# EDGAR Filing Document

**Accession Number:** 0001562577
**File Stem:** 0001562577-25-000211
**Filing Date:** 2025-6
**Character Count:** 843654
**Document Hash:** 184cce2a7fd68756328f3d929b10941b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562577-25-000211.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001562577-25-000211

**CONFORMED SUBMISSION TYPE**: N-4

**PUBLIC DOCUMENT COUNT**: 115

**FILED AS OF DATE**: 20250617

**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:** N-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288103
- **FILM NUMBER:** 251052454

**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

As filed with the Securities and Exchange Commission on June 17, 2025

Registration No. [ ]

**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. [ ]

(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)

&nbsp;&nbsp;&nbsp;&nbsp;☐ On (date) pursuant to paragraph (b)

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

&nbsp;&nbsp;&nbsp;&nbsp;☐ On (date) 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:** TruStage™ ZoneChoice Income Annuity

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date<br>until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter<br>become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become<br>effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.<br>

**MEMBERS LIFE INSURANCE COMPANY**

**Income Benefit Supplement Dated [_____], 2025** 

**to**

**TruStage™ ZoneChoice Income Annuity Statutory Prospectus and Initial Summary Prospectus** 

**dated [_____], 2025**

**INCOME BENEFIT TERMS FOR CONTRACT APPLICATIONS SIGNED ON OR AFTER [_____]**

This Income Benefit Supplement (this "Supplement") applies to the TruStage<sup>™</sup>ZoneChoice Income

Annuity Contract (the "Contract"). Please read it carefully and keep it with your Prospectus for future

reference. Capitalized terms have the meanings provided in the Prospectus. To confirm that you have the

most current Income Benefit Supplement, please ask your financial professional; contact us at 2000

Heritage Way, Waverly, IA 50677 or by calling 1-800-798-5500; or go to www.sec.gov under File No. [ ].

The Contract is designed for you to take lifetime payments under a non-optional Income Benefit. On the

Contract application, you must choose from one of the two Income Benefit riders we offer: IncomeGrowth

Protection and IncomeGrowth Performance. This Supplement provides current values for the following

terms that purchasers of new Contracts need to understand when deciding which rider to choose (the

"Income Benefit Terms").

• **Annual Increase Percentage.** The percentage that is added to the Income Benefit Percentage for

each whole Contract Year from the Contract Issue Date until the Income Benefit Payment Start Date,

subject to the Maximum Annual Increase Period.

• **Base Withdrawal Percentage**. The Income Benefit Percentage on the Contract Issue Date.

• **Income Benefit Fee Rate.** The percentage used to calculate the Income Benefit Fee.

**For you to receive the Income Benefit Terms reflected in this Supplement:**

• your Application Signed Date must be on or after the date set forth above and before we establish

new Income Benefit Terms through a new Supplement; **<u>and</u>**

• we must receive your paperwork in Good Order within 14 calendar days of the Application Signed

Date; **<u>and</u>**

• we must receive the Purchase Payment within 60 calendar days of the Application Signed Date.

Once these conditions are met, if we establish new Income Benefit Terms before we issue your Contract

that <u>all</u> change to your advantage or are unchanged, we will apply the new Income Benefit Terms on the

Contract Issue Date. However, if any new Income Benefit Term changes to your disadvantage, we will

apply all of the Income Benefit Terms in this Supplement.

If you do not meet the above conditions and we establish new Income Benefit Terms after the Application

Signed Date, the new Income Benefit Terms will apply. However, if any new Income Benefit Term changes

to your disadvantage, we will consider your application not in Good Order; before we issue your Contract,

we will require you to acknowledge that you wish to proceed based on the changed (less advantageous)

Income Benefit Terms.

**Once your Contract is issued, the Income Benefit Terms applicable to your Contract will not**

**change for the life of your Contract. Income Benefit Terms disclosed in previous Income Benefit**

**Supplements are stated in Appendix C to the Prospectus.**

This Supplement has no specified end date and is effective until superseded by a subsequent Income

Benefit Supplement. We will file a new Income Benefit Supplement at least 10 Business Days before new

Income Benefit Terms go into effect.

**KEY INFORMATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | **Yes.** The table below describes the fees and expenses that you<br>may pay each year, depending on the Allocation Options you<br>choose.<br>**There is an implicit ongoing fee on the Risk Control Accounts**<br>**to the extent that the Cap Rate or Dual Step Rate limit your**<br>**participation in Index gains, which is not reflected in the**<br>**tables below.** This means your returns may be lower than the<br>Index's returns; however, in exchange for accepting limits on Index<br>gains, you receive some protection from Index losses through the<br>Floors, Buffers, and Boosts.<br>Please refer to your Contract Data Page and Rider Data Page for<br>information about the specific fees you will pay each year based on<br>the options you have elected. | **Yes.** The table below describes the fees and expenses that you<br>may pay each year, depending on the Allocation Options you<br>choose.<br>**There is an implicit ongoing fee on the Risk Control Accounts**<br>**to the extent that the Cap Rate or Dual Step Rate limit your**<br>**participation in Index gains, which is not reflected in the**<br>**tables below.** This means your returns may be lower than the<br>Index's returns; however, in exchange for accepting limits on Index<br>gains, you receive some protection from Index losses through the<br>Floors, Buffers, and Boosts.<br>Please refer to your Contract Data Page and Rider Data Page for<br>information about the specific fees you will pay each year based on<br>the options you have elected. | **Yes.** The table below describes the fees and expenses that you<br>may pay each year, depending on the Allocation Options you<br>choose.<br>**There is an implicit ongoing fee on the Risk Control Accounts**<br>**to the extent that the Cap Rate or Dual Step Rate limit your**<br>**participation in Index gains, which is not reflected in the**<br>**tables below.** This means your returns may be lower than the<br>Index's returns; however, in exchange for accepting limits on Index<br>gains, you receive some protection from Index losses through the<br>Floors, Buffers, and Boosts.<br>Please refer to your Contract Data Page and Rider Data Page for<br>information about the specific fees you will pay each year based on<br>the options you have elected. | *Location in* <br>*Prospectus:*<br>Fee Table<br>Charges and <br>Adjustments |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | **Annual Fee** | **Minimum** | **Maximum** | *Location in* <br>*Prospectus:*<br>Fee Table<br>Charges and <br>Adjustments |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | Income Benefit Fee Rate<sup>(1)</sup> | [ ]% | [ ]% | *Location in* <br>*Prospectus:*<br>Fee Table<br>Charges and <br>Adjustments |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | (1) As a percentage of the average daily Income Benefit Base for the prior Contract<br>Year. | (1) As a percentage of the average daily Income Benefit Base for the prior Contract<br>Year. | (1) As a percentage of the average daily Income Benefit Base for the prior Contract<br>Year. | *Location in* <br>*Prospectus:*<br>Fee Table<br>Charges and <br>Adjustments |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | Because your Contract is customizable, the choices you make<br>affect how much you will pay. To help you understand the cost of<br>owning your Contract, the following table shows the lowest and<br>highest cost you could pay each year, based on current charges.<br>**This estimate assumes that you do not take Excess**<br>**Withdrawals from the Contract, which could add Surrender**<br>**Charges and a negative Market Value Adjustment that**<br>**substantially increase costs.** | Because your Contract is customizable, the choices you make<br>affect how much you will pay. To help you understand the cost of<br>owning your Contract, the following table shows the lowest and<br>highest cost you could pay each year, based on current charges.<br>**This estimate assumes that you do not take Excess**<br>**Withdrawals from the Contract, which could add Surrender**<br>**Charges and a negative Market Value Adjustment that**<br>**substantially increase costs.** | Because your Contract is customizable, the choices you make<br>affect how much you will pay. To help you understand the cost of<br>owning your Contract, the following table shows the lowest and<br>highest cost you could pay each year, based on current charges.<br>**This estimate assumes that you do not take Excess**<br>**Withdrawals from the Contract, which could add Surrender**<br>**Charges and a negative Market Value Adjustment that**<br>**substantially increase costs.** | *Location in* <br>*Prospectus:*<br>Fee Table<br>Charges and <br>Adjustments |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | **Lowest Annual Cost: $[]** | **Highest Annual Cost: $[]** | **Highest Annual Cost: $[]** | *Location in* <br>*Prospectus:*<br>Fee Table<br>Charges and <br>Adjustments |
|  | Assumes:<br>•$100,000 investment<br>•5% annual appreciation<br>•No transfers or withdrawals | Assumes:<br>•$100,000 investment<br>•5% annual appreciation<br>•No transfers or withdrawals | Assumes:<br>•$100,000 investment<br>•5% annual appreciation<br>•No transfers or withdrawals |  |

---

**CHARGES AND ADJUSTMENTS - Income Benefit Fee**

---

| | |
|:---|:---|
| **Income Benefit Fee Rate**<br>**(as a percentage of the average daily Income Benefit Base for the prior Contract Year)**<br>| [ ]% |

---

**INCOME BENEFIT - Income Benefit Payments - *Income Benefit Percentage***

If there is one Covered Person, the Base Withdrawal Percentage and Annual Increase Percentage are

determined based on your election of single life option rates using the Age of the Covered Person as of

the Contract Issue Date. If there are two Covered Persons, the Base Withdrawal Percentage and Annual

Increase Percentage are determined based on your election of joint life option rates using one Covered

Person's Age as of the Contract Issue Date as follows: *[to be updated by amendment].*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Percentages for IncomeGrowth Protection Rider** | **Percentages for IncomeGrowth Protection Rider** | **Percentages for IncomeGrowth Protection Rider** | **Percentages for IncomeGrowth Protection Rider** | **Percentages for IncomeGrowth Protection Rider** |
| **Age on Contract Issue Date** | **Single Life** | **Single Life** | **Joint Life** | **Joint Life** |
| **Age on Contract Issue Date** | **Base** <br>**Withdrawal** <br>**Percentage**<br>| **Annual** <br>**Increase** <br>**Percentage\***<br>| **Base** <br>**Withdrawal** <br>**Percentage**<br>| **Annual** <br>**Increase** <br>**Percentage\***<br>|
| **21 - 44** |  |  |  |  |
| **45** |  |  |  |  |
| **46** |  |  |  |  |
| **47** |  |  |  |  |
| **48** |  |  |  |  |
| **49** |  |  |  |  |
| **50** |  |  |  |  |
| **51** |  |  |  |  |
| **52** |  |  |  |  |
| **53** |  |  |  |  |
| **54** |  |  |  |  |
| **55** |  |  |  |  |
| **56** |  |  |  |  |
| **57** |  |  |  |  |
| **58** |  |  |  |  |
| **59** |  |  |  |  |
| **60** |  |  |  |  |
| **61** |  |  |  |  |
| **62** |  |  |  |  |
| **63** |  |  |  |  |
| **64** |  |  |  |  |
| **65** |  |  |  |  |
| **66** |  |  |  |  |
| **67** |  |  |  |  |
| **68** |  |  |  |  |
| **69** |  |  |  |  |
| **70** |  |  |  |  |
| **71** |  |  |  |  |
| **72** |  |  |  |  |
| **73** |  |  |  |  |
| **74** |  |  |  |  |
| **75** |  |  |  |  |
| **76** |  |  |  |  |
| **77** |  |  |  |  |
| **78** |  |  |  |  |
| **79** |  |  |  |  |
| **80+** |  |  |  |  |

---

\*After the Maximum Annual Increase Period, no further Annual Increase Percentages will be applied.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Percentages for IncomeGrowth Performance Rider** | **Percentages for IncomeGrowth Performance Rider** | **Percentages for IncomeGrowth Performance Rider** | **Percentages for IncomeGrowth Performance Rider** | **Percentages for IncomeGrowth Performance Rider** |
| **Age on Contract Issue Date** | **Single Life** | **Single Life** | **Joint Life** | **Joint Life** |
| **Age on Contract Issue Date** | **Base** <br>**Withdrawal** <br>**Percentage**<br>| **Annual** <br>**Increase** <br>**Percentage\***<br>| **Base** <br>**Withdrawal** <br>**Percentage**<br>| **Annual** <br>**Increase** <br>**Percentage\***<br>|
| **21 - 44** |  |  |  |  |
| **45** |  |  |  |  |
| **46** |  |  |  |  |
| **47** |  |  |  |  |
| **48** |  |  |  |  |
| **49** |  |  |  |  |
| **50** |  |  |  |  |
| **51** |  |  |  |  |
| **52** |  |  |  |  |
| **53** |  |  |  |  |
| **54** |  |  |  |  |
| **55** |  |  |  |  |
| **56** |  |  |  |  |
| **57** |  |  |  |  |
| **58** |  |  |  |  |
| **59** |  |  |  |  |
| **60** |  |  |  |  |
| **61** |  |  |  |  |
| **62** |  |  |  |  |
| **63** |  |  |  |  |
| **64** |  |  |  |  |
| **65** |  |  |  |  |
| **66** |  |  |  |  |
| **67** |  |  |  |  |
| **68** |  |  |  |  |
| **69** |  |  |  |  |
| **70** |  |  |  |  |
| **71** |  |  |  |  |
| **72** |  |  |  |  |
| **73** |  |  |  |  |
| **74** |  |  |  |  |
| **75** |  |  |  |  |
| **76** |  |  |  |  |
| **77** |  |  |  |  |
| **78** |  |  |  |  |
| **79** |  |  |  |  |
| **80+** |  |  |  |  |

---

\*After the Maximum Annual Increase Period, no further Annual Increase Percentages will be applied.

**TruStage™ ZoneChoice Income 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 [____________], 2025**

This Prospectus describes the TruStage™ ZoneChoice Income Annuity, an individual or joint owned,

single purchase payment deferred index-linked annuity contract issued by MEMBERS Life Insurance

Company. This Prospectus describes all material rights and obligations of Owners, including all state

variations, and provides important information you should know before investing. Please keep this

Prospectus for future reference.

You may purchase the Contract with a single Purchase Payment of at least $10,000. **We do not allow** 

**additional Purchase Payments. The Contract is a complex investment and involves risks,** 

**including potential loss of principal.**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 Contract is designed for you to take lifetime payments under a non-optional Income Benefit. On the

Contract application, you must choose from one of the two Income Benefit riders we offer: IncomeGrowth

Protection, which offers relatively higher guaranteed income; and IncomeGrowth Performance, which

offers the potential for higher performance over time. This election cannot be changed. We assess an

annual Income Benefit Fee for the Income Benefit, which is disclosed in the current Income Benefit

Supplement along with other important Income Benefit terms you need to understand when deciding

which rider to choose. You should not sign an application for the Contract without first obtaining the current

Income Benefit Supplement.

Subject to certain conditions, the Income Benefit provides guaranteed lifetime Income Benefit Payments

based on a single or joint Income Benefit Percentage of your Income Benefit Base. Income Benefit

Payments are guaranteed regardless of investment performance and will continue even if your Contract

Value is reduced to zero from Income Benefit Payments. Withdrawals other than Income Benefit

Payments ("Excess Withdrawals") reduce the Death Benefit, Income Benefit Base, and Income Benefit

Payment, perhaps significantly, and could terminate the Contract. The Income Benefit Payment is a

withdrawal of your own Contract Value unless the Contract Value is reduced to zero. **The probability of**

**you outliving your Contract Value and receiving Income Benefit Payments from our General**

**Account may be minimal.** Income Benefit Payments reduce the Death Benefit, Surrender Value,

Contract Value and the Annual Free Withdrawal Amount by the amount of the Income Benefit Payment.

Due to the Income Benefit, this Contract may not be appropriate for investors who are only interested in

maximizing long-term accumulation.

You may allocate your Contract Value among index-linked Allocation Options ("Risk Control Accounts")

and a fixed interest rate Allocation Option ("Fixed Account") for accumulation and long-term investment

purposes. **Additional information about each Allocation Option is provided in <u>[Appendix A](#i79160c1b9fb648ca8a7d77b2fd44b08c_61)</u>. The**

**Allocation Options available to you will vary depending upon which Income Benefit rider you**

**select.** We currently offer Allocation Options with Interest Terms of one or six years. Allocation Options

are available on the Contract Issue Date and at the end of the applicable Interest Term. Before the end of

each Interest Term, we will notify you of the available Allocation Options to which you may transfer

maturing Contract Value. New Allocation Options may have different Interest Terms and Crediting

Strategies than what was previously available. We reserve the right to add, substitute, or eliminate Indices

and Allocation Options as described in this Prospectus. **It is possible that we may discontinue some or**

**all Allocation Options except the Fixed Account and a Risk Control Account option with a 0%**

**Floor, and any remaining Allocation Options may have terms that are not acceptable to you.**

Allocation Options and features my vary by state, and your selling firm may limit the Allocation Options

available to you.

We credit interest daily to the **Fixed Account** based on a fixed annual interest rate that is guaranteed for

each one-year Interest Term. The Fixed Interest Rate will never be below 0.05%.

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

performance of an external Index by comparing the change in the Index from the first day of the Interest

Term to the last day of the Interest Term ("Index Return"). We currently offer three reference indices: the

S&P 500 Index, the Dimensional US Small Cap Value Systematic Index, and the Barclays Risk Balanced

Index. **It is possible that you will not earn any interest in, or that we may credit negative interest to, the Risk Control Accounts**.

We currently offer Risk Control Accounts with the following **Crediting Strategies**: Floor with Participation

Rate and Cap Rate; Buffer with Participation Rate and Cap Rate; Boost with Participation Rate and Cap

Rate; and Buffer with Dual Step Rate. The Floor, Buffer, and Boost may provide protection by limiting the

amount of negative interest credited to you from negative Index performance, but the Cap Rate and Dual

Step Rate may limit the amount of interest you can earn from positive Index performance. **The Floor, Buffer, and Boost do not limit losses from the Surrender Charge, Market Value Adjustment, Interim Value calculation, proportionate calculations, or taxes**.

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

Interest Term. Negative Index performance will reduce your Risk Control Account Value by up to

the amount of the Floor you elected. We currently offer eleven Floor options: 0%, -1%, -2%, -3%,

-4%, -5%, -6%, -7%, -8%, -9%, and -10%. During the life of your Contract, an Allocation Option

with a Floor of 0% will always be available. **There** **is a risk of loss of principal and previously**

**credited interest of up to the Floor (a maximum loss of 10% with a Floor of -10%) each**

**Interest Term due to negative Index performance.**

• The **Buffer** provides you limited protection each Interest Term against negative Index

performance up to the Buffer, but we will credit you any negative interest that exceeds the Buffer.

We currently offer Allocation Options with a -10% Buffer and a -20% Buffer. We may not always

make available Allocation Options with Buffers, but if we do, a Buffer of -10% or more will be

available. **There is a risk of loss of principal and previously credited interest of up to the**

**amount of any negative Index performance that exceeds the Buffer (a maximum loss of**

**90% with a Buffer of -10%, if the Index declines by 100%) each Interest Term due to**

**negative Index performance.**

• The **Boost** provides you limited protection each Interest Term by increasing any negative Index

performance by the amount of the Boost. If the Index Return is zero or positive, the Boost is also

the minimum Adjusted Index Return (subject to the Cap Rate). We currently offer Allocation

Options with a 10% Boost and a 20% Boost. We may not always make available Allocation

Options with Boosts, but if we do, a Boost of 10% or more will be available. **There is a risk of**

**loss of principal and previously credited interest of up to the amount of any negative Index**

**performance that exceeds the Boost (a maximum loss of 90% with a 10% Boost, if the**

**Index declines by 100%) each Interest Term due to negative Index performance.**

• The **Cap Rate** is the maximum amount of any positive Index interest that we will credit you at the

end of an Interest Term. Positive Index performance will increase your Risk Control Account Value

by up to the Cap Rate. We reset the Cap Rates at the start of each Interest Term. The Cap Rate

for Risk Control Accounts with one-year Interest Terms will never be less than 1%, and the Cap

Rate for Risk Control Accounts with six-year Interest Terms will never be less than 10%. **With the**

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

• The **Participation Rate** is the percentage of any positive Index interest that we will credit you at

the end of an Interest Term. For Risk Control Accounts with a Buffer or Floor, the Participation

Rate is applied to any positive Index Return. For Risk Control Accounts with a Boost, the

Participation Rate is applied to any Index Return that is greater than the Boost. We reset the

Participation Rate at the start of each Interest Term. The Participation Rate will never be less than

100%, which means that the Participation Rate alone will not limit the amount of Interest you earn

from positive Index performance.

• The **Dual Step Rate** is the Adjusted Index Return that we will credit you when the Index Return is

greater than or equal to the applicable Buffer. In other words, if you choose a Buffer of -10%, the

Dual Step Rate will **only** apply if there is negative Index Return that is -10% or better, or a

positive Index Return. We will not credit you interest from positive Index performance that

exceeds the Dual Step Rate. We reset the Dual Step Rate at the start of each Interest Term. The

Dual Step Rate will never be less than 10%. **With the Dual Step Rate, you may receive only a**

**portion of any positive Index performance**.

**This Contract is not a short-term investment and may not be appropriate if you need ready access**

**to cash. Surrender Charges, Market Value Adjustments, Interim Values, proportional calculations, income taxes, and additional taxes may result in the loss of your principal and previously credited**

**interest. Withdrawals and Flex Transfers could also have a significant negative impact on your**

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

• If you take an Excess Withdrawal or surrender your Contract in the first six Contract Years, you

may pay a **Surrender Charge** of up to 8% of the amount being withdrawn that exceeds the

Annual Free Withdrawal Amount.

• If you take an Excess Withdrawal or surrender your Contract at any time other than on or

within 30 days after each sixth Contract Anniversary, we will apply a **Market Value**

**Adjustment** (which may be positive or negative) to the amount that exceeds the Annual Free

Withdrawal Amount. **A negative Market Value Adjustment could significantly decrease the**

**amount you receive from an Excess Withdrawal or surrender. In extreme circumstances, losses from the Market Value Adjustment could be as high as 90% of your Contract Value.**

**•**For Contract Value allocated to a Risk Control Account, if you take a withdrawal (including

Income Benefit Payments), make a Flex Transfer, surrender your Contract, die, or begin

Payout Options before the expiration of an Interest Term, the amount withdrawn or transferred

from the Risk Control Account is based on the **Interim Value** (which may reflect a positive or

negative return) and will reduce the Crediting Base proportionally. **This could significantly**

**decrease the values under your Contract by more than the withdrawal or transfer amount.**

**In extreme circumstances, losses from the Interim Value calculation could be as high as**

**100% of your Risk Control Account Value.**

• Excess Withdrawals reduce the Income Benefit Base, which is used to determine the Income

Payment, and the Purchase Payment, which is used to determine the Death Benefit, by the ratio

of the withdrawal (including any Surrender Charge and Market Value Adjustment) to the Contract

Value immediately prior to the withdrawal. **As a result, reductions due to Excess Withdrawals**

**may be substantially more than the amount withdrawn or transferred, could significantly**

**decrease your Income Benefit Payment, Death Benefit, and remaining Contract Values, and could terminate the Income Benefit and the Contract.**

**•The Crediting Strategies do not limit losses from the Surrender Charge, Market Value**

**Adjustment, Interim Value calculation, or proportional calculations; however, full**

**surrenders from the Fixed Account are subject to the Fixed Account nonforfeiture value.**

**•Only Contract Value remaining in an Allocation Option will be credited interest, positive or**

**negative, at the end of the Interest Term.**

• 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), these withdrawals may have an adverse effect

on your values under the Contract. If you intend to make ongoing withdrawals other than your

Income Benefit Payments, you should consult a financial professional to determine whether the

Contract is appropriate for you.

**This 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](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u> 

<u>[Contract](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u>" on Page <u>[21](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u>. The guarantees in this Contract are subject to the Company's financial strength

and claims-paying ability.

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

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

**The Contract or certain Allocation 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.**

**If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving**

**it without paying fees or penalties. Upon cancellation, you will receive a full refund of the amount**

**you paid with your application (less any withdrawals). Some states may permit a longer period for**

**you to return your Contract, or different calculations and requirements for refunded amounts. You**

**should review this prospectus, or consult with your investment professional, for additional**

**information about the specific cancellation terms that apply.**

i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[GLOSSARY](#if7fbc232083649659ac7a29ede920dca)** **...............................................................................................................................................** | **[1](#if7fbc232083649659ac7a29ede920dca)** |
| **[OVERVIEW OF THE CONTRACT](#i90e24f7e560b4c98a620cc8683ec3504)** **.........................................................................................................** | **[5](#i90e24f7e560b4c98a620cc8683ec3504)** |
| [Purpose](#ia2bc1b0eaa3e4f4d84e5696f962b41fb).................................................................................................................................................. | [5](#ia2bc1b0eaa3e4f4d84e5696f962b41fb) |
| [Purchase and Contract Periods](#i1e0debf8936a4e759747e0469be34e36)......................................................................................................... | [5](#i1e0debf8936a4e759747e0469be34e36) |
| [Income Benefit](#ied3940979ddf48eca7996ee5b2fc24ac)..................................................................................................................................... | [5](#ied3940979ddf48eca7996ee5b2fc24ac) |
| [Allocation Options](#id0ddafde746544e88a5703a7a84fc2c3)............................................................................................................................... | [6](#id0ddafde746544e88a5703a7a84fc2c3) |
| [Withdrawal Options, Transfers, and Adjustments](#i7cac38e86a024de2a65a30d54593e534)........................................................................... | [11](#i7cac38e86a024de2a65a30d54593e534) |
| [Other Contract Features](#if96de341291241729e5b557f82f8a9f8)..................................................................................................................... | [13](#if96de341291241729e5b557f82f8a9f8) |
| **[KEY INFORMATION](#i5a9f3482bb0a41dd895a729df963ab10)** **................................................................................................................................** | **[14](#i5a9f3482bb0a41dd895a729df963ab10)** |
| **[FEE TABLE](#ieee93da2f9ab48b3b3eab90a5e012dd9)** **................................................................................................................................................** | **[20](#ieee93da2f9ab48b3b3eab90a5e012dd9)** |
| **[PRINCIPAL RISKS OF INVESTING IN THE CONTRACT](#i015fff8514d84a21ab57f8f2ce61438d)** **................................................................** | **[21](#i015fff8514d84a21ab57f8f2ce61438d)** |
| **[THE INSURANCE COMPANY AND SEPARATE ACCOUNT](#ic2aa3a29875c4512a89023a1e0eb8f75)** **..........................................................** | **[26](#ic2aa3a29875c4512a89023a1e0eb8f75)** |
| [MEMBERS Life Insurance Company](#i5667eb25859c4dcc9d083e610f98bd85)................................................................................................ | [26](#i5667eb25859c4dcc9d083e610f98bd85) |
| [The Risk Control Separate Account](#i7e4fb3745a44446eb70bab8f66bfcb83).................................................................................................. | [27](#i7e4fb3745a44446eb70bab8f66bfcb83) |
| **[GETTING STARTED - THE ACCUMULATION PERIOD](#i27e76c4f5b974c2d97699cf3a2c26b1e)** **..................................................................** | **[27](#i27e76c4f5b974c2d97699cf3a2c26b1e)** |
| [Purchasing a Contract](#iad5aa19cc365412ba11dfab43f9566e6)......................................................................................................................... | [27](#iad5aa19cc365412ba11dfab43f9566e6) |
| [Tax-Free Section 1035 Exchanges](#ia33063898a374ae89ed505df8f37b9a5)................................................................................................... | [28](#ia33063898a374ae89ed505df8f37b9a5) |
| [Owner and Joint Owners](#ide9b3d3286ec41458bbfd181657d5365).................................................................................................................... | [28](#ide9b3d3286ec41458bbfd181657d5365) |
| [Divorce](#if2df603a6d3149cbb25402cd94c3ae1b)................................................................................................................................................... | [29](#if2df603a6d3149cbb25402cd94c3ae1b) |
| [Annuitant and Joint Annuitants](#ibca68a173f574bfcbf73927decab42bb).......................................................................................................... | [29](#ibca68a173f574bfcbf73927decab42bb) |
| [Beneficiary and Irrevocable Beneficiaries](#i465512917f974b4d96b5ebf6f27952fb)........................................................................................ | [29](#i465512917f974b4d96b5ebf6f27952fb) |
| [Covered Person](#ib3b38642986247fc9f2b9ba9ed4d4698).................................................................................................................................... | [30](#ib3b38642986247fc9f2b9ba9ed4d4698) |
| [Right to Examine](#i364815d3d1bf403bad98397932215590).................................................................................................................................. | [30](#i364815d3d1bf403bad98397932215590) |
| **[ALLOCATING YOUR PURCHASE PAYMENT](#ib10d0fc6fd8c42849d1f1a9ab306ff70)** **...................................................................................** | **[30](#ib10d0fc6fd8c42849d1f1a9ab306ff70)** |
| [Purchase Payment](#i94702181fbb04bb1a2b40e856efdae2e)............................................................................................................................... | [30](#i94702181fbb04bb1a2b40e856efdae2e) |
| [Allocation Options](#i508f22b402a24789b0cb526a8c6702f6)................................................................................................................................ | [30](#i508f22b402a24789b0cb526a8c6702f6) |
| [Reallocating Your Contract Value](#iba7820a4eb9d4eb0aacc09984edf8935)...................................................................................................... | [32](#iba7820a4eb9d4eb0aacc09984edf8935) |
| [Flex Transfers](#ibef8a8c90c484c4eb223e3e2a351f322)....................................................................................................................................... | [33](#ibef8a8c90c484c4eb223e3e2a351f322) |
| **[FIXED ACCOUNT OPTION](#ibdf1438c79d34cf59d7d259981370553)** **.....................................................................................................................** | **[34](#ibdf1438c79d34cf59d7d259981370553)** |
| [Fixed Interest Rate](#ibf7c8130b535444c9d35ed7e286ca3e0)............................................................................................................................... | [34](#ibf7c8130b535444c9d35ed7e286ca3e0) |
| [Fixed Account Nonforfeiture Value](#idff58e96f6ca4a05959f116a668bff2b).................................................................................................... | [34](#idff58e96f6ca4a05959f116a668bff2b) |
| **[RISK CONTROL ACCOUNT OPTIONS](#i35b96753135a4d78bcc2d3deea23db65)** **...............................................................................................** | **[35](#i35b96753135a4d78bcc2d3deea23db65)** |
| [Interest Term and Crediting Interest](#ibea54fdd733a4c3f9e8152a2bf6dd632).................................................................................................. | [35](#ibea54fdd733a4c3f9e8152a2bf6dd632) |
| [The Indices](#id71bea020316473385cee0aa19a12e11)............................................................................................................................................ | [36](#id71bea020316473385cee0aa19a12e11) |
| [Limits On Index Losses and Gains](#ia7af94aab96243bd99fdf89762214d6f).................................................................................................... | [37](#ia7af94aab96243bd99fdf89762214d6f) |
| [Setting the Crediting Strategies](#i7e0ecc726ea24adf922dbec7f147dd1d)......................................................................................................... | [39](#i7e0ecc726ea24adf922dbec7f147dd1d) |
| [Index Annual Return Examples](#i872cfa37ab5e451a8a2bcb67f7d10bec).......................................................................................................... | [39](#i872cfa37ab5e451a8a2bcb67f7d10bec) |
| [Allocation Option Restrictions and Changes](#ib4218d8398c342a8b19261e489b964a5)................................................................................... | [41](#ib4218d8398c342a8b19261e489b964a5) |
| **[CONTRACT VALUE](#i42e51d0a9d5c43d5a937dec0db46ab56)** **.................................................................................................................................** | **[42](#i42e51d0a9d5c43d5a937dec0db46ab56)** |
| [Fixed Account Value](#ida65493406e2476686ae30e9e74d7cca)............................................................................................................................ | [42](#ida65493406e2476686ae30e9e74d7cca) |
| [Risk Control Account Value](#iedc8a4c0a86d4da9bcf33aa9a94860c6)................................................................................................................ | [43](#iedc8a4c0a86d4da9bcf33aa9a94860c6) |
| [Interim Value](#i8fc7771bfadf4993bcff9b30fbe3622f)......................................................................................................................................... | [50](#i8fc7771bfadf4993bcff9b30fbe3622f) |
| **[CHARGES AND ADJUSTMENTS](#i1c98a971fcab4e93a8c9c0b60ec90082)** **.........................................................................................................** | **[51](#i1c98a971fcab4e93a8c9c0b60ec90082)** |
| [Income Benefit Fee](#i4a717cfcc671429a88df47ad5ecfcc9d).............................................................................................................................. | [51](#i4a717cfcc671429a88df47ad5ecfcc9d) |
| [Surrender Charge](#i9d5da10405734593b6171249c31273ab)................................................................................................................................ | [52](#i9d5da10405734593b6171249c31273ab) |
| [Interim Value](#ib7e3d236dc8448eead7d01b1bc1e1ba2)........................................................................................................................................ | [53](#ib7e3d236dc8448eead7d01b1bc1e1ba2) |

---

ii

---

| | |
|:---|:---|
| [Market Value Adjustment](#i7add2ea15e7343b59161240484b1a2ec).................................................................................................................... | [54](#i7add2ea15e7343b59161240484b1a2ec) |
| [Premium Taxes](#i7dfc89244c7541beaf5c8ce287d988fe)..................................................................................................................................... | [55](#i7dfc89244c7541beaf5c8ce287d988fe) |
| [Other Information](#i2cecc0695a4d485196cb535f9bf7e911)................................................................................................................................. | [55](#i2cecc0695a4d485196cb535f9bf7e911) |
| **[ACCESS TO YOUR MONEY](#i8ca4f35986354e5fbf24064049ffdf01)** **..................................................................................................................** | **[55](#i8ca4f35986354e5fbf24064049ffdf01)** |
| [Partial Withdrawals](#ie6683fe5a21b491485b21bb64b73e081).............................................................................................................................. | [55](#ie6683fe5a21b491485b21bb64b73e081) |
| [Surrenders](#i00e7af5ee4e04bd39bc399d03ebc8b83)............................................................................................................................................. | [56](#i00e7af5ee4e04bd39bc399d03ebc8b83) |
| [Partial Withdrawal and Surrender Restrictions](#iaf9ee0ea91d243e2a64485aee344eff5)................................................................................ | [57](#iaf9ee0ea91d243e2a64485aee344eff5) |
| [Right to Defer Payments](#i2984a52dc3284cefa615becca759a36e)..................................................................................................................... | [57](#i2984a52dc3284cefa615becca759a36e) |
| **[INCOME BENEFIT](#i54ed9b8cf72d45f9866b0e49f7ea2320)** **....................................................................................................................................** | **[57](#i54ed9b8cf72d45f9866b0e49f7ea2320)** |
| [Income Benefit Fee](#ic1f465b4ab914dbbbf69f2d9ed524d52).............................................................................................................................. | [58](#ic1f465b4ab914dbbbf69f2d9ed524d52) |
| [Termination of the Income Benefit](#i4b68ded9e7704b0598b197cf043a09eb)..................................................................................................... | [58](#i4b68ded9e7704b0598b197cf043a09eb) |
| [Covered Person](#i2790d8ee51b44e85a1c3df9188aad397).................................................................................................................................... | [58](#i2790d8ee51b44e85a1c3df9188aad397) |
| [Spousal Continuation](#ic141a1ebc38341b9868d2e5a4ac8b064).......................................................................................................................... | [60](#ic141a1ebc38341b9868d2e5a4ac8b064) |
| [Income Benefit Payments](#i62ab57014654432281eaeda6acca7085)................................................................................................................... | [60](#i62ab57014654432281eaeda6acca7085) |
| [Treatment of Income Benefit Payment Withdrawals](#i30c90400ea75492086f2a3d0a8b52b22)...................................................................... | [61](#i30c90400ea75492086f2a3d0a8b52b22) |
| [Fixed Account Automatic Transfer and Withdrawal Program](#icc0c5fc5caa5494997c98af2973ef470)........................................................ | [62](#icc0c5fc5caa5494997c98af2973ef470) |
| [Impact of Excess Withdrawals on the Income Benefit Payment](#i8a69b445e6d94dc097e0c9af774bede6).................................................. | [62](#i8a69b445e6d94dc097e0c9af774bede6) |
| [Required Minimum Distribution Withdrawals](#i11da49f937bc45b99fd55ca11aedae0d)................................................................................... | [64](#i11da49f937bc45b99fd55ca11aedae0d) |
| **[BENEFITS AVAILABLE UNDER THE CONTRACT](#i59a67296b0574b06828dec4c1262cdc0)** **..........................................................................** | **[64](#i59a67296b0574b06828dec4c1262cdc0)** |
| [Income Benefit](#i0c08656d3fc6413988faa843d4a3ab31)...................................................................................................................................... | [65](#i0c08656d3fc6413988faa843d4a3ab31) |
| [Fixed Account Automatic Transfer and Withdrawal Program](#ieaf92b778f0449a39c7e01964cc62bc3)........................................................ | [65](#ieaf92b778f0449a39c7e01964cc62bc3) |
| [Death Benefit](#i73291dead77648d2af1c0a8075e6425a)........................................................................................................................................ | [65](#i73291dead77648d2af1c0a8075e6425a) |
| [Death Benefit Termination.](#i7d3b4b25fd2e4a00b949e38ad28539d4)................................................................................................................ | [69](#i7d3b4b25fd2e4a00b949e38ad28539d4) |
| [Systematic Withdrawals](#i20c7050a0f88494a82677a3e8c7cc520)...................................................................................................................... | [70](#i20c7050a0f88494a82677a3e8c7cc520) |
| **[THE PAYOUT PERIOD](#i72555f5ac11d47d6ba44dbe4e282cdde)** **............................................................................................................................** | **[72](#i72555f5ac11d47d6ba44dbe4e282cdde)** |
| [Payout Date](#ia722a72e8a164632883e37df05fd3136).......................................................................................................................................... | [72](#ia722a72e8a164632883e37df05fd3136) |
| [Payout Period Income Payments](#i4d05273aee624a0cbc7f8f31c9bd047a)...................................................................................................... | [72](#i4d05273aee624a0cbc7f8f31c9bd047a) |
| [Terms of Payout Period Income Payments](#i582f96111ad846be9325544be90ed0ca)...................................................................................... | [73](#i582f96111ad846be9325544be90ed0ca) |
| [Electing a Payout Option](#ibe4c4f8d63214c5e9d1cc4e7e3989fb6)................................................................................................................... | [73](#ibe4c4f8d63214c5e9d1cc4e7e3989fb6) |
| [Payout Options](#i33e1e0022b5b4e14b23bc3a4d3fdefc2)..................................................................................................................................... | [73](#i33e1e0022b5b4e14b23bc3a4d3fdefc2) |
| **[FEDERAL INCOME TAX MATTERS](#icf18e1be6d8647b5bc37f5daa022db76)** **....................................................................................................** | **[74](#icf18e1be6d8647b5bc37f5daa022db76)** |
| **[OTHER INFORMATION](#icd365395f1f847ddab0e6e5ed7022ef5)** **...........................................................................................................................** | **[80](#icd365395f1f847ddab0e6e5ed7022ef5)** |
| [Important Information about the Indices](#i2c6417f698bc496dbb03f3e2898693ee)........................................................................................... | [80](#i2c6417f698bc496dbb03f3e2898693ee) |
| [Distribution of the Contract](#i151d1add1c8c42f88603ee9d5b154d9a)................................................................................................................ | [83](#i151d1add1c8c42f88603ee9d5b154d9a) |
| [Authority to Change](#ic19931f11279496cb013c890322bbe86)............................................................................................................................. | [84](#ic19931f11279496cb013c890322bbe86) |
| [Incontestability](#i04184b9b286043c7b3f871e980ef0c3b)...................................................................................................................................... | [84](#i04184b9b286043c7b3f871e980ef0c3b) |
| [Misstatement of Age or Sex at Birth](#ic573ae56788c45c991851f4bbde6b684).................................................................................................. | [84](#ic573ae56788c45c991851f4bbde6b684) |
| [Conformity with Applicable Laws](#i145831a323bf4e679e38062ba2284285)....................................................................................................... | [85](#i145831a323bf4e679e38062ba2284285) |
| [Reports to Owners](#i1296fc5ef64e49c39a2a8c5ca5c72342).............................................................................................................................. | [85](#i1296fc5ef64e49c39a2a8c5ca5c72342) |
| [Householding](#i7ba2a9c5e97842cfafde7410eafac3a2)........................................................................................................................................ | [85](#i7ba2a9c5e97842cfafde7410eafac3a2) |
| [Change of Address](#if36e8e6962b0441f95bc265824e33183).............................................................................................................................. | [85](#if36e8e6962b0441f95bc265824e33183) |
| [Inquiries](#i42689ecad7d540599f1bbc4caffe1483)................................................................................................................................................. | [85](#i42689ecad7d540599f1bbc4caffe1483) |
| [Legal Proceedings](#ib476bd08cf8f4f21a0f23946c9947ccb)............................................................................................................................... | [85](#ib476bd08cf8f4f21a0f23946c9947ccb) |
| **[FINANCIAL STATEMENTS](#i9620647d10ca4a63b285aed5433197cf)** **....................................................................................................................** | **[86](#i9620647d10ca4a63b285aed5433197cf)** |

---

iii

---

| | |
|:---|:---|
| **APPENDIX A: Allocation Options Available Under the Contract** | **A-1** |
| **APPENDIX B: State Variations of Certain Features and Benefits** | **B-1** |
| **APPENDIX C: Terms Disclosed on Previous Income Benefit Supplements** | **C-1** |

---

**GLOSSARY**

**Accumulation Period.** The period of time that begins on the Contract Issue Date and ends on the Payout

Date or the date this Contract is terminated if earlier.

**Adjusted Index Return.** The Index Return for the current Interest Term adjusted for the Crediting

Strategy. This value is only calculated at the end of the Interest Term.

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

Phone: 1-800-798-5500.

**Age.** Age as of last birthday.

**Allocation Options.** All available options under the Contract for allocating your Purchase Payment and

Contract Value. Your selling firm may limit the Allocation Options available to you when your Contract is

issued.

**Annual Free Withdrawal Amount.** The amount that can be withdrawn each Contract Year without

incurring a Surrender Charge or Market Value Adjustment. For the first six Contract Years, it is equal to

10% of the Contract Value determined at the beginning of each Contract Year. Beginning on the sixth

Contract Anniversary, it is equal to 20% of the Contract Value determined at the beginning of each

Contract Year. Income Benefit Payments are considered a withdrawal for purposes of determining the

Annual Free Withdrawal Amount.

**Annual Increase Percentage.** The percentage that is added to the Income Benefit Percentage for each

whole Contract Year from the Contract Issue Date until the Income Benefit Payment Start Date, subject to

the Maximum Annual Increase Period.

**Annuitant (Joint Annuitant).** The person(s) whose life (or lives) determines the Payout Period Income

Payment amount payable under the Contract. If the Owner is a non-natural person, the Annuitant(s) is

also the person(s) whose death determines the Death Benefit.

**Application Signed Date**. The date that you sign your application. For applications transmitted through

electronic order entry, the Application Signed Date is the initial submission date and may be different than

the wet signature date. Please speak with your Financial Professional to determine which date applies to

your application.

**Authorized Request.** A signed and dated request that is in Good Order. Without limitation, any of the

following requests must be signed by all Owners and any assignee: transfer value, change a party to the

Contract, change the Payout Date, or make a partial withdrawal or full surrender of the Contract. An

Authorized Request may also include a phone, fax, or electronic request for specific transactions.

**Base Withdrawal Percentage**. The Income Benefit Percentage on the Contract Issue Date.

**Beneficiary (Beneficiaries).** The person(s) or entity(ies) who will receive the Death Benefit proceeds due

to the Owner's death, or in the case of a non-natural Owner, upon the death of the Annuitant.

**Boost**. The percentage added to an Index Return that is less than zero to determine the Adjusted Index

Return. It is also the minimum Adjusted Index Return when the Index Return is greater than or equal to

zero.

**Buffer.** The maximum amount of negative interest assumed by the Company for an Interest Term, and

any additional negative interest will be credited to the Risk Control Account.

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

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

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

**Cap Rate.** The maximum amount of interest the Company will credit to the Risk Control Account for an

Interest Term. If the Cap Rate is uncapped, the Cap Rate is not applied to the Crediting Strategy.

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

**Contract.** The TruStage™ ZoneChoice Income Annuity, an individual or joint owned, single purchase

payment deferred index-linked annuity contract issued by MEMBERS Life Insurance Company.

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

remains in force.

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

specific Contract.

**Contract Issue Date.** The day your Contract is issued. This date will be used to determine Contract

Years and Contract Anniversaries.

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

calculated as of the end of a Business Day.

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

and ending one day before the next Contract Anniversary.

**Covered Person(s).** The natural person(s) whose Age and lifetime we base Income Benefit Payments on

under the Income Benefit.

**Crediting Base.** The amount used to calculate the Risk Control Account Value. It is equal to the amount

allocated to a Risk Control Account at the start of the Interest Term, reduced proportionally for any

withdrawals, Flex Transfers, or Contract Value applied to a Payout Option.

**Crediting Strategy.** The method by which interest is calculated for an Allocation Option during the

Interest Term.

**Death Benefit**. The amount the Beneficiary is entitled to upon the death of an Owner who is a natural

person or the death of an Annuitant if the Owner is a non-natural person.

**Dual Step Rate**. The percentage that equals the Adjusted Index Return when the Index Return is greater

than or equal to the applicable Buffer for the Crediting Strategy.

**Excess Withdrawal.** The portion of a withdrawal that, when added to other withdrawals during the

current Contract Year, is greater than the total Income Benefit Payment for the current Contract Year.

Excess Withdrawals include withdrawals prior to the Income Benefit Payment Start Date and deductions

for any applicable Surrender Charge and Market Value Adjustment.

**Fixed Account.** An Allocation Option that is part of our General Account to which we credit a fixed annual

rate of interest referred to as the Fixed Interest Rate.

**Fixed Account Nonforfeiture Value**. The value used to determine the Fixed Account minimum values. It

applies to the Surrender Value, the entire Contract Value applied to a Payout Option, and Death Benefit

proceeds upon the death of an Owner during the Accumulation Period.

**Fixed Interest Rate**. The effective annual rate of interest credited to the Fixed Account. The Fixed

Interest Rate will never be less than 0.05%.

**Flex Transfer.** The voluntary transfer of some or all of the value in any Risk Control Account to the Fixed

Account prior to the end of the Interest Term.

**Floor.** The maximum amount of negative interest for an Interest Term used to determine the Adjusted

Index Return that may be credited to the Risk Control Account for an Interest Term.

**General Account.** All of the Company's assets other than the assets in its separate accounts.

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

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

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

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

provide the instruction or engage in the transaction. A request or transaction may be rejected or delayed if

not in Good Order. This information and documentation necessary for a transaction or instruction

generally includes, to the extent applicable: the completed application or instruction form; your contract

number; the transaction amount (in dollars or percentage terms); the signatures of all Owners (exactly as

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

supporting documentation that we may require, including any consents. With respect to the Purchase

Payment, Good Order also generally includes receipt by us of sufficient funds to affect the purchase. We

may, in our sole discretion, determine whether any particular transaction request is in Good Order, and we

reserve the right to change or waive any Good Order requirement at any time, including without limitation,

the conditions and time periods related to the application of Income Benefit Terms in the Income Benefit

Supplement. If you have any questions, you should contact us or your financial professional before

submitting the form or request.

**Income Benefit.** A non-optional feature also known as a guaranteed lifetime withdrawal benefit, that,

subject to certain conditions, provides guaranteed lifetime payments ("Income Benefit Payments") based

on a single or joint percentage ("Income Benefit Percentage") of your Income Benefit Base.

**Income Benefit Base**. The amount upon which the Income Benefit Payment is based.

**Income Benefit Fee.** A fee equal to the Income Benefit Fee Rate multiplied by the average daily Income

Benefit Base for the prior Contract Year. The Income Benefit Fee is assessed as long as the Income

Benefit rider is in effect. The fee compensates us for the expenses, mortality risk, and expense risk

assumed by us for providing the Income Benefit.

**Income Benefit Fee Rate.** The percentage used to calculate the Income Benefit Fee.

**Income Benefit Payment(s).** The guaranteed lifetime withdrawal amount.

**Income Benefit Percentage**. The percentage applied to the Income Benefit Base to determine the

annual Income Benefit Payment. The Income Benefit Payment equals the Income Benefit Percentage (a

combination of the Base Withdrawal Percentage and the Annual Increase Percentage) multiplied by the

Income Benefit Base.

**Income Benefit Payment Start Date**. The date Income Benefit Payments begin.

**Income Benefit Supplement.** A periodic supplement to this Prospectus that provides current values for

the following Income Benefit terms: Annual Increase Percentages, Base Withdrawal Percentages, and

Income Benefit Fee Rate.

**Index, Indices.** The reference index (or indices) that is a benchmark designed to track the performance

of a portfolio of securities and is used to determine the Index Return, Adjusted Index Return, and Interim

Value for a Crediting Strategy.

**Index Return**. The percentage change in the reference Index from the beginning of the Interest Term to

the end of the Interest Term.

**Index Value**. The closing value for the reference Index as of the end of a Business Day.

**Interest Term.** The period for which interest is calculated for an Allocation Option. The Interest Term may

vary by Allocation Option. Interest Terms will start and end on a Contract Anniversary, unless otherwise

specified.

**Interim Value.** The value for a Risk Control Account on any day other than the first and last Business Day

of an Interest Term.

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

**Irrevocable Beneficiary.** A Beneficiary who must consent to being changed or removed as a Beneficiary.

By designating an Irrevocable Beneficiary, you give up the right to change that Beneficiary unilaterally.

**Market Value Adjustment.** An adjustment (increase or decrease) that may be applied to a full surrender

or partial withdrawal prior to the end of the six-year rolling period that begins on the Contract Issue Date.

The Market Value Adjustment does not apply to transfers (including Flex Transfers) or to the Annual Free

Withdrawal Amount.

**Maximum Annual Increase Period**. The number of years after which no further Annual Increase

Percentages will be applied.

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

plan.

**Owner (Joint Owner).** The person(s) or entity who own(s) the Contract and has (have) all rights under

the Contract. Unless owned by a non-natural person, the Owner is also the person(s) whose death

determines the Death Benefit. The Owner is also referred to as "you" or "your".

**Participation Rate.** The percentage that may be applied to an Index Return to determine the Adjusted

Index Return. For any Risk Control Account with a Buffer or Floor, the percentage is applied to an Index

Return that is greater than zero. For any Risk Control Account with a Boost, the percentage is applied to

an Index Return that is greater than the Boost.

**Payout Date.** The date the first Payout Period Income Payment is paid from the Contract to the Owner.

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

**Payout Period**. The period of time that begins on the Payout Date and continues until we make the last

payment as provided by the Payout Option chosen or the last Income Benefit Payment.

**Payout Period Income Payment**. Income payments made during the Payout Period.

**Purchase Payment.** The amount paid to us, by or on behalf of an Owner, that is used to establish the

annuity on the Contract Issue Date. We do not allow any additional Purchase Payments.

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

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

**Required Minimum Distributions (RMDs).** The required minimum distribution defined by section

401(a)(9) of the IRC for the Contract and as determined by us. RMDs only apply to Qualified Contracts.

**Rider Data Page.** Pages attached to the Income Benefit rider that describe certain terms applicable to

your specific rider.

**Risk Control Account.** An Allocation Option to which we credit interest based in part on the performance

of an Index, subject to the Crediting Strategy.

**Risk Control Account Value.** The portion of the Contract Value in a Risk Control Account.

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

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

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

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

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

Contract and any attached endorsements or riders. Additionally, individuals in other arrangements that are

not recognized as marriage under the relevant state law will not be treated as married or as Spouses as

defined in this Contract for federal tax purposes. Consult with a tax advisor for more information on this

subject and before exercising benefits under the contract and any attached endorsements or riders.

**Surrender Charge**. The charge associated with surrendering either some or all of the Contract Value.

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

Accumulation Period.

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

the next succeeding Business Day.

**OVERVIEW OF THE CONTRACT**

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

**Purpose**

The Contract is an individual or joint owned, single purchase payment deferred index-linked annuity

contract. It is designed for you to take lifetime payments under a non-optional Income Benefit, which

subject to certain conditions, provides guaranteed lifetime Income Benefit Payments based on a

percentage of your Income Benefit Base for the life of a Covered Person(s). The Contract can help you

save for retirement by allowing your Contract Value to earn interest from the Risk Control Accounts and/or

Fixed Account on a ax-deferred basis. You generally will not pay taxes on your earnings (your Contract

Value minus the portion of your Purchase Payment not previously withdrawn) 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 $10,000. **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 or the date the Contract is terminated if earlier. During the Accumulation Period, you

allocate your Contract Value to the Risk Control Accounts and the Fixed Account. **Additional information**

**about each Allocation Option is provided in <u>[Appendix A](#i79160c1b9fb648ca8a7d77b2fd44b08c_61)</u>.**

***Payout Period.*** The Payout Period begins on the Payout Date and continues until we make the last

payment as provided by the Payout Option chosen or the last Income Benefit Payment. On the first day of

the Payout Period, the Contract Value (calculated using the Interim Value calculation and subject to the

Fixed Account Nonforfeiture Value, if applicable) will be applied to the Payout Option you select unless

the Income Benefit is in effect and would be higher. When the Payout Period begins, you will no longer be

able to make withdrawals. The Death Benefit terminates when the Contract is applied to a Payout Option.

See "<u>[The Payout Period](#i79160c1b9fb648ca8a7d77b2fd44b08c_49)</u>" for more details.

**Income Benefit**

The Income Benefit (also known as a guaranteed lifetime withdrawal benefit or GLWB) is automatically

included with your Contract. On the Contract application, you must choose from one of the two Income

Benefit riders we offer: IncomeGrowth Protection, which offers relatively higher guaranteed income; and

IncomeGrowth Performance, which offers the potential for higher performance over time. This election

cannot be changed. We assess an annual Income Benefit Fee, which is disclosed in the current Income

Benefit Supplement along with other important Income Benefit terms you need to understand when

deciding which rider to choose. You should not sign an application for the Contract without first obtaining

the current Income Benefit Supplement. Subject to certain conditions, the Income Benefit provides Income

Benefit Payments based on a single or joint percentage of your Income Benefit Base for the life of a

Covered Person(s). There are restrictions on who can become a Covered Person, and the Owner cannot

request to remove, add, or change a Covered Person except as described in this Prospectus. Also, joint

life Income Benefit Payments are not available for non-natural owners.

The Income Benefit Payment is calculated on the Income Benefit Payment Start Date. Income Benefit

Payments can begin as early as the 50th birthday of the younger Covered Person or two Business Days

after the Contract Issue Date. You may take the full or partial Income Benefit Payment amount through

the systematic withdrawal program. If you take less than the Income Benefit Payment, the remaining

Income Benefit Payment will not carry over to future years. Income Benefit Payments can begin as late as

the anticipated Payout Date shown on your Contract Data Page. Upon reaching the Payout Date, we will

begin Payout Period Income Payments unless the Contract is surrendered.

The Income Benefit Payments are guaranteed regardless of investment performance and will continue

even if the Contract Value is reduced to zero from Income Benefit Payments. Income Benefit Payments

will reduce the Death Benefit, Surrender Value, Contract Value, and the Annual Free Withdrawal Amount

by the amount of the Income Benefit Payment. The Income Benefit Payment is a withdrawal of your own

Contract Value unless the Contract Value is reduced to zero. The probability of you outliving your Contract

Value and receiving the Income Benefit Payment from our General Account may be minimal. Withdrawals

taken before the Income Benefit Payment Start Date, including RMDs, and withdrawals taken after the

Income Benefit Payment Start Date that exceed the Income Benefit Payment amount, will reduce the

Income Benefit Base and the Income Benefit Payment, perhaps significantly, and could terminate the

Contract. Income Benefit Payments continue during the life of the Covered Person(s) unless the Income

Benefit Rider is terminated. The Death Benefit is still payable after Income Benefit Payments begin but

will be reduced by the Income Benefit Payments.

Once established, the Income Benefit Base and Income Benefit Payment can only decrease if you take

an Excess Withdrawal. If an Excess Withdrawal causes the Surrender Value to be less than $2,000, your

Contract will terminate and Income Benefit Payments will cease. Before processing the full surrender, we

will attempt to contact you or your financial professional to provide the opportunity for you to take a lesser

withdrawal to maintain a Surrender Value of at least $2,000. If we are unable to contact you within one

Business Day after receiving your request, we will process the full surrender.

Income Benefit Payments are subject to federal income tax and may be subject to a 10% additional tax if

elected prior to age 59½.

Current values for certain terms you need to understand when deciding which Income Benefit rider to

choose are set forth in an Income Benefit Supplement to this Prospectus. You should not sign an application

for the Contract without first obtaining the current Income Benefit Supplement. Terms disclosed in previous

Income Benefit Supplements are stated in <u>[Appendix C](#i79160c1b9fb648ca8a7d77b2fd44b08c_413)</u>.

**Allocation Options**

You must specify the percentage of your Purchase Payment to be allocated to each Allocation Option on

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

allocation instructions on file with us. See "<u>[Allocating Your Purchase Payment](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u>" for more details. The

current Allocation Options under the Contract are shown in the table below. **The Allocation Options**

**available to you will vary depending upon which Income Benefit rider you select.** Allocation Options

and features my vary by state, and your selling firm may limit the Allocation Options available to you.

---

| | | | |
|:---|:---|:---|:---|
| **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** |
| **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** |
| *Account* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee* |
| Fixed Account | 1-Year | Fixed Interest Rate | Minimum Rate: 0.05% |

---

---

| | | | |
|:---|:---|:---|:---|
| **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  |
| **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| S&P 500 Index | 6-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 6-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 6-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 6-Year | Boost: 10% and 20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 6-Year | Boost: 10% and 20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 6-Year | Boost: 10% and 20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 6-Year | Buffer: -10% and -20%<br>Dual Step Rate<br>| Dual Step Rate: 10% |
| **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** |
| *Account* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee* |
| Fixed Account | 1-Year | Fixed Interest Rate | Minimum Rate: 0.05% |

---

---

| | | | |
|:---|:---|:---|:---|
| **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** |
| **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** |
| *Account* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee* |
| Fixed Account | 1-Year | Fixed Interest Rate | Minimum Rate: 0.05% |

---

\* The Floor, Buffer, and Boost for an Allocation Option will not change during the life of your Contract

unless the Allocation Option is discontinued. During the life of your Contract, the Fixed Account and an

Allocation Option with a Floor of 0% will always be available. We may not always make available

Allocation Options with Buffers, however, if one is available, a Buffer of -10% or more will be available.

We may not always make available Allocation Options with Boosts, but if we do, a Boost of 10% or

more will be available.

***Interest Terms and Reallocations.*** Each Allocation Option is available on the Contract Issue Date and at

the end of the Interest Term. For example, after the Contract Issue Date, an Allocation Option with a one-

year Interest Term is available every Contract Anniversary, whereas an Allocation Option with a six-year

Interest Term is available every sixth Contract Anniversary. This means that the six-year Interest Term will

not be available for you to allocate Contract Value to on every Contract Anniversary. If we add an

Allocation Option, you will not be able to allocate your Contract Value to the new Allocation Option until

the start of the next available Interest Term for that Allocation Option. Additionally, the six-year Interest

Term is unavailable after the Income Benefit Payment Start Date, if the Payout Date is less than six years

from the start of the Interest Term, or if the length of time until a termination date required by federal

regulation is less than six years from the start of the Interest Term.

At least two weeks before the end of an Interest Term, we will notify you of the available Allocation

Options to which you may transfer maturing Contract Value. The new Allocation Options may have

different Interest Terms and Crediting Strategies than what was previously available. If we do not receive

transfer instructions by Authorized Request at least one Business Day before the end of the current

Interest Term, we will apply the value of the maturing Contract Value to a new Interest Term of the same

Allocation Option. If the same Allocation Option is not available, we will apply it to the Fixed Account.

New transfer instructions by Authorized Request will supersede any prior transfer instructions for a given

Allocation Option. Except for Flex Transfers, transfers are not permitted during an Interest Term. For

example, you may not transfer values from the Fixed Account to any Risk Control Account or transfer

values among Risk Control Accounts during an Interest Term.

You should understand the difference between the 6-year Interest Term and the 1-year Interest Term. For

the 6-year Interest Term, interest is not calculated or credited until the end of the Interest Term; therefore,

the Crediting Strategy factors (i.e., Buffer, Boost, Cap Rate, Participation Rate, and Dual Step Rate) only

apply at the end of the Interest Term and not annually. **As described below, withdrawals from a Risk**

**Control Account before the end of the Interest Term could significantly reduce the values under**

**the Contract and the amount you receive from any payments. Moreover, only the Crediting Base**

**remaining in a Risk Control Account will be credited interest, positive or negative, at the end of**

**the Interest Term.**

***Fixed Account****.* The portion of your Contract Value allocated to the Fixed Account is credited interest

daily based on the Fixed Interest Rate. The Fixed Interest Rate will never be less than 0.05%. The initial

Fixed Interest Rate is available in advance of the Contract Issue Date and will be provided by your

financial professional or by calling the Company at 1-800-798-5500. The Fixed Interest Rate for the initial

Interest Term is shown on your Contract Data Page. We will notify you of Fixed Interest Rates for each

subsequent Interest Term at least two weeks before the end of the current Interest Term, or you can

contact your financial professional or the Company at 1-800-798-5500 to obtain current rates.

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

credited with interest, if any, based in part on the investment performance of an external Index over the

Interest Term, subject to the Crediting Strategy unique to each Risk Control Account (shown in the table

above). For each Risk Control Account, the Index Return, which can be positive or negative, is calculated

by comparing the change in the Index from the first day of the Interest Term to the last day of the Interest

Term.

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

**Index. Except for the Barclays Risk Balanced, each Index associated with the Risk Control**

**Accounts 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**

**cause the Index to underperform a direct investment in the underlying securities.**The Barclays

Risk Balanced Index reinvests dividends but deducts certain fees. These deductions will reduce Index

performance, and the Index will underperform similar portfolios from which these fees and costs are not

deducted.Because the Index Return is calculated and applied at a single point in time, you may

experience negative or flat performance even though the Index experienced gains through some, or most,

of the Interest Term. **It is possible that you will not earn any interest in a Risk Control Account or**

**that we may credit negative interest to the Risk Control Accounts. You could lose a significant**

**amount of money if the Index declines in value**.

Each Risk Control Account has a Crediting Strategy that provides a level of downside protection: Floor,

Buffer, or Boost. The Floor, Buffer, and Boost may provide protection by limiting the amount of negative

interest credited to you from negative Index performance. **The Floor, Buffer, and Boost do not limit**

**losses from the Surrender Charge, Market Value Adjustment, Interim Value calculation, proportionate calculations, or taxes.**

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

Interest Term. Negative Index performance will reduce your Risk Control Account Value by up to

the amount of the Floor you elected. For example, if you elect a Floor of 0%, a negative Index

Return will not reduce your Risk Control Account Value. If you elect a Floor of -10%, negative

Index performance could reduce your Risk Control Value by up to 10% each Interest Term. We

currently offer eleven Floor options: 0%, -1%, -2%, -3%, -4%, -5%, -6%, -7%, -8%, -9%, and

-10%. During the life of your Contract, an Allocation Option with a Floor of 0% will always be

available. **There is a risk of loss of principal and previously credited interest of up to the**

**Floor (a maximum loss of 10% with a Floor of -10%) each Interest Term due to negative**

**Index performance.**

• The **Buffer** provides you limited protection each Interest Term against negative Index

performance up to the Buffer, but we will credit you any negative interest that exceeds the Buffer.

For example, if you choose a -10% Buffer and the Index Return is -5%, your Risk Control Account

value will not increase or decrease, because the negative Index performance does not exceed

the Buffer. However, if you choose a -10% Buffer and the Index Return is -15%, your Risk Control

Account Value will decrease by 5%, which is the amount of negative interest that exceeds the

Buffer. We currently offer Allocation Options with a -10% Buffer and a -20% Buffer. We may not

always make available Allocation Options with Buffers, but if we do, a Buffer of -10% or more will

be available. **There is a risk of loss of principal and previously credited interest of up to the**

**amount of any negative Index performance that exceeds the Buffer (a maximum loss of**

**90% with a Buffer of -10%, if the Index declines by 100%) each Interest Term due to**

**negative Index performance.**

• The **Boost** provides you limited protection each Interest Term by increasing any negative Index

performance by the amount of the Boost. If the Index Return is zero or positive, the Boost is also

the minimum Adjusted Index Return (subject to the Cap Rate). For example, if you choose a 10%

Boost and the Index Return is -5%, your Risk Control Account value will increase by 5% (the -5%

Index Return plus the 10% Boost). If you choose a 10% Boost and the Index Return is -15%, your

Risk Control Account Value will decrease by 5%, (the -15% Index Return plus the 10% Boost).

We currently offer Allocation Options with a 10% Boost and a 20% Boost. We may not always

make available Allocation Options with Boosts, but if we do, a Boost of 10% or more will be

available. **There is a risk of loss of principal and previously credited interest of up to the**

**amount of any negative Index performance that exceeds the Boost (a maximum loss of**

**90% with a 10% Boost, if the Index declines by 100%) each Interest Term due to negative**

**Index performance.**

Each Risk Control Account also has one or more Crediting Strategies for crediting Index Interest: the Cap

Rate, Participation Rate, and Dual Step Rate. The Cap Rate and Dual Step Rate may limit the amount of

interest you can earn from positive Index performance.

• The **Cap Rate** is the maximum amount of any positive Index interest that we will credit you at the

end of an Interest Term. Positive Index performance will increase your Risk Control Account Value

by up to the Cap Rate. For example, if the Index Return is 15% and the Cap Rate is 10%, we

would credit you 10%. Generally, the Cap Rate varies according to the level of risk you accept in

choosing a Floor, Buffer, or Boost. For example, the Cap Rate would be higher for the -10% Floor

(allowing potentially greater increases and decreases) and lower for the 0% Floor (limiting the

amount of potential increases and decreases). Similarly, the Cap Rate will also be higher for a

-10% Buffer or 10% Boost than for a -20% Buffer or 20% Boost. Generally, the Cap Rate will also

be higher for a six-year Interest Term than a one-year Interest Term. We reset the Cap Rates at

the start of each Interest Term. The Cap Rate for Risk Control Accounts with one-year Interest

Terms will never be less than 1%, and the Cap Rate for Risk Control Accounts with six-year

Interest Terms will never be less than 10%. **With the Cap Rate, you may receive only a portion**

**of any positive Index performance**.

• The **Participation Rate** is the percentage of any positive Index interest that we will credit you at

the end of an Interest Term. For Risk Control Accounts with a Buffer or Floor, the Participation

Rate is applied to any positive Index Return. For example, if the Index Return is 15% and the

Participation Rate is 110%, we would credit you 16.5% (110% of 15%). For Risk Control Accounts

with a Boost, the Participation Rate is applied to any Index Return that is greater than the Boost.

For example, if the Boost is 10%, the Index Return is 15%, and the Participation Rate is 110%,

we would credit you 15.75% (the 10% Boost plus 110% of 5%, the Index Return that is greater

than the Boost). We reset the Participation Rate at the start of each Interest Term. The

Participation Rate will never be less than 100%, which means that the Participation Rate alone

will not limit the amount of Interest you earn from positive Index performance.

• The **Dual Step Rate** is the Adjusted Index Return that we will credit you when the Index Return is

greater than or equal to the applicable Buffer. In other words, if you choose a Buffer of -10%, the

Dual Step Rate will **only** apply if there is negative Index Return that is -10% or better, or a

positive Index Return. We will not credit you interest from positive Index performance that

exceeds the Dual Step Rate. For example, if the Buffer is -10% and the Index Return is -5%

(which is greater than the Buffer), and the Dual Step Rate is 50%, we would credit you with the

Dual Step Rate of 50%. Similarly, if the Buffer is -10% and there is a positive Index Return of

60%, and the Dual Step Rate is 50%, we would credit you with the Dual Step Rate of 50%.

However, if the Buffer is -10% and the Index Return is -15% (which is less than the Buffer), the

Dual Step Rate would not apply, and we would credit you with -5% (the -15% Index Return minus

the -5% Buffer).The Dual Step Rate will never be less than 10%. **With the Dual Step Rate, you**

**may receive only a portion of any positive Index performance.**

***Changes to Rates.*** We set the Cap Rate, Participation Rate, and Dual Step Rate at the start of each

Interest Term and guarantee them for the duration of the Interest Term. The initial Cap Rate, Participation

Rate, and Dual Step Rate are available at least two weeks in advance of the Contract Issue Date and will

be provided by your financial professional or by calling the Company at 1-800-798-5500. We may declare

a new Cap Rate, Participation Rate, or Dual Step Rate for each subsequent Interest Term and will notify

you of any new rates at least two weeks before the end of the current Interest Term. Information about the

current Cap Rates, Participation Rates, and Dual Step Rates can be located at: https://www.trustage.com/

zonechoice-advantage-annuity-rates.

***Other Changes to Allocation Options***. We may offer additional Allocation Options at our discretion,

which includes offering an additional Index, Crediting Strategy, or Interest Term. We may also discontinue

an Allocation Option or Index at our discretion effective as of the end of an Interest Term, or under certain

circumstances, before the end of an Interest Term. **An Index or Allocation Option change may**

**negatively affect interest credited and your resulting Contract Value, as well as how you want to**

**allocate Contract Value between available Allocation Options.**

**Withdrawal Options, Transfers, and Adjustments**

**This Contract may not be appropriate for you if you intend to take partial withdrawals (including**

**systematic withdrawals and Required Minimum Distributions) other than Income Benefit**

**Payments ("Excess Withdrawals") or surrender the Contract.** However, the Contract does offer the

following liquidity features during the Accumulation Period. See "<u>[Access to Your Money](#i79160c1b9fb648ca8a7d77b2fd44b08c_43)</u>" for more details.

• Annual Free Withdrawal Amount. Each Contract Year, you may withdraw up to the Annual Free

Withdrawal Amount without incurring a Surrender Charge or Market Value Adjustment. For the

first six Contract Years, the Annual Free Withdrawal Amount is equal to 10% of the Contract Value

determined at the beginning of each Contract Year. Beginning on the sixth Contract Anniversary, it

is equal to 20% of the Contract Value determined at the beginning of each Contract Year. Any

unused Annual Free Withdrawal Amount will not carry over to any subsequent Contract Year.

Income Benefit Payments are considered a withdrawal for purposes of determining the Annual

Free Withdrawal Amount. The Annual Free Withdrawal Amount is subject to Interim Value

calculations and proportionate adjustments.

• Income Benefit Payments. Income Benefit Payments are considered withdrawals. Income Benefit

Payments are not subject to a Surrender Charge or Market Value Adjustment. Each Income

Benefit Payment will reduce the Death Benefit, Surrender Value, Contract Value, and the Annual

Free Withdrawal Amount by the amount of the Income Benefit Payment.

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

Authorized Request. Any applicable Surrender Charge, Market Value Adjustment, Interim Value

calculation, and the use of proportionate calculations will affect the amount available for a partial

withdrawal. A partial withdrawal may reduce your Income Benefit Base, Death Benefit and

Crediting Base by more than the amount of the partial withdrawal. Additionally, only the remaining

principal in the Risk Control Account will be credited interest, positive or negative, at the end of

the Interest Term.

• 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, the Interim Value calculation, and a Market Value Adjustment may apply.

Although the Contract permits systematic withdrawals (including for Required Minimum

Distributions under the Internal Revenue Code), these withdrawals may have an adverse effect

on your values under the Contract. If you intend to make ongoing withdrawals other than your

Income Benefit Payments, you should consult a financial professional to determine whether the

Contract is appropriate for you.

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

Request. Upon full surrender, a Surrender Charge and Market Value Adjustment may apply, and

the Interim Value calculation may reflect a negative return.

During an Interest Term, you may make an Authorized Request for a Flex Transfer of some or all of the

Risk Control Account Value from any Risk Control Account to the Fixed Account. The amount transferred

is based on the Interim Value (which may reflect a positive or negative return) and will reduce the

Crediting Base of the Risk Control Account proportionally. If you make a Flex Transfer when the Interim

Value reflects a negative return, you may transfer at a loss, which means your remaining Crediting Base

will be reduced by more than the transferred amount, and that reduction could be substantial. Additionally,

only the Crediting Base remaining after the Flex Transfer will be credited index interest, positive or

negative, at the end of the Interest Term. **The decision to make a Flex Transfer could therefore**

**significantly negatively impact your Risk Control Account Value, which impacts other values**

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

Withdrawals, Flex Transfers, and surrenders from a Risk Control Account on any date other than the first

and last day of an Interest Term will be subject to the Interim Value calculation. Excess Withdrawals and

surrenders at any time other than on or within 30 days after each sixth Contract Anniversary will be

subject to the Market Value Adjustment. The Interim Value calculation and Market Value Adjustment may

be positive or negative and could result in the loss of principal and previously credited interest and 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 Surrender Charge, Interim Value calculation, Market Value Adjustment, and proportionate**

**calculations. The Crediting Strategies do not limit such losses; however, full surrenders from the**

**Fixed Account are subject to the Fixed Account nonforfeiture value.** Withdrawals and surrenders are

subject to federal income taxes and may be subject to a 10% additional tax if taken before the Owner is

age 59½.

**Other Contract Features**

***Fixed Account Automatic Transfer and Withdrawal Program.*** If you elect to use this program, we will

transfer an amount up to your annual Income Benefit Payment from the Risk Control Accounts to the

Fixed Account on every Contract Anniversary. This program may benefit you because it facilitates

withdrawals for Income Benefit Payments from the Fixed Account, which is not subject to Interim Value

calculations. (Note, however, that Interim Value calculations apply if program transfers are made to the

Fixed Account from Risk Control Accounts with six-year Interest Terms before the end of the current term.)

***Death Benefit.*** The Death Benefit during the Accumulation Period is equal to the greater of Contract

Value (including any applicable Interim Value calculation or Market Value Adjustment) or the Purchase

Payment adjusted for withdrawals as of the date the Death Benefit is payable. We calculate Excess

Withdrawals on a proportionate basis when determining the Death Benefit, which could significantly

reduce the Death Benefit, perhaps by substantially more than the amount of the withdrawal. We do not

apply a Surrender Charge or Market Value Adjustment in determining the Death Benefit.

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

***Right to Examine.***You may cancel your Contract and receive your Purchase Payment, less any

withdrawals. (See <u>["Getting Started - the Accumulation Period - Right to Examine](#ie57f88a2fcb84a818992eac07a57900d_10399)</u>" on page <u>[30](#ie57f88a2fcb84a818992eac07a57900d_10399)</u>).

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

how your Contract works.

**KEY INFORMATION**

---

| | | |
|:---|:---|:---|
| **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE TRUSTAGE™ ZONECHOICE ADVANTAGE ANNUITY** | **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE TRUSTAGE™ ZONECHOICE ADVANTAGE ANNUITY** | **IMPORTANT INFORMATION YOU SHOULD CONSIDER** <br>**ABOUT THE TRUSTAGE™ ZONECHOICE ADVANTAGE ANNUITY** |
| **FEES, EXPENSES, AND ADJUSTMENTS** | **FEES, EXPENSES, AND ADJUSTMENTS** | Location in <br>Prospectus<br>|
| **Are There Charges** <br>**or Adjustments for** <br>**Early** <br>**Withdrawals?**<br>| **Yes.** If you surrender your contract or take an Excess Withdrawal<br>during the first six Contract Years, you may be assessed a<br>Surrender Charge of up to 8% of the amount withdrawn in excess<br>of the Annual Free Withdrawal Amount. For example, if you were to<br>surrender your Contract during the first Contract Year, you could<br>pay a surrender charge of up to $7,200 on a $100,000 investment.<br>Your loss will be greater if there is a negative Market Value<br>Adjustment, negative Interim Value adjustment, income taxes, or<br>an additional tax.<br>If you surrender your Contract or take an Excess Withdrawal from<br>any Allocation Option at any time other than on or within 30 days<br>after each sixth Contract Anniversary, we will apply a Market Value<br>Adjustment (which may be positive or negative) to the amount<br>being withdrawn that is in excess of the Annual Free Withdrawal<br>Amount. The Market Value Adjustment could result in the loss of<br>your principal and previously credited interest. In extreme<br>circumstances, losses from the Market Value Adjustment could be<br>as high as 90% of your Contract Value ($90,000 of a $100,000<br>investment).<br>If you surrender your Contract or take a withdrawal (including for<br>Income Benefit Payments) from a Risk Control Account before the<br>expiration of an Interest Term, the amount withdrawn is based on<br>the Interim Value (which may reflect a positive or negative return)<br>and will reduce the Crediting Base proportionally. The Interim Value<br>calculation could result in the loss of your principal and previously<br>credited interest. In extreme circumstances, losses from the Interim<br>Value calculation could be as high as 100% of your Risk Control<br>Account Value ($100,000 of a $100,000 investment).<br>The Crediting Strategies do not limit losses from the Surrender<br>Charge, Market Value Adjustment, or Interim Value calculation;<br>however, full surrenders from the Fixed Account are subject to the<br>Fixed Account nonforfeiture value. | <u>[Fee Table](#i79160c1b9fb648ca8a7d77b2fd44b08c_16)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br>|
| **Are There** <br>**Transaction** <br>**Charges?**<br>| **No.** |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | **Yes.** The table below describes the fees and expenses that you<br>may pay each year, depending on the Allocation Options you<br>choose.<br>**There is an implicit ongoing fee on the Risk Control Accounts**<br>**to the extent that the Cap Rate or Dual Step Rate limit your**<br>**participation in Index gains, which is not reflected in the**<br>**tables below.** This means your returns may be lower than the<br>Index's returns; however, in exchange for accepting limits on Index<br>gains, you receive some protection from Index losses through the<br>Floors, Buffers, and Boosts.<br>Please refer to your Contract Data Page and Rider Data Page for<br>information about the specific fees you will pay each year based on<br>the options you have elected.<br>**We assess an annual Income Benefit Fee. The current Income**<br>**Benefit Fee Rate and table showing the lowest and highest**<br>**annual cost is provided in the Income Benefit Supplement.** | **Yes.** The table below describes the fees and expenses that you<br>may pay each year, depending on the Allocation Options you<br>choose.<br>**There is an implicit ongoing fee on the Risk Control Accounts**<br>**to the extent that the Cap Rate or Dual Step Rate limit your**<br>**participation in Index gains, which is not reflected in the**<br>**tables below.** This means your returns may be lower than the<br>Index's returns; however, in exchange for accepting limits on Index<br>gains, you receive some protection from Index losses through the<br>Floors, Buffers, and Boosts.<br>Please refer to your Contract Data Page and Rider Data Page for<br>information about the specific fees you will pay each year based on<br>the options you have elected.<br>**We assess an annual Income Benefit Fee. The current Income**<br>**Benefit Fee Rate and table showing the lowest and highest**<br>**annual cost is provided in the Income Benefit Supplement.** | **Yes.** The table below describes the fees and expenses that you<br>may pay each year, depending on the Allocation Options you<br>choose.<br>**There is an implicit ongoing fee on the Risk Control Accounts**<br>**to the extent that the Cap Rate or Dual Step Rate limit your**<br>**participation in Index gains, which is not reflected in the**<br>**tables below.** This means your returns may be lower than the<br>Index's returns; however, in exchange for accepting limits on Index<br>gains, you receive some protection from Index losses through the<br>Floors, Buffers, and Boosts.<br>Please refer to your Contract Data Page and Rider Data Page for<br>information about the specific fees you will pay each year based on<br>the options you have elected.<br>**We assess an annual Income Benefit Fee. The current Income**<br>**Benefit Fee Rate and table showing the lowest and highest**<br>**annual cost is provided in the Income Benefit Supplement.** | <u>[Fee Table](#i79160c1b9fb648ca8a7d77b2fd44b08c_16)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u> |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | **Annual Fee** | **Minimum** | **Maximum** | <u>[Fee Table](#i79160c1b9fb648ca8a7d77b2fd44b08c_16)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u> |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | Income Benefit Fee Rate<sup>(1)</sup> | *See Income Benefit Supplement.* | *See Income Benefit Supplement.* | <u>[Fee Table](#i79160c1b9fb648ca8a7d77b2fd44b08c_16)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u> |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | (1) As a percentage of the average daily Income Benefit Base for the prior<br>Contract Year. | (1) As a percentage of the average daily Income Benefit Base for the prior<br>Contract Year. | (1) As a percentage of the average daily Income Benefit Base for the prior<br>Contract Year. | <u>[Fee Table](#i79160c1b9fb648ca8a7d77b2fd44b08c_16)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u> |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | Because your Contract is customizable, the choices you make<br>affect how much you will pay. To help you understand the cost of<br>owning your Contract, the table in the Income Benefit Supplement<br>shows the lowest and highest cost you could pay each year, based<br>on current charges. **This estimate assumes that you do not take**<br>**Excess Withdrawals from the Contract, which could add**<br>**Surrender Charges and a negative Market Value Adjustment**<br>**that substantially increase costs.** | Because your Contract is customizable, the choices you make<br>affect how much you will pay. To help you understand the cost of<br>owning your Contract, the table in the Income Benefit Supplement<br>shows the lowest and highest cost you could pay each year, based<br>on current charges. **This estimate assumes that you do not take**<br>**Excess Withdrawals from the Contract, which could add**<br>**Surrender Charges and a negative Market Value Adjustment**<br>**that substantially increase costs.** | Because your Contract is customizable, the choices you make<br>affect how much you will pay. To help you understand the cost of<br>owning your Contract, the table in the Income Benefit Supplement<br>shows the lowest and highest cost you could pay each year, based<br>on current charges. **This estimate assumes that you do not take**<br>**Excess Withdrawals from the Contract, which could add**<br>**Surrender Charges and a negative Market Value Adjustment**<br>**that substantially increase costs.** | <u>[Fee Table](#i79160c1b9fb648ca8a7d77b2fd44b08c_16)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u> |
| **Are There Ongoing** <br>**Fees and** <br>**Expenses?** | **Lowest Annual Cost:**<br>*See Income Benefit Supplement.* | **Highest Annual Cost:**<br>*See Income Benefit Supplement.* | **Highest Annual Cost:**<br>*See Income Benefit Supplement.* | <u>[Fee Table](#i79160c1b9fb648ca8a7d77b2fd44b08c_16)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u> |
| **RISKS** | **RISKS** | **RISKS** | **RISKS** | Location in <br>Prospectus<br>|

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| | | |
|:---|:---|:---|
| **Is There a Risk of** <br>**Loss from Poor** <br>**Performance?**<br>| **Yes.** You can lose money by investing in the Contract, including<br>loss of principal and previously credited interest, due to negative<br>Index performance.<br>There is a risk of loss of principal and previously credited interest of<br>up to the Floor (a maximum loss of 10% with a Floor of -10%) each<br>Interest Term due to negative Index performance.<br>There is a risk of loss of principal and previously credited interest of<br>up to the amount of any negative Index performance that exceeds<br>the Buffer (a maximum loss of 90% with a Buffer of -10%, if the<br>Index declines by 100%)each Interest Term due to negative Index<br>performance.<br>There is a risk of loss of principal and previously credited interest of<br>up to the amount of any negative Index performance that exceeds<br>the Boost (a maximum loss of 90% with a 10% Boost, if the Index<br>declines by 100%) each Interest Term due to negative Index<br>performance. | <u>[Principal](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Risks of](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Investing in](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[the Contract](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br>|
| **Is this a Short-**<br>**Term Investment?**<br>| **No.** The Contract is not a short-term investment and is not<br>appropriate if you need ready access to cash. The benefits of tax<br>deferral mean that the Contract is more beneficial if you have a<br>long time horizon.<br>Excess Withdrawals and surrenders may be subject to a Surrender<br>Charge and a Market Value Adjustment (which may be positive or<br>negative). Withdrawals and surrenders (including withdrawals for<br>Income Benefit Payments) from a Risk Control Account before the<br>end of an Interest Term are subject to the Interim Value calculation<br>(which may be positive or negative) and proportional adjustment of<br>the Crediting Base. Amounts withdrawn are also subject to federal<br>and state income taxes, and, if taken before age 59½, a 10%<br>additional tax. Excess Withdrawals will also reduce the Death<br>Benefit and Income Benefit Payment, perhaps by significantly more<br>than the amount of the withdrawal.<br>At least two weeks before the end of an Interest Term, you will be<br>notified of the available Allocation Options to which you may<br>transfer maturing Contract Value. The new Allocation Options may<br>have different Interest Terms and Crediting Strategies than what<br>was previously available. If we do not receive transfer instructions<br>by Authorized Request at least one Business Day before the end of<br>the current Interest Term, we will apply the maturing Contract Value<br>to a new Interest Term of the same Allocation Option. If the same<br>Allocation Option is not available, we will apply the value to the<br>Fixed Account. | <u>[Principal](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Risks of](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Investing in](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[the Contract](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Charges and](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u><br><u>[Federal](#i79160c1b9fb648ca8a7d77b2fd44b08c_52)</u><br><u>[Income Tax](#i79160c1b9fb648ca8a7d77b2fd44b08c_52)</u><br><u>[Matters](#i79160c1b9fb648ca8a7d77b2fd44b08c_52)</u><br>|

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| | | |
|:---|:---|:---|
| **What are the Risks** <br>**Associated with** <br>**the 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 Allocation Options available under the Contract.<br>Each Allocation Option, including the Risk Control Accounts and<br>the Fixed Account, has its own unique risks. You should review the<br>Allocation Options carefully before making an investment decision.<br>The Cap Rate and Dual Step Rate may limit positive Index returns.<br>For example, if the Index performance is 20%, and the Cap Rate or<br>Dual Step Rate (as applicable) is 10%, we will credit 10% in<br>interest at the end of the Interest Term. You may earn less than the<br>Index performance as a result.<br>The Floor, Buffer, and Boost will limit negative Index performance<br>and thereby provide limited protection in the case of a market<br>decline. For example, if the Index performance is -25% and the<br>Floor is -10%, we will credit -10% at the end of the Interest Term. If<br>the Index performance is -25% and the Buffer is -10%, we will<br>credit -15% at the end of the Interest Term. If the Index<br>performance is -25% and the Boost is 10%, we will credit -15% at<br>the end of the Interest Term.<br>Except for the Barclays Risk Balanced, each Index associated with<br>the Risk Control Accounts is a "price return index," which means<br>the Index performance does not include dividends paid on the<br>securities comprising the Index. This will reduce Index performance<br>and will cause the Index to underperform a direct investment in the<br>underlying securities. The Barclays Risk Balanced Index reinvests<br>dividends but deducts certain fees. These deductions will reduce<br>Index performance, and the Index will underperform similar<br>portfolios from which these fees and costs are not deducted. | <u>[Principal](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Risks of](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Investing in](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[the Contract](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Risk Control](#i79160c1b9fb648ca8a7d77b2fd44b08c_34)</u><br><u>[Account](#i79160c1b9fb648ca8a7d77b2fd44b08c_34)</u><br><u>[Options](#i79160c1b9fb648ca8a7d77b2fd44b08c_34)</u><br><u>[Appendix A](#i79160c1b9fb648ca8a7d77b2fd44b08c_61)</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 the<br>Company. Any obligations (including under the Fixed Account and<br>the Risk Control Accounts), guarantees (such as the Income<br>Benefit and Death Benefit), or benefits are subject to the<br>Company's claims-paying ability. More information about the<br>Company, including its financial strength ratings, is available upon<br>request by calling 1-800-798-5500. | <u>[Principal](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Risks of](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[Investing in](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</u><br><u>[the Contract](#i79160c1b9fb648ca8a7d77b2fd44b08c_19)</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 features<br>of allocations, transfers, withdrawals, and Allocation Option<br>features. |  |

---

---

| | | |
|:---|:---|:---|
| | ***Allocation Option Restrictions.*** The Allocation Options available<br>to you will vary depending upon which Income Benefit rider you<br>select. With the IncomeGrowth Protection Rider, Allocation Options<br>are limited to the Floor with Participation and Cap Rate Crediting<br>Strategies with one-year Interest Terms, and the Fixed Account.<br>For the IncomeGrowth Performance Rider, after the Income Benefit<br>Payment Start Date, Allocation Options with six-year Interest Terms<br>are no longer available. | <u>[Allocating](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br><u>[Your](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br><u>[Purchase](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br><u>[Payment](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br>|
| | ***Allocation Timing.*** Each Allocation Option is available on the<br>Contract Issue Date and at the end of the Interest Term. For<br>example, after the Contract Issue Date, an Allocation Option with a<br>one-year Interest Term is available every Contract Anniversary,<br>whereas an Allocation Option with a six-year Interest Term is<br>available every sixth Contract Anniversary. If we add an Allocation<br>Option, you will not be able to allocate your Contract Value to the<br>new Allocation Option until the start of the next available Interest<br>Term for that Allocation Option. Additionally, the six-year Interest<br>Term is unavailable after the Income Benefit Payment Start Date, if<br>the Payout Date is less than six years from the start of the Interest<br>Term, or if the length of time until a termination date required by<br>federal regulation is less than six years from the start of the Interest<br>Term. | <u>[Allocating](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br><u>[Your](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br><u>[Purchase](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br><u>[Payment](#i79160c1b9fb648ca8a7d77b2fd44b08c_28)</u><br>|
| | ***Changes to Allocation Options and Features.*** We may set a<br>new Cap Rate, Participation Rate and/or Dual Step Rate for a<br>subsequent Interest Term. We will notify you of any new rates at<br>least two weeks before the end of the current Interest Term.<br>We reserve the right to add, substitute, or eliminate Indices and<br>Allocation Options as described in this Prospectus. If there is a<br>delay between the date we remove the Index and the date we add<br>a substitute Index, your Risk Control Account Value will be based<br>on the value of the Index on the date the Index ceased to be<br>available, which means market changes during the delay will not<br>be used to calculate the index interest.<br>We may change, discontinue, or establish restrictions on Flex<br>Transfers, including limitations on the number, frequency, or<br>amount of Flex Transfers, at any time. | <u>[Risk Control](#i79160c1b9fb648ca8a7d77b2fd44b08c_34)</u><br><u>[Account](#i79160c1b9fb648ca8a7d77b2fd44b08c_34)</u><br><u>[Options](#i79160c1b9fb648ca8a7d77b2fd44b08c_34)</u><br>|
| **Are There any** <br>**Restrictions on** <br>**Contract Benefits?**<br>| **Yes.** The Benefits under the Contract, including Systematic<br>Withdrawals and automatic transfers, are subject to additional<br>limitations on the amounts that you may request and the timing for<br>requesting and terminating such programs. Market Value<br>Adjustments, Interim Value calculations, and Surrender Charges<br>may apply. | <u>[Benefits](#i79160c1b9fb648ca8a7d77b2fd44b08c_46)</u><br><u>[Available](#i79160c1b9fb648ca8a7d77b2fd44b08c_46)</u><br><u>[under the](#i79160c1b9fb648ca8a7d77b2fd44b08c_46)</u><br><u>[Contract](#i79160c1b9fb648ca8a7d77b2fd44b08c_46)</u><br>|
| **TAXES** | **TAXES** | Location in <br>Prospectus<br>|

---

---

| | | |
|:---|:---|:---|
| **What Are the** <br>**Contract's Tax** <br>**Implications?**<br>| You should consult with a tax professional to determine the tax<br>implications of the Contract. There is no additional tax benefit if you<br>purchase the Contract through a qualified retirement plan or<br>individual retirement account (IRA). Withdrawals from the Contract<br>are subject to ordinary income tax, and may be subject to a 10%<br>additional tax if taken before age 59½. | <u>[Federal](#i79160c1b9fb648ca8a7d77b2fd44b08c_52)</u><br><u>[Income Tax](#i79160c1b9fb648ca8a7d77b2fd44b08c_52)</u><br><u>[Matters](#i79160c1b9fb648ca8a7d77b2fd44b08c_52)</u><br>|
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** | Location in <br>Prospectus<br>|
| **How Are** <br>**Investment** <br>**Professionals** <br>**Compensated?**<br>| Some investment professionals (also referred to as "financial<br>professionals" in this prospectus) may receive compensation for<br>selling the Contract to you in the form of commissions or other<br>compensation. These other forms of compensation may include<br>cash bonuses, insurance benefits and financing arrangements.<br>Non-cash benefits may include conferences, seminars and trips<br>(including travel, lodging and meals in connection therewith),<br>entertainment, merchandise and other similar items. The Company<br>may also pay asset-based commissions (sometimes called trail<br>commissions) in addition to Purchase Payment-based<br>commissions. Investment professionals may also receive other<br>payments from us for services that do not directly involve the sale<br>of the Contracts, including personnel recruitment and training,<br>production of promotional literature and similar services.<br>As a result of these compensation arrangements, investment<br>professionals may have a financial incentive to offer or recommend<br>the Contract over another investment. You should ask your<br>investment professional for additional information about the<br>compensation he or she receives in connection with your purchase<br>of the Contract. | <u>[Other](#if3d7aa7d576646f4bc183519d6a6de9c_23551)</u><br><u>[Information -](#if3d7aa7d576646f4bc183519d6a6de9c_23551)</u><br><u>[Distribution](#if3d7aa7d576646f4bc183519d6a6de9c_23551)</u><br><u>[of the](#if3d7aa7d576646f4bc183519d6a6de9c_23551)</u><br><u>[Contract](#if3d7aa7d576646f4bc183519d6a6de9c_23551)</u><br>|
| **Should I Exchange** <br>**My Contract?**<br>| You should only exchange your contract if you determine, after<br>comparing the features, fees, and risks of both contracts, and any<br>fees or penalties to terminate your existing contract, that it is better<br>for you to purchase the new contract rather than continue to own<br>your existing contract. Some investment professionals may have a<br>financial incentive to offer you a new contract in place of the one<br>you already own. | <u>[Getting](#ie57f88a2fcb84a818992eac07a57900d_10398)</u><br><u>[Started - The](#ie57f88a2fcb84a818992eac07a57900d_10398)</u><br><u>[Accumulatio](#ie57f88a2fcb84a818992eac07a57900d_10398)</u><br><u>[n Period -](#ie57f88a2fcb84a818992eac07a57900d_10398)</u><br><u>[Tax Free](#ie57f88a2fcb84a818992eac07a57900d_10398)</u><br><u>[1035](#ie57f88a2fcb84a818992eac07a57900d_10398)</u><br><u>[Exchanges](#ie57f88a2fcb84a818992eac07a57900d_10398)</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 Contract Data Page for information about the specific fees you will pay each**

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

**The first table describes the fees and expenses that you will pay at the time 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> | 8% |

---

(1)We deduct a Surrender Charge from each withdrawal and surrender that exceeds the Annual Free Withdrawal Amount during

the first six Contract Years. 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.

**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** |
| Interim Value Maximum Potential Loss (as a percentage of Contract Value withdrawn or<br>surrendered)<sup>(1)</sup><br>| 100% |
| Market Value Adjustment Maximum Potential Loss (as a percentage of Contract Value<br>withdrawn or surrendered)<sup>(2)</sup><br>| 90% |

---

(1)During the Accumulation Period, if you surrender your Contract, take a withdrawal (including withdrawals for Income Benefit

Payments), or make a Flex Transfer from a Risk Control Account prior to the end of an Interest Term, the amount withdrawn or

transferred is based on the Interim Value and will reduce the Crediting Base proportionally. The Interim Value calculation may

reflect a positive or negative return that increases or decreases the amount you receive from a partial withdrawal or surrender,

or the amount transferred from the Risk Control Account.

(2)During the Accumulation Period, if you surrender your Contract or take an Excess Withdrawal at any time other than on or

within 30 days after each sixth Contract Anniversary, we will apply a Market Value Adjustment (which may be positive or

negative) to the amount being withdrawn that is in excess of the Annual Free Withdrawal Amount. The Market Value Adjustment

increases or decreases the amount you receive from a partial withdrawal or surrender of value allocated to the Risk Control

Accounts or the Fixed Account.

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

**you own the Contract.**

---

| | |
|:---|:---|
| **Annual Contract Expenses** | **Charge** |
| Income Benefit Fee Rate<br>(as a percentage of the average daily Income Benefit Base for the prior Contract Year)<sup>(1)</sup><br>| *See Income* <br>*Benefit* <br>*Supplement.*<br>|

---

(1)The Income Benefit Fee is deducted proportionally from the Contract Value of each Allocation Option on each Contract

Anniversary.

**In addition to the fees described above, the Cap Rates and Dual Step Rates limit 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 a reference 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 Allocation 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. Investing in

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

you to greater risk and volatility than the general market.

As explained below, the extent to which negative Index performance will reduce your Risk Control

Account Value depends upon the Risk Control Account to which you allocate Contract Value. **The**

**maximum amount your Risk Control Account Value could decline each Interest Term due to**

**negative Index performance is 90% with the -10% Buffer or the 10% Boost.** These options provide

relatively less protection from negative Index performance than other Allocation Options.

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

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

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

Risk Control Account Value for a prolonged period. In addition to the general market risks described

above, the reference Indices are subject to the following specific risks:

• 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.

• The Dimensional US Small Cap Value Systematic Index is designed to capture the returns

associated with the US small cap value premium, the tendency for smaller company and value

stocks to outperform larger company and growth stocks over time. Compared to large-

capitalization companies, small-capitalization companies may be less stable (or more volatile),

less liquid, and more susceptible to adverse developments. Value stocks may underperform for

long periods of time and perform differently from the market as a whole. The Index has limited

performance history and may perform in unanticipated ways. Generally, there is less publicly

available information about the Index compared to more established market indices.

• The Barclays Risk Balanced Index allocates between equities and fixed income using the

principles of Modern Portfolio Theory using a 10% volatility (risk) target, which seeks to maximize

the expected return based on a given level of market risk. Although the Index targets a particular

volatility, the actual volatility level may differ from that targeted and may be materially higher or

lower for certain periods than the target level depending on market conditions. Because the Index

is exposed to Treasuries, it may underperform in a rapidly rising interest rate environment.

Because the Index includes a volatility control mechanism, it may underperform in an equity

market rally that occurs immediately after a period of elevated volatility when the Index would

have reduced its exposure. The Index has limited performance history and may perform in

unanticipated ways. Generally, there is less publicly available information about the Index

compared to more established market indices.

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

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

Value.

• If you allocate to a Risk Control Account that has a Floor, you assume the risk of a negative Index

Return up to the Floor. Your Risk Control Account Value could decline up to a maximum of 10%

each Interest Term with the -10% Floor due to negative Index performance.

• If you allocate to a Risk Control Account with a Buffer, you assume the risk of a negative Index

Return after application of the Buffer. Your Risk Control Account Value could decline up to 90%

each Interest Term with the -10% Buffer, if the Index declines by 100% during the Interest Term.

• If you allocate to a Risk Control Account with a Boost, you assume the risk of a negative Index

Return that exceeds the Boost. Your Risk Control Account Value could decline up to 90% or 80%

with a 10% Boost or a 20% Boost, respectively, if the Index declines by 100% during the Interest

Term.

• If you allocate to a Risk Control Account with a Dual Step Rate, you assume the risk that a

negative Index Return after application of the Buffer will drastically change the amount credited to

you. For example, if the Buffer is -10%, the Dual Step Rate is 40%, and the Index Return is -10%,

we would credit you 40%. However, if the Index Return is -10.01%, we would credit you -0.01%.

Daily changes in your Risk Control Account Value may also be more significant than for other

strategies due to the potential for small negative market movements around the Buffer to have

large impacts on the Interim Value, especially near the end of the Interest Term.

• The Floor, Buffer, and Boost describe the level of investment loss that can be experienced in one

Interest Term, but losses over multiple Interest Terms could result in a loss of previously credited

interest and a loss of principal.

• The Floor, Buffer, and Boost do not limit losses to the Risk Control Accounts from the Surrender

Charge, Interim Value calculation, Market Value Adjustment, federal income taxes, additional

taxes, and proportionate calculations, 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 Excess**

**Withdrawals or surrender the Contract in the short-term**. **Surrender Charges, Market Value**

**Adjustments, Interim Value calculations, proportional calculations, income taxes, and additional**

**taxes may result in the loss of your principal and previously credited interest. Withdrawals and**

**Flex Transfers could also significantly negatively impact your values under the Contract and the**

**amount you receive from any payments.**

• *Surrender Charge Risk*. If you take an Excess Withdrawal or surrender your Contract during the

first six Contract Years, you may pay a Surrender Charge of up to 8% of the amount withdrawn

that exceeds the Annual Free Withdrawal Amount.

• *Market Value Adjustment Risk*. If you take an Excess Withdrawal or surrender your Contract at

any time other than on or within 30 days after each sixth Contract Anniversary, we will apply a

Market Value Adjustment. Particularly in an increasing interest rate environment, the Market Value

Adjustment could significantly decrease the amount you receive from an Excess Withdrawal or

surrender.**In extreme circumstances, losses from the Market Value Adjustment could be as**

**high as 90% of your Contract Value.**

• *Interim Value Risk*. For Contract Value allocated to a Risk Control Account, if you take a

withdrawal (including Income Benefit Payments), make a Flex Transfer, surrender your

Contract, die, or begin Payout Options before the expiration of an Interest Term, the amount

withdrawn or transferred from the Risk Control Account is based on the Interim Value (which may

reflect a positive or negative return) and will reduce the Crediting Base proportionally. The Interim

Value calculated for a Risk Control Account during an Interest Term could be significantly lower

than the performance of the reference Index during most of the Interest Term. The Interim Value

may reflect a negative return even when the value of the applicable Index has increased. You

may have an Interim Value that reflects a negative return regardless of the Crediting Strategy

selected; for example, the Interim Value could reflect negative returns that exceed the applicable

Floor, that apply even if Index losses were within the applicable Buffer, or that are not offset by

the applicable Boost. The Interim Value may change each Business Day, and it is possible that

even relatively small daily market movements may have significant impacts on the Interim Value.

**An Interim Value that reflects a negative return could significantly decrease the values**

**under your Contract by more than the withdrawal or transfer amount.** **In extreme**

**circumstances, losses from the Interim Value calculation could be as high as 100% of your**

**Risk Control Account Value.**

• *Future Returns Risk*. Only the Crediting Base remaining after the withdrawal or Flex Transfer will

be credited interest, positive or negative, at the end of the Interest Term.

• *Proportionate Calculation Risk*. Excess Withdrawals reduce the Income Benefit Base, which is

used to determine the Income Payment, and the Purchase Payment, which is used to determine

the Death Benefit, by the ratio of the withdrawal (including any Surrender Charge and Market

Value Adjustment) to the Contract Value immediately prior to the withdrawal. **Reductions due to**

**Excess Withdrawals may be substantially more than the amount withdrawn or transferred, could significantly decrease your Income Benefit Payment, Death Benefit, and remaining**

**Contract Values, and could terminate the Income Benefit and the Contract.**

• *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, transferred, 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, surrender, or Flex Transfer, and the resulting

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

***Reinvestment Risk.*** You assume the risk that if we do not receive transfer instructions at least one

Business Day prior to the end of the current Interest Term, we will apply the maturing Contract Value to a

new Interest Term of the same Allocation Option. If the same Allocation Option is not available, we will

apply the value to the Fixed Account. These default Allocation Options may not align with your desired

allocations.

***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 Rate can be reduced to as little as 1% for Allocation Options with one-

year Interest Terms and 10% for Allocation Options with six-year Interest Terms, and that the Dual Step

Rate can be reduced to as little as 10%. As a result, the Index interest that you receive may be lower than

the return you would have received on an investment in a mutual fund or exchange-traded fund designed

to track the performance of the selected reference Index.

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

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

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

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

• Except for the Barclays Risk Balanced, each Index associated with the Risk Control Accounts 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.

• The Barclays Risk Balanced Index reinvests dividends but deducts a fee of 0.5% for the equity

exposure, and 0.2% per year for the treasury exposure, and a cost equal to SOFR plus 0.1145%

for the equity component. Therefore, the aggregate fee will depend on the Index's relative

allocations to the equity and treasury components from time to time, which are determined by the

volatility control mechanism. SOFR refers to the Secured Overnight Financing Rate, which was

4.49% as of December 31, 2024. The New York Fed publishes the SOFR on its website each

Business Day. These deductions will reduce Index performance, and the Index will underperform

similar portfolios from which these fees and costs are not deducted.

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 Interest Term.

***Risk That We May Eliminate an Allocation Option or Eliminate or Substitute an Index.*** There is no

guarantee that any Allocation Option or Index will be available during the entire time you own your

Contract. We may discontinue an Allocation Option or Index effective as of the end of an Interest Term, or

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

Option before the end of an Interest Term. The Floor, Buffer, and Boost for an Allocation Option will not

change during the life of your Contract unless the Allocation Option is discontinued.You assume the risk

that the Allocation Options are discontinued, including the Buffer and the Boost, and the only options

remaining are the Fixed Account and an index-linked option with 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.

If we do not provide a substitute Index, an Allocation Option may also be discontinued before the end of

an Interest Term, resulting in us transferring your Risk Control Account Value to the Fixed Account for the

remainder of the Interest Term. The amount of interest you earn in the Fixed Account may be less than

the amount you would have earned in the Risk Control Account at the end of the Interest Term. If there is

a delay between the date we remove the Index and the date we transfer value to the Fixed Account, your

Risk Control Account Value prior to the transfer will be based on the value of the Index on the date the

Index ceased to be available, which means market changes during the delay will not be used to calculate

the Index Return.

An Index or Allocation Option change may negatively affect interest credited and your resulting Contract

Value, as well as how you want to allocate Contract Value between available Allocation Options. If we

eliminate an Allocation 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, Interim Value calculation, and Market Value

Adjustment, 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.

***Income Benefit Feature Risk.*** Purchasers should consult with a financial representative to determine if

the Income Benefit is suitable for them based upon their financial needs and risk tolerance. The Income

Benefit Fee will be assessed whether or not the Owner receives Income Benefit Payments. The Allocation

Options available to you will vary depending upon which Income Benefit rider you select. You should also

carefully review the Income Benefit Supplement for other differences between the two riders.

You should carefully consider when to begin taking Income Benefit Payments. If Income Benefit

Payments are elected earlier, the Income Benefit Percentage will be lower, resulting in lower Income

Benefit Payments, and the Contract will have less time to accumulate value. However, earlier Income

Benefit Payments could result in receiving payments for a longer period of time. If Income Benefit

Payments are delayed, the Income Benefit Percentage may be higher, resulting in higher Income Benefit

Payments, and the Contract will have more time to accumulate value, which could result in higher

payments and might result in a higher Death Benefit.

Excess Withdrawals could significantly reduce the Death Benefit, Income Benefit Base, and Income

Benefit Payments and could terminate the Contract. Income Benefit Payments will reduce the Death

Benefit, Surrender Value, Contract Value and the Annual Free Withdrawal Amount by the amount of the

Income Benefit Payment.

The Income Benefit Payment is taken out of the Owner's Contract Value unless the Contract Value is

reduced to zero. The probability of the Owner outliving their Contract Value and receiving the Income

Benefit Payment from the Company's general account may be minimal. The Income Benefit Payments

are subject to federal income tax and may be subject to a 10% additional tax if elected prior to age 59½.

Any amounts paid by the Company in excess of the Contract Value are subject to the Company's financial

strength and claims paying ability.

***Contract Issue Date Risk.*** The Company only issues the Contract on the 10<sup>th</sup> and 25<sup>th</sup> of each month.

Therefore, the Purchase Payment may be held in the Company's General Account for up to fifteen days

prior to being invested in the Contract and will not earn any interest during that period.

***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 Fixed Account and the Risk

Control Account options, the Death Benefit, and the 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. All material

state variations in the Contract are described in [Appendix](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)<u>[B](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)</u> and in your Contract. Please review [Appendix](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)

<u>[B](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)</u> for any variations from standard Contract provisions that may apply to your Contract based on the state

in which your Contract was issued. Your financial professional can provide you with more information

about those state variations.

**Purchasing a Contract**

We offer the Contract to individuals and certain non-natural persons (such as certain types of trusts). To

purchase a Contract, you and the Annuitant must be at least Age 21 and no older than Age 85.

We sell the Contract through financial professionals. To start the purchase process, you must submit an

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

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

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

determination of whether the Contract is suitable for you may delay our receipt of your application. Any

such delays will affect when we issue your Contract.

If the application for a Contract is properly completed and is accompanied by all the information

necessary to process it, including payment of the Purchase Payment, the Purchase Payment will be

allocated to the Allocation Options you choose on the next available Contract Issue Date.

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

process a purchase order in Good Order, we will begin the process of issuing the Contract on the next

Contract Issue Date available. The Purchase Payment will be allocated as described under "Allocating

Your Purchase Payment."

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

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

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

**additional tax deferral benefits beyond those provided in the qualified retirement plan.**

**Accordingly, if you are purchasing this Contract through a qualified retirement plan, you should**

**consider purchasing the Contract for its other features and other non-tax related benefits. Please**

**consult a tax 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 reject your Purchase Payment. We may also be required to provide

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

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

withdrawals, surrender, income payments, and Death Benefit payments, until instructions are received

from the appropriate government regulator.

**Tax-Free Section 1035 Exchanges**

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

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

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

have to pay a Surrender Charge or negative Market Value Adjustment on the existing contract. If the

exchange does not qualify for Section 1035 tax treatment, you may have to pay federal income tax, and a

possible 10% additional tax on your old contract. There will be a new Contract Issue Date for the purpose

of determining any Surrender Charges 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 and Joint Owners**

The Owner is the person(s) (or non-natural Person) who own(s) the Contract and, in the case of a natural

person(s), whose death determines whether the Death Benefit is payable. While the Owner is living, the

Owner is also the person(s) (or entity) who receives Payout Period Income Payments while the Annuitant

is also living. If there are multiple Owners, each Owner will have equal ownership of the Contract and all

references to Owner will mean Joint Owners. Joint Owners are only allowed if the Owner and Joint Owner

are Spouses. Additionally, Joint Owners are only allowed for non-qualified annuities.

The Owner names the Annuitant or Joint Annuitants. If the Owner is not a natural person, a Joint Owner

and Joint Annuitant cannot be named. All rights under the Contract may be exercised by the Owner,

subject to the rights of any other Owner. If your contract is a non-qualified contract, you may assign all

rights and benefits under this contract by Authorized Request. However, the assignment may terminate

the Income Benefit Rider. Unless otherwise specified by you, the assignment is effective on the date the

Authorized Request is signed by you and any Irrevocable Beneficiary, subject to any payments made or

actions taken by us prior to our receipt of the Authorized Request. We are not responsible for the validity

or effect of any assignment. You should consult with your tax advisor to determine any tax consequences

of an assignment before taking any action.

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

changed (or is named), the Joint Owner must be the Owner's Spouse. If an Owner is added or changed,

the amount that will be paid upon the death of the new Owner will be impacted as described in the "<u>[Death](#i7403161cdcba4093ba8aed8ad410ad05_139342)</u> 

<u>[Benefit](#i7403161cdcba4093ba8aed8ad410ad05_139342)</u>" section. The Income Benefit may also be impacted as described in the "<u>[Income Benefit](#i79160c1b9fb648ca8a7d77b2fd44b08c_399)</u>" section.

Any change of Owner must be made by Authorized Request and is subject to our acceptance. We

reserve the right to refuse such change on a non-discriminatory basis. Unless otherwise specified by the

Owner, such change, if accepted by us, will take effect as of the date the Authorized Request was signed.

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

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

Death Benefit. If you have a Joint Owner, the Death Benefit will be available when the first Joint Owner

dies. If there is a surviving Owner and he or she is the Spouse of the deceased, the surviving Spouse will

be treated as the sole primary Beneficiary, and any other designated Beneficiary will be treated as a

contingent Beneficiary.

**Divorce**

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

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

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

how the Contract Value should be allocated among the former Spouses.

**Annuitant and Joint Annuitants**

The Annuitant (or Joint Annuitants) is (are) the natural person(s) whose life (or lives) determine(s) the

Payout Period Income Payment amount payable under the Contract. If the Owner is a non-natural person,

the Annuitant(s) is also the person(s) whose death determines the Death Benefit. If the Owner is a natural

person, the Owner may change the Annuitant by Authorized Request at any time provided it is at least 30

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

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

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

change. If the Owner is a non-natural person, the Annuitant cannot be changed. The Annuitant does not

have any rights under the Contract.

**Beneficiary and Irrevocable Beneficiaries**

The Beneficiary is the person(s) or entity named by the Owner to receive proceeds payable upon the

Owner's death or death the first Annuitant if the Owner is a non-natural person. An Irrevocable Beneficiary

is any Beneficiary who must consent to being changed or removed. Prior to the Payout Date, if no

Beneficiary survives the Owner, the proceeds will be paid to the Owner's estate. If there are Joint Owners

and we are unable to determine that one of the Joint Owners predeceased the other, it will be assumed

that the Joint Owners died simultaneously. In this instance the Death Benefit will be divided equally

among the Joint Owners' estates. If there is more than one Beneficiary, each Beneficiary will receive an

equal share unless otherwise specified by the Owner. If Joint Owners have been designated, the

surviving Joint Owner will be treated as the sole primary Beneficiary and any other designated Beneficiary

will be treated as a contingent Beneficiary.

You may change the Beneficiary by an Authorized Request sent to us, or you may name one or more

Beneficiaries. A change of Beneficiary will take effect on the date the Authorized Request was signed. If

there are Joint Owners, each Owner must sign the Authorized Request. In addition, any Irrevocable

Beneficiary or assignee must sign the Authorized Request. We are not liable for any payment we make or

action we take before we receive the Authorized Request.

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

when choosing Beneficiaries, consult your financial professional.

**Covered Person**

The Covered Person(s) is (are) the natural person(s) whose Age and lifetime we base the Income Benefit

Percentage and Income Benefit Payments on for the Income Benefit. You select the Covered Person(s)

on the Contract Issue Date. Covered Persons must meet all eligibility requirements under the Contract.

**After the Contract Issue Date, you can only add, remove, or replace a Covered Person if permitted**

**as described in this Prospectus.** See<u>[Income Benefit - Covered Person](#i79160c1b9fb648ca8a7d77b2fd44b08c_399)</u>.

**Right to Examine**

You may cancel your Contract and return it to your financial professional or to us within 10 days after you

receive the Contract (30 days if it is a replacement contract) to receive a refund of the Purchase Payment

you paid, less any withdrawals. Some states may permit a longer period for you to return your Contract,

or different calculations and requirements for refunded amounts, as described in [Appendix](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)B. Refunds will

not be subject to a Surrender Charge or Market Value Adjustment and will be paid within seven days

following the date of cancellation. If you cancel your Contract by exercising your Right to Examine and

attempt to purchase a substantially similar Contract, the Company may refuse to issue the second

Contract.

**ALLOCATING YOUR PURCHASE PAYMENT**

**Purchase Payment**

The minimum Purchase Payment for a Non-Qualified or Qualified Contract is $10,000. The Company

does not allow additional Purchase Payments. A Purchase Payment for a Contract, or Purchase

Payments for multiple Contracts owned by the same individual, that equals or exceeds $1 million requires

our prior approval, which may be withheld at our sole discretion.

Contract Issue Dates offered by the Company are currently the 10<sup>th</sup> and 25<sup>th</sup> of each month. If we receive

the application for a Contract in Good Order by noon at least two business days prior to the next Contract

Issue Date, which includes our receipt of the Purchase Payment, we will issue the Contract on the next

available Contract Issue Date. If 10th or 25th is a non-Business Day, we issue the Contract on the next

Business Day with an effective Contract Issue Date of the 10<sup>th</sup> or 25<sup>th</sup>. Please note that during the period

between the date your Purchase Payment is delivered to us and the next available Contract Issue Date,

we will hold your Purchase Payment in our General Account and not pay interest on it. Thus, during that

period, your Purchase Payment will not be allocated to either the Risk Control Accounts or the Fixed

Account.

**Allocation Options**

On the Contract Issue Date, your Purchase Payment will be allocated according to your allocation

instructions on file with us. You must specify the percentage of your Purchase Payment to be allocated to

each Allocation Option on the Contract Issue Date. The amount you direct to an Allocation Option must be

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

100%. If you do not indicate your allocations on the application, our Administrative Office will attempt to

contact your financial professional and/or you for clarification. We will not issue the Contract without your

allocation instructions.

The current Allocation Options offered under the Contract are shown in the table below. **The Allocation**

**Options available to you will vary depending upon which Income Benefit rider you select.**

Allocation Options and features my vary by state, and your selling firm may limit the Allocation Options

available to you.

---

| | | | |
|:---|:---|:---|:---|
| **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PROTECTION RIDER** |
| **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** |
| *Account* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee* |
| Fixed Account | 1-Year | Fixed Interest Rate | Minimum Rate: 0.05% |

---

---

| | | | |
|:---|:---|:---|:---|
| **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**BEFORE THE INCOME BENEFIT PAYMENT START DATE**  |
| **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| S&P 500 Index | 6-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 6-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 6-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 6-Year | Boost: 10% and 20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 6-Year | Boost: 10% and 20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| Barclays Risk Balanced Index | 6-Year | Boost: 10% and 20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 10%<br>Participation Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 6-Year | Buffer: -10% and -20%<br>Dual Step Rate<br>| Dual Step Rate: 10% |
| **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** |
| *Account* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee* |
| Fixed Account | 1-Year | Fixed Interest Rate | Minimum Rate: 0.05% |

---

---

| | | | |
|:---|:---|:---|:---|
| **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** | **ALLOCATION OPTIONS WITH INCOMEGROWTH PERFORMANCE RIDER**<br>**AFTER THE INCOME BENEFIT PAYMENT START DATE** |
| **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Barclays Risk Balanced Index | 1-Year | Floor: 0% to -10% in 1% increments<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** |
| *Index* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee\** |
| S&P 500 Index | 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| Dimensional US Small Cap<br>Value Systematic Index <br>| 1-Year | Buffer: -10% and -20%<br>Cap Rate and Participation Rate<br>| Cap Rate: 1%<br>Participation Rate: 100%<br>|
| **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** | **Fixed Interest Option** |
| *Account* | *Interest Term* | *Crediting Strategy* | *Minimum Guarantee* |
| Fixed Account | 1-Year | Fixed Interest Rate | Minimum Rate: 0.05% |

---

\* The Floor, Buffer, and Boost for an Allocation Option will not change during the life of your Contract

unless the Allocation Option is discontinued. During the life of your Contract, the Fixed Account and an

Allocation Option with a Floor of 0% will always be available. We may not always make available

Allocation Options with Buffers, however, if one is available, a Buffer of -10% or more will be available.

We may not always make available Allocation Options with Boosts, but if we do, a Boost of 10% or

more will be available.

**Reallocating Your Contract Value**

Each Allocation Option is available on the Contract Issue Date and at the end of the Interest Term. For

example, an Interest Term of one year is available on the Contract Issue Date and every Contract

Anniversary thereafter; whereas an Interest Term of six years is available on the Contract Issue Date and

every sixth Contract Anniversary. This means that the six-year Interest Term will not be available for you

to allocate Contract Value to on every Contract Anniversary. If we add an Allocation Option, you will not be

able to allocate your Contract Value to the new Allocation Option until the start of the next available

Interest Term for that Allocation Option. Additionally, the six-year Interest Term is unavailable after the

Income Payment Benefit Start Date, if the Payout Date is less than six years from the start of the Interest

Term or if the length of time until a termination date required by federal regulation is less than six years

from the start of the Interest Term.

At least two weeks before the end of an Interest Term, we will notify you of the available Allocation

Options to which you may transfer your maturing Contract Value. The new Allocation Options may have

different Interest Terms and Crediting Strategies than what was previously available. If we do not receive

transfer instructions by Authorized Request at least one Business Day prior to the end of the current

Interest Term, we will apply the value of the maturing Contract Value to a new Interest Term of the same

Allocation Option. If the same Allocation Option is not available, we will apply the value to the Fixed

Account.

New transfer instructions by Authorized Request will supersede any prior transfer instructions for a given

Allocation Option. Except for Flex Transfers described below, transfers are not permitted during an

Interest Term. For example, you may not transfer values from the Fixed Account to any Risk Control

Account or transfer values among Risk Control Accounts during an Interest Term. Transactions that are

scheduled to occur on a day that the Index Value for a Risk Control Account is not available will be

processed at the end of the next Business Day at the closing Index Value for that day.

**Flex Transfers**

Prior to the end of the Interest Term, you may transfer some or all of the Risk Control Account Value from

any Risk Control Account to the Fixed Account. Flex Transfer instructions must be provided by Authorized

Request at least one Business Day prior to the end of the Risk Control Account's Interest Term. Requests

for Flex Transfers that are received at our Administrative Office in Good Order at least one Business Day

prior to the end of the Risk Control Account's Interest Term will be processed as of the end of that

Business Day. Requests received on the last Business Day of the Interest Term will be considered not in

Good Order and no transfers will be made pursuant to the request. Requests received at any other time

will be processed as of the end of the next Business Day.

The Risk Control Account Value will be calculated at the end of the Business Day the Flex Transfer

request is received in Good Order. This means you will not be able to determine your Risk Control

Account Value in advance of requesting the Flex Transfer, and the transferred value may be higher or

lower than it was at the time of your request. If your requested Flex Transfer is greater than the Risk

Control Account Value at the end of the Business Day the transfer request is received in Good Order, we

will transfer all remaining Risk Control Account Value, which will be less than the Flex Transfer you

requested.

The Flex Transfer is irrevocable once the transfer is requested, and the transferred amount will remain in

the Fixed Account until the next Contract Anniversary, when you can leave values in the Fixed Account or

transfer to any other available Allocation Option.

The transferred amount will reduce the Crediting Base for the Risk Control Account on a proportional

basis by the ratio of the transfer to the Interim Value immediately prior to the withdrawal. Flex Transfers

are based on the Interim Value, not the performance of the Index over the Interest Term. The Interim

Value may reflect a negative return even when the Index increases, may reflect a positive return even if

the Index decreases, and may be lower than the amount that would have been available at the end of the

Interest Term. See "<u>[Contract Value - Interim Value](#i8cc2526adc564d9584d35e4f89277628_23502)</u>." **If you make a Flex Transfer when the Interim**

**Value reflects a negative return, you may transfer at a loss, which means you essentially "lock in"**

**such loss; your Crediting Base will be reduced by more than the transferred amount, and that**

**reduction could be substantial.** Additionally, only the Crediting Base remaining after the Flex Transfer

will be credited index interest, positive or negative, at the end of the Interest Term. The decision to make a

Flex Transfer could therefore significantly negatively impact your Risk Control Account Value, which

impacts other values under the Contract and the amount you receive from any payments. It is possible

that you would have realized less of a loss or no loss if the Flex Transfer occurred later or if values

remained until the end of the Interest Term. You should fully understand the impact of the Flex Transfer

and consult your financial adviser prior to making a Flex Transfer. We will not provide you advice or notify

you as to whether you should or should not make a Flex Transfer or the optimal time for doing so. We are

not responsible for any losses related to your decision whether or not to make a Flex Transfer. **It is**

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

**interest with respect to a Risk Control Account if you make a Flex Transfer.**

We may change, discontinue, or establish restrictions on Flex Transfers, including limitations on the

number, frequency, or amount of Flex Transfers, at any time.

**FIXED ACCOUNT OPTION**

You may allocate all or a portion of your Purchase Payment and Contract Value to the Fixed Account.

Contract Value allocated to the Fixed Account becomes part of the Fixed Account Value. We credit

interest at the end of each Business Day to the Fixed Account based on a fixed annual interest rate.

**Fixed Interest Rate**

The initial Fixed Interest Rate is shown on your Contract Data Page. The Fixed Interest Rate will not

change for the duration of the 1-Year Interest Term. We may declare a new Fixed Interest Rate for

each subsequent 1-year Interest Term and will notify you of the new Fixed Interest Rate at least two

weeks before the end of the current Interest Term. The Fixed Interest Rate will never be less than

0.05%.

**Fixed Account Nonforfeiture Value**

Full surrenders from the Fixed Account are subject to a minimum nonforfeiture value. The Fixed Account

nonforfeiture value is calculated as of the date of full surrender, application of the entire Contract Value to

a Payout Option, or death of an Owner. If the current Fixed Account Value (calculated as set forth under

"<u>[Contract Value](#i79160c1b9fb648ca8a7d77b2fd44b08c_37)</u>"), less any applicable Market Value Adjustment or Surrender Charges, is less than the

minimum nonforfeiture value, your Fixed Account Value account will be set equal to the Fixed Account

Nonforfeiture Value.

The Fixed Account Nonforfeiture Value equals 87.5% x (A + B – C), where

• A = The portion of the Purchase Payment allocated to the Fixed Account.

• B = Any transfers to the Fixed Account.

• C = Any amounts withdrawn or transferred from the Fixed Account.

• A, B, and C are accumulated at the nonforfeiture rate for as long as such amounts were in the

Fixed Account.

The nonforfeiture rate will be calculated each calendar quarter (on each January 1, April 1, July 1, and

October 1) and determined on the Contract Issue Date and every sixth Contract Anniversary based on the

calendar quarter in which the Issue Date or Contract Anniversary falls. The nonforfeiture rate will apply for

six years and then will be recalculated for the next six-year period.

The nonforfeiture rate will never be less than the lesser of:

a)3%; or

b) The interest rate determined as follows:

1)The average of the three applicable monthly five-year Constant Maturity Treasury (CMT) rates

reported by the Federal Reserve rounded to the nearest 0.05%, as described below;

2)minus 1.25%; and

3)where the resulting interest rate is not less than the greater of the nonforfeiture rate required by

the National Association of Insurance Commissioners (NAIC) Standard Nonforfeiture Law for

Individual Deferred Annuities (currently, 0.15%), or the rate required by applicable law in the

state where the Contract is issued for delivery. See <u>[Appendix B](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)</u> for state variations.

The three monthly five-year Constant Maturity Treasury rates used in the calculation above are as follows:

• The prior September, October, and November monthly five-year CMT rates will be used to determine

the first quarter interest rate that is effective each January 1;

• The prior December, January, and February monthly five-year CMT rates will be used to determine

the second quarter interest rate that is effective each April 1;

• The prior March, April, and May monthly five-year CMT rates will be used to determine the third

quarter interest rate that is effective each July 1; and

• The prior June, July, and August monthly five-year CMT rates will be used to determine the fourth

quarter interest rate that is effective each October 1.

**Although you may reallocate among Allocation Options with one-year Interest Terms at the end of**

**each Contract Year, withdrawals and surrenders from the Fixed Account at any time other than**

**on or within 30 days after each sixth Contract Anniversary may be subject to a Market Value**

**Adjustment and Surrender Charge. Therefore, this Contract may not be appropriate for you if you**

**plan to take Excess Withdrawals or surrender your Contract before the expiration of each six-year**

**term.**

**RISK CONTROL ACCOUNT OPTIONS**

You may allocate all or a portion of your Purchase Payment and Contract Value to the Risk Control

Accounts we make available. The portion of the Contract Value allocated to a Risk Control Account

becomes part of the Risk Control Account Value. Information about the features of each currently offered

Risk Control Account, including its name, a brief statement describing the assets that the Index seeks to

track, its crediting period, and its Crediting Strategy, are set forth in <u>[Appendix A](#i79160c1b9fb648ca8a7d77b2fd44b08c_61)</u>.

**Interest Term and Crediting Interest**

The portion of your Contract Value allocated to a Risk Control Account is credited with interest, if any, at

the end of each Interest Term based in part on the investment performance of an external Index over the

Interest Term, subject to the Crediting Strategy unique to each Risk Control Account. For each Risk

Control Account, the Index Return, which can be positive or negative, is calculated by comparing the

change in the Index from the first day of the Interest Term to the last day of the Interest Term. An Interest

Term can be one year or six years. For examples illustrating how we credit interest to the Risk Control

Accounts, see "<u>[Contract Value - Risk Control Account Value](#i8cc2526adc564d9584d35e4f89277628_23501)</u>."

**It is possible that you will not earn any interest in a Risk Control Account or that we may credit**

**negative interest to a Risk Control Account.**

**You should understand the difference between the 6-year Interest Term and the 1-year Interest**

**Term. For the 6-year Interest Term, interest is not calculated or credited until the end of the**

**Interest Term; therefore, the Crediting Strategy factors (i.e., the Buffer, Boost, Cap Rate, Participation Rate, and Dual Step Rate) only apply at the end of the Interest Term and not annually.**

**Withdrawals or Flex Transfers before the end of the Interest Term could significantly reduce the**

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

**Base remaining after the withdrawal or transfer will be credited interest, positive or negative, at**

**the end of the Interest Term.**

**Although you may reallocate among Allocation Options at the end of each Interest Term, Excess**

**Withdrawals and surrenders from a Risk Control Account at any time other than on or within 30**

**days after each sixth Contract Anniversary may be subject to a Market Value Adjustment and**

**Surrender Charge. Therefore, this Contract may not be appropriate for you if you plan to take**

**Excess Withdrawals or surrender your Contract before the expiration of each six-year term.**

**The Indices**

Each reference Index can go up or down based on the prices of the underlying securities that comprise

the Index. We currently offer three reference Indices. However, not all Indices may be available for each

Crediting Strategy or Interest Term. See <u>[Appendix A](#i79160c1b9fb648ca8a7d77b2fd44b08c_61)</u>.

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 **Dimensional US Small Cap Value Systematic Index** is designed to capture the returns associated

with the US small cap value premium, the tendency for smaller company and value stocks to outperform

larger company and growth stocks over time. The Index includes stocks within the smallest 8% of the US

market down to $100 million in market capitalization with relative prices in the lowest 40% when ranked

by price to book. Within this universe, the index is designed to target higher-expected-return securities by

excluding stocks with lower profitability or high asset growth. The Index uses information in market prices

to systematically pursue higher expected returns in a broadly diversified manner.

The **Barclays Risk Balanced Index** allocates between equities and fixed income using the principles of

Modern Portfolio Theory using a 10% volatility (risk) target, which seeks to maximize the expected return

based on a given level of market risk. Equities consist of an equally weighed portfolio of 50 US stocks that

have shown low volatility during the past year. To ensure sector diversification, there can be no more than

10 securities per sector. Dividends are reinvested. For fixed income, the Index provides exposure to four

indices tracking the 2, 5, and 10-year US Treasury futures, equally weighted.

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

• Except for the Barclays Risk Balanced, each Index is a "price return index," which means the

performance of each 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 Barclays Risk Balanced Index reinvests dividends but deducts a fee of 0.5% for the equity

exposure, and 0.2% per year for the treasury exposure, and a cost equal to SOFR plus 0.1145%

for the equity component. Therefore, the aggregate fee will depend on the Index's relative

allocations to the equity and treasury components from time to time, which are determined by the

volatility control mechanism. These deductions will reduce Index performance, and the Index will

underperform similar portfolios from which these fees and costs are not deducted. SOFR refers to

the Secured Overnight Financing Rate, which was 4.49% as of December 31, 2024. The New

York Fed publishes the SOFR on its website each Business Day.

The Index Return is the percentage change in the Index from the beginning of the Interest Term to the

end of the Interest Term. Because 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

Interest Term.

**Limits On Index Losses and Gains**

The Floors, Buffers, and Boosts are used in determining the level of protection provided by the Risk

Control Account. Each Risk Control Account has a Floor, Buffer, or Boost. Once elected, the Floor, Buffer,

and Boost may not be changed until the end of the Interest Term.

The Floor represents the maximum amount of negative interest that may be credited to the Risk Control

Account at the end of an Interest Term. If a Floor of 0% is elected, negative investment performance of

the applicable Index will not reduce your Risk Control Account Value. If any other Floor is chosen,

negative investment performance of the applicable Index will reduce your Risk Control Account Value by

up to the amount of the Floor you elected for any Interest Term. Negative investment performance will not

reduce your Risk Control Account Value by more than the Floor even if the Index performance for that

Interest Term is lower than the Floor. For example, if the Index performance is -15% and you elected a

Floor of -10%, the Company will credit -10% to the Risk Control Account Value. We offer eleven Floor

options for one-year Interest Terms which provide different levels of protection: 0%, -1%, -2%, -3%, -4%,

-5%, -6%, -7%, -8%, -9%, and -10%. If you allocate to an Allocation Option with a Floor Crediting

Strategy, you must also specify your Floor by choosing one of the eleven available options. There is a risk

of loss of principal and previously credited interest of up to the Floor (a maximum loss of 10% with a Floor

of -10%) each Interest Term due to negative Index performance.

The Buffer represents the maximum amount of negative interest assumed by the Company, and any

additional negative interest will be credited to the Risk Control Account at the end of the Interest Term. For

example, if the -10% Buffer option is elected, negative investment performance of the applicable Index

will not reduce your Risk Control Account Value if the negative investment performance is between zero

and -10% for the Interest Term. If the investment performance is lower than -10% for the Interest Term,

your Risk Control Account Value will be reduced by the amount of negative investment performance in

excess of -10%. We currently offer Allocation Options that have a -10% Buffer (for 1-year and 6-year

Interest Terms) and a -20% Buffer (for 6-year Interest Terms). There is a risk of loss of principal and

previously credited interest of up to the amount of any negative Index performance that exceeds the

Buffer (a maximum loss of 90% with a Buffer of -10%, if the Index declines by 100%) each Interest Term

due to negative Index performance.

The Boost increases any negative Index performance by the amount of the Boost. If the Index Return is

zero or positive, the Boost is also the minimum Adjusted Index Return (subject to the Cap Rate). For

example, if you choose a 10% Boost and the Index Return is -5%, your Risk Control Account value will

increase by 5% (the -5% Index Return plus the 10% Boost). If you choose a 10% Boost and the Index

Return is -15%, your Risk Control Account Value will decrease by 5%, (the -15% Index Return plus the

10% Boost). If you choose a 10% Boost and the Index Return is 5%, your Risk Control Account Value will

increase by 10%, (the 10% Boost). We currently offer Allocation Options with six-year Interest Terms that

have a 10% Boost and 20% Boost. There is a risk of loss of principal and previously credited interest of

up to the amount of any negative Index performance that exceeds the Boost (a maximum loss of 90%

with a 10% Boost, if the Index declines by 100%) each Interest Term due to negative Index performance.

Negative investment performance is limited by the Floor, Buffer, and Boost for a given Interest Term, but

you could lose more due to losses in subsequent Interest Terms. If you make withdrawals, make Flex

Transfers, or surrender your Contract, the Floor, Buffer, and Boost do not limit losses from the Surrender

Charge, Market Value Adjustment, Interim Value calculation, federal income taxes, additional taxes, or

proportionate calculations for withdrawals and Flex Transfers, which could significantly reduce the Death

Benefit and remaining Contract Values.

In deciding between the Floor, Buffer, and Boost options, you should consider the loss potential for each

account. The Floor provides the most protection from large losses. Although the Buffer and Boost provide

limited protection, there is potential to lose substantially more than the Floor if there are large market

losses. Generally, if you elect an Allocation Option that has relatively more downside protection (for

example, a 0% Floor), you will have relatively less upside potential based on your Cap Rate, Participation

Rate, or Dual Step Rate. The additional gain potential should be weighed against the risk of loss.

Each Risk Control Account has either a Cap Rate and a Participation Rate or a Dual Step Rate. These

features limit the amount of positive interest credited to the Risk Control Account at the end of an Interest

Term. The Cap Rate, Dual Step Rate, and Participation Rate will not change for the duration of the

Interest Term.

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

an Interest Term. Positive Index performance will increase your Risk Control Account Value by up to the

Cap Rate. For example, if the Index Return is 15% and the Cap Rate is 10%, the Company will credit

10%. Generally, the Cap Rate varies according to the level of risk you accept in choosing a Floor, Buffer,

or Boost. For example, the Cap Rate would be higher for the -10% Floor (allowing potentially greater

increases and decreases) and lower for the 0% Floor (limiting the amount of potential increases and

decreases). Similarly, the Cap Rate will also be higher for a -10% Buffer or 10% Boost than for a -20%

Buffer or 20% Boost. Generally, the Cap Rate will also be higher for a six-year Interest Term than a one-

year Interest Term. With the Cap Rate, you may receive only a portion of any positive Index performance.

The Dual Step Rate is the Adjusted Index Return that we will credit you when the Index Return is greater

than or equal to the applicable Buffer. In other words, if you choose a Buffer of -10%, the Dual Step Rate

will only apply if there is negative Index Return that is -10% or better, or a positive Index Return. We will

not credit you interest from positive Index performance that exceeds the Dual Step Rate. For example, if

the Buffer is -10% and the Index Return is -5% (which is greater than the Buffer), and the Dual Step Rate

is 50%, we would credit you with the Dual Step Rate of 50%. Similarly, if the Buffer is -10% and there is a

positive Index Return of 60%, and the Dual Step Rate is 50%, we would credit you with the Dual Step

Rate of 50%. However, if the Buffer is -10% and the Index Return is -15% (which is less than the Buffer),

the Dual Step Rate would not apply, and we would credit you with -5% (the -15% Index Return minus the

-5% Buffer). With the Dual Step Rate, you may receive only a portion of any positive Index performance. If

you allocate to a Risk Control Account with a Dual Step Rate, you should understand that a negative

Index Return after application of the Buffer may drastically change the amount credited to you. For

example, if the Buffer is -10%, the Dual Step Rate is 40%, and the Index Return is -10%, we would credit

you 40%. However, if the Index Return is -10.01%, we would credit you -0.01%. Daily changes in your

Risk Control Account Value may also be more significant than for other strategies due to the potential for

small negative market movements around the Buffer to have large impacts on the Interim Value,

especially near the end of the Interest Term.

The Participation Rate is the percentage of positive Index interest that we will credit you at the end of an

Interest Term. For Risk Control Accounts with a Buffer or Floor, the Participation Rate is applied to any

positive Index Return. For example, if the Index Return is 15% and the Participation Rate is 110%, we

would credit you 16.5% (110% of 15%). For Risk Control Accounts with a Boost, the Participation Rate is

applied to any Index Return that is greater than the Boost. For example, if the Boost is 10%, the Index

Return is 15%, and the Participation Rate is 110%, we would credit you 15.75% (the 10% Boost plus

110% of 5%, the Index Return that is greater than the Boost). We reset the Participation Rate at the start

of each Interest Term. The Participation Rate will never be less than 100%, which means that the

Participation Rate alone will not limit the amount of Interest you earn from positive Index performance.

The initial Cap Rate, Participation Rate, and Fixed Interest Rate are available in advance of the Contract

Issue Date and will be provided by your financial professional or by calling the Company at

1-800-798-5500. We will forward advance written notice to Owners of any change in the Cap Rate,

Participation Rate, and Dual Step Rate for the subsequent Interest Term at least two weeks before the

end of the current Interest Term. This notice will describe the Owner's right to transfer Contract Value

between available Allocation Options. The current Cap Rates, Participation Rates, and Dual Step Rates

being offered for new Interest Terms of the available Risk Control Account Options can be located at the

following publicly accessible website:https://www.trustage.com/zonechoice-advantage-annuity-rates. The

rates posted on that website address are incorporated by reference into this prospectus.

**Setting the Crediting Strategies**

We consider various factors in determining the Crediting Strategies and associated rates, including

investment returns, the costs of our risk management techniques, sales commissions, administrative

expenses, regulatory and tax requirements, general economic trends, and competitive factors. We

determine the rates for the Cap Rate, Dual Step Rate, Participation Rate, Floor, Buffer, and Boost at our

sole discretion.

The Cap Rate, Participation Rate, Dual Step Rate, and Fixed Interest Rate will not change during the

Interest Term. The Cap Rate for Risk Control Accounts with one-year Interest Terms will never be

less than 1%, and the Cap Rate for Risk Control Accounts with six-year Interest Terms will never be

less than 10%. The Participation Rate will never be less than 100%, which means that the

Participation Rate alone will not limit the amount of Interest you earn from positive Index

performance. The Dual Step Rate will never be less than 10%. The Fixed Interest Rate will never be

less than 0.05%.

The Floor, Buffer, and Boost for an Allocation Option will not change during the life of your Contract unless

the Allocation Option is discontinued. However, the Fixed Account and an Allocation Option with a Floor of

0% will always be available. We may not always make available Allocation Options with Buffers, however,

if one is available, a Buffer of -10% or more will be available.We may not always make available

Allocation Options with Boosts, however, if one is available, a Boost of 10% or more will be available.

**Index Annual Return Examples**

**The bar charts shown below provide the annual returns for each Index for the last 10 calendar**

**years (or for the life of the Index if less than 10 years), as well as the Index returns for each Index**

**after applying a hypothetical 5% Cap and hypothetical -10% Buffer. The charts illustrate the**

**variability of the returns from year to year and show how hypothetical limits on Index gains and**

**losses may affect these returns. Past performance is not necessarily an indication of future**

**performance.**

**The performance below is NOT the performance of any Risk Control Account. Your performance**

**under the Contract will differ, perhaps significantly. The performance below may reflect a different**

**return calculation, time period, and limit on Index gains and losses than the Risk Control**

**Accounts, and does not reflect Contract fees and charges, including surrender charges, Interim**

**Value calculation and the Market Value Adjustment, which reduce performance.**

![spwithbuffer.jpg](spwithbuffer.jpg)

![barclayswithbuffer.jpg](barclayswithbuffer.jpg)

![dimensionalwithbuffer.jpg](dimensionalwithbuffer.jpg)

\* *Except for the Barclays Risk Balanced Index, each Index is a "price return" index, not a "total return" index, and therefore the*

*performance of the Index does not reflect dividends declared by any of the companies included in the Index, reducing the Index*

*return. As a result, the Index will underperform a direct investment in the securities composing the Index.*

*\*\* The Barclays Risk Balanced Index reinvests dividends but deducts certain fees. These deductions will reduce Index performance,*

*and the Index will underperform similar portfolios from which these fees and costs are not deducted.*

**Allocation Option Restrictions and Changes**

**The Allocation Options available to you will vary depending upon which Income Benefit rider you**

**select.** With the IncomeGrowth Protection Rider, Allocation Options are limited to the Floor with

Participation and Cap Rate Crediting Strategies with one-year Interest Terms, and the Fixed Account. For

the IncomeGrowth Performance Rider, after the Income Benefit Payment Start Date, Allocation Options

with six-year Interest Terms are no longer available.

There is no guarantee that any Allocation Option or Index will be available during the entire time you own

your Contract. We may offer additional Allocation Options at our discretion, which includes offering an

additional Index, Crediting Strategy, or Interest Term. We may also discontinue an Allocation Option or

Index at our discretion effective as of the end of an Interest Term. In the case of certain Index changes,

we may discontinue an Index and substitute a new Index for an Allocation Option before the end of an

Interest Term. If an Index is discontinued and we do not provide a substitute Index, an Allocation Option

may be discontinued before the end of an Interest Term.Such a change will be subject to any required

regulatory approval. Any change we make will be on a non-discriminatory basis.

**We reserve the right to add or substitute any Index.** Generally, the Index associated with a given Risk

Control Account will remain unchanged for the duration of the Interest Term. However, if the publication of

an Index is discontinued or the calculation of that Index is materially changed, we may substitute a

suitable Index that will be used for the remainder of the Interest Term. 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 Index Values or performance. **The performance of the new Index may** 

**differ from the original Index, which may affect the interest credited to the Risk Control Account**

**and the interest you earn under the Contract.** However, a change in the Index will not change the Cap

Rate, Participation Rate, Dual Step Rate, Floor, Buffer, or Boost for your Contract at the time of the

change.

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 Interest Term 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 end of the Interest Term.

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 (including any Interim Value) will be based on the percentage

change in the Index from the beginning of the Interest Term to the date on which the Index became

unavailable under the Contract, which means market changes during the delay will not be used to

determine your Risk Control Account Value.

In the unlikely event that an Index is discontinued, we do not provide a substitute Index, and the Allocation

Option is discontinued during an Interest Term as a result, we will credit interest from the beginning of the

Interest Term until the date the Allocation Option is discontinued using the percentage change in the Index

from the beginning of the Interest Term to the date on which the Index became unavailable. The resulting

Risk Control Account Value will be transferred to the Fixed Account for the remainder of the Interest Term,

where it will earn the Fixed Interest Rate starting on the date of transfer until the next Contract

Anniversary. The amount of interest you earn in the Fixed Account may be less than the amount you

would have earned in the Risk Control Account at the end of the Interest Term. If there is a delay between

the date we remove the Index and the date we transfer value to the Fixed Account, your Risk Control

Account Value prior to the transfer will be based on the value of the Index on the date the Index ceased to

be available, which means market changes during the delay will not be used to calculate the Index

Return.

Such a change will be subject to any required regulatory approval, such as any required approval of the

Index by the insurance department in your state.

We will notify you of an Allocation Option or Index change and its effective date by sending you written

notice at your last known address.

**An Index or Allocation Option Change may negatively affect interest credited and your resulting**

**Contract Value, as well as how you want to allocate Contract Value between available Allocation**

**Options.**

**CONTRACT VALUE**

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

Date, during the Accumulation Period, your Contract Value is equal to the sum of the account value in all

Allocation Options, including the Fixed Account Value and the Risk Control Account Value(s). The

calculation of account value varies by Allocation Option as described below.

**Fixed Account Value**

The Fixed Account Value is equal to:

• The amount applied to the Fixed Account at the start of the current Interest Term; minus

• Any withdrawals (including any Surrender Charge and Market Value Adjustment); plus

• Any Flex Transfers; plus

• The daily credited interest.

The Interim Value does not apply to Contract Value in the Fixed Account.

**Risk Control Account Value**

Your Contract Value allocated to the Risk Control Accounts for any Valuation Period is equal to the sum of

your Risk Control Account Value in each Risk Control Account. The Risk Control Account Value varies

based on the Business Day it is calculated:

• On the first Business Day of an Interest Term: the Crediting Base.

• On the last Business Day of an Interest Term: the Crediting Base multiplied by the sum of one plus

the Adjusted Index Return.

• On every other Business Day: the Interim Value.

***Crediting Base***

The Crediting Base is equal to the amount allocated to a Risk Control Account at the start of the Interest

Term, reduced proportionally for any withdrawals. For this purpose, withdrawals include partial

withdrawals (including Income Benefit Payments), Flex Transfers, a full surrender, Death Benefit

payments, or amounts withdrawn to be applied to a Payout Option.

A withdrawal or Flex Transfer will proportionally reduce the Crediting Base by the ratio of the withdrawal

or Flex Transfer to the Risk Control Account Value immediately prior to the withdrawal or Flex Transfer.

Withdrawals include any applicable Surrender Charge and Market Value Adjustment. A proportional

reduction to the Crediting Base could be larger than the amount of the withdrawal or Flex Transfer.

• If the Risk Control Account Value immediately prior to the withdrawal or Flex Transfer is greater

than the Crediting Base, the reduction to the Crediting Base will be less than the amount of the

withdrawal or Flex Transfer.

• If the Risk Control Account Value immediately prior to the withdrawal of Flex Transfer is less than

the Crediting Base, the reduction to the Crediting Base will be greater than the amount of the

withdrawal or Flex Transfer.

The following formulas are used for this calculation:

• Withdrawal or Flex Transfer as a percentage of Risk Control Account Value = withdrawal or Flex

Transfer / (Risk Control Account Value immediately prior to withdrawal or Flex Transfer), where

"withdrawal" includes any applicable Surrender Charge and Market Value Adjustment

• Reduction in Crediting Base = (Crediting Base before withdrawal or Flex Transfer) x (withdrawal

or Flex Transfer as a percentage of Risk Control Account Value)

• Crediting Base After Withdrawal or Flex Transfer = (Crediting Base before withdrawal or Flex

Transfer) – (reduction in Crediting Base)

The Crediting Base is not used for the Fixed Account.

***Examples of Crediting Base After a Withdrawal or Flex Transfer***

Note, the "withdrawal," as used in the examples below, would apply to withdrawals for Income Benefit

Payments or Excess Withdrawals (including any applicable Surrender Charge and Market Value

Adjustment). The Interim Value is reflected in the Risk Control Account Value.

Example 1. Risk Control Account Value immediately prior to the withdrawal or Flex Transfer is greater

than the Crediting Base.

Assume the following:

• Crediting Base before withdrawal or Flex Transfer = $100,000

• Withdrawal or Flex Transfer = $20,000

• Risk Control Account Value at time of withdrawal or Flex Transfer = $115,000

Step 1: Calculate the withdrawal or Flex Transfer as a percentage of Risk Control Account Value

• Withdrawal or Flex Transfer as a percentage of Risk Control Account Value = withdrawal or Flex

Transfer / (Risk Control Account Value immediately prior to withdrawal or Flex Transfer)

• Withdrawal or Flex Transfer as a percentage of Risk Control Account Value = $20,000 / $115,000

= 0.173913

Step 2: Calculate the reduction in the Crediting Base

• Reduction in Crediting Base = (Crediting Base before withdrawal or Flex Transfer) x (withdrawal

or Flex Transfer as a percentage of Risk Control Account Value)

• Reduction in Crediting Base = $100,000 x 0.173913 = $17,391.30

Step 3: Calculate the Crediting Base after withdrawal or Flex Transfer

• Crediting Base after withdrawal or Flex Transfer = (Crediting Base before withdrawal or Flex

Transfer) – (reduction in Crediting Base)

• Crediting Base after withdrawal or Flex Transfer = $100,000 - $17,391.30 = $82,608.70

In this example, because the Risk Control Account Value immediately prior to the withdrawal or Flex

Transfer is greater than the Crediting Base, the reduction to the Crediting Base ($17,391.30) is less than

the amount of the withdrawal or Flex Transfer ($20,000).

Example 2. Risk Control Account Value immediately prior to the withdrawal or Flex Transfer is less than

the Crediting Base.

Assume the following:

• Crediting Base before withdrawal or Flex Transfer = $100,000

• Withdrawal or Flex Transfer = $20,000

• Risk Control Account Value at time of withdrawal or Flex Transfer = $80,000

Step 1: Calculate the withdrawal or Flex Transfer as a percentage of Risk Control Account Value

• Withdrawal or Flex Transfer as a percentage of Risk Control Account Value = withdrawal or Flex

Transfer / (Risk Control Account Value immediately prior to withdrawal or Flex Transfer)

• Withdrawal or Flex Transfer as a percentage of Risk Control Account Value = $20,000 / $80,000 =

0.25 Step 2: Calculate the reduction in the Crediting Base

• Reduction in Crediting Base = (Crediting Base before withdrawal or Flex Transfer) x (withdrawal

or Flex Transfer as a percentage of Risk Control Account Value)

• Reduction in Crediting Base = $100,000 x 0.25 = $25,000

Step 3: Calculate the Crediting Base after withdrawal or Flex Transfer

• Crediting Base after withdrawal or Flex Transfer = (Crediting Base before withdrawal or Flex

Transfer) – (reduction in Crediting Base)

• Crediting Base after withdrawal or Flex Transfer = $100,000 - $25,000 = $75,000

In this example, because the Risk Control Account Value immediately prior to the withdrawal or Flex

Transfer is less than the Crediting Base, the reduction to the Crediting Base ($25,000) is greater than the

amount of the withdrawal or Flex Transfer ($20,000). This illustrates that the Crediting Base calculation

may result in a reduction in the Crediting Base that is significantly larger than the withdrawal or Flex

Transfer amount.

***Index Return***

On the last Business Day of an Interest Term the Risk Control Account Value equals the Crediting Base

multiplied by the sum of one plus the Adjusted Index Return.The Index Return and Adjusted Index Return

are calculated to determine the interest credited to a Risk Control Account. The Index Return and

Adjusted Index Return are calculated separately for each Risk Control Account.

The Index Return is the percentage change in the index from the beginning of the Interest Term to the end

of the Interest Term. The Index Return is calculated using the following formula:

Index Return = A / B – 1 where,

• A = Index Value on the last day of the Interest Term

• B = Index Value on the first day of the Interest Term

If the first or last day of the Interest Term does not fall on a Business Day, the closing Index Value for the

next Business Day will be used.

***Adjusted Index Return***

The Adjusted Index Return is the Index Return for the current Interest Term adjusted for the Crediting

Strategy. The calculation of the Adjusted Index Return varies based on the Crediting Strategy:

For the **Floor with Participation Rate and Cap Rate Crediting Strategy**, the Adjusted Index Return is

calculated as follows:

• If the Index Return is greater than or equal to zero: the lesser of the Cap Rate or the Index Return

multiplied by the Participation Rate.

• If the Index Return is less than zero: the greater of the Index Return or the Floor.

*Examples:* Assume the Floor is -10%, the Cap Rate is 10.00%, and the Participation Rate is 100%.

• If the Index Return is 6.00%, because the Index Return is greater than zero, the Adjusted

Index Return equals the lesser of the Index Return multiplied by the Participation Rate or the

Cap Rate:

oLesser of 6.00%\*100% or 10.00% = 6.00%.

• If the Index Return is 16.00%, because the Index Return is greater than zero, the Adjusted

Index Return equals the lesser of the Index Return multiplied by the Participation Rate or the

Cap Rate:

oLesser of 16.00%\*100% or 10.00% = 10.00%.

• If the Index Return is -6.00%, because the Index Return is less than zero, the Adjusted Index

Return is the greater of the Index Return or the Floor:

oGreater of -6.00% or -10.00% = -6.00%.

• If the Index Return is -16.00%, because the Index Return is less than zero, the Adjusted

Index Return is the greater of the Index Return or the Floor:

oGreater of -16.00% or -10.00% = -10.00%.

For the **Buffer with Participation Rate and Cap Rate Crediting Strategy,** the Adjusted Index Return is

calculated as follows:

• If the Index Return is greater than or equal to zero: the lesser of the Cap Rate or the Index

Return multiplied by the Participation Rate.

• If the Index Return is less than zero and greater than the Buffer: zero.

• If the Index Return is less than the Buffer: the Index Return minus the Buffer.

*Examples*: Assume the Buffer is -10.00%, the Participation Rate is 100%, and the Cap Rate is 10.00%.

• If the Index Return is 6.00%, because the Index Return is greater than zero, the Adjusted Index

Return equals the lesser of the Index Return or the Cap Rate:

oLesser of 6.00%\*100.0% or 10.00% = 6.00%.

• If the Index Return is 16.00%, because the Index Return is positive, the Adjusted Index Return

equals the lesser of the Index Return multiplied by the Participation Rate or the Cap Rate:

oLesser of 16.00%\*100.0% or 10.00% = 10.00%.

• If the Index Return is -6.00%, because the Index Return is less than zero and greater than the

-10% Buffer, the Adjusted Index Return is zero:

o0.00%.

• If the Index Return is -16.00%, because the Index Return is less than zero and greater than the

-10% Buffer, the Adjusted Index Return equals the Index Return minus the Buffer:

o-16.00% - (-10%) = -6.00%.

For the **Boost with Participation Rate and Cap Rate Crediting Strategy**, the Adjusted Index Return is

calculated as follows:

• If the Index Return is greater than or equal to zero: the lesser of the Cap Rate or the Boost plus

the Participation Rate multiplied by any Index Return in excess of the Boost.

• If the Index Return is less than zero: the Index Return plus the Boost.

Examples: Assume the Boost is 10%, the Participation Rate is 100%, and the Cap Rate is 90.00%.

• If the Index Return is 6.00%, because the Index Return is greater than zero, the Adjusted Index

Return equals the lesser of the Cap Rate or the Boost plus the Participation Rate multiplied by

any Index Return in excess of the Boost:

◦ Lesser of 10% + 100\*0% or 90.00% = 10.00%.

• If the Index Return is 16.00%, because the Index Return is greater than zero, the Adjusted Index

Return equals the lesser of the Cap Rate or the Boost plus the Participation Rate multiplied by

any Index Return in excess of the Boost:

◦ Lesser of 10% + 100%\*6% or 90.00% = 16.00%.

• If the Index Return is -6.00%, because the Index Return is less than zero, the Adjusted Index

Return is equal to the Index Return plus the Boost:

◦ -6.00% + 10% = 4.00%

• If the Index Return is -16.00%, because the Index Return is less than zero, the Adjusted Index

Return is equal to the Index Return plus the Boost:

◦ -16.00% + 10% = -6.00%.

The Adjusted Index Return for the **Buffer with Dual Step Rate Crediting Strategy** is calculated as

follows:

• If the Index Return is greater than or equal to the Buffer: the Dual Step Rate.

• If the Index Return is less than the Buffer: the Index Return minus the Buffer.

Examples: Assume the Buffer is -10.00% and the Dual Step Rate is 50.00%.

• If the Index Return is 6.00%, because the Index Return is greater than the Buffer, the Adjusted

Index Return equals the Dual Step Rate:

◦ 50.00%.

• If the Index Return is 16.00%, because the Index Return is greater than the Buffer, the Adjusted

Index Return equals the Dual Step Rate:

◦ 50.00%.

• If the Index Return is -6.00%, because the Index Return is greater than the Buffer, the Adjusted

Index Return equals the Dual Step Rate:

◦ 50.00%.

• If the Index Return is -16.00%, because the Index Return is less than the Buffer, the Adjusted

Index Return equals the Index Return minus the Buffer:

◦ -16.00% - (-10%) = -6.00%.

***Risk Control Account Value Calculation on the Last Business Day of an Interest Term***

The following examples illustrate how investment performance of the reference Index is applied in

crediting interest to the Risk Control Accounts. In each case, the following steps are used. Additional

details and examples for each step in these calculations are provided above.

• Step 1 - Calculate the Index Return, which equals the Index Value on the last day of the Interest

Term divided by the Index Value on the first day of the Interest Term minus one.

• Step 2 - Calculate the Adjusted Index Return using the Index Return from Step 1 and the

applicable Crediting Strategy. See above for additional examples of these calculations.

• Step 3 - Calculate the Risk Control Account Value, which equals the Crediting Base multiplied by

the sum of one plus the Adjusted Index Return from Step 2.

No withdrawals or Flex Transfers are assumed to occur under these examples and all values are

determined on the last Business Day of an Interest Term.The examples illustrate hypothetical

circumstances solely for the purpose of demonstrating Risk Control Account calculations and are not

intended as estimates of future performance of the Index.

*Example 1*: Floor with Cap Rate and Participation Rate Crediting Strategy with a positive Index Return

greater than the Cap Rate.

Assumptions:

• Crediting Base: $100,000

• Floor: -10.00%

• Cap Rate: 15.00%

• Participation Rate: 100%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 1300

Step 1: Calculate the Index Return: 30.00%

Step 2: Calculate the Adjusted Index Return: 15.00%

Step 3: Calculate the Risk Control Account Value: $115,000

*Example 2*: Floor with Cap Rate and Participation Rate Crediting Strategy with a negative Index Return.

Assumptions:

• Crediting Base: $100,000

• Floor: -10.00%

• Cap Rate: Uncapped

• Participation Rate: 100%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 700

Step 1: Calculate the Index Return: -30.00%

Step 2: Calculate the Adjusted Index Return: -10.00%

Step 3: Calculate the Risk Control Account Value: $90,000

*Example 3*: Buffer with Cap Rate and Participation Rate Crediting Strategy with a positive Index Return.

Assumptions:

• Crediting Base: $100,000

• Buffer: -10.00%

• Cap Rate: 10.00%

• Participation Rate: 115%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 1300

Step 1: Calculate the Index Return: 30.00%

Step 2: Calculate the Adjusted Index Return: 34.50%

Step 3: Calculate the Risk Control Account Value: $134,500

*Example 4*: Buffer with Cap Rate and Participation Rate Crediting Strategy with an Index Return less than

zero and greater than the Buffer.

Assumptions:

• Crediting Base: $100,000

• Buffer: -10.00%

• Cap Rate: Uncapped

• Participation Rate: 115%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 950

Step 1: Calculate the Index Return: -5.00%

Step 2: Calculate the Adjusted Index Return: 0.00%

Step 3: Calculate the Risk Control Account Value: $100,000

*Example 5:* Buffer with Cap Rate and Participation Rate Crediting Strategy with an Index Return less than

the Buffer.

Assumptions:

• Crediting Base: $100,000

• Buffer: -10.00%

• Cap Rate: Uncapped

• Participation Rate: 115%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 700

Step 1: Calculate the Index Return: -30.00%

Step 2: Calculate the Adjusted Index Return: -20.00%

Step 3: Calculate the Risk Control Account Value: $80,000

*Example 6*: Boost with Cap Rate and Participation Rate Crediting Strategy with a positive Index Return

Assumptions:

• Crediting Base: $100,000

• Boost: 10.00%

• Cap Rate: 200.00%

• Participation Rate: 110%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 1300

Step 1: Calculate the Index Return: 30.00%

Step 2: Calculate the Adjusted Index Return: 32.00%

Step 3: Calculate the Risk Control Account Value: $132,000

*Example 7*: Boost with Cap Rate and Participation Rate Crediting Strategy with a negative Index Return.

Assumptions:

• Crediting Base: $100,000

• Boost: 10.00%

• Cap Rate: Uncapped

• Participation Rate: 110%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 700

Step 1: Calculate the Index Return: -30.00%

Step 2: Calculate the Adjusted Index Return: -20.00%

Step 3: Calculate the Risk Control Account Value: $80,000

*Example 8*: Buffer with Dual Step Rate and a positive Index Return

Assumptions:

• Crediting Base: $100,000

• Buffer: -10.00%

• Dual Step Rate: 60.00%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 1300

Step 1: Calculate the Index Return: 30.00%

Step 2: Calculate the Adjusted Index Return: 60.00%

Step 3: Calculate the Risk Control Account Value: $160,000

*Example 9*: Buffer with Dual Step Rate and a negative Index Return

Assumptions:

• Crediting Base: $100,000

• Buffer: -10.00%

• Dual Step Rate: 60.00%

• Index Value as of the first day of the Interest Term: 1000

• Index Value as of the last day of the Interest Term: 700

Step 1: Calculate the Index Return: -30.00%

Step 2: Calculate the Adjusted Index Return: -20.00%

Step 3: Calculate the Risk Control Account Value: $80,000

**Interim Value**

The Interim Value is the value for a Risk Control Account on any day other than the first and last Business

Day of an Interest Term. The Interim Value may change each Business Day, and the change may be

positive or negative. The Interim Value may reflect a negative return even when the Index increases, may

reflect a positive return even if the Index decreases, and may be lower than the amount that would have

been available at the end of the Interest Term.See "<u>[Charges and Adjustments - Interim Value](#i1af8aff2c1b44f4aa2bbe3825341627f_10471)</u>."

The Interim Value reflects the change in value of derivative instruments that hedge market risks

associated with the Risk Control Accounts. Using the Interim Value protects the Company from market

losses relating to changes in the value of the investments that support the Risk Control Accounts when

withdrawals or Flex Transfers are made during the Interest Term. The Interim Value is determined using

an option pricing formula, is calculated separately for each Risk Control Account, and varies based on the

Crediting Strategy.

The Interim Value for a Risk Control Account is calculated using the following formula:

• Crediting Base x [1 + (Hypothetical Option Value – Amortized Option Cost – Trading Costs)]

Hypothetical option value is the hypothetical option value as of the current Business Day, expressed as a

percentage of the Crediting Base. The hypothetical derivatives include calls and puts. The current value of

the hypothetical call options reflects the potential for increases in the reference Index during the Interest

Term. The current value of the hypothetical put options reflects the potential for decreases in the

reference Index during the Interest Term.

Amortized option cost is the hypothetical option value as of the start of the Interest Term, adjusted for the

time elapsed in the Interest Term. To adjust for the time elapsed in the Interest Term, the hypothetical

option value as of the start of the Interest Term is multiplied by the number of days remaining in the

Interest Term divided by the total number of days in the Interest Term. Amortized option cost is expressed

as a percentage of the Crediting Base.

Trading costs represent the reasonably expected additional cost of selling the hypothetical options. The

trading cost may vary by Risk Control Account and time remaining and is expressed as a percentage of

the Crediting Base.

The hypothetical option value used in determining the Interim Value is calculated as follows:

• For the Floor with Participation Rate and Cap Rate Crediting Strategy: Participation Rate x (long

call - short call) - short put + long put.

• For the Buffer with Participation Rate and Cap Rate Crediting Strategy: Participation Rate x (long

call - short call) - short put.

• For the Boost with Participation Rate and Cap Rate Crediting Strategy: Participation Rate x (long

call - short call) - short put + Boost discounted at the risk-free rate.

• For the Buffer with Dual Step Rate Crediting Strategy: Dual Step Rate x long digital call - short

put.

The following inputs are used to calculate the hypothetical call and put option values under a Black-

Scholes pricing model. The implied volatility, divided rate, and risk-free rate are obtained from

independent third parties.

*Strike Price of the Option.* The strike price varies for each derivative instrument. The strike price for each

derivative instrument is described below.

• Long call:

◦ Floor and Buffer Crediting Strategies: Index Value as of the start of the Interest Term

◦ Boost Crediting Strategies: Index Value x (1 + Boost)

• Short put:

◦ Floor and Boost Crediting Strategies: Index Value as of the start of the Interest Term

◦ Buffer Crediting Strategies: (Index Value at start of the Interest Term) x (1 + Buffer)

• Long put (Floor Crediting Strategies only):

◦ (Index Value at start of the Interest Term) x (1 + Floor)

• Short call:

◦ Floor and Buffer Crediting Strategies: (Index Value as of the start of the Interest Term) x

(1 + Cap Rate/Participation Rate)

◦ Boost Crediting Strategies: (Index Value as of the start of the Interest Term) x (1 + (Cap

Rate – Boost)/Participation Rate + Boost)

• Long digital call (Buffer with Dual Step Rate Crediting Strategies only)

◦ (Index Value at start of the Interest Term) x (1 + Buffer)

The value of the call or put option is measured as a percentage of the Crediting Base.

*Time Remaining.* Represents the portion of the Interest Term remaining. It is measured as the number of

whole and partial years remaining in the Interest Term.

*Strike Ratio.*The strike price of the option divided by the closing value for the reference Index as of the

current Business Day.

*Implied Volatility.*The implied volatility is approximated using observed option prices. Linear interpolation

is used between implied volatilities for similar options with the closest available time remaining and strike

ratio.

*Dividend Rate of the Index for the Remaining Term of the Option.*The dividend rate for the time

remaining using linearly interpolated rates or implied from market data.

*Risk-Free Interest Rate for the Remaining Term of the Option.*The risk-free rate is a benchmark rate

used for the U.S. financial services industry in valuing financial instruments, with a maturity equal to the

time remaining in the Interest Term. If there is no corresponding length, linear interpolation is used using

rates with the closest remaining term.

For examples of how we calculate the Interim Value, please refer to the Statement of Additional

Information.

**CHARGES AND ADJUSTMENTS**

**Income Benefit Fee**

The Income Benefit Fee is equal on an annual basis to the Income Benefit Fee Rate multiplied by the

average daily value of the Income Benefit Base for the prior Contract Year. The Income Benefit Fee will

be deducted proportionally from the Contract Value in all Allocation Options on the Contract Anniversary.

The Income Benefit Fee will be deducted prior to any other transactions on the Contract Anniversary. No

Surrender Charge or Market Value Adjustment will be applied as a result of the deduction of the Income

Benefit Fee. The Income Benefit Fee is assessed even if Income Benefit Payments are never made.

---

| | |
|:---|:---|
| **Income Benefit Fee Rate**<br>**(as a percentage of the average daily Income Benefit Base for the prior Contract Year)**<br>| *See Income* <br>*Benefit* <br>*Supplement.*<br>|

---

The average daily value of the Income Benefit Base will equal the Income Benefit Base as of the start of

the Contract Year unless an Excess Withdrawal is taken. Because Excess Withdrawals reduce the

Income Benefit Base, the reduced Income Benefit Base will be used in the average daily value calculation

in the event of an Excess Withdrawal. In that case, the average daily value of the Income Benefit Base

will be equal to the sum of each Income Benefit Base for the prior Contract Year multiplied by the number

of days it applied and divided by the number of days in the Contract Year.

The Income Benefit Fee will terminate upon the date any of the following occur:

• Contract Value is equal to zero;

• Death or removal of all Covered Persons;

• Payment of a death benefit;

• Full surrender or termination of the Contract;

• Entire Contract Value is applied to a Payout Option;

• The date the Income Benefit terminates.

On the date the Income Benefit terminates, we will deduct any portion of the Income Benefit Fee that is

accrued but not yet deducted, calculated from the last Contract Anniversary to the effective date of the

termination. The final Income Benefit Fee will be deducted as of the termination date proportionally from

the Contract Value in all Allocation Options.

**Surrender Charge**

During the first six Contract Years, we deduct a Surrender Charge from each Excess Withdrawal or

surrender that exceeds the Annual Free Withdrawal Amount. The Surrender Charge schedule is

expressed as a percentage of the Contract Value withdrawn or surrendered as shown below.

---

| | |
|:---|:---|
| **Contract** <br>**Year**<br>| **Surrender Charge** <br>**Percentage**<br>|
| 1 | 8% |
| 2 | 8% |
| 3 | 8% |
| 4 | 7% |
| 5 | 6% |
| 6 | 5% |
| 7+ | 0% |

---

The Surrender Charge is assessed before application of the Market Value Adjustment. For examples of

how we calculate the Surrender Charge, please refer to the Statement of Additional Information.

We will not assess the Surrender Charge on:

• Withdrawals under the Nursing Home or Hospital waiver or Terminal Illness waiver;

• Refunds under the Right to Examine;

• Required Minimum Distributions that are withdrawn under the automatic withdrawal program

provided by the Company;

• The Annual Free Withdrawal Amount;

• Death Benefit proceeds;

• Amounts withdrawn after the first six Contract Years;

• Contract Value applied to a Payout Option using the Payout Option tables shown on the Contract

Data Page;

• Income Benefit Payments; and

• Transfers (including Flex Transfers).

We will waive the Surrender Charge and Market Value Adjustment in the case of a partial withdrawal or

surrender where the Owner or Annuitant qualifies for the Nursing Home or Hospital or Terminal Illness

waiver. 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. If there

is a conflicting opinion between physicians, the Company's physician will rule. Each waiver may be

exercised only one time.

• *Nursing Home or Hospital Waiver*. We will not deduct a Surrender Charge in the case of a partial

withdrawal or surrender where any Owner or Annuitant is confined to a licensed nursing home or

hospital and has been confined to such nursing home or hospital for at least 90 consecutive days

after the latter of the Contract Issue Date or the date of change of the Owner or Annuitant. A

hospital refers to a facility that is licensed and operated as a hospital according to the law of the

jurisdiction in which it is located. A nursing home refers to a facility that is licensed and operates

as a nursing facility according to the law of the jurisdiction in which it is located. We require

verification of confinement to the nursing home or hospital, and such verification must be signed

by the administrator of the facility.

• *Terminal Illness Waiver*. We will not deduct a Surrender Charge in the case of a partial withdrawal

or surrender where any Owner or Annuitant has a life expectancy of 12 months or less due to

illness or accident. As proof, we require a determination of the Terminal Illness. Such

determination must be signed by the licensed physician making the determination after the latter

of Contract Issue Date or the date of change of the Owner or Annuitant. The physician may not be

a member of your or the Annuitant's immediate family.

Any state variations with respect to the availability, terms, and/or benefits of the Surrender Charge

waivers are provided in [Appendix](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)<u>[B](#i79160c1b9fb648ca8a7d77b2fd44b08c_64)</u>.

Even if you do not pay a Surrender Charge because of the waivers, you still may be required to pay

taxes, and additional taxes on the amount withdrawn. You should consult a tax adviser to determine the

effect of a partial withdrawal on your taxes. Additionally, any applicable Interim Value will apply to amounts

withdrawn under this Waiver and there may be a proportionate reduction in the Crediting Base and Death

Benefit.

Surrender Charges offset promotion, distribution expenses, and investment risks born 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.

**Interim Value**

The Interim Value is the value for a Risk Control Account on any day other than the first and last Business

Day of an Interest Term. See "<u>[Contract Value - Interim Value](#i8cc2526adc564d9584d35e4f89277628_23502)</u>." The Interim Value may change each

Business Day, and the change may be positive or negative. For Contract Value allocated to a Risk Control

Account, if you take a withdrawal (including Income Benefit Payments), make a Flex Transfer, surrender

your Contract, die, or begin Payout Options before the expiration of an Interest Term, the amount

withdrawn or transferred from the Risk Control Account is based on the Interim Value (which may reflect a

positive or negative return) and will reduce the Crediting Base proportionally. You bear the risk that the

Interim Value may decrease your Risk Control Account Value (and consequently, other values under the

Contract) if you withdraw or transfer amounts from a Risk Control Account during the Interest Term. The

Interim Value is not applied to Contract Value in the Fixed Account.

The Interim Value may reflect a negative return even when the Index increases, may reflect a positive

return even if the Index decreases, and may be lower than the amount that would have been available at

the end of the Interest Term. You may have an Interim Value that reflects a negative return regardless of

the Crediting Strategy selected; for example, the Interim Value could reflect negative returns that exceed

the applicable Floor, that apply even if Index losses were within the applicable Buffer, or that are not offset

by the applicable Boost.

**An Interim Value that reflects a negative return will reduce the values under the Contract, and it is**

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

**interest due to the Interim Value calculation if you take a withdrawal, make a Flex Transfer, or**

**surrender your Contract. Additionally, only the Crediting Base remaining after the withdrawal or**

**Flex Transfer will be credited interest, positive or negative, at the end of the Interest Term.**

**Market Value Adjustment**

An Excess Withdrawal or full surrender of the Contract may be adjusted (increased or decreased) for the

Market Value Adjustment. The Market Value Adjustment applies to every Allocation Option, including the

Fixed Account, and will always apply for the six-year rolling period beginning on the Contract Issue Date

even if the Allocation Options elected have an Interest Term of less than six years.

The Market Value Adjustment reflects the change in value of the investments that support the guarantees

under this Contract upon withdrawal during the six-year rolling period beginning on the Contract Issue

Date. Rates used in determining the Market Value Adjustment are reset every sixth Contract Anniversary.

You may obtain information about the Market Value Adjustment by calling us.

**The Market Value Adjustment will either increase or decrease the amount you receive from a**

**withdrawal or surrender, and it is possible in extreme circumstances to lose up to 90% of your**

**principal and previously credited interest due to the Market Value Adjustment if you take a**

**withdrawal, make a Flex Transfer, or surrender your Contract. You directly bear the investment**

**risk associated with a Market Value Adjustment. You should carefully consider your income needs**

**before purchasing the Contract.**

***Purpose of the Market Value Adjustment.*** The Market Value Adjustment helps protect us from market

losses relating to changes in the value of the investments that support the guarantees under the Contract

when amounts are withdrawn from an Allocation Option before the end of each six-year period. You bear

the risk that the Market Value Adjustment may decrease the amount of a withdrawal made during the six-

year period.

***Application.*** If the combination of the Constant Maturity Treasury rate and ICE BofA Index has increased

at the time of withdrawal over their levels at the start of the six-year period, the Market Value Adjustment

will be negative and will decrease the Surrender Value or amount you receive from a partial withdrawal by

the amount of the Market Value Adjustment. Similarly, if the combination of the Constant Maturity Treasury

rate and ICE BofA Index has decreased at the time of surrender or partial withdrawal over their levels at

the start of the six-year period, the Market Value Adjustment will be positive and will increase the

Surrender Value or amount you receive from a partial withdrawal by the amount of the Market Value

Adjustment.

We will not assess the Market Value Adjustment on:

• Withdrawals under the Nursing Home or Hospital Waiver or Terminal illness waiver;

• Refunds under the Right to Examine;

• Required Minimum Distributions that are withdrawn under an automatic withdrawal program

provided by us;

• The Annual Free Withdrawal Amount;

• Death Benefit proceeds;

• Income Benefit Payments;

• Withdrawals on or within 30 days after the end of every six-year rolling period; and

• Contract Value applied to a Payout Option using the Payout Option tables shown on the Contract

Data Page; and

• Transfers (including Flex Transfers).

For more information about the Market Value Adjustment and examples of how we calculate Market Value

Adjustments, please refer to the Statement of Additional Information.

**IMPORTANT: You directly bear the investment risk associated with the Interim Value calculation**

**and the Market Value Adjustment.**

**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%.

**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, Buffers, and Boosts for the Risk Control

Accounts, the Fixed Interest Rate for the Fixed Account, the surrender rights available under the Contract,

the Income Benefit, the Death Benefit, and the Payout Period Income Payments. We must provide the

rates and benefits set forth in yourContract regardless of how our General Account investments that

support the guarantees we provide perform. To help manage our investment risks, we engage in certain

risk management techniques. There are costs associated with those risk management techniques. You do

not directly pay the costs associated with our risk management techniques. However, we take those costs

into account when we set rates and guarantees under your Contract.

**ACCESS TO YOUR MONEY**

**Partial Withdrawals**

At any time during the Accumulation Period you may make partial withdrawals by Authorized Request in

Good Order. The minimum partial withdrawal amount is $100. Unless you instruct us otherwise,

withdrawals will be processed proportionally from the Contract Value in all Allocation Options. Any

applicable Surrender Charge, Market Value Adjustment, and Interim Value calculation will affect the

amount available for a partial withdrawal. We will pay you the amount you request in connection with a

partial withdrawal by reducing Contract Value in the Fixed Account or the appropriate Risk Control

Accounts.

Partial withdrawals for less than $25,000 are permitted by telephone and in writing. The written consent of

all Owners must be obtained before we will process the partial withdrawal. If an Authorized Request in

Good Order is received by 4:00 P.M. Eastern Time, it will be processed that day. If an Authorized Request

in Good Order is received after 4:00 P.M. Eastern Time, it will be processed on the next Business Day.

If a partial withdrawal other than an Income Benefit Payment 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. Before processing the full surrender, we will attempt to contact you or your financial professional

to provide the opportunity for you to take a lower amount to maintain a Surrender Value of at least $2,000.

If we are unable to contact you within one Business Day after receiving your request, we will process the

full surrender.

**The Contract may not be appropriate for investors who plan to take Excess Withdrawals**

**(including systematic withdrawals and Required Minimum Distributions) or surrender the**

**Contract. Excess Withdrawals may be subject to a Market Value Adjustment and Surrender** 

**Charge. All partial withdrawals (including for Income Benefit Payments) from a Risk Control** 

**Account prior to the end of an Interest Term are subject to the Interim Value calculation and** 

**proportional reduction of the Crediting Base. Excess Withdrawals proportionally reduce the Death** 

**Benefit and Income Benefit Base by the ratio of the withdrawal to the Contract Value immediately** 

**prior to the withdrawal, which may decrease the Death Benefit and Income Benefit Base by more** 

**than the amount of the Excess Withdrawal, and that decrease could be significant.**

**Systematic Withdrawals**

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

automatic withdrawals. See "<u>[Benefits Available Under the Contract - Systematic Withdrawals](#i7403161cdcba4093ba8aed8ad410ad05_139391)</u>" for more

information. Although the Contract permits systematic withdrawals (including for Required Minimum

Distributions under the Internal Revenue Code) from the Risk Control Accounts, these withdrawals may

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

other than your Income Benefit Payments, you should consult a financial professional to determine

whether the Contract is appropriate for you.

**Surrenders**

You may surrender your Contract for the Surrender Value at any time during the Accumulation Period by

Authorized Request. The consent of all Owners must be obtained before the Contract is surrendered. If

an Authorized Request in Good Order is received before 4:00 P.M. Eastern Time on a Business Day, it will

be processed that day. If an Authorized Request in Good Order is received at or after 4:00 P.M. Eastern

Time on a Business Day or on a non-Business Day, it will be processed on the next Business Day.

If you surrender the Contract, you will be paid the Surrender Value, as of the Business Day we received

your Authorized Request in Good Order.

The Surrender Value is calculated separately for the Fixed Account and Risk Control Accounts.

The Surrender Value for the Fixed Account is equal to:

a) Your Fixed Account Value at the end of the Valuation Period in which we receive your Authorized

Request; minus

b) Any applicable Income Benefit Fee and Surrender Charge; adjusted for

c) Any applicable Market Value Adjustment; and

d) Where the resulting value is not less than the Fixed Account Nonforfeiture Value.

The Surrender Value for the Risk Control Accounts is equal to:

a) Your Risk Control Account Value at the end of the Valuation Period in which we receive your

Authorized Request; minus

b) Any applicable Income Benefit Fee and Surrender Charge; and adjusted for

c) Any applicable Market Value Adjustment.

**Instead of crediting interest to amounts that are surrendered prior to the end of the Interest Term, the amount withdrawn or transferred is based on the Interim Value (which may reflect a positive or**

**negative return) and will reduce the Crediting Base proportionally. The Surrender Value could be**

**significantly lower than your Contract Value due to the Interim Value calculation, Market Value**

**Adjustment, and Surrender Charge. A surrender is 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.**

Upon payment of the Surrender Value, this contract is terminated, and we have no further obligation

under the Contract or the Income Benefit. We may require that the Contract be returned to our

Administrative Office prior to making payment of the Surrender Value. The Surrender Value will not be

less than the amount required by state law or the Interstate Insurance Product Regulation Commission,

depending on the state in which the contract was delivered for sale. We will pay you the amount you

request in connection with a full surrender by withdrawing Contract Value in the Fixed Account and the

Risk Control Accounts.

**Annual Free Withdrawal Amount**

Your Annual Free Withdrawal Amount is the amount that can be withdrawn each Contract Year without

incurring a Surrender Charge or Market Value Adjustment. For the first six Contract Years the Annual Free

Withdrawal Amount is equal to 10% of the Contract Value determined at the beginning of each Contract

Year. Beginning on the sixth Contract Anniversary, it is equal to 20% of the Contract Value determined at

the beginning of each Contract Year. Any unused Annual Free Withdrawal Amount will not carry over to

any subsequent Contract Year. Income Benefit Payments are considered a withdrawal for purposes of

determining the Annual Free Withdrawal Amount. The Annual Free Withdrawal Amount is still subject to

Interim Value calculations and proportionate adjustments. Partial annuitization will count toward the

Annual Free Withdrawal Amount.

The Annual Free Withdrawal Amount is subtracted from surrenders for purposes of calculating the

Surrender Charge and Market Value Adjustment.

**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 reserve the right to postpone payment for up to six months after we receive your Authorized Request

in Good Order, subject to obtaining prior written approval by the state insurance commissioner if required

by the law of the state in which we issued the Contract. In the event we postpone payment, we will pay

interest on the proceeds if required by state law, calculated at the effective annual rate and for the time

period required under state law.

**INCOME BENEFIT**

The Contract includes a non-optional Income Benefit, also known as a guaranteed lifetime withdrawal

benefit or GLWB. On the Contract application, you must choose from one of the two Income Benefit riders

we offer - IncomeGrowth Protection, which offers relatively higher guaranteed income; and IncomeGrowth

Performance, which offers the potential for higher performance over time. This election cannot be

changed. **The Allocation Options available to you will vary depending upon which Income Benefit**

**rider you select. You should also carefully review the Income Benefit Supplement for other**

**differences between the two riders.**

Subject to certain conditions, the Income Benefit provides for Income Benefit Payments to be made each

year for the life of the Covered Person(s) in the form of partial withdrawals without reducing the value of

Income Benefit Payments in future years. The Income Benefit Payment is the guaranteed lifetime

withdrawal amount. The Income Benefit Payment is guaranteed regardless of investment performance

and will continue even if the Contract Value is reduced to zero from Income Benefit Payments.

**Excess Withdrawals proportionally reduce the Income Benefit Base, which is used to determine**

**the Income Benefit Payment, by the ratio of the withdrawal (including any Surrender Charge and**

**Market Value Adjustment) to the Contract Value immediately prior to the withdrawal. Reductions**

**due to Excess Withdrawals may be substantially more than the withdrawal amount, and any**

**resulting decreases to the Income Benefit Payment could be significant and could terminate the**

**Contract. If you begin Income Benefit Payments before age 59½, the Income Benefit Payments**

**may be subject to a 10% additional tax.**

**Income Benefit Fee**

We deduct an Income Benefit Fee proportionally from the Contract Value in all Allocation Options on each

Contract Anniversary. Detailed information about the Income Benefit Fee is provided under <u>[Charges and](#i1af8aff2c1b44f4aa2bbe3825341627f_26088)</u> 

<u>[Adjustments - Income Benefit Fee](#i1af8aff2c1b44f4aa2bbe3825341627f_26088)</u> and in the Income Benefit Supplement.

**Termination of the Income Benefit**

The Income Benefit will terminate and all rights under the Income Benefit will terminate on the date any of

the following occur:

• Death or removal of all Covered Persons;

• Payment of a death benefit;

• Full surrender or termination of the Contract; or

• Entire Contract Value is applied to a Payout Option.

• Upon the Owner(s) voluntary termination of the Income Benefit after the [6th] Contract Year by

Authorized Request.

On the date the Income Benefit terminates we will deduct any Income Benefit Fee that was accrued but

not yet deducted as the final Income Benefit Fee.

Once the Income Benefit is terminated, it cannot be added back to the Contract. In particular, you should

consult your financial representative before you voluntarily terminate the Income Benefit.

**Covered Person**

The Covered Person(s) is the natural person(s) whose Age and lifetime we base the Income Benefit

Percentage and Income Benefit Payments on for the Income Benefit. You select the Covered Person(s)

on the Contract Issue Date. **After the Contract Issue Date, you cannot request to add, remove, or**

**replace a Covered Person, even if you add or change an Owner, Annuitant, or Beneficiary except**

**as described in this Prospectus.**

***Eligibility to be a Covered Person***

If there is a sole Owner of the Contract:

• You (the Owner) can be a Covered Person.

• Your Spouse can be a Covered Person and the sole primary Beneficiary.

• If you select single life Income Benefit Payments, you (the Owner) must be designated as the

Covered Person.

If there are Joint Owners:

• Both Owners can be Covered Persons.

• The Owners must be Spouses.

• If you select single life Income Benefit Payments, either Owner can be designated as the

Covered Person.

If the Owner is not a natural person:

• The Annuitant must be designated as the Covered Person.

• A joint Annuitant is not permissible.

• Joint life Income Benefit Payments cannot be selected.

If one Covered Person is selected, you have elected single life option rates. If two Covered Persons are

selected, you have elected joint life option rates.

***Adding a Covered Person***

You can add a Covered Person before the Income Benefit Payment Start Date by Authorized Request if

there is only one Covered Person and there has not been a spousal continuation. The added Covered

Person must meet the eligibility requirements described above. Requests to add a Covered Person must

be received at least one Business Day prior to the desired Income Benefit Payment Start Date. If a

Covered Person is added, the Income Benefit Payment will be determined in consideration of the new

Covered Person's Age and could delay the earliest date that Income Benefit Payments can start if the

new Covered Person is younger than 50.

***Removing a Covered Person***

You can remove a Covered Person before the Income Benefit Payment Start Date by Authorized Request

if there are two Covered Persons and the remaining Covered Person was a Covered Person on the

Contract Issue Date. Requests to remove a Covered Person must be received at least one Business Day

prior to the desired Income Benefit Payment Start Date.

If a Covered Person is no longer an Owner, Joint Owner, Annuitant, or Beneficiary as required, we will

automatically remove that person from the Income Benefit, and they will no longer be a Covered Person.

Once we remove a Covered Person from the Income Benefit, the Covered Person cannot be reinstated

(except if the person is added as a Covered Person in accordance with the restrictions set forth above).

If at any time two Covered Persons are no longer Spouses, you must send us notice of the divorce by

Authorized Request. Upon receipt of such notice, we will remove one former Spouse from the Contract as

a Covered Person.

If a Covered Person is removed and one Covered Person remains, the following will occur:

• If the Covered Person was removed before the Income Benefit Payment Start Date, single life

option rates will be elected (unless a new Covered Person is added).

• If the Owner is a natural person and joint Income Benefit Payments have already started, we

will continue to pay joint life Income Benefit Payments to the Owner as long as the remaining

Covered Person is living.

If a Covered Person is removed and there is no Covered Person remaining, the Income Benefit will

terminate and Income Benefit Payments will cease.

**Spousal Continuation**

If the sole primary Beneficiary is the surviving Spouse of the deceased Owner, the surviving Spouse may

elect to continue the Contract as the new Owner. This benefit may only be exercised one time.

If the surviving Spouse is a Covered Person, and elects to continue the Contract as the new Owner, the

Income Benefit will remain in effect, and the following terms apply:

• If the spousal continuation election is before the Income Benefit Payment Start Date, single life

option rates will be used. Joint life option rates and joint life Income Benefit Payments will not be

available, and a Covered Person cannot be added.

• If the spousal continuation election is after the Income Benefit Payment Start Date, we will

continue to pay joint life Income Benefit Payments to the surviving Spouse as long as the

surviving Spouse is living.

If the surviving Spouse is not a Covered Person, the Spouse may elect to continue the Contract as the

new Owner; however, the Income Benefit will terminate, and we will no longer assess the Income Benefit

Fee.

**Income Benefit Payments**

The Income Benefit Payment is the guaranteed lifetime withdrawal amount. The annual Income Benefit

Payment is equal to the Income Benefit Percentage multiplied by the Income Benefit Base. The Income

Benefit Payment is calculated on the Income Benefit Payment Start Date.

The Income Benefit Base is initially equal to the Purchase Payment. The Income Benefit Base (and

therefore the Income Benefit Payment) is recalculated on each Contract Anniversary and on any date an

Excess Withdrawal is taken. The Income Benefit Payment will only decrease if you take an Excess

Withdrawal.

The Income Benefit Percentage is a combination of the Base Withdrawal Percentage and the Annual

Increase Percentage, using the following formula: B + A x C, where

B= The Base Withdrawal Percentage.

A= The Annual Increase Percentage.

C = The number of whole Contract Years from the Contract Issue Date until the Income Benefit

Payment Start Date, subject to the Maximum Annual Increase Period of 20 years.

See the Income Benefit Supplement for more details.

Income Benefit Payments can begin on the 50th birthday of the youngest Covered Person or two

Business Days after the Contract Issue Date, whichever is later. You may take the full Income Benefit

Payment or partial Income Benefit Payment amount through the systematic withdrawal program. If you

take less than the Income Benefit Payment, the remaining Income Benefit Payment not taken will not

carry over to future years.

Requests to start receiving the Income Benefit Payment must be received at least one Business Day prior

to the desired Income Benefit Payment Start Date. The Owner elects how to receive the Income Benefit

Payments, either as monthly, quarterly, semi-annual, or annual payments. If the scheduled payment date

does not fall on a Business Day, we will make the payment on the next Business Day.

Income Benefit Payments continue during the life of the Covered Person(s) unless the Income Benefit is

terminated. Under the single life option, Income Benefit Payments will cease on the date of death of the

Covered Person. Under the joint life option, Income Benefit Payments will continue until the date of death

of the second Covered Person if the surviving Spouse continues the Contract upon the death of an

Owner. We may require proof that the Covered Person(s) is living upon the date of any Income Benefit

Payment while the Income Benefit is in effect. **If you do not begin Income Benefit Payments before all**

**Covered Person(s) die or are removed from the Contract, the Income Benefit terminates, and you**

**will not receive any Income Benefit Payments.**

***Income Benefit Percentage:***Values for the Base Withdrawal Percentages and Annual Increase

Percentages are set forth in an Income Benefit Supplement to this Prospectus. You should not sign an

application for a Contract without first obtaining the current Income Benefit Supplement. Terms disclosed in

previous Income Benefit Supplements are stated in <u>[Appendix C](#i79160c1b9fb648ca8a7d77b2fd44b08c_413)</u>.

***Income Benefit Base:*** The Income Benefit Base is initially equal to the Purchase Payment but will be

reset each Contract Anniversary or on any day an Excess Withdrawal is taken. On each Contract

Anniversary, unless the Income Benefit is terminated, if the current Contract Value is greater than the

current Income Benefit Base, the Income Benefit Base will be reset to equal the current Contract Value.

The Income Benefit Base is used only to determine the Income Benefit Payment and Income Benefit Fee.

The Income Benefit Base is not available for surrender or withdrawal.

The Income Benefit Base will be impacted by Excess Withdrawals as described later in this section.

*Example of the Income Benefit Payment Calculation:*

Assume the following:

• There is one Covered Person.

• On the Contract Issue Date, the Covered Person is Age 55.

• The Base Withdrawal Percentage is equal to 5.0% for the single life option for a 55-year-old.

• The Annual Increase Percentage is 0.40% for the single life option for a 55-year-old.

• The Income Benefit Payment Start Date is on the 7<sup>th</sup> Contract Anniversary.

• The Income Benefit Base is $250,000.

The Income Benefit Percentage equals the Base Withdrawal Percentage of 5.0% plus the Annual

Increase Percentage of 0.40% multiplied by the number of completed Contract Years from the Contract

Issue Date until the Income Benefit Payment Start Date, subject to the maximum of 20 years. The number

of Completed Contract Years is 7, which is less than the maximum of 20, so 7 will be used in the

calculation. Therefore, the Income Benefit Percentage =5.0% + 0.40% x 7 = 7.8%.

The annual Income Benefit Payment is equal to the Income Benefit Percentage of 7.8% multiplied by the

Income Benefit Base of $250,000. Therefore, the annual Income Benefit Payment = 7.8% x $250,000 =

$19,500.

**Treatment of Income Benefit Payment Withdrawals**

Income Benefit Payments are treated as a withdrawal from the Contract Value. Unless you instruct us

otherwise by Authorized Request, Income Benefit Payments are taken proportionally from the Contract

Value in each Allocation Option at the time of the withdrawal. For information about having Income

Payments taken only from the Fixed Account, see "Fixed Account Automatic Transfer and Withdrawal

Program" below. Income Benefit Payments reduce the Contract Value, the Surrender Value, and the

Death Benefit by the amount of the Income Benefit Payment on a dollar-for-dollar basis. Income Benefit

Payments do not reduce the Income Benefit Base. If Income Benefit Payments are withdrawn from a Risk

Control Accountbefore the expiration of an Interest Term, the amount withdrawn from the Risk Control

Account is based on the Interim Value (which may reflect a positive or negative return) and will reduce the

Crediting Base proportionally.

While the Income Benefit is in effect, the Contract will not terminate if an Income Benefit Payment causes

the Surrender Value to be less than $2,000.

Income Benefit Payments are not subject to Surrender Charge or Market Value Adjustment. The Income

Benefit Payment will count toward the Annual Free Withdrawal Amount.

If an Income Benefit Payment or investment performance causes the Contract Value to be zero,we will

continue to pay the Income Benefit Payments until the death of all Covered Persons and the frequency of

the Income Benefit Payments will remain the same as what was previously elected. In that event, the

Allocation Options will no longer be available for investment.

If the date of birth of the Covered Person(s) is misstated, the Income Benefit Payment will be adjusted

based on the correct date of birth of the Covered Person(s). Any underpayment will be added to the next

payment. Any overpayment will be subtracted from future payments. No interest will be credited or

charged to any underpayment or overpayment adjustments.

**Fixed Account Automatic Transfer and Withdrawal Program**

You may elect by Authorized Request to have your Income Benefit Payments taken from the Fixed

Account. This program may benefit you because it facilitates withdrawals for Income Benefit Payments

from the Fixed Account, which is not subject to Interim Value calculations. (Note, however, that Interim

Value calculations apply if program transfers are made to the Fixed Account from Risk Control Accounts

with six-year Interest Terms before the end of the current term.)

If you elect to have your Income Benefit Payments taken from the Fixed Account, we will transfer an

amount up to your annual Income Benefit Payment from the Risk Control Accounts to the Fixed Account

on every Contract Anniversary. Unless you instruct us otherwise, the transfer will be taken proportionally

from the Risk Control Account Value in each Risk Control Account. The transfer will be taken after

assessing the Income Benefit Fee. The Fixed Account automatic transfer and withdrawal program can

only begin on a Contract Anniversary and on or after the Income Benefit Payment Start Date. This

program can be cancelled at any time.

**Impact of Excess Withdrawals on the Income Benefit Payment**

An Excess Withdrawal is the portion of a withdrawal that, when added to other withdrawals during the

current Contract Year, is greater than the total Income Benefit Payment for the current Contract Year.

Excess Withdrawals include withdrawals and RMDs prior to the Income Benefit Payment Start Date and

deductions for any applicable Surrender Charge and Market Value Adjustment. Excess Withdrawals do

not include amounts we withdraw for the Income Benefit Fee. Excess Withdrawals will proportionally

reduce the Income Benefit Base, which is used to determine the Income Benefit Payment by the ratio of

the Excess Withdrawal (including any Surrender Charge and Market Value Adjustment) to the Contract

Value immediately prior to the Excess Withdrawal. Reductions due to Excess Withdrawals may be

substantially more than the amount of the Excess Withdrawal, and any resulting decreases to the Income

Benefit Payment could be significant and could terminate the Contract.

Any portion of a withdrawal taken after the Income Benefit Payment Start Date that is not an Excess

Withdrawal will be treated as an Income Benefit Payment. If a withdrawal is made after the Income

Benefit Payment Start Date, the remaining Income Benefit Payment for the current Contract Year will be

adjusted to reflect the withdrawal. If the withdrawal when added to the amount of all withdrawals during

the current Contract Year (including Income Benefit Payments) is greater than the Income Benefit

Payment for the current Contract Year, no further Income Benefit Payments will be made during that

Contract Year. Otherwise, the remaining Income Benefit Payment for the current Contract Year is equal to

the Income Benefit Payment reduced by the amount of all withdrawals during the current Contract Year

(including prior Income Benefit Payments).

If an Excess Withdrawal reduces the Surrender Value to less than $2,000, the Income Benefit will

terminate and Income Benefit Payments will cease.

***Example of Income Benefit Base Calculation Adjusted for an Excess Withdrawal:***

Assume the following information:

• Income Benefit Payment = $5,000.

• Excess Withdrawal (including Surrender Charges and Market Value Adjustments) = $1,000.

• The Contract Value at the time of withdrawal = $100,000.

• Income Benefit Base at the time of the withdrawal = $90,000

*Step 1*: Deduct the Income Benefit Payment from Contract Value to determine the Contract Value

immediately prior to the Excess Withdrawal:

• $100,000 - $5,000 = $95,000

*Step 2*: Calculate the ratio of the Excess Withdrawal to the Contract Value immediately prior to the Excess

Withdrawal:

• Ratio = Excess Withdrawal / (Contract Value immediately prior to the Excess Withdrawal)

• $1,000 / $95,000 = 0.010526

*Step 3*: Calculate the reduction to Income Benefit Base:

• Reduction to Income Benefit Base = Ratio x Income Benefit Base prior to the Excess Withdrawal

• 0.010526 x $90,000 = $947.34

*Step 4*: Calculate the Income Benefit Base adjusted for the Excess Withdrawal:

• Income Benefit Base adjusted for the Excess Withdrawal = Income Benefit Base prior to the

Excess Withdrawal – reduction to Income Benefit Base

• $90,000 - $947.34 = $89,025.66.

Example 2. This example assumes the Contract Value is less than the Income Benefit Base at the time of

the withdrawal.

Assume the following information:

• Income Benefit Payment = $5,000.

• Excess Withdrawal (including Surrender Charges and Market Value Adjustments) = $1,000.

• The Contract Value at the time of withdrawal = $80,000.

• Income Benefit Base at the time of the withdrawal = $90,000

*Step 1*: Deduct the Income Benefit Payment from Contract Value to determine the Contract Value

immediately prior to the Excess Withdrawal:

• $80,000 - $5,000 = $75,000

*Step 2*: Calculate the ratio of the Excess Withdrawal to the Contract Value immediately prior to the Excess

Withdrawal:

• Ratio = Excess Withdrawal / (Contract Value immediately prior to the Excess Withdrawal)

• $1,000 / $75,000 = 0.013333

*Step 3*: Calculate the reduction to Income Benefit Base:

• Reduction to Income Benefit Base = Ratio x Income Benefit Base prior to the Excess Withdrawal

• 0.013333 x $90,000 = $1,199.97

*Step 4*: Calculate the Income Benefit Base adjusted for the Excess Withdrawal:

• Income Benefit Base adjusted for the Excess Withdrawal = Income Benefit Base prior to the

Excess Withdrawal – reduction to Income Benefit Base

• $90,000 - $1,199.97 = $88,800.03.

As illustrated in Example 2, the Income Benefit Base calculation may result in a reduction in the Income

Benefit Base that is significantly larger than the withdrawal amount.

**Required Minimum Distribution Withdrawals**

If the Contract is an Individual Retirement Annuity (IRA), Income Benefit Payments may be used to satisfy

your Required Minimum Distribution (RMD) requirements. **A withdrawal taken to satisfy RMD**

**requirements prior to the Income Benefit Payment Start Date will be treated as an Excess**

**Withdrawal and will reduce the Income Benefit Base and Income Benefit Payment and could**

**terminate the Contract.**

If the RMD associated with the Contract exceeds the Income Benefit Payment, and you increase the

Income Benefit Payment to meet your RMD requirements, the additional funds withdrawn to satisfy RMD

requirements after the Income Benefit Payment Start Date will not be treated as an Excess Withdrawal

and Surrender Charges and Market Value Adjustments will not apply. The additional funds taken to satisfy

an RMD requirement will not reduce the Income Benefit Base or future Income Benefit Payments.

The RMD requirement for the Contract is calculated by the Company based on the calendar year taken.

The portion of the withdrawal that is treated as an RMD may not be greater than the RMD of the current

calendar year less any amount previously withdrawn. For calendar years after the Contract Value is

reduced to zero, the Income Benefit Payments will be treated as the RMD payments with respect to the

Contract.

**BENEFITS AVAILABLE UNDER THE CONTRACT**

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

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| **Benefit** | **Purpose** | **Standard or** <br>**Optional**<br>| **Maximum** <br>**Fee**<br>| **Brief Description** <br>**of Restrictions** <br>**and Limitations**<br>|
| Income Benefit  | Provides for Income Benefit <br>Payments to be made each <br>year for the life of the Covered <br>Person(s)<br>| Standard | *Refer to* <br>*Income* <br>*Benefit* <br>*Supplement*<br>| Excess <br>Withdrawals <br>proportionally <br>reduce the Income <br>Benefit Base, which <br>is used to <br>determine the <br>Income Benefit <br>Payment, by the <br>ratio of the <br>withdrawal <br>(including any <br>Surrender Charge <br>and Market Value <br>Adjustment) to the <br>Contract Value <br>immediately prior to <br>the withdrawal. <br>|
| Fixed Account <br>Automatic Transfer <br>and Withdrawal <br>Program<br>| Allows you to have Income <br>Benefit Payments taken from <br>the Fixed Account<br>| Optional | No charge. | Program can only <br>begin on a Contract <br>Anniversary and on <br>or after the Income <br>Benefit Payment <br>Start Date.<br>|
| Death Benefit | Provides a Death Benefit if the <br>Owner dies during the <br>Accumulation Period<br>| Standard | No Charge | Excess Withdrawals <br>may reduce the <br>Death Benefit by <br>more than the <br>amount of the <br>withdrawal.<br>|
| Systematic<br>Withdrawals<br>| Provide payments on a <br>schedule as set up by you.<br>| Optional | No Charge | Withdrawals may <br>be subject to a <br>Market Value <br>Adjustment or <br>Surrender Charge.<br>|

---

**Income Benefit**

See the "<u>[Income Benefit](#i79160c1b9fb648ca8a7d77b2fd44b08c_399)</u>" section.

**Fixed Account Automatic Transfer and Withdrawal Program**

See the "<u>[Income Benefit - Fixed Account Automatic Transfer and Withdrawal Program](#i8de4fc695d16485a9f1e5051363c34f6_69270)</u>" section.

**Death Benefit**

***Owner or Joint Owner Death during the Accumulation Period***. If the Owner (or first Joint Owner) dies

during the Accumulation Period, the Beneficiary is entitled to the Death Benefit. If there are Joint Owners,

the surviving Joint Owner will be treated as the sole primary Beneficiary, and any other designated

Beneficiary will be treated as a contingent Beneficiary.

If the sole primary Beneficiary is the surviving Spouse of the deceased Owner, the surviving Spouse may

elect to continue the Contract at the current Contract Value. In this event, the surviving Spouse will

assume ownership of the Contract, and the Death Benefit would be paid upon the surviving Spouse's

death.

***Annuitant Death during the Accumulation Period.*** If an Annuitant dies during the Accumulation Period,

and the Owner is a non-natural person, the Annuitant's death will be treated as the death of the Owner,

and Death proceeds will be distributed to the Beneficiary in accordance with Death Benefit Options B or

C. Unless payments under Option B commence within one year of the date of death, the entire interest in

the Contract will be paid in accordance with Death Benefit Option C.

If an Annuitant who is not an Owner dies during the Accumulation Period, and there is a surviving Owner

who is a natural person:

• The surviving Joint Annuitant (If there is one) will become the Annuitant.

• If there is no Joint Annuitant, the Owner(s) will become the Annuitant(s).

***Death Benefit Options***

**Option A**: If the sole primary Beneficiary is the surviving Spouse of the deceased Owner, the surviving

Spouse may elect to continue the Contract as the new Owner. See "<u>[Income Benefit - Spousal](#i8de4fc695d16485a9f1e5051363c34f6_74564)</u> 

<u>[Continuation](#i8de4fc695d16485a9f1e5051363c34f6_74564)</u>." An individual who does not meet the definition of Spouse may not be able to continue the

Contract for that person's lifetime. That individual must receive the proceeds of the Contract and any

attached endorsements or riders within the time period specified in section 72(s) of the IRC.

**Option B**: If the Beneficiary is a natural person, the Death Benefit proceeds will be applied in accordance

with section 72(s) of the IRC under one of the Payout Options. The Payout Period Income Payments must

be made for the Beneficiary's life or a period not extending beyond the Beneficiary's life expectancy.

Payments must commence within one year of the date of the Owner's death.

**Option C**: A Beneficiary may receive the Death Benefit proceeds in a single lump sum at any time within

five years of the Owner's death.

Unless option A is elected or payments under Option B commence within one year of the date of the

Owner's Death, the entire interest in the Contract will be paid under Option C.

If there are multiple Beneficiaries, each Beneficiary will be able to elect to receive his or her share of the

benefits under either Option B or Option C. If a Beneficiary does not make such an election, their share of

the Death Benefit proceeds will be paid under Option C. Until payment of the Death Benefit proceeds, the

proceeds remain in the Contract. Death Benefit proceeds will be distributed 5 years from the Owner's

death or earlier if requested by the Beneficiary. Interest, if any, will be paid on the Death Benefit proceeds

under Option C as required by applicable state law. Other minimum distribution rules apply to Qualified

Contracts.

***Proof of Death and Payment of Death Benefit Proceeds*.** TheDeath Benefit proceeds are payable

upon receipt at our Administrative Office of proof of death of the Owner while the Contract is in force (or

Annuitant's death if the Owner is a non-natural person), proof of each Beneficiary's interest in a form and

manner satisfactory to us, and any other documents we require. 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. Proof of each Beneficiary's interest may include our claim form from each Beneficiary, properly

completed. If we receive such proof before 4:00 P.M. Eastern Time, we will determine the amount of the

Death Benefit as of that day. If we receive it at or after 4:00 P.M. Eastern Time, we will determine the

amount of the Death Benefit as of the next Business Day. Death Benefit proceeds will be paid within 7

days after our receipt of the proof outlined above.

***Death Benefit Proceeds Amount.*** The amount that will be paid as Death Benefit proceeds during the

Accumulation Period is equal to the greater of:

a) The Risk Control Account Value plus the greater of the Fixed Account Value or the Fixed

Account Nonforfeiture Value on the date Death Benefit proceeds are payable; or

b) The Purchase Payment adjusted for withdrawals.

A Surrender Charge and Market Value Adjustment will not apply to Death Benefit proceeds. So far as

permitted by law, the Death Benefit proceeds will not be subject to any claim of the Beneficiary's creditors.

The Death Benefit amount will not be less than the amount required by state law in which the Contract

was delivered. The Death Benefit proceeds include any interest paid on the Death Benefit proceeds as

required by state law. Interest, if any, will be calculated at the rate and for the time period required by

state law.

***Impact of Owner Changes on the Death Benefit.*** The Death Benefit does not continue if an Owner is

added or changed unless they are changed for a case of spousal continuation. If an Owner is added or

changed, the amount that will be paid upon the death of the new Owner is equal to the Contract Value on

the date such proceeds are payable, calculated using the Interim Value calculation and minimum

nonforfeiture value for the Fixed Account, if applicable. There is no impact on the Death Benefit if an

Owner is removed.

***Impact of Withdrawals on the Death Benefit.*** Excess Withdrawals proportionally reduce the Purchase

Payment used to determine the Death Benefit by the ratio of the Excess Withdrawal (including any

Surrender Charge or Market Value Adjustment) to the Contract Value immediately prior to the Excess

Withdrawal, which can result in decreasing the Death Benefit by significantly more than the amount of the

Withdrawal. Income Benefit Payment withdrawals reduce the Death Benefit by the amount of the

withdrawal.

Example of Death Benefit proceeds adjusted for withdrawals under a positive economic scenario:

Assumptions:

• Purchase Payment = $80,000

• Assume the following at the time of withdrawal:

◦ Income Benefit Payment = $5,000

◦ Excess Withdrawal (including surrender charges and adjustments) = $1,000

◦ Contract Value at time of withdrawal = $100,000

• Assume the following on the date Death Benefit proceeds are payable:

◦ Risk Control Account Value at time of Death Benefit = $77,000

◦ Fixed Account Value at time of Death Benefit = $10,000

◦ Fixed Account Nonforfeiture Value at time of Death Benefit = $9,000

*Step 1*: Deduct the Income Benefit Payment from Contract Value to determine the Contract Value

immediately prior to the Excess Withdrawal:

• $100,000 - $5,000 = $95,000

Step 2: Calculate the ratio of the Excess Withdrawal to the Contract Value immediately prior to the Excess

Withdrawal:

• Ratio = Excess Withdrawal / (Contract Value immediately prior to the Excess Withdrawal)

• $1,000 / ($95,000) = 0.010526

*Step 3*: Deduct the Income Benefit Payment from the Purchase Payment to determine the Purchase

Payment adjusted for withdrawals immediately prior to the Excess Withdrawal:

• $80,000 - $5,000 = $75,000

*Step 4*: Calculate the reduction to the Purchase Payment for the Excess Withdrawal:

• Reduction to Return of Purchase Payment Death Benefit = Ratio x Purchase Payment prior to the

Excess Withdrawal

• 0.010526 x $75,000 = $789.45

*Step 5*: Calculate the Purchase Payment adjusted for the Excess Withdrawal:

• Purchase Payment adjusted for the Excess Withdrawal = Purchase Payment prior to the Excess

Withdrawal – reduction to the Purchase Payment

• $75,000 - $842.08 = $74,210.55.

*Step 6*: Calculate the Contract Value at the time Death Benefit proceeds are payable:

• Contract Value = the Risk Control Account Value plus the greater of the Fixed Account Value or

the Fixed Account Nonforfeiture Value on the date Death Benefit proceeds are payable

• $77,000 + (greater of $10,000 or $9,000) = $87,000

*Step 7*: Calculate the Death Benefit proceeds:

• Death Benefit Proceeds = the greater of the Contract Value at time Death Benefit proceeds are

payable ($87,000) or the Purchase Payment adjusted for withdrawals ($74,210.55) = $87,000

Example of Death Benefit proceeds adjusted for withdrawals under a negative economic scenario:

Assumptions:

• Purchase Payment = $80,000

• Assume the following at the time of withdrawal:

◦ Income Benefit Payment = $5,000

◦ Excess Withdrawal (including surrender charges and adjustments) = $1,000

◦ Contract Value at time of withdrawal = $100,000

• Assume the following on the date Death Benefit proceeds are payable:

◦ Risk Control Account Value at time of Death Benefit = $63,000

◦ Fixed Account Value at time of Death Benefit = $10,000

◦ Fixed Account Nonforfeiture Value at time of Death Benefit = $9,000

*Steps 1 through 5 are the same as the above example.*

*Step 6*: Calculate the Contract Value at the time Death Benefit proceeds are payable:

• Contract Value = the Risk Control Account Value plus the greater of the Fixed Account Value or

the Fixed Account Nonforfeiture Value on the date Death Benefit proceeds are payable

• $63,000 + (greater of $10,000 or $9,000) = $73,000

*Step 7*: Calculate the Death Benefit proceeds:

• Death Benefit Proceeds = the greater of the Contract Value at time Death Benefit proceeds are

payable ($73,000) or the Purchase Payment adjusted for withdrawals ($74,210.55) = $74,210.55

***Death Benefit Termination.*** The Death Benefit terminates on the earlier of the termination of the

Contract, payment of the Death Benefit proceeds, or when the entire Contract is applied to a Payout

Option.

***Death of Owner or Annuitant After the Payout Date.*** We must be notified immediately of the death of

an Annuitant or Owner. Proof of death will be required upon the death of an Annuitant or Owner. We are

not responsible for any misdirected payments that result from the failure to notify us of any such death.

If all Annuitants die before all of the guaranteed Payout Period Income Payments have been made,

remaining guaranteed Payout Period Income Payments will be treated as a death benefit distributed in

one of the following two ways:

a) Income payments will be continued during the remainder of the guaranteed period certain to the

Owner; or

b) The present value of the remaining Payout Period Income Payments computed at the interest

rate used to create the Payout Option in effect will be paid to the Owner.

If all Annuitants die and there are no remaining guaranteed Payout Period Income Payments, the contract

is terminated, and we have no further obligation under the contract.

If an Owner dies during the Payout Period, any remaining Payout Period Income Payments will be

distributed to the Beneficiary at least as rapidly as provided by the Payout Option in effect.

***Interest on Death Benefit Proceeds.*** We will pay interest on Death Benefit proceeds from the date we

receive Proof of Death until the date of payment. Interest will be paid at an annual rate equal to the

current interest rate in effect for funds left on deposit with us, or if we have not established a rate for funds

left on deposit, at the 2-year Treasury Constant Maturity Rate as published by the Federal Reserve. In

determining the effective annual rate or rates, we will use the rate in effect on the date Proof of Death is

received.

Payment will be made within 31 calendar days from the latest of the following:

a) The date we receive Proof of Death;

b) The date we receive sufficient information to determine liability, the extent of the liability, and the

appropriate payee legally entitled to the proceeds; or

c) The date that any legal impediments to payment of proceeds that depend on the action of

parties other than us are resolved and sufficient evidence of the same is provided to us. Legal

impediments to payment include but are not limited to 1) The establishment of guardianships

and conservatorships; 2) The appointment and qualification of trustees, executors and

administrators; and 3) The submission of information required to satisfy state and federal

reporting requirements.

In the event payment is postponed for more than 31 calendar days from the latest of items (a), (b) or (c)

above, the annual rate of interest during the period of postponement (beginning on the 32nd day until the

date of payment) will be equal to the interest rate described above, plus 10%.

***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. 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.

**Systematic Withdrawals**

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

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 above. The systematic withdrawal program is available to you at any time for no

additional charge. There are federal income tax consequences to partial withdrawals through the

systematic withdrawal plan and you should consult with your tax advisor before electing to participate in

the plan. We may cease offering this program or change the administrative rules related to the program

on a non-discriminatory basis.

Systematic withdrawals may be requested on the following basis **before** the Income Benefit Payment

Start Date:

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

Distribution; or

**•**As Substantially Equal Periodic Payments under Sections 72(t) and 72(q) of the Internal Revenue

Code (IRC), as described below.

Systematic withdrawals may be requested on the following basis **on or after** the Income Benefit Payment

Start Date:

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

Distribution;

• Total systematic withdrawals for the Contract Year equal to a specified dollar amount that is less

than your annual Income Benefit Payment**;** **or**

**•**Total systematic withdrawals for the Contract Year equal to your annual Income Benefit Payment;

Unless you instruct us otherwise by Authorized Request, systematic withdrawals will be deducted

proportionally from the Contract Value in each Allocation Option.

**The Contract may not be appropriate for investors who plan to take systematic withdrawals. With**

**the exception of systematic withdrawals for Required Minimum Distributions and Income Benefit**

**Payments, systematic withdrawals exceeding the Annual Free Withdrawal Amount are subject to**

**Surrender Charges and the Market Value Adjustment and will reduce the Income Benefit Base and**

**Purchase Payment used in determining the Death Benefit, perhaps by more than the amount of**

**the withdrawal. Systematic withdrawals from Risk Control Accounts could also significantly**

**reduce the Contract Value due to the Interim Value calculation and the use of proportionate**

**withdrawal calculations.**

If a partial withdrawal is made after the Income Benefit Payment Start Date and total withdrawals in the

Contract Year do not exceed the Income Benefit Payment, it will be treated as an Income Benefit

Payment and the remaining Income Benefit Payment for the current Contract Year will be adjusted to

reflect the withdrawal. If the partial withdrawal causes the remaining systematic withdrawals to be less

than the $100 minimum partial withdrawal amount, we will attempt to contact you or your financial

professional to discuss your options. Income Benefit Payments are treated as partial withdrawals and will

reduce the remaining Income Benefit Payment available in the Contract Year and the Death Benefit by the

amount of the Income Benefit Payment.

Systematic withdrawals for the Contract Year taken after the Income Benefit Payment Start Date cannot

be more than the annual Income Benefit Payment. **If a partial withdrawal causes total withdrawals in a**

**Contract Year to exceed the Income Benefit Payment, the portion of the partial withdrawal that**

**exceeds the Income Benefit Payment will be treated as an Excess Withdrawal and no further**

**Income Benefit Payments will be made in that Contract Year.**

Systematic withdrawals (including Income Benefit Payment systematic withdrawals) can be terminated by

Authorized Request or will terminate when the Income Benefit terminates.

***Required Minimum Distributions****.* If your Required Minimum Distribution is greater than the Income

Benefit Payment, you can elect by Authorized Request to withdraw an amount equal to the Required

Minimum Distribution after the Income Benefit Payment Start Date. Such a withdrawal will not be treated

as an Excess Withdrawal, Surrender Charges and Market Value Adjustments will not apply, and the

additional withdrawal taken to satisfy the Required Minimum Distribution will not reduce the Income

Benefit Base or future Income Benefit Payments. Because Required Minimum Distributions are calculated

based on a calendar year and Income Benefit Payments are based on a Contract Year, if your Required

Minimum Distributions is more than the sum of the Income Benefit Payments and other withdrawals taken

during the calendar year and you elect to take an additional withdrawal that is greater than your Income

Benefit Payment to equal the Required Minimum Distribution, the additional withdrawal will be processed

in December to ensure the calendar year Required Minimum Distribution is satisfied and Income Benefit

Payments for the remainder of the Contract Year will be adjusted. This election will continue each year

unless it is discontinued by Authorized Request.

***Substantially Equal Periodic Payments.*** If your annuity Contract is used as a funding vehicle for certain

retirement plans that receive special tax treatment under Sections 401, 403(b), 408 or 408A of the IRC,

Section 72(t) of the Internal Revenue Code (IRC) may provide an exception to the 10% additional tax on

distributions made prior to age 59½ if you elect to receive distributions as a series of "substantially equal

periodic payments." For Contracts issued as Non-Qualified Annuities, the IRC may provide a similar

exception from penalty under Section 72(q) of the IRC.

**•**You cannot take any withdrawals from the annuity other than the substantially equal periodic

payments.

**•**Changes due to investment experience do not affect the prohibition against taking distributions in

additional to the annual substantially equal periodic payment.

**•**No more than one substantially equal periodic payment series may be in effect for any year.

Substantially Equal Periodic Payments under Sections 72(t) and 72(q) may be subject to a Surrender

Charge and Market Value Adjustment. To request systematic withdrawals that comply with Sections 72(t)

or 72(q), you must provide us with certain required information in writing on a form acceptable to us.

There is no minimum Surrender Value we require to allow you to begin substantially equal periodic

payments under Sections 72(t) or 72(q). The minimum amount for any such withdrawal is $100 and

payments may be made monthly, quarterly, semi-annually, or annually. However, if treated as Excess

Withdrawals, payments under this program are subject to the minimum Surrender Value described above.

Substantially equal periodic payments must not be modified before the date that is the later of the fifth

anniversary of the date of the first payment and the date the contract owner reaches age 59½. If there are

modifications to the series of payments before that date, an additional recapture tax applies. If you begin

receiving Income Benefit Payments during this time, the withdrawals may be viewed as a modification.

Please consult your personal tax advisor.

**If you receive substantially equal periodic payments before the Income Benefit Payment Start Date**

**that exceed your Annual Free Withdrawal Amount, or after the Income Benefit Payment Start Date**

**that exceed your Annual Free Withdrawal Amount and annual Income Benefit Payment amount, such payments would be considered Excess Withdrawals and will reduce the Income Benefit Base**

**and Purchase Payment used in determining the Death Benefit, perhaps by more than the amount**

**of the withdrawal.**

You may also annuitize your Contract and begin receiving payments for the remainder of your life or life

expectancy as a means of receiving income payments before age 59½ that are not subject to the 10%

additional tax.

**THE PAYOUT PERIOD**

The Payout Period is the period of time that begins on the Payout Date and continues until we make the

last payment as provided by the Payout Option chosen. On the first day of the Payout Period, the

Contract Value (calculated using the Interim Value calculation, if applicable, and subject to the Fixed

Account Nonforfeiture Value, if applicable) will be applied to the Income Payout Option you select, unless

the Income Benefit is in effect and the Income Benefit Payment would be higher. If the Income Benefit is

higher, you may have the ability to continue with the Income Payout Option selected if you so elect. We

will contact you if this alternative is available to you.

Surrender Charges and Market Value Adjustments will not apply to proceeds applied to a Payout Option.

You cannot change the Annuitant or Owner on or after the Payout Date for any reason.

**Payout Date**

The anticipated Payout Date is the first Contract Anniversary after the oldest Annuitant's 95<sup>th</sup> birthday.

Even if the Annuitant is changed, the Payout Date will not change unless you request a different Payout

Date via Authorized Request.

You may change the Payout Date by sending an Authorized 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; (iii) the requested Payout Date

is at least two years after the Contract Issue Date; and (iv) the requested Payout Date is no later than the

anticipated Payout Date as shown on your Contract Data Page**.** Any such change is subject to any

maximum maturity Age restrictions that may be imposed by law.

**Payout Period Income Payments**

If the Income Benefit has not been terminated, Payout Period Income Payments will be equal to the

greater of the payment under the Payout Option elected as described below or the Income Benefit

Payment. The amount applied to an Income Payout Option is equal to the Contract Value immediately

prior to the commencement of the Payout Period (calculated using the Interim Value calculation, if

applicable, and subject to the Fixed Account Nonforfeiture Value, if applicable) less the amount of any

premium taxes paid. Electing a Payout Option during an Interest Term results in the Interim Value being

used for the Risk Control Account Value, which may be significantly less than the amount that would have

been applied to the Payout Option if you waited until the end of the Interest Term.

If the Payout Period Income Payment is equal to the Income Benefit Payment, the Covered Person(s)

becomes the Annuitant(s). Upon the death of all Annuitants, we will pay the Beneficiary an amount equal

to the Contract Value immediately before the commencement of the Payout Period less the total of the

Payout Period Income Payments paid. If the Payout Period Income Payment is equal to the payment

under the Payout Option elected, upon the death of all Annuitants, we will pay the Beneficiary as

described in "Payout Options" below.

**Terms of Payout Period Income Payments**

We use fixed rates of interest to determine the amount of fixed Payout Period Income Payments payable

under the Income Payout Options. Fixed Payout Period Income Payments are periodic payments from us

to the Owner, the amount of which is fixed and guaranteed by us. The amount of each payment depends

on the form and duration of the Income Payout Option chosen, the Age of the Annuitant, the Annuitant's

sex at birth (if applicable), the amount applied to purchase the Payout Period Income Payments and the

applicable income purchase rates in the Contract. The income purchase rates in the Contract are based

on a minimum guaranteed interest rate of 1%. We may, in our discretion and on a non-discriminatory

basis, make Payout Period Income Payments in an amount based on a higher interest rate. Once Payout

Period Income Payments begin, you cannot change the terms or method of those payments. We do not

apply a Surrender Charge, Interim Value calculations, or Market Value Adjustment to Payout Period

Income Payments during the Income Payout Period.

We will make the first Payout Period Income Payment on the Income Payout Date. We may require proof

of age and sex at birth (if the Income Payout Option rate is based on sex at birth) of the Annuitant/Joint

Annuitants before making the first Payout Period Income Payment. To receive Payout Period Income

Payments, the Annuitant/Joint Annuitant must be living on the Income Payout Date and on the date that

each subsequent payment is due as required by the terms of the Income Payout Option. We may require

proof from time to time that this condition has been met.

**Electing a Payout Option**

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

"Options" below. The Income Payout Option and distribution, however, must satisfy the applicable

distribution requirements of Section 72(s) or 401(a)(9) of the Internal Revenue Code, as applicable.

The election of an Income Payout Option must be made by Authorized Request. The election is

irrevocable after the payments commence. The Owner may not assign or transfer any future payments

under any option.

We will make Payout Period Income Payments monthly, quarterly, semiannually, or annually for the

Installment Option. Life Income and Joint and Survivor Life Income options allow monthly Payout Period

Income Payments.

You may change your Income Payout Option any time before payments begin on the Income Payout

Date.

**Payout Options**

We offer the Payout Options described below. The frequency and duration of Payout Period Income

Payments will affect the amount you receive with each payment. In general, if Payout Period Income

Payments are expected to be made over a longer period of time, the amount of each Payout Period

Income Payment will be less than the amount of each Payout Period Income Payment if Payout Period

Income Payments are expected to be made over a shorter period of time. Similarly, more frequent Payout

Period Income Payments will result in the amount of each Payout Period Income Payment being lower

than if Payout Period Income Payments were made less frequently for the same period of time.

Additionally, electing a Payout Option could significantly reduce the amount applied to the Income Option

due to the Interim Value calculation.

• **Option 1 – Installment Option.** We will pay monthly Payout Period Income Payments for a

chosen number of years between 10 and 30.

• **Option 2 – Life Income Option – Guaranteed Period Certain.** We will pay monthly Payout

Period Income Payments for as long as the Annuitant lives and at least for as long as the

Guaranteed Period Certain. The Guaranteed Period Certain choices are: 0 years (life income

only); 5 years; 10 years; 15 years; or 20 years.

• **Option 3 – Joint and Survivor Life Income Option – 10-Year Guaranteed Period Certain.** We

will pay monthly Payout Period Income Payments for as long as either of the Annuitants is living,

and at least for 10 years.

If the Annuitant (or, in the case of Option 3, the second surviving Annuitant) dies before all of the Payout

Period Income Payments have been made for the period for the applicable Payout Option, remaining

guaranteed Payout Period Income Payments will be treated as the Death Benefit and either (a) will be

continued and paid to the Owner during the remainder of the period; or (b) will be paid to the Owner

based on the present value of the remaining Payout Period Income Payments, computed at the interest

rate used to create the rate for the applicable Payout Option. Under Option 2, if a Guaranteed Period

Certain of 0 years is selected, and the Annuitant dies before the first Payout Period Income Payment is

made, no Payout Period Income Payments will be made and the Death Benefit will be paid.

Income payment(s) will be made to the Beneficiary if there is no surviving Owner. If there is no surviving

Owner or Beneficiary, Payout Period Income Payment(s) will be made to the Owner's estate.

If you do not select a Payout Option, we will make payments on the following basis, unless the Internal

Revenue Code ("IRC") requires that we pay in some other manner for the Contract to qualify as an

annuity or to comply with Section 401(a)(9) of the IRC, in which case we will comply with those

requirements):

• Option 2 with a 10-year Guaranteed Period Certain for Contracts with one Annuitant; or

• Option 3 for Contracts with two Annuitants.

The minimum amount which can be applied under all Payout Options is the greater of $2,500 or the

amount required to provide an initial monthly Payout Period Income Payment of $20. We may require due

proof of age and sex at birth of any Annuitant on whose life a Payout Option is based.

We allow partial annuitization. Partial annuitization will count toward the Annual Free Withdrawal Amount.

The Payout Options described above may not be offered in all states. Any state variations are described

in[Appendix](#i79160c1b9fb648ca8a7d77b2fd44b08c_64) B. Further, we may offer other Payout Options. More than one option may be elected. If your

Contract is a Qualified Contract, not all options may satisfy required minimum distribution rules. In

addition, note that effective for Qualified Contract Owners who die on or after January 1, 2020, subject to

certain exceptions, most non-spouse designated beneficiaries must now complete death benefit

distributions within ten years of the Owner's death in order to satisfy required minimum distribution rules.

You should consult a tax advisor before electing a 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 a Market Value

Adjustment that results from a withdrawal. There is, however, no definitive guidance on the proper tax

treatment of Market Value Adjustments and you should discuss the potential tax consequences of a

Market Value Adjustment with your tax advisor.

**Taxation of Income Benefit Payments**

See "Additional Tax on Certain Withdrawals" and "Taxation of Income Payments" below.

**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.

**Taxation of Death Benefit Proceeds**

Amounts may be distributed from a Contract because of your death or the death of the Annuitant.

Generally, such amounts are includible in the income of the recipient as follows: (i) if distributed in a lump

sum, they are taxed in the same manner as surrender of the Contract, or (ii) if distributed under a payout

option, they are taxed in the same way as income payments.

To be treated as an annuity contract for Federal income tax purposes, Section 72(s) of the Internal

Revenue Code requires any Non-Qualified Contract to contain certain provisions specifying how your

interest in the Contract will be distributed in the event of the death of an Owner of the Contract.

Specifically, Section 72(s) requires that (i) if any Owner dies on or after the annuity starting date, but prior

to the time the entire interest in the Contract has been distributed, the entire interest in the Contract will

be distributed at least as rapidly as under the method of distribution being used as of the date of such

Owner's death; and (ii) if any Owner dies prior to the annuity starting date, the entire interest in the

Contract will be distributed within five years after the date of such Owner's death unless distributions are

made over life or life expectancy, beginning within one year of the death of the Owner. However, if the

designated Beneficiary is the surviving spouse of the deceased Owner, the Contract may be continued

with the surviving spouse as the new Owner.

**Transfers, Assignments or Exchanges of the Contract**

A transfer or assignment of ownership of the Contract, the designation of an Annuitant other than the

Owner, the selection of certain maturity dates, or the exchange of the Contract may result in certain tax

consequences to you that are not discussed herein. An Owner contemplating any such transfer,

assignment or exchange, should consult a tax advisor as to the tax consequences.

**Withholding**

Annuity and pension Distributions are generally subject to federal income tax withholding. They may also

be subject to state income tax withholding, where applicable. Recipients can generally elect, however, not

to have tax withheld from distributions. The withholding rate varies according to the type of distribution

and the Owner's tax status. The Owner will be provided the opportunity to elect not have tax withheld

from distributions. Certain limitations may apply. Please consult a tax advisor before making any

withholding election.

"Eligible rollover distributions" from section 401(a), 403(b), and governmental 457 plans are subject to a

mandatory federal income tax withholding of 20%. For this purpose, an eligible rollover distribution is any

distribution to an employee (or employee's spouse or former spouse as Beneficiary or alternate Payee)

from such a plan, except certain distributions such as distributions required by the Internal Revenue

Code, distributions in a specified annuity form, or hardship distributions. The 20% withholding does not

apply, however, to nontaxable distributions or if (i) the employee (or employee's spouse or former spouse

as Beneficiary or alternative Payee)chooses a "direct rollover" from the plan to a tax-qualified plan, IRA or

tax sheltered annuity or to a governmental 457 plan that agrees to separately account for rollover

contributions; or (ii) a non-spouse Beneficiary chooses a "direct rollover" from the plan to an IRA

established by the direct rollover.

**Federal Estate Taxes, Gift and Generation-Skipping Transfer Taxes**

While no attempt is being made to discuss in detail the Federal estate tax implications of the Contract, a

purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to

a Beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on

the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of

the lump sum payment payable to the contingent Owner or the actuarial value of the payments to be

received by the Beneficiary. Consult an estate planning advisor for more information.

Under certain circumstances, the Internal Revenue Code may impose a generation-skipping transfer tax

("GST") when all or part of an annuity contract is transferred to, or a Death Benefit is paid to, an individual

two or more generations younger than the Owner. Regulations issued under the Internal Revenue Code

may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to

the IRS. The federal estate tax, gift tax and GST tax exemptions and maximum rates may each be

adjusted.

The potential application of these taxes underscores the importance of seeking guidance from a qualified

advisor to help ensure that your estate plan adequately addresses your needs and those of your

beneficiaries under all possible scenarios.

**Same-Sex Spouses**

Under the Contract, a surviving spouse may have certain continuation rights that he or she may elect to

exercise upon your death for the Contract's Death Benefit. All Contract provisions relating to spousal

continuation are available only to a person who meets the definition of "spouse" under federal law. The

U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that

marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships

and civil unions that are not recognized as legal marriages under state law, however, will not be treated as

marriages under federal law. Consult a tax advisor for more information on this subject.

**Annuity Purchases By Nonresident Aliens and Foreign Corporations**

The discussion above provides general information regarding U.S. federal income tax consequences to

annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or U.S.

permanent residents will generally be subject to U.S. federal withholding tax on taxable distributions from

annuity contracts at a 30% rate unless a lower treaty rate applies. In addition, such purchasers may be

subject to state and/or municipal taxes and taxes that may be imposed by the purchaser's country of

citizenship or residence. Additional withholding may occur with respect to entity purchasers (including

foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective purchasers are

advised to consult with a qualified tax advisor regarding U.S., state, and foreign taxation with respect to

an annuity contract purchase.

**Additional Information about the Taxation of Non-Qualified Contracts**

This discussion generally applies to Contracts owned by natural persons. See "Non-Natural Person"

below for a discussion of Non-Qualified Contracts owned by persons such as corporations and trusts that

are not natural persons.

***Medicare Tax.*** Distributions from a Non-Qualified Contract will be considered "investment income" for

purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be

applied to some or all of the taxable portion of distributions (e.g., earnings) to individuals whose income

exceeds certain threshold amounts. Please consult a tax advisor for more information.

***Multiple Contracts.*** All Non-Qualified deferred annuity contracts that are issued by us (or our affiliates) to

the same Owner during any calendar year are treated as one annuity contract for purposes of determining

the amount includible in such Owner's income when a taxable distribution occurs.

***Non-Natural Person.*** If a non-natural person (e.g., a corporation or a trust) owns a Non-Qualified

Contract, the taxpayer generally must include in income any increase in the excess of the account value

over the investment in the Contract (generally, the Purchase Payment or other consideration paid for the

Contract) during the taxable year. There are some exceptions to this rule and a prospective Owner that is

not a natural person should discuss these with a tax advisor.

**Additional Information about the Taxation of Qualified Contracts**

***Individual Retirement Annuities (IRAs)***, as defined in Section 408 of the Internal Revenue Code, permit

individuals to make annual contributions of up to the lesser of a specified dollar amount for the year or the

amount of compensation includible in the individual's gross income for the year. The contributions may be

deductible in whole or in part, depending on the individual's income. Distributions from certain retirement

plans may be "rolled over" into an IRA on a tax-deferred basis without regard to these limits. Amounts in

the IRA (other than nondeductible contributions) are taxed when distributed from the IRA. A 10%

additional tax generally applies to distributions made before age 59½, unless an exception applies.

Distributions that are rolled over to an IRA within 60 days are not immediately taxable, however only one

such rollover is permitted each year. An individual can make only one rollover from an IRA to another (or

the same) IRA in any 12-month period, regardless of the number of IRAs that are owned. The limit will

apply by aggregating all of an individual's IRAs, including SEP and SIMPLE IRAs as well as traditional

and Roth IRAs, effectively treating them as one IRA for purposes of the limit. This limit does not apply to

direct trustee-to-trustee transfers or conversion to Roth IRAs.

***Roth IRAs***, as described in Internal Revenue Code Section 408A, permit certain eligible individuals to

contribute to make non-deductible contributions to a Roth IRA in cash or as a rollover or transfer from

another Roth IRA or other IRA. A rollover from or conversion of an IRA to a Roth IRA is generally subject

to tax and other special rules apply. The Owner may wish to consult a tax advisor before combining any

converted amounts with any other Roth IRA contributions, including any other conversion amounts from

other tax years. Distributions from a Roth IRA generally are not taxed, except that, once aggregate

distributions exceed contributions to the Roth IRA, income tax and a 10% additional tax may apply to

distributions made (i) before age 59½ (subject to certain exceptions) or (ii) during the five taxable years

starting with the year in which the first contribution is made to any Roth IRA. A 10% additional tax may

apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable

years beginning with the year in which the conversion was made. Distributions that are rolled over to an

IRA within 60 days are not immediately taxable, however only one such rollover is permitted each year.

An individual can make only one rollover from an IRA to another (or the same) IRA in any 12-month

period, regardless of the number of IRAs that are owned. The limit will apply by aggregating all of an

individual's IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively

treating them as one IRA for purposes of the limit. This limit does not apply to direct trustee-to-trustee

transfers or conversions to Roth IRAs.

***Required Minimum Distributions***. Qualified Contracts have required minimum distribution ("RMD") rules

that govern the timing and amount of distributions. You should refer to your Contract or consult a tax

advisor for more information about these rules. The required beginning date for these distributions is

based on your applicable age as defined in the tax law. You should refer to your Contract, retirement plan,

adoption agreement, or consult a tax advisor for more information about these distribution rules.

If distributions from your IRA are made in the form of an annuity, and the annuity payments in a year

exceed the amount that would be required to be distributed for the year under the rules for non-annuitized

contracts (determined by treating the IRA's account balance as including the value of the annuity), the

excess can be counted towards satisfying the RMD with respect to any non-annuitized account balance in

your IRA(s). You should consult a tax advisor if you want to use this special rule.

Effective for Qualified Contract Owners who die on or after January 1, 2020, subject to certain exceptions,

most non-spouse designated beneficiaries must now complete death benefit distributions within ten years

of the Owner's death in order to satisfy RMD rules. Consult a tax advisor.

If you fail to take your full RMD for a year, you will be subject to a 25% excise tax on any shortfall. This

excise tax is reduced to 10% if a distribution of the shortfall is made within two years and prior to the date

the excise tax is assessed or imposed by the IRS. If you fail to take your full RMD for a year, you should

consult with a tax advisor for more information.

**Possible Tax Law Changes**

Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax

treatment of the Contract could change by legislation or otherwise. Consult a tax advisor with respect to

legislative developments and their effect on the Contract.

We have the right to modify the Contract in response to legislative changes that could otherwise diminish

the favorable tax treatment that annuity contract owners currently receive. We make no guarantee

regarding the tax status of any contact and do not intend the above discussion as tax advice.

**What Acts may result in Penalties or Additional Taxes?**

There are tax advantages to using an annuity for retirement savings. The tax advantages may be offset

by additional taxes and penalties if you are not familiar with and follow the rules.

For example, there may be additions to regular tax for the following activities:

• Taking early distributions

• Allowing excess amounts to accumulate for failing to tax required distributions

• Making excess contributions

There may be penalties for the following, without limitation:

• Overstating the amount of nondeductible contributions

• Not having enough tax withheld

• Failing to report income

Please consult with your personal advisor to understand when additional tax or penalties may apply.

**OTHER INFORMATION**

**Important Information about the Indices**

***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 securities comprising the Index and therefore does not reflect the

full investment performance of the underlying securities.

The S&P 500 Index is a trademark of Standard & Poor's or its affiliates and has been licensed for use by

the Company.

***Dimensional US Small Cap Value Systematic Index.*** The Dimensional US Small Cap Value Systematic

Index (the "Index") is sponsored and published by Dimensional Fund Advisors LP ("Dimensional").

References to Dimensional include its respective directors, officers, employees, representatives,

delegates or agents. The use of "Dimensional" in the name of the Index and the related stylized mark(s)

are service marks of Dimensional and have been licensed for use by TruStage. TruStage has entered into

a license agreement with Dimensional providing for the right to use the Index and related trademarks in

connection with the TruStage™ ZoneChoice Income Annuity (the "Financial Product"). The Financial

Product is not sponsored, endorsed, sold or promoted by Dimensional, and Dimensional makes no

representation regarding the advisability of investing in such Financial Product. Dimensional has no

responsibilities, obligations or duties to investors in the Financial Product, nor does Dimensional make

any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness

for a particular purpose or use with respect to the Index, or as to results to be obtained by a Financial

Product or any other person or entity from the use of the Index, trading based on the Index, the levels of

the Index at any particular time on any particular date, or any data included therein, either in connection

with the Financial Product or for any other use. Dimensional has no obligation or liability in connection

with the administration, marketing or trading of the Financial Product. In certain circumstances,

Dimensional may suspend or terminate the Index. Dimensional has appointed a third-party agent (the

"Index Calculation Agent") to calculate and maintain the Index. While Dimensional is responsible for the

operation of the Index, certain aspects have thus been outsourced to the Index Calculation Agent.

Dimensional does not guarantee the accuracy, timeliness or completeness of the Index, or any data

included therein or the calculation thereof or any communications with respect thereto. Dimensional has

no liability for any errors, omissions or interruptions of the Index or in connection with its use. In no event

shall Dimensional have any liability of whatever nature for any losses, damages, costs, claims and

expenses (including any special, punitive, direct, indirect or consequential damages (including lost

profits)) arising out of matters relating to the use of the Index, even if notified of the possibility of such

damages. Dimensional has provided TruStage with all material information related to the Index

methodology and the maintenance, operation and calculation of the Index. Dimensional makes no

representation with respect to the completeness of information related to the Index provided by TruStage

in connection with the offer or sale of any Financial Product. Dimensional acts as principal and not as

agent or fiduciary of any other person. Dimensional has not published or approved this document, nor

does Dimensional accept any responsibility for its contents or use.

***Barclays Risk Balanced Index.*** Neither Barclays Bank PLC ("BB PLC") nor any of its affiliates

(collectively 'Barclays') is the issuer or producer of TruStage™ ZoneChoice Income Annuity and Barclays

has no responsibilities, obligations or duties to investors in TruStage™ ZoneChoice Income Annuity. The

Barclays Risk Balanced Index (the "Index"), together with any Barclays indices that are components of the

Index, is a trademark owned by Barclays and, together with any component indices and index data, is

licensed for use by the Company as the issuer or producer of TruStage™ ZoneChoice Income Annuity

(the "Issuer").

Barclays' only relationship with the Issuer in respect of the Index is the licensing of the Index, which is

administered, compiled and published by BB PLC in its role as the index sponsor (the "Index Sponsor")

without regard to the Issuer or the TruStage™ ZoneChoice Income Annuity or investors in the TruStage™

ZoneChoice Income Annuity. Additionally, the Company as issuer or producer TruStage™ ZoneChoice

Income Annuity may for itself execute transaction(s) with Barclays in or relating to the Index in connection

with TruStage™ ZoneChoice Annuity. Investors acquire TruStage™ ZoneChoice Income Annuity from the

Company and investors neither acquire any interest in the Index nor enter into any relationship of any

kind whatsoever with Barclays upon making an investment TruStage™ ZoneChoice Income Annuity. The

TruStage™ ZoneChoice Income Annuity is not sponsored, endorsed, sold or promoted by Barclays and

Barclays makes no representation regarding the advisability of the TruStage™ ZoneChoice Income

Annuity or use of the Index or any data included therein. Barclays shall not be liable in any way to the

Issuer, investors or to other third parties in respect of the use or accuracy of the Index or any data

included therein.

Barclays Index Administration ("BINDA"), a distinct function within BB PLC, is responsible for day-to-day

governance of BB PLC's activities as Index Sponsor.

To protect the integrity of Barclays' indices, BB PLC has in place a control framework designed to identify

and remove and/or mitigate (as appropriate) conflicts of interest. Within the control framework, BINDA has

the following specific responsibilities:

• oversight of any third party index calculation agent;

• acting as approvals body for index lifecycle events (index launch, change and retirement); and

• resolving unforeseen index calculation issues where discretion or interpretation may be required

(for example: upon the occurrence of market disruption events).

To promote the independence of BINDA, the function is operationally separate from BB PLC's sales,

trading and structuring desks, investment managers, and other business units that have, or may be

perceived to have, interests that may conflict with the independence or integrity of Barclays' indices.

Notwithstanding the foregoing, potential conflicts of interest exist as a consequence of BB PLC providing

indices alongside its other businesses. Please note the following in relation to Barclays' indices:

• BB PLC may act in multiple capacities with respect to a particular index including, but not limited

to, functioning as index sponsor, index administrator, index owner and licensor.

• Sales, trading or structuring desks in BB PLC may launch products linked to the performance of

an index. These products are typically hedged by BB PLC's trading desks. In hedging an index, a

trading desk may purchase or sell constituents of that index. These purchases or sales may affect

the prices of the index constituents which could in turn affect the level of that index.

• BB PLC may establish investment funds that track an index or otherwise use an index for portfolio

or asset allocation decisions.

The Index Sponsor is under no obligation to continue the administration, compilation and publication of

the Index or the level of the Index. While the Index Sponsor currently employs the methodology ascribed

to the Index (and application of such methodology shall be conclusive and binding), no assurance can be

given that market, regulatory, juridical, financial, fiscal or other circumstances (including, but not limited to,

any changes to or any suspension or termination of or any other events affecting any constituent within

the Index) will not arise that would, in the view of the Index Sponsor, necessitate an adjustment,

modification or change of such methodology. In certain circumstances, the Index Sponsor may suspend

or terminate the Index. The Index Sponsor has appointed a third-party agent (the "Index Calculation

Agent") to calculate and maintain the Index. While the Index Sponsor is responsible for the operation of

the Index, certain aspects have thus been outsourced to the Index Calculation Agent.

Barclays

1. makes no representation or warranty, express or implied, to the Issuer or any member of the

public regarding the advisability of investing in transactions generally or the ability of the Index to

track the performance of any market or underlying assets or data; and

2. has no obligation to take the needs of the Issuer into consideration in administering, compiling or

publishing the Index.

Barclays has no obligation or liability in connection with administration, marketing or trading of the

TruStage™ ZoneChoice Income Annuity.

The licensing agreement between the Company and BB PLC is solely for the benefit of the Company and

Barclays and not for the benefit of the owners of the TruStage™ ZoneChoice Annuity, investors or other

third parties.

BARCLAYS DOES NOT GUARANTEE, AND SHALL HAVE NO LIABILITY TO THE PURCHASERS AND

TRADERS, AS THE CASE MAY BE, OF THE TRANSACTION OR TO THIRD PARTIES FOR THE

QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED

THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. BARCLAYS MAKES NO

EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES

OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO

THE INDEX INCLUDING, WITHOUT LIMITATION, THE INDICES, OR ANY DATA INCLUDED THEREIN.

IN NO EVENT SHALL BARCLAYS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT,

OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS, EVEN IF NOTIFIED OF THE

POSSIBILITY OF SUCH DAMAGES SAVE TO THE EXTENT THAT SUCH EXCLUSION OF LIABILITY IS

PROHIBITED BY LAW.

None of the information supplied by Barclays and used in this publication may be reproduced in any

manner without the prior written permission of Barclays Bank PLC. Barclays Bank PLC is registered in

England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

**Any reference to 'Bloomberg Index Services Limited' (including as abbreviated to 'Bloomberg') in** 

**their capacity as the index calculation agent must include the following:**

Bloomberg Index Services Limited is the official index calculation and maintenance agent of the Index, an

index owned and administered by Barclays. Bloomberg Index Services Limited does not guarantee the

timeliness, accurateness, or completeness of the Index calculations or any data or information relating to

the Index. Bloomberg Index Services Limited makes no warranty, express or implied, as to the Index or

any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all

warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum

extent allowed by law, Bloomberg Index Services Limited, its affiliates, and all of their respective partners,

employees, subcontractors, agents, suppliers and vendors (collectively, the "protected parties") shall have

no liability or responsibility, contingent or otherwise, for any injury or damages, whether caused by the

negligence of a protected party or otherwise, arising in connection with the calculation of the Index or any

data or values included therein or in connection therewith and shall not be liable for any lost profits,

losses, punitive, incidental or consequential damages.

**Distribution of the Contract**

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-dealer firms (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 appointed as agents of the Company. CBSI also offered securities to customers through

CBSI registered representatives until May 2022. Through an agreement between LPL Financial ("LPL")

and CBSI, the majority of these former CBSI registered representatives, which primarily include

employees of CBSI's affiliates or the credit union where their FINRA registered branch is located,

registered with LPL. LPL is one of the Selling Broker-Dealers. CBSI receives compensation from LPL for

sales by certain LPL registered representatives pursuant to networking agreements with various credit

unions, LPL and CBSI.

We pay CBSI and/or our affiliates pay the Selling Broker-Dealers 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 we may pay 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 may also pay asset-based commission (sometimes called trail commissions) in addition to the

Purchase Payment-based commission. We 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 the Purchase Payment.

In addition to the compensation described above, we may make additional cash payments, in certain

circumstances referred to as "override" compensation or reimbursements to Selling Broker-Dealers in

recognition of their marketing and distribution, transaction processing and/or administrative services

support. These payments are not offered to all Selling Broker-Dealers, and the terms of any particular

agreement governing the payments may vary among Selling Broker-Dealers depending on, among other

things, the level and type of marketing and distribution support provided. Marketing and distribution

support services may include, among other services, placement of the Company's products on the Selling

Broker-Dealers' preferred or recommended list, increased access to the Selling Broker-Dealers'

registered representatives for purposes of promoting sales of our products, assistance in training and

education of the Selling Agents, and opportunities for us to participate in sales conferences and

educational seminars. The payments or reimbursements may be calculated as a percentage of the

particular Selling Broker-Dealer's actual or expected aggregate sales of our annuity contracts (including

the Contract) and/or may be a fixed dollar amount. Broker-dealers receiving these additional payments

may pass on some or all of the payments to the Selling Agent.

You should ask your Selling Agent for further information about what commissions or other compensation

he or she, or the Selling Broker-Dealer for which he or she works, may receive in connection with your

purchase of a Contract.

Commissions and other incentives or payments described above are not charged directly to you. We

intend to recover commissions and other compensation, marketing, administrative and other expenses

and costs of Contract benefits through the fees and charges imposed under the Contract.

**Authority to Change**

Only the President or Secretary of the Company may change or waive any of the terms of your Contract.

Any change must be in writing and signed by the President or Secretary of the Company. You will be

notified of any such change, as required by law.

**Incontestability**

We consider all statements in your application (in the absence of fraud) to be representations and not

warranties. We will not contest your Contract.

**Misstatement of Age or Sex at Birth**

If an Annuitant's sex at birth has been misstated, and the life income rate type is based on sex at birth, we

will adjust the Payout Period Income Payments to be equal to the payout amount the Contract Value

would have purchased based on the Annuitant's correct sex at birth. If an Annuitant's date of birth is

misstated, we will adjust the Payout Period Income Payments to be equal to the payout amount the

Contract Value would have purchased based on the Annuitant's correct date of birth. If a Covered

Person(s) date of birth has been misstated, the Income Benefit Payment will be adjusted based on the

correct date of birth of the Covered Person(s). We will add any underpayments to the next payment. We

will subtract any overpayment from future payments. We will not credit or charge any interest to any

underpayment or overpayment.

**Conformity with Applicable Laws**

The provisions of the Contract conform to the minimum requirements of the state in which the Contract is

delivered (i.e., the "state of issue"). The laws of the state of issue control any conflicting laws of any other

state in which the Owner may live on or after the Contract Issue Date. If any provision of your Contract is

determined not to provide the minimum benefits required by the state in which the Contract is issued,

such provision will be deemed to be amended to conform or comply with such laws or regulations.

Further, the Company will amend the Contract to comply with any changes in law governing the Contract

or the taxation of benefits under the Contract.

**Reports to Owners**

At least annually, we will mail a report to you at your last known address of record, a report that will state:

• the beginning and end dates for the current report period;

• your Contract Value prior to any Market Value Adjustment at the beginning and end of the current

report period;

• the amounts that have been credited and debited to your Contract Value during the current report

period, identified by the type of activity the amount represents;

• the guaranteed minimum Death Benefit at the end of the current report period;

• the Surrender Value at the end of the current report period;

• the Market Value Adjustment used to determine the Surrender Value;

• information regarding the Income Benefit Base, the Income Benefit Percentage, the Income

Benefit Payment, and the Income Benefit Fee; 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**

*(To be updated by amendment)*

The Company's statutory basis financial statements are hereby incorporated by reference to the Form N-

VPFS filed with the SEC by the Company on April 1, 2025. 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: ALLOCATION OPTIONS AVAILABLE UNDER THE CONTRACT**

**Note: During the Accumulation Period, if you surrender your Contract or take an Excess**

**Withdrawal at any time other than on or within 30 days after each sixth Contract Anniversary, we will apply a Market Value Adjustment (which may be positive or negative) to the amount being**

**surrendered or withdrawn that is in excess of the Annual Free Withdrawal Amount. This may**

**result in a significant reduction in your Contract Value.**

**Risk Control Account Options**

The following is a list of the Risk Control Account options currently available under the Contract. **The**

**Allocation Options available to you will vary depending upon which Income Benefit rider you**

**select.**

We may change the features of the Risk Control Accounts listed below (including the Index and the

Crediting Strategies and their components), 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 Cap Rates, Participation Rates, and Dual Step Rates. Information about current Cap Rates,

Participation Rates and Dual Step Rates is available at https://www.trustage.com/zonechoice-advantage-

annuity-rates.

**During the Accumulation Period, if you surrender, take a partial withdrawal (including Income**

**Benefit Payments), or make a Flex Transfer from a Risk Control Account before the end of an**

**Interest Term, such withdrawals will be subject to the Interim Value calculation, which may reflect**

**a negative return. 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 Interest Term.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ALLOCATION OPTIONS** | **ALLOCATION OPTIONS** | **ALLOCATION OPTIONS** | **ALLOCATION OPTIONS** | **ALLOCATION OPTIONS** |
| **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Floor with Participation Rate and Cap Rate** |
| *Index* | *Type of Index* | *Crediting* <br>*Period*<br>| *Limit on Index Loss* <br>*(if held to the end of* <br>*the Crediting Period)*<br>| *Minimum Limit on Index* <br>*Gain (for the Life of the* <br>*Contract)*<br>|
| S&P 500 <br>Index<sup>(1)</sup><br>| Stock market index based <br>on market capitalizations of <br>500 leading companies <br>publicly traded in the U.S. <br>stock market.<br>| 1-Year | Floor: 0% to -10%<br>in 1% increments<br>| •Minimum Cap Rate: 1%<br>•Minimum Participation <br>Rate: 100%<br>|
| Dimensional <br>US Small <br>Cap<br>Value <br>Systematic <br>Index<sup>(1)</sup><br>| Stock market index that <br>invests within the smallest <br>8% of the US market down <br>to $100 million in market <br>capitalization with relative <br>prices in the lowest 40% <br>when ranked by price to <br>book.<br>| 1-Year | Floor: 0% to -10%<br>in 1% increments<br>| •Minimum Cap Rate: 1%<br>•Minimum Participation <br>Rate: 100%<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Barclays <br>Risk <br>Balanced <br>Index<sup>(1)</sup><br>| Allocates between equities <br>and fixed income using the <br>principles of Modern <br>Portfolio Theory, which <br>seeks to maximize the <br>expected return based on a <br>given level of market risk.<br>| 1-Year | Floor: 0% to -10%<br>in 1% increments<br>| •Minimum Cap Rate: 1%<br>•Minimum Participation <br>Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Buffer with Participation Rate and Cap Rate** |
| *Index* | *Type of Index* | *Crediting* <br>*Period*<br>| *Limit on Index Loss* <br>*(if held to the end of* <br>*the Crediting Period)*<br>| *Minimum Limit on Index* <br>*Gain (for the Life of the* <br>*Contract)*<br>|
| S&P 500 <br>Index<sup>(1)</sup><br>| Stock market index based <br>on market capitalizations of <br>500 leading companies <br>publicly traded in the U.S. <br>stock market.<br>| 1-Year | Buffer:<br>-10% and -20%<br>| •Minimum Cap Rate: 1%<br>•Minimum Participation <br>Rate: 100%<br>|
| Dimensional <br>US Small <br>Cap<br>Value <br>Systematic <br>Index<sup>(1)</sup><br>| Stock market index that <br>invests within the smallest <br>8% of the US market down <br>to $100 million in market <br>capitalization with relative <br>prices in the lowest 40% <br>when ranked by price to <br>book.<br>| 1-Year | Buffer:<br>-10% and -20%<br>| •Minimum Cap Rate: 1%<br>•Minimum Participation <br>Rate: 100%<br>|
| S&P 500 <br>Index<sup>(1)</sup><br>| Stock market index based <br>on market capitalizations of <br>500 leading companies <br>publicly traded in the U.S. <br>stock market.<br>| 6-Year | Buffer:<br>-10% and -20%<br>| •Minimum Cap Rate:10%<br>•Minimum Participation <br>Rate: 100%<br>|
| Dimensional <br>US Small <br>Cap<br>Value <br>Systematic <br>Index<sup>(1)</sup><br>| Stock market index that <br>invests within the smallest <br>8% of the US market down <br>to $100 million in market <br>capitalization with relative <br>prices in the lowest 40% <br>when ranked by price to <br>book.<br>| 6-Year | Buffer: <br>-10% and -20%<br>| •Minimum Cap Rate:10%<br>•Minimum Participation <br>Rate: 100%<br>|
| Barclays <br>Risk <br>Balanced <br>Index<sup>(1)</sup><br>| Allocates between equities <br>and fixed income using the <br>principles of Modern <br>Portfolio Theory, which <br>seeks to maximize the <br>expected return based on a <br>given level of market risk.<br>| 6-Year | Buffer: <br>-10% and -20%<br>| •Minimum Cap Rate:10%<br>•Minimum Participation <br>Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** | **Risk Control Account Crediting Strategy: Boost with Participation Rate and Cap Rate** |
| *Index* | *Type of Index* | *Crediting* <br>*Period*<br>| *Limit on Index Loss* <br>*(if held to the end of* <br>*the Crediting Period)*<br>| *Minimum Limit on Index* <br>*Gain (for the Life of the* <br>*Contract)*<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| S&P 500 <br>Index<sup>(1)</sup><br>| Stock market index based <br>on market capitalizations of <br>500 leading companies <br>publicly traded in the U.S. <br>stock market.<br>| 6-Year | Boost:<br>10% and 20%<br>| •Minimum Cap Rate:10%<br>•Minimum Participation <br>Rate: 100%<br>|
| Dimensional <br>US Small <br>Cap<br>Value <br>Systematic <br>Index<sup>(1)</sup><br>| Stock market index that <br>invests within the smallest <br>8% of the US market down <br>to $100 million in market <br>capitalization with relative <br>prices in the lowest 40% <br>when ranked by price to <br>book.<br>| 6-Year | Boost:<br>10% and 20%<br>| •Minimum Cap Rate:10%<br>•Minimum Participation <br>Rate: 100%<br>|
| Barclays <br>Risk <br>Balanced <br>Index<sup>(1)</sup><br>| Allocates between equities <br>and fixed income using the <br>principles of Modern <br>Portfolio Theory, which <br>seeks to maximize the <br>expected return based on a <br>given level of market risk.<br>| 6-Year | Boost:<br>10% and 20%<br>| •Minimum Cap Rate:10%<br>•Minimum Participation <br>Rate: 100%<br>|
| **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** | **Risk Control Account Crediting Strategy: Buffer with Dual Step Rate** |
| *Index* | *Type of Index* | *Crediting* <br>*Period*<br>| *Limit on Index Loss* <br>*(if held to the end of* <br>*the Crediting Period)*<br>| *Minimum Limit on Index* <br>*Gain (for the Life of the* <br>*Contract)*<br>|
| S&P 500 <br>Index<sup>(1)</sup><br>| Stock market index based <br>on market capitalizations of <br>500 leading companies <br>publicly traded in the U.S. <br>stock market.<br>| 6-Year | Buffer:<br>-10% and -20%<br>| Dual Step Rate: 10% |

---

(1)Except for the Barclays Risk Balanced, the performance of each Index associated with the Risk

Control Accounts does not include dividends paid on the securities comprising the Index, and

therefore, the performance of the Index does not reflect the full performance of those underlying

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

investment in the underlying securities. The Barclays Risk Balanced Index reinvests dividends but

deducts a fee of 0.5% for the equity exposure, and 0.2% per year for the treasury exposure, and a

cost equal to SOFR plus 0.1145% for the equity component. Therefore, the aggregate fee will depend

on the Index's relative allocations to the equity and treasury components from time to time, which are

determined by the volatility control mechanism. SOFR refers to the Secured Overnight Financing

Rate, which was 4.49% as of December 31, 2024. The New York Fed publishes the SOFR on its

website each Business Day. These deductions will reduce Index performance, and the Index will

underperform similar portfolios from which these fees and costs are not deducted.

(2)We credit interest to each Risk Control Account at the end of each Interest Term by comparing the

change in the Index from the first day of the Interest Term to the last day of the Interest Term.

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 Interest Term.

The Floor, Buffer, and Boost for an Allocation Option will not change during the life of your Contract unless

the Allocation Option is discontinued. During the life of your Contract, the Fixed Account and an Allocation

Option with a Floor of 0% will always be available. We may not always make available Allocation Options

with Buffers, however, if one is available, a Buffer of -10% or more will be available. We may not always

make available Allocation Options with Boosts, but if we do, a Boost of 10% or more will be available.

More information about the Risk Control Accounts, the Market Value Adjustment, and the Interim Value

calculation is available under "<u>[Risk Control Account Option](#i79160c1b9fb648ca8a7d77b2fd44b08c_34)</u>s" and "<u>[Charges and Adjustments](#i79160c1b9fb648ca8a7d77b2fd44b08c_40)</u>."

**Fixed Account**

The following is a list of Fixed Account Options currently available under the Contract. We may change

the features of the Fixed Account Options listed below, offer new Fixed Account Options, and terminate

existing Fixed Account Options. We will provide you with written notice before doing so.

---

| | |
|:---|:---|
| **Name** | **Term** |
| Fixed Account | 1 year<br>0.05%<sup>(1)</sup> |

---

(1) Full withdrawals or full surrenders from the Fixed Account are subject to a minimum nonforfeiture

value. See "<u>[Fixed Account Option](#i79160c1b9fb648ca8a7d77b2fd44b08c_31)</u>."

**APPENDIX B: STATE VARIATIONS OF CERTAIN FEATURES AND BENEFITS**

The following information is a summary of certain features or benefits of the TruStage<sup>TM</sup> ZoneChoice

Income Annuity Contracts that vary from the features and benefits previously described in this Prospectus

as a result of requirements imposed by states. Please contact your financial professional for more

information about Contract variations and availability in your state.

**States where the rate used in section b(3) of the minimum nonforfeiture rate calculation is 1.00%:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Alaska | California | District of Columbia | Idaho | Kentucky |
| Louisiana | Maine | Massachusetts | Mississippi  | Missouri |
| New Jersey | New Mexico | Rhode Island | Tennessee  | Washington |
| West Virginia | Wisconsin | Wyoming |  |  |
| *See "<u>[Fixed Account Option](#i79160c1b9fb648ca8a7d77b2fd44b08c_31)</u>."* | *See "<u>[Fixed Account Option](#i79160c1b9fb648ca8a7d77b2fd44b08c_31)</u>."* | *See "<u>[Fixed Account Option](#i79160c1b9fb648ca8a7d77b2fd44b08c_31)</u>."* | *See "<u>[Fixed Account Option](#i79160c1b9fb648ca8a7d77b2fd44b08c_31)</u>."* | *See "<u>[Fixed Account Option](#i79160c1b9fb648ca8a7d77b2fd44b08c_31)</u>."* |

---

**States where other certain TruStage**<sup>TM</sup> **ZoneChoice Income Annuity features or benefits vary:**

---

| | | |
|:---|:---|:---|
| State | Feature or Benefit | Variation |
| California | See "<u>[Getting Started – The](#ie57f88a2fcb84a818992eac07a57900d_10399)</u> <br><u>[Accumulation Period – Right to](#ie57f88a2fcb84a818992eac07a57900d_10399)</u> <br><u>[Examine](#ie57f88a2fcb84a818992eac07a57900d_10399)</u>"<br>See "<u>[Charges and Adjustments -](#i1af8aff2c1b44f4aa2bbe3825341627f_10469)</u> <br><u>[Surrender Charge](#i1af8aff2c1b44f4aa2bbe3825341627f_10469)</u>"<br>| Your refund will be the greater of your<br>Contract Value or your Purchase Payment<br>less withdrawals. If you cancel the Contract,<br>the distribution is taxable as ordinary<br>income to the extent it exceeds your<br>investment in the Contract. A Contract<br>cancellation could have an unfavorable tax<br>impact.<br>If your age as of the Contract Issue Date is<br>at least 60 years old, you must return your<br>Contract within 30 days of receipt.<br>For the Nursing Home or Hospital Waiver:<br>"Nursing Home or Hospital" is replaced with<br>"Facility Care, Home Care, or Community-<br>Based Services." There is no minimum<br>confinement period. This waiver and the<br>Terminal Illness waiver apply only to full<br>surrenders, not partial withdrawals. The<br>Owner or Annuitant must confined for at<br>least 180 consecutive days after the latter of<br>the Contract Issue Date or the date of<br>change of the Owner or Annuitant.<br>|
| Florida | See "<u>[Getting Started – The](#ie57f88a2fcb84a818992eac07a57900d_10399)</u> <br><u>[Accumulation Period – Right to](#ie57f88a2fcb84a818992eac07a57900d_10399)</u> <br><u>[Examine](#ie57f88a2fcb84a818992eac07a57900d_10399)</u>"<br>See <u>["](#icb7816b29d954c49a40062ce24232be6_9998)</u><u>[The Payout Period - Payout](#icb7816b29d954c49a40062ce24232be6_9998)</u> <br><u>[Date](#icb7816b29d954c49a40062ce24232be6_9998)</u><u>["](#icb7816b29d954c49a40062ce24232be6_9998)</u><br>| You must return your Contract within 21<br>days of receipt (30 days if it is a<br>replacement contract).<br>The requested Payout Date must be at least<br>one year after the Contract Issue Date.<br>|
| Massachusetts | See "<u>[The Payout Period - Terms of](#icb7816b29d954c49a40062ce24232be6_9995)</u> <br><u>[Income Payments](#icb7816b29d954c49a40062ce24232be6_9995)</u>"<br>See "<u>Other Information -</u> <u>[Misstatement](#if3d7aa7d576646f4bc183519d6a6de9c_23552)</u> <br><u>[of Age or](#if3d7aa7d576646f4bc183519d6a6de9c_23552)</u><u>Sex at Birth</u>"<br>| Payout Period Income Options are not<br>based on gender. The amount of each<br>payment depends on all the items listed<br>other than gender.<br>Only proof of age is required for<br>misstatement; proof of gender is not.<br>|
| Pennsylvania | See "<u>[Getting Started – The](#ie57f88a2fcb84a818992eac07a57900d_10399)</u> <br><u>[Accumulation Period – Right to](#ie57f88a2fcb84a818992eac07a57900d_10399)</u> <br><u>[Examine](#ie57f88a2fcb84a818992eac07a57900d_10399)</u>"<br>| You must return your Contract within 10<br>days of receipt (30 days if it is an external<br>replacement contract and 45 days if it's an<br>internal replacement contract).<br>|

---

**APPENDIX C: TERMS DISCLOSED ON PREVIOUS INCOME BENEFIT SUPPLEMENTS**

*Not Applicable*

Registration statements relating to this offering have been filed with the Securities and Exchange

Commission ("SEC"). The Statement of Additional Information ("SAI") dated [____], 2025 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.

ReportsandotherinformationaboutMEMBERS Life Insurance Company,includingtheSAI,may be

obtainedfromthe SEC's Internetsiteathttp://www.sec.govandcopiesofthisinformationmay alsobe

obtained,afterpayingaduplicatingfee,byemailingthe 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: [_____]

**STATEMENT OF ADDITIONAL INFORMATION**

**[ , 2025]**

**For**

**TRUSTAGE™ ZONECHOICE INCOME 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 TruStage™ ZoneChoice Income Annuity, an individual or joint owned, single

purchase payment deferred index-Linked variable annuity contract (the "Contract"), dated [ , 2025] (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](#ie951c11dedbb4d0ea05f11e109fff2a8_7)............................................................................ | [S-1](#ie951c11dedbb4d0ea05f11e109fff2a8_7) |
| [ADDITIONAL CONTRACT PROVISIONS](#ie951c11dedbb4d0ea05f11e109fff2a8_10).............................................................................. | [S-1](#ie951c11dedbb4d0ea05f11e109fff2a8_10) |
| [PRINCIPAL UNDERWRITER](#ie951c11dedbb4d0ea05f11e109fff2a8_10)................................................................................................. | [S-8](#ie951c11dedbb4d0ea05f11e109fff2a8_10) |
| PAYOUT PERIOD [INCOME PAYMENTS](#ie951c11dedbb4d0ea05f11e109fff2a8_10)............................................................................... | [S-8](#ie951c11dedbb4d0ea05f11e109fff2a8_10) |
| [OTHER INFORMATION](#ie951c11dedbb4d0ea05f11e109fff2a8_10)......................................................................................................... | [S-8](#ie951c11dedbb4d0ea05f11e109fff2a8_10) |
| CUSTODIAN.......................................................................................................................... | S-[8](#ie951c11dedbb4d0ea05f11e109fff2a8_10) |
| [EXPERTS](#ie951c11dedbb4d0ea05f11e109fff2a8_10)............................................................................................................................... | [S-](#ie951c11dedbb4d0ea05f11e109fff2a8_10)8 |
| [MEMBERS LIFE INSURANCE COMPANY FINANCIAL STATEMENTS](#ie951c11dedbb4d0ea05f11e109fff2a8_10)............................... | [S-](#ie951c11dedbb4d0ea05f11e109fff2a8_10)9 |
| CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS......................................... | [S-](#ie951c11dedbb4d0ea05f11e109fff2a8_10)9 |

---

**MEMBERS LIFE INSURANCE COMPANY**

The depositor for the TruStage™ ZoneChoice Income 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 astock 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, 2024 and 2023, the Company had more than $374

million and $387 million in admitted assets and more than $1,714 million and $989 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™ Horizon II Annuity

contract. In August 2019, the Company began issuing a single premium deferred index annuity under the

name TruStage™ Zone Income Annuity. In July 2021, the Company began issuing a single premium

deferred index annuity under the name TruStage™ ZoneChoice Annuity. In May 2025, the Company

began issuing a single purchase payment individual deferred index-linked variable annuity under the

name TruStage™ 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.

**Calculating Interim Value**

The Interim Value for a Risk Control Account is equal to:

**Crediting Base x (hypothetical option value - amortized option cost – trading costs)**

The examples below show how the Interim Value is calculated and how it may vary based on

whether the reference Index has increased or decreased and how much time there is remaining

in the Interest Term. The hypothetical option value and trading costs in the examples are

expressed as a percentage of the Crediting Base. Interim Value is described in more detail in

the Prospectus.

---

| | | |
|:---|:---|:---|
| **1-Year Interest Term Examples** | **Floor with Cap Rate** <br>**and Participation** <br>| **Buffer with Cap Rate** <br>**and Participation** <br>|
| Interest Term Start Date |  |  |
| Crediting Base | $100000 | $100000 |
| Index Value | 1000 | 1000 |
| Floor | -10.0% | N/A |
| Cap Rate | 12.0% | 14.0% |
| Participation Rate | 100.0% | 100.0% |
| Dual Step Rate | N/A | N/A |
| Buffer | N/A | -10.0% |
| Boost | N/A | N/A |
| Number of Days in Interest Term | 365 | 365 |
| Hypothetical Option Value | 4.11% | 4.01% |
| **Example A: Negative Index Return with Many Days Remaining in the Interest** <br>**Term** | **Example A: Negative Index Return with Many Days Remaining in the Interest** <br>**Term** | **Example A: Negative Index Return with Many Days Remaining in the Interest** <br>**Term** |
| Interest Term Valuation Date |  |  |
| Index Value | 950 | 950 |
| Index Return | -5% | -5% |
| Days Remaining in Interest Term | 334 | 334 |
| Hypothetical Option Value | 0.91% | 0.79% |
| Amortized Option Value | 3.76% | 3.67% |

---

---

| | | |
|:---|:---|:---|
| Trading Costs | 0.15% | 0.15% |
| Interim Value | $97003.37 | $96971.70 |
| **Example B: Negative Index Return with Few Days Remaining in the Interest** <br>**Term** | **Example B: Negative Index Return with Few Days Remaining in the Interest** <br>**Term** | **Example B: Negative Index Return with Few Days Remaining in the Interest** <br>**Term** |
| Interest Term Valuation Date |  |  |
| Index Value | 950 | 950 |
| Index Return | -5% | -5% |
| Days Remaining in Interest Term | 30 | 30 |
| Hypothetical Option Value | -4.06% | -0.39% |
| Amortized Option Value | 0.34% | 0.33% |
| Trading Costs | 0.15% | 0.15% |
| Interim Value | $95450.97 | $99133.15 |
| **Example C: Positive Index Return with Many Days Remaining in the Interest** <br>**Term** | **Example C: Positive Index Return with Many Days Remaining in the Interest** <br>**Term** | **Example C: Positive Index Return with Many Days Remaining in the Interest** <br>**Term** |
| Interest Term Valuation Date |  |  |
| Index Value | 1050 | 1050 |
| Index Return | 5% | 5% |
| Days Remaining in Interest Term | 334 | 334 |
| Hypothetical Option Value | 6.19% | 6.61% |
| Amortized Option Value | 3.76% | 3.67% |
| Trading Costs | 0.15% | 0.15% |
| Interim Value | $102276.76 | $102788.31 |
| **Example D: Positive Index Return with Few Days Remaining in the Interest Term** | **Example D: Positive Index Return with Few Days Remaining in the Interest Term** | **Example D: Positive Index Return with Few Days Remaining in the Interest Term** |
| Interest Term Valuation Date |  |  |
| Index Value | 1050 | 1050 |
| Index Return | 5% | 5% |
| Days Remaining in Interest Term | 30 | 30 |
| Hypothetical Option Value | 5.45% | 5.83% |
| Amortized Option Value | 0.34% | 0.33% |
| Trading Costs | 0.15% | 0.15% |
| Interim Value | $104962.45 | $105353.13 |

---

---

| | | | |
|:---|:---|:---|:---|
| **6-Year Interest Term Examples** | **Buffer with Cap** <br>**Rate and** <br>**Participation Rate**<br>| **Boost with Cap** <br>**Rate and** <br>**Participation Rate**<br>| **Buffer with Dual** <br>**Step Rate**<br>|
| Interest Term Start Date |  |  |  |
| Crediting Base | $100000 | $100000 | $100000 |
| Index Value | 1000 | 1000 | 1000 |
| Floor | N/A | N/A | N/A |
| Cap Rate | Uncapped | Uncapped | N/A |
| Participation Rate | 115.0% | 110.0% | N/A |
| Dual Step Rate | N/A | N/A | 60.0% |
| Buffer | -10.0% | N/A | -10.0% |
| Boost | N/A | 10.0% | N/A |
| Number of Days in Interest Term | 2191 | 2191 | 2191 |
| Hypothetical Option Value | 23.88% | 22.35% | 21.88% |
| **Example A: Negative Index Return with Many Days Remaining in the Interest Term** | **Example A: Negative Index Return with Many Days Remaining in the Interest Term** | **Example A: Negative Index Return with Many Days Remaining in the Interest Term** | **Example A: Negative Index Return with Many Days Remaining in the Interest Term** |
| Interest Term Valuation Date |  |  |  |
| Index Value | 950 | 950 | 950 |
| Index Return | -5% | -5% | -5% |
| Days Remaining in Interest Term | 2160 | 2160 | 2160 |
| Hypothetical Option Value | 18.29% | 17.06% | 18.57% |
| Amortized Option Value | 23.55% | 22.03% | 21.57% |
| Trading Costs | 0.90% | 0.90% | 0.90% |
| Interim Value | $93845.04 | $94127.94 | $96092.04 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Example B: Negative Index Return with Few Days Remaining in the Interest Term** | **Example B: Negative Index Return with Few Days Remaining in the Interest Term** | **Example B: Negative Index Return with Few Days Remaining in the Interest Term** | **Example B: Negative Index Return with Few Days Remaining in the Interest Term** |
| Interest Term Valuation Date |  |  |  |
| Index Value | 950 | 950 | 950 |
| Index Return | -5% | -5% | -5% |
| Days Remaining in Interest Term | 30 | 30 | 30 |
| Hypothetical Option Value | -0.36% | 5.17% | 48.01% |
| Amortized Option Value | 0.33% | 0.31% | 0.30% |
| Trading Costs | 0.15% | 0.15% | 0.15% |
| Interim Value | $99164.71 | $104717.26 | $147562.60 |

---

---

| | | | |
|:---|:---|:---|:---|
| **6-Year Interest Term Examples** | **Buffer with Cap** <br>**Rate and** <br>**Participation Rate**<br>| **Boost with Cap** <br>**Rate and** <br>**Participation Rate**<br>| **Buffer with Dual** <br>**Step Rate**<br>|
| Interest Term Start Date |  |  |  |
| Crediting Base | $100000 | $100000 | $100000 |
| Index Value | 1000 | 1000 | 1000 |
| Floor | N/A | N/A | N/A |
| Cap Rate | Uncapped | Uncapped | N/A |
| Participation Rate | 115.0% | 110.0% | N/A |
| Dual Step Rate | N/A | N/A | 60.0% |
| Buffer | -10.0% | N/A | -10.0% |
| Boost | N/A | 10.0% | N/A |
| Number of Days in Interest Term | 2191 | 2191 | 2191 |
| Hypothetical Option Value | 23.88% | 22.35% | 21.88% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Example C: Positive Index Return with Many Days Remaining in the Interest Term** | **Example C: Positive Index Return with Many Days Remaining in the Interest Term** | **Example C: Positive Index Return with Many Days Remaining in the Interest Term** | **Example C: Positive Index Return with Many Days Remaining in the Interest Term** |
| Interest Term Valuation Date |  |  |  |
| Index Value | 1050 | 1050 | 1050 |
| Index Return | 5% | 5% | 5% |
| Days Remaining in Interest Term | 2160 | 2160 | 2160 |
| Hypothetical Option Value | 28.97% | 27.21% | 24.17% |
| Amortized Option Value | 23.55% | 22.03% | 21.57% |
| Trading Costs | 0.90% | 0.90% | 0.90% |
| Interim Value | $104527.56 | $104276.80 | $101691.10 |
| **Example D: Positive Index Return with Few Days Remaining in the Interest Term** | **Example D: Positive Index Return with Few Days Remaining in the Interest Term** | **Example D: Positive Index Return with Few Days Remaining in the Interest Term** | **Example D: Positive Index Return with Few Days Remaining in the Interest Term** |
| Interest Term Valuation Date |  |  |  |
| Index Value | 1050 | 1050 | 1050 |
| Index Return | 5% | 5% | 5% |
| Days Remaining in Interest Term | 30 | 30 | 30 |
| Hypothetical Option Value | 6.78% | 9.57% | 56.42% |
| Amortized Option Value | 0.33% | 0.31% | 0.30% |
| Trading Costs | 0.15% | 0.15% | 0.15% |
| Interim Value | $106306.64 | $109111.11 | $155974.99 |

---

**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.

***Surrender Charge.*** The Surrender Charge is calculated as a percentage of the Contract Value

withdrawn or surrendered that exceeds the Annual Free Withdrawal Amount during the first six

Contract Years.

***Market Value Adjustment Calculation. Market Value Adjustment Calculation.*** The Market

Value Adjustment reflects, in part, the difference in yield of the Constant Maturity Treasury rate

for a six-year period beginning on the Contract Issue Date or every sixth Contract Anniversary

and the yield of the Constant Maturity Treasury rate for a period starting on the date of

withdrawal to the end of the six-year period. The Constant Maturity Treasury rate is a rate

representing the average yield of various Treasury securities. The calculation also reflects in

part the difference between the effective yield of the ICE BofA 1-10 Year US Corporate

Constrained Index, Asset Swap Spread (the "ICE BofA Index"), a rate representative of

investment grade corporate debt credit spreads in the U.S., at the start of the rolling six-year

period and the effective yield of the ICE BofA Index at the time of withdrawal. The greater the

difference in those yields, respectively, the greater the effect theMarket Value Adjustment will

have.

On any Business Day, the Market Value Adjustment is calculated by multiplying the amount

withdrawn in excess of the Annual Free Withdrawal Amount by the sum of the Market Value

Adjustment factor (MVAF) minus one (i.e., MVAF – 1), where MVAF is equal to the following

formula:

MVAF = ((1 + I + K)/(1 + J + L))^N, where

I = The Constant Maturity Treasury rate as of the start of the rolling six-year period

beginning on the Contract Issue Date for a maturity of six years.

J = The Constant Maturity Treasury rate as of the date of withdrawal for a maturity

consistent with the remaining number of years (whole and partial) in the six-year

rolling period beginning on the Contract Issue Date, resetting every sixth Contract

Anniversary.

K = The ICE BofA 1-10 Year US Corporate Constrained Index as of the start of the six-

year rolling period beginning on the Contract Issue Date, resetting every sixth

Contract Anniversary.

L = The ICE BofA 1-10 Year US Corporate Constrained Index as of the date of

withdrawal.

N = The number of years (whole and partial) from the date of withdrawal until the end of

the six-year rolling period beginning on the Contract Issue Date, resetting every sixth

Contract Anniversary.

We determine "I" based on the 6-year Constant Maturity Treasury rate at the start of the

six-year rolling period beginning on the Contract Issue Date, resetting every sixth

Contract Anniversary. We determine "J" when you take a withdrawal. For example, if you

surrender the Contract two years after the start of the six-year rolling period, "J" would

correspond to the Constant Maturity Treasury rate consistent with the time remaining in

the six-year period of four years (4 = 6 – 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 "I" and "J" to determine "I" and "J".

The value of "K" and "L" on any Business Day will be equal to the closing value of the I

ICE BofA 1-10 Year US Corporate Constrained Index on the previous Business Day.

The Company uses both the Constant Maturity Treasury rate and ICE BofA Index in determining

any Market Value Adjustment since together both indices represent a broad mix of investments

whose values may be affected by changes in market interest rates. If the publication of any

component of the Market Value Adjustment indices is discontinued or if the calculation of the

Market Value Adjustment indices is changed substantially, we may substitute a new index for the

discontinued or substantially changed index, subject to approval by the insurance department in

your state. Before we substitute a Market Value Adjustment index, we will notify you in writing of

the substitution. The Market Value Adjustment is calculated by multiplying the amount withdrawn

in excess of the Annual Free Withdrawal Amount by the sum of the Market Value Adjustment

factor (MVAF) minus one (i.e., MVAF – 1), where MVAF is equal to ((1 + I + K)/(1 + J + L))^N.

The Market Value Adjustment does not apply to the Annual Free Withdrawal amount.

The examples below show how the Market Value Adjustment is calculated and how it may vary

based on how the Constant Maturity Treasury (CMT) Rate and the ICE BofA Index have

changed since the start of the 6-year Market Value Adjustment period. The examples also show

how the surrender charge is calculated.

---

| | |
|:---|:---|
| **Assumptions** |  |
| Withdrawal on 2<sup>nd</sup> Contract Anniversary | $20000 |
| Contract Value on 2<sup>nd</sup> Contract <br>Anniversary<br>| $110000 |
| Contract Value after Withdrawal | $110,000 - $20,000 = $90,000 |
| Annual Free Withdrawal Amount | $110,000 x 10% = $11,000 |
| Surrender Charge Percentage | 8% |
| Surrender Charge | 8% x ($20,000 - $11,000) = $720 |
| 6-year CMT Rate (I) at Start of 6-year <br>Period<br>| 2.50% |
| ICE BofA Index (K) at Start of 6-year <br>Period<br>| 1.00% |
| Years Remaining in 6-Year Period (N) | 6 - 2 = 4 |
| **Example A: Withdrawal with a Negative Market Value Adjustment** | **Example A: Withdrawal with a Negative Market Value Adjustment** |
| CMT Rate for the remaining Index period <br>(J)<br>| 2.90% |
| ICE BofA Index at time of Withdrawal (L) | 1.10% |
| MVAF = ((1 + I + K)/(1 + J + L))^N | ((1 + 2.50% + 1.00%) / (1 + 2.90% + <br>1.10%))^4 = 0.9809075<br>|
| Market Value Adjustment | ($20,000 - $11,000) x (0.9809075 - 1) = <br>-$171.83<br>|
| Net Withdrawal | $20,000 - $720 +(-$171.83) = $19,108.17 |
| **Example B: Withdrawal with a Positive Market Value Adjustment** | **Example B: Withdrawal with a Positive Market Value Adjustment** |
| CMT for the remaining Index period (J) | 2.10% |
| ICE BofA Index at time of Withdrawal (L) | 0.90% |
| MVAF = ((1 + I + K)/(1 + J + L))^N | ((1 + 2.50% + 1.00%) / (1 + 2.10% + <br>0.90%))^4 = 1.0195593<br>|
| Market Value Adjustment | ($20,000 - $11,000) x (1.0195593 - 1) = <br>$176.03<br>|
| Net Withdrawal | $20,000 - $720 + $176.03 = $19,456.03 |

---

**PRINCIPAL UNDERWRITER**

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. CBSI also offered securities to customers through CBSI registered

representatives until May of 2022. The majority of these former CBSI registered representatives,

which primarily include employees of CBSI's affiliates or the credit union where their FINRA

registered branch is located, registered with LPL Financial LLC ("LLP") through an agreement

with CBSI. LPL is one of the selling firms.

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 <br>its Registered Persons and Selling <br>Firms<br>|
| 2024 | None | None |

---

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.

**PAYOUT PERIOD INCOME PAYMENTS** 

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

Payout Options. Payout Options offered under your Contract are described in the "Payout

Options" in the Prospectus. 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** *(to be updated by amendment)*

The statutory basis financial statements of MEMBERS Life Insurance Company, incorporated by

reference in the Registration Statement, have been audited by [ ], 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 [ ].

**MEMBERS LIFE INSURANCE COMPANY FINANCIAL STATEMENTS** *(to be updated by*

*amendment)*

The Company's statutory basis financial statements are hereby incorporated by reference to the

Form N-VPFS filed with the SEC by the Company on April 1, 2025. 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.**

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| | | | |
|:---|:---|:---|:---|
| **Exhibit Item** <br>**Number**<br>| **<u>Description</u>** | **Incorporated by Reference to** | **Filed** <br>**Herewith**<br>|
| (a) | Board of Directors Resolution. | Board of Directors Resolution. | Board of Directors Resolution. |
| (a)(1) | Resolutions of the Board of Directors <br>of MEMBERS Life Insurance Company <br>("MLIC") authorizing the establishment <br>of the TruStage ZoneChoice Income <br>Annuity (the "Registrant")<br>| *To be filed by amendment* |  |
| (b) | Custodian Agreements - Not Applicable. | Custodian Agreements - Not Applicable. | Custodian Agreements - Not Applicable. |
| (c) | Underwriting Contracts.  | Underwriting Contracts.  | Underwriting Contracts.  |
| (c)(1) | <u>[Amended and Restated Distribution](c1_amendandrestateddistrbu.htm)</u><br><u>[Agreement dated as of January 7,](c1_amendandrestateddistrbu.htm)</u><br><u>[2016 between MLIC and CUNA](c1_amendandrestateddistrbu.htm)</u><br><u>[Brokerage Services, Inc. ("CBSI")](c1_amendandrestateddistrbu.htm)</u><br>|  | X |
| (c)(2) | <u>[Form of Selling and Services](c2_sellingandservicingagre.htm)</u><br><u>[Agreement](c2_sellingandservicingagre.htm)</u><br>|  | X |
| (c)(3) | <u>[Addendum to Selling and Service](c3_addendumtosellingandser.htm)</u><br><u>[Agreement for Electronic Signature](c3_addendumtosellingandser.htm)</u><br><u>[Agreement dated August 27, 2020](c3_addendumtosellingandser.htm)</u><br>|  | X |
| (c)(4) | <u>[Amended and Restated Expense](c4_amendandrestatedexpense.htm)</u><br><u>[Sharing Agreement dated January 1,](c4_amendandrestatedexpense.htm)</u><br><u>[2015.](c4_amendandrestatedexpense.htm)</u><br>|  | X |
| (c)(5) | <u>[Amended and Restated Distribution](c5_amendedandrestateddistr.htm)</u><br><u>[Agreement – Exhibit A dated](c5_amendedandrestateddistr.htm)</u><br><u>[September 2018 between MLIC and](c5_amendedandrestateddistr.htm)</u><br><u>[CBSI](c5_amendedandrestateddistr.htm)</u><br>|  | X |
| (d) | Contracts.  | Contracts.  | Contracts.  |
| (d)(1) | <u>[Form of Contract. (Form No. ICC25-](d1_zonechoiceincomecontr.htm)</u><br><u>[ILVA)](d1_zonechoiceincomecontr.htm)</u><br>|  | X |
| (d)(2) | <u>[Form of Data Page. (Form No. ICC25-](d2_zonechoiceincomexform.htm)</u><br><u>[ILVA-DP)](d2_zonechoiceincomexform.htm)</u><br>|  | X |
| (d)(3) | <u>[Form of Endorsement to Contract](d3_zonechoiceincomeendto.htm)</u><br><u>[(Form No. ICC25-ANN-END-MLIC)](d3_zonechoiceincomeendto.htm)</u><br>|  | X |
| (d)(4) | <u>[Guaranteed Lifetime Withdrawal](d4_zonechoiceincomeglwbr.htm)</u><br><u>[Benefit Rider (Form No. ICC25-ILVA-](d4_zonechoiceincomeglwbr.htm)</u><br><u>[GLWB-RDR-A)](d4_zonechoiceincomeglwbr.htm)</u><br>|  | X |
| (d)(5) | <u>[Guaranteed Lifetime Withdrawal](d5_zonechoiceincomeglwbr.htm)</u><br><u>[Benefit Rider (Form No. ICC25-ILVA-](d5_zonechoiceincomeglwbr.htm)</u><br><u>[GLWB-RDR-B)](d5_zonechoiceincomeglwbr.htm)</u><br>|  | X |
| (d)(6) | <u>[Guaranteed Lifetime Withdrawal](d6_glwbriderdatapageaxic.htm)</u><br><u>[Benefit Rider Data Page A (Form No.](d6_glwbriderdatapageaxic.htm)</u><br><u>[ICC25-ILVA-GLWB-RDR-DP-A)](d6_glwbriderdatapageaxic.htm)</u><br>|  | X |

---

---

| | | | |
|:---|:---|:---|:---|
| (d)(7) | <u>[Guaranteed Lifetime Withdrawal](d7_glwbriderdatapagebxic.htm)</u><br><u>[Benefit Rider Data Page B (Form No.](d7_glwbriderdatapagebxic.htm)</u><br><u>[ICC25-ILVA-GLWB-RDR-DP-B)](d7_glwbriderdatapagebxic.htm)</u><br>|  | X |
| (d)(8) | <u>[Nursing Home or Hospital Terminal](d8_nursinghomexhospitale.htm)</u><br><u>[Illness Withdrawal Privilege](d8_nursinghomexhospitale.htm)</u><br><u>[Endorsement (Form No. ICC24-](d8_nursinghomexhospitale.htm)</u><br><u>[WVRSC-END)](d8_nursinghomexhospitale.htm)</u><br>|  | X |
| (e) | Applications. | Applications. | Applications. |
| (e)(1) | <u>[Form of Application. (Form No. ICC25-](e1_applicationxicc25-ilv.htm)</u><br><u>[IL-VA-APP)](e1_applicationxicc25-ilv.htm)</u><br>|  | X |
| (e)(2) | <u>[Amendment to Annuity Application](e2_amendmenttoannuityapp.htm)</u><br><u>[(Form No. ICC24-APP-AMEND)](e2_amendmenttoannuityapp.htm)</u><br>|  | X |
| (f) | Insurance Company's Certificate of Incorporation and By-Laws. | 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](f1_mlic-articlesofincorp.htm)</u> |  | X |
| (f)(2) | <u>[Bylaws of MLIC](f2_mlicbylawsadopted201512.htm)</u> |  | X |
| (g) | Reinsurance Contracts. | Reinsurance Contracts. | Reinsurance Contracts. |
| (g)(1) | <u>[Amended and Restated Coinsurance](g1_amendandrestatedcoins.htm)</u><br><u>[and Modified Coinsurance Agreement](g1_amendandrestatedcoins.htm)</u><br><u>[between MLIC and CMFG Life](g1_amendandrestatedcoins.htm)</u><br><u>[Insurance Company (CMFG Life)](g1_amendandrestatedcoins.htm)</u><br><u>[dated January 1, 2019](g1_amendandrestatedcoins.htm)</u><br>|  | X |
| (g)(2) | <u>[Coinsurance Agreement dated August](g2_coinsuranceagreementc.htm)</u><br><u>[19, 2019](g2_coinsuranceagreementc.htm)</u><br>|  | X |
| (g)(2)(a) | <u>[Amended and Restated Coinsurance](g2a_amendedandrestatedco.htm)</u><br><u>[and Modified Coinsurance Agreement](g2a_amendedandrestatedco.htm)</u><br><u>[between MLIC and CMFG Life dated](g2a_amendedandrestatedco.htm)</u><br><u>[February 4, 2021](g2a_amendedandrestatedco.htm)</u><br>|  | X |
| (g)(2)(b) | <u>[Second Amendment to Amended and](g2b_executedsecondamendm.htm)</u><br><u>[Restated Coinsurance and Modified](g2b_executedsecondamendm.htm)</u><br><u>[Coinsurance Agreement dated](g2b_executedsecondamendm.htm)</u><br><u>[November 23, 2021](g2b_executedsecondamendm.htm)</u><br>|  | X |
| (g)(2)(c) | <u>[Third Amendment to Amended and](g2c_thirdamend-amendedan.htm)</u><br><u>[Restated Coinsurance and Modified](g2c_thirdamend-amendedan.htm)</u><br><u>[Coinsurance Agreement dated October](g2c_thirdamend-amendedan.htm)</u><br><u>[10, 2022](g2c_thirdamend-amendedan.htm)</u><br>|  | X |
| (g)(2)(d) | <u>[Fourth Amendment to Amended and](g2d_fourthamendmentcmfgl.htm)</u> <br><u>[Restated Coinsurance and Modified](g2d_fourthamendmentcmfgl.htm)</u> <br><u>[Coinsurance Agreement dated April](g2d_fourthamendmentcmfgl.htm)</u> <br><u>[17, 2023](g2d_fourthamendmentcmfgl.htm)</u><br>|  | X |
| (g)(2)(e) | <u>[Amended and Restated Coinsurance](g2e_amendedandrestatedco.htm)</u> <br><u>[and Modified Coinsurance Agreement](g2e_amendedandrestatedco.htm)</u> <br><u>[dated March 6, 2025.](g2e_amendedandrestatedco.htm)</u><br>|  | X |
| (g)(2)(f) | First Amendment to Amended and <br>Restated Coinsurance and Modified <br>Coinsurance Agreement dated [ ].<br>| *To be filed by amendment* |  |
| (g)(4) | <u>[Cost Sharing Agreement dated as of](g4_costsharingagreement2.htm)</u><br><u>[January 1, 2008](g4_costsharingagreement2.htm)</u><br>|  | X |
| (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) | Legal Opinion of Britney Schnathorst | *To be filed by amendment* |  |
| (l) | Other Opinions. | Other Opinions. | Other Opinions. |
| (l) | Consent of Independent Auditor | *To be filed by amendment* |  |
| (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 | *To be filed by amendment* |  |
| (p) | Power of Attorney. | Power of Attorney. | Power of Attorney. |
| (p)(1) | <u>[Powers of Attorney](p1_mlicpowersofattorneyxzo.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) | Historical Current Limits on Index Gains – Not applicable | Historical Current Limits on Index Gains – Not applicable | Historical Current Limits on Index Gains – Not applicable |

---

**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(2) | President and Director |
| Brian J. Borakove(1) | Treasurer |
| Paul D. Barbato(1) | Secretary and Director |
| Jennifer M. Kraus-Florin(1) | Director |
| Abigail R. Rodriguez(1) | Director |
| William A. Karls(1) | Director |

---

(1)5910 Mineral Point Road, Madison, Wisconsin 53705

(2)440 Mt. Rushmore Road, Rapid City, South Dakota 57701

**Item 29. Persons Controlled by or Under Common Control with the Insurance Company or the**

**Registered Separate Account.**

MLIC is a wholly-owned direct subsidiary of CMFG Life Insurance Company ("CMFG Life"). MLIC is a

stock life insurance company organized under the laws of the State of Iowa for the purpose of writing any

and all of the lines of insurance and annuity business authorized by Iowa Code Chapter 508 and any other

line of insurance or annuity business authorized by the laws of the State of Iowa.

Various companies and other entities are controlled by CMFG Life and may be considered to be under

common control with MLIC. Such other companies and entities, together with the identity of their

controlling persons (where applicable), are set forth on the following organization charts.

CUNA Mutual Holding Company Organizational Chart

As of February 28, 2025

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 | SafetyNet Insurance Agency, LLC<br>State of domicile: Iowa | SafetyNet Insurance Agency, LLC<br>State of domicile: Iowa | SafetyNet Insurance Agency, LLC<br>State of domicile: Iowa | SafetyNet Insurance Agency, LLC<br>State of domicile: Iowa | 100% |
| 4 | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | TruStage Ventures Discovery Fund, LLC<br>State of domicile: Iowa | 100% |
| 5 | CMFG Life Insurance Company<br>State of domicile: Iowa | CMFG Life Insurance Company<br>State of domicile: Iowa | CMFG Life Insurance Company<br>State of domicile: Iowa | CMFG Life Insurance Company<br>State of domicile: Iowa | 100% |
|  | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the<br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance<br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the<br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance<br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the<br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance<br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the<br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance<br>Company's consolidated financial statements: | CMFG Life Insurance Company, either directly or indirectly, is the controlling company of the<br>following wholly-owned subsidiaries, all of which are included in the CMFG Life Insurance<br>Company's consolidated financial statements: |
|  | A. | CUNA Mutual Investment Corporation owns the following:<br>State of domicile: Wisconsin | CUNA Mutual Investment Corporation owns the following:<br>State of domicile: Wisconsin | CUNA Mutual Investment Corporation owns the following:<br>State of domicile: Wisconsin | 100% |
|  |  | 1 | CUMIS Insurance Society, Inc. owns the following:<br>State of domicile: Iowa | CUMIS Insurance Society, Inc. owns the following:<br>State of domicile: Iowa | 100% |
|  |  |  | a. | CUMIS Specialty Insurance Company, Inc.<br>State of domicile: Iowa | 100% |
|  |  |  | b. | CUMIS Mortgage Reinsurance Company<br>State of domicile: Wisconsin | 100% |
|  |  | 2 | CUNA Brokerage Services, Inc.<br>State of domicile: Wisconsin | CUNA Brokerage Services, Inc.<br>State of domicile: Wisconsin | 100% |
|  |  | 3 | CUNA Mutual Insurance Agency, Inc.<br>State of domicile: Wisconsin | CUNA Mutual Insurance Agency, Inc.<br>State of domicile: Wisconsin | 100% |
|  |  | 4 | CUMIS Vermont, Inc.<br>State of domicile: Vermont | CUMIS Vermont, Inc.<br>State of domicile: Vermont | 100% |
|  |  | 5 | International Commons, Inc.<br>State of domicile: Wisconsin | International Commons, Inc.<br>State of domicile: Wisconsin | 100% |
|  |  | 6 | MEMBERS Capital Advisors, Inc.<br>State of domicile: Iowa | MEMBERS Capital Advisors, Inc.<br>State of domicile: Iowa | 100% |
|  |  |  | a. | MCA Fund I GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | b. | MCA Fund II GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | c. | MCA Fund III GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | d. | MCA Fund IV GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | e. | MCA Fund V GP LLC<br>State of domicile: Delaware | 100% |
|  |  |  | f. | MCA Fund VI GP LLC<br>State of domicile: Delaware | 100% |
|  |  | 7 | CPI Qualified Plan Consultants, Inc.<br>State of domicile: Delaware | CPI Qualified Plan Consultants, Inc.<br>State of domicile: Delaware | 100% |
|  | B. | 5910 Investments, LLC<br>State of domicile: Delaware | 5910 Investments, LLC<br>State of domicile: Delaware | 5910 Investments, LLC<br>State of domicile: Delaware | 100% |
|  | C. | TruStage Insurance Agency, LLC<br>State of domicile: Iowa | TruStage Insurance Agency, LLC<br>State of domicile: Iowa | 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 | CUneXus Solutions, Inc.<br>State of domicile: Delaware | CUneXus Solutions, Inc.<br>State of domicile: Delaware | 100% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | 3 | 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 | 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 | 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 | 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 | 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 | 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 | Mt. Rushmore Road, LLC<br>State of domicile: Delaware | 100% Preneed <br>Holdings, LLC<br>|
| | M. | PPP Services, LLC<br>State of domicile: Delaware | 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 | 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 | MEMBERS Life Insurance Company<br>State of domicile: Iowa | 100% |
| 6 | 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: | 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 | 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 | 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 | 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 | TruStage Life of Canada ("TLOC")<br>Domicile: Toronto, Canada | 100% TruStage <br>Global Holdings, ULC<br>|
|  |  |  | a. | Association for Personal Resource Planning of <br>Canada<br>Domicile: Ontario, Canada | 100% TLOC |
|  |  | 2 | Family Side, Inc.<br>Domicile: Ontario, Canada | Family Side, Inc.<br>Domicile: Ontario, Canada | 100% TruStage <br>Global Holdings, ULC<br>|
|  | D. | CUNA Caribbean Holdings St. Lucia, Ltd.<br>Domicile: St. Lucia | CUNA Caribbean Holdings St. Lucia, Ltd.<br>Domicile: St. Lucia | CUNA Caribbean Holdings St. Lucia, Ltd.<br>Domicile: St. Lucia | 100% CUNA Mutual <br>International <br>Holdings Ltd.<br>|
|  |  | 1 | CUNA Caribbean Insurance Jamaica Limited<br>Domicile: Jamaica | CUNA Caribbean Insurance Jamaica Limited<br>Domicile: Jamaica | 100% |
|  |  | 2 | CUNA Caribbean Insurance OECS Limited<br>Domicile: St. Lucia | CUNA Caribbean Insurance OECS Limited<br>Domicile: St. Lucia | 100% |

---

---

| | | |
|:---|:---|:---|
| 3 | CUNA Mutual Insurance Society Dominicana, S.A.<br>Domicile: Dominican Republic | 99.99% |
| 4 | CUNA Caribbean Insurance Society Limited<br>Domicile: Trinidad and Tobago | 100% |

---

**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 |
| Jenny Brock\* | Treasurer |
| Katherine Castro\* | Assistant Secretary |
| Paul J. Chong\* | Director and President |
| 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 person is: 2000 Heritage Way, Waverly, Iowa 50677.

\*\*\*The principal business address of this person is: 440 Mt. Rushmore Road, Rapid City, South Dakota

57701. (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>| **Compensatio**<br>**n**<br>|
| CUNA Brokerage Services, Inc. | N/A | None | N/A | N/A |

---

\*Information for fiscal year ended December 31, 2024.

**Item 31A. Information about Contracts with Index-Linked Options and Fixed Options Subject to a** 

**Contract Adjustment.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of** <br>**the** <br>**Contract**<br>| **Number of** <br>**Contracts** <br>**outstanding**<br>| **Total value** <br>**attributable** <br>**the Index-**<br>**and/or Fixed** <br>**Option** <br>**subject to an** <br>**Adjustment**<br>| **Number of** <br>**Contracts** <br>**sold** <br>**during the** <br>**prior** <br>**calendar**<br>| **Gross** <br>**premiums** <br>**received** <br>**during the** <br>**prior** <br>**calendar**<br>| **Amount of** <br>**Contract** <br>**value** <br>**redeemed** <br>**during the** <br>**prior** <br>**calendar**<br>| **Combination** <br>**Contract**<br>|
| TruStage <br>ZoneChoice <br>Income <br>Annuity<br>| N/A | N/A |  | N/A | N/A | No |

---

\*Information for fiscal year ended December 31, 2024.

**Item 32. Location of Accounts and Records.**

Not applicable.

**Item 33. Management Services**

Not applicable.

**Item 34. Fee Representation and Undertakings**

MLIC represents that it will file, during any period in which offers or sales are being made, a post-effective

amendment to the registration statement to include any prospectus required by Section 10(a)(3) of the

Securities Act and that, for the purpose of determining any liability under the Securities Act, each such

post-effective amendment shall be deemed to be a new registration statement relating to the securities

offering therein, and the offering of such securities at that time shall be deemed to be the initial bona fide

offering thereof.

**SIGNATURES**

As required by the Securities Act of 1933, the Registrant of this Registration Statement has caused this

Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of

Madison and State of Wisconsin as of 17 day of June, 2025.

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) <br>| June 17, 2025 |
| Tammy L. Schultz |  |  |
| \* | Treasurer (Principal Financial & <br>Accounting Officer) | June 17, 2025 |
| Brian J. Borakove | Treasurer (Principal Financial & <br>Accounting Officer) | June 17, 2025 |
| \* | Director | June 17, 2025 |
| Jennifer M. Kraus-Florin | Director | June 17, 2025 |
| \* | Director  | June 17, 2025 |
| Abigail R. Rodriguez | Director  | June 17, 2025 |
| \* | Director | June 17, 2025 |
| William A. Karls | Director | June 17, 2025 |
| \* | Director and Secretary | June 17, 2025 |
| Paul D. Barbato | Director and Secretary | June 17, 2025 |

---

\*By: <u>/s/Britney Schnathorst</u>

Britney Schnathorst

\*Pursuant to Power of Attorney dated June 17, 2025, are filed as exhibits to this initial filing on

Form N-4.

## Ex-99.(C)(1)

**AMENDED AND RESTATED DISTRIBUTION AGREEMENT**

**FOR REGISTERED ANNUITY CONTRACTS**

This Amended and Restated Distribution Agreement for Registered Annuity Contracts (the

"Agreement") is made effective as of January 7, 2016 by and between MEMBERS Life

InsuranceCompany ("MLIC"), a stock life insurance company, and CUNA Brokerage Services,

Inc. ("CBSI" and, with MLIC, the "Parties"), a registered broker-dealer.

WHEREAS, the Parties wish to amend and restate their existing Amended and Restated

Distribution Agreement, amended most recently on September 9, 2013 (the "Prior Agreement")

and replace it with this Agreement.

NOW, THEREFORE, for good and valuable considerations, the Parties agree as follows:

1.<u>Appointment</u>. MLIC appoints CBSI tobeanunderwriteranddistributorforMLIC'sannuity

contracts that might be offered from time to time,includingbothvariableannuitycontracts

andregisteredmodifiedannuitycontracts,which requiredistribution undertheauspicesof

aregisteredbroker-dealer(together,the "RegisteredAnnuityProducts").

2.<u>Duties of CBSI</u>.

a.<u>Registration Under the 1934 Act</u>.CBSI is registered as a broker-dealer under the

Securities Exchange Act of 1934 (the "1934 Act") and has secured and will maintain

authorizations, licenses, qualifications, and permits necessary to perform its obligations

under this Agreement in those states requested by MLIC.

b.<u>Membership in the Financial Industry Regulatory Authority</u>. CBSI currently holds and

shall maintain a membership in the Financial Industry Regulatory Authority ("FINRA").

c.<u>Responsibility for Distribution of Registered Annuity Products.</u> CBSI shall be

responsible for entering into Selling Agreements with independent Broker Dealers for

distribution of the Registered Annuity Products. In this capacity CBSI shall be

responsible for determining if the independent broker dealers are interested in

distributing the products, are qualified to distribute the products, are financially

responsible and have adequate supervisory systems to manage appropriate sales of the

products. The independent Broker Dealers contracted by CBSI shall be responsible for

reviewing the suitability of sales by their representatives, training their representatives

and seeing that all sales are made in compliance with applicable laws and regulations.

CBSI shall also be allowed to engage in retail sales of the products and shall be

responsible for its registered representatives activities when they are engaged in retail

sales activities.

d.<u>Responsibility for Securities Activities of Persons Engaged in Distribution.</u>.

CBSI shall be responsible for the securities activities of all persons who are engaged

directly or indirectly in the distribution operations for the RegisteredAnnuityProducts,

including but not limited to training, supervision, and control as contemplated under

appropriate provisions of the 1934 Act and regulations thereunder and by the rules of

FINRA. All persons directly or indirectly involved in such activities relating to the

RegisteredAnnuityProducts shall be registered representatives or registered principals

of CBSI as appropriate to their activities. Also, each registered representative selling the

RegisteredAnnuityProducts and at least one registered principal shall be properly

licensed as an insurance agent of MLIC.

Further, CBSI represents and warrants that during the term of this Agreement, it will

maintain and implement (a) policies and procedures designed to comply with all

applicable rules of FINRA, including but not limited to rules relating to suitability of

annuity recommendations, (b) a training program for its registered representatives

designed to ensure that such persons gather information concerning a customer's

financial status, tax status, investment objective and other relevant information prior to

recommending the purchase or exchange of an annuity contract and (c) a reasonable

system of sales supervision designed to achieve compliance with the rules of FINRA.

CBSI agrees to provide a report to MLIC upon request, certifying that CBSI is in

compliance with items (a) through (c) above. Each such report shall be certified by a

senior manager of CBSI who has responsibility for items (a) through (c). CBSI

understands and acknowledges that MLIC may conduct an inspection and/or audit of

CBSI on a periodic basis to ensure compliance with items (a) through (c) above, and

CBSI agrees to make reasonable accommodation to MLIC to enable MLIC to inspect

documents directly related to the sale and suitability of any RegisteredAnnuityProduct,

which documents CBSI shall be responsible for maintaining.

e.<u>Appointment of Registered Persons and Maintenance of Personnel Records</u>. CBSI shall

have the authority and responsibility for the appointment and registration of those

persons who will be registered representatives and registered principals. CBSI shall

direct the maintenance of all personnel records of such persons.

f.<u>Maintenance of Net Capital</u>. CBSI shall maintain required net capital at levels which will

comply with maximum aggregate indebtedness provisions under the provisions of the

1934 Act, any regulation thereunder, and any FINRA rules

g.<u>Required Reports</u>. CBSI shall have the responsibility for preparation and submission of

any reports or other materials required by any regulatory authority having proper

jurisdiction.

h.<u>Limitations on Authority</u>. CBSI is not authorized to give any information or to make any

representations concerning the RegisteredAnnuityProducts of MLIC other than the

statements contained in the current registration statement filed with the Securities and

Exchange Commission or such sales literature as may be authorized by MLIC.

3.<u>Duties of MLIC</u>.

a.<u>Maintenance of Accounting Records</u>. Except as set forth above, MLIC shall maintain and

hold, on behalf of and as agent for CBSI, those records pertaining to RegisteredAnnuity

Products required to be maintained and preserved by the 1934 Act, any regulations

thereunder, and any applicable FINRA rules. All such books and records are, and shall at

all times remain, the property of CBSI and shall at all times be subject to inspection by

duly authorized officers, auditors, and representatives of CBSI and by the Securities and

Exchange Commission, FINRA, and other regulatory authorities having proper

jurisdiction.

b.<u>Confirmation of Transactions</u>. On behalf of CBSI and acting as agent for CBSI, MLIC

shall confirm all transactions required to be confirmed in the form and manner required

by the 1934 Act, any regulations thereunder, and any FINRA rules.

c.<u>Furnishing Materials</u>. MLIC shall furnish to CBSI copies of prospectuses, financial

statements and other documents which CBSI reasonably requests for use in connection

with the solicitation, sale and distribution of the RegisteredAnnuityProducts.

4.<u>Compensation</u>. As compensation for services to be performed pursuant to this Agreement,

MLIC shall pay CBSI the amounts specified in Exhibit A in the manner set forth in such

Exhibit.

5.<u>Term and Termination</u>. This Agreement shall commence on the Effective Date and shall

continue for an indefinite period. This Agreement may be terminated at any time by either

party upon written notice to the other stating the date when such termination shall be

effective, provided that this Agreement may not be terminated or modified by either party if

the effect would be to put CBSI out of compliance with the "net-capital" requirements of the

1934 Act. Default of any kind shall not have the effect of terminating this Agreement. Notice

of termination shall be provided to the Iowa Commissioner of Insurance.

6.<u>Oversight; Annual Review</u>. MLIC shall maintain oversight for the actions taken by CBSI

hereunder. At least annually, the Parties hereto shall review the provision of goods and

services hereunder to ensure that they have been provided in an acceptable manner.

7.<u>Miscellaneous</u>.

a.<u>Other Agreements</u>. This Agreement supersedes any and all agreements, including the

Prior Agreement, previously made by the parties relating to the subject matter hereof,

and there are no understandings or agreements other than those incorporated in this

Agreement; provided, however, the Parties shall cooperate to create any necessary audit

documentation regarding the amounts paid under this Agreement, and any previous such

documentation shall not be superseded by this Agreement.

b.<u>Books and Records</u>.

i.<u>Ownership of Records</u>. Except as otherwise set forth herein, all business records

and reports, studies, documents and other information generated pursuant to or

relating to this Agreement or the goods and services provided hereunder (the

"<u>Records</u>") are and shall remain the property of the Party that created them.

ii.<u>Access to Records</u>. Each Party shall make reasonably available to the other Party,

their agents, attorneys and accountants, at all times during normal business hours,

all applicable Records owned by it under subsection (b)(i). Each Party shall

promptly respond to any questions from the other Party with respect to applicable

Records and shall confer with one another at all reasonable times, upon request,

concerning this Agreement and the Parties' applicable operations.

iii.<u>Insurers' Books and Records</u>. Notwithstanding the foregoing, any books and

records that are required, by applicable law, to be the property of a Party that is an

insurance company shall be the property of that insurance company.

iv.<u>Other</u>. Payments to and on behalf of each Party shall be properly reflected on the

books and records of each Party, so as to be in compliance with applicable law and

regulation.

c.<u>Indemnification</u>. Each Party (the "<u>Indemnitor</u>") will indemnify the other Party (an

"<u>Indemnitee</u>") and the Indemnitee'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 the Indemnitor of this Agreement or from the gross

negligence, fraud or willful misconduct of employees and permissible contractors and

agents of the Indemnitor.

d.<u>No Advancements</u>. Except as explicitly contemplated by this Agreement, no Party shall

make any advancement to the other Party hereunder. In no event may a Party hereunder

make any advancements to the other Party, except to pay for services provided

hereunder.

e.<u>Receivership of a Party</u>. If a Party is placed in receivership or seized by an insurance

commissioner or department, then (a) all rights of such Party shall extend to the

appropriate insurance commissioner, receiver and/or insurance department and (b) all

Records shall be made available to the insurance commissioner, receiver and/or

insurance department and shall be turned over to the insurance commissioner, receiver

and/or insurance department immediately upon request. If any Party is placed in

receivership or seized by an insurance commissioner or department, then the other Parties

shall continue to maintain any systems, programs and other infrastructure used or useful

to provide the goods and services pursuant to this Agreement so long as such Party is

receiving timely payments required by this Agreement.

f.<u>Funds and Invested Assets</u>. All funds and invested assets of a Party shall remain the

exclusive property of such Party, and shall remain subject to the control of such Party.

g.<u>Governing Law</u>. This Agreement shall be governed by the laws of the State of Iowa.

IN WITNESS WHEREOF, the undersigned, as duly authorized officers, have caused this

Agreement to be executed on behalf of their respective companies.

**MEMBERS Life Insurance CompanyCUNA Brokerage Services Inc.**

<u>/s/Jeffrey Bosco</u><u>/s/David M. Foster</u>

By: <u>Jeffrey Bosco</u>By: <u>David M. Foster</u>

Title: <u>President and CEO</u>Title: <u>President</u>

**Exhibit A** 

1 .MLIC shall pay to CBSI the same level dealer concession which it pays to independent

broker dealers (broker dealers that are not affiliates of MEMBERS Life or CMFG Life)

for sales of the Registered Annuity products. The dealer's concession for retail sales

shall be in an amount that does not exceed that rate described in the Registration

Statement for the Registered Annuity Product or an amount which is the actuarial

equivalent of the rate described in the Registration Statement.

2. CBSI shall pay to its registered representatives and to other broker dealers the

compensation specified in the various agreements between the parties for products

sold by such registered representatives on behalf of MLIC. MLIC may also choose

to pay compensation to independent broker dealers and their representatives directly

rather than through CBSI.

All fee payments shall be due within 30 days of presentment in good order. Presentment shall

occur monthly or at other times agreed upon by the Parties, but in no event less frequently than

quarterly.

## Ex-99.(C)(2)

# SELLING AND SERVICES AGREEMENT FOR INSURANCE AND ANNUITY (FIXED AND VARIABLE) PRODUCTS

THIS SELLING AND SERVICES AGREEMENT (this “Agreement”) is entered into as of __________, 20__ (the “Effective Date”) by and between CMFG Life Insurance Company, an Iowa insurance company, MEMBERS Life Insurance Company, an Iowa insurance company (together, “CUNA Mutual”), CUNA Brokerage Services, Inc., a Wisconsin corporation (“CUNA Brokerage”) and [__________________], a [_________________] corporation, (“General Agent” and “Broker Dealer”) with an address of [___________________].

WHEREAS, CUNA Mutual has the requisite authority to provide certain fixed insurance policies and annuity contracts and variable life insurance policies and annuity contracts, some of which are securities under the Securities Act of 1933, as amended;

WHEREAS, CUNA Mutual has appointed CUNA Brokerage, a registered broker-dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and a member of the Financial Industry Regulatory Authority (“FINRA”), as the principal underwriter and distributor of its variable life insurance policies and annuity contracts;

WHEREAS, General Agent or Broker-Dealer, as the case may be, has the requisite authority to solicit, sell and service fixed insurance policies and annuity contracts and variable life insurance policies and annuity contracts contemplated under this Agreement and Broker-Dealer is a registered broker-dealer with the SEC under the 1934 Act and a member of FINRA; and

WHEREAS, CUNA Mutual and CUNA Brokerage desire to appoint and authorize, on a non-exclusive basis, General Agent and Broker-Dealer to solicit, sell and service certain fixed insurance policies and annuity contracts and variable life insurance policies and annuity contracts (hereinafter collectively referred to as the “Products”), which are more fully described in the Products and Compensation Schedule (the “Schedule”) attached hereto and incorporated herein, and to have General Agent and Broker-Dealer provide certain administrative services as described in this Agreement for purposes of soliciting, selling and servicing the Products; and General Agent and Broker-Dealer desire to accept such appointment and authorization pursuant to this Agreement. In the event General Agent and Broker-Dealer are the same entity, the term “General Agent” in this Agreement shall refer to Broker-Dealer, which shall undertake all the obligations and privileges of General Agent pursuant to this Agreement.

NOW, THEREFORE, in consideration of the mutual promises made herein, the parties hereto agree as follows:

1. **Purpose of Agreement.** The principal purpose of this Agreement is to set forth a selling and service arrangement whereby CUNA Mutual and CUNA Brokerage will provide the Products and appoint and authorize, on a non-exclusive basis, General Agent and Broker-Dealer, and through General Agent's and Broker-Dealer's registered representatives ("Representatives") who are also licensed to sell insurance in appropriate jurisdictions and who are appointed by CUNA Mutual to sell the Products, accept such appointment and authorization and will solicit, sell and service the Products hereunder. Further, General Agent and Broker-Dealer will provide certain administrative services pursuant to this Agreement for the purposes of soliciting, selling and servicing the Products.

2. **Roles and Responsibilities of CUNA Mutual and CUNA Brokerage.**

2.1 **The Products.** The Products issued by CUNA Mutual are described on the Schedule. The attached Schedule may be amended from time-to-time by CUNA Mutual. Prior versions of Products are included for servicing under this Agreement for prior customers by Representatives who are now appointed as agents of CUNA Mutual through General Agent under this Agreement. Any customer records and files relating to prior versions of the Products shall be retained by the appropriate Representatives or by General Agent or Broker-Dealer and shall be subject to the confidentiality provisions of Section 5 and record maintenance provisions of Subsection 3.15 of this Agreement. Upon issuance of the Products pursuant to this Agreement, CUNA Mutual will transmit Products to General Agent or Broker-Dealer for delivery to policyholders according to procedures set up by CUNA Mutual, unless CUNA Mutual has provided otherwise. CUNA Mutual, in its sole discretion and without notice to Broker-Dealer, may suspend sales of any of the Products or may amend the Products if, in CUNA Mutual's opinion, such suspension or amendment is: (a) necessary for compliance with federal, state, or local laws, regulations, or administrative orders; or (b) necessary to prevent administrative or financial hardship to CUNA Mutual. In all other situations, CUNA Mutual shall provide reasonable notice, as practicable, to Broker-Dealer prior to suspending sales of any of the Products or amending the Products.

2.2. **Appointment of General Agent and Authorization of Broker-Dealer.** CUNA Mutual hereby appoints and CUNA Brokerage hereby authorizes General Agent and Broker-Dealer to solicit, sell and service the Products through its Representatives. General Agent and Broker-Dealer shall be responsible for any appointment or renewal fees.

2.3 **Prospectuses.** CUNA Mutual and CUNA Brokerage, at their own expense, will provide Broker-Dealer with prospectuses and supplements thereto relating to the Products, and such other materials as CUNA Mutual or CUNA Brokerage, in its sole discretion, deems necessary or appropriate for use in connection with the issuance and sale of the Products. Upon termination of this Agreement or upon request by CUNA Mutual or CUNA Brokerage, Broker-Dealer shall promptly return all such prospectuses, supplements and other materials to CUNA Mutual or CUNA Brokerage free from any claim or retention rights by Broker-Dealer.

2.4 **Sales and Promotion Material.** CUNA Mutual and CUNA Brokerage, at their expense and as deemed necessary at their discretion, may provide sales and promotion materials

relating to the Products for use by General Agent and Broker-Dealer. Upon termination of this Agreement, General Agent and Broker-Dealer shall promptly return or destroy all such sales and promotion materials and advertising relating to the Products to CUNA Mutual or CUNA Brokerage pursuant to Subsection 7.3 hereof.

2.5 **Compensation.**

(a) CUNA Mutual or CUNA Brokerage shall pay “Compensation,” as more fully described in the Schedule, semi-monthly to General Agent and/or Broker-Dealer based upon the Products sold by General Agent and/or Broker-Dealer during the term of this Agreement. CUNA Mutual and CUNA Brokerage reserve the right, upon at least thirty (30) days prior written notice to General Agent and Broker-Dealer, to change the Compensation on the Schedule. Any such change shall constitute an amendment to the Schedule and shall apply to Compensation due on applications of the Products received by CUNA Mutual after the effective date of such amendment. Notwithstanding the foregoing, in the event General Agent or Broker-Dealer or any Representative of General Agent or Broker-Dealer shall at any time induce or endeavor to induce any policyholders to relinquish the Products, except under circumstances where there is reasonable grounds for believing that a particular policy or contract is not suitable for a customer, any and all Compensation due General Agent and Broker-Dealer hereunder shall cease and terminate. Except as expressly set forth herein and the Schedule, no compensation other than that shown on the Schedule shall be paid or payable by CUNA Mutual or CUNA Brokerage to General Agent or Broker-Dealer in connection with the offer and sale of the Products.

(b) General Agent, CUNA Mutual and CUNA Brokerage acknowledge and agree that certain Representatives, acting as agents of General Agent under this Agreement, may elect to be paid by CUNA Mutual directly for fixed annuity products described on the Schedule attached hereto. Such agents will be acting as independent agents under a separate independent agent agreement executed between CUNA Mutual and said agents.

2.6 Legal Compliance. CUNA Mutual and CUNA Brokerage will comply in all material respects with all applicable insurance and securities laws and rules and regulations thereunder, including the rules and regulations of federal and state authorities and self-regulatory organizations that have jurisdiction over their activities described in this Agreement.

3. Roles and Responsibilities of General Agent and Broker-Dealer.

3.1 Insurance Licensing. At all times while performing obligations under this Agreement and at its own expense, General Agent, and General Agent's Representatives, shall be validly licensed, including fees related to license issue, transfer and termination, as an insurance agency in the states and other local jurisdictions that require such licensing or registration in connection with General Agent's fixed and variable insurance sales activities, or shall maintain a validly licensed insurance agency subsidiary in those states, if any, in which General Agent cannot obtain a corporate agent's license.

3.2 Securities Registration. At all times while Broker-Dealer is performing its obligations under this Agreement, Broker-Dealer, at its own expense, shall be responsible for all fees, including registration and examination fees, necessary in order to be registered as a securities broker with the SEC and FINRA and shall generally maintain all licenses, registrations and such other qualifications as may be necessary or required by applicable federal and state laws, regulations or requirements of any self-regulating organization with respect to its activities hereunder.

3.3 Representatives. General Agent shall have sole responsibility for the training, supervision and compliance with applicable insurance laws and regulations relating to

Representatives who are engaged directly or indirectly in soliciting, selling and servicing of the Products. All such persons shall be subject to the control of Broker-Dealer with respect to such persons' securities regulated activities in connection with the Products, including, but not limited to, training and compliance with applicable federal and state laws and regulations and compliance with any supervisory responsibilities pursuant to applicable FINRA rules. General Agent and Broker-Dealer shall be responsible for the selection of Representatives with the requisite insurance licenses and securities registration under applicable federal, state, and local laws, rules or regulations in order to engage in soliciting, selling and servicing the Products. General Agent and Broker-Dealer will cause such Representatives to be trained in the selling of the Products to ensure Representatives have thorough knowledge of the Products and the ability to make appropriate product presentations and suitability determinations in compliance with applicable law. Furthermore, General Agent and Broker-Dealer will ensure Representatives are licensed and registered representatives of General Agent or Broker-Dealer, as the case may be, and meet any other requirements or conditions of this Agreement before such Representatives engage in the solicitation of applications for the Products, and General Agent and Broker-Dealer will ensure that such Representatives maintain such licenses and registrations in accordance with applicable laws and regulations. General Agent and Broker-Dealer will be responsible for all insurance and licensing fees for Representatives. Further, General Agent and Broker-Dealer will cause such Representatives to limit solicitation of applications for the Products to jurisdictions where CUNA Mutual or CUNA Brokerage has approved or authorized such solicitation. General Agent and Broker-Dealer will cause such Representatives to comply with all applicable administrative procedures of CUNA Mutual, including without limitation, any Code of Conduct and/or Compliance Manual published by CUNA Mutual and provided to General Agent and Broker-Dealer. Representatives' qualifications shall be certified to the satisfaction of CUNA Mutual and CUNA Brokerage, and General Agent or Broker-Dealer, as the case may be, shall notify CUNA Mutual and CUNA Brokerage if any Representative ceases to be a registered representative of Broker-Dealer or ceases to maintain the proper licensing required for selling the Products and will act to terminate the sales activities of such Representative relating to the Products.

3.4 Appointment of Representatives. General Agent shall assist CUNA Mutual in the appointment of Representatives under the applicable insurance laws to sell the Products. General Agent agrees to fulfill all requirements set forth in the General Letter of Recommendation, attached hereto as Exhibit A and fully incorporated herein, in conjunction with the submission of licensing/appointment papers for all applicants as insurance agents of CUNA Mutual. All such licensing/appointment papers should be submitted to CUNA Mutual or its duly appointed agent by General Agent. Notwithstanding such submission, CUNA Mutual shall have sole discretion to appoint, refuse to appoint, discontinue, or terminate the appointment of any Representative as an insurance agent of CUNA Mutual.

3.5 Representatives' Insurance Compliance. Prior to allowing Representatives to solicit, sell or service the Products, General Agent shall require Representatives to be validly insurance licensed, registered and appointed by CUNA Mutual as an agent in accordance with the jurisdictional requirements of the place where the solicitations, sales or service take place as well as the solicited person's or entity's place of residence.

3.6 Compliance with FINRA Rules of Conduct and Federal and State Securities and Insurance Laws.

(a) Broker-Dealer shall fully comply and shall cause Representatives to fully

comply with the requirements of FINRA and of the 1934 Act and all other applicable securities and insurance federal, state or local laws, rules and regulations. Further, General Agent and Broker-Dealer will establish rules and procedures as may be necessary consistent with applicable laws and regulations to provide diligent supervision of the securities and insurance sales activities of Representatives. Upon request by CUNA Mutual or CUNA Brokerage, General Agent and Broker-Dealer shall promptly furnish any records deemed necessary to establish such diligent supervision.

(b) Broker-Dealer represents and warrants that during the term of this Agreement, it will maintain and implement: i) policies and procedures designed to comply with all applicable rules of FINRA, including but not limited to rules relating to suitability of variable annuity and variable universal life recommendations; ii) a training program for Representatives designed to ensure that Representatives gather information concerning a customer's financial status, tax status, investment objective and other relevant information prior to recommending the purchase or exchange of a variable annuity or variable universal life contract; and iii) a reasonable system of sales supervision designed to achieve compliance with FINRA rules. Upon request by CUNA Mutual, Broker-Dealer agrees to complete an annual suitability review certification and to provide a report to CUNA Mutual certifying that Broker-Dealer is in compliance with the said activities listed above. Such reports shall be certified by a senior manager of Broker-Dealer who has responsibility for such activities. Broker-Dealer acknowledges and agrees that CUNA Mutual and/or CUNA Brokerage may conduct an inspection and/or audit of Broker-Dealer on a periodic basis to ensure compliance with the stated activities above, and Broker-Dealer agrees to make reasonable accommodation to CUNA Mutual to enable CUNA Mutual to inspect documents and records Broker-Dealer is responsible to maintain that are directly related to the sale and suitability of any CUNA Mutual variable annuity and variable universal life products.

3.7 Compliance with Administrative Procedures. General Agent and Broker-Dealer shall fully comply and shall cause Representatives to fully comply with the administrative procedures of CUNA Mutual relating to the Products and the policies and procedures adopted by

CUNA Mutual relating to privacy, agent conduct and similar matters to the extent such policies and procedures are applicable to the soliciting, sale and servicing of the Products, as those administrative procedures and other policies and procedures are now in effect or may be amended or established in the future by CUNA Mutual in its sole discretion and communicated to General Agent and Broker-Dealer, as appropriate.

3.8 Compliance With Prospectuses. General Agent and Broker-Dealer shall comply with the terms of any prospectus (and supplements thereto) for a Product. Without limiting the generality of the foregoing, General Agent and Broker-Dealer shall offer the Products only at the public offering price disclosed in the prospectus. In this regard, General Agent and Broker-Dealer agree that Broker-Dealer shall be responsible for determining if, and calculating the amount of, any waiver or reduction in sales charges is applicable to any prospective purchaser of a Product and indicating such information on the application for the Product. In addition, without limiting the generality of the foregoing, General Agent and Broker-Dealer understand and acknowledge that the Products are not suitable for offer or sale in connection with any so-called "market-timing" program, plan, arrangement or service of General Agent or Broker-Dealer or any Representative. General Agent and Broker-Dealer shall not knowingly solicit, offer, or sell Products for use in connection with any so-called "market-timing" program, plan, arrangement or service and shall provide reasonable assistance to CUNA Mutual and CUNA Brokerage in preventing the Products from being used for "market-timing" activity.

5

3.9 Delivery of Prospectuses and Use of Sales Materials. Broker-Dealer agrees to deliver prospectuses, prospectus supplements, and other sales and promotion materials for the Products to purchasers and prospective purchasers of the Products in a timely manner and in accordance with all applicable laws and regulations. General Agent, Broker-Dealer and their agents shall not use any sales and promotion materials or any advertisements that they may create relating to the Products, CUNA Mutual or CUNA Brokerage, unless CUNA Mutual or CUNA Brokerage approve such materials and advertisements in writing prior to use. However, this limitation shall not prevent General Agent and Broker-Dealer from advertising insurance products in general, provided such advertising does not reference the Products, CUNA Mutual, CUNA Brokerage, or any affiliated person of CUNA Mutual or CUNA Brokerage.

3.10 Notice of Representative's Noncompliance. In the event a Representative fails or refuses to submit to supervision of General Agent and Broker-Dealer, ceases to be a registered representative of Broker-Dealer or otherwise fails to meet the rules and standards imposed by General Agent and Broker-Dealer on Representatives, General Agent and Broker-Dealer, as the case may be, shall immediately advise CUNA Mutual and CUNA Brokerage of this fact and shall immediately notify such Representative that s/he is no longer authorized to sell the Products. General Agent or Broker-Dealer shall take whatever additional action may be necessary to terminate the selling and service activities of such Representative relating to the Products, which shall include, but not be limited to, acquiring all the customer records and files of the Representative relating to the Products. General Agent and Broker-Dealer agree to retain such customer records as required by applicable federal or state laws and regulations and to provide access to such records as CUNA Mutual or CUNA Brokerage may reasonably request.

3.11 Compensation to Representatives. CUNA Mutual or CUNA Brokerage shall pay Compensation to General Agent and Broker-Dealer pursuant to the Schedule. General Agent and Broker-Dealer will be solely responsible for any compensation payable to Representatives or any other persons associated with General Agent and Broker-Dealer relating to the Products hereunder in accordance with applicable laws and regulations. Except as necessary to meet legal requirements or subject to the provisions as set forth in Subsection 2.5(b) of this Agreement, CUNA Mutual or CUNA Brokerage will not be responsible for any compensation payable to Representatives or agents of General Agent and Broker-Dealer.

3.12 Handling of Applications. CUNA Mutual shall supply Product application forms for General Agent's and Broker-Dealer's use. All payments collected by General Agent or Broker-Dealer or Representatives of General Agent and Broker-Dealer will be promptly remitted in full, along with such application forms and any other required documentation, directly to CUNA Mutual at the address indicated on such application or to such other address as CUNA Mutual designates in writing. General Agent and Broker-Dealer are responsible for reviewing all such applications for completeness and correctness, as well as compliance with suitability standards of all applicable federal and state laws, rules and regulations and SEC and FINRA requirements. Payments for the Products shall be made by check, bank wire transfer or other forms of payment deemed acceptable by CUNA Mutual and allowable under applicable laws or regulations and shall be drawn to the order of "MEMBERS Life Insurance Company" or "CMFG Life Insurance Company." General Agent and Broker-Dealer do not have any authority to deposit or endorse checks payable to CUNA Mutual without the prior written approval of CUNA Mutual. All applications are subject to acceptance or rejection by CUNA Mutual in its sole discretion. CUNA Mutual may require that any medical examination made in conjunction with an application for a Product be made by a medical examiner approved by CUNA Mutual and CUNA Mutual shall pay only those fees in connection with medical examinations that have been

expressly authorized by it. All records or information obtained hereunder by General Agent or Broker-Dealer shall not be disclosed or used except as expressly authorized herein and pursuant to Section 5 hereof, and General Agent and Broker-Dealer will keep confidential such records and information, which will only be disclosed as authorized or if expressly required by federal or state regulatory authorities. General Agent and Broker-Dealer, in submitting applications for the Products, will be deemed to have warranted to CUNA Mutual and CUNA Brokerage that General Agent or Broker-Dealer, as the case may be, has made a determination of suitability based on information concerning the prospective purchaser's insurance and investment objectives, risk tolerance, need for liquidity, and financial and insurance situation and needs, or on such other factors that General Agent or Broker-Dealer deems to be appropriate under the circumstances and in compliance with applicable laws and regulations. General Agent and Broker-Dealer will not, directly or indirectly, expend or contract for the expenditure of any funds of CUNA Mutual or CUNA Brokerage and CUNA Mutual and CUNA Brokerage will not be obligated to pay any expense incurred by General Agent or Broker-Dealer in the performance of this Agreement, unless otherwise provided for in this Agreement or agreed to in advance in writing by CUNA Mutual or CUNA Brokerage.

3.13 Transmission and Ownership of Money for Products. All money received by General Agent and Broker-Dealer or Representatives or agents of General Agent and Broker-Dealer in connection with the Products, whether as premium or otherwise, and whether paid by or on behalf of any policyholder, contract owner or anyone else having an interest in the Products, is the property of CUNA Mutual, shall be held in a separate account and shall be transmitted promptly in accordance with the administrative procedures of CUNA Mutual without any deduction or offset for any reason, including but not limited to, any deduction or offset for Compensation claimed by General Agent or Broker-Dealer.

3.14 Delivery of Products. Upon issuance of the Products by CUNA Mutual pursuant to this Agreement, CUNA Mutual will transmit Products to purchasers, as long as the representative or agent of General Agent and/or Broker Dealer indicates on each application that CUNA Mutual is requested to deliver said transmission to the purchaser, all in accordance with procedures established by CUNA Mutual, unless CUNA Mutual has provided otherwise. CUNA Mutual will transmit a copy of the data page to Representatives of General Agent or Broker-Dealer upon issuance of the Products.

3.15 Books, Accounts and Records. General Agent and Broker-Dealer will maintain all books, accounts, and records as required by applicable laws and regulations. The books, accounts and records of General Agent and Broker-Dealer shall be kept in good order and clearly and accurately disclose the nature and details of transactions relating to the Products and General Agent's and Broker-Dealer's activities related thereto. General Agent and Broker-Dealer shall keep confidential all information obtained pursuant to this Agreement, including, but not limited to, names of policyholders, and shall disclose such information only if CUNA Mutual or CUNA Brokerage has authorized such disclosure in writing, or if such disclosure is expressly required by applicable federal or state authorities. CUNA Mutual and CUNA Brokerage shall have prompt and full access to all books, accounts and records of General Agent and Broker-Dealer pertaining to the Products. General Agent and Broker-Dealer agrees to permit CUNA Mutual and CUNA Brokerage representatives to enter into all areas of the General Agent's and Broker-Dealer's business related hereto for the purpose of conducting inspections and General Agent and Broker-Dealer shall fully cooperate with such representatives during such inspections by rendering assistance as CUNA Mutual and CUNA Brokerage may reasonably request. Upon notice from CUNA Mutual or CUNA Brokerage, and without limiting other rights of CUNA

Mutual and CUNA Brokerage under this Agreement, General Agent and Broker-Dealer shall take certain steps as may be necessary to correct any deficiencies detected during such inspections. Each party hereto agrees to promptly furnish any reports and information which a party hereto may request in order to meet its reporting and record keeping obligations under the state insurance laws and the federal and state securities laws or rules of FINRA and to provide such books and records to the regulatory and administrative agencies which have jurisdiction over CUNA Mutual or CUNA Brokerage.

3.16 Customer File and Record Retention. For a period of six (6) years from the termination date of this Agreement, General Agent and Broker-Dealer agree (a) to permit CUNA Brokerage or CUNA Mutual access to inspect and copy, during normal business hours, books and records, including but not limited to customer files relating to the Products under this Agreement that are specifically required to be maintained by the rules and regulations promulgated by the SEC, FINRA, or any other federal or state regulatory agency with

jurisdiction over CUNA Brokerage, CUNA Mutual, Broker-Dealer or General Agent in connection with an audit or investigation, including any such files as may have been requested by such regulatory agencies (“Required Files”) and (b) to maintain such Required Files in the form originally received. In addition, this information will be made available to CUNA Brokerage or CUNA Mutual in the event an individual customer complaint or class action is submitted relating to activity between customer and CUNA Brokerage or CUNA Mutual so that CUNA Brokerage or CUNA Mutual, as the case may be, may respond to such complaint. This information will be provided immediately to CUNA Brokerage or CUNA Mutual for such inspections and proof of the regulatory request and/or customer complaint. Within ninety (90) days following termination, General Agent and Broker-Dealer shall deliver to CUNA Brokerage or CUNA Mutual the following materials maintained by General Agent and Broker-Dealer or Representatives: sales and promotion material, correspondence, customer communications, including all communications relating to customer complaints, and records relating to inspections conducted by any regulatory agency or by personnel of CUNA Brokerage or CUNA Mutual. This Subsection 3.16 shall survive termination of this Agreement.

3.17 Notification of Disciplinary Proceedings and Customer Complaints. General Agent and Broker-Dealer shall promptly notify CUNA Mutual and CUNA Brokerage of any disciplinary proceedings or customer complaints against General Agent or Broker-Dealer, or any Representatives or agents of General Agent and Broker-Dealer relating to the Products or any threatened or filed arbitration action or civil litigation arising out of the solicitation, sale or service of the Products. General Agent and Broker-Dealer shall fully and promptly cooperate with CUNA Mutual and CUNA Brokerage in investigating and responding to any customer complaint, attorney demand, or inquiry received from state insurance departments or other regulatory agencies or legislative bodies, and in any settlement or trial of any actions arising out of the conduct of business under this Agreement. No response by General Agent or Broker-Dealer to an individual customer complaint involving a Product will be sent until it has been approved by CUNA Mutual or CUNA Brokerage. Any response by General Agent or Broker-Dealer to an individual customer complaint will be sent to CUNA Mutual and CUNA Brokerage for approval not less than five (5) business days prior to it being sent to the customer, except if a more prompt response is required, the proposed response may be communicated by telephone, electronically, via facsimile or in person.

3.18 Fidelity Bond and Errors and Omissions Insurance Coverages. General Agent/Broker-Dealer agrees that all directors, officers, employees and Representatives of General Agent/Broker-Dealer shall be covered by a blanket fidelity bond/crime insurance policy issued by a reputable bonding company with a limit of not less than five hundred thousand

dollars ($500,000) each occurrence for loss of money, securities or property sustained by CUNA Mutual or CUNA Brokerage resulting from theft or forgery committed by General Agent/ Broker-Dealer or Representatives. General Agent/Broker-Dealer further agrees to obtain and maintain errors and omissions insurance in an amount of at least two million dollars ($2,000,000) each claim with a two million dollar ($2,000,000) annual aggregate during the term of this Agreement for General Agent/Broker-Dealer and Representatives. All said coverages above shall be maintained by General Agent/Broker-Dealer at General Agent/Broker-Dealer's expense. CUNA Mutual may require evidence that all such coverages above are in force and are

satisfactory, and Broker Dealer shall give prompt written notice to CUNA Mutual of any notice of cancellation or change of the coverages. General Agent/Broker-Dealer shall be solely responsible for responding to customers and filing claims as may be necessary under this Agreement and General Agent/Broker-Dealer is responsible for any out-of-pocket expenses related to such claims. General Agent/Broker-Dealer hereby assigns to CUNA Mutual or CUNA Brokerage, as the case may be, any proceeds received from the insurance companies to the extent CUNA Mutual's or CUNA Brokerage's loss is due to activities covered by said policies. If there is any deficiency amount, whether due to a deductible or otherwise, General Agent/Broker-Dealer shall promptly pay CUNA Mutual or CUNA Brokerage such amount on demand, and General Agent/Broker-Dealer hereby indemnifies and holds CUNA Mutual and CUNA Broker harmless from any such deficiency and from the costs of collection thereof, including reasonable legal fees.

3.19 Prohibited Acts. Nothing in this Agreement shall be construed as giving General Agent and Broker-Dealer the right to incur any indebtedness or make contracts on behalf of CUNA Mutual or CUNA Brokerage. General Agent and Broker-Dealer are not authorized to: discharge, waive any forfeitures under or extend the time for making payment for the Products; waive or modify any terms, conditions, or limitations of any policy or contract; pay any premium or other payment on behalf of an purchaser of the Products; or enter into any court or regulatory proceeding in the name of or on behalf of CUNA Mutual or CUNA Brokerage. General Agent and Broker-Dealer hereby authorize CUNA Mutual and CUNA Brokerage to set off liabilities of General Agent or Broker-Dealer, as the case may be, to CUNA Mutual and CUNA Brokerage against any and all amounts otherwise payable to General Agent or Broker-Dealer by CUNA Mutual or CUNA Brokerage.

4. Right of Rejection. General Agent, Broker-Dealer, CUNA Brokerage and/or CUNA Mutual each in their sole discretion, may reject any applications or payments remitted by Representatives through the General Agent or Broker-Dealer and may refund an applicant's payments to the applicant. Likewise, CUNA Mutual and CUNA Brokerage may, at any time for any reason, reject any order from Product owner (whether transmitted by or through General Agent or Broker-Dealer or otherwise) to transfer contract value from one investment option under a Product to another. In the event such refunds are made and if General Agent or Broker-Dealer has received Compensation based on an applicant's payment that is refunded, General Agent or Broker-Dealer shall promptly repay such Compensation to CUNA Mutual. If repayment is not promptly made, CUNA Mutual may, at its sole option, deduct any amounts due to General Agent or Broker-Dealer from future Compensation otherwise payable to General Agent or Broker-Dealer. This Section 4 shall survive termination of this Agreement.

5. Sharing of Customer Information. The parties acknowledge and agree that it may be necessary for the parties to share nonpublic personal information and other customer information ("Customer Information") with each other in order for each party to meet their obligations under

this Agreement. With respect to the sharing, use and protection of Customer Information, the parties agree to the following:

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5.1 Confidentiality and Restrictions on Redisclosure of Customer Information.

Each party agrees to hold in strict confidence Customer Information obtained from another party during the term of this Agreement and any existing Customer Information received or obtained prior to this Agreement. Each party agrees not to disclose Customer Information, in any form or medium, to any affiliated or nonaffiliated person, firm or corporation except as necessary to perform services under this Agreement or as may be required by law. The parties hereto acknowledge and agree that disclosing Customer Information to effectuate, service or administer a Customer transaction shall not be considered a breach of the confidentiality obligations created hereunder. To the extent that a party contracts with a third party that obtains Customer Information in order to provide services under this Agreement, that party agrees to obtain contractual confidentiality protections to require the third party to hold Customer Information in strict confidence and not disclose it to any person unless required by law. Upon termination of this Agreement, General Agent and Broker-Dealer agree to maintain all Customer Information relating to the Products pursuant to Subsection 3.14 hereof. Each party agrees to comply with applicable privacy laws and regulations including, but not limited to, the Gramm-Leach-Bliley Act, Public Law 106-102 (1999) as set forth in 15 U.S.C.A. §6801, as amended and to comply with applicable changes in such laws and regulations as these occur and become effective.

5.2 Use of Customer Information. Each party agrees to use Customer Information only to fulfill its obligations hereunder and not to use it for any other purpose.

5.3 Obligation to Maintain Security Over Customer Information. Each party agrees to implement and maintain reasonable and customary security measures to safeguard Customer Information. Such measures shall include, but not be limited to, requiring employees who will have access to such information to agree to the confidentiality requirements of this Subsection.

5.4 Confidentiality Obligations Survive Termination of the Agreement. The obligations of the parties set forth in this Section 5 shall survive the termination of this Agreement.

6. Limitations. Only CUNA Mutual or CUNA Brokerage, and no other party, shall have the authority on behalf of CUNA Mutual or CUNA Brokerage: (a) to make, alter, or discharge any of the Policies issued by CUNA Mutual; (b) to waive any forfeiture; (c) to grant, permit or extend the time for making any payments; (d) to guarantee earnings or rates; (e) to alter the forms which CUNA Mutual or CUNA Brokerage may prescribe or substitute other forms in place of those prescribed by CUNA Mutual or CUNA Brokerage; or (f) to enter into any proceeding in a court of law or before a regulatory agency in the name of or on behalf of CUNA Mutual or CUNA Brokerage.

7. Term and Termination.

7.1 Term. This Agreement will commence on the Effective Date, and unless terminated as provided herein, will continue in force indefinitely.

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7.2 Termination. Each party will have the right to terminate this Agreement: (a) without cause, effective upon delivery of thirty (30) days' written notice thereof to the other party; (b) effective immediately upon delivery of written notice thereof to the other party, in the event that the other party is in breach of any material obligation herein; (c) effective immediately in the event that either CUNA Brokerage or Broker-Dealer shall cease to be registered broker-dealers under the 1934 Act and members of the FINRA; (d) effective immediately, if General Agent or Broker-Dealer or any Representative of General Agent or Broker-Dealer shall rebate or offer to rebate all or any part of a premium on any Products issued by CUNA Mutual in violation of applicable federal, state or local securities and insurance laws, rules or regulations; and (e) effective immediately if General Agent or Broker-Dealer or any Representative of General Agent or Broker-Dealer shall withhold any premium on any policy issued by CUNA Mutual.

7.3 Effect of Termination. Upon termination of this Agreement, all Compensation to the General Agent and Broker-Dealer hereunder shall cease; however, General Agent and Broker-Dealer shall continue to be liable for any chargebacks or for any other amounts advanced by or otherwise due CUNA Mutual or CUNA Brokerage hereunder. General Agent and Broker-Dealer will immediately return or destroy, as instructed by CUNA Mutual and CUNA Brokerage, all of CUNA Mutual's and CUNA Brokerage's proprietary materials, and any copies thereof, including but not limited to, information and data relating to the Products, procedures and practices, sales and promotion materials, advertising, information and materials relating to "Systems," as described hereinafter, and any sales and promotion materials created by General Agent or Broker-Dealer related to the Products, and any copies thereof; and General Agent and Broker-Dealer shall not use the same thereafter. General Agent and Broker-Dealer agree to retain all customer files and records pursuant to Subsection 3.15 thereof.

8. Use of Technology.

8.1 Generally. CUNA Mutual agrees to provide General Agent and Broker-Dealer access to and the right to use those technology-based systems and materials (collectively, the "Systems") that CUNA Mutual determines to be reasonably required for General Agent's or Broker-Dealer's performance of its obligations under this Agreement. Said access may be provided through software provided by CUNA Mutual directly to General Agent or Broker-Dealer and/or via the Internet. Upon delivery of any such software, CUNA Mutual shall be deemed to grant to General Agent and Broker-Dealer a non-transferable, non-exclusive, license to use the software within the scope of their responsibilities under this Agreement and for no other purpose. The access and use rights to the Systems granted hereunder shall apply only to the version of the Systems CUNA Mutual makes available to General Agent or Broker-Dealer from time to time. General Agent and Broker-Dealer shall not reproduce, display, modify or distribute the Systems or any part thereof, or use said Systems for any purpose outside the scope of General Agent's and Broker-Dealer's responsibilities under this Agreement. General Agent and Broker-Dealer shall not provide access to the Systems, nor to any software provided to General Agent and Broker-Dealer by CUNA Mutual, in whole or in part, to any third party including any consultant or contractor, without the express written permission of CUNA Mutual, obtained in each instance in advance. General Agent and Broker-Dealer shall hold in strict confidence, use only within the scope of their responsibilities under this Agreement, not provide

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access to any third parties, any passwords or other authentication or security procedures or devices provided to General Agent or Broker-Dealer to access and/or use the Systems. Upon termination of this Agreement, General Agent and Broker-Dealer shall return all copies of the software or other indicia of the Systems in its possession and retain nothing. Furthermore, General Agent and Broker-Dealer will ensure that Representatives under this Agreement will abide by the provisions of this Section 8.

## 8.2 Disclaimer

CUNA MUTUAL PROVIDES THE SYSTEMS, SOFTWARE AND ANY INFORMATION STORED OR PROCESSED ON SAID SYSTEMS AND SOFTWARE “AS IS,” AND EXPRESSLY DISCLAIMS ALL WARRANTIES EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. General Agent and Broker-Dealer understand and agree that the Systems and software contain trade secrets and proprietary data of CUNA Mutual and that the Systems and software are and shall at all times remain the sole and exclusive property of CUNA Mutual. This provision shall survive termination of this Agreement.

## 8.3 Limited Liability

In no event to the maximum extent permitted by law shall CUNA Mutual be liable for any special, indirect, incidental, or consequential damage (including, without limitation, damages for loss of business, profits or income) arising out of access, use or lack of use of the Systems or software, even if CUNA Mutual has been advised of the possibility of such damages. Further, in no event to the maximum extent permitted by law shall CUNA Mutual be liable to General Agent or Broker-Dealer for damages of any kind or nature arising from the access, lack of access, use, or lack of use of the Systems or software to the extent said damages exceed the Compensation that CUNA Mutual has paid to General Agent and Broker-Dealer under this Agreement during the three (3) month period immediately preceding the occurrence of the claim.

## 9. Confidentiality and Trade Secrets

All information or materials relating to or prepared by a party to this Agreement which are obtained or reviewed in any inspection or through the course of business during the term of this Agreement, including but not limited to, CUNA Mutual’s insurance policy information, coverage plan and rates and CUNA Mutual’s or CUNA Brokerage’s policies and procedures, practices, billing information, claims information, business relationship information, statistical data, and any other know-how and information, shall be held in strict confidence by the parties hereto. No party shall permit any third party to copy, review or use the other party’s confidential or proprietary materials at any time. CUNA Mutual and CUNA Brokerage shall have sole and exclusive ownership of all right, title and interest in “Trade Secrets” and Broker-Dealer shall obtain no such rights hereunder. “Trade Secrets” shall be defined as a whole or any portion thereof of any business, sales or legal information, process, procedure, know-how that provides a party with a significant competitive advantage in the development, construction, conduct, operation, control, marketing, sale, management, administration, maintenance or servicing of insurance, or financial products. This provision shall survive the termination of this Agreement.

## 10. Representations and Warranties

10.1 General Representations and Warranties. Each party represents and warrants to

the others that:

(a) It is duly organized, validly existing and in good standing under the laws of the state of its organization and has all the requisite power, corporate or otherwise, to carry on its business as now being conducted and to perform its obligations as contemplated by this Agreement;

(b) It has all licenses, approvals, permits and authorizations of, and registrations with, all authorities and agencies, including non-government self-regulatory bodies, required under federal, state and local laws and regulations to enabled it to perform its obligations under this Agreement; and

(c) The execution, delivery and performance of this Agreement have been duly and validly authorized by all necessary "corporate" action, and this Agreement constitutes the legal, valid and binding agreement of such party, enforceable against it according to its terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to creditors' rights generally and general principles of equity.

10.2 Broker-Dealer Representations and Warranties. CUNA Brokerage and Broker-Dealer each represent and warrant to the other that it is registered as a broker-dealer with SEC under the 1934 Act and is a member in good standing of FINRA.

11. Mutual Indemnification.

11.1 General Agent and Broker-Dealer Indemnification. General Agent and Broker-Dealer, jointly and severally, will indemnify, defend and hold harmless CUNA Mutual and CUNA Brokerage and their respective affiliates, officers, directors, employees and agents from and against any claim, loss, damage, expense or liability, judgment, settlements or regulatory actions, including defense costs, reasonable attorneys' fees, penalties and fines, arising from, or in any manner relating to: (a) any breach of any covenant or obligation pursuant to this Agreement, including, but not limited to, any applicable law or regulation, or any applicable rule of any self-regulatory organization by General Agent and Broker-Dealer or their Representatives and agents; (b) any criminal, fraudulent or intentionally wrongful act or omission committed by General Agent or Broker-Dealer or their Representatives and agents in connection with the performance of General Agent's or Broker-Dealer's obligations hereunder; or (c) the infringement, violation or misappropriation by General Agent or Broker-Dealer or their Representatives and agents of any party's rights with respect to any Trade Secrets, copyright, trademark, service mark, tradename or similar proprietary rights conferred by common law, state law or by any law of the United States arising out of or resulting from the performance of General Agent's or Broker-Dealer's obligations under this Agreement.

11.2 CUNA Mutual and CUNA Brokerage Indemnification. CUNA Mutual and CUNA Brokerage, jointly and severally, will indemnify, defend and hold harmless General Agent and Broker-Dealer and their respective affiliates, officers, directors, employees and agents

from and against any claim, loss, damage, expense or liability, judgment, settlements or regulatory actions, including defense costs, reasonable attorneys' fees, penalties and fines, arising from, or in any manner relating to: (a) any breach of any covenant or obligation pursuant to this Agreement, including, but not limited to, any applicable law or regulation, or any applicable rule of any self-regulatory organization by CUNA Mutual or CUNA Brokerage; or (b) any criminal, fraudulent or intentionally wrongful act or omission committed by CUNA Mutual

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or CUNA Brokerage in connection with the performance of CUNA Mutual's or CUNA Brokerage's obligations hereunder.

## 11.3 Survival. This Section 11 shall survive termination of this Agreement.

12. **General Compliance.** The parties hereto agree to comply with the existing laws and rules or regulations of applicable local, state or federal regulatory authorities, including, but not limited to, FINRA, SEC, Financial Crimes Enforcement Network and the New York Stock Exchange, and with those which may be enacted or adopted during the term of this Agreement regulating the business conducted under this Agreement and in any jurisdiction in which the business described herein is to be transacted, and to provide information or reports relating to the respective duties and obligations hereunder pursuant to requests by any regulatory authority having jurisdiction with respect thereto.

13. **Anti-Money Laundering Compliance Program.** The parties hereto acknowledge and agree that insurance agencies and securities broker-dealers are subject to certain regulations set forth under the Bank Secrecy Act (the "BSA") and §352 of the USA PATRIOT Act (the "PATRIOT Act") related to adopting and implementing an anti-money laundering compliance program ("AML Program"). Each party hereto represents and warrants that it has effectively implemented a written AML Program. General Agent and Broker-Dealer each hereby represents and warrants that its AML program includes, at a minimum: a) incorporating policies, procedures and internal controls reasonably designed to assure compliance with BSA and the PATRIOT Act; b) designating a compliance officer responsible for day-to-day compliance with the BSA and the AML Program; c) providing education and/or training of Representatives and other appropriate personnel concerning their responsibilities under the AML Program, including training in the detection of suspicious transactions; and d) providing for independent review to monitor and maintain an adequate AML Program. The parties agree that CUNA Mutual and CUNA Brokerage have the right, upon reasonable request, to examine the description of the training provided to Representatives to ensure that the AML Program of General Agent and/or Broker-Dealer provides adequate training for Representatives. In the event General Agent and/or Broker-Dealer or Representatives become aware of circumstances related to a customer that may be suspicious, General Agent, Broker-Dealer or Representative, as the case may be, agrees to promptly notify the Anti-Money Laundering Officer at CUNA Mutual regarding such suspicious activity. Furthermore, the parties represent and warrant that each has adopted and will continue to execute a customer identification program (the "CIP") meeting the requirements under the PATRIOT Act. The parties agree that CUNA Mutual and CUNA Brokerage have the right, upon reasonable request, to examine the description of the CIP that General Agent and/or Broker-Dealer has adopted and implemented. The parties agree that CUNA Mutual and CUNA

Brokerage may require an annual certification relating to General Agent and/or Broker-Dealer's AML and CIP programs.

14. **Notices.** All notices, requests, demands and other communications required or permitted under this Agreement shall be given in writing and shall be deemed to be given upon receipt of any of the following delivery methods: (a) personally delivered; or (b) sent by telecopier, facsimile transmission or other electronic transmission; or (c) sent by United States certified or registered mail, postage prepaid, return receipt requested; or (d) sent by private overnight courier service. The respective addresses to be used for all notices, requests, demands or communications are as follows:

CMFG Life Insurance Company

Attn: Annuity Product Management
2000 Heritage Way
Waverly, IA 50677

CUNA Brokerage Services, Inc.
Attn: Annuity Product Management
2000 Heritage Way
Waverly, IA 50677

Broker-Dealer:

General Agent:

15. **Independent Contractors.** The relationship between the parties hereto is an independent relationship and each party has sole responsibility and authority for the conduct of its own business. General Agent and Broker-Dealer and their Representatives and their agents are independent contractors with respect to CUNA Mutual and CUNA Brokerage. No party hereto has the right to bind the other party in any way.

16. **Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin.

17. **Waiver.** A waiver by any party of any terms and conditions of this Agreement in any one instance shall not be deemed or construed to be a waiver of any such term or condition for the future, or of any subsequent breach thereof, nor shall it be deemed a waiver of performance of any obligation hereunder.

18. **Severability.** If any portion or provision of this Agreement is held to be invalid or unenforceable, the remainder of this Agreement shall continue in full force and effect.

19. **Assignment.** This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns; and no party may assign rights or obligations under this Agreement without the prior written consent of the other party.

20. **Headings.** The headings in this Agreement are solely for convenience of reference and shall not be given any effect in the construction or interpretation of this Agreement.

21. **Amendment.** CUNA Mutual and CUNA Brokerage reserve the right to amend this Agreement at any time, and the submission of an application by General Agent or Broker-Dealer after notice of any such amendment has been sent to General Agent and Broker-Dealer shall constitute that General Agent and Broker-Dealer are in agreement to any such amendment.

22. **Entire Agreement.** This Agreement and any attachments hereto constitute the entire understanding of the parties hereto relating to the subject matter hereof and supersedes in its entirety all prior agreements between CUNA Mutual and CUNA Brokerage and General Agent or Broker-Dealer, if any, all prior and collateral agreements, understandings, statements and

negotiations of the parties relating to such subject matter.

23. **Counterparts.** This Agreement may be executed in counterparts and all documents so executed shall constitute one agreement binding on the parties hereto.

[The remainder of this page is intentionally left blank.
Signatures appear on the following page.]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first set forth above.

CMFG Life Insurance Company
Name:
Title:
By: ___________________________

MEMBERS Life Insurance Company
Name:
Title:
By: ___________________________

CUNA Brokerage Services, Inc.
Name:
Title:
By: ___________________________

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Broker-Dealer
Name:
Title:
By: ___________________________

General Agent
Name:
Title:
By: ___________________________

NOTE: Please return two signed copies of this Agreement to:

CMFG Life Insurance Company
Attn: Julie Miller, HW PROD
2000 Heritage Way
Waverly, IA 50677

Upon acceptance, one countersigned copy will be returned to General Agent/Broker-Dealer for its files.

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## Exhibit A

### SELLING AND SERVICES AGREEMENT FOR INSURANCE AND ANNUITY (FIXED AND VARIABLE) PRODUCTS

#### GENERAL LETTER OF RECOMMENDATION

General Agent and Broker-Dealer hereby certify to CUNA Mutual that all the following requirements will be fulfilled in conjunction with the submission by General Agent or Broker-Dealer of licensing/appointment papers for all applicants as agents of CUNA Mutual. General Agent or Broker-Dealer will, upon request, forward proof of compliance with same to CUNA Mutual in a timely manner.

1. We have made a thorough and diligent inquiry and investigation relative to each applicant's identity, residence, business reputation, and experience and declare that each applicant is personally known to us, has been examined by us, is known to be of good moral character, has a good business reputation, is reliable, is financially responsible and is worthy of a license and appointment as an agent of CUNA Mutual. This inquiry and background investigation has included a credit and criminal check on each applicant, which will be made available to CUNA Mutual within twenty-four (24) hours, upon written request. Based upon our investigation, we vouch and certify that each individual is not a “prohibited person” per 18 U.S.C. 1033 and is trustworthy, competent and qualified to act as an agent for CUNA Mutual to hold himself/herself out in good faith to the general public.

2. We have on file appropriate state insurance department licensing forms or a Form U-4 which was completed by each applicant. We have fulfilled all the necessary investigative requirements for the registration of each applicant as a registered representative through our FINRA member firm, and each applicant is presently registered as a FINRA registered representative. The above information in our files indicates no fact or condition which would disqualify the applicant from receiving a license or appointment and all the findings of all investigative information is favorable.

3. We certify that all educational requirements have been met for the specific state each applicant is licensed in, and that all such persons have fulfilled the appropriate examination, education and training requirements as of the date the appointment takes effect.

4. We certify that each applicant will receive close and adequate supervision, and that we will make inspection when needed of any or all risks written by these applicants, to the end that the insurance interest of the public will be properly protected.

5. We will not permit any applicant to transact insurance as an agent until duly licensed therefor and appointed by CUNA Mutual. No applicants have been given a contract or furnished supplies, nor have any applicants been permitted to write, solicit business, or act as an agent

in any capacity, and they will not be so permitted until the certificate of authority or license applied for is received.

## PRODUCTS AND COMPENSATION SCHEDULE

This Products and Compensation Schedule (this “Schedule”) is incorporated into the Selling and Services Agreement (the “Agreement”) as of the Effective Date of the Agreement. CUNA Mutual agrees to compensate General Agent and Broker-Dealer, as appropriate, under the Agreement as set forth below. Notwithstanding any provisions in the Agreement to the contrary, CUNA Mutual reserves the right to discontinue the availability of any of the Products or modify the Compensation at any time, subject to thirty (30) days written notice. Subject to the provisions of the Agreement, General Agent and Broker-Dealer shall be entitled to receive the Compensation for the Products listed in this Schedule. Capitalized terms in this Schedule and not otherwise defined herein will have the meanings set forth in the Agreement.

For each product sale or transaction the following rules apply:

- For proprietary insurance products, First Year and Renewal Commission are expressed as a percentage of premiums by year. Note that for proprietary life insurance products, First Year Commission is calculated based on net annualized first year premium, and Renewal Commission is calculated as a percentage of renewal premium paid by the purchaser. For annuity products, First Year Commission is calculated as a percentage of earned premiums, and Renewal Commission is calculated as a percentage of trailers. A trailer is defined as the annuity contract account value at the end of the annuity contract anniversary.

- For the Single Premium Immediate Annuity, commission charge backs will be made when death of the client occurs prior to the income payment start date. The charge back will be 100% of the commission if death of the client occurred in the first six months after issue, or 50% of the commission if death of the client occurred in months seven through twelve after issue.

- For proprietary single life and joint life income options, First Year Commission is expressed as a percentage of the amount applied to the income option on the contract. First Year Commission is calculated for the service representative at the time proceeds are applied to:

a) All variable single life and joint life income options
b) All fixed non-dividend based single life and joint life income options

- Income option trailers are expressed as a percent of the reserve held by CUNA Mutual on the contract and are paid once per year in January to the representative assigned for service as of the prior year-end calculation date on contracts in force for all fixed period income options.

- In addition, several special Compensation rules apply to the Products sold as part of this Agreement:

1. CUNA Mutual has the right to define and determine compensation on transfers, exchanges, or replacements.

1. CUNA Mutual reserves the right to refund premium paid or principal invested on a policy if such refund is justified by reason of rescission or cancellation for justifiable reason. In this situation, compensation will be adjusted for any refunded premium or investment.

2. For proprietary insurance products, First Year Commission is credited when the policy is issued and

the premium is fully processed by CUNA Mutual, and Renewal Commission is credited when the premium is received and fully processed by CUNA Mutual.

3. Increases to premium level and specified amount may result in compensation being credited to another representative. In addition, changes in service assignments or in a sales and service agreement may result in compensation being credited to another representative.

4. The minimum disbursed commissions check amount will be $50. Any payable amounts below the minimum in a given period will be held over and disbursed in a subsequent period.

5. With respect to annuity products, CUNA Mutual reserves the right to reverse compensation upon the death of the owner or annuitant within the first year after issuance of the policy.

SELLING AND SERVICES AGREEMENT
PRODUCTS AND COMPENSATION SCHEDULE

|  | COMMISSION RATE |  |  |
| --- | --- | --- | --- |
| PRODUCT | YEAR | FIRST YEAR | RENEWAL |
| LIFE INSURANCE |  |  |  |
| MEMBERS Whole Life Primary Protection Plan: |  |  |  |
| % of premium | 1 | 96.00% |  |
| % of premium | 2-3 |  | 10.00% |
| % of premium | 4-10 |  | 5.00% |
| TERM INSURANCE |  |  |  |
| MEMBERS Elite Protection Term Series: |  |  |  |
| Level 10, 15 |  |  |  |
| % of premium | 1 | 80.00% |  |
| % of premium | 2-10 |  | 2.00% |
| Level 20 |  |  |  |
| % of premium | 1 | 92.00% |  |
| % of premium | 2-10 |  | 2.00% |
| Level 30 |  |  |  |
| % of premium | 1 | 98.00% |  |
| % of premium | 2-10 |  | 2.00% |
| FIXED ANNUITY |  |  |  |
| MEMBERS Select Fixed Annuity II: |  |  |  |
| Under $250,000 |  |  |  |
| % of premium; issue ages 0-75 | 1 | 4.00% |  |
| % of premium; issue ages 76-80 | 1 | 3.10% |  |
| % of premium; issue ages 81-90 | 1 | 2.20% |  |
| $250,000 and above |  |  |  |
| % of premium; issue ages 0-75 | 1 | 3.35% |  |
| % of premium; issue ages 76-80 | 1 | 2.65% |  |
| % of premium; issue ages 81-90 | 1 | 1.85% |  |

22

SELLING AND SERVICES AGREEMENT
PRODUCTS AND COMPENSATION SCHEDULE

|  | COMMISSION RATE |  |  |
| --- | --- | --- | --- |
| PRODUCT | YEAR | FIRST YEAR | RENEWAL |
| MEMBERS Focus Fixed Annuity: |  |  |  |
| Option 1 - Under $500,000 |  |  |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 2.00% |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 1.40% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 2.50% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 1.75% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 3.00% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 2.10% |  |
| Option 1 - $500,000-$999,999 |  |  |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.30% |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.90% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.90% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 1.35% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 2.30% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 1.60% |  |
| Option 1 - $1,000,000 + |  |  |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.05% |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.70% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.50% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 1.10% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.85% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 1.30% |  |
| Option 2 - Under $500,000 |  |  |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 0.75% |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.55% |  |
| Trailer; paid qtrly, starts at the end of the 5th qtr |  |  | 0.063% |
| 5 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.25% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.90% |  |
| Trailer; paid qtrly, starts at the end of the 5th qtr |  |  | 0.063% |
| 6 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.75% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 1.25% |  |
| Trailer; paid qtrly, starts at the end of the 5th qtr |  |  | 0.063% |
| Option 2 - $500,000-$999,999 |  |  |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 0.25% |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.25% |  |
| Trailer; paid qtrly, starts at the end of the 5th qtr |  |  | 0.063% |
| 5 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 0.65% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.50% |  |
| Trailer; paid qtrly, starts at the end of the 5th qtr |  |  | 0.063% |
| 6 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 1.00% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.75% |  |
| Trailer; paid qtrly, starts at the end of the 5th qtr |  |  | 0.063% |
| Option 2 - $1,000,000 + |  |  |  |
| 4 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 0.20% |  |

23

| PRODUCT | YEAR | FIRST YEAR | RENEWAL |
| --- | --- | --- | --- |
| 4 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.20% |  |
| Trailer; paid qtrly, starts at the end of the 5 th qtr |  |  | 0.063% |
| 5 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 0.50% |  |
| 5 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.40% |  |
| Trailer; paid qtrly, starts at the end of the 5 th qtr |  |  | 0.063% |
| 6 Yr Rate Guarantee - % of premium; issue ages 0-75 | 1 | 0.80% |  |
| 6 Yr Rate Guarantee - % of premium; issue ages 76-90 | 1 | 0.60% |  |
| Trailer; paid qtrly, starts at the end of the 5 th qtr |  |  | 0.063% |

SELLING AND SERVICES AGREEMENT
PRODUCTS AND COMPENSATION SCHEDULE

|  | COMMISSION RATE |  |  |
| --- | --- | --- | --- |
| PRODUCT | YEAR | FIRST YEAR | RENEWAL |
| SINGLE PREMIUM IMMEDIATE ANNUITY |  |  |  |
| MEMBERS SPIA: |  |  |  |
| Life Income Option |  |  |  |
| % of premium; issue ages 0-70 | 1 | 4.25% |  |
| % of premium; issue ages 71-80 | 1 | 3.40% |  |
| % of premium; issue ages 81 + | 1 | 1.75% |  |
| Installment Option |  |  |  |
| % of premium; all ages | 1 | 3.00% |  |
| SINGLE PREMIUM DEFERRED INDEXED ANNUITY |  |  |  |
| MEMBERS Index Annuity - 5 Year: |  |  |  |
| Option 1 - Under $350,000 |  |  |  |
| % of premium; issue ages 0-75 | 1 | 4.00% |  |
| % of premium; issue ages 76-85 | 1 | 2.60% |  |
| Option 1 - $350,000 and above |  |  |  |
| % of premium; issue ages 0-75 | 1 | 3.40% |  |
| % of premium; issue ages 76-85 | 1 | 2.20% |  |
| Option 2 - Under $350,000 |  |  |  |
| % of premium; issue ages 0-75 | 1 | 3.00% |  |
| % of premium; issue ages 76-85 | 1 | 2.00% |  |
| Trailer |  |  | 0.25% |
| Option 2 - $350,000 and above |  |  |  |
| % of premium; issue ages 0-75 | 1 | 2.40% |  |
| % of premium; issue ages 76-85 | 1 | 1.60% |  |
| Trailer |  |  | 0.25% |
| MEMBERS Index Annuity - 7 & 10 Year: |  |  |  |
| Option 1 - Under $350,000 |  |  |  |
| % of premium; issue ages 0-75 | 1 | 5.00% |  |
| % of premium; issue ages 76-85 | 1 | 3.25% |  |
| Option 1 - $350,000 and above |  |  |  |
| % of premium; issue ages 0-75 | 1 | 4.25% |  |
| % of premium; issue ages 76-85 | 1 | 2.75% |  |
| Option 2 - Under $350,000 |  |  |  |
| % of premium; issue ages 0-75 | 1 | 4.00% |  |
| % of premium; issue ages 76-85 | 1 | 2.60% |  |
| Trailer |  |  | 0.25% |
| Option 2 - $350,000 and above |  |  |  |
| % of premium; issue ages 0-75 | 1 | 3.25% |  |
| % of premium; issue ages 76-85 | 1 | 2.10% |  |
| Trailer |  |  | 0.25% |
| MEMBERS Index Annuity - Re-Up Issue 5, 7 & 10 Year: |  |  |  |

COMMMISSION RATE
PRODUCT YEAR FIRST YEAR RENEWAL
Under $350,000

26

| % of premium; attained ages 0-75 | 1 | 0.90% |  |
| --- | --- | --- | --- |
| % of premium; attained ages 76-85 | 1 | 0.60% |  |
| $350,000 and above |  |  |  |
| % of premium; attained ages 0-75 | 1 | 0.75% |  |
| % of premium; attained ages 76-85 | 1 | 0.50% |  |

SELLING AND SERVICES AGREEMENT
PRODUCTS AND COMPENSATION SCHEDULE

| PRODUCT | COMMISSION RATE |
| --- | --- |
| YEAR | YEAR FIRST YEAR RENEWAL |

MODIFIED GUARANTEED ANNUITY
MEMBERS Zone Annuity*
5-Year:
Option 1

| % of premium; issue ages 0-75 | 1 | 4.00% | 0.00% |
| --- | --- | --- | --- |
| % of premium; issue Ages 76-85 | 1 | 2.60% | 0.00% |
| Option 2 | 2+ |  | 0.00% |
| % of premium; issue ages 0-75 | 1 | 0.65% | 0.163%/qtrly |
| % of premium; issue Ages 76-85 | 1 | 0.65% | 0.163%/qtrly |
| Option 3 | 2-5 |  | 0.063%/qtrly |
| % of premium; issue ages 0-75 | 1 | 3.00% | 0.063%/qtrly |
| % of premium; issue Ages 76-85 | 1 | 2.00% | 0.063%/qtrly |
| 7-Year and 10-Year: |  |  |  |
| Option 1 |  |  |  |
| % of premium; issue ages 0-75 | 1 | 5.00% | 0.00% |
| % of premium; issue ages 76-85 | 1 | 3.25% | 0.00% |
| Option 2 | 2+ |  | 0.00% |
| % of premium; issue ages 0-75 | 1 | 0.65% | 0.163%/qtrly |
| % of premium; issue Ages 76-85 | 1 | 0.65% | 0.163%/qtrly |
| Option 3 | 2-7 or 2-10 |  | 0.163%/qtrly |
| % of premium; issue ages 0-75 | 1 | 4.00% | 0.063%/qtrly |
| % of premium; issue Ages 76-85 | 1 | 2.60% | 0.063%/qtrly |
| DEFERRED INCOME ANNUITY |  |  |  |
| MEMBERS Future Income Annuity* |  |  |  |
| % of premium; issue ages 40-83 | 1 | 4.25% | 0.00% |
|  | 2+ |  | 0.00% |
|  | 27 |  |  |

*Compensation for this product subject to 100% reversal in case of insured's death within 182 days from issuance of contract, and 50% reversal in case of insured's death within 183 - 365 days from issuance of contract.

28

SELLING AND SERVICES AGREEMENT
PRODUCTS AND COMPENSATION SCHEDULE

|  | COMMISSION RATE |  |  |
| --- | --- | --- | --- |
| PRODUCT | YEAR | FIRST YEAR | RENEWAL |
| VARIABLE ANNUITY |  |  |  |
| MEMBERS Horizon B-Share: |  |  |  |
| % of premium; issue ages 21-75 | 1-5 | 5.00% |  |
|  | 6+ | 4.60% |  |
| % of premium; issue ages 76-85 | 1-5 | 3.25% |  |
|  | 6+ | 2.85% |  |
| Trailer; paid qtrly, starts at the end of the 21 st qtr |  |  | 0.40% |
| MEMBERS Horizon C-Share: |  |  |  |
| % of premium; issue ages 21-85 | 1 | 1.25% |  |
|  | 2+ | 0.25% |  |
| Trailer; paid qtrly, starts at the end of the 5 th qtr |  |  | 1.00% |

29

# SELLING AND SERVICES AGREEMENT
## PRODUCTS AND COMPENSATION SCHEDULE

| PRODUCT | YEAR | COMMISSION RATE FIRST YEAR | RENEWAL |
| --- | --- | --- | --- |
| INCOME OPTIONS |  |  |  |
| Lifetime Payouts (MEMBERS Select Fixed Annuity, MEMBERS Select Fixed Annuity II, MEMBERS Focus Fixed Annuity, MEMBERS Index Annuity, MEMBERS Zone Annuity, MEMBERS Choice Variable Annuity, MEMBERS Variable Annuity II, MEMBERS Variable Annuity III) : |  |  |  |
| % of premium; issue ages 0-70 | 1 | 0.00% |  |
| % of premium; issue ages 0-70 | 2 | 0.00% |  |
| % of premium; issue ages 0-70 | 3 | 0.90% |  |
| % of premium; issue ages 0-70 | 4 | 1.80% |  |
| % of premium; issue ages 0-70 | 5 | 2.50% |  |
| % of premium; issue ages 0-70 | 6 | 3.10% |  |
| % of premium; issue ages 0-70 | 7 | 3.70% |  |
| % of premium; issue ages 0-70 | 8+ | 4.00% |  |
| % of premium; issue ages 71-80 | 1 | 0.00% |  |
| % of premium; issue ages 71-80 | 2 | 0.00% |  |
| % of premium; issue ages 71-80 | 3 | 0.00% |  |
| % of premium; issue ages 71-80 | 4 | 0.95% |  |
| % of premium; issue ages 71-80 | 5 | 1.65% |  |
| % of premium; issue ages 71-80 | 6 | 2.25% |  |
| % of premium; issue ages 71-80 | 7 | 2.85% |  |
| % of premium; issue ages 71-80 | 8+ | 3.15% |  |

| % of premium; issue ages 81+ | 1 | 0.00% |  |
| --- | --- | --- | --- |
| % of premium; issue ages 81+ | 2 | 0.00% |  |
| % of premium; issue ages 81+ | 3 | 0.00% |  |
| % of premium; issue ages 81+ | 4 | 0.00% |  |
| % of premium; issue ages 81+ | 5 | 0.00% |  |
| % of premium; issue ages 81+ | 6 | ** |  |
| % of premium; issue ages 81+ | 7 | ** |  |
| % of premium; issue ages 81+ | 8+ | ** |  |
| Lifetime Payouts (all other products): |  |  |  |
| % of premium; issue ages 0-81+ | 1+ | 0.00% |  |
| Installment Payments |  |  |  |
| Fixed Period Income Options: |  |  |  |
| Trailer; paid on a calendar year basis, based on the year-end value. |  |  | 0.225% |
| **Commission rates vary by Annuity Mortality Tables. Please call Supplemental Contracts at 1-800-356-2644 ext. 483-2334 to obtain the commission rate. |  |  |  |

## Ex-99.(C)(3)

**Addendumto**

**SellingandServicesAgreementfor** 

**ELECTRONIC SIGNATURE USE**

This is an Addendum to the Distribution Agreement for Registered Annuity Contracts (the

"Agreement")betweenCMFGLifeInsuranceCompanyandMEMBERSLifeInsuranceCompany

(together referredto as"CUNA Mutual")and CUNA BrokerageServices, Inc.("GeneralAgent"

and "Broker Dealer", referred to as "Broker Dealer" in this Addendum)pursuant to which,

BrokerDealer Companyis authorizedto sellproductsof CUNAMutual andprovide servicesin

connectionwith such salesactivities.This Addendumis incorporatedintoandmade apart of

that Agreement.

Broker Dealer hasadopted aprocess bywhich clients may authorize certain account-related

transactions orrequests, in whole orinpart ("Transactions"), evidenced byan electronic

signature, asthattermisdefined by the federal ElectronicSignature in Global and National

CommerceAct,15U.S.C.7001etseq.,theUniformElectronicTransactionsActaspromulgated

bytheUniformConferenceofCommissionersonUniformStateLawinJuly1999andadopted

by Californiaand applicable rules, regulations or guidancerelating to use of electronic

signatures issued by theU.S.Securitiesand ExchangeCommission and Financial Industry

Regulatory Authority ("ElectronicSignature").Broker Dealer intends to use electronic

signaturesonapplicationsandotherdocumentsmaterialssenttoCUNAMutualinconnection

with transactions covered by the Selling and Services Agreement.

AsconsiderationforCUNAMutualagreeingtoacceptelectronicsignaturesBrokerDealer

represents:

• Thatitshallincorporateacommerciallyaccepteduserauthenticationprocesstoverify

the identity of the individual(s) completing the Electronic Signature ceremony.

• Thatitshallcomplywithall state andfederallawsandregulationsrelatedtotheuseof

Electronic Signatures as they apply to the Transactions.

• Thatitissolelyresponsibleforthemaintenanceofallinformation,images,documents

and metadata related to any documents which are electronically signed.

• That it shall transmit documents to CUNA Mutual via Web Services API or Document

UploadwithDigitalCertificationintacttoevidencethatdocumentsremainunaltered

from the time of electronic signature.

• Thatitwilllimitacceptanceofelectronicallysignedclientinstructionstorequests

which include an unbroken Digital Certificate.

• ThatitwillprovideacopyofeachElectronicSignaturewiththeapplicableapplication

or instruction and to provide further evidence supporting any Electronic Signature

upon reasonable request.

• ThatitunderstandsCUNAMutualreservestheright,initssolediscretion,torefuseto

accept certain documentation for electronic signature.

INWITNESSWHEREOF,CUNAMutualandBrokerDealerhavecausedthisAddendumtothe

Agreement(s)tobeexecutedbytheirduly-authorizedrepresentativesonthedatesetforthbelow.

CUNABrokerageServices,Inc.(BrokerDealer)

![floatingimage_4a.jpg](floatingimage_4a.jpg)

By: _

Name:<u>Rob</u><u>Comfort</u><u>08/27/2020</u>

Title: <u>President</u>

CMFGLifeInsuranceCompany(CUNAMutual)

![floatingimage_0a.jpg](floatingimage_0a.jpg)

![floatingimage_2a.jpg](floatingimage_2a.jpg)

By:_

Name:_<u>Martin</u><u>Powell</u><u>08/27/2020</u>

Title:_<u>VP,</u><u>National</u><u>Sales</u><u>-</u><u>Retail</u>

MEMBERSLifeInsuranceCompany(CUNAMutual)

![floatingimage_1a.jpg](floatingimage_1a.jpg)

![floatingimage_3a.jpg](floatingimage_3a.jpg)

By:

Name:_<u>Martin</u><u>Powell</u><u>08/27/2020</u>

Title:_<u>VP,</u><u>National</u><u>Sales</u><u>–</u><u>Retail</u>

## Ex-99.(C)(4)

**AMENDEDAND RESTATED EXPENSE SHARING AGREEMENT (MLIC)**

This Amended and Restated Expense Sharing Agreement (MLIC) is entered into as of January 1,

2015 (the "Effective Date") CMFGLifeInsurance Company,anIowalifeinsurancecompany

("CMFG Life"),andMEMBERS LifeInsurance Company,anIowalifeinsurancecompany

("MLIC" and, with CMFG Life, the "Parties").

WHEREAS, CMFG Life and MLIC share common personnel and certain common facilities and

services with each other;

WHEREAS, CMFG Life and MLIC wish to amend and restate their existing Expense Sharing

Arrangement entered into as of December 31, 2013 (the "Prior Agreement") and replace it with

this Agreement; and

WHEREAS, this Agreement is intended, subject to any required regulatory approvals, to

supersede and replace any prior expense sharing and/or reimbursement agreement between the

Parties.

NOW, THEREFORE, for good and valuable considerations, the Parties agree as follows:

1.<u>Provision of Goods and Services</u>. CMFG Life staff shall provide MLIC with certain

administrative, logistic, accounting, legal, marketing, information and other services, and

will directly or by procurement from third Parties, provide all goods and services MLIC

requires to operate in the ordinary course of administering its business. CMFG Life shall

provide MLIC with office space and use of office equipment in such amounts as MLIC shall

require in the ordinary course of administering its business.

2.<u>Payments</u>.

a.MLIC shall reimburse CMFG Life the actual expenses related to the services, office

space and equipment provided under this Agreement. Expenses for services, office space

and equipment that require an allocation shall be allocated as agreed by both Parties as

described on Exhibit A to this Agreement, attached hereto and incorporated herein by

reference, consistent with SSAP 70.

b.Reimbursements shall be due within 30 days of presentment in good order. Presentment

shall occur monthly or at other times agreed upon by the Parties, but in no event less

frequently than quarterly.

3.<u>Oversight; Annual Review</u>. Each Party shall maintain oversight for all goods and services

provided to it hereunder. At least annually, the Parties hereto shall review the provision of

goods and services hereunder to ensure that they have been provided in an acceptable

manner.

4.<u>Accounting Treatment</u>. Theparties understandandagreethatallexpensesreimbursed will

bereflectedonMLIC's booksandrecordsasexpensesofMLIC.

5.<u>Documents</u>. MLIC will maintain copies of this Agreement and related supporting

documents as required by applicable law and regulation, except to the extent such supporting

documents are maintained by CMFG Life. To the extent CMFG Life maintains supporting

documents related to this Agreement, it shall do so in the manner and for the period for

which MLIC would be required to maintain them under applicable law and regulation.

CMFG Life shall provide MLIC and its auditors and regulators access to and/or copies of

such supporting documentation upon request.

6.<u>Miscellaneous</u>.

a.<u>Other Agreements</u>. ThisAgreement supersedesanyandallagreements, including the

Prior Agreement,previouslymadebythepartiesrelatingtothesubject matter hereof,

and there are no understandings or agreements other than those incorporated in this

Agreement. This Agreement also supersedes the provisions of the CUNA Mutual Group

Cost Sharing, Procurement, Disbursement, Billing and Collection Agreement, dated

approximately the date of this Agreement, that apply to "Other Services" (as defined in

such agreement).

b.<u>Term;</u><u>Termination</u>.ThisAgreementshallcommenceontheEffectiveDateandshall

continueforanindefiniteperioduntilterminatedbyeither Partyupon30days'notice.

This Agreement can be terminated upon shorter notice upon a material breach of this

Agreement by the other Party. No Party shall have an automatic right to terminate this

Agreement solely because the other Party has been placed in receivership or seized by an

insurance commissioner or department. To the extent required by applicable law, notice

of termination shall be provided to the Iowa Commissioner of Insurance.

c.<u>Books and Records</u>.

i.<u>Ownership of</u><u>Records</u>. Allbusinessrecordsandreports,studies,documents

and otherinformationgeneratedpursuanttoorrelatingtothisAgreementorthe

goods and servicesprovided hereunder (the"<u>Records</u>")areandshallremainthe

propertyofthe Party that created them.

ii.<u>Access to Records</u>. Each Party shall make reasonably available to the other Party,

their agents, attorneys and accountants, at all times during normal business hours,

all applicable Records owned by it under subsection (c)(i). Each Party shall

promptly respond to any questions from the other Party with respect to applicable

Records and shall confer with one another at all reasonable times, upon request,

concerning this Agreement and the Parties' applicable operations.

iii.<u>Insurers' Books and Records</u>. Notwithstanding the foregoing, any books and

records that are required, by applicable law, to be the property of a Party that is an

insurance company shall be the property of that insurance company.

iv.<u>Other</u>. Payments to and on behalf of each Party shall be properly reflected on the

books and records of each Party, so as to be in compliance with applicable law and

regulation.

d.<u>Indemnification</u>. Each Party (the "<u>Indemnitor</u>") will indemnify the other Party (an

"<u>Indemnitee</u>") and the Indemnitee'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 the Indemnitor of this Agreement or from the gross

negligence, fraud or willful misconduct of employees and permissible contractors and

agents of the Indemnitor.

e.<u>No Advancements</u>. Except as explicitly contemplated by this Agreement, no Party shall

make any advancement to the other Party hereunder. In no event may a Party hereunder

make any advancements to the other Party, except to pay for services provided

hereunder.

f.<u>Receivership of a Party</u>. If a Party is placed in receivership or seized by an insurance

commissioner or department, then (a) all rights of such Party shall extend to the

appropriate insurance commissioner, receiver and/or insurance department and (b) all

Records shall be made available to the insurance commissioner, receiver and/or

insurance department and shall be turned over to the insurance commissioner, receiver

and/or insurance department immediately upon request. If any Party is placed in

receivership or seized by an insurance commissioner or department, then the other Parties

shall continue to maintain any systems, programs and other infrastructure used or useful

to provide the goods and services pursuant to this Agreement so long as such Party is

receiving timely payments required by this Agreement; provided, however, that in such

circumstances, the Parties shall have the termination rights set forth in the section

titled "Term; Termination" above.

g.<u>Funds and Invested Assets</u>. All funds and invested assets of a Party shall remain the

exclusive property of such Party, and shall remain subject to the control of such Party.

h.<u>Governing Law</u>. This Agreement shall be governed by the laws of the State of Iowa.

IN WITNESS WHEREOF, the undersigned, as duly authorized officers, have caused this

Agreement to be executed on behalf of their respective companies.

---

| | |
|:---|:---|
| **CMFG Life Insurance Company**<br>/s/Alastair C. Shore<br>BY: <u>Alastair C. Shore</u> <br>TITLE: <u>EVP, CFO & Treasurer</u><br>| **MEMBERS LifeInsurance Company**<br>/s/Timothy Graham<br>BY: <u>Timothy Graham</u> <br>TITLE: <u>SVP, Finance</u> <br>|

---

**Exhibit A**

The purpose of this document is to describe the method used to determine the actual expenses

to be reimbursed by MLIC to CMFG Life in accordance with the Amended and Restated

Expense Sharing Agreement to which this is attached and fully incorporated.

MLIC will reimburse CMFG Life for all expenses paid on its behalf. Expenses paid on

behalf of MLIC include those related to the development, management and sale of products

which are underwritten by MLIC.

Other expenses reimbursable by MLIC to CMFG Life are corporate infrastructure, overhead

and other allocated expenses. The allocations for these expenses are determined on a

reasonable basis by CMFG Life, and detailed methodologies and documentation will be

maintained by CMFG Life and agreed upon by MLIC.

## Ex-99.(C)(5)

**AMENDED AND RESTATED DISTRIBUTION AGREEMENT**

**FOR REGISTERED ANNUITY CONTRACTS**

**EXHIBIT A, SEPTEMBER 2018**

This Amended and Restated Distribution Agreement for Registered Annuity Contracts (the

"Agreement") is made effective as of September 27, 2018 by and between MEMBERS Life

InsuranceCompany ("MLIC"), a stock life insurance company, and CUNA Brokerage Services,

Inc. ("CBSI" and, with MLIC, the "Parties"), a registered broker-dealer.

WHEREAS, the Parties wish to amend and restate their existing Amended and Restated

Distribution Agreement, amended most recently on January 7, 2016 and September 9, 2013 (the

"Prior Agreements") and replace it with this Agreement.

NOW, THEREFORE, for good and valuable considerations, the Parties agree as follows:

1.<u>Appointment</u>. MLIC appoints CBSI tobeanunderwriteranddistributorforMLIC'sannuity

contracts that might be offered from time to time,includingbothvariableannuitycontracts

andregisteredmodifiedannuitycontracts,which requiredistribution undertheauspicesof

aregisteredbroker-dealer(together,the "RegisteredAnnuityProducts").

2.<u>Duties of CBSI</u>.

a.<u>Registration Under the 1934 Act</u>.CBSI is registered as a broker-dealer under the

Securities Exchange Act of 1934 (the "1934 Act") and has secured and will maintain

authorizations, licenses, qualifications, and permits necessary to perform its obligations

under this Agreement in those states requested by MLIC.

b.<u>Membership in the Financial Industry Regulatory Authority</u>. CBSI currently holds and

shall maintain a membership in the Financial Industry Regulatory Authority ("FINRA").

c.<u>Responsibility for Distribution of Registered Annuity Products.</u> CBSI shall be

responsible for entering into Selling Agreements with independent Broker Dealers for

distribution of the Registered Annuity Products. In this capacity CBSI shall be

responsible for determining if the independent broker dealers are interested in

distributing the products, are qualified to distribute the products, are financially

responsible and have adequate supervisory systems to manage appropriate sales of the

products. The independent Broker Dealers contracted by CBSI shall be responsible for

reviewing the suitability of sales by their representatives, training their representatives

and seeing that all sales are made in compliance with applicable laws and regulations.

CBSI shall also be allowed to engage in retail sales of the products and shall be

responsible for its registered representatives activities when they are engaged in retail

sales activities.

d.<u>Responsibility for Securities Activities of Persons Engaged in Distribution.</u>.

CBSI shall be responsible for the securities activities of all persons who are engaged

directly or indirectly in the distribution operations for the RegisteredAnnuityProducts,

including but not limited to training, supervision, and control as contemplated under

appropriate provisions of the 1934 Act and regulations thereunder and by the rules of

FINRA. All persons directly or indirectly involved in such activities relating to the

RegisteredAnnuityProducts shall be registered representatives or registered principals

of CBSI as appropriate to their activities. Also, each registered representative selling the

RegisteredAnnuityProducts and at least one registered principal shall be properly

licensed as an insurance agent of MLIC.

Further, CBSI represents and warrants that during the term of this Agreement, it will

maintain and implement (a) policies and procedures designed to comply with all

applicable rules of FINRA, including but not limited to rules relating to suitability of

annuity recommendations, (b) a training program for its registered representatives

designed to ensure that such persons gather information concerning a customer's

financial status, tax status, investment objective and other relevant information prior to

recommending the purchase or exchange of an annuity contract and (c) a reasonable

system of sales supervision designed to achieve compliance with the rules of FINRA.

CBSI agrees to provide a report to MLIC upon request, certifying that CBSI is in

compliance with items (a) through (c) above. Each such report shall be certified by a

senior manager of CBSI who has responsibility for items (a) through (c). CBSI

understands and acknowledges that MLIC may conduct an inspection and/or audit of

CBSI on a periodic basis to ensure compliance with items (a) through (c) above, and

CBSI agrees to make reasonable accommodation to MLIC to enable MLIC to inspect

documents directly related to the sale and suitability of any RegisteredAnnuityProduct,

which documents CBSI shall be responsible for maintaining.

e.<u>Appointment of Registered Persons and Maintenance of Personnel Records</u>. CBSI shall

have the authority and responsibility for the appointment and registration of those

persons who will be registered representatives and registered principals. CBSI shall

direct the maintenance of all personnel records of such persons.

f.<u>Maintenance of Net Capital</u>. CBSI shall maintain required net capital at levels which will

comply with maximum aggregate indebtedness provisions under the provisions of the

1934 Act, any regulation thereunder, and any FINRA rules

g.<u>Required Reports</u>. CBSI shall have the responsibility for preparation and submission of

any reports or other materials required by any regulatory authority having proper

jurisdiction.

h.<u>Limitations on Authority</u>. CBSI is not authorized to give any information or to make any

representations concerning the RegisteredAnnuityProducts of MLIC other than the

statements contained in the current registration statement filed with the Securities and

Exchange Commission or such sales literature as may be authorized by MLIC.

3.<u>Duties of MLIC</u>.

a.<u>Maintenance of Accounting Records</u>. Except as set forth above, MLIC shall maintain and

hold, on behalf of and as agent for CBSI, those records pertaining to RegisteredAnnuity

Products required to be maintained and preserved by the 1934 Act, any regulations

thereunder, and any applicable FINRA rules. All such books and records are, and shall at

all times remain, the property of CBSI and shall at all times be subject to inspection by

duly authorized officers, auditors, and representatives of CBSI and by the Securities and

Exchange Commission, FINRA, and other regulatory authorities having proper

jurisdiction.

b.<u>Confirmation of Transactions</u>. On behalf of CBSI and acting as agent for CBSI, MLIC

shall confirm all transactions required to be confirmed in the form and manner required

by the 1934 Act, any regulations thereunder, and any FINRA rules.

c.<u>Furnishing Materials</u>. MLIC shall furnish to CBSI copies of prospectuses, financial

statements and other documents which CBSI reasonably requests for use in connection

with the solicitation, sale and distribution of the RegisteredAnnuityProducts.

4.<u>Compensation</u>. As compensation for services to be performed pursuant to this Agreement,

MLIC shall pay CBSI the amounts specified in Exhibit A in the manner set forth in such

Exhibit.

5.<u>Term and Termination</u>. This Agreement shall commence on the Effective Date and shall

continue for an indefinite period. This Agreement may be terminated at any time by either

party upon written notice to the other stating the date when such termination shall be

effective, provided that this Agreement may not be terminated or modified by either party if

the effect would be to put CBSI out of compliance with the "net-capital" requirements of the

1934 Act. Default of any kind shall not have the effect of terminating this Agreement. Notice

of termination shall be provided to the Iowa Commissioner of Insurance.

6.<u>Oversight; Annual Review</u>. MLIC shall maintain oversight for the actions taken by CBSI

hereunder. At least annually, the Parties hereto shall review the provision of goods and

services hereunder to ensure that they have been provided in an acceptable manner.

7.<u>Miscellaneous</u>.

a.<u>Other Agreements</u>. This Agreement supersedes any and all agreements, including the

Prior Agreements, previously made by the parties relating to the subject matter hereof,

and there are no understandings or agreements other than those incorporated in this

Agreement; provided, however, the Parties shall cooperate to create any necessary audit

documentation regarding the amounts paid under this Agreement, and any previous such

documentation shall not be superseded by this Agreement.

b.<u>Books and Records</u>.

i.<u>Ownership of Records</u>. Except as otherwise set forth herein, all business records

and reports, studies, documents and other information generated pursuant to or

relating to this Agreement or the goods and services provided hereunder (the

"<u>Records</u>") are and shall remain the property of the Party that created them.

ii.<u>Access to Records</u>. Each Party shall make reasonably available to the other Party,

their agents, attorneys and accountants, at all times during normal business hours,

all applicable Records owned by it under subsection (b)(i). Each Party shall

promptly respond to any questions from the other Party with respect to applicable

Records and shall confer with one another at all reasonable times, upon request,

concerning this Agreement and the Parties' applicable operations.

iii.<u>Insurers' Books and Records</u>. Notwithstanding the foregoing, any books and

records that are required, by applicable law, to be the property of a Party that is an

insurance company shall be the property of that insurance company.

iv.<u>Other</u>. Payments to and on behalf of each Party shall be properly reflected on the

books and records of each Party, so as to be in compliance with applicable law and

regulation.

c.<u>Indemnification</u>. Each Party (the "<u>Indemnitor</u>") will indemnify the other Party (an

"<u>Indemnitee</u>") and the Indemnitee'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 the Indemnitor of this Agreement or from the gross

negligence, fraud or willful misconduct of employees and permissible contractors and

agents of the Indemnitor.

d.<u>No Advancements</u>. Except as explicitly contemplated by this Agreement, no Party shall

make any advancement to the other Party hereunder. In no event may a Party hereunder

make any advancements to the other Party, except to pay for services provided

hereunder.

e.<u>Receivership of a Party</u>. If a Party is placed in receivership or seized by an insurance

commissioner or department, then (a) all rights of such Party shall extend to the

appropriate insurance commissioner, receiver and/or insurance department and (b) all

Records shall be made available to the insurance commissioner, receiver and/or

insurance department and shall be turned over to the insurance commissioner, receiver

and/or insurance department immediately upon request. If any Party is placed in

receivership or seized by an insurance commissioner or department, then the other Parties

shall continue to maintain any systems, programs and other infrastructure used or useful

to provide the goods and services pursuant to this Agreement so long as such Party is

receiving timely payments required by this Agreement.

f.<u>Funds and Invested Assets</u>. All funds and invested assets of a Party shall remain the

exclusive property of such Party, and shall remain subject to the control of such Party.

g.<u>Governing Law</u>. This Agreement shall be governed by the laws of the State of Iowa.

IN WITNESS WHEREOF, the undersigned, as duly authorized officers, have caused this

Agreement to be executed on behalf of their respective companies.

**MEMBERS Life Insurance CompanyCUNA Brokerage Services Inc.**

<u>/s/David M. Sweitzer____________</u><u>/s/Steven R. Suleski</u>

By: <u>David M. Sweitzer</u>By: <u>Steven R. Suleski</u>

Title: <u>President and CEO</u>Title: <u>Secretary</u>

**Exhibit A** 

**(Effective September 27, 2018)**

1 .MLIC shall pay no more dealer concession to CBSI than it pays to independent broker

dealers (broker dealers that are not affiliates of MEMBERS Life or CMFG Life) for

sales of the Registered Annuity products. The dealer's concession for retail sales shall

be in an amount that does not exceed that rate described in the Registration Statement

for the Registered Annuity Product or an amount which is the actuarial equivalent of the

rate described in the Registration Statement.

2. CBSI shall pay to its registered representatives and to other broker dealers the

compensation specified in the various agreements between the parties for products

sold by such registered representatives on behalf of MLIC. MLIC may also choose

to pay compensation to independent broker dealers and their representatives directly

rather than through CBSI.

All fee payments shall be due within 30 days of presentment in good order. Presentment shall

occur monthly or at other times agreed upon by the Parties, but in no event less frequently than

quarterly.

## Ex-99.(D)(1)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [1] [2000 Heritage Way, Waverly, Iowa 50677] Phone: [800.798.5500] [www.trustage.com/annuities] SINGLE PURCHASE PAYMENT INDIVIDUAL DEFERRED INDEX-LINKED VARIABLE ANNUITY CONTRACT CONTRACT NUMBER: [123456789] READ YOUR CONTRACT CAREFULLY. This is a legal contract between the Owner and MEMBERS Life Insurance Company, and hereafter will be referred to as the contract. This contract is issued to the Owner in consideration of the application and the Purchase Payment. MEMBERS Life Insurance Company will pay the benefits of this contract, subject to its terms and conditions. THE VALUES PROVIDED BY THIS CONTRACT FOR ALLOCATIONS TO RISK CONTROL ACCOUNTS, PART OF OUR SEPARATE ACCOUNT, ARE NOT GUARANTEED AND MAY INCREASE OR DECREASE BASED ON THE PERFORMANCE OF THE ALLOCATION OPTIONS YOU CHOOSE. THERE IS A RISK OF LOSS, AND SUCH LOSS MAY BE GREATER IF YOU MAKE A WITHDRAWAL, DIE, ALLOCATE TO AN INCOME PAYOUT OPTION, OR SURRENDER BEFORE THE END OF THE INDEX TERM. GAINS MAY BE LIMITED BASED ON THE CREDITING STRATEGY AND ARE NOT GUARANTEED. WHILE CONTRACT VALUES MAY BE AFFECTED BY AN EXTERNAL INDEX OR INDICES, THE CONTRACT DOES NOT DIRECTLY PARTICIPATE IN ANY STOCK OR EQUITY INVESTMENT. THE INTERIM VALUE MAY REFLECT A NEGATIVE RETURN EVEN IF THE INDEX INCREASES, MAY REFLECT A POSITIVE RETURN EVEN IF THE INDEX DECREASES, AND MAY BE LOWER THAN THE AMOUNT AVAILABLE AT THE END OF THE INDEX TERM. AMOUNTS WITHDRAWN OR SURRENDERED MAY BE ADJUSTED UPWARD OR DOWNWARD BASED ON THE MARKET VALUE ADJUSTMENT FORMULA SPECIFIED IN THIS CONTRACT. RIGHT TO EXAMINE THIS CONTRACT. If for any reason you decide not to keep this contract, you can return it or notify us in writing that you do not want to keep it within [10] days from the date you receive it ([30] days if this is a replacement contract, or any longer period as required by applicable law in the state where the contract is issued for delivery). You may return it to either our Administrative Office or to the agent who sold it to you. We will then consider it void from the beginning and refund the Purchase Payment less any withdrawal within 7 days after receiving your written notice or the returned contract. Signed for MEMBERS Life Insurance Company, Waverly, Iowa, on the Contract Issue Date. President Secretary SINGLE PURCHASE PAYMENT INDIVIDUAL DEFERRED INDEX-LINKED VARIABLE ANNUITY CONTRACT Income Payments Starting on the Income Payout Date This Contract Contains a Guaranteed Minimum Death Benefit Provision This Contract Contains a Benefit Waiving Surrender Charges This Contract Contains a Market Value Adjustment Provision ICC25-ILVA [2] Non-Participating CONTRACT GUIDE AND INDEX CONTRACT DATA PAGE ...................................................................................................................................................... DEFINITIONS ...................................................................................................................................................................... [3] GENERAL PROVISIONS ................................................................................................................................................. [6] OWNER ............................................................................................................................................................................... [7] ANNUITANT ....................................................................................................................................................................... [7] BENEFICIARY .................................................................................................................................................................... [7] PURCHASE PAYMENT AND ALLOCATION OPTIONS ............................................................................................. [8] CONTRACT VALUE .......................................................................................................................................................... [9] SURRENDER VALUE AND WITHDRAWALS ............................................................................................................ [10] DEATH BENEFIT OPTIONS ........................................................................................................................................... [12] INCOME PAYMENTS, INCOME PAYOUT PERIOD AND INCOME PAYOUT OPTIONS ................................... [13] RIDERS, AMENDMENTS AND ENDORSEMENTS, IF ANY; AND A COPY OF ANY APPLICATION

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [3] DEFINITIONS Accumulation Period. The period of time that begins on the Contract Issue Date stated on the Contract Data Page and ends on the Income Payout Date or the date this contract is terminated if earlier. Adjusted Index Return. The Index Return for the current Interest Term adjusted for the Crediting Strategy. This value is only calculated at the end of the Interest Term. Administrative Office. MEMBERS Life Insurance Company, [2000 Heritage Way, Waverly, lowa 50677]. Allocation Options. All available options under this contract for allocating your Purchase Payment and Contract Value. The initial Allocation Options are shown on the Contract Data Page. Annual Free Withdrawal Amount: The amount that can be withdrawn each Contract Year without incurring a Surrender Charge or Market Value Adjustment. The Annual Free Withdrawal Amount is stated on the Contract Data Page and is expressed as a percentage of the Contract Value as of the beginning of the Contract Year less any withdrawals taken in the current Contract Year. Age. The Age of a person is the attained age as of a person's last birthday. Annuitant (Joint Annuitant). The person(s) whose life (or lives) determines the income payment amount payable under the contract. If the Owner is a non-natural person, the Annuitant(s) is also the person(s) whose death determines the Death Benefit. Authorized Request. A signed and dated request that is in Good Order. A request to transfer value, change a party to the contract, change the Income Payout Date, or request a partial withdrawal or full surrender of the contract must be signed by all Owners and any assignee. An Authorized Request may also include a phone, fax or electronic request for specific transactions. Beneficiary, Beneficiaries. The person(s) or entity(ies) who will receive the Death Benefit proceeds due to the Owner's death, or in the case of a non-natural Owner, upon the death of the Annuitant. Boost. The percentage added to an Index Return that is less than zero to determine the Adjusted Index Return. It is also the minimum Adjusted Index Return when the Index Return is greater than or equal to zero. The Boost for a Risk Control Account with this Crediting Strategy is shown on the Contract Data Page. Buffer. The maximum loss for an Interest Term that will not result in a negative Adjusted Index Return. The Buffer for a Risk Control Account with this Crediting Strategy is shown on the Contract Data Page. Business Day. Any day that the New York Stock Exchange is open for trading. All requests for transactions that are received at our Administrative Office in Good Order on any Business Day prior to market close, generally 4 P.M. Eastern Time, will be processed as of the end of that Business Day. Any transactions required as of a date that does not fall on a Business Day will be processed on the next Business Day. Cap Rate. The maximum gain for an Interest Term for determining the Adjusted Index Return. If the Cap Rate is uncapped, the Cap Rate is not applied to the Crediting Strategy. The initial and minimum Cap Rate for a Risk Control Account with this Crediting Strategy is shown on the Contract Data Page. Company. MEMBERS Life Insurance Company. Also referred to as "we", "our" and "us". Contract Anniversary. The same day and month as the Contract Issue Date for each year the contract remains in force. Contract Issue Date. The day your contract is issued. This date will be used to determine Contract Years and Contract Anniversaries. The Contract Issue Date is shown on the Contract Data Page. Contract Value. The total value of your contract during the Accumulation Period. All values are calculated as of the end of a Business Day. ICC25-ILVA [4] Contract Year. Any twelve-month period beginning on the Contract Issue Date or Contract Anniversary and ending one day before the next Contract Anniversary. Crediting Base. The amount used to calculate the Risk Control Account Value. It is equal to the amount allocated to a Risk Control Account at the start of the Interest Term, reduced proportionally for any withdrawals, Flex Transfers, or Contract Value applied to an Income Payout Option. Crediting Strategy. The method by which interest is calculated for an Allocation Option during the Interest Term. The Crediting Strategy for an Allocation Option is shown on the Contract Data Page. Death Benefit. The amount the Beneficiary is entitled to upon the death of an Owner who is a natural person or the death of an Annuitant if the Owner is a non-natural person. Dual Step Rate. The percentage that equals the Adjusted Index Return when the Index Return is greater than or equal to the applicable Buffer for the Crediting Strategy. The initial and minimum Dual Step Rate for a Risk Control Account with this Crediting Strategy is shown on the Contract Data Page. Fixed Account. An Allocation Option under the contract that is part of our General Account and is credited a fixed rate of interest. Fixed Account Value. The portion of the Contract Value in the Fixed Account. Flex Transfer. The transfer of Risk Control Account Value to the Fixed Account prior to the end of the Interest Term. Floor. The maximum loss for an Interest Term for determining the Adjusted Index Return. The available Floors for a Risk Control Account with this Crediting Strategy are shown on the Contract Data Page. General Account. All the Company's assets other than the assets in the Separate Account and all other insulated separate accounts maintained by the Company. Good Order. Receipt in our Administrative Office of all information, documents, instructions and/or payment we require to process requests or transactions for the contract. To be in Good Order, instructions must be signed by all Owners and any assignee, if required, and be sufficiently clear so that we do not need to exercise any discretion to follow such instructions. Income Payout Date. The date the first income payment is paid from the contract to the Owner. The anticipated Income Payout Date is shown on the Contract Data Page. Index, Indices. The applicable Index is a benchmark designed to track the performance of a portfolio of securities and is used to determine the Index Return, Adjusted Index Return, and Interim Value for a Crediting Strategy. Indices available for each Crediting Strategy on the Contract Issue Date are shown on the Contract Data Page. Index Return. The percentage change in the Index from the beginning of the Interest Term to the end of the Interest Term. Index Value. The value for the associated Index as of the end of a Business Day. Interest Rate. The effective annual rate credited to the Fixed Account. The initial and minimum Interest Rate is shown on the Contract Data Page. Interest Term. The period for which interest is calculated for an Allocation Option. The Interest Term may vary by Allocation Option. Interest Terms will start and end on a Contract Anniversary, unless such term has a duration of less than one Contract Year. Interest Terms for the available Allocation Options are shown on the Contract Data Page.

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [5] Interim Value. The value for a Risk Control Account on any day other than the first and last Business Day of an Interest Term. IRC. The Internal Revenue Code of 1986, as amended. Irrevocable Beneficiary. A Beneficiary who must consent to being changed or removed as a Beneficiary. By designating an irrevocable Beneficiary, you give up the right to change that Beneficiary unilaterally. Market Value Adjustment (MVA). The amount of an adjustment (increase or decrease) that may be applied to a full surrender or partial withdrawal, also referred to as the MVA. The MVA calculation is shown in the Contract Value section. Market Value Adjustment (MVA) Indices. The indices used to determine the rates used to calculate the Market Value Adjustment. The MVA Indices are shown on the Contract Data Page. Owner (Joint Owner). The person(s) or entity who own(s) this contract and has (have) all rights under this contract. If Joint Owners are named, then all references to Owner shall also include any Joint Owner. The Owner may also be referred to as "you" or "your" in this contract and any attached endorsements, riders, or amendments. Participation Rate. The percentage that may be applied to an Index Return to determine the Adjusted Index Return. For any Risk Control Account with a Buffer or Floor, the percentage is applied to an Index Return that is greater than zero. For any Risk Control Account with a Boost, the percentage is applied to an Index Return that is greater than the Boost. The initial and minimum Participation Rate for a Risk Control Account with this Crediting Strategy is shown on the Contract Data Page. Payout Period. The period of time that begins on the Income Payout Date and continues until we make the last payment as provided by the Income Payout Option chosen. Proof Of Death. May consist of a certified copy of the death record, a certified copy of a court decree reciting a finding of death or other similar proof. Purchase Payment. The amount paid to us, by or on behalf of an Owner, that is used to establish the annuity on the Contract Issue Date. We do not allow any additional Purchase Payments under the contract after the initial Purchase Payment. Required Minimum Distributions. The required minimum distribution (RMD) defined by section 401(a)(9) of the IRC for this contract and as determined by us. RMDs only apply to tax-qualified contracts. Risk Control Account. An Allocation Option to which we credit interest based in part on the performance of an Index, subject to the Crediting Strategy. Risk Control Account Value. The portion of the Contract Value in a Risk Control Account. Separate Account. A non-registered, insulated Separate Account in which we hold reserves for our Risk Control Account guarantees under the contract. The assets in the Separate Account shall not be chargeable with liabilities arising out of any other business that we conduct. Our General Account assets are also available to meet the guarantees under the contract and our other general obligations. We have the right to transfer to our General Account any assets of the Separate Account that are in excess of required reserves and other liabilities under the contract. Spouse. The person to whom you are legally married. The term Spouse includes the person with whom you have entered into a legally sanctioned marriage that grants you the rights, responsibilities, and obligations married couples have in accordance with applicable state laws. Individuals who do not meet the definition of Spouse may have adverse tax consequences when exercising provisions under this contract and any attached endorsements or riders. Additionally, individuals in other arrangements that are not recognized as marriage under the relevant state law will not be treated as married or as Spouses as defined in this contract for federal tax purposes. Consult with a ICC25-ILVA [6] tax advisor for more information on this subject and before exercising benefits under the contract and any attached endorsements or riders. Surrender Charge. The charge associated with surrendering some or all of the Contract Value. The Surrender Charge schedule is stated on the Contract Data Page and is expressed as a percentage of the Contract Value withdrawn. Surrender Value. The amount you are entitled to receive if you elect to surrender this contract during the Accumulation Period. Valuation Period. The period beginning at the close of one Business Day and continuing to the close of the next succeeding Business Day. GENERAL PROVISIONS Entire Contract. The contract, Contract Data Page, any endorsements, rider(s) and rider data page(s), and the application attached will form the entire contract between you and us. Incontestability. This contract is incontestable from its Contract Issue Date. The statements contained in the application (in the absence of fraud) are considered representations and not warranties. Misstatement of Age or Sex at Birth. If an Annuitant's Age has been misstated, we will adjust the anticipated Income Payout Date and the income payment amounts under this contract to be equal to the income payment amounts the Contract Value would have purchased based on the Annuitant's correct Age. If an Annuitant's sex at birth has been misstated and the Life Income Rate Type is based on sex at birth (see the Contract Data Page), we will adjust the income payment amounts under this contract to be equal to the income payment amounts the Contract Value would have purchased based on the Annuitant's correct sex at birth. Any underpayment will be added to the next payment. Any overpayment will be subtracted from future payments. No interest will be credited or charged to any underpayment or overpayment adjustments. Assignment. If your contract is a non-qualified contract, you may assign all rights and benefits under this contract by Authorized Request. Unless otherwise specified by you, the assignment is effective on the date the Authorized Request is signed by you and any Irrevocable Beneficiary, subject to any payments made or actions taken by us prior to our receipt of the Authorized Request. We are not responsible for the validity or effect of any assignment. You should consult with your tax advisor to determine any tax consequences of an assignment before taking any action. Proof of Survival. If any payment required by this contract depends on a living Annuitant, Owner, or Beneficiary, we may require satisfactory proof of that person's survival prior to making such payment. Annual Reports. We will send you a report, without charge, at least annually which provides information about your contract required by any applicable law. You may request additional reports without charge at any time. The reports provided will provide current information as of a date not more than four months prior to the date of mailing. The report will include at least the following information: a) The beginning and end dates for the current report period; b) The Contract Value prior to any Market Value Adjustment at the beginning and end of the current report period; c) The amounts that have been credited and debited to your Contract Value during the current report period, identified by the type of activity the amount represents; d) The guaranteed minimum Death Benefit at the end of the current report period; e) The Surrender Value at the end of the current report period; and f) The Market Value Adjustment used to determine the Surrender Value. Premium Taxes: We reserve the right to deduct amounts from the Contract Value to cover any premium taxes required by state law if such tax is incurred by us.

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [7] Deferral of Payment. Subject to obtaining prior approval in writing by the chief insurance regulator of the state of domicile of the Company, we may defer payment of your Authorized Request for a partial withdrawal or full surrender for a period not exceeding six months. The Company will not defer payment of Death Benefits. Modification. Your contract may be modified by us if such modification is necessary to comply with the Internal Revenue Code or any other applicable law, regulation or interpretation in order to continue treatment of the contract as an annuity. We will notify you if such modification is required. When required by law, we will obtain your approval and the approval from the appropriate regulatory authority for such modification(s). Conformity with Applicable Law. This contract is approved under the authority of the Interstate Insurance Product Regulation Commission (IIPRC) and is issued under the IIPRC standards. Any provision of this contract that, on the provision's effective date, is in conflict with the applicable IIPRC standards for this product type in effect as of the provision's effective date of Commission contract approval is hereby amended to conform to the applicable IIPRC standards in effect as of the provision's effective date of Commission contract approval. OWNER Owner (Joint Owner). The person(s) or entity who own(s) this contract and has (have) all rights under this contract. Unless the Owner is a non-natural person the Owner is also the person(s) whose death determines the Death Benefit proceeds. Joint Owners are not allowed on qualified contracts or contracts owned by a non- natural person. The maximum number of Owners is two. The consent of both Joint Owners and any assignee is needed to complete an Authorized Request. Change Of Owner. The Owner may be changed at any time after the Contract Issue Date by Authorized Request. Unless otherwise specified by you, such change will take effect as of the date the Authorized Request is signed. We are not liable for any payment we make or action we take before we receive the Authorized Request. A change of Owner request may be refused in a non-discriminatory manner to comply with any applicable laws or regulations in effect at the time of the request. ANNUITANT Annuitant (Joint Annuitant). The person(s) whose life (or lives) determines the income payment amount payable under the contract. If the Owner is a non-natural person, the Annuitant(s) is also the person(s) whose death determines the Death Benefit proceeds. The maximum number of Annuitants is two. Change of Annuitant. If the Owner is a natural person, the Annuitant can be changed at any time before the Income Payout Date by Authorized Request. A request to change the Annuitant must be received by us at least 30 days before the Income Payout Date. Unless otherwise specified by you, such change will take effect as of the date the Authorized Request is signed. We are not liable for any payment we make or action we take before we receive the Authorized Request. If the Annuitant is changed, the anticipated Income Payout Date will not change. The Annuitant cannot be changed on or after the Income Payout Date for any reason. If the Owner is a non-natural person, the Annuitant cannot be changed. BENEFICIARY Beneficiary. The person(s) or entities named by the Owner to receive the Death Benefit proceeds payable upon the death of the first Owner or the first Annuitant if the Owner is a non-natural person. Prior to the Income Payout Date, if no Beneficiary survives the Owner, the proceeds will be paid to the Owner's estate. If there are Joint Owners and we are unable to determine that one of the Joint Owners predeceased the other, it will be assumed that the Joint Owners died simultaneously. In this instance the Death Benefit proceeds will be divided equally among the Joint Owners' estates. If there is more than one Beneficiary, each Beneficiary will receive an equal share unless otherwise specified by the Owner. If there are joint Owners, each Owner must designate the other joint Owner as their sole primary Beneficiary, and any other Beneficiaries on record will be treated as contingent Beneficiaries. ICC25-ILVA [8] Change Of Beneficiary. A named Beneficiary can be changed by Authorized Request. If an Irrevocable Beneficiary has been named, a change of Beneficiary requires the consent of the Irrevocable Beneficiary. If this contract has been assigned, an assignee will be required as part of the Authorized Request. Unless otherwise specified by you, such change will take effect as of the date the Authorized Request is signed. We are not liable for any payment we make or action we take before we receive the Authorized Request. PURCHASE PAYMENT AND ALLOCATION OPTIONS Purchase Payment Allocation. On the Contract Issue Date, your Purchase Payment will be allocated to the Allocation Options based on the instructions specified on your application. Your allocation instructions on the Contract Issue Date are shown on the Contract Data Page. Transfers. An Allocation Option is available on the Contract Issue Date and at the end of each Interest Term unless the Allocation Option is discontinued, as described below. For example, an Interest Term of one year is generally available on the Contract Issue Date and every Contract Anniversary thereafter, but an Interest Term of six years is generally available on the Contract Issue Date and every sixth Contract Anniversary thereafter. An Interest Term will only be available if the duration of the Interest Term is less than the length of time until the Income Payout Date or the length of time until a termination date required by federal regulation. At least two weeks prior to the end of an Interest Term, you will be notified of the available Allocation Options to which you may transfer maturing Contract Value. The new Allocation Options may have different Interest Terms and Crediting Strategies than what was previously available. At the end of the Interest Term, you may elect to transfer the value to any available Allocation Option as of the start of the next Interest Term via transfer instructions by Authorized Request. New transfer instructions by Authorized Request will supersede any prior transfer instructions for a given Allocation Option. Except for Flex Transfers described below, transfers are not permitted during an Interest Term. If we do not receive transfer instructions by Authorized Request at least one Business Day prior to the end of the current Interest Term, we will apply the value of the Allocation Option to a new Interest Term of the same Allocation Option. If the same Allocation Option is not available, we will apply the value to the Fixed Account. Flex Transfer. Prior to the end of an Interest Term, you may transfer some or all of the Risk Control Account Value to the Fixed Account via transfer instructions by Authorized Request. The transfer is irrevocable, and the transferred amount will remain in the Fixed Account until your next Contract Anniversary. We reserve the right to suspend, limit, or discontinue use of this privilege at any time. Changes to Crediting Strategy Components. We may declare a new Cap Rate, Dual Step Rate, Participation Rate, and Interest Rate for each subsequent Interest Term and will notify you of the new rates at least two weeks in advance of the start of an Interest Term. The Cap Rate, Dual Step Rate, Participation Rate, and Interest Rate will never be less than the minimum rates shown on the Contract Data Page. The Floor, Buffer, and Boost for an Allocation Option will not change during the life of your Contract unless the Allocation Option is discontinued. Addition or Discontinuation of an Allocation Option. We may offer additional Allocation Options, which include offering an additional Index, Crediting Strategy, or Interest Term. We may also discontinue an Allocation Option, effective as of the end of an Interest Term. We will notify you of the addition or discontinuation of an Allocation Option. Such a change will be subject to any applicable regulatory approval that may be required. Any change we make will be on a non-discriminatory basis. Discontinuation or Substantial Change to an Index of a Risk Control Account. If publication of the Index associated with a given Risk Control Account is discontinued or the calculation of the Index is materially changed during an Interest Term, we will substitute a suitable Index that will be used for the remainder of the Interest Term and notify you and any assignee of the change in advance. Such a change will be subject to prior approval by the Interstate Insurance Product Commission. Any change we make will be on a non-discriminatory basis. Notification will be in your annual report unless timing of any such change requires us to send a separate notification prior to your Contract Anniversary.

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [9] CONTRACT VALUE Contract Value. Your Contract Value on your Contract Issue Date is equal to the Purchase Payment. On any other day during the Accumulation Period, the Contract Value is equal to the account value in all Allocation Options. The calculation of account value varies by Allocation Option. Fixed Account Value. The Fixed Account Value is equal to: a) The amount applied to the Fixed Account at the start of the current Interest Term; minus b) Any withdrawals (including any Surrender Charge and MVA); plus c) Any Flex Transfers; plus d) The daily credited interest. Risk Control Account Value. The Risk Control Account Value is calculated separately for each Risk Control Account and varies based on the Business Day it is calculated as follows: a) On the first Business Day of an Interest Term: The Crediting Base. b) On the last Business Day of an Interest Term: The Crediting Base multiplied by the sum of one plus the Adjusted Index Return. c) On every other Business Day: The Interim Value. Crediting Base. The Crediting Base is equal to the amount allocated to a Risk Control Account at the start of the Interest Term, reduced proportionally for any withdrawals. Withdrawals include Flex Transfers, Contract Value applied to an Income Payout Option, and any applicable Surrender Charge and Market Value Adjustment. A withdrawal will proportionally reduce the Crediting Base by the ratio of the withdrawal to the Risk Control Account Value immediately prior to the withdrawal. Index Return and Adjusted Index Return. The Index Return and Adjusted Index Return are calculated to determine the interest credited to a Risk Control Account. The Index Return and Adjusted Index Return are calculated separately for each Risk Control Account. The Index Return is the percentage change in the Index from the beginning of the Interest Term to the end of the Interest Term. The Index Return is calculated using the following formula: Index Return = A / B – 1, where: A = Index Value on the last day of the Interest Term B = Index Value on the first day of the Interest Term If the first or last day of the Interest Term does not fall on a Business Day, the Index Value for the next Business Day will be used. The Adjusted Index Return is the Index Return for the current Interest Term adjusted for the Crediting Strategy. The calculation of the Adjusted Index Return varies based on the Crediting Strategy and is shown on the Contract Data Page. Interim Value. The Interim Value for Risk Control Accounts is calculated at the end of each Business Day except the first and last day of an Interest Term. The Interim Value may change each Business Day and the change may be positive or negative. The Interim Value reflects the change in value of derivative instruments that hedge market risks associated with the Risk Control Accounts. The value is determined using an option pricing formula. It is calculated separately for each Risk Control Account. The Interim Value for a Risk Control Account is calculated using the following formula: Interim Value = Crediting Base x [1 + (hypothetical option value) – (amortized option cost) – (trading costs)] Hypothetical option value is the hypothetical option value as of the current Business Day, expressed as a percentage of the Crediting Base. The hypothetical option value for each Crediting Strategy is shown on the Data ICC25-ILVA [10] Page and uses a Black-Scholes pricing model. Inputs for the pricing model are obtained by independent third parties. Amortized option cost is the hypothetical option value as of the start of the Interest Term, adjusted for the time elapsed in the Interest Term. To adjust for the time elapsed in the Interest Term, the hypothetical option value as of the start of the Interest Term is multiplied by the number of days remaining in the Interest Term divided by the total number of days in the Interest Term. Amortized Option Cost is expressed as a percentage of the Crediting Base. Trading costs represent reasonably expected costs to close out the derivative instruments at the time the Interim Value is calculated. Trading costs are expressed as a percentage of the Crediting Base. SURRENDER VALUE AND WITHDRAWALS Partial Withdrawals. You may make partial withdrawals during the Accumulation Period by Authorized Request. The partial withdrawal will be processed the Business Day it is received. Unless you instruct us otherwise, withdrawals will be taken proportionally from the Contract Value in each Allocation Option. Any applicable Surrender Charge and MVA will affect the amount available for a withdrawal. Partial withdrawals will reduce the Interim Value and Fixed Account value by the amount of the withdrawal and will reduce the Crediting Base proportionally by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal as described in the Contract Value section. If a partial withdrawal would cause the Surrender Value to be less than the minimum Surrender Value remaining after any partial withdrawal amount shown on the Contract Data Page, we will treat your request as a full surrender. Annual Free Withdrawal Amount. The Annual Free Withdrawal Amount is the amount that can be withdrawn without incurring a Surrender Charge or MVA in a Contract Year. It is calculated as a percentage of the Contract Value as of the beginning of the Contract Year less any withdrawals taken in the current Contract Year. Any unused Annual Free Withdrawal Amount will not carry over to the next Contract Year. The Annual Free Withdrawal Amount percentage is shown on the Contract Data Page. Market Value Adjustment (MVA). The MVA reflects the change in value of the investments that support the guarantees under this contract upon withdrawal prior to the end of the six-year rolling period that begins on the Contract Issue Date. A withdrawal, including a partial withdrawal and a full surrender of the contract, may be adjusted (increased or decreased) for the MVA. On any Business Day, the MVA is calculated by multiplying the amount withdrawn that is in excess of the Annual Free Withdrawal Amount by the sum of the Market Value Adjustment factor (MVAF) minus one (i.e., MVAF – 1), where MVAF is equal to the following formula: MVAF = ((1 + I + K)/(1 + J + L))^N, where: I = The applicable rate for MVA Index 1 as of the Contract Issue Date and redetermined every six-year rolling period with a consistent maturity. J = The applicable rate for MVA Index 1 as of the date of withdrawal for a maturity consistent with the remaining number of years (whole and partial) in the six-year rolling period. K = The applicable rate for MVA Index 2 as of the Contract Issue Date and redetermined every six-year rolling period. L = The applicable rate for MVA Index 2 as of the date of withdrawal. N = The number of years (whole and partial) from the date of withdrawal until the last day of the six-year rolling period. If there is no corresponding length of the MVA Index 1, then the linear interpolation of the Index with maturities closest to N will be used to determine I and J.

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [11] Amounts Not Subject to an MVA. An MVA will not be incurred in the following situations: a) The Annual Free Withdrawal Amount; b) Required Minimum Distributions that are withdrawn under an automatic withdrawal program provided by us; c) Death Benefit proceeds; d) Withdrawals on or within the number of days shown on the Contract Data Page after the end of every six-year rolling period; and e) Contract Value applied to an Income Payout Option using the income option tables shown on the Contract Data Page. At least 15 days but not more than 45 days prior to the end of every six-year rolling period, you will be notified of the upcoming period for which withdrawals and surrenders can be made without incurring an MVA. The MVA Indices are shown on the Contract Data Page. If an MVA Index is discontinued, the publication of any component of an MVA Index is discontinued, or the calculation of an MVA Index is changed substantially, we may substitute for the discontinued or substantially changed MVA Index subject to prior approval by the Interstate Insurance Product Commission. Before a substitute MVA Index is used, we will notify you and any assignee of the substitution. Any change we make will be on a non-discriminatory basis. Amounts Not Subject to a Surrender Charge. A Surrender Charge will not be incurred in the following situations: a) The Annual Free Withdrawal Amount; b) Required Minimum Distributions that are withdrawn under an automatic withdrawal program provided by us; c) Death Benefit proceeds; d) Withdrawals after the Surrender Charge period; and e) Contract Value applied to an Income Payout Option using the income option tables shown on the Contract Data Page. An Authorized Request to withdraw on a Contract Anniversary must be received at least one Business Day prior to the Contract Anniversary. Minimum Values. Values of the Contract are subject to minimum values required by the applicable standards of the Interstate Insurance Product Regulation Commission (IIPRC). These minimum values only apply to the Surrender Value, the entire Contract Value applied to an Income Payout Option, and Death Benefit proceeds upon the death of an Owner during the Accumulation Period. The Risk Control Account values will not be less than the minimum that is required by Section 7 of the National Association of Insurance Commissioners Variable Annuity Model Regulation, model #250, not including Section 7B. Fixed Account minimum values will not be less than the minimum that is required by Section 7B of model #250, using the nonforfeiture interest rate consistent with the minimum nonforfeiture interest rate prescribed in the law of the state in which the contract is issued for delivery. The Fixed Account nonforfeiture value is used to determine the Fixed Account minimum values and is described on the Contract Data Page. Surrender Value. You have the right to surrender this contract at any time during the Accumulation Period or on the Payout Date by Authorized Request. If you surrender this contract, you will be paid the Surrender Value, as of the Business Day we received your Authorized Request. We may require that the contract be returned to our Administrative Office prior to making payment of the Surrender Value. The Surrender Value is calculated separately for the Fixed Account and Risk Control Accounts. The Surrender Value equals the sum of the Surrender Value for the Fixed Account and the Surrender Value for the Risk Control Accounts. The Surrender Value for the Fixed Account is equal to: a) Your Fixed Account Value at the end of the Valuation Period in which we receive your Authorized Request; minus b) Any applicable Surrender Charge; adjusted for c) Any applicable MVA; and d) Where the resulting value is not less than the Fixed Account Nonforfeiture Value. ICC25-ILVA [12] The Surrender Value for the Risk Control Accounts is equal to: a) Your Risk Control Account Value at the end of the Valuation Period in which we receive your Authorized Request; minus b) Any applicable Surrender Charge; and adjusted for c) Any applicable MVA. Upon payment of the Surrender Value, this contract is terminated, and we have no further obligation under this contract. DEATH BENEFIT OPTIONS Notwithstanding any provision of this contract to the contrary, any benefits required to be paid under this contract will be paid in a manner that satisfies the requirements of section 72(s) of the IRC. Death of Owner During Accumulation Period. If an Owner who is a natural person dies during the Accumulation Period, the Beneficiary is entitled to the Death Benefit. If there is a Joint Owner, the Death Benefit will be available when the first Joint Owner dies. If there is a surviving Owner, the surviving Joint Owner will be treated as the sole primary Beneficiary. Any other Beneficiary will be treated as a contingent Beneficiary. The following Death Benefit options are available: Option A: If the sole primary Beneficiary is the surviving Spouse of the deceased Owner, the surviving Spouse may elect to continue the contract as the new Owner. This benefit may only be exercised one time. An individual who does not meet the definition of Spouse may not be able to continue the contract for that person's lifetime. That individual must receive the proceeds of the contract and any attached endorsements or riders within the time period specified in section 72(s) of the IRC. Option B: If the Beneficiary is a natural person, the Death Benefit proceeds will be applied in accordance with section 72(s) of the IRC under one of the Income Payout Options. The income payments must be made for the Beneficiary's life or a period not extending beyond the Beneficiary's life expectancy. Payments must commence within one year of the date of the Owner's death. Option C: A Beneficiary may receive the Death Benefit proceeds in a single lump sum at any time within five years after the date of the Owner's death. Unless Option A is elected, or payments under Option B commence within one year of the date of the Owner's Death, the entire interest benefit in the contract will be paid under Option C. Death of Annuitant During Accumulation Period. If an Annuitant who is not an Owner dies during the Accumulation Period and the Owner is a natural person, the following will occur: a) If there is a surviving Joint Annuitant, the surviving Joint Annuitant will become the Annuitant. b) If there is no Joint Annuitant, the Owner(s) will become the Annuitant(s). When the Owner is a non-natural person, and an Annuitant dies during the Accumulation Period the following will occur: a) The death of any Annuitant will be treated as the death of the Owner and Death Benefit proceeds must be distributed in accordance with the Death Benefit Options B or C. b) Unless payments under Option B commence within one year of the date of the Owner's death, the entire interest in the contract will be paid in accordance with Option C. Payment of Death Benefit Proceeds. The Death Benefit proceeds are payable upon our receipt of Proof Of Death (Owner's death or Annuitant's death if the Owner is a non-natural person), and proof of each Beneficiary's interest, which includes the required documentation and proper instructions from each Beneficiary. So far as permitted by law, the Death Benefit proceeds will not be subject to any claim of the Beneficiary's creditors. The contract is terminated upon payment of the Death Benefit proceeds.

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [13] Death Benefit Proceeds Amount. The amount that will be paid as Death Benefit proceeds during the Accumulation Period is equal to the greater of: a) The Risk Control Account Value plus the greater of the Fixed Account Value or the Fixed Account Nonforfeiture Value on the date Death Benefit proceeds are payable; or b) The Purchase Payment adjusted for withdrawals. Withdrawals will proportionally reduce the Purchase Payment by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal. Withdrawals include deductions for any applicable Surrender Charge and MVA. If an Owner is added or changed, except in the case of spousal continuation, the amount that will be paid upon the death of the new Owner is equal to the Contract Value on the date Death Benefit proceeds are payable. There is no impact on the Death Benefit if an Owner is removed. Interest on Death Benefit Proceeds. We will pay interest on Death Benefit proceeds from the date we receive Proof of Death until the date of payment. Interest will be paid at an annual rate equal to the current interest rate in effect for funds left on deposit with us, or if we have not established a rate for funds left on deposit, at the 2-year Treasury Constant Maturity Rate as published by the Federal Reserve. In determining the effective annual rate or rates, we will use the rate in effect on the date Proof of Death is received. Payment will be made within 31 calendar days from the latest of the following: a) The date we receive Proof of Death; b) The date we receive sufficient information to determine liability, the extent of the liability, and the appropriate payee legally entitled to the proceeds; or c) The date that any legal impediments to payment of proceeds that depend on the action of parties other than us are resolved and sufficient evidence of the same is provided to us. Legal impediments to payment include but are not limited to 1) The establishment of guardianships and conservatorships; 2) The appointment and qualification of trustees, executors and administrators; and 3) The submission of information required to satisfy state and federal reporting requirements. In the event payment is postponed for more than 31 calendar days from the latest of items (a), (b) or (c) above, the annual rate of interest during the period of postponement (beginning on the 32nd day until the date of payment) will be equal to the interest rate described above, plus 10%. Spousal Continuation. If the sole primary Beneficiary is the surviving Spouse of the deceased Owner, the surviving Spouse may elect to continue the contract at the current Contract Value. In this event, the surviving Spouse will assume ownership of the contract. This benefit may only be exercised one time. Death of Owner After the Income Payout Date. If an Owner dies on or after the Income Payout Date, the Beneficiary will receive any remaining income payments. Death of Annuitant After the Income Payout Date. If all Annuitants die before all of the guaranteed income payments have been made, remaining guaranteed income payments will be treated as the Death Benefit and will be distributed in one of the following two ways: a) Income payments will be continued during the remainder of the guaranteed period certain to the Owner; or b) The present value of the remaining income payments computed at the interest rate used to create the Income Payout Option in effect will be paid to the Owner. If all Annuitants die and there are no remaining guaranteed income payments, the contract is terminated, and we have no further obligation under the contract. INCOME PAYMENTS, INCOME PAYOUT PERIOD AND INCOME PAYOUT OPTIONS Income Payments. A series of payments made by us during an Income Payout Period, based on the Income Payout Option you select. For life options, income payments are based on the Annuitant's sex at birth and adjusted age. For installment options, income payments are based on the selected duration of payments. ICC25-ILVA [14] The first income payment will be paid as of the Income Payout Date. Income Payments Frequency. You may choose to receive income payments monthly, quarterly, semi-annually or annually for installment options. If you choose a life Income Payout Option, your payments will be received monthly. Minimum Income Payment Amount. If the Contract Value is less than $2,500, we may make a lump sum payment equal to the Contract Value in lieu of income payments. For installment options, if the amount of the income payment would be less than $20, we may reduce the frequency of payments to an interval which will result in the payment being at least $20, but with a frequency of no less than annually. Income Payout Period. The period of time that: a) Begins on the Income Payout Date; and b) Continues until we make the last payment as provided by the Income Payout Option chosen. On the first day of this period, the Risk Control Account Value plus the greater of the Fixed Account Value or the Fixed Account Nonforfeiture Value will be applied to the Income Payout Option selected. If an Income Payout Option is not selected, the default Income Payout Options will be as follows unless otherwise required under the Internal Revenue Code: a) Life Income Option with a 10-year guaranteed period certain for contracts with one Annuitant; and b) Joint & Survivor Life Income Option with a 10-year guaranteed period certain for contracts with two Annuitants. The Annuitant and Owner cannot be changed after the Income Payout Date for any reason. Surrender Charges, MVA, and Interim Value does not apply to income payments during the Income Payout Period. Income Payout Date. The anticipated Income Payout Date is the first Contract Anniversary after the oldest Annuitant's 95th birthday. Even if the Annuitant is changed, the Income Payout Date will not change unless you request a different date by Authorized Request. Requests for changing the Income Payout Date must meet the criteria below: a) The request is made as long as the Owner is living; b) The request is received at our Administrative Office at least 30 days before the anticipated Income Payout Date; c) The requested Income Payout Date is at least two years after the Contract Issue Date; and d) The requested Income Payout Date is no later than the anticipated Income Payout Date. Income Payout Options. There are different ways to receive income payments. We call these Income Payout Options. Three Income Payout Options are described below. The Income Payout Options described may not be available in all states at all times. Other Income Payout Options may be available with our consent. The income option tables for the Income Payout Options are shown on the Contract Data Page. The amount of each income payment is guaranteed by us. Higher current rates may be applicable on the Income Payout Date. You may contact us at our Administrative Office for a quote of the current rates. The amount of any income payment on the Income Payout Date will be the greater of: a) The Contract Value applied to an Income Payout Option using the income option tables shown on the Contract Data Page; or b) The Surrender Value applied to purchase a single premium immediate annuity at the purchase rates then offered by us to the same class of Annuitants. Option 1 – Installment Option. You can elect to receive payments for any number of years between 10 and 30. The income payments are guaranteed for the chosen number of years.

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA [15] Option 2 – Life Income Option – Guaranteed Period Certain. We will pay monthly income payments for as long as the Annuitant lives and at least for as long as the guaranteed period certain chosen. The guaranteed period certain choices are: a) 0 years (life income only); b) 5 years; c) 10 years; d) 15 years; or e) 20 years. Option 3 – Joint and Survivor Life Income Option – 10-Year Guaranteed Period Certain. We will pay monthly income payments as long as either Annuitant is living and at least for 10 years. Income payment(s) will be made to the Beneficiary if there is no surviving Owner. If there is no surviving Owner or Beneficiary, income payment(s) will be made to the Owner's estate. ICC25-ILVA [16] SINGLE PURCHASE PAYMENT INDIVIDUALDEFERRED INDEX-LINKED VARIABLE ANNUITY CONTRACT Income Payments Starting on the Income Payout Date This Contract Contains a Guaranteed Minimum Death Benefit Provision This Contract Contains a Benefit Waiving Surrender Charges This Contract Contains a Market Value Adjustment Provision Non-Participating MEMBERS Life Insurance Company [2000 Heritage Way, Waverly, Iowa 50677] [Phone: 800.798.5500]

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## Ex-99.(D)(2)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA-DP [1] CONTRACT DATA PAGE CONTRACT NUMBER: [123456789] ANNUITANT(S): [John Doe] ANNUITANT(S) ISSUE AGE(S): [35] CONTRACT ISSUE DATE: [November 10, 2024] PURCHASE PAYMENT: [$10,000] OWNER(S): [John Doe] State Insurance Department Telephone Number: [515.281.5523] Endorsements/Riders Attached: Nursing Home or Hospital/Terminal Illness Withdrawal Privilege Endorsement Individual Retirement Annuity Endorsement Roth Individual Retirement Annuity Endorsement Guaranteed Lifetime Withdrawal Benefit Rider SURRENDER CHARGE SCHEDULE Contract Year 1 2 3 4 5 6 7+ Surrender Charge % [8%] [8%] [8%] [7%] [6%] [5%] 0% WITHDRAWALS Minimum Partial Withdrawal Amount: $[100] Minimum Surrender Value Remaining After Any Partial Withdrawal: $[2,000] NOTE: If a partial withdrawal would cause the Surrender Value to be less than the minimum shown above, we will treat your request as a full surrender. Annual Free Withdrawal Amount: Contract Year [1 – 6] [7+] Annual Free Withdrawal Amount % 10% [20]% ALLOCATION OPTIONS RISK CONTROL ACCOUNT CREDITING STRATEGIES: The initial allocation to a Risk Control Account is based on the election at the time of application. The initial rates are effective on the Contract Issue Date and are effective for the length of the Interest Term. The [Cap Rate, Participation Rate, and Dual Step Rate] may change for subsequent Interest Terms. The [Floor, Buffer, and Boost] will not change for the life of the contract unless the Allocation Option is discontinued. The rates used when calculating the Adjusted Index Return are the rates in effect at the time the calculation is made. Floor with Participation Rate and Cap Rate Crediting Strategy The Index Return is determined using the Floor, Participation Rate, and Cap Rate. Initial Allocation Index Interest Term Floor Initial Cap Rate Minimum Cap Rate Initial Participation Rate Minimum Participation Rate [0%] [S&P 500 Index] [1-Year] [0%] [1.00%] [1.00%] [100%] [100%] [0%] [Dimensional US Small Cap Value Systematic Index] [1-Year] [0%] [1.00%] [1.00%] [100%] [100%] [0%] [Barclays Risk Balanced Index] [1-Year] [0%] [1.00%] [1.00%] [100%] [100%] ICC25-ILVA-DP [2] [The Adjusted Index Return is calculated as follows: a) If the Index Return is greater than or equal to zero: The lesser of the Cap Rate or the Index Return multiplied by the Participation Rate; or b) If the Index Return is less than zero: The greater of the Index Return or the Floor. The hypothetical option value used in determining the Interim Value is calculated as follows: Participation Rate x (Long Call - Short Call) - Short Put + Long Put, where: Long call = call option purchased with a strike price equal to the Index Value at the start of the Interest Term. Short call = call option sold with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1 + the Cap Rate / the Participation Rate). Short put = put option sold with a strike price equal to the Index Value at the start of the Interest Term. Long put = put option purchased with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1+ the Floor).] Buffer with Participation Rate and Cap Rate Crediting Strategy The Index Return is determined using the Buffer, Participation Rate, and Cap Rate. Initial Allocation Index Interest Term Buffer Initial Cap Rate Minimum Cap Rate Initial Participation Rate Minimum Participation Rate [0%] [S&P 500 Index] [1-Year] [-10%] [1.00%] [1.00%] [100%] [100%] [0%] [S&P 500 Index] [1-Year] [-20%] [1.00%] [1.00%] [100%] [100%] [0%] [S&P 500 Index] [6-Year] [-10%] [10.00%] [10.00%] [100%] [100%] [0%] [S&P 500 Index] [6-Year] [-20%] [10.00%] [10.00%] [100%] [100%] [0%] [Dimensional US Small Cap Value Systematic Index] [1-Year] [-10%] [1.00%] [1.00%] [100%] [100%] [0%] [Dimensional US Small Cap Value Systematic Index] [1-Year] [-20%] [1.00%] [1.00%] [100%] [100%] [0%] [Dimensional US Small Cap Value Systematic Index] [6-Year] [-10%] [10.00%] [10.00%] [100%] [100%] [0%] [Dimensional US Small Cap Value Systematic Index] [6-Year] [-20%] [10.00%] [10.00%] [100%] [100%] [0%] [Barclays Risk Balanced Index] [6-Year] [-10%] [10.00%] [10.00%] [100%] [100%] [0%] [Barclays Risk Balanced Index] [6-Year] [-20%] [10.00%] [10.00%] [100%] [100%] [The Adjusted Index Return is calculated as follows: a) If the Index Return is greater than or equal to zero: The lesser of the Cap Rate or the Index Return multiplied by the Participation Rate; b) If the Index Return is less than zero and greater than the Buffer: Zero; or c) If the Index Return is less than the Buffer: The Index Return minus the Buffer. The hypothetical option value used in determining the Interim Value is calculated as follows: Participation Rate x (Long Call - Short Call) - Short Put, where: Long call = call option purchased with a strike price equal to the Index Value at the start of the Interest Term. Short call = call option sold with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1 + the Cap Rate / the Participation Rate). Short put = put option sold with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1 + the Buffer).]

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ICC25-ILVA-DP [3] Boost with Participation Rate and Cap Rate Crediting Strategy The Index Return is determined using the Boost, Participation Rate, and Cap Rate. Initial Allocation Index Interest Term Boost Initial Cap Rate Minimum Cap Rate Initial Participation Rate Minimum Participation Rate [0%] [S&P 500 Index] [6-Year] [10%] [10.00%] [10.00%] [100%] [100%] [0%] [S&P 500 Index] [6-Year] [20%] [10.00%] [10.00%] [100%] [100%] [0%] [Dimensional US Small Cap Value Systematic Index] [6-Year] [10%] [10.00%] [10.00%] [100%] [100%] [0%] [Dimensional US Small Cap Value Systematic Index] [6-Year] [20%] [10.00%] [10.00%] [100%] [100%] [0%] [Barclays Risk Balanced Index] [6-Year] [10%] [10.00%] [10.00%] [100%] [100%] [0%] [Barclays Risk Balanced Index] [6-Year] [20%] [10.00%] [10.00%] [100%] [100%] [The Adjusted Index Return is calculated as follows: a) If the Index Return is greater than or equal to zero: The lesser of the Cap Rate or the Boost plus the Participation Rate multiplied by any Index Return in excess of the Boost; or b) If the Index Return is less than zero: The Index Return plus the Boost. The hypothetical option value used in determining the Interim Value is calculated as follows: Participation Rate x (Long Call - Short Call) - Short Put + Boost discounted at the risk-free rate, where: Long call = call option purchased with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1 + the Boost). Short call = call option sold with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1 + (the Cap Rate - the Boost) / the Participation Rate + the Boost). Short put = put option sold with a strike price equal to the Index Value at the start of the Interest Term. Risk-free rate = the USD overnight index swap interest rate or a similar benchmark rate used for the U.S. financial services industry in valuing financial instruments, with a maturity equal to the time remaining in the Interest Term; if there is no corresponding length, linear interpolation is used, using published rates with the closest remaining term.] Buffer with Dual Step Rate Crediting Strategy The Index Return is determined using the Buffer and Dual Step Rate. Initial Allocation Index Interest Term Buffer Initial Dual Step Rate Minimum Dual Step Rate [0%] [S&P 500 Index] [6-Year] [-10%] [10.00%] [10.00%] [0%] [S&P 500 Index] [6-Year] [-20%] [10.00%] [10.00%] [The Adjusted Index Return is calculated as follows: a) If the Index Return is greater than or equal to the Buffer: The Dual Step Rate; or b) If the Index Return is less than the Buffer: The Index Return minus the Buffer. The hypothetical option value used in determining the Interim Value is calculated as follows: Dual Step Rate x Long Digital Call - Short Put, where; Long digital call = digital call option purchased with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1 + the Buffer). Short put = call option sold with a strike price equal to the Index Value at the start of the Interest Term multiplied by (1 + the Buffer).] [Additional Risk Control Crediting Strategies] ICC25-ILVA-DP [4] FIXED ACCOUNT CREDITING STRATEGY The initial allocation to the Fixed Account is based on the election at the time of application. The initial Interest Rate is effective on the Contract Issue Date and is effective for the length of the Interest Term. The Interest Rate may change for subsequent Interest Terms. Fixed Account Nonforfeiture Value: The Fixed Account nonforfeiture value is calculated as of the date of surrender, application of the entire Contract Value to an income payout option, or death of an Owner. The Fixed Account nonforfeiture value is calculated using the following formula: Fixed Account nonforfeiture value = 87.5% x (A + B – C), where A = The portion of the Purchase Payment allocated to the Fixed Account. B = Any transfers to the Fixed Account. C = Any amounts withdrawn or transferred from the Fixed Account. A, B, and C are accumulated at the nonforfeiture rate for as long as such amounts were in the Fixed Account. The nonforfeiture rate will be calculated each calendar quarter (on each January 1, April 1, July 1, and October 1). The nonforfeiture rate will be determined on the Contract Issue Date and every sixth Contract Anniversary based on the calendar quarter in which the Issue Date or Contract Anniversary falls. The nonforfeiture rate will apply for six years and then will be recalculated for the next six-year period. The nonforfeiture rate will never be less than the lesser of: a) 3.00%; or b) The interest rate determined as follows: 1) The average of the three applicable monthly five-year Constant Maturity Treasury (CMT) rates reported by the Federal Reserve rounded to the nearest 0.05%, as described below, 2) minus 1.25%; and 3) Where the resulting interest rate is not less than the greater of the nonforfeiture rate required by the National Association of Insurance Commissioners (NAIC) Standard Nonforfeiture Law for Individual Deferred Annuities, currently [0.15%], or the rate required by applicable law in the state where the contract is issued for delivery. The three monthly five-year Constant Maturity Treasury rates used in the calculation above are as follows: a) The prior September, October, and November monthly five-year CMT rates will be used to determine the first quarter interest rate that is effective each January 1; b) The prior December, January, and February monthly five-year CMT rates will be used to determine the second quarter interest rate that is effective each April 1; c) The prior March, April, and May monthly five-year CMT rates will be used to determine the third quarter interest rate that is effective each July 1; and d) The prior June, July, and August monthly five-year CMT rates will be used to determine the fourth quarter interest rate that is effective each October 1. MARKET VALUE ADJUSTMENT (MVA) MVA Indices: MVA Index 1: [Constant Maturity Treasury] MVA Index 2: [ICE BofA 1-10 Year US Corporate Constrained Index] [MVA Index Disclosure.] Initial Allocation Interest Term Initial Interest Rate Minimum Interest Rate Nonforfeiture Rate on Contract Issue Date [0%] 1-Year [1.00%] 0.05% [1.00%]

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ICC25-ILVA-DP [5] The MVA will be waived on withdrawals on or within [30] days after the end of every six-year rolling period that begins on the Contract Issue Date. INCOME PAYOUT INFORMATION Anticipated Payout Date Anticipated Income Option [10/10/2080] [Monthly Payments - Life Income Option with a 10-Year Guaranteed Period Certain] Life Income Rate Type [Based on Sex at Birth] Mortality Table Income Payout Option Rate [Annuity 2000 with Mortality Improvement] [1.00%] Income Option Tables: The following monthly income payment tables show values per $1,000 applied to the Income Payout Option and are based on the Life Income Rate Type, Income Payout Option Rate, and Mortality Table. Rates for years payable and guaranteed periods certain not shown, if allowed by us, will be calculated on an actuarially equivalent basis and will be available upon request. The Annuitant's adjusted age is determined by [taking the Annuitant's age as of the date of the first payment minus five years, and then subtracting two additional years for each five full years elapsed between January 1, 2013, and the Income Payout Date]. Option 1 – Installment Option Rates – First Payment Due at Beginning of Period. Number of Years Payable Payment 10 8.75 15 5.98 20 4.59 25 3.76 30 3.21 Option 2 – Life Income Option Rates – Guaranteed Period Certain – First Payment Due at Beginning of Period. Life Income Rate Type: Based on Sex at Birth Years Certain Adjusted Age – Male 55 60 65 70 75 80 85 90 95 0 3.22 3.69 4.32 5.19 6.37 8.02 10.34 13.63 18.28 5 3.22 3.68 4.30 5.13 6.22 7.65 9.45 11.52 13.69 10 3.20 3.64 4.21 4.92 5.77 6.69 7.55 8.21 8.61 15 3.16 3.56 4.04 4.57 5.10 5.53 5.81 5.94 5.98 20 3.09 3.43 3.79 4.12 4.37 4.52 4.58 4.59 4.59 Years Certain Adjusted Age – Female 55 60 65 70 75 80 85 90 95 0 3.01 3.43 3.99 4.77 5.89 7.53 9.98 13.52 18.17 5 3.01 3.42 3.98 4.73 5.80 7.28 9.24 11.47 13.59 10 3.00 3.40 3.93 4.62 5.50 6.52 7.49 8.19 8.59 15 2.98 3.35 3.82 4.38 4.98 5.48 5.80 5.94 5.98 20 2.94 3.27 3.65 4.03 4.34 4.51 4.58 4.59 4.59 ICC25-ILVA-DP [6] Life Income Rate Type: Unisex Years Certain Adjusted Age - Unisex 55 60 65 70 75 80 85 90 95 0 3.05 3.48 4.06 4.85 5.98 7.63 10.05 13.54 18.19 5 3.05 3.47 4.04 4.81 5.88 7.35 9.28 11.48 13.61 10 3.04 3.45 3.98 4.68 5.55 6.55 7.50 8.20 8.59 15 3.01 3.40 3.87 4.42 5.00 5.49 5.80 5.94 5.98 20 2.97 3.30 3.68 4.05 4.34 4.51 4.58 4.59 4.59 Option 3 – Life Income Option Rates – Joint and Survivor – 10 Year Guaranteed Period Certain – First Payment Due at Beginning of Period. Life Income Rate Type: Based on Sex at Birth Adjusted Age-Male Adjusted Age – Female 55 60 65 70 75 80 85 90 95 55 2.66 2.81 2.94 3.04 3.11 3.15 3.18 3.19 3.19 60 2.77 2.98 3.18 3.35 3.47 3.56 3.60 3.63 3.64 65 2.86 3.13 3.40 3.66 3.88 4.04 4.13 4.18 4.20 70 2.92 3.24 3.59 3.97 4.31 4.59 4.77 4.87 4.91 75 2.95 3.31 3.74 4.22 4.72 5.16 5.48 5.66 5.74 80 2.98 3.36 3.83 4.40 5.05 5.68 6.18 6.49 6.63 85 2.99 3.38 3.88 4.52 5.28 6.09 6.78 7.23 7.46 90 2.99 3.39 3.91 4.58 5.42 6.35 7.20 7.78 8.09 95 3.00 3.40 3.92 4.61 5.48 6.48 7.42 8.08 8.46 Life Income Rate Type: Unisex Adjusted Age-Unisex Adjusted Age - Unisex 55 60 65 70 75 80 85 90 95 55 2.63 2.76 2.86 2.93 2.98 3.01 3.03 3.03 3.04 60 2.76 2.95 3.11 3.24 3.34 3.39 3.43 3.44 3.45 65 2.86 3.11 3.36 3.58 3.75 3.87 3.93 3.96 3.98 70 2.93 3.24 3.58 3.91 4.21 4.43 4.57 4.64 4.67 75 2.98 3.34 3.75 4.21 4.66 5.05 5.31 5.46 5.53 80 3.01 3.39 3.87 4.43 5.05 5.64 6.10 6.37 6.51 85 3.03 3.43 3.93 4.57 5.31 6.10 6.76 7.19 7.42 90 3.03 3.44 3.96 4.64 5.46 6.37 7.19 7.77 8.08 95 3.04 3.45 3.98 4.67 5.53 6.51 7.42 8.08 8.44

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ICC25-ILVA-DP [7] INDEX DISCLAIMERS S&P 500 Index. 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 Index can go up or down based on the stock prices of the companies that comprise the Index. The Index does not include dividends paid on the securities comprising the Index and therefore does not reflect the full investment performance of the underlying securities. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("SPDJI") and has been licensed for use by CMFG Life Insurance Company (CMFG Life), the parent company of MEMBERS Life Insurance Company (MEMBERS Life). Standard & Poor's, S&P and S&P 500 are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by CMFG Life. This product is not sponsored, endorsed, sold or promoted by SPDJI, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in this product nor do they have any liability for any errors, omissions or interruptions of the S&P 500 Index. The S&P 500 Index does not include dividends paid by the underlying companies. Barclays Risk Balanced Index. The Barclays Risk Balanced Index allocates between equities and fixed income using the principles of Modern Portfolio Theory, which seeks to maximize the expected return based on a given level of market risk. Equities consist of an equally weighed portfolio of 50 US stocks that have shown low volatility during the past year. To ensure sector diversification, there can be no more than 10 securities per sector. Dividends are reinvested. For fixed income, the Index provides exposure to four indices tracking the 2, 5, and 10-year US Treasury futures, equally weighted. Each month, the Index will determine the optimal weights to be allocated between equities and fixed income using Mean Variance Optimization, an approach in which the risk, expressed as the variance, is compared against the expected return to choose the investment portfolio that results in the maximum expected return for a given level of risk. This process selects the combination that has the highest estimated return potential with 10% risk, assuming that the risk-adjusted returns offered by equities and fixed income will be comparable to each other in the near future. In addition to this monthly process, the Index may rebalance daily to adjust for a 10% volatility (risk) target. Should the selected optimal weights exceed the 10% target, the index will reduce its exposure to equities and fixed income. Conversely, should optimal weights result in a lower volatility than 10%, the index may increase its exposure to equities and fixed income. The Index deducts a fee of 0.5% for the equity exposure, 0.2% per year for the treasury exposure, and a cost equal to SOFR plus 0.1145% for the equity component which may be increased or decreased in aggregate by the volatility control mechanism. These deductions will reduce Index performance, and the Index will underperform similar portfolios from which these fees and costs are not deducted. Neither Barclays Bank PLC ("BB PLC") nor any of its affiliates (collectively "Barclays") is the issuer or producer of this contract and Barclays has no responsibilities, obligations or duties to investors in this contract. The Barclays Risk Balanced Index (the "Index"), together with any Barclays indices that are components of the Index, is a trademark owned by Barclays and, together with any component indices and index data, is licensed for use by MEMBERS Life Insurance Company as the issuer or producer of this contract (the "Issuer"). Barclays' only relationship with the Issuer in respect of the Index is the licensing of the Index, which is administered, compiled and published by BB PLC in its role as the index sponsor (the "Index Sponsor") without regard to the Issuer or this contract or investors in this contract. Additionally, MEMBERS Life Insurance Company as issuer or producer of this contract may for itself execute transaction(s) with Barclays in or relating to the Index in connection with this contract. Investors acquire this contract from MEMBERS Life Insurance Company and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in this contract. This contract is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of this contract or use of the Index or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein. Dimensional US Small Cap Value Systematic Index. The Dimensional US Small Cap Value Systematic Index is designed to capture the returns associated with the small cap value premium in the US by investing in stocks within the smallest 8% of the US market down to $100 million in market capitalization with relative prices in the lowest 40% when ranked by price to book. Within this universe, the index is designed to target higher-expected-return securities by excluding stocks with lower profitability or high asset growth. The Index uses information in market prices to systematically pursue higher expected returns in a broadly diversified manner. The Index does not include ICC25-ILVA-DP [8] dividends paid on the securities comprising the Index and therefore does not reflect the full investment performance of the underlying securities. The Dimensional US Small Cap Value Systematic Index (the "Index") is sponsored and published by Dimensional Fund Advisors LP ("Dimensional"). References to Dimensional include its respective directors, officers, employees, representatives, delegates or agents. The use of "Dimensional" in the name of the Index and the related stylized mark(s) are service marks of Dimensional and have been licensed for use by MEMBERS Life Insurance Company ("MEMBERS Life"). MEMBERS Life has entered into a license agreement with Dimensional providing for the right to use the Index and related trademarks in connection with this contract (the "Financial Product"). The Financial Product is not sponsored, endorsed, sold or promoted by Dimensional, and Dimensional makes no representation regarding the advisability of investing in such Financial Product. Dimensional has no responsibilities, obligations or duties to purchasers of the Financial Product, nor does Dimensional make any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use with respect to the Index. Dimensional does not guarantee the accuracy, timeliness or completeness of the Index, or any data included therein or the calculation thereof or any communications with respect thereto. Dimensional has no liability for any errors, omissions or interruptions of the Index or in connection with its use. In no event shall Dimensional have any liability of whatever nature for any losses, damages, costs, claims and expenses (including any special, punitive, direct, indirect or consequential damages (including lost profits)) arising out of matters relating to the use of the Index, even if notified of the possibility of such damages. Dimensional has provided MEMBERS Life with all material information related to the Index methodology and the maintenance, operation and calculation of the Index. Dimensional makes no representation with respect to the completeness of information related to the Index provided by MEMBERS Life in connection with the offer or sale of any Financial Product. Dimensional has not published or approved this document, nor does Dimensional accept any responsibility for its contents or use.

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## Ex-99.(D)(3)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ANN-END-MLIC [1] [DOCUMENT IDENTIFIER] [2000 Heritage Way, Waverly, Iowa 50677] Phone: [800.798.5500] [http://www.trustage.com/annuities] ENDORSEMENT TO CONTRACT This endorsement is part of the contract to which it is attached, and it is effective upon the Effective Date of Change as shown below. Should any provision of this endorsement conflict with the contract, the provisions of this endorsement will prevail. Capitalized terms that are not defined in this endorsement are defined in the contract to which this endorsement is attached. Contract Number: [123456789] Effective Date of Change: [May 1, 2026] Owner(s): [John Doe] The contract to which this endorsement is attached is endorsed as follows: - Dynamic Form Use – see Explanation of Variables - Covered Person(s) and Issue Age(s) for the Guaranteed Lifetime Withdrawal Benefit Rider: [Name(s), Issue Age(s)] Signed for MEMBERS Life Insurance Company. President ATTACH TO YOUR CONTRACT

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## Ex-99.(D)(4)

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ICC25-ILVA-GLWB-RDR-A [1] [2000 Heritage Way, Waverly, Iowa 50677] Phone: [800.798.5500] [www.trustage.com/annuities] GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER Our agreement with you includes this Guaranteed Lifetime Withdrawal Benefit Rider ("Rider") and any application as a part of the contract to which it is attached. The provisions of the contract apply to this Rider unless they conflict with the Rider. If there is a conflict, the Rider provision will apply. The issue date for this Rider is shown on the Rider Data Page. Statements contained in any application for this Rider (in the absence of fraud) are considered representations and not warranties. This Rider provides a guaranteed lifetime withdrawal benefit ("GLWB") during the life of the Covered Person(s) as long as the contract and this Rider are in effect and all their terms and conditions are met. Changing the Owners or Annuitants may cause this Rider to terminate or affect the benefits of this Rider. Assignment may cause this Rider to terminate unless the new assignee meets the qualifications specified in this Rider. A change in marital status after you purchase the contract may affect the benefits of this Rider. We will assess and deduct the Income Benefit Fee until this Rider is terminated. Capitalized terms that are not defined in this Rider are defined in the contract to which this Rider is attached. RIDER GUIDE AND INDEX RIDER DATA PAGE ................................................................................................................................................. DEFINITIONS ........................................................................................................................................................ [2] COVERED PERSON(S) ..................................................................................................................................... [2] ALLOCATION OPTIONS ................................................................................................................................... [3] INCOME BENEFIT PAYMENTS ....................................................................................................................... [4] TREATMENT OF INCOME BENEFIT PAYMENT WITHDRAWALS .......................................................... [4] TREATMENT OF EXCESS WITHDRAWALS ................................................................................................. [5] REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS ............................................................................ [5] ANNUITY INCOME PAYMENTS ....................................................................................................................... [6] INCOME BENEFIT FEE ...................................................................................................................................... [6] SPOUSAL CONTINUATION .............................................................................................................................. [6] ANNUAL REPORTS ............................................................................................................................................ [6] TERMINATION OF RIDER .................................................................................................................................. [7] ICC25-ILVA-GLWB-RDR-A [2] DEFINITIONS Allocation Option Requirements. The available Allocation Options for allocating your Contract Value. The Allocation Option Requirements as of the Contract Issue Date are shown on the Rider Data Page. Annual Increase Percentage. The percentage that is added to the Income Benefit Percentage as described on the Rider Data Page. Base Withdrawal Percentage. The Income Benefit Percentage on the Contract Issue Date as described on the Rider Data Page. Covered Person(s). The natural person(s) shown on the Rider Data Page whose Age and lifetime we base Income Benefit Payments on under this Rider. Earliest Rider Voluntary Termination Date. The date this Rider can be voluntarily terminated by Authorized Request. The Earliest Voluntary Termination Date is shown on the Rider Data Page. Eligible Person(s). The natural person(s) who can be selected as the Covered Person(s). Excess Withdrawal. The portion of a withdrawal that, when added to other withdrawals during the current Contract Year, is greater than the total Income Benefit Payment for the current Contract Year. Excess Withdrawals include withdrawals prior to the Income Benefit Payment Start Date and deductions for any applicable Surrender Charge and Market Value Adjustment. Income Benefit Base. The amount upon which the Income Benefit Payment is based. Income Benefit Fee. A fee equal to the Income Benefit Fee Rate multiplied by the average daily Income Benefit Base for the prior Contract Year. The Income Benefit Fee is assessed as long as this Rider is in effect. Income Benefit Fee Rate. The percentage used to calculate the Income Benefit Fee. The Income Benefit Fee Rate is shown on the Rider Data Page. Income Benefit Payment(s). The guaranteed lifetime withdrawal amount. Income Benefit Percentage. The percentage applied to the Income Benefit Base to determine the annual Income Benefit Payment. The Income Benefit Percentage is determined as described on the Rider Data Page. Income Benefit Payment Start Date. The date Income Benefit Payments begin. Maximum Annual Increase Period. The number of years shown on the Rider Data Page, after which no further Annual Increase Percentages will be applied. COVERED PERSON(S) Covered Person(s). The Covered Person(s) is the natural person(s) whose Age and lifetime we base Income Benefit Payments on under this Rider. You select Covered Person(s) on the Contract Issue Date and Covered Person(s) may only be added or removed as described in this Rider. If one Covered Person is selected, you have elected single life option rates. If two Covered Persons are selected, you have elected joint life option rates. An Eligible Person(s) is the natural person(s) who can be selected as the Covered Person(s). If there is a sole Owner of the contract: a) You are an Eligible Person. b) Your spouse is an Eligible Person and the sole primary Beneficiary.

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ICC25-ILVA-GLWB-RDR-A [3] c) If you select single life Income Benefit Payments, the Owner must be designated as the Covered Person. If there are Joint Owners: a) Both Owners are Eligible Persons. b) The Owners must be Spouses. c) If you select single life Income Benefit Payments, either Owner can be designated as the Covered Person. If the Owner is not a natural person: a) The Annuitant is an Eligible Person. b) The Annuitant must be designated as the Covered Person. c) A Joint Annuitant is not permissible. d) Joint life Income Benefit Payments cannot be selected. Adding a Covered Person. Before the Income Benefit Payment Start Date, you can add a Covered Person by Authorized Request if there is only one Covered Person and there has not been a spousal continuation. The added Covered Person must meet the definition of an Eligible Person. Requests to add a Covered Person must be received at least one Business Day prior to the desired Income Benefit Payment Start Date. If a Covered Person is added, the Income Benefit Payment and the Earliest Income Benefit Payment Start Date, as described on the Rider Data Page, will be determined in consideration of the new Covered Person's Age. Removing a Covered Person. Before the Income Benefit Payment Start Date, you can remove one Covered Person by Authorized Request if there are two Covered Persons and the remaining Covered Person was a Covered Person on the Contract Issue Date. Requests to remove a Covered Person must be received at least one Business Day prior to the desired Income Benefit Payment Start Date. A Covered Person will be removed automatically if the Covered Person is no longer an Owner, Joint Owner, Spouse of the Owner, or Annuitant. If this occurs, we will remove that person from this Rider, and they will no longer be a Covered Person. If at any time two Covered Persons are no longer Spouses, you must send us notice of the divorce by Authorized Request. Upon receiving such notice, we will remove the former Spouse from the contract as a Covered Person. If a Covered Person is removed and there is a remaining Covered Person, the following will occur: a) If the Covered Person was removed before the Income Benefit Payment Start Date, single life option rates will be elected. b) If the Owner is a natural person and joint life Income Benefit Payments have already started, we will continue to pay joint life Income Benefit Payments to the Owner as long as the remaining Covered Person is living. If a Covered Person is removed and there is no Covered Person remaining, this Rider will terminate, and no Income Benefit Payments will be payable. Changes to Covered Persons due to spousal continuation are described in the Spousal Continuation section. ALLOCATION OPTIONS Allocation Option Requirements for Transfers. Transfers are subject to the Allocation Option Requirements unless this Rider is terminated. Allocation Option Requirements may be changed, which includes adding or removing available Allocation Options. We will notify you of any changes to the Allocation Option Requirements. ICC25-ILVA-GLWB-RDR-A [4] INCOME BENEFIT PAYMENTS Income Benefit Payment Start Date. Income Benefit Payments cannot begin until the Earliest Income Benefit Payment Start Date shown on the Rider Data Page. Requests to start receiving the Income Benefit Payment must be received at least one Business Day prior to the desired Income Benefit Payment Start Date. Income Benefit Payment. The annual Income Benefit Payment is equal to the Income Benefit Percentage multiplied by the Income Benefit Base. The Income Benefit Percentage is determined on the Income Benefit Payment Start Date using the Base Withdrawal Percentage and Annual Increase Percentage as described on the Rider Data Page. Income Benefit Base. The Income Benefit Base is initially equal to the Purchase Payment. On each Contract Anniversary, if the current Contract Value is greater than the current Income Benefit Base, the Income Benefit Base will be reset to equal the current Contract Value. The Income Benefit Base will be impacted by Excess Withdrawals, as described in the Treatment of Excess Withdrawals section. THE INCOME BENEFIT BASE CANNOT BE WITHDRAWN AS A LUMP SUM AND IS NOT PAYABLE AS A DEATH BENEFIT. Income Benefit Payments and Frequency. The Owner elects how to receive the Income Benefit Payments, either as monthly, quarterly, semi-annual, or annual payments. If the scheduled payment date does not fall on a Business Day, we will make the payment on the next Business Day. The Owner may withdraw the Income Benefit Payment or an amount less than the Income Benefit Payment. If an amount less than the Income Benefit Payment is withdrawn during a Contract Year, the remaining Income Benefit Payment is not available in future years. Income Benefit Payments are available during the life of the Covered Person(s) unless this Rider is terminated. Under the single life option, Income Benefit Payments will cease on the date of death of the Covered Person. Under the joint life option, Income Benefit Payments will cease on the date of death of the second Covered Person. We may require proof that the Covered Person(s) is living upon the date of any Income Benefit Payment as long as this Rider is in effect. TREATMENT OF INCOME BENEFIT PAYMENT WITHDRAWALS Treatment of Income Benefit Payment Withdrawals. Income Benefit Payments are treated as a withdrawal. Unless you instruct us otherwise, Income Benefit Payment withdrawals are taken proportionally from the Contract Value in each Allocation Option. Income Benefit Payments reduce the Contract Value and Death Benefit by the amount of the withdrawal and will reduce the Crediting Base proportionally by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal. As long as this Rider is in effect, the contract will not terminate if an Income Benefit Payment causes the Surrender Value to be less than the Minimum Surrender Value Remaining After Any Partial Withdrawal shown on the Contract Data Page. Income Benefit Payments are not subject to a Surrender Charge or Market Value Adjustment. Income Benefit Payments will count toward the Annual Free Withdrawal Amount. Fixed Account Automatic Transfer and Withdrawal Program. You may elect by Authorized Request to have your Income Benefit Payments taken from the Fixed Account. If you elect to have your Income Benefit Payments taken from the Fixed Account, we will transfer an amount up to your annual Income Benefit Payment from the Risk Control Accounts to the Fixed Account on every Contract Anniversary. Unless you instruct us otherwise, the transfer will be taken proportionally from the Risk Control Account Value in each Risk Control Account. The transfer will be taken after assessing the Income Benefit Fee. The Fixed Account automatic transfer and withdrawal program can only begin on a Contract Anniversary and on or after the Income Benefit Payment Start Date. This program can be cancelled at any time.

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ICC25-ILVA-GLWB-RDR-A [5] Misstatement of Date of Birth. If the date of birth of the Covered Person(s) is misstated, the Income Benefit Payment will be adjusted based on the correct date of birth of the Covered Person(s). Any underpayment will be added to the next payment. Any overpayment will be subtracted from future payments. No interest will be credited or charged to any underpayment or overpayment adjustments. Zero Contract Value. If an Income Benefit Payment causes the Contract Value to be zero, the following will occur: a) We will continue to pay the Income Benefit Payment until this Rider terminates. The Income Benefit Payment will be equal to the total Income Benefit Payment at the time the Contract Value was reduced to zero. The frequency of Income Benefit Payments will remain the same as what was previously elected, as described in the Income Benefit Payments section; and b) The Allocation Options are no longer available. If an Excess Withdrawal causes the Contract Value to be zero, this Rider will terminate, and no additional Income Benefit Payments will be payable. TREATMENT OF EXCESS WITHDRAWALS Excess Withdrawals. An Excess Withdrawal will reduce the Contract Value by the amount of the withdrawal and will reduce the Income Benefit Base, Purchase Payment used in determining the Death Benefit, and Crediting Base proportionally by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal. Excess Withdrawals include withdrawals prior to the Income Benefit Payment Start Date and deductions for any applicable Surrender Charges and Market Value Adjustments. EXCESS WITHDRAWALS COULD REDUCE FUTURE BENEFITS BY MORE THAN THE DOLLAR AMOUNT OF THE EXCESS WITHDRAWALS. If a partial withdrawal is made after the Income Benefit Payment Start Date and total withdrawals in the Contract Year do not exceed the Income Benefit Payment, it will be treated as an Income Benefit Payment and the remaining Income Benefit Payment for the current Contract Year will be adjusted to reflect the withdrawal. If the partial withdrawal causes total withdrawals in a Contract Year to exceed the Income Benefit Payment, the portion of the partial withdrawal that exceeds the Income Benefit Payment will be treated as an Excess Withdrawal and no further Income Benefit Payments will be made in that Contract Year. If the Excess Withdrawal causes the Surrender Value to be less than the Minimum Surrender Value Remaining After Any Partial Withdrawal shown on the Contract Data Page, this Rider will terminate, and no additional Income Benefit Payments will be payable. REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS Required Minimum Distribution (RMD) Withdrawals. If the contract is a qualified annuity, Income Benefit Payments may be used to satisfy your RMD with respect to the contract. A withdrawal taken to satisfy RMD requirements after the Income Benefit Payment Start Date will not be treated as an Excess Withdrawal and Surrender Charges and Market Value Adjustments will not apply. The RMD requirement for the contract is calculated by the Company based on the calendar year taken. The portion of the withdrawal that is treated as an RMD may not be greater than the RMD of the current calendar year less any amount previously withdrawn. For calendar years after the Contract Value is reduced to zero due to Income Benefit Payments, any subsequent Income Benefit Payments will be treated as the RMD payments with respect to the contract. A withdrawal taken to satisfy RMD requirements prior to the Income Benefit Payment Start Date will be treated as an Excess Withdrawal. ICC25-ILVA-GLWB-RDR-A [6] ANNUITY INCOME PAYMENTS Annuity Income Payments. Upon reaching the Payout Date, unless you choose to surrender the contract, income payments will be equal to the greater of the Income Benefit Payment or the Income Payout Option elected as described in the contract. If the income payment is equal to the Income Benefit Payment, the Covered Person(s) become the Annuitant(s). Upon the death of all Annuitants, we will pay the Beneficiary an amount equal to the Contract Value immediately prior to the Payout Date less the total of the income payments paid. If the income payment is equal to the income payment under the Income Payout Option elected as described in the contract, upon the death of all Annuitants, we will pay the Beneficiary as described in the contract. INCOME BENEFIT FEE Income Benefit Fee. The Income Benefit Fee is assessed on each Contract Anniversary by multiplying the Income Benefit Fee Rate by the average daily Income Benefit Base for the prior Contract Year. The Income Benefit Fee Rate is shown on the Rider Data Page. The Income Benefit Fee will be deducted proportionally from the Contract Value in each Allocation Option. The Income Benefit Fee will be deducted prior to any other transactions on the Contract Anniversary. The Income Benefit Fee will not be treated as an Excess Withdrawal and Surrender Charges and Market Value Adjustments will not apply. The Income Benefit Fee will reduce the Contract Value by the amount of the withdrawal and will reduce the Crediting Base proportionally by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal. The Income Benefit Fee will terminate on the earliest of: a) The date the Contract Value is equal to zero; or b) The date this Rider terminates. On the date this Rider terminates, we will deduct any Income Benefit Fee that was accrued but not yet deducted as the final Income Benefit Fee. SPOUSAL CONTINUATION Spousal Continuation. If the Spouse elects to continue the contract as the new Owner, this Rider will remain in effect if the surviving Spouse is a Covered Person. If this condition is not met, this Rider will terminate. If the surviving Spouse elects to continue the contract and this Rider remains in effect, the following will occur: a) If the spousal continuation election is before the Income Benefit Payment Start Date, joint life Income Benefit Payments will not be available to the surviving Spouse, a Covered Person cannot be added, and single life option rates will be elected. b) If the spousal continuation election is after the Income Benefit Payment Start Date, we will continue to pay joint life Income Benefit Payments to the surviving Spouse as long as the surviving Spouse is living. ANNUAL REPORTS Annual Reports. We will send a report, without charge, at least annually to the last address known to the Company. The report will include the information described in the contract and, as long as this Rider is in effect, at least the following additional information: a) Before the Income Benefit Payment Start Date, the Income Benefit Base, the Income Benefit Percentage for the earliest possible Income Benefit Payment Start Date, the Income Benefit Payment for the earliest possible Income Benefit Payment Start Date, and the Income Benefit Fee; and

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ICC25-ILVA-GLWB-RDR-A [7] b) After the Income Benefit Payment Start Date, the Income Benefit Base, the Income Benefit Percentage, the Income Benefit Payment, and the Income Benefit Fee. TERMINATION OF RIDER Termination of Rider. You may voluntarily terminate this Rider on or after the Earliest Rider Voluntary Termination Date shown on the Rider Data Page. If you elect to voluntarily terminate this Rider, all rights under this Rider will terminate on the Business Day we receive your Authorized Request. This Rider will terminate automatically and all rights under this Rider will terminate upon the date any of the following occur: a) The death of all Covered Persons; b) Payment of a Death Benefit; c) All Covered Persons are removed from this Rider; d) The contract is surrendered or otherwise terminated; e) The entire Contract Value is applied to an Income Payout Option; or f) Change in assignment unless the assignee meets the qualifications specified in this Rider. Signed for MEMBERS Life Insurance Company. President

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## Ex-99.(D)(5)

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ICC25-ILVA-GLWB-RDR-B [1] [2000 Heritage Way, Waverly, Iowa 50677] Phone: [800.798.5500] [www.trustage.com/annuities] GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER Our agreement with you includes this Guaranteed Lifetime Withdrawal Benefit Rider ("Rider") and any application as a part of the contract to which it is attached. The provisions of the contract apply to this Rider unless they conflict with the Rider. If there is a conflict, the Rider provision will apply. The issue date for this Rider is shown on the Rider Data Page. Statements contained in any application for this Rider (in the absence of fraud) are considered representations and not warranties. This Rider provides a guaranteed lifetime withdrawal benefit ("GLWB") during the life of the Covered Person(s) as long as the contract and this Rider are in effect and all their terms and conditions are met. Changing the Owners or Annuitants may cause this Rider to terminate or affect the benefits of this Rider. Assignment may cause this Rider to terminate unless the new assignee meets the qualifications specified in this Rider. A change in marital status after you purchase the contract may affect the benefits of this Rider. We will assess and deduct the Income Benefit Fee until this Rider is terminated. Capitalized terms that are not defined in this Rider are defined in the contract to which this Rider is attached. RIDER GUIDE AND INDEX RIDER DATA PAGE ................................................................................................................................................. DEFINITIONS ........................................................................................................................................................ [2] COVERED PERSON(S) ..................................................................................................................................... [2] ALLOCATION OPTIONS ................................................................................................................................... [3] INCOME BENEFIT PAYMENTS ....................................................................................................................... [4] TREATMENT OF INCOME BENEFIT PAYMENT WITHDRAWALS .......................................................... [4] TREATMENT OF EXCESS WITHDRAWALS ................................................................................................. [5] REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS ............................................................................ [5] ANNUITY INCOME PAYMENTS ....................................................................................................................... [6] INCOME BENEFIT FEE ...................................................................................................................................... [6] SPOUSAL CONTINUATION .............................................................................................................................. [6] ANNUAL REPORTS ............................................................................................................................................ [6] TERMINATION OF RIDER .................................................................................................................................. [7] ICC25-ILVA-GLWB-RDR-B [2] DEFINITIONS Allocation Option Requirements. The available Allocation Options for allocating your Contract Value on or after the Income Benefit Payment Start Date. The Allocation Option Requirements as of the Contract Issue Date are shown on the Rider Data Page. Annual Increase Percentage. The percentage that is added to the Income Benefit Percentage as described on the Rider Data Page. Base Withdrawal Percentage. The Income Benefit Percentage on the Contract Issue Date as described on the Rider Data Page. Covered Person(s). The natural person(s) shown on the Rider Data Page whose Age and lifetime we base Income Benefit Payments on under this Rider. Earliest Rider Voluntary Termination Date. The date this Rider can be voluntarily terminated by Authorized Request. The Earliest Voluntary Termination Date is shown on the Rider Data Page. Eligible Person(s). The natural person(s) who can be selected as the Covered Person(s). Excess Withdrawal. The portion of a withdrawal that, when added to other withdrawals during the current Contract Year, is greater than the total Income Benefit Payment for the current Contract Year. Excess Withdrawals include withdrawals prior to the Income Benefit Payment Start Date and deductions for any applicable Surrender Charge and Market Value Adjustment. Income Benefit Base. The amount upon which the Income Benefit Payment is based. Income Benefit Fee. A fee equal to the Income Benefit Fee Rate multiplied by the average daily Income Benefit Base for the prior Contract Year. The Income Benefit Fee is assessed as long as this Rider is in effect. Income Benefit Fee Rate. The percentage used to calculate the Income Benefit Fee. The Income Benefit Fee Rate is shown on the Rider Data Page. Income Benefit Payment(s). The guaranteed lifetime withdrawal amount. Income Benefit Percentage. The percentage applied to the Income Benefit Base to determine the annual Income Benefit Payment. The Income Benefit Percentage is determined as described on the Rider Data Page. Income Benefit Payment Start Date. The date Income Benefit Payments begin. Maximum Annual Increase Period. The number of years shown on the Rider Data Page, after which no further Annual Increase Percentages will be applied. COVERED PERSON(S) Covered Person(s). The Covered Person(s) is the natural person(s) whose Age and lifetime we base Income Benefit Payments on under this Rider. You select Covered Person(s) on the Contract Issue Date and Covered Person(s) may only be added or removed as described in this Rider. If one Covered Person is selected, you have elected single life option rates. If two Covered Persons are selected, you have elected joint life option rates. An Eligible Person(s) is the natural person(s) who can be selected as the Covered Person(s). If there is a sole Owner of the contract: a) You are an Eligible Person.

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ICC25-ILVA-GLWB-RDR-B [3] b) Your spouse is an Eligible Person and the sole primary Beneficiary. c) If you select single life Income Benefit Payments, the Owner must be designated as the Covered Person. If there are Joint Owners: a) Both Owners are Eligible Persons. b) The Owners must be Spouses. c) If you select single life Income Benefit Payments, either Owner can be designated as the Covered Person. If the Owner is not a natural person: a) The Annuitant is an Eligible Person. b) The Annuitant must be designated as the Covered Person. c) A Joint Annuitant is not permissible. d) Joint life Income Benefit Payments cannot be selected. Adding a Covered Person. Before the Income Benefit Payment Start Date, you can add a Covered Person by Authorized Request if there is only one Covered Person and there has not been a spousal continuation. The added Covered Person must meet the definition of an Eligible Person. Requests to add a Covered Person must be received at least one Business Day prior to the desired Income Benefit Payment Start Date. If a Covered Person is added, the Income Benefit Payment and the Earliest Income Benefit Payment Start Date, as described on the Rider Data Page, will be determined in consideration of the new Covered Person's Age. Removing a Covered Person. Before the Income Benefit Payment Start Date, you can remove one Covered Person by Authorized Request if there are two Covered Persons and the remaining Covered Person was a Covered Person on the Contract Issue Date. Requests to remove a Covered Person must be received at least one Business Day prior to the desired Income Benefit Payment Start Date. A Covered Person will be removed automatically if the Covered Person is no longer an Owner, Joint Owner, Spouse of the Owner, or Annuitant. If this occurs, we will remove that person from this Rider, and they will no longer be a Covered Person. If at any time two Covered Persons are no longer Spouses, you must send us notice of the divorce by Authorized Request. Upon receiving such notice, we will remove the former Spouse from the contract as a Covered Person. If a Covered Person is removed and there is a remaining Covered Person, the following will occur: a) If the Covered Person was removed before the Income Benefit Payment Start Date, single life option rates will be elected. b) If the Owner is a natural person and joint life Income Benefit Payments have already started, we will continue to pay joint life Income Benefit Payments to the Owner as long as the remaining Covered Person is living. If a Covered Person is removed and there is no Covered Person remaining, this Rider will terminate, and no Income Benefit Payments will be payable. Changes to Covered Persons due to spousal continuation are described in the Spousal Continuation section. ALLOCATION OPTIONS Allocation Option Requirements for Transfers. Transfers on or after the Income Benefit Payment Start Date are subject to the Allocation Option Requirements unless this Rider is terminated. Allocation Option Requirements may be changed, which includes adding or removing available Allocation Options. We will notify you of any changes to the Allocation Option Requirements. ICC25-ILVA-GLWB-RDR-B [4] INCOME BENEFIT PAYMENTS Income Benefit Payment Start Date. Income Benefit Payments cannot begin until the Earliest Income Benefit Payment Start Date shown on the Rider Data Page. Requests to start receiving the Income Benefit Payment must be received at least one Business Day prior to the desired Income Benefit Payment Start Date. Income Benefit Payment. The annual Income Benefit Payment is equal to the Income Benefit Percentage multiplied by the Income Benefit Base. The Income Benefit Percentage is determined on the Income Benefit Payment Start Date using the Base Withdrawal Percentage and Annual Increase Percentage as described on the Rider Data Page. Income Benefit Base. The Income Benefit Base is initially equal to the Purchase Payment. On each Contract Anniversary, if the current Contract Value is greater than the current Income Benefit Base, the Income Benefit Base will be reset to equal the current Contract Value. The Income Benefit Base will be impacted by Excess Withdrawals, as described in the Treatment of Excess Withdrawals section. THE INCOME BENEFIT BASE CANNOT BE WITHDRAWN AS A LUMP SUM AND IS NOT PAYABLE AS A DEATH BENEFIT. Income Benefit Payments and Frequency. The Owner elects how to receive the Income Benefit Payments, either as monthly, quarterly, semi-annual, or annual payments. If the scheduled payment date does not fall on a Business Day, we will make the payment on the next Business Day. The Owner may withdraw the Income Benefit Payment or an amount less than the Income Benefit Payment. If an amount less than the Income Benefit Payment is withdrawn during a Contract Year, the remaining Income Benefit Payment is not available in future years. Income Benefit Payments are available during the life of the Covered Person(s) unless this Rider is terminated. Under the single life option, Income Benefit Payments will cease on the date of death of the Covered Person. Under the joint life option, Income Benefit Payments will cease on the date of death of the second Covered Person. We may require proof that the Covered Person(s) is living upon the date of any Income Benefit Payment as long as this Rider is in effect. TREATMENT OF INCOME BENEFIT PAYMENT WITHDRAWALS Treatment of Income Benefit Payment Withdrawals. Income Benefit Payments are treated as a withdrawal. Unless you instruct us otherwise, Income Benefit Payment withdrawals are taken proportionally from the Contract Value in each Allocation Option. Income Benefit Payments reduce the Contract Value and Death Benefit by the amount of the withdrawal and will reduce the Crediting Base proportionally by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal. As long as this Rider is in effect, the contract will not terminate if an Income Benefit Payment causes the Surrender Value to be less than the Minimum Surrender Value Remaining After Any Partial Withdrawal shown on the Contract Data Page. Income Benefit Payments are not subject to a Surrender Charge or Market Value Adjustment. Income Benefit Payments will count toward the Annual Free Withdrawal Amount. Fixed Account Automatic Transfer and Withdrawal Program. You may elect by Authorized Request to have your Income Benefit Payments taken from the Fixed Account. If you elect to have your Income Benefit Payments taken from the Fixed Account, we will transfer an amount up to your annual Income Benefit Payment from the Risk Control Accounts to the Fixed Account on every Contract Anniversary. Unless you instruct us otherwise, the transfer will be taken proportionally from the Risk Control Account Value in each Risk Control Account. The transfer will be taken after assessing the Income Benefit Fee. The Fixed Account automatic transfer and withdrawal program can only begin on a Contract Anniversary and on or after the Income Benefit Payment Start Date. This program can be cancelled at any time.

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ICC25-ILVA-GLWB-RDR-B [5] Misstatement of Date of Birth. If the date of birth of the Covered Person(s) is misstated, the Income Benefit Payment will be adjusted based on the correct date of birth of the Covered Person(s). Any underpayment will be added to the next payment. Any overpayment will be subtracted from future payments. No interest will be credited or charged to any underpayment or overpayment adjustments. Zero Contract Value. If an Income Benefit Payment causes the Contract Value to be zero, the following will occur: a) We will continue to pay the Income Benefit Payment until this Rider terminates. The Income Benefit Payment will be equal to the total Income Benefit Payment at the time the Contract Value was reduced to zero. The frequency of Income Benefit Payments will remain the same as what was previously elected, as described in the Income Benefit Payments section; and b) The Allocation Options are no longer available. If an Excess Withdrawal causes the Contract Value to be zero, this Rider will terminate, and no additional Income Benefit Payments will be payable. TREATMENT OF EXCESS WITHDRAWALS Excess Withdrawals. An Excess Withdrawal will reduce the Contract Value by the amount of the withdrawal and will reduce the Income Benefit Base, Purchase Payment used in determining the Death Benefit, and Crediting Base proportionally by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal. Excess Withdrawals include withdrawals prior to the Income Benefit Payment Start Date and deductions for any applicable Surrender Charges and Market Value Adjustments. EXCESS WITHDRAWALS COULD REDUCE FUTURE BENEFITS BY MORE THAN THE DOLLAR AMOUNT OF THE EXCESS WITHDRAWALS. If a partial withdrawal is made after the Income Benefit Payment Start Date and total withdrawals in the Contract Year do not exceed the Income Benefit Payment, it will be treated as an Income Benefit Payment and the remaining Income Benefit Payment for the current Contract Year will be adjusted to reflect the withdrawal. If the partial withdrawal causes total withdrawals in a Contract Year to exceed the Income Benefit Payment, the portion of the partial withdrawal that exceeds the Income Benefit Payment will be treated as an Excess Withdrawal and no further Income Benefit Payments will be made in that Contract Year. If the Excess Withdrawal causes the Surrender Value to be less than the Minimum Surrender Value Remaining After Any Partial Withdrawal shown on the Contract Data Page, this Rider will terminate, and no additional Income Benefit Payments will be payable. REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS Required Minimum Distribution (RMD) Withdrawals. If the contract is a qualified annuity, Income Benefit Payments may be used to satisfy your RMD with respect to the contract. A withdrawal taken to satisfy RMD requirements after the Income Benefit Payment Start Date will not be treated as an Excess Withdrawal and Surrender Charges and Market Value Adjustments will not apply. The RMD requirement for the contract is calculated by the Company based on the calendar year taken. The portion of the withdrawal that is treated as an RMD may not be greater than the RMD of the current calendar year less any amount previously withdrawn. For calendar years after the Contract Value is reduced to zero due to Income Benefit Payments, any subsequent Income Benefit Payments will be treated as the RMD payments with respect to the contract. A withdrawal taken to satisfy RMD requirements prior to the Income Benefit Payment Start Date will be treated as an Excess Withdrawal. ICC25-ILVA-GLWB-RDR-B [6] ANNUITY INCOME PAYMENTS Annuity Income Payments. Upon reaching the Payout Date, unless you choose to surrender the contract, income payments will be equal to the greater of the Income Benefit Payment or the Income Payout Option elected as described in the contract. If the income payment is equal to the Income Benefit Payment, the Covered Person(s) become the Annuitant(s). Upon the death of all Annuitants, we will pay the Beneficiary an amount equal to the Contract Value immediately prior to the Payout Date less the total of the income payments paid. If the income payment is equal to the income payment under the Income Payout Option elected as described in the contract, upon the death of all Annuitants, we will pay the Beneficiary as described in the contract. INCOME BENEFIT FEE Income Benefit Fee. The Income Benefit Fee is assessed on each Contract Anniversary by multiplying the Income Benefit Fee Rate by the average daily Income Benefit Base for the prior Contract Year. The Income Benefit Fee Rate is shown on the Rider Data Page. The Income Benefit Fee will be deducted proportionally from the Contract Value in each Allocation Option. The Income Benefit Fee will be deducted prior to any other transactions on the Contract Anniversary. The Income Benefit Fee will not be treated as an Excess Withdrawal and Surrender Charges and Market Value Adjustments will not apply. The Income Benefit Fee will reduce the Contract Value by the amount of the withdrawal and will reduce the Crediting Base proportionally by the ratio of the withdrawal to the Contract Value immediately prior to the withdrawal. The Income Benefit Fee will terminate on the earliest of: a) The date the Contract Value is equal to zero; or b) The date this Rider terminates. On the date this Rider terminates, we will deduct any Income Benefit Fee that was accrued but not yet deducted as the final Income Benefit Fee. SPOUSAL CONTINUATION Spousal Continuation. If the Spouse elects to continue the contract as the new Owner, this Rider will remain in effect if the surviving Spouse is a Covered Person. If this condition is not met, this Rider will terminate. If the surviving Spouse elects to continue the contract and this Rider remains in effect, the following will occur: a) If the spousal continuation election is before the Income Benefit Payment Start Date, joint life Income Benefit Payments will not be available to the surviving Spouse, a Covered Person cannot be added, and single life option rates will be elected. b) If the spousal continuation election is after the Income Benefit Payment Start Date, we will continue to pay joint life Income Benefit Payments to the surviving Spouse as long as the surviving Spouse is living. ANNUAL REPORTS Annual Reports. We will send a report, without charge, at least annually to the last address known to the Company. The report will include the information described in the contract and, as long as this Rider is in effect, at least the following additional information: a) Before the Income Benefit Payment Start Date, the Income Benefit Base, the Income Benefit Percentage for the earliest possible Income Benefit Payment Start Date, the Income Benefit Payment for the earliest possible Income Benefit Payment Start Date, and the Income Benefit Fee; and

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ICC25-ILVA-GLWB-RDR-B [7] b) After the Income Benefit Payment Start Date, the Income Benefit Base, the Income Benefit Percentage, the Income Benefit Payment, and the Income Benefit Fee. TERMINATION OF RIDER Termination of Rider. You may voluntarily terminate this Rider on or after the Earliest Rider Voluntary Termination Date shown on the Rider Data Page. If you elect to voluntarily terminate this Rider, all rights under this Rider will terminate on the Business Day we receive your Authorized Request. This Rider will terminate automatically and all rights under this Rider will terminate upon the date any of the following occur: a) The death of all Covered Persons; b) Payment of a Death Benefit; c) All Covered Persons are removed from this Rider; d) The contract is surrendered or otherwise terminated; e) The entire Contract Value is applied to an Income Payout Option; or f) Change in assignment unless the assignee meets the qualifications specified in this Rider. Signed for MEMBERS Life Insurance Company. President

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## Ex-99.(D)(6)

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ICC25-ILVA-GLWB-RDR-DP-A [1] GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER DATA PAGE CONTRACT NUMBER: [123456789] COVERED PERSON(S): [John Doe] ISSUE AGE(S): [35] CONTRACT ISSUE DATE: [November 10, 2025] OWNER(S): [John Doe] Earliest Income Benefit Payment Start Date: The [50th] birthday of the younger Covered Person or [two Business Days after the Contract Issue Date], whichever is later. Maximum Annual Increase Period: [20] years Income Benefit Fee Rate: [1.50]% Earliest Rider Voluntary Termination Date: [6] years after the Contract Issue Date. Allocation Option Requirements: Your Allocation Options for allocating your Contract Value include the following Crediting Strategies and Interest Terms: Crediting Strategy Interest Term [Floor with Participation Rate and Cap Rate] [1-Year] [Fixed Account] [1-Year] Income Benefit Percentage: The Income Benefit Percentage is determined on the Income Benefit Payment Start Date and is calculated using the following formula: Income Benefit Percentage = B + A x C, where B = Base Withdrawal Percentage. A = Annual Increase Percentage. C = [The number of whole Contract Years from the Contract Issue Date until the Income Benefit Payment Start Date], subject to the Maximum Annual Increase Period. The Base Withdrawal Percentage and Annual Increase Percentage are determined as follows: a) If there is one Covered Person, the Base Withdrawal Percentage and Annual Increase Percentage are determined based on your election of single life option rates using the Age of the Covered Person as of the Contract Issue Date. b) If there are two Covered Persons, the Base Withdrawal Percentage and Annual Increase Percentage are determined based on your election of joint life option rates using the Age of the [older] Covered Person as of the Contract Issue Date[, provided that the difference in Age between the older Covered Person and the younger Covered Person is not greater than 5 years. If the difference in Age is greater than 5 years, the Age of the younger Covered Person will be used]. Once the Income Benefit Percentage is determined, it will not change. ICC25-ILVA-GLWB-RDR-DP-A [2] Age on Contract Issue Date Base Withdrawal Percentage Annual Increase Percentage Single Life Joint Life Single Life Joint Life 21 - 44 3.00% 2.50% 0.25% 0.25% 45 4.00% 3.50% 0.25% 0.25% 46 4.15% 3.65% 0.25% 0.25% 47 4.30% 3.80% 0.25% 0.25% 48 4.45% 3.98% 0.25% 0.25% 49 4.60% 4.10% 0.25% 0.25% 50 4.75% 4.25% 0.25% 0.25% 51 4.90% 4.40% 0.25% 0.25% 52 5.05% 4.55% 0.25% 0.25% 53 5.20% 4.70% 0.25% 0.25% 54 5.35% 4.85% 0.25% 0.25% 55 5.50% 5.00% 0.30% 0.30% 56 5.60% 5.10% 0.30% 0.30% 57 5.70% 5.20% 0.30% 0.30% 58 5.80% 5.30% 0.30% 0.30% 59 5.90% 5.40% 0.30% 0.30% 60 6.00% 5.50% 0.35% 0.35% 61 6.10% 5.60% 0.35% 0.35% 62 6.20% 5.70% 0.35% 0.35% 63 6.30% 5.80% 0.35% 0.35% 64 6.40% 5.90% 0.35% 0.35% 65 6.50% 6.00% 0.40% 0.40% 66 6.60% 6.10% 0.40% 0.40% 67 6.70% 6.20% 0.40% 0.40% 68 6.80% 6.30% 0.40% 0.40% 69 6.90% 6.40% 0.40% 0.40% 70 7.00% 6.50% 0.45% 0.45% 71 7.10% 6.60% 0.45% 0.45% 72 7.20% 6.70% 0.45% 0.45% 73 7.30% 6.80% 0.45% 0.45% 74 7.40% 6.90% 0.45% 0.45% 75 7.50% 7.00% 0.50% 0.50% 76 7.55% 7.05% 0.50% 0.50% 77 7.60% 7.10% 0.50% 0.50% 78 7.65% 7.15% 0.50% 0.50% 79 7.70% 7.20% 0.50% 0.50% 80+ 7.75% 7.25% 0.55% 0.55%

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## Ex-99.(D)(7)

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ICC25-ILVA-GLWB-RDR-DP-B [1] GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER DATA PAGE CONTRACT NUMBER: [123456789] COVERED PERSON(S): [John Doe] ISSUE AGE(S): [35] CONTRACT ISSUE DATE: [November 10, 2025] OWNER(S): [John Doe] Earliest Income Benefit Payment Start Date: The [50th] birthday of the younger Covered Person or [two Business Days after the Contract Issue Date], whichever is later. Maximum Annual Increase Period: [20] years Income Benefit Fee Rate: [1.50]% Earliest Rider Voluntary Termination Date: [6] years after the Contract Issue Date. Allocation Option Requirements: Your Allocation Options for allocating your Contract Value on or after the Income Benefit Payment Start Date include the following Crediting Strategies and Interest Terms: Crediting Strategy Interest Term [Floor with Participation Rate and Cap Rate] [1-Year] [Buffer with Participation Rate and Cap Rate] [1-Year] [Fixed Account] [1-Year] Income Benefit Percentage: The Income Benefit Percentage is determined on the Income Benefit Payment Start Date and is calculated using the following formula: Income Benefit Percentage = B + A x C, where B = Base Withdrawal Percentage. A = Annual Increase Percentage. C = [The number of whole Contract Years from the Contract Issue Date until the Income Benefit Payment Start Date], subject to the Maximum Annual Increase Period. The Base Withdrawal Percentage and Annual Increase Percentage are determined as follows: a) If there is one Covered Person, the Base Withdrawal Percentage and Annual Increase Percentage are determined based on your election of single life option rates using the Age of the Covered Person as of the Contract Issue Date. b) If there are two Covered Persons, the Base Withdrawal Percentage and Annual Increase Percentage are determined based on your election of joint life option rates using the Age of the [older] Covered Person as of the Contract Issue Date[, provided that the difference in Age between the older Covered Person and the younger Covered Person is not greater than 5 years. If the difference in Age is greater than 5 years, the Age of the younger Covered Person will be used]. Once the Income Benefit Percentage is determined, it will not change. ICC25-ILVA-GLWB-RDR-DP-B [2] Age on Contract Issue Date Base Withdrawal Percentage Annual Increase Percentage Single Life Joint Life Single Life Joint Life 21 - 44 2.50% 2.00% 0.25% 0.25% 45 3.50% 3.00% 0.25% 0.25% 46 3.65% 3.15% 0.25% 0.25% 47 3.80% 3.30% 0.25% 0.25% 48 3.95% 3.45% 0.25% 0.25% 49 4.10% 3.60% 0.25% 0.25% 50 4.25% 3.75% 0.25% 0.25% 51 4.40% 3.90% 0.25% 0.25% 52 4.55% 4.05% 0.25% 0.25% 53 4.70% 4.20% 0.25% 0.25% 54 4.85% 4.35% 0.25% 0.25% 55 5.00% 4.50% 0.30% 0.30% 56 5.10% 4.60% 0.30% 0.30% 57 5.20% 4.70% 0.30% 0.30% 58 5.30% 4.80% 0.30% 0.30% 59 5.40% 4.90% 0.30% 0.30% 60 5.50% 5.00% 0.35% 0.35% 61 5.60% 5.10% 0.35% 0.35% 62 5.70% 5.20% 0.35% 0.35% 63 5.80% 5.30% 0.35% 0.35% 64 5.90% 5.40% 0.35% 0.35% 65 6.00% 5.50% 0.40% 0.40% 66 6.10% 5.60% 0.40% 0.40% 67 6.20% 5.70% 0.40% 0.40% 68 6.30% 5.80% 0.40% 0.40% 69 6.40% 5.90% 0.40% 0.40% 70 6.50% 6.00% 0.45% 0.45% 71 6.60% 6.10% 0.45% 0.45% 72 6.70% 6.20% 0.45% 0.45% 73 6.80% 6.30% 0.45% 0.45% 74 6.90% 6.40% 0.45% 0.45% 75 7.00% 6.50% 0.50% 0.50% 76 7.05% 6.55% 0.50% 0.50% 77 7.10% 6.60% 0.50% 0.50% 78 7.15% 6.65% 0.50% 0.50% 79 7.20% 6.70% 0.50% 0.50% 80+ 7.25% 6.75% 0.55% 0.55%

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## Ex-99.(D)(8)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICC24-WVRSC-END [1] [2000 Heritage Way, Waverly, Iowa 50677] Phone: [800.798.5500] [www.trustage.com/annuities] NURSING HOME OR HOSPITAL/TERMINAL ILLNESS WITHDRAWAL PRIVILEGE ENDORSEMENT GENERAL PROVISIONS Our agreement with you includes this endorsement and any application as a part of the contract to which it is attached. The provisions of the contract apply to this endorsement unless they conflict with the endorsement. If there is a conflict, the endorsement provision will apply. This endorsement is effective upon the Contract Issue Date. We will provide the benefit described in this endorsement as long as the contract and this endorsement are in effect and all their terms and conditions are met. Capitalized terms that are not defined in this endorsement are defined in the contract to which this endorsement is attached. NOTICE: This Withdrawal Privilege is not intended to provide long-term care or Nursing Home insurance. DEFINITIONS The following definitions are added to your contract: Hospital. A facility that is licensed and operated as a Hospital according to the law of the jurisdiction in which it is located. Nursing Home. A facility that is licensed and operates as a nursing facility according to the law of the jurisdiction in which it is located. Terminally Ill, Terminal Illness. A life expectancy of 12 months or less due to any illness or accident. BENEFIT The following benefit is added to your contract: We will waive the Surrender Charge and Market Value Adjustment for a partial withdrawal or full surrender subject to providing proof that one of the following conditions has occurred: Condition 1. Nursing Home or Hospital: An Owner or Annuitant has first been admitted to a licensed Nursing Home or Hospital and has been confined to such Nursing Home or Hospital for at least 90 consecutive days after the later of the Contract Issue Date or the date of change of Owner or Annuitant. As proof, we require verification of confinement in the Nursing Home or Hospital. Such verification must be signed by the administrator of the facility. We must receive your request no later than 90 days following the date that the qualifying confinement has ended. Where it can be shown that it is not reasonably possible to provide proof within the required period of time, proof must be given as soon as possible; however, in no event, except in the absence of legal capacity, may the required proof be provided later than one year after proof is otherwise required. ICC24-WVRSC-END [2] Condition 2. Terminal Illness: An Owner or Annuitant has been determined to be Terminally Ill. As proof, we require determination of the Terminal Illness. Such determination must be signed by the licensed physician making the determination after the later of the Contract Issue Date or the date of change of Owner or Annuitant. The physician may not be a member of your immediate family. The term "immediate family" includes the Owner or Annuitant or their Spouse, parents, siblings, children or stepchildren. If one of the above conditions is met: a) The proceeds will be paid in a single lump sum. b) 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. If there is a conflicting opinion between physicians, the Company's physician will rule. c) An Authorized Request is required to exercise this privilege. Proof must be provided at the time of your request for partial withdrawal or full surrender under this privilege. If we deny your claim, the surrender or partial withdrawal proceeds will not be disbursed until you are notified of the denial and provided with the opportunity to accept or reject the proceeds, which will be reduced by any Surrender Charges and Market Value Adjustment. This privilege may only be exercised one time. Termination of the Endorsement. This endorsement and all rights under it terminates on the earliest of: a) Your Authorized Request to end this endorsement; or b) The date the contract terminates; or c) When the entire Contract Value is applied to an income payout option. Termination shall not prejudice the waiver of any Surrender Charge or Market Value Adjustment while this endorsement is in force. Signed for MEMBERS Life Insurance Company. President

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## Ex-99.(E)(1)

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA-APP [1] [DOC CODE 02] [2000 Heritage Way, Waverly, Iowa 50677] Phone: [800.798.5500] [www.trustage.com/annuities] Individual Annuity Application [TruStageTM ZoneChoice Income Annuity] Single Purchase Payment Individual Deferred Index-Linked Variable Annuity 1 Plan Option[s] [Check one plan option.] [][TruStage™ ZoneChoice Income Annuity] 2 Owner(s) and Annuitant(s) Section 2A must be completed. The Owner will be the Annuitant unless an Annuitant is named in section 2B. To name a Joint Owner, complete section 2C. To name a Joint Annuitant, complete section 2D. The maximum number of Annuitants is two. To name more parties to the contract, use section [11]. Minimum age on Contract Issue Date is [21]. Maximum age on Contract Issue Date is [85]. A. Owner. Complete for a natural person Owner. Name Sex at Birth  Male  Female FIRST MI LAST Date of Birth U.S. Citizen  Yes  No Complete if the Owner is a non-natural person. This is only allowed for a non-qualified annuity type. For a trust Owner, submit [form TrustCertification(ML)]. Name of Trust Date of Trust Person Authorized to Receive Correspondence Trustee/Authorized Person Name(s) All Owners must complete. Social Security Number or Employer ID Number Daytime Phone  Cell  Other Residential Address STREET (CANNOT BE P.O. BOX) CITY STATE ZIP Mailing Address (if different) STREET OR P.O. BOX CITY STATE ZIP Email Address B. Annuitant (if other than Owner). Complete only if the Annuitant is someone other than the Owner named in section 2A. Name Sex at Birth  Male  Female FIRST MI LAST Date of Birth Relationship to Owner(s) U.S. Citizen  Yes  No Social Security Number Daytime Phone  Cell  Other Residential Address STREET (CANNOT BE P.O. BOX) CITY STATE ZIP Mailing Address (if different) STREET OR P.O. BOX CITY STATE ZIP Email Address ICC25-ILVA-APP [2] [DOC CODE 02] C. Joint Owner. Complete to name your legal Spouse as a Joint Owner. Only allowed for a natural person and a non-qualified annuity type. Name Sex at Birth  Male  Female FIRST MI LAST Date of Birth U.S. Citizen  Yes  No Social Security Number Daytime Phone  Cell  Other Residential Address STREET (CANNOT BE P.O. BOX) CITY STATE ZIP Mailing Address (if different) STREET OR P.O. BOX CITY STATE ZIP Email Address D. Joint Annuitant. Complete to name your legal Spouse as a Joint Annuitant. Only available for a non-qualified annuity type. Check to name the Joint Owner from section 2C as the Joint Annuitant:  Name Sex at Birth  Male  Female FIRST MI LAST Date of Birth Relationship to Owner(s) U.S. Citizen  Yes  No Social Security Number Daytime Phone  Cell  Other Residential Address STREET (CANNOT BE P.O. BOX) CITY STATE ZIP Mailing Address (if different) STREET OR P.O. BOX CITY STATE ZIP Email Address ________________________________________________ 3 Covered Person(s) Income benefit payments will be based on the Age and lifetime of the Covered Person(s) you select below. Check one option below based on how you completed section 2. If the Owner is a trust, no selection is needed. If one Owner is listed in section 2, check one of the following as the Covered Person(s):  Owner (single life option)  Owner and Spouse of Owner (joint life option) Spouse of Owner Name ____________________________________________________ Date of Birth __________________________ Social Security Number __________________________ Daytime Phone ______________________ Sex at Birth  Male  Female If joint owners are listed in section 2, check one of the following as the Covered Person(s):  Owner (single life option)  Joint Owner (single life option)  Owner and Spouse of Owner (joint life option) If the owner listed in section 2 is a trust, the annuitant will be the Covered Person (single life option).

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA-APP [3] [DOC CODE 02] 4 Annuity Type and Payment Source Complete sections 4A and 4B. [For SEP IRA, complete form 5305-SEP.] A. Annuity Type. Check one annuity type and complete the row for that type. Total your payment classification(s) at the bottom of this section. ANNUITY TYPE PAYMENT CLASSIFICATION  Non-qualified $ Non-1035 Exchange $1035 Exchange Individual Retirement Annuity (IRA)  Traditional IRA  Roth IRA  Simplified Employee Pension (SEP IRA) $ Rollover $ Transfer $ Current Year Contribution $ Prior Year Contribution $ Roth Conversion (For Roth IRA) Enter total Purchase Payment. Enter the total of all amounts above at the right. Minimum is [$10,000] and maximum is [$999,999 ($1,000,000+ requires prior approval)]. Make any checks payable to MEMBERS Life Insurance Company. The Purchase Payment applied will equal the actual amount received by the Company. $ B. Source(s) of Payment. This section must be completed, even if there is only one source of payment. Complete one line for each payment source. (Combining after-tax and tax-deferred dollars from qualified plan rollovers is not permitted; separate applications and contracts are required for both the after-tax dollars (Roth) and tax deferred amounts.) All sources of funds must be received before the contract will be issued. Source/Company Name Estimated Amount/Amount if by Check Existing Plan Type $$$$5 Guaranteed Lifetime Withdrawal Benefit [You must check one Guaranteed Lifetime Withdrawal Benefit. Once elected, it may not be changed] [☐] [IncomeGrowth Protection Benefit] [☐] [IncomeGrowth Performance Benefit] To start your Income Benefit Payments, if eligible, please complete form [675]. 6 Purchase Payment Allocation Complete the section below to allocate your Purchase Payment. [Use Allocation Section [A] for the [IncomeGrowth Protection Benefit] and use Section [B] for the [IncomeGrowth Performance Benefit].] Allocation percentages must total 100%. Use only 1% increments. Effective [Cap, Participation, Dual Step] and Fixed Interest rates are set by the Company at contract issue and are displayed on the Contract Data Page. [Allocation Section [A] - Complete for [IncomeGrowth Protection Benefit]] Flo or w ith P ar tic ipa tio n Ra te an d C ap R ate % Index Interest Term Floor % S&P 500 Index 1-Year Choose one:  0%  -1%  -2%  -3%  -4%  -5%  -6%  -7%  -8%  -9%  -10% % Dimensional US Small Cap Value Systematic Index 1-Year Choose one:  0%  -1%  -2%  -3%  -4%  -5%  -6%  -7%  -8%  -9%  -10% % Barclays Risk Balanced Index 1-Year Choose one:  0%  -1%  -2%  -3%  -4%  -5%  -6%  -7%  -8%  -9%  -10% Fix ed Int er es t Ra te % Fixed Account Interest Term % Fixed Account 1-Year Total % ICC25-ILVA-APP [4] [DOC CODE 02] [Allocation Section [B] - Complete for [IncomeGrowth Performance Benefit]] Flo or w ith P ar tic ipa tio n R ate an d C ap R ate % Index Interest Term Floor % S&P 500 Index 1-Year Choose one:  0%  -1%  -2%  -3%  -4%  -5%  -6%  -7%  -8%  -9%  -10% % Dimensional US Small Cap Value Systematic Index 1-Year Choose one:  0%  -1%  -2%  -3%  -4%  -5%  -6%  -7%  -8%  -9%  -10% % Barclays Risk Balanced Index 1-Year Choose one:  0%  -1%  -2%  -3%  -4%  -5%  -6%  -7%  -8%  -9%  -10% Bu ffe r w ith P ar tic ipa tio n R ate an d C ap R ate % Index Interest Term Buffer % S&P 500 Index 1-Year -10% % S&P 500 Index 1-Year -20% % S&P 500 Index 6-Year -10% % S&P 500 Index 6-Year -20% % Dimensional US Small Cap Value Systematic Index 1-Year -10% % Dimensional US Small Cap Value Systematic Index 1-Year -20% % Dimensional US Small Cap Value Systematic Index 6-Year -10% % Dimensional US Small Cap Value Systematic Index 6-Year -20% % Barclays Risk Balanced Index 6-Year -10% % Barclays Risk Balanced Index 6-Year -20% Bo os t w ith P ar tic ipa tio n R ate an d C ap Ra te % Index Interest Term Boost % S&P 500 Index 6-Year 10% % S&P 500 Index 6-Year 20% % Dimensional US Small Cap Value Systematic Index 6-Year 10% % Dimensional US Small Cap Value Systematic Index 6-Year 20% % Barclays Risk Balanced Index 6-Year 10% % Barclays Risk Balanced Index 6-Year 20% Bu ffe r w ith Du al St ep Ra te % Index Interest Term Buffer % S&P 500 Index 6-Year -10% % S&P 500 Index 6-Year -20% Fix ed Int er es t Ra te % Fixed Account Interest Term % Fixed Account 1-Year Total % [Additional Allocation Sections/Options]

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA-APP [5] [DOC CODE 02] 7 Beneficiary IM PO RT AN T IN FO RM AT IO N • List each primary Beneficiary and each contingent Beneficiary, if any, below. If the type (primary or contingent) is not checked, primary is assumed. Use section [11] or a separate signed and dated sheet of paper to list more Beneficiaries. • Death Benefit proceeds will be divided equally among the named Beneficiaries, unless indicated otherwise. • If a non-natural person is named as Owner, the non-natural person is typically named as the primary Beneficiary. • If a Joint Owner is named, the surviving Joint Owner is the automatic primary Beneficiary. List each contingent Beneficiary, if any, below. • If there is one Owner on this contract and you named your Spouse as a Covered Person in section 3, your automatic primary Beneficiary will be your Spouse and any Beneficiary you name below will be treated as a contingent Beneficiary regardless of the type checked. This automatic designation of your primary Beneficiary ensures your Spouse as a Covered Person and ensures spousal continuation of the contract upon the Owner's death. For Individual Beneficiaries: _____% Share  Primary  Contingent NAME ADDRESS  Irrevocable RELATIONSHIP DATE OF BIRTH SOCIAL SECURITY NUMBER DAYTIME PHONE __________________________ EMAIL ADDRESS _____% Share  Primary  Contingent NAME ADDRESS  Irrevocable RELATIONSHIP DATE OF BIRTH SOCIAL SECURITY NUMBER DAYTIME PHONE __________________________ EMAIL ADDRESS _____% Share  Primary  Contingent NAME ADDRESS  Irrevocable RELATIONSHIP DATE OF BIRTH SOCIAL SECURITY NUMBER DAYTIME PHONE __________________________ EMAIL ADDRESS _____% Share  Primary  Contingent NAME ADDRESS  Irrevocable RELATIONSHIP DATE OF BIRTH SOCIAL SECURITY NUMBER DAYTIME PHONE __________________________ EMAIL ADDRESS For Non-Natural Person Beneficiaries: _____% Share  Primary  Contingent NAME OF TRUST ADDRESS  irrevocable NAME OF TRUSTEE/AUTHORIZED PERSON TRUST SSN/EIN DAYTIME PHONE ICC25-ILVA-APP [6] [DOC CODE 02] 8 Replacement Information Read and answer both questions and complete all information.  Yes  No Do you have any existing life insurance policies or annuity contracts with MEMBERS Life Insurance Company or any other company? If yes, a completed Important Notice: Replacement of Life Insurance or Annuities must accompany this application if required by your state.  Yes  No Will this contract replace, discontinue or change any existing life insurance policies or annuity contracts with MEMBERS Life Insurance Company or any other company? If yes, a completed Replacement Form must accompany this application if required by your state. Company Name of Policy/Contract Being Replaced Policy/Contract Number 9 Electronic Delivery Consent This consent allows you to elect receipt of documents and notices, as permitted by law, electronically by email. By selecting "Yes" below and providing my email address, I consent to electronic delivery of correspondence, documents and notices applicable to my Contract, including: • The prospectus and any prospectus supplements; • My contract and any subsequent amendment(s), endorsement(s), or notices; • Annual reports, contract statements, and transaction confirmations; • Notices and/or disclosures that federal or state law require to be provided to you; and • Tax forms, if applicable. [I agree to obtain annual privacy notices at www.TruStage.com.] I confirm I have access to a computer with the minimum functional hardware and software necessary [(Adobe Acrobat® or other PDF-viewing software, Internet access, and an active email account)] to receive documents electronically by email, or by email notice of a document's availability on the Company website. I have the ability to retrieve and retain electronic communications that are subject to this consent, and I understand: • There is no charge for electronic delivery, although I may incur the costs of Internet access and computer usage; • I must notify the Company's Administrative Office when my email address changes; • I can request a paper copy of documents at any time for no charge; • Not all documents and notifications may be currently available in electronic format, or we may be required by law to deliver some documents in paper format by regular postal mail; • Electronic delivery consent is voluntary, can be revoked at any time, and is effective until further notice by the Company or until I revoke it. I can revoke it by contacting the Company's Administrative Office. • I am deemed to have received the correspondence or documents sent by electronic delivery. If we receive information or you inform us that you did not receive the correspondence or document(s), we will mail them to you by regular postal mail. • My signature on this Application is my confirmation of this consent. Electronic Delivery Consent:  Yes  No If election is left blank, "No" is assumed. Owner Email Joint Owner Email (if different than Owner Email) 10 Fraud Warning Any person who knowingly presents a false statement in an application for insurance may be guilty of a criminal offense and subject to penalties under state law.

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA-APP [7] [DOC CODE 02] 11 Special Instructions OPTIONAL. Please print any special instructions below for the administrative office to use when processing your application. You may also use this section to add additional Beneficiaries not listed in section 7. 12 Agreement and Signature Read and have all parties to the contract sign below. • I have read the application and represent that all statements and answers, as they pertain to me, are true and complete to the best of my knowledge and belief and are the basis for any contract issued by MEMBERS Life Insurance Company; and I understand that no information will be considered to have been given to MEMBERS Life Insurance Company unless it is stated in this application. • I understand that no Financial Professional is authorized to make, void, waive or change any conditions or provisions of the application or contract. • The USA Patriot Act requires all financial institutions, including insurance companies, to verify the identity of their customers. I understand that providing my name, address, date of birth and taxpayer identification number allows MEMBERS Life Insurance Company to verify my identity. This verification process may include the use of third party sources to verify the information provided. • I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding.  Check this box if the IRS has notified you that you are currently subject to backup withholding. • I am exempt from the Foreign Account Tax Compliance Act (FATCA) and it is not applicable. • I am a U.S. Citizen or other U.S. person. • I acknowledge that the contract I have applied for is suitable for me based on my investment objective, financial situation, and needs. In addition, if this contract will replace, change, or modify an existing policy or contract, I hereby confirm my belief that replacing my existing policy or contract is suitable, and I have considered product features, fees, and charges. • I understand that MEMBERS Life Insurance Company will have no liability until a contract is issued, delivered, and accepted by me. • I understand my contract will not be issued until the Contract Issue Date following receipt of my application by MEMBERS Life Insurance Company in good order. No interest will be credited to my Purchase Payment prior to the Contract Issue Date. • I UNDERSTAND THE VALUES PROVIDED BY THIS CONTRACT FOR ALLOCATIONS TO RISK CONTROL ACCOUNTS, PART OF OUR SEPARATE ACCOUNT, ARE NOT GUARANTEED AND MAY INCREASE OR DECREASE BASED ON THE PERFORMANCE OF THE ALLOCATION OPTIONS YOU CHOOSE. THERE IS A RISK OF LOSS, AND SUCH LOSS MAY BE GREATER IF I MAKE A WITHDRAWAL, DIE, ALLOCATE TO AN INCOME PAYOUT OPTION, OR SURRENDER BEFORE THE END OF THE INDEX TERM. GAINS MAY BE LIMITED BASED ON THE CREDITING STRATEGY AND ARE NOT GUARANTEED. WHILE CONTRACT VALUES MAY BE AFFECTED BY AN EXTERNAL INDEX OR INDICES, THE CONTRACT DOES NOT DIRECTLY PARTICIPATE IN ANY STOCK OR EQUITY INVESTMENT. THE INTERIM VALUE MAY REFLECT A NEGATIVE RETURN EVEN IF THE INDEX INCREASES, MAY REFLECT A POSITIVE RETURN EVEN IF THE INDEX DECREASES, AND MAY BE LOWER THAN THE AMOUNT AVAILABLE AT THE END OF THE INDEX TERM. • I UNDERSTAND THAT AMOUNTS WITHDRAWN OR SURRENDERED MAY BE ADJUSTED UPWARD OR DOWNWARD BASED ON A MARKET VALUE ADJUSTMENT. • By signing this application, I consent to the Company mailing only one copy of the prospectus, notices, and other contract documents per household, regardless of the number of Owners at the shared address. This consent will remain in effect unless I revoke it by notifying the Company that I want to receive separate documents. • I have received and read a copy of the Annuity Disclosure for this product, and I understand it. • If I am a Connecticut resident, I have received the Connecticut Index-Linked Annuity Disclosure applicable to my Plan Option. • If I am a Minnesota resident, I have received the Annuity Disclosure, Annuity Disclosure Supplement and Rate Sheet applicable to my Plan Option. • I understand the Annuitant has no rights of Ownership to the contract. • I ACKNOWLEDGE RECEIPT OF A CURRENT PROSPECTUS FOR THIS ANNUITY. • The IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. Signed at Signed on STATE [OF RESIDENCE] DATE SIGNATURE OF OWNER, TRUSTEE(S), AUTHORIZED PERSON(S) NAMED IN SECTION 2A DATE SIGNATURE OF JOINT OWNER NAMED IN SECTION 2C (IF ANY) DATE SIGNATURE OF ADDITIONAL TRUSTEE(S)/AUTHORIZED PERSON(S) NAMED IN SECTION 2A DATE ICC25-ILVA-APP [8] [DOC CODE 02] 13 Administrative Office FOR ADMINISTRATIVE USE ONLY. Not to be used for any change that requires the Owner's agreement in writing. 14 Financial Professional To be completed by the Financial Professional. A. Answer both questions and complete all information to the best of your knowledge and belief.  Yes  No Does the applicant(s) have any existing life insurance policies or annuity contracts with MEMBERS Life Insurance Company or any other company? If yes, a completed Important Notice: Replacement of Life Insurance or Annuities must accompany this application if required by the state.  Yes  No Will this contract replace, discontinue or change any existing life insurance policies or annuity contracts with MEMBERS Life Insurance Company or any other company? If yes, a completed Replacement Form must accompany this application if required by the state. If yes, I confirm: 1. This replacement meets the standards for replacement sales identified in MEMBERS Life Insurance Company's Statement Regarding the Acceptability of Life and Annuity Replacement Sales. 2. The following sales materials were used: If no sales materials were used, state "None." B.  Yes  No Have you reviewed the Owner's identity documents in accordance with the USA Patriot Act and recorded all necessary information as follows? 1. If Owner is a natural person:  Driver's License  Passport  Green Card  Other Photo ID LIST TYPE Card No. Expiration Date Country/State of Issue 2. If there is a Joint Owner:  Driver's License  Passport  Green Card  Other Photo ID LIST TYPE Card No. Expiration Date Country/State of Issue 3.If Owner is a trust: Country/State Where Formed Date Formed C. If the applicant(s) is an active duty member of the United States Armed Forces (including active duty military reserve personnel), I certify I have completed the proper disclosure(s). D. If sales materials were used, I certify that I have used only approved sales materials in connection with this sale and that copies of all sales materials used were left with the applicant(s). E. I have reviewed the Owner(s) investment objectives, financial situation and needs and explained how the annuity will meet their current financial needs and objectives. F. I certify that I have reviewed the Owner(s) suitability information and have determined that its proposed purchase is suitable as required under law based on information provided by the Owner(s), as applicable, including information that is reasonably appropriate to determine the suitability of my recommendation. G. I certify that I have also considered the liquidity needs of the Owner(s), along with risk tolerance and investment time horizon; I have followed my broker/dealer's suitability guidelines in the recommendation of this annuity; and I acknowledge that this application is subject to review for suitability by my broker/dealer. H. I am registered with the Financial Industry Regulatory Authority (FINRA) and state-licensed for registered annuity contracts in all required jurisdictions. I. I certify that I have truly and accurately recorded the information provided by the applicant. J. I choose the following compensation option: [ 1(T000.0)  2(T025.2)  3(T035.2)  4(T040.2)  5(T050.2)  6(T060.2)  7(T100.2)]

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&nbsp;&nbsp;&nbsp;&nbsp;ICC25-ILVA-APP [9] [DOC CODE 02] I UNDERSTAND THAT WHEN I SIGN THIS APPLICATION, I AM AGREEING TO ALL THE TERMS AND CONDITIONS APPLICABLE TO ME AS THE SERVICING AGENT FINANCIAL PROFESSIONAL. SIGNATURE OF SERVICING AGENT FINANCIAL PROFESSIONAL DATE SIGNED 5-DIGIT REP NUMBER BUSINESS PHONE PRINT FULL NAME OF SERVICING AGENT FINANCIAL PROFESSIONAL PRINT EMAIL PERCENTAGE If more than one Financial Professional is participating, please provide the additional agent information. If percentage is left blank, all Financial Professionals will receive equal shares including the Servicing Agent Financial Professional listed above. PRINT FULL NAME OF FINANCIAL PROFESSIONAL 5-DIGIT REP NUMBER PERCENTAGE PRINT FULL NAME OF FINANCIAL PROFESSIONAL 5-DIGIT REP NUMBER PERCENTAGE PRINT FULL NAME OF FINANCIAL PROFESSIONAL 5-DIGIT REP NUMBER PERCENTAGE Credit Union ID Credit Union Name 8-DIGIT CU NUMBER (IF APPLICABLE) PRINT NAME OF CU (IF APPLICABLE) Broker/Dealer ID Broker/Dealer Name B/D NUMBER PRINT NAME OF B/D General Agent ID General Agent Name GA NUMBER (IF APPLICABLE) PRINT NAME OF GA (IF APPLICABLE)

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## Ex-99.(E)(2)

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&nbsp;&nbsp;&nbsp;&nbsp;ICC24-APP-AMEND [1] [2000 Heritage Way, Waverly, Iowa 50677] Phone: [800.798.5500] [www.trustage.com/annuities] AMENDMENT TO ANNUITY APPLICATION IMPORTANT INFORMATION REGARDING YOUR CONTRACT COVERAGE Owner: [John Doe] [Contract Number: [123456789 ]] [Joint Owner: [Jane Doe] ] [Annuitant (if other than Owner): [James Doe] ] [Joint Annuitant (if other than Joint Owner): [Jimmy Doe] ] Date of Original Application: [October 1, 2024] I understand and agree that the application [and contract issued on the basis of the application] is amended as follows: Plan Option The Plan Option is [ ].  TruStageTM ZoneChoice Advantage Annuity Other – see Explanation of Variables Owner and Annuitant  The Sex at Birth of the above named [Owner/Joint Owner/Annuitant/Joint Annuitant] is [male/female].  The date of birth of the above named [Owner/Joint Owner/Annuitant/Joint Annuitant] is [date].  The [Owner/Joint Owner/Annuitant/Joint Annuitant] of this contract is [name]. Other – see Explanation of Variables. Annuity Type and Payment Source The Annuity Type is [ ].  Non-qualified;  Non-qualified Stretch  Traditional IRA  Roth IRA  Simplified Employee Pension (SEP) IRA  Inherited IRA – Traditional  Inherited IRA – Roth Other – see Explanation of Variables The Payment Classification is: [ ].  Non-1035 Exchange  1035 Exchange  Rollover  Transfer  Current Year Contribution  Prior Year Contribution  Roth Conversion Other – see Explanation of Variables The Source of Payment is [Source/Company Name], [Estimated Amount/Amount if by Check], [Existing Plan Type]. ICC24-APP-AMEND [2] Purchase Payment Allocation The Purchase Payment Allocation is as follows: [Crediting Strategy]. [Percentage] to [Allocation Option]. Floor with Participation Rate and Cap Rate Crediting Strategy  _____% S&P 500, 1-Year Interest Term, [Floor] o Floor choices: 0%, -1%, -2%, -3%, -4%, -5%, -6%, -7%, -8%, -9%, -10%  _____% Dimensional US Small Cap Value Systematic Index, 1-Year Interest Term, [Floor] o Floor choices: 0%, -1%, -2%, -3%, -4%, -5%, -6%, -7%, -8%, -9%, -10%  _____% Barclays Risk Balanced Index, 1-Year Interest Term, [Floor] o Floor choices: 0%, -1%, -2%, -3%, -4%, -5%, -6%, -7%, -8%, -9%, -10% Buffer with Participation Rate and Cap Rate Crediting Strategy  _____% S&P 500, 1-Year Interest Term, -10% Buffer  _____% S&P 500, 6-Year Interest Term, -10% Buffer  _____% S&P 500, 6-Year Interest Term, -20% Buffer  _____% Dimensional US Small Cap Value Systematic Index, 1-Year Interest Term, -10% Buffer  _____% Dimensional US Small Cap Value Systematic Index, 6-Year Interest Term, -10% Buffer  _____% Dimensional US Small Cap Value Systematic Index, 6-Year Interest Term, -20% Buffer  _____% Barclays Risk Balanced Index, 6-Year Interest Term, -10% Buffer  _____% Barclays Risk Balanced Index, 6-Year Interest Term, -20% Buffer Boost with Participation Rate and Cap Rate Crediting Strategy  _____% S&P 500, 6-Year Interest Term, 10% Protection Plus Rate  _____% S&P 500, 6-Year Interest Term, 20% Protection Plus Rate  _____% Dimensional US Small Cap Value Systematic Index, 6-Year Interest Term, 10% Protection Plus Rate  _____% Dimensional US Small Cap Value Systematic Index, 6-Year Interest Term, 20% Protection Plus Rate  _____% Barclays Risk Balanced Index, 6-Year Interest Term, 10% Protection Plus Rate  _____% Barclays Risk Balanced Index, 6-Year Interest Term, 20% Protection Plus Rate Buffer with Dual Step Crediting Strategy  _____% S&P 500, 6-Year Interest Term, -10% Buffer  _____% S&P 500, 6-Year Interest Term, -20% Buffer For the Fixed Account Crediting Strategy  _____% Fixed Account, 1-Year Interest Term Other – see Explanation of Variables

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&nbsp;&nbsp;&nbsp;&nbsp;ICC24-APP-AMEND [3] Covered Person  The covered person for the single life option is [name].  The covered persons for the joint life option are [name/name]. Incomplete Information I hereby verify that [______________] of the Application is as stated below: ------- Dictation Area -------- Signatures This Amendment is effective as of the issue date of the contract to which it is attached. I agree that the representations in this Amendment are true and complete to the best of my knowledge and belief on the date signed. Date signed: ____________________________________ (month, day, year) Signature of Owner Printed Name of Owner Signature of Joint Owner Printed Name of Joint Owner Signed for MEMBERS Life Insurance Company. President

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## Ex-99.(F)(1)

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AMENDED AND RESTATED ARTICLES OF INCORPORATION OF Sf MEMBERS LIFE INSURANCE COMPANY TO THE SECRETARY OF STATE:. OF THE STATE OF IOWA: Pursuant to Section 1007 of the Iowa Business Corporation Act, Chapter 490 of the Iowa Code \��(2011) (the "IBCA"), the undersigned corporation adopts the following Amended and Restated Articles of Incorporation. 1. 2. The name of the corporation is MEMBERS Life Insurance Company. The text of the Amended and Restated Articles of Incorporation is as follows: ARTICLE I GENERAL Section 1.1 Name. The name of the corporation is MEMBERS Life Insurance Company (the "Corporation"). Section 1.2 Offices and Registered Agent. (a) The principal place of business of the Corporation in the State of Iowa is located at 2000 Heritage Way, Waverly, Iowa 50677. (b) The Corporation's registered agent is CT Corporation System, and its registered office is located at 500 East Court Avenue, Suite 200, Des Moines, Iowa 50309. Section 1.3 Purpose. The purpose for which the Corporation is organized is the transaction of any and all lawful business for which corporations may be organized under the Iowa Business Corporation Act, Chapter 490 of the Iowa Code (2011) and Chapter 508 of the Iowa Code (2011), and successor statutory provisions, including but not limited to: (a) acting as a life insurance company pursuant to Chapter 508 of the Iowa Code (2011), and successor statutory provisions, and writing any or all of the l)ties of insurance and annuity business authorized by Chapter 508 and any other line of insurance or 9hnuity business authorized by the laws of the State of Iowa or approved by the Commissioner of lnsur�e of the State of Iowa; and (b) reinsuring and accepting reinsurance 9r\ any or all of the lines of business set forth in Section 1.3(a). Section 1.4 Duration. The Corporation shall have perpetual duration. ARTICLE II CAPITAL STOCK The aggregate number of shares of stock that the Corporation is authorized to issue is one thousand (1,000) shares of common stock, with a par value of five thousand ($5,000) per share. The common stock shall have unlimited voting rights and shall be entitled to the net assets of the Corporation upon dissolution. ARTICLE Ill BOARD OF DIRECTORS All corporate powers shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be managed by or under the direction of, the Board of Directors. The number of directors shall be not less than five (5) nor more than fifteen (15) members, with the actual number of Cs, members as determined in accordance with the bylaws of the Corporation. �

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## Ex-99.(F)(2)

BYLAWS
OF
MEMBERS LIFE INSURANCE COMPANY
(an Iowa Stock Life Insurance Corporation)
(hereinafter referred to as the "Corporation")

ARTICLE I
OFFICES

The principal office of the Corporation in the state of Iowa shall be as provided in the Amended and Restated Articles of Incorporation (the "Articles"). The Corporation may have such other offices, either within or without the state of Iowa, as the business of the Corporation from time to time requires.

ARTICLE II
REGISTERED OFFICE AND AGENT

The registered agent and office of the Corporation are set forth in the Articles. The registered agent or registered office, or both, may be changed by resolution of the Board of Directors or by the registered agent.

ARTICLE III
SHAREHOLDERS

Section 3.1 Annual Meeting. The annual meeting of the shareholders for the election of directors and for the transaction of such other business as may properly come before the meeting shall be held at such place (either within or without the state of Iowa), time and date as the Board of Directors shall fix, provided that if no such date is fixed, then such meeting shall be held on the first Monday in the month of June in each year at a time and place designated by the Board of Directors.

Section 3.2 Special Meetings. Special meetings of the shareholders, for the consideration of such matters as may be named in the call for such meetings called by the President or the Board of Directors, and shall be called by the Board of Directors upon the written demand, signed, dated and delivered to the Secretary, of the holders of at least ten (10) percent of all the votes entitled to be cast on any issue proposed to be considered at the meeting. Such written demand shall state the purpose or purposes for which such meeting is to be called. The time, date and place of any special meeting shall be determined by the Board of Directors or by the President. Unless otherwise provided in the Articles, a written demand for a special meeting may be revoked by a writing to that effect received by the Corporation prior to the receipt by the Corporation of demands sufficient in number to require the holding of a special meeting.

Section 3.3 Notice of Meeting. Notice of the place, date and time of all meetings of shareholders and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be communicated not fewer than ten (10) days nor more than sixty (60) days before the date of the meeting to each shareholder entitled to vote at such meeting. Notice may be communicated in person, by mail, or other method of delivery, or by telephone, voice mail, or other electronic means. Attendance at any meeting in person or by proxy shall constitute a waiver of notice of such meeting.

Section 3.4 Voting and Proxies. Each shareholder may vote at any meeting of the shareholders either in person or by proxy filed with the Secretary at or before such meeting. An appointment of a proxy is valid for eleven (11) months from the date of its execution, unless a longer period is expressly provided in the appointment form. Shareholders shall be entitled to one vote for each share of stock standing in his or her name on the records of the Corporation. The affirmative vote of the holders of at least a majority of the votes cast by the shareholders voting at the meeting shall be required for approval of all actions required by law to be approved by the shareholders.

Adopted 12/10/2015

Section 3.5 Quorum. A majority of the outstanding shares of stock entitled to be voted,

represented either in person or by proxy, shall be necessary to constitute a quorum, but less than a quorum may adjourn from time to time as it may desire, without notice other than by announcement at the meeting, until the holders of the number of shares of stock requisite to constitute a quorum shall be present in person or by proxy. At such adjourned meeting at which a quorum shall be present, any business may be transacted that might have been transacted at the meeting as originally provided in the notices.

Section 3.6 Conduct of Meeting. The President, and in his or her absence, a Vice President in the order provided under Section 5.6 hereof, and in their absence, any person chosen by a majority of the shareholders present, shall call the meeting of the shareholders to order and shall act as chairperson of the meeting. The Secretary of the Corporation shall act as secretary of all meetings of the shareholders, but, in the absence of the Secretary, the presiding officer may appoint any other person to act as secretary of the meeting.

Section 3.7 Unanimous Consent without Meeting. Any action required or permitted to be taken at a meeting of the shareholders may be taken without a meeting if consent in writing setting forth the action so taken shall be signed and dated by all of the shareholders entitled to vote with respect to the subject matter thereof, and are delivered to the Corporation for filing within the Corporation's records. Written consents may be delivered to the Corporation by electronic transmission. A written consent may be revoked by a writing to that effect received by the Corporation prior to the receipt by the Corporation of unrevoked written consents sufficient in number to take the corporate action.

# ARTICLE IV BOARD OF DIRECTORS

Section 4.1 Qualifications and General Powers. The business and affairs of the Corporation shall be managed and controlled by a Board of Directors consisting of not less than five (5) nor more than fifteen (15), with the specific number to be determined from time to time by resolution of the Board of Directors. The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or to execute and deliver any instrument in the name and on behalf of the Corporation, and such authority may be general or confined to specific instances.

Section 4.2 Term and Vacancies. Each director shall hold office until the next succeeding annual meeting of shareholders and until his or her successor shall have been elected and qualified, or until his or her death, resignation or removal. Vacancies in the Board of Directors may be filled by the shareholders at any regular meeting of shareholders or at any special meeting called for that purpose.

Section 4.3 Resignation and Removal. Any director of the Corporation may resign at any time by delivering written notice to the Board of Directors or the Corporation. A resignation is effective when the notice is delivered unless the notice specifies a later effective date. A director shall be subject to removal, with or without cause, at a meeting of the shareholders called for that purpose in the manner prescribed by law.

Section 4.4 Annual Meeting. Immediately after the final adjournment of each annual meeting of the shareholders for the election of directors, the Board of Directors shall meet, at the same place where said meeting of shareholders finally adjourned, for the purpose of the election of officers and the transaction of other business. Such meeting may be held at any other time or place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Directors or in a consent and waiver of notice thereof signed by all the directors, at which meeting the same matters shall be acted upon as is above provided.

Section 4.5 Regular Meetings. Regular meetings of the Board of Directors shall be held at such place and at such times as the Board of Directors shall by resolution fix and determine from time to time. No notice shall be required for any such regular meeting of the board.

Bylaws - MEMBERS Life Insurance Company

Section 4.6 Special Meetings. The President may call a special meeting of the Board of Directors at any time, and shall call such a meeting upon request of a majority of the members of the Board of Directors.

Section 4.7 Notice: Waiver. Notice of each meeting of the Board of Directors (unless otherwise provided in or pursuant to Section 4.5) shall be given to each director not less than twenty-four

Page 2

(24) hours prior to the meeting by giving oral, telephone or written notice to a director in person, or by telegram, or not less than three (3) days prior to a meeting by delivering or mailing notice to the business address or such other address as a director shall have designated in writing and filed with the Secretary. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Whenever any notice whatsoever is required to be given to any director of the Corporation under the Articles or these Bylaws or any provision of the Iowa Business Corporation Act, a waiver thereof in writing, signed at any time, whether before or after the time of meeting, by the director entitled to such notice, shall be deemed equivalent to the giving of such notice. The Corporation shall retain any such waiver as part of the permanent corporate records. The attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting and objects thereat to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.

## Section 4.8 Quorum

A quorum of the Board of Directors consists of a majority of the number of directors determined in accordance with Section 4.1. A director may participate in any meeting by any means of communication, including, but not limited to telephone conference call, by which all directors participating may simultaneously hear each other during the meeting, and a director participating in a meeting by such means is deemed to be present in person at the meeting. If at any meeting of the Board of Directors there be less than a quorum present, a majority of the directors present may adjourn the meeting from time to time until a quorum shall be present.

## Section 4.9 Manner of Acting

The affirmative vote of a majority of the directors present at a meeting of the Board of Directors or a committee thereof at which a quorum is present shall be the act of the Board of Directors or such committee, as the case may be, unless the Iowa Business Corporation Act, the Articles or these Bylaws require the vote of a greater number of directors.

## Section 4.10 Conduct of Meetings

The President, and in his or her absence, a Vice President in the order provided under Section 5.6, and in their absence, any director chosen by a majority of the directors present, shall call meetings of the Board of Directors to order and shall act as chairperson of the meeting. The Secretary of the Corporation shall act as secretary of all meetings of the Board of Directors, but, in the absence of the Secretary, the presiding officer may appoint any other person present to act as secretary of the meeting. Minutes of any regular or special meeting of the Board of Directors shall be prepared and distributed to each director.

## Section 4.11 Unanimous Consent without Meeting

Any action required or permitted to be taken at a meeting of the Board of Directors may be taken without a meeting if consent in writing setting forth the action so taken shall be signed and dated by all of the directors entitled to vote with respect to the subject matter thereof, and are delivered to the Corporation for filing within the Corporation's records. Written consents may be delivered to the Corporation by electronic transmission. A written consent may be revoked by a writing to that effect received by the Corporation prior to the receipt by the Corporation of unrevoked written consents sufficient in number to take the corporate action.

## Section 4.12 Committees

The Board of Directors by resolution adopted by the affirmative vote of a majority of all of the directors then in office may create one or more committees, appoint members of the Board of Directors to serve on the committees and designate other members of the Board of Directors to serve as alternates. If an Audit Committee is required under the National Association of Insurance Commissioners' Model Audit Rule, the Board of Directors by the affirmative vote of a majority of all of the

Bylaws - MEMBERS Life Insurance Company
Page 3

directors then in office may appoint members of the board of directors of the parent holding company, CUNA Mutual Holding Company to serve on the Audit Committee. Each committee shall have two (2) or more members who shall, unless otherwise provided by the Board of Directors, serve at the pleasure of the Board of Directors. A committee may be authorized to exercise the authority of the Board of Directors, except that a committee may not do any of the following: (a) authorize distributions; (b) approve or propose to shareholders action that the Iowa Business Corporation Act requires to be approved by shareholders; (c) fill vacancies on the Board of Directors or, unless the Board of Directors provides by resolution that vacancies on a committee shall be filled by the affirmative vote of the remaining committee members, on any Board committee; (d) amend the Corporation's Articles; (e) adopt, amend or repeal Bylaws; (f) approve a plan of merger not requiring shareholder approval; (g) authorize or approve reacquisition of shares, except according to a formula or method prescribed by the Board of Directors; and (h) authorize or approve the issuance or sale or contract for sale of shares, or determine the designation and relative rights, preferences and limitations of a class or series of shares, except that the Board of Directors may authorize a committee to do so within limits prescribed by the Board of Directors.

Unless otherwise provided by the Board of Directors in creating the committee, a committee may employ counsel, accountants and other consultants to assist it in the exercise of its authority.

# ARTICLE V
## OFFICERS

Section 5.1 General. The principal officers of the Corporation shall be the President, Secretary, and Treasurer as elected by the Board of Directors. Other officers and assistant officers may be elected or appointed by the President as he or she may deem necessary. Any two (2) or more offices may be held by the same person.

Section 5.2 Election and Term of Office. The principal officers of the Corporation shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after the annual meeting of the shareholders. If the election of principal officers shall not be held at such meeting, such election shall be held as soon thereafter as is convenient. Each principal officer shall hold office until his or her successor shall have been duly elected or until his or her death, resignation or removal.

Section 5.3 Resignation and Removal. An officer may resign at any time by delivering notice to the Secretary or the Board of Directors. A resignation is effective when the notice is delivered unless the notice specifies a later effective time. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the Corporation will be served thereby, but such removal shall be without prejudice to the contractual rights, if any, of the person so removed. Any officer appointed by the President may be removed by the President whenever in his or her judgment the best interests of the Corporation will be served. Election or appointment shall not of itself create contractual rights.

Section 5.4 Vacancies. A vacancy in any principal office because of death, resignation, removal, disqualification or otherwise shall be filled by the Board of Directors for the unexpired portion of the term.

Section 5.5 President. The President shall be the principal executive officer of the Corporation and shall have the additional title of Chief Executive Officer. He or she shall be subject to the direction of the Board of Directors, in general supervise and control all of the business and affairs of the Corporation. The President shall, when present, preside at all meetings of the shareholders and of the Board of Directors. He or she shall have authority, subject to such rules as may be prescribed by the Board of Directors, to appoint such agents and employees of the Corporation as he or she shall deem necessary, to prescribe their powers, duties and compensation, and to delegate authority to them. Such agents and employees shall hold office at the discretion of the President. He or she shall have authority to sign, execute and acknowledge, on behalf of the Corporation, all deeds, mortgages, bonds, stock certificates, contracts, leases, reports and all other documents or instruments necessary or proper to be executed in the course of the Corporation's regular business, or which shall be authorized by resolution of the Board of Directors; and, except as otherwise provided by law or the Board of Directors, he or she may authorize any Vice President or other officer or agent of the Corporation to sign, execute and

Bylaws - MEMBERS Life Insurance Company

Page 4

acknowledge such documents or instruments in his or her place and stead. In general, he or she shall perform all duties incident to the office of President and such other duties as may be prescribed by the Board of Directors from time to time.

Section 5.6 Vice Presidents. The President shall appoint Vice Presidents who shall be appointed as deemed appropriate for the conduct of the affairs of the Corporation for such term of office as may be designated or without designated term of office, subject to removal at will or by appointment of a successor in office. These Vice Presidents shall perform such duties and have such authority as may be assigned from time to time by the President. In the absence of the President or in the event of the President's death, inability or refusal to act, or in the event for any reason it shall be impracticable for the President to act personally, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their appointment) shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. Any Vice President may sign, with the Secretary or Assistant Secretary, certificates for shares of the Corporation; and shall perform such other duties and have such authority as from time to time may be delegated or assigned to him or her by the President or by the Board of Directors. The execution of any instrument of the Corporation by any Vice President shall be conclusive evidence, as to third parties, of his or her authority to act in the stead of the President.

Section 5.7 Secretary. The Secretary shall: (a) keep minutes of the meetings of the shareholders and of the Board of Directors (and of committees thereof) in one or more books provided for that purpose (including records of actions taken by the shareholders or the Board of Directors (or committees thereof) without a meeting); (b) authenticate records of the Corporation and see that all notices are duly given in accordance with the provisions of these Bylaws or as required by the Iowa Business Corporation Act; (c) be custodian of the corporate records and of the seal of the Corporation and see that the seal of the Corporation is affixed to all documents the execution of which on behalf of the Corporation under its seal is duly authorized; (d) maintain a record of the shareholders of the Corporation, in a form that permits preparation of a list of the names and addresses of all shareholders, by class or series of shares and showing the number and class or series of shares held by each shareholder; (e) sign with the President, or a Vice President, certificates for shares of the Corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the Corporation; and (g) in general perform all duties incident to the office of Secretary and have such other duties and exercise such authority as from time to time may be delegated or assigned by the President or by the Board of Directors.

Section 5.8 Treasurer. The Treasurer shall: (a) have charge and custody of and be responsible for all funds and securities of the Corporation; (b) maintain appropriate accounting records; (c) receive and give receipts for monies due and payable to the Corporation from any source whatsoever, and deposit all such monies in the name of the Corporation in such banks, trust companies or other depositaries as shall be selected in accordance with the provisions of Section 8.7; and (d) in general perform all of the duties incident to the office of Treasurer and have such other duties and exercise such other authority as from time to time may be delegated or assigned by the President or by the Board of Directors. If required by the Board of Directors, the Treasurer shall give a bond for the faithful discharge of his or her duties in such sum and with such surety or sureties as the Board of Directors shall determine.

Section 5.9 Assistant Secretaries and Treasurers. There shall be such number of Assistant Secretaries and Assistant Treasurers as the President may from time to time authorize. The Assistant Secretaries may sign with the President, or a Vice President, certificates for shares of the Corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The Assistant Treasurers shall respectively, if required by the President, give bonds for the faithful discharge of their duties in such sums and with such sureties as the President shall determine. The Assistant Secretaries and Assistant Treasurers, in general, shall perform such duties and have such authority as shall from time to time be delegated or assigned to them by the Secretary or the Treasurer, respectively, or by the President.

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# ARTICLE VI
## DIVIDENDS

The directors may, in accordance with the provisions of these Bylaws, declare dividends out of the profits of the Corporation at such times and in such manner as the Board may from time-to-time designate and as may lawfully be done. Such dividends shall not come out of the contributed capital or contributed surplus of the Corporation.

# ARTICLE VII
## SHARES, THEIR ISSUANCE AND TRANSFER

Section 7.1 Consideration for Shares. The Board of Directors may authorize shares to be issued for consideration consisting of any tangible or intangible property or benefit to the Corporation, including cash, promissory notes, services performed, contracts for services to be performed, or other securities of the Corporation. Before the Corporation issues shares, the Board of Directors must determine that the consideration received or to be received for shares to be issued is adequate.

Section 7.2 Certificates for Shares. Every shareholder of the Corporation shall be entitled to a certificate or certificates, to be in such form as the Board of Directors shall prescribe, certifying the number and class of shares of the Corporation owned by such shareholder.

Section 7.3 Execution of Certificates. The certificates for shares of stock shall be numbered in the order in which they shall be issued and shall be signed by the President or a Vice President and the Secretary or an Assistant Secretary of the Corporation. The signatures of the President or Vice President and the Secretary or Assistant Secretary upon a certificate may be facsimiles if the certificate is countersigned by a transfer agent, or registered by a registrar, other than the Corporation itself or an

employee of the Corporation. In case any officer who has signed or whose facsimile signature has been placed upon such certificate for the Corporation shall have ceased to be such officer before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer or employee or agent at the date of its issue.

Section 7.4 Share Record. A record shall be kept by the Secretary, or by any other officer, employee or agent designated by the Board of Directors, of the names and addresses of all shareholders and the number and class of shares held by each represented by such certificates and the respective dates thereof and in case of cancellation, the respective dates of cancellation.

Section 7.5 Cancellation. Every certificate surrendered to the Corporation for exchange or transfer shall be cancelled, and no new certificate or certificates shall be issued in exchange for any existing certificate until such existing certificate shall have been so cancelled, except in cases provided in Section 7.8 of these Bylaws.

Section 7.6 Transfers of Stock. Transfers of shares of the capital stock of the Corporation shall be made only on the books of the Corporation by the record holder thereof, or by his or her attorney thereunto authorized by power of attorney duly executed and filed with the Secretary of the Corporation, and on surrender of the certificate or certificates for such shares properly endorsed and the payment of all taxes thereon. The person in whose name shares of stock stand on the books of the Corporation shall be deemed the owner thereof for all purposes as regards the Corporation; provided, however, that whenever any transfer of shares shall be made for collateral security, and not absolutely, such fact, if known to the Secretary of the Corporation, shall be so expressed in the entry of transfer.

Section 7.7 Regulations. The Board of Directors may make such other rules and regulations as it may deem expedient, not inconsistent with law, concerning the issue, transfer and registration of certificates for shares of the stock of the Corporation.

Section 7.8 Lost, Destroyed, or Mutilated Certificates. In the event of the loss, theft or destruction of any certificate of stock, another may be issued in its place pursuant to such regulations

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as the Board of Directors may establish concerning proof of such loss, theft or destruction and concerning the giving of a satisfactory bond or bonds of indemnity.

## ARTICLE VIII
DELEGATIONS OF AUTHORITY

Section 8.1 Policy Contracts. The President, the Secretary and such additional officers as may be authorized by the Board of Directors or the President shall have authority to execute all policies of insurance or contracts for annuities on behalf of the Corporation.

Section 8.2 Agency Contracts. The President, the Secretary and such additional officers or any other employees as may be authorized by the Board of Directors or designated in writing by the President shall have authority to execute agency contracts and related agreements on behalf of the Corporation.

Section 8.3 Statutory Agents. The President, the Secretary and such additional officers as may be authorized by the Board of Directors or the President are authorized to appoint statutory agents of the Corporation and to execute powers of attorney in evidence thereof, authorizing such statutory agents to accept service of process against the Corporation, to execute any and all papers and to comply with all applicable requirements of law in order to qualify the Corporation to do business in any state, territory, district, country or jurisdiction and to take any other action on behalf of the Corporation necessary or proper to be taken in compliance with law or with rules or regulations of the supervisory authorities in order to qualify the Corporation to do business.

Section 8.4 Contracts. The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Corporation, and such authorization may be general or confined to specific instances.

Section 8.5 Loans. No loans shall be contracted on behalf of the Corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.

Section 8.6 Checks, Drafts, etc. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation, shall be signed by the President or such other officer or officers, agent or agents of the Corporation and in such manner as shall from time to time be determined by the President or by resolution of the Board of Directors.

Section 8.7 Deposits. All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositaries as may be selected by or under the authority of a resolution of the Board of Directors.

Section 8.8 Voting Stock in Other Corporations. Stock held by the Corporation in another corporation shall be voted by the President of the Corporation unless the Board of Directors shall by resolution designate another officer to vote such stock, and, unless the Board of Directors shall by resolution direct how such stock shall be voted, the President of the Corporation or other designated officer shall vote the same in his or her discretion for the best interests of the Corporation.

# ARTICLE IX
## INDEMNIFICATION

Section 9.1. Definitions. All capitalized terms used in this Article IX and not otherwise hereinafter defined in this Section 9.1 shall have the meaning set forth in Section 490.850 of the Iowa Business Corporation Act. The following capitalized terms (including any plural forms thereof) used in this Article IX shall be defined as follows:

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(a) "Affiliate" shall include, without limitation, any corporation, partnership, joint venture, employee benefit plan, trust or other enterprise that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Corporation.

(b) "Authority" shall mean the entity selected by the Director or Officer to determine his or her right to indemnification in accordance with these Bylaws.

(c) "Board" shall mean the entire then elected and serving board of directors of the Corporation, including all members thereof who are Parties to the subject Proceeding or any related Proceeding.

(d) "Breach of Duty" shall mean the Director or Officer breached or failed to perform his or her duties to the Corporation and his or her breach of or failure to perform those duties is determined, in accordance with these Bylaws, to constitute any of the following: (i) a transaction from which the Director or Officer received a financial benefit to which the Director or Officer is not entitled; (ii) an intentional infliction of harm on the Corporation or the shareholders; (iii) a violation of Section 490.833 of the Iowa Business Corporation Act; or (iv) an intentional violation of criminal law.

(e) "Corporation," as used herein and as defined in the Statute and incorporated by reference into the definitions of certain other capitalized terms used herein, shall mean this Corporation, including, without limitation, any successor corporation or entity to this Corporation by way of merger, consolidation or acquisition of all or substantially all of the assets of this Corporation.

(f) "Director or Officer" shall have the meaning set forth in the Statute; provided, that for purposes of this Article IX, it shall be conclusively presumed that any Director or Officer serving as a director, officer, partner, trustee, member of any governing or decision-making committee, employee or agent of an Affiliate shall be so serving at the request of the Corporation.

(g) "Disinterested Quorum" shall mean a quorum of the Board who are not Parties to the subject Proceeding or any related Proceeding.

(h) "Party" shall have the meaning set forth in the Statute; provided, that, for purposes of this Article IX, the term "Party" shall also include any Director or Officer or employee of the Corporation who is or was a witness in a Proceeding at a time when he or she has not otherwise been formally named a Party thereto.

(i) "Proceeding" shall have the meaning set forth in the Statute; provided, that, for purposes of this Article IX, the term "Proceeding" shall also include (i) all Proceedings brought before an Authority or otherwise to enforce rights hereunder; (ii) any appeal from a Proceeding; and (iii) any

Proceeding in which the Director or Officer is a plaintiff or petitioner because he or she is a Director or Officer; provided, however, that any such Proceeding under this subsection (iii) must be authorized by a majority vote of a Disinterested Quorum.

(j) “Statute” shall mean Sections 490.850 through 490.858, inclusive, of the Iowa Business Corporation Act, as the same shall then be in effect, including any amendments thereto, but, in the case of any such amendment, only to the extent such amendment permits or requires the Corporation to provide broader indemnification rights than the Statute permitted or required the Corporation to provide prior to such amendment.

Section 9.2 Indemnification. To the fullest extent permitted or required by the Statute, the Corporation shall indemnify a Director or Officer against all Liabilities incurred by or on behalf of such Director or Officer in connection with a Proceeding in which the Director or Officer is a Party because he or she is a Director or Officer.

Section 9.3 Procedural Requirements.

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(a) A Director or Officer who seeks indemnification under Section 9.2 shall make a written request therefore to the Corporation. Subject to Section 9.3(b), within sixty (60) days of the Corporation's receipt of such request, the Corporation shall pay or reimburse the Director or Officer for the entire amount of Liabilities incurred by the Director or Officer in connection with the subject Proceeding (net of any Expenses previously advanced pursuant to Section 9.5).

(b) No indemnification shall be required to be paid by the Corporation pursuant to Section 9.2 if:

(i) The indemnification is for liability in connection with a proceeding by or in the right of the Corporation against the Director, except for reasonable expenses incurred in connection with the proceeding provided a determination is made in accordance with this Article IX that the Director did not engage in misconduct constituting a Breach of Duty; or

(ii) The indemnification is for liability in connection with a proceeding by or in the right of the Corporation against the Officer other than for reasonable expenses incurred in connection with the proceeding; or

(iii) The indemnification is in connection with any proceeding 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; or

(iv) Within the sixty-day period referenced in Section 9.3(a), (i) a Disinterested Quorum, by a majority vote thereof, determines that the Director or Officer requesting indemnification engaged in misconduct constituting a Breach of Duty or (ii) a Disinterested Quorum cannot be obtained.

(c) In either case of nonpayment pursuant to Section 9.3(b)(iv), the Board shall immediately authorize by resolution that an Authority, as provided in Section 9.4, determine whether the Director's or Officer's conduct constituted a Breach of Duty and, therefore, whether indemnification should be denied hereunder.

(d) (i) If the Board does not authorize an Authority to determine the Director's or Officer's right to indemnification hereunder within such sixty-day period and/or (ii) if indemnification of the requested amount of Liabilities is paid by the Corporation, then it shall be conclusively presumed for all purposes that a Disinterested Quorum has affirmatively determined that the Director or Officer did not engage in misconduct constituting a Breach of Duty and, in the case of subsection (i) above (but not subsection (ii)), indemnification by the Corporation of the requested amount of Liabilities shall be paid to the Director or Officer immediately.

Section 9.4 Determination of Indemnification.

(a) If the Board authorizes an Authority to determine a Director's or Officer's right to

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indemnification pursuant to Section 9.3, then the Director or Officer requesting indemnification shall have the absolute discretionary authority to select one of the following as such Authority:

(i) The Board, pursuant to and in accordance with Section 490.855(2)(a) of the Statute;

(ii) Special legal counsel, pursuant to and in accordance with Section 490.855(2)(b) of the Statute;

(iii) A court pursuant to and in accordance with Section 490.854 of the Statute.

(b) In any such determination by the selected Authority there shall exist a rebuttable presumption that the Director's or Officer's conduct did not constitute a Breach of Duty and that indemnification against the requested amount of Liabilities is required. The burden of rebutting such a presumption by clear and convincing evidence shall be on the Corporation or such other party asserting that such indemnification should not be allowed.

(c) The Authority shall make its determination within sixty (60) days of being selected and shall submit a written opinion of its conclusion simultaneously to both the Corporation and the Director or Officer.

(d) If the Authority determines that indemnification is required hereunder, the Corporation shall pay the entire requested amount of Liabilities (net of any Expenses previously advanced pursuant to Section 9.5), including interest thereon at a reasonable rate, as determined by the Authority, within ten (10) days of receipt of the Authority's opinion; provided, that, if it is determined by the Authority that a Director or Officer is entitled to indemnification against Liabilities incurred in connection with some claims, issues or matters, but not as to other claims, issues or matters, involved in the subject Proceeding, the Corporation shall be required to pay (as set forth above) only the amount of such requested Liabilities as the Authority shall deem appropriate in light of all of the circumstances of such Proceeding.

(e) The determination by the Authority that indemnification is required hereunder shall be binding upon the Corporation regardless of any prior determination that the Director or Officer engaged in a Breach of Duty.

(f) All Expenses incurred in the determination process under this Section 9.4 by either the Corporation or the Director or Officer, including, without limitation, all Expenses of the selected Authority, shall be paid by the Corporation.

## Section 9.5 Mandatory Allowance of Expenses.

(a) The Corporation shall pay or reimburse from time to time or at any time, within ten (10) days after the receipt of the Director's or Officer's written request therefore, the reasonable Expenses of the Director or Officer as such Expenses are incurred; provided, the following conditions are satisfied:

(i) The Director or Officer furnishes to the Corporation an executed written certificate affirming his or her good faith belief that he or she has not engaged in misconduct which constitutes a Breach of Duty; and

(ii) The Director or Officer furnishes to the Corporation an unsecured executed written agreement to repay any advances made under this Section 9.5 if it is ultimately determined by an Authority that he or she is not entitled to be indemnified by the Corporation for such Expenses pursuant to Section 9.4.

(b) If the Director or Officer must repay any previously advanced Expenses pursuant to this Section 9.5, such Director or Officer shall not be required to pay interest on such amounts.

## Section 9.6 Indemnification and Allowance of Expenses of Certain Others.

(a) The Board may, in its sole and absolute discretion as it deems appropriate, pursuant to a majority vote thereof, indemnify a director or officer of an Affiliate (who is not otherwise serving as a Director or Officer) against all Liabilities, and shall advance the reasonable Expenses, incurred by such director or officer in a Proceeding to the same extent hereunder as if such director or officer incurred such Liabilities because he or she was a Director or Officer, if such director or officer is a Party thereto because he or she is

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(c) The Board may, in its sole and absolute discretion as it deems appropriate, pursuant to a majority vote thereof, indemnify (to the extent not otherwise provided in Section 9.6(b) hereof) against Liabilities incurred by, and/or provide for the allowance of reasonable Expenses of, an employee or authorized agent of the Corporation acting within the scope of his or her duties as such and who is not otherwise a Director or Officer.

Section 9.7 Insurance. The Corporation may purchase and maintain insurance on behalf of a Director or Officer or any individual who is or was an employee or authorized agent of the Corporation against any Liability asserted against or incurred by such individual in his or her capacity as such or arising from his or her status as such, regardless of whether the Corporation is required or permitted to indemnify against any such Liability under this Article IX.

Section 9.8 Notice to the Corporation. A Director, Officer or employee shall promptly notify the Corporation in writing when he or she has actual knowledge of a Proceeding which may result in a claim of indemnification against Liabilities or allowance of Expenses hereunder, but the failure to do so shall not relieve the Corporation of any liability to the Director, Officer or employee hereunder unless the Corporation shall have been irreparably prejudiced by such failure (as determined, in the case of Directors and Officers only, by an Authority selected pursuant to Section 9.4(a)).

Section 9.9 Severability. If any provision of this Article IX shall be deemed invalid or inoperative, or if a court of competent jurisdiction determines that any such provisions contravene public policy, this Article IX shall be construed so that the remaining provisions shall not be affected, but shall remain in full force and effect, and any such provisions which are invalid or inoperative or which contravene public policy shall be deemed, without further action or deed by or on behalf of the Corporation, to be modified, amended and/or limited, but only to the extent necessary to render the same valid and enforceable; it being understood that it is the Corporation's intention to provide the Directors and Officers with the broadest possible protection against personal liability allowable under the Statute.

Section 9.10 Nonexclusivity. The rights of a Director, Officer or employee (or any other person) granted under this Article IX shall not be deemed exclusive of any other rights to indemnification against Liabilities or allowance of Expenses which the Director, Officer or employee (or such other person) may be entitled to under any written agreement, Board resolution, vote of shareholders of the Corporation or otherwise, including, without limitation, under the Statute. Nothing contained in this Article IX shall be deemed to limit the Corporation's obligations to indemnify against Liabilities or allow Expenses to a Director, Officer or employee under the Statute.

Section 9.11 Contractual Nature: Repeal or Limitation of Rights. This Article IX shall be deemed to be a contract between the Corporation and each Director, Officer and employee of the Corporation and any repeal or other limitation of this Article IX or any repeal or limitation of the Statute or any other applicable law shall not limit any rights of indemnification against Liabilities or allowance of Expenses then existing or arising out of events, acts or omissions occurring prior to such repeal or limitation, including, without limitation, the right to indemnification against Liabilities or allowance of Expenses for Proceedings commenced after such repeal or limitation to enforce this Article IX with regard to acts, omissions or events arising prior to such repeal or limitation.

# ARTICLE X
## MISCELLANEOUS PROVISIONS

Section 10.1 Facsimile and Electronic Signatures. In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in the Bylaws, facsimile and electronic signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board of Directors. An "electronic signature" is any electronic symbol or process attached to or logically associated with a document sent by electronic transmission and executed or adopted by a person with the intent to sign such document. "Electronic signature" includes (a) a unique password or unique identification assigned to a person by the Corporation; (b) a person's typed name attached to or part of an electronic transmission sent by or from a source authorized by such person such as an e-mail address provided by

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such person as that person's e-mail address; (c) a person's facsimile signature; and (d) any other form of electronic signature approved by the Board of Directors.

Section 10.2 Electronic Transmissions. "Electronic transmission" or "electronically transmitted" means any process of communication not directly involving the physical transfer of paper that is suitable for the retention, retrieval, and reproduction of information by the recipient. Notice by electronic transmission is written notice. Notices and written consents may be given by electronic transmission. Each written consent given by electronic transmission shall contain an electronic signature of the person giving such written consent.

Section 10.3 Fiscal Year. The fiscal year of the Corporation shall be from and include the first day of January through the last day of December.

Section 10.4 Corporate Seal. The Board of Directors may adopt, use and, at will, alter a corporate seal. Failure to affix a seal does not affect the validity of any instrument. This corporate seal may be used in facsimile form.

# ARTICLE XI
## AMENDMENTS

Section 11.1 By Shareholders. These Bylaws may be amended or repealed and new bylaws may be adopted by the shareholders at any annual or special meeting of the shareholders at which a quorum is in attendance.

Section 11.2 By Directors. Except as otherwise provided by the Iowa Business Corporation Act or the Articles, these Bylaws may also be amended or repealed and new bylaws may be adopted by the Board of Directors by affirmative vote of a majority of the number of directors present at any meeting at which a quorum is in attendance; provided, however, that the shareholders in adopting, amending or repealing a particular bylaw may provide therein that the Board of Directors may not amend, repeal or readopt that bylaw.

Section 11.3 Implied Amendments. Any action taken or authorized by the shareholders or by the Board of Directors which would be inconsistent with the Bylaws then in effect, but which is taken or authorized by affirmative vote of not less than the number of shares or the number of directors required to amend the Bylaws so that the Bylaws would be consistent with such action shall be given the same effect as though the Bylaws had been temporarily amended or suspended so far, but only so far, as is necessary to permit the specific action so taken or authorized.

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## Ex-99.(G)(1)

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AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT by and between MEMBERS Life Insurance Company (referred to as the "Company") and CMFG Life Insurance Company (referred to as the "Reinsurer") Effective as ofJanumy 1, 2019 I

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## Ex-99.(G)(2)

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## Ex-99.(G)(2)(A)

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1 AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT 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 _February 4, 2021__ 2 AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT THIS AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT (this "Agreement") is effective as of February 4, 2021, 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 three separate reinsurance agreements covering registered index annuity products being issued by the Company and expect that additional reinsurance agreements will be needed as other new products are developed and introduced by the Company; and, WHEREAS, the Company and Reinsurer believe it will benefit both parties if all the registered index annuity products are covered by a single reinsurance agreement that clarifies what covered policies are and have been reinsured and provides a consistent set of duties and obligations for all of the covered policies ; 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: ARTICLE I DEFINITIONS Section 1.1 Definitions. 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

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3 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 February 4, 2021. "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; provided, however, 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. 4 "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). "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,

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5 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 3.1(b) hereof. "VSA Earnings Credit" shall have the meaning set forth in Section 3.3 hereof. "VSA Payable Liability" shall have the meaning set forth in Section 3.4 hereof. "VSA Valuation Adjustment" shall have the meaning set forth in Section 3.2 hereof. Section 1.2 Interpretation. When a reference is made in this Agreement to a Section, Article or Schedule, such reference shall be to a Section, Article or Schedule of this Agreement unless otherwise indicated or unless the context shall otherwise require. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The definitions of terms in this Agreement shall be applicable to both the plural and the singular forms of the terms defined when either such form is used in this Agreement. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." The words "hereof, "herein" and "hereunder" and other words of similar import, refer to this Agreement as a whole and not to any particular Article, Section, subsection, paragraph or clause. Whenever the last day for the exercise of any right or the discharge of any duty under this Agreement falls on other than a Business Day, the party having such right or duty shall have until the next Business Day to exercise such right or discharge such duty. Unless otherwise indicated, the word "day" shall be interpreted as a calendar day. References to a Person are also to its permitted successors and assigns. ARTICLE II BASIS OF REINSURANCE Section 2.1 Coinsurance and Modified Coinsurance. 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 Amended and Restated Coinsurance and Modified Coinsurance Agreement shall supersede and replace the Coinsurance Agreement dated January 1, 2013, as amended, (covering the MEMBERS Zone Annuity Contract), The MEMBERS Horizon Coinsurance and Modified 6 Coinsurance Agreement dated November 1, 2015 , as amended,(covering the MEMBERS Horizon and MEMBERS Horizon II Annuity Contracts) and the Coinsurance Agreement dated August 19, 2019, 2019 (covering The CUNA Mutual Group Zone Income Annuity Contract) Section 2.2 Follow the Fortunes. 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 Territory The reinsurance provided under this Agreement shall be coextensive with the territory of the Policies reinsured hereunder. Section 2.4 Information 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. ARTICLE III VARIABLE SEPARATE ACCOUNTS Section 3.1 Variable Separate Account s (VSA). (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 VSA Valuation Adjustment. A valuation adjustment of a VSA will be computed by the Company in accordance with the provisions of Schedule 3.2 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 VSA Earnings Credit. 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 Schedule 3.3. 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 VSA Payable Liability. 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 Schedule 3.4. The Reinsurer will set up a corresponding account receivable on its statutory books equal to the VSA Payable Liabilities.

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7 ARTICLE IV RISK CONTROL SEPARATE ACCOUNTS AND DECLARED RATE SEPARATE ACCOUNTS 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 Risk Control Separate Account and Declared Rate Separate Account Premiums. 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 Schedule 4.2 (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. ARTICLE V PAYMENTS Section 5.1 Payments. 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- sharing 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. 8 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 Reinsurer's Payment Obligation. 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 Payments. All payments pursuant to this Agreement shall be made in U.S. dollars and immediately available funds. ARTICLE VI ACCOUNTINGS Section 6.1 Quarterly Accountings. 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; provided, however, 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 parties 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 Schedule 6.1 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 Quarterly Payments. 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

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9 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 Offset Rights. 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. ARTICLE VII POLICY ADMINISTRATION Section 7.1 Policy Administration. 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 Record Keeping. 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 Certain Changes. 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 Changes to Policies. 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. 10 ARTICLE VIII OVERSIGHTS Section 8.1 Oversights. 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. ARTICLE IX REGULATORY APPROVAL Section 9.1 Regulatory Approval. 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 Savings Clause. 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. ARTICLE X DISPUTE RESOLUTION Section 10.1 Arbitration. 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. ARTICLE XI INSOLVENCY Section 11.1 Insolvency of Company. 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 statutory

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11 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. ARTICLE XII DURATION Section 12.1 Term. 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 Runoff Coverage. 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 Recapture. The Policies are not eligible for recapture by the Company except upon the mutual agreement of the Company and the Reinsurer. ARTICLE XIII CREDIT FOR REINSURANCE Section 13.1 Credit for Reinsurance. (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 Iowa Insurance Division. ARTICLE XIV DAC Tax Section 14.1 Party. The term "party" will refer to either contracting company as appropriate. 12 Section 14.2 Other Terms. 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 DAC Tax Election. The parties to this Agreement agree to make the election set forth below pursuant to Section 1.848-2(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). ARTICLE XV SERVICE OF SUIT 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. ARTICLE XVI GENERAL PROVISIONS Section 16.1 Notices. 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:

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13 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 Successors and Assigns. This Agreement and related documents cannot be assigned by either party without the prior written consent of the other 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 Execution in Counterparts. 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 Entire Agreement. 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 Regulatory Approval of Amendments. 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 Governing Law. This Agreement and related documents shall be governed by and construed in accordance with the laws of the State of Iowa. Section 16.7 Severability. 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 No Third Party Beneficiaries. 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 Compliance with Applicable Laws. 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] 14 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representative. MEMBERS LIFE INSURANCE COMPANY By: ______________________________ Name: Brian Borakove Title: Senior Vice President Date: _______________________________ CMFG LIFE INSURANCE COMPANY By: _______________________________ Name: Laureen A. Winger Title: Executive Vice President and Chief Financial Officer Date: ____________________________ S C H E D U L E A Laureen A Winger 03/09/2021 03/09/2021

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15 SCHEDULE A (Covered Policies) MEMBERS Zone Annuity MEMBERS Horizon Variable Annuity MEMBERS Horizon II Variable Annuity CUNA Mutual Group Zone Income Annuity CUNA Mutual Group ZoneChoice Annuity 16 SCHEDULE 3.2 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)

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17 SCHEDULE 3.3 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(1) + D(2) + D(3) 18 SCHEDULE 3.4 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)

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19 . \*A pass-through security or unleveraged CMO class Derivatives Derivatives will primarily be limited to those hedging liability risks. Risks hedged would primarily be the equity market related guarantees of the Members Life Annuity Contracts but can also include rate and credit oriented exposures generally related to liability reserves. 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. SCHEDULE 5 4.2 INVESTMENT GUIDELINES Investment Guidelines for CMFG Life Insurance Company Risk Control Separate Accounts and Declared Rate Separate Accounts Broad Asset Class Asset Class Minimum Maximum Near Risk-Free 4% 100% Cash Government 0% 1% 100% 100% Agency MBS\* 3% 40% Corporate 20% 80% Public – Investment Grade 20% 80% Private – Investment Grade 0% 20% High Yield 0% 10% Other Credit 0% 30% Municipal 0% 5% Mortgage Loan 0% 25% Structured Credit 3% 25% ABS 0% 20% CMBS 0% 20% CLO 0% 20% RMBS 0% 5% Equity or Near-Equity 0% 5% Real Estate 0% 0% Alternative – Mezzanine 0% 5% Alternative – Private Equity 0% 5% Public Equity 0% 5% 20 Transfer restrictions 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. Borrowing to Support the Separate Accounts Assets of the Separate Accounts may be used to collateralize borrowing in order to meet short-term liquidity needs of the Separate Accounts. Use of Funding Agreements 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. Securities Lending 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. Effective: January 1, 2019

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21 SCHEDULE 6.1 FORM OF QUARTERLY STATEMENT 1. 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. 1 (a) + 1 (b) + 1 (c) + 1 (d) + 1 (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: 1 (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. 22 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

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## Ex-99.(G)(2)(B)

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SECOND AMENDMENT TO AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT THIS SECOND AMENDMENT TO AMENDED AND RESTATED COINSURANCE and MODIFIED COINSURANCE AGREEMENT ("Amendment") effective as of 23, November 2021 amends the AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT effective February 4, 2021 (the "Agreement") by and between MEMBERS LIFE INSURANCE COMPANY (the "Company") and CMFG LIFE INSURANCE COMPANY ("Reinsurer"). WHEREAS, the parties wish to amend the terms of the Agreement to revise the investment guidelines attached to the Agreement to: clarify which investments constitute Alternative investments and to and adjust certain asset class limits to better align with the CMFG Life Investment policy. NOW THEREFORE, in consideration of the premises and the mutual covenants contained hereinafter, the parties hereto intending to be legally bound agree to amend the Agreement as follows: Article I Amendment to the Agreement 1.1 Amendment to Schedule 4.2 Exhibit A, The investment guidelines attached as Schedule 4.2 to the Agreement are hereby replaced in their entirety with the investment guidelines attached hereto. IN WITNESS WHEREOF, the parties have caused the Second Amendment to Coinsurance Agreement to be executed by their duly authorized representatives and to be effective on the date first set forth above. MEMBERS LIFE INSURANCE COMPANY CMFG LIFE INSURANCE COMPANY By:_____________________________ By:___________________________ Print Name: Brian J. Borakove______ Print Name: Laureen Winger_________ Title: Senior Vice President _________ Title: EVP, Chief Financial Officer_ Date:_________________________ Date:____________________________ 11/29/2021 Laureen Winger 11/30/2021 Exhibit A . \*A pass-through security or unleveraged CMO class Derivatives Derivatives will primarily be limited to those hedging liability risks. Risks hedged would primarily be the equity market related guarantees of the Members Life Annuity Contracts but can also include rate and credit oriented exposures generally related to liability reserves. 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. SCHEDULE 4.2 INVESTMENT GUIDELINES Investment Guidelines for CMFG Life Insurance Company Risk Control Separate Accounts and Declared Rate Separate Accounts Broad Asset Class Asset Class Minimum Maximum Near Risk-Free 0% 100% Cash Government -0% 0% 100% 100% Agency MBS\* 0% 40% Corporate 20% 80% Public – Investment Grade 20% 80% Private – Investment Grade 0% 20% High Yield 0% 10% Other Credit 0% 30% Municipal 0% 10% Mortgage Loan 0% 25% Structured Credit 3% 25% ABS 0% 20% CMBS 0% 20% CLO 0% 20% RMBS 0% 5% Equity or Near-Equity 0% 15% Real Estate 0% 5% Alternative – Income 0% 7% Alternative – MOIC 0% 7% Public Equity 0% 5%

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Alternatives 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. Transfer restrictions 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. Borrowing to Support the Separate Accounts Assets of the Separate Accounts may be used to collateralize borrowing in order to meet short-term liquidity needs of the Separate Accounts. Use of Funding Agreements 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. Securities Lending 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. Applicability of Guidelines to New Products 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: 11/23/2021

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## Ex-99.(G)(2)(C)

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THIRD AMENDMENT TO AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT THIS THIRD AMENDMENT TO AMENDED AND RESTATED COINSURANCE and MODIFIED COINSURANCE AGREEMENT ("Amendment") effective as of ___, ________ 2022 amends the AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT effective February 4, 2021 (the "Agreement") by and between MEMBERS LIFE INSURANCE COMPANY (the "Company") and CMFG LIFE INSURANCE COMPANY ("Reinsurer"). WHEREAS, the parties wish to amend the terms of the Agreement to revise the investment guidelines attached to the Agreement to: clarify which investments constitute Alternative investments and to and adjust certain asset class limits to better align with the CMFG Life Investment policy. NOW THEREFORE, in consideration of the premises and the mutual covenants contained hereinafter, the parties hereto intending to be legally bound agree to amend the Agreement as follows: Article I Amendment to the Agreement 1.1 Amendment to Schedule 4.2 Exhibit A, The investment guidelines attached as Schedule 4.2 to the Agreement are hereby replaced in their entirety with the investment guidelines attached hereto. IN WITNESS WHEREOF, the parties have caused the Second Amendment to Coinsurance Agreement to be executed by their duly authorized representatives and to be effective on the date first set forth above. MEMBERS LIFE INSURANCE COMPANY CMFG LIFE INSURANCE COMPANY By:_____________________________ By:___________________________ Print Name: Brian J. Borakove______ Print Name: Laureen Winger_________ Title: Senior Vice President _________ Title: EVP, Chief Financial Officer_ Date:_________________________ Date:____________________________ 10th October Electronically Signed 2022-10-13 15:54:00 UTC - 62.172.72.145 Nintex AssureSign® fdf34a51-3b7e-4bd5-961f-af2d00f6aad9 Electronically Signed 2022-10-13 18:59:03 UTC - 68.113.145.163 Nintex AssureSign® 1960e5ae-44da-4a69-b043-af2d00f6aade Laureen Winger 10/13/202210/13/2022 1 . \*A pass-through security or unleveraged CMO class Derivatives 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. SCHEDULE 5 4.2 INVESTMENT GUIDELINES Investment Guidelines for CMFG Life Insurance Company Risk Control Separate Accounts and Declared Rate Separate Accounts Broad Asset Class Asset Class Minimum Maximum Near Risk-Free 0% 100% Cash Government -- 0% 100% 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%

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2 Alternatives 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. Transfer restrictions 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. Borrowing to Support the Separate Accounts Assets of the Separate Accounts may be used to collateralize borrowing in order to meet short-term liquidity needs of the Separate Accounts. Use of Funding Agreements 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. Securities Lending 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. Applicability of Guidelines to New Products 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:10/10/2022

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## Ex-99.(G)(2)(D)

![](g2d_fourthamendmentcmfgl001.jpg)

FOURTH AMENDMENT TO AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT THIS FOURTH AMENDMENT TO AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT ("Amendment") effective April ___, 2023 amends the AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT effective February 4, 2021 (the "Agreement") between MEMBERS LIFE INSURANCE COMPANY and CMFG LIFE INSURANCE COMPANY. WHEREAS, the parties wish to amend the terms of the Agreement to revise the names of the policies attached to the Agreement to update them to reflect changes associated with the branding changes. 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 CMFG LIFE INSURANCE COMPANY By: By: Print Name: Print Name: Title: Title: Date: Date: 17 Laureen WingerBrian Borakove EVP, Chief Financial OfficerSenior Vice President Electronically Signed 2023-04-25 21:05:01 UTC - 96.58.131.172 Nintex AssureSign® d66a5cdc-6f5d-4b7f-aa43-afef01200575 Laureen Winger 04/25/2023 Electronically Signed 2023-04-25 17:54:30 UTC - 208.91.239.10 Nintex AssureSign® 0a9f00de-0748-4b47-9a33-afef0120057a 04/25/2023 SCHEDULE A COVERED POLICIES MEMBERS® Zone Annuity MEMBERS® Horizon Variable Annuity TruStage™ Horizon II Annuity TruStage™ Zone Income Annuity TruStage™ ZoneChoice Annuity

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## Ex-99.(G)(2)(E)

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March 12, 2025

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## Ex-99.(G)(4)

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## Ex-99.(P)(1)

**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 Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| TruStage™ ZoneChoice Income Annuity | 333- |

---

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 17 day of June, 2025.

/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 Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| TruStage™ ZoneChoice Income Annuity | 333- |

---

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 17 day of June, 2025.

/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 Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| TruStage™ ZoneChoice Income Annuity | 333- |

---

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 17 day of June, 2025.

/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 Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| TruStage™ ZoneChoice Income Annuity | 333- |

---

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 17 day of June, 2025.

/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 Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| TruStage™ ZoneChoice Income Annuity | 333- |

---

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 17 day of June, 2025.

/s/Abigail 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 Life Insurance Company**

**1933 Act File Numbers**

---

| | |
|:---|:---|
| **Product Name** | **1933 Act File Number**<br>**(New N-4)**<br>|
| TruStage™ ZoneChoice Income Annuity | 333- |

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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 17 day of June, 2025.

/s/Tammy L. Schultz

_________________________________

Tammy L. Schultz