EXHIBIT 3. OPINION OF COUNSEL AS TO THE LEGALITY OF THE SECURITIES BEING REGISTERED PFL LIFE INSURANCE COMPANY LETTERHEAD December 18, 2000 Board of Directors PFL Life Insurance Company Legacy Builder Variable Life Separate Account 4333 Edgewood Road, NE Cedar Rapids, Iowa 52499 Gentlemen: In my capacity as Vice President and Division General Counsel of PFL Life Insurance Company ("PFL"), I have participated in the preparation and review of the Pre-Effective Amendment No. 1 to the Registration Statement on Form S-6 (File Nos. 811-9115; 333-47644) filed with the Securities and Exchange Commission under the Securities Act of 1933 for the registration of a flexible premium variable life insurance policies (the "Policy") to be issued with respect to the Legacy Builder Variable Life Separate Account (the "Account"). The Account was established on November 20, 1998 by the Board of Directors of PFL as a separate account for assets applicable to the Policies, pursuant to the provisions of Section 490.821 of the Iowa Business Corporation Act. I am of the following opinion: 1. PFL has been duly organized under the laws of Iowa and is a validly existing corporation. 2. The Account has been duly created and is validly existing as a separate account pursuant to the aforesaid provision of Iowa law. 3. Section 490.821 of the Iowa Business Corporation Act provides that the portion of the assets of the Account equal to the reserves and other liabilities for variable benefits under the Policies is not chargeable with liabilities arising out of any other business PFL may conduct. Assets allocated to the fixed account under the Policies, however, are part of PFL's general account and are subject to PFL's general liabilities from business operations. 4. The Policies, when issued as contemplated by the Registration Statement, will be legal and binding obligations of PFL in accordance with their terms. In arriving at the foregoing opinion, I have made such examination of law and examined such records and other documents as I judged to be necessary or appropriate. I hereby consent to the filing of this opinion as an exhibit to the Registration Statement. Very truly yours, /s/ Frank A. Camp - ----------------------------- Frank A. Camp Vice President and Division General Counsel