comparative annuity reports - immediateannuities.com · 2014. 9. 5. · comparative annuity report...

Comparative Annuity Reports YOUR GUIDE TO COMPARING DATA ON...Single and Flexible Premium Deferred Annuity and Single Premium Immediate Annuity programs.

January, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 1 EDITOR’S COMMENTS...Repeat Subscriber good news!! All CAR studies now available via e-mail pdf file…please call 916-487-7863 and leave e-mail address if you wish to receive monthly reports by this method. 2002 Numbers Summary: The average base interest rates for FPDA and SPDA programs peaked in May at 4.70% and 5.20% respectively, and dropped steadily to end at 3.76% and 4.28% by years end. SPIA factors also fell dramatically, but SPIA business remains brisk as Mature Seniors continue their search for financial security. Certificate/CD Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA “CD” programs this month are: 4.20% for a 3 year guarantee period (ygp); 4.00% for a 4 ygp; 4.90% for a 5 ygp; 4.80% for a 6 ygp; 4.50% for a 7 ygp; 4.35% for an 8 ygp; 4.30% for a 9 ygp; and 4.75% for a 10 ygp. Note: Certificate (CD) Annuity Programs are of greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest. ANNUITY OVERVIEW AND TREND REPORTS

>NOTE: Excludes FPDA/ SPDA 2-Tier programs and other programs which do not permit total withdrawal/ rollover of Account Value at retirement. ** SPIA Factor Note: SPIA payout factors listed are for the Life & 10 Year Certain Option. To illustrate the value of shopping SPIA factors, the highest female age 75 SPIA factor this month is 8.30. In contrast, the number 50 company’s rate is 7.10. By way of explanation, the 8.30 factor (based on $100,000 of savings) would generate $830 per month of income for the life of the annuitant, or for up to 10 years from date of issue for the annuitant’s beneficiary(ies). Conversely, a factor of 7.10 would produce only $710 per month using the same $100,000 amount. The $120 per month difference ($830-$710) would impact a 75 year old female’s income by $15,840 over her normal life expectancy (and of course this lost income potential will increase more dramatically if she outlives her life expectancy). It should be noted that SPIA factors, while generally not quite as high as FPDA and SPDA settlement option rates, are good indicators to use in assessing the viability of a company’s FPDA and SPDA settlement option factors. It would be “consumer wise,” before accepting any company’s FPDA/SPDA payout factors, to shop the SPIA market for a better factor and if found, rolling funds over for increased monthly income using the same amount of dollars. *Denotes Comparative Annuity Report Synopsis Data on FPDA, SPDA, and SPIA as quoted monthly in Kiplinger’s Retirement Report

*FLEXIBLE PREMIUM DEFERRED ANNUITY (FPDA) SYNOPSIS

Current 3 Months Month Ago

>Base Interest Rate (Average of Top 100) 3.70% 3.93% >Highest Annual Base Interest Rate 5.50% 5.75% >High Account Value (in 20 years at $200 a month/ 12 x per year at current interest rate) $86,157 $88,612 >High Cash (Surrender) Value (in 20 years at $200 a month/ 12 x per year at current rate) $86,157 $88,612

*SINGLE PREMIUM DEFERRED ANNUITY (SPDA) SYNOPSIS


>Base Interest Rate (Average of Top 100) 4.15% 4.38% >Highest Annual Base Interest Rate 5.00% 5.65% >High Account Value (a $100,000 deposit in 10 years based on current interest rate) $162,880 $173,250 >High Cash (Surrender) Value ($100,000 deposit in 10 years based on current interest rate) $189,880 $173,250

*SINGLE PREMIUM IMMEDIATE ANNUITY (SPIA) SYNOPSIS

SPIA Factor Averages Current 3Months listed below are derived Month Ago from top 50 companies surveyed by our study. Average Annuity Payout Factor, Male Age 70 **7.20 **7.31 Average Annuity Payout Factor, Female Age 70 **6.73 **6.84 Average Annuity Payout Factor, Male Age 75 **7.95 **8.06 Average Annuity Payout Factor Female Age 75 **7.52 **7.62

COMPARATIVE ANNUITY REPORT ... JANUARY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions

AM Interest Rates Cr Method/ Account Cash Surrender Charge Schedule Minimum Min' $ Amount Max Bail Max' Free Charges Nursing Annuit- Insurance Company / Plan Name Best's V Base Yr. 1 Guar. Yr(s) Base In Value in Value in Total Number of Years/ and Premium EFT or Payroll Issue Out Antz'n Out Waived Home ization

Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Life Ins Co / Individual FPDA A ++g Y 3.00% 1.00% 3.00% B $65,602 $65,602 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $2.5K <<< 80 No 90 Y* Y-A No Y*** Allstate Life/ Advantage + A+g Y 3.30% 1.50% 3.00% B $65,634 $67,538 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

Allstate Life/ Savers Premier A+g Y 3.20% 3.00% B $66,984 $66,984 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 9-9-8-8-7-6-5-4-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* American Investors Life/ FPDA-P10 A g N 4.00% 3.00% B $73,012 $73,012 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ Plus PO A g N N/A 3.00% B N/A N/A 10 Yrs/12-10.8-9.6-8.4-7.2-6-4.8-3.6-2.4-1.2-0 $5K <<< 90 No None Y* Y-A No No

American National/ Palladium FPDA A+ Y 5.00% 3.00% P $81,500 $81,500 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y*** American United/ CAP Annuity A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-7-6-5-0 $5K $2K Q 89 No 89 Y** Y-O No Y**

American United/ FPA IV A N 3.40% 3.00% B $68,432 $68,432 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.10% 3.00% B $64,952 $64,952 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.10% + 3.00% B $65,594 $65,594 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.75% 3.00% 4.00% B $71,271 $71,271 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 4.25% 1.25% 3.00% B $75,120 $75,120 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y*** CGU Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No Clarica Life/ Guarantee- 5 Yr A+ N 3.45% + 3.00% B $68,862 $68,852 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.80% 2.00% 3.00% B $71,592 $71,592 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.80% 3.00% 3.00% B $71,663 $71,663 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.80% 8.00% 3.00% B $72,021 $72,021 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y**

Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y*** Delta Life & Annuity/ Flex-LD A g N 4.00% 0.50% 4.00% P $73,048 $73,048 None - Front Loaded $1K $50 Mo Q Q80/N99 No None Y** Y** Y** Y**

Delta Life & Annuity/ Flex-NL A g N 4.00% 4.00% P $73,012 $73,012 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $1K $50 Mo Q Q70/N99 No None Y* Y-A No NoEmployers Modern Life/Flex FPDA A- N 4.35% 3.50% P $75,862 $75,862 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**Equitable Life Assur/ Equivest-IRA A+g N 3.10% 3.00% B $66,257 $66,257 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y**Equitable Life Assur/ Equivest-NQ A+g N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y**

* Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 1.00% 3.00% B $65,602 $65,602 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 4.80% 3.00% P $79,706 $79,706 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 5.15% 3.00% P $82,863 $83,863 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau of Mich./ Flex II A N 5.50% 3.00% P $86,157 $86,157 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.10% 2.00% B $66,257 $66,257 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 1.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** No* Great American Life/ TSA VI A g N 3.50% 1.00% 3.00% B $71,715 $71,715 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y**

Great American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Hartford Life/ Director A+g Y N/A 3.00% P N/A N/A 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/ Annuity AlternativeI A N 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Jackson National / Flex I A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 10-9-8-7-6-3-0 $.75K $62.5 Mo A85/O100 No 85 No Y-A No Y**

* Jefferson Pilot Life/ Flex 5 A ++g Y N/A 3.50% B N/A N/A 5 Yrs/ 7-7-6-5-4-0 $5K <<< 85 No None Y* Y-O Y** Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.55% 2.00% 3.00% B $69,674 $69,674 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y** John Alden (SunAmerica)/ No-Load+ A-g N 5.00% 4.00% B $81,500 2-Tier 20% of 1st year forever & lower CV rate >>> $25 Mo ** No ** Y** No No Y** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Kansas City Life/ Growth Track A g N 4.75% 1.00% 3.00% B $79,355 $79,355 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**

Kemper Investors Life/ Allsavers A N 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $73,012 $73,012 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Layfayette Life Ins. Co./ Horizon I A N 4.00% 4.00% B $73,012 $73,012 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**

* Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**Life of the Southwest/ Flex I A g N 4.00% 4.00% B $73,012 $73,012 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**

* Lincoln Benefit / Futurist's Gold I A+r Y 3.60% 1.00% 3.00% P $69,913 $69,913 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Lincoln Life/ IFA-I A+g Y N/A 4.00% P N/A N/A 10 Yrs/ 8-8-8-8-8-4-4-4-4-4-0 >>> $50 Mo Q A70/O100 No None Y* Y-A No Y**Metropolitan Life/Growth+ Account A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 3.65% 3.00% B $70,296 $70,296 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Custom Mastr 1Yr A g N 3.50% 3.00% B $69,156 $68,948 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 3Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 5Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y Y

* National Guardian Life/ Super Flex A- Y 3.50% 2.00% 4.00% B $69,366 $69,366 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**National Western Life/ Capital + A- N 3.45% 3.00% B $68,784 $68,784 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No No

* National Western Life/ FP1098 A- N 3.45% 4.00% 3.00% B $69,057 $69,057 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* Nationwide/ Flex Advantage- 1 Yr A+g N 3.45% 1.00% 3.00% B $73,085 $73,085 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Northern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.50% 3.00% B $68,948 $68,948 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Northern Life Ins. Co.(ING)/TSA I A+g Y 3.75% 3.00% B $71,058 $71,058 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Ohio National Life Ins Co/Prime I A+g N 4.60% 4.00% P $77,966 $71,923 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 4.30% 4.00% P $75,438 $75,438 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Presidential Life Ins. Co. / N-L Flex B++ N N/A 4.00% B N/A N/A 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**

* Prudential/ FIP A N 3.50% + 3.10% B $69,225 $69,225 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem bonus) $1K Q $300 Mo Q 85 No 90 Y** Y-A Y** Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.45% 3.00% C/ 5 Yrs $68,782 $68,782 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**

* Shenandoah Life/ FPDA-1 Bonus A- N 4.00% 1.00% 3.75% B $73,034 $73,034 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ FPDA-2 Bonus A- N 4.00% 1.00% 3.75% B $73,034 $73,034 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Sunset Life Ins. Co./ Growth Track A g N 4.75% 1.00% 3.00% B $79,355 $79,355 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Teachers Ins. & Annuity/ RA A ++g Y 5.25% 3.00% P $83,796 NAF NAF=Not Available for Full Cashout >>> $25 Mo ** Y ** Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $79,276 $79,276 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $68,948 $68,948 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.50% 3.00% B $77,120 $77,120 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**

* United Heritage Mutual/ Heritage A- N 4.00% 0.50% 3.50% P $73,048 $73,048 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**USAA Life Ins. Co./ FRA A ++g Y 4.00% 1.00% 3.00% P $75,129 $75,129 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 5.00% 1.00% 3.00% P $85,661 N/S N/S= None Surrenderable (+=1%Prem Bonus) $5K $50 Mo 85 No 100 No No No Y**

* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 1.00% 3.00% B $65,661 $65,602 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 4.00% 3.00% P $79,583 $79,583 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $75,129 $74,378 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 4.05% 4.00% B $73,412 $73,412 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $75,129 $75,129 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

Woodmen of the World Life/ Basic A+ N 4.15% 3.00% P $74,212 $74,212 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y** 'Note: N/A = program is not available to new purchasers

Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means with out permission of Comparative Annuity Reports P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... JANUARY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions

AM Interest Rates Cr Method/ Account Cash Surrender Charge Schedule Minimum Min' $ Amount Max Bail Max' Free Charges Nursing Annuit- Insurance Company / Plan Name Best's V Base Yr. 1 Guar. Yr(s) Base Int Value in Value in Total Number of Years/ and Premium EFT or Payroll Issue Out Antz'n Out Waived Home ization

Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver WaiverFarm Bureau of Mich./ Flex II A N 5.50% 3.00% P $86,157 $86,157 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 5.15% 3.00% P $82,863 $83,863 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**American National/ Palladium FPDA A+ Y 5.00% 3.00% P $81,500 $81,500 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 4.80% 3.00% P $79,706 $79,706 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**

* Kansas City Life/ Growth Track A g N 4.75% 1.00% 3.00% B $79,355 $79,355 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**Sunset Life Ins. Co./ Growth Track A g N 4.75% 1.00% 3.00% B $79,355 $79,355 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $79,276 $79,276 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Ohio National Life Ins Co/Prime I A+g N 4.60% 4.00% P $77,966 $71,923 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoTravelers Insurance Co./ T-Flex-TSA A ++g N 4.50% 3.00% B $77,120 $77,120 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Employers Modern Life/Flex FPDA A- N 4.35% 3.50% P $75,862 $75,862 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**Ohio National Life Ins Co/Prime II A+g N 4.30% 4.00% P $75,438 $75,438 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 9-9-8-8-7-6-5-4-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* Canada Life/ Security One + A+g Y 4.25% 1.25% 3.00% B $75,120 $75,120 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y**Horace Mann Life/ Annuity AlternativeII A N 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

Woodmen of the World Life/ Basic A+ N 4.15% 3.00% P $74,212 $74,212 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y**Western United Life/ Flex 2000 B- N 4.05% 4.00% B $73,412 $73,412 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**American Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**

* American Investors Life/ FPDA-P10 A g N 4.00% 3.00% B $73,012 $73,012 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* Delta Life & Annuity/ Flex-LD A g N 4.00% 0.50% 4.00% P $73,048 $73,048 None - Front Loaded $1K $50 Mo Q Q80/N99 No None Y** Y** Y** Y**

Delta Life & Annuity/ Flex-NL A g N 4.00% 4.00% P $73,012 $73,012 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $1K $50 Mo Q Q70/N99 No None Y* Y-A No NoKnights of Columbus/ FPA A ++ Y 4.00% 3.50% P $73,012 $73,012 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Layfayette Life Ins. Co./ Horizon I A N 4.00% 4.00% B $73,012 $73,012 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**Life of the Southwest/ Flex I A g N 4.00% 4.00% B $73,012 $73,012 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No No

* Shenandoah Life/ FPDA-1 Bonus A- N 4.00% 1.00% 3.75% B $73,034 $73,034 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ FPDA-2 Bonus A- N 4.00% 1.00% 3.75% B $73,034 $73,034 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** United Heritage Mutual/ Heritage A- N 4.00% 0.50% 3.50% P $73,048 $73,048 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**

USAA Life Ins. Co./ FRA A ++g Y 4.00% 1.00% 3.00% P $75,129 $75,129 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 4.00% 3.00% P $79,583 $79,583 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $75,129 $74,378 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $75,129 $75,129 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

* Conseco Annuity Assur./ FPDA-11 B N 3.80% 2.00% 3.00% B $71,592 $71,592 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.80% 3.00% 3.00% B $71,663 $71,663 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.80% 8.00% 3.00% B $72,021 $72,021 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.75% 3.00% 4.00% B $71,271 $71,271 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y**

Northern Life Ins. Co.(ING)/TSA I A+g Y 3.75% 3.00% B $71,058 $71,058 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Midland National Life/ Guarantee 9 A+ N 3.65% 3.00% B $70,296 $70,296 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**

* Lincoln Benefit / Futurist's Gold I A+r Y 3.60% 1.00% 3.00% P $69,913 $69,913 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.55% 2.00% 3.00% B $69,674 $69,674 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**

AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y*** CGU Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Great American Life/ TSA VI A g N 3.50% 1.00% 3.00% B $71,715 $71,715 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y**

Great American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Kemper Investors Life/ Allsavers A N 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y**MONY Life Ins Co/Custom Mastr 1Yr A g N 3.50% 3.00% B $69,156 $68,948 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 3Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 5Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y Y

* National Guardian Life/ Super Flex A- Y 3.50% 2.00% 4.00% B $69,366 $69,366 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**Northern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.50% 3.00% B $68,948 $68,948 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**

* Prudential/ FIP A N 3.50% + 3.10% B $69,225 $69,225 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem bonus) $1K Q $300 Mo Q 85 No 90 Y** Y-A Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $68,948 $68,948 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**

Clarica Life/ Guarantee- 5 Yr A+ N 3.45% + 3.00% B $68,862 $68,852 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y**National Western Life/ Capital + A- N 3.45% 3.00% B $68,784 $68,784 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**


Security Benefit Life/ Choice - 5 Yr A+g N 3.45% 3.00% C/ 5 Yrs $68,782 $68,782 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**

American United/ FPA IV A N 3.40% 3.00% B $68,432 $68,432 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y*** Allstate Life/ Advantage + A+g Y 3.30% 1.50% 3.00% B $65,634 $67,538 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

Metropolitan Life/Growth+ Account A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**

* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** **Allstate Life/ Savers Premier A+g Y 3.20% 3.00% B $66,984 $66,984 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.10% 3.00% B $64,952 $64,952 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.10% + 3.00% B $65,594 $65,594 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y**Equitable Life Assur/ Equivest-IRA A+g N 3.10% 3.00% B $66,257 $66,257 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y**

* GE Capital Assurance/ Seven-10/3Yr A+ N 3.10% 2.00% B $66,257 $66,257 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** AIG Life Ins Co / Individual FPDA A ++g Y 3.00% 1.00% 3.00% B $65,602 $65,602 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $2.5K <<< 80 No 90 Y* Y-A No Y**

American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**

Equitable Life Assur/ Equivest-NQ A+g N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 1.00% 3.00% B $65,602 $65,602 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 1.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** No John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**

MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**

* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 1.00% 3.00% B $65,661 $65,602 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... JANUARY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions

AM Interest Rates Cr Method/ Account Cash Surrender Charge Schedule Min' Max' Bail Max' Free Accepts Charges Nursing Annuit- Insurance Company / Plan Name Best's V Base Yr. 1 Guar. Yr(s) Base Int Value in Value in Total Number of Years/ and Prem' Issue Out Antz'n Out Added Waived Home ization

Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** AIG Life Ins Co/ AIG SPDA 5 A ++g Y 3.00% 1.50% 3.00% B $136,405 $136,405 6 Yrs/ 6-5-4-3-2-1-0 $5K 75A Y 85 Y** No Y-A No Y**

Allianz Life NA/ Dominator- 5 Yr A ++ N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 6 Yr A ++ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 7 Yr A ++ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 10 Yr A ++ N 4.50% 3.00% C/ 10 Yrs $143,866 $142,427 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* Allstate Life/ Advantage + A+g Y 3.55% 1.50% 3.00% B $143,866 $142,427 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**Allstate Life/ Savers Premier A+g Y 3.20% 3.00% B $137,020 $137,020 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**American General AIC/ SRA-7 Yr A+g Y 3.20% 3.00% C/ 7 Yrs $137,020 $137,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**

* American General AIC/ Ultra Vision A+g Y 3.15% 2.00% 3.00% B $139,087 $139,087 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ Y 3.85% 1.00% 3.00% C/ 5 Yrs $147,359 $147,359 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

American National/PaladiumMYG6yr A+ Y 4.80% 3.00% C/ 6 Yrs $159,810 $159,810 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG7yr A+ Y 4.35% 1.00% 3.00% C/ 7 Yrs $154,610 $154,610 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** American United/ Accum Annuity II A N 3.30% 1.00% 3.00% B $139,734 $139,734 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II + A N 3.55% 1.00% 3.00% B $143,157 $143,157 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y** Ameritus Variable/ Advantage + A+ N 3.60% 3.00% B $142,420 $142,420 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Ameritus Variable/ Advantage Bonus A+ N 3.40% 1.00% 3.00% B $141,097 $141,097 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**

AMEX/ Access Advantage A+g N 4.15% 3.00% B $150,170 $150,170 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y*** AMEX/ Extra Credit Advantage A+g N 3.50% + 3.00% B $142,461 $142,461 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K Q69/N90 No ** Y* No Y** Y** Y*** AMEX/ Rate Advantage 1 A+g N 3.85% 1.00% 3.00% B $147,359 $147,359 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y*** AMEX/ Rate Advantage 3 A+g N 3.75% 3.00% 3.00% B $148,835 $148,835 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y**

AMEX/ Retirement Advisor/Advt Qual A+g N 3.10% 3.00% B $133,027 $133,027 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.10% + 3.00% B $134,343 $134,343 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.95% + 3.00% B $148,047 $148,047 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Anchor National Life/ Century 2000 A ++g Y N/A 3.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85A No 90 Y** No Y-O No Y**

Anchor National Life/ Century 5000 A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 6-6-6-6-6-0 $5K 85A No 90 No No Y-O No Y*** Bankers United/ Premier Solut'n + A+ Y 3.00% 1.00% 4.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 4.20% 3.00% 3.00% B $155,416 $155,416 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.50% 1.25% 3.00% B $142,813 $142,813 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y*** CGU Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.75% 3.00% C/ 5 Yrs $144,500 $144,500 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.20% 3.00% C/ 6 Yrs $150,890 $150,890 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 4.40% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 4.55% 3.00% C/ 10 Yrs $156,040 $156,040 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ Marquee B N 3.75% 3.00% 3.00% B $148,850 $148,850 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.75% 1.00% 3.00% B $145,950 $145,950 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Conseco Annuity Assur./ Tru Level 7 B N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y** Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y**

Delta Life & Annuity/ SPDA-5 A g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 8-7-6-5-4-0 $5K Q80/N99 No 99 Y* No Y** Y** Y*** Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* Employers Modern Life/ Bonus 3 A- N 4.00% 3.00% 3.50% B $152,461 $152,209 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N 4.00% 4.00% 3.50% B $153,941 $153,607 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 6 A- N 4.00% 6.00% 3.50% B $156,901 $156,552 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

Employers Modern Life/ SP 3Yr Guar A- N 3.60% 3.50% C/ 3 Yrs $142,420 $142,420 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Employers Modern Life/ SP 4Yr Guar A- N 3.75% 3.50% C/ 4 Yrs $144,500 $144,500 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Employers Modern Life/ SP 5Yr Guar A- N 3.90% 3.50% C/ 5 Yrs $146,600 $146,600 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

* Equitable Life Assur/GuarGrowth 1Yr A+g N 3.50% 1.00% 3.00% C/ 1 Yr $142,813 $142,813 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**Equitable Life Assur/GuarGrowth 5Yr A+g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**

* Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 4.00% 2.00% 3.00% C/ 10 Yrs $159,980 $159,980 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-5Yr A+g Y 3.15% 3.00% C/ 5 Yrs $136,360 $136,360 5 Yrs/ 9-8-7-6-5-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g Y 3.60% 3.00% C/ 6 Yrs $142,420 $142,420 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 4.35% 3.00% C/ 8 Yrs $153,080 $153,080 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 4.45% 1.00% 3.00% C/ 5 Yrs $156,100 $156,100 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Platinum+7 Yr A g N 4.45% 1.00% 3.00% C/ 7 Yrs $156,100 $156,100 7 Yrs/ 9-8-7-6-4-3-2-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select 4 N.M. 3 Yr A+ N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 4.10% 3.00% C/ 6 Yrs $149,450 $149,450 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.90% 3.00% C/ 3 Yrs $146,600 $146,600 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.90% 3.00% C/ 5 Yrs $161,340 $161,340 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N 3.50% 1.00% 3.00% P $142,461 $142,461 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.10% 2.00% C/ 1 Yrs $135,700 $135,700 7 Yrs/ 7-7-7-6-5-4-3-0(30 day period) $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 2.00% C/ 5 Yrs $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0(30 day period) $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.50% 1.00% 3.00% B $142,461 $142,461 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.50% 3.00% 3.00% B $145,282 $145,282 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.25% 3.00% B $156,818 $156,818 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.05% + 3.00% B $141,797 $141,797 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC V - 5 Years A+g Y 3.15% 3.00% C/ 5 Yrs $136,360 $136,360 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 3 Years A+g Y N/A 3.00% C/ 3 Yrs N/A N/A 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/ Annuity Alt' - 5 Yr. A N 4.25% 3.00% B $151,620 $151,620 8 Yrs/ 8-7-6-5-4-3-2-1-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.95% 0.75% 3.00% C/ 7 Yrs $148,414 $148,414 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.75% 3.75% 3.00% B $149,919 $149,919 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.75% 3.00% B $144,500 $144,500 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 6 Yr. A+g Y 3.50% 2.75% 3.00% C/ 6 Yrs $144,928 $144,928 6 Yrs/ 7-7-6-5-4-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 7 Yr. A+g Y 3.50% 1.00% 3.00% C/ 7 Yrs $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y 3.40% 3.00% C/ 5 Yrs $139,700 $139,700 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.75% 1.00% 3.25% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y 3.25% 3.25% C/ 5 Yrs $137,680 $137,680 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.25% 1.00% 3.00% B $139,057 $139,057 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**

Kansas City Life Select Track 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** Kansas City Life Select Track 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**

Kansas City Life Select Track 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y*** Kemper Investors Life/ Bonus A N 3.50% 1.00% 3.00% P $142,461 $142,461 6 Yrs/ 9-8-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**

Knights of Columbus/ FPA A ++ Y 4.25% 3.50% P $151,620 $151,620 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Layfayette Life Ins. Co./ Horizon S A N 4.00% 4.00% P $148,020 $148,020 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

* Life Investors Ins./ Premier Solut'n + A+ Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.75% 1.00% 3.00% B $145,950 $145,950 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.75% 1.50% 3.00% B $146,667 $146,667 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-5 A g N 3.75% 2.00% 3.00% B $147,390 $147,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce Prem' 2Yr. A+r Y 3.80% 1.50% 3.00% B $147,251 $147,251 9 Yrs/ 8-8-8-7-6-5-4-3-2-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r Y 3.65% 2.00% 3.00% C/ 5 Yrs $145,892 $145,892 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.70% 1.00% 3.00% C/ 8 Yrs $145,240 $145,240 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Lincoln Life/ Individual Fixed IV A+g N N/A 3.00% P N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $3K A84/O100 No None Y* Y Y-A No Y** Metropolitan Life Ins. Co./ Max-1 A+g Y 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-4Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Midland National Life/ Guarantee 9 A+ N 3.65% 3.00% C/ 9 Yrs $141,050 $141,050 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $2-5K 85 No None Y* No Y** Y** Y**Minnesota Life/ Secure Opt. I A ++ N 3.30% 3.00% B $138,350 $138,350 6 Yrs/ 6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**Minnesota Life/ Secure Opt. III A ++ N 4.25% 3.00% B $151,620 $151,620 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**MONY Life Ins. Co./ Cust Mastr 1Yr. A g N 3.50% 3.00% B $141,050 $139,640 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K 85 No 95** Y** Y-$2K+ Y-A** No No

MONY Life Ins. Co./ Cust Mastr 3Yr. A g N 3.50% 3.00% B $141,050 $139,640 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins. Co./ Cust Mastr 5Yr. A g N 3.50% 3.00% B $141,050 $139,640 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Mutual of America Life Ins. Co. A+ Y 3.50% 3.00% P $143,177 $143,177 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.75% 2.00% 3.00% B $147,390 $147,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y 4.20% 2.00% 4.00% B $153,907 $153,907 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 4.15% 1.00% 3.00% B $151,670 $151,579 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.50% 3.00% B $155,290 $155,197 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 4.25% 1.00% 3.00% B $153,130 $153,038 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

National Life of Vermont/ Security 5 A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y*** National Western Life/ Access-1092 A- N 3.65% 0.50% 3.00% P $143,142 $143,142 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** National Western Life/ Confidence A- N 3.50% 0.50% 3.00% P $144,755 $144,755 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Nationwide Life/ Flex Advantage 1 Yr A+g N 3.45% 1.00% 3.00% B $141,773 $141,773 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** **

Ohio National/ Choice I -1 Yr. A+g N 4.35% 4.00% B $153,080 $153,080 8 Yrs/ 8-7-6-5-4-3-2-1-0 $5K 80 Y** ** Y** No Y-A No Y**Ohio National/ Foundation + 3 Yr. A+g N 4.20% 3.00% C/ 3 Yrs $148,020 $148,020 3 Yrs/ 6-5-5-0 (30 day period) $5K 80 No ** Y* No Y-A No Y**

Pacific Life/ Quest 88-01/1 Yr. A ++g N 4.00% 4.00% C/ 1Yr $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**Pacific Life/ Quest 88-01/3 Yr. A ++g N 4.00% 4.00% C/ 3Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N 4.00% 4.00% C/ 5 Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Penn Mutual Life/Penn Fixed Advtg A g N 3.45% 2.00% 3.00% B $143,177 $143,177 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-1Yr A g N 3.00% 3.00% C/ 1 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-3Yr A g N 3.00% 3.00% C/ 3 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-5Yr A g N 3.00% 3.00% C/ 5 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-7Yr A g N 3.00% 3.00% C/ 7 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**

* Penn Mutual Life/Tradewind A g N 3.80% 1.00% 3.00% P $146,650 $146,650 7 Yrs/ 9-8-7-6-5-4-3-0 $10K 85 No 90** Y* No Y-A/O Y** Y** Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y**

Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.80% 3.00% C/ 4 Yrs $145,200 $145,200 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.30% 2.00% 3.00% C/ 6 Yrs $141,117 $141,117 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.70% 2.00% 3.00% C/ 8 Yrs $146,676 $146,676 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y 3.80% 2.00% 3.00% C/ 5 Yrs $148,104 $148,104 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.70% 3.00% C/ 7 Yrs $143,800 $143,800 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**

* Physicians Life/ Vista Choice 10Yr. A g Y 3.55% 1.50% 3.00% C/ 10 Yrs $143,866 $143,866 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 4.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**

* Prudential/ Discovery - 3 Year A N 3.50% + 3.10% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-0 (+ = 1% prem bonus) $100K Q68/N85 No 90 Y* Y Y** Y** Y*** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y** Reliastar (ING)/ Retrmnt+ NQ A+g Y 3.40% 3.00% B $139,700 $139,700 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K 70 No None Y* Y Y-O** No Y** Reliastar (ING)/ TSA-I A+g Y 3.75% 3.00% B $144,500 $130,050 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**

Security Benefit Life/ Choice - 5Yr. A+g N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/ 7-7-7-6-6-0 $2-5K 90 No Y** Y Y** Y** Y** Y** Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $134,390 $134,390 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K 80** No 80** Y* Y* Y** Y** Y**

Security Mutual Life/ SPA2000-1yr A N 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**Security Mutual Life/ SPA2000-3yr A N 4.00% 3.50% C/ 3 Yrs $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**

Security Mutual Life/ SP-I Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Sentry Life Ins. Co./ Multi-Plus A g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y*** Shenandoah Life/ SPDA-1 Bonus A- N 4.15% 1.00% 3.00% P $151,670 $151,670 6 Yrs/ 6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ SPDA-2 Bonus A- N 4.15% 1.00% 3.50% P $151,670 $151,670 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** ** Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** SunAmerica Life/ Century 2000 A ++g Y N/A 4.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85 No 90 Y* No Y-O No Y**

SunAmerica Life/ Century 5000 A ++g Y N/A 3.00% B N/A N/A 5 Yrs/ 6-6-6-6-6-0 $5K 85 No 90 No No Y-O No Y**SunAmerica Life/ Sterling Select-5Yr A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 6-6-5-5-4-0+MVA $5K 85 No None Y** No Y-O No Y**SunAmerica Life/ Sterling Select-7Yr A ++g Y N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 6-6-5-5-4-3-2-0+MVA $5K 85 No None Y** No Y-O No Y**Sunset Life Ins. Co./ Accumulator A g N N/A 4.50% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 75 Y** A65** Y* No Y-O** No Y**

Sunset Life Ins. Co./ Flex 89 A g N N/A 4.00% B N/A N/A 9 Yrs/ 10-10-10-9-8-7-6-5-4-0 ** 70 No A70** Y* Y Y-A** No Y** Sunset Life Ins. Co./ FPA-82 A g N N/A 4.00% P N/A N/A None ** 70 No A65** Y** Y No No No

Sunset Life Ins. Co./ SelecTrack 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.75% 3.00% B $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ RA A ++g Y 5.25% 3.00% P $166,810 NAF N/A = Not Available for Full Cashout ** ** Y** ** Y** Y Y** Y** Y** Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y**

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.95% 3.50% B $147,310 $147,310 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y*** Transamerica Life&Anty/ Mach 6 A+ Y 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 6-6-6-6-6-6-0 $5K Q70/N75 No 98 Y** Y-1st Yr Y-A/O No Y*** Transamerica Life&Anty/ Mach 10 A+ Y 3.15% 2.00% 3.00% B $139,087 $139,087 10 Yrs/ 12-12-12-11-10-9-8-6-4-2-0 $10K 78 No 98 Y** Y-$1K+ Y-A Y** No

Transamerica Life&Anty/SecValue 5 A+ Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 9-8-7-6-5-0+MVA $15K 85 No 98 Y** No Y-O No Y*** Transamerica Life&Anty/SecValue 6 A+ Y 3.50% 1.00% 3.00% C/ 6 Yrs $142,461 $142,461 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 8 A+ Y 3.50% 2.00% 3.00% C/ 8 Yrs $143,871 $143,871 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 2.00% 3.00% C/ 10 Yrs $147,390 $147,390 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**

Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $141,050 $141,050 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.50% 3.50% B $155,290 $155,290 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

Union Central Life/ SPDA2000-1Yr A N 5.00% 4.00% B $162,880 $162,880 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y**Union Central Life/ SPDA2000-6Yr A N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y**

* United Heritage Mutual/ Eagle-8 A- N 4.10% 2.90% 3.50% P $153,784 $153,784 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y**United Heritage Mutual/Sec Value 5 A- N 4.50% 3.50% C/ 5 Yrs $155,290 $155,290 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y**

United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y*** United of Omaha/Ultra Annuity 1 Yr A g N 3.25% 1.00% 3.00% P $139,057 $139,057 6 Yrs/ 7-7-7-6-4-2-0 $5K 89 No 95 Y* Y-1/2 Yr Y-O** Y** Y*** United of Omaha/Ultra Annuity 3 Yr A g N 3.20% *.35% 3.00% P $138,390 $138,390 6 Yrs/ 7-7-7-6-4-2-0 (* =.35% for 3 Yrs) $5K 89 No 95 Y* No Y-O** Y** Y**

USAA Life Ins. Co./ Ext'd Guar'- 2 Yr A ++g Y N/A 3.00% C/ 2 Yrs N/A N/A 2 Yrs/ 8-8-0 $50K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 5 Yr A ++g Y 3.65% 3.00% C/ 5 Yrs $143,110 $143,110 5 Yrs/ 8-8-7-6-5.2-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.85% 3.00% C/ 10 Yrs $145,900 $145,900 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 5.60% 1.00% 3.00% P $174,160 N/S N/S= None Surrenderable (+1% Prem Bonus) $5K 85 No 100 No Y** No No Y**USAA Life Ins. Co./ SPA II A ++g Y 4.10% 1.00% 3.00% P $150,940 $149,450 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

* USG Annuity-Life(ING)/ Cornerstone A+g Y 3.00% 3.00% B $141,109 $134,390 9Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 90 No ** Y* No Y-A Y** Y*** USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 4.00% 2.00% 3.00% C/ 10 Yrs $148,394 $148,394 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**

USG Annuity-Life(ING)Selct Guar-5Yr A+g Y 3.15% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**USG Annuity-Life(ING)Selct Guar-6Yr A+g Y 3.60% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**

* USG Annuity-Life(ING)Selct Guar-8Yr A+g Y 4.00% 2.50% 3.00% C/ 8 Yrs $150,480 $150,480 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y** VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $148,020 $148,020 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y** Western United/DiscoverMaxVoygr. B- N 4.00% 3.00% 3.00% B $148,020 $148,020 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 4.15% 3.00% P $150,173 $150,173 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No

'Note: N/A = program is not available to new purchasers

Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports

COMPARATIVE ANNUITY REPORT ... JANUARY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y** Sentry Life Ins. Co./ Multi-Plus A g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y** Union Central Life/ SPDA2000-1Yr A N 5.00% 4.00% B $162,880 $162,880 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.90% 3.00% C/ 5 Yrs $161,340 $161,340 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**

American National/PaladiumMYG6yr A+ Y 4.80% 3.00% C/ 6 Yrs $159,810 $159,810 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** NoKansas City Life Select Track 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.75% 3.00% B $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 4.55% 3.00% C/ 10 Yrs $156,040 $156,040 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Allianz Life NA/ Dominator- 10 Yr A ++ N 4.50% 3.00% C/ 10 Yrs $143,866 $142,427 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**Conseco Annuity Assur./ Tru Level 7 B N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y**Kansas City Life Select Track 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**

National Life of Vermont/ Liberty A g N 4.50% 3.00% B $155,290 $155,197 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.50% 3.50% B $155,290 $155,290 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**United Heritage Mutual/Sec Value 5 A- N 4.50% 3.50% C/ 5 Yrs $155,290 $155,290 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y**

VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 4.45% 1.00% 3.00% C/ 5 Yrs $156,100 $156,100 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Platinum+7 Yr A g N 4.45% 1.00% 3.00% C/ 7 Yrs $156,100 $156,100 7 Yrs/ 9-8-7-6-4-3-2-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 4.40% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Ohio National/ Choice I -1 Yr. A+g N 4.35% 4.00% B $153,080 $153,080 8 Yrs/ 8-7-6-5-4-3-2-1-0 $5K 80 Y** ** Y** No Y-A No Y*** American National/PaladiumMYG7yr A+ Y 4.35% 1.00% 3.00% C/ 7 Yrs $154,610 $154,610 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y**

Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 4.35% 3.00% C/ 8 Yrs $153,080 $153,080 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y** Horace Mann Life/ Annuity Alt' - 5 Yr. A N 4.25% 3.00% B $151,620 $151,620 8 Yrs/ 8-7-6-5-4-3-2-1-0 $2K 85 No 85 Y* No Y No Y**

Knights of Columbus/ FPA A ++ Y 4.25% 3.50% P $151,620 $151,620 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Minnesota Life/ Secure Opt. III A ++ N 4.25% 3.00% B $151,620 $151,620 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**

* National Life of Vermont/ Privilege A g N 4.25% 1.00% 3.00% B $153,130 $153,038 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 4.20% 3.00% 3.00% B $155,416 $155,416 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.20% 3.00% C/ 6 Yrs $150,890 $150,890 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** National Guardian/ SPDA-Q A- Y 4.20% 2.00% 4.00% B $153,907 $153,907 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y**

Ohio National/ Foundation + 3 Yr. A+g N 4.20% 3.00% C/ 3 Yrs $148,020 $148,020 3 Yrs/ 6-5-5-0 (30 day period) $5K 80 No ** Y* No Y-A No Y**AMEX/ Access Advantage A+g N 4.15% 3.00% B $150,170 $150,170 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y**

Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** National Life of Vermont/ Heritage A g N 4.15% 1.00% 3.00% B $151,670 $151,579 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y*** Shenandoah Life/ SPDA-1 Bonus A- N 4.15% 1.00% 3.00% P $151,670 $151,670 6 Yrs/ 6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ SPDA-2 Bonus A- N 4.15% 1.00% 3.50% P $151,670 $151,670 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** ** Woodmen of the World Life/Basic A+ N 4.15% 3.00% P $150,173 $150,173 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No

Allianz Life NA/ Dominator- 7 Yr A ++ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 4.10% 3.00% C/ 6 Yrs $149,450 $149,450 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** United Heritage Mutual/ Eagle-8 A- N 4.10% 2.90% 3.50% P $153,784 $153,784 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y**

USAA Life Ins. Co./ SPA II A ++g Y 4.10% 1.00% 3.00% P $150,940 $149,450 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**Allianz Life NA/ Dominator- 6 Yr A ++ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**

* Employers Modern Life/ Bonus 6 A- N 4.00% 6.00% 3.50% B $156,901 $156,552 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**Allianz Life NA/ Dominator- 5 Yr A ++ N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**

* American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* Employers Modern Life/ Bonus 3 A- N 4.00% 3.00% 3.50% B $152,461 $152,209 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N 4.00% 4.00% 3.50% B $153,941 $153,607 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 4.00% 2.00% 3.00% C/ 10 Yrs $159,980 $159,980 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y** Kansas City Life Select Track 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**

Layfayette Life Ins. Co./ Horizon S A N 4.00% 4.00% P $148,020 $148,020 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

Midland National Life/ Dir. Guar. 6Yr A+ N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Pacific Life/ Quest 88-01/1 Yr. A ++g N 4.00% 4.00% C/ 1Yr $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**

Pacific Life/ Quest 88-01/3 Yr. A ++g N 4.00% 4.00% C/ 3Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N 4.00% 4.00% C/ 5 Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 4.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**Security Mutual Life/ SPA2000-1yr A N 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**Security Mutual Life/ SPA2000-3yr A N 4.00% 3.50% C/ 3 Yrs $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**

Security Mutual Life/ SP-I Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**

Security Mutual Life/ SP-III Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**Sunset Life Ins. Co./ SelecTrack 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**Union Central Life/ SPDA2000-6Yr A N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 4.00% 2.00% 3.00% C/ 10 Yrs $148,394 $148,394 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y*** USG Annuity-Life(ING)Selct Guar-8Yr A+g Y 4.00% 2.50% 3.00% C/ 8 Yrs $150,480 $150,480 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y** VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $148,020 $148,020 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y** Western United/DiscoverMaxVoygr. B- N 4.00% 3.00% 3.00% B $148,020 $148,020 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y*** AMEX/ Value + Advantage A+g N 3.95% + 3.00% B $148,047 $148,047 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.95% 0.75% 3.00% C/ 7 Yrs $148,414 $148,414 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y**

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.95% 3.50% B $147,310 $147,310 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**Employers Modern Life/ SP 5Yr Guar A- N 3.90% 3.50% C/ 5 Yrs $146,600 $146,600 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

Farm Bureau of Mich/3 Yr-Guarantee A N 3.90% 3.00% C/ 3 Yrs $146,600 $146,600 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** American National/PaladiumMYG5yr A+ Y 3.85% 1.00% 3.00% C/ 5 Yrs $147,359 $147,359 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* AMEX/ Rate Advantage 1 A+g N 3.85% 1.00% 3.00% B $147,359 $147,359 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y**

USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.85% 3.00% C/ 10 Yrs $145,900 $145,900 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y*** Lincoln Benefit /Sav Chce Prem' 2Yr. A+r Y 3.80% 1.50% 3.00% B $147,251 $147,251 9 Yrs/ 8-8-8-7-6-5-4-3-2-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Penn Mutual Life/Tradewind A g N 3.80% 1.00% 3.00% P $146,650 $146,650 7 Yrs/ 9-8-7-6-5-4-3-0 $10K 85 No 90** Y* No Y-A/O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.80% 3.00% C/ 4 Yrs $145,200 $145,200 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y 3.80% 2.00% 3.00% C/ 5 Yrs $148,104 $148,104 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y*** AMEX/ Rate Advantage 3 A+g N 3.75% 3.00% 3.00% B $148,835 $148,835 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.75% 3.00% C/ 5 Yrs $144,500 $144,500 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ Marquee B N 3.75% 3.00% 3.00% B $148,850 $148,850 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.75% 1.00% 3.00% B $145,950 $145,950 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Employers Modern Life/ SP 4Yr Guar A- N 3.75% 3.50% C/ 4 Yrs $144,500 $144,500 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y**

* Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.75% 3.75% 3.00% B $149,919 $149,919 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**Jackson Nat'l Life/ Max Plan A+g Y 3.75% 3.00% B $144,500 $144,500 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y**

Jackson Nat'l Life/ Super Max A+g Y 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.75% 1.00% 3.25% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.75% 1.00% 3.00% B $145,950 $145,950 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.75% 1.50% 3.00% B $146,667 $146,667 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-5 A g N 3.75% 2.00% 3.00% B $147,390 $147,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** National Guardian/ Asset Guard-2 Yr. A- Y 3.75% 2.00% 3.00% B $147,390 $147,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y** Reliastar (ING)/ TSA-I A+g Y 3.75% 3.00% B $144,500 $130,050 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 2.00% 3.00% C/ 10 Yrs $147,390 $147,390 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**

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Comparison of Single Premium Immediate Annuity (SPIA) Programs.Single Premium Immediate Annuity (SPIA)...What is its Purpose and Value? SPIAs are designed for people who need a guaranteed income on a regular basis. See our Annuity Overview and Trend Reports SPIA notes for more details

regarding their purchase, and clarification of pertienent evaluation procedures to achieve maximum return (income) on SPIA purchase price.

SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on January 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Year Certain on January 1, 2003

Male Female Male FemaleRank Company/Program Factor Rank Company/Program Factor Rank Company/Program Factor Rank Company/Program Factor

1 Kansas City Life Ins Co 8.11 1 Kansas City Life Ins Co 7.49 1 Sunset Life Ins Co of Amer' 8.88 1 Kansas City Life Ins Co 8.302 Sunset Life Ins Co of Amer' 8.01 2 Sunset Life Ins Co of Amer' 7.48 2 Farm Bureau Life of Michigan 8.76 2 Sunset Life Ins Co of Amer' 8.293 Farm Bureau Life of Michigan 7.98 3 Farm Bureau Life of Michigan 7.39 3 Kansas City Life Ins Co 8.58 3 Farm Bureau Life of Michigan 8.214 National Guardian Life InsCo 7.67 4 National Guardian Life InsCo 7.23 4 National Guardian Life InsCo 8.42 4 Horace Mann LIfe Ins Co 8.035 Farm Bureau Life Ins Co 7.56 5 USAA Life Insurance Company 7.18 5 Farm Bureau Life Ins Co 8.33 5 National Guardian Life InsCo 8.036 Fidelity & Guaranty Life 7.55 6 Farm Bureau Life Ins Co 7.11 6 United Heritage Mutual Life 8.28 6 USAA Life Insurance Company 8.007 USAA Life Insurance Company 7.51 7 Conseco Annuity Assurance 7.09 7 USAA Life Insurance Company 8.28 7 Farm Bureau Life Ins Co 7.958 Knights of Columbus 7.44 8 Allianz Life Ins Co of N.A. 7.06 8 Knights of Columbus 8.27 8 Fidelity & Guaranty Life 7.819 Minnesota Life Ins Co 7.44 9 Fidelity & Guaranty Life 7.06 9 Fidelity & Guaranty Life 8.24 9 United Heritage Mutual Life 7.8110 United Heritage Mutual Life 7.44 10 Horace Mann LIfe Ins Co 7.06 10 Minnesota Life Ins Co 8.23 10 Knights of Columbus 7.6911 Conseco Annuity Assurance 7.40 11 Hartford Life Ins Co 6.95 11 Canada Life Assurance 8.16 11 Employers Modern Life Co 7.6812 Canada Life Assurance 7.39 12 United Heritage Mutual Life 6.91 12 First Colony Life Ins. Co. 8.14 12 Minnesota Life Ins Co 7.6813 Allianz Life Ins Co of N.A. 7.37 13 First Colony Life Ins. Co. 6.90 13 GE Capital Assurance 8.14 13 Allianz Life Ins Co of N.A. 7.6714 First Colony Life Ins. Co. 7.36 14 GE Capital Assurance 6.90 14 Lincoln Benefit Life Company 8.11 14 First Colony Life Ins. Co. 7.6715 GE Capital Assurance 7.36 15 United of Omaha Life Ins Co 6.89 15 Security Benefit Life Ins Co 8.10 15 GE Capital Assurance 7.6716 Security Benefit Life Ins Co 7.34 16 Golden Rule Insurance Co 6.88 16 Sentry Life Insurance Co 8.08 16 Lincoln Benefit Life Company 7.6617 Hartford Life Ins Co 7.33 17 Jackson National Life Ins Co 6.86 17 Employers Modern Life Co 8.06 17 Hartford Life Ins Co 7.6318 United of Omaha Life Ins Co 7.32 18 Lincoln Benefit Life Company 6.85 18 Keyport Life Ins Co 8.06 18 Sentry Life Insurance Co 7.6319 Lincoln Benefit Life Company 7.30 19 Employers Modern Life Co 6.84 19 Great American Life Ins Co 8.05 19 Security Mutual Life of NY 7.5920 Jackson National Life Ins Co 7.28 20 Minnesota Life Ins Co 6.84 20 National Life Ins of Vermont 8.04 20 Canada Life Assurance 7.5821 Employers Modern Life Co 7.27 21 Knights of Columbus 6.81 21 Horace Mann LIfe Ins Co 8.03 21 United of Omaha Life Ins Co 7.5722 Golden Rule Insurance Co 7.26 22 Canada Life Assurance 6.77 22 Life Ins Co of the Southwest 8.01 22 Presidential Life InsCo (NY) 7.5423 Keyport Life Ins Co 7.26 23 Jefferson Pilot Life Ins Co 6.75 23 Presidential Life InsCo (NY) 8.01 23 Golden Rule Insurance Co 7.5324 Life Ins Co of the Southwest 7.26 24 Presidential Life InsCo (NY) 6.75 24 Federal Kemper Life Assur 8.00 24 Keyport Life Ins Co 7.5125 National Life Ins of Vermont 7.26 25 Security Benefit Life Ins Co 6.75 25 Kemper Investors Life 8.00 25 AIG/American General Life 7.5026 Presidential Life InsCo (NY) 7.23 26 AIG/American General Life 6.71 26 Security Mutual Life of NY 7.99 26 American General Life Ins Co 7.5027 Sentry Life Insurance Co 7.23 27 American General Life Ins Co 6.71 27 Conseco Annuity Assurance 7.97 27 Security Benefit Life Ins Co 7.5028 Great American Life Ins Co 7.18 28 Sentry Life Insurance Co 6.71 28 Hartford Life Ins Co 7.97 28 Jackson National Life Ins Co 7.4729 Security Mutual Life of NY 7.17 29 Life Ins Co of the Southwest 6.69 29 United of Omaha Life Ins Co 7.94 29 Jefferson Pilot Life Ins Co 7.4730 Jefferson Pilot Life Ins Co 7.15 30 Keyport Life Ins Co 6.68 30 Equitable Life Assurance Co 7.93 30 Life Ins Co of the Southwest 7.4631 Federal Kemper Life Assur 7.13 31 Security Mutual Life of NY 6.68 31 Golden Rule Insurance Co 7.88 31 Great American Life Ins Co 7.4532 Kemper Investors Life 7.13 32 Teachers Ins & Anty of Amer' 6.65 32 Jackson National Life Ins Co 7.85 32 Conseco Annuity Assurance 7.4333 Equitable Life Assurance Co 7.11 33 National Life Ins of Vermont 6.62 33 Delta Life & Annuity Company 7.83 33 Equitable Life Assurance Co 7.4334 Horace Mann LIfe Ins Co 7.06 34 Northern/ReliaStar(ING)InsCo 6.57 34 Jefferson Pilot Life Ins Co 7.82 34 Teachers Ins & Anty of Amer' 7.4335 AIG/American General Life 7.05 35 Delta Life & Annuity Company 6.56 35 AIG/American General Life 7.80 35 Delta Life & Annuity Company 7.4136 American General Life Ins Co 7.05 36 Great American Life Ins Co 6.54 36 American General Life Ins Co 7.80 36 Federal Kemper Life Assur 7.4037 Penn Insurance & Annuity Co 7.04 37 Federal Kemper Life Assur 6.49 37 Clarica (TMG) Life Ins Co 7.78 37 Kemper Investors Life 7.4038 Delta Life & Annuity Company 7.02 38 Kemper Investors Life 6.49 38 Northern/ReliaStar(ING)InsCo 7.76 38 National Life Ins of Vermont 7.4039 Northern/ReliaStar(ING)InsCo 7.01 39 Equitable Life Assurance Co 6.48 39 Penn Insurance & Annuity Co 7.73 39 Northern/ReliaStar(ING)InsCo 7.3840 Bankers United Life 6.90 40 Bankers United Life 6.46 40 Bankers United Life 7.71 40 AMEX Life 7.2741 Clarica (TMG) Life Ins Co 6.90 41 Life Investors Ins of Amer 6.46 41 Life Investors Ins of Amer 7.71 41 Thrivent Fincl for Lutherans 7.2642 Life Investors Ins of Amer 6.90 42 Peoples Benefit Life 6.46 42 Peoples Benefit Life 7.71 42 Woodmen of the World Life 7.2043 Peoples Benefit Life 6.90 43 Transamerica Life & Annuity 6.46 43 Transamerica Life & Annuity 7.71 43 Bankers United Life 7.1744 Transamerica Life & Annuity 6.90 44 Thrivent Fincl for Lutherans 6.44 44 Allianz Life Ins Co of N.A. 7.67 44 Clarica (TMG) Life Ins Co 7.1745 AMEX Life 6.87 45 AMEX Life 6.43 45 AMEX Life 7.67 45 Equitable-Iowa (ING) 7.1746 Thrivent Fincl for Lutherans 6.87 46 Woodmen of the World Life 6.38 46 Thrivent Fincl for Lutherans 7.65 46 Life Investors Ins of Amer 7.1747 Metropolitan Life Ins Co 6.86 47 Penn Insurance & Annuity Co 6.37 47 Woodmen of the World Life 7.58 47 Peoples Benefit Life 7.1748 Equitable-Iowa (ING) 6.80 48 Equitable-Iowa (ING) 6.36 48 Equitable-Iowa (ING) 7.56 48 Transamerica Life & Annuity 7.1749 USG Annuity & Life Co 6.80 49 USG Annuity & Life Co 6.36 49 USG Annuity & Life Co 7.56 49 USG Annuity & Life Co 7.1750 Woodmen of the World Life 6.80 50 Metropolitan Life Ins Co 6.31 50 Metropolitan Life Ins Co 7.52 50 Penn Insurance & Annuity Co 7.10Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports P O Box 1268 Fair Oaks CA 95628

Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

Notes of Explanation on Flexible Premium Deferred Annuity (FPDA) and Single PremiumDeferred Annuity (SPDA) Studies

* Indicates program has a 1st year only Bonus Rate added to the Base Rate. The BaseRate is the true projected rate of interest to be applied in years 2-20 for the Flexible PremiumDeferred Annuity (FPDA) and years 2-10 for the Single Premium Deferred Annuity (SPDA)programs. Any first year bonus program should be examined carefully to determine what value (ifany) it provides to the consumer, i.e., the Base Rate is far more important in determining aprogram’s ultimate value.

** Projected Account and Cash Values for Flexible Premium Deferred Annuity (FPDA)are based on a $200 per month deposit (12 per year) for 20 years; and for Single PremiumDeferred Annuity (SPDA) programs projected values are based on a one-time deposit of $100,000held for 10 years. Note, all values quoted are computed using the plan’s current base interest ratefor the above deposit amounts. Please note, all total dollar amounts do include any accrueable yearone bonus amounts. By way of explanation the Projected Account Value is the amount availableonly for use on a payout (retirement) option with that company. The Projected Cash Value isthe amount payable to the annuity holder in cash or for transfer (rollover) to another annuity orif qualified funds to a mutal fund company. (See ** Added Note at bottom of next column).

VR Column: VR=Verification of Rating; i.e., the purpose of this column is to indicate whether theAM Best’s Rating is/is not supported by another financial rating agency (Standard & Poors;Moodys; Fitch (formerly Duff & Phelps); or Weiss Research).

The Letter Y= “Yes” rating verified at same or higher level. N= “No”, the AM Best ratingnot verified at same level by another rating agency.

Cr Method/Yr(s) Base Int Rate Guar = Crediting Method utilized on a given annuityprogram/and the number of years that Base Rate is Guaranteed in the annuity contract. Pleasenote, with the exception of Certificate/CD type annuity programs, there is normally only a oneyear guarantee on an annuity’s interest rate; therefore, only Certificate/CD Annuity (C)programs will display the number of years the Base Interest Rate is guaranteed.

B=Banded or Blended Method crediting i.e., interest credited depending on the time of thedeposit—to illustrate rate quoted on new money (new deposits) is not necessarily credited to moneyalready on deposit for more than one year (“old money”).

P=Portfolio method of crediting, i.e., all funds whether new deposits or those previously depositedearn the same interest rate.

C=Certificate or CD Type Annuity, i.e., the Certificate or CD type annuity is a recentlydeveloped special class of fixed annuity. The “CD” type annuity warrants its special creditingclassification as the time period of its Base Interest Rate is guaranteed for a specified numberof years (3-5-6-7 yrs., etc.); and by contract the Base Interest Rate cannot change either up ordown during this time frame. Surrender charge percentage rate will vary from carrier to carrier,but will match in years the guarantee period (3-5-6-7 yrs., etc.). At end of guarantee periodannuitant will normally have a 30-day period to either withdraw or rollover funds with no penalty—-if no action taken, during the 30-day window, funds will automatically renew for same period ofyears as previous contract at a new guaranteed Base Interest Rate (including restarting samepenalty schedule).Editor’s Note: Each crediting method has its own potential advantages or disadvantages; however,the portfolio and certificate/CD types are clearly easier to understand. The CD annuity alsoprovides, by contract, a known Base Interest Rate for a specified number of years.

Surrender Charge Schedule Modifier Definitions:MVA: MVA=Market Value Adjustment can impact surrender charges by either increasingor decreasing them depending on movement of interest rates after annuity purchase date. (MVAcharges not normally applicable if funds held to end of surrender charge period.)

Rolling (R): Rolling or R= A Rolling Surrender charge on annuity deposits means eachdeposit has a surrender charge schedule applied to it...as opposed to the normal procedure ofestablishing the penalty schedule on the start date of the annuity contract and all surrendercharges ceasing in “X” amount of years regardless of the date of subsequent deposits.

RP: RP=Return of Premium; i.e., in lieu of actual surrender charge your funds are returned toyou without interest.

** Added Note: Projected Account and Cash Values in our studies are based on amounts listed($200 per month FPDA/ $100,000 single deposit to SPDA); carriers in some cases will pay a higheror lower rate depending on size of deposit or account balance.

Notes of Explanation on Additional Annuity Contract Provisions

FPDA Notes of Explanation SPDA Notes of Explanation** See SPDA important note, regarding use of these symbols.

Minimum Premium per $K = Mimimum Premium perThousand Dollars carrier will accept to issue the contract ona Non-Qualified annuity: Unlike SPDAs carriers will deviatefrom this amount for Qualified Funds (IRA, 401K, 403 (b),etc.). If >>> appear in this column it means the next columngoverns the minimum premium regardless of the source funds.

Min’ $ Amount EFT or Payroll Deducation = MinimumDollar amount carrier will accept via Electronic FundsTransfer or Payroll Deduction. The amount mentioned in mostinstances is less than the Minimum Premium per $K and is solisted. If the amount is followed by letter “Q” it signifies onlyQualified funds accepted in this lower amount. When <<<appears in the column the EFT/Payroll deduction amount isidentical to the amount given in the “Minimum Premium per $K”column.

Bail Out Prov’n = Bail Out Provision: See SPDA notes on BailOut Provision (explanation identical).

Max’ Antz’n Age = Maximum Annuitization Age: See SPDAnotes on this subject (identical explanation). Note: pleaseremember many FPDA contracts are on Qualified money (IRA,401K, 403 (b), etc.) and these programs have Required MinimumDistribution (RMD) provisions which must begin at attainment ofage 70.5.

Free Out Avail’ = Free Out of a portion of Funds Availablewhile Surrender Charge Schedule is in effect: Again, seeSPDA notes for identical explanation of this annuity contractprovision.

Charges Waived at Death /Nursing Home Waiver/Annuitization Waiver: Consult SPDA explanations of thesefeatures as they are all identical for FPDA annuity programs.

** Inportant Note: The use of ** in any column indicatescarrier utilizes multiple criteria relative to this item and thuscarrier must be contacted for specifics.

Min’ Prem’ $K = Minimum Premium Dollars (perthousand): i.e., $5K means $5,000 is the minimum amountcarrier will accept to issue the annuity contract. Note if twoamounts are listed ($2-10K) it indicates the carrier will either:accept a lower amount for a qualified plan such as an IRA(regular or Roth); or carrier will credit a higher interest rate ifpremium amount equals or exceeds the higher listed amount.

Max’ Issue Age = Maximum Attained Age the carrier willaccept for issue of annuity contract. Please note the variancesin age for specific categories. The modifiers are as follows: “A”= annuitant; “O” = Owner; “Q” = Qualified Annuity i.e., IRA,401K, 403(b), etc.; “N” = Non-Qualified (funds from CD’s saleof home or other property, etc.). If an age is listed with nomodifier it indicates all contracts use this age withoutexception.

Bail Out Prov’n = Bail Out Provision. A few annuitycontracts permit the annuity purchaser to withdraw their fundsfrom the annuity without penalty(“Bail Out”), should the interestrate, at time of purchase, drop by a contractually specified amountbefore Surrender Charge Schedule has run its course. It shouldbe noted, as a general rule annuity programs with a Bail OutProvision offer a lower starting interest rate...one could concludethere are very few annuity contracts with Bail Out Provisionsbecause the lower interest rate lacks market appeal.

Max’Antz’n Age = Maximum Annuitization Age is the latestattained age the owner or annuitant can annuitize the amountaccumulated in the contract i.e., receive a guaranteed payout fromthe carrier for life or a specified period of time. Failure toannuitize before the maximum age specified in the contract couldresult in the annuity holder’s income stream ceasing before death.The modifiers are indentical to those found under MaximumIssue Age. Again, if no modifier to age listed, all forms ofcontracts use this age for that carrier.Free Out Avail’: Free Out Available while surrender chargeschedule is in effect. To illustrate, Company “A” has a surrender

charge schedule that lasts 8 years. The annuitant/owner, in spiteof the 8 year penalty period, may withdraw a specified amounteach year without incurring a penalty. The most frequent FreeOut provision is 10% of account value each year aftercontract is in effect for one year. A “Y*” in this column means10% Free Out each year. A “Y**” mean there is a Free Out, butit differs from the 10% and annuitant/owner should contactcarrier for specifcs of its Free Out provision. “No” meanscontract has no Free Out provision.

Accepts Added Premium: A “Y” in this column means “Yes”carrier will accept additional premium into the account aftercontact is issued. As this is by definition a Single PremiumDeferred Annuity most carriers do not accept additional fundshence the preponderance of “No’s”. A “Y” means no restrictionon adding funds and “Y’s” with modifiers are self explainatory.

Charges Waived at Death: Surrender charges in early yearsof contract are waived upon death of Owner “O” orAnnuitant “A” as specified in contact. “No” of course meanscarrier does not waive surrender charges in event of deathprior to annuity’s surrender charges expiring. A “Y-O” = yes ifowner dies; a “Y-A” = yes if annuitant dies; a “Y-A/O” refersto yes upon death of either annuitant or owner; and finally a“Y**” means carrier permits some form of withdrawal but carriermust be contacted for specifics.

Nursing Home Waiver: Again surrender charges can bewaived if nursing home care is required prior to surrendercharge schedule expiring. Because of the many variations onthe waiver we indicated either “No” waiver or “Y**” whichindicates “Yes”, but carrier must be contacted to varify extent ofits waiver.

Annuitization Wavier: Refers to whether annuity carrierwill waive surrender charges prior to their expiration ifcontract is annuitized for payout by owner/annuitant. Amajority of carriers will agree to this scenario; however, as thereare many variations of acceptability, all carriers who waivesurrender charges are listed as “Y**” i.e., “Yes” there is waiver ,however, carrier must be contacted for their waiverspecifications. “No” indicates carrier will not waive penalties.

SPECIAL NOTE APPLICABLE TO BOTH FPDAAND SPDA PROGRAMS: A symbol of “+” in anycolumn indicates data not available from carrier attime of study’s publication.


February, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 2 EDITOR’S COMMENTS...Repeat Subscriber good news!! All CAR studies now available via e-mail pdf file…please call 916-487-7863 and leave e-mail address if you wish to receive monthly reports by this method. Numbers Summary: The average base interest rates for FPDA and SPDA programs continued their decline for the tenth consecutive month. The current low ebb in interest rates has resulted in removing, from the market, several FPDA and SPDA products. The average for SPIA factors did not drop this month; and SPIA business, as reported by many carriers, continues at a brisk pace driven by seniors seeking stable monthly incomes. Certificate/CD Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA “CD” programs this month are: 4.00% for a 3 year guarantee period (ygp); 4.00% for a 4 ygp; 4.80% for a 5 ygp; 4.40% for a 6 ygp; 4.50% for a 7 ygp; 4.20% for an 8 ygp; 4.30% for a 9 ygp; and 4.75% for a 10 ygp. Note: Certificate (CD) Annuity Programs are of greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest. ANNUITY OVERVIEW AND TREND REPORTS

>NOTE: Excludes FPDA/ SPDA 2-Tier programs and other programs which do not permit total withdrawal/ rollover of Account Value at retirement. ** SPIA Factor Note: SPIA payout factors listed are for the Life & 10 Year Certain Option. To illustrate the value of shopping SPIA factors, the highest male age 70 SPIA factor this month is 8.11. In contrast, the number 50 company’s rate is 6.65. By way of explanation, the 8.11 factor (based on $100,000 of savings) would generate $811 per month of income for the life of the annuitant, or for up to 10 years from date of issue for the annuitant’s beneficiary(ies). Conversely, a factor of 6.65 would produce only $665 per month using the same $100,000 amount. The $146 per month difference ($811-$665) would impact a 70 year old male’s income by $26,280 over his normal life expectancy (and of course this lost income potential will increase more dramatically if he outlives his life expectancy). It should be noted that SPIA factors, while generally not quite as high as FPDA and SPDA settlement option rates, are good indicators to use in assessing the viability of a company’s FPDA and SPDA settlement option factors. It would be “consumer wise,” before accepting any company’s FPDA/SPDA payout factors, to shop the SPIA market for a better factor and if found, rolling funds over for increased monthly income using the same amount of dollars. *Denotes Comparative Annuity Report Synopsis Data on FPDA, SPDA, and SPIA as quoted monthly in Kiplinger’s Retirement Report









COMPARATIVE ANNUITY REPORT ... FEBRUARY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions



Allstate Life/ Savers Premier A+g Y 3.20% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 9-9-8-8-7-6-5-4-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* American Investors Life/ FPDA-P10 A g N 4.00% 3.00% B $73,012 $73,012 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ Plus PO A g N N/A 3.00% B N/A N/A 10 Yrs/12-10.8-9.6-8.4-7.2-6-4.8-3.6-2.4-1.2-0 $5K <<< 90 No None Y* Y-A No No



* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.10% + 3.00% B $65,594 $65,594 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.65% 3.00% 4.00% B $70,502 $70,502 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 4.25% 1.25% 3.00% B $75,120 $75,120 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y*** CGU Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No Clarica Life/ Guarantee- 5 Yr A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y**



* Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 4.80% 3.00% P $79,706 $79,706 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 5.15% 3.00% P $82,863 $83,863 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau of Mich./ Flex II A N 5.50% 3.00% P $86,157 $86,157 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

Fort Dearborn Life/ Flex Fortifier 2 A N 4.00% 4.00% B $73,012 $73,012 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.10% 2.00% B $66,257 $66,257 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 1.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**


Great American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Hartford Life/ Director A+g Y 3.00% 3.00% P $65,536 $65,339 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 5Yr A N 3.25% 3.00% B $67,346 $67,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Horace Mann Life/AlternativeII 10Yr A N 3.75% 3.00% B $71,058 $71,058 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Jackson National / Flex I A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 10-9-8-7-6-3-0 $.75K $62.5 Mo A85/O100 No 85 No Y-A No Y**


Kemper Investors Life/ Allsavers A N 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $73,012 $73,012 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**

Layfayette Life Ins. Co./ Horizon I A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**


* Lincoln Benefit / Futurist's Gold I A+r Y 3.60% 1.00% 3.00% P $69,913 $69,913 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Lincoln Life/ IFA-I A+g Y N/A 4.00% P N/A N/A 10 Yrs/ 8-8-8-8-8-4-4-4-4-4-0 >>> $50 Mo Q A70/O100 No None Y* Y-A No Y**Metropolitan Life/Growth+ Account A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 3.50% 3.00% B $69,156 $69,156 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Custom Mastr 1Yr A g N 3.50% 3.00% B $69,156 $68,948 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 3Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 5Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y Y




* Prudential/ FIP A N 3.50% + 3.10% B $69,225 $69,225 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem bonus) $1K Q $300 Mo Q 85 No 90 Y** Y-A Y** Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.45% 3.00% C/ 5 Yrs $68,782 $68,782 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**

* Shenandoah Life/ FPDA-1 Bonus A- N N/A 1.00% 3.75% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ FPDA-2 Bonus A- N 3.90% 1.00% 3.75% B $72,179 $72,179 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **



* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.65% 3.00% P $77,039 $77,039 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $75,129 $74,378 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 4.00% 4.00% B $73,012 $73,012 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $75,129 $75,129 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**


Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... FEBRUARY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver WaiverFarm Bureau of Mich./ Flex II A N 5.50% 3.00% P $86,157 $86,157 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 5.15% 3.00% P $82,863 $83,863 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 4.80% 3.00% P $79,706 $79,706 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**

* Kansas City Life/ Growth Track A g N 4.75% 1.00% 3.00% B $79,355 $79,355 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**Sunset Life Ins. Co./ Growth Track A g N 4.75% 1.00% 3.00% B $79,355 $79,355 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $79,276 $79,276 None >>> $25 Mo ** Y ** Y** Y** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoVALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Employers Modern Life/Flex FPDA A- N 4.35% 3.50% P $75,862 $75,862 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 9-9-8-8-7-6-5-4-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* Canada Life/ Security One + A+g Y 4.25% 1.25% 3.00% B $75,120 $75,120 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y**American Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**


Delta Life & Annuity/ Flex-NL A g N 4.00% 4.00% P $73,012 $73,012 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $1K $50 Mo Q Q70/N99 No None Y* Y-A No No Fort Dearborn Life/ Flex Fortifier 2 A N 4.00% 4.00% B $73,012 $73,012 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y**

Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $73,012 $73,012 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No NoOhio National Life Ins Co/Prime I A+g N 4.00% 4.00% P $73,012 $67,356 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 4.00% 4.00% P $73,012 $73,012 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.00% B $73,012 $73,012 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**USAA Life Ins. Co./ FRA A ++g Y 4.00% 1.00% 3.00% P $75,129 $75,129 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $75,129 $74,378 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 4.00% 4.00% B $73,012 $73,012 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $75,129 $75,129 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

Woodmen of the World Life/ Basic A+ N 4.00% 3.00% P $73,007 $73,007 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y*** Shenandoah Life/ FPDA-2 Bonus A- N 3.90% 1.00% 3.75% B $72,179 $72,179 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Aetna Life & Annuity (ING)/ Premier + A+g Y 3.75% 1.00% 3.00% P $71,129 $71,129 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** **

Horace Mann Life/AlternativeII 10Yr A N 3.75% 3.00% B $71,058 $71,058 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Life of the Southwest/ Flex I A g N 3.75% 4.00% B $71,058 $71,058 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**

* United Heritage Mutual/ Heritage A- N 3.70% 0.55% 3.50% P $70,483 $70,483 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y*** Beneficial Life/ Advantage-11A+(A) A N 3.65% 3.00% 4.00% B $70,502 $70,502 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y**

USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.65% 3.00% P $77,039 $77,039 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y*** Lincoln Benefit / Futurist's Gold I A+r Y 3.60% 1.00% 3.00% P $69,913 $69,913 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.55% 2.00% 3.00% B $69,674 $69,674 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**

American National/ Palladium FPDA A+ Y 3.50% 3.00% P $69,156 $69,156 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**

* CGU Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Great American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Kemper Investors Life/ Allsavers A N 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y**Midland National Life/ Guarantee 9 A+ N 3.50% 3.00% B $69,156 $69,156 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**MONY Life Ins Co/Custom Mastr 1Yr A g N 3.50% 3.00% B $69,156 $68,948 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 3Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Custom Mastr 5Yr A g N 3.50% 1.00% 3.00% B $69,225 $69,017 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y Y

* National Guardian Life/ Super Flex A- Y 3.50% 2.00% 4.00% B $69,366 $69,366 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**Northern Life Ins. Co.(ING)/TSA I A+g Y 3.50% 3.00% B $69,156 $69,156 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**

* Prudential/ FIP A N 3.50% + 3.10% B $69,225 $69,225 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem bonus) $1K Q $300 Mo Q 85 No 90 Y** Y-A Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $68,948 $68,948 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**National Western Life/ Capital + A- N 3.45% 3.00% B $68,784 $68,784 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**


Security Benefit Life/ Choice - 5 Yr A+g N 3.45% 3.00% C/ 5 Yrs $68,782 $68,782 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**American United/ FPA IV A N 3.40% 3.00% B $68,432 $68,432 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**

* Great American Life/ TSA VI A g N 3.30% 1.00% 3.00% B $67,762 $67,762 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y**Horace Mann Life/AlternativeII 5Yr A N 3.25% 3.00% B $67,346 $67,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Metropolitan Life/Growth+ Account A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.25% 3.00% B $67,346 $67,144 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Northern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.25% 3.00% B $67,339 $67,339 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Allstate Life/ Savers Premier A+g Y 3.20% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**

* AIG Life Ins Co / Individual FPDA A ++g Y 3.10% 1.00% 3.00% B $65,602 $65,602 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $2.5K <<< 80 No 90 Y* Y-A No Y**

AMEX/ Retirement Advisor/Advt Qual A+g N 3.10% 3.00% B $64,952 $64,952 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.10% + 3.00% B $65,594 $65,594 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y**

Equitable Life Assur/ Equivest-IRA A+g N 3.10% 3.00% B $66,257 $66,257 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.10% 2.00% B $66,257 $66,257 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y**

Equitable Life Assur/ Equivest-NQ A+g N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 1.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** NoHartford Life/ Director A+g Y 3.00% 3.00% P $65,536 $65,339 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**

John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**

MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**

* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**


COMPARATIVE ANNUITY REPORT ... FEBRUARY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions






American National/PaladiumMYG6yr A+ Y 4.40% 3.00% C/ 6 Yrs $153,810 $153,810 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG7yr A+ Y 4.05% 1.00% 3.00% C/ 7 Yrs $150,210 $150,210 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** American United/ Accum Annuity II + A N 3.55% 1.00% 3.00% B $143,157 $143,157 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II A N 3.30% 1.00% 3.00% B $139,734 $139,734 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y** Ameritus Variable/ Advantage + A+ N 3.35% 3.00% B $139,020 $139,020 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Ameritus Variable/ Advantage Bonus A+ N 3.15% 1.00% 3.00% B $137,723 $137,723 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**


AMEX/ Retirement Advisor/Advt Qual A+g N 3.10% 3.00% B $133,027 $133,027 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.10% + 3.00% B $134,343 $134,343 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.95% + 3.00% B $148,047 $148,047 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Anchor National Life/ Century 2000 A ++g Y N/A 3.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85A No 90 Y** No Y-O No Y**

Anchor National Life/ Century 5000 A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 6-6-6-6-6-0 $5K 85A No 90 No No Y-O No Y*** Bankers United/ Premier Solut'n + A+ Y 3.00% 1.00% 4.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.85% 3.00% 3.00% B $150,277 $150,277 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.50% 1.25% 3.00% B $142,813 $142,813 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y*** CGU Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.35% 3.00% C/ 5 Yrs $139,020 $139,020 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ Marquee B N 3.75% 3.00% 3.00% B $148,850 $148,850 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.75% 1.00% 3.00% B $145,950 $145,950 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No





* Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.65% 2.35% 3.00% C/ 10 Yrs $146,473 $146,473 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-5Yr A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g Y 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 4.20% 3.00% C/ 8 Yrs $150,890 $150,890 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* F & G Life/ Fidelity Platinum+5 Yr A g N 3.65% 1.00% 3.00% C/ 5 Yrs $144,541 $144,541 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y**

* F & G Life/ Platinum+7 Yr A g N 3.90% 2.00% 3.00% C/ 7 Yrs $149,532 $149,532 7 Yrs/ 9-8-7-6-4-3-2-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select 4 N.M. 3 Yr A+ N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 4.10% 3.00% C/ 6 Yrs $149,450 $149,450 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.80% 3.00% C/ 3 Yrs $145,200 $145,200 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.80% 3.00% C/ 5 Yrs $159,810 $159,810 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N 3.50% 1.00% 3.00% P $142,461 $142,461 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.10% 2.00% C/ 1 Yrs $135,700 $135,700 7 Yrs/ 7-7-7-6-5-4-3-0(30 day period) $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 2.00% C/ 5 Yrs $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0(30 day period) $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.50% 1.00% 3.00% B $142,461 $142,461 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.50% 3.00% 3.00% B $145,282 $145,282 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.25% 3.00% B $137,680 $137,680 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.05% + 3.00% B $141,797 $141,797 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC V - 5 Years A+g Y 3.05% 3.00% C/ 5 Yrs $135,045 $135,045 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 3 Years A+g Y N/A 3.00% C/ 3 Yrs N/A N/A 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.25% 3.00% B $137,680 $137,680 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.75% 3.00% B $134,390 $134,390 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.95% 0.75% 3.00% C/ 7 Yrs $148,414 $148,414 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.75% 3.75% 3.00% B $149,919 $149,919 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.75% 3.00% B $144,500 $144,500 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y 3.15% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 6 Yr. A+g Y 3.50% 2.75% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 7-7-6-5-4-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 7 Yr. A+g Y 3.50% 1.00% 3.00% C/ 7 Yrs $137,723 $137,723 7 Yrs/ 7-7-7-6-5-4-3-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y 3.40% 3.00% C/ 5 Yrs $139,700 $139,700 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.75% 1.00% 3.25% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y 3.25% 3.25% C/ 5 Yrs $137,680 $137,680 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.25% 1.00% 3.00% B $137,723 $137,723 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y** Kansas City Life Select Track 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**

Kansas City Life Select Track 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Kansas City Life Select Track 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**

* Kemper Investors Life/ Bonus A N 3.50% 1.00% 3.00% P $142,461 $142,461 6 Yrs/ 9-8-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**

Knights of Columbus/ FPA A ++ Y N/A 3.50% P $151,620 $151,620 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Layfayette Life Ins. Co./ Horizon S A N N/A 4.00% P N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**


Midland National Life/ Dir. Guar. 7Yr A+ N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Minnesota Life/ Secure Opt. I A ++ N 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**Minnesota Life/ Secure Opt. III A ++ N 4.10% 3.00% B $149,450 $149,450 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**MONY Life Ins. Co./ Cust Mastr 1Yr. A g N 3.50% 3.00% B $141,050 $139,640 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins. Co./ Cust Mastr 3Yr. A g N 3.50% 3.00% B $141,050 $139,640 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins. Co./ Cust Mastr 5Yr. A g N 3.50% 3.00% B $141,050 $139,640 7 Yrs Rolling/ 7-7-6-5-4-3-2-0 $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Mutual of America Life Ins. Co. A+ Y 3.50% 3.00% P $143,177 $143,177 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.75% 2.00% 3.00% B $147,390 $147,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y**

* National Guardian/ SPDA-Q A- Y 4.20% 2.00% 4.00% B $153,907 $153,907 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 4.15% 1.00% 3.00% B $151,670 $151,579 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.50% 3.00% B $155,290 $155,197 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 4.25% 1.00% 3.00% B $153,130 $153,038 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**





Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.60% 2.00% 3.00% C/ 4 Yrs $145,268 $145,268 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.55% 2.00% 3.00% C/ 6 Yrs $144,575 $144,575 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.10% 2.00% 3.00% C/ 8 Yrs $152,440 $152,440 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y 3.85% 2.00% 3.00% C/ 5 Yrs $148,818 $148,818 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 4.10% 1.00% 3.00% C/ 7 Yrs $152,440 $152,440 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**

* Physicians Life/ Vista Choice 10Yr. A g Y 4.40% 1.50% 3.00% C/ 10 Yrs $156,117 $156,117 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 4.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**

* Prudential/ Discovery - 3 Year A N N/A + 3.10% B N/A N/A 6 Yrs/ 7-7-6-5-4-0 (+ = 1% prem bonus) $100K Q68/N85 No 90 Y* Y Y** Y** Y*** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y** Reliastar (ING)/ Retrmnt+ NQ A+g Y 3.25% 3.00% B $137,680 $137,680 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K 70 No None Y* Y Y-O** No Y** Reliastar (ING)/ TSA-I A+g Y 3.50% 3.00% B $141,050 $126,945 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**



Security Mutual Life/ SP-I Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Sentry Life Ins. Co./ Multi-Plus A g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y*** Shenandoah Life/ SPDA-1 Bonus A- N N/A 1.00% 3.00% P N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ SPDA-2 Bonus A- N 3.90% 1.00% 3.50% P $147,998 $147,998 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** ** Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** SunAmerica Life/ Century 2000 A ++g Y N/A 4.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85 No 90 Y* No Y-O No Y**



Sunset Life Ins. Co./ SelecTrack 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.75% 3.00% B $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y**Teachers Ins. & Annuity/ RA A ++g Y 5.25% 3.00% P $166,810 NAF N/A = Not Available for Full Cashout ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y**Thrivent Fin'cl for Lutherans-Security I A ++g N 3.80% 3.50% B $145,200 $145,200 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**

* Transamerica Life&Anty/ Mach 6 A+ Y 3.25% 1.00% 3.00% B $139,057 $139,057 6 Yrs/ 6-6-6-6-6-6-0 $5K Q70/N75 No 98 Y** Y-1st Yr Y-A/O No Y*** Transamerica Life&Anty/ Mach 10 A+ Y 3.00% 2.00% 3.00% B $137,078 $137,078 10 Yrs/ 12-12-12-11-10-9-8-6-4-2-0 $10K 78 No 98 Y** Y-$1K+ Y-A Y** No

Transamerica Life&Anty/SecValue 5 A+ Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 9-8-7-6-5-0+MVA $15K 85 No 98 Y** No Y-O No Y*** Transamerica Life&Anty/SecValue 6 A+ Y 3.24% 1.00% 3.00% C/ 6 Yrs $139,057 $139,057 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 85 No 85 Y** No Y-Q No Y**

* Transamerica Life&Anty/SecValue 8 A+ Y 3.50% 2.00% 3.00% C/ 8 Yrs $143,871 $143,871 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 2.00% 3.00% C/ 10 Yrs $147,390 $147,390 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**





USAA Life Ins. Co./ Ext'd Guar'- 2 Yr A ++g Y N/A 3.00% C/ 2 Yrs N/A N/A 2 Yrs/ 8-8-0 $50K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 5 Yr A ++g Y 3.65% 3.00% C/ 5 Yrs $143,110 $143,110 5 Yrs/ 8-8-7-6-5.2-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.85% 3.00% C/ 10 Yrs $145,900 $145,900 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 5.60% 1.00% 3.00% P $174,160 N/S N/S= None Surrenderable (+1% Prem Bonus) $5K 85 No 100 No Y** No No Y**USAA Life Ins. Co./ SPA II A ++g Y 4.10% 1.00% 3.00% P $150,940 $149,450 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**





Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved.

COMPARATIVE ANNUITY REPORT ... FEBRUARY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y** Sentry Life Ins. Co./ Multi-Plus A g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y** Union Central Life/ SPDA2000-1Yr A N 5.00% 4.00% B $162,880 $162,880 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.80% 3.00% C/ 5 Yrs $159,810 $159,810 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**

Kansas City Life Select Track 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.75% 3.00% B $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $159,050 $159,050 None ** ** Y** ** Y** Y Y** Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Conseco Annuity Assur./ Tru Level 7 B N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y**Kansas City Life Select Track 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**

National Life of Vermont/ Liberty A g N 4.50% 3.00% B $155,290 $155,197 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**

VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y**American National/PaladiumMYG6yr A+ Y 4.40% 3.00% C/ 6 Yrs $153,810 $153,810 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

* Physicians Life/ Vista Choice 10Yr. A g Y 4.40% 1.50% 3.00% C/ 10 Yrs $156,117 $156,117 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**

Allianz Life NA/ Dominator- 10 Yr A ++ N 4.25% 3.00% C/ 10 Yrs $151,620 $151,620 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y*** National Life of Vermont/ Privilege A g N 4.25% 1.00% 3.00% B $153,130 $153,038 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 4.20% 3.00% C/ 8 Yrs $150,890 $150,890 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y*** National Guardian/ SPDA-Q A- Y 4.20% 2.00% 4.00% B $153,907 $153,907 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y**

AMEX/ Access Advantage A+g N 4.15% 3.00% B $150,170 $150,170 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** National Life of Vermont/ Heritage A g N 4.15% 1.00% 3.00% B $151,670 $151,579 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y**

United Heritage Mutual/Sec Value 5 A- N 4.15% 3.50% C/ 5 Yrs $150,170 $150,170 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 4.10% 3.00% C/ 6 Yrs $149,450 $149,450 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**

Minnesota Life/ Secure Opt. III A ++ N 4.10% 3.00% B $149,450 $149,450 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y*** Physicians Life/ Custom Direct 8 A g Y 4.10% 2.00% 3.00% C/ 8 Yrs $152,440 $152,440 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Vista Choice 7Yr. A g Y 4.10% 1.00% 3.00% C/ 7 Yrs $152,440 $152,440 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**USAA Life Ins. Co./ SPA II A ++g Y 4.10% 1.00% 3.00% P $150,940 $149,450 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

* American National/PaladiumMYG7yr A+ Y 4.05% 1.00% 3.00% C/ 7 Yrs $150,210 $150,210 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Aetna Life & Annuity (ING)/ Premier + A+g Y 4.00% 1.00% 3.00% P $149,500 $149,500 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* Employers Modern Life/ Bonus 3 A- N 4.00% 3.00% 3.50% B $152,461 $152,209 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N 4.00% 4.00% 3.50% B $153,941 $153,607 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 6 A- N 4.00% 6.00% 3.50% B $156,901 $156,552 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y** Kansas City Life Select Track 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**

Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**Midland National Life/ Dir. Guar. 7Yr A+ N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Ohio National/ Choice I -1 Yr. A+g N 4.00% 4.00% B $148,020 $148,020 8 Yrs/ 8-7-6-5-4-3-2-1-0 $5K 80 Y** ** Y** No Y-A No Y**

Pacific Life/ Quest 88-01/1 Yr. A ++g N 4.00% 4.00% C/ 1Yr $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**Pacific Life/ Quest 88-01/3 Yr. A ++g N 4.00% 4.00% C/ 3Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N 4.00% 4.00% C/ 5 Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 4.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**Security Mutual Life/ SPA2000-1yr A N 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**Security Mutual Life/ SPA2000-3yr A N 4.00% 3.50% C/ 3 Yrs $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**

Security Mutual Life/ SP-I Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 4.00% 3.50% B $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**

Sunset Life Ins. Co./ SelecTrack 5Yr A g N 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.50% B $148,020 $148,020 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**Union Central Life/ SPDA2000-6Yr A N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y**

VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $148,020 $148,020 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 4.00% 3.00% P $148,024 $148,024 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No* AMEX/ Value + Advantage A+g N 3.95% + 3.00% B $148,047 $148,047 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.95% 0.75% 3.00% C/ 7 Yrs $148,414 $148,414 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y**

Employers Modern Life/ SP 5Yr Guar A- N 3.90% 3.50% C/ 5 Yrs $146,600 $146,600 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** F & G Life/ Platinum+7 Yr A g N 3.90% 2.00% 3.00% C/ 7 Yrs $149,532 $149,532 7 Yrs/ 9-8-7-6-4-3-2-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** Shenandoah Life/ SPDA-2 Bonus A- N 3.90% 1.00% 3.50% P $147,998 $147,998 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** USG Annuity-Life(ING)Selct Guar-8Yr A+g Y 3.90% 2.10% 3.00% C/ 8 Yrs $149,679 $149,679 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y*** AMEX/ Rate Advantage 1 A+g N 3.85% 1.00% 3.00% B $147,359 $147,359 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y**

* Beneficial Life/ Advantage 11B+(A) A N 3.85% 3.00% 3.00% B $150,277 $150,277 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y 3.85% 2.00% 3.00% C/ 5 Yrs $148,818 $148,818 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.85% 3.00% C/ 10 Yrs $145,900 $145,900 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**

Farm Bureau of Mich/3 Yr-Guarantee A N 3.80% 3.00% C/ 3 Yrs $145,200 $145,200 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**Thrivent Fin'cl for Lutherans-Security I A ++g N 3.80% 3.50% B $145,200 $145,200 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**

* AMEX/ Rate Advantage 3 A+g N 3.75% 3.00% 3.00% B $148,835 $148,835 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y*** Conseco Annuity Assur./ Marquee B N 3.75% 3.00% 3.00% B $148,850 $148,850 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.75% 1.00% 3.00% B $145,950 $145,950 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Employers Modern Life/ SP 4Yr Guar A- N 3.75% 3.50% C/ 4 Yrs $144,500 $144,500 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y**

Horace Mann Life/AlternativeII-10 Yrs A N 3.75% 3.00% B $134,390 $134,390 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.75% 3.75% 3.00% B $149,919 $149,919 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.75% 3.00% B $144,500 $144,500 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.75% 1.00% 3.25% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.75% 1.00% 3.00% B $145,950 $145,950 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.75% 1.50% 3.00% B $146,667 $146,667 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-5 A g N 3.75% 2.00% 3.00% B $147,390 $147,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** National Guardian/ Asset Guard-2 Yr. A- Y 3.75% 2.00% 3.00% B $147,390 $147,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.75% 3.00% C/ 3 Yrs $144,500 $144,500 3 Yrs/ 6-5-5-0 (30 day period) $5K 80 No ** Y* No Y-A No Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 2.00% 3.00% C/ 10 Yrs $147,390 $147,390 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Western United/DiscoverMaxVoygr. B- N 3.75% 3.00% 3.00% B $148,835 $148,835 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y**

Allianz Life NA/ Dominator- 7 Yr A ++ N 3.70% 3.00% C/ 7 Yrs $143,800 $143,800 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y*** Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.70% 1.00% 3.00% C/ 8 Yrs $145,240 $145,240 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* United Heritage Mutual/ Eagle-8 A- N 3.70% 2.80% 3.50% P $147,826 $147,826 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.65% 2.35% 3.00% C/ 10 Yrs $146,473 $146,473 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 3.65% 1.00% 3.00% C/ 5 Yrs $144,541 $144,541 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** Lincoln Benefit /Sav Chce Prem' 2Yr. A+r Y 3.65% 1.50% 3.00% B $145,132 $145,132 9 Yrs/ 8-8-8-7-6-5-4-3-2-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r Y 3.65% 2.00% 3.00% C/ 5 Yrs $145,892 $145,892 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* National Western Life/ Access-1092 A- N 3.65% 0.50% 3.00% P $143,142 $143,142 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y**

USAA Life Ins. Co./ Ext'd Guar'- 5 Yr A ++g Y 3.65% 3.00% C/ 5 Yrs $143,110 $143,110 5 Yrs/ 8-8-7-6-5.2-0 $20K 100 No 100 Y* No Y-A No Y*** USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.65% 2.35% 3.00% C/ 10 Yrs $146,473 $146,473 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**

Allianz Life NA/ Dominator- 6 Yr A ++ N 3.60% 3.00% C/ 6 Yrs $142,420 $142,420 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Employers Modern Life/ SP 3Yr Guar A- N 3.60% 3.50% C/ 3 Yrs $142,420 $142,420 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on February 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on February 1, 2003


1 Kansas City Life Ins Co 8.11 1 Kansas City Life Ins Co 7.49 1 Sunset Life Ins Co of Amer' 8.88 1 Kansas City Life Ins Co 8.302 Sunset Life Ins Co of Amer' 8.01 2 Sunset Life Ins Co of Amer' 7.48 2 Farm Bureau Life of Michigan 8.76 2 Sunset Life Ins Co of Amer' 8.293 Farm Bureau Life of Michigan 7.98 3 Farm Bureau Life of Michigan 7.39 3 Kansas City Life Ins Co 8.58 3 Farm Bureau Life of Michigan 8.214 National Guardian Life InsCo 7.67 4 National Guardian Life InsCo 7.23 4 National Guardian Life InsCo 8.42 4 National Guardian Life InsCo 8.035 Farm Bureau Life Ins Co 7.56 5 USAA Life Insurance Company 7.18 5 Farm Bureau Life Ins Co 8.33 5 USAA Life Insurance Company 8.006 USAA Life Insurance Company 7.51 6 Farm Bureau Life Ins Co 7.11 6 USAA Life Insurance Company 8.28 6 Farm Bureau Life Ins Co 7.957 Knights of Columbus 7.44 7 Conseco Annuity Assurance 7.09 7 Knights of Columbus 8.27 7 Western United Life Assur 7.838 Western United Life Assur 7.41 8 Western United Life Assur 6.95 8 Western United Life Assur 8.25 8 MONY Life Ins Co 7.709 Conseco Annuity Assurance 7.40 9 Fidelity & Guaranty Life 6.91 9 United Heritage Mutual Life 8.17 9 United Heritage Mutual Life 7.7010 Fidelity & Guaranty Life 7.40 10 MONY Life Ins Co 6.89 10 Canada Life Assurance 8.16 10 Knights of Columbus 7.6911 Canada Life Assurance 7.39 11 Allianz Life Ins Co of N.A. 6.88 11 Minnesota Life Ins Co 8.11 11 Employers Modern Life Co 7.6812 Security Benefit Life Ins Co 7.34 12 Golden Rule Insurance Co 6.88 12 Lincoln Benefit Life Company 8.11 12 Horace Mann LIfe Ins Co 7.6713 MONY Life Ins Co 7.33 13 AIG/American General Life 6.86 13 Security Benefit Life Ins Co 8.10 13 Lincoln Benefit Life Company 7.6614 United Heritage Mutual Life 7.33 14 American General Life Ins Co 6.86 14 Sentry Life Insurance Co 8.08 14 Sentry Life Insurance Co 7.6315 First Colony Life Ins. Co. 7.32 15 First Colony Life Ins. Co. 6.86 15 MONY Life Ins Co 8.08 15 Security Mutual Life of NY 7.5916 GE Capital Assurance 7.32 16 GE Capital Assurance 6.86 16 Keyport Life Ins Co 8.06 16 Canada Life Assurance 7.5817 Minnesota Life Ins Co 7.31 17 Jackson National Life Ins Co 6.86 17 Employers Modern Life Co 8.06 17 First Colony Life Ins. Co. 7.5818 Lincoln Benefit Life Company 7.30 18 Lincoln Benefit Life Company 6.85 18 Great American Life Ins Co 8.05 18 GE Capital Assurance 7.5819 Jackson National Life Ins Co 7.28 19 Employers Modern Life Co 6.84 19 National Life Ins of Vermont 8.04 19 Minnesota Life Ins Co 7.5520 Employers Modern Life Co 7.27 20 Knights of Columbus 6.81 20 GE Capital Assurance 8.04 20 Presidential Life InsCo (NY) 7.5421 Golden Rule Insurance Co 7.26 21 Horace Mann LIfe Ins Co 6.80 21 First Colony Life Ins. Co. 8.04 21 Golden Rule Insurance Co 7.5322 Keyport Life Ins Co 7.26 22 United Heritage Mutual Life 6.79 22 Presidential Life InsCo (NY) 8.01 22 Keyport Life Ins Co 7.5123 Life Ins Co of the Southwest 7.26 23 Canada Life Assurance 6.77 23 Life Ins Co of the Southwest 8.01 23 AIG/American General Life 7.5024 National Life Ins of Vermont 7.26 24 Presidential Life InsCo (NY) 6.75 24 Kemper Investors Life 8.00 24 American General Life Ins Co 7.5025 AIG/American General Life 7.23 25 Security Benefit Life Ins Co 6.75 25 Federal Kemper Life Assur 8.00 25 Security Benefit Life Ins Co 7.5026 American General Life Ins Co 7.23 26 Sentry Life Insurance Co 6.71 26 Security Mutual Life of NY 7.99 26 Fidelity & Guaranty Life 7.4927 Presidential Life InsCo (NY) 7.23 27 Jefferson Pilot Life Ins Co 6.70 27 Conseco Annuity Assurance 7.97 27 Thrivent Fincl for Lutherans 7.4928 Sentry Life Insurance Co 7.23 28 Minnesota Life Ins Co 6.70 28 Fidelity & Guaranty Life 7.91 28 Jackson National Life Ins Co 7.4729 Great American Life Ins Co 7.18 29 Life Ins Co of the Southwest 6.69 29 AXA/Equitable Life Assurance Co 7.91 29 Allianz Life Ins Co of N.A. 7.4630 Security Mutual Life of NY 7.17 30 Keyport Life Ins Co 6.68 30 Thrivent Fincl for Lutherans 7.89 30 Life Ins Co of the Southwest 7.4631 Allianz Life Ins Co of N.A. 7.16 31 Security Mutual Life of NY 6.68 31 Golden Rule Insurance Co 7.88 31 Great American Life Ins Co 7.4532 Federal Kemper Life Assur 7.13 32 Teachers Ins & Anty of Amer' 6.65 32 Jackson National Life Ins Co 7.85 32 Conseco Annuity Assurance 7.4333 Kemper Investors Life 7.13 33 Thrivent Fincl for Lutherans 6.64 33 Delta Life & Annuity Company 7.83 33 Jefferson Pilot Life Ins Co 7.4334 Jefferson Pilot Life Ins Co 7.10 34 National Life Ins of Vermont 6.62 34 American General Life Ins Co 7.80 34 Teachers Ins & Anty of Amer' 7.4335 Thrivent Fincl for Lutherans 7.09 35 Delta Life & Annuity Company 6.56 35 AIG/American General Life 7.80 35 Delta Life & Annuity Company 7.4136 AXA/Equitable Life Assurance Co 7.08 36 Great American Life Ins Co 6.54 36 Jefferson Pilot Life Ins Co 7.78 36 AXA/Equitable Life Assurance Co 7.4037 Penn Insurance & Annuity Co 7.04 37 Federal Kemper Life Assur 6.49 37 Clarica (TMG) Life Ins Co 7.78 37 Federal Kemper Life Assur 7.4038 Delta Life & Annuity Company 7.02 38 Kemper Investors Life 6.49 38 Allianz Life Ins Co of N.A. 7.74 38 Kemper Investors Life 7.4039 Clarica (TMG) Life Ins Co 6.90 39 Equitable-Iowa (ING) 6.47 39 Penn Insurance & Annuity Co 7.73 39 National Life Ins of Vermont 7.4040 Bankers United Life 6.88 40 USG Annuity & Life Co 6.47 40 Transamerica Life & Annuity 7.69 40 AMEX Life 7.2741 Equitable-Iowa (ING) 6.88 41 AXA/Equitable Life Assurance Co 6.46 41 Peoples Benefit Life 7.69 41 Equitable-Iowa (ING) 7.2242 Life Investors Ins of Amer 6.88 42 AMEX Life 6.43 42 Life Investors Ins of Amer 7.69 42 USG Annuity & Life Co 7.2243 Peoples Benefit Life 6.88 43 Bankers United Life 6.43 43 Bankers United Life 7.69 43 Woodmen of the World Life 7.2044 Transamerica Life & Annuity 6.88 44 Life Investors Ins of Amer 6.43 44 Horace Mann LIfe Ins Co 7.67 44 Clarica (TMG) Life Ins Co 7.1745 USG Annuity & Life Co 6.88 45 Peoples Benefit Life 6.43 45 AMEX Life 7.67 45 Bankers United Life 7.1246 AMEX Life 6.87 46 Transamerica Life & Annuity 6.43 46 USG Annuity & Life Co 7.59 46 Life Investors Ins of Amer 7.1247 Metropolitan Life Ins Co 6.86 47 Woodmen of the World Life 6.38 47 Equitable-Iowa (ING) 7.59 47 Peoples Benefit Life 7.1248 Horace Mann LIfe Ins Co 6.80 48 Penn Insurance & Annuity Co 6.37 48 Woodmen of the World Life 7.58 48 Transamerica Life & Annuity 7.1249 Woodmen of the World Life 6.80 49 Metropolitan Life Ins Co 6.31 49 Metropolitan Life Ins Co 7.52 49 Penn Insurance & Annuity Co 7.1050 Teachers Ins & Anty of Amer' 6.65 50 Clarica (TMG) Life Ins Co 6.25 50 Teachers Ins & Anty of Amer' 7.43 50 Metropolitan Life Ins Co 6.96

Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports P.O. Box 1268, Fair Oaks, CA 95628



March, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 3 EDITOR’S COMMENTS... Numbers Summary: The average base interest rates for FPDA and SPDA programs continued their decline for the eleventh consecutive month. The current low ebb in interest rates again resulted in removing, from the market, additional FPDA and SPDA products. The average for SPIA factors also dropped this month; but SPIA business continues at a brisk pace driven by seniors seeking stable monthly incomes. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 4.00% for a 3 year guarantee period (ygp); 4.00% for a 4 ygp; 4.60% for a 5 ygp; 4.40% for a 6 ygp; 4.50% for a 7 ygp; 4.20% for an 8 ygp; 4.30% for a 9 ygp; and 4.50% for a 10 ygp. Note: Certificate (CD) Annuity Programs are of greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... MARCH 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions



Allstate Life/ Savers Premier A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Equity Invest' /FP Super 7 B++ Y 3.50% 7.00% 3.00% B $69,640 $69,640 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 3.50% 3.00% 3.00% B $69,363 $36,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ Y 3.50% + 3.00% B $69,225 $69,225 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 9-9-8-8-7-6-5-4-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* American Investors Life/ FPDA-P10 A g N 4.00% 3.00% B $73,012 $73,012 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.25% 3.00% B $67,457 $66,108 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No

American National/ Palladium FPDA A+ Y 3.50% 3.00% P $69,156 $69,156 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y*** American United/ CAP Annuity A N N/A 1.75% 4.00% B N/A N/A 5 Yrs/ 8-8-7-6-5-0 $5K $2K Q 89 No 89 Y** Y-O No Y**


* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.65% 3.00% 4.00% B $70,502 $70,502 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 3.00% 0.75% 3.00% B $65,585 $65,585 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y*** CGU Life/ Flex XV A+g N 4.85% 1.00% 3.00% B $80,244 $74,608 15 Yrs/ Starts at 25% to 0% in 15 Yrs $.5K $50 Mo 65 No None No Y-A No No* CGU Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No Clarica Life/ Guarantee- 5 Yr A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y**




Fort Dearborn Life/ Flex Fortifier 2 A N 4.00% 4.00% B $73,012 $73,012 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 1.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**




Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

* Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $73,012 $73,012 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Layfayette Life Ins. Co./ Horizon I A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**


* Lincoln Benefit / Futurist's Gold I A+r Y 3.60% 1.00% 3.00% P $69,913 $69,913 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Lincoln Life/ IFA-I A+g Y N/A 4.00% P N/A N/A 10 Yrs/ 8-8-8-8-8-4-4-4-4-4-0 >>> $50 Mo Q A70/O100 No None Y* Y-A No Y**Metropolitan Life/Growth+ Account A+g Y 3.75% 3.00% B $71,058 $70,845 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.75% 3.00% B $71,058 $70,845 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.25% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 3.50% 3.00% B $67,346 $67,346 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.90% 1.00% 3.00% C/10Yrs $72,952 $72,952 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/1Yr A g N N/A 3.00% C/1Yr N/A N/A 7 Yrs / 7(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.05% 1.00% 3.00% C/5Yrs $65,555 $65,555 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.75% 1.00% 3.00% C/7Yrs $71,129 $71,129 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/8Yr A g N 4.13% 1.00% 3.00% C/8Yrs $74,130 $74,130 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y Y




* Prudential/ FIP A N N/A + 3.10% B N/A N/A 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem bonus) $1K Q $300 Mo Q 85 No 90 Y** Y-A Y** Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.35% 3.00% C/ 5 Yrs $68,070 $68,070 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**






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COMPARATIVE ANNUITY REPORT ... MARCH 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver WaiverFarm Bureau of Mich./ Flex II A N 5.40% 3.00% P $85,208 $85,208 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**Sunset Life Ins. Co./ Growth Track A g N 5.00% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 4.95% 3.00% P $81,050 $81,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**

* CGU Life/ Flex XV A+g N 4.85% 1.00% 3.00% B $80,244 $74,608 15 Yrs/ Starts at 25% to 0% in 15 Yrs $.5K $50 Mo 65 No None No Y-A No No* National Guardian Life/ Super Flex A- Y 4.75% 1.00% 4.00% B $79,355 $79,355 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $73,012 $79,276 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 4.60% 3.00% P $77,966 $77,966 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**

* Kansas City Life/ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSun Life Assur. /Regatta-Choice -4Yr A ++g N 4.50% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Employers Modern Life/Flex FPDA A- N 4.35% 3.50% P $75,862 $75,862 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 8 Yrs/ 9-9-8-8-7-6-5-4-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**MONY Life Ins Co/Fixed Annuity/8Yr A g N 4.13% 1.00% 3.00% C/8Yrs $74,130 $74,130 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoAmerican Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**


Delta Life & Annuity/ Flex-NL A g N 4.00% 4.00% P $73,012 $73,012 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $1K $50 Mo Q Q70/N99 No None Y* Y-A No No Fort Dearborn Life/ Flex Fortifier 2 A N 4.00% 4.00% B $73,012 $73,012 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y**

Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $73,012 $73,012 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No NoOhio National Life Ins Co/Prime I A+g N 4.00% 4.00% P $73,012 $67,356 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 4.00% 4.00% P $73,012 $73,012 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.00% B $73,012 $73,012 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $75,129 $74,378 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 4.00% 4.00% B $73,012 $73,012 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $75,129 $75,129 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

Woodmen of the World Life/ Basic A+ N 4.00% 3.00% P $73,007 $73,007 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.90% 1.00% 3.00% C/10Yrs $72,952 $72,952 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* Shenandoah Life/ FPDA-2 Bonus A- N 3.90% 1.00% 3.75% B $72,179 $72,179 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **Horace Mann Life/AlternativeII 10Yr A N 3.75% 3.00% B $71,058 $71,058 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Life of the Southwest/ Flex I A g N 3.75% 4.00% B $71,058 $71,058 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**Metropolitan Life/Growth+ Account A+g Y 3.75% 3.00% B $71,058 $70,845 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.75% 3.00% B $71,058 $70,845 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.75% 1.00% 3.00% C/7Yrs $71,129 $71,129 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* United Heritage Mutual/ Heritage A- N 3.70% 0.55% 3.50% P $70,483 $70,483 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y*** Beneficial Life/ Advantage-11A+(A) A N 3.65% 3.00% 4.00% B $70,502 $70,502 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y**

USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.65% 3.00% P $77,039 $77,039 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y*** Lincoln Benefit / Futurist's Gold I A+r Y 3.60% 1.00% 3.00% P $69,913 $69,913 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.55% 2.00% 3.00% B $69,674 $69,674 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**

American Equity Invest' /FP Super 7 B++ Y 3.50% 7.00% 3.00% B $69,640 $69,640 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 3.50% 3.00% 3.00% B $69,363 $36,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ Y 3.50% + 3.00% B $69,225 $69,225 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American National/ Palladium FPDA A+ Y 3.50% 3.00% P $69,156 $69,156 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**

* CGU Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Great American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 3.50% 3.00% B $67,346 $67,346 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Mutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y YNorthern Life Ins. Co.(ING)/TSA I A+g Y 3.50% 3.00% B $69,156 $69,156 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $68,948 $68,948 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**USAA Life Ins. Co./ FRA A ++g Y 3.50% 1.00% 3.00% P $75,129 $75,129 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**National Western Life/ Capital + A- N 3.45% 3.00% B $68,784 $68,784 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**


American United/ FPA IV A N 3.40% 3.00% B $68,432 $68,432 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.35% 3.00% C/ 5 Yrs $68,070 $68,070 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**

* Great American Life/ TSA VI A g N 3.30% 1.00% 3.00% B $67,762 $67,762 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y*** American Investors Life/ P4+ A g N 3.25% 3.00% B $67,457 $66,108 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No

Horace Mann Life/AlternativeII 5Yr A N 3.25% 3.00% B $67,346 $67,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.25% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**

Northern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.25% 3.00% B $67,339 $67,339 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y*** Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Life Ins Co / Individual FPDA A ++g Y 3.10% 1.00% 3.00% B $65,602 $65,602 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $2.5K <<< 80 No 90 Y* Y-A No Y**

Equitable Life Assur/ Equivest-IRA A+g N 3.10% 3.00% B $66,257 $66,257 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y**MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.05% 1.00% 3.00% C/5Yrs $65,555 $65,555 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No

* Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**Allstate Life/ Savers Premier A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Canada Life/ Security One + A+g Y 3.00% 0.75% 3.00% B $65,585 $65,585 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y**

Equitable Life Assur/ Equivest-NQ A+g N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 6-6-6-6-6-0 $1K <<< 90** No ** Y** Y** Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 1.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**



Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoPeoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**


COMPARATIVE ANNUITY REPORT ... MARCH 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions






American National/PaladiumMYG6yr A+ Y 4.40% 3.00% C/ 6 Yrs $153,810 $153,810 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG7yr A+ Y 4.15% 1.00% 3.00% C/ 7 Yrs $151,670 $151,670 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** American United/ Accum Annuity II + A N 3.40% 1.00% 3.00% B $141,097 $141,097 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II A N 3.15% 1.00% 3.00% B $137,723 $137,723 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y** Ameritus Variable/ Advantage + A+ N 3.35% 3.00% B $139,020 $139,020 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Ameritus Variable/ Advantage Bonus A+ N 3.15% 1.00% 3.00% B $137,723 $137,723 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**


AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.10% + 3.00% B $136,378 $136,378 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Bankers United/ Premier Solut'n + A+ Y 3.00% 1.00% 3.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.85% 3.00% 3.00% B $150,277 $150,277 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 0.75% 3.00% B $135,398 $135,398 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y*** CGU Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.35% 3.00% C/ 5 Yrs $139,020 $139,020 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ Marquee B N 3.75% 3.00% 3.00% B $148,850 $148,850 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.75% 1.00% 3.00% B $145,950 $145,950 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No






* F & G Life/ Fidelity Platinum+5 Yr A g N 3.50% 2.00% 3.00% C/ 5 Yrs $143,871 $143,871 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.75% 2.00% 3.00% C/ 7 Yrs $147,390 $147,390 7 Yrs/ 9-8-7-6-4-3-2-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select 4 N.M. 3 Yr A+ N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y**

Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.65% 3.00% C/ 6 Yrs $143,110 $143,110 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.60% 3.00% C/ 3 Yrs $142,420 $142,420 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.60% 3.00% C/ 5 Yrs $156,780 $156,780 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N N/A 1.00% 3.00% P N/A N/A 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/ Seven-10/3Yr A+ N 3.00% 2.00% C/ 1 Yrs $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0(30 day period) $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/ Seven-10/5Yr A+ N 3.00% 2.00% C/ 5 Yrs $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0(30 day period) $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.50% 1.00% 3.00% B $142,461 $142,461 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.50% 3.00% 3.00% B $145,282 $145,282 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.25% 3.00% B $137,680 $137,680 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.05% + 3.00% B $141,797 $141,797 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC V - 5 Years A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 3 Years A+g Y N/A 3.00% C/ 3 Yrs N/A N/A 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.25% 3.00% B $137,680 $137,680 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.75% 3.00% B $134,390 $134,390 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.95% 0.75% 3.00% C/ 7 Yrs $148,414 $148,414 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.50% 3.75% 3.00% B $146,339 $146,339 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 6 Yr. A+g Y 3.00% 1.00% 3.00% C/ 6 Yrs $135,734 $135,734 6 Yrs/ 7-7-6-5-4-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 7 Yr. A+g Y 3.00% 1.00% 3.00% C/ 7 Yrs $135,734 $135,734 7 Yrs/ 7-7-7-6-5-4-3-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y 3.40% 3.00% C/ 5 Yrs $139,700 $139,700 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.75% 1.00% 3.25% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y 3.25% 3.25% C/ 5 Yrs $137,680 $137,680 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y** Kansas City Life Select Track 5Yr A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**

Kansas City Life Select Track 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**

* Kemper Investors Life/ Bonus A N N/A 1.00% 3.00% P N/A N/A 6 Yrs/ 9-8-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**

Knights of Columbus/ FPA A ++ Y N/A 3.50% P $151,620 $151,620 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Layfayette Life Ins. Co./ Horizon S A N N/A 4.00% P N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**


Midland National Life/ Dir. Guar. 7Yr A+ N 3.90% 1.00% 3.00% C/ 7 Yrs $148,060 $148,060 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Minnesota Life/ Secure Opt. I A ++ N 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**Minnesota Life/ Secure Opt. III A ++ N 3.85% 3.00% B $145,900 $145,900 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**MONY Life Ins Co/ Fixed Annuity1Yr A g N N/A 3.00% C/ 1Yr N/A N/A 7 Yrs + MVA/ 7(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity3Yr A g N 3.00% 1.00% 3.00% C/ 3Yrs $135,734 $135,734 7 Yrs + MVA/ 7-6-5(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity5Yr A g N 3.05% 1.00% 3.00% C/ 5Yrs $136,395 $136,395 7 Yrs + MVA/ 7-6-5-4-3(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity7Yr A g N 3.75% 1.00% 3.00% C/ 7Yrs $145,950 $145,950 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity8Yr A g N 4.13% 1.00% 3.00% C/ 8Yrs $151,381 $151,381 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity10Yr A g N 3.90% 1.00% 3.00% C/ 10Yrs $148,066 $148,066 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Mutual of America Life Ins. Co. A+ Y 3.50% 3.00% P $143,177 $143,177 None $.2K None Y None Y Y-$.2K Y Y Y

* National Guardian/ Asset Guard-2 Yr. A- Y 3.35% 2.00% 3.00% B $141,800 $141,800 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y 4.00% 2.00% 4.00% B $150,980 $150,980 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 4.15% 1.00% 3.00% B $151,670 $151,579 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.50% 3.00% B $155,290 $155,197 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 4.25% 1.00% 3.00% B $153,130 $153,038 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**





Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 3 A g Y 3.00% 2.00% 3.00% C/ 3 Yrs $137,078 $137,078 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.45% 2.00% 3.00% C/ 4 Yrs $143,177 $143,177 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.45% 2.00% 3.00% C/ 6 Yrs $143,177 $143,177 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.00% 2.00% 3.00% C/ 8 Yrs $150,980 $150,980 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.30% 1.50% 3.00% C/ 10 Yrs $154,635 $154,635 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y 3.30% 2.00% 3.00% C/ 5 Yrs $141,117 $141,117 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.10% 2.00% 3.00% C/ 7 Yrs $138,414 $138,414 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 4.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**







Sunset Life Ins. Co./ SelecTrack 5Yr A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.00% 3.00% B $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**Teachers Ins. & Annuity/ RA A ++g Y 5.00% 3.00% P $162,880 NAF NAF = Not Available for Full Cashout ** ** Y** ** Y** Y Y** Y** Y**








USAA Life Ins. Co./ Ext'd Guar'- 2 Yr A ++g Y N/A 3.00% C/ 2 Yrs N/A N/A 2 Yrs/ 8-8-0 $50K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 5 Yr A ++g Y 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 8-8-7-6-5.2-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.70% 3.00% C/ 10 Yrs $143,800 $143,800 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 5.50% 3.00% P $172,520 N/S N/S= None Surrenderable (+1% Prem Bonus) $5K 85 No 100 No Y** No No Y**USAA Life Ins. Co./ SPA II A ++g Y 4.10% 1.00% 3.00% P $150,940 $149,450 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**






COMPARATIVE ANNUITY REPORT ... MARCH 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y** Union Central Life/ SPDA2000-1Yr A N 4.75% 3.00% B $159,050 $159,050 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.60% 3.00% C/ 5 Yrs $156,780 $156,780 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Clarica Life/ Guarantee-10 Yr A+ N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Conseco Annuity Assur./ Tru Level 7 B N 4.50% 3.00% C/ 7 Yrs $155,290 $155,290 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y**Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**

National Life of Vermont/ Liberty A g N 4.50% 3.00% B $155,290 $155,197 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y** Sentry Life Ins. Co./ Multi-Plus A g N 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y**

Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y**

American National/PaladiumMYG6yr A+ Y 4.40% 3.00% C/ 6 Yrs $153,810 $153,810 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.30% 1.50% 3.00% C/ 10 Yrs $154,635 $154,635 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** National Life of Vermont/ Privilege A g N 4.25% 1.00% 3.00% B $153,130 $153,038 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 4.20% 3.00% C/ 8 Yrs $150,890 $150,890 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y*** American National/PaladiumMYG7yr A+ Y 4.15% 1.00% 3.00% C/ 7 Yrs $151,670 $151,670 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** National Life of Vermont/ Heritage A g N 4.15% 1.00% 3.00% B $151,670 $151,579 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y**

United Heritage Mutual/Sec Value 5 A- N 4.15% 3.50% C/ 5 Yrs $150,170 $150,170 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y**MONY Life Ins Co/ Fixed Annuity8Yr A g N 4.13% 1.00% 3.00% C/ 8Yrs $151,381 $151,381 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Clarica Life/ Guarantee- 7 Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**

USAA Life Ins. Co./ SPA II A ++g Y 4.10% 1.00% 3.00% P $150,940 $149,450 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Allianz Life NA/ Dominator- 10 Yr A ++ N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* Employers Modern Life/ Bonus 3 A- N 4.00% 3.00% 3.50% B $152,461 $152,209 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N 4.00% 4.00% 3.50% B $153,941 $153,607 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 6 A- N 4.00% 6.00% 3.50% B $156,901 $156,552 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

Kansas City Life Select Track 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

Metropolitan Life Ins. Co./ Max-1 A+g Y 4.00% 3.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y*** National Guardian/ SPDA-Q A- Y 4.00% 2.00% 4.00% B $150,980 $150,980 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y**

Ohio National/ Choice I -1 Yr. A+g N 4.00% 4.00% B $148,020 $148,020 8 Yrs/ 8-7-6-5-4-3-2-1-0 $5K 80 Y** ** Y** No Y-A No Y** Pacific Life/ Quest 88-01/1 Yr. A ++g N 4.00% 4.00% C/ 1Yr $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**

Pacific Life/ Quest 88-01/3 Yr. A ++g N 4.00% 4.00% C/ 3Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N 4.00% 4.00% C/ 5 Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**

* Physicians Life/ Custom Direct 8 A g Y 4.00% 2.00% 3.00% C/ 8 Yrs $150,980 $150,980 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 4.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.00% 4.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**Security Mutual Life/ SPA2000-1yr A N 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**Security Mutual Life/ SPA2000-3yr A N 4.00% 3.50% C/ 3 Yrs $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**


Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.00% 3.00% B $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.00% 3.00% P $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.50% B $148,020 $148,020 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $148,020 $148,020 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 4.00% 3.00% P $148,024 $148,024 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No* Integrity Life/ New Momentum -7 Yr. A+g Y 3.95% 0.75% 3.00% C/ 7 Yrs $148,414 $148,414 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y**

Employers Modern Life/ SP 5Yr Guar A- N 3.90% 3.50% C/ 5 Yrs $146,600 $146,600 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Midland National Life/ Dir. Guar. 7Yr A+ N 3.90% 1.00% 3.00% C/ 7 Yrs $148,060 $148,060 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.90% 1.00% 3.00% C/ 10Yrs $148,066 $148,066 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

* Shenandoah Life/ SPDA-2 Bonus A- N 3.90% 1.00% 3.50% P $147,998 $147,998 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** USG Annuity-Life(ING)Selct Guar-8Yr A+g Y 3.90% 2.10% 3.00% C/ 8 Yrs $149,679 $149,679 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.85% 3.00% 3.00% B $150,277 $150,277 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y**

Minnesota Life/ Secure Opt. III A ++ N 3.85% 3.00% B $145,900 $145,900 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y*** Conseco Annuity Assur./ Marquee B N 3.75% 3.00% 3.00% B $148,850 $148,850 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.75% 1.00% 3.00% B $145,950 $145,950 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Employers Modern Life/ SP 4Yr Guar A- N 3.75% 3.50% C/ 4 Yrs $144,500 $144,500 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.75% 2.00% 3.00% C/ 7 Yrs $147,390 $147,390 7 Yrs/ 9-8-7-6-4-3-2-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.75% 3.00% B $134,390 $134,390 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y**

Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.75% 1.00% 3.25% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.75% 1.00% 3.00% C/ 7Yrs $145,950 $145,950 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 2.00% 3.00% C/ 10 Yrs $147,390 $147,390 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Western United/DiscoverMaxVoygr. B- N 3.75% 3.00% 3.00% B $148,835 $148,835 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.70% 3.00% C/ 3 Yrs $143,800 $143,800 3 Yrs/ 6-5-5-0 (30 day period) $5K 80 No ** Y* No Y-A No Y*** United Heritage Mutual/ Eagle-8 A- N 3.70% 2.80% 3.50% P $147,826 $147,826 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y**

USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.70% 3.00% C/ 10 Yrs $143,800 $143,800 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.65% 2.35% 3.00% C/ 10 Yrs $146,473 $146,473 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.65% 3.00% C/ 6 Yrs $143,110 $143,110 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y*** Lincoln Benefit /Sav Chce Prem' 2Yr. A+r Y 3.65% 1.50% 3.00% B $145,132 $145,132 9 Yrs/ 8-8-8-7-6-5-4-3-2-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** National Western Life/ Access-1092 A- N 3.65% 0.50% 3.00% P $143,142 $143,142 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.65% 2.35% 3.00% C/ 10 Yrs $146,473 $146,473 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y*** American National/PaladiumMYG5yr A+ Y 3.60% 1.00% 3.00% C/ 5 Yrs $143,844 $143,844 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

Employers Modern Life/ SP 3Yr Guar A- N 3.60% 3.50% C/ 3 Yrs $142,420 $142,420 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.60% 3.00% C/ 3 Yrs $142,420 $142,420 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.60% 2.50% 3.00% C/ 8 Yrs $145,981 $145,981 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.60% 3.50% B $142,420 $142,420 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y** AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y*** CGU Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 3.50% 2.00% 3.00% C/ 5 Yrs $143,871 $143,871 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** Golden Rule/ Classic Plus A N 3.50% 1.00% 3.00% B $142,461 $142,461 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.50% 3.00% 3.00% B $145,282 $145,282 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.50% 3.75% 3.00% B $146,339 $146,339 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y** Kansas City Life Select Track 5Yr A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y*** Life of the Southwest/ SPDA-3 A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.50% 1.50% 3.00% B $143,166 $143,166 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-5 A g N 3.50% 2.00% 3.00% B $143,871 $143,871 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y** Mutual of America Life Ins. Co. A+ Y 3.50% 3.00% P $143,177 $143,177 None $.2K None Y None Y Y-$.2K Y Y Y

National Life of Vermont/ Security 5 A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y**




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on March 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on March 1, 2003


1 Kansas City Life Ins Co 8.11 1 Kansas City Life Ins Co 7.49 1 Sunset Life Ins Co of Amer' 8.88 1 Kansas City Life Ins Co 8.302 Sunset Life Ins Co of Amer' 8.01 2 Sunset Life Ins Co of Amer' 7.48 2 Farm Bureau Life of Michigan 8.76 2 Sunset Life Ins Co of Amer' 8.293 Farm Bureau Life of Michigan 7.98 3 Farm Bureau Life of Michigan 7.39 3 Kansas City Life Ins Co 8.58 3 Farm Bureau Life of Michigan 8.214 National Guardian Life InsCo 7.67 4 National Guardian Life InsCo 7.23 4 National Guardian Life InsCo 8.42 4 National Guardian Life InsCo 8.035 Knights of Columbus 7.44 5 Conseco Annuity Assurance 7.09 5 Knights of Columbus 8.27 5 Western United Life Assur 7.836 Western United Life Assur 7.41 6 Western United Life Assur 6.95 6 Western United Life Assur 8.25 6 Farm Bureau Life Ins Co 7.727 Conseco Annuity Assurance 7.40 7 Farm Bureau Life Ins Co 6.87 7 United Heritage Mutual Life 8.17 7 AIG/American General Life 7.708 Fidelity & Guaranty Life 7.35 8 AIG/American General Life 6.86 8 Minnesota Life Ins Co 8.11 8 American General Life Ins Co 7.709 Security Benefit Life Ins Co 7.34 9 American General Life Ins Co 6.86 9 Farm Bureau Life Ins Co 8.10 9 United Heritage Mutual Life 7.7010 United Heritage Mutual Life 7.33 10 Fidelity & Guaranty Life 6.86 10 Security Benefit Life Ins Co 8.10 10 Knights of Columbus 7.6911 Farm Bureau Life Ins Co 7.32 11 Jackson National Life Ins Co 6.86 11 Sentry Life Insurance Co 8.08 11 Employers Modern Life Co 7.6812 Minnesota Life Ins Co 7.31 12 Employers Modern Life Co 6.84 12 Employers Modern Life Co 8.06 12 Horace Mann LIfe Ins Co 7.6713 Jackson National Life Ins Co 7.28 13 MONY Life Ins Co 6.84 13 Fidelity & Guaranty Life 8.05 13 MONY Life Ins Co 7.6514 MONY Life Ins Co 7.28 14 First Colony Life Ins. Co. 6.81 14 Great American Life Ins Co 8.05 14 Sentry Life Insurance Co 7.6315 Employers Modern Life Co 7.27 15 GE Capital Assurance 6.81 15 First Colony Life Ins. Co. 8.04 15 Fidelity & Guaranty Life 7.6216 First Colony Life Ins. Co. 7.26 16 Knights of Columbus 6.81 16 GE Capital Assurance 8.04 16 Security Mutual Life of NY 7.5917 GE Capital Assurance 7.26 17 Horace Mann LIfe Ins Co 6.80 17 National Life Ins of Vermont 8.04 17 First Colony Life Ins. Co. 7.5718 Life Ins Co of the Southwest 7.26 18 United Heritage Mutual Life 6.79 18 MONY Life Ins Co 8.03 18 GE Capital Assurance 7.5719 National Life Ins of Vermont 7.26 19 Security Benefit Life Ins Co 6.75 19 AIG/American General Life 8.02 19 Minnesota Life Ins Co 7.5520 AIG/American General Life 7.23 20 United of Omaha Life Ins Co 6.73 20 American General Life Ins Co 8.02 20 Security Benefit Life Ins Co 7.5021 American General Life Ins Co 7.23 21 Sentry Life Insurance Co 6.71 21 Life Ins Co of the Southwest 8.01 21 Thrivent Fincl for Lutherans 7.4922 Sentry Life Insurance Co 7.23 22 Minnesota Life Ins Co 6.70 22 Federal Kemper Life Assur 8.00 22 Jackson National Life Ins Co 7.4723 Great American Life Ins Co 7.18 23 Life Ins Co of the Southwest 6.69 23 Kemper Investors Life 8.00 23 Life Ins Co of the Southwest 7.4624 Security Mutual Life of NY 7.17 24 Security Mutual Life of NY 6.68 24 Security Mutual Life of NY 7.99 24 Great American Life Ins Co 7.4525 Canada Life Assurance 7.16 25 USAA Life Insurance Company 6.66 25 Conseco Annuity Assurance 7.97 25 Conseco Annuity Assurance 7.4326 United of Omaha Life Ins Co 7.15 26 Thrivent Fincl for Lutherans 6.64 26 Canada Life Assurance 7.96 26 Delta Life & Annuity Company 7.4127 Federal Kemper Life Assur 7.13 27 National Life Ins of Vermont 6.62 27 Keyport Life Ins Co 7.91 27 Federal Kemper Life Assur 7.4028 Kemper Investors Life 7.13 28 Lincoln Benefit Life Company 6.57 28 Lincoln Benefit Life Company 7.89 28 Kemper Investors Life 7.4029 Keyport Life Ins Co 7.11 29 Delta Life & Annuity Company 6.56 29 Thrivent Fincl for Lutherans 7.89 29 National Life Ins of Vermont 7.4030 Thrivent Fincl for Lutherans 7.09 30 Canada Life Assurance 6.54 30 Jackson National Life Ins Co 7.85 30 United of Omaha Life Ins Co 7.4031 Penn Insurance & Annuity Co 7.04 31 Equitable-Iowa (ING) 6.54 31 Delta Life & Annuity Company 7.83 31 Lincoln Benefit Life Company 7.3932 Lincoln Benefit Life Company 7.03 32 Great American Life Ins Co 6.54 32 AXA/Equitable Life Assurance Co 7.81 32 USAA Life Insurance Company 7.3933 Delta Life & Annuity Company 7.02 33 USG Annuity & Life Co 6.54 33 Clarica (TMG) Life Ins Co 7.78 33 Canada Life Assurance 7.3834 AXA/Equitable Life Assurance Co 6.97 34 Keyport Life Ins Co 6.51 34 United of Omaha Life Ins Co 7.77 34 Equitable-Iowa (ING) 7.3735 Equitable-Iowa (ING) 6.96 35 Teachers Ins & Anty of Amer' 6.51 35 Penn Insurance & Annuity Co 7.73 35 Keyport Life Ins Co 7.3636 USG Annuity & Life Co 6.96 36 Federal Kemper Life Assur 6.49 36 Bankers United Life 7.69 36 USG Annuity & Life Co 7.3137 USAA Life Insurance Company 6.95 37 Kemper Investors Life 6.49 37 Life Investors Ins of Amer 7.69 37 AXA/Equitable Life Assurance Co 7.3038 Clarica (TMG) Life Ins Co 6.90 38 Allianz Life Ins Co of N.A. 6.46 38 Peoples Benefit Life 7.69 38 Teachers Ins & Anty of Amer' 7.3039 Bankers United Life 6.88 39 Jefferson Pilot Life Ins Co 6.45 39 Transamerica Life & Annuity 7.69 39 Allianz Life Ins Co of N.A. 7.2740 Life Investors Ins of Amer 6.88 40 AMEX Life 6.43 40 Equitable-Iowa (ING) 7.68 40 AMEX Life 7.2741 Peoples Benefit Life 6.88 41 Bankers United Life 6.43 41 USG Annuity & Life Co 7.68 41 Woodmen of the World Life 7.2042 Transamerica Life & Annuity 6.88 42 Life Investors Ins of Amer 6.43 42 AMEX Life 7.67 42 Clarica (TMG) Life Ins Co 7.1743 AMEX Life 6.87 43 Peoples Benefit Life 6.43 43 Horace Mann LIfe Ins Co 7.67 43 Jefferson Pilot Life Ins Co 7.1744 Metropolitan Life Ins Co 6.86 44 Transamerica Life & Annuity 6.43 44 Allianz Life Ins Co of N.A. 7.64 44 Bankers United Life 7.1245 Jefferson Pilot Life Ins Co 6.85 45 Hartford Life Ins Co 6.40 45 USAA Life Insurance Company 7.64 45 Life Investors Ins of Amer 7.1246 Allianz Life Ins Co of N.A. 6.84 46 Woodmen of the World Life 6.38 46 Woodmen of the World Life 7.58 46 Peoples Benefit Life 7.1247 Horace Mann LIfe Ins Co 6.80 47 Penn Insurance & Annuity Co 6.37 47 Jefferson Pilot Life Ins Co 7.52 47 Transamerica Life & Annuity 7.1248 Woodmen of the World Life 6.80 48 AXA/Equitable Life Assurance Co 6.35 48 Metropolitan Life Ins Co 7.52 48 Penn Insurance & Annuity Co 7.1049 Hartford Life Ins Co 6.78 49 Metropolitan Life Ins Co 6.31 49 Hartford Life Ins Co 7.35 49 Hartford Life Ins Co 7.0150 Teachers Ins & Anty of Amer' 6.51 50 Clarica (TMG) Life Ins Co 6.25 50 Teachers Ins & Anty of Amer' 7.30 50 Metropolitan Life Ins Co 6.96

Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports P o Box 1268 Fair Oaks, CA 95628



April, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 4 EDITOR’S COMMENTS... Numbers Summary: The average base interest rates for FPDA and SPDA programs has declined for the twelfth consecutive month. Additional FPDA and SPDA products have been removed from the market place as interest rates continue their decline. The average for SPIA factors also dropped this month; however SPIA business continues at a brisk pace as seniors seek to cut losses and achieve stable monthly incomes. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 4.00% for a 3 year guarantee period (ygp); 4.10% for a 4 ygp; 4.60% for a 5 ygp; 4.30% for a 6 ygp; 4.10% for a 7 ygp; 4.30% for an 8 ygp; 4.30% for a 9 ygp; and 4.50% for a 10 ygp. Note: Certificate (CD) Annuity Programs are of greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... APRIL 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Life Ins Co / TSA III A ++g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

Allstate Life/ Savers Premier A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Equity Invest' /FP Super 7 B++ Y 3.50% 7.00% 3.00% B $69,640 $69,640 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 3.50% 3.00% 3.00% B $69,363 $36,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ Y 3.50% + 3.00% B $69,225 $69,225 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**




* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ Flex XV A+g N 4.85% 1.00% 3.00% B $80,244 $74,608 15 Yrs/ Starts at 25% to 0% in 15 Yrs $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.55% 3.00% 4.00% B $69,743 $69,734 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y**


Delta Life & Annuity/ Flex-NL A g N 4.00% 4.00% P $73,012 $73,012 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $1K $50 Mo Q Q70/N99 No None Y* Y-A No NoEmployers Modern Life/Flex FPDA A- N 4.00% 3.50% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**


Fort Dearborn Life/ Flex Fortifier 2 A N 4.00% 4.00% B $73,012 $73,012 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 1.00% 2.00% B $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.65% 2.00% B - 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**




Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

* Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $71,058 $71,058 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Layfayette Life Ins. Co./ Horizon I A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**


* Lincoln Benefit / Futurist's Gold I A+r Y 3.50% 1.00% 3.00% P $69,225 $69,225 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Metropolitan Life/Growth+ Account A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.25% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 3.50% 3.00% B $67,346 $67,346 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.90% 1.00% 3.00% C/10Yrs $72,952 $72,952 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/1Yr A g N N/A 3.00% C/1Yr N/A N/A 7 Yrs / 7(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.05% 1.00% 3.00% C/5Yrs $65,555 $65,555 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.75% 1.00% 3.00% C/7Yrs $71,129 $71,129 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/8Yr A g N 4.13% 1.00% 3.00% C/8Yrs $74,130 $74,130 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y Y




* Prudential/ FIP A N N/A + 3.10% B N/A N/A 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem bonus) $1K Q $300 Mo Q 85 No 90 Y** Y-A Y** Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.10% 3.00% C/ 5 Yrs $66,257 $66,257 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**



* United Heritage Mutual/ Heritage A- N 3.50% 0.50% 3.50% P $70,483 $70,483 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**USAA Life Ins. Co./ FRA A ++g Y 3.90% 1.00% 3.00% P $75,068 $75,068 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 4.80% + 3.00% P $79,876 N/S N/S= None Surrenderable (+=1%Prem Bonus) $5K $50 Mo 85 No 100 No No No Y**




COMPARATIVE ANNUITY REPORT ... APRIL 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver WaiverFarm Bureau of Mich./ Flex II A N 5.40% 3.00% P $85,208 $85,208 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**

* Aviva Life/ Flex XV A+g N 4.85% 1.00% 3.00% B $80,244 $74,608 15 Yrs/ Starts at 25% to 0% in 15 Yrs $.5K $50 Mo 65 No None No Y-A No No* National Guardian Life/ Super Flex A- Y 4.75% 1.00% 4.00% B $79,355 $79,355 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.75% 3.00% P $73,012 $79,276 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 4.70% 3.00% P $78,830 $78,830 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**

* Kansas City Life/ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSun Life Assur. /Regatta-Choice -4Yr A ++g N 4.50% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Sunset Life Ins. Co./ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 4.35% 3.00% P $75,862 $75,862 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**MONY Life Ins Co/Fixed Annuity/8Yr A g N 4.13% 1.00% 3.00% C/8Yrs $74,130 $74,130 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* AIG Life Ins Co / TSA III A ++g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y**American Fidelity/ High Int. Opt. A+ Y 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**



Fort Dearborn Life/ Flex Fortifier 2 A N 4.00% 4.00% B $73,012 $73,012 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No NoOhio National Life Ins Co/Prime I A+g N 4.00% 4.00% P $73,012 $67,356 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 4.00% 4.00% P $73,012 $73,012 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.00% B $73,012 $73,012 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $75,129 $74,378 5 Yrs Rolling 7% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 4.00% 4.00% B $73,012 $73,012 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $75,129 $75,129 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

Woodmen of the World Life/ Basic A+ N 4.00% 3.00% P $73,007 $73,007 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.90% 1.00% 3.00% C/10Yrs $72,952 $72,952 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoUSAA Life Ins. Co./ FRA A ++g Y 3.90% 1.00% 3.00% P $75,068 $75,068 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**Horace Mann Life/AlternativeII 10Yr A N 3.75% 3.00% B $71,058 $71,058 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $71,058 $71,058 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.75% 1.00% 3.00% C/7Yrs $71,129 $71,129 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* Beneficial Life/ Advantage-11A+(A) A N 3.55% 3.00% 4.00% B $69,743 $69,734 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.55% 2.00% 3.00% B $68,629 $68,629 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**

USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.55% 3.00% P $76,210 $76,210 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**American Equity Invest' /FP Super 7 B++ Y 3.50% 7.00% 3.00% B $69,640 $69,640 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 3.50% 3.00% 3.00% B $69,363 $36,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ Y 3.50% + 3.00% B $69,225 $69,225 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**

* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Golden Rule/ Flex Vantage A N 3.50% 1.00% 3.00% B $69,444 $69,444 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Great American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Life of the Southwest/ Flex I A g N 3.50% 3.00% B $69,346 $69,346 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**

* Lincoln Benefit / Futurist's Gold I A+r Y 3.50% 1.00% 3.00% P $69,225 $69,225 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Midland National Life/ Guarantee 9 A+ N 3.50% 3.00% B $67,346 $67,346 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Mutual of America Life Ins Co/FPA A+ Y 3.50% 3.00% P $69,225 $69,225 None $.2K $10 Mo None Y None Y Y Y YThrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $68,948 $68,948 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**

* United Heritage Mutual/ Heritage A- N 3.50% 0.50% 3.50% P $70,483 $70,483 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**American National/ Palladium FPDA A+ Y 3.40% 3.00% P $68,432 $68,432 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**

* Shenandoah Life/ FPDA-2 Bonus A- N 3.35% 1.00% 3.00% B $68,128 $68,128 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Great American Life/ TSA VI A g N 3.30% 1.00% 3.00% B $67,762 $67,762 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y*** American Investors Life/ P4+ A g N 3.25% 3.00% B $67,457 $66,108 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No

Horace Mann Life/AlternativeII 5Yr A N 3.25% 3.00% B $67,346 $67,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.25% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Northern Life Ins. Co.(ING)/TSA I A+g Y 3.25% 3.00% B $67,339 $67,339 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**

* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** **National Western Life/ Capital + A- N 3.20% 3.00% B $66,984 $66,984 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**


Security Benefit Life/ Choice - 5 Yr A+g N 3.10% 3.00% C/ 5 Yrs $66,257 $66,257 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.05% 1.00% 3.00% C/5Yrs $65,555 $65,555 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No

* Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**Allstate Life/ Savers Premier A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American United/ FPA IV A N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 1.00% 2.00% B $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**



Metropolitan Life/Growth+ Account A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoNorthern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**

* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.65% 2.00% B - 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**


COMPARATIVE ANNUITY REPORT ... APRIL 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** AIG Life Ins Co/ AIG Five 1 A ++g Y 3.00% 1.00% 3.00% P $135,374 $135,374 6 Yrs/ 7-7-6-5-4-3-0 $5K 75A Y 85 Y** No Y-A No Y**



* American General AIC/ Ultra Vision 97 A+g Y 3.00% 0.50% 3.00% B $135,026 $135,062 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ Y 3.35% 1.00% 3.00% C/ 5 Yrs $140,410 $140,410 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No



AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.10% + 3.00% B $136,378 $136,378 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Premier Solut'n + A+ Y 3.75% 1.00% 3.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.85% 3.00% 3.00% B $148,835 $148,835 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.35% 3.00% C/ 5 Yrs $139,020 $139,020 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.00% 1.00% 3.00% B $135,374 $135,374 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No


Delta Life & Annuity/ SPDA-5 A g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 8-7-6-5-4-0 $5K Q80/N99 No 99 Y* No Y** Y** Y*** Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N N/A 4.00% 3.50% B N/A N/A 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 6 A- N N/A 6.00% 3.50% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**




* F & G Life/ Fidelity Platinum+5 Yr A g N 3.80% 1.00% 3.00% C/ 5 Yrs $146,650 $146,650 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 4.00% 1.00% 3.00% C/ 7 Yrs $149,500 $149,500 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select 4 N.M. 3 Yr A+ N N/A 3.00% C/ 3 Yrs N/A N/A 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y**

Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.60% 3.00% C/ 3 Yrs $142,420 $142,420 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.60% 3.00% C/ 5 Yrs $156,780 $156,780 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N N/A 1.00% 3.00% P N/A N/A 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 3.25% 2.00% B $137,680 $137,680 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 3.25% 2.00% B $137,680 $137,680 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.90% 2.00% B $133,090 $133,090 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.50% 1.00% 3.00% B $142,461 $142,461 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.50% 3.00% 3.00% B $145,282 $145,282 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.25% 3.00% B $137,680 $137,680 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.05% + 3.00% B $141,797 $141,797 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC V - 5 Years A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 5 Years A+g Y 4.10% 3.00% C/ 5 Yrs $149,450 $149,450 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.75% 3.00% B $134,390 $134,390 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.25% 3.00% B $137,680 $137,680 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.45% 0.75% 3.00% C/ 7 Yrs $141,423 $141,423 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.40% 3.75% 3.00% B $144,939 $144,939 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 6 Yr. A+g Y 3.00% 1.00% 3.00% C/ 6 Yrs $135,734 $135,734 6 Yrs/ 7-7-6-5-4-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 7 Yr. A+g Y 3.00% 1.00% 3.00% C/ 7 Yrs $135,734 $135,734 7 Yrs/ 7-7-7-6-5-4-3-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.60% 1.00% 3.25% C/ 6 Yrs $143,844 $143,844 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y 3.25% 3.25% C/ 5 Yrs $137,680 $137,680 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**


Kansas City Life Select Track 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y*** Kemper Investors Life/ Bonus A N N/A 1.00% 3.00% P N/A N/A 6 Yrs/ 9-8-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**

Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Layfayette Life Ins. Co./ Horizon S A N N/A 4.00% P N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

* Life Investors Ins./ Premier Solut'n + A+ Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.25% 1.00% 3.00% B $139,057 $139,057 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.25% 1.50% 3.00% B $139,745 $139,745 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-5 A g N 3.25% 2.00% 3.00% B $140,434 $140,434 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce Prem' 2Yr. A+r Y 3.20% 1.50% 3.00% B $139,075 $139,075 9 Yrs/ 8-8-8-7-6-5-4-3-2-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r Y 3.10% 2.00% 3.00% C/ 5 Yrs $138,414 $138,414 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.45% 2.50% 3.00% C/ 8 Yrs $143,879 $143,879 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Metropolitan Life Ins. Co./ Max-1 A+g Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-4Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Midland National Life/ Dir. Guar. 7Yr A+ N 3.90% 1.00% 3.00% C/ 7 Yrs $148,060 $148,060 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Minnesota Life/ Secure Opt. I A ++ N 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**Minnesota Life/ Secure Opt. III A ++ N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.90% 1.00% 3.00% C/ 10Yrs $148,066 $148,066 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity1Yr A g N N/A 3.00% C/ 1Yr N/A N/A 7 Yrs + MVA/ 7(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity3Yr A g N 3.00% 1.00% 3.00% C/ 3Yrs $135,734 $135,734 7 Yrs + MVA/ 7-6-5(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity5Yr A g N 3.05% 1.00% 3.00% C/ 5Yrs $136,395 $136,395 7 Yrs + MVA/ 7-6-5-4-3(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity7Yr A g N 3.75% 1.00% 3.00% C/ 7Yrs $145,950 $145,950 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity8Yr A g N 4.13% 1.00% 3.00% C/ 8Yrs $151,381 $151,381 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Mutual of America Life Ins. Co. A+ Y 3.50% 3.00% P $143,177 $143,177 None $.2K None Y None Y Y-$.2K Y Y Y

* National Guardian/ Asset Guard-2 Yr. A- Y 3.35% 2.00% 3.00% B $141,800 $141,800 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y 4.00% 2.00% 4.00% B $150,980 $150,980 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.00% 1.00% 3.00% B $135,734 $135,734 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 3.50% 3.00% B $141,050 $141,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

National Life of Vermont/ Security 5 A g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y*** National Western Life/ Access-1092 A- N 3.20% 0.50% 3.00% P $143,142 $143,142 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** National Western Life/ Confidence A- N 3.50% 0.50% 3.00% P $144,755 $144,755 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Nationwide Life/ Flex Advantage 1 Yr A+g N 3.10% 1.00% 3.00% B $137,057 $137,057 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** **

Ohio National/ Foundation + 1 Yr. A+g N 4.00% 3.00% B $148,020 $148,020 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 Y** ** Y** No Y-A No Y**Ohio National/ Foundation + 3 Yr. A+g N 3.50% 3.00% B $141,050 $141,050 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y**



Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.30% 1.50% 3.00% C/ 10 Yrs $154,635 $154,635 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 3 A g Y 3.00% 2.00% 3.00% C/ 3 Yrs $137,078 $137,078 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.45% 2.00% 3.00% C/ 4 Yrs $143,177 $143,177 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.35% 2.00% 3.00% C/ 6 Yrs $141,800 $141,800 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.00% 2.00% 3.00% C/ 8 Yrs $150,980 $150,980 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y 3.35% 3.00% C/ 5 Yrs $139,020 $139,020 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.20% 2.00% 3.00% C/ 7 Yrs $137,660 $137,660 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.10% 4.00% C/ 4 Yrs $149,450 $149,450 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.30% 4.00% C/ 6 Yrs $152,350 $152,350 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**










COMPARATIVE ANNUITY REPORT ... APRIL 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y** Union Central Life/ SPDA2000-1Yr A N 4.75% 3.00% B $159,050 $159,050 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.60% 3.00% C/ 5 Yrs $156,780 $156,780 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Clarica Life/ Guarantee-10 Yr A+ N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** Sentry Life Ins. Co./ Multi-Plus A g N 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y**


American National/PaladiumMYG6yr A+ Y 4.30% 3.00% C/ 6 Yrs $152,350 $152,350 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** NoEquitable-Iowa(ING)/Select Guar-8Yr A+g Y 4.30% 3.00% C/ 8 Yrs $152,350 $152,350 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.30% 1.50% 3.00% C/ 10 Yrs $154,635 $154,635 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**

Presidential Life Ins. Co./ Secure 6 B++ N 4.30% 4.00% C/ 6 Yrs $152,350 $152,350 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**American General AIC/ SRA-7 Yr A+g Y 4.25% 3.00% C/ 7 Yrs $151,620 $151,620 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**

Fort Dearborn Life/WealthFortifier5Yr A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**MONY Life Ins Co/ Fixed Annuity8Yr A g N 4.13% 1.00% 3.00% C/ 8Yrs $151,381 $151,381 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Clarica Life/ Guarantee- 7 Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 4.10% 1.00% 3.00% C/ 6 Yrs $150,940 $150,940 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y** Hartford Life/ Saver+ 5 Years A+g Y 4.10% 3.00% C/ 5 Yrs $149,450 $149,450 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y**

Presidential Life Ins. Co./ Secure 4 B++ N 4.10% 4.00% C/ 4 Yrs $149,450 $149,450 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y** Clarica Life/ Guarantee- 6 Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Allianz Life NA/ Dominator- 10 Yr A ++ N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No

Conseco Annuity Assur./ Tru Level 7 B N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y*** Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* F & G Life/ Fidelity Platinum+7 Yr A g N 4.00% 1.00% 3.00% C/ 7 Yrs $149,500 $149,500 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

Kansas City Life Select Track 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

* National Guardian/ SPDA-Q A- Y 4.00% 2.00% 4.00% B $150,980 $150,980 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y**Ohio National/ Foundation + 1 Yr. A+g N 4.00% 3.00% B $148,020 $148,020 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 Y** ** Y** No Y-A No Y**

Pacific Life/ Quest 88-01/1 Yr. A ++g N 4.00% 4.00% C/ 1Yr $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**Pacific Life/ Quest 88-01/3 Yr. A ++g N 4.00% 4.00% C/ 3Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N 4.00% 4.00% C/ 5 Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**

* Physicians Life/ Custom Direct 8 A g Y 4.00% 2.00% 3.00% C/ 8 Yrs $150,980 $150,980 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**Security Mutual Life/ SPA2000-3yr A N 4.00% 3.50% C/ 3 Yrs $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.00% 3.00% B $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.00% 3.00% P $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.50% B $148,020 $148,020 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**United Heritage Mutual/Sec Value 5 A- N 4.00% 3.50% C/ 5 Yrs $150,170 $150,170 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y**

VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $148,020 $148,020 5 Yrs Rolling 7% $1K None No None Y** Y-$1K Y** No Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 4.00% 3.00% P $148,024 $148,024 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No

Midland National Life/ Dir. Guar. 7Yr A+ N 3.90% 1.00% 3.00% C/ 7 Yrs $148,060 $148,060 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.90% 1.00% 3.00% C/ 10Yrs $148,066 $148,066 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoUSAA Life Ins. Co./ SPA II A ++g Y 3.90% 1.00% 3.00% P $148,066 $143,518 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

* American National/PaladiumMYG7yr A+ Y 3.85% 1.00% 3.00% C/ 7 Yrs $147,359 $147,359 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.85% 3.00% 3.00% B $148,835 $148,835 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y**

Employers Modern Life/ SP 5Yr Guar A- N 3.80% 3.50% C/ 5 Yrs $146,600 $146,600 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 3.80% 1.00% 3.00% C/ 5 Yrs $146,650 $146,650 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** Bankers United/ Premier Solut'n + A+ Y 3.75% 1.00% 3.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y**

Golden Rule/ Foundation A N 3.75% 3.00% B $144,500 $144,500 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.75% 3.00% B $134,390 $134,390 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.75% 1.00% 3.00% C/ 7Yrs $145,950 $145,950 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoSecurity Mutual Life/ SPA2000-1yr A N 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**

Security Mutual Life/ SP-I Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y*** USG Annuity-Life(ING)Selct Guar-8Yr A+g Y 3.75% 2.10% 3.00% C/ 8 Yrs $149,196 $149,196 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y** Western United/DiscoverMaxVoygr. B- N 3.75% 3.00% 3.00% B $148,835 $148,835 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y**

Employers Modern Life/ SP 4Yr Guar A- N 3.65% 3.50% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.60% 3.00% C/ 3 Yrs $142,420 $142,420 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.60% 1.00% 3.25% C/ 6 Yrs $143,844 $143,844 6 Yrs + MVA/ 7-7-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.55% 2.45% 3.00% C/ 10 Yrs $145,213 $145,213 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y*** USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.55% 2.35% 3.00% C/ 10 Yrs $145,213 $145,213 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**

AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

Employers Modern Life/ SP 3Yr Guar A- N 3.50% 3.50% C/ 3 Yrs $141,050 $141,050 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g Y 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* Golden Rule/ Classic Plus A N 3.50% 1.00% 3.00% B $142,461 $142,461 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.50% 3.00% 3.00% B $145,282 $145,282 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y** Kansas City Life Select Track 5Yr A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**

Minnesota Life/ Secure Opt. III A ++ N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y** Mutual of America Life Ins. Co. A+ Y 3.50% 3.00% P $143,177 $143,177 None $.2K None Y None Y Y-$.2K Y Y Y National Life of Vermont/ Liberty A g N 3.50% 3.00% B $141,050 $141,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Western Life/ Confidence A- N 3.50% 0.50% 3.00% P $144,755 $144,755 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.50% 3.00% B $141,050 $141,050 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y*** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y**

Sunset Life Ins. Co./ SelecTrack 5Yr A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**Thrivent Fin'cl for Lutherans-Security I A ++g N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**

* Transamerica Life&Anty/SecValue 10 A+ Y 3.50% 2.00% 3.00% C/ 10 Yrs $143,871 $143,871 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $141,050 $141,050 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

* United Heritage Mutual/ Eagle-8 A- N 3.50% 2.80% 3.50% P $144,576 $144,576 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y** United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y**

USG Annuity-Life(ING)Selct Guar-6Yr A+g Y 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y*** Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.45% 0.75% 3.00% C/ 7 Yrs $141,423 $141,423 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.45% 2.50% 3.00% C/ 8 Yrs $143,879 $143,879 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Physicians Life/ Custom Direct 4 A g Y 3.45% 2.00% 3.00% C/ 4 Yrs $143,177 $143,177 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y**

USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.45% 3.00% C/ 10 Yrs $140,370 $140,370 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.40% 3.75% 3.00% B $144,939 $144,939 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Union Central Life/ SPDA2000-6Yr A N 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com



SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on April 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on April 1, 2003


1 Farm Bureau Life of Michigan 7.98 1 Farm Bureau Life of Michigan 7.39 1 Farm Bureau Life of Michigan 8.76 1 Farm Bureau Life of Michigan 8.212 National Guardian Life InsCo 7.67 2 National Guardian Life InsCo 7.23 2 National Guardian Life InsCo 8.42 2 National Guardian Life InsCo 8.033 Penn Insurance & Annuity Co 7.49 3 Conseco Annuity Assurance 7.09 3 Knights of Columbus 8.27 3 Western United Life Assur 7.834 Knights of Columbus 7.44 4 Western United Life Assur 6.95 4 Western United Life Assur 8.25 4 Farm Bureau Life Ins Co 7.725 Western United Life Assur 7.41 5 Kansas City Life Ins Co 6.91 5 Penn Insurance & Annuity Co 8.17 5 Kansas City Life Ins Co 7.706 Conseco Annuity Assurance 7.40 6 Sunset Life Ins Co of Amer' 6.91 6 Kansas City Life Ins Co 8.12 6 Sunset Life Ins Co of Amer' 7.707 Kansas City Life Ins Co 7.36 7 Farm Bureau Life Ins Co 6.87 7 Sunset Life Ins Co of Amer' 8.12 7 Knights of Columbus 7.698 Sunset Life Ins Co of Amer' 7.36 8 MONY Life Ins Co 6.84 8 Farm Bureau Life Ins Co 8.10 8 Horace Mann LIfe Ins Co 7.679 Security Benefit Life Ins Co 7.34 9 Penn Insurance & Annuity Co 6.82 9 Security Benefit Life Ins Co 8.10 9 MONY Life Ins Co 7.6510 Farm Bureau Life Ins Co 7.32 10 GE Capital Assurance 6.81 10 Sentry Life Insurance Co 8.08 10 Sentry Life Insurance Co 7.6311 MONY Life Ins Co 7.28 11 Knights of Columbus 6.81 11 Great American Life Ins Co 8.05 11 Penn Insurance & Annuity Co 7.6012 GE Capital Assurance 7.26 12 Horace Mann LIfe Ins Co 6.80 12 GE Capital Assurance 8.04 12 Security Mutual Life of NY 7.5913 Life Ins Co of the Southwest 7.26 13 Security Benefit Life Ins Co 6.75 13 MONY Life Ins Co 8.03 13 GE Capital Assurance 7.5714 Sentry Life Insurance Co 7.23 14 Sentry Life Insurance Co 6.71 14 Life Ins Co of the Southwest 8.01 14 Security Benefit Life Ins Co 7.5015 Great American Life Ins Co 7.18 15 Life Ins Co of the Southwest 6.69 15 Federal Kemper Life Assur 8.00 15 United Heritage Mutual Life 7.5016 Security Mutual Life of NY 7.17 16 Security Mutual Life of NY 6.68 16 Kemper Investors Life 8.00 16 AIG/American General Life 7.4917 Federal Kemper Life Assur 7.13 17 USAA Life Insurance Company 6.66 17 Security Mutual Life of NY 7.99 17 American General Life Ins Co 7.4918 Kemper Investors Life 7.13 18 AIG/American General Life 6.64 18 Conseco Annuity Assurance 7.97 18 Thrivent Fincl for Lutherans 7.4919 United Heritage Mutual Life 7.13 19 American General Life Ins Co 6.64 19 Keyport Life Ins Co 7.91 19 Life Ins Co of the Southwest 7.4620 National Life Ins of Vermont 7.12 20 Thrivent Fincl for Lutherans 6.64 20 National Life Ins of Vermont 7.91 20 Great American Life Ins Co 7.4521 Keyport Life Ins Co 7.11 21 Jackson National Life Ins Co 6.60 21 United Heritage Mutual Life 7.90 21 Conseco Annuity Assurance 7.4322 AIG/American General Life 7.09 22 Employers Modern Life Co 6.59 22 AIG/American General Life 7.89 22 Delta Life & Annuity Company 7.4123 American General Life Ins Co 7.09 23 United Heritage Mutual Life 6.59 23 American General Life Ins Co 7.89 23 Federal Kemper Life Assur 7.4024 Thrivent Fincl for Lutherans 7.09 24 Delta Life & Annuity Company 6.56 24 Thrivent Fincl for Lutherans 7.89 24 Kemper Investors Life 7.4025 Fidelity & Guaranty Life 7.03 25 United of Omaha Life Ins Co 6.56 25 AXA/Equitable Life Assurance Co 7.83 25 USAA Life Insurance Company 7.3926 Jackson National Life Ins Co 7.03 26 Fidelity & Guaranty Life 6.55 26 Delta Life & Annuity Company 7.83 26 Keyport Life Ins Co 7.3627 Delta Life & Annuity Company 7.02 27 Principal Life 6.55 27 Employers Modern Life Co 7.83 27 AXA/Equitable Life Assurance Co 7.3328 Employers Modern Life Co 7.02 28 Equitable-Iowa (ING) 6.54 28 Minnesota Life Ins Co 7.81 28 Employers Modern Life Co 7.3329 AXA/Equitable Life Assurance Co 7.00 29 Great American Life Ins Co 6.54 29 Clarica (TMG) Life Ins Co 7.78 29 Equitable-Iowa (ING) 7.3130 Minnesota Life Ins Co 7.00 30 USG Annuity & Life Co 6.54 30 Fidelity & Guaranty Life 7.73 30 USG Annuity & Life Co 7.3131 United of Omaha Life Ins Co 6.98 31 Keyport Life Ins Co 6.51 31 Lincoln Benefit Life Company 7.72 31 Fidelity & Guaranty Life 7.3032 Equitable-Iowa (ING) 6.96 32 Teachers Ins & Anty of Amer' 6.51 32 Canada Life Assurance 7.71 32 Teachers Ins & Anty of Amer' 7.3033 USG Annuity & Life Co 6.96 33 Federal Kemper Life Assur 6.49 33 Equitable-Iowa (ING) 7.68 33 Allianz Life Ins Co of N.A. 7.2734 USAA Life Insurance Company 6.95 34 Kemper Investors Life 6.49 34 USG Annuity & Life Co 7.68 34 AMEX Life 7.2735 Canada Life Assurance 6.90 35 National Life Ins of Vermont 6.48 35 AMEX Life 7.67 35 National Life Ins of Vermont 7.2736 Clarica (TMG) Life Ins Co 6.90 36 First Colony Life Ins. Co. 6.47 36 Horace Mann LIfe Ins Co 7.67 36 Minnesota Life Ins Co 7.2537 Lincoln Benefit Life Company 6.89 37 Allianz Life Ins Co of N.A. 6.46 37 First Colony Life Ins. Co. 7.66 37 Lincoln Benefit Life Company 7.2438 AMEX Life 6.87 38 Lincoln Benefit Life Company 6.45 38 Allianz Life Ins Co of N.A. 7.64 38 Jackson National Life Ins Co 7.2339 Principal Life 6.86 39 AMEX Life 6.43 39 USAA Life Insurance Company 7.64 39 Principal Life 7.2340 Allianz Life Ins Co of N.A. 6.84 40 Hartford Life Ins Co 6.40 40 Jackson National Life Ins Co 7.60 40 United of Omaha Life Ins Co 7.2341 Horace Mann LIfe Ins Co 6.80 41 Minnesota Life Ins Co 6.39 41 United of Omaha Life Ins Co 7.59 41 First Colony Life Ins. Co. 7.2142 Woodmen of the World Life 6.80 42 AXA/Equitable Life Assurance Co 6.38 42 Woodmen of the World Life 7.58 42 Woodmen of the World Life 7.2043 Hartford Life Ins Co 6.78 43 Woodmen of the World Life 6.38 43 Principal Life 7.50 43 Clarica (TMG) Life Ins Co 7.1744 First Colony Life Ins. Co. 6.71 44 Jefferson Pilot Life Ins Co 6.30 44 Hartford Life Ins Co 7.35 44 Canada Life Assurance 7.1245 Jefferson Pilot Life Ins Co 6.69 45 Canada Life Assurance 6.27 45 Jefferson Pilot Life Ins Co 7.34 45 Hartford Life Ins Co 7.0146 Bankers United Life 6.63 46 Clarica (TMG) Life Ins Co 6.25 46 Bankers United Life 7.30 46 Jefferson Pilot Life Ins Co 7.0147 Life Investors Ins of Amer 6.63 47 Bankers United Life 6.19 47 Life Investors Ins of Amer 7.30 47 Bankers United Life 6.8648 Peoples Benefit Life 6.63 48 Life Investors Ins of Amer 6.19 48 Peoples Benefit Life 7.30 48 Life Investors Ins of Amer 6.8649 Transamerica Life & Annuity 6.63 49 Peoples Benefit Life 6.19 49 Teachers Ins & Anty of Amer' 7.30 49 Peoples Benefit Life 6.8650 Teachers Ins & Anty of Amer' 6.51 50 Transamerica Life & Annuity 6.19 50 Transamerica Life & Annuity 7.30 50 Transamerica Life & Annuity 6.86Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports P.O. Box 1268, Fair Oaks, CA 95628



May, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 5 EDITOR’S COMMENTS... Numbers Summary: The average base interest rates for FPDA and SPDA programs have continued their decline for the thirteenth consecutive month. Existing FPDA and SPDA products continue to be removed from the market place as interest rates decline. The average for SPIA factors also dropped this month; however SPIA business continues at a brisk pace as seniors seek to cut losses and achieve stable monthly incomes. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 4.00% for a 3 year guarantee period (ygp); 4.00% for a 4 ygp; 4.50% for a 5 ygp; 4.30% for a 6 ygp; 4.00% for a 7 ygp; 4.35% for an 8 ygp; 4.30% for a 9 ygp; and 4.75% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS Revised May 19, 2003










COMPARATIVE ANNUITY REPORT ... MAY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Life Ins Co / TSA+III A ++g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** AIG Life Ins Co /Ultra Xtra A ++g Y 3.45% 3.00% 3.00% B $68,988 $68,988 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y*** AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.00% 0.50% 3.00% P $65,569 $65,569 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.25% 1.00% 3.00% P $67,746 $67,746 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Life Ins Co /Future Freedom A ++g Y 3.05% 1.00% 3.00% P $66,555 $66,555 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**





* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ FPRA A+g N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 4.00% B $68,075 $68,075 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**




Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 1.00% 2.00% B $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.65% 2.00% B $63,349 $63,349 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**




Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

* Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**



* Lincoln Benefit / Futurist's Gold I A+r Y 3.50% 1.00% 3.00% P $69,225 $69,225 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Metropolitan Life/Growth+ Account A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.25% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 3.40% 3.00% B $68,432 $68,432 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.90% 1.00% 3.00% C/10Yrs $72,952 $72,952 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/1Yr A g N N/A 3.00% C/1Yr N/A N/A 7 Yrs / 7(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.05% 1.00% 3.00% C/5Yrs $65,555 $65,555 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.75% 1.00% 3.00% C/7Yrs $71,129 $71,129 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/8Yr A g N 3.98% 1.00% 3.00% C/8Yrs $72,928 $72,928 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/IRA A+ Y 3.75% 3.00% P $71,058 $71,058 None $.2K $10 Mo None Y None Y Y Y YMutual of America Life Ins Co/TSA A+ Y 3.25% 3.00% P $67,346 $67,346 None $.2K $10 Mo None Y None Y Y Y Y

* National Guardian Life/ Super Flex A- Y N/A 1.00% 4.00% B N/A N/A 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**National Western Life/ Capital + A- N 3.20% 3.00% B $66,984 $66,984 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No No


Northern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Northern Life Ins. Co.(ING)/TSA I A+g Y 3.25% 3.00% B $67,339 $67,339 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Ohio National Life Ins Co/Prime I A+g N 4.00% 4.00% P $73,012 $67,356 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 4.00% 4.00% P $73,012 $73,012 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Presidential Life Ins. Co. / N-L Flex B++ N 4.25% 3.00% B $75,026 $75,026 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.15% 3.00% C/ 5 Yrs $66,622 $66,622 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**


Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Sunset Life Ins. Co./ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Teachers Ins. & Annuity/ RA A ++g Y 5.00% 3.00% P $81,500 NAF NAF=Not Available for Full Cashout >>> $25 Mo ** Y ** Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 4.00% 3.00% P $73,012 $73,012 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Transamerica Life & Anty/SelectVal+1 A+ Y 3.00% 1.00% 3.00% P $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+3 A+ Y 3.00% 1.00% 3.00% P $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+6 A+ Y 3.00% 1.00% 3.00% C/6Yr $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $68,948 $68,948 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.00% B $73,012 $73,012 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**





COMPARATIVE ANNUITY REPORT ... MAY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions



* Aviva Life/ FPRA A+g N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoFarm Bureau Life Select 4-Portfolio 10 A+ N 4.70% 3.00% P $78,830 $78,830 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**

* Kansas City Life/ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSunset Life Ins. Co./ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 4.35% 3.00% P $75,862 $75,862 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**Presidential Life Ins. Co. / N-L Flex B++ N 4.25% 3.00% B $75,026 $75,026 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**

* AIG Life Ins Co / TSA+III A ++g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y**American General AIC/ FPDA + III A+g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**


Delta Life & Annuity/ Flex-NL A g N 4.00% 4.00% P $73,012 $73,012 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $1K $50 Mo Q Q70/N99 No None Y* Y-A No NoEmployers Modern Life/Flex FPDA A- N 4.00% 3.50% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No NoOhio National Life Ins Co/Prime I A+g N 4.00% 4.00% P $73,012 $67,356 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 4.00% 4.00% P $73,012 $73,012 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Teachers Ins. & Annuity/ SRA A ++g Y 4.00% 3.00% P $73,012 $73,012 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.00% B $73,012 $73,012 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $75,129 $74,378 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 4.00% 4.00% B $73,012 $73,012 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

Woodmen of the World Life/ Basic A+ N 4.00% 3.00% P $73,007 $73,007 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y**MONY Life Ins Co/Fixed Annuity/8Yr A g N 3.98% 1.00% 3.00% C/8Yrs $72,928 $72,928 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/10Yr A g N 3.90% 1.00% 3.00% C/10Yrs $72,952 $72,952 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoUSAA Life Ins. Co./ FRA A ++g Y 3.80% 1.00% 3.00% P $73,595 $73,595 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $71,058 $71,058 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.75% 1.00% 3.00% C/7Yrs $71,129 $71,129 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/IRA A+ Y 3.75% 3.00% P $71,058 $71,058 None $.2K $10 Mo None Y None Y Y Y YUSG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.55% 3.00% P $76,210 $76,210 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**American Equity Invest' /FP Super 7 B++ Y 3.50% 7.00% 3.00% B $69,640 $69,640 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 3.50% 3.00% 3.00% B $69,363 $36,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ Y 3.50% + 3.00% B $69,225 $69,225 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**

* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoGreat American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Horace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Life of the Southwest/ Flex I A g N 3.50% 3.00% B $67,346 $67,346 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**

* Lincoln Benefit / Futurist's Gold I A+r Y 3.50% 1.00% 3.00% P $69,225 $69,225 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $68,948 $68,948 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**

* United Heritage Mutual/ Heritage A- N 3.50% 0.50% 3.50% P $70,483 $70,483 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**

* AIG Life Ins Co /Ultra Xtra A ++g Y 3.45% 3.00% 3.00% B $68,988 $68,988 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**American National/ Palladium FPDA A+ Y 3.40% 3.00% P $68,432 $68,432 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**Midland National Life/ Guarantee 9 A+ N 3.40% 3.00% B $68,432 $68,432 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**

* Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 4.00% B $68,075 $68,075 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y*** Great American Life/ TSA VI A g N 3.30% 1.00% 3.00% B $67,762 $67,762 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.30% 2.00% 3.00% B $67,843 $67,843 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y*** AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.25% 1.00% 3.00% P $67,746 $67,746 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** American Investors Life/ P4+ A g N 3.25% 3.00% B $67,457 $66,108 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No* Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.25% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Mutual of America Life Ins Co/TSA A+ Y 3.25% 3.00% P $67,346 $67,346 None $.2K $10 Mo None Y None Y Y Y YNorthern Life Ins. Co.(ING)/TSA I A+g Y 3.25% 3.00% B $67,339 $67,339 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**


* National Western Life/ FP1098 A- N 3.20% 4.00% 3.00% B $67,252 $67,252 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* Shenandoah Life/ FPDA-2 Bonus A- N 3.20% 1.00% 3.00% B $66,984 $66,984 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Security Benefit Life/ Choice - 5 Yr A+g N 3.15% 3.00% C/ 5 Yrs $66,622 $66,622 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y*** Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** AIG Life Ins Co /Future Freedom A ++g Y 3.05% 1.00% 3.00% P $66,555 $66,555 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.05% 1.00% 3.00% C/5Yrs $65,555 $65,555 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No* AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.00% 0.50% 3.00% P $65,569 $65,569 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

Allstate Life/ Savers Premier A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Fidelity/ B-TA A+ Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American United/ FPA IV A N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N 3.00% + 3.00% B $65,602 $65,602 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 1.00% 2.00% B $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** NoHartford Life/ Director A+g Y 3.00% 3.00% P $65,536 $65,339 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**


Metropolitan Life/Growth+ Account A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoNorthern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... MAY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions




* Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $136,405 $136,405 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**Allstate Life/ Savers Premier A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**American General AIC/ SRA-7.5 Yr A+g Y 3.05% 1.00% 3.00% C/ 7 Yrs $136,395 $136,395 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**

* American General AIC/ Ultra Vision 97 A+g Y 3.00% 0.50% 3.00% B $135,026 $135,062 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ Y 3.35% 1.00% 3.00% C/ 5 Yrs $140,410 $140,410 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No



AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Premier Solut'n + A+ Y 3.75% 1.00% 3.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 3.50% 3.00% C/ 7 Yrs $141,050 $141,050 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 3.80% 3.00% C/ 10 Yrs $145,200 $145,200 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.00% 1.00% 3.00% B $135,374 $135,374 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No


Delta Life & Annuity/ SPDA-5 A g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 8-7-6-5-4-0 $5K Q80/N99 No 99 Y* No Y** Y** Y*** Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N N/A 4.00% 3.50% B N/A N/A 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 6 A- N N/A 6.00% 3.50% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**




* F & G Life/ Fidelity Platinum+5 Yr A g N 3.75% 1.00% 3.00% C/ 5 Yrs $145,950 $145,950 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.95% 1.00% 3.00% C/ 7 Yrs $148,783 $148,783 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.00% 1.00% 3.00% C/ 10 Yrs $149,500 $149,500 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y**

Farm Bureau Life/Select 4 N.M. 3 Yr A+ N N/A 3.00% C/ 3 Yrs N/A N/A 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.50% 3.00% C/ 3 Yrs $141,050 $141,050 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.50% 3.00% C/ 5 Yrs $155,290 $155,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N N/A 1.00% 3.00% P N/A N/A 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.80% 3.00% C/ 5 Yrs $145,200 $145,200 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.60% 1.00% 3.00% C/ 6 Yrs $143,844 $143,844 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 3.25% 1.00% 2.00% B $139,057 $139,057 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 3.25% 2.00% B $137,680 $137,680 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.90% 2.00% B $133,090 $133,090 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.25% 3.00% B $156,818 $132,198 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.40% + 3.00% B $146,685 $139,703 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC Select-5Yr A+g Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 5 Years A+g Y 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.45% 0.75% 3.00% C/ 7 Yrs $141,423 $141,423 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.40% 3.75% 3.00% B $144,939 $144,939 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 6 Yr. A+g Y 3.00% 1.00% 3.00% C/ 6 Yrs $135,734 $135,734 6 Yrs/ 7-7-6-5-4-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 7 Yr. A+g Y 3.00% 1.00% 3.00% C/ 7 Yrs $135,734 $135,734 7 Yrs/ 7-7-7-6-5-4-3-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.60% 1.00% 3.25% C/ 6 Yrs $143,844 $143,844 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 3.60% 2.00% 3.00% C/ 7 Yrs $145,268 $145,268 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y 3.25% 3.25% C/ 5 Yrs $137,680 $137,680 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**


Kansas City Life Select Track 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**



Midland National Life/ Dir. Guar. 7Yr A+ N 3.70% 1.00% 3.00% C/ 7 Yrs $145,240 $145,240 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Minnesota Life/ Secure Opt. I A ++ N 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**Minnesota Life/ Secure Opt. III A ++ N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.90% 1.00% 3.00% C/ 10Yrs $148,066 $148,066 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity1Yr A g N N/A 3.00% C/ 1Yr N/A N/A 7 Yrs + MVA/ 7(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity3Yr A g N 3.00% 1.00% 3.00% C/ 3Yrs $135,734 $135,734 7 Yrs + MVA/ 7-6-5(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity5Yr A g N 3.05% 1.00% 3.00% C/ 5Yrs $136,395 $136,395 7 Yrs + MVA/ 7-6-5-4-3(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity7Yr A g N 3.75% 1.00% 3.00% C/ 7Yrs $145,950 $145,950 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

MONY Life Ins Co/ Fixed Annuity8Yr A g N 3.98% 1.00% 3.00% C/ 8Yrs $149,213 $149,213 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No Mutual of America Life Ins. Co./TSA A+ Y 3.25% 3.00% P $137,680 $137,680 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ Y 3.75% 3.00% P $144,500 $144,500 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.15% 2.00% 3.00% B $141,800 $141,800 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y N/A 2.00% 4.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.00% 1.00% 3.00% B $135,734 $135,734 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 3.50% 3.00% B $141,050 $141,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**


Ohio National/ Foundation + 1 Yr. A+g N 3.00% 1.00% 3.00% B $135,734 $135,734 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 Y** ** Y** No Y-A No Y**Ohio National/ Foundation + 3 Yr. A+g N 3.35% 3.00% B $139,020 $139,020 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y**




Physicians Life/ Vista Choice 5Yr. A g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.00% 1.00% 3.00% C/ 7 Yrs $135,734 $135,734 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 3.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.20% 3.00% C/ 6 Yrs $150,890 $150,890 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**

* Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y** Reliastar (ING)/ Retrmnt+ NQ A+g Y 3.00% 3.00% B $134,390 $134,390 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K 70 No None Y* Y Y-O** No Y** Reliastar (ING)/ TSA-I A+g Y 3.25% 3.00% B $137,680 $123,912 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**















* USG Annuity-Life(ING)/ Cornerstone A+g Y 3.00% 3.00% B $141,109 $134,390 9Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 90 No ** Y* No Y-A Y** Y**USG Annuity-Life(ING)Max Guar-5Yr A+g Y 3.10% 3.00% C/ 5 Yrs $135,700 $135,700 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-6Yr A+g Y 3.66% 3.00% C/ 6 Yrs $143,248 $143,248 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g Y 4.35% 3.00% C/ 8 Yrs $153,080 $153,080 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-10Yr A+g Y 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.55% 2.45% 3.00% C/ 10 Yrs $145,213 $145,213 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**USG Annuity-Life(ING)Selct Guar-5Yr A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**USG Annuity-Life(ING)Selct Guar-6Yr A+g Y 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**



Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this re

COMPARATIVE ANNUITY REPORT ... MAY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y**

USG Annuity-Life(ING)Max Guar-10Yr A+g Y 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.50% 3.00% C/ 5 Yrs $155,290 $155,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**


Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** Union Central Life/ SPDA2000-1Yr A N 4.50% 3.00% B $155,290 $155,290 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y**

USG Annuity-Life(ING)Max Guar-8Yr A+g Y 4.35% 3.00% C/ 8 Yrs $153,080 $153,080 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**American National/PaladiumMYG6yr A+ Y 4.30% 3.00% C/ 6 Yrs $152,350 $152,350 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** NoEquitable-Iowa(ING)/Select Guar-8Yr A+g Y 4.30% 3.00% C/ 8 Yrs $152,350 $152,350 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* Fort Dearborn Life/WealthFortifier9Yr A N 4.30% 1.00% 3.00% C/ 9 Yrs $156,920 $156,920 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**Presidential Life Ins. Co./ Secure 6 B++ N 4.20% 3.00% C/ 6 Yrs $150,890 $150,890 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**Allianz Life NA/ Dominator- 10 Yr A ++ N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No NoConseco Annuity Assur./ Tru Level 7 B N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y**

* Delta Life & Annuity/ SPDA-PS A g N 4.00% 0.25% 4.00% P $148,020 $148,020 9 Yrs/ 6-6-6-6-5-4-3-2-1-0 $10K Q70/N99 No None Y* No Y-A No No* F & G Life/ Fidelity Platinum+10 Yr A g N 4.00% 1.00% 3.00% C/ 10 Yrs $149,500 $149,500 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y** Hartford Life/ Saver+ 5 Years A+g Y 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y**

Kansas City Life Select Track 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

Pacific Life/ Quest 88-01/1 Yr. A ++g N 4.00% 4.00% C/ 1Yr $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**Pacific Life/ Quest 88-01/3 Yr. A ++g N 4.00% 4.00% C/ 3Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N 4.00% 4.00% C/ 5 Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Presidential Life Ins. Co./ Secure 4 B++ N 4.00% 3.00% C/ 4 Yrs $148,020 $148,020 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Security Mutual Life/ SPA2000-3yr A N 4.00% 3.50% C/ 3 Yrs $148,020 $148,020 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.00% 3.00% B $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.00% 3.00% P $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.50% B $148,020 $148,020 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**United Heritage Mutual/Sec Value 5 A- N 4.00% 3.50% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y**

VALIC/ Portfolio Director A+g Y 4.00% 3.00% B $148,020 $148,020 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 4.00% 3.00% P $148,024 $148,024 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No

MONY Life Ins Co/ Fixed Annuity8Yr A g N 3.98% 1.00% 3.00% C/ 8Yrs $149,213 $149,213 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* F & G Life/ Fidelity Platinum+7 Yr A g N 3.95% 1.00% 3.00% C/ 7 Yrs $148,783 $148,783 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.90% 1.00% 3.00% C/ 10Yrs $148,066 $148,066 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoUSAA Life Ins. Co./ SPA II A ++g Y 3.90% 1.00% 3.00% P $148,066 $143,518 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

* American National/PaladiumMYG7yr A+ Y 3.85% 1.00% 3.00% C/ 7 Yrs $147,359 $147,359 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y** Clarica Life/ Guarantee-10 Yr A+ N 3.80% 3.00% C/ 10 Yrs $145,200 $145,200 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y**

Employers Modern Life/ SP 5Yr Guar A- N 3.80% 3.50% C/ 5 Yrs $145,200 $145,200 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.80% 3.00% C/ 5 Yrs $145,200 $145,200 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Physicians Life/ Custom Direct 10 A g Y 3.80% 1.50% 3.00% C/ 10 Yrs $147,370 $147,370 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Bankers United/ Premier Solut'n + A+ Y 3.75% 1.00% 3.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 3.75% 1.00% 3.00% C/ 5 Yrs $145,950 $145,950 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y**

MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.75% 1.00% 3.00% C/ 7Yrs $145,950 $145,950 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No Mutual of America Life Ins. Co./IRA A+ Y 3.75% 3.00% P $144,500 $144,500 None $.2K None Y None Y Y-$.2K Y Y Y

Security Mutual Life/ SPA2000-1yr A N 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y** Security Mutual Life/ SP-I Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y*** USG Annuity-Life(ING)Selct Guar-8Yr A+g Y 3.75% 3.25% 3.00% C/ 8 Yrs $149,196 $149,196 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y** Western United/DiscoverMaxVoygr. B- N 3.75% 3.00% 3.00% B $148,835 $148,835 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y**

Midland National Life/ Dir. Guar. 7Yr A+ N 3.70% 1.00% 3.00% C/ 7 Yrs $145,240 $145,240 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.70% 2.00% 3.00% C/ 8 Yrs $146,676 $146,676 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

USG Annuity-Life(ING)Max Guar-6Yr A+g Y 3.66% 3.00% C/ 6 Yrs $143,248 $143,248 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**Employers Modern Life/ SP 4Yr Guar A- N 3.65% 3.50% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

* Fort Dearborn Life/WealthFortifier6Yr A N 3.60% 1.00% 3.00% C/ 6 Yrs $143,844 $143,844 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.60% 1.00% 3.25% C/ 6 Yrs $143,844 $143,844 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 3.60% 2.00% 3.00% C/ 7 Yrs $145,268 $145,268 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.60% 3.00% C/ 6 Yrs $142,420 $142,420 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.60% 3.50% B $142,420 $142,420 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.55% 2.35% 3.00% C/ 10 Yrs $145,071 $145,071 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y*** USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.55% 2.45% 3.00% C/ 10 Yrs $145,213 $145,213 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y** AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**

AMEX/ Access Advantage A+g N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N 3.50% 3.00% C/ 7 Yrs $141,050 $141,050 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

Employers Modern Life/ SP 3Yr Guar A- N 3.50% 3.50% C/ 3 Yrs $141,050 $141,050 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g Y 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

Farm Bureau of Mich/3 Yr-Guarantee A N 3.50% 3.00% C/ 3 Yrs $141,050 $141,050 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y**

Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y**Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y**

Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y** Kansas City Life Select Track 5Yr A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**

Minnesota Life/ Secure Opt. III A ++ N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y** National Life of Vermont/ Liberty A g N 3.50% 3.00% B $141,050 $141,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Western Life/ Confidence A- N 3.50% 0.50% 3.00% P $144,755 $144,755 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y**

Sunset Life Ins. Co./ SelecTrack 5Yr A g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.50% 2.00% 3.00% C/ 10 Yrs $143,871 $143,871 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**

Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $141,050 $141,050 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y*** United Heritage Mutual/ Eagle-8 A- N 3.50% 2.50% 3.50% P $144,576 $144,576 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y** United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y**

USG Annuity-Life(ING)Selct Guar-6Yr A+g Y 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y*** Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.45% 0.75% 3.00% C/ 7 Yrs $141,423 $141,423 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.45% 2.50% 3.00% C/ 8 Yrs $143,879 $143,879 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No

USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.45% 3.00% C/ 10 Yrs $140,370 $140,370 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y** Clarica Life/ Guarantee- 6 Yr A+ N 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y*** Great American Life/ Plus 5 A g N 3.40% + 3.00% B $146,685 $139,703 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.40% 3.75% 3.00% B $144,939 $144,939 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y*** American National/PaladiumMYG5yr A+ Y 3.35% 1.00% 3.00% C/ 5 Yrs $140,410 $140,410 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

Ohio National/ Foundation + 3 Yr. A+g N 3.35% 3.00% B $139,020 $139,020 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com



SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on May 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on May 1, 2003


1 National Guardian Life InsCo 7.67 1 National Guardian Life InsCo 7.23 1 National Guardian Life InsCo 8.42 1 National Guardian Life InsCo 8.032 Penn Insurance & Annuity Co 7.49 2 Conseco Annuity Assurance 7.09 2 Knights of Columbus 8.27 2 Western United Life Assur 7.833 Knights of Columbus 7.44 3 Western United Life Assur 6.95 3 Western United Life Assur 8.25 3 Farm Bureau Life Ins Co 7.724 Western United Life Assur 7.41 4 Kansas City Life Ins Co 6.91 4 Farm Bureau Life of Michigan 8.20 4 Kansas City Life Ins Co 7.705 Conseco Annuity Assurance 7.40 5 Sunset Life Ins Co of Amer' 6.91 5 Penn Insurance & Annuity Co 8.17 5 Sunset Life Ins Co of Amer' 7.706 Farm Bureau Life of Michigan 7.40 6 Farm Bureau Life Ins Co 6.87 6 Kansas City Life Ins Co 8.12 6 Knights of Columbus 7.697 Kansas City Life Ins Co 7.36 7 Penn Insurance & Annuity Co 6.82 7 Sunset Life Ins Co of Amer' 8.12 7 Horace Mann LIfe Ins Co 7.678 Sunset Life Ins Co of Amer' 7.36 8 Knights of Columbus 6.81 8 Farm Bureau Life Ins Co 8.10 8 Farm Bureau Life of Michigan 7.649 Security Benefit Life Ins Co 7.34 9 Farm Bureau Life of Michigan 6.80 9 Security Benefit Life Ins Co 8.10 9 Sentry Life Insurance Co 7.6310 Farm Bureau Life Ins Co 7.32 10 Horace Mann LIfe Ins Co 6.80 10 Sentry Life Insurance Co 8.08 10 Penn Insurance & Annuity Co 7.6011 Sentry Life Insurance Co 7.23 11 Security Benefit Life Ins Co 6.75 11 Great American Life Ins Co 8.05 11 Security Mutual Life of NY 7.5912 Great American Life Ins Co 7.18 12 MONY Life Ins Co 6.74 12 Federal Kemper Life Assur 8.00 12 MONY Life Ins Co 7.5513 MONY Life Ins Co 7.18 13 Sentry Life Insurance Co 6.71 13 Kemper Investors Life 8.00 13 Security Benefit Life Ins Co 7.5014 Security Mutual Life of NY 7.17 14 Security Mutual Life of NY 6.68 14 Security Mutual Life of NY 7.99 14 United Heritage Mutual Life 7.5015 Federal Kemper Life Assur 7.13 15 Presidential Life Ins Co 6.67 15 United Heritage Mutual Life 7.98 15 AIG Life Ins Co 7.4616 Kemper Investors Life 7.13 16 USAA Life Insurance Company 6.66 16 Conseco Annuity Assurance 7.97 16 American General Life Ins Co 7.4617 Presidential Life Ins Co 7.13 17 AIG Life Ins Co 6.62 17 MONY Life Ins Co 7.93 17 Presidential Life Ins Co 7.4618 United Heritage Mutual Life 7.13 18 American General Life Ins Co 6.62 18 Keyport Life Ins Co 7.91 18 Great American Life Ins Co 7.4519 National Life Ins of Vermont 7.12 19 Jackson National Life Ins Co 6.60 19 National Life Ins of Vermont 7.91 19 Employers Modern Life Co 7.4420 Keyport Life Ins Co 7.11 20 Employers Modern Life Co 6.59 20 Presidential Life Ins Co 7.91 20 Conseco Annuity Assurance 7.4321 Jackson National Life Ins Co 7.03 21 Equitable-Iowa (ING) 6.59 21 Delta Life & Annuity Company 7.83 21 Delta Life & Annuity Company 7.4122 Delta Life & Annuity Company 7.02 22 Northern/ReliaStar Life (ING) 6.59 22 Employers Modern Life Co 7.83 22 Federal Kemper Life Assur 7.4023 Employers Modern Life Co 7.02 23 United Heritage Mutual Life 6.59 23 Minnesota Life Ins Co 7.81 23 Kemper Investors Life 7.4024 Equitable-Iowa (ING) 7.02 24 USG Annuity & Life Co 6.59 24 AIG Life Ins Co 7.79 24 Equitable-Iowa (ING) 7.3925 Northern/ReliaStar Life (ING) 7.02 25 First Colony Life Ins. Co. 6.58 25 American General Life Ins Co 7.79 25 Northern/ReliaStar Life (ING) 7.3926 USG Annuity & Life Co 7.02 26 GE Capital Assurance 6.58 26 Equitable-Iowa (ING) 7.77 26 USAA Life Insurance Company 7.3927 Fidelity & Guaranty Life 7.01 27 Delta Life & Annuity Company 6.56 27 Northern/ReliaStar Life (ING) 7.77 27 USG Annuity & Life Co 7.3928 First Colony Life Ins. Co. 7.01 28 Great American Life Ins Co 6.54 28 USG Annuity & Life Co 7.77 28 Keyport Life Ins Co 7.3629 GE Capital Assurance 7.01 29 Fidelity & Guaranty Life 6.52 29 First Colony Life Ins. Co. 7.75 29 First Colony Life Ins. Co. 7.3030 Minnesota Life Ins Co 7.00 30 Keyport Life Ins Co 6.51 30 GE Capital Assurance 7.75 30 GE Capital Assurance 7.3031 AIG Life Ins Co 6.99 31 Teachers Ins & Anty of Amer' 6.51 31 Fidelity & Guaranty Life 7.72 31 Teachers Ins & Anty of Amer' 7.3032 American General Life Ins Co 6.99 32 Federal Kemper Life Assur 6.49 32 AXA/Equitable Life Assurance Co 7.71 32 Fidelity & Guaranty Life 7.2833 USAA Life Insurance Company 6.95 33 Kemper Investors Life 6.49 33 Canada Life Assurance 7.71 33 Allianz Life Ins Co of N.A. 7.2734 Canada Life Assurance 6.90 34 National Life Ins of Vermont 6.48 34 AMEX Life 7.67 34 AMEX Life 7.2735 United of Omaha Life Ins Co 6.89 35 United of Omaha Life Ins Co 6.48 35 Horace Mann LIfe Ins Co 7.67 35 National Life Ins of Vermont 7.2736 AMEX Life 6.87 36 Transamerica Life & Annuity 6.47 36 Lincoln Benefit Life Company 7.65 36 Minnesota Life Ins Co 7.2537 AXA/Equitable Life Assurance Co 6.87 37 Allianz Life Ins Co of N.A. 6.46 37 Allianz Life Ins Co of N.A. 7.64 37 Jackson National Life Ins Co 7.2338 Allianz Life Ins Co of N.A. 6.84 38 AMEX Life 6.43 38 USAA Life Insurance Company 7.64 38 AXA/Equitable Life Assurance Co 7.2039 Lincoln Benefit Life Company 6.81 39 Hartford Life Ins Co 6.40 39 Jackson National Life Ins Co 7.60 39 Woodmen of the World Life 7.2040 Transamerica Life & Annuity 6.81 40 Minnesota Life Ins Co 6.39 40 Clarica (TMG) Life Ins Co 7.59 40 Lincoln Benefit Life Company 7.1741 Horace Mann LIfe Ins Co 6.80 41 Principal Life 6.39 41 Woodmen of the World Life 7.58 41 Transamerica Life & Annuity 7.1542 Woodmen of the World Life 6.80 42 Woodmen of the World Life 6.38 42 Hartford Life Ins Co 7.54 42 Hartford Life Ins Co 7.1443 Hartford Life Ins Co 6.78 43 Lincoln Benefit Life Company 6.37 43 United of Omaha Life Ins Co 7.50 43 United of Omaha Life Ins Co 7.1444 Principal Life 6.71 44 Canada Life Assurance 6.27 44 Transamerica Life & Annuity 7.46 44 Canada Life Assurance 7.1245 Bankers United Life 6.63 45 AXA/Equitable Life Assurance Co 6.24 45 Principal Life 7.39 45 Principal Life 7.1146 Life Investors Ins of Amer 6.63 46 Jefferson Pilot Life Ins Co 6.23 46 Bankers United Life 7.30 46 Clarica (TMG) Life Ins Co 6.9747 Peoples Benefit Life 6.63 47 Bankers United Life 6.19 47 Life Investors Ins of Amer 7.30 47 Jefferson Pilot Life Ins Co 6.9348 Jefferson Pilot Life Ins Co 6.62 48 Life Investors Ins of Amer 6.19 48 Peoples Benefit Life 7.30 48 Thrivent Fincl for Lutherans 6.9049 Clarica (TMG) Life Ins Co 6.59 49 Peoples Benefit Life 6.19 49 Teachers Ins & Anty of Amer' 7.30 49 Bankers United Life 6.8650 Teachers Ins & Anty of Amer' 6.51 50 Thrivent Fincl for Lutherans 6.07 50 Thrivent Fincl for Lutherans 7.30 50 Life Investors Ins of Amer 6.86Copyright Comparative Annuity Reports, LLC all rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparativve Annuity Reports, LLC.



June, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 6 EDITOR’S COMMENTS... Numbers Summary: "Old news" the average base interest rates for FPDA and SPDA programs declined in June, (for the fourteenth month in a row). The decline in interest rates has promulgated not only removal of FPDA and SPDA products; in addition it is now forcing many companies to refile guaranteed interest rates to 2% versus 3%. SPIA factor averages dropped rather perceptively this month; an average of nearly 3% for all categories. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 4.00% for a 3 year guarantee period (ygp); 3.65% for a 4 ygp; 4.50% for a 5 ygp; 4.00% for a 6 ygp; 4.00% for a 7 ygp; 3.65% for an 8 ygp; 4.15% for a 9 ygp; and 4.50% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... JUNE 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions







* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ FPRA A+g N 4.80% 3.50% P $79,706 $79,706 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.15% 3.00% 4.00% B $66,822 $66,822 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N N/A 3.00% B N/A N/A 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**

Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**Employers Modern Life/Flex FPDA A- N 4.00% 3.50% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**


Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 2.50% 1.00% 2.00% B $62,384 $62,384 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 2.50% 2.00% B $62,322 $62,322 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.40% 0.25% 2.00% B $61,668 $61,668 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**




Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**




* National Guardian Life/ Super Flex A- Y N/A 4.00% B N/A N/A 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**National Western Life/ Capital + A- N 3.20% 3.00% B $66,984 $66,984 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No No






* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.00% + 3.00% P $71,827 $71,827 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**VALIC/ Portfolio Director A+g Y 3.25% 3.00% B $67,339 $66,665 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 3.85% 4.00% B $71,840 $71,840 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**



COMPARATIVE ANNUITY REPORT ... JUNE 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions



* Aviva Life/ FPRA A+g N 4.80% 3.50% P $79,706 $79,706 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Kansas City Life/ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**

National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSunset Life Ins. Co./ Growth Track A g N 4.50% 1.00% 3.00% B $77,197 $77,197 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**American General AIC/ Vision Flex A+g Y 4.25% 3.00% B $75,026 $75,026 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* AIG Life Ins Co / TSA+III A ++g Y 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** American Investors Life/ FPDA-P10 A g N 4.00% 3.00% B $73,012 $73,012 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No

Employers Modern Life/Flex FPDA A- N 4.00% 3.50% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**National Western Life/ FP1091 A- N 4.00% 4.00% B $73,012 $73,012 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No NoOhio National Life Ins Co/Prime I A+g N 4.00% 4.00% P $73,012 $67,356 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 4.00% 4.00% P $73,012 $73,012 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Teachers Ins. & Annuity/ SRA A ++g Y 4.00% 3.00% P $73,012 $73,012 None >>> $25 Mo ** Y ** Y** Y** Y** Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

Woodmen of the World Life/ Basic A+ N 4.00% 3.00% P $73,007 $73,007 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y**Presidential Life Ins. Co. / N-L Flex B++ N 3.90% 3.00% B $72,230 $72,230 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**Western United Life/ Flex 2000 B- N 3.85% 4.00% B $71,840 $71,840 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $71,058 $71,058 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Mutual of America Life Ins Co/IRA A+ Y 3.75% 3.00% P $71,058 $71,058 None $.2K $10 Mo None Y None Y Y Y YTravelers Insurance Co./ T-Flex-TSA A ++g N 3.75% 3.00% B $71,058 $71,058 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.65% 1.00% 3.00% C/10Yrs $70,362 $70,362 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoAmerican Equity Invest' /FP Super 7 B++ Y 3.50% 7.00% 3.00% B $69,640 $69,640 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 3.50% 3.00% 3.00% B $69,363 $36,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ Y 3.50% + 3.00% B $69,225 $69,225 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American National/ Palladium FPDA A+ Y 3.50% 3.00% P $68,948 $68,948 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**

* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoGreat American Life/ TSA VIII Bonus A g N 3.50% 3.00% B $71,749 $68,658 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Horace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

* Lincoln Benefit / Futurist's Gold I A+r Y 3.50% 1.00% 3.00% P $69,225 $69,225 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**MONY Life Ins Co/Fixed Annuity/8Yr A g N 3.50% 1.00% 3.00% C/8Yrs $69,225 $69,225 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoThrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**


* Great American Life/ TSA VI A g N 3.30% 1.00% 3.00% B $67,762 $67,762 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y*** AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.25% 1.00% 3.00% P $67,746 $67,746 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** American Investors Life/ P4+ A g N 3.25% 3.00% B $67,457 $66,108 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No* Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Life of the Southwest/ Flex I A g N 3.25% 3.00% B $67,346 $67,346 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**Mutual of America Life Ins Co/TSA A+ Y 3.25% 3.00% P $67,346 $67,346 None $.2K $10 Mo None Y None Y Y Y YNorthern Life Ins. Co.(ING)/TSA I A+g Y 3.25% 3.00% B $67,339 $67,339 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.25% 3.50% B $67,346 $67,346 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**VALIC/ Portfolio Director A+g Y 3.25% 3.00% B $67,339 $66,665 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.21% 1.00% 3.00% C/7Yrs $67,132 $67,132 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No


* National Western Life/ FP1098 A- N 3.20% 4.00% 3.00% B $67,252 $67,252 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* Shenandoah Life/ FPDA-2 Bonus A- N 3.20% 1.00% 3.00% B $66,984 $66,984 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Beneficial Life/ Advantage-11A+(A) A N 3.15% 3.00% 4.00% B $66,822 $66,822 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y**

USAA Life Ins. Co./ FRA A ++g Y 3.15% 1.00% 3.00% P $68,622 $68,622 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**Midland National Life/ Guarantee 9 A+ N 3.10% 3.00% B $66,257 $66,257 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**

* Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** AIG Life Ins Co /Ultra Xtra A ++g Y 3.00% 2.00% 3.00% B $65,667 $65,667 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y*** AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.00% 0.50% 3.00% P $65,569 $65,569 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Life Ins Co /Future Freedom A ++g Y 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**


* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**

* Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y*** Conseco Annuity Assur./ FPDA-11 B N 3.00% 2.00% 3.00% B $65,667 $65,667 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N 3.00% 3.00% 3.00% B $65,733 $65,733 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N 3.00% 8.00% 3.00% B $66,060 $66,060 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**

Farm Bureau Life Select 4-Portfolio 10 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** NoHartford Life/ Director A+g Y 3.00% 3.00% P $65,536 $65,339 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

* Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.00% 2.00% 3.00% B $65,667 $65,667 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**

Metropolitan Life/Growth+ Account A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.00% 1.00% 3.00% C/5Yrs $65,602 $65,602 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoNorthern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.00% 3.00% C/ 5 Yrs $65,538 $65,538 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Transamerica Life & Anty/SelectVal+1 A+ Y 3.00% 1.00% 3.00% P $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+3 A+ Y 3.00% 1.00% 3.00% P $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+6 A+ Y 3.00% 1.00% 3.00% C/6Yr $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... JUNE 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions





* American General AIC/ Ultra Vision 97 A+g Y 3.00% 3.00% B $135,062 $135,062 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ Y 3.05% 1.00% 3.00% C/ 5 Yrs $136,385 $136,385 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No



AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Premier Solut'n + A+ Y 3.00% 1.00% 3.00% B $135,740 $135,740 7 Yrs/ 6-6-6-5-4-3-2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.60% 3.00% 3.00% B $146,692 $146,692 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N N/A 3.00% C/ 10 Yrs N/A N/A 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N 3.00% 1.00% 3.00% B $135,374 $135,374 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Conseco Annuity Assur./ Tru Level 7 B N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y** Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y*** Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N N/A 4.00% 3.50% B N/A N/A 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 6 A- N N/A 6.00% 3.50% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**


* Equitable Life Assur/GuarGrowth 1Yr A+g N 3.00% + 3.00% C/ 1 Yr $135,734 $135,734 5 Yrs/ 9-8-7-6-5-0( + = Prem' Bonus) $5K 83 No 90 Y* No Y-A Y** Y**Equitable Life Assur/GuarGrowth 5Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**


* F & G Life/ Fidelity Platinum+5 Yr A g N 3.25% 1.00% 3.00% C/ 5 Yrs $139,057 $139,057 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.45% 1.00% 3.00% C/ 7 Yrs $141,773 $141,773 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 3.50% 1.00% 3.00% C/ 10 Yrs $142,461 $142,461 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select 4 N.M. 3 Yr A+ N N/A 3.00% C/ 3 Yrs N/A N/A 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**

Farm Bureau of Mich/3 Yr-Guarantee A N 3.50% 3.00% C/ 3 Yrs $141,050 $141,050 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.50% 3.00% C/ 5 Yrs $155,290 $155,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N N/A 1.00% 3.00% P N/A N/A 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.25% 1.00% 3.00% C/ 6 Yrs $139,057 $139,057 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 2.50% 1.00% 2.00% B $129,288 $129,288 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 2.50% 2.00% B $128,008 $128,008 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.40% 0.25% 2.00% B $126,765 $126,765 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**


Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 6 Yr. A+g Y 3.00% 1.00% 3.00% C/ 6 Yrs $135,734 $135,734 6 Yrs/ 7-7-6-5-4-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 7 Yr. A+g Y 3.00% 1.00% 3.00% C/ 7 Yrs $135,734 $135,734 7 Yrs/ 7-7-7-6-5-4-3-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.10% 1.00% 3.25% C/ 6 Yrs $137,057 $137,057 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 3.10% 2.00% 3.00% C/ 7 Yrs $138,414 $138,414 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y N/A 3.25% C/ 5 Yrs N/A N/A 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**






Mutual of America Life Ins. Co./TSA A+ Y 3.25% 3.00% P $137,680 $137,680 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ Y 3.75% 3.00% P $144,500 $144,500 None $.2K None Y None Y Y-$.2K Y Y Y

* National Guardian/ Asset Guard-2 Yr. A- Y 3.10% 2.00% 3.00% B $138,414 $138,414 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y N/A 4.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.00% 1.00% 3.00% B $135,734 $135,734 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.00% 3.00% B $147,931 $147,931 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**





Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 10 A g Y 3.80% 1.50% 3.00% C/ 10 Yrs $147,370 $147,370 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 3 A g Y N/A 3.00% C/ 3 Yrs N/A N/A 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.00% 1.00% 3.00% C/ 4 Yrs $135,734 $135,734 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.00% 1.00% 3.00% C/ 6 Yrs $135,734 $135,734 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.15% 2.00% 3.00% C/ 8 Yrs $139,087 $139,087 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.00% 0.50% 3.00% C/ 7 Yrs $135,062 $135,062 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 3.65% 3.00% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**









* Transamerica Life&Anty/ Mach 6 A+ Y 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 6-6-6-6-6-6-0 $5K Q70/N75 No 98 Y** Y-1st Yr Y-A/O No Y**Transamerica Life&Anty/SecValue 5 A+ Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0+MVA $15K 85 No 98 Y** No Y-O No Y**

* Transamerica Life&Anty/SecValue 6 A+ Y 3.00% 1.00% 3.00% C/ 6 Yrs $135,734 $135,734 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 85 No 85 Y** No Y-Q No Y**

* Transamerica Life&Anty/SecValue 8 A+ Y 3.00% 2.00% 3.00% C/ 8 Yrs $136,405 $136,405 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.00% 2.00% 3.00% C/ 10 Yrs $136,405 $136,405 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**




United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y*** United of Omaha/Ultra Annuity 1 Yr A g N N/A 3.00% P N/A N/A 6 Yrs/ 7-7-7-6-4-2-0 $5K 89 No 95 Y* Y-1/2 Yr Y-O** Y** Y*** United of Omaha/Ultra Annuity 3 Yr A g N N/A 3.00% P N/A N/A 6 Yrs/ 7-7-7-6-4-2-0 (* =.35% for 3 Yrs) $5K 89 No 95 Y* No Y-O** Y** Y**

USAA Life Ins. Co./ Ext'd Guar'- 2 Yr A ++g Y N/A 3.00% C/ 2 Yrs N/A N/A 2 Yrs/ 8-8-0 $50K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 5 Yr A ++g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 8-8-7-6-5.2-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.30% 3.00% C/ 10 Yrs $138,350 $138,350 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 5.25% + 3.00% P $168,478 N/S N/S= None Surrenderable (+1% Prem Bonus) $5K 85 No 100 No Y** No No Y**USAA Life Ins. Co./ SPA II A ++g Y 3.70% + 3.00% P $145,240 $140,779 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

* USG Annuity-Life(ING)/ Cornerstone A+g Y 3.00% 3.00% B $141,109 $134,390 9Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 90 No ** Y* No Y-A Y** Y**USG Annuity-Life(ING)Max Guar-5Yr A+g Y 3.10% 3.00% C/ 5 Yrs $135,700 $135,700 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-6Yr A+g Y 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g Y 3.65% 3.00% C/ 8 Yrs $143,110 $143,110 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-10Yr A+g Y 4.35% 3.00% C/ 10 Yrs $153,080 $153,080 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.00% 2.75% 3.00% C/ 10 Yrs $138,086 $138,086 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**USG Annuity-Life(ING)Selct Guar-5Yr A+g Y 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**USG Annuity-Life(ING)Selct Guar-6Yr A+g Y 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**




COMPARATIVE ANNUITY REPORT ... JUNE 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.50% 3.00% C/ 5 Yrs $155,290 $155,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**



USG Annuity-Life(ING)Max Guar-10Yr A+g Y 4.35% 3.00% C/ 10 Yrs $153,080 $153,080 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**

Allianz Life NA/ Dominator- 10 Yr A ++ N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y*** American Investors Life/ SP2000+ A g N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No

American National/PaladiumMYG6yr A+ Y 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** NoConseco Annuity Assur./ Tru Level 7 B N 4.00% 3.00% C/ 7 Yrs $148,020 $148,020 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $25K 85 No 95 Y* No Y-A/O No Y**

Hartford Life/ Saver+ 5 Years A+g Y 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y**Knights of Columbus/ FPA A ++ Y 4.00% 3.50% P $148,020 $148,020 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

National Life of Vermont/ Liberty A g N 4.00% 3.00% B $147,931 $147,931 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y** Pacific Life/ Quest 88-01/1 Yr. A ++g N 4.00% 4.00% C/ 1Yr $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**

Pacific Life/ Quest 88-01/3 Yr. A ++g N 4.00% 4.00% C/ 3Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N 4.00% 4.00% C/ 5 Yrs $148,020 $148,020 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Teachers Ins. & Annuity/ IRA A ++g Y 4.00% 3.00% B $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y**

Teachers Ins. & Annuity/ SRA A ++g Y 4.00% 3.00% P $148,020 $148,020 None ** ** Y** ** Y** Y Y** Y** Y** Union Central Life/ SPDA2000-1Yr A N 4.00% 3.00% B $148,020 $148,020 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y**

United Heritage Mutual/Sec Value 5 A- N 4.00% 3.50% C/ 5 Yrs $148,020 $148,020 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 4.00% 3.00% P $148,024 $148,024 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No

Presidential Life Ins. Co./ Secure 6 B++ N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**Employers Modern Life/ SP 5Yr Guar A- N 3.80% 3.50% C/ 5 Yrs $145,200 $145,200 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

* Physicians Life/ Custom Direct 10 A g Y 3.80% 1.50% 3.00% C/ 10 Yrs $147,370 $147,370 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**

Mutual of America Life Ins. Co./IRA A+ Y 3.75% 3.00% P $144,500 $144,500 None $.2K None Y None Y Y-$.2K Y Y YSecurity Mutual Life/ SPA2000-3yr A N 3.75% 3.50% C/ 3 Yrs $144,500 $144,500 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**

Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 3.75% 3.50% B $144,500 $144,500 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**USAA Life Ins. Co./ SPA II A ++g Y 3.70% + 3.00% P $145,240 $140,779 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**Employers Modern Life/ SP 4Yr Guar A- N 3.65% 3.50% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.65% 1.00% 3.00% C/ 10Yrs $144,541 $144,541 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoPresidential Life Ins. Co./ Secure 4 B++ N 3.65% 3.00% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**USG Annuity-Life(ING)Max Guar-8Yr A+g Y 3.65% 3.00% C/ 8 Yrs $143,110 $143,110 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**

* Beneficial Life/ Advantage 11B+(A) A N 3.60% 3.00% 3.00% B $146,692 $146,692 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y** Western United/DiscoverMaxVoygr. B- N 3.55% 3.00% 3.00% B $145,992 $145,992 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y** AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**

AMEX/ Access Advantage A+g N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

Employers Modern Life/ SP 3Yr Guar A- N 3.50% 3.50% C/ 3 Yrs $141,050 $141,050 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 3.50% 1.00% 3.00% C/ 10 Yrs $142,461 $142,461 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.50% 3.00% C/ 3 Yrs $141,050 $141,050 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.50% 3.00% B $141,050 $141,050 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**

Minnesota Life/ Secure Opt. III A ++ N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**MONY Life Ins Co/ Fixed Annuity8Yr A g N 3.50% 1.00% 3.00% C/ 8Yrs $142,461 $142,461 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

* National Western Life/ Confidence A- N 3.50% 0.50% 3.00% P $144,755 $144,755 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y**

Security Mutual Life/ SPA2000-1yr A N 3.50% 3.50% P $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y** Security Mutual Life/ SP-I Yr A N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y*** United Heritage Mutual/ Eagle-8 A- N 3.50% 2.50% 3.50% P $144,576 $144,576 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y** United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y*** Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** American National/PaladiumMYG7yr A+ Y 3.45% 1.00% 3.00% C/ 7 Yrs $141,773 $141,773 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.45% 1.00% 3.00% C/ 7 Yrs $141,773 $141,773 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

Midland National Life/ Dir. Guar. 7Yr A+ N 3.45% 1.00% 3.00% C/ 7 Yrs $141,773 $141,773 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 3.40% 3.00% C/ 8 Yrs $139,700 $139,700 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* Great American Life/ Plus 5 A g N 3.40% + 3.00% B $146,685 $139,703 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.40% 3.75% 3.00% B $144,939 $144,939 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.35% 3.00% C/ 6 Yrs $139,020 $139,020 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.35% 3.00% B $139,020 $139,020 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y**Allianz Life NA/ Dominator- 7 Yr A ++ N 3.30% 3.00% C/ 7 Yrs $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**

* AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 3.30% 3.00% C/ 6 Yrs $138,350 $138,350 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y**

USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.30% 3.00% C/ 10 Yrs $138,350 $138,350 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 3.25% 1.00% 3.00% C/ 5 Yrs $139,057 $139,057 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.25% 1.00% 3.00% C/ 6 Yrs $139,057 $139,057 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.25% 3.00% B $156,818 $132,198 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y** Hartford Life/ CRC Select-5Yr A+g Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Kansas City Life Select Track 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.25% 1.50% 3.00% B $139,745 $139,745 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-5 A g N 3.25% 2.00% 3.00% B $140,434 $140,434 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y** Metropolitan Life Ins. Co./ Max-1 A+g Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** Mutual of America Life Ins. Co./TSA A+ Y 3.25% 3.00% P $137,680 $137,680 None $.2K None Y None Y Y-$.2K Y Y Y* National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y** Reliastar (ING)/ TSA-I A+g Y 3.25% 3.00% B $137,680 $123,912 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**

Sunset Life Ins. Co./ SelecTrack 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.25% 3.50% B $137,680 $137,680 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

VALIC/ Portfolio Director A+g Y 3.25% 3.00% B $137,680 $137,680 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y**MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.21% 1.00% 3.00% C/ 7Yrs $137,148 $137,148 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

* AMEX/ Rate Advantage 1 A+g N 3.20% 1.00% 3.00% B $138,390 $138,390 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y*** National Western Life/ Access-1092 A- N 3.20% 0.50% 3.00% P $138,388 $138,388 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** Shenandoah Life/ SPDA-2 Bonus A- N 3.20% 1.00% 3.00% P $138,326 $138,326 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Allianz Life NA/ Dominator- 6 Yr A ++ N 3.15% 3.00% C/ 6 Yrs $136,360 $136,360 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y** Ameritus Variable/ Advantage + A+ N 3.15% 3.00% B $136,360 $136,360 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.15% 2.00% 3.00% C/ 8 Yrs $139,087 $139,087 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on June 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on June 1, 2003


1 Knights of Columbus 7.44 1 Conseco Annuity Assurance 7.09 1 Knights of Columbus 8.27 1 Western United Life Assur 7.742 Conseco Annuity Assurance 7.40 2 Kansas City Life Ins Co 6.91 2 Farm Bureau Life of Michigan 8.20 2 Farm Bureau Life Ins Co 7.723 Farm Bureau Life of Michigan 7.40 3 Sunset Life Ins Co of Amer' 6.91 3 Western United Life Assur 8.15 3 Kansas City Life Ins Co 7.704 Kansas City Life Ins Co 7.36 4 Farm Bureau Life Ins Co 6.87 4 Kansas City Life Ins Co 8.12 4 Sunset Life Ins Co of Amer' 7.705 Sunset Life Ins Co of Amer' 7.36 5 Western United Life Assur 6.86 5 Sunset Life Ins Co of Amer' 8.12 5 Knights of Columbus 7.696 Security Benefit Life Ins Co 7.34 6 Knights of Columbus 6.81 6 Farm Bureau Life Ins Co 8.10 6 Horace Mann LIfe Ins Co 7.677 Farm Bureau Life Ins Co 7.32 7 Farm Bureau Life of Michigan 6.80 7 Security Benefit Life Ins Co 8.10 7 Farm Bureau Life of Michigan 7.648 Western United Life Assur 7.32 8 Horace Mann LIfe Ins Co 6.80 8 Great American Life Ins Co 8.05 8 Penn Mutual Life 7.609 Penn Mutual Life 7.23 9 Security Benefit Life Ins Co 6.75 9 Security Mutual Life of NY 7.99 9 Security Mutual Life of NY 7.5910 Great American Life Ins Co 7.18 10 Security Mutual Life of NY 6.68 10 United Heritage Mutual Life 7.98 10 Security Benefit Life Ins Co 7.5011 Security Mutual Life of NY 7.17 11 Presidential Life Ins Co 6.67 11 Conseco Annuity Assurance 7.97 11 United Heritage Mutual Life 7.5012 Life Ins Co of the Southwest 7.13 12 MONY Life Ins Co 6.61 12 Penn Mutual Life 7.94 12 Presidential Life Ins Co 7.4613 Presidential Life Ins Co 7.13 13 Jackson National Life Ins Co 6.60 13 Presidential Life Ins Co 7.91 13 Great American Life Ins Co 7.4514 United Heritage Mutual Life 7.13 14 Employers Modern Life Co 6.59 14 Life Ins Co of the Southwest 7.88 14 Employers Modern Life Co 7.4415 MONY Life Ins Co 7.05 15 United Heritage Mutual Life 6.59 15 Employers Modern Life Co 7.83 15 Conseco Annuity Assurance 7.4316 Jackson National Life Ins Co 7.03 16 Life Ins Co of the Southwest 6.57 16 Sentry Life Insurance Co 7.83 16 MONY Life Ins Co 7.4217 Employers Modern Life Co 7.02 17 Penn Mutual Life 6.55 17 Minnesota Life Ins Co 7.81 17 Sentry Life Insurance Co 7.3918 Minnesota Life Ins Co 7.00 18 Principal Life 6.55 18 MONY Life Ins Co 7.81 18 Life Ins Co of the Southwest 7.3419 Sentry Life Insurance Co 7.00 19 Great American Life Ins Co 6.54 19 Federal Kemper Life Assur 7.74 19 American National Ins Co 7.3220 Fidelity & Guaranty Life 6.98 20 Teachers Ins & Anty of Amer' 6.51 20 Kemper Investors Life 7.74 20 Principal Life 7.3021 First Colony Life Ins. Co. 6.94 21 American National Ins Co 6.50 21 Fidelity & Guaranty Life 7.72 21 Teachers Ins & Anty of Amer' 7.3022 GE Capital Assurance 6.94 22 First Colony Life Ins. Co. 6.50 22 American National Ins Co 7.71 22 Allianz Life Ins Co of N.A. 7.2723 American National Ins Co 6.92 23 GE Capital Assurance 6.50 23 First Colony Life Ins. Co. 7.70 23 AMEX Life 7.2724 AMEX Life 6.87 24 Sentry Life Insurance Co 6.50 24 GE Capital Assurance 7.70 24 Fidelity & Guaranty Life 7.2725 Federal Kemper Life Assur 6.87 25 Fidelity & Guaranty Life 6.48 25 Lincoln Benefit Life Company 7.68 25 Minnesota Life Ins Co 7.2526 Kemper Investors Life 6.87 26 Allianz Life Ins Co of N.A. 6.46 26 AMEX Life 7.67 26 First Colony Life Ins. Co. 7.2427 Principal Life 6.87 27 AMEX Life 6.43 27 Horace Mann LIfe Ins Co 7.67 27 GE Capital Assurance 7.2428 Allianz Life Ins Co of N.A. 6.84 28 USAA Life Insurance Company 6.42 28 Allianz Life Ins Co of N.A. 7.64 28 Jackson National Life Ins Co 7.2329 Lincoln Benefit Life Company 6.81 29 Minnesota Life Ins Co 6.39 29 Jackson National Life Ins Co 7.60 29 Woodmen of the World Life 7.2030 Horace Mann LIfe Ins Co 6.80 30 Woodmen of the World Life 6.38 30 Principal Life 7.58 30 Lincoln Benefit Life Company 7.1931 Woodmen of the World Life 6.80 31 Lincoln Benefit Life Company 6.36 31 Woodmen of the World Life 7.58 31 AIG Life Ins Co 7.1532 National Life Ins of Vermont 6.72 32 AIG Life Ins Co 6.29 32 National Life Ins of Vermont 7.53 32 American General Life Ins Co 7.1533 USAA Life Insurance Company 6.71 33 American General Life Ins Co 6.29 33 AIG Life Ins Co 7.48 33 Federal Kemper Life Assur 7.1434 CNA Life Ins Co 6.69 34 Hartford Life Ins Co 6.29 34 American General Life Ins Co 7.48 34 Kemper Investors Life 7.1435 Hartford Life Ins Co 6.67 35 Federal Kemper Life Assur 6.23 35 AXA/Equitable Life Assurance Co 7.48 35 Keyport Life Ins Co 7.1436 AIG Life Ins Co 6.66 36 Kemper Investors Life 6.23 36 CNA Life Ins Co 7.40 36 USAA Life Insurance Company 7.1437 American General Life Ins Co 6.66 37 Keyport Life Ins Co 6.23 37 Physicians Life Ins Co 7.40 37 AXA/Equitable Life Assurance Co 6.9738 AXA/Equitable Life Assurance Co 6.63 38 Physicians Life Ins Co 6.20 38 USAA Life Insurance Company 7.40 38 Physicians Life Ins Co 6.9739 Jefferson Pilot Life Ins Co 6.55 39 CNA Life Ins Co 6.13 39 Keyport Life Ins Co 7.36 39 Equitable-Iowa (ING) 6.9240 Equitable-Iowa (ING) 6.54 40 Jefferson Pilot Life Ins Co 6.13 40 Equitable-Iowa (ING) 7.30 40 Northern/ReliaStar Life (ING) 6.9241 Northern/ReliaStar Life (ING) 6.54 41 Equitable-Iowa (ING) 6.10 41 Northern/ReliaStar Life (ING) 7.30 41 USG Annuity & Life Co 6.9242 USG Annuity & Life Co 6.54 42 Northern/ReliaStar Life (ING) 6.10 42 Teachers Ins & Anty of Amer' 7.30 42 Thrivent Fincl for Lutherans 6.9043 Keyport Life Ins Co 6.53 43 USG Annuity & Life Co 6.10 43 Thrivent Fincl for Lutherans 7.30 43 Jefferson Pilot Life Ins Co 6.8944 Physicians Life Ins Co 6.53 44 National Life Ins of Vermont 6.07 44 USG Annuity & Life Co 7.30 44 Hartford Life Ins Co 6.8745 Teachers Ins & Anty of Amer' 6.51 45 Thrivent Fincl for Lutherans 6.07 45 Jefferson Pilot Life Ins Co 7.27 45 National Life Ins of Vermont 6.8746 Thrivent Fincl for Lutherans 6.50 46 AXA/Equitable Life Assurance Co 6.01 46 Canada Life Assurance 7.21 46 CNA Life Ins Co 6.8547 Canada Life Assurance 6.40 47 Bankers United Life 5.87 47 Hartford Life Ins Co 7.14 47 Canada Life Assurance 6.6248 Bankers United Life 6.32 48 Life Investors Ins of Amer 5.87 48 Bankers United Life 7.02 48 Bankers United Life 6.5849 Life Investors Ins of Amer 6.32 49 Peoples Benefit Life 5.87 49 Life Investors Ins of Amer 7.02 49 Life Investors Ins of Amer 6.5850 Peoples Benefit Life 6.32 50 Transamerica Life & Annuity 5.87 50 Peoples Benefit Life 7.02 50 Peoples Benefit Life 6.58

Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports P.O. Box 1268, Fair Oaks, CA 95628Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com


July, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 7 EDITOR’S COMMENTS... Numbers Summary: "Old-Old news" the average base interest rates for FPDA and SPDA programs declined for the 15th consecutive month. As reported last month the decline in interest rates has caused removal of FPDA and SPDA products, and is now forcing companies to refile guaranteed interest rates to 2% and 1.5%. SPIA factor averages dropped rather perceptively again this month. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 3.50% for a 3 year guarantee period (ygp); 3.65% for a 4 ygp; 4.15% for a 5 ygp; 3.85% for a 6 ygp; 3.75% for a 7 ygp; 3.40% for an 8 ygp; 4.15% for a 9 ygp; and 4.50% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... JULY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions




* American Investors Life/ FPDA-P10 A g N 3.25% 0.75% 3.00% B $67,397 $67,397 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.25% 1.75% 3.00% B $67,764 $67,764 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No



* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ FPRA A+g N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.15% 3.00% 4.00% B $66,822 $66,822 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N N/A 3.00% B N/A N/A 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N N/A 3.00% B N/A N/A 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**

Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**Employers Modern Life/Flex FPDA A- N 4.00% 3.50% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**

* Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**F&G Life/Loyalty Reward E Ag N 3.00% 3.00% B $65,536 $63,570 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau of Mich./ Flex II A N 5.20% 3.00% P $83,330 $83,330 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 2.25% 1.00% 2.00% B $60,685 $60,685 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 2.00% 1.25% 2.00% B $59,131 $59,131 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.00% 1.25% 2.00% B $59,131 $59,131 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** No* Great American Life/ TSA VI A g N N/A 3.00% B N/A N/A 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y**





* Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**Life of the Southwest/ Flex I A g N N/A 3.00% B N/A N/A 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**


* National Guardian Life/ Super Flex A- Y N/A 4.00% B N/A N/A 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**National Western Life/ Capital + A- N 3.00% 3.00% B $65,536 $65,536 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**National Western Life/ FP1091 A- N 3.00% 4.00% B $65,536 $65,536 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No No









COMPARATIVE ANNUITY REPORT ... JULY 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions



* Aviva Life/ FPRA A+g N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoAmerican Equity Invest' /FP Super 7 B++ Y 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 4.50% 3.00% 3.00% B $77,390 $77,390 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoVALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**

* Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Employers Modern Life/Flex FPDA A- N 4.00% 3.50% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**Presidential Life Ins. Co. / N-L Flex B++ N 3.90% 3.00% B $72,230 $72,230 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**American General AIC/ Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* AIG Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American National/ Palladium FPDA A+ Y 3.50% 3.00% P $68,948 $68,948 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**AmerUs Life/ Flex 30 A g N 3.50% 3.50% B $68,948 $68,948 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**

* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoHorace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Knights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Mutual of America Life Ins Co/IRA A+ Y 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YThrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 3.50% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**Western United Life/ Flex 2000 B- N 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**

Woodmen of the World Life/ Basic A+ N 3.50% 3.00% P $69,151 $69,151 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.40% 1.00% 3.00% C/10Yrs $68,500 $68,500 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoUSAA Life Ins. Co./ FRA A ++g Y 3.35% 1.00% 3.00% P $70,104 $70,104 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**American Equity Invest' /Guar' + 1 B++ Y 3.25% + 3.00% B $87,346 $87,346 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**

* American Investors Life/ FPDA-P10 A g N 3.25% 0.75% 3.00% B $67,397 $67,397 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.25% 1.75% 3.00% B $67,764 $67,764 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No* Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

MONY Life Ins Co/Fixed Annuity/8Yr A g N 3.25% 1.00% 3.00% C/8Yrs $67,413 $67,413 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoNorthern Life Ins. Co.(ING)/TSA I A+g Y 3.25% 3.00% B $67,339 $67,339 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**VALIC/ Portfolio Director A+g Y 3.25% 3.00% B $67,339 $66,665 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**

* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** National Western Life/ FP1098 A- N 3.20% 4.00% 3.00% B $67,252 $67,252 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* Shenandoah Life/ FPDA-2 Bonus A- N 3.20% 1.00% 3.00% B $66,984 $66,984 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Beneficial Life/ Advantage-11A+(A) A N 3.15% 3.00% 4.00% B $66,822 $66,822 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y*** AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.10% 1.50% 2.00% P $59,782 $59,782 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

Midland National Life/ Guarantee 9 A+ N 3.10% 3.00% B $66,257 $66,257 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y*** Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** AIG Life Ins Co /Ultra Xtra A ++g Y 3.00% 2.00% 3.00% B $65,667 $65,667 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y*** AIG Life Ins Co /Future Freedom A ++g Y 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**


* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**

F&G Life/Loyalty Reward E Ag N 3.00% 3.00% B $65,536 $63,570 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** NoGreat American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Hartford Life/ Director A+g Y 3.00% 3.00% P $65,536 $65,339 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

* Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.00% 2.00% 3.00% B $65,667 $65,667 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

* Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Lincoln Benefit / Futurist's Gold I A+r Y 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**

Metropolitan Life/Growth+ Account A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-4 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.00% 1.00% 3.00% C/5Yrs $65,602 $65,602 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.00% 1.00% 3.00% C/7Yrs $65,602 $65,602 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/TSA A+ Y 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y YNational Western Life/ Capital + A- N 3.00% 3.00% B $65,536 $65,536 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**National Western Life/ FP1091 A- N 3.00% 4.00% B $65,536 $65,536 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No NoNorthern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.00% 3.00% C/ 5 Yrs $65,538 $65,538 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Transamerica Life & Anty/SelectVal+1 A+ Y 3.00% 1.00% 3.00% P $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+3 A+ Y 3.00% 1.00% 3.00% P $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+6 A+ Y 3.00% 1.00% 3.00% C/6Yr $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**

* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.00% + 3.00% P $71,827 $71,827 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**

* AIG Life Ins Co /Bonus Flex 7 A ++g Y 2.60% 1.50% 2.00% P $63,098 $63,098 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**Ohio National Life Ins Co/Prime I A+g N 2.55% 2.00% P $62,663 $57,922 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**

* United Heritage Mutual/ Heritage A- N 2.50% 0.50% 1.50% P $62,353 $62,353 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 2.25% 1.00% 2.00% B $60,685 $60,685 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Ohio National Life Ins Co/Prime II A+g N 2.25% 2.00% P $60,624 $60,624 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 2.00% 1.25% 2.00% B $59,131 $59,131 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**


COMPARATIVE ANNUITY REPORT ... JULY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** AIG Life Ins Co/ AIG Five 1 A ++g Y N/A 3.00% P N/A N/A 6 Yrs/ 7-7-6-5-4-3-0 $5K 75A Y 85 Y** No Y-A No Y**



* American General AIC/ Ultra Vision 97 A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ Y 3.00% 1.00% 3.00% C/ 5 Yrs $135,734 $135,374 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No



AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Solutions 6 A+ Y 2.00% 2.00% B $121,899 $121,899 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.35% 3.00% 3.00% B $143,191 $143,191 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N N/A 3.00% C/ 10 Yrs N/A N/A 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Conseco Annuity Assur./ Tru Level 6 B N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y** Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y*** Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 4 A- N N/A 4.00% 3.50% B N/A N/A 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Employers Modern Life/ Bonus 6 A- N N/A 6.00% 3.50% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**


* Equitable Life Assur/GuarGrowth 1Yr A+g N 3.25% 3.00% C/ 1 Yr $135,734 $135,734 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**Equitable Life Assur/GuarGrowth 5Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**

* Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.00% 1.50% 3.00% C/ 10 Yrs $136,405 $136,405 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-5Yr A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g Y N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 3.00% 2.00% 3.00% C/ 8 Yrs $137,078 $137,078 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* F & G Life/ Fidelity Platinum+5 Yr A g N 3.00% 1.00% 3.00% C/ 5 Yrs $135,374 $135,374 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.00% 1.00% 3.00% C/ 7 Yrs $145,950 $145,950 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 3.75% 1.00% 3.00% C/ 10 Yrs $142,461 $142,461 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select 4 N.M. 3 Yr A+ N N/A 3.00% C/ 3 Yrs N/A N/A 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y**

Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.15% 3.00% C/ 3 Yrs $136,360 $136,360 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N N/A 3.00% P N/A N/A 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.25% 1.00% 3.00% C/ 6 Yrs $139,057 $139,057 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 2.25% 1.00% 2.00% B $126,171 $126,171 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 2.00% 1.25% 2.00% B $123,423 $123,423 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.00% 1.25% 2.00% B $123,423 $123,423 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**


Jackson Nat'l Life/ Max Plan A+g Y 3.00% 3.00% B $134,390 $134,390 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.00% 3.00% B $134,390 $134,390 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g Y 3.00% 2.00% 3.00% C/ 9 Yrs $135,734 $135,734 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g Y 3.00% 2.00% 3.00% C/ 10 Yrs $135,734 $135,734 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.10% 1.00% 3.25% C/ 6 Yrs $137,057 $137,057 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 3.10% 2.00% 3.00% C/ 7 Yrs $138,414 $138,414 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y N/A 3.25% C/ 5 Yrs N/A N/A 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**




* Life Investors Ins./Solutions 6 A+ Y 2.00% 2.00% B $121,300 $121,300 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N N/A 3.00% B N/A N/A 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/Milenium + A g N 3.00% 2.00% 3.00% B $137,078 $137,078 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce Prem' 2Yr. A+r Y 3.00% 1.00% 3.00% B $135,258 $135,358 9 Yrs/ 8-8-8-7-6-5-4-3-2-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r Y 3.00% 1.00% 3.00% C/ 5 Yrs $135,299 $135,299 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.00% 1.00% 3.00% C/ 8 Yrs $135,374 $135,374 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Metropolitan Life Ins. Co./ Max-1 A+g Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-4Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.35% 3.00% C/ 6 Yrs $139,020 $139,020 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**


Mutual of America Life Ins. Co./TSA A+ Y 3.00% 3.00% P $134,390 $134,390 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ Y 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.00% 2.00% 3.00% B $137,078 $137,078 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y N/A 4.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.00% 1.00% 3.00% B $135,734 $135,734 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.00% 3.00% B $147,931 $147,931 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**



Pacific Life/ Quest 88-01/1 Yr. A ++g N N/A 4.00% C/ 1Yr N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**Pacific Life/ Quest 88-01/3 Yr. A ++g N N/A 4.00% C/ 3Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N N/A 4.00% C/ 5 Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Penn Mutual Life/Penn Fixed Advtg A g N 3.00% 1.00% 3.00% B $135,374 $135,374 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-1Yr A g N 3.00% 3.00% C/ 1 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-3Yr A g N 3.00% 3.00% C/ 3 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-5Yr A g N 3.00% 3.00% C/ 5 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-7Yr A g N 3.00% 3.00% C/ 7 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**


Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 10 A g Y 3.50% 1.50% 3.00% C/ 10 Yrs $143,166 $143,166 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 3 A g Y N/A 3.00% C/ 3 Yrs N/A N/A 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.00% 1.00% 3.00% C/ 4 Yrs $135,734 $135,734 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.00% 1.00% 3.00% C/ 6 Yrs $135,734 $135,734 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.35% 2.00% 3.00% C/ 8 Yrs $141,800 $141,800 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.00% 3.00% C/ 7 Yrs $134,390 $134,390 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 3.65% 3.00% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**




Security Mutual Life/ SP-I Yr A N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Sentry Life Ins. Co./ Multi-Plus A g N 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y*** Shenandoah Life/ SPDA-1 Bonus A- N N/A 3.00% P N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ SPDA-2 Bonus A- N 3.20% 1.00% 3.00% P $138,326 $138,326 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** ** Sun Life Assur. /Regatta-Choice -4Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** SunAmerica Life/ Century 2000 A ++g Y N/A 4.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85 No 90 Y* No Y-O No Y**





* Transamerica Life&Anty/ Mach 6 A+ Y N/A 3.00% B N/A N/A 6 Yrs/ 6-6-6-6-6-6-0 $5K Q70/N75 No 98 Y** Y-1st Yr Y-A/O No Y**

Transamerica Life&Anty/SecValue 5 A+ Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K 85 No 98 Y** No Y-O No Y*** Transamerica Life&Anty/SecValue 6 A+ Y N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 8 A+ Y N/A 3.00% C/ 8 Yrs N/A N/A 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.00% 3.00% C/ 10 Yrs $134,390 $134,390 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**






* USG Annuity-Life(ING)/ Cornerstone A+g Y N/A 3.00% B N/A N/A 9Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 90 No ** Y* No Y-A Y** Y**USG Annuity-Life(ING)Max Guar-5Yr A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-6Yr A+g Y 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g Y 3.40% 3.00% C/ 8 Yrs $139,700 $139,700 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-10Yr A+g Y 3.80% 3.00% C/ 10 Yrs $145,200 $145,200 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.00% 1.50% 3.00% C/ 10 Yrs $136,405 $136,405 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**USG Annuity-Life(ING)Selct Guar-5Yr A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**USG Annuity-Life(ING)Selct Guar-6Yr A+g Y N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**




COMPARATIVE ANNUITY REPORT ... JULY 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions



Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** Sentry Life Ins. Co./ Multi-Plus A g N 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y**

Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.25% 3.00% C/ 10 Yrs $151,620 $151,620 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**

Allianz Life NA/ Dominator- 10 Yr A ++ N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y** Hartford Life/ Saver+ 5 Years A+g Y 4.00% 3.00% C/ 5 Yrs $148,020 $148,020 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y**

Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y** National Life of Vermont/ Liberty A g N 4.00% 3.00% B $147,931 $147,931 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y**

Presidential Life Ins. Co./ Secure 6 B++ N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**Employers Modern Life/ SP 5Yr Guar A- N 3.80% 3.50% C/ 5 Yrs $145,200 $145,200 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**USG Annuity-Life(ING)Max Guar-10Yr A+g Y 3.80% 3.00% C/ 10 Yrs $145,200 $145,200 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y**Conseco Annuity Assur./ Tru Level 6 B N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y**

* F & G Life/ Fidelity Platinum+10 Yr A g N 3.75% 1.00% 3.00% C/ 10 Yrs $142,461 $142,461 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y**Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**

Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**

Union Central Life/ SPDA2000-1Yr A N 3.75% 3.00% B $144,500 $144,500 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y**Employers Modern Life/ SP 4Yr Guar A- N 3.65% 3.50% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 3.65% 3.00% C/ 4 Yrs $143,110 $143,110 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**American National/PaladiumMYG6yr A+ Y 3.60% 3.00% C/ 6 Yrs $142,220 $142,220 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

* Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y** AmerUs Life/ 30 A g N 3.50% 3.50% B $141,050 $141,050 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**

AMEX/ Access Advantage A+g N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Employers Modern Life/ Bonus 3 A- N 3.50% 3.00% 3.50% B $145,141 $145,141 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

Employers Modern Life/ SP 3Yr Guar A- N 3.50% 3.50% C/ 3 Yrs $141,050 $141,050 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y**

Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Keyport Life/ Key Bonus 1 Yr. A+ N 3.50% 1.00% 3.00% B $142,461 $142,461 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y** Mutual of America Life Ins. Co./IRA A+ Y 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Western Life/ Confidence A- N 3.50% 0.50% 3.00% P $144,755 $144,755 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Physicians Life/ Custom Direct 10 A g Y 3.50% 1.50% 3.00% C/ 10 Yrs $143,166 $143,166 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y**


Security Mutual Life/ SP-I Yr A N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**Thrivent Fin'cl for Lutherans-Security I A ++g N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 3.50% 3.50% B $141,050 $141,050 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y** Woodmen of the World Life/Basic A+ N 3.50% 3.00% P $141,060 $141,060 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y**

Midland National Life/ Dir. Guar. 7Yr A+ N 3.45% 1.00% 3.00% C/ 7 Yrs $141,773 $141,773 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.40% 3.75% 3.00% B $144,939 $144,939 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.40% 1.00% 3.00% C/ 10Yrs $141,097 $141,097 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoUSG Annuity-Life(ING)Max Guar-8Yr A+g Y 3.40% 3.00% C/ 8 Yrs $139,700 $139,700 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**

* Beneficial Life/ Advantage 11B+(A) A N 3.35% 3.00% 3.00% B $143,191 $143,191 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.35% 3.00% C/ 6 Yrs $139,020 $139,020 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.35% 2.00% 3.00% C/ 8 Yrs $141,800 $141,800 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Allianz Life NA/ Dominator- 7 Yr A ++ N 3.30% 3.00% C/ 7 Yrs $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 3.30% 3.00% C/ 6 Yrs $138,350 $138,350 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y** Western United/DiscoverMaxVoygr. B- N 3.30% 3.00% 3.00% B $142,501 $142,501 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* Equitable Life Assur/GuarGrowth 1Yr A+g N 3.25% 3.00% C/ 1 Yr $135,734 $135,734 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.25% 1.00% 3.00% C/ 6 Yrs $139,057 $139,057 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y**

Hartford Life/ CRC Select-5Yr A+g Y 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Kansas City Life Select Track 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y** Metropolitan Life Ins. Co./ Max-1 A+g Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity8Yr A g N 3.25% 1.00% 3.00% C/ 8Yrs $139,057 $139,057 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.25% 2.00% B $137,680 $137,680 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y** Reliastar (ING)/ TSA-I A+g Y 3.25% 3.00% B $137,680 $123,912 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**

Sunset Life Ins. Co./ SelecTrack 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y** VALIC/ Portfolio Director A+g Y 3.25% 3.00% B $137,680 $137,680 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y*** American National/PaladiumMYG7yr A+ Y 3.20% 1.00% 3.00% C/ 7 Yrs $138,390 $138,390 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** AMEX/ Rate Advantage 1 A+g N 3.20% 1.00% 3.00% B $138,390 $138,390 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y*** Great American Life/ Plus 5 A g N 3.20% + 3.00% B $143,871 $137,023 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y**

Minnesota Life/ Secure Opt. III A ++ N 3.20% 3.00% B $137,020 $137,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y*** Shenandoah Life/ SPDA-2 Bonus A- N 3.20% 1.00% 3.00% P $138,326 $138,326 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Allianz Life NA/ Dominator- 6 Yr A ++ N 3.15% 3.00% C/ 6 Yrs $136,360 $136,360 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y** Ameritus Variable/ Advantage + A+ N 3.15% 3.00% B $136,360 $136,360 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.15% 3.00% C/ 3 Yrs $136,360 $136,360 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** AMEX/ Rate Advantage 3 A+g N 3.10% 3.00% 3.00% B $139,771 $139,771 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.10% 1.00% 3.25% C/ 6 Yrs $137,057 $137,057 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 3.10% 2.00% 3.00% C/ 7 Yrs $138,414 $138,414 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y*** Nationwide Life/ Flex Advantage 1 Yr A+g N 3.10% 1.00% 3.00% B $137,057 $137,057 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** **

Allianz Life NA/ Dominator- 5 Yr A ++ N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 10-9-8-7-6-0 (30 day window) $20K 85 No ** Y* No ** Y** Y*** Allstate Life/ Advantage + A+g Y 3.00% 1.50% 3.00% B $136,405 $136,405 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**

Allstate Life/ Savers Premier A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**American General AIC/ SRA-9 Yr A+g Y 3.00% 3.00% C/ 9 Yrs $134,390 $134,390 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**

* American National/PaladiumMYG5yr A+ Y 3.00% 1.00% 3.00% C/ 5 Yrs $135,734 $135,374 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American United/ Accum Annuity II A N 3.00% 0.50% 3.00% B $135,062 $135,062 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II + A N 3.00% 0.75% 3.00% B $135,398 $135,398 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** Ameritus Variable/ Advantage Bonus A+ N 3.00% 1.00% 3.00% B $135,374 $135,374 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No* AMEX/ Extra Credit Advantage A+g N 3.00% + 3.00% B $138,421 $138,421 8 Yrs/ 8-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K Q69/N90 No ** Y* No Y** Y** Y**

AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y**

Equitable Life Assur/GuarGrowth 5Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com



SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on July 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on July 1, 2003


1 Fidelity & Guaranty Life 7.52 1 Farm Bureau Life Ins Co 6.87 1 Knights of Columbus 8.27 1 Western United Life Assur 7.742 Knights of Columbus 7.44 2 Western United Life Assur 6.86 2 Farm Bureau Life of Michigan 8.20 2 Farm Bureau Life Ins Co 7.723 Farm Bureau Life of Michigan 7.40 3 Knights of Columbus 6.81 3 Western United Life Assur 8.15 3 Knights of Columbus 7.694 Security Benefit Life Ins Co 7.34 4 Farm Bureau Life of Michigan 6.80 4 Farm Bureau Life Ins Co 8.10 4 Horace Mann LIfe Ins Co 7.675 Farm Bureau Life Ins Co 7.32 5 Horace Mann LIfe Ins Co 6.80 5 Security Benefit Life Ins Co 8.10 5 Farm Bureau Life of Michigan 7.646 Western United Life Assur 7.32 6 Security Benefit Life Ins Co 6.75 6 Great American Life Ins Co 8.05 6 Security Benefit Life Ins Co 7.507 Great American Life Ins Co 7.18 7 Kansas City Life Ins Co 6.67 7 Presidential Life Ins Co 7.91 7 Kansas City Life Ins Co 7.478 Penn Mutual Life 7.17 8 Presidential Life Ins Co 6.67 8 Sunset Life Ins Co of Amer' 7.89 8 Sunset Life Ins Co of Amer' 7.479 Kansas City Life Ins Co 7.13 9 Sunset Life Ins Co of Amer' 6.67 9 Kansas City Life Ins Co 7.88 9 Presidential Life Ins Co 7.4610 Life Ins Co of the Southwest 7.13 10 Employers Modern Life Co 6.59 10 Life Ins Co of the Southwest 7.88 10 Great American Life Ins Co 7.4511 Presidential Life Ins Co 7.13 11 Life Ins Co of the Southwest 6.57 11 Employers Modern Life Co 7.83 11 Employers Modern Life Co 7.4412 Sunset Life Ins Co of Amer' 7.13 12 Great American Life Ins Co 6.54 12 Penn Mutual Life 7.83 12 Sentry Life Insurance Co 7.3913 Employers Modern Life Co 7.02 13 Penn Mutual Life 6.52 13 Sentry Life Insurance Co 7.83 13 Life Ins Co of the Southwest 7.3414 Sentry Life Insurance Co 7.00 14 American National Ins Co 6.50 14 Federal Kemper Life Assur 7.74 14 American National Ins Co 7.3215 MONY Life Ins Co 6.94 15 MONY Life Ins Co 6.50 15 Kemper Investors Life 7.74 15 MONY Life Ins Co 7.3216 American National Ins Co 6.92 16 Sentry Life Insurance Co 6.50 16 American National Ins Co 7.71 16 Allianz Life Ins Co of N.A. 7.2717 Federal Kemper Life Assur 6.87 17 Allianz Life Ins Co of N.A. 6.46 17 MONY Life Ins Co 7.71 17 Penn Mutual Life 7.2618 Kemper Investors Life 6.87 18 USAA Life Insurance Company 6.42 18 Horace Mann LIfe Ins Co 7.67 18 USG Annuity & Life Co 7.1919 Allianz Life Ins Co of N.A. 6.84 19 First Colony Life Ins. Co. 6.40 19 United Heritage Mutual Life 7.66 19 United Heritage Mutual Life 7.1820 First Colony Life Ins. Co. 6.84 20 GE Capital Assurance 6.40 20 Allianz Life Ins Co of N.A. 7.64 20 Fidelity & Guaranty Life 7.1721 GE Capital Assurance 6.84 21 Fidelity & Guaranty Life 6.38 21 Minnesota Life Ins Co 7.64 21 AIG Life Ins Co 7.1522 Minnesota Life Ins Co 6.82 22 United of Omaha Life Ins Co 6.34 22 Fidelity & Guaranty Life 7.63 22 American General Life Ins Co 7.1523 Horace Mann LIfe Ins Co 6.80 23 Jackson National Life Ins Co 6.31 23 First Colony Life Ins. Co. 7.59 23 Federal Kemper Life Assur 7.1424 United Heritage Mutual Life 6.80 24 AIG Life Ins Co 6.29 24 GE Capital Assurance 7.59 24 First Colony Life Ins. Co. 7.1425 Jackson National Life Ins Co 6.75 25 American General Life Ins Co 6.29 25 National Life Ins of Vermont 7.53 25 GE Capital Assurance 7.1426 United of Omaha Life Ins Co 6.75 26 Hartford Life Ins Co 6.29 26 AIG Life Ins Co 7.48 26 Kemper Investors Life 7.1427 National Life Ins of Vermont 6.72 27 Physicians Life Ins Co 6.26 27 American General Life Ins Co 7.48 27 Keyport Life Ins Co 7.1428 USAA Life Insurance Company 6.71 28 United Heritage Mutual Life 6.25 28 Security Mutual Life of NY 7.47 28 USAA Life Insurance Company 7.1429 CNA Life Ins Co 6.69 29 Federal Kemper Life Assur 6.23 29 Physicians Life Ins Co 7.44 29 Security Mutual Life of NY 7.0830 Hartford Life Ins Co 6.67 30 Kemper Investors Life 6.23 30 Lincoln Benefit Life Company 7.42 30 Minnesota Life Ins Co 7.0731 AIG Life Ins Co 6.66 31 Keyport Life Ins Co 6.23 31 AXA/Equitable Life Assurance Co 7.41 31 Teachers Ins & Anty of Amer' 7.0332 American General Life Ins Co 6.66 32 Teachers Ins & Anty of Amer' 6.23 32 CNA Life Ins Co 7.40 32 Physicians Life Ins Co 7.0233 Transamerica Life & Annuity 6.65 33 Minnesota Life Ins Co 6.21 33 USAA Life Insurance Company 7.40 33 United of Omaha Life Ins Co 6.9934 Security Mutual Life of NY 6.64 34 Jefferson Pilot Life Ins Co 6.15 34 AMEX Life 7.38 34 AMEX Life 6.9735 Lincoln Benefit Life Company 6.59 35 Lincoln Benefit Life Company 6.14 35 Keyport Life Ins Co 7.36 35 Lincoln Benefit Life Company 6.9536 AXA/Equitable Life Assurance Co 6.56 36 Security Mutual Life of NY 6.14 36 United of Omaha Life Ins Co 7.35 36 Jackson National Life Ins Co 6.9037 Jefferson Pilot Life Ins Co 6.56 37 CNA Life Ins Co 6.13 37 Jackson National Life Ins Co 7.29 37 AXA/Equitable Life Assurance Co 6.8938 AMEX Life 6.55 38 AMEX Life 6.10 38 Jefferson Pilot Life Ins Co 7.27 38 Jefferson Pilot Life Ins Co 6.8939 Keyport Life Ins Co 6.53 39 National Life Ins of Vermont 6.07 39 Woodmen of the World Life 7.25 39 Woodmen of the World Life 6.8840 Physicians Life Ins Co 6.50 40 Woodmen of the World Life 6.04 40 Canada Life Assurance 7.21 40 Hartford Life Ins Co 6.8741 Woodmen of the World Life 6.47 41 Equitable-Iowa (ING) 6.00 41 Equitable-Iowa (ING) 7.19 41 National Life Ins of Vermont 6.8742 Equitable-Iowa (ING) 6.42 42 Northern/ReliaStar Life (ING) 6.00 42 Northern/ReliaStar Life (ING) 7.19 42 CNA Life Ins Co 6.8543 Northern/ReliaStar Life (ING) 6.42 43 USG Annuity & Life Co 6.00 43 USG Annuity & Life Co 7.19 43 Equitable-Iowa (ING) 6.8044 USG Annuity & Life Co 6.42 44 Principal Life 5.98 44 Thrivent Fincl for Lutherans 7.17 44 Northern/ReliaStar Life (ING) 6.8045 Bankers United Life 6.40 45 Bankers United Life 5.96 45 Hartford Life Ins Co 7.14 45 Principal Life 6.7846 Canada Life Assurance 6.40 46 Life Investors Ins of Amer 5.96 46 Bankers United Life 7.10 46 Thrivent Fincl for Lutherans 6.7847 Life Investors Ins of Amer 6.40 47 Peoples Benefit Life 5.96 47 Life Investors Ins of Amer 7.10 47 Bankers United Life 6.6548 Peoples Benefit Life 6.40 48 AXA/Equitable Life Assurance Co 5.93 48 Peoples Benefit Life 7.10 48 Life Investors Ins of Amer 6.6549 Thrivent Fincl for Lutherans 6.37 49 Thrivent Fincl for Lutherans 5.93 49 Principal Life 7.06 49 Peoples Benefit Life 6.6550 Principal Life 6.30 50 Transamerica Life & Annuity 5.87 50 Teachers Ins & Anty of Amer' 7.03 50 Canada Life Assurance 6.62

Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports P.O. Box 1268, Fair Oaks, CA 95628 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com


August, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 8 EDITOR’S COMMENTS... Numbers Summary: "Hooray!! the average base interest rates for FPDA and SPDA programs increased for the first time in 16 months. As previously reported the decline in interest rates resulted in removal of FPDA and SPDA products, as well as forcing companies to refile guaranteed interest rates to 2% and 1.5%. SPIA factor averages also rose slightly this month. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 3.50% for a 3 year guarantee period (ygp); 3.45% for a 4 ygp; 4.15% for a 5 ygp; 4.15% for a 6 ygp; 3.90% for a 7 ygp; 4.05% for an 8 ygp; 4.15% for a 9 ygp; and 4.50% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... August 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions






American United/ FPA IV A N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**AmerUs Life/ Flex 30 A g N N/A 3.50% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $5K $25 Mo 80 No 95 Y* Y-A Y** Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ FPRA A+g N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 3.00% B $68,264 $68,264 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N N/A 3.00% B N/A N/A 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N N/A 3.00% B N/A N/A 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**

Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**EMC National Life/FPDA A- N 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**

* Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**F&G Life/Loyalty Reward E Ag N 3.00% 3.00% B $65,536 $63,570 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau of Mich./ Flex II A N 5.20% 3.00% P $83,330 $83,330 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 2.25% 1.00% 2.00% B $60,685 $60,685 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 2.75% 1.25% 2.00% B $64,124 $64,124 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.50% 1.25% 2.00% B $62,399 $62,399 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**








* National Guardian Life/ Super Flex A- Y N/A 4.00% B N/A N/A 10 Yrs/ 10-10-10-10-10-8-6-4-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**National Western Life/ Capital + A- N N/A 3.00% B N/A N/A 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**National Western Life/ FP1091 A- N N/A 4.00% B N/A N/A 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No No

* National Western Life/ FP1098 A- N N/A 3.00% B N/A N/A 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No* Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **



Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Teachers Ins. & Annuity/ RA A ++g Y 4.00% 3.00% P $73,012 NAF NAF=Not Available for Full Cashout >>> $25 Mo ** Y ** Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Transamerica Life & Anty/TRANS 6 A+ Y 2.00% 2.00% B $59,057 $59,057 6 Yrs/8-7-6-5-4-3-2-0 > $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/TRANS 9 A+ Y 2.60% 1.00% 2.00% B $63,066 $63,066 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+6 A+ Y 3.00% 1.00% 3.00% C/6Yr $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.60% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 3.50% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**





COMPARATIVE ANNUITY REPORT ... August 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions



* Aviva Life/ FPRA A+g N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoUSAA Life Ins. Co./ Per'l Pension A ++g Y 4.65% + 3.00% P $82,318 N/S N/S= None Surrenderable (+=1%Prem Bonus) $5K $50 Mo 85 No 100 No No No Y**American Equity Invest' /FP Super 7 B++ Y 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ Y 4.50% 3.00% 3.00% B $77,390 $77,390 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoVALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,349 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**

* Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**

Beneficial Standard(Conseco)FP737 B ++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y**EMC National Life/FPDA A- N 4.00% 3.00% P $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**

John Alden (SunAmerica)/ No-Load+ A-g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st year forever & lower CV rate >>> $25 Mo ** No ** Y** No No Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**Teachers Ins. & Annuity/ RA A ++g Y 4.00% 3.00% P $73,012 NAF NAF=Not Available for Full Cashout >>> $25 Mo ** Y ** Y** Y** Y** Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**USAA Life Ins. Co./ FRA A ++g Y 3.85% 1.00% 3.00% P $73,923 $73,923 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**

* AIG Life Ins Co /Ultra Xtra A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**American General AIC/ Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**Midland National Life/ Guarantee 9 A+ N 3.75% 3.00% B $71,058 $71,058 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Presidential Life Ins. Co. / N-L Flex B++ N 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.60% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g Y 3.60% + 3.00% P $76,629 $76,629 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**

* AIG Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.50% 1.50% 2.00% P $69,259 $69,259 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American National/ Palladium FPDA A+ Y 3.50% 3.00% P $68,948 $68,948 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**

* Aviva Life/ Maximizer I A+g N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoHorace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

* Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.50% 2.00% 3.00% B $69,303 $69,303 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**Knights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Life of the Southwest/ Flex I A g N 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**Mutual of America Life Ins Co/IRA A+ Y 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YThrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 3.50% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**Western United Life/ Flex 2000 B- N 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 3.40% 1.00% 3.00% C/10Yrs $68,500 $68,500 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 3.00% B $68,264 $68,264 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y*** AIG Life Ins Co /Future Freedom A ++g Y 3.25% 1.00% 3.00% P $67,413 $67,413 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

American Equity Invest' /Guar' + 1 B++ Y 3.25% + 3.00% B $87,346 $87,346 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y*** American Investors Life/ FPDA-P10 A g N 3.25% 0.75% 3.00% B $67,397 $67,397 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.25% 1.75% 3.00% B $67,764 $67,764 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No* Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

MONY Life Ins Co/Fixed Annuity/8Yr A g N 3.25% 1.00% 3.00% C/8Yrs $67,413 $67,413 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoNorthern Life Ins. Co.(ING)/TSA I A+g Y 3.25% 3.00% B $67,339 $67,339 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**VALIC/ Portfolio Director A+g Y 3.25% 3.00% B $67,339 $66,665 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**

Woodmen of the World Life/ Basic A+ N 3.25% 3.00% P $67,313 $67,313 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y*** Aetna Life & Annuity (ING)/ Premier + A+g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** **

Security Benefit Life/ Choice - 5 Yr A+g N 3.20% 3.00% C/ 5 Yrs $67,346 $67,346 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y*** Shenandoah Life/ FPDA-2 Bonus A- N 3.20% 1.00% 3.00% B $66,984 $66,984 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Allstate Life/ Advantage + A+g Y 3.15% 1.50% 3.00% B $67,447 $67,177 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y*** Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **


* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**

F&G Life/Loyalty Reward E Ag N 3.00% 3.00% B $65,536 $63,570 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N 3.00% 3.00% P $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** No

Great American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 1.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 1.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 1.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Lincoln Benefit / Futurist's Gold I A+r Y 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**

Metropolitan Life/Growth+ Account A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g Y 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.00% 1.00% 3.00% C/5Yrs $65,602 $65,602 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.00% 1.00% 3.00% C/7Yrs $65,602 $65,602 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/TSA A+ Y 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y YNorthern Life Ins. Co.(ING)/Retrmnt+ A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g N 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Transamerica Life & Anty/SelectVal+6 A+ Y 3.00% 1.00% 3.00% C/6Yr $65,602 $65,602 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**

* USG Anty-Life(ING)/ FPA-9 A+g Y 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** AIG Life Ins Co /Bonus Flex 5 A ++g Y 2.85% 1.50% 2.00% P $64,859 $64,859 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 2.75% 1.25% 2.00% B $64,124 $64,124 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No

Transamerica Life & Anty/TRANS 9 A+ Y 2.60% 1.00% 2.00% B $63,066 $63,066 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**Ohio National Life Ins Co/Prime I A+g N 2.55% 2.00% P $62,663 $57,922 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... August 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** AIG Life Ins Co/ AIG Five 1 A ++g Y N/A 3.00% P N/A N/A 6 Yrs/ 7-7-6-5-4-3-0 $5K 75A Y 85 Y** No Y-A No Y**



* American General AIC/ Ultra Vision 97 A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ Y 3.10% 1.00% 3.00% C/ 5 Yrs $137,057 $137,057 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

American National/PaladiumMYG6yr A+ Y 3.70% 3.00% C/ 6 Yrs $143,800 $143,800 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG7yr A+ Y 3.30% 1.00% 3.00% C/ 7 Yrs $139,734 $139,734 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** American United/ Accum Annuity II A N 3.00% 0.50% 3.00% B $135,062 $135,062 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II + A N 3.00% 0.75% 3.00% B $135,398 $135,398 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y** Ameritus Variable/ Advantage + A+ N 3.15% 3.00% B $136,360 $136,360 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Ameritus Variable/ Advantage Bonus A+ N 3.00% 1.00% 3.00% B $135,374 $135,374 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No AmerUs Life/ 30 A g N N/A 3.50% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**


AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Solutions 6 A+ Y 2.00% 2.00% B $121,899 $121,899 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N N/A 3.00% C/ 10 Yrs N/A N/A 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Conseco Annuity Assur./ Tru Level 6 B N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y** Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y*** EMC National Life Co/ Bonus 3 A- N 3.00% 3.00% 3.00% B $134,167 $134,167 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** EMC National Life Co/ Bonus 4 A- N N/A 3.00% B N/A N/A 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** EMC National Life Co/ Bonus 6 A- N N/A 3.00% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

EMC National Life Co/ SP 3Yr Guar A- N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**EMC National Life Co/ SP 4Yr Guar A- N 3.15% 3.00% C/ 4 Yrs $136,360 $136,360 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**EMC National Life Co/ SP 5Yr Guar A- N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

* Equitable Life Assur/GuarGrowth 1Yr A+g N 3.25% 3.00% C/ 1 Yr $135,734 $135,734 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**Equitable Life Assur/GuarGrowth 5Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**

* Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.50% 2.50% 3.00% C/ 10 Yrs $141,050 $141,050 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-5Yr A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g Y N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 3.50% 2.50% 3.00% C/ 8 Yrs $144,576 $144,576 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* F & G Life/ Fidelity Platinum+5 Yr A g N 3.60% 1.00% 3.00% C/ 5 Yrs $143,844 $143,844 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.50% 1.00% 3.00% C/ 7 Yrs $142,461 $142,461 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.40% 1.00% 3.00% C/ 10 Yrs $155,348 $155,348 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select 4 N.M. 3 Yr A+ N N/A 3.00% C/ 3 Yrs N/A N/A 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau Life/Select 4 N.M. 6 Yr A+ N 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y**

Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.15% 3.00% C/ 3 Yrs $136,360 $136,360 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 A N N/A 3.00% P N/A N/A 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.25% 1.00% 3.00% C/ 6 Yrs $139,057 $139,057 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 2.25% 1.00% 2.00% B $126,171 $126,171 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 2.75% 1.25% 2.00% B $132,806 $132,806 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.50% 1.25% 2.00% B $129,608 $129,608 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.00% 3.00% B $153,070 $129,038 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.20% + 3.00% B $143,871 $137,023 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC Select-5Yr A+g Y 3.70% 3.00% C/ 6 Yrs $143,800 $143,800 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 5 Years A+g Y 3.50% 1.00% 3.00% C/ 6 Yrs $142,461 $142,461 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g Y 3.00% 0.75% 3.00% C/ 7 Yrs $135,398 $135,398 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g Y 3.00% 3.75% 3.00% B $139,430 $139,430 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g Y 3.00% 3.00% B $134,390 $134,390 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g Y 3.00% 3.00% B $134,390 $134,390 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g Y N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g Y 3.45% 3.00% 3.00% C/ 9 Yrs $144,581 $144,581 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g Y 3.60% 1.00% 3.00% C/ 10 Yrs $143,844 $143,844 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.50% 1.00% 3.25% C/ 6 Yrs $142,461 $142,461 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 3.60% 2.00% 3.00% C/ 7 Yrs $145,268 $145,268 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y N/A 3.25% C/ 5 Yrs N/A N/A 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g Y 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**


Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ N N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**


* Life Investors Ins./Solutions 6 A+ Y 2.00% 2.00% B $121,300 $121,300 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.00% 3.00% B $134,390 $134,390 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/Milenium + A g N 3.25% 2.00% 3.00% B $140,434 $140,434 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce + 5Yr. A+r Y 3.05% 1.00% 3.00% B $136,395 $136,395 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r Y 3.10% 1.00% 3.00% C/ 5 Yrs $136,982 $136,982 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.20% 1.00% 3.00% C/ 8 Yrs $138,390 $138,390 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Metropolitan Life Ins. Co./ Max-1 A+g Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 3.80% 3.00% C/ 6 Yrs $145,200 $145,200 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**


Mutual of America Life Ins. Co./TSA A+ Y 3.00% 3.00% P $134,390 $134,390 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ Y 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.00% 2.00% 3.00% B $137,078 $137,078 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y N/A 4.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.00% 1.00% 3.00% B $135,734 $135,734 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.00% 3.00% B $147,931 $147,931 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

National Life of Vermont/ Security 5 A g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y*** National Western Life/ Access-1092 A- N N/A 3.00% P N/A N/A 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** National Western Life/ Confidence A- N N/A 3.00% P N/A N/A 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Nationwide Life/ Flex Advantage 1 Yr A+g N 3.10% 1.00% 3.00% B $137,057 $137,057 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** **


Pacific Life/ Quest 88-01/1 Yr. A ++g N N/A 4.00% C/ 1Yr N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**Pacific Life/ Quest 88-01/3 Yr. A ++g N N/A 4.00% C/ 3Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N N/A 4.00% C/ 5 Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Penn Mutual Life/Penn Fixed Advtg A g N 3.00% 1.00% 3.00% B $135,374 $135,374 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-1Yr A g N 3.00% 3.00% C/ 1 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-3Yr A g N 3.00% 3.00% C/ 3 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-5Yr A g N 3.00% 3.00% C/ 5 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-7Yr A g N 3.00% 3.00% C/ 7 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**


Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.20% 1.50% 3.00% C/ 10 Yrs $153,153 $153,153 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 3 A g Y 3.15% 3.00% C/ 3 Yrs $136,360 $136,360 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.25% 1.00% 3.00% C/ 4 Yrs $139,057 $139,057 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.15% 2.00% 3.00% C/ 6 Yrs $139,087 $139,087 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.05% 2.00% 3.00% C/ 8 Yrs $151,337 $151,337 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Vista Choice 5Yr. A g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.10% 2.00% 3.00% C/ 7 Yrs $138,414 $138,414 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B++ N 3.45% 3.00% C/ 4 Yrs $148,370 $148,370 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B++ N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**




Security Mutual Life/ SP-I Yr A N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Sentry Life Ins. Co./ Multi-Plus A g N 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y*** Shenandoah Life/ SPDA-1 Bonus A- N N/A 3.00% P N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ SPDA-2 Bonus A- N 3.20% 1.00% 3.00% P $138,326 $138,326 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** ** Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** SunAmerica Life/ Century 2000 A ++g Y N/A 4.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85 No 90 Y* No Y-O No Y**












* USG Annuity-Life(ING)/ Cornerstone A+g Y N/A 3.00% B N/A N/A 9Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 90 No ** Y* No Y-A Y** Y**USG Annuity-Life(ING)Max Guar-5Yr A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-6Yr A+g Y 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g Y 4.00% 3.00% C/ 8 Yrs $148,020 $148,020 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-10Yr A+g Y 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.50% 2.50% 3.00% C/ 10 Yrs $144,576 $144,576 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**USG Annuity-Life(ING)Selct Guar-5Yr A+g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**USG Annuity-Life(ING)Selct Guar-6Yr A+g Y N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**




COMPARATIVE ANNUITY REPORT ...August 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions




USG Annuity-Life(ING)Max Guar-10Yr A+g Y 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.40% 1.00% 3.00% C/ 10 Yrs $155,348 $155,348 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y**

Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.25% 3.00% C/ 10 Yrs $151,620 $151,620 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.20% 1.50% 3.00% C/ 10 Yrs $153,153 $153,153 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.15% 3.00% C/ 5 Yrs $150,170 $150,170 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y**

American General AIC/ SRA-9 Yr A+g Y 4.10% 3.00% C/ 9 Yrs $149,020 $149,020 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y*** Physicians Life/ Custom Direct 8 A g Y 4.05% 2.00% 3.00% C/ 8 Yrs $151,337 $151,337 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Allianz Life NA/ Dominator- 10 Yr A ++ N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**Minnesota Life/ Secure Opt. III A ++ N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**

National Life of Vermont/ Liberty A g N 4.00% 3.00% B $147,931 $147,931 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g Y 4.00% 3.00% C/ 8 Yrs $148,020 $148,020 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**

William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y**Midland National Life/ Dir. Guar. 7Yr A+ N 3.90% 1.00% 3.00% C/ 7 Yrs $148,066 $148,066 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**USAA Life Ins. Co./ SPA II A ++g Y 3.85% + 3.00% P $147,359 $142,833 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

Midland National Life/ Dir. Guar. 6Yr A+ N 3.80% 3.00% C/ 6 Yrs $145,200 $145,200 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 3.80% 3.00% C/ 10 Yrs $145,200 $145,200 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**Conseco Annuity Assur./ Tru Level 6 B N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y**Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Presidential Life Ins. Co./ Secure 6 B++ N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**


Union Central Life/ SPDA2000-1Yr A N 3.75% 3.00% B $144,500 $144,500 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y**American National/PaladiumMYG6yr A+ Y 3.70% 3.00% C/ 6 Yrs $143,800 $143,800 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

Hartford Life/ CRC Select-5Yr A+g Y 3.70% 3.00% C/ 6 Yrs $143,800 $143,800 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No* Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 3.60% 1.00% 3.00% C/ 5 Yrs $143,844 $143,844 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g Y 3.60% 1.00% 3.00% C/ 10 Yrs $143,844 $143,844 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 3.60% 2.00% 3.00% C/ 7 Yrs $145,268 $145,268 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y**

AMEX/ Access Advantage A+g N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y*** Aviva Life/ Portfolio Secure A+g N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g Y 3.50% 2.50% 3.00% C/ 10 Yrs $141,050 $141,050 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**

Equitable-Iowa(ING)/Select Guar-8Yr A+g Y 3.50% 2.50% 3.00% C/ 8 Yrs $144,576 $144,576 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.50% 1.00% 3.00% C/ 7 Yrs $142,461 $142,461 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y** Hartford Life/ Saver+ 5 Years A+g Y 3.50% 1.00% 3.00% C/ 6 Yrs $142,461 $142,461 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.50% 1.00% 3.25% C/ 6 Yrs $142,461 $142,461 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Mutual of America Life Ins. Co./IRA A+ Y 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y



Security Mutual Life/ SP-I Yr A N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**Thrivent Fin'cl for Lutherans-Security I A ++g N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $141,050 $141,050 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 3.50% 3.50% B $141,050 $141,050 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y*** USG Annuity-Life(ING)MultiSet+/10Yr A+g Y 3.50% 2.50% 3.00% C/ 10 Yrs $144,576 $144,576 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y*** USG Annuity-Life(ING)Selct Guar-8Yr A+g Y 3.50% 2.50% 3.00% C/ 8 Yrs $144,576 $144,576 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y*** Aetna Life & Annuity (ING)/ Premier + A+g Y 3.45% 1.00% 3.00% P $141,773 $141,773 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g Y 3.45% 3.00% 3.00% C/ 9 Yrs $144,581 $144,581 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y**

Presidential Life Ins. Co./ Secure 4 B++ N 3.45% 3.00% C/ 4 Yrs $148,370 $148,370 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 3.40% 1.00% 3.00% C/ 10Yrs $141,097 $141,097 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoUSG Annuity-Life(ING)Max Guar-6Yr A+g Y 3.40% 3.00% C/ 6 Yrs $139,700 $139,700 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**

* Transamerica Life&Anty/SecValue 10 A+ Y 3.35% 3.00% C/ 10 Yrs $139,020 $139,020 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**

Allianz Life NA/ Dominator- 7 Yr A ++ N 3.30% 3.00% C/ 7 Yrs $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y*** American National/PaladiumMYG7yr A+ Y 3.30% 1.00% 3.00% C/ 7 Yrs $139,734 $139,734 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y**

EMC National Life Co/ SP 5Yr Guar A- N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y** Western United/DiscoverMaxVoygr. B- N 3.30% 3.00% 3.00% B $142,501 $142,501 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y*** Allstate Life/ Advantage + A+g Y 3.25% 1.50% 3.00% B $139,745 $138,346 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* Equitable Life Assur/GuarGrowth 1Yr A+g N 3.25% 3.00% C/ 1 Yr $135,734 $135,734 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.25% 1.00% 3.00% C/ 6 Yrs $139,057 $139,057 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Kansas City Life Select Track 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y*** Life of the Southwest/Milenium + A g N 3.25% 2.00% 3.00% B $140,434 $140,434 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y** Metropolitan Life Ins. Co./ Max-1 A+g Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity8Yr A g N 3.25% 1.00% 3.00% C/ 8Yrs $139,057 $139,057 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* National Life of Vermont/ Privilege A g N 3.25% 1.00% 3.00% B $139,057 $139,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

Ohio National/ Foundation + 1 Yr. A+g N 3.25% 1.00% 2.00% B $139,057 $139,057 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 Y** ** Y** No Y-A No Y*** Physicians Life/ Custom Direct 4 A g Y 3.25% 1.00% 3.00% C/ 4 Yrs $139,057 $139,057 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y** Reliastar (ING)/ TSA-I A+g Y 3.25% 3.00% B $137,680 $123,912 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**

Sunset Life Ins. Co./ SelecTrack 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y** VALIC/ Portfolio Director A+g Y 3.25% 3.00% B $137,680 $137,680 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** Woodmen of the World Life/Basic A+ N 3.25% 3.00% P $137,689 $137,689 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No* AMEX/ Rate Advantage 1 A+g N 3.20% 1.00% 3.00% B $138,390 $138,390 5 Yrs/ 9-8-7-6-5-0 $2K Q69/N90 No ** Y* No Y** Y** Y*** Great American Life/ Plus 5 A g N 3.20% + 3.00% B $143,871 $137,023 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y*** Lincoln Benefit/ Tactician+8 Yr MYG A+r Y 3.20% 1.00% 3.00% C/ 8 Yrs $138,390 $138,390 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No

Security Benefit Life/ Choice - 5Yr. A+g N 3.20% 3.00% C/ 5 Yrs $137,020 $137,020 5 Yrs/ 7-7-7-6-6-0 $2-5K 90 No Y** Y Y** Y** Y** Y*** Shenandoah Life/ SPDA-2 Bonus A- N 3.20% 1.00% 3.00% P $138,326 $138,326 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Allianz Life NA/ Dominator- 6 Yr A ++ N 3.15% 3.00% C/ 6 Yrs $136,360 $136,360 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allstate Life/ Savers Premier A+g Y 3.15% 3.00% B $138,360 $136,360 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**

Ameritus Variable/ Advantage + A+ N 3.15% 3.00% B $136,360 $136,360 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y**EMC National Life Co/ SP 4Yr Guar A- N 3.15% 3.00% C/ 4 Yrs $136,360 $136,360 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

Farm Bureau of Mich/3 Yr-Guarantee A N 3.15% 3.00% C/ 3 Yrs $136,360 $136,360 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Physicians Life/ Custom Direct 3 A g Y 3.15% 3.00% C/ 3 Yrs $136,360 $136,360 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y**




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on August 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on August 1, 2003


1 Knights of Columbus 7.44 1 Farm Bureau Life Ins Co 6.87 1 Knights of Columbus 8.27 1 Western United Life Assur 7.742 Farm Bureau Life of Michigan 7.40 2 Western United Life Assur 6.86 2 Farm Bureau Life of Michigan 8.20 2 Farm Bureau Life Ins Co 7.723 Security Benefit Life Ins Co 7.34 3 Knights of Columbus 6.81 3 Western United Life Assur 8.15 3 Knights of Columbus 7.694 Farm Bureau Life Ins Co 7.32 4 Farm Bureau Life of Michigan 6.80 4 Farm Bureau Life Ins Co 8.10 4 Horace Mann LIfe Ins Co 7.675 Western United Life Assur 7.32 5 First Colony Life Ins. Co. 6.80 5 Security Benefit Life Ins Co 8.10 5 Farm Bureau Life of Michigan 7.646 First Colony Life Ins. Co. 7.24 6 GE Capital Assurance 6.80 6 Great American Life Ins Co 8.05 6 First Colony Life Ins. Co. 7.537 GE Capital Assurance 7.24 7 Horace Mann LIfe Ins Co 6.80 7 First Colony Life Ins. Co. 7.98 7 GE Capital Assurance 7.538 Lincoln Benefit Life Company 7.19 8 Security Benefit Life Ins Co 6.75 8 GE Capital Assurance 7.98 8 Security Benefit Life Ins Co 7.509 Great American Life Ins Co 7.18 9 Hartford Life Ins Co 6.69 9 Lincoln Benefit Life Company 7.90 9 American General Life Ins Co 7.4910 Penn Mutual Life 7.17 10 Kansas City Life Ins Co 6.67 10 Sunset Life Ins Co of Amer' 7.89 10 USG Annuity & Life Co 7.4911 Fidelity & Guaranty Life 7.13 11 Sunset Life Ins Co of Amer' 6.67 11 Kansas City Life Ins Co 7.88 11 Kansas City Life Ins Co 7.4712 Kansas City Life Ins Co 7.13 12 Equitable-Iowa (ING) 6.65 12 Life Ins Co of the Southwest 7.88 12 Sunset Life Ins Co of Amer' 7.4713 Life Ins Co of the Southwest 7.13 13 Lincoln Benefit Life Company 6.65 13 Fidelity & Guaranty Life 7.86 13 Great American Life Ins Co 7.4514 Sunset Life Ins Co of Amer' 7.13 14 Northern/ReliaStar Life (ING) 6.65 14 Penn Mutual Life 7.83 14 Equitable-Iowa (ING) 7.4415 Hartford Life Ins Co 7.09 15 Physicians Life Ins Co 6.65 15 Sentry Life Insurance Co 7.83 15 Northern/ReliaStar Life (ING) 7.4416 Equitable-Iowa (ING) 7.08 16 Transamerica Life & Annuity 6.65 16 AIG Life Ins Co 7.82 16 Lincoln Benefit Life Company 7.4317 Northern/ReliaStar Life (ING) 7.08 17 USG Annuity & Life Co 6.65 17 American General Life Ins Co 7.82 17 Fidelity & Guaranty Life 7.4118 USG Annuity & Life Co 7.08 18 AIG Life Ins Co 6.64 18 Equitable-Iowa (ING) 7.81 18 AIG Life Ins Co 7.4019 CNA Life Ins Co 7.04 19 American General Life Ins Co 6.64 19 Northern/ReliaStar Life (ING) 7.81 19 Physicians Life Ins Co 7.3920 Jefferson Pilot Life Ins Co 7.02 20 Fidelity & Guaranty Life 6.63 20 Physicians Life Ins Co 7.81 20 Sentry Life Insurance Co 7.3921 AIG Life Ins Co 7.01 21 Jefferson Pilot Life Ins Co 6.62 21 USG Annuity & Life Co 7.81 21 Hartford Life Ins Co 7.3722 American General Life Ins Co 7.01 22 Life Ins Co of the Southwest 6.57 22 AXA/Equitable Life Assurance Co 7.76 22 Jefferson Pilot Life Ins Co 7.3423 Presidential Life Ins Co 7.00 23 Presidential Life Ins Co 6.55 23 Federal Kemper Life Assur 7.74 23 Life Ins Co of the Southwest 7.3424 Sentry Life Insurance Co 7.00 24 Great American Life Ins Co 6.54 24 Kemper Investors Life 7.74 24 MONY Life Ins Co 7.3425 Transamerica Life & Annuity 6.99 25 Penn Mutual Life 6.52 25 Presidential Life Ins Co 7.74 25 Presidential Life Ins Co 7.3326 MONY Life Ins Co 6.96 26 MONY Life Ins Co 6.51 26 CNA Life Ins Co 7.73 26 American National Ins Co 7.3227 Physicians Life Ins Co 6.96 27 American National Ins Co 6.50 27 MONY Life Ins Co 7.73 27 Transamerica Life & Annuity 7.3228 American National Ins Co 6.92 28 Sentry Life Insurance Co 6.50 28 American National Ins Co 7.71 28 Golden Rule Insurance Co 7.2829 AXA/Equitable Life Assurance Co 6.92 29 CNA Life Ins Co 6.49 29 Hartford Life Ins Co 7.71 29 Allianz Life Ins Co of N.A. 7.2730 Federal Kemper Life Assur 6.87 30 Allianz Life Ins Co of N.A. 6.46 30 Jefferson Pilot Life Ins Co 7.70 30 Penn Mutual Life 7.2631 Kemper Investors Life 6.87 31 Principal Life 6.45 31 Golden Rule Insurance Co 7.68 31 AXA/Equitable Life Assurance Co 7.2532 United of Omaha Life Ins Co 6.85 32 United of Omaha Life Ins Co 6.45 32 Horace Mann LIfe Ins Co 7.67 32 CNA Life Ins Co 7.1933 Allianz Life Ins Co of N.A. 6.84 33 USAA Life Insurance Company 6.42 33 United Heritage Mutual Life 7.66 33 United Heritage Mutual Life 7.1834 Golden Rule Insurance Co 6.83 34 Golden Rule Insurance Co 6.38 34 Allianz Life Ins Co of N.A. 7.64 34 EMC National Life Co 7.1635 Minnesota Life Ins Co 6.82 35 Jackson National Life Ins Co 6.31 35 Minnesota Life Ins Co 7.64 35 Federal Kemper Life Assur 7.1436 Horace Mann LIfe Ins Co 6.80 36 AXA/Equitable Life Assurance Co 6.30 36 Transamerica Life & Annuity 7.64 36 Kemper Investors Life 7.1437 United Heritage Mutual Life 6.80 37 EMC National Life Co 6.30 37 EMC National Life Co 7.55 37 Keyport Life Ins Co 7.1438 Principal Life 6.78 38 United Heritage Mutual Life 6.25 38 National Life Ins of Vermont 7.53 38 USAA Life Insurance Company 7.1439 Jackson National Life Ins Co 6.75 39 Federal Kemper Life Assur 6.23 39 Security Mutual Life of NY 7.47 39 Principal Life 7.1340 EMC National Life Co 6.73 40 Kemper Investors Life 6.23 40 United of Omaha Life Ins Co 7.44 40 United of Omaha Life Ins Co 7.0941 National Life Ins of Vermont 6.72 41 Keyport Life Ins Co 6.23 41 Principal Life 7.41 41 Security Mutual Life of NY 7.0842 USAA Life Insurance Company 6.71 42 Teachers Ins & Anty of Amer' 6.23 42 USAA Life Insurance Company 7.40 42 Minnesota Life Ins Co 7.0743 Security Mutual Life of NY 6.64 43 Minnesota Life Ins Co 6.21 43 AMEX Life 7.38 43 Teachers Ins & Anty of Amer' 7.0344 AMEX Life 6.55 44 Security Mutual Life of NY 6.14 44 Keyport Life Ins Co 7.36 44 AMEX Life 6.9745 Keyport Life Ins Co 6.53 45 AMEX Life 6.10 45 Jackson National Life Ins Co 7.29 45 Jackson National Life Ins Co 6.9046 Bankers United Life 6.40 46 National Life Ins of Vermont 6.07 46 Woodmen of the World Life 7.25 46 Woodmen of the World Life 6.8847 Canada Life Assurance 6.40 47 Woodmen of the World Life 6.04 47 Canada Life Assurance 7.21 47 National Life Ins of Vermont 6.8748 Life Investors Ins of Amer 6.40 48 Bankers United Life 5.96 48 Thrivent Fincl for Lutherans 7.17 48 Thrivent Fincl for Lutherans 6.7849 Peoples Benefit Life 6.40 49 Life Investors Ins of Amer 5.96 49 Bankers United Life 7.10 49 Bankers United Life 6.6550 Thrivent Fincl for Lutherans 6.37 50 Peoples Benefit Life 5.96 50 Life Investors Ins of Amer 7.10 50 Life Investors Ins of Amer 6.65



September, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 9 EDITOR’S COMMENTS... Numbers Summary: The FPDA and SPDA average base interest rates rose for the second consecutive month. However, the previous sixteen month decline in interest rates continues to impact FPDA and SPDA products, as several companies proceed in refiling guaranteed interest rates to the 2% and 1.5% levels. SPIA factor averages rose again this month as 29% of reporting companies increased their SPIA factors. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 3.70% for a 3 year guarantee period (ygp); 3.85% for a 4 ygp; 4.70% for a 5 ygp; 4.15% for a 6 ygp; 4.15% for a 7 ygp; 4.60% for an 8 ygp; 4.25% for a 9 ygp; and 5.0% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... September 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** AIG Life Ins Co /Ultra Xtra A ++g Y 3.95% 2.00% 3.00% B $72,766 $72,766 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y*** AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.15% 1.50% 2.00% P $66,722 $66,722 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.70% 1.50% 2.00% P $70,549 $70,549 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Life Ins Co /Future Freedom A ++g Y 3.25% 1.00% 3.00% P $67,413 $67,413 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Allstate Life/ Advantage + A+g N 3.50% 1.50% 3.00% B $69,259 $68,982 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

Allstate Life/ Savers Premier A+g N 3.40% 3.00% B $68,432 $68,432 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ N 4.50% 3.00% 3.00% B $77,390 $77,390 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ N 3.25% + 3.00% B $67,413 $67,413 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American General AIC/ Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**




* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ FPRA Ag N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.55% 3.00% 3.00% B $69,743 $69,743 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N N/A 3.00% B N/A N/A 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N N/A 3.00% B N/A N/A 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**

Country Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**EMC National Life/FPDA B++ N 3.00% 1.00% 3.00% P $65,602 $65,602 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**

* Equitable-Iowa (ING)/ FPA-9 A+g N 3.25% 1.00% 3.00% B $67,406 $67,406 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**F&G Life/Loyalty Reward E Ag N 3.35% 3.00% B $68,070 $66,029 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N N/A 3.00% P N/A N/A 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N N/A 3.00% P N/A N/A 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau of Mich./ Flex II A N 5.00% 3.00% P $81,500 $81,500 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.25% 2.00% 2.00% B $67,477 $67,477 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 1.25% 2.00% B $65,618 $65,618 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.70% 1.25% 2.00% B $63,773 $63,773 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**


Great American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Hartford Life/ Director A+g N 1.50% 1.50% P $56,800 $56,800 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Jackson National / Flex I A+g N N/A 3.00% B N/A N/A 7 Yrs/ 10-9-8-7-6-3-0 $.75K $62.5 Mo A85/O100 No 85 No Y-A No Y**

* Jefferson Pilot Life/ Flex 5 A ++g Y N/A 3.50% B N/A N/A 5 Yrs/ 7-7-6-5-4-0 $5K <<< 85 No None Y* Y-O Y** Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y** John Alden (SunAmerica)/ No-Load+ A++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st year forever & lower CV rate >>> $25 Mo ** No ** Y** No No Y** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**

Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**


Layfayette Life Ins. Co./ Horizon I A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**


* Lincoln Benefit / Futurist's Gold I A+r N 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Metropolitan Life/Growth+ Account A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 4.00% 3.00% B $73,012 $73,012 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.50% 1.00% 3.00% C/10Yrs $77,191 $77,191 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/1Yr A g N N/A 3.00% C/1Yr N/A N/A 7 Yrs / 7(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/8Yr A g N 4.40% 1.00% 3.00% C/8Yrs $76,346 $76,346 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YMutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y Y


* National Western Life/ FP1098 A- N N/A 3.00% B N/A N/A 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No* Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Northern Life Ins. Co.(ING)/Retrmnt+ A+g N 3.25% 3.00% B $67,343 $67,343 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Northern Life Ins. Co.(ING)/TSA I A+g N 3.50% 3.00% B $69,156 $69,156 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Ohio National Life Ins Co/Prime I A+g N 2.55% 2.00% P $62,663 $57,922 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Ohio National Life Ins Co/Prime II A+g N 2.25% 2.00% P $60,624 $60,624 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Presidential Life Ins. Co. / N-L Flex B+ N 4.15% 3.00% B $74,218 $74,218 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.50% 3.00% C/ 5 Yrs $67,346 $67,346 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoSentry Life Ins. Co./ Sentry Payback A g Y 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**


Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Teachers Ins. & Annuity/ RA A ++g Y 4.00% 3.00% P $73,012 NAF NAF=Not Available for Full Cashout >>> $25 Mo ** Y ** Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Transamerica Life & Anty/Trans 6 A+ Y 2.50% 2.00% B $62,322 $62,322 6 Yrs/8-7-6-5-4-3-2-0 > $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/Trans 9 A+ Y 3.10% 1.00% 2.00% B $66,323 $66,323 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+6 A+ Y N/A 3.00% C/6Yr N/A N/A 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.00% B $73,012 $73,012 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**


* USG Anty-Life(ING)/ FPA-9 A+g N 3.25% 1.00% 3.00% B $67,470 $67,470 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g N 4.25% + 3.00% P $81,778 $81,778 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $69,156 $68,464 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,348 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2000 B- N 3.75% 3.00% B $71,058 $71,058 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**



COMPARATIVE ANNUITY REPORT ... September 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver WaiverCountry Investors Life/ FPRA A+g N 5.00% 4.50% B $81,500 $81,500 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y**Farm Bureau of Mich./ Flex II A N 5.00% 3.00% P $81,500 $81,500 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

* Aviva Life/ FPRA Ag N 4.85% 3.50% P $80,144 $80,144 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoAmerican Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ N 4.50% 3.00% 3.00% B $77,390 $77,390 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.50% 1.00% 3.00% C/10Yrs $77,191 $77,191 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoNational Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoVALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,348 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**MONY Life Ins Co/Fixed Annuity/8Yr A g N 4.40% 1.00% 3.00% C/8Yrs $76,346 $76,346 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g N 4.25% + 3.00% P $81,778 $81,778 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**Presidential Life Ins. Co. / N-L Flex B+ N 4.15% 3.00% B $74,218 $74,218 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**Midland National Life/ Guarantee 9 A+ N 4.00% 3.00% B $73,012 $73,012 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.00% B $73,012 $73,012 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**William Penn Life of NY/ FPDA A++g N 4.00% 4.00% B $73,012 $73,012 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

* AIG Life Ins Co /Ultra Xtra A ++g Y 3.95% 2.00% 3.00% B $72,766 $72,766 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**USAA Life Ins. Co./ FRA A ++g Y 3.85% 1.00% 3.00% P $73,923 $73,923 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**American General AIC/ Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**Life of the Southwest/ Flex I A g N 3.75% 3.00% B $71,058 $71,058 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**Western United Life/ Flex 2000 B- N 3.75% 3.00% B $71,058 $71,058 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**

* AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.70% 1.50% 2.00% P $70,549 $70,549 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**American National/ Palladium FPDA A+ Y 3.65% 3.00% P $70,291 $70,291 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* Beneficial Life/ Advantage-11A+(A) A N 3.55% 3.00% 3.00% B $69,743 $69,743 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y*** AIG Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** Allstate Life/ Advantage + A+g N 3.50% 1.50% 3.00% B $69,259 $68,982 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**

* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoHorace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Knights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Mutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YNorthern Life Ins. Co.(ING)/TSA I A+g N 3.50% 3.00% B $69,156 $69,156 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.50% 3.00% C/ 5 Yrs $67,346 $67,346 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $69,156 $68,464 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**Allstate Life/ Savers Premier A+g N 3.40% 3.00% B $68,432 $68,432 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**F&G Life/Loyalty Reward E Ag N 3.35% 3.00% B $68,070 $66,029 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**

* AIG Life Ins Co /Future Freedom A ++g Y 3.25% 1.00% 3.00% P $67,413 $67,413 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ N 3.25% + 3.00% B $67,413 $67,413 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**

* American Investors Life/ FPDA-P10 A g N 3.25% 0.75% 3.00% B $67,397 $67,397 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.25% 1.75% 3.00% B $67,764 $67,764 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No* Equitable-Iowa (ING)/ FPA-9 A+g N 3.25% 1.00% 3.00% B $67,406 $67,406 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.25% 2.00% 2.00% B $67,477 $67,477 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Northern Life Ins. Co.(ING)/Retrmnt+ A+g N 3.25% 3.00% B $67,343 $67,343 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y*** USG Anty-Life(ING)/ FPA-9 A+g N 3.25% 1.00% 3.00% B $67,470 $67,470 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y** Woodmen of the World Life/ Basic A+ N 3.25% 3.00% P $67,313 $67,313 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y*** Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** Shenandoah Life/ FPDA-2 Bonus A- N 3.20% 1.00% 3.00% B $66,984 $66,984 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.15% 1.50% 2.00% P $66,722 $66,722 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No* Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Transamerica Life & Anty/Trans 9 A+ Y 3.10% 1.00% 2.00% B $66,323 $66,323 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American United/ FPA IV A N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Canada Life/ Security One + A+g Y 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**

EMC National Life/FPDA B++ N 3.00% 1.00% 3.00% P $65,602 $65,602 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 1.25% 2.00% B $65,618 $65,618 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** NoGreat American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Lincoln Benefit / Futurist's Gold I A+r N 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**

Metropolitan Life/Growth+ Account A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y YPeoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g Y 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo ** Y ** Y** Y** Y** Y**

* National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No* GE Capital Assurance/CapPrv710/5Yr A+ N 2.70% 1.25% 2.00% B $63,773 $63,773 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Ohio National Life Ins Co/Prime I A+g N 2.55% 2.00% P $62,663 $57,922 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Transamerica Life & Anty/Trans 6 A+ Y 2.50% 2.00% B $62,322 $62,322 6 Yrs/8-7-6-5-4-3-2-0 > $1K 85 No 90 Y** Y-A Y** Y**

* United Heritage Mutual/ Heritage A- N 2.50% 0.50% 1.50% P $62,353 $62,353 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**Ohio National Life Ins Co/Prime II A+g N 2.25% 2.00% P $60,624 $60,624 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Hartford Life/ Director A+g N 1.50% 1.50% P $56,800 $56,800 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... September 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** AIG Life Ins Co/ AIG Five 1 A ++g Y N/A 3.00% P N/A N/A 6 Yrs/ 7-7-6-5-4-3-0 $5K 75A Y 85 Y** No Y-A No Y**

Allianz Life NA/ Dominator- 5 Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 10-9-8-7-6-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 6 Yr A+g N 3.15% 3.00% C/ 6 Yrs $136,360 $136,360 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% C/ 7 Yrs $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* Allstate Life/ Advantage + A+g N 3.50% 1.50% 3.00% B $141,050 $141,050 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**Allstate Life/ Savers Premier A+g N 3.40% 3.00% B $139,700 $139,700 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**American General AIC/ SRA-9 Yr A+g Y 4.25% 3.00% C/ 9 Yrs $151,620 $151,620 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**

* American General AIC/ Ultra Vision 97 A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ N 3.25% 1.00% 3.00% C/ 5 Yrs $139,057 $139,057 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

American National/PaladiumMYG6yr A+ N 3.95% 3.00% C/ 6 Yrs $147,310 $147,310 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG7yr A+ N 3.60% 1.00% 3.00% C/ 7 Yrs $143,844 $143,844 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** American United/ Accum Annuity II A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II + A N 3.50% 0.75% 3.00% B $142,108 $142,108 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y** Ameritus Variable/ Advantage + Ag Y 3.15% 3.00% B $136,360 $136,360 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Ameritus Variable/ Advantage Bonus Ag Y 3.00% 1.00% 3.00% B $135,374 $135,374 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No AmerUs Life/ 30 A g N N/A 3.50% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**


AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure Ag N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Solutions 6 A+ Y 2.00% 2.00% B $121,899 $121,899 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 4.00% 3.00% 3.00% B $152,461 $152,461 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N N/A 3.00% C/ 10 Yrs N/A N/A 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Conseco Annuity Assur./ Tru Level 6 B N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y** Country Investors Life/ SPDA A+g N 5.00% 4.50% B $162,880 $162,880 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y*** EMC National Life Co/ Bonus 3 B++ N 3.00% 3.00% 3.00% B $134,167 $134,167 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** EMC National Life Co/ Bonus 4 B++ N N/A 3.00% B N/A N/A 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** EMC National Life Co/ Bonus 6 B++ N N/A 3.00% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

EMC National Life Co/ SP 3Yr Guar B++ N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**EMC National Life Co/ SP 4Yr Guar B++ N 3.15% 3.00% C/ 4 Yrs $136,360 $136,360 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**EMC National Life Co/ SP 5Yr Guar B++ N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

* Equitable Life Assur/GuarGrowth 1Yr A+g N 3.00% + 3.00% C/ 1 Yr $135,398 $135,398 5 Yrs/ 9-8-7-6-5-0(+= .75% 1st Yr add) $5K 83 No 90 Y* No Y-A Y** Y**Equitable Life Assur/GuarGrowth 5Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0 $5K 83 No 90 Y* No Y-A Y** Y**

* Equitable-Iowa(ING)/ M Set+ -10 Yr A+g N 4.00% 2.50% 3.00% C/ 10 Yrs $151,720 $151,720 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-5Yr A+g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g N 4.00% 2.50% 3.00% C/ 8 Yrs $151,720 $151,720 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* F & G Life/ Fidelity Platinum+5 Yr A g N 3.80% 1.00% 3.00% C/ 5 Yrs $146,650 $146,650 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.75% 1.00% 3.00% C/ 7 Yrs $145,950 $145,950 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.65% 1.00% 3.00% C/ 10 Yrs $159,120 $159,120 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select N.M. 3 Yr A+ N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau Life/Select N.M. 6 Yr A+ N 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y**

Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.70% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.70% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Federal Kemper Life/ Exclusive 2 Ag N N/A 3.00% P N/A N/A 5 Yrs/ 8-8-7-5-3-0 $2-5K 84 No None Y* No Y** Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 3.25% 2.00% 2.00% B $140,434 $140,434 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 3.00% 1.25% 2.00% B $136,070 $136,070 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.70% 1.25% 2.00% B $132,159 $132,159 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.00% 3.00% B $153,070 $129,038 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.20% + 3.00% B $143,871 $137,023 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC Select-5Yr A+g N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 5 Years A+g N 3.80% 1.00% 3.00% C/ 6 Yrs $146,650 $146,650 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g N 3.90% 0.75% 3.00% C/ 7 Yrs $147,699 $147,699 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g N 3.00% 3.75% 3.00% B $139,430 $139,430 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g N 3.00% 3.00% B $134,390 $134,390 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g N 3.00% 3.00% B $134,390 $134,390 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g N N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g N 3.45% 3.00% 3.00% C/ 9 Yrs $144,581 $144,581 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g N 3.60% 1.00% 3.00% C/ 10 Yrs $143,844 $143,844 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.90% 1.00% 3.25% C/ 6 Yrs $148,060 $148,060 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 4.00% 2.00% 3.00% C/ 7 Yrs $150,980 $150,980 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y N/A 3.25% C/ 5 Yrs N/A N/A 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**


Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y*** Keyport Life/ Key Bonus 1 Yr. A+ Y N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K Q75/N85 No 90 Y* No Y-A/O No Y**


* Life Investors Ins./Solutions 6 A+ Y 2.00% 2.00% B $121,300 $121,300 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.25% 3.00% B $137,680 $137,680 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.25% 3.00% B $137,680 $137,680 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/Milenium + A g N 3.50% 2.00% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce + 5Yr. A+r N 3.05% 1.00% 3.00% B $136,395 $136,395 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r N 3.10% 1.00% 3.00% C/ 5 Yrs $136,982 $136,982 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r N 3.20% 1.00% 3.00% C/ 8 Yrs $138,390 $138,390 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Metropolitan Life Ins. Co./ Max-1 A+g N 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**


Mutual of America Life Ins. Co./TSA A+ N 3.00% 3.00% P $134,390 $134,390 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y N/A 4.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

National Life of Vermont/ Security 5 A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y*** National Western Life/ Access-1092 A- N N/A 3.00% P N/A N/A 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** National Western Life/ Confidence A- N N/A 3.00% P N/A N/A 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Nationwide Life/ Flex Advantage 1 Yr A+g N 3.10% 1.00% 3.00% B $137,057 $137,057 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** **


Pacific Life/ Quest 88-01/1 Yr. A ++g N N/A 4.00% C/ 1Yr N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**Pacific Life/ Quest 88-01/3 Yr. A ++g N N/A 4.00% C/ 3Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N N/A 4.00% C/ 5 Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Penn Mutual Life/Penn Fixed Advtg A g N 3.00% 1.00% 3.00% B $135,374 $135,374 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-1Yr A g N N/A 3.00% C/ 1 Yr N/A N/A 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-3Yr A g N 3.00% 3.00% C/ 3 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-5Yr A g N 3.00% 3.00% C/ 5 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-7Yr A g N 3.00% 3.00% C/ 7 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**



Physicians Life/ Vista Choice 5Yr. A g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-9-8-7-6-0 $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Vista Choice 7Yr. A g Y 3.25% 2.00% 3.00% C/ 7 Yrs $140,434 $140,434 7 Yrs/ 9-9-8-7-6-5-4-0 $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**

* Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y** Reliastar (ING)/ Retrmnt+ NQ A+g N 3.25% 3.00% B $150,170 $150,170 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K 70 No None Y* Y Y-O** No Y** Reliastar (ING)/ TSA-I A+g N 3.50% 3.00% B $141,050 $126,945 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**



Security Mutual Life/ SP-I Yr A N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Sentry Life Ins. Co./ Multi-Plus A g Y 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y*** Shenandoah Life/ SPDA-1 Bonus A- N N/A 3.00% P N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ SPDA-2 Bonus A- N 3.20% 1.00% 3.00% P $138,326 $138,326 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** ** Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** SunAmerica Life/ Century 2000 A ++g Y N/A 4.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85 No 90 Y* No Y-O No Y**










United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y*** United of Omaha/Ultra Annuity 1 Yr A g N 3.15% 1.00% 2.00% P $137,723 $137,723 6 Yrs/ 7-7-7-6-4-2-0 $5K 89 No 95 Y* Y-1/2 Yr Y-O** Y** Y*** United of Omaha/Ultra Annuity 3 Yr A g N N/A 2.00% P N/A N/A 6 Yrs/ 7-7-7-6-4-2-0 (* =.35% for 3 Yrs) $5K 89 No 95 Y* No Y-O** Y** Y**


* USG Annuity-Life(ING)/ Cornerstone A+g N N/A 3.00% B N/A N/A 9Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 90 No ** Y* No Y-A Y** Y**USG Annuity-Life(ING)Max Guar-5Yr A+g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-6Yr A+g N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g N 4.60% 3.00% C/ 8 Yrs $156,786 $156,786 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-10Yr A+g N 5.00% 3.00% C/ 10 Yrs $16,288 $162,880 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g N 4.00% 2.50% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**USG Annuity-Life(ING)Selct Guar-5Yr A+g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**USG Annuity-Life(ING)Selct Guar-6Yr A+g N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**

* USG Annuity-Life(ING)Selct Guar-8Yr A+g N 4.00% 2.50% 3.00% C/ 8 Yrs $151,720 $151,720 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y** VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $141,050 $141,050 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** Western United/DiscoverMaxVoygr. B- N 4.35% 3.00% 3.00% B $153,080 $153,080 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 3.25% 3.00% P $137,689 $137,689 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No



COMPARATIVE ANNUITY REPORT ... September 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions



USG Annuity-Life(ING)Max Guar-10Yr A+g N 5.00% 3.00% C/ 10 Yrs $162,880 $162,880 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y** National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.70% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.65% 1.00% 3.00% C/ 10 Yrs $159,120 $159,120 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y**

USG Annuity-Life(ING)Max Guar-8Yr A+g N 4.60% 3.00% C/ 8 Yrs $156,786 $156,786 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 4.50% 1.00% 3.00% C/ 10Yrs $156,840 $156,840 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Sentry Life Ins. Co./ Multi-Plus A g Y 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y**USAA Life Ins. Co./ SPA II A ++g Y 4.50% + 3.00% P $157,230 $152,401 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y*** Physicians Life/ Custom Direct 10 A g Y 4.45% 1.50% 3.00% C/ 10 Yrs $156,870 $156,870 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity8Yr A g N 4.40% 1.00% 3.00% C/ 8Yrs $155,340 $155,340 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoUSAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 4.40% 3.00% C/ 10 Yrs $153,810 $153,810 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**

Western United/DiscoverMaxVoygr. B- N 4.35% 3.00% 3.00% B $153,080 $153,080 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.30% 2.00% 3.00% C/ 8 Yrs $155,390 $155,390 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

American General AIC/ SRA-9 Yr A+g Y 4.25% 3.00% C/ 9 Yrs $151,620 $151,620 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.25% 3.00% C/ 10 Yrs $151,620 $151,620 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**

* Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y**

Midland National Life/ Dir. Guar. 7Yr A+ N 4.15% 1.00% 3.00% C/ 7 Yrs $151,670 $151,670 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**

Midland National Life/ Dir. Guar. 6Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**Allianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* Beneficial Life/ Advantage 11B+(A) A N 4.00% 3.00% 3.00% B $152,461 $152,461 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g N 4.00% 2.50% 3.00% C/ 10 Yrs $151,720 $151,720 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**

Equitable-Iowa(ING)/Select Guar-8Yr A+g N 4.00% 2.50% 3.00% C/ 8 Yrs $151,720 $151,720 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y** Hartford Life/ CRC Select-5Yr A+g N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 4.00% 2.00% 3.00% C/ 7 Yrs $150,980 $150,980 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y**

Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**Minnesota Life/ Secure Opt. III A ++ N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**

* National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**Travelers Insurance Co./ T-Flex-TSA A ++g N 4.00% 3.50% B $148,020 $148,020 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g N 4.00% 2.50% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y*** USG Annuity-Life(ING)Selct Guar-8Yr A+g N 4.00% 2.50% 3.00% C/ 8 Yrs $151,720 $151,720 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y** William Penn Life of NY/ SPDA-1Yr A ++g N 4.00% 4.00% P $148,020 $148,020 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y**

American National/PaladiumMYG6yr A+ N 3.95% 3.00% C/ 6 Yrs $147,310 $147,310 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* Integrity Life/ New Momentum -7 Yr. A+g N 3.90% 0.75% 3.00% C/ 7 Yrs $147,699 $147,699 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.90% 1.00% 3.25% C/ 6 Yrs $148,060 $148,060 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y**

Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**USG Annuity-Life(ING)Max Guar-6Yr A+g N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**

* F & G Life/ Fidelity Platinum+5 Yr A g N 3.80% 1.00% 3.00% C/ 5 Yrs $146,650 $146,650 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y** Hartford Life/ Saver+ 5 Years A+g N 3.80% 1.00% 3.00% C/ 6 Yrs $146,650 $146,650 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.75% 1.00% 3.00% C/ 7 Yrs $145,950 $145,950 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**

Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Thrivent Fin'cl for Lutherans-Security I A ++g N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**

* Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 3.00% C/ 10 Yrs $144,500 $144,500 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Union Central Life/ SPDA2000-1Yr A N 3.75% 3.00% B $144,500 $144,500 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.70% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** American National/PaladiumMYG7yr A+ N 3.60% 1.00% 3.00% C/ 7 Yrs $143,844 $143,844 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g N 3.60% 1.00% 3.00% C/ 10 Yrs $143,844 $143,844 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.60% 1.00% 3.00% C/ 7Yrs $143,844 $143,844 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* Allstate Life/ Advantage + A+g N 3.50% 1.50% 3.00% B $141,050 $141,050 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y*** American United/ Accum Annuity II A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II + A N 3.50% 0.75% 3.00% B $142,108 $142,108 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y**

AMEX/ Access Advantage A+g N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y*** Aviva Life/ Portfolio Secure Ag N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y**

Conseco Annuity Assur./ Tru Level 6 B N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y**Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y**

Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Life of the Southwest/Milenium + A g N 3.50% 2.00% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y**

Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.50% 2.00% B $141,050 $141,050 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y*** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y** Reliastar (ING)/ TSA-I A+g N 3.50% 3.00% B $141,050 $126,945 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**

Security Benefit Life/ Choice - 5Yr. A+g N 3.50% 3.00% C/ 5 Yrs $141,050 $137,020 5 Yrs/ 7-7-7-6-6-0 $2-5K 90 No Y** Y Y** Y** Y** Y**Security Mutual Life/ SPA2000-1yr A N 3.50% 3.50% P $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**Security Mutual Life/ SPA2000-3yr A N 3.50% 3.50% C/ 3 Yrs $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 85 No 90 Y* No Y-A No Y**

Security Mutual Life/ SP-I Yr A N 3.50% 3.50% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.50% B $141,050 $141,050 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y**USG Annuity-Life(ING)Max Guar-5Yr A+g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**

VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $141,050 $141,050 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y*** Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g N 3.45% 3.00% 3.00% C/ 9 Yrs $144,581 $144,581 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y**

Allstate Life/ Savers Premier A+g N 3.40% 3.00% B $139,700 $139,700 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.40% 2.00% 3.00% C/ 4 Yrs $142,494 $142,494 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.40% 2.00% 3.00% C/ 6 Yrs $142,494 $142,494 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% C/ 7 Yrs $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y**

EMC National Life Co/ SP 5Yr Guar B++ N 3.30% 3.00% C/ 5 Yrs $138,350 $138,350 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ N 3.25% 1.00% 3.00% C/ 5 Yrs $139,057 $139,057 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* GE Capital Assurance/CapPrv710 2Yr A+ N 3.25% 2.00% 2.00% B $140,434 $140,434 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Kansas City Life Select Track 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.25% 3.00% B $137,680 $137,680 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N 3.25% 3.00% B $137,680 $137,680 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y** Metropolitan Life Ins. Co./ Max-1 A+g N 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y**




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on September 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on September 1, 2003


1 Knights of Columbus 7.44 1 First Colony Life Ins. Co. 6.94 1 Knights of Columbus 8.27 1 Farm Bureau Life Ins Co 7.772 Farm Bureau Life of Michigan 7.40 2 GE Capital Assurance 6.94 2 Farm Bureau Life of Michigan 8.20 2 Western United Life Assur 7.743 Farm Bureau Life Ins Co 7.37 3 Western United Life Assur 6.86 3 Farm Bureau Life Ins Co 8.15 3 Knights of Columbus 7.694 First Colony Life Ins. Co. 7.37 4 Hartford Life Ins Co 6.84 4 Western United Life Assur 8.15 4 Horace Mann LIfe Ins Co 7.675 GE Capital Assurance 7.37 5 Jefferson Pilot Life Ins Co 6.84 5 First Colony Life Ins. Co. 8.11 5 First Colony Life Ins. Co. 7.666 Security Benefit Life Ins Co 7.34 6 Principal Life 6.83 6 GE Capital Assurance 8.11 6 GE Capital Assurance 7.667 Western United Life Assur 7.32 7 USAA Life Insurance Company 6.83 7 Security Benefit Life Ins Co 8.10 7 Farm Bureau Life of Michigan 7.648 Hartford Life Ins Co 7.24 8 Knights of Columbus 6.81 8 Great American Life Ins Co 8.05 8 AIG Life Ins Co 7.579 Jefferson Pilot Life Ins Co 7.24 9 Farm Bureau Life of Michigan 6.80 9 Minnesota Life Ins Co 8.03 9 American General Life Ins Co 7.5710 Fidelity & Guaranty Life 7.23 10 Horace Mann LIfe Ins Co 6.80 10 Fidelity & Guaranty Life 7.96 10 Jefferson Pilot Life Ins Co 7.5611 Minnesota Life Ins Co 7.23 11 Physicians Life Ins Co 6.78 11 Physicians Life Ins Co 7.93 11 Hartford Life Ins Co 7.5312 Great American Life Ins Co 7.18 12 Security Benefit Life Ins Co 6.75 12 Jefferson Pilot Life Ins Co 7.92 12 Fidelity & Guaranty Life 7.5113 Penn Mutual Life 7.17 13 Fidelity & Guaranty Life 6.73 13 AIG Life Ins Co 7.89 13 Physicians Life Ins Co 7.5114 Principal Life 7.15 14 AIG Life Ins Co 6.72 14 American General Life Ins Co 7.89 14 Security Benefit Life Ins Co 7.5015 Kansas City Life Ins Co 7.13 15 American General Life Ins Co 6.72 15 Sunset Life Ins Co of Amer' 7.89 15 USG Annuity & Life Co 7.4916 Life Ins Co of the Southwest 7.13 16 United of Omaha Life Ins Co 6.71 16 Kansas City Life Ins Co 7.88 16 Kansas City Life Ins Co 7.4717 Sunset Life Ins Co of Amer' 7.13 17 Kansas City Life Ins Co 6.67 17 Life Ins Co of the Southwest 7.88 17 Minnesota Life Ins Co 7.4718 United of Omaha Life Ins Co 7.13 18 Sunset Life Ins Co of Amer' 6.67 18 Hartford Life Ins Co 7.85 18 Principal Life 7.4719 AIG Life Ins Co 7.09 19 Equitable-Iowa (ING) 6.65 19 MONY Life Ins Co 7.83 19 Sunset Life Ins Co of Amer' 7.4720 American General Life Ins Co 7.09 20 Northern/ReliaStar Life (ING) 6.65 20 Penn Mutual Life 7.83 20 Great American Life Ins Co 7.4521 Equitable-Iowa (ING) 7.08 21 Transamerica Life & Annuity 6.65 21 Sentry Life Insurance Co 7.83 21 Equitable-Iowa (ING) 7.4422 Northern/ReliaStar Life (ING) 7.08 22 USG Annuity & Life Co 6.65 22 American National Ins Co 7.81 22 MONY Life Ins Co 7.4423 Physicians Life Ins Co 7.08 23 Minnesota Life Ins Co 6.63 23 Equitable-Iowa (ING) 7.81 23 Northern/ReliaStar Life (ING) 7.4424 USG Annuity & Life Co 7.08 24 MONY Life Ins Co 6.63 24 Northern/ReliaStar Life (ING) 7.81 24 American National Ins Co 7.4225 MONY Life Ins Co 7.07 25 American National Ins Co 6.59 25 USG Annuity & Life Co 7.81 25 Sentry Life Insurance Co 7.3926 CNA Life Ins Co 7.04 26 Life Ins Co of the Southwest 6.57 26 AXA/Equitable Life Assurance Co 7.76 26 United of Omaha Life Ins Co 7.3927 American National Ins Co 7.02 27 Presidential Life Ins Co 6.55 27 Federal Kemper Life Assur 7.74 27 Life Ins Co of the Southwest 7.3428 Presidential Life Ins Co 7.00 28 Great American Life Ins Co 6.54 28 Kemper Investors Life 7.74 28 Presidential Life Ins Co 7.3329 Sentry Life Insurance Co 7.00 29 Lincoln Benefit Life Company 6.53 29 Lincoln Benefit Life Company 7.74 29 Transamerica Life & Annuity 7.3230 Transamerica Life & Annuity 6.99 30 Penn Mutual Life 6.52 30 Presidential Life Ins Co 7.74 30 Golden Rule Insurance Co 7.2831 Lincoln Benefit Life Company 6.95 31 Sentry Life Insurance Co 6.50 31 Principal Life 7.74 31 Lincoln Benefit Life Company 7.2832 AXA/Equitable Life Assurance Co 6.92 32 CNA Life Ins Co 6.49 32 United of Omaha Life Ins Co 7.74 32 Allianz Life Ins Co of N.A. 7.2733 Federal Kemper Life Assur 6.87 33 Allianz Life Ins Co of N.A. 6.46 33 CNA Life Ins Co 7.73 33 Penn Mutual Life 7.2634 Kemper Investors Life 6.87 34 Farm Bureau Life Ins Co 6.43 34 Golden Rule Insurance Co 7.68 34 AXA/Equitable Life Assurance Co 7.2535 Allianz Life Ins Co of N.A. 6.84 35 Golden Rule Insurance Co 6.38 35 Horace Mann LIfe Ins Co 7.67 35 USAA Life Insurance Company 7.2436 Golden Rule Insurance Co 6.83 36 Jackson National Life Ins Co 6.31 36 United Heritage Mutual Life 7.66 36 CNA Life Ins Co 7.1937 USAA Life Insurance Company 6.82 37 AXA/Equitable Life Assurance Co 6.30 37 Allianz Life Ins Co of N.A. 7.64 37 United Heritage Mutual Life 7.1838 Horace Mann LIfe Ins Co 6.80 38 EMC National Life Co 6.30 38 Transamerica Life & Annuity 7.64 38 EMC National Life Co 7.1639 United Heritage Mutual Life 6.80 39 National Life Ins of Vermont 6.26 39 EMC National Life Co 7.55 39 Federal Kemper Life Assur 7.1440 Jackson National Life Ins Co 6.75 40 United Heritage Mutual Life 6.25 40 USAA Life Insurance Company 7.49 40 Kemper Investors Life 7.1441 EMC National Life Co 6.73 41 Federal Kemper Life Assur 6.23 41 Security Mutual Life of NY 7.47 41 Keyport Life Ins Co 7.1442 Security Mutual Life of NY 6.64 42 Kemper Investors Life 6.23 42 AMEX Life 7.38 42 Security Mutual Life of NY 7.0843 National Life Ins of Vermont 6.63 43 Keyport Life Ins Co 6.23 43 Keyport Life Ins Co 7.36 43 Teachers Ins & Anty of Amer' 7.0344 AMEX Life 6.55 44 Teachers Ins & Anty of Amer' 6.23 44 National Life Ins of Vermont 7.31 44 AMEX Life 6.9745 Keyport Life Ins Co 6.53 45 Security Mutual Life of NY 6.14 45 Jackson National Life Ins Co 7.29 45 National Life Ins of Vermont 6.9646 Woodmen of the World Life 6.47 46 AMEX Life 6.10 46 Woodmen of the World Life 7.25 46 Jackson National Life Ins Co 6.9047 Bankers United Life 6.40 47 Woodmen of the World Life 6.04 47 Canada Life Assurance 7.21 47 Woodmen of the World Life 6.8848 Canada Life Assurance 6.40 48 Bankers United Life 5.96 48 Thrivent Fincl for Lutherans 7.17 48 Thrivent Fincl for Lutherans 6.7849 Life Investors Ins of Amer 6.40 49 Life Investors Ins of Amer 5.96 49 Bankers United Life 7.10 49 Bankers United Life 6.6550 Peoples Benefit Life 6.40 50 Peoples Benefit Life 5.96 50 Life Investors Ins of Amer 7.10 50 Life Investors Ins of Amer 6.65



October, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 10 EDITOR’S COMMENTS... Numbers Summary: FPDA and SPDA average base interest rates showed relatively little movement from the previous month. The decline in interest rates from previous months continues to impact FPDA and SPDA products, with companies refiling their guaranteed interest rates to the 2% and 1.5% levels. SPIA factor averages also remained constant this month. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 3.65% for a 3 year guarantee period (ygp); 3.85% for a 4 ygp; 4.55% for a 5 ygp; 4.15% for a 6 ygp; 4.15% for a 7 ygp; 4.60% for an 8 ygp; 4.15% for a 9 ygp; and 5.0% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... October 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** AIG Life Ins Co /Ultra Xtra A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y*** AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.15% 1.50% 2.00% P $66,722 $66,722 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.70% 1.50% 2.00% P $70,549 $70,549 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Life Ins Co /Future Freedom A ++g Y 3.40% 1.00% 3.00% P $68,489 $68,489 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $67,447 $67,177 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**

Allstate Life/ Savers Premier A+g N 3.15% 3.00% B $66,622 $66,622 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ N 4.50% 3.00% 3.00% B $77,390 $77,390 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ N 3.25% + 3.00% B $67,413 $67,413 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American General AIC/ Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**




* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ FPRA Ag N 4.70% 3.50% P $78,830 $78,830 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.55% 3.00% 3.00% B $69,743 $69,743 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N N/A 3.00% B N/A N/A 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N N/A 3.00% B N/A N/A 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**



Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 2.00% 2.00% B $65,667 $65,667 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 1.25% 2.00% B $65,618 $65,618 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.70% 1.25% 2.00% B $63,773 $63,773 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**


Great American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Hartford Life/ Director A+g N 1.50% 1.50% P $56,800 $56,800 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Jackson National / Flex I A+g N N/A 3.00% B N/A N/A 7 Yrs/ 10-9-8-7-6-3-0 $.75K $62.5 Mo A85/O100 No 85 No Y-A No Y**

* Jefferson Pilot Life/ Flex 5 A ++g Y N/A 3.50% B N/A N/A 5 Yrs/ 7-7-6-5-4-0 $5K <<< 85 No None Y* Y-O Y** Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y** John Alden (SunAmerica)/ No-Load+ A++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st year forever & lower CV rate >>> $25 Mo ** No ** Y** No No Y** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**

Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**


Knights of Columbus/ FPDA A ++ Y 3.00% 3.00% P $65,536 $65,536 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Layfayette Life Ins. Co./ Horizon I A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**


* Lincoln Benefit / Futurist's Gold I A+r N 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Metropolitan Life/Growth+ Account A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 4.00% 3.00% B $73,012 $73,012 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.05% 1.00% 3.00% C/10Yrs $73,485 $73,485 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/1Yr A g N N/A 3.00% C/1Yr N/A N/A 7 Yrs / 7(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/8Yr A g N 4.40% 1.00% 3.00% C/8Yrs $76,346 $76,346 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YMutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y Y


* National Western Life/ FP1098 A- N N/A 3.00% B N/A N/A 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* National Western Life/ Protector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No* Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **




* United Heritage Mutual/ Heritage A- N 2.50% 0.50% 1.50% P $62,353 $62,353 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**United of Omaha/Bonus FPA Ag N 3.25% 1.00% 2.00% B $67,470 $67,470 9 Yrs/8-8-7-6-5-4-3-2-0 $5K $100 Mo Q75/N85 No ** Y* No No **USAA Life Ins. Co./ FRA A ++g Y 3.62% 1.00% 3.00% P $70,267 $70,267 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 4.75% + 3.00% P $79,672 N/S N/S= None Surrenderable (+=1%Prem Bonus) $5K $50 Mo 85 No 100 No No No Y**


Woodmen of the World Life/ Basic A+ N 3.75% 3.00% P $71,050 $71,050 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... October 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions



* Aviva Life/ FPRA Ag N 4.70% 3.50% P $78,830 $78,830 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoAmerican Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ N 4.50% 3.00% 3.00% B $77,390 $77,390 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoVALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,348 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**MONY Life Ins Co/Fixed Annuity/8Yr A g N 4.40% 1.00% 3.00% C/8Yrs $76,346 $76,346 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g N 4.25% + 3.00% P $81,778 $81,778 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**Presidential Life Ins. Co. / N-L Flex B+ N 4.15% 3.00% B $74,218 $74,218 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.05% 1.00% 3.00% C/10Yrs $73,485 $73,485 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoLiberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**Midland National Life/ Guarantee 9 A+ N 4.00% 3.00% B $73,012 $73,012 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**EMC National Life/FPDA B++ N 3.90% 1.00% 3.00% P $72,385 $72,385 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**

* AIG Life Ins Co /Ultra Xtra A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**American General AIC/ Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**Life of the Southwest/ Flex I A g N 3.75% 3.00% B $71,058 $71,058 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**Western United Life/ Flex 2000 B- N 3.75% 3.00% B $71,058 $71,058 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**

Woodmen of the World Life/ Basic A+ N 3.75% 3.00% P $71,050 $71,050 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y*** AIG Life Ins Co /Bonus Flex 7 A ++g Y 3.70% 1.50% 2.00% P $70,549 $70,549 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

USAA Life Ins. Co./ FRA A ++g Y 3.62% 1.00% 3.00% P $70,267 $70,267 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoTravelers Insurance Co./ T-Flex-TSA A ++g N 3.60% 3.00% B $69,913 $69,913 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**

* Beneficial Life/ Advantage-11A+(A) A N 3.55% 3.00% 3.00% B $69,743 $69,743 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y*** AIG Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y**

American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American General AIC/ FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American National/ Palladium FPDA A+ Y 3.50% 3.00% P $69,156 $69,156 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**

* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoHorace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Knights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Mutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YNorthern Life Ins. Co.(ING)/TSA I A+g N 3.50% 3.00% B $69,156 $69,156 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.50% 3.00% C/ 5 Yrs $67,346 $67,346 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.50% 3.00% B $69,101 $69,101 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Travelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $69,156 $68,464 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**William Penn Life of NY/ FPDA A++g N 3.50% 1.50% B $69,156 $69,156 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

* AIG Life Ins Co /Future Freedom A ++g Y 3.40% 1.00% 3.00% P $68,489 $68,489 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**F&G Life/Loyalty Reward E Ag N 3.35% 3.00% B $68,070 $66,029 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**

* Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $67,447 $67,177 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**American Equity Invest' /Guar' + 1 B++ N 3.25% + 3.00% B $67,413 $67,413 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**

* American Investors Life/ FPDA-P10 A g N 3.25% 0.75% 3.00% B $67,397 $67,397 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.25% 1.75% 3.00% B $67,764 $67,764 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No* Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Northern Life Ins. Co.(ING)/Retrmnt+ A+g N 3.25% 3.00% B $67,343 $67,343 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**Teachers Ins. & Annuity/ SRA A ++g Y 3.25% 3.00% P $67,346 $67,346 None >>> $25 Mo ** Y ** Y** Y** Y** Y**United of Omaha/Bonus FPA Ag N 3.25% 1.00% 2.00% B $67,470 $67,470 9 Yrs/8-8-7-6-5-4-3-2-0 $5K $100 Mo Q75/N85 No ** Y* No No **

* USG Anty-Life(ING)/ FPA-9 A+g N 3.25% 1.00% 3.00% B $67,470 $67,470 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** Shenandoah Life/ FPDA-2 Bonus A- N 3.20% 1.00% 3.00% B $66,984 $66,984 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** AIG Life Ins Co /Bonus Flex 5 A ++g Y 3.15% 1.50% 2.00% P $66,722 $66,722 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

Allstate Life/ Savers Premier A+g N 3.15% 3.00% B $66,622 $66,622 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No

* Nationwide/ Flex Advantage- 1 Yr A+g N 3.10% 1.00% 3.00% B $66,323 $66,323 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **Transamerica Life & Anty/Trans 9 A+ Y 3.10% 1.00% 2.00% B $66,323 $66,323 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American United/ FPA IV A N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**

* Equitable-Iowa (ING)/ FPA-9 A+g N 3.00% 1.00% 3.00% B $65,602 $65,602 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 2.00% 2.00% B $65,667 $65,667 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 3.00% 1.25% 2.00% B $65,618 $65,618 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**


John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Keyport Life/ Key Accum 1 Yr. A+ Y 3.00% 3.00% C/ 1Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 3 Yr. A+ Y 3.00% 3.00% C/ 3Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y*** Keyport Life/ Key Accum 5 Yr. A+ Y 3.00% 3.00% C/ 5Yr $65,602 $65,602 5 Yrs/ 7-7-7-6-5-0 $2-5K <<< Q80/N85 No 90** Y** Y** Y** Y**

Knights of Columbus/ FPDA A ++ Y 3.00% 3.00% P $65,536 $65,536 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Lincoln Benefit / Futurist's Gold I A+r N 3.00% 1.00% 3.00% P $65,602 $65,602 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**

Metropolitan Life/Growth+ Account A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y YPeoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g Y 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**

* National Western Life/ Protector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No* GE Capital Assurance/CapPrv710/5Yr A+ N 2.70% 1.25% 2.00% B $63,773 $63,773 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**


* United Heritage Mutual/ Heritage A- N 2.50% 0.50% 1.50% P $62,353 $62,353 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**Ohio National Life Ins Co/Prime II A+g N 2.25% 2.00% P $60,624 $60,624 8 Yrs/ 8-7-7-6-5-4-3-2-0 >>> $50 Mo 75 No 85 Y* Y-O** No Y**Hartford Life/ Director A+g N 1.50% 1.50% P $56,800 $56,800 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... October 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** AIG Life Ins Co/ AIG Five 1 A ++g Y N/A 3.00% P N/A N/A 6 Yrs/ 7-7-6-5-4-3-0 $5K 75A Y 85 Y** No Y-A No Y**

Allianz Life NA/ Dominator- 5 Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 10-9-8-7-6-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 6 Yr A+g N 3.15% 3.00% C/ 6 Yrs $136,360 $136,360 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% C/ 7 Yrs $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $138,348 $138,348 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**Allstate Life/ Savers Premier A+g N 3.15% 3.00% B $136,360 $136,360 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**American General AIC/ SRA-9 Yr A+g Y 4.05% 3.00% C/ 9 Yrs $148,730 $148,730 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**

* American General AIC/ Ultra Vision 97 A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 9-8-7-6-5-4-2-0 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ N 3.25% 1.00% 3.00% C/ 5 Yrs $139,057 $139,057 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No



AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure Ag N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Solutions 6 A+ Y 2.00% 2.00% B $121,899 $121,899 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 4.00% 3.00% 3.00% B $152,461 $152,461 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N N/A 3.00% C/ 10 Yrs N/A N/A 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No




* Equitable-Iowa(ING)/ M Set+ -10 Yr A+g N 4.00% 2.50% 3.00% C/ 10 Yrs $151,720 $151,720 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-5Yr A+g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-6Yr A+g N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g N 4.00% 3.00% C/ 8 Yrs $148,020 $148,020 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**


Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.55% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.55% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 3.00% 2.00% 2.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 3.00% 1.25% 2.00% B $136,070 $136,070 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.70% 1.25% 2.00% B $132,159 $132,159 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ IX-SS A g N 3.00% 3.00% B $153,070 $129,038 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.20% + 3.00% B $143,871 $137,023 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC Select-6Yr A+g N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 6 Years A+g N 3.80% 1.00% 3.00% C/ 6 Yrs $146,650 $146,650 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ New Momentum -7 Yr. A+g N 3.90% 0.75% 3.00% C/ 7 Yrs $147,699 $147,699 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g N 3.00% 3.25% 3.00% B $138,758 $138,758 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g N 3.00% 3.00% B $134,390 $134,390 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g N 3.00% 3.00% B $134,390 $134,390 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g N N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g N 3.95% 3.00% 3.00% C/ 9 Yrs $151,729 $151,729 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g N 4.10% 1.00% 3.00% C/ 10 Yrs $150,940 $150,940 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.90% 1.00% 3.25% C/ 6 Yrs $148,060 $148,060 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 4.00% 2.00% 3.00% C/ 7 Yrs $150,980 $150,980 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y N/A 3.25% C/ 5 Yrs N/A N/A 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**



Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Knights of Columbus/ FPDA A ++ Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Layfayette Life Ins. Co./ Horizon S A N N/A 4.00% P N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

* Life Investors Ins./Solutions 6 A+ Y 2.00% 2.00% B $121,300 $121,300 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 3.25% 3.00% B $137,680 $137,680 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/Milenium + A g N 3.50% 2.00% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce + 5Yr. A+r N 3.65% 1.50% 3.00% B $145,257 $145,257 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r N 3.20% 2.00% 3.00% C/ 5 Yrs $139,683 $139,683 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r N 3.40% 1.00% 3.00% C/ 8 Yrs $141,097 $141,097 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Metropolitan Life Ins. Co./ Max-1 A+g N 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**


Mutual of America Life Ins. Co./TSA A+ N 3.00% 3.00% P $134,390 $134,390 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ SPDA-Q A- Y N/A 4.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

National Life of Vermont/ Security 5 A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y*** National Western Life/ Access-1092 A- N N/A 3.00% P N/A N/A 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** National Western Life/ Confidence A- N N/A 3.00% P N/A N/A 5 Yrs/ 6-6-5-4-2-0 $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Nationwide Life/ Flex Advantage 1 Yr A+g N 3.10% 1.00% 3.00% B $137,057 $137,057 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** **





Physicians Life/ Custom Direct 5 A g Y 3.50% 1.00% 3.00% C/ 5 Yrs $142,461 $142,461 5 Yrs/ 9-9-8-7-6-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Custom Direct 7 A g Y 4.00% 1.00% 3.00% C/ 7 Yrs $149,500 $149,500 7 Yrs/ 9-9-8-7-6-5-4-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**










COMPARATIVE ANNUITY REPORT ... October 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions



USG Annuity-Life(ING)Max Guar-10Yr A+g N 5.00% 3.00% C/ 10 Yrs $162,880 $162,880 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y** National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.65% 1.00% 3.00% C/ 10 Yrs $159,120 $159,120 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y**

USG Annuity-Life(ING)Max Guar-8Yr A+g N 4.60% 3.00% C/ 8 Yrs $156,786 $156,786 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.55% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**

Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** Sentry Life Ins. Co./ Multi-Plus A g Y 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y*** Physicians Life/ Custom Direct 10 A g Y 4.45% 1.50% 3.00% C/ 10 Yrs $156,870 $156,870 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity8Yr A g N 4.40% 1.00% 3.00% C/ 8Yrs $155,340 $155,340 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No Western United/DiscoverMaxVoygr. B- N 4.35% 3.00% 3.00% B $153,080 $153,080 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.30% 2.00% 3.00% C/ 8 Yrs $155,390 $155,390 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.25% 3.00% C/ 10 Yrs $151,620 $151,620 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**USAA Life Ins. Co./ SPA II A ++g Y 4.25% + 3.00% P $153,130 $148,427 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**

* Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**Midland National Life/ Dir. Guar. 7Yr A+ N 4.15% 1.00% 3.00% C/ 7 Yrs $151,670 $151,670 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 4.15% 3.00% C/ 10 Yrs $150,170 $150,170 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**

* Jackson Nat'l Life/ Target 10 Yr. A+g N 4.10% 1.00% 3.00% C/ 10 Yrs $150,940 $150,940 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y**American General AIC/ SRA-9 Yr A+g Y 4.05% 3.00% C/ 9 Yrs $148,730 $148,730 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q70N85 No 95 Y** No Y-O No Y**

Midland National Life/ Dir. Guar. 6Yr A+ N 4.05% 3.00% C/ 6 Yrs $148,730 $148,730 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 4.05% 1.00% 3.00% C/ 10Yrs $150,210 $150,210 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoAllianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* Beneficial Life/ Advantage 11B+(A) A N 4.00% 3.00% 3.00% B $152,461 $152,461 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** EMC National Life Co/ Bonus 3 B++ N 4.00% 3.00% 3.00% B $152,208 $152,208 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g N 4.00% 2.50% 3.00% C/ 10 Yrs $151,720 $151,720 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**

Equitable-Iowa(ING)/Select Guar-8Yr A+g N 4.00% 3.00% C/ 8 Yrs $148,020 $148,020 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y** Hartford Life/ CRC Select-6Yr A+g N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Jefferson Pilot Life/ Pilot Gold 7 A ++g Y 4.00% 2.00% 3.00% C/ 7 Yrs $150,980 $150,980 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y**


* National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**Physicians Life/ Custom Direct 7 A g Y 4.00% 1.00% 3.00% C/ 7 Yrs $149,500 $149,500 7 Yrs/ 9-9-8-7-6-5-4-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g N 4.00% 2.50% 3.00% C/ 10 Yrs $148,020 $148,020 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y*** USG Annuity-Life(ING)Selct Guar-8Yr A+g N 4.00% 2.50% 3.00% C/ 8 Yrs $151,720 $151,720 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**

American National/PaladiumMYG6yr A+ N 3.95% 3.00% C/ 6 Yrs $147,310 $147,310 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** NoEMC National Life Co/ SP 5Yr Guar B++ N 3.95% 3.00% C/ 5 Yrs $147,310 $147,310 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

* Jackson Nat'l Life/ Target 9 Yr. A+g N 3.95% 3.00% 3.00% C/ 9 Yrs $151,729 $151,729 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Integrity Life/ New Momentum -7 Yr. A+g N 3.90% 0.75% 3.00% C/ 7 Yrs $147,699 $147,699 7 Yrs + MVA/ 8-7-6-5-4-3-2-0 $5K 80 No A85** Y* Y** Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 6 A ++g Y 3.90% 1.00% 3.25% C/ 6 Yrs $148,060 $148,060 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y**

Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**USG Annuity-Life(ING)Max Guar-6Yr A+g N 3.85% 3.00% C/ 6 Yrs $145,900 $145,900 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**EMC National Life Co/ SP 4Yr Guar B++ N 3.80% 3.00% C/ 4 Yrs $145,200 $145,200 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

* F & G Life/ Fidelity Platinum+5 Yr A g N 3.80% 1.00% 3.00% C/ 5 Yrs $146,650 $146,650 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y** Hartford Life/ Saver+ 6 Years A+g N 3.80% 1.00% 3.00% C/ 6 Yrs $146,650 $146,650 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.75% 1.00% 3.00% C/ 7 Yrs $145,950 $145,950 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**


* Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 3.00% C/ 10 Yrs $144,500 $144,500 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Union Central Life/ SPDA2000-1Yr A N 3.75% 3.00% B $144,500 $144,500 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Woodmen of the World Life/Basic A+ N 3.75% 3.00% P $144,485 $144,485 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No

EMC National Life Co/ SP 3Yr Guar B++ N 3.65% 3.00% C/ 3 Yrs $143,110 $143,110 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** Lincoln Benefit /Sav Chce + 5Yr. A+r N 3.65% 1.50% 3.00% B $145,257 $145,257 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y**

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.65% 3.50% B $143,110 $143,110 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y*** American National/PaladiumMYG7yr A+ N 3.60% 1.00% 3.00% C/ 7 Yrs $143,844 $143,844 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.60% 1.00% 3.00% C/ 7Yrs $143,844 $143,844 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoTravelers Insurance Co./ T-Flex-TSA A ++g N 3.60% 3.50% B $142,420 $142,420 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

Farm Bureau of Mich/3 Yr-Guarantee A N 3.55% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** American United/ Accum Annuity II A N 3.50% 0.50% 3.00% B $141,755 $141,755 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II + A N 3.50% 0.75% 3.00% B $142,108 $142,108 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y**


Conseco Annuity Assur./ Tru Level 6 B N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y**Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y**

Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Life of the Southwest/Milenium + A g N 3.50% 2.00% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y** Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.50% 2.00% B $141,050 $141,050 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y**Penn Mutual Life/Penn Fixed Advtg A g N 3.50% 1.00% 3.00% B $142,401 $142,401 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y**Physicians Life/ Custom Direct 5 A g Y 3.50% 1.00% 3.00% C/ 5 Yrs $142,461 $142,461 5 Yrs/ 9-9-8-7-6-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**

* Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y*** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y** Reliastar (ING)/ TSA-I A+g N 3.50% 3.00% B $141,050 $126,945 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**



United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y**USG Annuity-Life(ING)Max Guar-5Yr A+g N 3.50% 3.00% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**

VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $141,050 $141,050 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** William Penn Life of NY/ SPDA-1Yr A ++g N 3.50% 1.50% P $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y*** Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y** Ameritus Variable/ Advantage + Ag Y 3.40% 3.00% B $139,700 $139,700 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Lincoln Benefit/ Tactician+8 Yr MYG A+r N 3.40% 1.00% 3.00% C/ 8 Yrs $141,097 $141,097 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Physicians Life/ Custom Direct 4 A g Y 3.40% 2.00% 3.00% C/ 4 Yrs $142,494 $142,494 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.40% 2.00% 3.00% C/ 6 Yrs $142,494 $142,494 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% C/ 7 Yrs $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $138,348 $138,348 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y*** American Investors Life/ SP2000+ A g N 3.25% 0.75% 3.00% B $138,390 $138,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ N 3.25% 1.00% 3.00% C/ 5 Yrs $139,057 $139,057 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on October 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on October 1, 2003


1 Knights of Columbus 7.44 1 First Colony Life Ins. Co. 6.84 1 Knights of Columbus 8.27 1 Farm Bureau Life Ins Co 7.772 Farm Bureau Life of Michigan 7.40 2 GE Capital Assurance 6.84 2 Farm Bureau Life of Michigan 8.20 2 Knights of Columbus 7.693 Farm Bureau Life Ins Co 7.37 3 Jefferson Pilot Life Ins Co 6.84 3 Farm Bureau Life Ins Co 8.15 3 Hartford Life Ins Co 7.674 First Colony Life Ins. Co. 7.27 4 Knights of Columbus 6.81 4 Great American Life Ins Co 8.05 4 Horace Mann LIfe Ins Co 7.675 GE Capital Assurance 7.27 5 Farm Bureau Life of Michigan 6.80 5 Western United Life Assur 8.04 5 Western United Life Assur 7.656 Jefferson Pilot Life Ins Co 7.24 6 Horace Mann LIfe Ins Co 6.80 6 Minnesota Life Ins Co 8.03 6 Farm Bureau Life of Michigan 7.647 Fidelity & Guaranty Life 7.23 7 Western United Life Assur 6.76 7 First Colony Life Ins. Co. 8.01 7 First Colony Life Ins. Co. 7.578 Minnesota Life Ins Co 7.23 8 Fidelity & Guaranty Life 6.73 8 GE Capital Assurance 8.01 8 GE Capital Assurance 7.579 Western United Life Assur 7.21 9 Physicians Life Ins Co 6.71 9 Fidelity & Guaranty Life 7.96 9 Jefferson Pilot Life Ins Co 7.5610 Great American Life Ins Co 7.18 10 United of Omaha Life Ins Co 6.71 10 Physicians Life Ins Co 7.93 10 Fidelity & Guaranty Life 7.5111 Penn Mutual Life 7.17 11 Kansas City Life Ins Co 6.67 11 Jefferson Pilot Life Ins Co 7.92 11 Physicians Life Ins Co 7.5112 Kansas City Life Ins Co 7.13 12 Sunset Life Ins Co of Amer' 6.67 12 Kansas City Life Ins Co 7.89 12 Kansas City Life Ins Co 7.4713 Life Ins Co of the Southwest 7.13 13 Minnesota Life Ins Co 6.63 13 Sunset Life Ins Co of Amer' 7.89 13 Minnesota Life Ins Co 7.4714 Sunset Life Ins Co of Amer' 7.13 14 AXA/Equitable Life Assurance Co 6.61 14 Life Ins Co of the Southwest 7.88 14 Sunset Life Ins Co of Amer' 7.4715 United of Omaha Life Ins Co 7.13 15 American National Ins Co 6.59 15 Penn Mutual Life 7.83 15 Great American Life Ins Co 7.4516 CNA Life Ins Co 7.04 16 Hartford Life Ins Co 6.59 16 Sentry Life Insurance Co 7.83 16 American National Ins Co 7.4217 Physicians Life Ins Co 7.03 17 Life Ins Co of the Southwest 6.57 17 American National Ins Co 7.81 17 Sentry Life Insurance Co 7.3918 American National Ins Co 7.02 18 Presidential Life Ins Co 6.55 18 EMC National Life Co 7.75 18 United of Omaha Life Ins Co 7.3919 Presidential Life Ins Co 7.00 19 Transamerica Life & Annuity 6.55 19 Federal Kemper Life Assur 7.74 19 AXA/Equitable Life Assurance Co 7.3720 Sentry Life Insurance Co 7.00 20 Great American Life Ins Co 6.54 20 Kemper Investors Life 7.74 20 EMC National Life Co 7.3621 MONY Life Ins Co 6.97 21 MONY Life Ins Co 6.53 21 MONY Life Ins Co 7.74 21 MONY Life Ins Co 7.3522 AXA/Equitable Life Assurance Co 6.94 22 USAA Life Insurance Company 6.53 22 Presidential Life Ins Co 7.74 22 Principal Life 7.3523 EMC National Life Co 6.94 23 Penn Mutual Life 6.52 23 United of Omaha Life Ins Co 7.74 23 Life Ins Co of the Southwest 7.3424 Equitable-Iowa (ING) 6.92 24 EMC National Life Co 6.51 24 CNA Life Ins Co 7.73 24 Presidential Life Ins Co 7.3325 Northern/ReliaStar Life (ING) 6.92 25 Sentry Life Insurance Co 6.50 25 AXA/Equitable Life Assurance Co 7.68 25 Equitable-Iowa (ING) 7.2826 USG Annuity & Life Co 6.92 26 CNA Life Ins Co 6.49 26 Golden Rule Insurance Co 7.68 26 Golden Rule Insurance Co 7.2827 Transamerica Life & Annuity 6.89 27 Equitable-Iowa (ING) 6.49 27 Horace Mann LIfe Ins Co 7.67 27 Northern/ReliaStar Life (ING) 7.2828 Hartford Life Ins Co 6.88 28 Northern/ReliaStar Life (ING) 6.49 28 Lincoln Benefit Life Company 7.67 28 USG Annuity & Life Co 7.2829 Federal Kemper Life Assur 6.87 29 USG Annuity & Life Co 6.49 29 Equitable-Iowa (ING) 7.66 29 Allianz Life Ins Co of N.A. 7.2730 Kemper Investors Life 6.87 30 Allianz Life Ins Co of N.A. 6.46 30 Northern/ReliaStar Life (ING) 7.66 30 Penn Mutual Life 7.2631 Jackson National Life Ins Co 6.85 31 Principal Life 6.45 31 United Heritage Mutual Life 7.66 31 AIG Life Ins Co 7.2532 Lincoln Benefit Life Company 6.85 32 Farm Bureau Life Ins Co 6.43 32 USG Annuity & Life Co 7.66 32 American General Life Ins Co 7.2533 Allianz Life Ins Co of N.A. 6.84 33 Jackson National Life Ins Co 6.43 33 Allianz Life Ins Co of N.A. 7.64 33 USAA Life Insurance Company 7.2434 Golden Rule Insurance Co 6.83 34 Lincoln Benefit Life Company 6.42 34 Principal Life 7.63 34 Transamerica Life & Annuity 7.2235 USAA Life Insurance Company 6.82 35 AIG Life Ins Co 6.40 35 AIG Life Ins Co 7.58 35 Lincoln Benefit Life Company 7.2036 Horace Mann LIfe Ins Co 6.80 36 American General Life Ins Co 6.40 36 American General Life Ins Co 7.58 36 CNA Life Ins Co 7.1937 United Heritage Mutual Life 6.80 37 Golden Rule Insurance Co 6.38 37 Thrivent Fincl for Lutherans 7.58 37 Thrivent Fincl for Lutherans 7.1938 Thrivent Fincl for Lutherans 6.79 38 Teachers Ins & Anty of Amer' 6.37 38 Hartford Life Ins Co 7.57 38 United Heritage Mutual Life 7.1839 Principal Life 6.78 39 Thrivent Fincl for Lutherans 6.36 39 Transamerica Life & Annuity 7.54 39 Teachers Ins & Anty of Amer' 7.1640 AIG Life Ins Co 6.77 40 Woodmen of the World Life 6.30 40 Security Benefit Life Ins Co 7.52 40 Federal Kemper Life Assur 7.1441 American General Life Ins Co 6.77 41 National Life Ins of Vermont 6.26 41 Woodmen of the World Life 7.50 41 Kemper Investors Life 7.1442 Woodmen of the World Life 6.72 42 Bankers United Life 6.25 42 USAA Life Insurance Company 7.49 42 Keyport Life Ins Co 7.1443 Security Benefit Life Ins Co 6.71 43 Life Investors Ins of Amer 6.25 43 Security Mutual Life of NY 7.47 43 Woodmen of the World Life 7.1344 Bankers United Life 6.70 44 Peoples Benefit Life 6.25 44 Jackson National Life Ins Co 7.43 44 Security Mutual Life of NY 7.0845 Life Investors Ins of Amer 6.70 45 United Heritage Mutual Life 6.25 45 AMEX Life 7.38 45 Jackson National Life Ins Co 7.0446 Peoples Benefit Life 6.70 46 Federal Kemper Life Assur 6.23 46 Keyport Life Ins Co 7.36 46 AMEX Life 6.9747 Security Mutual Life of NY 6.64 47 Kemper Investors Life 6.23 47 National Life Ins of Vermont 7.31 47 National Life Ins of Vermont 6.9648 National Life Ins of Vermont 6.63 48 Keyport Life Ins Co 6.23 48 Bankers United Life 7.30 48 Bankers United Life 6.9249 AMEX Life 6.55 49 Security Mutual Life of NY 6.14 49 Life Investors Ins of Amer 7.30 49 Life Investors Ins of Amer 6.9250 Keyport Life Ins Co 6.53 50 AMEX Life 6.10 50 Peoples Benefit Life 7.30 50 Peoples Benefit Life 6.92



November, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 11 EDITOR’S COMMENTS... Numbers Summary: FPDA and SPDA average base interest rates remained constant in November (the third month in a row). Carriers, due to the low interest rate environment, continue their trend to refile FPDA and SPDA guaranteed interest rates below the 3% level. SPIA factor averages remained relatively unchanged for the second consecutive month. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 3.65% for a 3 year guarantee period (ygp); 3.85% for a 4 ygp; 4.55% for a 5 ygp; 4.70% for a 6 ygp; 5.00% for a 7 ygp; 4.40% for an 8 ygp; 4.15% for a 9 ygp; and 4.75% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... November 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Annuity Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** AIG Annuity Life Ins Co /Bonus Flex 5 A ++g Y 2.95% 1.50% 2.00% P $65,446 $65,446 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Annuity Life Ins Co /Bonus Flex 7 A ++g Y 3.50% 1.50% 2.00% P $69,259 $69,259 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Annuity Life Ins Co /Future Freedo A ++g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Annuity Life Ins Co /Ultra Xtra A ++g Y 3.60% 2.00% 3.00% B $70,052 $70,052 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**

AIG Annuity Life Ins Co AIC/Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**AIG Annuity Life Ins Co AIC/FPDA + II A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**

* Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $67,447 $67,177 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**Allstate Life/ Savers Premier A+g N 3.15% 3.00% B $66,622 $66,622 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /FPDA-3 B++ N 3.50% 2.00% 3.00% B $69,363 $69,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Equity Invest' /Guar' + 1 B++ N 3.25% 1.00% 3.00% B $67,410 $67,410 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**




* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Aviva Life/ FPRA Ag N 4.65% 3.50% P $78,398 $78,398 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 3.00% B $68,274 $68,274 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y*** Canada Life/ Security One + A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N N/A 3.00% B N/A N/A 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./ FPDA-11 B N N/A 3.00% B N/A N/A 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y*** Conseco Annuity Assur./ FPDA-81 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y*** Conseco Annuity Assur./ FPDA-88 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**



Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/3Yr A+ N 2.70% 2.00% B $63,693 $63,693 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** GE Capital Assurance/CapPrv710/5Yr A+ N 2.40% 2.00% B $61,653 $61,653 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**


Great American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Hartford Life/ Director A+g N 1.50% 1.50% P $56,800 $56,800 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

* Integrity Life/New Momentum - 3Yr A+g N 3.80% 0.75% 1.50% C/3Yrs $71,502 $71,502 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85** Y** Y-A Y** Y*** Integrity Life/New Momentum - 5Yr A+g N 4.30% 0.75% 1.50% C/5Yrs $75,494 $75,494 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85** Y** Y-A Y** Y*** Integrity Life/New Momentum - 7Yr A+g N 4.40% 0.75% 1.50% C/7Yrs $76,327 $76,327 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85** Y** Y-A Y** Y*** Integrity Life/New Momentum - 10Yr A+g N 4.45% 0.75% 1.50% C/10Yrs $76,748 $76,748 10 Yrs/ 8-7-6-5-4-2-0+3Yr MVA $5K $1K 85 No A85** Y** Y-A Y** Y**

Jackson National / Flex I A+g N N/A 3.00% B N/A N/A 7 Yrs/ 10-9-8-7-6-3-0 $.75K $62.5 Mo A85/O100 No 85 No Y-A No Y*** Jefferson Pilot Life/ Flex 5 A ++g Y N/A 3.50% B N/A N/A 5 Yrs/ 7-7-6-5-4-0 $5K <<< 85 No None Y* Y-O Y** Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y** John Alden (SunAmerica)/ No-Load+ A++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st year forever & lower CV rate >>> $25 Mo ** No ** Y** No No Y** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y*** Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**

Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y**

* Keyport Life(Sun - Canada) Value 5 A+ Y 2.80% 1.00% 1.50% C/ 5Yr $64,458 $64,458 5 Yrs/ 6-5-4-3-0+MVA 5K $100+ A85/O100 No 90 Y** Y-O++ Y** No* Keyport Life(Sun - Canada) Value 6 A+ Y 3.15% 1.00% 1.50% C/ 6Yr $66,689 $66,689 6 Yrs/ 6-5-4-3-2-0+MVA 5K $100+ A85/O100 No 90 Y** Y-O++ Y** No* Keyport Life(Sun - Canada) Value 7 A+ Y 3.50% 1.00% 1.50% C/ 7Yr $69,225 $69,225 7 Yrs/ 6-5-4-3-2-1-0+MVA 5K $100+ A85/O100 No 90 Y** Y-O++ Y** No

Knights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Knights of Columbus/ FPDA A ++ Y 3.00% 3.00% P $65,536 $65,536 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Layfayette Life Ins. Co./ Horizon I A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**


* Lincoln Benefit / Futurist's Gold I A+r N 3.25% 1.50% P $67,343 $67,343 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Metropolitan Life/Growth+ Account A+g N 3.00% 2.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N 4.40% 3.00% B $76,270 $73,012 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.05% 1.00% 3.00% C/10Yrs $73,485 $73,485 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/1Yr A g N N/A 3.00% C/1Yr N/A N/A 7 Yrs / 7(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/8Yr A g N 4.40% 1.00% 3.00% C/8Yrs $76,346 $76,346 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YMutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y Y

* National Guardian Life/ Super Flex A- Y 3.10% 3.00% B $66,257 $66,257 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**National Western Life/ Capital + A- N N/A 3.00% B N/A N/A 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**National Western Life/ FP1091 A- N N/A 4.00% B N/A N/A 15 Yrs/ 10 % Yr 1 >>> $25 Mo 70 No ** Y* Y** No No

* National Western Life/ FP1098 A- N N/A 3.00% B N/A N/A 9-12 Yrs/ 12% Max >>> $25 Mo Q65/N85 No ** Y* Y** No No* National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No* Nationwide/ Flex Advantage- 1 Yr A+g N N/A 1.00% 3.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **




* United Heritage Mutual/ Heritage A- N 2.50% 0.50% 1.50% P $62,353 $62,353 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**United of Omaha/Bonus FPA Ag N 3.25% 1.00% 2.00% B $67,470 $67,470 9 Yrs/8-8-7-6-5-4-3-2-0 $5K $100 Mo Q75/N85 No ** Y* No No **USAA Life Ins. Co./ FRA A ++g Y 3.77% 1.00% 3.00% P $73,520 $73,520 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**USAA Life Ins. Co./ Per'l Pension A ++g Y 3.40% + 3.00% P $71,925 N/S N/S= None Surrenderable (+=1%Prem Bonus) $5K $50 Mo 85 No 100 No No No Y**



COMPARATIVE ANNUITY REPORT ... November 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions



* Aviva Life/ FPRA Ag N 4.65% 3.50% P $78,398 $78,398 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoAmerican Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**Security Mutual Life of NY/ FPDA-Q A N 4.50% 4.50% B $77,120 $77,120 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoVALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,348 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**

* Integrity Life/New Momentum - 10Yr A+g N 4.45% 0.75% 1.50% C/10Yrs $76,748 $76,748 10 Yrs/ 8-7-6-5-4-2-0+3Yr MVA $5K $1K 85 No A85** Y** Y-A Y** Y*** Integrity Life/New Momentum - 7Yr A+g N 4.40% 0.75% 1.50% C/7Yrs $76,327 $76,327 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85** Y** Y-A Y** Y**

Midland National Life/ Guarantee 9 A+ N 4.40% 3.00% B $76,270 $73,012 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**MONY Life Ins Co/Fixed Annuity/8Yr A g N 4.40% 1.00% 3.00% C/8Yrs $76,346 $76,346 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

* Integrity Life/New Momentum - 5Yr A+g N 4.30% 0.75% 1.50% C/5Yrs $75,494 $75,494 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85** Y** Y-A Y** Y*** Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**

Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**Presidential Life Ins. Co. / N-L Flex B+ N 4.15% 3.00% B $74,218 $74,218 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.05% 1.00% 3.00% C/10Yrs $73,485 $73,485 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoLiberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**Life of the Southwest/ Flex I A g N 4.00% 3.00% B $73,012 $73,012 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g N 4.00% + 3.00% P $79,583 $81,778 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**EMC National Life/FPDA B++ N 3.90% 1.00% 3.00% P $72,385 $72,385 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**

* Integrity Life/New Momentum - 3Yr A+g N 3.80% 0.75% 1.50% C/3Yrs $71,502 $71,502 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85** Y** Y-A Y** Y**USAA Life Ins. Co./ FRA A ++g Y 3.77% 1.00% 3.00% P $73,520 $73,520 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**AIG Annuity Life Ins Co AIC/Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**

* Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**Western United Life/ Flex 2000 B- N 3.75% 3.00% B $71,058 $71,058 7 Yrs/ 7-6-5-4-3-2-1-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**

Woodmen of the World Life/ Basic A+ N 3.75% 3.00% P $71,050 $71,050 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y*** AIG Annuity Life Ins Co /Ultra Xtra A ++g Y 3.60% 2.00% 3.00% B $70,052 $70,052 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**

MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoTravelers Insurance Co./ T-Flex-TSA A ++g N 3.60% 3.00% B $69,913 $69,913 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**

* AIG Annuity Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** AIG Annuity Life Ins Co /Bonus Flex 7 A ++g Y 3.50% 1.50% 2.00% P $69,259 $69,259 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

AIG Annuity Life Ins Co AIC/FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**American Equity Invest' /FPDA-3 B++ N 3.50% 2.00% 3.00% B $69,363 $69,363 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American National/ Palladium FPDA A+ Y 3.50% 3.00% P $69,156 $69,156 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**

* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoHorace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

* Keyport Life(Sun - Canada) Value 7 A+ Y 3.50% 1.00% 1.50% C/ 7Yr $69,225 $69,225 7 Yrs/ 6-5-4-3-2-1-0+MVA 5K $100+ A85/O100 No 90 Y** Y-O++ Y** NoKnights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Mutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YTravelers Insurance Co./ T-Flex-NQ A ++g N 3.50% 3.00% B $69,150 $69,150 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**United Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $69,156 $68,464 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**William Penn Life of NY/ FPDA A++g N 3.50% 1.50% B $69,156 $69,156 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

* Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 3.00% B $68,274 $68,274 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y**Northern Life Ins. Co.(ING)/TSA I A+g N 3.30% 3.00% B $67,700 $60,930 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y**

* Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $67,447 $67,177 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**American Equity Invest' /Guar' + 1 B++ N 3.25% 1.00% 3.00% B $67,410 $67,410 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**

* American Investors Life/ FPDA-P10 A g N 3.25% 1.00% 2.00% B $67,410 $67,410 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.25% 2.00% 2.00% B $67,477 $67,477 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No* Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Lincoln Benefit / Futurist's Gold I A+r N 3.25% 1.50% P $67,343 $67,343 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**

Teachers Ins. & Annuity/ SRA A ++g Y 3.25% 3.00% P $67,346 $67,346 None >>> $25 Mo ** Y ** Y** Y** Y** Y**United of Omaha/Bonus FPA Ag N 3.25% 1.00% 2.00% B $67,470 $67,470 9 Yrs/8-8-7-6-5-4-3-2-0 $5K $100 Mo Q75/N85 No ** Y* No No **

* Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** AIG Annuity Life Ins Co /Future Freedom A ++g Y 3.20% 1.00% 3.00% P $67,050 $67,050 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

Security Benefit Life/ Choice - 5 Yr A+g N 3.20% 3.00% C/ 5 Yrs $66,984 $66,984 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y*** Shenandoah Life/ FPDA-2 Bonus A- N 3.20% 1.00% 3.00% B $66,984 $66,984 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Allstate Life/ Savers Premier A+g N 3.15% 3.00% B $66,622 $66,622 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y*** Keyport Life(Sun - Canada) Value 6 A+ Y 3.15% 1.00% 1.50% C/ 6Yr $66,689 $66,689 6 Yrs/ 6-5-4-3-2-0+MVA 5K $100+ A85/O100 No 90 Y** Y-O++ Y** No

MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No* National Guardian Life/ Super Flex A- Y 3.10% 3.00% B $66,257 $66,257 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K <<< 85 No + Y*C Y-O** Y** Y**

Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.10% 3.00% B $66,251 $66,251 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Transamerica Life & Anty/Trans 9 A+ Y 3.10% 1.00% 2.00% B $66,323 $66,323 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**Northern Life Ins. Co.(ING)/Retrmnt+ A+g N 3.05% 3.00% B $65,896 $65,896 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American United/ FPA IV A N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**

AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y*** Equitable-Iowa (ING)/ FPA-9 A+g N 3.00% 1.00% 3.00% B $65,602 $65,602 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**

F&G Life/Loyalty Reward E Ag N 3.00% 3.00% B $65,536 $63,570 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y*** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**


John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y**Knights of Columbus/ FPDA A ++ Y 3.00% 3.00% P $65,536 $65,536 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**

* Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y**Metropolitan Life/Growth+ Account A+g N 3.00% 2.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No NoMutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y YPeoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g Y 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**

* USG Anty-Life(ING)/ FPA-9 A+g N 3.00% 1.00% 3.00% B $65,602 $67,470 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** AIG Annuity Life Ins Co /Bonus Flex 5 A ++g Y 2.95% 1.50% 2.00% P $65,446 $65,446 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Keyport Life(Sun - Canada) Value 5 A+ Y 2.80% 1.00% 1.50% C/ 5Yr $64,458 $64,458 5 Yrs/ 6-5-4-3-0+MVA 5K $100+ A85/O100 No 90 Y** Y-O++ Y** No* National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No* GE Capital Assurance/CapPrv710/3Yr A+ N 2.70% 2.00% B $63,693 $63,693 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Ohio National Life Ins Co/Prime I A+g N 2.55% 2.00% P $62,663 $57,922 7.75% Charge or < Premium/Accnt Value last 8 Yrs $.75K $63 Mo 75 No 85 Y* Y-O** No Y**Transamerica Life & Anty/Trans 6 A+ Y 2.50% 2.00% B $62,322 $62,322 6 Yrs/8-7-6-5-4-3-2-0 > $1K 85 No 90 Y** Y-A Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... November 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver* Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y*** AIG Annuity Life Ins Co/ Fastrak 5 A ++g Y 3.10% 2.00% C/5 Yrs $135,700 $135,700 5 Yrs/ 7-7-6-5-3-0 $5K 75A Y 85 Y** No Y-A No Y**

AIG Annuity Life Ins Co SRA-9 Yr A+g Y 4.05% 3.00% C/ 9 Yrs $148,730 $148,730 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-9 $5K Q70N85 No 95 Y** No Y-O No Y*** AIG Annuity Life Ins Co SRA-10Yr A+g Y 3.65% 1.00% 3.00% C/10 Yrs $144,541 $144,541 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-10 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y**

Allianz Life NA/ Dominator- 5 Yr A+g N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 10-9-8-7-6-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 6 Yr A+g N 3.15% 3.00% B $136,360 $136,360 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% B $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% B $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $138,348 $138,348 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**Allstate Life/ Savers Premier A+g N 3.15% 3.00% B $136,360 $136,360 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**

* American Investors Life/ SP2000+ A g N 3.25% 1.00% 3.00% B $139,057 $139,057 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG5yr A+ N 3.05% 1.00% 3.00% C/ 5 Yrs $136,395 $136,395 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No



AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure Ag N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Bankers United/ Solutions 6 A+ Y 2.00% 2.00% B $121,899 $121,899 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y*** Canada Life/ Security One+ A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N N/A 3.00% C/ 10 Yrs N/A N/A 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y*** Conseco Annuity Assur./ SPDA- 8 B N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No






Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.55% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.55% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 3.00% 2.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 3Yr A+ N 2.70% 2.00% B $130,528 $130,528 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y*** GE Capital Assurance/CapPrv710 5Yr A+ N 2.40% 2.00% B $126,765 $126,765 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ Advantage 15 A g N 3.00% + 3.00% B $153,070 $134,390 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.20% + 3.00% B $143,871 $137,023 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC Select-6Yr A+g N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Hartford Life/ Saver+ 6 Years A+g N 3.80% 1.00% 3.00% C/ 6 Yrs $146,650 $146,650 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ Momentum Advtge 4Yr A+g N 3.40% 0.75% 1.50% C/ 4 Yrs $140,748 $140,748 4 Yrs/ 8-8-7-7+MVA $20K Q70.5/N86 No None Y** No Y** Y** Y**

Integrity Life/ Momentum Advtge 5Yr A+g N 3.65% 0.75% 1.50% C/ 5 Yrs $144,183 $144,183 5 Yrs/ 8-8-7-7-6+MVA $20K Q70.5/N87 No None Y** No Y** Y** Y**Integrity Life/ Momentum Advtge 7Yr A+g N 4.05% 0.75% 1.50% C/ 7 Yrs $149,845 $149,845 7 Yrs/ 8-8-7-7-6-5+MVA $20K Q70.5/N88 No None Y** No Y** Y** Y**Integrity Life/ Momentum Advtge 10Yr A+g N 4.10% 0.75% 1.50% C/ 10 Yrs $150,571 $150,571 10 Yrs/ 8-8-7-7-6-6-5-5-4-4-0+MVA $20K Q70.5/N89 No None Y** No Y** Y** Y**

* Jackson Nat'l Life/ Bonus Max-1 A+g N 3.25% 1.75% 2.00% B $140,089 $140,089 10 Yrs+MVA/9-8-7-6-5-4-3-2-1-0 $5-10K A85/O100 No 85 Y* No Y-A No Y**Jackson Nat'l Life/ Max Plan A+g N 3.05% 2.00% B $135,045 $135,045 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y**

Jackson Nat'l Life/ Super Max A+g N 3.25% 2.00% B $137,680 $137,680 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y*** Jackson Nat'l Life/ Target 4 Yr. A+g N N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 5 Yr. A+g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g N 3.95% 3.00% 3.00% C/ 9 Yrs $151,729 $151,729 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g N 4.10% 1.00% 3.00% C/ 10 Yrs $150,940 $150,940 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 MVA A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 6 MVA A ++g Y 3.90% 1.00% 3.00% C/ 6 Yrs $148,060 $148,060 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Pilot Gold 7 MVA A ++g Y 4.00% 2.00% 3.00% C/ 7 Yrs $150,980 $150,980 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y N/A 3.25% C/ 5 Yrs N/A N/A 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**



Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Knights of Columbus/ FPDA A ++ Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Layfayette Life Ins. Co./ Horizon S A N N/A 4.00% P N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y**

* Life Investors Ins./Solutions 6 A+ Y 2.00% 2.00% B $121,300 $121,300 6 Yrs/ 8-7-6-5-4--2-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life of the Southwest/ SPDA-3 A g N 4.50% 3.00% B $155,290 $155,290 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/ SPDA-4 A g N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Life of the Southwest/Milenium + 2 A g N 3.75% 4.00% 1.50% B $150,280 $150,280 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce + 5Yr. A+r N 3.65% 1.50% 3.00% B $145,257 $145,257 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r N 3.10% 1.00% 3.00% C/ 5 Yrs $138,414 $138,414 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r N 3.30% 2.50% 3.00% C/ 8 Yrs $141,808 $141,808 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Metropolitan Life Ins. Co./ Max-1 A+g N 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N 4.25% 3.00% C/ 5 Yrs $141,809 $141,809 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 4.70% 3.00% C/ 6 Yrs $158,290 $158,290 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Midland National Life/ Dir. Guar. 7Yr A+ N 5.00% 1.00% 3.00% C/ 7 Yrs $164,500 $164,500 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y**Minnesota Life/ Secure Opt. I A ++ N 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**Minnesota Life/ Secure Opt. III A ++ N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 4.05% 1.00% 3.00% C/ 10Yrs $150,210 $150,210 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity1Yr A g N N/A 3.00% C/ 1Yr N/A N/A 7 Yrs + MVA/ 7(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity3Yr A g N 3.00% 1.00% 3.00% C/ 3Yrs $135,734 $135,734 7 Yrs + MVA/ 7-6-5(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No No

MONY Life Ins Co/ Fixed Annuity5Yr A g N 3.10% 1.00% 3.00% C/ 5Yrs $137,057 $137,057 7 Yrs + MVA/ 7-6-5-4-3(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity7Yr A g N 3.60% 1.00% 3.00% C/ 7Yrs $143,844 $143,844 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoMONY Life Ins Co/ Fixed Annuity8Yr A g N 4.40% 1.00% 3.00% C/ 8Yrs $155,340 $155,340 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Mutual of America Life Ins. Co./TSA A+ N 3.00% 3.00% P $134,390 $134,390 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Guardian/ Access + A- Y 4.45% 3.00% P $154,550 $154,550 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

National Life of Vermont/ Security 5 A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y*** National Western Life/ Access-1092 A- N N/A 3.00% P N/A N/A 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** National Western Life/ Confidence A- N 2.60% + 2.00% C/ 5Yrs $164,450 $129,263 5 Yrs/ 9-8-7-6-5-0+Annuity Value 5.10% $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y*** Nationwide Life/ Flex Advantage 1 Yr A+g N N/A 3.00% B N/A N/A 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** **



* Penn Mutual Life/Tradewind A g N N/A 1.00% 3.00% P N/A N/A 7 Yrs/ 9-8-7-6-5-4-3-0 $10K 85 No 90** Y* No Y-A/O Y** Y** Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y**

Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.10% 1.50% 3.00% C/ 10 Yrs $150,197 $150,197 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 3 A g Y 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.20% 1.00% 3.00% C/ 4 Yrs $138,390 $138,390 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.20% 2.00% 3.00% C/ 6 Yrs $139,760 $139,760 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.00% 2.00% 3.00% C/ 8 Yrs $150,980 $150,980 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Custom Direct 5 A g Y 3.35% 1.00% 3.00% C/ 5 Yrs $140,410 $140,410 5 Yrs/ 9-9-8-7-6-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**Physicians Life/ Custom Direct 7 A g Y 3.85% 3.00% C/ 7 Yrs $145,900 $145,900 7 Yrs/ 9-9-8-7-6-5-4-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**









* Transamerica Life&Anty/ Mach 6 A+ Y N/A 3.00% B N/A N/A 6 Yrs/ 6-6-6-6-6-6-0 $5K Q70/N75 No 98 Y** Y-1st Yr Y-A/O No Y**Transamerica Life&Anty/SecValue 5 A+ Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K 85 No 98 Y** No Y-O No Y**

* Transamerica Life&Anty/SecValue 6 A+ Y N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 8 A+ Y N/A 3.00% C/ 8 Yrs N/A N/A 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 85 No 85 Y** No Y-Q No Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 3.00% C/ 10 Yrs $144,500 $144,500 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**











COMPARATIVE ANNUITY REPORT ... November 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions



Midland National Life/ Dir. Guar. 7Yr A+ N 5.00% 1.00% 3.00% C/ 7 Yrs $164,500 $164,500 7 Yrs/ 8-8-8-8-8-8-8-0 $2-5K 85 No None Y* No Y** Y** Y** National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y**

USG Annuity-Life(ING)Max Guar-10Yr A+g N 4.75% 3.00% C/ 10 Yrs $159,050 $159,050 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y** Midland National Life/ Dir. Guar. 6Yr A+ N 4.70% 3.00% C/ 6 Yrs $158,290 $158,290 6 Yrs/ 8-8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.55% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**

Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y*** Life of the Southwest/ SPDA-3 A g N 4.50% 3.00% B $155,290 $155,290 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y** Sentry Life Ins. Co./ Multi-Plus A g Y 4.50% 4.50% B $155,290 $155,290 7 Yrs/ 6.25-5.5-4.75-4-3.25-2.5-1.75-0 $2K 74 No 100** Y** No Y** Y** Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y*** National Guardian/ Access + A- Y 4.45% 3.00% P $154,550 $154,550 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.40% 1.00% 3.00% C/ 10 Yrs $155,348 $155,348 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity8Yr A g N 4.40% 1.00% 3.00% C/ 8Yrs $155,340 $155,340 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoUSG Annuity-Life(ING)Max Guar-8Yr A+g N 4.35% 3.00% C/ 8 Yrs $153,080 $153,080 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**

Western United/DiscoverMaxVoygr. B- N 4.35% 3.00% 3.00% B $153,080 $153,080 6 Yrs/ 8-8-7-6-5-4-0 (5.50% Bailout) $5K 100 No 100 Y** No Y-A Y** Y*** Midland National Life/ Dir. Guar. 5Yr A+ N 4.25% 3.00% C/ 5 Yrs $141,809 $141,809 5 Yrs/ 8-8-8-8-8-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.25% 3.00% C/ 10 Yrs $151,620 $151,620 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**USAA Life Ins. Co./ SPA II A ++g Y 4.25% + 3.00% P $153,130 $148,427 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g N 4.20% 3.00% C/ 8 Yrs $150,890 $150,890 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**

* Fort Dearborn Life/WealthFortifier9Yr A N 4.15% 1.00% 3.00% C/ 9 Yrs $151,670 $151,670 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 4.15% 3.00% C/ 10 Yrs $150,170 $150,170 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**Integrity Life/ Momentum Advtge 10Yr A+g N 4.10% 0.75% 1.50% C/ 10 Yrs $150,571 $150,571 10 Yrs/ 8-8-7-7-6-6-5-5-4-4-0+MVA $20K Q70.5/N89 No None Y** No Y** Y** Y**

* Jackson Nat'l Life/ Target 10 Yr. A+g N 4.10% 1.00% 3.00% C/ 10 Yrs $150,940 $150,940 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.10% 1.50% 3.00% C/ 10 Yrs $150,197 $150,197 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y**

AIG Annuity Life Ins Co SRA-9 Yr A+g Y 4.05% 3.00% C/ 9 Yrs $148,730 $148,730 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-9 $5K Q70N85 No 95 Y** No Y-O No Y**Integrity Life/ Momentum Advtge 7Yr A+g N 4.05% 0.75% 1.50% C/ 7 Yrs $149,845 $149,845 7 Yrs/ 8-8-7-7-6-5+MVA $20K Q70.5/N88 No None Y** No Y** Y** Y**MONY Life Ins Co/ Fixed Annuity10Yr A g N 4.05% 1.00% 3.00% C/ 10Yrs $150,210 $150,210 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoAllianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% B $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* EMC National Life Co/ Bonus 3 B++ N 4.00% 3.00% 3.00% B $152,208 $152,208 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y** Hartford Life/ CRC Select-6Yr A+g N 4.00% 3.00% C/ 6 Yrs $148,020 $148,020 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No Jefferson Pilot Life/ Pilot Gold 7 MVA A ++g Y 4.00% 2.00% 3.00% C/ 7 Yrs $150,980 $150,980 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y**


* National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y*** Physicians Life/ Custom Direct 8 A g Y 4.00% 2.00% 3.00% C/ 8 Yrs $150,980 $150,980 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

EMC National Life Co/ SP 5Yr Guar B++ N 3.95% 3.00% C/ 5 Yrs $147,310 $147,310 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g N 3.95% 3.00% 3.00% C/ 9 Yrs $151,729 $151,729 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 6 MVA A ++g Y 3.90% 1.00% 3.00% C/ 6 Yrs $148,060 $148,060 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** Equitable-Iowa(ING)/ M Set+ -10 Yr A+g N 3.85% 2.15% 3.00% C/ 10 Yrs $147,724 $147,724 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y**

Penn Mutual Life/Penn Fixed Advtg A g N 3.85% 1.00% 3.00% B $147,359 $147,359 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y**Physicians Life/ Custom Direct 7 A g Y 3.85% 3.00% C/ 7 Yrs $145,900 $145,900 7 Yrs/ 9-9-8-7-6-5-4-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**

* USG Annuity-Life(ING)MultiSet+/10Yr A+g N 3.85% 2.15% 3.00% C/ 10 Yrs $147,724 $147,724 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**American National/PaladiumMYG6yr A+ N 3.80% 3.00% C/ 6 Yrs $145,200 $145,200 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** NoEMC National Life Co/ SP 4Yr Guar B++ N 3.80% 3.00% C/ 4 Yrs $145,200 $145,200 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

Hartford Life/ Saver+ 6 Years A+g N 3.80% 1.00% 3.00% C/ 6 Yrs $146,650 $146,650 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y**Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**

* Kemper Investors/ZurichClassic 2-6Yr A N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y**Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**

* Life of the Southwest/Milenium + 2 A g N 3.75% 4.00% 1.50% B $150,280 $150,280 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y** Security Mutual Life/ SP-III Yr A N 3.75% 3.50% B $144,500 $144,500 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y**

Sunset Life Ins. Co./ SelecTrack 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y*** Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 3.00% C/ 10 Yrs $144,500 $144,500 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Union Central Life/ SPDA2000-1Yr A N 3.75% 3.00% B $144,500 $144,500 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y** Woodmen of the World Life/Basic A+ N 3.75% 3.00% P $144,485 $144,485 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No* USG Annuity-Life(ING)Selct Guar-8Yr A+g N 3.70% 2.30% 3.00% C/ 8 Yrs $147,107 $147,107 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y*** AIG Annuity Life Ins Co SRA-10Yr A+g Y 3.65% 1.00% 3.00% C/10 Yrs $144,541 $144,541 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-10 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y**

EMC National Life Co/ SP 3Yr Guar B++ N 3.65% 3.00% C/ 3 Yrs $143,110 $143,110 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y**Integrity Life/ Momentum Advtge 5Yr A+g N 3.65% 0.75% 1.50% C/ 5 Yrs $144,183 $144,183 5 Yrs/ 8-8-7-7-6+MVA $20K Q70.5/N87 No None Y** No Y** Y** Y**

* Lincoln Benefit /Sav Chce + 5Yr. A+r N 3.65% 1.50% 3.00% B $145,257 $145,257 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y**Thrivent Fin'cl for Lutherans-Security I A ++g N 3.65% 2.50% B $143,110 $143,110 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y**

* Bankers United/ Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y*** Life Investors Ins./Solutions 9 A+ Y 3.60% 2.00% B $142,220 $142,220 9 Yrs/ 12-12-11.5-11-10-9-8-6-4-0 $5K A85/O90 No ** Y* No Y-O Y** Y**

MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.60% 1.00% 3.00% C/ 7Yrs $143,844 $143,844 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoTravelers Insurance Co./ T-Flex-TSA A ++g N 3.60% 3.50% B $142,420 $142,420 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**

USG Annuity-Life(ING)Max Guar-6Yr A+g N 3.60% 3.00% C/ 6 Yrs $142,420 $142,420 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.55% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**


Conseco Annuity Assur./ Tru Level 6 B N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.50% 1.00% 3.00% C/ 7 Yrs $142,461 $142,461 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y* National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y**




United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y** VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $141,050 $141,050 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** William Penn Life of NY/ SPDA-1Yr A ++g N 3.50% 1.50% P $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y*** Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** American National/PaladiumMYG7yr A+ N 3.40% 1.00% 3.00% C/ 7 Yrs $141,097 $141,097 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y** Ameritus Variable/ Advantage + Ag Y 3.40% 3.00% B $139,700 $139,700 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** F & G Life/ Fidelity Platinum+5 Yr A g N 3.40% 1.00% 3.00% C/ 5 Yrs $141,097 $141,097 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Integrity Life/ Momentum Advtge 4Yr A+g N 3.40% 0.75% 1.50% C/ 4 Yrs $140,748 $140,748 4 Yrs/ 8-8-7-7+MVA $20K Q70.5/N86 No None Y** No Y** Y** Y**

Physicians Life/ Custom Direct 5 A g Y 3.35% 1.00% 3.00% C/ 5 Yrs $140,410 $140,410 5 Yrs/ 9-9-8-7-6-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% B $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**

* AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Lincoln Benefit/ Tactician+8 Yr MYG A+r N 3.30% 2.50% 3.00% C/ 8 Yrs $141,808 $141,808 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Reliastar (ING)/ TSA-I A+g N 3.30% 3.00% B $138,350 $124,515 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y*** Allstate Life/ Advantage + A+g N 3.25% 1.50% 3.00% B $138,348 $138,348 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on November 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on November 1, 2003


1 Knights of Columbus 7.44 1 Knights of Columbus 6.81 1 Knights of Columbus 8.27 1 Farm Bureau Life Ins Co 7.772 Farm Bureau Life of Michigan 7.40 2 Farm Bureau Life of Michigan 6.80 2 Farm Bureau Life of Michigan 8.20 2 Knights of Columbus 7.693 Farm Bureau Life Ins Co 7.37 3 First Colony Life Ins. Co. 6.80 3 Farm Bureau Life Ins Co 8.15 3 Horace Mann LIfe Ins Co 7.674 Penn Mutual Life 7.33 4 GE Capital Assurance 6.80 4 Great American Life Ins Co 8.05 4 Western United Life Assur 7.655 Presidential Life Ins Co 7.25 5 Horace Mann LIfe Ins Co 6.80 5 Penn Mutual Life 8.04 5 Farm Bureau Life of Michigan 7.646 First Colony Life Ins. Co. 7.24 6 Presidential Life Ins Co 6.78 6 Western United Life Assur 8.04 6 Presidential Life Ins Co 7.547 GE Capital Assurance 7.24 7 AIG American General Life Ins Co 6.77 7 Minnesota Life Ins Co 8.03 7 First Colony Life Ins. Co. 7.538 Minnesota Life Ins Co 7.23 8 Western United Life Assur 6.76 8 Presidential Life Ins Co 8.01 8 GE Capital Assurance 7.539 Western United Life Assur 7.21 9 Hartford Life Ins Co 6.71 9 First Colony Life Ins. Co. 7.97 9 Kansas City Life Ins Co 7.4710 Great American Life Ins Co 7.18 10 Penn Mutual Life 6.71 10 GE Capital Assurance 7.97 10 Minnesota Life Ins Co 7.4711 AIG American General Life Ins Co 7.15 11 Principal Life 6.71 11 AIG American General Life Ins Co 7.94 11 Sunset Life Ins Co of Amer' 7.4712 Kansas City Life Ins Co 7.13 12 United of Omaha Life Ins Co 6.71 12 Kansas City Life Ins Co 7.89 12 Great American Life Ins Co 7.4513 Life Ins Co of the Southwest 7.13 13 Kansas City Life Ins Co 6.67 13 Sunset Life Ins Co of Amer' 7.89 13 Penn Mutual Life 7.4514 Sunset Life Ins Co of Amer' 7.13 14 Sunset Life Ins Co of Amer' 6.67 14 Life Ins Co of the Southwest 7.88 14 AXA/Equitable Life Assurance Co 7.4015 United of Omaha Life Ins Co 7.13 15 AXA/Equitable Life Assurance Co 6.66 15 Sentry Life Insurance Co 7.83 15 MONY Life Ins Co 7.4016 Fidelity & Guaranty Life 7.08 16 Jefferson Pilot Life Ins Co 6.64 16 Fidelity & Guaranty Life 7.82 16 Sentry Life Insurance Co 7.3917 Hartford Life Ins Co 7.04 17 Transamerica Life & Annuity 6.64 17 MONY Life Ins Co 7.79 17 United of Omaha Life Ins Co 7.3918 Jefferson Pilot Life Ins Co 7.04 18 Minnesota Life Ins Co 6.63 18 Physicians Life Ins Co 7.77 18 Fidelity & Guaranty Life 7.3719 CNA Life Ins Co 7.03 19 Physicians Life Ins Co 6.62 19 EMC National Life Co 7.75 19 EMC National Life Co 7.3620 Principal Life 7.03 20 Fidelity & Guaranty Life 6.58 20 CNA Life Ins Co 7.74 20 Hartford Life Ins Co 7.3521 MONY Life Ins Co 7.02 21 MONY Life Ins Co 6.58 21 Federal Kemper Life Assur 7.74 21 Jefferson Pilot Life Ins Co 7.3522 Sentry Life Insurance Co 7.00 22 Life Ins Co of the Southwest 6.57 22 Kemper Investors Life 7.74 22 Northern/ReliaStar Life (ING) 7.3523 Equitable-Iowa (ING) 6.99 23 Equitable-Iowa (ING) 6.56 23 United of Omaha Life Ins Co 7.74 23 Principal Life 7.3524 Northern/ReliaStar Life (ING) 6.99 24 Northern/ReliaStar Life (ING) 6.56 24 AXA/Equitable Life Assurance Co 7.73 24 USG Annuity & Life Co 7.3525 Transamerica Life & Annuity 6.99 25 USG Annuity & Life Co 6.56 25 Equitable-Iowa (ING) 7.73 25 Life Ins Co of the Southwest 7.3426 USG Annuity & Life Co 6.99 26 Great American Life Ins Co 6.54 26 Northern/ReliaStar Life (ING) 7.73 26 Physicians Life Ins Co 7.3427 Lincoln Benefit Life Company 6.96 27 Lincoln Benefit Life Company 6.53 27 USG Annuity & Life Co 7.73 27 Equitable-Iowa (ING) 7.3428 AXA/Equitable Life Assurance Co 6.94 28 USAA Life Insurance Company 6.53 28 Jefferson Pilot Life Ins Co 7.72 28 Transamerica Life & Annuity 7.3229 EMC National Life Co 6.94 29 EMC National Life Co 6.51 29 Lincoln Benefit Life Company 7.72 29 American National Ins Co 7.3130 American National Ins Co 6.92 30 Sentry Life Insurance Co 6.50 30 American National Ins Co 7.70 30 AMEX Life 7.2931 Physicians Life Ins Co 6.91 31 American National Ins Co 6.49 31 AMEX Life 7.69 31 Lincoln Benefit Life Company 7.2532 AMEX Life 6.89 32 CNA Life Ins Co 6.47 32 Hartford Life Ins Co 7.67 32 USAA Life Insurance Company 7.2433 Federal Kemper Life Assur 6.87 33 AMEX Life 6.45 33 Horace Mann LIfe Ins Co 7.67 33 CNA Life Ins Co 7.1934 Kemper Investors Life 6.87 34 Farm Bureau Life Ins Co 6.43 34 United Heritage Mutual Life 7.66 34 Thrivent Fincl for Lutherans 7.1935 Jackson National Life Ins Co 6.85 35 Jackson National Life Ins Co 6.43 35 Transamerica Life & Annuity 7.64 35 United Heritage Mutual Life 7.1836 USAA Life Insurance Company 6.82 36 Teachers Ins & Anty of Amer' 6.37 36 Principal Life 7.63 36 Teachers Ins & Anty of Amer' 7.1637 Horace Mann LIfe Ins Co 6.80 37 Thrivent Fincl for Lutherans 6.36 37 Thrivent Fincl for Lutherans 7.58 37 Federal Kemper Life Assur 7.1438 United Heritage Mutual Life 6.80 38 Woodmen of the World Life 6.30 38 Security Benefit Life Ins Co 7.52 38 Kemper Investors Life 7.1439 Thrivent Fincl for Lutherans 6.79 39 Allianz Life Ins Co of N.A. 6.29 39 Woodmen of the World Life 7.50 39 Keyport Life Ins Co 7.1440 Woodmen of the World Life 6.72 40 National Life Ins of Vermont 6.26 40 USAA Life Insurance Company 7.49 40 Woodmen of the World Life 7.1341 Security Benefit Life Ins Co 6.71 41 Bankers United Life 6.25 41 Security Mutual Life of NY 7.47 41 Security Mutual Life of NY 7.0842 Bankers United Life 6.70 42 Life Investors Ins of Amer 6.25 42 Golden Rule Insurance Co 7.44 42 Golden Rule Insurance Co 7.0443 Life Investors Ins of Amer 6.70 43 Peoples Benefit Life 6.25 43 Jackson National Life Ins Co 7.43 43 Jackson National Life Ins Co 7.0444 Peoples Benefit Life 6.70 44 United Heritage Mutual Life 6.25 44 Keyport Life Ins Co 7.36 44 AIG American General Life Ins Co 7.0245 Allianz Life Ins Co of N.A. 6.66 45 Federal Kemper Life Assur 6.23 45 National Life Ins of Vermont 7.31 45 National Life Ins of Vermont 6.9646 Security Mutual Life of NY 6.64 46 Kemper Investors Life 6.23 46 Bankers United Life 7.30 46 Allianz Life Ins Co of N.A. 6.9547 National Life Ins of Vermont 6.63 47 Keyport Life Ins Co 6.23 47 Life Investors Ins of Amer 7.30 47 Bankers United Life 6.9248 Golden Rule Insurance Co 6.59 48 Security Mutual Life of NY 6.14 48 Peoples Benefit Life 7.30 48 Life Investors Ins of Amer 6.9249 Keyport Life Ins Co 6.53 49 Golden Rule Insurance Co 6.13 49 Allianz Life Ins Co of N.A. 7.23 49 Peoples Benefit Life 6.9250 Teachers Ins & Anty of Amer' 6.37 50 Security Benefit Life Ins Co 6.09 50 Teachers Ins & Anty of Amer' 7.16 50 Security Benefit Life Ins Co 6.90



December, 2003 Tele: (800) 872-6684 Fax (732) 521-5113 www.comparativeannuityreports.com Volume 24 Issue 12 EDITOR’S COMMENTS... Numbers Summary: FPDA and SPDA average base interest rates both dropped slightly from the previous month's rates. Carriers, continue to refile FPDA and SPDA guaranteed interest rates from the 3% level to a 2.0% or 1.5% rate. SPIA factor averages remained relatively unchanged for the third consecutive month. Multi Year Guarantee (Certificate/CD) Annuity Rates Update: The highest Guaranteed Base Interest Rates for SPDA Multi Year Guarantee/"CD" programs this month are: 3.65% for a 3 year guarantee period (ygp); 3.85% for a 4 ygp; 4.55% for a 5 ygp; 4.15% for a 6 ygp; 4.10% for a 7 ygp; 4.10% for an 8 ygp; 4.05% for a 9 ygp; and 4.50% for a 10 ygp. Note: Certificate (CD) Annuity Programs will be of far greater value than bank CDs for individuals who do not anticipate an immediate need for the taxable interest income generated by bank CDs; i.e., a Certificate Annuity provides highly competitive interest rates and, more importantly, tax deferral on earned interest until income is needed. ANNUITY OVERVIEW AND TREND REPORTS










COMPARATIVE ANNUITY REPORT ... December 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver Waiver Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** ** AIG Annuity Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y*** AIG Annuity Life Ins Co /Bonus Flex 5 A ++g Y 2.75% 1.50% 2.00% P $64,140 $64,140 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Annuity Life Ins Co /Bonus Flex 7 A ++g Y 3.50% 1.50% 2.00% P $67,802 $67,802 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Annuity Life Ins Co /Future Freedo A ++g Y 3.30% 1.00% 3.00% P $65,630 $65,630 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** AIG Annuity Life Ins Co /Ultra Xtra A ++g Y 3.00% 2.00% 2.00% B $70,052 $70,052 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**

AIG Annuity Life Ins Co AIC/Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**AIG Annuity Life Ins Co AIC/FPDA + II A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**

* Allstate Life/ Advantage + A+g N 3.10% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y**Allstate Life/ Savers Premier A+g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**

* American Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y*** American Equity Invest' /FPDA-3 B++ N 4.50% 3.00% 3.00% B $77,351 $77,351 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y*** American Equity Invest' /Guar' + 1 B++ N 3.25% 1.00% 3.00% B $67,410 $67,410 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y**

American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**


American National/ Palladium FPDA A+ Y 3.50% 3.00% P $69,156 $69,156 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y** American United/ CAP Annuity A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-7-6-5-0 $5K $2K Q 89 No 89 Y** Y-O No Y**


* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y** Aviva Life/ FPRA Ag N 4.75% 3.50% P $79,276 $79,276 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 3.00% B $68,274 $68,274 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y** Beneficial Standard(Conseco)FP737 B N 4.00% 4.00% B $73,012 2-Tier 20% of 1st Year Forever and Lower CV Rate >>> $25 Mo ** No None Y* No No Y**

Catholic Knights Flex Plan A- N 3.55% 3.00% P $71,565 $71,565 6 Yrs/6-5-4-3-2-1 >>> $50 Mo 90 No None Y** Y-A/O N Y**Catholic Knights Advantage A- N 3.00% 3.00% P $65,532 $65,532 2 Yrs/6-3 >>> $50 Mo 90 No None No Y-A/O N Y**

Canada Life/ Security One + A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 90 No 100 Y* Y-A Y** Y** Clarica Life/Bonus FPDA A+ N N/A 3.00% B N/A N/A 5 Yrs/ 5-5-5-5-5-0(+=1%prem bonus) $10K 85 No 85 Y** No Y-A/O Y** Y** Conseco Annuity Assur./ FPDA-11 B N N/A 3.00% B N/A N/A 11 - 16 Yrs/ 22% Max >>> $25 Mo 70 No 70 Y* Y-A No Y** Conseco Annuity Assur./ FPDA-81 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** Y** Y** Conseco Annuity Assur./ FPDA-88 B N N/A 3.00% B N/A N/A 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K <<< Q70/N85 No 90 Y* Y-A/O** No Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y**


Equitable-Iowa (ING)/ FPA-9 A+g N 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**F&G Life/Loyalty Reward E Ag N 3.00% 3.00% B $65,536 $63,570 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y**Farm Bureau Life Select 4-Portfolio 10 A+ N N/A 3.00% P N/A N/A 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau Life Select 4-Portfolio 6 A+ N N/A 3.00% P N/A N/A 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.5K $25 Mo 90 No ** Y** Y** Y** Y**Farm Bureau of Mich./ Flex II A N 4.90% 3.00% P $80,592 $80,592 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

Fort Dearborn Life/ Flex Fortifier 2 A N N/A 4.00% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $1K <<< 85 No 95 Y* Y-A/O Y** Y** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y** GE Capital Assurance/CapPrv710/3Yr A+ N 2.70% 2.00% B $63,693 $63,693 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y** GE Capital Assurance/CapPrv710/5Yr A+ N 2.40% 2.00% B $61,653 $61,653 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y**

Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** No Great American Life/ TSA VI A g N N/A 3.00% B N/A N/A 10 Yrs/ 30%/Yr 1+ add prem's yrs 2-5 >>> $50 Mo TSA 70 No 70.5 Y* Y-A/O No Y**

Great American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y**Hartford Life/ Director A+g N 1.50% 1.50% P $56,800 $56,800 7 Yrs Rolling/ 6-6-5-5-4-3-2-0 $1K $85 Mo 85 No 90** Y** Y* Y** Y**Horace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y**

* Integrity Life/New Momentum - 3Yr A+g Y 2.80% 0.75% 1.50% C/3Yrs $64,442 $64,442 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85 Y** Y-A Y** Y*** Integrity Life/New Momentum - 5Yr A+g Y 3.30% 0.75% 1.50% C/5Yrs $67,751 $67,751 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85 Y** Y-A Y** Y*** Integrity Life/New Momentum - 7Yr A+g Y 3.45% 0.75% 1.50% C/7Yrs $68,816 $68,816 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85 Y** Y-A Y** Y*** Integrity Life/New Momentum - 10Yr A+g Y 3.55% 0.75% 1.50% C/10Yrs $69,587 $69,587 10 Yrs/ 8-7-6-5-4-3-2-0+3Yr MVA $5K $1K 85 No A85 Y** Y-A Y** Y**

Jackson National / Flex I A+g N N/A 3.00% B N/A N/A 7 Yrs/ 10-9-8-7-6-3-0 $.75K $62.5 Mo A85/O100 No 85 No Y-A No Y** Jefferson Pilot Life/ Flex 5 A ++g Y N/A 3.50% B N/A N/A 5 Yrs/ 7-7-6-5-4-0 $5K <<< 85 No None Y* Y-O Y** Y*** Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y** John Alden (SunAmerica)/ No-Load+ A++g N 4.00% 4.00% B $73,012 2-Tier 20% of 1st year forever & lower CV rate >>> $25 Mo ** No ** Y** No No Y** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y**

* Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y**Kemper Investors Life/ Allsavers A N N/A 3.00% B N/A N/A 7 Yrs/ 6-6-5-4-3-2-1-0 $5K <<< 85 No None Y* Y-A/O Y** Y**

* Keyport Life(Sun - Canada) Value 5 A+ Y 2.80% 1.00% 1.50% C/ 5Yr $64,458 $64,458 5 Yrs/7-6-5-4-3-0+MVA $5K $100+ A85/O100 No 90 Y** Y-O** Y** No* Keyport Life(Sun - Canada) Value 6 A+ Y 3.15% 1.00% 1.50% C/ 6Yr $66,689 $66,689 6 Yrs/ 7-6-5-4-3-2-0+MVA $5K $100+ A85/O100 No 90 Y** Y-O** Y** No* Keyport Life(Sun - Canada) Value 7 A+ Y 3.50% 1.00% 1.50% C/ 7Yr $69,225 $69,225 7 Yrs/7-6-5-4-3-2-1-0+MVA $5K $100+ A85/O100 No 90 Y** Y-O** Y** No

Knights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Knights of Columbus/ FPDA A ++ Y 3.00% 3.00% P $65,536 $65,536 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Layfayette Life Ins. Co./ Horizon I A N N/A 4.00% B N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **Liberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**


Lincoln Benefit / Futurist's Gold I A+r N 3.25% 2.00% P $67,343 $67,343 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**Metropolitan Life/Growth+ Account A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Midland National Life/ Guarantee 9 A+ N N/A 3.00% B N/A N/A 9 Yrs/ 10-10-10-10-10-8-6-4-2-0 $.25K $100 Mo 85 No None Y* Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.05% 1.00% 3.00% C/10Yrs $73,485 $73,485 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoMONY Life Ins Co/Fixed Annuity/1Yr A g N N/A 3.00% C/1Yr N/A N/A 7 Yrs / 7(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No

* MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No* MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No* MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No* MONY Life Ins Co/Fixed Annuity/8Yr A g N 3.80% 1.00% 3.00% C/8Yrs $72,068 $72,068 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No

Mutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YMutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y Y

National Guardian Life/FPDA A- Y 3.10% 3.00% B $66,257 $66,257 10 Yrs/9-8-7-6-5-4-3-2-1-0 $2.5K $300 85 No + Y*C Y-O** Y** Y**National Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**National Western Life/ Capital + A- N N/A 3.00% B N/A N/A 10-12 Yrs/ 21% Max >>> $50 Mo Q + No 65 Y** No No Y**

* National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No Nationwide/ Flex Advantage- 1 Yr A+g N N/A 3.00% B N/A N/A 7 Yrs/ 7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **


* Shenandoah Life/ FPDA-1 Bonus A- N N/A 3.00% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ FPDA-2 Bonus A- N 3.10% 1.00% 3.00% B $66,323 $66,323 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** **

Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y*** Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**

Teachers Ins. & Annuity/ RA A ++g Y 4.75% 3.00% P $79,276 NAF NAF=Not Available for Full Cashout >>> $25 Mo ** Y ** Y** Y** Y** Y**Teachers Ins. & Annuity/ SRA A ++g Y 3.25% 3.00% P $67,346 $67,346 None >>> $25 Mo ** Y ** Y** Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.00% 2.50% B $65,484 $65,484 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Transamerica Life & Anty/Trans 6 A+ Y 2.50% 2.00% B $62,322 $62,322 6 Yrs/8-7-6-5-4-3-2-0 > $1K 85 No 90 Y** Y-A Y** Y**

* Transamerica Life & Anty/Trans 9 A+ Y 3.10% 1.00% 2.00% B $66,323 $66,323 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**Transamerica Life & Anty/SelectVal+6 A+ Y N/A 3.00% C/6Yr N/A N/A 6 Yrs/7-7-7-5-4-2-0 $5K $1K 85 No 90 Y** Y-A Y** Y**Travelers Insurance Co./ T-Flex-NQ A ++g N N/A 3.00% B N/A N/A 5 Yrs/ 7-7-7-7-7-0 $1K <<< 100 No 85 Y** Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N N/A 3.00% B N/A N/A 5 Yrs/ 7-7-7-7-7-0 >>> $50 Mo TSA 100 No 85 Y** Y-O** No Y**


* United of Omaha/Bonus FPA Ag N 3.25% 1.00% 2.00% B $67,470 $67,470 9 Yrs/8-8-7-6-5-4-3-2-0 $5K $100 Mo Q75/N85 No ** Y* No No *** USAA Life Ins. Co./ FRA A ++g Y 3.77% 1.00% 2.00% P $73,520 $73,520 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y**

USAA Life Ins. Co./ Per'l Pension A ++g Y 4.60% + 2.00% P $81,864 N/S N/S= None Surrenderable (+=1%Prem Bonus) $5K $50 Mo 85 No 100 No No No Y** USG Anty-Life(ING)/ FPA-9 A+g N 3.00% 3.00% B $65,595 $65,595 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**

USG Anty-Life(ING)/ M B Guar.-10yr A+g N 3.75% + 3.00% P $77,879 $77,879 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $69,156 $68,464 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,348 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**Western United Life/ Flex 2003 B- N 3.75% 3.00% P $71,058 $71,058 6 Yrs/3-3-3-3-3-3-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**William Penn Life of NY/ FPDA A++g N 3.50% 1.50% B $69,156 $69,156 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**


COMPARATIVE ANNUITY REPORT ... December 2003Flexible Premium Deferred Annuity (FPDA) Study Sorted by: Base Interest Rate (1st Year) **TOP 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 20 Years** 20 Years** Percent of Charge Year One to End per $K Deduction Age Prov'n Age Avail' At Death Waiver WaiverFarm Bureau of Mich./ Flex II A N 4.90% 3.00% P $80,592 $80,592 8 Yrs/ 8-7-6-5-4-3-2-1-0 >>> $600 Yr 90** No 85** Y** Y No Y**

Aviva Life/ FPRA Ag N 4.75% 3.50% P $79,276 $79,276 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No NoNational Life of Vermont/ FPA A g N 4.50% 4.50% B $77,120 $76,888 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 >>> $50 Mo 85 No A85** Y* Y-O** No Y**VALIC/ V-Plan A+g Y 4.50% 4.50% B $77,120 $76,348 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**

* American Equity Invest' /FPDA-3 B++ N 4.50% 3.00% 3.00% B $77,351 $77,351 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y*** American Equity Invest' /FP Super 7 B++ N 4.50% 7.00% 3.00% B $77,660 $77,660 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y*** Kansas City Life/ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.6K <<< 80 No 90 Y** No No Y*** Sunset Life Ins. Co./ Growth Track A g N 4.25% 1.00% 3.00% B $75,101 $75,101 10 Yrs/ 10-9-7-6-5-4-3-2-1-0 >>> $50 Mo 70 No A70** Y* Y-O** No Y**

Presidential Life Ins. Co. / N-L Flex B+ N 4.15% 3.00% B $74,218 $74,218 10 Yrs/ 7-7-7-7-6-5-4-3-2-1-0 $.12K $12 Mo 73 No + No Y-A No Y**MONY Life Ins Co/Fixed Annuity/10Yr A g N 4.05% 1.00% 3.00% C/10Yrs $73,485 $73,485 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No NoLiberty National Life Ins. Co./ FPDA A+ N 4.00% 4.00% P $73,012 $73,012 6 Yrs/ 12-10-8-6-4-2-0 >>> $25 Mo 75 No 65** No Y** No Y**Life of the Southwest/ Flex I A g N 4.00% 1.50% B $73,012 $73,012 7 Yrs/ 10-9-8-7-6-4-2-0 >>> $50 Mo TSA A70/O100 No 85** Y* Y-A Y** Y**EMC National Life/FPDA B++ N 3.90% 1.00% 3.00% P $72,385 $72,385 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $.1K $50 Mo Q Q80/N99 No None Y* Y-A Y** Y**

* MONY Life Ins Co/Fixed Annuity/8Yr A g N 3.80% 1.00% 3.00% C/8Yrs $72,068 $72,068 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No* USAA Life Ins. Co./ FRA A ++g Y 3.77% 1.00% 2.00% P $73,520 $73,520 7 Yrs/ 7-7-7-6-5.2-4-3-0 $5K <<< 85 No 100 Y* Y-O No Y** Woodmen of the World Life/ Basic A+ N 3.75% 3.00% P $71,050 $71,050 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 >>> $600 Yr 85 No None Y** Y** Y** Y**

AIG Annuity Life Ins Co AIC/Vision Flex A+g Y 3.75% 3.00% B $71,058 $71,058 10 Yrs/ 10-10-9-9-8-7-6-5-4-2-0 >>> $50 Mo 70 No 85** Y** Y-A/O No Y**Western United Life/ Flex 2003 B- N 3.75% 3.00% P $71,058 $71,058 6 Yrs/3-3-3-3-3-3-0 >>> $100 Mo 100 No 100 Y** Y-A No Y**

* Jefferson Pilot Life/ Pilot Plus (MVA) A ++g Y 3.75% 2.00% 3.00% B $71,200 $71,200 10 Yrs/ 9-8-7-6-5-4.5-3.5-2.5-1.5-.75+MVA $5K <<< Q75/N85 No None Y* No Y** Y**USG Anty-Life(ING)/ M B Guar.-10yr A+g N 3.75% + 3.00% P $77,879 $77,879 10 Yrs/ 12-12-11-10-9-8-7-6-4-2-0+MVA $5K $50 Mo 85 No Y** Y-A Y** Y**

* MONY Life Ins Co/Fixed Annuity/7Yr A g N 3.60% 1.00% 3.00% C/7Yrs $69,987 $69,987 7 Yrs / 7-6-5-4-3-2-1+ MVA $2K $50 Mo 85 No 95** Y** Y-A** No No* Integrity Life/New Momentum - 10Yr A+g Y 3.55% 0.75% 1.50% C/10Yrs $69,587 $69,587 10 Yrs/ 8-7-6-5-4-3-2-0+3Yr MVA $5K $1K 85 No A85 Y** Y-A Y** Y**

Catholic Knights Flex Plan A- N 3.55% 3.00% P $71,565 $71,565 6 Yrs/6-5-4-3-2-1 >>> $50 Mo 90 No None Y** Y-A/O N Y*** AIG Annuity Life Ins Co /Bonus Flex 7 A ++g Y 3.50% 1.50% 2.00% P $67,802 $67,802 7 Yrs/ 9-8-7-6-5-4-2-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y**

AIG Annuity Life Ins Co AIC/FPDA + III A+g Y 3.50% 3.00% B $68,948 $68,948 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 85** Y* Y-O No Y**Knights of Columbus/ FPA A ++ Y 3.50% 3.50% P $68,948 $68,948 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**

AIG Annuity Life Ins Co / TSA+III A ++g Y 3.50% 3.00% B $69,156 $69,156 7 Yrs/ 8-7-6-5-4-3-2-0 >>> <<< 80 No 90 Y* Y-A No Y**American Fidelity/ High Int. Opt. A+ Y 3.50% 3.00% P $69,156 $69,156 10 Yrs/ 6-6-6-6-6-6-4-4-4-4-0 >>> $25 Mo 70 No None Y* Y** No Y**American National/ Palladium FPDA A+ Y 3.50% 3.00% P $69,156 $69,156 7 Yrs/ 9-8-7-6-5-4-3-2-0 >>> $100 Mo Q80/N85 No 96 Y* Y-A/O Y** Y**Mutual of America Life Ins Co/IRA A+ N 3.50% 3.00% P $69,156 $69,156 None $.2K $10 Mo None Y None Y Y Y YSecurity Mutual Life of NY/ FPDA-Q A N 3.50% 3.00% B $69,156 $69,156 10 Yrs/ 7-7-6-6-5-5-4-3-2-1-0 >>> $25 Mo 80 Y** Y* Y-A NoUnited Investors Life/ Century I+ A+ N 3.50% 3.50% P $69,156 $69,156 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** <<< 85 No None Y* Y-A Y** Y**VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $69,156 $68,464 5 Yrs Rolling 5% $1K $30 Mo None No None Y** Y** No Y**William Penn Life of NY/ FPDA A++g N 3.50% 1.50% B $69,156 $69,156 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $1K $100 80 No 90 Y* Y** No Y**

* Aviva Life/ Maximizer I Ag N 3.50% 0.75% 3.00% B $69,207 $69,207 5 Yrs/ 16-13-10-7-4-0 $.5K $50 Mo 65 No None No Y-A No No* Keyport Life(Sun - Canada) Value 7 A+ Y 3.50% 1.00% 1.50% C/ 7Yr $69,225 $69,225 7 Yrs/7-6-5-4-3-2-1-0+MVA $5K $100+ A85/O100 No 90 Y** Y-O** Y** No

Horace Mann Life/AlternativeII 10Yr A N 3.50% 3.00% B $69,346 $69,346 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y*** Integrity Life/New Momentum - 7Yr A+g Y 3.45% 0.75% 1.50% C/7Yrs $68,816 $68,816 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85 Y** Y-A Y** Y**

Northern Life Ins. Co.(ING)/TSA I A+g N 3.40% 3.00% B $68,421 $61,579 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8 $.5K $50 Mo TSA 70 No None Y* Y-O** No Y*** Beneficial Life/ Advantage-11A+(A) A N 3.35% 3.00% 3.00% B $68,274 $68,274 11 Yrs/ 11-10-9-8-7-6-5-4-2-2-1-0 5K $40 Mo 90** No ** Y* Y** Y** Y*** AIG Annuity Life Ins Co /Future Freedom A ++g Y 3.30% 1.00% 3.00% P $65,630 $65,630 7 Yrs/ 9-8-7-6-5-4-3-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** Integrity Life/New Momentum - 5Yr A+g Y 3.30% 0.75% 1.50% C/5Yrs $67,751 $67,751 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85 Y** Y-A Y** Y*** American Investors Life/ FPDA-P10 A g N 3.30% 1.00% 2.00% B $67,768 $67,768 10 Yrs/ 12-12-11-10-9-8-7-6-5-3-0 $5K <<< 90 No None Y* No No No* American Investors Life/ P4+ A g N 3.30% 2.00% 2.00% B $67,835 $67,835 12 Yrs/12-11-10-9-8-7-6-5-4-3-2-1-0 $5K <<< 90 No None Y* Y-A No No Lincoln Benefit / Futurist's Gold I A+r N 3.25% 2.00% P $67,343 $67,343 7 Yrs/ 7-7-7-6-5-4-3-0 $1K <<< A99/O100 No None Y* Y-O No Y**

Teachers Ins. & Annuity/ SRA A ++g Y 3.25% 3.00% P $67,346 $67,346 None >>> $25 Mo ** Y ** Y** Y** Y** Y*** Golden Rule Premier Advantage A N 3.25% 0.50% 3.00% B $67,375 $37,375 7 Yrs/ 7-6-5-4-3-2-2-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** American Equity Invest' /Guar' + 1 B++ N 3.25% 1.00% 3.00% B $67,410 $67,410 10 Yrs/12-12-11-10-9-8-7-6-4-2-0 $5K $2K Q80/NQ85 No None ** Y** Y** Y*** Golden Rule/ Flex Vantage A N 3.25% 1.00% 3.00% B $67,413 $67,413 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K <<< A60/O100 No 85 Y* Y-A Y** Y*** United of Omaha/Bonus FPA Ag N 3.25% 1.00% 2.00% B $67,470 $67,470 9 Yrs/8-8-7-6-5-4-3-2-0 $5K $100 Mo Q75/N85 No ** Y* No No ** Aetna Life & Annuity (ING)/ Premier + A+g N 3.20% 3.00% P $67,346 $67,346 7 Yrs/ 8-8-7-6-5-3-2-0 $5K ** ** ** ** ** ** ** *** Keyport Life(Sun - Canada) Value 6 A+ Y 3.15% 1.00% 1.50% C/ 6Yr $66,689 $66,689 6 Yrs/ 7-6-5-4-3-2-0+MVA $5K $100+ A85/O100 No 90 Y** Y-O** Y** No* Allstate Life/ Advantage + A+g N 3.10% 1.50% 3.00% B $66,257 $65,992 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y* Y Y** Y** National Guardian Life/FPDA A- Y 3.10% 3.00% B $66,257 $66,257 10 Yrs/9-8-7-6-5-4-3-2-1-0 $2.5K $300 85 No + Y*C Y-O** Y** Y*** MONY Life Ins Co/Fixed Annuity/5Yr A g N 3.10% 1.00% 3.00% C/5Yrs $66,323 $66,323 7 Yrs / 7-6-5-4-3(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No* Shenandoah Life/ FPDA-2 Bonus A- N 3.10% 1.00% 3.00% B $66,323 $66,323 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Transamerica Life & Anty/Trans 9 A+ Y 3.10% 1.00% 2.00% B $66,323 $66,323 9 Yrs/12-12-11.5-10-9-8-6-4-0 > $1K 85 No 90 Y** Y-A Y** Y**

Northern Life Ins. Co.(ING)/Retrmnt+ A+g N 3.05% 3.00% B $65,896 $65,896 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K <<< IRA 70 No None Y* Y-O** No Y**AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $64,245 $64,245 7 Yrs/ 7-7-6-5-4-3-2-0 $2K $1K Q Q69/n90 No ** Y* Y** Y** Y**

* AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $64,945 $64,945 10Yrs/8-8-7-7-6-5-4-3-2-1-0(+=1% prem. bonus) $2K <<< 90** No ** Y** Y** Y** Y**Security Benefit Life/ Variflex A+g N 3.00% 3.00% B $65,116 $65,116 8 Yrs/ 8-7-6-5-4-3-2-1-0 $.5K $25 Mo 80** No 80** Y* Y** Y** Y**Sentry Life Ins. Co./ Sentry Payback A g Y 3.00% 3.00% B $65,116 $65,116 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $2K $100 Mo 74 No 100** Y* Y** Y** Y**Thrivent Fin'cl for Lutherans-FPDA A ++g N 3.00% 2.50% B $65,484 $65,484 8 Yrs/ 6-6-6-6-6-5-4-3-0 >>> $50 Mo 95 No 99** Y* Y Y Y**Great American Life/ TSA III A g N 3.00% 3.00% B $65,522 $65,522 5 Yrs/ 5-4-3-2-1-0 >>> $50 Mo 65 No ** Y** Y** Y** NoCatholic Knights Advantage A- N 3.00% 3.00% P $65,532 $65,532 2 Yrs/6-3 >>> $50 Mo 90 No None No Y-A/O N Y**Allstate Life/ Savers Premier A+g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $50 Mo 85 No 90 Y** Y Y** Y**American Fidelity/ B-TA A+ N 3.00% 3.00% P $65,536 $65,536 None >>> $25 Mo 70 No None Y* Y** No Y**American United/ FPA IV A N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo Q69/N89 No 90 Y* Y-O No Y**

* Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $2-5K $50MoQ 85 No None Y** Y-A Y** Y** Equitable-Iowa (ING)/ FPA-9 A+g N 3.00% 3.00% B $65,536 $65,536 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y**

F&G Life/Loyalty Reward E Ag N 3.00% 3.00% B $65,536 $63,570 12 Yrs/15-15-15-15-15-14-to0 Yr 12 <<< $5K 85 No 90 Y** Y-A Y** Y** GE Capital Assurance/CapPrv710/2Yr A+ N 3.00% 2.00% B $65,536 $65,536 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**

Horace Mann Life/AlternativeII 5Yr A N 3.00% 3.00% B $65,536 $65,536 5 Yrs/ 8-8-6-4-2-0 $.05K $25 Mo 85 No 85 Y* Y No Y** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/8-7-6-5-4-3-2-0 $10K <<< 84 No 90 Y* Y-O No Y**

Knights of Columbus/ FPDA A ++ Y 3.00% 3.00% P $65,536 $65,536 7 Yrs/ 5-5-4-4-3-2-0 $.3K <<< 83 No None Y** Y** No Y**Metropolitan Life/Growth+ Account A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**Metropolitan Life/Preference+ Acct A+g N 3.00% 3.00% B $65,536 $65,339 7 Yrs Rolling/ 7-6-5-4-3-2-1-0 None <<< 99 No None Y** Y** No Y**MFS/SunLife/RegattaChoice-7 Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**Minnesota Life/ Flex Annuity A ++ N 3.00% 3.00% B $65,536 $65,536 10 Yrs/ 9-8-7-6-5-4-3-2-1-1-0 >>> $25 Mo 75 No 85 Y* Y-O** No Y**Mutual of America Life Ins Co/TSA A+ N 3.00% 3.00% P $65,536 $65,536 None $.2K $10 Mo None Y None Y Y Y YPeoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $65,536 $64,880 90 days loss of interest $10K $2K Q 80 No 85 Y** Y** Y** Y**Security Benefit Life/ Choice - 5 Yr A+g N 3.00% 3.00% C/ 5 Yrs $65,536 $65,536 5 Yrs/ 7-7-7-6-6-0 $2-5K <<< 90 No ++ Y** Y** Y** Y**Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% B $65,536 $65,536 7 Yrs/ 7-7-6-6-5-4-3-0 $10K ** 85 No 95 Y** Y** Y** Y**

USG Anty-Life(ING)/ FPA-9 A+g N 3.00% 3.00% B $65,595 $65,595 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 65 No 70.5 Y* No No Y*** Bankers United/ Flex Advantage+ A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** Life Investors Ins./ Flex Advant'g + A+ Y 3.00% 1.00% 3.00% B $65,601 $65,601 6 Yrs/ 5-5-4-3-2-1-0 $2K <<< A85/O90 No ** Y* Y-O No Y*** MONY Life Ins Co/Fixed Annuity/3Yr A g N 3.00% 1.00% 3.00% C/3Yrs $65,602 $65,602 7 Yrs / 7-6-5(0-30 day + MVA) $2K $50 Mo 85 No 95** Y** Y-A** No No

Great American Life/ TSA VIII Bonus A g N 3.00% 3.00% B $67,980 $65,052 15 Yrs/ Starts at 14-22% (age based) >>> $50 Mo 70 No ** Y** Y** Y** Y*** AIG Annuity Life Ins Co /Ultra Xtra A ++g Y 3.00% 2.00% 2.00% B $70,052 $70,052 7 Yrs/ 8-8-7-6-5-4-2-0 $5K <<< 85 No 85** Y** No Y** Y**

Country Investors Life/ FPRA A+g N 2.85% 1.50% B $64,748 $64,748 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 >>> $50 Mo 75 No None Y* Y** No Y*** Integrity Life/New Momentum - 3Yr A+g Y 2.80% 0.75% 1.50% C/3Yrs $64,442 $64,442 7 Yrs/ 8-7-6-5-4-2-0+ MVA $5K $1K 85 No A85 Y** Y-A Y** Y*** Keyport Life(Sun - Canada) Value 5 A+ Y 2.80% 1.00% 1.50% C/ 5Yr $64,458 $64,458 5 Yrs/7-6-5-4-3-0+MVA $5K $100+ A85/O100 No 90 Y** Y-O** Y** No* National Western Life/ Prospector 1 A- N 2.75% 1.00% 2.00% B $64,108 $64,108 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* AIG Annuity Life Ins Co /Bonus Flex 5 A ++g Y 2.75% 1.50% 2.00% P $64,140 $64,140 5 Yrs/ 9-8-7-6-5-0 $5K <<< Q70/N80 No 100 Y** Y** Y** Y*** National Western Life/ Accumulator 5 A- N 2.75% 5.00% 2.00% B $64,220 $64,220 10 Yrs/10-10-9-9-7-5-5-5-5-5-0 $5K <<< A90/O85 No ** Y* Y** ** No* National Western Life/ Prevail 7 A- N 2.75% 7.00% 2.00% B $64,492 $64,492 10 Yrs/10-10-9-9-8-7-6-555-0 $5K <<< 1 No ** Y* Y** ** No GE Capital Assurance/CapPrv710/3Yr A+ N 2.70% 2.00% B $63,693 $63,693 7 Yrs/ 7-7-7-6-5-4-3-0 $5K <<< 100 No A85** Y* Y-A Y** Y**


* United Heritage Mutual/ Heritage A- N 2.50% 0.50% 1.50% P $62,353 $62,353 7 Yrs/ 8-7-6-5-4-3-2-0 >>> $100 Mo 80 No None Y*C Y-A Y** Y** Copyright 2003 by Comparative Annuity Reports, LLC All rights reserved. No part of this report may be reproduced in any form by any means without permission of Comparative Annuity Reports, LLC P.O. Box 1268, Fair Oaks, CA 95628-1268 Telephone (916) 487-7863 Fax (916) 487-7865 www.annuitycomparativedata.com

COMPARATIVE ANNUITY REPORT ... December 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Alphabetical Order Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y** AIG Annuity Life Ins Co/ Fastrak 5 A ++g Y 2.90% 2.00% C/5 Yrs $133,092 $133,092 5 Yrs/ 7-7-6-5-3-0 $5K 75A Y 85 Y** No Y-A No Y**

AIG Annuity Life Ins Co SRA-9 Yr A+g Y 4.05% 3.00% C/ 9 Yrs $148,730 $148,730 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-9 $5K Q70N85 No 95 Y** No Y-O No Y*** AIG Annuity Life Ins Co SRA-10Yr A+g Y 3.65% 1.00% 3.00% C/10 Yrs $144,541 $144,541 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-10 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y**

Allianz Life NA/ Dominator- 5 Yr A+g N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 10-9-8-7-6-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 6 Yr A+g N 3.15% 3.00% B $136,360 $136,360 6 Yrs/ 10-9-8-7-6-5-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% B $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y**Allianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% B $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**

* Allstate Life/ Advantage + A+g N 3.10% 1.50% 3.00% B $137,735 $136,358 8 Yrs Rolling/ 9-8-7-6-5-4-3-2-0 $2K 85 No 90 Y* Y Y Y** Y**Allstate Life/ Savers Premier A+g N 3.00% 3.00% B $134,390 $134,390 7 Yrs/ 8-7-6-5-4-3-2-0 $.6K 85 No 90 Y** Y Y Y** Y**

* American Investors Life/ SP2000+ A g N 3.30% 1.00% 3.00% B $139,734 $139,734 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* American National/PaladiumMYG3yr A+ N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 8-8-8--0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG4yr A+ N 3.05% 3.00% C/ 4 Yrs $134,390 $134,390 4 Yrs/ 8-8-8-7-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG5yr A+ N 3.05% 1.00% 3.00% C/ 5 Yrs $136,395 $136,395 5 Yrs/ 8-8-8-7-6-0+MVA $5K 85A No 96 Y** No Y-O** Y** No

American National/PaladiumMYG6yr A+ N 3.80% 3.00% C/ 6 Yrs $145,200 $145,200 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** No* American National/PaladiumMYG7yr A+ N 3.40% 1.00% 3.00% C/ 7 Yrs $141,097 $141,097 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** American United/ Accum Annuity II A N 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y*** American United/ Accum Annuity II + A N 3.25% 1.00% 3.00% B $139,057 $139,057 7 Yrs/ 8-8-7-6-5-4-2-0 $5K Q69/N89 No None Y** No Y-O No Y** Ameritus Variable/ Advantage + Ag Y 3.40% 3.00% B $139,700 $139,700 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y*** Ameritus Variable/ Advantage MVA Ag Y 3.40% 1.00% 3.00% B $141,097 $141,097 6 Yrs/+MVA 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No AmerUs Life/ 30 A g N N/A 3.50% B N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 $5K 80A No 95 Y** Y Y-A Y** Y**


AMEX/ Retirement Advisor/Advt Qual A+g N 3.00% 3.00% B $131,743 $131,743 7 Yrs/ 7-7-6-5-4-2-0 $2K Q69/N90 No ** Y* Y Y** Y** Y*** AMEX/ Retirement Advisor/Advt Val+ A+g N 3.00% + 3.00% B $134,376 $134,376 10 Yrs/ 8-8-7-7-6-5-4-3-2-1-0 (+=1% prem. bonus) $2K 90** No ** Y** Y Y** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** Aviva Life/ Portfolio Secure Ag N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y**

Catholic Knights SPDA A- N 4.20% 3.00% P $150,896 $150,896 6 Yrs/6-5-4-3-2-1 $10K 90 No None Y** No Y-A/O No Y** Canada Life/ Security One+ A+g Y N/A 3.00% B N/A N/A 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90A No 100 Y** Y Y-A Y** Y** Clarica Life/ Guarantee- 5 Yr A+ N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 8-8-7-6-5-0+MVA $10K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 6 Yr A+ N N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 8-8-7-6-5-4-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee- 7 Yr A+ N N/A 3.00% C/ 7 Yrs N/A N/A 7 Yrs/ 8-8-7-6-5-4-3-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y** Clarica Life/ Guarantee-10 Yr A+ N N/A 3.00% C/ 10 Yrs N/A N/A 10 Yrs/ 8-8-7-6-5-4-3-2-1-0+MVA $20K 85 No 85 Y** No Y-A/O Y** Y*** Conseco Annuity Assur./H'k Marquee B N 3.00% 3.00% 3.00% B $138,420 $138,420 9 Yrs/ 12-12-11-10-9-8-6-4-2-0 $5K 85 No None Y* Y No No Y** Conseco Annuity Assur./ SPDA- 8 B N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-4.5-3-1.5-0 $25K Q74/N85 No 95 Y* No Y-A Y No

Conseco Annuity Assur./ Tru Level 6 B N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y** Country Investors Life/ SPDA A+g N N/A 4.50% B N/A N/A 7 Yrs/ 7-6-4-3-2-2-0 $10K 90 No None Y* No Y** No Y*** EMC National Life Co/ Bonus 3 B++ N 4.00% 3.00% 3.00% B $152,208 $152,208 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y** EMC National Life Co/ Bonus 4 B++ N N/A 3.00% B N/A N/A 11 Yrs/ 11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y** EMC National Life Co/ Bonus 6 B++ N N/A 3.00% B N/A N/A 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**




* F & G Life/ Fidelity Platinum+5 Yr A g N 3.40% 1.00% 3.00% C/ 5 Yrs $141,097 $141,097 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.50% 1.00% 3.00% C/ 7 Yrs $142,461 $142,461 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.40% 1.00% 3.00% C/ 10 Yrs $155,348 $155,348 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y** Farm Bureau Life/Select N.M. 3 Yr A+ N 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 7-4-2-0 $10K 90 No ** Y* No Y** Y** Y**

Farm Bureau Life/Select N.M. 6 Yr A+ N 3.00% 3.00% C/ 6 Yrs $134,390 $134,390 6 Yrs/ 7-6-5-4-3-2-1-0 $10K 90 No ** Y* No Y** Y** Y** Farm Bureau of Mich/1 Yr-Guarantee A N 3.00% 3.00% C/ 1 Yr $134,350 $134,350 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.55% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.55% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 3.90% 1.00% 3.00% C/ 9 Yrs $148,066 $148,066 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** GE Capital Assurance/CapPrv710 2Yr A+ N 3.25% 2.00% 2.00% B $140,343 $140,343 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** GE Capital Assurance/CapPrv710 3Yr A+ N 3.00% 2.00% B $134,390 $134,390 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y**

GE Capital Assurance/CapPrv710 5Yr A+ N 2.90% 2.00% B $133,902 $133,902 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 100 No 85 Y* Y-$1K+ Y-A Y** No* Golden Rule/ Classic Plus A N 3.25% 1.00% 3.00% B $139,057 $139,057 8 Yrs/ 8-7-6-5-4-3-2-1-0 $7.5K A70/O100 No 85 Y* No Y-A No Y**

Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y*** Golden Rule/ Premier Advantage A N 3.25% 0.50% 3.00% B $138,368 $138,368 7 Yrs/ 7-6-5-4-3-2-2-0 $5K Q60/N65 No 85 Y*C Y-$2K+ Y-A Y** Y*** Golden Rule/ Ultimate Bonus A N 3.25% 3.00% 3.00% B $141,810 $141,810 8 Yrs/ 8-7-6-5-4-3-2-1-0 $10K A70/O100 No 85 Y* No Y-A No Y** Great American Life/ Advantage 15 A g N 3.00% + 3.00% B $153,070 $131,702 12 Yrs/ 12-11-10-9-8-7-6-5-4-3-2-1-0 + prem bonus 15% $5K 70 No 85 No Y-1st Yr Y** Y** Y*** Great American Life/ Plus 5 A g N 3.20% + 3.00% B $143,871 $137,023 7 Yrs/ 7-6-5-4-3-2-1-0 (+=5% Bonus on Anuit'n) $5K Q90/N85 No None Y* Y-1st Yr Y-O Y** Y** Hartford Life/ CRC Select-6Yr A+g N 3.60% 3.00% C/ 6 Yrs $142,420 $142,420 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No* Hartford Life/ Saver+ 6 Years A+g N 3.35% 1.00% 3.00% C/ 6 Yrs $140,410 $140,410 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y** Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Horace Mann Life/AlternativeII-5 Yrs A N 3.00% 3.00% B $134,390 $134,390 5 Yrs/ 8-6-4-2-0 $2K 85 No 85 Y* No Y No Y*** Integrity Life/ Momentum Advtge 4Yr A+g Y 3.15% 0.75% 1.50% C/ 4 Yrs $137,382 $137,382 4 Yrs/ 8-8-7-7-0+MVA $20K Q70.5/N86 No None Y** No Y** Y** Y*** Integrity Life/ Momentum Advtge 5Yr A+g Y 3.50% 0.75% 1.50% C/ 5 Yrs $142,108 $142,108 5 Yrs/ 8-8-7-7-6+MVA $20K Q70.5/N86 No None Y** No Y** Y** Y*** Integrity Life/ Momentum Advtge 7Yr A+g Y 3.85% 0.75% 1.50% C/ 7 Yrs $146,994 $146,994 7 Yrs/ 8-8-7-7-6-6-5-0+MVA $20K Q70.5/N85 No None Y** No Y** Y** Y*** Integrity Life/ Momentum Advtge 10Yr A+g Y 4.00% 0.75% 1.50% C/ 10 Yrs $149,130 $149,130 10 Yrs/ 8-8-7-7-6-6-5-5-4-4-0+MVA $20K Q70.5/N83 No None Y** No Y** Y** Y*** Jackson Nat'l Life/ Bonus Max-1 A+g N 3.25% 1.75% 2.00% B $140,089 $140,089 10 Yrs+MVA/9-8-7-6-5--0 $5-10K A85/O100 No 85 Y* No Y-A No Y**

Jackson Nat'l Life/ Max Plan A+g N 3.05% 2.00% B $135,045 $135,045 7Yrs/ 7-6-5-4-3-2-1-0 $1-10K A85/O100 No 85 Y*C Y-1st Yr Y-A No Y** Jackson Nat'l Life/ Super Max A+g N 3.25% 2.00% B $137,680 $137,680 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y** Jackson Nat'l Life/ Target 4 Yr. A+g N N/A 3.00% C/ 4 Yrs N/A N/A 4 Yrs/ 7-7-7-6-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jackson Nat'l Life/ Target 5 Yr. A+g N N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 7-7-6-5-0 (30 day period) $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g N 3.95% 3.00% 3.00% C/ 9 Yrs $151,729 $151,729 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Jackson Nat'l Life/ Target 10 Yr. A+g N 4.10% 1.00% 3.00% C/ 10 Yrs $150,940 $150,940 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y** Jefferson Pilot Life/ Pilot Gold 5 MVA A ++g Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs + MVA/ 8-8-7-6-5-0 $5K 85 No None Y* Y Y-O Y** Y*** Jefferson Pilot Life/ Pilot Gold 6 MVA A ++g Y 3.75% 1.00% 3.00% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** Jefferson Pilot Life/ Pilot Gold 7 MVA A ++g Y 3.85% 2.00% 3.00% C/ 7 Yrs $148,818 $148,818 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y** Jefferson Pilot Life/ Single 5 A ++g Y N/A 3.25% C/ 5 Yrs N/A N/A 5Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* Y Y-O Y** Y*** John Hancock Life/ Allegiance Prfd. A ++g N 3.00% 1.00% 3.00% B $135,734 $135,734 7 Yrs/ 8-8-7-7-7-6-6-0 $10K 84 No 90 Y* Y Y-O No Y**



Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Knights of Columbus/ FPDA A ++ Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Layfayette Life Ins. Co./ Horizon S A N N/A 4.00% P N/A N/A 5 Yrs/ 8-8-6-4-2-0 ** ** ** ** ** ** ** ** **

Liberty National Life Ins. Co./SPDA A+ N 4.00% 4.00% P $148,020 $148,020 3 Yrs/ 8-4-2-0 $1K 80 No 65** No No Y** No Y** Life of the Southwest/ SPDA-3 A g N 4.50% 3.00% B $155,290 $155,290 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y** Life of the Southwest/ SPDA-4 A g N N/A 3.00% B N/A N/A 8 Yrs/ 10-9-8-7-6-5-4-2-0 $5K A70/O100 No 85 Y* No Y-A Y** Y** Life of the Southwest/Milenium + 2 A g N 3.75% 4.00% 1.50% B $150,280 $150,280 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y*** Lincoln Benefit /Sav Chce + 5Yr. A+r N 3.65% 1.50% 3.00% B $145,257 $145,257 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y*** Lincoln Benefit/ Tactician+5 Yr MYG A+r N 3.10% 1.00% 3.00% C/ 5 Yrs $138,414 $138,414 5 Yrs/ 8-8-8-7-6-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No* Lincoln Benefit/ Tactician+8 Yr MYG A+r N 3.30% 2.50% 3.00% C/ 8 Yrs $141,808 $141,808 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Metropolitan Life Ins. Co./ Max-1 A+g N 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y** MFS/SunLife/RegattaChoice-7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y** Midland National Life/ Guarantee 5Yr A+ N 3.35% 3.00% C/ 5 Yrs $139,020 $139,020 5 Yrs/+MVA 10-10-10-10-10-0 $.1K 90 No None Y** Y Y-A/O** Y** Y** Midland National Life/ Guarantee 6Yr A+ N 3.80% 3.00% C/ 6 Yrs $145,200 $145,200 6 Yrs/+MVA 10-10-10-10-10-9-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

Midland National Life/ Guarantee 7Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/+MVA 10-10-10-10-10-9-8-0 $2-5K 85 No None Y* No Y** Y** Y**Minnesota Life/ Secure Opt. I A ++ N 3.00% 3.00% B $134,390 $134,390 6 Yrs/ 6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**Minnesota Life/ Secure Opt. III A ++ N 4.00% 3.00% B $148,020 $148,020 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y** Y-1st Yr Y-O** No Y**

* MONY Life Ins Co/ Fixed Annuity10Yr A g N 4.05% 1.00% 3.00% C/ 10Yrs $150,210 $150,210 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* MONY Life Ins Co/ Fixed Annuity1Yr A g N N/A 3.00% C/ 1Yr N/A N/A 7 Yrs + MVA/ 7(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No No* MONY Life Ins Co/ Fixed Annuity3Yr A g N 3.00% 1.00% 3.00% C/ 3Yrs $135,734 $135,734 7 Yrs + MVA/ 7-6-5(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No No* MONY Life Ins Co/ Fixed Annuity5Yr A g N 3.10% 1.00% 3.00% C/ 5Yrs $137,057 $137,057 7 Yrs + MVA/ 7-6-5-4-3(0-30 day period) $2K 85 No 95** Y** Y-$2K+ Y-A** No No

* MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.60% 1.00% 3.00% C/ 7Yrs $143,844 $143,844 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* MONY Life Ins Co/ Fixed Annuity8Yr A g N 3.80% 1.00% 3.00% C/ 8Yrs $147,641 $147,641 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No

Mutual of America Life Ins. Co./TSA A+ N 3.00% 3.00% P $134,390 $134,390 None $.2K None Y None Y Y-$.2K Y Y Y Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y** National Guardian/ Access + A- Y 4.45% 3.00% P $154,550 $154,550 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y** National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y*** National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y**

National Life of Vermont/ Security 5 A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 5-5-5-5-5-0 $5K 85 No None Y** No Y-A/O Y** Y** National Western Life/ Access-1092 A- N N/A 3.00% P N/A N/A 9 Yrs/9-8-7-6-5-4-3-2-1 $5K 85 No ** Y* Y-1st Yr Y-A Y** Y*** National Western Life/ Confidence A- N 2.60% + 2.00% C/ 5Yrs $164,450 $129,263 5 Yrs/ 9-8-7-6-5-0(+Annuity Value 5.10%) $5K Q75/N85 No ** Y** Y-1st Yr Y-O** No Y** Nationwide Life/ Flex Advantage 1 Yr A+g N N/A 3.00% B N/A N/A 7 Yrs/ 7-7-6-6-5-4-3-0 ** ** ** ** ** ** ** ** *** Ohio National/ Foundation + 1 Yr. A+g N 3.25% 1.00% 2.00% B $139,057 $139,057 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 Y** ** Y** No Y-A No Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.50% 2.00% B $141,050 $141,050 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y** Pacific Life/ Quest 88-01/1 Yr. A ++g N N/A 4.00% C/ 1Yr N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y** No Y-A No Y**

Pacific Life/ Quest 88-01/3 Yr. A ++g N N/A 4.00% C/ 3Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**Pacific Life/ Quest 88-01/5 Yr. A ++g N N/A 4.00% C/ 5 Yrs N/A N/A 7 Yrs/ 6-6-6-6-5-4-3-0 $5K 85 No 95 Y* No Y-A No Y**

* Penn Mutual Life/Penn Fixed Advtg A g N 3.85% 1.00% 3.00% B $147,359 $147,359 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-1Yr A g N N/A 3.00% C/ 1 Yr N/A N/A 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-3Yr A g N 3.00% 3.00% C/ 3 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-5Yr A g N 3.00% 3.00% C/ 5 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**Penn Mutual Life/Penn Freedom-7Yr A g N 3.00% 3.00% C/ 7 Yr $134,390 $134,390 4 Yrs/ 8-7-6-5-0 $50K <<< 85 No 90** Y** Y** Y** Y**

* Penn Mutual Life/Tradewind A g N N/A 1.00% 3.00% P N/A N/A 7 Yrs/ 9-8-7-6-5-4-3-0 $10K 85 No 90** Y* No Y-A/O Y** Y** Peoples Benefit Life/ Adv Edge Sel I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y**

Peoples Benefit Life/ Advisors Edge I A+ Y 3.00% 3.00% P $134,390 $133,046 90 day loss of interest $10K 80 No 85 Y** Y-$2KQ Y** Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.00% 1.50% 3.00% C/ 10 Yrs $150,240 $150,240 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y** Physicians Life/ Custom Direct 3 A g Y 3.00% 3.00% C/ 3 Yrs $134,390 $134,390 3 Yrs/ 9-9-8-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 4 A g Y 3.10% 1.00% 3.00% C/ 4 Yrs $137,057 $137,057 4 Yrs/ 9-9-8-7-0 (30 day period) $2K 75 No 100 Y* No Y-O Y** Y*** Physicians Life/ Custom Direct 6 A g Y 3.05% 2.00% 3.00% C/ 6 Yrs $137,746 $137,746 6 Yrs/ 9-9-8-7-6-5-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.90% 2.00% 3.00% C/ 8 Yrs $149,532 $149,532 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y*** Physicians Life/ Custom Direct 5 A g Y 3.20% 1.00% 3.00% C/ 5 Yrs $138,390 $138,390 5 Yrs/ 9-9-8-7-6-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**

Physicians Life/ Custom Direct 7 A g Y 3.70% 3.00% C/ 7 Yrs $143,800 $143,800 7 Yrs/ 9-9-8-7-6-5-4-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y**Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**

Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y** Reliastar (ING)/ Retrmnt+ NQ A+g N 3.05% 3.00% B $135,045 $135,045 9 Yrs/ 9-9-8-7-6-5-4-3-2-0 $.5K 70 No None Y* Y Y-O** No Y** Reliastar (ING)/ TSA-I A+g N 3.40% 3.00% B $139,700 $125,730 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y**



Security Mutual Life/ SP-I Yr A N 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Security Mutual Life/ SP-III Yr A N 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 90 Y** No Y-A No Y** Sentry Life Ins. Co./ Payback A g Y 3.00% 3.00% B $134,390 $134,390 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $2K 74 No 100** Y** No Y** Y** Y** Shenandoah Life/ SPDA-1 Bonus A- N N/A 3.00% P N/A N/A 6 Yrs/ 6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** *** Shenandoah Life/ SPDA-2 Bonus A- N 3.10% 1.00% 3.00% P $137,057 $137,057 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 ** ** ** ** ** ** ** ** ** Sun Life Assur. /Regatta-Choice -7Yr A ++g N 3.00% 3.00% C/ 4 Yrs $134,390 $134,390 7 Yrs/7-7-6-6-5-4-3-0 $10K 85 No 95 Y** Y-$1K+ Y** Y** Y** SunAmerica Life/ Century 2000 A ++g Y N/A 4.00% B N/A N/A 8 Yrs/ 7-7-6-6-5-4-3-2-0 $5K 85 No 90 Y* No Y-O No Y**




Teachers Ins. & Annuity/ SRA A ++g Y 3.25% 3.00% P $137,680 $137,680 None ** ** Y** ** Y** Y Y** Y** Y**

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.55% 2.50% B $141,740 $141,740 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y** Transamerica Life&Anty/ Mach 6 A+ Y N/A 3.00% B N/A N/A 6 Yrs/ 6-6-6-6-6-6-0 $5K Q70/N75 No 98 Y** Y-1st Yr Y-A/O No Y**

Transamerica Life&Anty/SecValue 5 A+ Y N/A 3.00% C/ 5 Yrs N/A N/A 5 Yrs/ 9-8-7-6-5-0+MVA $15K 85 No 98 Y** No Y-O No Y** Transamerica Life&Anty/SecValue 6 A+ Y N/A 3.00% C/ 6 Yrs N/A N/A 6 Yrs/ 9-8-7-6-5-4-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Transamerica Life&Anty/SecValue 8 A+ Y N/A 3.00% C/ 8 Yrs N/A N/A 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 3.00% C/ 10 Yrs $144,500 $144,500 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y**

Travelers Insurance Co./ T-Flex-NQ A ++g N N/A 3.50% B N/A N/A 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**Travelers Insurance Co./ T-Flex-TSA A ++g N N/A 3.50% B N/A N/A 5 Yrs/ 7-7-7-7-7-0 $1K 100 No 85 Y** Y Y-O** No Y**



United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y*** United of Omaha/Ultra Annuity 1 Yr A g N 3.00% 1.00% 2.00% P $135,734 $135,734 6 Yrs/ 7-7-7-6-4-2-0 $5K 89 No 95 Y* Y-1/2 Yr Y-O** Y** Y** United of Omaha/Ultra Annuity 3 Yr A g N N/A 2.00% P N/A N/A 6 Yrs/ 7-7-7-6-4-2-0 (* =.35% for 3 Yrs) $5K 89 No 95 Y* No Y-O** Y** Y**


USG Annuity-Life(ING)/ Cornerstone A+g N N/A 3.00% B N/A N/A 9Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 90 No ** Y* No Y-A Y** Y**USG Annuity-Life(ING)Max Guar-5Yr A+g N 3.00% 3.00% C/ 5 Yrs $134,390 $134,390 5 Yrs/ 9-8-7-6-5-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-6Yr A+g N 3.35% 3.00% C/ 6 Yrs $139,020 $139,020 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g N 4.10% 3.00% C/ 8 Yrs $149,450 $149,450 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**USG Annuity-Life(ING)Max Guar-10Yr A+g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y**


* USG Annuity-Life(ING)Selct Guar-8Yr A+g N 3.70% 2.30% 3.00% C/ 8 Yrs $147,107 $147,107 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y** VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $141,050 $141,050 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y*** Western United/DiscoverMaxVoygr. B- N 4.35% 3.00% 3.00% B $153,080 $153,080 6 Yrs/ 8-8-7-6-5-4-0 (Bailout@3%) $5K 100 Y 100 Y** No Y-A Y** Y** William Penn Life of NY/ SPDA-1Yr A ++g N 3.50% 1.50% P $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y** Woodmen of the World Life/Basic A+ N 3.75% 3.00% P $144,485 $144,485 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No



COMPARATIVE ANNUITY REPORT ... December 2003Single Premium Deferred Annuity (SPDA) Study Sorted by: Base Interest Rate (1st Year) **Top 100** Additional Annuity Contract Provisions


Rating R Rate Bonus Rate Rate Guar 10 Years** 10 Years** Percent of Charge Year One to End $K Age Prov'n Age Avail' Premium At Death Waiver Waiver National Life of Vermont/ Liberty A g N 4.75% 3.00% B $159,050 $159,050 8 Yrs/ 8-7.5-7-6-5-4.5-3.5-2-0 $5K 85 No None Y** No No Y** Y** Farm Bureau of Mich/5 Yr-Guarantee A N 4.55% 3.00% C/ 5 Yrs $158,290 $158,290 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y**

Kansas City Life Select Track 10Yr A g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y** Life of the Southwest/ SPDA-3 A g N 4.50% 3.00% B $155,290 $155,290 6 Yrs/ 10-9-8-6-4-2-0 $5K A80/O100 No 85 Y* No Y-A Y** Y**

USG Annuity-Life(ING)Max Guar-10Yr A+g N 4.50% 3.00% C/ 10 Yrs $155,290 $155,290 10 Yrs/ 9-8-7-6-5-4-3-2-1+MVA $50K 90 No ** Y** No Y** Y** Y** VALIC/ V-Plan A+g Y 4.50% 4.50% B $155,290 $153,737 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** National Guardian/ Access + A- Y 4.45% 3.00% P $154,550 $154,550 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 80 No 80 Y* No Y-O** No Y*** F & G Life/ Fidelity Platinum+10 Yr A g N 4.40% 1.00% 3.00% C/ 10 Yrs $155,348 $155,348 10 Yrs/ 9-8-7-6-5-4-2-1-0+MVA $10K 85 No 90 Y** No Y-O Y** Y*** Western United/DiscoverMaxVoygr. B- N 4.35% 3.00% 3.00% B $153,080 $153,080 6 Yrs/ 8-8-7-6-5-4-0 (Bailout@3%) $5K 100 Y 100 Y** No Y-A Y** Y**

Sunset Life Ins. Co./ SelecTrack 10Yr A g N 4.25% 3.00% C/ 10 Yrs $151,620 $151,620 10Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K A80/O90 No None Y* No Y** Y** Y**USAA Life Ins. Co./ SPA II A ++g Y 4.25% + 2.00% P $153,130 $148,427 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $10K 100 No 100 Y* No Y-A No Y**Catholic Knights SPDA A- N 4.20% 3.00% P $150,896 $150,896 6 Yrs/6-5-4-3-2-1 $10K 90 No None Y** No Y-A/O No Y**Presidential Life Ins. Co./ Secure 6 B+ N 4.15% 3.00% C/ 6 Yrs $150,170 $150,170 6 Yrs/ 7-7-7-6-5-4-0 $1.5 80 No + Y** No Y-A No Y**USAA Life Ins. Co./ Ext'd Guar'- 10 Yr A ++g Y 4.15% 2.00% C/ 10 Yrs $150,170 $150,170 10 Yrs/ 8-8-7-6-5.2-4-3-2-1-1-0 $20K 100 No 100 Y* No Y-A No Y**Midland National Life/ Guarantee 7Yr A+ N 4.10% 3.00% C/ 7 Yrs $149,450 $149,450 7 Yrs/+MVA 10-10-10-10-10-9-8-0 $2-5K 85 No None Y* No Y** Y** Y**USG Annuity-Life(ING)Max Guar-8Yr A+g N 4.10% 3.00% C/ 8 Yrs $149,450 $149,450 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $50K 90 No ** Y** No Y** Y** Y**

* Jackson Nat'l Life/ Target 10 Yr. A+g N 4.10% 1.00% 3.00% C/ 10 Yrs $150,940 $150,940 9 Yrs/ 7-7-7-6-5-4-3-2-1-0/MVA $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y**AIG Annuity Life Ins Co SRA-9 Yr A+g Y 4.05% 3.00% C/ 9 Yrs $148,730 $148,730 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-9 $5K Q70N85 No 95 Y** No Y-O No Y**

* MONY Life Ins Co/ Fixed Annuity10Yr A g N 4.05% 1.00% 3.00% C/ 10Yrs $150,210 $150,210 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No NoAllianz Life NA/ Dominator- 10 Yr A+g N 4.00% 3.00% B $148,020 $148,020 10Yrs/10-9-8-7-6-5-4-3-2-1-0(30 day window) $20K 85 No ** Y* No ** Y** Y**Equitable-Iowa(ING)/Select Guar-8Yr A+g N 4.00% 3.00% C/ 8 Yrs $148,020 $148,020 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K Q75/N90 No 85 Y** No Y-A Y** Y**


* Integrity Life/ Momentum Advtge 10Yr A+g Y 4.00% 0.75% 1.50% C/ 10 Yrs $149,130 $149,130 10 Yrs/ 8-8-7-7-6-6-5-5-4-4-0+MVA $20K Q70.5/N83 No None Y** No Y** Y** Y*** National Life of Vermont/ Privilege A g N 4.00% 1.00% 3.00% B $149,410 $149,410 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No None Y** No No Y** Y*** Physicians Life/ Custom Direct 10 A g Y 4.00% 1.50% 3.00% C/ 10 Yrs $150,240 $150,240 10 Yrs/ 9-9-8-7-6-5-4-3-2-1-0 $5K 75 No 100 Y* No Y-O Y** Y*** EMC National Life Co/ Bonus 3 B++ N 4.00% 3.00% 3.00% B $152,208 $152,208 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $10K Q89/N99 No None Y** No Y-A Y** Y**

EMC National Life Co/ SP 5Yr Guar B++ N 3.95% 3.00% C/ 5 Yrs $147,310 $147,310 5 Yrs/ 6-6-6-6-6-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** Jackson Nat'l Life/ Target 9 Yr. A+g N 3.95% 3.00% 3.00% C/ 9 Yrs $151,729 $151,729 9 Yrs/ 7-7-6-5-4-3-2-1-0 $10K 85 No 85 Y* Y-$2K+ Y-A Y** Y*** Fort Dearborn Life/WealthFortifier9Yr A N 3.90% 1.00% 3.00% C/ 9 Yrs $148,066 $148,066 9 Yrs/ 8-8-7-6-5-4-3-2-1-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y*** Physicians Life/ Custom Direct 8 A g Y 3.90% 2.00% 3.00% C/ 8 Yrs $149,532 $149,532 8 Yrs/ 9-9-8-7-6-5-4-3-0 (30 day period) $2K 75 No 100 Y** No Y-O Y** Y**

Presidential Life Ins. Co./ Secure 4 B+ N 3.85% 3.00% C/ 4 Yrs $145,900 $145,900 4 Yrs/ 7-6-6-5-0 $1.5K 80 No + Y** No Y-A No Y*** Integrity Life/ Momentum Advtge 7Yr A+g Y 3.85% 0.75% 1.50% C/ 7 Yrs $146,994 $146,994 7 Yrs/ 8-8-7-7-6-6-5-0+MVA $20K Q70.5/N85 No None Y** No Y** Y** Y*** Penn Mutual Life/Penn Fixed Advtg A g N 3.85% 1.00% 3.00% B $147,359 $147,359 7 Yrs/ 9-8-7-6-5-4-3-0 $50K <<< 85 No 90** Y** Y** Y** Y*** Jefferson Pilot Life/ Pilot Gold 7 MVA A ++g Y 3.85% 2.00% 3.00% C/ 7 Yrs $148,818 $148,818 7 Yrs + MVA/ 8-8-6-5-4-3-0 $5K 85 No None Y* Y Y-O Y** Y**

American National/PaladiumMYG6yr A+ N 3.80% 3.00% C/ 6 Yrs $145,200 $145,200 6 Yrs/ 8-8-8-7-6-5-0+MVA $5K 85A No 96 Y** No Y-O** Y** NoEMC National Life Co/ SP 4Yr Guar B++ N 3.80% 3.00% C/ 4 Yrs $145,200 $145,200 4 Yrs/ 5-5-5-5-0 $5K Q89/N99 No None Y** No Y-A Y** Y**

Midland National Life/ Guarantee 6Yr A+ N 3.80% 3.00% C/ 6 Yrs $145,200 $145,200 6 Yrs/+MVA 10-10-10-10-10-9-0 $.1K 90 No None Y** Y Y-A/O** Y** Y*** MONY Life Ins Co/ Fixed Annuity8Yr A g N 3.80% 1.00% 3.00% C/ 8Yrs $147,641 $147,641 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No Woodmen of the World Life/Basic A+ N 3.75% 3.00% P $144,485 $144,485 9 Yrs/ 7-7-7-6-5-4-3-2-1-0 $5K 85 No None Y** No Y** Y** No

Kansas City Life Select Track 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y*** Kemper Investors/ZurichClassic 2-6Yr A N 3.75% 3.00% C/ 6 Yrs $144,500 $144,500 6 Yrs/ 7-7-6-5-4-2-0+MVA $5K 85 No None Y* No Y-A Y** Y**

Knights of Columbus/ FPA A ++ Y 3.75% 3.50% P $144,500 $144,500 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y**Sunset Life Ins. Co./ SelecTrack 7Yr A g N 3.75% 3.00% C/ 7 Yrs $144,500 $144,500 7 Yrs/ 10-9-8-7-6-5-4-0 $10K A80/O90 No None Y* No Y** Y** Y**

Transamerica Life&Anty/SecValue 10 A+ Y 3.75% 3.00% C/ 10 Yrs $144,500 $144,500 10 Yrs/ 9-8-7-6-5-4-3-2-1-0+MVA $15K 85 No 85 Y** No Y-Q No Y** Union Central Life/ SPDA2000-1Yr A N 3.75% 3.00% B $144,500 $144,500 6 Yrs/ 7-6-5-4-3-2-0 $5K 85 No A85** Y* No Y-A** Y** Y*** Jefferson Pilot Life/ Pilot Gold 6 MVA A ++g Y 3.75% 1.00% 3.00% C/ 6 Yrs $145,950 $145,950 6 Yrs + MVA/ 8-8-7-5-4-0 $5K 85 No None Y* Y Y-O Y** Y** Life of the Southwest/Milenium + 2 A g N 3.75% 4.00% 1.50% B $150,280 $150,280 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K A70/O100 No 85 Y* No Y-A Y** Y**

Physicians Life/ Custom Direct 7 A g Y 3.70% 3.00% C/ 7 Yrs $143,800 $143,800 7 Yrs/ 9-9-8-7-6-5-4-0(30 day period) $5K 75 No 100 Y** No Y-O Y** Y*** USG Annuity-Life(ING)Selct Guar-8Yr A+g N 3.70% 2.30% 3.00% C/ 8 Yrs $147,107 $147,107 8 Yrs/ 9-8-7-6-5-4-3-2-0+MVA $15K 90 No 85 Y** No Y-A Y** Y**

EMC National Life Co/ SP 3Yr Guar B++ N 3.65% 3.00% C/ 3 Yrs $143,110 $143,110 3 Yrs/ 4-4-4-0 $5K Q89/N99 No None Y** No Y-A Y** Y*** AIG Annuity Life Ins Co SRA-10Yr A+g Y 3.65% 1.00% 3.00% C/10 Yrs $144,541 $144,541 7 Yrs/ 7-6-5-4-3-2-1-0+MVA Yrs 1-10 $5K Q70N85 No 85+ Y** Y-1st Yr Y-O Y** Y*** Lincoln Benefit /Sav Chce + 5Yr. A+r N 3.65% 1.50% 3.00% B $145,257 $145,257 9 Yrs/ 7-7--7-6-5-4-3-2-1-0 $5K A99/O100 No 99 Y* No Y-O Y** Y** Hartford Life/ CRC Select-6Yr A+g N 3.60% 3.00% C/ 6 Yrs $142,420 $142,420 7 Yrs + MVA/ 6-6-5-4-3-0 $5K 80 No 90 Y** No Y-A No No* MONY Life Ins Co/ Fixed Annuity7Yr A g N 3.60% 1.00% 3.00% C/ 7Yrs $143,844 $143,844 7 Yrs 7-6-5-4-3-2-1+MVA $2K 85 No 95** Y** Y-$2K+ Y-A** No No* Equitable-Iowa(ING)/ M Set+ -10 Yr A+g N 3.60% 2.15% 3.00% C/ 10 Yrs $145,482 $145,482 10 Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $5K 85 No 85 Y* No Y-A Y** Y*** USG Annuity-Life(ING)MultiSet+/10Yr A+g N 3.60% 2.15% 3.00% C/ 10 Yrs $145,482 $145,482 10Yrs + MVA/ 9-8-7-6-5-4-3-2-1-0 $50K 85 No None Y** No Y** Y** Y**

Thrivent Fin'cl for Lutherans-Security I A ++g N 3.55% 2.50% B $141,740 $141,740 7 Yrs/ 7-6-5-4-3-2-1-0 $5K 99 No 99 Y* No Y** Y** Y** Farm Bureau of Mich/3 Yr-Guarantee A N 3.55% 3.00% C/ 3 Yrs $143,800 $143,800 9+ Yrs/ 8-7-6-5-4-3-3-3-3-(See Carrier) $5K 90** No 85** Y** Y Y No Y*** Beneficial Life/ Advantage 11B+(A) A N 3.55% 3.00% 3.00% B $145,992 $145,992 11 Yrs/ 9-9-8-7-6-5-4-3-1.8-1.8-.9-0 $5K 90** No ** Y* Y** Y Y** Y**

AMEX/ Access Advantage A+g N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 10-9-8-7-6-5-4-3-2-2-0 $2K Q69/N90 No ** Y** No Y** Y** Y**Conseco Annuity Assur./ Tru Level 6 B N 3.50% 3.00% C/ 6 Yrs $141,050 $141,050 7 Yrs + MVA/ 8-7-6-5-4-3-0 $25K 85 No 95 Y* No Y-A/O No Y**Golden Rule/ Foundation A N 3.50% 3.00% B $141,050 $141,050 9 Yrs/ 8-8-8-7-6-5-3-2-0 $10K A85/O100 No 85 Y* No Y-A No Y**

Horace Mann Life/AlternativeII-10 Yrs A N 3.50% 3.00% B $141,050 $141,050 10 Yrs/ 8-8-6-4-2-0 $2K 85 No 85 Y* No Y No Y** Mutual of America Life Ins. Co./IRA A+ N 3.50% 3.00% P $141,050 $141,050 None $.2K None Y None Y Y-$.2K Y Y Y National Guardian/ Asset Guard-2 Yr. A- Y 3.50% 3.00% B $141,050 $141,050 7 Yrs/ 7-7-7-6-5-4-3-0 $5K 90 No 90 Y* No Y-O** Y** Y**

Ohio National/ Foundation + 3 Yr. A+g N 3.50% 2.00% B $141,050 $141,050 6 Yrs/ 6-5-5-4-3-2-0 $5K 80 No ** Y* No Y-A No Y** Reliance Standard/ Apollo - MVA A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs + MVA/ 9-8-7-6-5-4-2-0 $5K 85 No A85** Y* No Y-A Y** Y** Reliance Standard/ Apollo - SP A-g N 3.50% 3.00% P $141,050 $141,050 7 Yrs/ 9-8-7-6-5-4-2-0 $5K 99 No A85** Y* No Y-A Y** Y**



United Heritage Mutual/Sec Value 5 A- N 3.50% 1.50% C/ 5 Yrs $141,050 $141,050 5 Yrs/ 7-7-6-5-4-0 $5K 85 No None Y* No Y-A Y** Y** United Investors Life/ Century I+ A+ N 3.50% 3.50% P $141,050 $141,050 8 Yrs/ 8-7-6-5-4-3-2-1-0 ** 80 No None No Y Y-A No Y** VALIC/ Portfolio Director A+g Y 3.50% 3.00% B $141,050 $141,050 5 Yrs Rolling 5% $1K None No None Y** Y-$1K Y** No Y** William Penn Life of NY/ SPDA-1Yr A ++g N 3.50% 1.50% P $141,050 $141,050 7 Yrs/ 7-6-5-4-3-2-1-0 $2K 80 No 85 Y* Y** Y** No Y*** Integrity Life/ Momentum Advtge 5Yr A+g Y 3.50% 0.75% 1.50% C/ 5 Yrs $142,108 $142,108 5 Yrs/ 8-8-7-7-6+MVA $20K Q70.5/N86 No None Y** No Y** Y** Y*** F & G Life/ Fidelity Platinum+7 Yr A g N 3.50% 1.00% 3.00% C/ 7 Yrs $142,461 $142,461 7 Yrs/ 9-8-7-6-5-4-3-0(30 day window) $10K 85 No 90 Y** No Y-O Y** Y*** National Life of Vermont/ Heritage A g N 3.50% 1.00% 3.00% B $142,461 $142,461 6 Yrs/ 7-7-6-5-4-3-0 $5K 85 No None Y** No No Y** Y*** United Heritage Mutual/ Eagle-8 A- N 3.50% 1.00% 1.50% P $142,461 $142,461 10 Yrs/ 8-8-8-7-6-5-4-3-2-1-0 $8K 90 No None Y* No Y-A Y** Y*** Aviva Life/ Portfolio Secure Ag N 3.50% 1.00% 3.00% P $142,813 $142,813 7 Yrs/ 6-6-5-4-3-2-1-0 $10K 85A No None Y** Y Y-A Y** Y** Aetna Life & Annuity (ING)/ Premier + A+g N 3.45% 3.00% P $140,370 $140,370 7 Yrs/ 8-8-7-6-5-3-2-0 $5K 100A No None Y** Y No Y** Y** Fort Dearborn Life/WealthFortifier5Yr A N 3.45% 3.00% C/ 5 Yrs $140,370 $140,370 5 Yrs/8-8-7-6-5-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y** Ameritus Variable/ Advantage + Ag Y 3.40% 3.00% B $139,700 $139,700 6 Yrs/ 9-8-7-6-5-4-0 $50K 85 No 95 Y* No Y-A Y** Y** Reliastar (ING)/ TSA-I A+g N 3.40% 3.00% B $139,700 $125,730 15 Yrs/ 19-18-17-16-15-14-13-12-11-10-9-8> $.5K 70 No None Y* Y Y-O** No Y*** American National/PaladiumMYG7yr A+ N 3.40% 1.00% 3.00% C/ 7 Yrs $141,097 $141,097 7 Yrs/ 7-7-7-6-5-4-0+MVA $5K A85/O99 No 96 Y** No Y Y** Y*** Ameritus Variable/ Advantage MVA Ag Y 3.40% 1.00% 3.00% B $141,097 $141,097 6 Yrs/+MVA 9-8-7-6-5-4-0 $50K 85 No 95 Y* Y-.25K Y-A No No* F & G Life/ Fidelity Platinum+5 Yr A g N 3.40% 1.00% 3.00% C/ 5 Yrs $141,097 $141,097 5 Yrs/ 9-8-7-6-5-0(30 day window) $10K 85 No 90 Y** No Y-A Y** Y*** Fort Dearborn Life/WealthFortifier6Yr A N 3.40% 1.00% 3.00% C/ 6 Yrs $141,097 $141,097 6 Yrs/ 8-8-7-6-5-4-0 (30 day period) $1K 85 No 95 Y* No Y-A/O Y** Y** Midland National Life/ Guarantee 5Yr A+ N 3.35% 3.00% C/ 5 Yrs $139,020 $139,020 5 Yrs/+MVA 10-10-10-10-10-0 $.1K 90 No None Y** Y Y-A/O** Y** Y**

USG Annuity-Life(ING)Max Guar-6Yr A+g N 3.35% 3.00% C/ 6 Yrs $139,020 $139,020 6 Yrs/ 9-8-7-6-5-4-0+MVA $50K 90 No ** Y** No Y** Y** Y*** Hartford Life/ Saver+ 6 Years A+g N 3.35% 1.00% 3.00% C/ 6 Yrs $140,410 $140,410 7 Yrs + MVA/ 7-6-5-4-3-2-1-0 $5K 85 No 90 Y** No Y-A Y** Y**

Allianz Life NA/ Dominator- 7 Yr A+g N 3.30% 3.00% B $138,350 $138,350 7 Yrs/ 10-9-8-7-6-5-4-0 (30 day window) $20K 85 No ** Y* No ** Y** Y*** AMEX/ Value + Advantage A+g N 3.30% + 3.00% B $139,042 $139,042 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 (+=1/2% prem. bonus) $2K Q69/N80 No ** Y* No Y** Y** Y*** American Investors Life/ SP2000+ A g N 3.30% 1.00% 3.00% B $139,734 $139,734 10 Yrs/ 10-9-8-7-6-5-4-3-2-1-0 $5K 90A No None Y** N Y-A No No* Lincoln Benefit/ Tactician+8 Yr MYG A+r N 3.30% 2.50% 3.00% C/ 8 Yrs $141,808 $141,808 8 Yrs/ 8-8-8-7-6-5-4-3-0 $5K 90 No 99 Y** Y-$1K+ Y-O Y** No Jackson Nat'l Life/ Super Max A+g N 3.25% 2.00% B $137,680 $137,680 9 Yrs/ 9-8-7-6-5-4-3-2-1-0 $5K A85/O100 No 85 Y*C Y-1st Yr Y-A Y** Y** Kansas City Life Select Track 5Yr A g N 3.25% 3.00% C/ 5 Yrs $137,680 $137,680 5 Yrs/ 10-9-8-7-6-0 $10K A80/O90 No None Y* No Y** Y** Y**

Knights of Columbus/ FPDA A ++ Y 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 5-5-4-4-3-3-2-0 $.3K 83 No None Y** Y** Y** No Y** Metropolitan Life Ins. Co./ Max-1 A+g N 3.25% 3.00% P $137,680 $137,680 7 Yrs/ 7-6-5-4-3-2-1-0 $5K Q75/N85 No 85 Y* No Y-O Y** Y**




SPIA Factors Male and Female, Age 70 Life and 10 Years Certain on December 1, 2003 SPIA Factors Male and Female, Age 75 Life and 10 Years Certain on December 1, 2003


1 Knights of Columbus 7.44 1 Knights of Columbus 6.81 1 Knights of Columbus 8.27 1 Farm Bureau Life Ins Co 7.772 Farm Bureau Life of Michigan 7.40 2 Farm Bureau Life of Michigan 6.80 2 Farm Bureau Life of Michigan 8.20 2 Knights of Columbus 7.693 Farm Bureau Life Ins Co 7.37 3 Horace Mann LIfe Ins Co 6.80 3 Farm Bureau Life Ins Co 8.15 3 Horace Mann LIfe Ins Co 7.674 Penn Mutual Life 7.33 4 Presidential Life Ins Co 6.78 4 Great American Life Ins Co 8.05 4 Western United Life Assur 7.655 Presidential Life Ins Co 7.25 5 Catholic Knights Insurance 6.77 5 Catholic Knights Insurance 8.04 5 Catholic Knights Insurance 7.646 Minnesota Life Ins Co 7.23 6 First Colony Life Ins. Co. 6.77 6 Penn Mutual Life 8.04 6 Farm Bureau Life of Michigan 7.647 Catholic Knights Insurance 7.22 7 GE Capital Assurance 6.77 7 Western United Life Assur 8.04 7 AIG American General Life Ins Co 7.578 First Colony Life Ins. Co. 7.21 8 Western United Life Assur 6.76 8 Minnesota Life Ins Co 8.03 8 Presidential Life Ins Co 7.549 GE Capital Assurance 7.21 9 AIG American General Life Ins Co 6.72 9 Presidential Life Ins Co 8.01 9 First Colony Life Ins. Co. 7.5110 Western United Life Assur 7.21 10 Penn Mutual Life 6.71 10 First Colony Life Ins. Co. 7.95 10 GE Capital Assurance 7.5111 Fidelity & Guaranty Life 7.20 11 Principal Life 6.71 11 GE Capital Assurance 7.95 11 Fidelity & Guaranty Life 7.4812 Great American Life Ins Co 7.18 12 United of Omaha Life Ins Co 6.71 12 Fidelity & Guaranty Life 7.93 12 Kansas City Life Ins Co 7.4713 Kansas City Life Ins Co 7.13 13 Fidelity & Guaranty Life 6.70 13 AIG American General Life Ins Co 7.89 13 Minnesota Life Ins Co 7.4714 Life Ins Co of the Southwest 7.13 14 AXA/Equitable Life Assurance Co 6.68 14 Kansas City Life Ins Co 7.89 14 Sunset Life Ins Co of Amer' 7.4715 Sunset Life Ins Co of Amer' 7.13 15 Equitable-Iowa (ING) 6.68 15 Sunset Life Ins Co of Amer' 7.89 15 Great American Life Ins Co 7.4516 United of Omaha Life Ins Co 7.13 16 Northern/ReliaStar Life (ING) 6.68 16 Life Ins Co of the Southwest 7.88 16 Penn Mutual Life 7.4517 AIG American General Life Ins Co 7.09 17 USG Annuity & Life Co 6.68 17 Sentry Life Insurance Co 7.83 17 Sentry Life Insurance Co 7.3918 AXA/Equitable Life Assurance Co 7.05 18 Kansas City Life Ins Co 6.67 18 United Heritage Mutual Life 7.79 18 United of Omaha Life Ins Co 7.3919 Equitable-Iowa (ING) 7.05 19 Sunset Life Ins Co of Amer' 6.67 19 EMC National Life Co 7.75 19 AXA/Equitable Life Assurance Co 7.3620 Northern/ReliaStar Life (ING) 7.05 20 Transamerica Life & Annuity 6.64 20 Federal Kemper Life Assur 7.74 20 EMC National Life Co 7.3621 USG Annuity & Life Co 7.05 21 Minnesota Life Ins Co 6.63 21 Kemper Investors Life 7.74 21 Equitable-Iowa (ING) 7.3622 Principal Life 7.03 22 Integrity Life Insurance 6.60 22 MONY Life Ins Co 7.74 22 Northern/ReliaStar Life (ING) 7.3623 Sentry Life Insurance Co 7.00 23 Life Ins Co of the Southwest 6.57 23 United of Omaha Life Ins Co 7.74 23 USG Annuity & Life Co 7.3624 Integrity Life Insurance 6.99 24 Physicians Life Ins Co 6.56 24 American National Ins Co 7.70 24 Integrity Life Insurance 7.3525 Transamerica Life & Annuity 6.99 25 Great American Life Ins Co 6.54 25 Physicians Life Ins Co 7.70 25 MONY Life Ins Co 7.3526 CNA Life Ins Co 6.98 26 MONY Life Ins Co 6.53 26 AMEX Life 7.69 26 Principal Life 7.3527 MONY Life Ins Co 6.97 27 Jefferson Pilot Life Ins Co 6.52 27 AXA/Equitable Life Assurance Co 7.69 27 Life Ins Co of the Southwest 7.3428 EMC National Life Co 6.94 28 EMC National Life Co 6.51 28 Equitable-Iowa (ING) 7.69 28 Transamerica Life & Annuity 7.3229 Jefferson Pilot Life Ins Co 6.93 29 Sentry Life Insurance Co 6.50 29 Integrity Life Insurance 7.69 29 American National Ins Co 7.3130 United Heritage Mutual Life 6.93 30 American National Ins Co 6.49 30 Northern/ReliaStar Life (ING) 7.69 30 United Heritage Mutual Life 7.3131 American National Ins Co 6.92 31 Hartford Life Ins Co 6.48 31 USG Annuity & Life Co 7.69 31 AMEX Life 7.2932 AMEX Life 6.89 32 AMEX Life 6.45 32 CNA Life Ins Co 7.68 32 Physicians Life Ins Co 7.2833 Federal Kemper Life Assur 6.87 33 Farm Bureau Life Ins Co 6.43 33 Horace Mann LIfe Ins Co 7.67 33 Jefferson Pilot Life Ins Co 7.2734 Hartford Life Ins Co 6.87 34 Jackson National Life Ins Co 6.43 34 Lincoln Benefit Life Company 7.66 34 Hartford Life Ins Co 7.2135 Kemper Investors Life 6.87 35 CNA Life Ins Co 6.42 35 Transamerica Life & Annuity 7.64 35 Lincoln Benefit Life Company 7.2036 Jackson National Life Ins Co 6.85 36 Lincoln Benefit Life Company 6.42 36 Jefferson Pilot Life Ins Co 7.63 36 Thrivent Fincl for Lutherans 7.1937 Lincoln Benefit Life Company 6.85 37 United Heritage Mutual Life 6.39 37 Principal Life 7.63 37 Teachers Ins & Anty of Amer' 7.1638 Physicians Life Ins Co 6.85 38 Teachers Ins & Anty of Amer' 6.37 38 Thrivent Fincl for Lutherans 7.58 38 Federal Kemper Life Assur 7.1439 Horace Mann LIfe Ins Co 6.80 39 Thrivent Fincl for Lutherans 6.36 39 Hartford Life Ins Co 7.55 39 Kemper Investors Life 7.1440 Thrivent Fincl for Lutherans 6.79 40 USAA Life Insurance Company 6.30 40 Security Benefit Life Ins Co 7.52 40 Keyport Life Ins Co 7.1441 Bankers United Life 6.72 41 Woodmen of the World Life 6.30 41 Woodmen of the World Life 7.50 41 CNA Life Ins Co 7.1342 Life Investors Ins of Amer 6.72 42 Allianz Life Ins Co of N.A. 6.29 42 Security Mutual Life of NY 7.47 42 Woodmen of the World Life 7.1343 Peoples Benefit Life 6.72 43 Bankers United Life 6.26 43 Golden Rule Insurance Co 7.44 43 Security Mutual Life of NY 7.0844 Woodmen of the World Life 6.72 44 Life Investors Ins of Amer 6.26 44 Jackson National Life Ins Co 7.43 44 Golden Rule Insurance Co 7.0445 Security Benefit Life Ins Co 6.71 45 National Life Ins of Vermont 6.26 45 Bankers United Life 7.36 45 Jackson National Life Ins Co 7.0446 Allianz Life Ins Co of N.A. 6.66 46 Peoples Benefit Life 6.26 46 Keyport Life Ins Co 7.36 46 USAA Life Insurance Company 7.0347 Security Mutual Life of NY 6.64 47 Federal Kemper Life Assur 6.23 47 Life Investors Ins of Amer 7.36 47 National Life Ins of Vermont 6.9648 National Life Ins of Vermont 6.63 48 Kemper Investors Life 6.23 48 Peoples Benefit Life 7.36 48 Allianz Life Ins Co of N.A. 6.9549 Golden Rule Insurance Co 6.59 49 Keyport Life Ins Co 6.23 49 National Life Ins of Vermont 7.31 49 Bankers United Life 6.9450 USAA Life Insurance Company 6.59 50 Security Mutual Life of NY 6.14 50 USAA Life Insurance Company 7.28 50 Life Investors Ins of Amer 6.94

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