1 PROXY PROXY INSURANCE INVESTORS & HOLDING CO. THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS The undersigned shareholder of Insurance Investors & Holding Co. ("Investors") acknowledges receipt of the Notice of Special Meeting of Shareholders, to be held on Tuesday, March 12, 1996, at the Holiday Inn, Brandywine, 4400 N. Brandywine, Peoria, Illinois, at 10:30 a.m., Central Time, and hereby appoints Robert W. Kreutz, Robert W. McCallum, Frank J. Wilkins and Robert D. Wilkins, each of them with the power of substitution, as attorneys and proxies to vote all the shares of the undersigned at said Special Meeting and at all adjournments thereof, hereby ratifying and confirming all that said attorneys and proxies may do or cause to be done by virtue hereof. The above-named attorneys and proxies are instructed to vote all of the undersigned's shares as follows: THE DIRECTORS RECOMMEND A VOTE FOR THE ITEMS INDICATED BELOW: 1. A proposal to approve and adopt the Plan and Agreement of Merger and Exchange dated November 28, 1994 under which Citizens Acquisition, Inc., a wholly-owned subsidiary of Citizens, Inc., will merge with and into Investors, with Investors being the survivor, and shareholders of Investors will receive shares of Citizens, Inc. Class A Common Stock for their Investors Class A and Class B Common shares as described in the accompanying Proxy Statement-Prospectus. FOR _____ AGAINST _____ ABSTAIN _____ 2. To transact such other business as may properly come before the Special Meeting or any adjournment thereof. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1. Dated this ______ day of ________________, 1996. _______________________________ Signature _______________________________ Signature Please sign your name exactly as it appears on your stock certificate(s). If shares are held jointly, each holder should sign. Executors, trustees, and other fiduciaries should so indicate when signing. Please sign, date and return this proxy immediately.