0001753926-22-000611.txt : 20220429 0001753926-22-000611.hdr.sgml : 20220429 20220429153757 ACCESSION NUMBER: 0001753926-22-000611 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220429 DATE AS OF CHANGE: 20220429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEMBERS Life Insurance Co CENTRAL INDEX KEY: 0001562577 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 391236386 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-264135 FILM NUMBER: 22874822 BUSINESS ADDRESS: STREET 1: 2000 HERITAGE WAY CITY: WAVERLY STATE: IA ZIP: 50677 BUSINESS PHONE: 608.238.5851 MAIL ADDRESS: STREET 1: 5910 MINERAL POINT ROAD CITY: MADISON STATE: WI ZIP: 53705 424B3 1 g500045a.htm 424B3

 

MEMBERS LIFE INSURANCE COMPANY

MEMBERS® HORIZON VARIABLE SEPARATE ACCOUNT

 

 

SUPPLEMENT DATED MAY 1, 2022 TO

 

MEMBERS® HORIZON II FLEXIBLE PREMIUM DEFERRED VARIABLE

AND INDEX LINKED ANNUITY

 

PROSPECTUS DATED MAY 1, 2022

 

This supplement updates the prospectus for the variable and index linked annuity contract listed above and contains information that you should read and maintain for future reference. Please keep this supplement with your records.

 

 

On page 10, in the “Important Information You Should Consider About the MEMBERS® Horizon II Flexible Premium Deferred Variable and Index Linked Annuity” section, “Ongoing Fees and Expenses (annual charges)” row, the first table is replaced with the following table:

 

Annual Fee Minimum Maximum

Base Contract

(“Contract Fee”)(1)

 1.50% 1.50%

Investment Options (Fund fees and expenses)(2)

 0.13% 1.38%

 

(1) As a percentage of average daily Variable Subaccount Value or as a percentage of beginning of Risk Control Account Year Risk Control Account Value, adjusted for any withdrawals. We do not assess a Contract Fee against Contract Value held in the Holding Account. 

(2) As a percentage of Fund assets.

 

On page 10, in the “Important Information You Should Consider About the MEMBERS® Horizon II Flexible Premium Deferred Variable and Index Linked Annuity” section, “Ongoing Fees and Expenses (annual charges)” row, the second table is replaced with the following table:

 

 

Lowest Annual Cost:

$1,364

Highest Annual Cost:

$2,454

Assumes:

•        Investment of $100,000

•        5% annual appreciation

•        Least expensive combination of Fund   fees and expenses

•        No additional purchase payments,   transfers or withdrawals

Assumes:

•        Investment of $100,000

•        5% annual appreciation

•        Most expensive combination of Fund fees   and expenses

•        No additional purchase payments,   transfers or withdrawals

 

On Page 17, in the “Annual Fund Expenses” section, the following table is updated as follows:

 

Annual Fund Expenses

(As of 12/31/21)

 Minimum Maximum
Annual Fund Expenses (expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) 0.13% 1.38%
Annual Fund Expenses After Expense Reimbursements or Fee Waivers)(1) 0.13% 1.14%

 

(1) The annual fund expenses after expense reimbursements or fee waivers shows the minimum and maximum fees and expenses as of December 31, 2021, charged by the Funds after contractual reductions or expense reimbursements are considered. These contractual reductions or expense reimbursements are intended to reduce the overall expense of the Investment Options and will continue for at least one year from the date of this prospectus.

 

  

 

 

On page 18, in the “Annual Fund Expenses” section, the table shown in the examples is updated as follows:

 

  1 Year 3 Years 5 Years 10 Years
If you surrender your Contract at the end of the applicable time period $11,011 $15,218 $19,683 $32,045
If you do not surrender your Contract $2,911 $8,918 $15,183 $32,045