Client Guide - SPIA/FIA

Guaranteed income for life.

Helping control the risks of retirement.

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The retirement landscape

Next: Plan for retirement

Whatever your situation and needs, your income annuity can be structured to fit them. It’s your money. How would you like to receive it?

Lifetime income guaranteed. For you and the ones you love.

Plan for retirement

Single Premium Immediate Annuity / Future Income Annuity | Client Guide

For most of us, the retirement landscape looks a lot different than the one our grandparents expected. We’re faced with new risks and new realities.

Growth with risk control and access to income are key components to achieving a comfortable, confident retirement.

New risks, new realities

SPIA/FIA

Guaranteed Income

Lifetime Income

Now or later, it’s income for life.

Both the Single Premium Immediate Annuity (SPIA) or the Future Income Annuity (FIA) provide you with a guaranteed income stream based on annuity payout options and benefits you choose. The major difference is the Single Premium Immediate Annuity provides income today; the Future Income Annuity allows you to defer income payments to let your money (and your future payments) grow.

Now that you’re nearing retirement or have already retired, you have some thinking to do. You can map out all the great adventures you’re going to have — or that second career you’re going to embark on. You also have some very important decisions to make regarding your retirement savings. How do you ensure the hard work you’ve done turns into the plans you are making? Don’t worry. Despite what you might think, there are guarantees in life. Enjoy a retirement income with options you can never outlive with the MEMBERS Single Premium Immediate Annuity or Future Income Annuity (Deferred Income Annuity). Both allow you to convert a portion of your savings into a guaranteed income stream that you design to fit your specific needs, whether you continue to work or have a more traditional retirement.

It’s time to return confidence to retirement.

Plan for retirement

SPIA/FIA

Income Starting Now

Risk Protection

Income for Life

Guaranteed Income

Guaranteed Single Premium Immediate Income Annuity Payment Options

Single Premium Immediate Annuity and Future Income Annuity are issued by CMFG Life Insurance Company, a part of CUNA Mutual Group. As of December 31, 2021, financial records of CMFG Life Insurance Company's parent, CUNA Mutual Holding Company:

Highly rated, highly respected.

SPIA/FIA

$39.5 billion

$44.3 billion

$4.8 billion

in liabilities

in assets

in policyholder surplus

A (Excellent)

1/3

A.M. Best Company

Third-highest rating of 16

A.M. Best Company, Moody’s Investors Service and S&P Global are credit rating organizations serving the insurance and other financial services industries. Ratings reflect the opinion of the relative financial strength and operating performance of the company. These ratings are subject to change. Investors should monitor ratings and financial strength of MEMBERS Life Insurance Company while they hold a contract.

We're proud of our financial strength ratings. They're a sign of our long-term ability to deliver on our commitments.

Affirmed March 2022

2/3

Moody’s Investors Service

Sixth-highest rating of 21

Affirmed March 2021

3/3

Standard & Poor’s Ratings Service

A+

Fifth-highest rating of 21

Affirmed December 2021

Take control of your retirement journey.

Take this information with you

All guarantees are backed by the claims-paying ability of the issuer. This material is informational only and is not investment advice. If you need advice regarding your financial goals and investment needs, contact afinancial advisor. Withdrawals of taxable amounts are subject to ordinary income tax and if taken before age 59½, may be subject to a 10% federal tax penalty. If you are considering purchasing an annuity as an IRA or other tax-qualifiedplan, you should consider benefits other than tax deferral since those plans already provide tax-deferred status. The company does not provide tax or legal advice. Contact a licensed professional. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Annuities are issued by CMFG Life Insurance Company (CMFG Life),2000 Heritage Way, Waverly, IA 50677. CMFG Life is a stock insurance company. Investment and insurance products are not federally insured, may involve investment risk, may lose value, and are not obligationsof or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states. Base policy numbers: SPIA: 2008-SPIA-I, 2008-SPIA-DB, 2008-SPIA-LO,2008-SPIA-DB(OR), 2008-SPIA-I (OR), 2008-SPIA-LO(OR), FIA: ICC13-DIA, ICC13-DIA(B), 2013-DIA. MFA, SPIA-2475705.4-0622-0724 ©CUNA Mutual Group

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The retirement landscape

SPIA/FIA

The retirement landscape

Plan for retirement

SPIA/FIA

The retirement landscape

Plan for retirement

Buffers and floors

Retirement in action

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

SPIA/FIA

MEMBERS® Income Annuities are issued by CMFG LIFE INSURANCE COMPANY, a stock life insurance company

Not a deposit • Not guaranteed by any bank or credit union May lose value • Not FDIC insured • Not insured by any federal government agency

1 Ratings apply to CMFG Life Insurance Company and its subsidiaries, MEMBERS Life Insurance Company and CUMIS Insurance Society, Inc.

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The retirement landscape

Plan for retirement

The retirement landscape

Plan for retirement

SPIA/FIA

The retirement landscape

Plan for retirement

SPIA/FIA

The retirement landscape

Plan for retirement

SPIA/FIA

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Future Income Annuity Future Income Annuity allows you to use the growth value of deferral to help your investment grow until you’re ready to use it.

First, remember that income annuities are retirement income insurance products. That means, regardless of the payment option you choose, your payment will be composed of three parts: principal (a portion of original purchase payment), interest (earnings on that payment) and a longevity credit (the “insurance component”). The size of the insurance component will be based on the length and strength of the guarantee you choose. In insurance terms, the less risk you want — the longer and stronger you want your guarantee — the less you’ll receive each month in payment. And vice versa.

Guaranteed income can help your plans

Guaranteed Future Income Annuity Payment Options

The retirement landscape

Plan for retirement

SPIA/FIA

The variable side

A quick look

ZoneChoice annuity

1 All guarantees are based on the claims-paying ability of the issuing company.

Income Starting Later

Single Premium Immediate Annuity With SPIA your money goes to work right away in the form of guaranteed lifetime income options.

Components of Lifetime Income Payout Male age 65, $100,000 Investment

This is a hypothetical representation and does not indicate or represent actual guaranteed future values.

1. Social Security You’ve paid in for your entire working career, but Social Security is designed as a safety net, not as an all-in-one retirement plan. For most Americans, Social Security is a valuable supplement to other sources of retirement funds. 2. Employer Plan 401(k)s and pensions make up a majority of Americans’ retirement accounts. While all can provide a source of income, they don’t always provide a source of income you can’t outlive. 3. Personal Savings This might be in the form of a savings account, CDs or other investments you've made.

A personal strategy.

Many Americans don't have a pension plan from an employer and Social Security may not replace pre-retirement income. An income annuity allows you to take control and establish your own retirement income plan. It can provide you with a guaranteed income source to round out your retirement plans by providing a predictable, steady paycheck.

What lifetime income looks like

1 Certain payment types may not be available in all states.

SPIA/FIA

Not a deposit • Not guaranteed by any bank or credit union • May lose value • Not FDIC insured • Not insured by any federal government agency

MFA, SPIA-2475705.4-0622-0724

For most Americans, the road to retirement is founded on three pillars.

1 Certain payment types may not be available in all states.

1 All guarantees are based on the claims-paying ability of the issuing company.

For a life well lived and the future you have in mind — guaranteed retirement income. With no surprises.

Market volatility

Income deficit

Longevity

Rising costs

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Rising costs

•

Inflation steadily reduces the purchasing power of a retirement nest egg.

•

The longer you spend in retirement, the harder your money has to work to counter the effects of inflation.

5 U.S. Bureau of Labor Statistics

Average price data (in U.S. dollars), 2013–2022

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Longevity

•

Most of us are living longer, more active lives, but often without the pension plans of the past.

•

Longevity requires more health care savings

7/10 adults turning 65 today in the U.S. will require long-term care during their lives.

47%

of retirees cite health problems as the reason for retiring earlier than planned.

•

Longevity is one of the biggest risks faced by those planning retirement. How much money do you need, and for how long?

3 LongTermCare.gov, longtermcare.acl.gov, The Basics, How Much Care Will You Need, October 28, 2020. 4 2021 Retirement Confidence Survey Summary Report, https://www.ebri.org/docs/default-source/rcs/2021-rcs/2021-rcs-summary-report.pdf, 2021.

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Income deficit

•

In the past, most retirees received a pension along with their gold watch. But the shift from pensions to defined contribution plans like the 401(k) has been dramatic.

2 U.S. Bureau of Labor Statistics, www.bls.gov/opub/ted/2021/67-percent-of-private-industry-workers-had-access-to-retirement-plans-in-2020.htm, TED: The Economics Daily, March 2021.

Percent of Americans who have pensions

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Market volatility

•

We’re part of a growing global investment marketplace that seems wildly unpredictable.

•

Over time, the markets go in cycles — sometimes up, sometimes down. There are both day-to-day fluctuations and long-term trends.

S&P 500 Price Index

See graph in more detail

S&P 500 Price Index

1 Compustat, FactSet, Federal Reserve, Refinitiv Datastream, Standard & Poor's, J.P. Morgan Asset Management. Dividend yield is calculated as consensus estimates of dividends for the next 12 months, divided by most recent price, as provided by Compustat. Forward price-to-earnings ratio is a bottom-up calculation based on J.P. Morgan Asset Management estimates. Returns are cumulative and based on S&P 500 Index price movement only, and do not include the reinvestment of dividends. Past performance is not indicative of future returns. Guide to the Markets — U.S. Data are as of January 31, 2021.

Market volatility

Low rates

Longevity

Rising costs

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Rising costs

•

Inflation steadily reduces the purchasing power of a retirement nest egg.

•

The longer you spend in retirement, the harder your money has to work to counter the effects of inflation.

5 U.S. Bureau of Labor Statistics

$2.18

Average price data (in U.S. dollars), 2013–2022

3/4

Longevity

•

Most of us are living longer, more active lives, but often without the pension plans of the past.

•

Longevity requires more health care savings.

7/10 adults turning 65 today in the U.S. will require long-term care during their lives.

47%

of retirees cite health problems as the reason for retiring earlier than planned.

•

Longevity is one of the biggest risks faced by those planning retirement. How much money do you need, and for how long?

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Low rates

•

Interest rates can impact so-called “safe” investments like bonds and CDs, and that may make it difficult to earn a reasonable return.

2 U.S. Bureau of Labor Statistics, www.bls.gov/opub/ted/2021/67-percent-of-private-industry-workers-had-access-to-retirement-plans-in-2020.htm, TED: The Economics Daily, March 2021.

1/4

Market volatility

•

We’re part of a growing global investment marketplace that seems wildly unpredictable.

•

Over time, the markets go in cycles — sometimes up, sometimes down. There are both day-to-day fluctuations and long-term trends.

S&P 500 Price Index

See chart in more detail

S&P 500 Price Index