Document:

<Page>

                                                                  EXHIBIT 10.(l)

                               SERVICES AGREEMENT

     This Services Agreement ("Agreement") is made this 1st day of January,
2001, by and between Aetna Insurance Company of America, an insurance company
organized and existing under the laws of the state of Florida and the affiliated
insurance companies specified in Exhibit B hereto.

                                    RECITALS

     WHEREAS, the parties are affiliates under the common control of ING Groep,
N.V.; and

     WHEREAS, each party possesses certain resources, including experienced
personnel, facilities and equipment, which enables it to provide certain
administrative, management, professional, advisory, consulting and other
services to the others ("Services"); and

     WHEREAS, each party desires from time to time to perform certain Services
on behalf of, and receive certain Services from, the others, as described with
particularity in Exhibit A attached hereto; and

     WHEREAS, each party contemplates that such an arrangement will achieve
operating economies, synergies and expense savings, and improve services to the
benefit of its policyholders or contractholders; and

     WHEREAS, the parties wish to identify the Services to be provided, to
provide a method for identifying the charges to be assessed and the compensation
to be paid for the Services, and to assure that all charges for the Services are
reasonable and in accordance with the laws and regulations of the states in
which each of them is domiciled;

     NOW, THEREFORE, in consideration of these premises and of the mutual
promises set forth herein, and intending to be legally bound hereby, the parties
agree as follows:

     1.    SERVICES.

           (a) Subject to the terms, conditions, and limitations of this
Agreement, the party providing a service hereunder ("Service Provider") will
perform for the party requesting a service hereunder ("Company") such of the
Services described in Exhibit A, attached hereto and incorporated herein by this
reference, as the Company may from time to time request.

           (b) The Service Provider shall employ all operating and management
personnel necessary to provide the Services required by this Agreement. The
Service Provider shall also maintain such facilities and equipment, as it deems
reasonably necessary in order to provide the Services required by the Agreement.
Subject to the terms (including any limitations and restrictions) of any
applicable software or hardware licensing agreement then in effect between the
Service Provider and any licensor, the Service Provider shall, upon termination
of this

                                        1
<Page>

Agreement, grant to the Company a perpetual license, without payment of
any fee, in any electronic data processing software developed or used by the
Service Provider in connection with the Services provided to the Company, if
such software is not commercially available and is necessary, in the Company's
reasonable judgment, for the Company to perform the functions provided by the
Service Provider hereunder after termination of this Agreement.

           (c) The parties agree that all documents, reports, records, books,
files and other materials relative to the Services performed for the Company
under this Agreement shall be the sole property of the Company. The Service
Provider shall keep and maintain or cause to be kept and maintained full and
complete documentation and records related to the Services provided including
the accounting necessary to support charges for Services. The Service Provider
shall maintain custody of said documentation and records and shall make them
available to the Company and the appropriate insurance regulator of the Company
upon request.

     2.    CHARGES FOR SERVICES.

           (a) It is the intention of the parties that the charges for the
Services provided under this Agreement be determined in accordance with fair and
reasonable standards and that no party realize a profit nor incur a loss as a
result of the Services rendered pursuant to this Agreement.

           (b) The Company agrees to reimburse the Service Provider for all
direct costs incurred on behalf of the Company and for all indirect costs, which
may be charged to the Company as follows:

               (i)  "Direct Costs" include costs incurred by the Service
Provider for Services provided directly to the Company, including but not
limited to: (a) All costs incident to any employee or employees who are employed
in rendering Services to the Company, such as salary, payroll taxes, and
benefits and (b) the cost of other reasonable and necessary business expenses
incurred by employees who are employed in rendering Services to the Company such
as training, travel and lodging. Direct Costs shall be charged in accordance
with reasonable functional cost studies and/or other information and
methodologies used by the Service Provider for internal cost distribution
including, where appropriate, an analysis of time spent by each employee
providing Services to the Company and/or the percentage of administrative
systems utilized. Data for this analysis will be collected through tracking of
unit costs of Services, through time studies conducted periodically, or through
other methods consistent with customary insurance accounting practices
consistently applied. Annually, the bases for determining direct costs shall be
modified and adjusted by mutual agreement of the Service Provider and the
Company, where necessary or appropriate, to fairly and equitably reflect the
actual cost incurred by the Service Provider on behalf of the Company.

               (ii) "Indirect Costs" include all other costs incurred by the
Service Provider in rendering Services to the Company, including but not
limited to the cost of rent or depreciation of office space, utilities,
office equipment, and supplies utilized by employees who are employed in
rendering Services to the Company. Indirect costs shall be charged to the
Company based on the proportion of total direct costs chargeable to the
Company under subparagraph (i), herein. In other words, if the direct costs
chargeable to the Company represents 20% of the Service

                                        2
<Page>

Provider's total direct costs, then 20% of the Service Provider's indirect
costs will be charged to the Company.

           (c) The charges for Direct Costs and Indirect Costs referred to above
shall be made by the Service Provider on a monthly, quarterly or annual basis as
appropriate for the particular Service. Charges paid by any party to the Service
Provider may be net of charges for Direct and Indirect Costs charged by such
party as Service Provider to the other party.

           (d) In the event the Service Provider or the Company should discover
upon review of its accounting by its internal auditors, independent auditor, any
state insurance department, or other regulatory agency, that an amount charged
for Services provided hereunder was erroneous, the party discovering the error
will give prompt notice of such error to the affected party under this
Agreement. Such notice shall contain a description of the accounting error,
corrective action and supporting documentation. Any amounts owing, as a result
of the correction shall be paid within sixty (60) days after notice has been
given.

           (e) The Company stall have the right to inspect and audit, upon
reasonable notice to the Service Provider, all books and records of the Service
Provider related to the provision of the Services so as to verify the accuracy
of all expenses reimbursed under this Agreement.

     3.    TERM.

           This Agreement shall be effective on the first day of January, 2001,
and shall end on the 31st day of December, 2001. This Agreement shall be
automatically renewed on the first day of each calendar year thereafter for a
twelve-month period under the same terms and conditions, subject to the
provisions for termination set forth herein.

     4.    TERMINATION.

           This Agreement may be terminated by the Service Provider or by the
Company by providing thirty (30) days' written notice to that effect addressed
to the other party. Any Services provided following the date of termination
which, by their nature, continue after termination shall be provided under the
same terms and conditions which prevailed at the time of such notice.

     5.    STANDARD OF SERVICE.

           The Service Provider shall perform the Services in a competent and
professional manner according to standards agreed upon by the Service Provider
and the Company. The Service Provider agrees that it will exercise due diligence
to abide by and comply with all laws, statutes, rules, regulations, and orders
of any governmental authority in the performance of its Services under this
Agreement. The Service Provider will conduct its business and perform its
obligations in a manner which will not cause the possible revocation or
suspension of the Company's Certificate(s) of Authority or cause the Company to
sustain any fines, penalties, or other disciplinary action of any nature
whatsoever.

                                        3
<Page>

     6.    LIMITATION OF AUTHORITY.

           The Company shall retain ultimate control and responsibility for all
Services that it has delegated to the Service Provider under this Agreement. In
no event shall the Services involve control of the management of the business
and affairs of the Company. The Service Provider shall provide Services
hereunder as an independent contractor, and shall act hereunder so as to assure
the separate operating identity of the Company. While rendering Services to the
Company pursuant to this Agreement, the Service Provider, its officers and
employees shall not at any time or for any purpose be considered agents of the
Company unless otherwise expressly agreed to by the parties. Under no
circumstances shall the Services provided pursuant to this Agreement be deemed
to be those of a third party administrator pursuant to any applicable state
statutes.

     7.    INDEMNIFICATION.

           (a) The Company hereby agrees to indemnify, defend and hold harmless
the Service Provider, its officers, directors and employees, from and against
any and all claims, demands, losses, liabilities, actions, lawsuits and other
proceedings, judgements and awards, and costs and expenses (including reasonable
attorneys' fees), arising directly or indirectly, in whole or in part out of any
action taken by the Service Provider within the scope of its duties or authority
hereunder, excluding only such of the foregoing as result from the negligence or
willful acts or omissions of the Service Provider, its officers, directors,
agents and employees. The provisions of this section shall survive termination
of this Agreement.

           (b) The Service Provider hereby agrees to indemnify, defend and hold
harmless the Company and its officers, directors and employees from and against
any and all claims, demands, losses, liabilities, action, lawsuits and other
proceedings, judgments and awards, fines and penalties, and costs and expenses
(including reasonable attorneys' fees), arising directly or indirectly, in whole
or in part, out of the negligence or any willful act or omission of the Service
Provider or of any of its officers, directors, agents or employees, in
connection with this Agreement or the performance of the Service Provider's
Services hereunder, or out of any action taken by the Service Provider beyond
the scope of the Service Provider's duties or authority hereunder. The
provisions of this section shall survive termination of this Agreement.

     8.    NOTICES.

           All notices, requests, and communications required or permitted under
this Agreement shall be in writing and deemed given when addressed to the
applicable address set forth in Exhibit B attached hereto and (i) delivered by
hand to an officer of the other party, (ii) deposited with the U.S. Postal
Service, as first-class certified or registered mail, postage prepaid, or (iii)
deposited with an overnight courier. Any notice of a change of address shall be
given in the same manner.

                                        4
<Page>

     9.    COOPERATION.

           Each party to this Agreement shall cooperate with the other party,
and with appropriate governmental authorities (including, without limitation,
the Securities and Exchange Commission, the National Association of Securities
Dealers and state insurance regulators) and shall permit such authorities
reasonable access to its books and records in connection with any investigation
or inquiry relating to this Agreement or the transactions contemplated hereby.

     10.   ARBITRATION.

           Any controversy or claim arising out of or relating to this
Agreement, or the breach thereof, shall be settled by arbitration in accordance
with the Rules of the American Arbitration Association, and judgment upon the
award maybe entered in any Court having jurisdiction thereof.

     11.   WAIVER.

           No waiver of any provision of this Agreement shall be deemed, or
shall constitute, waiver of any other provision, whether or not similar, nor
shall any waiver constitute a continuing waiver. No waiver shall be binding
unless executed in writing by the party making the waiver. Failure of any party
to exercise or delay in exercising any right or power granted under this
Agreement shall not operate as a waiver of any such right or power.

     12.   MISCELLANEOUS.

           This Agreement may not be assigned by either party without the prior
written consent of the other party. This Agreement constitutes the entire
agreement of the parties hereto. This Agreement may be amended only by a written
instrument executed by both parties. If any portion of this Agreement is invalid
under any applicable statute or rule of law, it shall not affect the remainder
of this Agreement which shall remain valid and binding. This Agreement shall be
binding on the parties, their legal representatives and successors. This
Agreement shall be construed in accordance with and governed by the laws of the
state in which the Services are provided, without regard to principles of
conflict of laws.

     13.   COUNTERPARTS.

           This Agreement may be executed in separate counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

                                        5
<Page>

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first above written.

                            AETNA INSURANCE COMPANY OF AMERICA

                            By:     /s/ Deborah Koltenuk
                                   --------------------------------------------
                            Name:   Deborah Koltenuk
                            Title:  Vice President and Corporate Controller

                                        6
<Page>

                                LIST OF EXHIBITS

A-1  Underwriting and New Business Processing Services

A-2  Licensing and Contracting Services

A-3  Policyowner and Claims Processing Services

A-4  Actuarial Services

A-5  Information Services

A-6  Legal, Risk Management and Compliance Services

A-7  Human Resource Services

A-8  Marketing and Sales Promotion Services

A-9  Tax Services

A-10 Reinsurance Management and Administration Services

A-11 Management Services

A-12 Printing, Record, File, Mail and Supply Services

A-13 Financial Management Services for Retail Products

A-14 Pricing, Trading, Performance Reporting and Accounting Services for
     Variable Products

B    Addresses for Notices

                                        7
<Page>

                                   Exhibit A-1

                Underwriting and New Business Processing Services

Services related to underwriting and new business processes including, but not
limited to:

1.   Underwriting and risk consulting services.

2.   Analysis of underwriting standards.

3.   Assistance and advice in the development of appropriate underwriting
     standards in accordance with all laws and regulations of the Company's
     state.

4.   Perform underwriting in accordance with Company guidelines.

5.   Provide medical and/or technical support and advice to underwriting.

6.   Approve for issue all applications which meet underwriting criteria.

7.   Process all approved applications and issue and deliver policies to
     policyholders.

8.   Financial and other reporting in connection with underwriting and new
     business processing.

                                        8
<Page>

                                   Exhibit A-2

                       Licensing and Contracting Services

Services related to producer licensing and contracting including, but not
limited to:

     1.   Assist with pre-appointment investigations of producers.

     2.   Administer producer licenses, contracts and producer compensation and
          maintain a computer database for license and contract status.

                                        9
<Page>

                                   Exhibit A-3

                   Policyowner and Claims Processing Services

Services related to policyowner and claims processing including, but not limited
to:

     1.   Bill policyholders.

     2.   Collect premiums.

     3.   Respond to customer inquiries by phone or letter.

     4.   Administer policy changes.

     5.   Administration and support for claims.

     6.   Process claims and/or render legal, medical or technical support and
          advice relating to the processing, settlement and payment of claims.

     7.   Surrender, lapse and maturity processing.

     8.   Distribute benefits.

     9.   Financial and other reporting in connection with policyowner and
          processing services.

                                       10
<Page>

                                   Exhibit A-4

                               Actuarial Services

Actuarial related services including but not limited to:

     1.   Actuarial consulting services, including clerical, technical and
          product actuarial support and product development support.

     2.   Prepare actuarial reports, opinions and memoranda and assist with
          asset/liability management and cash flow testing.

     3.   Conduct product experience studies.

     4.   Prepare reserve calculations and valuations.

     5.   Develop new products.

     6.   Evaluate product performance versus expectations.

     7.   Financial and other reporting in connection with actuarial services.

                                       11
<Page>

                                   Exhibit A-5

                              Information Services

Services related to information management including, but not limited to:

     1.   Professional, technical, supervisory, programming and clerical support
          for information services.

     2.   Informational and computer services may be in the nature of
          applications and programming support, enhancing existing systems,
          helping to install new systems.

     3.   Develop data processing systems strategy.

     4.   Implement systems strategy.

     5.   Program computers.

     6.   Provide data center services, including maintenance and support of
          mainframe and distribution process hardware and software.

     7.   Standard systems for product administration, accounts payable,
          accounting and financial reporting, human resource management and
          inventory control.

     8.   Manage data and voice communications systems.

     9.   Manage local area networks and other desktop software and systems.

     10.  Provide data security and maintain effective disaster recovery
          program.

     11.  Purchase hardware, software and supplies.

Subject to the terms (including any limitations and restrictions) of any
applicable software or hardware licensing agreement then in effect between
Service Provider and any licensor, Service Provider shall, upon termination of
this Agreement, grant to Company a perpetual license, without payment of any
fee, in any electronic data processing software developed or used by the Service
Provider in connection with the Services provided to the Company hereunder if
such software is not commercially available and is necessary, in the Company's
reasonable judgment, for the Company to perform subsequent to termination the
functions provided by the Service Provider hereunder.

                                       12
<Page>

                                   Exhibit A-6

                 Legal, Risk Management and Compliance Services

Services related to legal, risk management and compliance including, but not
limited to:

     1.   Provide counsel, advice and assistance in any matter of law, corporate
          governance and governmental relations, including advisory and
          consulting services, in connection with the maintenance of corporate
          existence, licenses, dealing with regulatory agencies, development of
          products, contracts and legal documents, product approvals,
          registration and filing of insurance and securities products, handling
          of claims and matters involving legal controversy, assist with dispute
          resolution, select, retain and manage outside counsel and provide
          other legal services as reasonably required or requested.

     2.   Provide assistance in any matter relating to risk management,
          including procurement of fidelity bond insurance, blanket bonds,
          general liability insurance, property damage insurance, directors' and
          officers' liability insurance, workers compensation, and any other
          insurance purchased by the Company.

     3.   Assist in the development and maintenance of a corporate compliance
          program and a state insurance fraud reporting program. Assist in
          maintaining appropriate records and systems in connection with the
          Company's compliance obligations under application state law.

     4.   Provide assistance with internal audit including review of operational
          procedures, performance of compliance tests, and assist to independent
          auditors.

                                       13
<Page>

                                   Exhibit A-7

                             Human Resource Services

Services related to human resource management including, but not limited to:

     1.   Personnel recruiting and support services.

     2.   Design and implementation of human resources training.

     3.   Compensation studies and benefits consulting.

     4.   Support employee communications.

     5.   Payroll services.

     6.   Benefits compensation and design and administration.

     7.   Employee relations.

                                       14
<Page>

                                   Exhibit A-8

                     Marketing and Sales Promotion Services

Services related to marketing and sales promotion including, but not limited to:

     1.   Prepare sales promotional items, advertising materials and artwork,
          design, text and articles relevant to such work, including clerical,
          technical and supervisory support and related communications.

     2.   Support general communications with producers.

     3.   Conduct formal insurance market research.

     4.   Develop sales illustrations, advertising materials, and software for
          products, in compliance with state laws.

     5.   Design and implement training programs, including product and industry
          developments and legal compliance.

     6.   Distribute to employees and/or agents underwriting guidelines for the
          products, where applicable.

     7.   Analyze and develop compensation and benefit plans for general agents
          and agents.

     8.   Plan and support of producer conferences.

                                       15
<Page>

                                   Exhibit A-9

                                  Tax Services

Services related to tax including, but not limited to:

     1.   Maintenance of tax compliance, including tax return preparation and
          review of financial statement tax provisions.

     2.   Management of tax and audit appeals, including processing information
          requests, protest preparation, and participation in any appeals
          conference.

     3.   Direction of tax research and planning, including research of
          compliance issues for consistency, development of tax strategies and
          working with new legislative proposals.

     4.   Administration of tax liens, levies and garnishment of wages of
          Company employees and agents

                                       16
<Page>

                                  Exhibit A-10

               Reinsurance Management and Administration Services

Services related to reinsurance management and administration including, but not
limited to:

     1.   Advise with respect to reinsurance retention limits.

     2.   Advice and support with respect to negotiation of reinsurance
          treaties.

     3.   Advice and support with respect to the management of reinsurer
          relationships.

                                       17
<Page>

                                  Exhibit A-11

                               Management Services

Services related to general management including, but not limited to:

     1.   Consultative and advisory services to the Company's senior executive
          officers and staff with respect to conduct of the Company's business
          operations and the execution of directives and resolutions of the
          Company's Board of Directors pertaining to business operations and
          functions, including provision of personnel to serve as officers and
          directors of Company.

     2.   Consultation and participation in the Company's strategic planning
          process; the development of business goals, objectives and policies;
          the development of operational, administrative and quality programs;
          preparation of financial and other reports; and the coordination of
          such processes, goals, objectives, policies and programs with those of
          the holding company.

     3.   Advice and assistance with respect to maintenance of the Company's
          capital and surplus, the development and implementation of financing
          strategies and plans and the production of financial reports and
          records.

     4.   Representation of the Company's interests at government affairs and
          industry meetings; participation in the deliberation and affairs of
          trade associations and promotion of the Company's products and
          relationships with the public.

     5.   Consultative, advisory and administrative services to the Company's
          senior executive officers and staff in respect to development,
          implementation and administration of human resource programs and
          policies, the delivery of communications and information to employees
          regarding enterprise plans, objectives and results; and the
          maintenance of employee relations, morale and developmental
          opportunities.

     6.   Direction and performance of internal audits and arrangement for
          independent evaluation of business processes and internal control.

                                       18
<Page>

                                  Exhibit A-12

                Printing, Record, File, Mail and Supply Services

Services related to printing, records, files, mail and supplies including, but
not limited to:

          Printing, record, file, mail and supply services including,
          maintaining policy files; document control; production and
          distribution of standard forms, stationary, business cards and other
          material; arrangement of warehouse storage space; supply fulfillment;
          mail processing, delivery and shipping; participation in purchasing
          agreements; retrieval and production of documents for regulatory
          examinations and litigation; and development and administration of
          record retention programs.

                                       19
<Page>

                       EXHIBIT B - ING AFFILIATE INSURERS

<Table>
<Caption>
               NAME                  DOMESTIC STATE         PRINCIPAL OFFICE                     PRINCIPAL MAILING ADDRESS
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>             <C>                                <C>
Security Life of Denver              Colorado        1290 Broadway                      Same
Insurance Company                                    Denver, CO 80203

First Columbine Life Insurance       Colorado        1290 Broadway                      Same
Company                                              Denver, CO 80203

Aetna Life Insurance and             Connecticut     151 Farmington Avenue              Same
Annuity Company                                      Hartford, CT 06156

Golden American Life Insurance       Delaware        1209 Orange Street                 1475 Dunwood Drive
Company                                              Wilmington, DE 19801               West Chester, PA 19380

Aetna Insurance Company of America   Florida         5100 West Lemon Street, Suite 213  151 Farmington Avenue
                                                     Tampa, FL 33609                    Hartford, CT 06156

Life Insurance Company of            Georgia         5780 Powers Ferry Road, N.W.       Same
Georgia                                              Atlanta, GA 30327

Ameribest Life Insurance             Georgia         5780 Powers Ferry Road, N.W.       909 Locust Street
Company                                              Atlanta, GA 30327                  Des Moines, IA 50309

Midwestern United Life               Indiana         8605 Kings Mill Place              1290 Broadway
Insurance Company                                    Fort Wayne, IN 46804               Denver, CO 80203-5699

Equitable Life Insurance             Iowa            909 Locust Street                  Same
Company of Iowa                                      Des Moines, IA 50309

ReliaStar Life Insurance             Minnesota       20 Washington Avenue South         Same
Company                                              Minneapolis, MN 55401

Security Connecticut Life            Minnesota       20 Washington Avenue South         20 Security Drive
Insurance Company                                    Minneapolis, MN 55401              Avon, CT 06001

USG Annuity and Life Company         Oklahoma        c/o Horace Rhodes                  909 Locust Street
                                                     201 RS Kerr, Suite 600             Des Moines, IA 50309
                                                     Oklahoma City, OK 73102

Southland Life Insurance             Texas           c/o CT Corp. System                5780 Powers Ferry Road
Company                                              350 North St. Paul Street          Atlanta, GA 30327
                                                     Dallas, TX 75201

United Life and Annuity              Texas           c/o CT Corp. System                909 Locust Street
Insurance Company                                    350 North St. Paul Street          Des Moines, IA 50309
                                                     Dallas, TX 75201

Northern Life Insurance Company      Washington      1501 Fourth Ave., Suite 1000       Same
                                                     Seattle, WA 98101-3616
</Table>

                                       20
<Page>

                                  Exhibit A -13

               Financial Management Services for Retail Products

Services related to accounting and finance for retail life and annuity products,
including but not limited to:

1.   Consultation, technical assistance and oversight in all matters relations
     to financial management and analysis for all retail life and annuity
     products.

2.   Coordination of product expense pricing reporting and analysis.

3.   Maintenance of financial controls with respect to the balancing and
     reconciliation of Administrative systems and general ledger suspense
     accounts.

4.   Treasury operations, including bank reconciliation and disbursement
     processing.

5.   Accounting and reporting for general and separate account products,
     including preparation of general ledgers, transaction ledgers and trial
     balances.

6.   Management reporting services, including coordination of the annual
     planning process and consolidation of monthly and quarterly results.

7.   Consultation and assistance in coordinating the external audit process.

8.   Provide support as necessary for the preparation of financial statements
     and reports, including monthly, quarterly and annual financial statements
     on both a statutory and GAAP basis.

9.   Maintenance of cost accounting reports and services in support of monthly
     management reporting, quarterly and annual external reporting, and
     budgeting.

                                     ING INSURANCE COMPANY OF AMERICA

                                     By: /s/ Paula Cludray-Engelke
                                         ---------------------------------
                                     Name:  Paula Cludray-Engelke
                                     Title: Secretary

                                       21
<Page>

                                  Exhibit A -14

                   Pricing, Trading, Performance Reporting and
                    Accounting Services for Variable Products

Services related to support of day to day pricing, trading, performance
reporting and accounting operations for variable products, including but not
limited to:

1.   PRICING. Collect pricing information (net asset value and ordinary income /
     capital gain distributions) from Investment Companies, and where
     applicable, calculate the variable account unit value. Provide pricing
     information to the applicable ING administrative systems / business units
     and external business partners; pricing calculations for insurance products
     shall be reported as required by the prospectus for each product.

2.   TRADING. Collect net trade data from ING administrative systems,
     consolidate to a legal entity level per investment option, and submit to
     Investment Companies; on a daily basis reconcile the shares / trade per ING
     to Investment Company; provide to ING Treasury wire data for the settlement
     of trades placed.

3.   ACCOUNTING. Post to ledger the entries supporting the trades and wires
     processed; entries will include any applicable Variable Annuity Account
     contract charges; daily reconcile entries posted to ledger / market value
     to Variable Annuity Account liability / reserve; provide Variable Annuity
     Account data for the Financials and Insurance Company Schedule D.

4.   INVESTMENT COMPANY REVENUE. Calculate asset based revenue / sub-accounting
     fees monthly and post accruals to the ledger; collect revenue from
     investment companies in a timely manner; reconcile amounts received to the
     estimated calculated, and book actual payments to ledger.

5.   PERFORMANCE REPORTING. Calculate product and investment option level
     returns in accordance with SEC and NASD guidelines; provide returns to ING
     applications, web sites, marketing, and field.

                                     ING INSURANCE COMPANY OF AMERICA

                                     By: /s/ Paula Cludray-Engelke
                                         --------------------------------
                                     Name:  Paula Cludray-Engelke
                                     Title: Secretary

                                       22<Page>

                                                                  EXHIBIT 10.(m)

                          INVESTMENT ADVISORY AGREEMENT

     THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement"), dated March 31, 2001,
is by and between Aetna Insurance Company of America, a corporation existing
under the laws of Florida ("Client"), and ING INVESTMENT MANAGEMENT LLC, a
Delaware limited liability company ("IIM").

     SECTION 1. APPOINTMENT OF IIM - Client hereby appoints IIM to provide
investment advisory services with respect to assets of Client allocated from
time to time by Client to IIM (the "Account") under the terms and conditions set
forth in this Agreement. IIM hereby accepts such appointment and agrees to
provide such investment advisory services, subject to the terms and conditions
of this Agreement.

     SECTION 2. INVESTMENT GUIDELINES - Client shall provide from time to time
written investment objectives and guidelines established by its Board of
Directors to IIM (the "Client Guidelines"). IIM shall make recommendations to
Client regarding the direction and management of the investment and reinvestment
of assets in the Account, and shall invest and reinvest the assets in the
Account consistent with the Client Guidelines. To the extent that Client's
investments are subject to restrictions based on the laws and regulations of
Client's domicile, Client will provide IIM with an initial copy and prompt
updates of such restrictions. The Client Guidelines currently in effect are
attached hereto EXHIBIT "A".

     SECTION 3. DISCRETIONARY AUTHORITY; BROKERAGE - Subject to the terms and
conditions of this Agreement, Client hereby confers, and IIM hereby accepts (a)
full discretion and authority to supervise, manage and direct the assets in the
Account, including, without limitation, establishing a securities lending
program, and (b) the right, power and authority, as Client's agent, to
negotiate, execute, deliver, amend, modify and/to terminate suchlegal documents
of every kind and nature which IIM believes are necessary or advisable in
connection with its performance of this Agreement (including, without
limitation, contracts, deeds, notes, assignments, mortgages, leases, security
agreements and services agreements). IIM shall have the power and authority as
Client's agent to establish brokerage accounts on behalf of Client, to purchase
lend, sell, invest, reinvest, exchange, convert and trade the assets in the
dealers or issuers selected by IIM (including those that from time to time may
furnish to IIM statistical and investment research information and other
services).

     SECTION 4. ADMINISTRATIVE SERVICES - IIM will provide Client with the
following administrative services: preparation of Schedules B and D to Client's
annual statement; preparation of quarterly investment reports for submission by
Client to its Board of Directors; pricing of portfolios on a periodic basis as
mutually agreed; private placement securities servicing (provided that servicing
needs outside of IIM's historical experience may be outsourced, and billed to
Client, at IIM's cost); coordination of purchases and sales at custodian banks;
and management of a securities lending program and coordination of securities
lending transactions (which may include reinvestment by IIM or its designee of
cash collateral supporting securities lending transactions) (as and if
applicable to the Account). IIM will also (at its election) either provide or
arrange for the provision of mortgage loan servicing for the Account. Client
will pay the fees of any third party mortgage loan servicer. IIM shall keep and
maintain or cause to be kept and maintained full and complete documentation and
records of all transactions in respect of the assets in the Account and shall
reconcile its books and records and the books and records of the custodian in a
manner deemed acceptable by IIM.

     SECTION 5. FEES - Client will pay to IIM as full compensation for services
rendered a quarterly fee based on the annual fees set forth in EXHIBIT "B",
which is attached hereto and incorporated herein by reference. This fee schedule
may be amended by written agreement of the parties. If IIM shall serve for less
than the whole of any quarterly period, its compensation shall be payable on a
pro rata basis for the period of the calendar quarter for which it has served as
an advisor hereunder. No cash or securities due to or held for the Account shall
be paid or delivered to IIM except in payment of the fee payable to IIM under
this Agreement.

     SECTION 6. PROCEDURES - All transactions will be consummated by payment to
or delivery by Client, or such other party as the Client may designate in
writing (the "Custodian"), of all cash and/or securities due to or from the
Account. IIM shall not act as custodian for the Account. IIM shall instruct all
brokers or dealers executing orders on behalf of the Account to forward copies
of all brokerage confirmations promptly after execution of such transaction to
Client and/or the Custodian. Client will instruct the Custodian, if any, to
provide IIM with such periodic reports concerning the status of the Account as
IIM may reasonably request. IIM shall be authorized to rely and act upon

                                        1
<Page>

instruction received from any Client representative reasonably believed by IIM
to be authorized to provide such instruction.

     SECTION 7. PROXIES - Unless otherwise requested by Client, IIM shall vote
securities held in the Account in response to proxies solicited by the issuers
of such securities in accordance with IIM's proxy voting guidelines as in effect
from time to time. A copy of such guidelines will be provided to Client upon its
request.

     SECTION 8. SERVICE TO OTHER CLIENTS - It is understood that IIM provides
investment advisory services for other clients. It is further understood that
IIM may take investment action on behalf of such other clients which differs
from investment action taken on behalf of Client. If the purchase or sale of
securities for the Account and for one or more such other clients is considered
at or about the same time, the transactions in such securities will be allocated
in a manner deemed equitable by IIM.

     SECTION 9. LIMITATION OF LIABILITY - In rendering services under this
Agreement, IIM will not be subject to any liability to Client or to any other
party for any act or omissions of IIM except as the result of IIM's gross
negligence or willful misconduct. IIM may, with respect to questions of law,
apply for and obtain the advice and opinion of counsel, and shall be fully
protected with respect to anything done by it in good faith in conformity with
such reasonable advice or opinion. Nothing herein shall in any way constitute a
waiver or limitation of any right or any party under applicable Federal or State
law.

     SECTION 11. CERTAIN EXPENSES - Client shall pay, or reimburse IIM for, all
costs and expenses incurred by IIM (including without limitation the fees and
expenses of outside counsel) in connection with litigation, workouts,
restructuring and other similar activities related to the performance of IIM's
obligations hereunder. IIM shall also be entitled to obtain reimbursement from
Client for such other fees, costs and expenses which are agreed upon by Client
and IIM and payable to unrelated third party contractors engaged by IIM pursuant
to this Agreement in connection with IIM's performance of this agreement.

     SECTION 12. REPRESENTATIONS BY CLIENT - Client hereby represents and
warrants to IIM as follows:

          (a)    Client has the power and authority to execute, deliver and
perform its obligations under this Agreement;

          (b)    This Agreement has been duly authorized, validly executed and
delivered by one or more authorized signatories of Client, and this Agreement
constitutes a legal, valid and binding obligation of Client, enforceable against
Client in accordance with its terms;

          (c)    The execution and delivery of this Agreement and Client's
performance hereunder do not and will not be in contravention of or in conflict
with Clients charter documents or the provisions of any statute, judgment,
order, indenture, instrument, agreement or undertaking to which Client is a
party or by which Client's assets or properties are or may become bound. Client
has obtained all necessary consents and approvals of all regulatory and
governmental authorities and agencies having jurisdiction over Client for Client
to execute and deliver this Agreement and to perform hereunder.

     SECTION 13. REPRESENTATIONS BY IIM - IIM hereby represents and warrants to
Client as follows:

          (a)    IIM has the power and authority to execute, deliver and perform
                 its obligations under this Agreement;

          (b)    This Agreement has been duly authorized, validly executed and
                 delivered by one or more authorized signatories of IIM, and
                 this Agreement constitutes a legal, valid and binding
                 obligation of IIM, enforceable against IIM in accordance with
                 its terms;

          (c)    The execution and delivery of this Agreement and IIM's
                 performance hereunder do not and will not be in contravention
                 of or in conflict with IIM's charter documents or the
                 provisions of any statute, judgment, order, indenture,
                 instrument, agreement or undertaking to which IIM is a party or
                 by which IIM's assets or properties are or may become bound.
                 IIM has obtained all necessary consents and approvals of all
                 regulatory and governmental authorities and agencies having
                 jurisdiction over IIM for IIM to execute and deliver this
                 Agreement and to perform hereunder.

                                        2
<Page>

     SECTION 14. FORM ADV PART II - The parties hereto acknowledge that, prior
to the execution of this Agreement, IIM furnished to Client, for Client's review
and inspection, a copy of the Form ADV Part II most recently filed by IIM with
the Securities and Exchange Commission. Upon Client's written or oral request,
IIM shall provide to Client a copy of any future Form ADV Part II.

     SECTION 15. TERMINATION - This Agreement may be terminated by either party
on the month-end next following receipt of written notice of termination.

     SECTION 16. NOTICE - Any notice, advice or report to be given pursuant to
this Agreement shall be delivered or mailed:

                    TO IIM:          ING INVESTMENT MANAGEMENT LLC
..                                    c/o Corporate Counsel
                                     5780 Powers Ferry Road - Suite 300
                                     Atlanta, Georgia   30327-4349

                    TO Client:       AETNA INSURANCE COMPANY OF AMERICA
                                     c/o Chief Financial Officer
                                     151 Farmington Avenue
                                     Hartford, CT   06156

     SECTION 17. CONSTRUCTION OF AGREEMENT - This Agreement shall be construed
and the rights and obligations of the parties hereunder enforced in accordance
with the laws of the State of Georgia.

     SECTION 18. ASSIGNMENT - This Agreement shall bind and inure to the benefit
of and be enforceable by the parties hereto and their permitted successors and
assigns hereunder, provided, however, that IIM may not assign its rights and
obligations under this Agreement unless and until it shall have first received
the prior written consent of Client. The above consent may be withheld for any
reason, but if such consent is given, IIM's assignee shall be required to assume
and agree to perform all the obligations of IIM hereunder and IIM shall remain
fully liable for the performance of its obligations under this Agreement arising
prior to any such assignment.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused it to be executed by their duly authorized officers, all as of the day
and year first above.

     CLIENT:                         AETNA INSURANCE COMPANY OF
                                     AMERICA

                                     By: /s/ David Pendergrass
                                        --------------------------------------
                                     Name: David Pendergrass
                                     Title: Vice President and Treasurer

     IIM:                            ING INVESTMENT MANAGEMENT LLC

                                     By: /s/ Mark S. Jordahl
                                        --------------------------------------
                                     Name:  Mark S. Jordahl
                                     Title: President

                                        3
<Page>

                                   EXHIBIT "A"

                                CLIENT GUIDELINES

                       AETNA INSURANCE COMPANY OF AMERICA

                   GENERAL ACCOUNT INVESTMENT POLICY STATEMENT

Following is a statement of overall investment guidelines for ING FSI North
America (FSI-NA). The guidelines apply to the general accounts of the insurance
companies in the United States and Canada. The aggregate of portfolios for each
country should be within these guidelines; legal entity and individual
portfolios can be outside these guidelines with the approval of FSI-NA General
Management. Insurance Regulations pertaining to asset and portfolio
characteristics will, of course, supersede these guidelines. Also stated are
some specific guidelines and other considerations for our investment program.

BROAD GUIDELINES

I.   QUALITY

     Portfolios should be cautious in accepting credit risk. The incremental
     returns for accepting this risk can appear attractive in good times and
     inadequate in bad times. Therefore, it is the philosophy of FSI-NA that the
     credit risk exposure should be highly diversified, actively managed, and
     under continuous review. Specific maximum exposures have been selected to
     achieve these results.

     Average quality of fixed income securities - e.g., public bonds, private
     placements, asset-backed securities, and MBS/CMO - cannot be below A+ for
     each country. FSI-NA will monitor bond quality on a quarterly basis.

     Credit quality guidelines include maximum holdings of individual credits.
     These maximum holdings apply to initial purchases of securities. If
     existing holdings deteriorate in quality and violate these maximums the
     security must be immediately evaluated and brought into compliance with
     these guidelines or obtain approval of FSI-NA General Management. Each
     portfolio is expected to use adequate default charges to cover credit risk.

     A.   MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - US

<Table>
<Caption>
                                                                                  % OF
          SECURITY                                                             TOTAL ASSETS
          --------                                                             ------------
            <S>                                                                  <C>
            US Governments and all US Government Guaranteed                      No Limit

            AAA Mortgage-Backed Securities (per issue)                               2.00%

            AA Mortgage-Backed Securities (per issue)                                1.00

            Corporate, Public and 144A Private Asset-Backed                          1.00
              Securities and Commercial Mortgage-Backed Securities
              AAA and AA-

            Corporates and Whole Loan MBS/CMO A+ to A-                               0.75

            Corporates and Whole Loan MBS/CMO  BBB+ to BBB-                          0.50

            Private Placements, Private and Public Asset-Backed
            Securities:
                A- or better                                                         0.60
                BBB+ to BBB-                                                         0.45
</Table>

                                        4
<Page>

<Table>
            <S>                                                                  <C>
            Public and Private Non-Investment Grade                                  0.25
            (Split-Rated, BB and B)

            Foreign Based Corporations

              Corporates based in countries rated at least A-/A3                 Same as for domestic
              and/or U.S. $ convertibility risk mitigated transactions           companies

              All Others                                                             0.25

            Commercial Mortgage (per transaction)                                    0.45
</Table>

     B.   MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - CANADA

<Table>
<Caption>
                                                                                   % OF
          QUALITY RATING (CBRS)                                                TOTAL ASSETS
          ---------------------                                                ------------
          <S>                                                                    <C>
          Federal Government                                                     No Limit

<Caption>
                                                                                   % OF
          QUALITY RATING (CBRS)                                                TOTAL ASSETS
          <S>                                                                      <C>
          Provincial Governments (per Province)                                     15%

          Municipal Governments (per Municipality)                                   5

          Financial Papers of Six Largest Banks (per Bank)                           5

          Corporates AAA                                                             4

          Corporate AA                                                               3

          Corporates A                                                               2

          Corporates BBB                                                             1

          Mortgage-backed securities Guaranteed by NHA                               2

          Commercial Mortgages (uninsured)                                           1

          Private Placements                                                         1

              AAA                                                                  1.0
              AA                                                                   0.8
              A                                                                    0.6
              BBB                                                                  0.5

              Public & Private Below Investment Grade                              0.3
</Table>

                                        5
<Page>

II.  MATCHING

          To minimize interest rate risk, we embrace the basic principle that
          for each portfolio, duration and, if applicable, cash flow must bear a
          known relationship to the corresponding characteristics of life
          insurance and savings product liabilities. The duration of each
          portfolio must be maintained within the range established by FSI-NA
          and may not exceed target duration by more than one year. The
          asset/liability relationship will be monitored and documented on a
          regular basis. Only fixed-income securities and commercial mortgages
          are authorized for liability matching unless general account
          liabilities are linked to equity performance. Common stock, real
          estate and other equity investments are permissible in surplus
          portfolios and are to be excluded from duration of fixed income
          assets. All assets should be either denominated in or swapped into the
          currency of the liability to be consistent with our matching
          philosophy.

III.      DIVERSIFICATION

          The asset mix of the country will be within maximum exposures for the
          general account assets (excluding separate accounts and
          segregated/variable accounts):

<Table>
<Caption>
                                                                       US ASSET CLASS MAXIMUMS
                                                                       -----------------------
          <S>                                                                    <C>
          ASSET CLASS

          Public Bonds                                                           100%
          Below Investment Grade                                                 8.5
          Foreign Based Corporations
              Aggregate Limit                                                     10
              Country Limit (by rating category)
                    AAA to AA-                                                     4
                    A+ to BBB                                                      3
                 Below Investment Grade or Unrated                                 2
          MBS/CMO (including CMO-B)                                               40
          CMO-B                                                                    7*
          Commercial Mortgages                                                    20
          Private Placements                                                      30
          Preferred Stock                                                         10
          "Basket Assets"                                                         10**
          (Common Stock, Real Estate and other
          Equity Investments)
</Table>

              * Target maximum is 7%; allocation may increase to 8% over short
            term periods -- i.e., three consecutive month ends - to take
            advantage of market opportunities

             **not to exceed surplus

                                        6
<Page>

<Table>
<Caption>
                                                          CANADIAN ASSET CLASS MAXIMUMS
                                                          -----------------------------
          <S>                                                            <C>
          ASSET CLASS

          Bonds and MBS                                                  100%

          Insured Mortgages                                               50

          Commercial Mortgages                                            30

          Below Investment Grade                                           5

          Preferred Shares                                                30

          Common Shares                                                   15*

          Private Placements                                              20

          Short term securities excluding operating cash                  20
</Table>

          * (i) Excluding equities matched to general account liabilities and
          (ii) not to exceed surplus.

          Diversification by asset class is desirable to add economic
          diversification and to diversify away the risks of credit, liquidity,
          and convexity/call. It is our philosophy that diversification among
          and within asset classes mitigates those infrequent but severe periods
          that befall every asset class from time-to-time.

          SPECIFIC GUIDELINES

          1.  No venture capital.

          2.  Maximum exposure to below investment grade bond limited to 8.5% of
              assets.

          3.  Interest rate swaps, currency swaps, interest rate caps and
              floors, equity options, and other derivatives may be used in
              conjunction with specific direct investments or for portfolio
              asset liability management provided the resultant exposure is
              within counterparty exposure limits separately established; use of
              derivatives for purposes beyond the parameters established in
              these guidelines is prohibited.

          REAL ESTATE EQUITIES

          In order to opportunistically take advantage of equity real estate
          investments offering unusually attractive returns or joint
          transactions with ING real estate, such investments are permissible
          but the book value of such assets would be limited to no more than two
          percent (2%) of invested assets.

          INVESTMENT RESULTS

          FSI-NA General Management will approve investment performance
          benchmarks for each portfolio. These may include spread/benchmarks,
          total return benchmarks, competitive measurement and positioning, and
          investment income targets depending on the nature of the
          asset/liability relationship and the portfolio management strategy.
          Actual results vs. benchmarks will be reviewed quarterly.

          TAX EFFICIENCY

          Portfolios can be modified to achieve enhanced after-tax results.
          These modifications generally take two forms: tax-enhanced investments
          such as common and preferred shares to minimize income taxes and
          transactions undertaken to minimize capital gains taxes. These
          activities are encouraged as long as they are consistent with the tax
          position in each country and do not incur capital loss beyond levels
          approved b FSI-NA.

                                        7
<Page>

          SHORT TERM INVESTMENT REQUIREMENTS - US

          Short-term (90 days or less) investing will be done only in Treasury,
          Mortgage-Backed Repurchase Agreements, Commercial Paper, Time
          Deposits, Bankers Acceptance Notes and Loan Participations in domestic
          companies carrying a quality rating of A1, P1 or the long-term credit
          rating of A3 or higher, or as otherwise determined by the treasury
          department.

                                        8
<Page>

                                    EXHIBIT B

                          ING INVESTMENT MANAGEMENT LLC
                              ADVISORY FEE SCHEDULE
                              AS OF JANUARY 1, 2003

ANNUAL ADVISORY FEES (based on assets under management):
(minimum is $50,000 for small portfolios)

<Table>
<Caption>
                               ASSET CLASS                                               BASIS POINT FEE
-------------------------------------------------------------------------------------------------------------
<S>  <C>                                                                            <C>
-    Public bonds, MBS, CMO-A, Passthroughs,                                                    25.0

-    Private Placements (investment grade)                                                      25.0

-    Below Investment Grade                                                                     44.0

-    Derivatives / Residuals / CMO-B                                                            65.0

-    Short Term Assets                                                                            25

-    Actively Managed Common Stock & Preferred Stock                                            52.0

-    Indexed Common Stocks                                                                      10.0

-    Commercial Mortgages                                                                       25.0

-    Real Estate Equity, Foreclosed Mortgages, and Problem Commercial Loans                       69

                                                                                    1.8 b.p. for first $1.0
-    portfolio management and investment services (applied to all assets under      billion and 0.8 b.p. for
     management per portfolio)                                                      the excess

-    separate accounts, segregated funds, and pension trusts                        5.0 b.p. in additional to
                                                                                    the asset class charge
</Table>

PRODUCTION FEE (one-time fee assessed at close of transaction):

<Table>
<Caption>
                               ASSET CLASS                                               BASIS POINT FEE
-------------------------------------------------------------------------------------------------------------
<S>  <C>                                                                                       <C>
-    private placements (investment grade)                                                       23

-    private placements (international -  investment grade)                                      33

-    private placements (BIG)                                                                    40

-    commercial mortgages                                                                      16.7
</Table>

                                        9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]