SINGLE PREMIUM DEFERRED ANNUITY 5 YEAR RATE

SPDA SELECT KEY FEATURES

Interest Rate Guaranteed for 5 years

Issue Ages 0-90 (age of last birthday)

Interest Rate Lock Qualifies for interest rate lock for 45 days on incoming transfers from other financial institutions.

The SPDA Select Annuity can be surrendered at any time for the account value less any applicable withdrawal charges and market value Adjustment. (MVA)

Contract Year 1 2 3 4 5
Withdrawal Charge 9% 8% 7% 6% 5%
Rate Reductions for Optional Riders

• Death Benefit Rider 0.35%
• 10% Free Withdrawal Rider 0.10%
• Terminal Illness / Nursing Home Care Rider 0.10%
• Required Minimum Distribution Free Withdrawal Rider 0.08%
• 72(t) Free Withdrawal Rider 0.05%
• Accumulated Interest Withdrawal Rider 0.05%

Death Benefit Rider Upon the death of the Owner, the death benefit will be equal to the account value after the MVA. Any withdrawal charges will be waived.

10% Free Withdrawal Rider Beginning in the second policy year, any withdrawal charges and MVA will be waived for the first withdrawal in a policy year of an amount up 10% of the account value as of the last policy anniversary.

The withdrawal charge will apply to the entire withdrawal amount if the withdrawal amount exceeds the above limitation or if the withdrawal is a full withdrawal. If more than one withdrawal is taken in a policy year and the sum of all withdrawals taken during that year exceeds the above limitation, the withdrawal charge and MVA will apply to each withdrawal, including the first one.

Terminal Illness/Nursing Home Care Rider After the first policy year, the withdrawal charge on withdrawals up to 50% of the Cash Surrender Value ($1,000 minimum) is waived upon the occurrence of one of the following events for the

Owner:
(a) Terminal illness (life expectancy of 12 months or less).
(b) Heart attack, stroke, or life threatening cancer.
(c) Nursing home confinement.

For heart attack, stroke, or life threatening cancer, the event must occur before the Owner's 71st birthday. For confinement in a nursing home, the policy must be issued before the Owner's 76th birthday. The nursing home confinement must last for a period of at least 90 continuous days before the Owner is eligible for the benefit.

Required Minimum Distribution Free Withdrawal Rider If a request for the RMD, as calculated under the Internal Revenue Code, has been made, then any withdrawal charges and MVA will be waived for the amount equal to the RMD, if the policy was issued in connection with certain IRAs or other tax qualified plans.

72(t) Free Withdrawal RiderAny withdrawal charges and MVA will be waived for the amount which would comply with substantially equal periodic payment requirement to avoid tax penalty for policyholders younger than age 59 1/2, as required by IRS Code 72(t).

Accumulated Interest Withdrawal Rider The accumulated interest may be withdrawn without any withdrawal charges or MVA being applied. Interest withdrawals will be available starting at year two. Each withdrawal amount must be at least $100. For withdrawal amounts less than $100, the Company reserves the right to reduce the payment frequency to an interval necessary that will result in a payment of at least $100, or require an electronic funds transfer ("EFT").

Annuitization Available after 12 months for five years or longer.

Acknowledgement of Delivery required with all cases.

A Suitability Form is required with all cases at the time of application.

Ideal For Tax-Qualified Rollover Plans . For example, IRA, SEP. 403(b), etc. (Inherited and Stretch IRAs are not available with Bankers.)

(For agent use only. Annuity is underwritten by Bankers Life Insurance Company, which is the only entity financially obligated under the annuity. This annuity has limitations that may not be described here. For costs and complete details of the annuity, contact Bankers Life Insurance Company. Annuity form not available in all states. Approval does not imply endorsement of any insurer or product. Bankers and its representatives do not give legal or tax advice. This content reflects our understanding of tax rules and regulations in effect at the time of publication. Taxes must be paid on deferred earnings when accessed. You may be responsible for income taxes on amounts withdrawn, including a 10% penalty for withdrawals prior to age 591/2. In Texas, Bankers Life conducts business as Western Bankers Life Insurance.)

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