FREEDOM GLOBAL IUL IISM FREEDOM INDEX ... - wbassoc

®Freedom Global IUL II SMIULFreedom Index Universal Life II SMOffered by Transamerica Life Insurance CompanyProduct GuideFor producer use only. Not for distribution to the public.

Product GuideThank you for your interest in the Freedom Global IUL II& Freedom Index Universal Life II products.Uncertain economic times have left clients feeling uneasy with traditional universal life products. IndexUniversal Life products may be the answer. Over the years, these products have gained popularity dueto the higher policy value accumulation potential combined with the guaranteed minimum interest ratesthey provide.The Company’s two IUL policies offer the same flexible benefits with different Index Account choices.Both Index Accounts utilize the annual point-to-point crediting method.The Freedom Global IUL II offers a Global Index Account which utilizes the S&P 500 ® Index, the EUROSTOXX 50 ® Index, and the Hang Seng Index to determine Excess Index Interest.The Freedom Index Universal Life II offers an S&P 500 ® Index Account which utilizes the S&P 500 ® Indexto determine Excess Index Interest.Each product offers a Basic Interest Account with a guaranteed minimum interest rate of 2%, and anIndex Account with a guaranteed minimum interest rate of 1%.This guide provides detailed product information for both the Freedom Global IUL II and the FreedomIndex Universal Life II policies. For additional product questions, please contact our Sales Support Team.“Standard & Poor’s ® ”, “S&P ® ”, “S&P 500 ® ”, “Standard & Poor’s 500”, and “500” are trademarks ofStandard and Poor’s Financial Services LLC and have been licensed for use by the Company. These lifeinsurance policies are not sponsored, endorsed, sold, or promoted by Standard & Poor’s and Standard &Poor’s makes no representation regarding the advisability of purchasing the policies.The EURO STOXX 50 ® is the intellectual property (including registered trademarks) of STOXX Limited,Zurich, Switzerland, (the “Licensor”), which is used under license. The Freedom Global IUL II based onthe Index is in no way sponsored, endorsed, sold or promoted by the Licensor and the Licensor shallhave no liability with respect hereto.Please read the full disclaimer in the Freedom Global IUL II policy regarding the Hang Seng Index inrelation to the policy.Unless otherwise specified, references to “Index Account” are intended to mean both the S&P 500 ® IndexAccount in the Freedom Index Universal Life II and the Global Index Account in the Freedom Global IUL II.t r a n s a m e r i c a | 3

Freedom Global IUL II SMFreedom Index Universal Life II SMIssue Age RangeAge last birthday 0 – 85; 0 – 80 in FloridaFace Amount BandsBand 1: $ 25,000 – $100,000Band 2: $ 100,001 – 249,999Band 3: $ 250,000 – 499,999Band 4: $ 500,000+Underwriting Risk ClassesPreferred Elite (Ages 18 – 70)Preferred Plus (Ages 18 – 70)Preferred (Ages 18 – 75)Non-Tobacco (Ages 18 – 85)Preferred Tobacco (Ages 18 – 75)Tobacco (Ages 18 – 85)Juvenile (Ages 0 – 17)Issue Dates1st – 27th of every month. Policies will not be issued on the 28th, 29th, 30th, or 31st of any month.Illustration SystemIn order to comply with the NAIC Model Regulations, every index universal life policy must be illustratedfor the client. Our IUL products are illustrated on TransWare software which can be accessed on theCompany website.Upon request at any time, we will send the policy owner an illustration of the policy’s benefitsand values.Important NoteIf no hard copy illustration accompanied the application submission, or a policy is to be issued other thanas applied for, we will require an illustration (produced by the Company-developed software) before weissue the policy. This is required for all jurisdictions.The Death BenefitThe death benefit can be applied in many ways. It can help protect a client’s family. It can help protecta client’s business with key person insurance or as part of a buy-sell agreement. The client has theflexibility to select the death benefit option that can help meet their objectives.LevelFace AmountIncreasingFace Amount plus policy valueThese amounts may be increased to meet IRS guidelines.4 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideChange in Death Benefit OptionThe policy owner may change the death benefit option after the third policy year. Changes in the deathbenefit option are limited to once per year. No change in the option will be allowed if the new FaceAmount would be less than the Minimum Face Amount for the policy and risk class. Just after an optionchange is elected, the net amount at risk will be the same, but may change thereafter. Death benefitoption changes are not permitted after attained age 95.Increases and Decreases of the Face Amount Insurance objectives can change over time as the client’s income changes, the client’s family situationchanges, or for any other reason. As situations change, the amount of necessary insurance coveragecan also change. We provide clients the ability to adjust their Face Amounts if their needs change.Adjustments can only be made once in any twelve-month period.IncreasesWe allow the client to increase the Face Amount after the first policy year (subject to age andunderwriting limitations at the time the change is requested) prior to age 86. The minimum increaseamount is $25,000. Additional surrender charges will apply to increases in the Face Amount. Noincreases are allowed on policies issued in the state of Arizona.DecreasesDecreases in the Face Amount are permitted after the third policy year. The minimum decreaseamount is $25,000. Prior to the later of age 65 or the end of the surrender charge period, we maylimit decreases to no more than 20% of the Face Amount prior to the decrease. A decrease will not beallowed if the new Face Amount would be less than the minimum Face Amount for the policy and riskclass, or if it would violate section 7702 requirements.PremiumsSubject to certain limitations, this policy provides flexible premium payment options. Payments can beincreased or decreased, made more or less frequently provided there is sufficient Cash Surrender Value*to cover the Monthly Deductions and the Index Account Monthly Charge.Net PremiumsNet premiums are equal to gross premiums paid less applicable premium expense charges. Netpremiums are allocated to the Basic Interest Account or an Index Account in accordance with the policyholder’s direction. The allocation percentage must be a whole number and not a fraction. We mustreceive notification in writing to transfer money or change the Net Premium allocation. Change in NetPremium allocation is only allowed once per month with the effective date on the next Monthly Date.There is no charge for changing the Net Premium allocation.Minimum Monthly No-Lapse Premium The Minimum Monthly No-Lapse Premium is the minimum premium required to keep the No-LapseGuarantee in effect. Until the No-Lapse Guarantee period ends, a policy will not lapse for insufficientCash Surrender Value provided the cumulative Minimum Monthly No-Lapse Premium requirementsnet of any cumulative withdrawals and any loan balance are met. Policy and rider changes will alter theMinimum Monthly No-Lapse Premium.* Cash Surrender Value is the amount available upon surrender. Cash Surrender Value equals the Policy Value less any surrender charge,less any loan balance.t r a n s a m e r i c a | 5

Freedom Global IUL II SMFreedom Index Universal Life II SMPayment of the no-lapse premium assures that the policy will remain in force during the guaranteeperiod. However, by paying only the no-lapse premium, the client may be forgoing the opportunity tobuild up additional Policy Value. We reserve the right to require that the policy will not be issued foran initial premium plus planned premiums for the No-Lapse Guarantee period that are less than thecumulative Minimum Monthly No-Lapse Premium required during that period. If base or rider coveragehas been added or reduced during the No-Lapse period, the Company will recalculate the MinimumMonthly No-Lapse Premium to reflect the new coverage. However, the No-Lapse Guarantee period willnot be extended.No-Lapse Guarantee* PeriodWe will guarantee the death benefit, regardless of Policy Value during the Minimum No-Lapse Guaranteeperiod, providing the cumulative Minimum Monthly No-Lapse Premium requirements net of anycumulative withdrawals and any loan balance are met.The No-Lapse Guarantee period is based on issue age.Issue Ages 0 – 60: lesser of 20 years or until age 65Issue Ages 61 – 85: 5 yearsIf the requirements of the No-Lapse Guarantee are not met and the Cash Surrender Value is not enoughto meet the Monthly Deductions and Index Account Monthly Charge, a grace period will begin and thepolicy will lapse unless sufficient payment is made. The grace period is 61 days. Allowing the policy tolapse may result in adverse tax consequences.Tax-Free Loans and Withdrawals**Subject to certain limitations, the policy’s Cash Surrender Value can be accessed through policy loansand withdrawals for uses such as college expenses, supplemental retirement income and other needs.Loans**Here are some important details regarding loans:n The portion of the Policy Value borrowed is secured by transferring that amount from the BasicInterest or Index Account to the loan reserve.n Current loan interest rate on Indebtedness is 2.75% in arrears (current preferred rate after 10 PolicyYears is 2.00% on Policy Value in excess of premiums less withdrawals and outstanding loans).n Maximum loan guaranteed interest rate is 3.00% (maximum preferred rate after 10 Policy Years is2.25% on Policy Value in excess of premiums less withdrawals and outstanding loans).n Loan reserve is credited with interest at 2.00% in arrears.* After the No-Lapse Guarantee Period or if the cumulative Minimum Monthly No-Lapse Premium requirements are not met, thenfluctuations in interest rates and/or policy charges may require the payment of additional premiums to keep the policy in force.Guarantees are based on the claims paying ability of the Company.** Distributions such as loans and withdrawals can only be made if the policy has been in force long enough to accumulate sufficientvalue. Loans and withdrawals will reduce the policy value and death benefit. Loans are subject to interest charges. If a policy lapseswhile a loan is outstanding, adverse tax consequences may result. Policy loans are generally not taxable when taken and cashwithdrawals are not taxable until they exceed basis in the policy. However, if the policy is treated as a modified endowment contract(MEC) by IRC Sec. 7702A, withdrawals and loans are taxable when taken to the extent of gain in the contract and may also be subject toa 10% federal income tax penalty if taken prior to age 59½. Cash distributions associated with benefit reductions, including reductionscaused by withdrawals during the first 15 years, may be taxable. Policy owners should consult with their tax advisor regarding theirparticular situation.6 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product Guiden Minimum loan amount is $500.n The maximum loan amount is the Policy Value minus any existing Loan Balance minus loan interestthat will accrue prior to the next anniversary minus the greater of:n The Surrender Chargen Two Monthly Deductionsn Loans will be taken on a pro rata basis from the unloaned portions of the Basic Interest Account andthe Index Account unless otherwise requested.n Loans will be taken from the highest numbered Segment first. Excess Index Interest for a SegmentPeriod will not be credited on any amounts taken as loans from an Index Account Segment prior tothe end of that Segment Period.n Loan repayments must be clearly designated as such or they will be applied as premium payments.n Any loan repayment received will be applied to the accounts as specified by the owner. If there is nochoice it will be applied per the current premium allocation instructions.n Loan provisions may vary by jurisdiction.Withdrawals*Policy owners may take a withdrawal without incurring company imposed surrender charges subject tothe conditions and limitations specified in the policy.n The minimum withdrawal amount is $500.n Withdrawals cannot reduce the Cash Surrender Value below $500.n Withdrawals are subject to a $25 withdrawal fee.n Withdrawals will be taken on a pro rata basis from the unloaned portions of the Basic InterestAccount and the Index Account unless otherwise requested.n Excess Index Interest for a Segment Period will not be credited on any amounts taken as withdrawalsfrom an Index Account Segment prior to the end of that Segment Period.n Withdrawals will be taken from the highest numbered Segment first.n If the Death Benefit Option is Level, then the Face Amount will be reduced by the amount of thewithdrawal. No withdrawal will be allowed if the resulting Face Amount would be less than theMinimum Face Amount.See the policy for a complete description of loans and withdrawals.* Distributions such as loans and withdrawals can only be made if the policy has been in force long enough to accumulate sufficient value.Loans and withdrawals will reduce the policy value and death benefit. Loans are subject to interest charges. If a policy lapses whilea loan is outstanding, adverse tax consequences may result. Policy loans are generally not taxable when taken and cash withdrawalsare not taxable until they exceed basis in the policy. However, if the policy is treated as a modified endowment contract (MEC) byIRC Sec. 7702A, withdrawals and loans are taxable when taken to the extent of gain in the contract and may also be subject to a 10%federal income tax penalty if taken prior to age 59½. Cash distributions associated with benefit reductions, including reductions causedby withdrawals during the first 15 years, may be taxable. Policy owners should consult with their tax advisor regarding their particularsituation.t r a n s a m e r i c a | 7

Freedom Global IUL II SMFreedom Index Universal Life II SMAccount OptionsPolicy owners can choose between an Index Account, the Basic Interest Account, or any combination ofthe two. The Account Options consist of one or more Segments to which net premiums and/or transfersof Policy Values have been allocated. The value of an Account Option is the sum of its Segment values.Each Segment will end on its first anniversary, one year from the beginning date of that Segment. Eachnet premium or transfer is allocated to a Segment associated with the policy month in which it wasreceived. At the end of each Segment Period, a new Segment Period begins with the value from theprior Period.Index AccountsEach IUL product offers its own unique Index Account with an associated Cap.The Global Index Account is available in the Freedom Global IUL II policy.The S&P 500 ® Index Account is available in the Freedom Index Universal Life II policy.CapThe maximum Index Change percentage that can be used in the calculation of Excess Index Interest thatcan be credited to an Index Account Segment for that Segment’s current 12–month Segment Period. At theend of each Segment Period, we compare the Cap rate declared at the beginning of that Segment to thecalculated Index Change percentage. The interest crediting rate equals the lesser of the Cap or the IndexChange percentage.The Cap is set by the Company at its discretion at the beginning of each Segment Period and may differbetween Index Account Segments. Once a Cap is declared for a Segment, it applies until the beginning ofthe next Segment Period.Policy owners will only be informed in writing of the current Caps when they receive theirAnnual Statements.Basic Interest AccountThe portion of the Policy Value allocated to the Basic Interest Account earns interest at rates declared bythe Company. The interest rates on the Basic Interest Account Segments will never be less than an effectiveannual rate of 2.00%, but there is no guarantee that the rates will be greater than 2.00%.We will credit interest to each Basic Interest Account Segment on each Monthly Date. At the end of theSegment Period, we will declare an interest rate that will apply until the end of the next Segment Period.TransfersTransfers from an Index Account to the Basic Interest Account are only allowed at the end of an IndexAccount Segment Period. Transfers from the Basic Interest Account to an Index Account are only allowedon the first day of a policy month, which generally does not correspond to the calendar month.Unless otherwise specified, references to “Index Account” are intended to mean both the S&P 500 ® IndexAccount in the Freedom Index Universal Life II and the Global Index Account in the Freedom Global IUL II.8 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideThe Freedom Global IUL IIGlobal Index AccountInstead of crediting interest at an interest rate declared in advance, Excess Index Interest may be creditedto each Global Index Account Segment as of the end of the Segment Period. Any Excess Index Interestcredited to the Global Index Account is based, in part, on changes in the S&P 500 ® Index, the EURO STOXX50 ® Index and the Hang Seng Index, excluding dividend income. Amounts allocated to the Global IndexAccount earn interest at a guaranteed minimum effective annual interest rate of 1% throughout eachSegment Period.At the end of each Global Index Account Segment Period, We determine whether any Excess Index Interest(interest exceeding guaranteed minimum interest) will be credited for the Segment Period just ended. Theamount of the Excess Index Interest credited at the end of the Segment Period depends on the value in theGlobal Index Account at the beginning of the Segment Period, any change in a weighted average of thevalues of the indexes, and the applicable Cap. Monthly deductions, index account monthly charges, andpolicy owner transactions such as loans or withdrawals will reduce the amount of Excess Index Interest.No Excess Index Interest is credited during the Segment Period. Any Policy Values determined duringthe Segment Period, including the net death benefit or cash surrender value, will be based only on theguaranteed minimum interest credited throughout the Segment Period.Index DescriptionsS&P 500 ® IndexThe S&P 500 ® Index tracks 500 large cap common stocks actively traded in the United States, and is oneof the most well known market benchmarks.EURO STOXX 50 ® IndexThe EURO STOXX 50 ® Index is comprised of 50 large cap stocks from leading European blue-chipcompanies. The stocks used in this index are selected from countries in the European Union.Hang Seng IndexThe Hang Seng Index ® is another index used in the Freedom Global IUL II policy’s Global Index Account.The index has a long history beginning in the 60s and is one of the most recognized indicators of thestock market performance in Hong Kong.“Standard & Poor’s ® ”, “S&P ® ”, “S&P 500 ® ”, “Standard & Poor’s 500”, and “500” are trademarks ofStandard and Poor’s Financial Services LLC and have been licensed for use by the Company. This lifeinsurance policy is not sponsored, endorsed, sold, or promoted by Standard & Poor’s and Standard &Poor’s makes no representation regarding the advisability of purchasing the policy.The EURO STOXX 50 ® is the intellectual property (including registered trademarks) of STOXX Limited,Zurich, Switzerland, (the “Licensor”),which is used under license. The Freedom Global IUL II based on theIndex is in no way sponsored, endorsed, sold or promoted by the Licensor and the Licensor shall have noliability with respect thereto.Please read the full disclaimer in the Freedom Global IUL II policy regarding the Hang Seng Index inrelation to the policy.t r a n s a m e r i c a | 9

Freedom Global IUL II SMFreedom Index Universal Life II SMThe Freedom Index Universal Life IIThe S&P 500 ® Index AccountAvailable in the Freedom Index Universal Life II.Instead of crediting interest at a rate declared in advance, Excess Index Interest may be credited to eachS&P 500 ® Index Account Segment based in part, on changes in the S&P 500 ® Index, excluding dividendincome. Amounts allocated to the S&P 500 ® Index Account earn interest at a guaranteed minimum effectiveannual interest rate of 1% throughout each Segment Period.The amount of Excess Index Interest credited at the end of the Segment Period depends on the value in theS&P 500 ® Index Account at the beginning of the Segment Period, any change in the value of the index, andthe applicable Cap. Monthly deductions, index account monthly charges, and policy owner transactionssuch as loans or withdrawals will reduce the amount of Excess Index Interest.No Excess Index Interest is credited during the Segment Period. Any Policy Values determined duringthe Segment Period, including the net death benefit or cash surrender value, will be based only on theguaranteed minimum interest credited throughout the Segment Period.Index ChangeThe Index Change percentage for an S&P 500 ® Index Account Segment is calculated as follows:(A minus B) divided by B, where:A = The Index Value on the Ending Index Date for that segment;B = The Index Value on the Beginning Date for that segment.The Index Value is the value of the Index, excluding dividends, as of 4:00 P.M. Eastern time on a date onwhich the Index is published.The Index Change percentage is adjusted so that it will neither exceed the applicable Index AccountSegment Cap nor be less than 0%. The Cap puts an upper limit on the Index Change. The Beginning IndexDate is the first Monthly Date for an Index Account Segment. The Ending Index Date is the Monthly Datetwelve policy months after the Beginning Index Date. Beginning Index Dates and Ending Index Dates arereset on each segment anniversary.12 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideExcess Index Interest for an Index Account Segment as of its Ending Date is calculated as follows:(a multiplied by b) minus c where:a: The Index Change percentage as described on the previous page.b: The Segment’s adjusted beginning value is determined as of the Segment’s Beginning Date. We startwith any value renewing from a prior Segment Period, after we have applied any Excess Index Interestfor that period and deducted any transfers from the Segment occurring at that time. Then we add anynet premiums, loan repayments and transfers applied to the Segment on its Beginning Date. Finally,we subtract amounts due to the following activity occurring during the Segment Period:1. Any amounts deducted for withdrawals;2. Any amounts transferred for Policy loans; and3. One half of the amounts taken for Monthly Deductions and one half of the Index AccountMonthly Charges.c: Any interest previously credited to the Segment during the Segment Period at the Index AccountGuaranteed Minimum Interest Rate.The Excess Index Interest credited to an Index Account Segment will never be less than zero.t r a n s a m e r i c a | 13

Freedom Global IUL II SMFreedom Index Universal Life II SMPolicy ValueThe Policy Value is the starting point for calculating important values under the policy, such as the CashSurrender Value* and, in some circumstances, the net death benefit. There is no guaranteed minimumPolicy Value. The policy may lapse if the client does not have sufficient Policy Value in the policy to paythe Monthly Deductions, the Index Account Monthly Charge, the surrender charge and/or any outstandingloan amount and accrued loan interest. The Policy Value is comprised of the value of the Basic InterestAccount, the Index Account and the loan reserve.ReinstatementThe owner may elect to reinstate the policy within three years of the date the policy lapses. Evidence ofinsurability is required to reinstate, and the Insured must qualify for the same class of risk.If the No-Lapse Period has expired, the amount required to reinstate would be equal to:n One Monthly Deduction and Index Account Monthly Charge due at the time of termination, plusn Two Monthly Deductions and Index Account Monthly Charges due in advance at the time of reinstatement,plusn An amount sufficient to increase the Policy Value above any surrender charge.The amount needed to reinstate the policy during the No-Lapse Guarantee Period would be the lesser ofthe above or:n The total Minimum Monthly No-Lapse Premium from issue through the month of lapse, plus;n Two months of Minimum Monthly No-Lapse Premium, minus;n Any premiums already paid net of any withdrawals and loan balance.The No-Lapse Period is not extended by the amount of time the policy was in a lapse status.The Company will not reinstate a Loan Balance on the contract. The period of time in which the policywas in a lapse status does not count toward the surrender charge period. Therefore, a policy that lapsesin year 5 and is reinstated in year 8 will have 5 years left of surrender charges.Summary of ChargesPremium Expense ChargeThe following charge is applied to all premium payments, including 1035 Exchanges, prior to thepayment being allocated to the account options.Current & Guaranteed: 6%In Puerto Rico: Current: 10% Guaranteed Maximum: 12%Index Account Monthly ChargeThe Index Account Monthly Charge is 0.06% of the Index Account Value (current and guaranteed). Thischarge is taken on the monthly policy date through age 120, from the highest numbered segment first.* Cash Surrender Value is the amount available upon surrender. Cash Surrender Value equals the Policy Value less any surrender charge,less any loan balance.14 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideMonthly DeductionsMonthly Deductions will be taken from the Basic Interest Account and the Index Account in proportionto the values of those accounts on the Monthly Date. The Monthly Date is the same day in each monthas the policy date. Monthly Deductions will be taken from the highest numbered Segment first and thenfrom the next highest numbered Segment.On each Monthly Date, a deduction will be made from the Policy Value equal to the sum of the:Monthly Policy Fee: Current $10Guaranteed Maximum $12Monthly cost of insurance charge: The current monthly cost of insurance (COI) charge depends onseveral factors such as the Face Amount, class of risk, age, gender, duration, as well as the differencebetween the Policy Value and death benefit. The COI charges will vary each month. Please see the policyfor details.Monthly Expense Charge: The Monthly Expense Charge is shown in the policy data pages. On a currentbasis, this charge applies for the first 8 policy years and 8 years from the date of any requested increasein Face Amount. On a guaranteed basis, this charge applies for eight years from issue or increase datefor ages 0-60 and through age 120 for issue ages 61-85 for states other than Florida. In Florida, the guaranteedcharge applies through age 120 for all issue ages. This charge varies by issue age, sex, band andtobacco use. This charge is also applied to any Additional Insured Rider for eight years from rider issuedate and eight years from the date of any increase in rider Face Amount. Any change in the MonthlyExpense Charge will be applied uniformly to all policies with the same Face Amount, age, sex and classof risk that have been in effect for the same length of time.Rider charges, if any.Flat extra or table substandard ratings, if any.We have the right to change current charges and cost of insurance rates. We may not charge more thanthe guaranteed maximum charges or rates. Any changes to charges or rates will be based on our expectationsas to future cost factors. Such cost factors may include, but are not limited to, mortality, interest,persistency, expenses, reinsurance costs, and state and federal taxes.Surrender ChargesThe surrender charge is a charge for each $1,000 of the initial Face Amount and each increase in FaceAmount. Surrender charges apply for the first 10 policy years and for ten years from the date of any FaceAmount increase. This charge is subtracted from the Policy Value in determining the Cash SurrenderValue available to the policy owner. Charges are based on the Face Amount band and the insured’s issueage, gender and class of risk. These charges may be significant and should be carefully considered beforesurrendering the contract. The amount received upon full surrender is the Policy Value less any surrendercharges, any policy loan outstanding and any interest due on policy loans.t r a n s a m e r i c a | 15

Freedom Global IUL II SMFreedom Index Universal Life II SMOpportunity for Enhanced ProtectionWith several riders* available, clients can select additional options for their policy tomeet the unique needs of their family.Base Insured RiderIssue ages: 18 – 85 (18 – 80 in Florida). This rider provides additional level term insurance coverage atterm insurance rates. The minimum purchase amount is $100,000, and the maximum is 10 times the baseFace Amount. Termination of the Base Insured Rider is at the insured’s age 100 or as specified in therider. This rider does not build Policy Value and is not subject to surrender charges. Rider coverage maybe reduced or cancelled without reducing coverage of or canceling the base policy. This rider will notincrease the Target.Additional Insured RiderIssue ages: 18 – 85 (18 – 80 in Florida). Provides coverage on a spouse, dependent child, or other individualin whom the owner has an insurable interest. Insurable interest must be explained at the time ofapplication. The minimum purchase amount is $25,000; the maximum is the lesser of $1,000,000 or totalcoverage on primary insured. This rider may be converted to a permanent policy upon written requestprior to the additional insured’s 86th birthday. It terminates at the earliest of the primary insured’s age121, the additional insured’s age 100, date the rider is converted, or as specified in the rider. Up to fiveAdditional Insured Riders may be added.Children’s Benefit RiderIssue ages: 15 days – 18 years old. Provides level term insurance coverage for primary insured’s children.The minimum purchase amount is $5,000; the maximum is $25,000. This rider may be converted to apermanent policy for a Face Amount up to the lesser of five times the rider’s Face Amount, or $50,000 atthe earlier of child’s age 25 or child’s marriage. Upon the death of the policy’s primary insured, the FaceAmount of the rider may be converted. Rider coverage terminates on the policy anniversary followingeach insured child’s 25th birthday, the child’s marriage or as specified in the rider. The cost for this rideris $7.20 per thousand annually.Guaranteed Insurability Benefit RiderIssue ages: 0-37. This rider provides the option to purchase additional life insurance without evidence ofinsurability at the same underwriting class that currently applies to the base policy. Regular option datesare policy anniversaries following the Insured’s 22nd, 25th, 28th, 31st, 34th, 37th, and 40th birthdays.Alternate option dates are available after the Insured’s marriage, birth or adoption of a child, or collegegraduation.* Riders and rider benefits have specific limitations and costs and may not be available in all jurisdictions. For complete details includingthe terms and conditions of each rider and exact coverage provided, please contact the Company.16 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideDisability Waiver of Monthly Deductions Rider*Issue ages: 15 – 55. Subject to certain conditions, this rider waives the policy’s Monthly Deductions whenwe receive proof that while the rider was in force the primary insured became disabled (as defined inthe rider), that the primary disability began before the policy anniversary on or following the primaryinsured’s 60th birthday, and that the primary insured’s total disability has existed continuously for at least6 months. This rider does not waive any Monthly Deduction that comes due more than one year beforewe receive a written claim, after the primary insured’s recovery from disability or after termination of therider, nor does it waive the Index Account Monthly Charge. This rider terminates on the anniversary followingthe insured’s 60th birthday or as specified in the rider. Not available with the Disability Waiver ofPremium Rider.Disability Waiver of Premium Rider**Issue ages: 15 – 55. Subject to certain conditions, applies the rider benefit amount shown in the policy asif it were a premium payment into the policy, when we receive proof that while the rider was in force theprimary insured became totally disabled (as defined in the rider), that the primary insured’s total disabilitybegan before the policy anniversary on or following the primary insured’s 60th birthday, and that theprimary insured’s total disability has existed continuously for at least 6 months. This rider will not coverany premiums that become due more than one year before we receive a written claim. The rider terminateson the anniversary following the insured’s 60th birthday or as specified in the rider. Not availablewith the Disability Waiver of Monthly Deductions Rider.Accidental Death Benefit RiderIssue ages: 15 – 55. The minimum rider Face Amount is $10,000 and the maximum is the lesser of$150,000 or 150% of the base Face Amount. This benefit pays the Face Amount of the rider if the primaryinsured’s death results directly from an accidental bodily injury, independent from all other causes. Thedeath must occur within 90 days of the accidental bodily injury and the injury must occur on or beforethe Policy Anniversary following the insured’s 70th birthday. The rider will terminate on the PolicyAnniversary after the insured attains age 70 or as specified in the rider.Terminal Illness Accelerated Death Benefit Rider***This rider is issued automatically on each policy at no charge until the rider benefit is exercised. Thisrider allows the owner to access up to 100% of the total death benefit on the insured or $500,000,whichever is less, prior to death of a terminally ill insured.* It is possible that additional payments will be required to keep a policy in force while the monthly deductions are being waived. Forexample, loan interest accruing on an outstanding loan may require additional payments.** It is possible that additional payments will be required to keep a policy in force while the Disability Waiver of Premium Benefit isbeing paid. For example, an increase in monthly deductions or decrease in cash value may require additional payments.*** Eligibility for the Terminal Illness Accelerated Death Benefit is determined by a condition resulting from injury or illness which, asdetermined by a physician, has reduced life expectancy to not more than 12 months, not more than 24 months in TX, GA, IL, MA, andWA, from the date of the physician’s statement. The policy’s benefits and values will be reduced proportionally in accordance with thebenefits advanced under this rider. Benefits advanced under this rider may be subject to taxation.t r a n s a m e r i c a | 17

®Freedom Global IUL II SMFreedom Index Universal Life II SMIncome Protection Option (IPO) and Overloan Protection Rider (OPR)Now Available on Freedom Global IUL II SM and Freedom Index Universal Life II SM PoliciesIncome Protection Option Endorsement (IPO)The Income Protection Option (IPO) allows the policy owner to structure the death benefit using a combinationof up to three payment options. This endorsement can provide one or more beneficiaries a guaranteed* monthlyincome stream for between 5 and 25 years. In addition to setting up monthly payments, there is also the optionto select initial and/or final lump sum payments. The owner controls the amount of the payments, who receivesthem, and how long they are paid by the insurance company. This option is available at no additional cost.Guidelines for establishing the IPO benefit:■■■■■■Minimum lump-sum benefit amount: $10,000 (if elected)Minimum monthly guaranteed income stream duration: 5 yearsMaximum monthly guaranteed income stream duration: 25 years■■Minimum monthly benefit amount: $100The beneficiary may not alter the payments once established.The Overloan Protection Rider (OPR)The Overloan Protection Rider (OPR) can keep a life insurance policy from lapsing while a loan is outstanding. Ifcertain requirements are met and the policy owner chooses to exercise the option, the policy will become a paidup policy with a small death benefit. Keeping the policy inforce prevents the loans from being taxable, and stillprovides some of the death benefit to beneficiaries.There is no charge for this rider unless it is exercised. If the owner elects to exercise the OPR, a one-time chargewill be assessed as a percentage of the policy value, based on the age of the insured (see chart below).Age 75–90 91 92 93 94–120Percentage 5% 4% 3% 2% 1%The election to exercise the OPR is irrevocable. Once the Rider Benefit has been exercised, all other ridersattached to the policy will terminate and no further policy activity will be allowed. Also, no further loans will beallowed, but loan interest will continue to accrue. Repayment of interest or principal will be accepted. This is nota comprehensive description of the conditions that must be met, or the resulting effects of OPR election. Pleasesee the rider form for complete details about the conditions and effects of the rider.*Any guarantees associated with the Income Protection Option endorsement arebased on the claims paying ability of the insurance company.For producer use only. Not for distribution to the public.OL 2923STK 0112

Freedom Global IUL II SMFreedom Index Universal Life II SMBase Annual Minimum Premium Rates (per $1,000)Male Band 1 Male Band 1Issue AgeJuvenile Tobacco Non-TobaccoIssue AgeJuvenile Tobacco Non-Tobacco0 7.64 43 19.39 12.621 7.63 44 20.61 13.242 7.64 45 21.81 13.843 7.67 46 22.61 14.384 7.71 47 23.47 15.025 7.75 48 24.35 15.656 7.78 49 25.29 16.537 7.82 50 26.38 17.648 7.86 51 27.48 18.549 7.90 52 28.83 19.4210 7.94 53 30.23 20.6211 7.97 54 31.84 21.5112 8.01 55 34.65 22.7213 8.08 56 38.45 25.1414 8.11 57 42.96 28.8515 8.14 58 45.88 31.3716 8.17 59 49.57 34.7517 8.18 60 52.15 37.6118 9.07 8.13 61 57.82 43.1819 9.12 8.12 62 59.79 44.6720 9.18 8.10 63 63.16 46.6121 9.30 8.13 64 66.72 48.4722 9.38 8.13 65 69.66 50.2123 9.48 8.14 66 72.67 51.9124 9.64 8.17 67 76.07 53.7425 9.78 8.27 68 79.67 55.5826 10.01 8.39 69 83.29 57.4527 10.27 8.46 70 99.21 78.2128 10.47 8.59 71 104.30 86.3629 10.73 8.72 72 109.34 91.0430 10.99 8.85 73 114.67 96.1431 11.28 8.99 74 120.62 102.3132 11.61 9.13 75 126.98 108.8933 11.99 9.28 76 133.85 116.5934 12.43 9.40 77 141.10 123.9435 12.92 9.60 78 148.81 131.2136 13.47 9.88 79 157.03 139.0437 14.14 10.12 80 165.58 147.2738 14.86 10.40 81 174.54 155.9739 15.63 10.76 82 183.96 165.1840 16.42 11.16 83 193.91 174.9641 17.40 11.62 84 204.47 185.3642 18.34 12.11 85 215.61 196.3818 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideBase Annual Minimum Premium Rates (per $1,000)Female Band 1 Female Band 1Issue AgeJuvenile Tobacco Non-TobaccoIssue AgeJuvenile Tobacco Non-Tobacco0 7.39 43 17.94 12.041 7.41 44 18.94 12.562 7.41 45 20.05 13.253 7.42 46 20.71 13.784 7.43 47 21.46 14.415 7.47 48 22.18 14.936 7.48 49 22.98 15.587 7.49 50 23.92 16.538 7.51 51 24.75 17.209 7.52 52 25.79 18.2010 7.54 53 26.90 19.2611 7.56 54 28.26 20.2712 7.57 55 30.81 21.3613 7.62 56 34.15 22.9014 7.64 57 38.39 25.9715 7.65 58 41.31 28.1116 7.69 59 45.15 30.8417 7.71 60 47.95 33.3118 8.38 7.69 61 53.59 39.0019 8.45 7.72 62 55.02 40.4820 8.53 7.74 63 57.69 42.2821 8.61 7.82 64 60.48 44.1222 8.75 7.84 65 62.41 45.4623 8.84 7.87 66 64.23 46.5924 9.00 7.90 67 66.29 47.8225 9.11 7.99 68 68.55 49.1526 9.30 8.03 69 71.18 50.4727 9.45 8.13 70 84.98 65.4828 9.67 8.23 71 89.51 70.5729 9.92 8.35 72 94.15 74.3230 10.19 8.41 73 98.80 78.3331 10.44 8.55 74 103.56 82.8432 10.78 8.70 75 108.59 87.1433 11.15 8.86 76 114.02 92.2834 11.56 9.03 77 119.69 98.1335 12.02 9.23 78 125.73 104.3336 12.58 9.45 79 132.25 110.2437 13.13 9.70 80 139.13 116.8238 13.73 10.02 81 146.39 123.9339 14.45 10.32 82 153.91 131.2640 15.16 10.65 83 161.72 139.0441 16.05 11.06 84 169.89 147.4042 16.93 11.56 85 178.47 156.40t r a n s a m e r i c a | 19

Freedom Global IUL II SMFreedom Index Universal Life II SMBase Annual Minimum Premium Rates (per $1,000)Male Bands 2, 3 & 4 Male Bands 2, 3 & 4Issue AgeJuvenile Tobacco Non-TobaccoIssue AgeJuvenile Tobacco Non-Tobacco0 3.59 43 13.55 12.231 3.68 44 14.60 13.032 3.78 45 15.53 13.733 3.88 46 16.42 14.384 3.84 47 17.30 15.025 3.84 48 18.18 15.656 3.84 49 19.18 16.537 3.84 50 20.71 17.648 3.84 51 21.73 18.549 3.84 52 23.10 19.4210 3.84 53 24.59 20.6211 3.84 54 26.21 21.5112 3.84 55 27.92 22.7213 3.97 56 29.94 24.2514 4.09 57 32.20 26.1315 4.20 58 34.27 27.7216 4.27 59 37.28 28.7117 4.44 60 39.80 30.9718 4.60 4.37 61 42.51 33.4119 4.67 4.42 62 44.86 35.8720 4.72 4.49 63 47.52 38.3621 4.94 4.59 64 50.31 40.8322 5.02 4.67 65 52.46 43.3123 5.12 4.77 66 54.91 45.1524 5.21 4.84 67 57.54 47.0225 5.42 4.94 68 60.17 48.8726 5.64 5.29 69 63.01 50.7327 5.87 5.51 70 89.76 68.6728 6.07 5.71 71 94.98 73.9829 6.41 6.04 72 99.72 78.6630 6.62 6.27 73 104.91 83.7631 7.01 6.52 74 111.27 89.8032 7.24 6.89 75 117.99 96.3833 7.63 7.14 76 125.73 103.8334 7.99 7.39 77 134.39 111.4235 8.24 7.77 78 143.59 119.6336 8.71 8.11 79 152.57 128.5637 9.21 8.61 80 161.14 138.3038 9.79 9.07 81 170.13 149.0439 10.39 9.55 82 179.56 160.6440 10.99 10.15 83 189.54 170.5441 11.79 10.83 84 200.13 180.9742 12.63 11.55 85 211.29 192.0120 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideBase Annual Minimum Premium Rates (per $1,000)Female Bands 2, 3 & 4 Female Bands 2, 3 & 4Issue AgeJuvenile Tobacco Non-TobaccoIssue AgeJuvenile Tobacco Non-Tobacco0 3.19 43 12.71 11.881 3.27 44 13.51 12.552 3.34 45 14.33 13.253 3.43 46 15.10 13.784 3.52 47 15.98 14.415 3.62 48 16.73 14.936 3.73 49 17.62 15.587 3.83 50 18.87 16.538 3.84 51 19.77 17.209 3.84 52 20.89 18.2010 3.84 53 22.35 19.2611 3.84 54 23.49 20.2712 3.84 55 25.08 21.3613 3.97 56 26.85 22.9014 4.09 57 29.10 24.4015 4.20 58 30.81 25.6216 4.27 59 34.10 26.1117 4.44 60 36.82 27.8818 4.60 4.37 61 39.21 30.0219 4.67 4.42 62 41.14 32.2120 4.72 4.49 63 43.31 34.4021 4.82 4.59 64 45.56 36.5722 4.90 4.67 65 46.99 38.7723 5.01 4.77 66 48.54 40.5624 5.21 4.84 67 50.48 42.3525 5.31 4.94 68 52.83 44.1426 5.52 5.17 69 55.18 45.9527 5.74 5.39 70 76.74 56.2628 6.07 5.59 71 82.17 60.0629 6.29 5.92 72 86.81 63.2030 6.51 6.14 73 91.19 66.5831 6.77 6.41 74 95.84 70.5832 7.13 6.77 75 100.42 74.6333 7.39 7.03 76 105.76 79.7034 7.74 7.27 77 111.98 85.3735 8.01 7.64 78 118.79 91.4436 8.47 7.99 79 126.30 97.2137 8.97 8.37 80 134.49 103.6738 9.31 8.83 81 141.90 110.7839 9.79 9.19 82 149.43 118.3340 10.27 9.67 83 157.26 126.7741 11.07 10.35 84 165.45 136.1742 11.91 11.07 85 174.05 146.49t r a n s a m e r i c a | 21

Freedom Global IUL II SMFreedom Index Universal Life II SMBase Commission Target Rates (per $1,000)MaleMaleIssue AgeJuvenile Tobacco Non-TobaccoIssue AgeJuvenile Tobacco Non-Tobacco0 3.95 43 14.89 13.441 4.04 44 16.04 14.322 4.15 45 17.07 15.093 4.26 46 18.04 15.804 4.22 47 19.01 16.505 4.22 48 19.98 17.206 4.22 49 21.08 18.177 4.22 50 22.76 19.398 4.22 51 23.88 20.379 4.22 52 25.38 21.3410 4.22 53 27.02 22.6611 4.22 54 28.80 23.6412 4.22 55 30.68 24.9713 4.36 56 32.90 26.6514 4.49 57 35.38 28.7115 4.62 58 37.66 30.4616 4.69 59 39.29 31.5517 4.88 60 41.92 34.0318 5.06 4.80 61 44.78 36.7119 5.13 4.86 62 47.63 39.4220 5.19 4.93 63 50.49 42.1521 5.43 5.04 64 53.34 44.8722 5.52 5.13 65 56.20 47.5923 5.63 5.24 66 59.05 49.6224 5.72 5.32 67 61.91 51.6725 5.96 5.43 68 64.76 53.7026 6.20 5.81 69 67.62 55.7527 6.45 6.05 70 70.00 57.7828 6.67 6.27 71 70.00 59.8229 7.04 6.64 72 70.00 61.8630 7.28 6.89 73 70.00 63.9031 7.70 7.17 74 70.00 65.9532 7.96 7.57 75 70.00 67.9833 8.38 7.85 76 70.00 70.0034 8.78 8.12 77 70.00 70.0035 9.06 8.54 78 70.00 70.0036 9.57 8.91 79 70.00 70.0037 10.12 9.46 80 70.00 70.0038 10.76 9.97 81 70.00 70.0039 11.42 10.49 82 70.00 70.0040 12.08 11.15 83 70.00 70.0041 12.96 11.90 84 70.00 70.0042 13.88 12.69 85 70.00 70.0022 | Freedom Global IUL II SM | Freedom Index Universal Life II SM Product Guide

Product GuideBase Commission Target Rates (per $1,000)FemaleFemaleIssue AgeJuvenile Tobacco Non-TobaccoIssue AgeJuvenile Tobacco Non-Tobacco0 3.50 43 13.97 13.051 3.59 44 14.85 13.792 3.67 45 15.75 14.563 3.77 46 16.59 15.144 3.87 47 17.56 15.845 3.98 48 18.39 16.416 4.10 49 19.36 17.127 4.21 50 20.74 18.178 4.22 51 21.73 18.909 4.22 52 22.96 20.0010 4.22 53 24.56 21.1611 4.22 54 25.81 22.2812 4.22 55 27.56 23.4713 4.36 56 29.50 25.1614 4.49 57 31.98 26.8115 4.62 58 33.86 28.1516 4.69 59 34.95 28.6917 4.88 60 37.30 30.6418 5.06 4.80 61 39.97 32.9919 5.13 4.86 62 42.56 35.4020 5.19 4.93 63 45.14 37.8021 5.30 5.04 64 47.72 40.1922 5.39 5.13 65 50.30 42.6023 5.50 5.24 66 52.89 44.5724 5.72 5.32 67 55.47 46.5425 5.83 5.43 68 58.06 48.5126 6.07 5.68 69 60.64 50.4927 6.31 5.92 70 63.22 52.4628 6.67 6.14 71 65.80 54.4329 6.91 6.51 72 68.39 56.4030 7.15 6.75 73 70.00 58.3831 7.44 7.04 74 70.00 60.3532 7.83 7.44 75 70.00 62.3233 8.12 7.72 76 70.00 65.1534 8.51 7.99 77 70.00 67.9835 8.80 8.40 78 70.00 70.0036 9.31 8.78 79 70.00 70.0037 9.86 9.20 80 70.00 70.0038 10.23 9.70 81 70.00 70.0039 10.76 10.10 82 70.00 70.0040 11.29 10.63 83 70.00 70.0041 12.17 11.37 84 70.00 70.0042 13.09 12.17 85 70.00 70.00t r a n s a m e r i c a | 23

Important InformationThe Freedom Global IUL II (Policy Form #IUL05) and the Freedom Index Universal Life II (Policy Form #IUL04) are indexuniversal life insurance policies issued by Transamerica Life Insurance Company. Policy form and number may vary,and this product may not be available in all jurisdictions.Even though the interest credited to the policy’s Index Accounts may be affected by the index(es), these life insurancepolicies are not an investment in the stock market(s) or the index(es) and do not participate in any stock orinvestments.The policies are subject to the insurance laws and regulations of each state or jurisdiction in which they are availablefor distribution. All state specific policy features will be described in the policies.Information About Federal Tax LawsIn this guide, references to the IRC mean the IRC of 1986, as amended. IRC Sections 7702 and 7702A are discussed ina limited fashion. Transamerica Life Insurance Company and its representatives do not give tax advice, nor should anyinformation contained herein be construed as tax advice.This material was not intended or written to be used, and cannot be used, to avoid penalties imposed under theInternal Revenue Code. This information was written to support the promotion or marketing of the products, services,and/or concepts addressed in this material. Anyone to whom the product described in this material is promoted,marketed, or recommended should be urged to consult with and rely solely on their own independent advisorsregarding their particular situation and the concepts presented here.IUL satisfies the definition of a life insurance contract using either the Guideline Premium Test method or the CashValue Accumulation Test method under IRC Section 7702/7702A.The Guideline Premium Test (GPT) places limits on the amount of premiums that can be paid. The initial limit is theGuideline Single Premium, until a number of policy years have passed and the sum of the Guideline Level Premiumsexceeds the Guideline Single Premium. The GPT method also requires that a certain margin be maintained betweenthe death benefit and the accumulation value until attained age 95 of the insured. Without this prescribed margin,the contract would no longer qualify as a life insurance contract for federal income tax purposes. To comply with therequirements of IRC Section 7702, the GPT version uses the Death Benefit Factors prescribed in the IRC Section 7702to maintain the required margin between the accumulation value and the death benefit. Therefore, as needed, thedeath benefit is increased, causing the death benefit to go into “corridor” to maintain the policy’s qualification as lifeinsurance. When a policy is in corridor, it may result in a larger amount at risk and larger monthly deductions, whichleads to lower cash value accumulation.The Cash Value Accumulation Test (CVAT) requires that a certain margin be maintained between the death benefitand the accumulation value for all years. Without this prescribed margin, the contract would no longer qualify as a lifeinsurance contract for federal income tax purposes. To comply with the requirements of IRC Section 7702, the CVATversion uses the Death Benefit Factors calculated as prescribed in the IRC Section 7702 to maintain the required marginbetween the accumulation value and the death benefit. Therefore, as needed, the death benefit is increased, causing thedeath benefit to go into “corridor” to maintain the policy’s qualification as life insurance. When a policy is in corridor, itmay result in a larger amount at risk and larger monthly deductions, which leads to lower cash value accumulation.Policy Form #’s: IUL04 & IUL05, Base Insured Rider: BIR07, Additional Insured Rider: AIR13, Children’s Benefit Rider:CR01 0305, Disability Waiver of Monthly Deductions Rider: WMD01 0305, Disability Waiver of Premium Rider: WPR020305, Accidental Death Benefit Rider: ADR01 0305, Guaranteed Insurability Benefit Rider: GIR02 1006, Terminal IllnessAccelerated Death Benefit Rider: TI01 0305.Not available in New York.Index Universal Life Insurance offered by:Transamerica Life Insurance CompanyHome Office Address:4333 Edgewood Rd. NECedar Rapids, Iowa 52499For producer use only. Not for distribution to the public. OL 2923 0811