Client Guide ZoneChoice

Risk control. Your own way.

Helping take the risk out of retirement.

Let’s get started

The retirement landscape

Next: Plan for retirement

Program overview

Planning guide

Checklist and timeline

Review and follow-up

Next steps

ZoneChoice lets you choose both buffers and floors to strike your ideal balance of growth potential and protection. You can allocate your purchase payment to different accounts, personalizing your comfort zone based on your individual needs for a financially secure retirement. You can select a buffer alone, a floor alone, or a combination of both.

How do they work?

Buffers and floors

Plan for retirement

Buffers and floors

Retirement in action

A quick look

ZoneChoice™ | 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

Market volatility

Low rates

Longevity

Rising costs

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

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Market volatility

Financial markets

Personal factors

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Low rates

Historical CD interest rates 1988–2020

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

•

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

•

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Longevity

•

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

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

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

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

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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.

10%

1988

1993

1998

2003

6-Month CD Yield

2008

2013

2018

2019

2020

S&P 500 Price Index

600

1,200

1,800

3,000

3,600

4,200

1996

2000

2004

2008

2012

2016

2020

2,400

First class postage

Gallon of gas

1 year college tuition

New car

New house

$0.24

$0.89

$11,853

$10,305

$122,100

$0.55

$2.26

$24,623

$36,718

$358,000

1987

2019

CUNA Mutual Group ZoneChoice™ Annuity

Your comfort zone

Your opportunity

Your comfort zone is your choice.

The ZoneChoice Annuity is an insurance contract that offers index-linked returns, protection against market losses and a death benefit for loved ones.

Your investment allocation: When you purchase ZoneChoice, you decide how much of your payment to spread among the annuity’s five allocation options below. You can invest your payment into a single account, or diversify your allocations among any of the available accounts to fit your needs.

CUNA Mutual Group ZoneChoice™ Annuity.

With the CUNA Mutual Group ZoneChoice™ Annuity, you can create a personalized strategy that balances growth potential and protection in a way that suits you and your goals. It’s a registered index-linked annuity that includes five distinct accounts within one product. ZoneChoice gives you the tools tocraft your own, personal comfort zone — one that strikes your ideal balance between the market’s upside potential and its downside risks.

Traditional investment diversification doesn’t offer you solid protection against investment loss. Yet avoiding risk altogether offers little chance for growth. Suppose you could create your own, individual balance of protection and growth potential, all in one investment?

A personalized annuity that balances your needs.

Plan for retirement

CUNA Mutual Group ZoneChoice™ Annuity

Count on ZoneChoice to help you craft the most personalized path to theretirement you hope for.

Zone Choices

Growth potential

Protection

Your comfort zone

•

Protection

Account options

Growth potential

Declared rate account

S&P 500 index

Barclays Risk Balanced Index

Guaranteed annual rate

Adjustable floor

Guaranteed annual rate

Cap rate

Your opportunity.

ZoneChoice receives interest linked to the performance of one or more market indexes or a declared rate account. Dollars allocated to the declared rate account receive a fixed crediting rate. For dollars linked to an index, earnings lock in based on the change in the index value, from the start to the end of the interest term.

•

The accounts offered by ZoneChoice let you select different but complementary approaches to risk and reward.

The S&P 500 Index and Barclays Risk Balanced Index 1-year accounts

Lets you lock in a pre-determined rate for one year. This option allows you to change your investment preference with ZoneChoice annually while protecting gains.

The declared rate account

The S&P 500 Index and Barclays Risk Balanced Index 6-year accounts

Let you participatein the market’s upside potential up to a cap with the protection of a floor — a fixed, maximum value you would lose in a down market. As with the declared rate account, the 1-year term allows you to change your investment preferences (including your floor) with ZoneChoice annually and lock in gains.

Provide higher growth potential with a participation rate and comes with a buffer instead of a floor, which provides protection against the first 10% of losses. The 6-year term allows you to change your investment preferences with ZoneChoice every six years.

Looking at past market returns can help to understand when buffers and floors would have offered protection during downturns while offering growthpotential in up markets. The bottom line is, both buffers and floors offer a measure of protection against downturns while still allowing you to participate in the market's upside.The goal isn't to eliminate bumps on the road to retirement, it's to smooth them out, allowing you to get where you want to go with greater confidence.

A buffer provides risk control against normal market volatility, with more upside growth potential from the participation rate.

Why choose a buffer and participation rate?

A floor provides a fixed amount of protection against significant market downturns while providing upside growth potential up to the cap rate.

Why choose a floor and cap rate?

Floor / Caps

No gain

Your gain

Risk of loss

Protection against loss

Your gain

Risk of loss

Protection against loss

Buffers / Participation rates

Market gain

Cap

Buffer or floor

Market loss

Both options bring you a level of risk control many other investments don’t. With ZoneChoice, you can choose one or the other or a combination ofeach that blends to reflect your personalized retirement needs.

Using history as a guide.

Rolling monthly S&P 500 Index returns for January 1, 1985 through January 1, 2021

1-year returns

6-year returns

79%

Gains

21%

Losses

Number of gains: 333 Number of losses: 88 Average 1-year return: 9.7%

With a floor, you have the certainty of knowing if there is a loss, it is never more than where you set your floor.

88%

Gains

12%

Losses

Number of gains: 318 Number of losses: 43 Average 6-year return: 67.2%

With a -10% buffer, you would not have had a loss 97% of the time over this period.

Market protection and the potential of higher returns.

Retirement in action

See buffer and participation rates, floor and caps, and ZoneChoice in action.

Buffer and participation rates

Floor and caps

ZoneChoice

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Buffer and participation rates in action

-10% buffer

-30%

Market return

-20%

Your return

Large market down: -30%

Market down: -5%

-5%

Market return

Your return

Market up: 15%

15%

Market return

18%

Your return

In this example, you’re protected from the first 10% of index losses each interest term. The participation rate is 120%, meaning if the index goes up, your account grows by the rate at which the index increased, multiplied by 120%. If you are willing to accept the risk of market losses beyond the buffe rin return for higher growth potential in up markets, this could be a good option for you.

Growth potential: 120% participation rate

Protection: -10% buffer

Growth potential: 120% participation rate

Protection: -10% buffer

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Floors and caps in action

In this example, you’re protected from losses greater than 10% each interest term. The cap rate is 12%, meaning that if the index goes up, your account grows by the rate at which the index increased, to a maximum of 12%. If you want to avoid the risk of market losses beyond the floor, this could be a good option for you.

Growth potential: 12% cap

Protection: -10% floor

Large market down: -30%

-30%

Market return

-10%

Your return

Market down: -5%

-5%

Market return

Growth potential: 12% cap

Protection: -10% floor

Market up: 15%

15%

Market return

12%

Your return

-10% floor

12% cap

-5%

Market return

Market slightly up: 5%

Market return

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ZoneChoice in action

How ZoneChoice actually performs depends on how you set your “comfort zone” — your personal exposure to market ups and downs. The chart below shows potential account values based on hypothetical scenarios. Hypothetical examples may not be used to project or predict investment results. No one knows what the future holds, but ZoneChoice has the potential to deliver higher returns through market cycles, along with valuable downside protection.

A quick look

Your ZoneChoice benefits.

Transfers

Tax-deferred

Guaranteed income for life

Legacy for loved ones

Health hardships

A long-term promise

At the end of every interest term you can transfer between account options and reset the floor.

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.

After two years you have options to convert your contract value into a stream of retirement income.

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

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.

In the event of death before starting annuity income, your entire contract value or your total net purchase payment — whichever is larger — passes to your named beneficiaries.

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.

ZoneChoice Annuity is issued by MEMBERS Life Insurance Company (MEMBERS Life), apart of CUNA Mutual Group. As of December 31, 2020, financial records of CMFG Life Insurance Company's parent, CUNA Mutual Holding Company, a Fortune 1000 company, indicated:

Highly rated, highly respected.

ZoneChoice annuity

$23.8 billion

$28.5 billion

$4.7 billion

in liabilities

in assets

in policyholder surplus

A (Excellent)

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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. Rating sreflect the opinion of the relative financial strength and operating performance of the company. These ratings are subject to change. Investors should monitor ratings andfinancial strength of MEMBERS Life 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 2021

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Moody’s Investors Service

Sixth-highest rating of 21

Affirmed March 2021

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Standard & Poor’s Ratings Service

A+

Fifth-highest rating of 21

Affirmed March 2021

Take control of your retirement journey.

Take this information with you

This brochure must be preceded or accompanied by a current prospectus and product brochure. Before investing, you should consider the annuity’s investment objectives, risks, charges and expenses. Theprospectus contains this and other information. Please read it carefully. To obtain a prospectus, contact your advisor, log on to cmannuities.com, or call 888.888.3940. Annuities are long-term insurance products designed for retirement purposes. Many variable annuities offer four main features: (1) a selection of investment options, (2) tax-deferred earnings accumulation, (3)guaranteed lifetime payout options, and (4) death benefit options. This material is informational only and is not investment advice. If you need advice regarding your financial goals and investment needs, contact a financial advisor. All guarantees are backed by the claims-paying ability of MEMBERS Life Insurance Company (MEMBERS Life) and do not extend to the performance of the underlying accounts which can fluctuate withchanges in market conditions. Past performance is no guarantee of future results. All hypothetical examples are for illustrative purposes only and do not guarantee or predict actual performance. Annuity contract values, death benefits and other values fluctuate based on the performance of the investment options and may be worth more or less than your total purchase payment when surrendered. Withdrawalsmay be subject to surrender charges and may also be subject to an Interest Adjustment. The Interest Adjustment can have a positive or negative impact on contract values, depending on how interest rates have changedsince the contract was issued. Surrender charges range from 0% to 9% during the initial index period. Hypothetical examples do not represent any specific annuity contract and may not be used to project or predict investment results. You may not invest directly in an index. Rate caps vary by index and by risk controlaccount and can be adjusted annually on risk control account anniversary, subject to a minimum rate cap of 1%. Withdrawals of taxable amounts are subject to ordinary income tax, and if taken before age 59 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. MEMBERS Life does not provide tax or legal advice. Contact a licensed professional. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by CMFG Life Insurance Company (CMFG Life), the parent company of MEMBERS Life Insurance Company (MEMBERSLife). Standard & Poor’s, S&P and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), and these trademarks have been licensed for use by SPDJI and sublicensed for certainpurposes by CMFG Life. This product is not sponsored, endorsed, sold or promoted by SPDJI, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in thisproduct nor do they have any liability for any errors, omissions or interruptions of the S&P 500 Index. The S&P 500 Index does not include dividends paid by the underlying companies. Neither Barclays Bank PLC ('BB PLC'') nor any of its affiliates (collectively 'Barclays') is the issuer or producer of ZoneChoice and Barclays has no responsibilities, obligations or duties to investors in ZoneChoice. TheBarclays Risk Balanced Index (the 'Index'), together with any Barclays indices that are components of the Index, is a trademark owned by Barclays and, together with any component indices and index data, is licensed foruse by MEMBERS Life Insurance Company as the issuer or producer of ZoneChoice (the ‘Issuer’). Barclays’ only relationship with the Issuer in respect of the Index is the licensing of the Index, which is administered, compiled and published by BB PLC in its role as the index sponsor (the 'Index Sponsor') without regardto the Issuer or the ZoneChoice or investors in the ZoneChoice. Additionally, MEMBERS Life Insurance Company as issuer or producer of ZoneChoice may for itself execute transaction(s) with Barclays in or relating to theIndex in connection with ZoneChoice. Investors acquire ZoneChoice from MEMBERS Life Insurance Company and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoeverwith Barclays upon making an investment in ZoneChoice. The ZoneChoice is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the ZoneChoice oruse of the the Index or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein. 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 MEMBERS Life and distributed by their affiliate,CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA 50677. MEMBERS Life is a stock insurance company. Investment and insuranceproducts 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 andmay not be available in all states or through all broker/dealers.Base policy forms 2020-VAIL, 2020-WVRSEND and 2020-VAIL(ID). ZCA-3685295.1-0721-0823 ©CUNA Mutual Group

Next: Buffers and floors

Next: Retirement in action

Next: A quick look

Next: ZoneChoice annuity

The retirement landscape

ZoneChoice 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

Retirement in action

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

Buffers and floors

Retirement in action

A quick look

ZoneChoice annuity

Buffers and floors

Retirement in action

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

Buffers and floors

Retirement in action

A quick look

ZoneChoice annuity

Retirement in action

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

Buffers and floors

Retirement in action

A quick look

ZoneChoice annuity

A quick look

ZoneChoice 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

Retirement in action

A quick look

ZoneChoice annuity

CUNA Mutual Group ZoneChoice™ Annuity is issued by MEMBERS LIFE INSURANCE COMPANY, a stock life insurance company

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

See graph in more detail

S&P 500 Price Index

1 J.P. Morgan Asset Management and Guide to the Markets (01 2020). Compustat, FactSet, Federal Reserve, Standard & Poor's, J.P. Morgan Asset Management. Dividend yield is calculated as consensusestimates 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 Indexprice, 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-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.

2 Bankrate.com, Historical CD interest rates: 1984–2020, January 2020.

43%

3 2019 Retirement Confidence Survey Summary Report, https://www.ebri.org/docs/default-source/rcs/2019-rcs/2019-rcs-short-report.pdf, April 23, 2019. 4 LongTermCare.gov, longtermcare.acl.gov, The Basics, How Much Care Will You Need, October 28, 2020.

5 The People History, “1987,” 2019. 6 The People History, “Our Price Basket,” 2019. 7 CNBC, "Car prices are increasing—here’s how that can hurt Americans," October 22, 2019. 8 U.S. Census Bureau, “Median and Average Sales Prices of New Homes Sold in United States,” 2 9 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 2018–19,” 2019.

1 year interest term

6 year interest term

S&P 500 index

Barclays Risk Balanced Index

-10% buffer

Participation rate

Index-linked performance potential

This equity index tracks changes in market value for 500 large U.S. companies and generally represents the performance of the U.S. stock market as a whole.

S&P 500 Index

Barclays Risk Balanced Index

This index allocates between 50 U.S. low volatility stocks and fixed income using the principles of Modern Portfolio Theory, targeting 10% volatility. Learn more at: Indices.Barclays/RB10.

All periods shown are rolling monthly periods. Past performance is not indicative nor does it guarantee future results. This data does not represent the performance of any specific investment.

Hypothetical examples do not represent any specific annuity and may not be used to project or predict investment results. Participation rates are declared based on current market conditions and are subject to change.

Hypothetical examples do not represent any specific annuity and may not be used to project or predict investment results. Rate caps are declared based on current market conditions and are subject to change. Rate caps vary by index and can be adjusted annually on contract anniversary, subject to a minimum of 1%.

Hypothetical situation example does not reflect actual history. This example uses a variety of gross investment returns with a $100,000 initial investment in each strategy. Cap rates and participation rates are assumed flat throughout the period.

See chart in more detail

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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Market gain

Cap

Buffer or floor

Market loss

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See chart in more detail

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

Retirement in action

A quick look

ZoneChoice 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

Retirement in action

A quick look

ZoneChoice 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

Retirement in action

A quick look

ZoneChoice annuity

The retirement landscape

Plan for retirement

Buffers and floors

Retirement in action

A quick look

ZoneChoice annuity

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