LIFE SERIES FUND - First Investors

Variable Annuity Payment will be smallerand less frequent, and any decreases inthe Variable Annuity Payment will belarger and more frequent. On the InitialDetermination Date, We apply the portionof the Net Accumulation Value You havedesignated to purchase Variable AnnuityPayments to the proper Variable AnnuityPayment Option Table shown in theContract (or more favorable rates if Weoffer them) to determine the amount ofthe initial Variable Annuity Payment.Subsequent Variable Annuity Payments aredetermined based on the value of theAnnuity Units We credit to each of theSubaccounts You have selected, asdescribed below.We determine the amount of Annuity Unitsof each Subaccount to purchase by usingthe most recent Subaccount allocationinstructions and dividing the amount ofthe initial Variable Annuity Payment that isallocated to each Subaccount by thatSubaccount’s Annuity Unit value on theInitial Determination Date. Each VariableAnnuity Payment after the first isdetermined by multiplying the Annuity Unitvalue for each Subaccount on the dateseven days prior to the date on which thepayment is due by the number of AnnuityUnits in that Subaccount. The resultingpayment may be less than or greater thanthe preceding Variable Annuity Payment.Annuity Unit ValueThe value of an Annuity Unit for anySubaccount is initially set at $10.00. Thevalue for any subsequent Valuation Periodis obtained by first multiplying the AnnuityUnit value for the immediately precedingValuation Period by the net investmentfactor (as defined in “THE CONTRACT INDETAIL: THE ACCUMULATION PHASE –Subaccount Accumulation Value”) for thecurrent Valuation Period and then dividingthe result by the “assumed net investmentfactor” for the current Valuation Period.The “assumed net investment factor” isequal to one plus the AIR calculated forthe number of days in the currentValuation Period.Transfer of Annuity ValueTwice each year, after a Variable AnnuityPayment option has commenced, You maytransfer all or a portion of the value in aSubaccount to any other Subaccount (“thereceiving Subaccount”), which We will useto purchase Annuity Units in the receivingSubaccount. The value in a Subaccount isequal to the value of Annuity Units in theSubaccount multiplied by the number ofAnnuity Units this Contract owns in theSubaccount. The number of Annuity Unitscredited to the receiving Subaccount willbe equal to the dollar amount of the valuethat is being transferred as of the transferdate divided by the value of an AnnuityUnit on that same date in the receivingSubaccount. Your request for transfer maybe in writing, received in Our offices inGood Order or by telephone. We will notaccept a request for transfer of annuityvalue by facsimile or email. We mustreceive Your request at least 15 daysbefore the due date of the annuity paymentto which the transfer will apply.Fixed Annuity PaymentsFixed Annuity Payments are a constantdollar amount throughout the annuityincome period. On the InitialDetermination Date, the portion of the NetAccumulation Value You have designatedto purchase Fixed Annuity Payments willbe applied to the proper Fixed AnnuityPayout Option Table shown in the Contract(or more favorable rates if We offer them)to determine the amount of the initialFixed Annuity Payment.Annuity Payment OptionsThe Contract provides for the annuityoptions described below. The AnnuityPayment Options available on a variablebasis are Options 1, 2a and 3. All AnnuityPayment Options shown are available on afixed basis. Payments can be received ona monthly, quarterly, semi-annual orannual basis.19