Document:

Exhibit 10(b)

Consent of Independent Accountants

        We
hereby consent to the use in this Registration Statement on Form N-4 (File No. 333-            ,811-4092) of our report dated March 19, 2003, relating to the consolidated financial
statements and financial statement schedules of Protective Life Insurance Company and subsidiaries, which appears in such Registration Statement. We also consent to the use in this Registration
Statement of our report dated July 14, 2003, relating to the financial statements of First Variable Annuity Fund E, which appears in such Registration Statement. We also consent to the reference to us
under the heading "Independent Accountants" in such Registration Statement. 

/s/
PricewaterhouseCoopers LLP 

PricewaterhouseCoopers
LLP

Birmingham, Alabama

January 2, 2004QuickLinks
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Exhibit 4(a)  

[FIRST VARIABLE LIFE INSURANCE COMPANY LOGO]

Little Rock, Arkansas

A stock life insurance company  

FIRST VARIABLE LIFE INSURANCE COMPANY (the "Company") will make Annuity Payments to the Annuitant starting on the Annuity Date subject to the terms of
this Contract. 

This
Contract is issued in return for the Application and payment of the initial Purchase Payment. A copy of the Application is attached to and made a part of the Contract. 

TEN DAY FREE LOOK—Within 10 days of the date of receipt of this Contract by the Owner, it may be returned by delivering or mailing it
to the Company at its Annuity Service Center or to the agent through whom it was purchased. When this Contract is received by the Company, it will be voided as if it had never been in force. The
Company will refund the Contract Value computed at the end of the Valuation Period during which this Contract is received by the Company at its Annuity Service Center. 

Signed
for the Company. 

	/s/ Tom Streiff

President	 	/s/ M. A. Fair

Secretary

ANNUITY PAYMENTS, WITHDRAWAL VALUES AND THE DEATH BENEFITS PROVIDED BY THIS CONTRACT, WHEN BASED ON INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT
GUARANTEED AS TO DOLLAR AMOUNT.

THE
VARIABLE PROVISIONS OF THIS CONTRACT CAN BE FOUND ON PAGES 12 AND 13. 

INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT WITH

FLEXIBLE PURCHASE PAYMENTS—NON-PARTICIPATING  

  

 
 

TABLE OF CONTENTS    
    

	Contract Data Page	 	4
	Definitions	 	6
	Purchase Payment Provisions	 	7
	 	Purchase Payments	 	7
	 	Subsequent Purchase Payments	 	7
	 	Allocation of Purchase Payments	 	7
	 	No Default	 	7
	Separate Account Provisions	 	7
	 	The Separate Account	 	7
	 	Investments of the Separate Account	 	7
	 	Valuation of Assets	 	8
	 	Separate Account Management Fee	 	8
	 	Accumulation Unit	 	8
	 	Mortality and Expense Risk Charge	 	8
	 	Administrative Charge	 	8
	 	Mortality and Expense Guarantee	 	8
	Contract Value Provision	 	8
	 	Contract Value	 	8
	Annual Contract Maintenance Charge	 	9
	 	Deduction for Annual Contract Maintenance Charge	 	9
	Transfer Provisions	 	9
	 	Transfers Prior to the Annuity Date	 	9
	 	Transfers During the Annuity Period	 	9
	Withdrawal Provisions	 	10
	 	Withdrawal	 	10
	 	Withdrawal Charge	 	10
	Death Benefits	 	10
	 	Death of Annuitant	 	10
	 	Death of Owner	 	10
	 	Payment of Death Benefit	 	11
	Annuity Provisions	 	11
	 	General	 	11
	 	Annuity Date	 	11
	 	Selection of an Annuity Option	 	11
	 	Frequency and Amount of Annuity Payments	 	11
	 	Annuity Options	 	12
	 	 	Option A. Life Annuity	 	12
	 	 	Option B. Life Annuity With Periods Certain of 60, 120, 180 or 240 Months	 	12
	 	 	Option C. Joint and Survivor Annuity	 	12
	 	 	Option D. Joint and Contingent Annuity	 	12
	 	 	Option E. Fixed Payments for a Period Certain	 	12
	 	Annuity	 	12
	 	Fixed Annuity	 	12
	 	Variable Annuity	 	12
	 	Annuity Unit	 	13
	 	Mortality Tables	 	13
	 	Supplementary Agreement	 	13
	Suspension or Deferral of Payments	 	14
	 	 	 

2

 

	Annuitant, Ownership, Assignment Provisions	 	14
	 	Annuitant	 	14
	 	Owner	 	14
	 	Joint Owner	 	14
	 	Assignment	 	14
	Beneficiary Provisions	 	14
	 	Beneficiary	 	14
	 	Change of Beneficiary	 	15
	General Provisions	 	15
	 	The Contract	 	15
	 	Misstatement of Age	 	15
	 	Incontestability	 	15
	 	Modification	 	15
	 	Non-Participating	 	15
	 	Evidence of Survival	 	15
	 	Proof of Age	 	15
	 	Protection of Proceeds	 	15
	 	Reports	 	15
	 	Taxes	 	16
	 	Transfer by the Company	 	16
	Annuity Option Tables	 	17

3

  

 
 

CAPITAL NO LOAD
  CONTRACT DATA PAGE    
    

	ANNUITANT:    ZADM0006	 	AGE AT ISSUE:    ZADM0010
	
OWNER:    ZADM0007	
 	
AGE AT ISSUE:    ZADMF005
	
CONTRACT NUMBER:    ZADM0002	
 	
ISSUE DATE:    ZADM0004
	
ANNUITY DATE:    ZADM0768	
 	

 
	
PURCHASE PAYMENTS:	
 	

 
	 	INITIAL PURCHASE PAYMENT:	 	$ZADMF004
	 	MINIMUM SUBSEQUENT PURCHASE PAYMENT:	 	$500 Non qualified, $100 Qualified
	 	MAXIMUM SUBSEQUENT PURCHASE PAYMENT:	 	$1 Million
	
BENEFICIARY:
	 	As stated in the Application for this Contract unless changed in accordance with the Contract provisions.
	
ANNUAL CONTRACT MAINTENANCE CHARGE:
	 	$30.00 each Contract Year before the Annuity Date, if the Contract Value is less than $50,000.00. After the Annuity Date, the Annual Contract Maintenance Charge will be collected on a monthly basis.
	
MORTALITY AND EXPENSE RISK CHARGE:
	 	Equal on an annual basis to 1.25% of the average daily net asset value of the Separate Account.
	
ADMINISTRATIVE CHARGE:
	 	Equal on an annual basis to .25% of the average daily net asset value of the Separate Account.
	
TRANSFERS:
	 	FREE TRANSFERS: Unlimited
	 	TRANSFER FEE: None
	 	MINIMUM CONTRACT VALUE TO BE TRANSFERRED: $1,000 or the Owner's entire interest in the Subaccount if less.
	 	MINIMUM CONTRACT VALUE WHICH MUST REMAIN IN A SUBACCOUNT AFTER A TRANSFER:    $1,000
	 	SEPARATE ACCOUNT MANAGEMENT FEE: None
	
WITHDRAWALS:
	
Withdrawal Charge:    None.
	
Minimum Partial Withdrawal:    $1,000 or the Owner's entire interest in the Subaccount, if less.
	
Minimum Contract Value Which Must Remain in a Subaccount After a Partial Withdrawal:    $1,000

4

 
 
 

CONTRACT DATA PAGE (continued)    
    

	
INVESTMENT OPTIONS:
	 	Seligman Communications & Information	 	Pilgrim Baxter Small Cap Growth
	 	MFS New Discovery	 	Bankers Trust Small Cap Index
	 	Templeton International	 	Templeton Growth Securities
	 	Bankers Trust EAFE Index	 	AIM Capital Appreciation
	 	American Century Value	 	MFS Growth
	 	AIM Growth	 	Value Line Growth
	 	Fidelity Contrafund	 	MFS Growth & Income
	 	Fidelity Growth Opportunities	 	SSgA Matrix Equity
	 	Bankers Trust Equity 500 Index	 	Fidelity Equity-Income
	 	Lord Abbott Growth & Income	 	Warburg Pincus Growth & Income
	 	Value Line Multiple Strategies	 	Federated High Income Bond
	 	Strong US Government Bond	 	Federated Money Fund
	 	Fixed Account	 	 
	
SEPARATE ACCOUNT:    Separate Account E
	
VARIABLE SERVICE CENTER
	 	First Variable Life Insurance Company	 	 
	 	Variable Service Center	 	 
	 	PO Box 1317	 	 
	 	Des Moines, IA 50305-1317	 	 

5

  

 
 

DEFINITIONS    
    

ACCUMULATION PERIOD:    The period during which Purchase Payments may be made prior to the Annuity Date. 

ACCUMULATION UNIT:    A unit of measure used to calculate the Contract Value in a Subaccount of the Separate Account prior to the Annuity
Date. 

AGE:    The Annuitant's age on his/her birthday nearest the date for which age is being determined. 

ANNUITANT:    The natural person on whose life Annuity Payments are based. 

ANNUITY DATE:    The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Data Page. 

ANNUITY PAYMENTS:    The series of payments made to the Annuitant after the Annuity Date under the Option selected. 

ANNUITY PERIOD:    The period after the Annuity Date during which Annuity Payments are made. 

ANNUITY UNIT:    A unit of measure used to calculate Variable Annuity Payments after the Annuity Date. 

BENEFICIARY:    The person, persons or entity who will receive the death benefit. 

COMPANY:    First Variable Life Insurance Company. 

CONTRACT ANNIVERSARY:    An anniversary of the Issue Date. 

CONTRACT VALUE:    The sum of the Owner's interest in the Subaccounts of the Separate Account. 

CONTRACT YEAR:    One year from the Issue Date and from each Contract Anniversary. 

FIXED ANNUITY:    A series of payments made during the Annuity Period which are guaranteed as to dollar amount by the Company. 

GENERAL ACCOUNT:    The Company's general investment account which contains all the assets of the Company with the exception of the Separate
Account and other segregated asset accounts. 

INVESTMENT OPTION:    An investment entity shown on the Contract Data Page. 

ISSUE DATE:    The date on which the Contract became effective. The Issue Date is shown on the Contract Data Page. 

OWNER:    The person, persons or entity entitled to all the ownership rights under this Contract and in whose name this Contract has been
issued. 

PORTFOLIO:    A segment of an Investment Option which constitutes a separate and distinct class of shares. 

PURCHASE PAYMENT:    An amount paid to the Company to provide benefits under this Contract. 

SEPARATE ACCOUNT:    A separate investment account of the Company designated on the Contract Data Page. 

SUBACCOUNT:    A segment of the Separate Account representing an investment in an Investment Option or a Portfolio of an Investment Option. 

6

 

VALUATION DATE:    The Separate Account will be valued each day that the New York Stock Exchange is open for trading. 

VALUATION PERIOD:    The period beginning at the close of business of the New York Stock Exchange on each Valuation Date and ending at the
close of business for the next succeeding Valuation Date. 

VARIABLE ANNUITY:    A series of payments made during the Annuity Period which vary in amount with the investment experience of each
applicable Subaccount. 

 
 

PURCHASE PAYMENT PROVISIONS    
    

PURCHASE PAYMENTS:    The initial Purchase Payment is due on the Issue Date. The minimum and maximum subsequent Purchase Payments are shown on
the Contract Data Page. The Company reserves the right to reject any Application or Purchase Payment. 

SUBSEQUENT PURCHASE PAYMENTS:    Subject to the maximum and minimum shown on the Contract Data Page, the Owner may make subsequent Purchase
Payments and may increase or decrease or change the frequency of such payments. 

ALLOCATION OF PURCHASE PAYMENTS:    Purchase Payments are allocated to the Separate Account in accordance with the selections made by the
Owner. The allocation of the initial Purchase Payment is made in accordance with the selection made by the Owner in the Application. Unless otherwise changed by the Owner, subsequent Purchase Payments
are allocated in the same manner as the initial
Purchase Payment. Allocation of the Purchase Payments is subject to the terms and conditions imposed by the Company. 

NO DEFAULT:    Unless the Owner makes a total withdrawal, this Contract will remain in force until the death of the Owner. This Contract will
not be in default if subsequent Purchase Payments are not made. 

 
 

SEPARATE ACCOUNT PROVISIONS    
    

THE SEPARATE ACCOUNT:    The Separate Account is a separate investment account of the Company. It is shown on the Contract Data Page. The
Company has allocated a part of its assets for this and certain other contracts to the Separate Account. The assets of the Separate Account are the property of the Company. However, they are not
chargeable with the liabilities arising out of any other business the Company may conduct. 

INVESTMENTS OF THE SEPARATE ACCOUNT:    The Separate Account is segmented into Subaccounts. Purchase Payments applied to the Separate Account
are allocated to a Subaccount of the Separate Account. The assets of the Subaccount are allocated to the Investment Option(s) and the Portfolio(s), if any, within an Investment Option shown on the
Contract Data Page. The Company may, from time to time, add additional Investment Options or Portfolios to those shown on the Contract Data Page. The Owner may be permitted to transfer Contract Values
to the additional Investment Options or Portfolios. However, the right to make any transfer will be limited by the terms and conditions imposed by the Company. 

If
any Investment Option is a separate legal entity issuing shares or other evidence of ownership and should the shares of any such Investment Option(s) or any Portfolio(s) within the Investment
Option became unavailable for investment by the Separate Account, or the Company's Board of Directors deems further investment in these shares inappropriate, the Company may substitute shares of
another Investment Option or Portfolio for shares already purchased under this Contract. 

7

 

VALUATION OF ASSETS:    Assets of the Separate Account are valued at their fair market value in accordance with procedures of the Company. 

SEPARATE ACCOUNT MANAGEMENT FEE:    Any fee deducted by the Company from the Separate Account for investment management is shown on the
Contract Data Page. 

ACCUMULATION UNIT:    A Purchase Payment when allocated to the Separate Account is converted into Accumulation Units for the selected
Subaccounts. The number of Accumulation Units in a Subaccount credited to this Contract is determined by dividing the Purchase Payment allocated to that Subaccount by the Accumulation Unit Value for
that Subaccount as of the Valuation Period during which the Purchase Payment is allocated to the Subaccount. The Accumulation Unit Value for each Subaccount was arbitrarily set initially at $10.
Subsequent Accumulation Unit Values are determined by subtracting (2) from (1) and dividing the result by (3) where: 

	1.
	is
the net result of:

	a.
	the
assets of the Subaccount attributable to Accumulation Units; plus or minus

	b.
	the
cumulative charge or credit for taxes reserved which is determined by the Company to have resulted from the operation or maintenance of that Subaccount.

	2.
	is
the cumulative unpaid charge for the Mortality and Expense Risk Charge and for the Administrative Charge, which are shown on the Contract Data Page; and

	3.
	is
the number of Accumulation Units outstanding at the end of the Valuation Period. 

The
Accumulation Unit Value may increase or decrease from Valuation Period to Valuation Period. 

MORTALITY AND EXPENSE RISK CHARGE:    The Company deducts a Mortality and Expense Risk Charge from the Separate Account which is equal, on an
annual basis, to the amount shown on the Contract Data Page. The Mortality and Expense Risk Charge compensates the Company for assuming the mortality and expense risks under this Contract. 

ADMINISTRATIVE CHARGE:    The Company deducts an Administrative Charge from the Separate Account which is equal, on an annual basis, to the
amount shown on the Contract Data Page. The Administrative Charge compensates the Company for the costs associated with the administration of this Contract and the Separate Account. 

MORTALITY AND EXPENSE GUARANTEE:    The Company guarantees that the dollar amount of each Annuity Payment after the first Annuity Payment will
not be affected by variations in mortality or expense experience. 

 
 

CONTRACT VALUE PROVISION    
    

CONTRACT VALUE:    Each Purchase Payment is allocated to one or more Subaccounts of the Separate Account. A Purchase Payment allocated to a
Subaccount of the Separate Account is converted into Accumulation Units. The number of Accumulation Units in a Subaccount credited to this Contract is determined by dividing the Purchase Payment
allocated to that Subaccount by the Accumulation Unit Value for that Subaccount. 

The
Contract Value on any Valuation Date is the sum of the Owner's interest in the Subaccounts of the Separate Account. The value of the Owner's interest in a Subaccount is determined by multiplying
the number of Accumulation Units attributable to that Subaccount by the Accumulation Unit Value for that Subaccount. 

Withdrawals
will result in the cancellation of Accumulation Units in a Subaccount. 

8

 

 
 

ANNUAL CONTRACT MAINTENANCE CHARGE    
    

DEDUCTION FOR ANNUAL CONTRACT MAINTENANCE CHARGE:    The Company deducts an Annual Contract Maintenance Charge from the Contract Value by
canceling Accumulation Units from each applicable Subaccount to reimburse it for expenses relating to maintenance of this Contract. The Annual Contract Maintenance Charge is shown on the Contract Data
Page. The Annual Contract Maintenance Charge will be deducted from the Contract Value on each Contract Anniversary while this Contract is in force. 

If
a total withdrawal is made on other than a Contract Anniversary, the Annual Contract Maintenance Charge will be deducted at the time of withdrawal. If the Annuity Date is not a Contract
Anniversary, a pro rata portion of the Annual Contract Maintenance Charge will be deducted on the Annuity Date. After the Annuity Date, the Annual Contract Maintenance Charge will be collected on a
monthly basis and will result in a reduction of each Annuity Payment. 

 
 

TRANSFER PROVISIONS    
    

TRANSFERS PRIOR TO THE ANNUITY DATE:    Prior to the Annuity Date, the Owner may transfer all or part of the Owner's interest in a Subaccount
without the imposition of any fee or charge if there have been no more than the number of free transfers shown on the Contract Data Page for the Contract Year. All transfers are subject to the
following: 

	1.
	if
more than the number of free transfers have been made in the Contract Year, the Company will deduct a Transfer Fee for each subsequent transfer. The Transfer Fee will be deducted
from the Owner's interest in the Subaccount from which the transfer is made. However, if the Owner's entire interest in a Subaccount is being transferred, the Transfer Fee will be deducted from the
amount which is transferred.

	2.
	the
minimum which can be transferred is shown on the Contract Data Page. The minimum which must remain is shown on the Contract Data Page.

	3.
	the
Company reserves the right, at any time and without prior notice to any party, to terminate, suspend or modify the transfer privilege described above. 

If
the Owner elects to use the transfer privilege, the Company will not be liable for transfers made in accordance with the Owner's instructions. 

TRANSFERS DURING THE ANNUITY PERIOD:    During the Annuity Period, the Owner may make transfers, by written request, as follows: 

	1.
	the
Owner may make a transfer of Contract Values between Subaccounts as indicated on the Contract Data Page.

	2.
	the
Owner may, once each Contract Year, make a transfer from one or more Subaccounts to the General Account. The Owner may not make a transfer from the General Account to the Separate
Account. 

The
amount transferred to the General Account from a Subaccount of the Separate Account will be equal to the annuity reserves for the Owner's interest in that Subaccount. The annuity reserve is the
product of (a) multiplied by (b) multiplied by (c), where (a) is the number of Annuity Units representing the Owner's interest in the Subaccount per Annuity Payment; and
(b) is the Annuity Unit Value for the Subaccount; and (c) is the present value of $1.00 per payment period as of the Age of the Annuitant at time
of transfer for the Annuity Option, determined using the Mortality Tables used to construct the Annuity Tables contained in this Contract. Amounts transferred to the General Account will be applied
under the Annuity Option elected at the Age of the Annuitant at the time of the transfer. 

9

 

All
amounts and Annuity Unit Values will be determined as of the end of the Valuation Period preceding the effective date of this transfer. 

 
 

WITHDRAWAL PROVISIONS    
    

WITHDRAWAL:    Prior to the Annuity Date, the Owner may, upon written request received by the Company, make a total or partial withdrawal of
the Contract Withdrawal Value. The Contract Withdrawal Value is: 

	1.
	the
Contract Value for the Valuation Period next following the Valuation Period during which a written request for a withdrawal is received at the Company; less

	2.
	any
applicable taxes not previously deducted; less

	3.
	the
Withdrawal Charge, if any; less

	4.
	the
Annual Contract Maintenance Charge, if any. 

A
withdrawal will result in the cancellation of Accumulation Units from each applicable Subaccount in the ratio that the Owner's interest in the Subaccount bears to the total Contract Value. The Owner
must specify in writing in advance which Subaccount Units are to be canceled if other than the above method is described. 

The
Company will pay the amount of any withdrawal within seven (7) days of receipt of a request in good order unless the Suspension or Deferral of Payments provision is in effect. 

Each
partial withdrawal must be for an amount which is not less than the amount shown on the Contract Data Page. The remaining Contract Value which must remain in a Subaccount after a partial
withdrawal is shown on the Contract Data Page. 

WITHDRAWAL CHARGE:    A withdrawal charge may be deducted in the event of a withdrawal of all or a portion of the Contract Value. The
Withdrawal Charge and Free Withdrawal Amounts are set out on the Contract Data Page. 

 
 

DEATH BENEFITS    
    

DEATH OF ANNUITANT:    Upon the death of the Annuitant prior to the Annuity Date, the Owner must designate a new Annuitant. If no designation
is made within 30 days of the death of the Annuitant, the Owner will become the Annuitant. If the Owner is a non-natural person, the death of the Annuitant will be treated as the
death of the Owner and a new Annuitant may not be designated. 

Upon
the death of the Annuitant after the Annuity Date, the Death Benefit, if any, will be as specified in the Annuity Option elected. 

DEATH OF OWNER:    Upon the death of the Owner prior to the Annuity Date, the Death Benefit will be paid to the Beneficiary designated by the
Owner. The Death Benefit will be the greater of: 

	1.
	the
Purchase Payments, less any withdrawals including any applicable Withdrawal Charges; or

	2.
	the
Contract Value. 

The
Death Benefit will be determined and paid as of the Valuation Period next following the date of receipt by the Company of both due proof of death and an election for the payment method. The
Beneficiary can elect to have a single lump sum payment or choose one of the Annuity Options. 

If
a single sum payment is requested, the amount will be paid within seven (7) days of receipt of proof of death and the election, unless the Suspension or Deferral of Payments provision is in
effect. 

10

 

Payment
to the Beneficiary, other than in a single sum, may only be elected during the sixty-day period beginning with the date of receipt of proof of death. 

The
entire Death Benefit must be paid within five (5) years of the date of death unless: 

	1.
	The
Beneficiary elects to have the Death Benefit payable under an Annuity Option over the life of the Beneficiary or over a period not extending beyond the life expectancy of the
Beneficiary; or

	2.
	If
the Beneficiary is the spouse of the Owner, the Beneficiary may elect to become the Owner of the Contract and this Contract will continue in effect. 

If
there are Joint Owners, any references to the death of the Owner shall mean the first death of an Owner. 

PAYMENT OF DEATH BENEFIT:    The Company will require due proof of death before any Death Benefit is paid. Due proof of death will be: 

	1.
	a
certified death certificate;

	2.
	a
certified decree of a court of competent jurisdiction as to the finding of death; or

	3.
	any
other proof satisfactory to the Company. 

All
Death Benefits will be paid in accordance with applicable law or regulations governing death benefit payments. 

 
 

ANNUITY PROVISIONS    
    

GENERAL:    On the Annuity Date, the Contract Value, less any applicable premium taxes and Annual Contract Maintenance Charge ("Adjusted
Contract Values"), will be applied under the Annuity Option selected by the Owner. Annuity Payments may be made on a fixed or variable basis or both. 

ANNUITY DATE:    The Annuity Date is selected by the Owner at the time of the Application. The Annuity Date is shown on the Contract Data
Page. The Annuity Date must be the first day of a calendar month and must be at least one month after the Issue Date. The Annuity Date must not be later than the Annuitant's 85th birthday. 

Prior
to the Annuity Date, the Owner, subject to the above, may change the Annuity Date. Any changes shall be in writing in such form as the Company may require. Any change must be requested at least
seven (7) days prior to the new Annuity Date. 

SELECTION OF AN ANNUITY OPTION:    An Annuity Option is selected by the Owner at the time of the Application. If no Annuity Option is
selected, Option B with a 120 month guarantee will automatically be applied. Prior to the Annuity Date, the Owner can change the Annuity Option selected. Any change shall be in writing in such
form as the Company may require. Any change must be requested at least seven (7) days prior to the Annuity Date. 

FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS:    Annuity Payments are paid in monthly installments. The Adjusted Contract Value is applied to the
Annuity Table for the Annuity Options selected. If the Adjusted Contract Value to be applied under an Annuity Option is less than $5,000, the Company reserves the right to make a lump sum payment in
lieu of Annuity Payments. If the Annuity Payment would be or become less than $200 where only a Fixed Annuity Payment or a Variable Annuity is selected, or if the Annuity Payment would be or become
less than $100 on each basis when a combination of Fixed and Variable Annuities is selected, the Company will reduce the frequency of payments to an interval which will result in each payment being at
least $200, or $100 on each basis if a combination of fixed and variable annuities is selected. 

11

 

ANNUITY OPTIONS:    The following Annuity Options or any other Annuity Option acceptable to the Company may be selected: 

 OPTION A. LIFE ANNUITY:    Monthly Annuity Payments during the life of the Annuitant. 

 OPTION B. LIFE ANNUITY WITH PERIODS CERTAIN OF 60,120, 180 OR 240 MONTHS:    Monthly Annuity Payments during the lifetime of the Annuitant and in any event for sixty
(60), one hundred twenty (120), one hundred eighty (180) or two hundred forty (240) months certain as selected. 

 OPTION C. JOINT AND SURVIVOR ANNUITY:    Monthly Annuity Payments payable during the joint lifetime of the Annuitant and a designated second person and then during
the lifetime of the survivor at the percentage (100%, 75%, 662/3% or 50%) selected. 

 OPTION D. JOINT AND CONTINGENT ANNUITY:    Monthly Annuity Payments during the Annuitant's lifetime and continuing during the lifetime of a designated second person
after the Annuitant's death at the percentage (either 100%, 75%, 662/3% or 50%) selected. 

 OPTION E. FIXED PAYMENTS FOR A PERIOD CERTAIN:    Fixed monthly Annuity Payments for any specified period (at least five years but not exceeding thirty years), as
selected. 

Annuity
Options A, B, C and D are available on a Fixed Annuity Basis, a Variable Annuity basis or a combination of both. Annuity Option E is available on a Fixed Annuity basis only. Election of a
Fixed Annuity or a Variable Annuity must be made no later than seven (7) days prior to the Annuity Date. If no election is made as between a Fixed Annuity and a Variable Annuity, the Variable
Annuity will be the default option. 

ANNUITY:    If the Owner selects a Fixed Annuity, the Adjusted Contract Value is allocated to the General Account and the Annuity is paid as a
Fixed Annuity. If the Owner selects a Variable Annuity, the Adjusted Contract Value will be allocated to the Subaccount of the Separate Account in accordance with the selection made by the Owner, and
the Annuity will be paid as a Variable Annuity. The Owner can also select a combination of a Fixed and Variable Annuity and the Adjusted Contract Value will be allocated accordingly. 

The
Adjusted Contract Value will be applied to the applicable Annuity Table contained in the Contract based upon the Annuity Option selected by the Owner. The amount of the first payment for each
$1,000 of Adjusted Contract Value is shown in the Annuity Tables. If, as of the Annuity Date, the current Annuity Option rates applicable to this class of contracts provide an initial Annuity Payment
greater than guaranteed under the same Annuity Option under this Contract, the greater payment will be made. 

FIXED ANNUITY:    The Owner may elect to have the Adjusted Contract Value applied to provide a Fixed Annuity. The dollar amount of each Fixed
Annuity Payment shall be determined in accordance with Annuity Tables contained in this Contract which are based on the minimum guaranteed interest rate of 4.0% per year. After the initial Fixed
Annuity Payment, the payments will not change regardless of investment, mortality or expense experience. 

VARIABLE ANNUITY:    Variable Annuity Payments reflect the investment performance of the Separate Account in accordance with the allocation of
the Adjusted Contract Value to the Subaccounts during the Annuity Period. Variable Annuity Payments are not guaranteed as to dollar amount. 

12

 

The
dollar amount of the first Variable Annuity Payment is determined in accordance with the description above. The dollar amount of Variable Annuity Payments for each applicable Subaccount after the
first Variable Annuity Payment is determined as follows: 

	1.
	the
dollar amount of the first Variable Annuity Payment is divided by the value of an Annuity Unit for each applicable Subaccount as of the Annuity Date. This sets the number of
Annuity Units for each monthly payment for the applicable Subaccount. The number of Annuity Units for each applicable Subaccount remains fixed during the Annuity Period;

	2.
	the
fixed number of Annuity Units per payment in each Subaccount is multiplied by the Annuity Unit Value for that Subaccount for the last Valuation Period of the month preceding the
month for which the payment is due. This result is the dollar amount of the payment for each applicable Subaccount. 

The
total dollar amount of each Variable Annuity Payment is the sum of all Subaccount Variable Annuity Payments reduced by the applicable portion of the Annual Contract Maintenance Charge. 

ANNUITY UNIT:    The value of any Annuity Unit for each Subaccount of the Separate Account was arbitrarily set initially at $10. 

The
Subaccount Annuity Unit Value at the end of any subsequent Valuation Period is determined by subtracting (2) from (1) and dividing the result by (3) and multiplying the result
by a factor which neutralizes the assumed investment rate of 4% contained in the Annuity Tables where: 

	1.
	is
the net result of:

	a.
	the
assets of the Subaccount attributable to the Annuity Units; plus or minus

	b.
	the
cumulative charge or credit for taxes reserved which is determined by the Company to have resulted from the operation or maintenance of the Subaccount;

	2.
	is
the cumulative unpaid charge for the Mortality and Expense Risk Charge and for the Administrative Charge, which are shown on the Contract Data Page.

	3.
	is
the number of Annuity Units outstanding at the end of the Valuation Period. 

The
value of an Annuity Unit may increase or decrease from Valuation Period to Valuation Period. 

MORTALITY TABLES:    The Annuity Tables contained in this Contract utilize an Assumed Investment Rate of 4% for the determination of the
initial Variable Annuity Payment and a minimum guaranteed rate of 4% per year for the determination of the monthly Fixed Annuity Payment. 

The
mortality table used in determining the Annuity Purchase Rates for Options A, B, C, and D is the 1983 Blended Individual Annuity mortality table with 60% female and 40% male lives and a pivotal
age of 55. In using this mortality table, Ages of Annuitants will be reduced by one year for Annuity Dates
occurring during the 1990's, reduced two years for Annuity Dates occurring during the decade 2000-2009, and so on. 

The
dollar amount of an Annuity Payment for any Age or combination of Ages not shown in the Tables or for any other form of Annuity Option agreed to by the Company will be provided by the Company upon
request. 

SUPPLEMENTARY AGREEMENT:    A Supplementary Agreement setting forth the terms of the Annuity Option selected will be issued at the Annuity
Date, at which time this Contract will be exchanged for the Supplementary Agreement. 

13

 

 
 

SUSPENSION OR DEFERRAL OF PAYMENTS    
    

The
Company reserves the right to suspend or postpone payments for a withdrawal or transfer for any period when: 

	1.
	the
New York Stock Exchange is restricted;

	2.
	trading
on the New York Stock Exchange is restricted;

	3.
	an
emergency exists as a result of which disposal of securities held in the Separate Account is not reasonably practicable or it is not reasonably practicable to determine the value of
the Separate Account's net assets; or

	4.
	during
any other period when the Securities and Exchange Commission, by order, so permits for the protection of Owners; 

provided
that applicable rules and regulations of the Securities and Exchange Commission will govern as to whether the conditions described in (2) and (3) exist. 

 
 

ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS    
    

ANNUITANT:    The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated in the Application,
unless changed prior to the Annuity Date. The Annuitant may not be changed in a Contract which is owned by a non-natural person. 

OWNER:    The Owner has all rights and may receive all benefits under this Contract. Prior to the Annuity Date, the Owner is the person
designated in the Application, unless changed. On and after the Annuity Date: 

	1.
	the
Annuitant is the Owner; and

	2.
	upon
the death of the Annuitant, the Beneficiary is the Owner. 

The
Owner may change the Owner at any time prior to the Annuity Date. A change of Owner will automatically revoke any prior designation of Owner. A request for change must be: 

	1.
	made
in writing; and

	2.
	received
by the Company at the Annuity Service Center. 

The
change will become effective as of the date the written request is signed. A new designation of Owner will not apply to any payment made or action taken by the Company prior to the time it was
received. 

JOINT OWNER:    The Contract can be owned by Joint Owners. If Joint Owners are named, any Joint Owner must be the spouse of the other Owner.
Upon the death of either Owner, the surviving spouse will be the Primary Beneficiary. Any other Beneficiary designated in the Application or as subsequently changed will be treated as a Contingent
Beneficiary unless otherwise indicated in writing to the Company. 

ASSIGNMENT:    The Owner may, at any time during his or her lifetime, assign his or her rights under this Contract. The Company will not be
bound by any assignment until written notice is received by the Company. The Company is not responsible for the validity of any assignment. The Company will not be liable as to any payment or other
settlement made by the Company before receipt of the assignment. 

 
 

BENEFICIARY PROVISIONS    
    

BENEFICIARY:    The Beneficiary is named in the Application, unless changed. The Beneficiary is entitled to receive the benefits to be paid at
the death of the Owner. 

14

 

Unless
the Owner provides otherwise, the Death Benefit will be paid in equal shares to the survivor(s) as follows: 

	1.
	to
the Primary Beneficiary(ies) who survive the Owner's death; or if there are none

	2.
	to
the Contingent Beneficiary(ies) who survive the Owner's death; or if there are none

	3.
	to
the estate of the Owner. 

CHANGE OF BENEFICIARY:    Subject to the rights of any irrevocable Beneficiary(ies), the Owner may change the Primary Beneficiary(ies) or
Contingent Beneficiary(ies). A change may be made by filing a written request with the Company. The change will take effect as of the date the notice is signed. The Company will not be liable for any
payment made or action taken before it records the change. 

 
 

GENERAL PROVISIONS    
    

THE CONTRACT:    The entire Contract consists of: 

	1.
	this
Contract;

	2.
	the
Application which is attached to this Contract; and

	3.
	any
riders or endorsements attached to this Contract. 

This
Contract may be changed or altered only by the President or Vice President and the Secretary of the Company. A change or alteration must be made in writing. 

MISSTATEMENT OF AGE:    If the Age of the Annuitant, or the Age of any designated second person, has been misstated, any Annuity benefits
payable will be the Annuity benefits provided by the correct Age. After Annuity Payments have begun, any underpayments will be made up in one sum with the next Annuity Payment. Any overpayments will
be deducted from future Annuity Payments until the total is repaid. 

INCONTESTABILITY:    The Contract will not be contestable after it has been in force for a period of two years from the Issue Date. 

MODIFICATION:    This Contract may be modified in order to maintain compliance with applicable state and federal law. 

NON-PARTICIPATING:    This Contract will not share in any distribution of dividends. 

EVIDENCE OF SURVIVAL:    The Company may require satisfactory evidence of the continued survival of any person(s) on whose life Annuity
Payments are based. 

PROOF OF AGE:    The Company may require evidence of Age of any payee under Annuity Options A, B, C, and D and of the designated second person
under Annuity Options C and D. 

PROTECTION OF PROCEEDS:    To the extent permitted by law, Death Benefits and Annuity Payments shall be free from legal process and the claim
of any creditor if the person is entitled to them under this Contract. No payment and no amount under this Contract can be taken or assigned in advance of its payment date unless the Company receives
the Owner's written consent. 

REPORTS:    At least once each calendar year, the Company will furnish the Owner with a report showing the Contract Value and any other
information as may be required by law. The Company will also furnish an annual report of the Separate Account. Reports will be sent to the last known address of the Owner. 

15

 

TAXES:    Any taxes paid to any governmental entity relating to this Contract will be deducted from the Purchase Payment or Contract Value
when incurred. The Company will, in its sole discretion, determine when taxes have resulted from: the investment experience of the Separate Account; receipt by the Company of the Purchase Payments; or
commencement of Annuity Payments. The Company may, at its sole discretion, pay taxes when due and deduct that amount from the Contract Value at a later date. Payment at an earlier date does not waive
any right the Company may have to deduct amounts at a later date. The Company will deduct any withholding taxes required by applicable law. 

TRANSFER BY THE COMPANY:    The Company reserves the right to transfer its obligations hereunder to another qualified life insurance company
under an assumption reinsurance arrangement without the prior consent of the Owner. 

16

 
 
 

ANNUITY OPTION TABLES    
    
    OPTIONS A AND B—LIFETIME PAYMENT OPTION
  MINIMUM MONTHLY PAYMENT RATES FOR EACH $1,000 APPLIED    
    

	Payments Guaranteed For
	 	Payments Guaranteed For

	Adjusted

Age
	 	Life Only
	 	5 Years
	 	10 Years
	 	20 Years
	 	Adjusted

Age
	 	Life Only
	 	5 Years
	 	10 Years
	 	20 Years

	50	 	4.64	 	4.63	 	4.60	 	4.50	 	70	 	7.16	 	7.05	 	6.73	 	5.68
	51	 	4.70	 	4.69	 	4.66	 	4.55	 	71	 	7.40	 	7.275	 	6.90	 	5.73
	52	 	4.77	 	4.76	 	4.73	 	4.50	 	72	 	7.66	 	7.51	 	7.07	 	5.77
	53	 	4.85	 	4.83	 	4.80	 	4.66	 	73	 	7.94	 	7.76	 	7.25	 	5.81
	54	 	4.92	 	4.91	 	4.87	 	4.71	 	74	 	8.24	 	8.02	 	7.43	 	5.84
	

55	
 	

5.01	
 	

4.99	
 	

4.95	
 	

4.77	
 	

75	
 	

8.56	
 	

8.31	
 	

7.61	
 	

5.87
	56	 	5.09	 	5.08	 	5.03	 	4.83	 	76	 	8.91	 	8.60	 	7.80	 	5.90
	57	 	5.19	 	5.17	 	5.11	 	4.89	 	77	 	9.29	 	8.92	 	7.98	 	5.92
	58	 	5.29	 	5.27	 	5.20	 	4.95	 	78	 	9.70	 	9.25	 	8.17	 	5.94
	59	 	5.39	 	5.37	 	5.30	 	5.02	 	79	 	10.14	 	9.60	 	8.35	 	5.95
	

60	
 	

5.50	
 	

5.48	
 	

5.40	
 	

5.08	
 	

80	
 	

10.61	
 	

9.97	
 	

8.53	
 	

5.97
	61	 	5.62	 	5.60	 	5.51	 	5.15	 	81	 	11.12	 	10.35	 	8.70	 	5.98
	62	 	5.75	 	5.72	 	5.62	 	5.21	 	82	 	11.67	 	10.75	 	8.86	 	5.98
	63	 	5.89	 	5.85	 	5.73	 	5.28	 	83	 	12.27	 	11.16	 	9.01	 	5.99
	64	 	6.04	 	5.99	 	5.86	 	5.34	 	84	 	12.90	 	11.58	 	9.15	 	5.99
	

65	
 	

6.20	
 	

6.14	
 	

5.99	
 	

5.40	
 	

85	
 	

13.59	
 	

12.00	
 	

9.28	
 	

6.00
	66	 	6.36	 	6.30	 	6.12	 	5.46	 	 	 	 	 	 	 	 	 	 
	67	 	6.54	 	6.47	 	6.27	 	5.52	 	 	 	 	 	 	 	 	 	 
	68	 	6.74	 	6.65	 	6.41	 	5.58	 	 	 	 	 	 	 	 	 	 
	69	 	6.94	 	6.85	 	6.57	 	5.63	 	 	 	 	 	 	 	 	 	 

Monthly
payment rates for all other ages will be furnished on request. For quarterly payments, multiply the monthly payment rate by 2.99. For semi-annual payments, multiply by 5.95. For
annual payment, multiply by 11.78. 

17

 
 
 

OPTIONS C AND D—JOINT LIFETIME PAYMENT
  MINIMUM MONTHLY PAYMENT RATES FOR EACH $1,000 APPLIED PAYMENTS FOR TWO
  LIVES ONLY    
    

	Annuitants' Ages
	 	 
	 	Percentage of Payment Payable to Surviving Annuitant is:

	Primary
 
	 	 
	 	 

	 	Joint
	 	 
	 	50%
	 	662/3%
	 	75%
	 	100%

	(A) Payments reduce upon the death of either the Annuitant or the Joint Annuitant:
	50	 	50	 	 	 	4.64	 	4.47	 	4.39	 	4.18
	50	 	55	 	 	 	4.81	 	4.62	 	4.53	 	4.28
	

55	
 	

55	
 	

 	
 	

5.01	
 	

4.80	
 	

4.70	
 	

4.43
	55	 	60	 	 	 	5.24	 	5.00	 	4.88	 	4.57
	

60	
 	

60	
 	

 	
 	

5.50	
 	

5.24	
 	

5.11	
 	

4.77
	60	 	65	 	 	 	5.83	 	5.51	 	5.36	 	4.96
	

65	
 	

65	
 	

 	
 	

6.20	
 	

5.84	
 	

5.68	
 	

5.24
	65	 	70	 	 	 	6.65	 	6.21	 	6.02	 	5.50
	

(B) Payments reduce only upon the death of the Annuitant (ERISA Joint and Survivor Annuity Option):
	50	 	50	 	 	 	4.39	 	4.32	 	4.28	 	4.18
	50	 	55	 	 	 	4.45	 	4.39	 	4.37	 	4.28
	55	 	50	 	 	 	4.62	 	4.50	 	4.44	 	4.28
	

55	
 	

55	
 	

 	
 	

4.70	
 	

4.61	
 	

4.56	
 	

4.43
	55	 	60	 	 	 	4.78	 	4.71	 	4.67	 	4.57
	60	 	55	 	 	 	4.99	 	4.84	 	4.77	 	4.57
	

60	
 	

60	
 	

 	
 	

5.11	
 	

4.99	
 	

4.93	
 	

4.77
	60	 	65	 	 	 	5.22	 	5.13	 	5.09	 	4.96
	65	 	60	 	 	 	5.51	 	5.31	 	5.22	 	4.96
	

65	
 	

65	
 	

 	
 	

5.68	
 	

5.52	
 	

5.45	
 	

5.24
	65	 	70	 	 	 	5.83	 	5.71	 	5.66	 	5.50
	70	 	65	 	 	 	6.22	 	5.96	 	5.84	 	5.50

Monthly
payment rates for other age combinations will be furnished on request. For quarterly payments, multiply the monthly payment rate by 2.99. For semi-annual payments, multiply by
5.95. For annual payment, multiply by 11.78. 

18

 

 
 

OPTION E—FIXED TIME PAYMENT
  MINIMUM MONTHLY PAYMENT RATES FOR EACH $1,000 APPLIED    
    

	Years
	 	Monthly Payment
	 	Years
	 	Monthly Payment
	 	Years
	 	Monthly Payment

	1	 	Not Available	 	11	 	$	9.31	 	21	 	$	5.81
	2	 	Not Available	 	12	 	 	8.69	 	22	 	 	5.64
	3	 	Not Available	 	13	 	 	8.17	 	23	 	 	5.49
	4	 	Not Available	 	14	 	 	7.72	 	24	 	 	5.35
	5	 	18.32	 	15	 	 	7.34	 	25	 	 	5.22
	

6	
 	

15.56	
 	

16	
 	
 	

7.00	
 	

26	
 	
 	

5.10
	7	 	13.59	 	17	 	 	6.71	 	27	 	 	5.00
	8	 	12.12	 	18	 	 	6.44	 	28	 	 	4.90
	9	 	10.97	 	19	 	 	6.21	 	29	 	 	4.80
	10	 	10.06	 	20	 	 	6.00	 	30	 	 	4.72

For
quarterly payments, multiply the monthly payment rate by 2.99. For semi-annual payments, multiply by 5.95. For annual payment, multiply by 11.78. 

19

  

 
 

FIRST VARIABLE LIFE    
    
    First Variable Life Insurance Company
  Little Rock, Arkansas    
    
    General Account Rider
  One Year Interest Guarantee Period    
    

This
Rider is part of the Contract to which it is attached and is effective upon issuance. The Contract is amended as follows: 

Definitions  

Contract Value—The sum of the Owner's interest in the Subaccounts of the Separate Account and in the General Account. 

General Account Value—The Owner's interest in the General Account. 

Variable Account Value—The Owner's interest in the Subaccounts of the Separate Account. 

Purchase Payment Provisions  

Allocation of Purchase Payments—The Purchase Payments for the General Account Rider shall be allocated to the General Account. The minimum
and maximum subsequent Purchase Payments are shown on the Contract Data Page. 

Contract Value Provision  

Contract Value—The Purchase Payments for this General Account Rider shall be allocated to the General Account. 

The
Contract Value on any Valuation Date is the sum of the Owner's interest in the Subaccounts of the Separate Account and in the General Account. The General Account Value at any time is equal to the
sum of the Purchase Payments allocated to the General Account, amounts transferred to the General Account and interest credited to the General Account less amounts transferred from the General
Account, any partial withdrawals, Withdrawal Charges, Contract Maintenance Charges, Transfer Fees and applicable taxes. 

Annual Contract Maintenance Charge  

Deduction for Annual Contract Maintenance Charge—This charge is deducted from the General Account Value and the Separate Account Value by
subtracting values from the General Account Value and/or canceling Accumulation Units from each applicable Subaccount in the ratio that the value of each account bears to the total Contract Value. 

Transfer Provisions  

The
Transfers Prior to the Annuity Date section is replaced in its entirety by the following provisions: 

Transfers Prior to the Annuity Date—Prior to the Annuity Date, the Owner may transfer all or a part of the Owner's interest in a Subaccount
or the General Account without the imposition of any fee or charge if there have been no more than the number of free transfers shown on the Contract Data Page for the Contract Year. 

1

 

All
transfers are subject to the following: 

	(1)
	if
more than the number of free transfers have been made in the Contract Year, the Company will deduct a Transfer Fee. The Transfer Fee is shown on the Contract Data Page. The
Transfer Fee will be deducted from the Account from which the transfer is made. However, if the entire interest in an Account is being transferred, the Transfer Fee will be deducted from the amount
which is transferred.

	(2)
	the
minimum amount which may be transferred and which must remain in the Account is shown on the Contract Data Page.

	(3)
	any
transfer direction must clearly specify: (A) the amount which is to be transferred; and (B) the Accounts which are to be affected.

	(4)
	the
Company reserves the right at any time and without prior notice to any party to terminate, suspend or modify the transfer privileges described above.

	(5)
	all
Purchase Payments and transfers allocated to the General Account must remain in the General Account for one year prior to any transfer from the General Account. 

If
the Owner elects to use the transfer privilege, the Company will not be liable for transfers made in accordance with the Owner's instruction. 

Interest Credits  

Interest to Be Credited—The Company guarantees that the interest rate credited to the General Account Value will not be less than the
minimum Guaranteed Interest Rate equal to: an effective rate of 3% per year. The Company may credit additional interest in its sole discretion. The Initial Guaranteed Interest Rate shall be as set
forth on the Contract Data Page for the Initial Interest Guarantee Period which shall be for one year from the date the Purchase Payment is allocated to the General Account. Upon the expiration of the
Initial Interest Guarantee Period, the Company will in its discretion determine the Guaranteed Interest Rate for each subsequent Interest Guarantee Period. Such subsequent Interest Guarantee Period
shall be for successive one year periods after the expiration of the Initial Interest Guarantee Period. The Guaranteed Interest Rate for any subsequent Purchase Payments allocated to the General
Account shall be that rate in effect at the time of the allocation or transfer to the General Account. Interest will be credited daily to the General Account Value. 

Withdrawal Provisions  

A
withdrawal will result in the cancellation of Accumulation Units for each applicable Subaccount of the Separate Account or a reduction in the General Account Value in the ratio that the Subaccount
Value and/or the General Account Value bears to the Contract Value. The Owner must specify in writing in advance if other than the above method of cancellation and reduction is to be used. 

Suspension or Deferral of Payments  

The
Company reserves the right to defer payment for a withdrawal or transfer from the General Account for the period permitted by law but not for more than six months after written election is
received by the Company. 

	/s/ Tom Streiff

President	 	/s/ M. A. Fair

Secretary

2

[FIRST VARIABLE LIFE INSURANCE COMPANY LOGO]  

Dear
Valued Policyowner, 

Welcome!  

At
First Variable Life Insurance Company, we appreciate and respect your wise decision to plan for the future. 

Your
new policy offers many valuable benefits and features, some of which you may choose to use immediately. Therefore, to access certain information or make transactions, you need a Personal
Identification Number or "PIN." Please keep your PIN confidential and store it in a convenient place. The PIN assigned exclusively to you is: 

ZADMF003

At
times, you may have questions about other features of this policy. We conveniently offer three ways to get information. 

        •
First, we strongly recommend you call your registered representative. H/She is the most familiar with you and your goals and can help you make informed decisions about your
financial future. 

        •
Second, you may call our automated information line at 1-800-593-8637. It's available
when you need it, 24 hours a day, 7 days a week. The auto line provides unit values for all First Variable Life products, as well as your own account balance. You may even request
transfers between funds in your policy. 

        •
Third, please call our Communication Center at 1-800-228-1035, Monday through Thursday,
8 a.m. to 6 p.m., or Friday, 8 a.m. to 5 p.m. Central. Our experienced customer service representatives can answer questions about First Variable Life and all of our
products. 

Again,
welcome to the First Variable family!

It's our privilege to help you... 

Build toward wealth,

        seek to Enjoy income, and

                strive to Preserve assets. 

Sincerely,

/s/
Tom Streiff

Tom Streiff

President 

QuickLinks

TABLE OF CONTENTS

CAPITAL NO LOAD CONTRACT DATA PAGE

CONTRACT DATA PAGE (continued)

DEFINITIONS

PURCHASE PAYMENT PROVISIONS

SEPARATE ACCOUNT PROVISIONS

CONTRACT VALUE PROVISION

ANNUAL CONTRACT MAINTENANCE CHARGE

TRANSFER PROVISIONS

WITHDRAWAL PROVISIONS

DEATH BENEFITS

ANNUITY PROVISIONS

SUSPENSION OR DEFERRAL OF PAYMENTS

ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS

BENEFICIARY PROVISIONS

GENERAL PROVISIONS

ANNUITY OPTION TABLES OPTIONS A AND B—LIFETIME PAYMENT OPTION MINIMUM MONTHLY PAYMENT RATES FOR EACH $1,000 APPLIED

OPTIONS C AND D—JOINT LIFETIME PAYMENT MINIMUM MONTHLY PAYMENT RATES FOR EACH $1,000 APPLIED PAYMENTS FOR TWO LIVES ONLY

OPTION E—FIXED TIME PAYMENT MINIMUM MONTHLY PAYMENT RATES FOR EACH $1,000 APPLIED

FIRST VARIABLE LIFE First Variable Life Insurance Company Little Rock, Arkansas General Account Rider One Year Interest Guarantee Period

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