MEMBERS LIFE INSURANCE COMPANY
MEMBERS® HORIZON VARIABLE SEPARATE ACCOUNT
SUPPLEMENT DATED MAY 20, 2022 TO
MEMBERS® HORIZON 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 6, in the “Important Information You Should Consider About the MEMBERS® Horizon 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:
Series B
| Annual Fee | Minimum | Maximum |
Base Contract (“Contract Fee”)(1) | 1.50% | 1.50% |
| Investment Options (Fund fees and expenses)(2) | 0.13% | 1.38% |
Series C
| Annual Fee | Minimum | Maximum |
Base Contract (“Contract Fee”)(1) | 1.75% | 1.75% |
| 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 7, in the “Important Information You Should Consider About the MEMBERS® Horizon 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:
Series B
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 |
Series C
Lowest Annual Cost: $1,572 | Highest Annual Cost: $2,636 |
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 15, 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) | 0.07% | 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 15, 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 | $15,183 | $32,045 |
| If you do not surrender your Contract | $2,911 | $8,918 | $15,183 | $32,045 |
