Client Guide - MaxProtect

Retirement deserves more protection.

Helping take the risk out of retirement.

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The retirement landscape

Next: Plan for retirement

Program overview

Planning guide

Checklist and timeline

Review and follow-up

Next steps

Taxes can have a big impact on the growth of your retirement accounts. Earnings in annuities grow tax-deferred until it’s time to tap into your savings.

How does it work?

The power of tax deferral

Plan for retirement

The power of tax deferral

A quick look

MaxProtect™ Fixed 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.

Guaranteed growth and access to income are key components to achieving a comfortable, confident retirement.

New risks, new realities

CUNA Mutual Group MaxProtect™ Fixed Annuity

What is a fixed annuity?

Simple and transparent

Fixed Installment Income Offers you fixed guaranteed income payments for a selected number of years. Payments can be monthly, quarterly, semi-annually or annually.

Fixed Life Income Payments are fixed and guaranteed for your lifetime (single), or the lifetime of both you and another individual (joint).

CUNA Mutual Group MaxProtect™ Fixed Annuity.

With MaxProtect, you get the best of both worlds: a competitive, guaranteed return on your investment and protection from market volatility. Plus, you get other benefits like tax deferral and more.

More conservative investors sometimes feel they have to make a bad choice: a choice between low-interest products that can expose you to the risks of rising costs or higher-performing products that put you at the mercy of the ups and downs of the market. But there’s another choice, whether you’re in retirement or preparing for it — the CUNA Mutual Group MaxProtect™ Fixed Annuity.

Guaranteed security when protection matters most.

Plan for retirement

CUNA Mutual Group MaxProtect™ Fixed Annuity

It’s certainty when you need it most.

MaxProtect Fixed Annuity

Guaranteed Investment Return

Market Volatility Protection

What is a fixed annuity?

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MaxProtect allows you to target your goals more precisely and plan ahead with confidence.

MaxProtect is a multi-year guaranteed annuity, one that offers you a competitive rate that’s guaranteed for a fixed amount of time that you choose. The rate will not change, regardless of market conditions. Following your initial guarantee period, you move into a one-year guarantee period. A renewal rate will be declared for the one-year period and could change annually.

A quick look

Your MaxProtect benefits.

A fixed rate

Income options

Tax-deferred

No waiting

Health hardships

A long-term promise

A competitive interest rate guaranteed by a strong insurance company.

You have a choice of when and how to take protected income.

Tax deferral lets you postpone the tax due until you take a partial withdrawal from your account or begin the annuity’s income payout period.

You have access to your contract value — without any applicable surrender charge — in times of critical need, including confinement to a nursing home or hospital, or diagnosis of a terminal illness.

You can begin partial withdrawals immediately.

Annuities are designed to be long-term investments. However, if needs arise, you have options to withdraw value. Depending on the amount and timing of your withdrawal, a surrender charge and other charges may apply. Refer to the fact sheet for details on charges for early withdrawals.

MaxProtect Fixed Annuity is issued by CMFG Life Insurance Company (CMFG Life), a part of CUNA Mutual Group. As of December 31, 2021, financial records of CMFG Life Insurance Company's parent, CUNA Mutual Holding Company, indicated:

Highly rated, highly respected.

MaxProtect fixed annuity

$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 CMFG 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 CMFG Life Insurance Company. Withdrawals may be subject to surrender charges. 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-qualified plan, 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. There are distinct differences between annuities and certificates of deposit or other guaranteed fixed income instruments sold through a credit union or bank. Most certificates are considered short-term investments, while annuities are considered long-term investments. The investment in a certificate is insured by the federal government, either through the FDIC or NCUA. Any guarantees provided by an annuity are backed by an insurance company. 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 obligations of 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 Form: ICC20-SPDA, 2020-SPDA, ICC20-MVAEND, 2020-MVAEND, ICC20-ROPGEND, 2020-ROPGEND. CMP-3111843.3-0622-0724 ©CUNA Mutual Group

Next: The power of tax deferral

Next: A quick look

Next: MaxProtect fixed annuity

The retirement landscape

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

Buffers and floors

Retirement in action

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

Buffers and floors

A quick look

MaxProtect fixed annuity

The power of tax deferral

Retirement in action

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

Fixed 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.

Withdrawals before age 59½ may be subject to a 10% federal tax penalty. Consult your financial advisor and tax professional regarding the impact of any withdrawals.

Availability and benefits vary by state.

There are no explicit fees, no surprises — you get exactly what you see.

Let’s get started

Next: Plan for retirement

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The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

The retirement landscape

Plan for retirement

The power of tax deferral

A quick look

MaxProtect fixed annuity

Guarantee your retirement income.

A fixed annuity is an insurance contract that pays you a specific, guaranteed interest rate on contributions to your account. Your rate of return is guaranteed for the term of your contract. During the term of your contract, your account grows tax-deferred. When you start receiving income, that money is taxed at your regular income tax rate.

When you’re ready to begin receiving guaranteed retirement income, you have flexible annuitization options. Annuitization means turning your accumulated retirement savings into a stream of income payments. You can choose from a wide range of payment options to help meet your retirement goals.

1 This is a brief description of tax topics and is not intended to provide tax advice. For tax or legal advice, contact a licensed professional. Any money in a tax-deferred annuity will be taxed upon withdrawal. Changes in tax rates and the tax treatment of investment earnings may impact comparative results. Investors should consider their personal investment horizon and income tax brackets (both current and anticipated) when making an investment decision, since these factors may further impact the results of the comparison. 2 As a hypothetical comparison, this chart does not indicate or represent actual guaranteed future values and does not include any charges for early surrender, which would reduce account value. The taxable example shows income taxes paid annually. Taxes on annuity interest earned are due only when you choose to receive an income or make a withdrawal. Withdrawals from an annuity prior to age 59½ may be subject to a 10% IRS penalty. There are no additional tax benefits when an annuity is purchased as an IRA or other tax-qualified plan, since those plans already provide tax-deferred status.

CMP-3111843.3-0622-0724

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

Financial markets

Personal factors

Market volatility

Low rates

Longevity

Rising costs

4/4

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?

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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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 Bankrate.com, Historical CD interest rates: 1984–2021, February 2022

There are distinct differences between annuities and certificates of deposit or other guaranteed fixed income instruments sold through a credit union or bank. Most certificates are considered short-term investments, while annuities are considered long-term investments. The investment in a certificate is insured by the federal government, either through the FDIC or NCUA. Any guarantees provided by an annuity are backed by an insurance company.

Historical CD interest rates 1984–2021

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 graph in more detail

S&P 500 Price Index

1 Compustat, FactSet, Federal Reserve, 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 the most recent S&P 500 Index price, divided by consensus estimates for earnings in the next 12 months (NTM), and is provided by FactSet Market Aggregates. 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. There are distinct differences between annuities and certificates of deposit or other guaranteed fixed income instruments sold through a credit union or bank. Most certificates are considered short-term investments, while annuities are considered long-term investments. The investment in a certificate is insured by the federal government, either through the FDIC or NCUA. Any guarantees provided by an annuity are backed by an insurance company.

Financial markets

Personal factors

Market volatility

Low rates

Longevity

Rising costs

4/4

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 bls.gov, "One hundred years of price change: the Consumer Price Index and the American inflation experience," April 2014. 6 usda.gov, "United States Department of Agriculture Retail Milk Prices Report," January 2022. 7 bls.gov, "Average price data (in U.S. dollars), selected items," 2022. 8 nces.ed.gov, “Average undergraduate tuition and fees and room and board rates charged for full-time students in degree-granting postsecondary institutions, by level and control of institution: Selected years, 1963–64 through 2019–2020” 2021. 9 U.S. Census Bureau, “Median and Average Sales Prices of New Homes Sold in United States,” February 3, 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?

2/4

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 Bankrate.com, Historical CD interest rates: 1984–2021, February 2022

There are distinct differences between annuities and certificates of deposit or other guaranteed fixed income instruments sold through a credit union or bank. Most certificates are considered short-terminvestments, while annuities are considered long-term investments. The investment in a certificate is insured by the federal government, either through the FDIC or NCUA. Any guarantees provided by anannuity are backed by an insurance company.

Historical CD interest rates 1984–2021

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

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 basedon 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. There are distinct differences between annuities and certificates of deposit or other guaranteed fixed income instruments sold through a credit union or bank. Most certificates are considered short-term investments, while annuities are considered long-term investments. The investment in a certificate is insured by the federal government, either through the FDIC or NCUA. Any guarantees provided by an annuity are backed by an insurance company.