e4de8a513445885a81d95_391)</u><br>|

---

---

| | | |
|:---|:---|:---|
| **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, <br>due to negative Index performance. There is a risk of loss of <br>principal and previously credited interest with the Growth <br>Account of up to 10% (with a Floor of -10%) each Contract <br>Year due to negative Index performance.  | <u>[Principal Risks of](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Investing in the](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Contract](#i790158dbb31e4de8a513445885a81d95_289)</u><br>|
| **Is this a Short-Term** <br>**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, an MVA (which may be positive or negative), and <br>federal and state income taxes, and, if taken before age 59½, <br>a 10% additional tax. Withdrawals will also reduce the Death <br>Benefit and Contract Values, perhaps by significantly more <br>than the amount of the withdrawal.<br>At least fifteen days prior to each Contract Anniversary, we <br>will send a notice that describes your right to transfer <br>Contract Value between the Secure Account and the Growth <br>Account and your right to exercise the Bailout Provision, if <br>applicable. The new investment options may have different <br>terms than what was previously available. If we do not <br>receive transfer instructions by authorized request at least <br>two Business Days before the Contract Anniversary, we will <br>apply the maturing Contract Value to the same investment <br>option for the next Contract Year. | <u>[Principal Risks of](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Investing in the](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Contract](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Charges and](#i790158dbb31e4de8a513445885a81d95_391)</u><br><u>[Adjustments](#i790158dbb31e4de8a513445885a81d95_391)</u><br><u>[Federal Income](#i790158dbb31e4de8a513445885a81d95_471)</u><br><u>[Tax Matters](#i790158dbb31e4de8a513445885a81d95_471)</u><br>|
| **What Are the Risks** <br>**Associated with** <br>**Allocation** <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 Risk Control Account has its own unique <br>risks. You should review the investment options carefully <br>before making an investment decision.<br>The Cap may limit positive Index returns. For example, if the <br>Index performance is 12%, and the Cap is 4%, we will credit <br>4% in interest at the end of the Contract Year. The Floor will <br>limit negative Index performance and thereby provide limited <br>protection in the case of a market decline. For example, if the <br>Index performance is -25% and the Floor is -10%, we will <br>credit -10% at the end of the Contract Year.<br>The Index is a "price return index," which means the Index <br>performance does not include dividends paid on the <br>securities comprising the Index. This will reduce Index <br>performance and will cause the Index to underperform a <br>direct investment in the underlying securities. | <u>[Principal Risks of](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Investing in the](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Contract](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Risk Control](#i790158dbb31e4de8a513445885a81d95_349)</u><br><u>[Account Option](#i790158dbb31e4de8a513445885a81d95_349)</u><br>|

---

---

| | | |
|:---|:---|:---|
| **What Are the Risks** <br>**Related to the** <br>**Insurance** <br>**Company?**<br>| An investment in the Contract is subject to the risks related to <br>the Company. Any obligations (including under the Risk <br>Control Accounts), guarantees (such as the Death Benefit), or <br>benefits are subject to the Company's claims-paying ability. <br>More information about the Company, including its financial <br>strength ratings, is available upon request by calling <br>1-800-798-5500. | <u>[Principal Risks of](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Investing in the](#i790158dbb31e4de8a513445885a81d95_289)</u><br><u>[Contract](#i790158dbb31e4de8a513445885a81d95_289)</u><br>|
| **RESTRICTIONS** | **RESTRICTIONS** | Location in <br>Prospectus<br>|
| **Are There** <br>**Restrictions on the** <br>**Allocation** <br>**Options?**<br>| **Yes**, as described below there are restrictions on certain <br>features of allocations, transfers, withdrawals, and investment <br>option features. <br>The availability of Risk Control Accounts, Contract benefits, <br>and other Contract features described in this Prospectus may <br>vary by state and depending on the broker-dealer through <br>which the Contract is sold.  | <u>[Appendix A](#i790158dbb31e4de8a513445885a81d95_530)</u><br><u>[Appendix B](#i790158dbb31e4de8a513445885a81d95_582)</u><br>|
|  | ***Allocations.*** After the Initial Index Period, only the Secure <br>Account will be available as an investment option under the <br>Contract. The Growth Account is not available after the Initial <br>Index Period. <br>We reserve the right, at our discretion, to restrict allocations <br>into 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 Data Page). | <u>[Allocating Your](#i790158dbb31e4de8a513445885a81d95_330)</u><br><u>[Purchase Payment](#i790158dbb31e4de8a513445885a81d95_330)</u><br>|
|  | ***Changes to Investment Options and Features.*** We may <br>set a new Cap Rate for a subsequent Contract Year. We will <br>notify you of any new rates at least two weeks before the end <br>of the current Contract Year. <br>We reserve the right to add, substitute, or eliminate Indices <br>and investment options as described in this Prospectus. If <br>there is a delay between the date we remove the Index and <br>the date we add a substitute Index, your Risk Control Account <br>Value will be based on the value of the Index on the date the <br>Index ceased to be available, which means market changes <br>during the delay will not be used to calculate the index <br>interest. | <u>[Risk Control](#i790158dbb31e4de8a513445885a81d95_349)</u><br><u>[Account Option](#i790158dbb31e4de8a513445885a81d95_349)</u><br>|
|  | ***Withdrawals***. Beginning in Contract Year 2, you may take up <br>to two withdrawals each Contract Year. We do not allow <br>withdrawals in Contract Year 1, with the exception to allow for <br>requirements set forth by the Internal Revenue Code. | <u>[Access to Your](#i790158dbb31e4de8a513445885a81d95_411)</u><br><u>[Money](#i790158dbb31e4de8a513445885a81d95_411)</u><br>|
| **Are There any** <br>**Restrictions on** <br>**Contract Benefits?**<br>| **Yes.** Systematic Withdrawals may be taken on a monthly, <br>quarterly, semi-annual, or annual basis. The withdrawals <br>must be at least $100 each. There are additional limitations <br>on the amounts that you may request and the timing for <br>requesting and terminating Systematic Withdrawals. The MVA <br>and Surrender Charge may apply. | <u>[Benefits Available](#i790158dbb31e4de8a513445885a81d95_431)</u><br><u>[under the Contract](#i790158dbb31e4de8a513445885a81d95_431)</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 <br>tax implications of the Contract. There is no additional tax <br>benefit if you purchase the Contract through a qualified <br>retirement plan or individual retirement account (IRA). <br>Withdrawals from the Contract are subject to ordinary income <br>tax, and may be subject to a 10% additional tax if taken <br>before age 59½. | <u>[Federal Income](#i790158dbb31e4de8a513445885a81d95_471)</u><br><u>[Tax Matters](#i790158dbb31e4de8a513445885a81d95_471)</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 <br>should ask your investment professional for additional <br>information about the compensation he or she receives in <br>connection with your purchase of the Contract. | <u>[Other Information](#idafe04928f7b47e1826e80fdbd7e0059_101682)</u><br><u>[– Distribution of](#idafe04928f7b47e1826e80fdbd7e0059_101682)</u><br><u>[the Contract](#idafe04928f7b47e1826e80fdbd7e0059_101682)</u><br>|
| **Should I Exchange** <br>**My Contract?**<br>| You should only exchange your contract if you determine, <br>after comparing the features, fees, and risks of both <br>contracts, and any fees or penalties to terminate your existing <br>contract, that it is better for you to purchase the new contract <br>rather than continue to own your existing contract. Some <br>investment professionals may have a financial incentive to <br>offer you a new contract in place of the one you already own.  | <u>[Getting Started -](#i790158dbb31e4de8a513445885a81d95_249)</u><br><u>[The Accumulation](#i790158dbb31e4de8a513445885a81d95_249)</u><br><u>[Period - Tax Free](#i790158dbb31e4de8a513445885a81d95_249)</u><br><u>[1035 Exchanges](#i790158dbb31e4de8a513445885a81d95_249)</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 Allocation Option or from the Contract.** 

**Please refer to your 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 you buy the Contract,** 

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

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

**deducted.**

---

| | |
|:---|:---|
| **Transaction Expenses** | **Charge** |
| Maximum Surrender Charge (as a percentage of Contract Value surrendered or withdrawn)<sup>(1)</sup> | 9% |
| Change of Annuitant Fee<sup>(2)</sup>  | $150 |

---

(1)During the Initial Index Period, we deduct a Surrender Charge from each withdrawal and surrender that exceeds the free

annual withdrawal amount. We do not assess a Surrender Charge on certain withdrawals and surrenders, such as under the

Nursing Home or Hospital Waiver or Terminal Illness Waiver.

(2)If you change the Annuitant within the first two Contract Years, we reserve the right to assess a fee to offset the expenses

incurred. This fee will not exceed $150 and will be assessed on a pro-rata basis proportional to your Contract Value in the Risk

Control Accounts.

**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 Allocation Option or from the Contract prior** 

**to the end of an Interest Term.**

---

| | |
|:---|:---|
| **Adjustments** | **Charge** |
| MVA Maximum Potential Loss (as a percentage of Contract Value withdrawn or <br>surrendered)<sup>(1)</sup><br>| 100% |

---

(1)During the Initial Index Period, if you surrender or withdraw your Contract Value, we will apply an MVA (which may be positive

or negative) to the amount being withdrawn that is in excess of the free annual withdrawal amount. The MVA increases or

decreases the amount you receive from a partial withdrawal or surrender of value. There is no free annual withdrawal amount

for Contract Year 1. We do not allow partial withdrawals in Contract Year 1, with the exception to allow for requirements set

forth by the Internal Revenue Code. If you surrender your Contract in Contract Year 1, it is possible in extreme circumstances

to lose up to 100% of your principal and interest due to the MVA regardless of the Risk Control Account to which you allocated

Contract Value. During the Initial Index Period, if you make withdrawals or surrenders exceeding the Free Annual Withdrawal

Amount which begins in Contract Year 2, it is possible in extreme circumstances to lose up to 90% of your principal and

previously credited interest per year due to the MVA for Contract Value allocated to the Secure Account, and up to 99% of your

principal and previously credited interest per year due to the MVA for Contract Value allocated to the Growth Account.

**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.**

**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 the Index should not be taken as an indication of the future

performance of the Index. Index 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 indices, such as

market risk, as well as specific risks of investing in particular types of securities.

***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.

The S&P 500 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.

If you invest in a Risk Control Account and the 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 you allocate to the Growth Account, you assume the risk of a negative Index Return up to the

Floor. For example, with a 10% Floor, your Risk Control Account Value could decline up to 10%

each Contract Year due to negative Index performance.

• The Floor describes the level of investment loss that can be experienced in one Contract Year,

but losses over multiple Contract Years could result in a loss of previously credited interest and a

loss of principal.

• The Floor does not limit losses to the Risk Control Accounts from the Surrender Charge, MVA,

federal income taxes, or additional taxes, which could result in a loss of previously credited

interest or principal even if performance has been positive.

***Liquidity, Withdrawal, and Flex Transfer 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**.

If you make withdrawals (including systematic withdrawals) or surrender your Contract, the Surrender

Charge, MVA, and federal income taxes could significantly reduce the values under the Contract and the

amount you receive from any payments, which may also be subject to additional taxes.

• *Surrender Charge Risk.* If you take a withdrawal or surrender your Contract during the Initial

Index Period, you may pay a Surrender Charge of up to 9% of the amount withdrawn that is in

excess of the free annual withdrawal amount.

• *MVA Risk*. If you take a withdrawal or surrender your Contract during the Initial Index Period, we

will apply an MVA. Particularly in an increasing interest rate environment, the MVA could

significantly decrease the amount you receive from a withdrawal or surrender.

• *Future Returns Risk.* Only the Contract Value remaining after the withdrawal will be credited

interest, positive or negative, at the end of the Contract Year.

• 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.

• *Valuation Risk.* The withdrawn or surrendered value is calculated at the end of the Business Day

that we receive your request in good order. This means that you will not be able to determine your

Risk Control Account Value before requesting a withdrawal or surrender, and the resulting value

may be higher or lower than it was at the time of your request.

***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%. As a result, 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 Index. 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

Index, such as voting rights, dividend payments, or other distributions.

The Index is a "price return index," which means the Index performance does not include dividends paid

on the securities comprising the Index. This will reduce Index performance and will cause the Index to

underperform a direct investment in the underlying securities.

Because the Index interest is calculated at a single point in time, you may experience a negative or flat

return even if the Index has experienced gains through some, or most, of the Contract Year.

***Risk That We May Eliminate an investment option or Eliminate or Substitute an Index.*** There is no

guarantee that any investment option or Index will be available during the entire time you own your

Contract. We may discontinue an investment option or Index effective as of the end of a Contract Year, or

in the case of certain Index changes, discontinue an Index and substitute a new Index for an investment

option before the end of a Contract Year. The Floor for an investment option will not change during the life

of your Contract unless the investment option is discontinued. You assume the risk that the investment

options are discontinued and the only option remaining is a Floor of 0%.

The performance of the new Index may differ from the original Index. 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 Return.

An Index or 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, and you do not wish to allocate your

Contract Value to the Risk Control Accounts available under the Contract, you may surrender your

Contract, but you may be subject to a Surrender Charge and MVA, which may result in a loss of principal

and credited interest. Surrenders are subject to federal income taxes, and may be subject to a 10%

additional tax if taken before age 59½.

***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"), 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, 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, 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 Index, which

may cause the reference Indices 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, 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, which may cause the reference Indices 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 ACCOUNT**

**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 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 Risk Control Separate Account**

The non-registered Separate Account in which we hold reserves for our guarantees attributable to annuity

contracts that offer risk control accounts is referred to as the Risk Control Separate Account. The assets

in the Risk Control Separate Account are equal to the reserves and other liabilities of the contracts

supported by the Risk Control Separate Account and 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 Separate Account, 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 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](#i790158dbb31e4de8a513445885a81d95_582)</u>.**

**Purchasing a Contract**

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

you and the Annuitant must be no older than age 85. **We no longer issue new Contracts.**

**IMPORTANT: You may use the Contract with certain tax qualified retirement plans ("IRAs"). 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 such as Credited Index Interest that is** 

**locked-in each Contract Year, and other non-tax related benefits. Please consult a tax adviser 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 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

and 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**

Owner means the owner named in the application or any successor if ownership has been assigned. The

Owner names the Annuitant or Joint Annuitants. All rights may be exercised by the Owner subject to the

rights of any other Owner and any irrevocably named 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](#i790158dbb31e4de8a513445885a81d95_582)</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.

Any change in Owner is subject to our acceptance and we reserve the right to refuse such change on a

non-discriminatory basis.

If an Owner who is a natural person dies during the Annuitant's lifetime, 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 an Owner is not a natural person

and the Annuitant dies before the Payout Date, the Death Benefit will be payable to the Beneficiary. If you

have any questions concerning the criteria you should use when choosing Annuitants under the Contract,

consult your registered representative.

**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.

**Beneficiary**

You name a Beneficiary when you apply for the Contract. At any time before the Payout Date, you may

change the Beneficiary by a Written Request sent to us, or you may name one or more Beneficiaries. A

change of Beneficiary will take effect on the date the Written Request was signed. If there are multiple

Owners, each Owner must sign the Written Request. In addition, any irrevocable Beneficiary must sign

the Written 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.

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

the Owner's estate (if Joint Owners, the surviving Owner will receive the Death Benefit proceeds). Use

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

choosing Beneficiaries, consult your registered representative.

**ALLOCATING YOUR PURCHASE PAYMENT**

**Purchase Payment**

The minimum initial Purchase Payment for a Non-Qualified or Qualified Contract is $5,000. Our approval

is required for a Purchase Payment of $1,000,000 or more. We do not allow any payments under the

Contract after the initial Purchase Payment. **We no longer issue new Contracts.**

**Initial Index Period**

Under your Contract, you choose the duration of the Initial Index Period, which can be 5, 6, 7 or 10 years.

The Surrender Charge and MVA apply during the Initial Index Period. **When choosing your Initial Index** 

**Period, you should carefully consider the length of time you would be subject to the Surrender** 

**Charge and MVA.**

An Initial Index Period should be chosen based on an Owner's specific investment, liquidity and

retirement planning needs. For example, if you would like the potential to earn the highest positive

Credited Index Interest under the Contract for as long as possible and do not foresee the need to make

withdrawals from the Contract, you may want to consider the 10-Year Initial Index Period and allocate

Contract Value to the Growth Account. In general, the Cap for either the Secure Account or the Growth

Account increases with the duration of the Initial Index Period. In addition, in general, the Cap for the

Growth Account will exceed the Index Interest Rate Cap for the Secure Account for the same Initial Index

Period. Also, it is important to keep in mind that the Growth Account is only available during the Initial

Index Period.

Conversely, if you would like the potential to earn positive Credited Index Interest but also want to

preserve your Contract Value and foresee the need to make withdrawals in six or more years, you may

want to consider the 5-Year Initial Index Period and allocate Contract Value to the Secure Account.

**Investment Options**

You must specify the percentage of your Purchase Payment to be allocated to each Risk Control Account

on the Contract Issue Date. The amount you direct to a particular Risk Control Account must be in whole

percentages from 1% to 100% of the Purchase Payment and your total allocation must equal 100% of the

Purchase Payment. You may allocate your Purchase Payment to either or both Risk Control Accounts.

The availability of Risk Control Accounts may vary by state and depending on the broker-dealer through

which the Contract is sold. **See <u>[Appendix B](#i790158dbb31e4de8a513445885a81d95_582)</u>.**

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options During the Initial Index Period** | **Investment Options During the Initial Index Period** | **Investment Options During the Initial Index Period** | **Investment Options During the Initial Index Period** |
| **Interest Term\*** | **Index** | **Risk Control Account**  | **Crediting Strategy\*\*** |
| 1 Year | S&P 500 | Secure Account | 0% Floor, Cap |
| 1 Year | S&P 500 | Growth Account | -10% Floor, Cap |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options after the Initial Index Period** | **Investment Options after the Initial Index Period** | **Investment Options after the Initial Index Period** | **Investment Options after the Initial Index Period** |
| **Interest Term\*** | **Index** | **Risk Control Account**  | **Crediting Strategy\*\*** |
| 1 Year | S&P 500 | Secure Account | 0% Floor, Cap |

---

\*We credit interest to the Risk Control Accounts at the end of each Contract Year based in part on

the performance of the Index by comparing the change in the Index from each Contract

Anniversary (the first day of the Contract Year) to the last day of the Contract Year, subject to the

applicable Floor and Cap.

\*\*The Floor will not change during the life of your Contract. 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%.

**Reallocations - Automatic Rebalance Program**

Each Contract Anniversary during the Initial Index Period, we will automatically rebalance your Contract

Value among the Risk Control Accounts based on your most recent allocation instructions that we have

on file, or the allocation applied on the Contract Issue Date if you have not made any additional allocation

change requests. This means, for example, that if your allocation instructions require that 50% of your

Contract Value be allocated to the Secure Account and 50% of your Contract Value be allocated to the

Growth Account, we will transfer your Contract Values between those Accounts on the Contract

Anniversary so that 50% of your Contract Value has been allocated to both the Secure Account and

Growth Account following the transfer.

You may change your allocation of Contract Value between the Risk Control Accounts once each Contract

Year. Any new allocation change request will supersede any prior allocation change requests you made.

There are no limits on the number of requests that you can make. However, your latest instructions will

take effect on the next Contract Anniversary. Your request must be received at our Administrative Office at

least two Business Days prior to your Contract Anniversary for the new instructions to be effective for that

Contract Anniversary. If we do not receive your Written Request in time for the next Contract Anniversary,

your instructions will be effective on the following Contract Anniversary.

Please note that at any time the Cap for your Risk Control Account is less than the bailout rate specified

on your 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" for more details.)

**RISK CONTROL ACCOUNT OPTION**

You may allocate your Purchase Payment to one or both of the two 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](#i790158dbb31e4de8a513445885a81d95_530)</u>.

**Crediting Interest**

With respect to the portion of your Contract Value allocated to a Risk Control account, we will apply

Credited Index Interest at the end of each Contract Year based in part on the investment performance of

the Index by comparing the change in the Index from each Contract Anniversary (the first day of the

Contract Year) to the last day of the Contract Year, subject to the interest rate calculation methodology,

Cap, and Floor. When funds are withdrawn from a Risk Control Account prior to the Contract Anniversary

for a partial withdrawal, surrender, annuitization, or death of the Owner, we will calculate and apply

Credited Index Interest up to the date of withdrawal. For examples illustrating how we credit interest to the

Risk Control Accounts, see "<u>[Contract Value](#i790158dbb31e4de8a513445885a81d95_371)</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 Contract Year** 

**due to negative Index performance.**

**Your Contract Value must remain in a Risk Control Account for the entire Initial Index Period to** 

**avoid the imposition of Surrender Charges and an MVA. Although you may reallocate among** 

**investment options each year, withdrawals and surrenders during the Initial Index Period may be** 

**subject to an MVA and Surrender Charge. Therefore, this Contract may not be appropriate for you** 

**if you plan to take withdrawals or surrender your Contract during the Initial Index Period.**

**The Index**

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

We currently offer one reference Index, the **S&P 500 Price Return Index**, which 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.

An investment in a Risk Control Account is not an investment in the Index or in any Index fund. The

performance of the Index 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. This will reduce Index performance and will cause the Index to underperform a direct

investment in the underlying securities.

The Index Return is determined on each Contract Anniversary and is measured over the Contract 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 Contract Year.

**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 investment option with a Floor of 0%

will always be available. 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

Contract 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 Contract 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 Contract Year

by more than 10% even if such negative investment performance is worse than -10%. However, the Floor

does not limit losses from the Surrender Charge, MVA, or taxes.

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

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 Contract 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.

We may set a new Cap prior to each Risk Control Account Anniversary for the subsequent Contract Year

and will send you written notice at least fifteen days prior to the Contract Anniversary. The minimum Cap

is 1%. The current Cap being offered for new Contract Years of the available Risk Control Account

Options can be located at the following publicly accessible website: https://www.trustage.com/zone-

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.

We will forward advance written notice to you of the Cap at least fifteen days prior to the start of that

Contract Year. The notice will also describe your right to transfer Contract Value between the Secure

Account and the Growth Account and your right to exercise the Bailout Provision, if applicable.

**Index Annual Return Examples**

**The bar chart shown below provides the annual returns for the Index for the last 10 calendar** 

**years, as well as the Index returns for the Index after applying a hypothetical 5% Cap and a** 

**hypothetical -10% Floor. The chart illustrates 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 and the** 

**MVA, which reduce performance.**

![sp500index.jpg](sp500index.jpg)

*\*The 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**

We will set a bailout rate for each Risk Control Account. The Secure Account option will have a bailout

rate and there will be a separate bailout rate for the Growth Account option. The bailout rates will be

prominently displayed on your Data Page and will not change during the Initial Index Period. The Bailout

Provision allows you to make a withdrawal of the Contract Value attributable to a Risk Control Account

without incurring any Surrender Charge and without the application of any MVA. Specifically, if the Cap for

your Risk Control Account is set below the bailout rate for that Risk Control Account, the Bailout Provision

allows you to make a withdrawal of some or all of the Contract Value attributable to that Risk Control

Account during the Initial Index Period without incurring any Surrender Charge and without the application

of any MVA during the 30-day period following the Contract Anniversary. We must receive your Written

Request for a withdrawal of Contract Value under the Bailout Provision in Good Order during the 30-day

period following the Contract Anniversary. With respect to such withdrawal, your Contract Value will be

reduced by the amount of the withdrawal. At any time the Cap for your Risk Control Account is less than

the bailout rate specified on your Data Page, we may, at our discretion, restrict transfer into that Risk

Control Account.

***Withdrawals taken under the Bailout Provision may have tax consequences.*** The tax treatment of a

withdrawal under the Bailout Provision depends on whether the Contract is a Non-Qualified Contract or a

Qualified Contract. Generally, for a withdrawal from a Non-Qualified Contract, 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 immediately before the distribution over the Owner's investment in the Contract. If the Contract is a

Qualified Contract, a portion of the withdrawal is taxable as ordinary income, based on the ratio of the

"investment in the contract" to the individual's total account balance or accrued benefit under the

retirement plan. If taken prior to age 59½, a withdrawal from either a Non-Qualified or a Qualified Contract

may be subject to a 10% additional tax. See discussion of "Withdrawals" and "Additional Tax on Certain

Withdrawals" under "Federal Income Tax Matters."

**Investment Option and Index Changes**

We may offer additional investment options or discontinue an investment option at our discretion as of the

end of the Contract Year. There is no guarantee that an investment option 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.**

There is no guarantee that the Index will be available during the entire time you own your Contract. If: (i)

the Index is discontinued, or (ii) the calculation of an Index is changed substantially, we may substitute a

suitable similar broad based U.S. stock market index for the original Index. 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. If we substitute an index, the

performance of the new Index may differ from the original Index. This, in turn, may affect the Credited

Index Interest you earn. We will not substitute an index until that index has been approved by the

insurance department in your state. The selection criteria for a suitable alternative Index includes the

following:

• A sufficiently large market in exchange traded and/or over-the-counter options, futures and similar

derivative instruments based on the index to allow the company to hedge Credited Index Interest

Rates;

• The Index should be recognized as a broad based index that tracks the U.S. stock market if it is

replacing an index such as the S&P 500 Index; and

• The publisher of the index must allow the Company to use the index in contract and other

materials for a reasonable fee.

If we remove an Index, 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. To determine the Index Return, we will

add (1) the percentage change in the Index from the beginning of the Contract Year to the date on which

the Index became unavailable; and (2) the percentage change for the substitute Index from the date of

substitution until the next Contract Anniversary.

If we are unable to substitute a new Index at the same time an Index ceases to be available, there may be

a brief interval between the date on which we remove the Index and add a substitute index. In this

situation, your Contract Value will continue to be allocated to the Risk Control Accounts. However, during

the interim period, your Contract Value will be based on the percentage change in the Index from the

beginning of the Contract Year to the date on which the Index became unavailable under the Contract,

which means market changes during the delay will not be used to calculate your Risk Control Account

Value.

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 the annual report unless earlier written notice is necessary.

**CONTRACT VALUE**

On the Contract Issue Date, your Contract Value equals the Purchase Payment. After the Contract Issue

Date, during the Accumulation Period, your Contract Value will equal the sum of the Risk Control Account

Values.

The Risk Control Account Value for each Risk Control Account is equal to:

• Your Risk Control Account Value as of the last Contract Anniversary; **plus**

• Any Credited Index Interest applied to Risk Control Account Value during the current Contract

Year; **minus** 

• Gross Withdrawals from your Risk Control Account Value (the sum of all partial withdrawals taken

since the last Contract Anniversary, which includes all Surrender Charges and adjusted for any

MVA).

Your Risk Control Account Value as of the last Contract Anniversary equals your Risk Control Account

Value at the beginning of the current Contract Year.

***Interest Rate Calculation Methodology.*** Each Risk Control Account uses an annual point-to-point

interest rate calculation methodology to determine the amount of Credited Index Interest. Under the

annual point-to-point method, the Credited Index Interest, if any, is measured by comparing the Initial

Index Value (the Index value on the Contract Anniversary, which is the first day of the Contract Year) to

the value on last day of the current Contract Year. Credited Index Interest is subject to a Cap, which is the

maximum rate that we will use in the calculation of Credited Index Interest; and a Floor, which is the

minimum interest rate that we will use in the calculation of Credited Index Interest.

Use of an annual point-to-point interest rate calculation methodology results in Index Interest being

calculated at a single point in time. As a result, you may experience negative or flat performance even

though the Index experienced gains through some, or most, of the Index Period.

***Credited Index Interest*.** We calculate Credited Index Interest based on two factors: the Credited Index

Interest Rate and your Risk Control Account Value. We calculate Credited Index Interest on each Contract

Anniversary and at the time of partial withdrawal, surrender, death and annuitization. Credited Index

Interest equals the Credited Index Interest Rate multiplied by your Risk Control Account Value as of the

last Contract Anniversary.

The Credited Index Interest Rate for a Risk Control Account equals:

**(A/B)** – 1 where:

**A =** the Adjusted Index Value as of the current date; and

**B =** the later of the Adjusted Index Value as of the last partial withdrawal taken in the current

Contract Year. If no partial withdrawals have been taken in the current Contract Year, this

will be equal to the Initial Index Value.

**You can find the Credited Index Interest applied to your Contract Value on the annual statement** 

**that we will forward to you following your Contract Anniversary. You may also find the Credited** 

**Index Interest that has accrued to your Contract Value prior to a Contract Anniversary by calling** 

**the Customer Service Center toll-free telephone number (800.798.5500) or by viewing online at** 

**www.trustage.com/annuity.**

***Adjusted Index Value*.** The Adjusted Index Value depends on the Closing Index Value (or the last

Adjusted Index Value in the case where one or more partial withdrawals are made in a Contract Year).

The Adjusted Index Value is calculated each time Credited Index Interest is calculated. This can be as

frequently as daily and occurs on each Contract Anniversary or on any date when a partial withdrawal,

surrender, Death Benefit or annuitization is processed. Closing Index Value for a day on which we

calculate Index Interest is the closing value of the Index on that date. 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. If you made no partial withdrawals during a Contract Year, we

would calculate the Adjusted Index Value 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 + Index Interest

Floor)<u>,</u> 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)<u>,</u> 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 Credited Index Interest is calculated, the Adjusted Index Value will be:

• Scenario 1: Closing 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 = 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 = 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 following three examples illustrate how we credit Index Interest to the Secure and Growth Accounts

based on different levels of index performance. No withdrawals are assumed to occur under these

examples.

Example 1:This example illustrates the calculation of Credited Index Interest when Index

performance is greater than the Cap and the Floor.

---

| | |
|:---|:---|
| Assume the following information: | Assume the following information: |
| *Prior Contract Anniversary:* |  |
| *Initial Index Value:* | 1000 |
| *Secure Account Value:* | $75000 |
| Floor: | 0.00% |

---

---

| | |
|:---|:---|
| Cap: | 4.00% |
| *Growth Account Value:* | $25000 |
| Floor: | -10.00% |
| Cap: | 14.00% |
| ----------------------------------------------------------- | ----------------------------------------------------------- |
| *Contract Anniversary:* |  |
| *Closing Index Value:* | 1200 |

---

The return on the Index is equal to the Closing Index Value divided by the Initial Index Value minus 1. In

this example, the return on the Index is 20% [(1.200/1.000)-1]. This is greater than the Cap and above the

Floor for both the Secure and Growth Accounts. Thus, Index Interest for both Accounts is set at the cap

level. Contract Value allocated to the Secure Account is credited with 4% Index Interest and Contract

Value allocated to the Growth Account is credited with 14% Index Interest.

Example 2:This example illustrates the calculation of Credited Index Interest when Index

performance is less than the Cap and greater than the Floor.

---

| | |
|:---|:---|
| Assume the following information: | Assume the following information: |
| *Prior Contract Anniversary:* |  |
| *Initial Index Value:* | 1000 |
| *Secure Account Value:* | $75000 |
| Floor: | 0.00% |
| Cap: | 4.00% |
| *Growth Account Value:* | $25000 |
| Floor: | -10.00% |
| Cap: | 14.00% |
| ------------------------------------------------------------- | ------------------------------------------------------------- |
| *Contract Anniversary:* |  |
| *Closing Index Value:* | 1030 |

---

The return on the Index is equal to the Closing Index Value divided by the Initial Index Value minus 1. In

this example, the return on the Index is 3% [(1.030/1.000)-1]. This is below the Cap and above the Floor

for both the Secure and Growth Accounts. Thus, Index Interest for both accounts is equal to the return on

the Index. Contract Value allocated to the Secure Account is credited with 3% Index Interest and Contract

Value allocated to the Growth Account is credited with 3% Index Interest.

Example 3:This example illustrates the calculation of Credited Index Interest when Index

performance is less than the Floor.

---

| | |
|:---|:---|
| Assume the following information: | Assume the following information: |
| *Prior Contract Anniversary:* |  |
| *Initial Index Value:* | 1000 |
| *Secure Account Value:* | $75000 |
| Floor: | 0.00% |

---

---

| | |
|:---|:---|
| Cap: | 4.00% |
| *Growth Account Value:* | $25000 |
| Floor: | -10.00% |
| Cap: | 14.00% |
| ----------------------------------------------------------- | ----------------------------------------------------------- |
| *Contract Anniversary:* |  |
| *Closing Index Value:* | 800 |

---

The return on the Index is equal to the Closing Index Value divided by the Initial Index Value minus 1. In

this example, the return on the Index is -20% [(800/1.000)-1]. This is below the Floor for both the Secure

and Growth Accounts. Thus, Index Interest for both Accounts is equal to the Index interest Rate Floor for

each Risk Control Account. Contract Value allocated to the Secure Account is credited with 0% Index

Interest and Contract Value allocated to the Growth Account is credited with -10% Index Interest. This

results in negative Credited Index Interest of -$2,500 being applied to the Contract Value in the Growth

Account and thus is a decline in the Contract Value allocated to the Growth Account of $2,500. No

Credited Index Interest would be applied to Contract Value in the Secure Account and thus the Contract

Value in the Secure Account remains unchanged.

**CHARGES AND ADJUSTMENTS**

**Surrender Charge**

During the Initial Index Period, we deduct a Surrender Charge from each withdrawal or surrender that

exceeds the free annual withdrawal amount. The Surrender Charge schedule depends upon the length of

the Initial Index Period you choose, and is expressed as a percentage of the amount withdrawn in excess

of the free annual withdrawal amount as shown below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **If You Choose the**<br>**5-Year Period:** | **If You Choose the**<br>**5-Year Period:** | **If You Choose the**<br>**6-Year Period:** | **If You Choose the**<br>**6-Year Period:** | **If You Choose the**<br>**7-Year Period:** | **If You Choose the**<br>**7-Year Period:** | **If You Choose the** <br>**10-Year Period:** | **If You Choose the** <br>**10-Year Period:** |
| 1 | 9% | 1 | 9% | 1 | 9% | 1 | 9% |
| 2 | 9% | 2 | 9% | 2 | 9% | 2 | 9% |
| 3 | 8% | 3 | 8% | 3 | 8% | 3 | 8% |
| 4 | 7% | 4 | 7% | 4 | 7% | 4 | 7% |
| 5 | 6% | 5 | 6% | 5 | 6% | 5 | 6% |
| 6+ | 0% | 6 | 5% | 6 | 5% | 6 | 5% |
|  |  | 7+ | 0% | 7 | 4% | 7 | 4% |
|  |  |  |  | 8+ | 0% | 8 | 3% |
|  |  |  |  |  |  | 9 | 2% |
|  |  |  |  |  |  | 10 | 1% |
|  |  |  |  |  |  | 11+ | 0% |

---

We will deduct the Surrender Charge from your withdrawal proceeds. We will deduct the Surrender

Charge before we apply any MVA to your withdrawal proceeds. For an example of how we calculate the

Surrender Charge, see the Statement of Additional Information.

We will not assess the Surrender Charge on:

• free annual withdrawal amounts;

• Death Benefit proceeds;

• partial withdrawals that qualify for the Nursing Home or Hospital waiver or terminal illness

waiver, described below;

• withdrawals under the Bailout Provision;

• partial withdrawals taken as required minimum distributions under the Internal Revenue Code

that are withdrawn under a systematic withdrawal program we provide;

• partial withdrawals or a surrender after the Initial Index Period; and

• income payments during the Payout Period.

We will waive the Surrender Charge and MVA in the case of a partial withdrawal or surrender where the

Owner or Annuitant qualifies for the Nursing Home or Hospital waiver 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. You may exercise this waiver only once during the time you own the Contract.

**•**<u>Nursing Home or Hospital Waiver</u>. We will not deduct a Surrender Charge or apply an MVA 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 Owner or

Annuitant. We may require verification of confinement to the Nursing Home or Hospital.The

conditions that must be met are that: the confinement in a Nursing Home or Hospital is

recommended by a Physician who is duly licensed by the state to treat the injury or sickness

causing the confinement and who is not an employee of the Nursing Home or Hospital where any

Annuitant or Owner is confined; and an additional free annual withdrawal amount request,

accompanied by written proof of confinement and the Physician's recommendation, is received by

us no later than 90 days following the date that the qualifying confinement has ended.

**•**<u>Terminal Illness Waiver</u>*.* We will not deduct a Surrender Charge or apply an MVA in the case of a

partial withdrawal or surrender where any Owner or Annuitant is diagnosed with a terminal illness

and has a life expectancy of 12 months or less. As proof, we may require a determination of the

terminal illness. Such determination must be signed by the 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.

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 <u>[Appendix B](#i790158dbb31e4de8a513445885a81d95_582)</u> for further details on

these variations. Also, even if you do not pay a Surrender Charge because of the waivers, you still may

be required to pay taxes or tax penalties on the amount withdrawn. You should consult a tax adviser 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 from its General Account.

**Market Value Adjustment ("MVA")**

The MVA 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 in excess of the free annual withdrawal amount during

the Initial Index Period. In general, if interest rate levels have increased at the time of surrender or partial

withdrawal over their levels at the time we issued the Contract, the MVA 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 time we issued the Contract, the MVA will be positive.

**A negative MVA could significantly decrease the amount you receive from a withdrawal or** 

**surrender. You directly bear the investment risk associated with the MVA.** 

***Purpose of the MVA*.** The MVA 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 time we issue your Contract 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 MVA as of the date we

receive your Written Request for surrender or partial withdrawal in Good Order at our Administrative

Office. If the MVA is positive, we will increase your Surrender Value or amount you receive from a partial

withdrawal by the amount of the positive MVA. If the MVA is negative, we will decrease the Surrender

Value or amount you receive from a partial withdrawal by the amount of the negative MVA.

We will **<u>not</u>** apply an MVA to:

1. free annual withdrawal amounts;

2. Death Benefit proceeds;

3. partial withdrawals that qualify for the Nursing Home or Hospital waiver or terminal illness waiver,

described in this Prospectus;

4. withdrawals under the Bailout Provision;

5. partial withdrawals taken as required minimum distributions under the Internal Revenue Code that

are withdrawn under a systematic withdrawal program we provide;

6. partial withdrawals or a surrender after the Initial Index Period;

7. allocation of Contract Value to an Income Payment Option; and

8. income payments during the Payout Period.

***MVA Calculation.*** The MVA reflects in part the difference between the effective yield of the Constant

Maturity Treasury rate, a rate representing the average yield of various Treasury securities, on the

Contract Issue Date for a duration equal to the Initial Index Period and the effective yield of the Constant

Maturity Treasury rate for a duration equal to the remaining length of the Initial Index Period at the time of

surrender or ICE BofAML Index 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 Contract Issue Date and the effective yield of the ICE BofAML Index at the time of surrender or

partial withdrawal. The greater the difference in those effective yields, respectively, the greater the effect

the MVA will have. We will increase the amount you will be paid from a partial withdrawal by the amount of

any positive MVA, and in the case of a surrender of the Contract, we will increase your Surrender Value

by the amount of any positive MVA. Conversely, we will decrease the amount you will be paid from a

partial withdrawal by the amount of any negative MVA, and in the case of a surrender of the Contract, we

will decrease your Surrender Value by the amount of any negative MVA.

For information about the MVA Formula and examples of how we calculate the MVA, see the Statement of

Additional Information.

**Change of Annuitant Endorsement Charge**

If you change the Annuitant within the first two Contract Years, we reserve the right to assess a fee to

offset the expenses incurred. This fee will not exceed $150 and will be assessed on a pro-rata basis

proportional to your Contract Value in the Risk Control Accounts.

**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 to the Index Interest credited to 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 after the first Contract Anniversary and before the Payout Date you may make two partial

withdrawals each Contract Year. To make a partial withdrawal, you must submit a Written Request in

Good Order to our Administrative Office. The written consent of all Owners and irrevocable Beneficiaries

must be obtained before we will process the partial withdrawal. Your partial withdrawal request must

specify the amount that is to be withdrawn either as a total dollar amount or as a percentage of Contract

Value**.** If a Written Request in Good Order is received by 3:00 Central Standard Time, it will be processed

that day. If a Written Request in Good Order is received after 3:00 Central Standard Time, it will be

processed on the next Business Day. We will take the partial withdrawal pro-rata from your Contract Value

in the Risk Control Accounts based on your Contract Value as of the date we received your Written

Request in Good Order at our Administrative Office.

If a partial withdrawal would cause your Surrender Value to be less than $2,000, we will treat your request

for partial withdrawal as a request for full surrender of your Contract.

**The Contract may not be appropriate for investors who plan to take withdrawals (including** 

**systematic withdrawals) or surrender the Contract. Partial withdrawals taken during the Initial** 

**Index Period may be subject to Surrender Charges and an MVA. Partial withdrawals will be subject** 

**to income tax and, if taken before age 59½, a 10% additional tax may apply. You should consult** 

**your tax adviser before taking a partial withdrawal.**

**Systematic Withdrawals**

Our systematic withdrawal program is an administrative program designed for you to take recurring

automatic withdrawals at the frequency you select. You can receive payments, monthly, quarterly, semi-

annually, or annually, subject to the $100 minimum partial withdrawal amount and minimum Surrender

Value described in this section. 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. See "<u>[Benefits Available Under the Contract - Systematic Withdrawals](#i790158dbb31e4de8a513445885a81d95_431)</u>."

**Surrenders**

At any time before the Payout Date and before the death of the Owner, you may surrender your Contract

for the Surrender Value. If a Written Request in Good Order is received by 3:00 Central Standard Time, it

will be processed that day. If a Written Request in Good Order is received after 3:00 Central Standard

Time, it will be processed on the next Business Day.

To surrender your Contract, you must make a Written Request in Good Order to our Administrative Office.

The consent of all Owners and irrevocable Beneficiaries must be obtained before the Contract is

surrendered.

Surrender Charges and a MVA may apply to your Contract surrender. A surrender will be subject to

income tax and, if taken before age 59½, a 10% additional tax may apply. You should consult a tax

adviser before requesting a surrender.

If you surrender the Contract, you will receive the Surrender Value. The Surrender Value is equal to your

Contract Value, less any Surrender Charges, and adjusted for any MVA.

**Free Annual Withdrawal Amount**

There is no free annual withdrawal amount for Contract Year 1. We do not allow partial withdrawals in

Contract Year 1, with the exception to allow for requirements set forth by the Internal Revenue Code. After

the first Contract Anniversary, we provide a free annual withdrawal amount each year during the Initial

Index Period. As long as the partial withdrawals you take during a Contract Year do not exceed the free

annual withdrawal amount, we will not assess a Surrender Charge or apply an MVA. The free annual

withdrawal amount is deducted from the Contract Value before calculating Surrender Charges or the MVA

in the event of a full surrender or a partial withdrawal.

The free annual withdrawal amount for a Contract Year equals 10% of your Contract Value calculated as

of the start of the Contract Year. If you make a partial withdrawal of less than the free annual amount, the

remaining free annual withdrawal amount will be applied to any subsequent partial withdrawal which

occurs during the same Contract Year. Any remaining free annual withdrawal amount will not carry over to

a subsequent Contract Year. Partial annuitization will count toward the free annual withdrawal amount.

**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**

We may defer payments we make under this Contract for up to six months if the insurance regulatory

authority of the state in which we issued the Contract approves such deferral. We will apply credit fixed

rate of interest to the deferred payments, if required by state law.

**BENEFITS AVAILABLE UNDER THE CONTRACT**

**The following table summarizes information about the benefits available under the Contract.** The

availability of 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](#i790158dbb31e4de8a513445885a81d95_582)</u>.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit** | **Purpose** | **Standard or** <br>**Optional**<br>| **Maximum** <br>**Fee**<br>| **Brief Description** <br>**of Restrictions** <br>**and Limitations**<br>|
| Death Benefit | Provides a Death Benefit if the <br>Owner dies during the <br>Accumulation Period<br>| Standard | No Charge | Withdrawals may <br>reduce the Death <br>Benefit by more <br>than the amount of <br>the withdrawal.<br>|
| Automatic <br>Rebalance <br>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 an <br>MVA and Surrender <br>Charge.<br>|

---

**Death Benefit**

***Death of the Owner during the Accumulation Period.*** If the Owner dies before the Payout Date (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:

• Due Proof of Death of the Owner while the Contract is in force (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 satisfactory to us.;

• our claim form from each Beneficiary, properly completed; and

• any other documents we require.

The Death Benefit will equal your Contract Value adjusted for the application of any Credited Index

Interest on the date we receive Due Proof of Death. If we receive Due Proof of Death by 3:00 Central

Standard Time, we will determine the amount of the Death Benefit as of that day. If we receive Due Proof

of Death after 3:00 Central Standard Time, we will determine the amount of the Death Benefit as of the

next Business Day.

No Surrender Charges or MVA will apply to the Death Benefit.

**NOTE:** In the event of the death of the Contract Owner during or after the Initial Index Period, Index

Interest will be calculated for the period from the Contract Anniversary until the day we receive Due Proof

of Death. The Floor and Index Interest Rate Cap will be used in calculating the Index Interest. If a

Contract Anniversary occurs after death and during the period we are waiting to receive Due Proof of

Death, the proceeds will remain in the Index Interest Accounts and credited with Index Interest (subject to

applicable caps and floors) up to the date we receive Due Proof of Death.

Within 60 days after we receive Due 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 a payment option is not elected within 60 days following receipt of Due Proof of Death, the proceeds will

be paid in a single lump sum payment.

**Death of Annuitant While the Owner is Living**

If the Annuitant dies during the Accumulation Period while the Owner is living and no joint Annuitant has

been named, the Owner will become the Annuitant, until and unless we receive notice. If there are joint

Annuitants, when an Annuitant dies, the surviving joint Annuitant will become the sole Annuitant.

If the Owner is not a natural person and any Annuitant dies before the Payout Date, the Death Benefit will

be payable to the Beneficiary.

**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. 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

Payment 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:

• Receive the Death Benefit in one lump sum following our receipt of Due Proof of Death;

• Receive the Death Benefit (if the Beneficiary is a natural person) pursuant to one of the

Income Payment Options. Payments under an Income Payment Option must begin within

1 year of the Owner's death and must not extend beyond a period certain equal to the

Beneficiary's life expectancy; or

• Receive the Death Benefit within five years of the date of the Owner's death.

Upon receipt of Due 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.

Other minimum distribution rules apply to Qualified Contracts.

**Death of Owner or Annuitant After the Payout Date**

If an Annuitant dies during the Payout Period, remaining income payments, if any, will be distributed as

provided by the Income Payment Option in effect.

If an Owner dies after the start of income payout, any remaining income payments will be distributed at

least as rapidly as provided by the Income Payment Option in effect.

***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.

**Automatic Rebalance Program**

Upon each Contract Anniversary, after Credited Index Interest has been applied, the Automatic

Rebalance Program will reallocate your Contract Value between the Risk Control Accounts based on your

most recent allocation instructions that we have on file, or the allocation applied on the Contract Issue

Date if you have not made any additional allocation change requests. See <u>[Allocating Your Purchase](#i790158dbb31e4de8a513445885a81d95_330)</u> 

<u>[Payment](#i790158dbb31e4de8a513445885a81d95_330)</u>.

**Systematic Withdrawals**

Reoccurring withdrawals are referred to as systematic withdrawals. If elected at the time of the application

or requested at any other time by Authorized Request in Good Order, 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.

Systematic withdrawals must be at least $100 each. Generally, you must be at least age 59½ to

participate in the systematic withdrawal plan. Systematic withdrawals may be requested on the following

basis:

**•**Total systematic withdrawals for the calendar year equal to your annual Required Minimum

Distribution; or

**•**As a specified dollar amount

**No Surrender Charge or MVA will be deducted for Required Minimum Distribution systematic** 

**withdrawals. All other systematic withdrawals could significantly reduce the Contract Value due to** 

**Surrender Charge, and MVA. The Contract may not be appropriate for investors who plan to take** 

**systematic withdrawals under the Contract.**

Unless you instruct us otherwise, systematic withdrawals will be taken proportionally from the Contract

Value in each Allocation Option.

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;

• The contract is surrendered;

• You request by Authorized Request in Good Order that your participation in the plan cease; or

• The Income Payout Date is reached.

Like all withdrawals, systematic withdrawals will reduce the Death Benefit on a proportional basis,

perhaps by more than the amount of the withdrawal, as well as the values under the Contract.

There are federal income tax consequences to partial withdrawals through the systematic withdrawal plan

and you should consult with your tax adviser 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 95<sup>th</sup> birthday. If there are Joint Annuitants, we will set the Payout Date based on the Age of the

oldest Joint Annuitant. Please refer to your Data Page for details.

You may change the Payout Date by sending a Written Request in Good Order to our Administrative

Office 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; and (iii) the requested Payout

Date is at least two years after the Contract Issue Date**.** Any such change is subject to any maximum

maturity age restrictions that may be imposed by law and cannot extend past the Annuitant's 95<sup>th</sup> birthday

or the original Payout Date.

**Terms of Income Payments**

We use fixed rates of interest to determine the amount of income payments payable under the Income

Payment Options. Income payments will vary, however, depending on the number of Annuitants living on

the Payout Date. Once income payments begin, you cannot change the terms or method of those

payments. We do not apply a Surrender Charge or MVA to income payments.

If there is one Annuitant living on the Payout Date, we will apply your Contract Value to provide for a Life

Income Option with a 10-Year Guaranteed Period Certain, unless you have elected an Income Payment

Option before the Payout Date or we are otherwise required under the Internal Revenue Code. If there

are two Annuitants living on the Payout Date, we will apply your Contract Value to a Joint and Last

Survivor Life Income Option with a 10-Year Guaranteed Period Certain unless you have elected an

Income Payment Option before the Payout Date. We describe the Life Income Option and the Joint and

Last Survivor Life Income Option under "income payment options" below.

We will make the first income payment on the Payout Date. We may require proof of age and sex 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 Payment Option. We may require proof from time

to time that this condition has been met.

**Electing an Income Payment Option**

You and/or the Beneficiary may elect to receive one of the Income Payment Options described under

"Options" below. The Income Payment 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 Payment Option must be made by Written 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.

We will make income payments monthly, quarterly, semiannually, or annually. 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 specify an Income Payment Option in your application, the default payment option will be

Option 2 – Life Income Option with a 10-year guaranteed period. You may change this payment option

any time before payments begin on the Payout Date.

**Income Payout Options**

We offer the following Income Payment Options.

***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 periods are 0 (life income only), 5, 10, 15, or 20 years. If a guaranteed period of 0 years (life

income only) has been selected and the Annuitant dies before the date the first income payment is made,

no income payments would be paid.

***Option 3 -- Joint and Last Survivor Life Income Option with 10 Year 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 options described above may not be offered in all states. Further, we may offer other Income

Payment Options. More than one option may be elected. If your Contract is a Qualified Contract, not all

options may satisfy required minimum distribution rules. Option 2 and Option 3 pay monthly income

payments. We do allow partial annuitization. Partial annuitization will count toward the free annual

withdrawal amount. 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 in order to satisfy required

minimum distribution rules. You should consult a tax advisor before electing an Income Payout Option.

**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.

**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 an MVA that

results from a withdrawal. There is, however, no definitive guidance on the proper tax treatment of MVAs

and you should discuss the potential tax consequences of an MVA 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.

***Section 457 Plans***, while not actually a qualified plan as that term is normally used, permits individuals to

defer compensation with respect to service for state governments, local governments, political

subdivisions, agencies, instrumentalities and certain affiliates of such entities, and tax-exempt

organizations. The Contract can be used with such plans. Under such plans a participant may specify the

form of investment in which his or her participation will be made. Under a non-governmental plan, all such

investments, however, are owned by and are subject to, the claims of the general creditors of the

sponsoring employer.

***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 Indices**

***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.

***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.**

**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 the 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.

**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 or gender is misstated, we will adjust the income payments under this

Contract to be equal to the payout amount the Contract would have purchased based on the Annuitant's

correct date of birth and/or 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 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 Contract Value, Surrender Value, withdrawals made since the last report 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 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-](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. You should consider the Company's financial

statements only as bearing on the Company's ability to meet its obligations under your Contract.

**APPENDIX A: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT**

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/zone-annuity-rates.

**Note: During the Initial Index Period, if you surrender your Contract or take a partial withdrawal,** 

**we will apply an MVA (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 end of the the Initial Index Period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index** | **Type of Index** | **Crediting** <br>**Period**<br>| **Account Type** | **Limit on Index** <br>**Loss (if held** <br>**the entire** <br>**Initial Index** <br>**Period)**<br>| **Minimum Limit** <br>**on Index Gain** <br>**(for the Life of** <br>**the Contract)**<br>|
| S&P 500 <br>Price Return <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>Price Return <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 |

---

1. The performance of the Index 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. This will reduce Index performance and will cause the Index to

underperform a direct investment in the underlying securities.

2. We credit interest to each Risk Control Account at the end of each Contract Year by comparing

the change in the Index from each Contract Anniversary (the first day of the Contract Year) to the

last day of the current Contract Year. However, withdrawals and surrenders during the Initial Index

Period will be subject to the MVA.

The Index Return is determined on each Contract Anniversary and is measured over the Contract 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 Contract Year.

The Floors for the Secure Account and Growth Account will not change during the life of your Contract.

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 MVA is available under "<u>[Risk Control](#i790158dbb31e4de8a513445885a81d95_349)</u> 

<u>[Account Option](#i790158dbb31e4de8a513445885a81d95_349)</u>" and "<u>[Charges and Adjustments - Market Value Adjustment](#idf3827e5a2fe4263b5e65f520004fd34_220400)</u>."

The availability of Risk Control Accounts may vary by state and depending on the broker-dealer through

which the Contract is sold. **See <u>[Appendix B](#i790158dbb31e4de8a513445885a81d95_582)</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 Zone features or benefits vary:**

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| California | References to "Allocation Options"<br>See "<u>[Getting Started – The](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u> <br><u>[Accumulation Period - Owner](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u>"<br>See "<u>[Charges and Adjustments -](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u><br><u>[Surrender Charge](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u>"<br>| Contracts must be surrendered or <br>annuitized at the end of the Initial Index <br>Period. The Payout Date is one month <br>after the end of the Initial Index Period. <br>There will be no available Risk Control <br>Accounts and no additional interest will be <br>credited to the Contract.<br>The Owner has the right to assign the <br>Contract.<br>"Nursing Home or Hospital" is replaced <br>with "Facility Care, Home Care, or <br>Community-Based Services". There is no <br>minimum confinement period to utilize this <br>waiver. The Facility Care or Home Care <br>and Terminal Illness waivers apply to full <br>surrenders only, not partial withdrawals.<br>|
| Connecticut | See "<u>[Charges and Adjustments -](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u><br><u>[Surrender Charge](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u>"<br>| There is a one-year wait before the <br>waiver of surrender charge provisions <br>may be exercised.<br>|
| Florida | See "<u>[Getting Started – The](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u> <br><u>[Accumulation Period - Owner](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u>"<br>See "<u>[Income Payments – The Payout](#i0b645159294b43868e15a3253314eaf5_140727)</u> <br><u>[Period - Payout Date](#i0b645159294b43868e15a3253314eaf5_140727)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>The requested Payout Date must be at <br>least one year after the Contract Issue <br>Date.<br>|
| Massachusetts | See "<u>[Charges and Adjustments -](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u><br><u>[Surrender Charge](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u>"<br>| **Terminally Ill, Terminal Illness** – A life <br>expectancy of 24 months or less due to <br>any illness or accident.<br>There is no Nursing Home or Hospital <br>waiver. The Terminal Illness waiver <br>applies to full surrenders only, not partial <br>withdrawals.<br>|
| Montana | See "<u>[Access to Your Money -](#i7cb321a621d547c5bc91bbefd286b30d_183397)</u> <br><u>[Surrenders](#i7cb321a621d547c5bc91bbefd286b30d_183397)</u>"<br>| A partial withdrawal resulting in a <br>Surrender Value less than $2,000 <br>requires customer notice before <br>processing as a full surrender.<br>|
| New Jersey | See "<u>[Charges and Adjustments -](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u><br><u>[Surrender Charge](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u>"<br>| There is no Terminal Illness waiver. |

---

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| Pennsylvania | See "<u>[Charges and Adjustments -](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u><br><u>[Surrender Charge](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u>"<br>| "Terminal Illness" is replaced with <br>"Terminal Condition". The minimum <br>consecutive day confinement is 90 days <br>for a Nursing Home and 30 days for a <br>Hospital.<br>|
| Texas | See "<u>[Getting Started – The](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u> <br><u>[Accumulation Period - Owner](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u>"<br>See "<u>[Charges and Adjustments -](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u><br><u>[Surrender Charge](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u>"<br>See "<u>[Access to Your Money -](#i7cb321a621d547c5bc91bbefd286b30d_183397)</u> <br><u>[Surrenders](#i7cb321a621d547c5bc91bbefd286b30d_183397)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>"Terminal Illness" is replaced with <br>"Terminal Disability".<br>A partial withdrawal resulting in a <br>Surrender Value less than $2,000 <br>requires customer notice before <br>processing as a full surrender.<br>|
| Utah | See "<u>[Getting Started – The](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u> <br><u>[Accumulation Period - Owner](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u>"<br>| The Owner has the right to assign the <br>Contract.<br>|
| Washington | See "<u>[Charges and Adjustments -](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u><br><u>[Surrender Charge](#idf3827e5a2fe4263b5e65f520004fd34_220399)</u>"<br>| The life expectancy to utilize the Terminal <br>Illness waiver is 24 months.<br>|
| Wisconsin | See "<u>[Getting Started – The](#i4d146f795c6843aa9594e348ddb44b5e_375793)</u> <br><u>[Accumulation Period - Owner](#i4d146f795c6843aa9594e348ddb44b5e_375793)</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 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, including the SAI, may be

obtained from the SEC'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 SEC at publicinfo@sec.gov.

**Dealer Prospectus Delivery Obligations**

All dealers that effect transactions in these securities are required to deliver a Prospectus.

EDGAR Contract Identifier: C000261253

**STATEMENT OF ADDITIONAL INFORMATION**

**May 1, 2026**

**For**

**MEMBERS**<sup>®</sup> **ZONE ANNUITY** 

**Offered by**

**MEMBERS LIFE INSURANCE COMPANY**

2000 Heritage Way

Waverly, Iowa 50677-9202

(800) 798-5500

This Statement of Additional Information ("SAI") is not a Prospectus. It should be read in conjunction with

the Prospectus for the MEMBERS<sup>®</sup> Zone Annuity Single Premium Deferred Index 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](#i55f2c83bb345482ebf804dd2d508473d_30326) |
| ADDITIONAL CONTRACT PROVISIONS | S-[1](#i18b12bf7edae41c2bf8353fd1171d685_42346) |
| PRINCIPAL UNDERWRITER | S-[9](#i1ad1cce4e9e94759a05bc5edf5863c83_10834) |
| INCOME PAYMENTS | S-[10](#i2374ce9c67374a7ab8b2903392085a66_7733) |
| OTHER INFORMATION | S-[10](#ib647dc29d1994e2e9ef731a7a377ab71_4656) |
| CUSTODIAN | S-[10](#iafd9d4d5874246369a6f0ac14934b9aa_4289) |
| EXPERTS | S-[10](#ic8ebd706548a424da869736df3fb3c8d_4992) |
| MEMBERS LIFE INSURANCE COMPANY FINANCIAL STATEMENTS | S-[10](#i246c4e4fc95b43a6bc555125cf537a3e_1243) |
| CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS | S-[1](#i6e6ee3e867864ad79c6615280e166272_56)1 |

---

**MEMBERS LIFE INSURANCE COMPANY**

The depositor for the MEMBERS Zone Annuity, 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.

**Surrender Charge and Market Value Adjustment 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.

The Surrender Charge is calculated as a percentage of the Contract Value withdrawn or surrendered that

exceeds the free annual withdrawal amount during the Initial Index Period.

The MVA reflects, in part, the difference between the effective yield of the Constant Maturity Treasury rate

for a duration equal to the Initial Index Period and the effective yield of the Constant Maturity Treasury

rate for a duration equal to the remaining length of the Initial Index Period at the time of surrender. 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 BofAML Index

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 Contract Issue 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 MVA will have.

The amount of the MVA also reflects in part the Credited Index Interest Rate determined at the time of

surrender or partial withdrawal. We use the Credited Index Interest Rate to either decrease or increase

the amount of the MVA. If the Credited Index Interest Rate is positive, we divide the amount of the

withdrawal subject to the MVA by the Credited Index Interest Rate plus 1 which will decrease the amount

subject to the market value adjustment factor and therefore reduce the amount of any positive or negative

MVA. Conversely, if the Credited Index Interest Rate is negative, we divide the amount of the withdrawal

subject to the MVA by the Credited Index Interest Rate plus 1 which will increase the amount subject to

the market value adjustment factor and therefore increase the amount of any positive or negative MVA. If

the Credited Index Interest Rate is 0%, we divide the amount of the withdrawal subject to the MVA by the

Credited Index Interest Rate plus 1 which will not change the amount subject to the market value

adjustment factor and therefore will not change the amount of any positive or negative MVA. If the Index

has increased since the date on which we determined the Initial Index Value for the Current Contract

Year, the Credited Index Interest Rate will be positive. If the Index has decreased since the date on which

we determined the Initial Index Value for the Current Contract Year, the Credited Index Interest Rate will

be negative.

---

| | |
|:---|:---|
| The MVA is calculated using the following formula: MVA = (W / (1+ IIR\*)) x (MVAF - 1). | The MVA is calculated using the following formula: MVA = (W / (1+ IIR\*)) x (MVAF - 1). |
| W= | the amount of the partial withdrawal or surrender that exceeds the free annual withdrawal <br>amount.<br>|
| IIR\*= | Credited Index Interest Rate equal to (A/B) – 1 where: |
|  | A = The Adjusted Index Value |
|  | B = The Initial Index Value for the current Contract Year. |
| MVAF= | ((1 + I + K)/(1 + J + L)) ^N |
|  | I = The Constant Maturity Treasury rate for a maturity consistent with the Initial Index Period. |
|  | J = The Constant Maturity Treasury rate for a maturity consistent with the remaining length of <br>the Initial Index Period<br>|
|  | K = The ICE BofAML Index as of the Contract Issue Date. |
|  | L = The ICE BofAML Index as of the withdrawal date. |
|  | N = The number of years (whole and partial) from the current date until the end of the Initial <br>Index Period. <br>|

---

We determine I based on the Initial Index Period you have chosen. For example, if you choose the 10-

year Initial Index Period at issue, then I would correspond to the 10-year Constant Maturity Treasury rate

at the time we issue the Contract. We determine J when you take a partial withdrawal or surrender. For

example, if you chose the 10-year Initial Index Period at issue and surrender the Contract 2 years into the

Initial Index Period, J would correspond to the Constant Maturity Treasury rate consistent with the time

remaining in the Initial Index Period or 8 years (8 = 10 - 2). For I and J where there is no Constant

Maturity Treasury rate declared, we will use linear interpolation of the Constant Maturity Rates Index with

maturities closest to N 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 1-10 Year U.S.

Corporate Constrained Index Asset Swap Spread in determining any MVA 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 an index, we will notify you in writing of the substitution.

The examples below illustrate partial withdrawals and a full surrender during the Initial Index Period. For

all examples, assume the following information at the last Contract Anniversary:

---

| | | |
|:---|:---|:---|
| | Secure Account | Growth Account |
| Allocation | 75% | 25% |
| Initial Floor | 0% | -10% |
| Initial Cap | 3.50% | 14.00% |
| S&P 500 Index Value | 1000.00 | 1000.00 |
| (Initial Index Value) x <br>(1 + Floor)<br>| 1000.00 | 900.00 |
| (Initial Index Value) x <br>(1 + Cap)<br>| 1035.00 | 1140.00 |
| Initial Index Period | Initial Index Period | 10 Years |
| Total Contract Value | Total Contract Value | $100000 |
| I = 10-Year Constant Maturity Treasury Rate | I = 10-Year Constant Maturity Treasury Rate | 3.50% |
| K = The BofAML 1-10 Year U.S. Corporate<br>Constrained Index Asset Swap Spread | K = The BofAML 1-10 Year U.S. Corporate<br>Constrained Index Asset Swap Spread | 1.00% |

---

***Example 1 – Partial Withdrawal with a Negative MVA***

Assume the following information at the time of partial withdrawal 1.5 years after the Contract Issue Date:

---

| | |
|:---|:---|
| Gross partial withdrawal | $50000.00 |
| Closing S&P 500 Index Value | 1200.00 |
| J = 8.5 Year Constant Maturity Treasury Rate | 4.00% |
| L = The BofAML 1-10 Year U.S. Corporate <br>Constrained Index Asset Swap Spread<br>| 1.50% |
| N = Years Remaining in Initial Index Period | 8.50 Years |
| Surrender Charge Percent | 9.00% |

---

We take the following steps to determine the net partial withdrawal amount (excluding taxes) payable to

the Owner:

<u>First</u>, we determine Credited Index Interest and Contract Value for each Risk Control Account at the time

of the partial withdrawal. With respect to the Secure Account, because the Closing Index Value is greater

than the Initial Index Value multiplied by the sum of 1 + Cap, Credited Index Interest equals the Contract

Value held in the Secure Account ($75,000) multiplied by the Initial Index Rate Cap (3.50%) or $2,625.00.

We then add the Credited Index Interest ($2,625.00) to the Contract Value in the Secure Account

($75,000) to determine the Contract Value in the Secure Account at the time of partial withdrawal

($77,625.00).

We follow the same steps in determining Credited Index Interest and Contract Value for the Growth

Account at the time of the partial withdrawal. With respect to the Growth Account, because the Closing

Index Value is greater than the Initial Index Value multiplied by the sum of 1 + Cap, Credited Index

Interest equals the Contract Value held in the Secure Account ($25,000.00) multiplied by the Initial Index

Rate Cap (14.00%) or $3,500.00. We then add the Credited Index Interest ($3,500.00) to the Contract

Value in the Secure Account ($25,000.00) to determine the Contract Value in the Growth Account at the

time of partial withdrawal ($28,500.00).

<u>Second</u>, we determine the free annual withdrawal amount available in connection with a partial withdrawal

from each Risk Control Account at the time of the partial withdrawal. We determine the free annual

withdrawal amount for each Risk Control Account on a proportional basis based on the Contract Value

held in each Risk Control Account. The free annual withdrawal amount is equal to 10% of the Contract

Value at the beginning of the Contract Year ($100,000.00) or $10,000.00. We determine the portion of the

free annual withdrawal amount available from the Secure Account by calculating the percentage of

Contract Value held in the Secure Account. We divide the Secure Account Value ($77,625.00) by the sum

of the Secure Account Value ($77,625.00) and the Growth Account Value ($28,500.00). The result is then

multiplied by the free annual withdrawal amount (10,000.00) to determine the free annual withdrawal

amount available in connection with a withdrawal from the Secure Account ($7,314.49).

We follow the same steps in determining the free annual withdrawal amount available in connection with a

partial withdrawal from the Growth Account at the time of the partial withdrawal. We determine the portion

of the free annual withdrawal amount available from the Growth Account by calculating the percentage of

Contract Value held in the Growth Account. We divide the Growth Account Value ($28,500.00) by the sum

of the Secure Account Value ($77,625.00) and the Growth Account Value ($28,500.00). The result is then

multiplied by the free annual withdrawal amount ($10,000.00) to determine the free annual withdrawal

amount available in connection with a withdrawal from the Growth Account ($2,685.51).

<u>Third</u>, we calculate the amount of the partial withdrawal to be taken from each Risk Control Account. We

determine the gross partial withdrawal amount for each Risk Control Account on a proportional basis

based on the Contract Value held in each Risk Control Account. We determine the portion of the gross

partial withdrawal to be taken from the Secure Account by multiplying the percentage of Contract Value

held in the Secure Account by the gross partial withdrawal amount ($50,000.00), which equals

$36,572.44.

We follow the same steps in determining the amount of the gross partial withdrawal to be taken from the

Growth Account at the time of the partial withdrawal. We determine the portion of the gross partial

withdrawal to be taken from the Growth Account by multiplying the percentage of Contract Value held in

the Growth Account by the gross partial withdrawal amount ($50,000.00), which equals $13,427.56.

<u>Fourth</u>, we determine the amount of the gross partial withdrawal that may be subject to a Surrender

Charge and MVA for each Risk Control Account. We do this by subtracting the free annual withdrawal

amount available from the Risk Control Account from the gross partial withdrawal amount for the Risk

Control Account. For the Secure Account, the gross partial withdrawal amount ($36,572.44) minus the

portion of free annual withdrawal amount available from the Secure Account in connection with the partial

withdrawal ($7,314.49) equals $29,257.95. For the Growth Account, the gross partial withdrawal amount

($13,427.56) minus the portion of free annual withdrawal amount available from the Growth Account in

connection with the partial withdrawal ($2,685.51) equals $10,742.05.

<u>Fifth</u>, we determine the amount of the Surrender Charge that would be deducted from the gross partial

withdrawal amount for each Risk Control Account. We do this by multiplying the amount of the gross

partial withdrawal that may be subject to a Surrender Charge by the applicable Surrender Charge

percentage for each Risk Control Account. For the Secure Account, the amount of the gross partial

withdrawal subject to a Surrender Charge ($29,257.95) multiplied by the Surrender Charge percentage

(9%) equals $2,633.22. For the Growth Account, the amount of the gross partial withdrawal subject to a

Surrender Charge ($10,742.05) multiplied by the Surrender Charge percentage (9%) equals $966.78. The

total Surrender Charge deducted in connection with the partial withdrawal equals $3,600.00 ($2,633.22

plus $966.78).

<u>Sixth</u>, we determine the MVA that would be applied to the gross partial withdrawal amount for each Risk

Control Account. For each Risk Control Account, we do this by dividing the amount of the gross partial

withdrawal that may be subject to an MVA by the sum of 1 plus the cumulative Index Interest Rate

credited to date in the current Contract Year and multiply the result by the Market Value Adjustment factor

("MVAF"). (The MVAF is equal to (((1 + I + K) / (1 + J + L))^N) – 1 and for this example is equal to

-0.0778.) For the Secure Account, we would divide $29,257.95 by 1.035 then multiply the result by

-0.0778 which equals a negative MVA of $2,198.25. For the Growth Account, we would divide $10,742.05

by 1.14 then multiply the result by -0.0778 which equals a negative MVA of $732.75. The total MVA

applied in connection with the partial withdrawal is a negative MVA of $2,931.00 (-$2,198.25 plus

-$732.75).

The amount of the net partial withdrawal paid the Owner from each Risk Control Account equals the gross

partial withdrawal amount less the Surrender Charge and MVA. For the Secure Account, that equals

$36,572.44 - $2,633.22 - $2,198.25 or $31,740.97. For the Growth Account, that equals $13,427.56 -

$966.78 - $732.75 or $11,728.03. The total net partial withdrawal paid the Owner is $43,469.00

($31,740.97 plus $11,728.03).

The Contract Value remaining in each Risk Control Account after the partial withdrawal equals the

Contract Value in the Risk Control Account at the beginning of the Contract Year plus any Credited

Indexed Interest and less the gross partial withdrawal amount. For the Secure Account, that equals

$75,000.00 + $2,625.00 - $36,572.44 or $41,052.56. For the Growth Account, that equals $25,000.00 +

$3,500.00 - $13,427.56 or $15,072.44. The total Contract Value in both Risk Control Accounts after the

partial withdrawal is $56,125.00 ($41,052.56 plus $15,072.44).

***Example 2 – Partial Withdrawal with Positive MVA***

Assume the following information at the time of partial withdrawal 1.5 years after the Contract Issue Date:

---

| | |
|:---|:---|
| Gross partial withdrawal | $50000.00 |
| Closing S&P 500 Index Value | 1200.00 |
| J = 8.5 Year Constant Maturity Treasury Rate | 3.00% |
| L = The BofAML 1-10 Year U.S. Corporate <br>Constrained Index Asset Swap Spread<br>| 0.85% |
| N = Years Remaining in Initial Index Period | 8.50 Years |
| Surrender Charge Percent | 9.00% |

---

We take the following steps to determine the net partial withdrawal amount (excluding taxes) payable to

the Owner.

<u>First</u>, we determine Credited Index Interest and Contract Value for each Risk Control Account at the time

of the partial withdrawal. With respect to the Secure Account, because the Closing Index Value is greater

than the Initial Index Value multiplied by the sum of 1 + the Cap, Credited Index Interest equals the

Contract Value held in the Secure Account ($75,000) multiplied by the Initial Index Rate Cap (3.50%) or

$2,625.00. We then add the Credited Index Interest ($2,625.00) to the Contract Value in the Secure

Account ($75,000) to determine the Contract Value in the Secure Account at the time of partial withdrawal

($77,625.00).

We follow the same steps in determining Credited Index Interest and Contract Value for the Growth

Account at the time of the partial withdrawal. With respect to the Growth Account, because the Closing

Index Value is greater than the Initial Index Value multiplied by the sum of 1 + Cap, Credited Index

Interest equals the Contract Value held in the Growth Account ($25,000) multiplied by the Initial Index

Rate Cap (14.00%) or $3,500.00. We then add the Credited Index Interest ($3,500.00) to the Contract

Value in the Growth Account ($25,000.00) to determine the Contract Value in the Growth Account at the

time of partial withdrawal ($28,500.00).

<u>Second</u>, we determine the free annual withdrawal amount available in connection with a partial withdrawal

from each Risk Control Account at the time of the partial withdrawal. We determine the free annual

withdrawal amount for each Risk Control Account on a proportional basis based on the Contract Value

held in each Risk Control Account. The free annual withdrawal amount is equal to 10% of the Contract

Value at the beginning of the Contract Year ($100,000.00) or $10,000.00. We determine the portion of the

free annual withdrawal amount available from the Secure Account by calculating the percentage of

Contract Value held in the Secure Account. We divide the Secure Account Value ($77,625.00) by the sum

of the Secure Account Value ($77,625.00) and the Growth Account Value ($28,500.00). The result is then

multiplied by the free annual withdrawal amount $10,000.00) to determine the free annual withdrawal

amount available in connection with a withdrawal from the Secure Account ($7,314.49).

We follow the same steps in determining the free annual withdrawal amount available in connection with a

partial withdrawal from the Growth Account at the time of the partial withdrawal. We determine the portion

of the free annual withdrawal amount available from the Growth Account by calculating the percentage of

Contract Value held in the Growth Account. We divide the Growth Account Value ($28,500.00) by the sum

of the Secure Account Value ($77,625.00) and the Growth Account Value ($28,500.00). The result is then

multiplied by the free annual withdrawal amount $10,000.00) to determine the free annual withdrawal

amount available in connection with a withdrawal from the Growth Account ($2,685.51).

<u>Third</u>, we calculate the amount of the partial withdrawal to be taken from each Risk Control Account. We

determine the gross partial withdrawal amount for each Risk Control Account on a proportional basis

based on the Contract Value held in each Risk Control Account. We determine the portion of the gross

partial withdrawal to be taken from the Secure Account by multiplying the percentage of Contract Value

held in the Secure Account (73.14%) by the gross partial withdrawal amount ($50,000.00) to determine

the amount of the partial withdrawal to be taken from the Secure Account ($36,572.44).

We follow the same steps in determining the amount of the gross partial withdrawal to be taken from the

Growth Account at the time of the partial withdrawal. We determine the portion of the gross partial

withdrawal to be taken from the Growth Account by multiplying the percentage of Contract Value held in

the Growth Account (26.86%) by the gross partial withdrawal amount ($50,000.00) to determine the

amount of the partial withdrawal to be taken from the Growth Account ($13,427.56).

<u>Fourth</u>, we determine the amount of the gross partial withdrawal that may be subject to a Surrender

Charge and MVA for each Risk Control Account. We do this by subtracting the free annual withdrawal

amount available from the Risk Control Account from the gross partial withdrawal amount for the Risk

Control Account. For the Secure Account, the gross partial withdrawal amount ($36,572.44) minus the

portion of free annual withdrawal amount available from the Secure Account in connection with the partial

withdrawal ($7,314.49) equals $29,257.95. For the Growth Account, the gross partial withdrawal amount

($13,427.56) minus the portion of free annual withdrawal amount available from the Growth Account in

connection with the partial withdrawal ($2,685.51) equals $10,742.05.

<u>Fifth</u>, we determine the amount of the Surrender Charge that would be deducted from the gross partial

withdrawal amount for each Risk Control Account. We do this by multiplying the amount of the gross

partial withdrawal that may be subject to a Surrender Charge by the applicable Surrender Charge

percentage for each Risk Control Account. For the Secure Account, the amount of the gross partial

withdrawal subject to a Surrender Charge ($29,257.95) multiplied by the Surrender Charge percentage

(9%) equals $2,633.22. For the Growth Account, the amount of the gross partial withdrawal subject to a

Surrender Charge ($10,742.05) multiplied by the Surrender Charge percentage (9%) equals $966.78. The

total Surrender Charge deducted in connection with the partial withdrawal equals $3,600.00 ($2,633.22

plus $966.78).

<u>Sixth</u>, we determine the MVA that would be applied to the gross partial withdrawal amount for each Risk

Control Account. For each Risk Control Account, we do this by dividing the amount of the gross partial

withdrawal that may be subject to an MVA by the sum of 1 plus the cumulative Index Interest Rate

credited to date in the current Contract Year and multiply the result by the Market Value Adjustment factor

("MVAF"). (The MVAF is equal to (((1 + I + K) / (1 + J + L))^N) – 1 and for this example is equal to 0.0545.)

For the Secure Account, we would divide $29,257.95 by 1.035 then multiply the result by 0.0545 which

equals a positive MVA of $1,539.72. For the Growth Account, we would divide $10,742.05 by 1.14 then

multiply the result by 0.0545 which equals a positive MVA of $513.24. The total MVA applied in connection

with the partial withdrawal is a positive MVA of $2,052.96 ($1,539.72 plus $513.24).

The amount of the net partial withdrawal paid the Owner from each Risk Control Account equals the gross

partial withdrawal amount less the Surrender Charge plus the MVA. For the Secure Account, that equals

$36,572.44 - $2,633.22 + $1,539.72 or $35,478.94. For the Growth Account, that equals $13,427.56 -

$966.78 + $513.24 or $12,974.02. The total net partial withdrawal paid the Owner is $48,452.96

($35,478.94 plus $12,974.02).

The Contract Value remaining in each Risk Control Account after the partial withdrawal equals the

Contract Value in the Risk Control Account at the beginning of the Contract Year plus any Credited

Indexed Interest and less the gross partial withdrawal amount. For the Secure Account, that equals

$75,000.00 + $2,625.00 - $36,572.44 or $41,052.56. For the Growth Account, that equals $25,000 +

$3,500.00 - $13,427.56 or $15,072.44. The total Contract Value in both Risk Control Accounts after the

partial withdrawal is $56,125.00 ($41,052.56 plus $15,072.44).

***Example 3 –Full Surrender of Contract on First Day of Second Contract Year with Negative MVA*** 

Assume at time of first Contract Anniversary:

---

| | |
|:---|:---|
| Closing S&P 500 Index Value | 950.00 |
| J = 9 Year Constant Maturity Treasury Rate | 4.00% |
| L = The BofAML 1-10 Year U.S. Corporate <br>Constrained Index Asset Swap Spread<br>| 1.50% |
| N = Years Remaining in Initial Index Period | 9 Years |
| Surrender Charge Percent | 9.00% |

---

We take the following steps to determine the Surrender Value (excluding taxes) payable to the Owner. For

purposes of this example, we assume the surrender takes place on the first day of the second Contract

Year.

<u>First</u>, upon the Contract Anniversary, we calculate and apply Credited Index Interest to each Risk Control

Account. The Automatic Rebalancing Program then transfers Contract Value between the Risk Control

Accounts in accordance with the Owner's most recently communicated allocation instructions. First, we

determine Credited Index Interest and Contract Value for each Risk Control Account on the Contract

Anniversary. With respect to the Secure Account, because the Closing Index Value is less than the Initial

Index Value multiplied by the sum of 1 + the Floor, no Credited Index Interest would be credited to

Contract Value held in the Secure Account ($75,000). With respect to the Growth Account, because the

Closing Index Value is greater than the Initial Index Value multiplied by the sum of 1 + Floor and the

Closing Index Value is less than the Initial Index Value multiplied by the sum of 1 + Cap, we would apply

Credited Index Interest to Contract Value held in the Growth Account ($25,000). Because the Closing

Index Value is less than the Initial Index Value, we will credit negative Credited Index Interest to the

Contract Value held in the Growth Account. The negative Credited Index Interest we will credit equals the

Contract Value held in the Growth Account ($25,000) multiplied by the Closing Index Value (950) divided

by Initial Index Value (1,000) minus 1 or -$1,250.00. We then apply the negative Credited Index Interest

(-$1,250.00) to the Contract Value in the Growth Account ($25,000) to determine the Contract Value in the

Growth Account on the Contract Anniversary ($23,750).

The Automatic Rebalancing Program then transfers Contract Value between the Risk Control Accounts as

noted in the chart below:

---

| | | |
|:---|:---|:---|
| **Before Rebalancing:** | **Before Rebalancing:** | |
| Risk Control Account | Account Value | Percentage |
| Secure | $75000.00 | 75.95% |
| Growth | $23750.00 | 24.05% |
| Contract Value | $98750.00 | 100.00% |
| **After Rebalancing:** | **After Rebalancing:** |  |
| Risk Control Account | Account Value | Percentage |
| Secure | $74062.50 | 75.00% (-$937.50) |
| Growth | $24687.50 | 25.00% (+$937.50) |
| Contract Value | $98750.00 | 100.00% |

---

<u>Second</u>, we determine the free annual withdrawal amount available in connection with a full surrender

from each Risk Control Account at the time of surrender. We determine the free annual withdrawal

amount for each Risk Control Account on a proportional basis based on the Contract Value held in each

Risk Control Account. The free annual withdrawal amount is equal to 10% of the Contract Value at the

beginning of the Contract Year ($98,750.00) or $9,875.00. We determine the portion of the free annual

withdrawal amount available from the Secure Account by calculating the percentage of Contract Value

held in the Secure Account. We divide the Secure Account Value ($74,062.50) by the sum of the Secure

Account Value ($74,062.50) and the Growth Account Value ($24,687.50). The result is then multiplied by

the free annual withdrawal amount $9,875.00) to determine the free annual withdrawal amount available

from the Secure Account ($7,406.25) in connection with the surrender of the Contract.

We follow the same steps in determining the free annual withdrawal amount available from the Growth

Account at the time of surrender. We determine the portion of the free annual withdrawal amount

available from the Growth Account by calculating the percentage of Contract Value held in the Growth

Account. We divide the Growth Account Value ($24,687.50) by the sum of the Secure Account Value

($74,062.50) and the Growth Account Value ($24,687.50). The result is then multiplied by the free annual

withdrawal amount $9,875.00) to determine the free annual withdrawal amount available from the Growth

Account ($2,468.75).

<u>Third</u>, we determine the amount of the withdrawal that may be subject to a Surrender Charge and MVA for

each Risk Control Account. We do this by subtracting the free annual withdrawal amount available from

the Contract Value in the Risk Control Account. For the Secure Account, the Secure Account Value

($74,062.50) minus the portion of free annual withdrawal amount available from the Secure Account in

connection with the surrender ($7,406.25) equals $66,656.25. For the Growth Account, the Growth

Account Value ($24,687.50) minus the portion of free annual withdrawal amount available from the

Growth Account in connection with the surrender ($2,468.75) equals $22,218.75.

<u>Fourth</u>, we determine the amount of the Surrender Charge that would be deducted from the Contract

Value in each Risk Control Account. We do this by multiplying the amount of the Contract Value that may

be subject to a Surrender Charge by the applicable Surrender Charge percentage for each Risk Control

Account. For the Secure Account, the Secure Account Value subject to a Surrender Charge ($66,656.25)

multiplied by the Surrender Charge percentage (9%) equals $5,999.06. For the Growth Account, the

Growth Account Value subject to a Surrender Charge ($22,218.75) multiplied by the Surrender Charge

percentage (9%) equals $1,999.69. The total Surrender Charge deducted in connection with the

surrender of the Contract equals $7,998.75 ($5,999.06 plus $1,999.69).

<u>Fifth</u>, we determine the MVA that would be applied to the Contract Value in each Risk Control Account.

For each Risk Control Account, we do this by dividing the amount of the Contract Value that may be

subject to an MVA by the sum of 1 plus the cumulative Index Interest Rate credited to date in the current

Contract Year and multiply the result by the Market Value Adjustment factor ("MVAF"). (The MVAF is equal

to (((1 + I + K) / (1 + J + L))^N) – 1 and for this example is equal to -0.0821.) For the Secure Account, we

would divide $66,656.25 by 1.00 then multiply the result by -0.0821 which equals a negative MVA of

$5,475.42. For the Growth Account, we would divide $22,218.75 by 1.00 then multiply the result by

-0.0821 which equals a negative MVA of $1,825.14. The total MVA applied in connection with the

surrender of the Contract is a negative MVA of $7,300.56 ($5,475.42 plus $1,825.14).

The net amount paid the Owner from the surrender of the Contract from each Risk Control Account

equals the Contract Value in the Risk Control Account less the Surrender Charge and the MVA. For the

Secure Account, that equals $74,062.50 - $5,999.06 - $5,475.42 or $62,588.02. For the Growth Account,

that equals $24,687.50 - $1,999.69 - $1,825.14 or $20,862.67. The total net amount paid the Owner from

the surrender of the Contract is $83,450.69 ($62,588.02 plus $20,862.67). Following the surrender of the

Contract, there would be no Contract Value remaining under the Contract.

**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 | $752587 | $162439 |
| 2024 | $868439 | $209560 |
| 2023 | $903042 | $220464 |

---

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 under "Income Payout

Options" in the Prospectus. Income Payout Options on a variable basis are not offered under your

Contract.

**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.

**CUSTODIAN -** Not Applicable.

**EXPERTS**

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. You should consider the Company's financial

statements only as bearing on the Company's ability to meet its obligations under your Contract.

**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)(1) | <u>[Resolutions of the Board of Directors of](mliccertproductresolutions.htm)</u><br><u>[MEMBERS Life Insurance Company](mliccertproductresolutions.htm)</u><br><u>[("MLIC") authorizing the establishment](mliccertproductresolutions.htm)</u><br><u>[of the MEMBERS Zone Annuity (the](mliccertproductresolutions.htm)</u><br><u>["Registrant")](mliccertproductresolutions.htm)</u><br>|  | X |
| (b) | Custodian Agreements - Not Applicable | Custodian Agreements - Not Applicable | Custodian Agreements - Not Applicable |
| (c) | Underwriting Contracts. | Underwriting Contracts. | Underwriting Contracts. |
| (c)(1) | <u>[Distribution Agreement dated June 11,](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1i.txt)</u><br><u>[2013.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1i.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1i.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1i.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1i.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1i.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1i.txt)</u><br>|  |
| (c)(2) | <u>[Selling and Services Agreement.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1ii.txt)</u> | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1ii.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1ii.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1ii.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1ii.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex1ii.txt)</u><br>|  |
| (c)(3) | <u>[Distribution Agreement dated](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000513/e95801_ex1iii.txt)</u><br><u>[September 9, 2013.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000513/e95801_ex1iii.txt)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000513/e95801_ex1iii.txt)</u> <br><u>[the initial filing of the Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000513/e95801_ex1iii.txt)</u> <br><u>[Statement on Form S-1, filed](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000513/e95801_ex1iii.txt)</u> <br><u>[November 27, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000513/e95801_ex1iii.txt)</u> <br><u>[333-192603).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000513/e95801_ex1iii.txt)</u><br>|  |
| (c)(4) | <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.](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 Registration](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u> <br><u>[Statement on Form N-4, filed](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u> <br><u>[January 29, 2016. (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u> <br><u>[333-207276).](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-3.htm)</u><br>|  |
| (c)(5)(a) | <u>[Expense Sharing Agreement dated](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iiia.txt)</u> <br><u>[December 31, 2013.](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iiia.txt)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iiia.txt)</u> <br><u>[Post-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iiia.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iiia.txt)</u> <br><u>[S-1, filed April 4, 2014. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iiia.txt)</u> <br><u>[333-192603).](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iiia.txt)</u><br>|  |
| (c)(5)(b) | <u>[Amended and Restated Expense](https://www.sec.gov/Archives/edgar/data/1562577/000120928615000153/e104408_ex10iiib.txt)</u> <br><u>[Sharing Agreement dated January 1,](https://www.sec.gov/Archives/edgar/data/1562577/000120928615000153/e104408_ex10iiib.txt)</u> <br><u>[2015.](https://www.sec.gov/Archives/edgar/data/1562577/000120928615000153/e104408_ex10iiib.txt)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928615000153/e104408_ex10iiib.txt)</u> <br><u>[the initial filing of the Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928615000153/e104408_ex10iiib.txt)</u> <br><u>[Statement on Form S-1, filed March](https://www.sec.gov/Archives/edgar/data/1562577/000120928615000153/e104408_ex10iiib.txt)</u> <br><u>[25, 2015. (File No. 333-202984).](https://www.sec.gov/Archives/edgar/data/1562577/000120928615000153/e104408_ex10iiib.txt)</u><br>|  |
| (d) | Contracts. | Contracts. | Contracts. |

---

---

| | | |
|:---|:---|:---|
| (d)(1) | <u>[Forms of Contract](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4i.txt)</u> | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4i.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4i.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4i.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4i.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4i.txt)</u><br>|
| (d)(2) | <u>[Form of Change of Annuitant](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iii.txt)</u><br><u>[Endorsement.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iii.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iii.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iii.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iii.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iii.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iii.txt)</u><br>|
| (d)(3) | <u>[Form of Roth IRA Endorsement.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iv.txt)</u> | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iv.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iv.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iv.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iv.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4iv.txt)</u><br>|
| (d)(4) | <u>[Form of IRA Endorsement.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4v.txt)</u> | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4v.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4v.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4v.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4v.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4v.txt)</u><br>|
| (d)(5) | <u>[Form of Amendment to Application](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4vi.txt)</u><br><u>[Endorsement.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4vi.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4vi.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4vi.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4vi.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4vi.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4vi.txt)</u><br>|
| (d)(6) | <u>[Bailout Provision Rider.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000308/e93697_ex4vii.txt)</u>  | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000308/e93697_ex4vii.txt)</u> <br><u>[Pre-Effective Amendment No. 2 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000308/e93697_ex4vii.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000308/e93697_ex4vii.txt)</u> <br><u>[S-1, filed August 2, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000308/e93697_ex4vii.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000308/e93697_ex4vii.txt)</u><br>|
| (e) | Applications. | Applications. |
| (e)(1) | <u>[Form of Application.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4ii.txt)</u> | <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4ii.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4ii.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4ii.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4ii.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex4ii.txt)</u><br>|
| (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 Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> <br><u>[Statement on Form S-1, filed](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000031/e91081_ex3i.htm)</u> <br><u>[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><br>|
| (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 Registration](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> <br><u>[Statement on Form N-4, filed](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> <br><u>[January 29, 2016. (File No.](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u> <br><u>[333-207276).](https://www.sec.gov/Archives/edgar/data/1651981/000120928616000841/e114663_ex99-6bi.htm)</u><br>|
| (g) | Reinsurance Contracts. | Reinsurance Contracts. |

---

---

| | | |
|:---|:---|:---|
| (g)(1) | <u>[Coinsurance Agreement dated October](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10i.txt)</u><br><u>[31, 2012.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10i.txt)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10i.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10i.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10i.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10i.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10i.txt)</u><br>|
| (g)(2) | <u>[Coinsurance Agreement dated January](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10ii.txt)</u><br><u>[1, 2013.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10ii.txt)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10ii.txt)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10ii.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10ii.txt)</u> <br><u>[S-1, filed June 12, 2013. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10ii.txt)</u> <br><u>[333-186477).](https://www.sec.gov/Archives/edgar/data/1562577/000120928613000223/e93125_ex10ii.txt)</u><br>|
| (g)(2)(a) | <u>[First Amendment to Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iia.txt)</u><br><u>[Agreement dated January 1, 2014.](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iia.txt)</u><br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iia.txt)</u> <br><u>[Post-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iia.txt)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iia.txt)</u> <br><u>[S-1, filed April 4, 2014. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iia.txt)</u> <br><u>[333-192603).](https://www.sec.gov/Archives/edgar/data/1562577/000120928614000131/e97904_ex10iia.txt)</u><br>|
| (g)(2)(b) | <u>[Second Amendment to Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iib.htm)</u> <br><u>[Agreement dated November 18, 2014.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iib.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iib.htm)</u> <br><u>[the initial filing of the Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iib.htm)</u> <br><u>[Statement on Form S-1, filed](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iib.htm)</u> <br><u>[December 20, 2017. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iib.htm)</u> <br><u>[333-222172).](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iib.htm)</u><br>|
| (g)(2)(c) | <u>[Third Amendment to Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iic.htm)</u> <br><u>[Agreement dated March 24, 2015.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iic.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iic.htm)</u> <br><u>[the initial filing of the Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iic.htm)</u> <br><u>[Statement on Form S-1, filed](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iic.htm)</u> <br><u>[December 20, 2017. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iic.htm)</u> <br><u>[333-222172).](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iic.htm)</u><br>|
| (g)(2)(d) | <u>[Fourth Amendment to Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iid.htm)</u> <br><u>[Agreement dated August 31, 2015.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iid.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iid.htm)</u> <br><u>[the initial filing of the Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iid.htm)</u> <br><u>[Statement on Form S-1, filed](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iid.htm)</u> <br><u>[December 20, 2017. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iid.htm)</u> <br><u>[333-222172).](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iid.htm)</u><br>|
| (g)(2)(e) | <u>[Fifth Amendment to Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iie.htm)</u> <br><u>[Agreement dated December 18, 2015.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iie.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iie.htm)</u> <br><u>[the initial filing of the Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iie.htm)</u> <br><u>[Statement on Form S-1, filed](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iie.htm)</u> <br><u>[December 20, 2017. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iie.htm)</u> <br><u>[3333-222172).](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iie.htm)</u><br>|
| (g)(2)(f) | <u>[Sixth Amendment to Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iif.htm)</u> <br><u>[Agreement dated October 20, 2017.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iif.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iif.htm)</u> <br><u>[the initial filing of the Registration](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iif.htm)</u> <br><u>[Statement on Form S-1, filed](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iif.htm)</u> <br><u>[December 20, 2017. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iif.htm)</u> <br><u>[333-222172).](https://www.sec.gov/Archives/edgar/data/1562577/000120928617000728/e137374_ex10iif.htm)</u><br>|
| (g)(2)(g) | <u>[Amended and Restated Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u> <br><u>[and Modified Coinsurance Agreement](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u> <br><u>[dated January 1, 2019](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u>. <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u> <br><u>[the Post-Effective Amendment No. 2](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u> <br><u>[to the Registration Statement on](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u> <br><u>[Form S-1, filed April 16, 2020 (File](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u> <br><u>[No. 333-222172).](https://www.sec.gov/Archives/edgar/data/1562577/000120928620000090/g163628_ex-10iig.htm)</u><br>|
| (g)(3) | <u>[Amended and Restated Coinsurance](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iii.htm)</u> <br><u>[Agreement dated February 4, 2021.](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iii.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iii.htm)</u> <br><u>[Post-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iii.htm)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iii.htm)</u> <br><u>[S-1, filed April 6, 2022. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iii.htm)</u> <br><u>[333-250022).](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iii.htm)</u><br>|

---

---

| | | | |
|:---|:---|:---|:---|
| (g)(3)(a) | <u>[Second Amendment to Amended and](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br><u>[Restated Coinsurance and Modified](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br><u>[Coinsurance Agreement dated](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br><u>[November 23, 2021.](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br><u>[Post-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br><u>[S-1, filed April 6, 2022. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u> <br><u>[333-250022).](https://www.sec.gov/Archives/edgar/data/1562577/000175392622000465/g180884_ex10iiia.htm)</u><br>|  |
| (g)(3)(b) | <u>[Third Amendment to Amended and](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br><u>[Restated Coinsurance and Modified](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br><u>[Coinsurance Agreement dated October](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br><u>[10, 2022.](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br><u>[Post-Effective Amendment No. 2 to](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br><u>[S-1, filed April 14, 2023. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u> <br><u>[333-250022).](https://www.sec.gov/Archives/edgar/data/1562577/000175392623000439/g188554_10iiib.htm)</u><br>|  |
| (g)(3)(c) | <u>[Fourth Amendment to Amended and](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br><u>[Restated Coinsurance and Modified](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br><u>[Coinsurance Agreement dated April 17,](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br><u>[2023.](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br>| <u>[Incorporated herein by reference to](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br><u>[Pre-Effective Amendment No. 1 to](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br><u>[S-1, filed April 19, 2024. (File No.](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u> <br><u>[333-276341)](https://www.sec.gov/Archives/edgar/data/1562577/000175392624000789/g196961_ex10iiic.htm)</u>.<br>|  |
| (g)(4)(a) | <u>[Amended and Restated Coinsurance](amendedandrestatedcoinsura.htm)</u> <br><u>[and Modified Coinsurance Agreement](amendedandrestatedcoinsura.htm)</u> <br><u>[dated March 6, 2025](amendedandrestatedcoinsura.htm)</u><br>|  | X |
| (g)(4)(b) | <u>[First Amendment to Amended and](firstamendmenttotheamended.htm)</u> <br><u>[Restated Coinsurance and Modified](firstamendmenttotheamended.htm)</u> <br><u>[Coinsurance Agreement dated May 23,](firstamendmenttotheamended.htm)</u> <br><u>[2025](firstamendmenttotheamended.htm)</u><br>|  | X |
| (g)(7)(a) | <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.](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>[Post-Effective Amendment. No 1 to](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u> <br><u>[the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1651981/000120928617000217/e126250_ex3a.htm)</u> <br><u>[N-4, 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><br>|  |
| (h) | Participation Agreements – Not Applicable | Participation Agreements – Not Applicable | Participation Agreements – Not Applicable |
| (i) | Administrative Contracts - Not Applicable | Administrative Contracts - Not Applicable | Administrative Contracts - Not Applicable |
| (j) | Other Material Contracts - Not Applicable | Other Material Contracts - Not Applicable | Other Material Contracts - Not Applicable |
| (k) | Legal Opinion | Legal Opinion | Legal Opinion |
| (k)(1) | <u>[Legal Opinion of Britney Schnathorst](memberszone_2026xlegalopin.htm)</u> |  | X |
| (l) | Other Opinions. | Other Opinions. | Other Opinions. |
| (l)(1) | <u>[Consent of Independent Auditor](memberszone-mlicconsentfor.htm)</u> |  | X |
| (m) | Omitted Financial Statements - Not Applicable | Omitted Financial Statements - Not Applicable | Omitted Financial Statements - Not Applicable |
| (n) | Initial Capital Agreements - Not Applicable | 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. | 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 | Letter Regarding Change in Certifying Accountant - Not Applicable |
| (r) | <u>[Historical Current Limits on Index Gains](memberszone_ex27rxitem31b.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**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Entity | Entity | Entity | Ownership |
| 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 | 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 | 100% |
|  | a. | Happy Monday Holdings, Inc.<br>State of domicile: Delaware | Happy Monday Holdings, Inc.<br>State of domicile: Delaware | 46.6% |
|  |  | 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 | 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 | 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: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | 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 | CUNA Mutual Management Services, LLC<br>State of domicile: Iowa | 100% |
|  | 1. | Compliance Systems, LLC<br>State of domicile: Michigan | Compliance Systems, LLC<br>State of domicile: Michigan | 100% |
|  | 2. | ForeverCar Holdings, LLC<br>State of domicile: Delaware | ForeverCar Holdings, LLC<br>State of domicile: Delaware | 100% |
|  |  | a. | ForeverCar LLC<br>State of domicile: Illinois | 100% |
|  |  | b. | 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 | 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 | 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 | 100% CUNA Mutual <br>International <br>|
|  |  | 1. | CUNA Caribbean Insurance Jamaica Limited<br>Domicile: Jamaica | 100% |
|  |  | 2. | CUNA Caribbean Insurance OECS Limited<br>Domicile: St. Lucia | 100% |
|  |  | 3. | CUNA Mutual Insurance Society Dominicana, S.A.<br>Domicile: Dominican Republic | 99.99% |
|  |  |  | TruStage Costa Rica, S.A.<br>Domicile: Costa Rica | 100% |
|  |  | 4. | CUNA Caribbean Insurance Society Limited<br>Domicile: Trinidad and Tobago | 100% |
|  |  | 5. | 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 Boan\*\*\*\* | 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 this 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. | $752,587\* | $0\* | $162,439\* | $590,147\* |

---

\*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>Zone <br>Annuity<br>| 19096 | 1784131455 | 0 | 8883 | 821801534 | No |

---

\*Information for fiscal year ended December 31, 2025.

**Item 32. Location of Accounts and Records.**

Not applicable.

**Item 33. Management Services**

Not applicable.

**Item 34. Fee Representation and Undertakings**

The Company hereby undertakes the following:

1. To 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

2. 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 offered 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, 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 LIFE INSURANCE COMPANY (Registrant)

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 |
| \* | President and Director (Principal <br>Executive Officer)  | April 14, 2026 |
| Tammy L. Schultz |  |  |
| \* | Treasurer (Principal Financial & <br>Accounting Officer) | April 14, 2026 |
| Brian J. Borakove | Treasurer (Principal Financial & <br>Accounting Officer) | April 14, 2026 |
| \* | Director | 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 and Secretary | April 14, 2026 |
| Paul D. Barbato | 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. 333-276341), filed with the Commission on April 14, 2026.

## Exhibit 99.27

**MEMBERS Life Insurance Company**

**CERTIFICATION OF CORPORATE RECORDS**

I, the undersigned, DO HEREBY CERTIFY that I am a duly appointed Assistant Secretary of MEMBERS Life

Insurance Company ("MLIC") and that as such officer I have access to MLIC's books and records and that I

have authority to make this certification; and

I further certify that via Unanimous Written Consent dated and effective February 15, 2013, the Board of

Directors of MLIC adopted the following resolutions which have not been modified or rescinded and are

now in full force and effect:

RESOLVED, that the Board of Directors of MEMBERS Life Insurance Company hereby adopts

the following resolutions authorizing the President or his designee to take certain actions with

respect to writing modified guaranteed annuity business including the establishment of a separate

account to be used in connection with this business; be it further,

RESOLVED, that:

1. the Board of Directors of MEMBERS Life Insurance Company (the "Company"), hereby

establishes a separate account, pursuant to Iowa Statute 508A.1, designated "MEMBERS

Market Zone Account" (the "Account"), for the following uses and purposes, and subject to the

conditions set forth in this Resolution;

2. the Account is established for the purpose of providing for the issuance by the Company of

certain annuity contracts (the "Contracts") that will be registered with the Securities and

Exchange Commission ("SEC") (such Contracts may be classified as modified guaranteed

annuity contracts or variable annuity contracts in accordance with applicable state laws or

regulations) and shall constitute a funding medium to support reserves under the Contracts;

3. premiums and other amounts received by the Company on account of Market Zone annuities

shall be allocated to the Account for purposes of providing benefits related to or arising under

the Market Zone annuities;

4. the Account shall be a non-unitized separate account but the assets of the Account equal to

the reserves and other Contract liabilities with respect to such Account will not be chargeable

with liabilities arising out of any other business the Company conducts;

5. the income, if any, and the gains and losses, realized or unrealized, on the Account shall be

credited to or charged against the Account without regard to other gains or losses of the

Company;

6. the investment policy of the Company is adopted as the investment policy of the Account and

all amounts allocated to the Account, and any accumulations thereon, shall be invested and

reinvested in accordance with such investment policy, as may be amended, supplemented or

restated from time to time.

7. the President, or his designee, be, and he hereby is, authorized to transfer cash from time to

time between the Company's general account and the Account as deemed necessary or

appropriate and consistent with the terms of the Contracts. Persons who have been

authorized previously to transfer cash on behalf of the Company are hereby expressly

authorized to transfer cash for purposes of this paragraph;

8. the Board of Directors of the Company reserves the right to change the designation of the

Account to such other designation as it may deem necessary or appropriate;

9. the President, or his designee (with such assistance from the Company's independent

certified public accountants, legal counsel and independent consultants or others as he may

require), be, and he hereby is, authorized and directed to take all action necessary to comply

with the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 (the "1933

Act"), and other applicable federal and state laws including: (a) register the Contracts in such

amounts, which may be an indefinite amount, as he may from time to time deem appropriate

under the 1933 Act; and (b) file any amendments to registration statements, any

undertakings, and any applications for exemptions from the securities laws or other

applicable laws as shall be deemed necessary or appropriate;

10. the President, or his designee, be, and he hereby is, authorized and empowered to prepare,

execute and cause to be filed with the SEC on behalf of the Account and the Company

notifications of registration, registration statements registering the Contracts under the 1933

Act, and any and all amendments to the foregoing on behalf of the Account and the Company

and on behalf of and as attorneys-in-fact for the principal executive officer and/or the principal

financial officer and/or the principal accounting officer and/or any other officer of the

Company;

11. the Company's General Counsel is duly appointed as agent for service and is duly authorized

to receive communications and notices from the SEC with respect to any filings on behalf of

the Company or the Account;

12. the President, or his designee, be, and he hereby is, authorized on behalf of the Account and

on behalf of the Company to take any and all action that each of them may deem necessary

or advisable in order to offer and sell the Contracts, including any registrations, exemptive

applications, filings and qualifications both of the Company, its officers, agents and

employees, and of the Contracts, under the insurance and securities laws of any of the states

of the United States of America or other jurisdictions, and in connection therewith to prepare,

execute, deliver and file all such applications, reports, covenants, resolutions, applications for

exemptions, consents to service of process and other papers and instruments as may be

required under such laws, and to take any and all further action which he or legal counsel of

the Company may deem necessary or desirable (including entering into whatever

agreements and contracts may be necessary) in order to maintain such registrations or

qualifications for as long as he or legal counsel deem it to be in the best interests of the

Account and the Company;

13. the President, or his designee, be, and he hereby is, authorized in the names and on behalf

of the Account and the Company to execute and file irrevocable written consents on the part

of the Account and of the Company to be used in such states wherein such consents to

service of process may be requisite under the insurance or securities laws therein in

connection with the registration or qualification of the Contracts and to appoint the

appropriate state official, or such other person as may be allowed by insurance or securities

laws, agent of the Account and of the Company for the purpose of receiving and accepting

process;

14. the President, or his designee, be, and he hereby is, authorized to execute an agreement or

agreements as deemed necessary and appropriate (i) with CUNA Brokerage Services, Inc.

("CBSI") or other qualified entity under which CBSI or such other entity will be appointed

principal underwriter and distributor for the Contracts, and (ii) with one or more qualified

banks or other qualified entities to provide administrative and/or custody services in

connection with the establishment and maintenance of the Account and the design, issuance,

and administration of the Contracts;

15. the President, or his designee, be, and he hereby is, authorized to execute and deliver these

agreements and other documents and do such acts and things as may be necessary or

desirable to carry out the foregoing resolutions and the intent and purposes thereof; and be it

further

RESOLVED, That the foregoing resolution will remain in full force and effect until otherwise

revoked by the Board of Directors of the Company; and

RESOLVED, That if any resolution in any form different from, but generally consistent with the

foregoing is required, such other resolution shall be deemed to have been duly approved and

adopted hereby; and

RESOLVED, That the Company is authorized to seek additional regulatory authority to

underwrite, issue, solicit and sell modified guaranteed annuity products or variable annuity

products in the various states where the Company is now licensed to conduct its insurance

business; and

RESOLVED, That:

1. the appropriate officers of the Company are hereby authorized on behalf of the Company to

develop suitability standards for the guidance of field agents and brokers, as well as Home

Office underwriters, for the purpose of dealing with suitability issues affecting applicants and

potential applicants for annuity products;

2. the suitability standards shall take into consideration all pertinent factors of potential

applicants and at a minimum, require reasonable inquiry of every applicant for annuity

contracts, so that prior to any recommendation by an agent or broker, a reasonable

judgment can be made as to the suitability of the product being offered in light of the

applicant's financial situation and needs, as well as the applicant's insurance and investment

objectives and provided further, that lapse ratios and other relevant information shall be

monitored on a broader scale from time to time, with a view toward determining whether

suitability guidelines are, in fact, being utilized as a general business practice among agents

and brokers in the field.

WITNESS MY HAND and the seal of the company this 28<sup>th</sup>day of August, 2024.

/s/Katherine L. Castro

_________________________________

Katherine L. Castro, Assistant Secretary

MEMBERS Life Insurance Company

[Seal]

## 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_0a.jpg](image_0a.jpg)<br>MEMBERS Life Insurance Company<br>|

---

April 14, 2026

Board of Directors

MEMBERS Life Insurance Company

2000 Heritage Way

Waverly, IA 50677

Re: MEMBERS Life Insurance Company MEMBERS Zone AnnuityPost-Effective Amendment 2 to<u>Registration Statement on Form N-4, File No. 333-276341</u>

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") with the

Securities and Exchange Commission for the purpose of registering under the Securities Act of 1933, as

amended, certain single premium deferred 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 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. 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 AUDITOR**

We consent to the incorporation by reference in this Post-Effective Amendment No. 2 to Registration

Statement No. 333-276341 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