Form 485BPOS Aspida Life Insurance

 

As filed with the Securities and Exchange Commission on April 30, 2026 

Registration No.      333-283346

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, DC 20549

 

FORM N-4

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

Post-Effective Amendment No.    1 

 

 

 

ASPIDA LIFE INSURANCE COMPANY 

(Name of Insurance Company)

 

2327 Englert Drive, Durham, NC 27713 

(Address of Insurance Company’s Principal Executive Offices)

 

(866) 511-6910 

(Insurance Company’s Telephone Number, including Area Code)

 

Taiesha McBroom 

Chief Legal Officer 

Aspida Life Insurance Company 

2327 Englert Drive 

Durham, NC 27713

(919) 246-3105 

(Name and Address of Agent for Service)

 

Copies of all communications to:

 

Stephen E. Roth, Esq. 

Partner 

Eversheds Sutherland (US) LLP 

700 Sixth Street, NW, Suite 700 

Washington, DC 20001 

(202) 383-0100

 

 

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

 

 

It is proposed that this filing will become effective (check appropriate box):

 

			immediately upon filing pursuant to paragraph (b)
	X		on May 1, 2026, pursuant to paragraph (b)
			60 days after filing pursuant to paragraph (a)(1)
			on ___________, pursuant to paragraph (a)(1) of rule 485 under the Securities Act of 1933 (“Securities Act”).

 

If appropriate, check the following box:

 

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

Check each box that appropriately characterizes the Registrant: 

	☐	New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)
	☐	Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”))
	☐	If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act
	☒	Insurance Company relying on Rule 12h-7 under the Exchange Act
	☐	Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act

 

 

 

ASPIDA DREAMPATH^SM​ ANNUITY

Individual Single Premium Deferred Index-Linked Annuity Contract
Issued by ASPIDA LIFE INSURANCE COMPANY

Prospectus Dated: May 1, 2026

This prospectus provides information you should know before you purchase the Aspida DreamPath^SM​ Annuity (the "Contract"), issued by Aspida Life Insurance Company (the "Company," "we," "our," or "us"). The Contract is a single premium deferred index-linked annuity contract that is designed to help you invest on a tax-deferred basis and meet long-term financial goals. You may not make additional Premium Payments after your initial Premium Payment. This prospectus is not your Contract. This prospectus describes all material terms of the Contract, including material state variations. You should carefully read this prospectus and speak with your financial professional about whether the Contract is appropriate for you. You should also consult with a tax professional. Certain words and phrases used and capitalized throughout the prospectus are defined in the section titled "Definitions."

The Contract is a complex investment and involves risks, including potential loss of principal.

The Contract allows you to allocate your Premium among the Contract's Investment Options ("Investment Options"), which include index-linked investment options ("Indexed Crediting Rate Strategies") and a Fixed Crediting Rate Strategy.

•  Each Indexed Crediting Rate Strategy is tied to the performance of a market index for a specific period (a "Strategy Period"). Each Indexed Crediting Rate Strategy has an applicable crediting strategy that includes either a "Buffer Percentage" or "Floor Percentage" downside feature that provides limited protection against a negative Index Return for the Strategy Period (or, for Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, each Contract Year during a Strategy Period). At the end of a Strategy Period, you may lose up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, at the end of a Strategy Period you could lose significantly more due to compounding annual losses. We will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage.

Each Indexed Crediting Rate Strategy has either (1) an "Index Cap Rate," which is the maximum positive Index Return that can be credited under an Indexed Crediting Rate Strategy for a Strategy Period (or, in the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, for each Contract Year during a Strategy Period); (2) an "Index Participation Rate," which is the factor by which any positive Index Return is multiplied to determine your interest credit for a Strategy Period; or (3) an "Index Trigger Rate," which is a fixed percentage that will determine your interest credit for a Strategy Period if the Index Return equals or exceeds the Trigger Threshold, which will never be greater than -1% or lower than the Buffer Percentage. We may change Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds for each Strategy Period. We may add or remove Indexed Crediting Rate Strategies from time to time. The Index Cap, Index Participation Rate or Index Trigger Rate may limit the amount that will be credited to your Contract, and you may earn less than the Index Return during a Strategy Period. We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively. We will not establish an Index Cap Rate for an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer below 2%. We will not establish an Index Participation Rate below 10%. We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively, and we will not establish a Trigger Threshold greater than -1%.

•  The Fixed Crediting Rate Strategy guarantees principal and a rate of interest for a 1-year Strategy Period.

For additional information about each Indexed Crediting Rate Strategy and the Fixed Crediting Rate Strategy, please see Appendix A: Investment Options Available Under the Contract.

The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, negative Strategy Interim Value Adjustments, taxes and tax penalties. Transactions, including withdrawals, surrenders, annuitization and payment of Death Benefits, will be based on your Contract Value. During a Strategy Period prior to the Strategy Maturity Date, your Contract Value in an Indexed Crediting Rate Strategy is the Strategy Interim Value, which represents the value of the hypothetical investments and derivatives designed to replicate interest credits provided on the Strategy Maturity Date. The Strategy Interim Value may be higher or lower than the Strategy Base Value. Under extreme circumstances, you could lose up to 100% of your investment in an Indexed Crediting Rate Strategy if you remove funds prior to the Strategy Maturity Date due to a Strategy Interim Value Adjustment. The Contract permits ongoing Withdrawals from the Investment Options prior to the end of a term and these Withdrawals may have an adverse effect on Contract Value. If you intend to make such ongoing Withdrawals, you should consult with a financial professional about the appropriateness of the Contract for you.

Our obligations under the Contract are subject to our financial strength and claims paying ability. You should not buy this Contract if you are not willing to assume its investment risks. See 4. Principal Risks of Investing in the Contract.

If a Contract is purchased as a qualified Contract, such as an Individual Retirement Annuity ("IRA"), it does not provide tax deferral benefits beyond those already provided under the Internal Revenue Code. Amounts withdrawn from the Contract may be taxable, and, if you are under age 59¹​/₂, amounts you withdraw from the Contract may also be subject to a 10% federal tax, in addition to any other state and federal income tax payable. Investors should consult with their tax advisor for more information.

If you are a new investor in the Contract, you may cancel your Contract within 21 days (30 days if this Contract replaces another annuity contract) of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive a full refund of the amount you paid with your application minus any withdrawals. In certain states, we may be required to refund your Contract Value, in which case you may incur a negative Strategy Interim Value Adjustment. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

Please read this prospectus before investing and keep it for future reference. This prospectus does not constitute an offering in any jurisdiction in which the Contract may not lawfully be sold.

The Contracts may be distributed through broker-dealers that have relationships with banks or other financial institutions or by employees of such banks. However, an investment in the Contract is not a deposit or obligation of any bank and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (the "FDIC") or any other government agency.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense. Additional information about certain investment products, including index-linked annuity contracts, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

TABLE OF CONTENTS

DEFINITIONS					4
1. OVERVIEW OF THE CONTRACT					7
2. IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT					9
3. FEE TABLE					12
4. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT					13
Market Risk and Risk of Loss in Indexed Crediting Rate Strategies					13
Early Withdrawal Risk					13
Indexed Crediting Rate Strategy Risk					13
Liquidity Risk					18
Strategy Interim Value Risk					18
Performance Lock Risk					19
Fixed Crediting Rate Strategy Risk					19
Insurance Company Risks					20
Risk of Adverse Tax Consequences					20
Business Disruption and Cybersecurity Risks					20
5. ABOUT THE COMPANY AND HOW TO CONTACT US					21
6. FEES, CHARGES AND ADJUSTMENTS					21
Withdrawal Charges					21
Free Withdrawals					21
Transaction Fees					22
State Premium Taxes					22
Adjustments					22
7. PURCHASING THE CONTRACT					23
Single Premium Payment					23
Initial Rates and Rate Lock					23
Allocating Your Premium Payment					24
Contract Owner's Rights					24
Assignment					24
Right To Examine					24
Electronic Delivery					25
8. THE INDEXED CREDITING RATE STRATEGIES					25
General					25
Strategy Periods					25
Crediting Methods					26
Performance Lock Feature					32
Indices					33
New, Replaced or Discontinued Indices and Indexed Crediting Rate Strategies					36
9. THE FIXED CREDITING RATE STRATEGY					38
10. VALUING YOUR CONTRACT					38
Contract Value					38
Fixed Crediting Rate Strategy Value					38
Indexed Crediting Rate Strategy Value					39
Impact of Withdrawals from Indexed Crediting Rate Strategies					40
11. OPTIONS AT END OF STRATEGY PERIOD					40

12. ACCESS TO YOUR MONEY DURING THE ACCUMULATION PHASE					41
Types Of Withdrawals					41
Partial Withdrawals					41
Systematic Withdrawals					42
Full Surrenders					42
Withdrawal Charge Waivers					42
13. ANNUITY PAYMENTS					43
Annuitization Date					43
Annuity Payments					44
Annuitization Options					44
Death During Annuity Phase					45
Proof of Age or Sex					45
14. BENEFITS AVAILABLE UNDER THE CONTRACT					45
Death Benefit					48
15. TAXES					49
16. ADDITIONAL INFORMATION					55
General Account					55
Unregistered Separate Account					55
Changes to the Separate Account					55
Abandoned Property Requirements					55
Suspension of Payments or Transfers					55
Restrictions on Financial Transactions					56
Distribution					56
Amendments to the Contract					57
Account Statements					57
Certain Transactions					57
Legal Proceedings					57
Financial Statements					57
State Variations					57
APPENDIX A: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT					A-1
APPENDIX B: MATERIAL STATE VARIATIONS					B-1
APPENDIX C: INDEX DISCLOSURES					C-1

DEFINITIONS

Administrative Office – The address for submitting all correspondence and Notices to the Company, which is:

2327 Englert Drive
Durham, NC 27713

Annuitant – The person, including any Joint Annuitant, whose life determines the annuity benefit under this Contract. Except in the case of ownership by a non-natural person, the Annuitant must be an Owner.

Annuitization Date – The date the annuity phase of the Contract begins. If you do not elect an earlier Annuitization Date, the Annuitization Date will be the Maturity Date. You may not elect an Annuitization Date earlier than the first Contract Anniversary Date.

Buffer Percentage – The portion of any negative Index Return that we absorb on a Strategy Maturity Date for a particular Strategy. Any percentage decline in a Strategy's Index Return in excess of the Buffer Percentage reduces your Strategy Maturity Value. We currently offer Buffer Percentages of -10% and -20%.

Business Day – Any day the New York Stock Exchange ("NYSE") is open for regular trading. The Business Day generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). If the SEC determines the existence of emergency conditions on any day, and consequently, the NYSE does not open, then that day is not a Business Day.

Cash Value – The Contract's Cash Value is equal to the Contract Value, less any applicable Withdrawal Charges.

Company – Refers to Aspida Life Insurance Company. The terms "we", "us", and "our" are also used to identify the Company.

Contract Anniversary Date – The annual anniversary of the Contract Effective Date for every year the Contract is in force.

Contract Effective Date – The date the Contract goes into effect. Contract Year and Contract Anniversaries are computed from the Contract Effective Date.

Contract Value – The total of the values you have allocated to (i) the Indexed Crediting Rate Strategies and (ii) the Fixed Crediting Rate Strategy. On the Strategy Start Date, your value in an Indexed Crediting Rate Strategy is the Strategy Base Value. Thereafter, prior to the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Interim Value. On the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Maturity Value. These amounts are also subject to certain fees and charges discussed in "Fees, Charges, and Adjustments" in this prospectus.

Contract Year – Each period of 12-months beginning on the Contract Effective Date and each Contract Anniversary Date.

Due Proof – Information or evidence submitted to us that we find sufficient to confirm the existence of a fact or condition.

Fixed Crediting Rate Strategy – The Fixed Crediting Rate Strategy is part of our general account and pays interest at guaranteed rates. We assign an interest rate to each amount allocated to the guaranteed interest option. This rate is guaranteed for a Contract Year.

Floor Percentage – The maximum amount of negative Index Return you could absorb at the end of the Strategy Period. You will not bear any negative Index Return beyond the Floor Percentage.

Good Order – When an instruction or request is received in our Administrative Office, or other place we may specify, and it has such clarity and completeness that we do not have to exercise any discretion to carry out the instruction or request. We may require that the instruction or request be given in a certain form.

Guaranteed Annual Cap Rate and Buffer – If an Indexed Crediting Rate Strategy has a Guaranteed Annual Cap Rate and Buffer, the Index Cap Rate and the Buffer Percentage will apply separately for each Contract Year during the 6-year Strategy Period. The annual Indexed Crediting Rate will be calculated in the same manner as for a point-to-point Indexed Crediting Rate Strategy, except it will be calculated on each Contract Anniversary. However, no Indexed Strategy Interest will be credited to the Indexed Crediting Rate Strategy until the Strategy Maturity Date.

Guaranteed Minimum Cap Rate – We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively.

Guaranteed Minimum Participation Rate – We will not establish an Index Participation Rate below 10%.

Guaranteed Minimum Trigger Rate – We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively.

Index or Indices – An Index used to determine the Index Strategy Interest for an Indexed Crediting Rate Strategy. We currently offer Indexed Crediting Rate Strategies based on the performance of the S&P 500^®​ Index, the Russell 2000^®​ Index, the Nasdaq-100 Index and the MSCI EM Index. Each Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index. In the future, we may offer Indexed Crediting Rate Strategies based on other Indices.

Index Cap Rate – The maximum percentage rate that will apply to the calculation of any Indexed Strategy Interest. For example, if the Indexed Crediting Rate Strategy has a 10% Index Cap Rate and the Index Return at the end of the Strategy

Period is 8%, your investment tied to that Indexed Crediting Rate Strategy will gain 8%. If the Index Return at the end of that Strategy Period had been 15%, your investment would only have gained 10% due to the Index Cap Rate limitation.

Index Participation Rate – The percentage rate that will be multiplied by a positive Index Return to determine the Indexed Strategy Interest credited on the Strategy Maturity Date. For example, if the Indexed Crediting Rate Strategy has a 90% Index Participation Rate and the Index Return at the end of the Strategy Period is 10%, your Indexed Crediting Rate will be 9%, meaning your investment will gain 9%.

Index Return – For an Indexed Crediting Rate Strategy, the percentage change in the value of the related Index from the Strategy Start Date to the Strategy Maturity Date (or, in the case of an Indexed Crediting Rate Strategy with a Guaranteed Cap Rate and Buffer, from the beginning to the end of each Contract Year during a Strategy Period). The Index Return may be positive or negative.

Index Trigger Rate – The percentage rate that will be used as the Indexed Crediting Rate to determine the Indexed Strategy Interest credited on the Strategy Maturity Date if the Index Return equals or exceeds the Trigger Threshold. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate. For example, if the Indexed Crediting Rate Strategy has a 6% Index Trigger Rate and a Trigger Threshold of -3% and the Index Return at the end of the Strategy Period is -3% or higher, your Indexed Crediting Rate will be 6%, meaning your investment will gain 6%. The Index Trigger Rate may be more or less than the Index Return for the Strategy Period.

Indexed Crediting Rate – If the Index Return is positive (or, in the case of an Indexed Crediting Rate Strategy with an Index Trigger Rate, the Index Return equals or exceeds the Trigger Threshold), then the Indexed Crediting Rate is a rate equal to the Index Return adjusted by either the Index Cap Rate, Index Participation Rate or Index Trigger Rate. For Indexed Crediting Rate Strategies with a Buffer Percentage, if the Index Return is negative (or, in the case of an Indexed Crediting Rate Strategy with an Index Trigger Rate, the Index Return is less than the Trigger Threshold) but declines by a percentage less than or equal to the Buffer Percentage, then the Indexed Crediting Rate is 0%. If the Index Return is negative, and declines by more than the Buffer Percentage, then the Indexed Crediting Rate is negative, but will not reflect the first -10% or -20% of downside performance, depending on the Buffer Percentage applicable to that Indexed Crediting Rate Strategy. For Indexed Crediting Rate Strategies with a Floor Percentage, if the Index Return is negative, but declines by a percentage less than or equal to the Floor Percentage, then the Indexed Crediting Rate is the Index Return. If the Index Return is negative, and declines by more

than the Floor Percentage, then the Indexed Crediting Rate is the Floor Percentage.

Indexed Crediting Rate Strategy – An Investment Option we establish with a specific Index; Strategy Period; Floor Percentage or Buffer Percentage; Index Cap Rate, Index Trigger Rate and Trigger Threshold or Index Participation Rate; and Strategy Maturity Date.

Indexed Strategy Interest – The dollar amount that is credited to the Indexed Crediting Rate Strategy on the Strategy Maturity Date. Indexed Strategy Interest may be positive, negative or equal to zero.

Investment Options – The Fixed Crediting Rate Strategy and the Indexed Crediting Rate Strategies.

Joint Annuitant – If two people are named as Annuitants, each Annuitant will be a Joint Annuitant.

Maturity Date – The Contract Anniversary Date in the year following the date that the Annuitant reaches the maturity age, which is set forth in the Contract and is generally the Annuitant's 115^th​ birthday. The Maturity Date is the date on which income payments begin if you do not elect an earlier Annuitization Date.

Minimum Nonforfeiture Amount – The minimum nonforfeiture amount equals eighty-seven and a half percent (87.5%) of any allocation to the Fixed Crediting Rate Strategy, plus interest credited daily at the nonforfeiture interest rate (0.25% to 3.00%), less any partial Withdrawals and transfers out of the Fixed Crediting Rate Strategy. The nonforfeiture interest rate used to calculate the minimum nonforfeiture amount is determined by us at issue according to the Standard Nonforfeiture Law for Individual Deferred Annuities.

Owner – The person who owns all rights and privileges of this Contract (includes a Joint Owner, if any). If the Owner is not a natural person, the Owner must be an entity with its own taxpayer identification number (TIN). The terms "you" and "your" are also used to identify the Owner.

Premium or Premium Payment – Your investment in the Contract on the Contract Effective Date. This is a single premium Contract, and you cannot add to your initial investment.

Request, Notice, or Written Request – A request in writing on a form acceptable to us, signed and dated by you and received by us at our Administrative Office.

Required Minimum Distribution (or RMD) – The amount required to be distributed each calendar year for purposes of satisfying the RMD rules of Section 401(a)(9) of the Internal Revenue Code and related Code provisions, provided that the amount does not exceed the minimum distribution amount that would have been calculated based on the value of this Contract alone.

SEC – Securities and Exchange Commission.

Strategy Base Value – The amount transferred to a Crediting Rate Strategy on its Strategy Start Date, as adjusted for any Withdrawals and charges from that Crediting Rate Strategy.

Strategy Interim Value – The value of your investment in an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date, based on the market value of a hypothetical portfolio of derivatives supporting the Indexed Crediting Rate Strategy.

Strategy Interim Value Adjustment – A gain or loss that you incur if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date that is reflected in the value of your investment in the Indexed Crediting Rate Strategy. The Strategy Interim Value Adjustment is based on the Strategy Interim Value on the date such amounts are removed.

Strategy Maturity Date – The Business Day on which a Strategy Period ends.

Strategy Maturity Value – The value of your investment in an Indexed Crediting Rate Strategy on the Strategy Maturity Date, which equals the Strategy Base Value x (1 + the Indexed Crediting Rate).

Strategy Period – The period from the Strategy Start Date to the Strategy Maturity Date. We currently offer Strategy Periods of one year, three years or six years.

Strategy Start Date – The Business Day on which a new Strategy Period is established.

Surrender – A full Withdrawal and termination of the Contract.

Surrender Value – The Contract Value, based on applicable Strategy Interim Values, minus any applicable Withdrawal Charges. For the amount allocated to the Fixed Crediting Rate Strategy, upon surrender you will not receive less than the Minimum Nonforfeiture Amount.

Trigger Threshold – The level of Index Return at or above which we will credit Indexed Strategy Interest in the amount of the Index Trigger Rate on the Strategy Maturity Date of an Indexed Crediting Rate Strategy with an Index Trigger Rate. The Trigger Threshold will never be greater than -1% or lower than the Buffer Percentage.

Withdrawal – Any withdrawal under the Contract, including a full withdrawal (Surrender), partial withdrawal, withdrawal of the Free Withdrawal Amount, Required Minimum Distribution withdrawal, scheduled withdrawal or unscheduled withdrawal.

1. OVERVIEW OF THE CONTRACT

PURPOSE OF THE CONTRACT

The Contract is designed to help you accumulate assets through investments in the Indexed Crediting Rate Strategies and Fixed Crediting Rate Strategy during the accumulation phase. It can provide or supplement your retirement income by providing a stream of income payments during the annuity phase. It also provides death benefits to protect your beneficiaries. The Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently.

The Contract may be purchased as either "qualified" or "non-qualified" under the Internal Revenue Code. If you purchase a non-qualified Contract, it will provide you with certain tax deferral features under the Code. If you are investing in this Contract through a traditional or Roth Individual Retirement Account ("IRA"), the Contract is a qualified Contract and will not provide you tax deferral benefits in addition to those already provided by your IRA.

PHASES OF THE CONTRACT

The Contract has two phases: an accumulation (savings) phase and an annuity (income) phase.

Accumulation (Savings) Phase

During the accumulation phase, you can allocate your Contract Value to one or more of the available Indexed Crediting Rate Strategies and/or the Fixed Crediting Rate Strategy.

Indexed Crediting Rate Strategies. We will credit positive or negative Indexed Strategy Interest to amounts allocated to an Indexed Crediting Rate Strategy on the Strategy Maturity Date based, in part, on the performance of the applicable Index. You could lose a significant amount of money if the Index declines in value.

We limit the negative Index Return used in calculating the Indexed Crediting Rate on the Strategy Maturity Date by applying either: (i) a Buffer Percentage to absorb negative Index Return up to the amount of the Buffer Percentage; or (ii) a Floor Percentage to absorb negative Index Return in excess of the Floor Percentage. For example, if the Indexed Crediting Rate Strategy has a Buffer Percentage, if the Index Return is -25% and the Buffer Percentage is -10%, the Indexed Crediting Rate would be -15% (the amount that the Index Return exceeds the Buffer Percentage) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 15% decrease from your Strategy Base Value. For Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage will absorb negative Index Return up to the amount of the Buffer Percentage each Contract Year during the Strategy Period. Alternatively, if the Indexed Crediting Rate Strategy has a Floor Percentage, if the Index Return is -25% and the Floor Percentage is -10%, the Indexed Crediting Rate would be -10% (the Floor Percentage) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 10% decrease from your Strategy Base Value. We will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.

If the Index Return is positive (or, in the case of an Index Trigger Rate, equals or exceeds the Trigger Threshold) we determine whether it must be adjusted in calculating the Indexed Crediting Rate on the Strategy Maturity Date by applying either the Index Cap Rate, the Index Participation Rate or the Index Trigger Rate, as follows:

•  If the Strategy includes an Index Cap Rate, we limit the Indexed Crediting Rate to the lesser of the Index Return or the Index Cap Rate. For example, if the Index Return is 12% and the Index Cap Rate is 8%, the Indexed Crediting Rate would be 8% (the lesser of the Index Return and the Index Cap Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show an 8% increase from your Strategy Base Value. For Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, we limit the annual performance to the lesser of the Index Return or the Index Cap Rate each Contract Year during the Strategy Period. We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively, and we will not establish an Index Cap Rate for an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer below 2% (the "Guaranteed Minimum Cap Rate").

•  If the Strategy includes an Index Participation Rate, we determine the Indexed Crediting Rate by multiplying the Index Return by the Participation Rate, which will limit the Indexed Crediting Rate on the Strategy Maturity Date if the Participation Rate is below 100%. For example, if the Index Return is 12% and the Index Participation Rate is 50%, the Indexed Crediting Rate would be 6% (the Index Return multiplied by the Index Participation Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 6% increase from your Strategy Base Value. Alternatively, if the Index Return is 12% and the Index Participation Rate is 10%, the Indexed Crediting Rate would be 1.2% (the Index Return multiplied by the Index Participation Rate) on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 1.2% increase from your Strategy Base Value. We will not establish an Index Participation Rate below 10% (the "Guaranteed Minimum Participation Rate").

•  If the Strategy includes an Index Trigger Rate, if the Index Return equals or exceeds the Trigger Threshold, the Indexed Crediting Rate will equal the Index Trigger Rate. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate. For example, if the Index Return is 8%, the Trigger Threshold is -1% and the Index Trigger Rate is 5%, the Indexed Crediting Rate would be 5% on the Strategy Maturity Date, meaning that your Strategy Maturity Value will show a 5% increase from your Strategy Base Value. We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively (the "Guaranteed Minimum Trigger Rate"), and we will not establish a Trigger Threshold greater than -1%.

Fixed Crediting Rate Strategy. There is only one Fixed Crediting Rate Strategy for the Contract. The Fixed Crediting Rate Strategy has a one-year Strategy Period. Amounts allocated to the Fixed Crediting Rate Strategy earn interest at an annual interest rate declared by us for the Strategy Period.

Additional information about each Indexed Crediting Rate Strategy and the Fixed Crediting Rate Strategy is provided in Appendix A: Investment Options Available Under the Contract.

Annuity (Income) Phase

You enter the annuity phase when you annuitize your Contract. During the annuity phase, you will receive a stream of fixed income payments for the annuity payout period of time you elect. You can elect to receive annuity payments (1) for a fixed period of time; (2) for life; (3) for life plus a fixed period; (4) payments of fixed amounts; or (5) for life of Joint Annuitants. Please note that when you annuitize, your investments are converted to income payments, and you will no longer be able to make any additional Withdrawals from your Contract. All accumulation phase benefits, including the Death Benefit, terminate on the Annuitization Date. The Contract has a maximum annuity commencement date (Maturity Date).

CONTRACT FEATURES

The Contract provides for the accumulation of retirement savings and income. The Contract offers death benefit protection and offers various payout options.

Performance Lock

This feature allows you to lock in an Indexed Crediting Rate Strategy's Strategy Interim Value prior to the Strategy Maturity Date. Performance Lock is available with each of the Indexed Crediting Rate Strategies for no additional charge. Performance Lock may be of interest to investors who are interested in eliminating some of the uncertainty regarding Index performance for the remainder of a Strategy Period, or who seek to potentially limit the impact of negative Indexed Strategy Interest they may otherwise receive.

You should consult with a financial professional before executing a Performance Lock for Indexed Crediting Rate Strategy. There are significant risks associated with Performance Lock. At the time you exercise a Performance Lock, you will not know the locked-in Strategy Interim Value because it is determined at the end of the Business Day. The locked-in Strategy Interim Value could be lower (or higher) than you anticipated. If you lock-in a Strategy Interim Value that is less than your Strategy Base Value, you will be locking-in a loss, which could be significant. See 4. Principal Risks of Investing in the Contract – Performance Lock Risk and 8. The Indexed Crediting Rate Strategies – Performance Lock Feature.

Access to Your Money

During the accumulation phase you can take Withdrawals from your Contract. Withdrawals will reduce your Contract Value and may be subject to Withdrawal Charges, adjustments for Strategy Interim Value, income taxes and a tax penalty. Withdrawals will also reduce your death benefit (possibly on a greater than dollar-for-dollar basis).

Withdrawal Charge Waivers

Under certain circumstances, we will waive Withdrawal Charges when you take a Withdrawal from your Contract. The Waiver of Withdrawal Charges for Nursing Home Confinement Endorsement (Nursing Home Benefit) allows you to take Withdrawals without incurring any Withdrawal Charges during a period of confinement to a nursing home. The Waiver of Withdrawal Charges for Terminal Illness Endorsement (Terminal Illness Benefit) allows you to take a one-time Withdrawal without incurring any Withdrawal Charges in the event you are diagnosed with a terminal illness after the Contract Effective Date.

Death Benefits

During the accumulation phase, if your age on the Contract Effective Date is younger than 81, your Contract includes a death benefit that pays your beneficiaries an amount equal to the greater of (i) your Premium (reduced proportionally for Withdrawals) or (ii) your Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate

Strategy, if any. If your age on the Contract Effective Date is 81 or older, the death benefit is your Contract Value plus the excess of the Minimum Nonforfeiture Amount over the Contract Value allocated to the Fixed Crediting Rate Strategy, if any.

STRATEGY INTERIM VALUE ADJUSTMENTS

We will apply a Strategy Interim Value Adjustment if you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), annuitize your Contract or upon payment of a death benefit from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date because the portion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value. You could lose a significant amount of money due to the Strategy Interim Value Adjustments if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date. Your Strategy Interim Value may be less than the amount invested and may be less than the amount you would receive had you held the investment in the Indexed Crediting Rate Strategy until the Strategy Maturity Date. The Strategy Interim Value will generally be negatively affected by the expected volatility of index prices and by poor market performance. All other factors being equal, the Strategy Interim Value generally would be lower the earlier a Withdrawal or Surrender is made during a Strategy Period.

2. IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

				FEES, EXPENSES, AND ADJUSTMENTS				LOCATION IN PROSPECTUS
Are There Charges or Adjustments for Early Withdrawals?				Yes. If you surrender your Contract or withdraw money from the Contract for up to 6 years following the Contract Effective Date, you will be assessed a withdrawal charge of up to 7% of Contract Value withdrawn. For example, if you make a Withdrawal in the first year, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment. This loss will be greater if there is a negative Strategy Interim Value Adjustment, taxes, or tax penalties. The portion of your Contract Value in the Indexed Crediting Rate Strategy will be subject to a Strategy Interim Value Adjustment if amounts are removed from an Indexed Crediting Rate Strategy before the Strategy Maturity Date. The Strategy Interim Value could be less than your investment in the Indexed Crediting Rate Strategy even if the Index is performing positively. You could lose up to 100% of your Strategy Base Value due to the Strategy Interim Value Adustment in extreme situations. For example, if you allocate $100,000 to an Indexed Crediting Rate Strategy with a 3-year Strategy Period and later withdraw the entire amount before the 3 years have elapsed, you could lose up to $100,000 of your investment. This loss will be greater (but never more than 100%) if you also have to pay a withdrawal charge, taxes and tax penalties. If you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), on annuitization or upon payment of a death benefit from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date, the portion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value.				3. Fee Table 6. Fees, Charges and Adjustments – Withdrawal Charges 6. Fees, Charges and Adjustments – Adjustments 10. Valuing Your Contract – Indexed Crediting Rate Strategy Value
Are There Transaction Charges?				Yes. In addition to withdrawal charges and Strategy Interim Value Adjustments, you may also be charged for other transactions (including special requests such as duplicate contracts and duplicate statements).				3. Fee Table 6. Fees, Charges and Adjustments – Transaction Fees
Are There Ongoing Fees and Expenses?				Yes. There is an implicit ongoing fee on the Indexed Crediting Rate Strategies to the extent that your participation in Index gains is limited by each Indexed Crediting Rate Strategy's Index Cap Rate, Index Participation Rate or Index Trigger Rate. This means that your returns may be lower than Index returns. In return for accepting this limit on Index gains, you will receive some protection from Index losses.				Not applicable

				RISKS				LOCATION IN PROSPECTUS
Is There a Risk of Loss from Poor Performance?				Yes. You could lose money by investing in the Contract. If you invest in an Indexed Crediting Rate Strategy, under extreme circumstances, you could lose up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage due to negative Index performance. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage applies each Contract Year during the Strategy Period, and at the end of a Strategy Period you could lose significantly more due to compounding annual losses. We will always offer a strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.				4. Principal Risks of Investing in the Contract
Is this a Short-Term Investment?				No. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the Contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the Contract as a short-term investment or savings vehicle. A Withdrawal Charge may apply in certain circumstances and any Withdrawals may also be subject to federal and state income taxes and tax penalties. Withdrawals from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date may result in loss of positive Index Performance and will be subject to a Strategy Interim Value Adjustment. Withdrawals could result in significant reductions to the Death Benefit. Contract Value in an Indexed Crediting Rate Strategy will be reallocated on the Strategy Maturity Date according to your instructions. If you have not provided us with maturity instructions, the Strategy Maturity Value will be invested in the same Indexed Crediting Rate Strategy for another Strategy Period. If the same Indexed Crediting Rate Strategy is not available, then the Contract Value will be allocated to the Fixed Crediting Rate Strategy.				4. Principal Risks of Investing in the Contract
What Are the Risks Associated with the Investment Options?				An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Indices for the Indexed Crediting Rate Strategies under the Contract. Each Investment Option, including the Fixed Crediting Rate Strategy, will have its own unique risks. You should review the Investment Options before making an investment decision. For investments in an Indexed Crediting Rate Strategy, the Index Cap Rate, Index Participation Rate or Index Trigger Rate may limit positive Index performance (e.g., limited upside). For example: • If the Indexed Crediting Rate Strategy has an Index Cap Rate, if the Index Return is 12% and the Index Cap Rate is 8%, the Indexed Crediting Rate would be 8% on the Strategy Maturity Date. In the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Index Cap Rate will apply to the performance of the Index each Contract Year during the Strategy Period; • If the Indexed Crediting Rate Strategy has an Index Participation Rate, if the Index Return is 12% and the Index Participation Rate is 50%, the Indexed Crediting Rate would be 6% on the Strategy Maturity Date; and • If the Indexed Crediting Rate Strategy has an Index Trigger Rate and Trigger Threshold, if the Index Trigger Rate is 5% and the Trigger Threshold is -5%, if the Index return equals or exceeds -5%, the Indexed Crediting Rate would be 5% on the Strategy Maturity Date.				4. Principal Risks of Investing in the Contract

				RISKS				LOCATION IN PROSPECTUS
				This may result in you earning less than the Index Return. For investments in an Indexed Crediting Rate Strategy, the Buffer Percentage or Floor Percentage will limit negative returns (e.g., limited protection in the case of market decline). For example: • If the Indexed Crediting Rate Strategy has a Buffer Percentage, if the Index Return is -25% and the Buffer Percentage is -10%, the Indexed Crediting Rate would be -15% (the amount that the Index Return exceeds the Buffer Percentage) on the Strategy Maturity Date. In the case of an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage will apply to the performance of the Index each Contract Year during the Strategy Period; and • If the Indexed Crediting Rate Strategy has a Floor Percentage, if the Index Return is -25% and the Floor Percentage is -10%, the Indexed Crediting Rate would be -10% (the Floor Percentage) on the Strategy Maturity Date. Each Index is a price return index, not a total return index, and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index Return and will cause the Index to underperform a direct investment in the securities composing the Index.
What Are the Risks Related to the Insurance Company?				An investment in the Contract is subject to the risks related to the Company. The Company is solely responsible to the Contract owner for the Contract Value and the guaranteed benefits. The general obligations including the Fixed Crediting Rate Strategy and Indexed Crediting Rate Strategies under the Contract are supported by our general account and are subject to our claims paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at https://aspida.com/about#rating-about.				4. Principal Risks of Investing in the Contract
				RESTRICTIONS				LOCATION IN PROSPECTUS
Are There Restrictions on the Investment Options?				Yes. You cannot transfer out of an Indexed Crediting Rate Strategy to another Investment Option prior to the Strategy Maturity Date. If you do not want to remain invested in an Indexed Crediting Rate Strategy until the Strategy Maturity Date, your only options are to exercise the Performance Lock feature, make Withdrawals out of the Indexed Crediting Rate Strategy or surrender the Contract. The amount you would receive would be based on the Strategy Interim Value. Prior to the beginning of each Strategy Period, we will provide 30-day advance notice indicating how you may obtain the Index Cap Rates, Index Participation Rates, Index Cap Rates with Multi Year Cap Lock, Index Trigger Rates and Trigger Thresholds, which we will establish at least 15 days prior to the Strategy Start Date of a new Strategy Period. We may not offer new Strategy Periods for the Indexed Crediting Rate Strategies. Therefore, an Indexed Crediting Rate Strategy may not be available for you to invest your Strategy Maturity Value into after the Strategy Maturity Date. We have the right to remove or replace an Index in the event of the Index being discontinued, an Index calculation substantially changing, the unavailability of Index values, the loss of our license or permission to use the Index, the inability to hedge risks associated with the Index or similar conditions approved by applicable regulators. If we remove an Index for an existing Indexed Crediting Rate Strategy during a Strategy Period, we will end, (i.e., mature), the Strategy Period on the date the Index is removed, and calculate the Indexed Crediting Rate based on the Indexed Crediting Rate Strategy's features (i.e. Index Cap Rate, Index Participation Rate, or Index Trigger Rate and Trigger Threshold, and Buffer Percentage or Floor Percentage, as applicable). Your Contract Value in the applicable Indexed Crediting Rate Strategy will be transferred to the Fixed Crediting Rate Strategy, and you will not be able to reallocate it until the next Contract Anniversary Date. Your Contract Value transferred to the Fixed Crediting Rate Strategy will earn interest at the applicable annual interest rate that applies to the Fixed Crediting Rate Strategy.				8. The Indexed Crediting Rate Strategies

				RESTRICTIONS				LOCATION IN PROSPECTUS
Are There Any Restrictions on Contract Benefits?				Yes. • There are restrictions and limitations relating to benefits offered under the Contract (e.g., death benefit, Performance Lock). • Except as otherwise provided, Contract benefits may not be modified or terminated by the Company. • Withdrawals will reduce the death benefit, perhaps by more than the amount withdrawn.				8. The Indexed Crediting Rate Strategies 14. Benefits Available Under the Contract
				TAXES				LOCATION IN PROSPECTUS
What are the Contract's Tax Implications?				You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the Contract. There is no additional tax benefit to you if the Contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a Withdrawal from the Contract.				15. Taxes
				CONFLICTS OF INTEREST				LOCATION IN PROSPECTUS
How are Investment Professionals Compensated?				Some financial professionals may receive compensation for selling the Contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as "marketing allowances"). This conflict of interest may influence the financial professional to recommend this Contract over another investment.				16. Additional Information – Distribution
Should I Exchange My Contract?				Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts and any fees or penalties to terminate the existing Contract, that it is preferable to purchase the new contract rather than continue to own your existing Contract.				16. Additional Information – Distribution

3. FEE TABLE

The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making Withdrawals from an Investment Option or from the Contract. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes fees and expenses that you will pay at the time that you buy the Contract, surrender or make Withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may also apply.

TRANSACTION EXPENSES

Sales Load Imposed on Purchases (as a percentage of purchase payments)					None
Withdrawal Charge (as a percentage of the amount withdrawn)1​					7.00	%
Transfer Fee					None
Duplicate Contract Fee				$	25
Duplicate Report Fee				$	25

¹​ The charge percentage is deducted upon a Withdrawal of amounts in excess of the 10% free withdrawal amount. Important exceptions and limitations may eliminate or reduce this charge. For a complete description of charges, please see 6. Fees, Charges and Adjustments – Withdrawal Charges in the prospectus. See Appendix B: Material State Variations in the prospectus for more information.

The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a portion of the Contract Value is removed from an Investment Option or from the Contract before the expiration of a specified period.

ADJUSTMENTS

Maximum Potential Loss Due to Strategy Interim Value Adjustment (as a percentage of Contract Value allocated to an Indexed Crediting Rate Strategy)1​

100

%

¹​ We use the Strategy Interim Values for your Indexed Crediting Rate Strategies if you make any Withdrawals (including Surrender of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), annuitize or upon payment of a Death Benefit from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date. The actual amount of the Strategy Interim Value calculation is determined by a formula that depends on, among other things, the Buffer Percentage or Floor Percentage and how the Index has performed since the Strategy Start Date. If you Surrender your Contract, die, annuitize your Contract, or make a Withdrawal from an Indexed Crediting Rate Strategy before the Strategy Maturity Date, the Buffer Percentage or Floor Percentage will not apply. See 8. Valuing Your Contract – Indexed Crediting Rate Strategy Value for more information.

4. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

The risks identified below are the principal risks of investing in the Contract. The Contract may be subject to additional risks other than those identified and described in this prospectus.

MARKET RISK AND RISK OF LOSS IN INDEXED CREDITING RATE STRATEGIES

An investment in this Contract is subject to the risk of poor investment performance of the Indexed Crediting Rate Strategies to which you have allocated Contract Value. You can lose money by investing in this Contract, including loss of principal and/or prior earnings. While limited protection from losses is provided under your Contract through a Buffer Percentage or Floor Percentage, you bear some level of the risk of decline in your Contract Value resulting from the performance of the Indexed Crediting Rate Strategies and the risk of losses may be significant. Under extreme circumstances, you could lose up to 90% of your investment in an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, up to 80% of your investment in an Indexed Crediting Rate Strategy with a -20% Buffer Percentage and up to 10% of your investment in an Indexed Crediting Rate Strategy with a -10% Floor Percentage due to negative Index performance. If you select an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer, the Buffer Percentage applies each Contract Year during the Strategy Period, and at the end of a Strategy Period you could lose significantly more due to compounding annual losses. We will always offer a strategy with the protection of at least a -5% Buffer Percentage. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage. If you take a Withdrawal from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date, it will be based on the Strategy Interim Value and the Buffer Percentage or Floor Percentage will not apply. See Early Withdrawal Risk, below.

An investment in the Contract is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

EARLY WITHDRAWAL RISK

The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the Contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the Contract as a short-term investment or savings vehicle, and you should consider whether investing in the Contract is consistent with the purpose for which the investment is being considered.

Withdrawals could significantly reduce the minimum death benefit by an amount greater than the value withdrawn, because your Premium will be reduced in proportion to reductions in your Contract Value.

Withdrawals may be subject to Withdrawal Charges, Strategy Interim Value Adjustments, loss of interest and the possibility of adverse tax consequences. If you take a Withdrawal from an Indexed Crediting Rate Strategy prior to a Strategy Maturity Date, in extreme circumstances, you could lose up to 100% of your investment in an Indexed Crediting Rate Strategy due to a Strategy Interim Value Adjustment (i.e., a complete loss of your Premium and any prior earnings). For additional information, see 10. Valuing Your Contract – Indexed Crediting Rate Strategy Value.

While the Contract provides for a Free Withdrawal Amount not subject to Withdrawal Charges, the Free Withdrawal Amount is limited, and Withdrawals of the Free Withdrawal Amount may be subject to negative Strategy Interim Value Adjustments and taxes. There also may be adverse tax consequences if you take early Withdrawals from the Contract, including amounts withdrawn from the Contract being subject to a 10% federal penalty if taken before age 59¹​/₂, which would be in addition to any other federal or state income taxes payable.

INDEXED CREDITING RATE STRATEGY RISK

An investment in an Indexed Crediting Rate Strategy is not an investment in the Index or in the securities tracked by the Index, and you will not own such securities. Your investment in the Indexed Crediting Rate Strategies is subject to the risk of poor performance

5. ABOUT THE COMPANY AND HOW TO CONTACT US

Our obligations under the Contract (including the Indexed Crediting Rate Strategies, Fixed Crediting Rate Strategy, death benefits, income payments and other benefits available under the Contract) are obligations of Aspida Life Insurance Company and are subject to the Company's financial strength and claims-paying ability. Certain assets supporting the Indexed Crediting Rate Strategies are held in an uninsulated separate account, which, like the Company's general account, are subject to the claims of the Company's creditors. The Company is obligated to pay all amounts promised to investors under the Contracts.

We rely on the exemption from the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), provided by Rule 12h-7 under the 1934 Act with respect to registered non-variable insurance contracts (such as the Contract) that we issue.

The Company's business address is 2327 Englert Drive, Durham, NC 27713.

How to contact us:

•  Call us at 1-833-4-ASPIDA (1-833-427-7432) between the hours of 9 a.m. and 6 p.m. Eastern Time.

•  Mail your instructions to us at our Administrative Office.

•  Visit us at www.aspida.com using your secure login.

•  Email us at [email protected].

6. FEES, CHARGES AND ADJUSTMENTS

There are fees, charges and adjustments associated with the Contract that may reduce the return on your investment.

WITHDRAWAL CHARGES

Prior to the Annuitization Date, you can take a Withdrawal of part or all of your Contract Value. Restrictions may apply to qualified Contracts. During the first six Contract Years, we may apply a Withdrawal Charge to amounts you withdraw to compensate us for expenses of the Contract relating to sales, including commissions to registered representatives and other promotional expenses.

If a Withdrawal Charge applies to a Withdrawal, the charge will be a percentage of the amount withdrawn to which the Withdrawal Charge applies. We will deduct the Withdrawal Charge from the amount withdrawn. If you surrender your Contract, the Withdrawal Charge is calculated as part of your Surrender Value.

The applicable Withdrawal Charge percentage will depend on the Contract Year during which the Withdrawal is taken. The schedule below sets forth the Withdrawal Charge percentages under the Contract. The Withdrawal Charge schedule starts at 7% and declines until the seventh Contract Year when it reaches 0%.

Contract Year				1				2				3				4				5				6				7+
Withdrawal Charge (As a percentage of the amount withdrawn that is subject to Withdrawal Charges)					7	%			7	%			6	%			5	%			4	%			3	%			0	%

FREE WITHDRAWALS

After the first Contract Anniversary, you can withdraw up to the Free Withdrawal Amount each Contract Year without incurring Withdrawal Charges; however, if you take a Withdrawal from an Indexed Crediting Rate Strategy prior to Strategy Maturity, we will apply the Strategy Interim Value Adjustment, which could be negative and could result in significant loss of your investment. Your Free Withdrawal Amount for each Contract Year is 10% of your Contract Value on the first day of that Contract Year or, if you own a qualified Contract, your Required Minimum Distribution for the calendar year if greater. After the sixth Contract Year, your entire Contract Value is available for Withdrawal without Withdrawal Charges. However, Withdrawals from the Indexed Crediting Rate Strategies in which you invest after the sixth Contract Year that are taken prior to the Strategy Maturity date will continue to be subject to Strategy Interim Value Adjustments.

If you Surrender your Contract, the Withdrawal Charge will apply to your Contract Value in excess of the remaining Free Withdrawal amount for the Contract Year in which the Surrender is taken.

While Withdrawal Charges will not apply to amounts taken as a Free Withdrawal, all Withdrawals, including Free Withdrawals, will be based on your Contract Value, which, if taken prior to Strategy Maturity, will be based on the Strategy Interim Values of the Indexed Crediting Rate Strategies in which you invest. The Strategy Interim Value of an Indexed Crediting Rate Strategy may reflect a gain or loss.

The Free Withdrawal amount is not cumulative, so any Free Withdrawal amount not used in one year does not increase the Free Withdrawal amount in subsequent years. If the Withdrawal is in excess of the Free Withdrawal amount, you will have to pay any applicable Withdrawal Charge on the excess amount, unless the Withdrawal Charges are subject to a waiver. See 12. Access to Your Money During the Accumulation Phase – Withdrawal Charge Waivers for information about the Contract's Withdrawal Charge waivers. Please note that any amounts withdrawn pursuant to a Withdrawal Charge waiver will count against the Free Withdrawal Amount for a Contract Year.

For example, assume your Contract Value is $125,000 at the beginning of the second Contract Year and you request a Withdrawal of $25,000. Since that amount is more than your Free Withdrawal amount ($12,500), you would pay a Withdrawal Charge of $875 on the remaining $12,500 (e.g., 7% x ($25,000 - $12,500) = $875).

Keep in mind that Withdrawals may be taxable and, if taken before age 59¹​/₂, may be subject to a 10% federal penalty tax, in addition to any other income taxes payable. For tax purposes, Withdrawals from non-qualified Contracts are considered to come from taxable earnings first.

TRANSACTION FEES

If you request a duplicate copy of your Contract or a periodic report, you will be assessed a fee of $25.

STATE PREMIUM TAXES

Premium Taxes are any taxes related to this Contract imposed on us by states or other governmental jurisdictions, which currently range from 0% to 3.5%. If we incur Premium Taxes, we reserve the right to deduct such taxes from the Contract Value. Premium taxes may be deducted:

(1)  At the time the single Premium Payment is made;

(2)  On the Annuitization Date;

(3)  The date any Withdrawals are made; or

(4)  On a mutual date we decide after such Premium Taxes are Imposed. The time at which a Premium Tax, of any, Is Imposed may depend on Your place of residence.

We have the right to postpone the payment until the latest possible date if we are given an option as to when to pay Premium Taxes.

STRATEGY INTERIM VALUE ADJUSTMENTS

We will apply a Strategy Interim Value Adjustment if you make any Withdrawals (including surrender or termination of your Contract, including if you exercise your right to cancel your contract in a state where we are required to refund your Contract Value), upon payment of a death benefit or upon annuitization from an Indexed Crediting Rate Strategy on any date prior to the Strategy Maturity Date because the portion of your Contract Value in the Indexed Crediting Rate Strategy will be its Strategy Interim Value. The Strategy Interim Value may be less than the amount invested and may be less than the amount you would receive had you held the investment until maturity. The Strategy Interim Value Adjustment could result in up to a 100% loss of the Strategy Base Value in extreme situations.

The Strategy Interim Value is based on the value of the hypothetical investments and derivatives established at the beginning of the Strategy Period (which we may or may not actually hold) that are designed to replicate interest provided by an Indexed Crediting Rate Strategy at the end of a Strategy Period less a provision for the cost attributable to reasonably expected or actual trading costs at the time of calculation. The Strategy Interim Value will generally be negatively affected by increases in the expected volatility of index prices and by poor market performance. All other factors being equal, the Strategy Interim Value would be lower the earlier a Withdrawal or surrender is made during a Strategy Period.

Withdrawals from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date reduce the Strategy Base Value on a pro rata basis by the same proportion that the Strategy Interim Value is reduced on the date of the Withdrawal. We use the Strategy Base Value to determine your Strategy Maturity Value, and removing funds from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date may result in less positive Indexed Strategy Interest being credited on the Strategy Maturity Date. Because of the pro rata reduction in your Strategy Base Values, in the event of a negative adjustment based on the Strategy Interim Values, your future Contract Value, Surrender Value, and Death Benefit could be reduced by an amount greater than the value withdrawn. For more information about the Strategy Interim Values, including examples illustrating the operation of the Strategy Interim Values, please see the Statement of Additional Information.

The use of Strategy Interim Values transfers risk from us to you to protect us from losses on our investments supporting the Indexed Crediting Rate Strategies if amounts are removed prematurely.

You can obtain the Strategy Interim Values for the Indexed Crediting Rate Strategies in which you invest by calling us at 1-833-4-ASPIDA (1-833-427-7432) or by visiting https://sso.aspida.com/ and using your secure login. This value can fluctuate daily, and the current value quoted may differ from the actual Strategy Interim Values at the time of a transaction.

For more information, see 10. Valuing Your Contract – Indexed Crediting Rate Strategy Value.

7. PURCHASING THE CONTRACT

You may purchase a Contract only through a registered representative of a broker-dealer that has a selling agreement with our affiliated distributor, Aspida Financial Distributors, LLC. The Contract may not be available through all broker-dealers who have a selling agreement with Aspida Financial Distributors, LLC. Some selling broker-dealers may limit the availability of certain Indexed Crediting Rate Strategies or other features available under the Contract. Your broker-dealer may impose additional conditions on the purchase of the Contract other than those which we or other selling firms impose. We reserve the right to reject any application for a Contract at our discretion. We also reserve the right to discontinue the sale of the Contracts at any time.

To purchase the Contract, any Owner and any Annuitant must be no older than Age 85. If you are purchasing a Qualified Contract, you must be no younger than Age 18.

SINGLE PREMIUM PAYMENT

You may purchase the Contract by completing an application and submitting a minimum Premium Payment of $25,000. The Contract is a single premium annuity contract. This means only one Premium Payment is allowed under the Contract. However, the single Premium Payment may be received from multiple sources. For IRAs, because the minimum Premium Payment we accept exceeds the annual contribution limits for IRAs, your Premium Payment must include a rollover contribution from an existing IRA or qualified retirement plan balance.

We will not deem correspondence, including transactional inquiries including applications and Premium Payments to be received by us until picked up at our Administrative Office address.

We reserve the right not to accept third-party checks. In some circumstances and at our discretion, we may accept third-party checks that are from a rollover or transfer from other financial institutions.

Any Premium Payment that exceeds $2.0 million and any Premium Payment that, when aggregated with previous Premium Payments made under other contracts issued by us, exceeds $2.0 million is subject to our approval. Additionally, we reserve the right to refuse any Premium Payment that does not meet our minimum Premium Payment requirements, is not in Good Order, or is otherwise contrary to law for us to accept. In addition, we reserve the right to refuse any application. If we refuse your application, we will return your Premium Payment to you.

We will not issue the Contract until your application is in Good Order and we have received the full amount of the Premium Payment. We are not responsible for lost investment opportunities while we review your application or await payment of your Premium. Any Premium Payment we receive before we issue the Contract will be held in our general account until we credit the full Premium amount to your Contract on the Contract Effective Date, and it will not be held in the Fixed Crediting Rate strategy or earn interest during this time. See 16. Additional Information – General Account We do not accept any additional Premiums after the Contract Effective Date. Your application will not be considered to be in Good Order and your Contract will not be issued until your Premium Payments from all sources have been received by us.

INITIAL RATES AND RATE LOCK

When we issue the Contract, we will apply the higher of our current rates or the rates in effect on the date you signed the Contract application, including Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds, as long as we issue the Contract within 60 days of the date you signed the application. If we issue the Contract more than 60 days after the date you signed the application, we will apply the rates in place on the Contract Effective Date, which will be made available to you at least seven days before your Contract Effective Date, even if those rates are lower than the rates in place on the date you signed the application. If the rates in place on the Contract Effective Date are lower than the rates in place at the time you signed the application and you are dissatisfied with those rates, you can cancel your Contract within 21 days of receiving it and have your Premium (less Withdrawals) returned to you, without deduction for Withdrawal Charges or any other fees or charges. There may be tax consequences if you cancel your Contract, so you should consult with your financial or tax professional before doing so. We will post new Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds to our public website at https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf at least 15 days prior to becoming effective.

ALLOCATING YOUR PREMIUM PAYMENT

You must tell us how to apply your Premium Payment by specifying in the Contract application your desired allocation (by percentage) among the Indexed Crediting Rate Strategies and the Fixed Crediting Rate Strategy. There are no default allocation options and your application will not be considered to be in Good Order if you do not provide your desired allocations. All allocations must be in whole percentages totaling 100%. We reserve the right to round amounts up or down to make whole percentages, and to reduce or increase amounts proportionally in order to total 100%. Your Premium Payment will be allocated according to your instructions on the Contract Effective Date.

CONTRACT OWNER'S RIGHTS

During the accumulation phase, the Owner has all rights to the benefits under the Contract. The Annuitant and any Joint Annuitant (if not the Owner or Joint Owner, respectively) do not have any rights to the Contract. All of your rights of ownership cease upon your death.

A non-qualified Contract can be owned by Joint Owners. Both Joint Owners must be natural persons who are lawfully wedded to each other. All references to "you" or "Owner" throughout this prospectus and in the Contract shall mean both Joint Owners. Each Joint Owner has equal ownership rights and either Joint Owner may exercise all rights of an Owner under this Contract. Only two Owners are allowed per Contract. An Owner who is a non-natural person (e.g., a corporation or trust) may not name a Joint Owner.

During the annuity phase you are still the only person with material rights to the Contract. For more details on the annuity phase, see 13. Annuity Payments. After the death of the Owner, the primary beneficiary(ies) have the rights to the death benefit, if any.

If your Contract is Qualified, you may not change either the Owner or the Annuitant.

If an Annuitant who is not an Owner dies while the Contract is in the accumulation phase, a new Annuitant may be named unless the Owner is a corporation, trust or other entity.

During the accumulation phase, the Beneficiary is the person(s) or entity (or entities) that the Owner designates to receive the Death Benefit. For more information, see 14. Benefits Available Under the Contract – Death Benefit. If there are Joint Owners, the surviving Owner is automatically treated as the Beneficiary upon the death of an Owner. You initially name the Beneficiary (or Beneficiaries) on your Contract application, and you may change a Beneficiary at any time by sending us Notice. If you have designated a Beneficiary as irrevocable, the Beneficiary must consent in writing to any change. A new Beneficiary designation revokes any prior designation and is effective when signed by you. We are not responsible for the validity of any Beneficiary designation or for any legitimate actions we may take under the Contract (including payments) prior to receiving a request to change a Beneficiary. If an Owner dies during the annuity phase, we will make any remaining guaranteed Annuity Payments to the surviving Joint Owner. If there is not a surviving Joint Owner, we will pay your Beneficiary any remaining Annuity Payments.

ASSIGNMENT

To the extent allowed by state law, we reserve the right to refuse our consent to any assignment at any time on a nondiscriminatory basis if the assignment would violate or result in noncompliance with any applicable state or federal law or regulation. You may request to assign or transfer your rights under the Contract by sending us a signed and dated request. We will not be bound by an assignment until we acknowledge it.

Unless you specify otherwise, an assignment or transfer is effective as of the date you signed the notice of change. However, we are not responsible for any legitimate actions (including payments) that we take under the Contract prior to receiving the notice. We are not responsible for the validity of any assignment or transfer. To the extent allowed by law, payments under the Contract are not subject to legal process for the claims of creditors.

A Qualified Contract may not be assigned except as permitted by the Internal Revenue Code.

RIGHT TO EXAMINE

You may cancel the Contract without charge by returning it to us within 21 days after you receive your Contract (30 days if this Contract replaces another annuity contract), or such longer period as may be required by your state. If you cancel your Contract during this period, we will issue a refund in the amount of your Premium Payment (less Withdrawals), including all charges that may have been deducted from your Contract and you will not be subject to a Withdrawal Charge.

We do not limit the available Investment Options during the Right to Examine period and we will be subject to the investment risk if you cancel your Contract during the right to examine period.

The amount of your refund may depend on if your Contract is a replacement of another insurance or annuity contract.

If you cancel your Contract by exercising your Right to Examine, regardless of the reason, and then attempt to purchase a substantially similar Contract we may refuse to issue the similar Contract.

For a state-by-state description of material variations of this Contract, including the right to examine period, see Appendix B: Material State Variations.

ELECTRONIC DELIVERY

To apply for a Contract, you must consent to receive your Contract, prospectus, prospectus supplements, statements, transaction confirmations, and other notices, correspondence, and documentation in electronic format instead of receiving paper copies. We will not send you paper copies of any Contract documents which are available to you in electronic format. Not all documents may be available in electronic format. Any documents not available in electronic format will be mailed to you. Electronic documents will be available through your online account on our website, and we will send you an e-mail message when any new Contract document becomes available. The e-mail message will also contain instructions about how to access the document. It is your responsibility to provide us with your current e-mail address. You may request a paper copy of any document free of charge, and you may revoke your consent to receive all documents in electronic format at any time without cost, by contacting us.

8. THE INDEXED CREDITING RATE STRATEGIES

GENERAL

The Contract currently offers several Indexed Crediting Rate Strategies to which you may allocate your premium, including some Indexed Crediting Rate Strategies that provide a Buffer Percentage and some that provide a Floor Percentage.

We will credit positive or negative Indexed Strategy Interest at the end of a Strategy Period to amounts allocated to an Indexed Crediting Rate Strategy based, in part, on the performance of the Index. An investment in an Indexed Crediting Rate Strategy is not an investment in the Index or in any Index fund.

With the exception of Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, each of the available Indexed Crediting Rate Strategies utilizes a point-to-point Crediting Strategy with either an Index Cap Rate, Index Participation Rate or Index Trigger Rate to calculate Indexed Strategy Interest based on the Index Return from the Strategy Start Date to the Strategy Maturity Date. Additional information about how each Crediting Strategy works is provided below. You can select Indexed Crediting Rate Strategies with Strategy Periods of either one year, three years or six years. The Indexed Crediting Rate Strategies provide different Buffer Percentage or Floor Percentage options. Greater downside protection in the form of a higher Buffer Percentage or lower Floor Percentage may result in less upside potential in the form of a lower Index Cap Rate, Index Participation Rate or Index Trigger Rate.

You could lose a significant amount of money if the Index declines in value, and you can lose a significant amount of money due to the use a Strategy Interim Value Adjustment if amounts are removed from an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date. We can add or remove Indexed Crediting Rate Strategies and change the features of an Indexed Crediting Rate Strategy from one Strategy Period to the next, including the Index and the current limits on Index gains (the Index Cap Rate, Index Participation Rate or Index Trigger Rate) and losses (the Buffer Percentage or Floor Percentage), subject to the minimum guarantees described in this Prospectus.

Information regarding the features of each currently offered Indexed Crediting Rate Strategy, including (i) its name, (ii) the type of Index, (iii) its Strategy Period, (iv) its Index Crediting Methodology; (v) its current limit on Index loss, and (vi) its minimum limit on Index gain, is available in an appendix to the prospectus. See Appendix A – Investment Options Available Under the Contract.

STRATEGY PERIODS

The Strategy Period for an Indexed Crediting Rate Strategy is either one, three or six years. Strategy Periods always begin and end on a Contract Anniversary, meaning the Strategy Maturity Date for a Strategy Period is the Strategy Start Date for the next Strategy Period. Before selecting an Indexed Crediting Rate Strategy for investment, you should consider in consultation with your financial professional which Strategy Period lengths may be appropriate for you based on your liquidity needs, investment horizon and financial goals. Investing in Indexed Crediting Rate Strategies with shorter Strategy Periods will provide more frequent crediting of Indexed Strategy Interest Crediting and opportunities to transfer Contract Value; however, assuming the same Index and limit on Index loss, Indexed Crediting Rate Strategies with shorter Strategy Periods generally tend to have less potential for gain. Conversely, investing in Indexed Crediting Rate Strategies with longer Strategy Periods will provide less frequent crediting of Indexed Strategy Interest Crediting and opportunities to transfer Contract Value; however, assuming the same Index and limit on Index loss, Indexed Crediting Rate Strategies with longer Strategy Periods generally tend to have more potential for gain.

All amounts allocated to an Indexed Crediting Rate Strategy must remain in the indexed Crediting Rate Strategy until the Strategy Maturity Date to be credited with Indexed Strategy Interest and to avoid a possible negative Strategy Interim Value Adjustment in addition to Withdrawal Charges and tax consequences.

In addition to Withdrawals, annuitization and Death Benefit payments are based on Strategy Interim Value. See 10. Valuing Your Contract – Indexed Crediting Rate Strategy Value.

CREDITING METHODS

We calculate and credit interest for each Indexed Crediting Rate Strategy based on the performance of an Index. Interest is calculated by multiplying the Strategy Base Value by the Indexed Crediting Rate. The Indexed Crediting Rate is the Index Return measured over the applicable Strategy Period, adjusted for any applicable Index Cap Rate, Index Participation Rate, Index Trigger Rate, Buffer Percentage and Floor Percentage.

Calculating the Index Return. With the exception of Indexed Crediting Rate Strategies with a Guaranteed Annual Cap Rate and Buffer, which is described below, each Indexed Crediting Rate Strategy uses a "point-to-point" method for calculating the Index Return. For any Strategy Period, a "point-to-point" method compares the Index Value on the Strategy Start Date and Strategy Maturity Date. Example: Assume that you allocate funds to an Indexed Crediting Rate Strategy using the S&P 500^®​ Index and between the Strategy Start Date and Strategy Maturity Date, the closing value of the S&P 500^®​ on those two dates increased by 8%. There would be a positive Index Return of 8% for that Indexed Crediting Rate Strategy for the Strategy Period. If instead the S&P 500^®​ decreased by 5%, there would be a 5% negative Index Return for the Indexed Crediting Rate Strategy for the Strategy Period.

Calculating the Indexed Crediting Rate. After the Index Return is calculated at the end of the Strategy Period, for any positive Index Return, we then limit your Index gains by applying the Index Cap Rate, Index Participation Rate or Index Trigger Rate for that Indexed Crediting Rate Strategy to calculate the Indexed Crediting Rate. For any negative Index Return, we will then limit your Index losses by applying the Buffer Percentage or Floor Percentage for the Indexed Crediting Rate Strategy to calculate the Indexed Crediting Rate.

Limits on Index Losses

•  Buffer Percentage. If an Indexed Crediting Rate Strategy has a Buffer Percentage, the Buffer Percentage represents the amount of any negative Index Return the Company will absorb before you are credited with negative interest. Each Indexed Crediting Rate Strategy with a Buffer Percentage will specify the Buffer Percentage for that strategy. Depending on which Indexed Crediting Rate Strategy you select, the Buffer Percentage will provide protection from a negative Index Return of up to -10% or up to -20%. The Buffer Percentage will not change during a Strategy Period.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes a Buffer Percentage when the Index Return is negative assuming hypothetical Index Returns and hypothetical limits on Index losses. The examples assume no Withdrawals.

Example 1: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Buffer Percentage of -10% and, at the end of the Strategy Period, there is a negative Index Return of -8%. In this case, to determine the Indexed Crediting Rate we would compare the Buffer Percentage of -10% to the negative Index Return of- 8%. Because the negative Index Return (-8%) does not exceed the Buffer Percentage of -10%, the Indexed Crediting Rate would be 0%. As a result, we would not credit any negative interest to your Strategy Base Value. In this example, the Buffer Percentage provided complete downside protection by preventing you from being credited with negative interest.

Example 2: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Buffer Percentage of -10% and, at the end of the Strategy Period, there is a negative Index Return of -15%. In this case, to determine the Indexed Crediting Rate, we would compare the Buffer Percentage of -10% to the negative Index Return of -15%. Because the negative Index Return (-15%) exceeds the Buffer Percentage of -10%, the Indexed Crediting Rate would be -5% (Index Return of -15% offset by a Buffer Percentage of -10%). As a result, we would credit negative interest equivalent to your Strategy Base Value multiplied by -5%. In this example, the Buffer Percentage provided downside protection because it did limit your loss from -15% to -5%, but it did not provide complete downside protection.

The Buffer Percentage for an Indexed Crediting Rate Strategy will not change while we continue to offer that Indexed Crediting Rate Strategy. However, we reserve the right to add and remove Indexed Crediting Rate Strategies as available investment options. As such, the limits on Index loss offered under the Contract may change from one Strategy Period to the next, provided that we will always offer an Indexed Crediting Rate Strategy with the protection of at least a -5% Buffer Percentage. The Buffer Percentage provides only limited protection from downside risk. You should understand that the Buffer Percentage does not provide absolute protection against negative interest being credited. You may lose money.

Every Indexed Crediting Rate Strategy has its own Buffer Percentage or Floor Percentage. Any portion of your Contract Value that is not allocated to an Indexed Crediting Rate Strategy that includes a Buffer Percentage will not benefit from the protection afforded by a Buffer Percentage.

•  Floor Percentage. If an Indexed Crediting Rate Strategy has a Floor Percentage, the Floor Percentage is the maximum negative Indexed Crediting Rate for that Indexed Crediting Rate Strategy for a given Strategy Period. Each Indexed Crediting Rate Strategy with a Floor Percentage will specify the Floor Percentage for that strategy. Depending on which Indexed Crediting Rate Strategy you select, the Floor Percentage will provide protection from a negative Index Return greater than -10% or greater than 0%. If the Floor Percentage is 0%, you are protected from all losses on the Strategy Maturity Date. Before selecting an Indexed Crediting Rate Strategy, you should consider whether the limit on Index gains imposed under the Indexed Crediting Rate Strategy and the protections against Index losses offered by the Floor Percentage are appropriate based on your risk tolerance and investment needs. The Floor Percentage will not change during a Strategy Period. We do not guarantee that we will always offer an Indexed Crediting Rate Strategy with a Floor Percentage.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes a Floor Percentage when the Index Return is negative assuming hypothetical Index Returns and hypothetical limits on Index losses. The examples assume no Withdrawals.

Example 1: Assume that you allocate Funds to an Indexed Crediting Rate Strategy that includes a Floor Percentage of -10% and, at the end of the Strategy Period, the Index Return is -5%. In this case, to calculate the Indexed Crediting Rate, we would compare the Index Floor of -10% to the Index Return of -5%. Because the Floor Percentage (-10%) is less (more negative) than the Index Return (-5%), the Indexed Crediting Rate would be -5%. As a result, we would credit negative interest to your Strategy Base Value at the Indexed Crediting Rate of -5%. In this example, the Floor Percentage did not provide any downside protection.

Example 2: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Floor Percentage of -10% and, at the end of the Strategy Period, the Index Return is -15%. In this case, to calculate the Indexed Crediting Rate, we would compare the Floor Percentage of -10% to the Index Return of -15%. Because the Floor Percentage (-10%) is higher (less negative) than the Index Return (-15%), the Indexed Crediting Rate would be -10%. As a result, we would credit negative interest to your Strategy Base Value at the Indexed Crediting Rate of -10%. In this example, the Floor Percentage provided downside protection by limiting your loss.

Example 3: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes a Floor Percentage of 0% and, at the end of the Strategy Period, the Index Return is -15%. Because a Floor Percentage of 0% protects you against all negative Index Returns, the Indexed Crediting Rate would be 0%. As a result, we would not credit any negative or positive interest to your Strategy Base Value. A Floor Percentage of 0% provides downside protection by ensuring you have no loss on the Strategy Maturity Date.

The Floor Percentage for an Indexed Crediting Rate Strategy will not change while we continue to offer that Indexed Crediting Rate Strategy. However, we reserve the right to add and remove Indexed Crediting Rate Strategies as available investment options. As such, the limits on Index loss offered under the Contract may change from one Strategy Period to the next. Unless the Floor Percentage is 0%, the Floor Percentage provides only limited protection from downside risk. You should understand that the Floor Percentage does not provide absolute protection against negative interest being credited. You may lose money.

Every Indexed Crediting Rate Strategy has its own Buffer Percentage or Floor Percentage. Any portion of your Contract Value that is not allocated to an Indexed Crediting Rate Strategy that includes a Floor Percentage will not benefit from the protection afforded by a Floor Percentage.

We set the limit on Index losses for each Indexed Crediting Rate Strategy at our sole discretion. We consider various factors in determining the limit on Index losses, including the cost of our risk management techniques, sales commissions, administrative expenses, regulatory and tax requirements, general economic trends and competitive factors. Generally, assuming the same Index and Strategy Period length, an Indexed Crediting Rate Strategy that provides more protection from Index losses will tend to have less potential for Index gains. Conversely, assuming the same Index and Strategy Period length, an Indexed Crediting Rate Strategy that provides less protection from Index losses will generally tend to have more potential for Index gains.

Before selecting an Indexed Crediting Rate Strategy for investment, you should consider in consultation with your financial professional the limits on Index losses that may be appropriate for you based on your risk tolerance, investment horizon and financial goals.

Limits on Index Gains

•  Index Cap Rate. If an Indexed Crediting Rate Strategy has an Index Cap Rate, the Index Cap Rate represents the maximum positive Index Return that would be used to calculate the Indexed Crediting Rate for a given Strategy Period, which will limit your positive returns. The Indexed Crediting Rate for the Strategy Period will be the lesser of (i) the Index Return and (ii) the Index Cap Rate. We set the Index Cap Rate for each Indexed Crediting Rate Strategy prior to the Strategy Start Date. The Index Cap Rate may be different for different Indexed Crediting Rate Strategies and may vary for any Strategy Period for any Indexed Crediting Rate Strategy. In no event will an Index Cap Rate be lower than the Guaranteed Minimum Cap Rate.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes an Index Cap Rate when the Index Return is positive assuming hypothetical Index Returns and hypothetical limits on Index gains. The examples assume no Withdrawals.

Example 1: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Cap Rate of 6%. Also assume that at the end of the Strategy Period, the positive Index Return is 5%. In this case, to determine the Indexed Crediting Rate, we would compare the 5% to the Index Cap Rate of 6%. Because the positive Index Return is less than the Index Cap Rate (6%), the full 5% would be used for the Indexed Crediting Rate. As a result, you would be credited with Indexed Strategy Interest equivalent to 5% of your Strategy Base Value. In this example, the Index Cap Rate did not limit your potential gain.

Example 2: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Cap Rate of 7%. Also assume that at the end of the Strategy Period, the positive Index Return is 10%. In this case, to determine the Indexed Crediting Rate, we would compare the 10% to the Index Cap Rate of 7%. Because the positive Index Return is higher than the Index Cap Rate (7%), the Index Cap Rate of 7% would be used for the Indexed Crediting Rate. As a result, you would be credited with Indexed Strategy Interest equivalent to 7% of your Strategy Base Value. In this example, the Index Cap Rate limited your potential gain.

The Index Cap Rates do not guarantee a certain amount of interest will be credited. The Index Cap Rates benefit us because they limit the amount of positive Index Return that we may be obligated to credit for any Strategy Period. We set the Index Cap Rates at our discretion. You bear the risk that we will not set the Index Cap Rates higher than the Guaranteed Minimum Cap Rates.

•  Index Participation Rate. If an Indexed Crediting Rate Strategy has an Index Participation Rate, the Index Participation Rate represents the percentage of any positive Index Return that will be used to calculate the Indexed Crediting Rate for a given Strategy Period. The Index Participation Rate is a percentage, which can be more, less or equal to 100%, that is multiplied by the positive Index Return to determine the interest that would be credited for a given Strategy Period for an Indexed Crediting Rate Strategy. We will not apply an Index Participation Rate if the Index Return is less than zero.

•  If the Index Participation Rate is greater than 100%, it will increase your upside potential when there is a positive Index Return. For example, if your Index Participation Rate is 150%, we will multiply any positive Index Return by 150%

•  If the Index Participation Rate is less than 100%, it will decrease your upside potential when there is a positive Index Return. For example, if your Index Participation Rate is 50%, we will apply only 50% of the positive Index Return.

•  If the Index Participation Rate is equal to 100%, it will neither increase nor decrease your upside potential. If your Index Participation Rate is 100%, we will apply the amount of the positive Index Return.

We set the Index Participation Rate for each Indexed Crediting Rate Strategy prior to the Strategy Start Date. The Index Participation Rate may be different for different Indexed Crediting Rate Strategies and may vary for any Strategy Period for any Indexed Crediting Rate Strategy. In no event will an Index Participation Rate be lower than the Guaranteed Minimum Participation Rate.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes an Index Participation Rate when the Index Return is positive assuming hypothetical Index Returns and hypothetical limits on Index gains. The examples assume no Withdrawals.

Example 1: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Participation Rate of 120%. Also assume that at the end of the Strategy Period, the Index Return is 6.0%. As a result, we would multiply the Index Participation Rate of 120% by the Index Return of 6.0% to determine the Indexed Crediting Rate of 7.2%. You would then be credited with interest equivalent to 7.2% (120% x 6.0%) of your Strategy Base Value. In this example, the Index Participation Rate increased your potential gain.

Example 2: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Participation Rate of 90%. Also assume that at the end of the Strategy Period, the Index Return is 6.0%. As a result, we would multiply the Index Participation Rate of 90% by the Index Return of 6.0% to determine the Indexed Crediting Rate of 5.4%. You would then be

credited with interest equivalent to 5.4% (90% x 6.0%) of your Strategy Base Value. In this example, the Index Participation Rate decreased your potential gain.

Example 3: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Participation Rate of 100%. Also assume that at the end of the Strategy Period, the Index Return is 6.0%. As a result, we would multiply the Index Participation Rate of 100% by the Index Return of 6.0% to determine the Index Crediting Rate of 6.0%. You would then be credited with interest equivalent to 6.0% (100% x 6.0%) of your Strategy Base Value. In this example, the Index Participation Rate did not impact your potential gain.

The Index Participation Rates do not guarantee a certain amount of interest will be credited. The Index Participation Rates benefit us because they may limit the amount of positive Index Return that we may be obligated to credit for any Strategy Period. We set the Index Participation Rates at our discretion. You bear the risk that we will not set the Index Participation Rates higher than the Guaranteed Minimum Participation Rate.

•  Index Trigger Rate. If an Indexed Crediting Rate Strategy has an Index Trigger Rate, the Index Trigger Rate represents the positive Crediting Rate for a given Strategy Period if the Index Return for the Strategy Period equals or exceeds the Trigger Threshold. We set the Index Trigger Rate and the Trigger Threshold for each Indexed Crediting Rate Strategy prior to the beginning of a Strategy Period, and the Index Trigger Rate and Trigger Threshold may vary between Indexed Crediting Rate Strategies. An Index Trigger Rate and/or a Trigger Threshold for a Strategy Period may be higher or lower than the Index Trigger Rates and/or Trigger Threshold for previous or future Strategy Periods. In no event will an Index Trigger Rate be lower than the Guaranteed Minimum Trigger Rate. The Trigger Threshold will never be greater than -1% or lower than the Buffer Percentage. Because the Trigger Threshold will always be negative, an Indexed Crediting Rate Strategy with an Index Trigger Rate is a "Dual Direction" strategy because if the Index Return for the Strategy Period is either positive, zero or negative but at least the Trigger Threshold, your Indexed Crediting Rate will be positive in the amount of the Index Trigger Rate.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that utilizes an Index Trigger Rate when the Index Return equals or exceeds the Trigger Threshold assuming hypothetical Index Returns and hypothetical limits on Index gains. The examples assume no Withdrawals.

Example 1: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is 5%. Because the Index Return is greater than the Trigger Threshold (-3%), the Index Crediting Rate will equal the Index Trigger Rate of 6%. You would then be credited with interest equivalent to 6.0% of your Strategy Base Value. In this example, the Index Trigger Rate was greater than the Index Return.

Example 2: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is 10%. Because the Index Return is greater than the Trigger Threshold (-3%), the Indexed Crediting Rate will equal the Index Trigger Rate of 6%. You would then be credited with interest equivalent to 6.0% of your Strategy Base Value. In this example, the Trigger Rate limited your potential gain.

Example 3: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is -1%. Because the Index Return (-1%) is greater than the Trigger Threshold (-3%), the Indexed Crediting Rate will equal the Index Trigger Rate of 6%. You would then be credited with interest equivalent to 6.0% of your Strategy Base Value. In this example, the Trigger Rate was greater than the Index Return.

Example 4: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is -5%. Because the Index Return (-5%) is lower than the Trigger Threshold (-3%) but above the selected Buffer Percentage (10%), the Indexed Crediting Rate will equal 0%. In this example, you were protected from the Index loss, but you were not credited with interest because the Index Return was below the Trigger Threshold but was within the Buffer Percentage.

Example 5: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Index Trigger Rate of 6%, a 10% Buffer Percentage and a Trigger Threshold of -3%. Also assume that at the end of the Strategy Period, the Index Return is -12%. Because the Index Return of -12% is lower than the Trigger Threshold (-3%) and also below the Buffer Percentage (10%), the Indexed Crediting Rate will equal -2% (the amount by which the Index Return exceeded the Buffer Percentage). You would then be credited with interest equivalent to -2% of your Strategy Base Value. In this example, you were protected from the first -10% of Index loss due to the Buffer Percentage.

The Index Trigger Rates do not guarantee a certain amount of interest will be credited unless the applicable Index Return equals or exceeds the Trigger Threshold. The Index Trigger Rates limit the amount of positive Index Return that we may be obligated to credit for any Strategy Period. We set the Index Trigger Rates and Trigger Thresholds at our

discretion. You bear the risk that we will not set the Index Trigger Rates higher than the Guaranteed Minimum Trigger Rate and that we will not set the Trigger Threshold lower than -1%.

Guaranteed Annual Cap Rate and Buffer

If an Indexed Crediting Rate Strategy has a Guaranteed Annual Cap Rate and Buffer, the Index Cap Rate and the Buffer Percentage will apply separately for each Contract Year during the 6-year Strategy Period. The annual Indexed Crediting Rate will be calculated in the same manner as for a point-to-point Indexed Crediting Rate Strategy, except it will be calculated on each Contract Anniversary. However, no Indexed Strategy Interest will be credited to the Indexed Crediting Rate Strategy until the Strategy Maturity Date.

If you take a Withdrawal from an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer prior to the end of the Strategy Period, your Withdrawal will be based on the Strategy Interim Value on the date of the Withdrawal, and not the gains or losses locked in for the completed Contract Years during the Strategy Period. An Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer is not appropriate for investors who intend to take withdrawals during the Strategy Period.

The Indexed Crediting Rate for the full Strategy Period will equal the cumulative result of each successive Indexed Crediting Rate for each Contract Year during the Strategy Period. The Indexed Crediting Rate for the full Strategy Period is the product of multiplying (1+ Indexed Crediting Rate) for each Contract Year during the Strategy Period and subtracting 1 from the product.

The following examples illustrate how we calculate and credit interest calculated under an Indexed Crediting Rate Strategy that has a Guaranteed Annual Cap and Buffer in multiple scenarios, assuming hypothetical Index performance and hypothetical limits on Index gains. The examples assume no Withdrawals.

Example 1: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Annual Index Cap Rate of 6% with varying Index Returns each Contract Year. Each Contract Year, the Index Crediting Rate is locked in, based on the chart below:

Contract Year				Index Performance				Index Cap Rate				Buffer Percentage				Index Crediting Rate				Cumulative Index Crediting Rate
	1				13	%			6	%			10	%			6	%			6.0	%
	2				-5	%			6	%			10	%			0	%			6.0	%
	3				4	%			6	%			10	%			4	%			10.2	%
	4				-12	%			6	%			10	%			-2	%			8.0	%
	5				6	%			6	%			10	%			6	%			14.5	%
	6				10	%			6	%			10	%			6	%			21.4	%
	Strategy Maturity Date (Cumulative)																				21.4	%

In this example, at the end of the Strategy Period, (1 + the Index Crediting Rate) for all of the Contract Years are multiplied together, and that product minus 1 equals the Index Crediting Rate for the full Strategy Period. In the example above, the Index Crediting Rate would equal 21.4% ((1.06 * 1.00 * 1.04 * 0.98 * 1.06 * 1.06) -1 = 21.4%).

Example 2: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Annual Index Cap Rate of 6% and an annual Buffer of 10% with flat or negative returns each year. Each Contract Year, the Index Crediting Rate is locked in, based on the chart below:

Contract Year				Index Performance				Index Cap Rate				Buffer Percentage				Index Crediting Rate				Cumulative Index Crediting Rate
	1				-15	%			6	%			10	%			-5	%			-5.0	%
	2				-5	%			6	%			10	%			0	%			-5.0	%
	3				-20	%			6	%			10	%			-10	%			-14.5	%
	4				-12	%			6	%			10	%			-2	%			-16.8	%
	5				-7	%			6	%			10	%			0	%			-16.8	%
	6				-25	%			6	%			10	%			-15	%			-28.8	%
	Strategy Maturity Date (Cumulative)																				-28.8	%

In this example, at the end of the Strategy Period, (1 + the Index Crediting Rate) for all of the Contract Years are multiplied together, and that product minus 1 equals the Index Crediting Rate for the full Strategy Period. In the example above, the Index Crediting Rate would equal -28.8% ((0.95 * 1.00 * 0.90 * 0.98 * 1.00 * 0.85) -1 = -28.8%).

Example 3: Assume that you allocate funds to an Indexed Crediting Rate Strategy that includes an Annual Index Cap Rate of 6% and an annual Buffer of 10% where the returns are flat or positive each year. Each Contract Year, the Index Crediting Rate is locked in, based on the chart below:

Contract Year				Index Performance				Index Cap Rate				Buffer Percentage				Index Crediting Rate				Cumulative Index Crediting Rate
	1				25	%			6	%			10	%			6	%			6.0	%
	2				7	%			6	%			10	%			6	%			12.4	%
	3				0	%			6	%			10	%			0	%			12.4	%
	4				3	%			6	%			10	%			3	%			15.7	%
	5				5	%			6	%			10	%			5	%			21.5	%
	6				12	%			6	%			10	%			6	%			28.8	%
	Strategy Maturity Date (Cumulative)																				28.8	%

In this example, at the end of the Strategy Period, (1 + the Index Crediting Rate) for all of the Contract Years are multiplied together, and that product minus 1 equals the Index Crediting Rate for the full Strategy Period. In the example above, the Index Crediting Rate would equal 28.8% ((1.06 * 1.06 * 1.00 * 1.03 * 1.05 * 1.06) -1 = 28.8%).

Indexed Strategy Interest is not credited to your Indexed Crediting Rate Strategy until the Strategy Maturity Date at the end of the 6-year Strategy Period. Until that time, your Contract Value will be subject to the Strategy Interim Value calculations. The Cumulative Index Crediting Rate on each Contract Anniversary shown in the examples above is not available to you and is used only for the purpose of illustrating the calculation of the Indexed Strategy Interest ultimately credited on the Strategy Maturity Date.

Determination of Crediting Rates

The Index Cap Rates, Index Participation Rates, Guaranteed Annual Cap Rates, Index Trigger Rates and Trigger Thresholds (collectively known as "crediting rates") for your initial Strategy Periods will be set forth in your Contract, will be disclosed to you at the time you apply for a Contract and will be no lower for 60 days thereafter. If your Contract is issued after that 60-day period, the crediting rates for any Indexed Crediting Rate Strategy to which you have allocated Premium will be based on our Rates in place on the Contract Effective Date and those rates will be made available at least seven days prior to the Contract Effective Date. If those rates are lower on the Contract Effective Date than at the time of your application and you are dissatisfied with those rates, you may cancel your Contract within 21 days of receiving your Contract and have the amount of your Premium returned to you without any surrender charges. Prior to the beginning of each subsequent Strategy Period, we will provide 30-day advance notice indicating how you may obtain the Index Cap Rates, Index Participation Rates, Guaranteed Annual Cap Rates, Index Trigger Rates and Trigger Thresholds, which we will establish at least 15 days prior to the next Strategy Period. Information about current crediting rates can be found at https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf and are incorporated in this prospectus by reference.

We determine Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds for each new Strategy Period at our discretion, subject to the Guaranteed Minimum Cap Rates, Guaranteed Minimum Participation Rates, Guaranteed Minimum Trigger Rates and the maximum Trigger Threshold of -1%. We consider a number of factors when declaring Index Cap Rates, Index Participation Rates and Index Trigger Rates and Trigger Thresholds. Generally, we seek to manage our risk associated with our obligations, in part, by trading call and put options and other derivative instruments on the available Indices. The costs of these instruments impact the rates we declare, and those costs can be impacted by market conditions and forces. We also consider sales commissions, administrative expenses, regulatory and tax requirements, general economic trends and competitive factors. You bear the risk that we may declare lower Index Cap Rates, Index Participation Rates and Index Trigger Rates and higher Trigger Thresholds for future Strategy Periods, and that such rates could be as low as the Guaranteed Minimum Cap Rates, Guaranteed Minimum Participation Rates or Guaranteed Minimum Trigger Rates and as high as a Trigger Threshold of -1% for that Indexed Crediting Rate Strategy. Rates offered for new Strategy Periods may be different from those offered to new investors or offered to you at Contract issuance. We will not establish an Index Cap Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively. We will not establish an Index Cap Rate for an Indexed Crediting Rate Strategy with a Guaranteed Annual Cap Rate and Buffer below 2%. We will not establish an Index Participation Rate below 10%. We will not establish an Index Trigger Rate below 2%, 5%, and 10% for a 1, 3, and 6-year Strategy, respectively and we will not establish a Trigger Threshold greater than -1%.

Before selecting an Indexed Crediting Rate Strategy for investment, you should consider in consultation with your financial professional the limits on Index gains that may be appropriate for you based on your risk tolerance, investment horizon and financial goals. Generally, assuming the same Index and Strategy Period length, an Indexed Crediting Rate Strategy that provides less potential for Index gains will tend to have more protection from Index losses. Conversely, assuming the same Index and Strategy Period length,

an Indexed Crediting Rate Strategy that provides more potential for Index gains will generally tend to have less protection from Index losses.

PERFORMANCE LOCK FEATURE

The Contract's Performance Lock feature allows you to lock in an Indexed Crediting Rate Strategy's Strategy Interim Value prior to the Strategy Maturity Date. The Performance Lock feature is available with all of the Indexed Crediting Rate Strategies under the Contract. There is no additional charge for the Performance Lock feature.

The lock-in features may be of interest to investors who:

•  Are interested in eliminating some of the uncertainty regarding future Index performance; or

•  Are seeking to potentially limit the impact of a negative Indexed Strategy Interest they may otherwise receive if they don't lock in the Strategy Interim Value.

Upon exercising a Performance Lock, the Owner will receive Indexed Strategy Interest on the Strategy Maturity Date based on the Strategy Interim Value at the time of the lock instead of being calculated using the point- to- point crediting method. The Strategy Interim Value is not directly tied to the performance of the relevant Index (although Index performance impacts the Strategy Interim Value), and even if the Index has performed positively, it is possible that the Strategy Interim Value may have decreased. When you exercise a Performance Lock, you are not locking in Index Performance.

The Indexed Strategy Interest you receive on the Strategy Maturity Date after exercising a Performance Lock may be lower than the Indexed Strategy Interest you would have received on the Strategy Maturity Date if you hadn't exercised the Performance Lock. Similarly, you may receive negative Indexed Strategy Interest due to exercising Performance Lock when, had you not exercised Performance Lock, you would have received positive Indexed Strategy Interest on the Strategy Maturity Date. You also may receive less than the full protection of the Buffer Percentage or Floor Percentage (as applicable). This is due to the Strategy Interim Value being applied in calculating the Indexed Strategy Interest instead of the point-to-point crediting method. If a Performance Lock is exercised, the Indexed Crediting Rate Strategy's Floor Percentage, Buffer Percentage, Index Cap Rate, Index Participation Rate and Index Trigger Rate (as applicable) will no longer be applied on the Strategy Maturity Date. The Strategy Interim Value you lock in by exercising a Performance Lock is intended to reflect the value of your investment in an Indexed Crediting Rate Strategy when you exercise the Performance Lock. If there is a difference between your starting investment in the Indexed Crediting Rate Strategy as adjusted for any withdrawals (the Strategy Base Value) and the Strategy Interim Value, you will realize the difference as a gain or loss. This reconciles the portion of your Contract Value in the Indexed Crediting Rate Strategy with the value of assets backing the Indexed Crediting Rate Strategy.

Between the date of the lock and the Strategy Maturity Date, the Strategy Interim Value will be the locked Strategy Interim Value. You will not earn any additional interest between the date of the lock and the Strategy Maturity Date.

If a Performance Lock has been exercised and the current Strategy Maturity Date is later than the next Contract Anniversary, the Strategy Period is shortened, and the Strategy Maturity Date is moved up to the next Contract Anniversary. For example, if the Strategy Start Date is 9/1/2025 for a 6-year Indexed Crediting Rate Strategy (Strategy Maturity Date is 9/1/2031 before exercise of the Performance Lock) and you exercise a Performance Lock on 7/12/2028, the Strategy Maturity Date will move to 9/1/2028 at the time of exercising the Performance Lock.

If you exercise Performance Lock and the locked-in Strategy Interim Value is less than the Strategy Base Value, you will be locking-in a loss, which could be significant. The Buffer Percentage or Floor Percentage will not apply, and the loss could be significant. You should speak to your financial professional before executing the Performance Lock.

There are two ways to exercise the Performance Lock for an Indexed Crediting Rate Strategy: Manual Performance Lock and Target Performance Lock. We reserve the right to discontinue offering either method of exercising Performance Lock at any time, however, at least one method of exercising Performance Lock will always be available to You.

•  Manual Performance Lock. Under this method, you exercise a Performance Lock by submitting a Request directing us to lock in the Strategy Interim Value for Indexed Crediting Rate Strategy. We will lock in the Strategy Interim Value on the Business Day we receive your request in Good Order. For example, if you submit a request in Good Order prior to the end of the Business Day (generally 4:00 p.m. E.T.) to lock in an Indexed Crediting Rate Strategy, the Performance Lock will be effective on that day (Performance Lock Date). If your request is received in Good Order after the end of the Business Day (generally 4:00 p.m. E.T.), or on a weekend or on a holiday, the Performance Lock will be effective on the next Business Day (Performance Lock Date).

•  Target Performance Lock. Under this method, if a Performance Lock has not yet occurred, you may Request to set a Performance Lock Threshold. If you set a Performance Lock Threshold, we will automatically lock in the Strategy Interim Value during the remainder of the Strategy Period if the Strategy Interim Value at the end of a Business Day reaches and/or exceeds the

Performance Lock Threshold. Please note that if you set a Performance Lock Threshold at a level that is below or at the Strategy Interim Value at the end of the Business Day we received your request, the Performance Lock will be exercised that day.

For example, if a Performance Lock Threshold of 10% is set, the Indexed Crediting Rate Strategy will not lock in until the Strategy Interim Value at the end of a Business Day reflects an increase from your Strategy Base Value of at least 10%. A Performance Lock Threshold may be removed or changed if you provide us with notice in Good Order at least four Business Days prior to the Strategy Maturity Date, provided a Performance Lock has not yet occurred for the specified Indexed Crediting Rate Strategy during the Strategy Period. The Strategy Maturity Date counts as one of those four Business Days if the Strategy Maturity Date is on a Business Day.

You can Request a Performance Lock or set a Performance Lock Threshold on any Business Day up to four Business Days prior to the applicable Strategy Maturity Date. The Strategy Maturity Date counts as one of those four Business Days if the Strategy Maturity Date is on a Business Day. In order to request a Performance Lock or set Performance Lock Threshold(s) you must provide us with Notice. If you submit a Performance Lock request, the Performance Lock Date will be the Business Day we receive notice in Good Order to lock the Indexed Crediting Rate Strategy. If you establish a Performance Lock Threshold, the Performance Lock Date will be the Business Day where the increase in the Strategy Interim Value triggers the threshold you set.

Under either method for exercising a Performance Lock, you will not know the locked-in Strategy Interim Value in advance because the Strategy Interim Value is calculated at the end of the Business Day after you exercise the Performance Lock. The locked-in Strategy Interim Value could be lower than you anticipated. If you submit a Performance Lock request, the locked-in Strategy Interim Value may be lower or higher than the Strategy Interim Value that was last calculated before you submitted your request. If you establish a Performance Lock Threshold, the locked-in Strategy Interim Value will be at least equal to the threshold. For example, if Performance Lock Threshold of 10% is set, the Indexed Crediting Rate Strategy will not lock in until the Strategy Interim Value at the end of a Business Day reflects an increase from your Strategy Base Value of at least 10%.

You can obtain the current Strategy Interim Value by calling us at 1-833-4-ASPIDA (1-833-427-7432) or by visiting https://sso.aspida.com/ and using your secure login. However, as explained above, if you were to exercise Performance Lock, the locked-in Strategy Interim Value may be more or less than the quoted value.

We will not provide advice or notify you regarding whether you should exercise the Performance Lock feature or the optimal time for doing so. It is possible that you may exercise a Performance Lock at a sub-optimal time during the Strategy Period, or that there is no optimal time to exercise Performance Lock during a Strategy Period. We will not warn you if you exercise the Performance Lock at a sub-optimal time. We are not responsible for any losses or forgone gains related to your decision whether or not to exercise the Performance Lock feature.

A potential advantage of setting a higher Performance Lock Threshold is that you can capture positive Indexed Crediting Rate Strategy performance (through a positive Indexed Strategy Interest) even if the Indexed Crediting Rate Strategy's performance later turns negative. A potential disadvantage of setting a Performance Lock Threshold is that the positive Indexed Crediting Rate Strategy performance beyond the threshold could move even higher, i.e., more positive, in which case you would miss out on a more positive Indexed Strategy Interest than the one resulting from your exercise of the Performance Lock.

Once a Performance Lock is executed, it is irrevocable for that Strategy Period. A Performance Lock will not be applied retroactively and can only be exercised for the entire Indexed Crediting Rate Strategy. A Performance Lock may only be exercised once per Strategy Period for each Indexed Crediting Rate Strategy.

We reserve the right to limit the availability of the Performance Lock feature to only certain Indexed Crediting Rate Strategies in the future.

INDICES

Currently, each Indexed Crediting Rate Strategy credits interest based on the performance of one of the following Indices, each covering different asset classes. Not all Indices are available with each crediting strategy. There are risks associated with each of these Indices. See 4. Principal Risks of Investing in the Contract – Indexed Crediting Rate Strategy Risk for more information about these risks.

•  S&P 500^®​ Index (SPX). The S&P 500^®​ Index is widely regarded as the best single gauge of US large-cap equities. The index includes 500 leading companies spanning all sectors of the US stock market. It covers approximately 80% of the US equity market capitalization.

•  Nasdaq-100^®​ Index (NDX). The Nasdaq-100^®​ Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies, including investment companies.

•  Russell 2000^®​ Index (RTY). The Russell 2000^®​ Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^®​ Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

•  MSCI Emerging Markets (EM) Index (MXEF). The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of the date of this prospectus, the MSCI Emerging Markets Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and UAE .

Please note that each Index is a price return index, which means that changes in the value of the Index are determined solely by changes in the price of each security included in the Index. By contrast, a total return index also includes the value of all dividends, interest, rights offerings or other distributions associated with each security included in the index. This will reduce the Index return and will cause the Index to underperform a direct investment in the securities composing the Index. For example, the value of the S&P 500 Total Return Index incorporates dividends and other distributions by assuming that they are reinvested in the entire index.

The bar charts shown below provide each Index's annual returns for the last 10 calendar years, as well as the Index returns after applying a hypothetical 5% Index Cap and a hypothetical -10% Buffer Percentage. The chart illustrates the variability of the returns from year to year and shows how hypothetical limits on Index gains and losses may affect these returns. Past performance is not necessarily an indication of future performance.

The performance below is NOT the performance of any Indexed Crediting Rate Strategy. Your performance under the Contract will differ, perhaps significantly. The performance below may reflect a different return calculation, time period, and limit on Index gains and losses than the Indexed Crediting Rate Strategy, and does not reflect Contract fees and charges, including surrender charges and the adjustment for Strategy Interim Values, which reduce performance.

S&P 500 Index

¹​ This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

Nasdaq-100 Index

¹​ This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

Russell 2000 Index

¹​ This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

MSCI EM Index

¹​ This Index is a "price return index," not a "total return index," and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

NEW, REPLACED OR DISCONTINUED INDICES AND INDEXED CREDITING RATE STRATEGIES

We reserve the right to add, remove or replace any Index or Indexed Crediting Rate Strategy in the future, subject to any necessary regulatory approvals. If we replace an Index, this will not cause a change in the Index Cap Rate, Index Participation Rate, Index Trigger Rate, Trigger Threshold, Buffer Percentage or Floor Percentage for the current Strategy Period. Adding, replacing or removing an Index does not cause a change in the Buffer Percentage or Floor Percentage because that element does not change while we continue to offer that Indexed Crediting Rate Strategy. Any new Indexed Crediting Rate Strategy based on the performance of a newly added Index will have a new Buffer Percentage or Floor Percentage and a new Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold, provided that an Index Cap Rate will never be lower than the Guaranteed Minimum Cap Rate, an Index Participation Rate will never be lower than the Guaranteed Minimum Participation Rate, an Index Trigger Rate will never be lower than the Guaranteed Minimum Trigger Rate and a Trigger Threshold will never be greater than -1%. Changes to the Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold, if any, occur at the start of the next Strategy Period.

We may remove or replace an Index in the event of the Index being discontinued, an Index calculation substantially changing, the unavailability of Index values, the loss of our license or permission to use the Index, the inability to hedge risks associated with the Index or similar conditions approved by applicable regulators. We may do so at the end of a Strategy Period or during a Strategy Period. We will notify you in writing at least 30 days before we remove or replace an Index.

If we replace an Index for future Strategy Periods, we will endeavor to select a new Index that is similar to the old Index. In making this evaluation, we will look at factors such as asset class, Index composition, strategy or methodology inherent to the Index and Index liquidity. If a similar index is not found, we will substitute the original Index with a domestic or international broad-based securities market index or discontinue offering the Indexed Crediting Rate Strategy.

If we remove an Index during a Strategy Period, we will end, (i.e., mature), the Strategy Period on the date the Index is removed, and calculate the Indexed Crediting Rate based on the Indexed Crediting Rate Strategy's features (i.e. Index Cap Rate, Index Participation Rate, or Index Trigger Rate and Trigger Threshold, and Buffer Percentage or Floor Percentage, as applicable). Your Contract Value in the applicable Indexed Crediting Rate Strategy will be transferred to the Fixed Crediting Rate Strategy, and you will not be able to reallocate it until the next Contract Anniversary Date. Your Contract Value transferred to the Fixed Crediting Rate Strategy will earn interest at the applicable annual interest rate that applies to the Fixed Crediting Rate Strategy.

For example, if the S&P 500 Index is discontinued, we will mature the Indexed Crediting Rate Strategies as of the date of the most recently available Index closing value. We will use that closing value to calculate the Index Return through that date. We will apply the Index Return calculated on that date in the same way we apply the Index Return calculated on the Strategy Maturity Date for the Indexed Crediting Rate Strategies that are not terminated early. This means we will apply the Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold, and Floor Percentage or Buffer Percentage, as applicable. For example, if the Index Return was 8% at the time we matured the Strategy Period for a Indexed Crediting Rate Strategy with a 6% Index Cap Rate, we would credit an 6% Index Crediting Rate to your Contract Value in the applicable Indexed Crediting Rate Strategy. If the Index Return was -30% at the time we matured the Strategy Period for an Indexed Crediting Rate Strategy with a -10% Buffer Percentage, we would credit a -20% Index Crediting Rate to your Contract Value in the applicable Indexed Crediting Rate Strategy. We will not use the Strategy Interim Value when calculating the Index Crediting Rate when an Index is removed during a Strategy Period.

Additional Index information, including disclaimers, may be found in Appendix C: Index Disclosures.

9. THE FIXED CREDITING RATE STRATEGY

There is only one Fixed Crediting Rate Strategy for the Contract. The Fixed Crediting Rate Strategy has a one-year Strategy Period. Amounts allocated to the Fixed Crediting Rate Strategy earn interest at the applicable annual interest rate for the Strategy Period.

Information regarding the features of the Fixed Crediting Rate Strategy, including (i) its name, (ii) its Strategy Period, and (iii) its minimum guaranteed interest rate, is available in an appendix to this prospectus. See Appendix A: Investment Options Available Under the Contract.

Interests in the Fixed Crediting Rate Strategy are not registered under the Securities Act of 1933 and the Fixed Crediting Rate Strategy is not registered as an investment company under the Investment Company Act of 1940. The disclosures regarding the Fixed Crediting Rate Strategy are subject to certain generally applicable provisions of the federal securities laws regarding the accuracy and completeness of disclosures.

If you allocate Contract Value to the Fixed Crediting Rate Strategy, the Strategy Base Value at any time will be equal to the Contract Value allocated to the Fixed Crediting Rate Strategy on the Strategy Start Date, plus interest credited to the Fixed Crediting Rate Strategy during the Strategy Period, less any amount deducted from the Fixed Crediting Rate Strategy during the Strategy Period.

For the initial Strategy Period, the annual interest rates for the Fixed Crediting Rate Strategy will be listed in your Contract. We may declare different interest rates for subsequent Strategy Periods. At least 30 days prior to the end of any Strategy Period, we will provide notice of where to find the annual interest rate for the Fixed Crediting Rate Strategy that will be available for the next Strategy Period. This notice of the upcoming renewal will be in writing and the rates will be publicly available at least 15 days prior to the Strategy Start Date for the new Strategy Period on https://aspida.com/documents/rila/dreampath/90003-Aspida-DreamPath-Annuity-Rate-Sheet.pdf.

We determine the annual interest rate for the Fixed Crediting Rate Strategy at our discretion. In no event will we declare an annual interest rate lower than the Guaranteed Minimum Interest Rate of 0.25%. You bear the risk that we will not credit interest for a new Strategy Period at a rate greater than the Guaranteed Minimum Interest Rate.

The Fixed Crediting Rate Strategy is subject to the Standard Nonforfeiture Law for Individual Deferred Annuities as adopted in your state. The minimum value of the Fixed Crediting Rate Strategy on any surrender will never be less than the Minimum Nonforfeiture Amount.

For the amount allocated to the Fixed Crediting Rate Strategy, upon surrender you will never receive less than the Minimum Nonforfeiture Amount.

Amounts allocated or transferred to the Indexed Crediting Rate Strategies are not subject to the Standard Nonforfeiture Law for Individual Deferred Annuities upon surrender.

We reserve the right to remove the Fixed Crediting Rate Strategy as an available Investment Option. There is no guarantee that the Fixed Crediting Rate Strategy will always be available for investment in the future. If we remove the Fixed Crediting Rate Strategy, it will be closed such that no reinvestments or transfers will be allowed into the Fixed Crediting Rate Strategy. If you are currently invested in the Fixed Crediting Rate Strategy, you may remain in the Fixed Crediting Rate Strategy until the end of the Strategy Period.

10. VALUING YOUR CONTRACT

CONTRACT VALUE

Contract Value is the amount available for Withdrawal, surrender, annuitization, or as a Death Benefit at any time. The Contract Value is equal to the sum of your Indexed Crediting Rate Strategies and your Fixed Crediting Rate Strategy value. On the Strategy Start Date, your value in an Indexed Crediting Rate Strategy is the Strategy Base Value. Thereafter, prior to the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Interim Value. On the Strategy Maturity Date, your value in an Indexed Crediting Rate Strategy is the Strategy Maturity Value. Each Indexed Crediting Rate Strategy and the Fixed Crediting Rate Strategy has its own value, calculated as described below.

FIXED CREDITING RATE STRATEGY VALUE

On the Contract Effective Date, the Fixed Crediting Rate Strategy value is equal to the Premium you allocate to the Fixed Crediting Rate Strategy. We credit interest to the Fixed Crediting Rate Strategy daily at a declared annual rate. We will never declare an annual

interest rate for the Fixed Crediting Rate Strategy lower than the Guaranteed Minimum Interest Rate. After the Contract Effective Date, the Fixed Crediting Rate Strategy value is equal to your initial allocation to the Fixed Crediting Rate Strategy, plus the daily interest credit, less any Withdrawals (including any applicable Withdrawal Charges) and transfers out of the Fixed Crediting Rate Strategy.

INDEXED CREDITING RATE STRATEGY VALUE

Strategy Base Value

Each Indexed Crediting Rate Strategy has its own Strategy Base Value. The Strategy Base Value is the value of your investment in an Indexed Crediting Rate Strategy that we use to calculate Strategy Interest for that Indexed Crediting Rate Strategy. On the Contract Effective Date and each Strategy Start Date, the Strategy Base Value for an Indexed Crediting Rate Strategy is equal to the amount you allocate to establish that Indexed Crediting Rate Strategy. In general, the Strategy Base Value for an Indexed Crediting Rate Strategy will not change during the Strategy Period unless you take a Withdrawal, surrender, annuitize or a Death Benefit becomes payable prior to the Strategy Maturity Date. For each Indexed Crediting Rate Strategy, on the Strategy Maturity Date, we will apply Indexed Strategy Interest to the current Strategy Base Value based on the specific crediting strategy employed by that Indexed Crediting Rate Strategy. Strategy Interest each Strategy Period may be positive, negative, or equal to zero.

The Strategy Base Value for an Indexed Crediting Rate Strategy is used to calculate other values under your Contract and is not an amount available for Withdrawal. However, Withdrawals will decrease the Strategy Base Value. See Impact of Withdrawals from Index-Linked Segments, below, for additional information about how Withdrawals impact your Strategy Base Value.

Strategy Interim Value

After the Strategy Start Date and prior to the Strategy Maturity Date, the value of an Indexed Crediting Rate Strategy is equal to its Strategy Interim Value. The Strategy Interim Value is calculated separately for each Indexed Crediting Rate Strategy. The Strategy Interim Value of an Indexed Crediting Rate Strategy is the amount available for Withdrawal, surrender, annuitization, or as a Death Benefit from that Indexed Crediting Rate Strategy on any day of the Strategy Period other than the Strategy Start Date and the Strategy Maturity Date.

Calculating the value of an Indexed Crediting Rate Strategy prior to the Strategy Maturity Date is different if you exercise a Performance Lock. For additional information, see 8. The Indexed Crediting Rate Strategies – Performance Lock Feature.

The Strategy Interim Value of an Indexed Crediting Rate Strategy reflects the value of a hypothetical portfolio of investments and derivatives established at the beginning of the Strategy Period (which we may or may not actually hold) that are designed to replicate interest provided by an Indexed Crediting Rate Strategy at the end of a Strategy Period, less a provision for the cost attributable to reasonably expected or actual trading costs at the time of calculation. The value of these instruments can be affected by factors such as Index performance, volatility, and interest rates. We calculate the Strategy Interim Value each Business Day. We do not apply a Strategy Interim Value Adjustment to funds in the Fixed Crediting Rate Strategy.

See the Statement of Additional Information for additional information about how we calculate the Strategy Interim Value for each Indexed Crediting Rate Strategy.

Your Strategy Interim Value is intended to reflect the value of your investment in an Indexed Crediting Rate Strategy on that particular day and is designed to shift investment risk from us to you to protect us from loss when having to pay out amounts from a Strategy Account Option prematurely. Changes to your Strategy Interim Value are not directly tied to the performance of the relevant Index (although Index performance impacts the Strategy Interim Value).

If you surrender your Contract, take a Withdrawal, annuitize or if a Death Benefit is paid during a Strategy Period, those transactions will be based on the Strategy Interim Value of each Indexed Crediting Rate Strategy in which you invest. If you take a Withdrawal from an Indexed Crediting Rate Strategy, your Strategy Interim Value on the date of the Withdrawal will be reduced by the Withdrawal amount, including any applicable Withdrawal Charges. In addition, any such Withdrawal will also reduce your Strategy Base Value proportionally. See Impact of Withdrawals from Indexed Crediting Rate Strategies below for more information.

Strategy Base Value on Strategy Maturity Date

On the Strategy Maturity Date, the value of an Indexed Crediting Rate Strategy is equal to the current Strategy Base Value plus Indexed Strategy Interest applied on the Strategy Maturity Date. Indexed Strategy Interest may be positive, negative, or equal to zero. On the Strategy Maturity Date, we calculate Indexed Strategy Interest for an Indexed Crediting Rate Strategy by multiplying its current Strategy Base Value by the Indexed Crediting Rate. See 8. The Indexed Crediting Rate Strategies – Crediting Methods for additional information on how we calculate the Crediting Rate.

Interest is calculated separately for each Indexed Crediting Rate Strategy. Even if you are credited with positive interest for one or more Indexed Crediting Rate Strategies for a Strategy Period, your overall gain for that period of time will be reduced by any negative

interest credited to any other Indexed Crediting Rate Strategy during that same time, and the negative interest may cause you to incur an overall loss during that Strategy Period.

The calculation of the value of an Indexed Crediting Rate Strategy on the Strategy Maturity Date is different if you exercise a Performance Lock. See 8. The Indexed Crediting Rate Strategies – Performance Lock Feature for additional information.

IMPACT OF WITHDRAWALS FROM INDEXED CREDITING RATE STRATEGIES

You may surrender or take Withdrawals at any time during the accumulation phase, subject to Withdrawal Charges, adjustments for Strategy Interim Values, taxes, and a potential tax penalty.

Withdrawals from an Indexed Crediting Rate Strategy during a Strategy Period will be based on your Strategy Interim Value. Your Strategy Interim Value will be reduced by the dollar amount of the Withdrawal, including any Withdrawal Charges. The Strategy Base Value will immediately be reduced in proportion to the reduction in the Strategy Interim Value.

This means that partial Withdrawals (including systematic Withdrawals and Required Minimum Distributions under the Contract) could result in a greater reduction of your Strategy Base Value for an Indexed Crediting Rate Strategy than if you waited until the end of the Strategy Period and your Withdrawal was not subject to the use of Strategy Interim Values. This will reduce any Indexed Strategy Interest credited at the end of the Strategy Period because the amount of interest is calculated based on your Strategy Base Value.

You should fully understand how a Withdrawal from an Indexed Crediting Rate Strategy reduces your Strategy Base Value, because reductions in your Strategy Base Value always result in reductions (perhaps significant reductions) to your investment in an Indexed Crediting Rate Strategy for the remainder of the current and subsequent Strategy Periods.

Reductions to your Strategy Base Value will negatively impact your investment in an Indexed Crediting Rate Strategy in three ways:

•  First, a reduction in your Strategy Base Value may cause your Strategy Interim Value in the Indexed Crediting Rate Strategy for the remainder of the Strategy Period to be lower than if you did not take the Withdrawal.

•  Second, at the end of each Strategy Period, any positive Indexed Strategy Interest credited to you will be lower than if you did not take the Withdrawal. This is because the positive Index Return (as limited by the applicable Index Cap Rate, Index Participation Rate or Index Trigger Rate) is applied to your Strategy Base Value in order to calculate your Strategy Interest, and a Withdrawal reduces your Strategy Base Value.

•  Third, your Strategy Base Value for successive Strategy Periods will be lower than if you did not take a Withdrawal.

11. OPTIONS AT END OF STRATEGY PERIOD

Prior to the end of each Strategy Period, we will provide 30-day advance written notice indicating how you may obtain the Index Cap Rates, Index Participation Rates, Guaranteed Annual Cap Rates, Index Trigger Rates and Trigger Thresholds for the next Strategy Period, which we will establish at least 15 days prior to the next Strategy Period.

At the end of each Strategy Period (including at each Contract Anniversary for funds in the Fixed Crediting Rate Strategy), or on the next Contract Anniversary after you have exercised the Performance Lock feature, you may transfer funds out of an ending Indexed Crediting Rate Strategy and into one or more of the available Indexed Crediting Rate Strategies and the Fixed Crediting Rate Strategy. You may not otherwise make a transfer during a Strategy Period, including Indexed Crediting Rate Strategies with multiple year Strategy Periods. If we do not receive a transfer request, funds in the Fixed Crediting Rate Strategy will remain in the Fixed Crediting Rate Strategy and funds in an Indexed Crediting Rate Strategy will remain in the same Indexed Crediting Rate Strategy for a new Strategy Period, subject to any new Index Cap Rate, Index Participation Rate or Index Trigger Rate and Trigger Threshold. If funds remain in the same Indexed Crediting Rate Strategy for a new Strategy Period, the Strategy Base Value on the Strategy Start Date will be equal to the Strategy Base Value on last day of the ending Strategy Period, after the crediting of Indexed Strategy Interest. If we no longer offer the same Indexed Crediting Rate Strategy, then the Contract Value will be allocated to the Fixed Crediting Rate Strategy.

The amount allocated to an Indexed Crediting Rate Strategy at the beginning of a Strategy Period must be at least $2,000. If the Strategy Base Value of any Indexed Crediting Rate Strategy falls below $2,000, we will transfer the entire amount remaining in that Indexed Crediting Rate Strategy to the Fixed Crediting Rate Strategy at the end of the Strategy Period. We will reject any transfer request to the extent that it would result in less than $2,000 being allocated under your Contract to the Indexed Crediting Rate Strategy receiving the reallocated value. You may not transfer funds into an Indexed Crediting Rate Strategy if the Strategy Maturity Date would be later than your Maturity Date.

You must provide notice in Good Order of your transfer request to our Administrative Office at least one Business Day prior to the Strategy Maturity Date. At our discretion, we may accept transfer requests by telephone or, if available, by Internet.

If we receive your request on a non-Business Day or after 4:00 P.M. Eastern Time on a Business Day, your request will be deemed to be received on the next Business Day. In addition, your transfer request will not be deemed to be received until it is in Good Order.

AUTOMATIC TRANSFER FROM AN INDEXED CREDITING RATE STRATEGY TO THE FIXED CREDITING RATE STRATEGY

We may add or remove Indexed Crediting Rate Strategies from time to time. If you are invested in an Indexed Crediting Rate Strategy during a Strategy Period and we decide not to offer that Indexed Crediting Rate Strategy for the next Strategy Period, you must submit a transfer request to us no less than one Business Day prior to the end of the Strategy Period instructing us how to reallocate the Strategy Base Value for that Indexed Crediting Rate Strategy at the end of the Strategy Period. If you fail to do so, we will automatically transfer the entire amount of your Strategy Base Value to the Fixed Crediting Rate Strategy at the end of the Strategy Period and that portion of your Contract and any interest earned thereon will remain in the Fixed Crediting Rate Strategy unless we are otherwise instructed.

12. ACCESS TO YOUR MONEY DURING THE ACCUMULATION PHASE

TYPES OF WITHDRAWALS

During the accumulation phase and prior to the Death Benefit becoming payable, you may request a partial Withdrawal of your Contract Value or a full Surrender in exchange for the Surrender Value at any time by submitting Notice. If the Contract has Joint Owners, both Owners must consent to any Withdrawal. Your Contract Value, Strategy Interim Values and Strategy Base Values for each Indexed Crediting Rate Strategy will decline whenever you take partial Withdrawals.

A Withdrawal from an Indexed Crediting Rate Strategy is based on the portion of your Contract Value in the Indexed Crediting Rate Strategy, which may be based on your Strategy Interim Values, which may be more or less than the Strategy Base Values. This means a full Withdrawal from an Indexed Crediting Rate Strategy may result in you receiving an amount that is less than the current Strategy Base Value.

If you take a partial Withdrawal and, immediately after the Withdrawal, your Contract Value would be less than $2,000, we reserve the right to instead pay you the Surrender Value and terminate your Contract. If you Surrender your Contract, we will pay you the Surrender Value and terminate your Contract. You may not withdraw any amount greater than your Surrender Value.

Partial Withdrawals and Surrenders may be subject to a Withdrawal Charge, will be based on your Contract Value, which will be its Strategy Interim Value on any day other than the Strategy Start Date and Strategy Maturity Date, and may be subject to taxes and potential tax penalties. See 6. Fees, Charges and Adjustments; 10. Valuing Your Contract – Indexed Crediting Rate Strategy Value; and 15. Taxes for more information.

No Withdrawals are permitted after the Annuitization Date or after the Death Benefit becomes payable.

PARTIAL WITHDRAWALS

Prior to the Annuitization Date and prior to the Death Benefit becoming payable, you can make partial Withdrawals at any time by sending us Notice. Withdrawals from an Indexed Crediting Rate Strategy reduce the Strategy Interim Value of that Indexed Crediting Rate Strategy. You may select the Investment Options from which your partial Withdrawal will be taken. If you do not select the Investment Options from which your partial Withdrawal will be taken, it will be taken proportionally from the Investment Options based on the portion of your Contract Value in each Investment Option. If the portion of the Contract Value in an Investment Option from which you have requested a partial Withdrawal is insufficient to provide the amount that you have requested, the withdrawal will not be completed. A new withdrawal request will be required.

The minimum amount you may request for a one-time partial Withdrawal is $100.

We calculate the Strategy Interim Values at the end of each Business Day. If we receive your notice in Good Order to take a partial Withdrawal before 4:00 P.M. Eastern Time on a Business Day, your Withdrawal will be based on the Strategy Interim Values calculated at the end of that Business Day. If we receive your notice in Good Order after 4:00 P.M. Eastern Time on a Business Day or on a day that is not a Business Day, your Withdrawal will be based on the Strategy Interim Values calculated at the end of the next Business Day.

Under normal circumstances, we will make payment of a Withdrawal within seven days. We may defer payments we make under your Contract for up to six months if the insurance regulatory authority of the state in which we issued the Contract approves such deferral. We will apply interest to the deferred payments, if required by state law.

Partial Withdrawals taken from an Indexed Crediting Rate Strategy may negatively impact (perhaps significantly) your Strategy Interim Values for the remainder of the Strategy Period. See 10. Valuing Your Contract – Impact of Withdrawals from Indexed Crediting Rate Strategies for more information.

SYSTEMATIC WITHDRAWALS

Systematic Withdrawals allow you to automatically take Withdrawals of your Contract Value on a monthly, quarterly or annual basis. We reserve the right to adjust the frequency of any systematic Withdrawal payments to ensure each payment is at least $100. You may request systematic Withdrawals by completing the appropriate form and sending it to our Administrative Office. We currently offer the systematic Withdrawal options listed below. We may add to or change these options in the future. If you are receiving systematic Withdrawals under one of these options, we will notify you of any change to that option at least 30 days prior to the change. Systematic Withdrawals will be taken proportionally from the Investment Options based on the portion of your Contract Value in each Investment Option.

•  Remaining Free Withdrawal Amount. You will receive the proportion (based on whether you elect monthly, quarterly or annual Withdrawals) of the Free Withdrawal Amount, less any previous Withdrawals taken during the Contract Year. If the remaining Free Withdrawal Amount is reduced to zero during the Contract Year, any remaining payments will be suspended until the beginning of the next Contract Year.

•  Remaining Required Minimum Distribution (RMD) Amount. If you have a Qualified Contract and elect this option, you will receive the proportion (based on whether you elect monthly, quarterly or annual Withdrawals) of your Required Minimum Distribution at the time of the Withdrawal. If the remaining Required Minimum Distribution amount is reduced to zero during the Contract Year, any remaining payments will be suspended until the beginning of the next Contract Year. Your payments will be adjusted for any other Withdrawals taken during the Contract Year so that you will not exceed your Required Minimum Distribution amount.

•  Fixed Dollar Amount. You will receive the dollar amount that you select. Your systematic Withdrawals will not change if you take other Withdrawals during the Contract Year, and any applicable Withdrawal Charges will apply to any Withdrawals in excess of the greater of your remaining Free Withdrawal Amount or, if you have a Qualified Contract, your remaining Required Minimum Distribution amount.

If you receive a systematic Withdrawal, like any other partial Withdrawal, the systematic Withdrawal will cause a reduction to your Strategy Base Value. Reductions to your Strategy Base Value will negatively impact your Contract Value in the Indexed Crediting Rate Strategy and may result in a lower amount of interest being credited, if any, at the end of the Strategy Period. In addition, systematic Withdrawals that are not Free Withdrawals or Required Minimum Distributions may be subject to Withdrawal Charges. You should carefully consider how taking systematic Withdrawals can negatively impact your investment in the Contract. See 10. Valuing Your Contract – Impact of Withdrawals from Indexed Crediting Rate Strategies and 6. Fees, Charges and Adjustments – Withdrawal Charges for more information.

You should consult your tax and financial advisor(s) prior to beginning, modifying, or stopping systematic Withdrawals. We do not provide tax advice, and you will be responsible for any errors in calculations or tax penalties associated therewith.

FULL SURRENDERS

You can Surrender your Contract for its Surrender Value at any time prior to the Annuitization Date and before the Death Benefit becomes payable by sending us Notice. All benefits under the Contract will be terminated as of the Business Day that we process your Surrender request. The Surrender Value will be as of the Business Day that we process the transaction. We will pay you the Surrender Value within seven calendar days thereof.

WITHDRAWAL CHARGE WAIVERS

This section describes the Withdrawal Charge waivers that are available under the Contract. These waivers are included in endorsements that are automatically included with your Contract. The Waiver of Withdrawal Charges for Nursing Home Confinement Endorsement (Nursing Home Benefit) allows you to take Withdrawals without incurring any Withdrawal Charges during a period of confinement to a nursing home. The Waiver of Withdrawal Charges for Terminal Illness Endorsement (Terminal Illness Benefit) allows you to take a one-time Withdrawal without incurring any Withdrawal Charges in the event you are diagnosed with a terminal illness after the Contract Effective Date. The Nursing Home Benefit and the Terminal Illness Benefit are explained in more detail below. Please note that any amounts withdrawn under either the Nursing Home Benefit or the Terminal Illness Benefit will reduce your remaining Free Withdrawal Amount for a Contract Year. Withdrawals pursuant to the Nursing Home Benefit or the Terminal Illness Benefit are based on your Contract Value, which may be based on your Strategy Interim Values.

The benefits provided under the Nursing Home Benefit and the Terminal Illness Benefit Rider are not intended to provide long-term care or nursing home insurance. Withdrawals taken under a Withdrawal Charge waiver are still subject to the same risks as any other Withdrawals (except Withdrawal Charges) and described further in the cross-referenced sections.

The Nursing Home Benefit and the Terminal Illness Benefit terminate when your Contract terminates or when you annuitize your Contract.

Nursing Home Benefit

After the first Contract Anniversary and prior to the Annuitization Date, we may waive Withdrawal Charges if the Owner is confined in an Eligible Nursing Home. The nursing home confinement must last for a period of at least ninety (90) consecutive days prior to the Owner becoming eligible for this benefit. Proof of confinement must be provided and must be accompanied by a written statement. Any written Request for a Withdrawal under this provision must be given to us within ninety (90) days of the last day of confinement in an Eligible Nursing Home, except in the absence of legal incapacity, for which it must be provided as soon as reasonably possible. The Nursing Home Benefit does not apply if the Owner was confined in an Eligible Nursing Home on the Contract Effective Date.

The Nursing Home Benefit is limited to a single episode of Eligible Nursing Home confinement once per Contract Year. You may make a Withdrawal or multiple Withdrawals associated with each episode of nursing home confinement. This Withdrawal will not be limited by any other Free Withdrawal taken during the Contract Year but does count against your Free Withdrawal Amount. If we deny your request for a waiver of Withdrawal Charges, we will notify you in writing of our decision and give you the opportunity to accept or reject the proceeds, including any Withdrawal Charge. Proceeds will not be disbursed until we receive your authorization to proceed.

For purposes of the Nursing Home Benefit, an Eligible Nursing Home means an institution or special nursing unit of a hospital which satisfies either (1) or (2) below:

(1)  it is Medicare approved as a provider of skilled nursing care services; or

(2)  it meets all of the requirements (a through g) below:

(a)  it is licensed as a nursing home by the state in which it is located;

(b)  its main function is to provide skilled, intermediate or custodial nursing care;

(c)  it is engaged in providing continuous room and board accommodations to three or more persons;

(d)  it is under the supervision of a registered nurse (RN) or licensed practical nurse (LPN);

(e)  it maintains a daily medical record of each patient;

(f)  it maintains control and records for all medications dispensed; and

(g)  it is licensed in the United States of America or its territories.

Institutions or places which primarily provide residential facilities are not Eligible Nursing Homes.

Terminal Illness Benefit

After the first Contract Anniversary and prior to the Annuitization Date, we may waive Withdrawal Charges on one Withdrawal of up to 100% of your Contract Value if you are diagnosed with a disease or medical condition which a Qualified Physician expects will result in death within one (1) year. The Owner's Terminal Illness must be initially diagnosed by a Qualified Physician after the Contract Effective Date. The diagnosis of Terminal Illness must be in the form of written documentation, signed by a Qualified Physician, supported by clinical, radiological or laboratory evidence of the Owner's Terminal Illness.

If we deny the Owner's claim for waiver of any applicable Withdrawal Charge, we will not disburse a requested Withdrawal until the Owner is notified of the denial and provided with the opportunity to accept or reject the Withdrawal proceeds, including any associated Withdrawal Charge.

For purposes of the Terminal Illness Benefit, a Qualified Physician is a person who is:

(1)  licensed to practice medicine in the United States by a state or federal licensing authority;

(2)  specially trained to diagnose and treat the condition causing the Terminal Illness;

(3)  acting within the scope of his or her license; and

(4)  not a resident of the Owner's household or related to the Owner by blood or marriage.

13. ANNUITY PAYMENTS

ANNUITIZATION DATE

On your Annuitization Date, the accumulation phase of your Contract ends, and the annuity phase begins. On the Contract Effective Date, your Annuitization Date is automatically set as the Maturity Date, which is the first Contract Anniversary following the oldest

Owner's 115th birthday. You may elect an earlier Annuitization Date by providing us with Notice, but not earlier than the first Contract Anniversary nor later than the Maturity Date.

On your Maturity Date, you have the option to Surrender your Contract or begin receiving Annuity Payments under an annuitization option. If you do not Surrender your Contract prior to or on your Maturity Date or elect an earlier Annuitization Date, the annuity phase will automatically begin on the Maturity Date.

ANNUITY PHASE

During the annuity phase you will receive a series of Annuity Payments based on the annuitization option you select. The available annuitization options are described below. The process of entering the annuity phase and receiving a series of Annuity Payments is known as "annuitization."

The annuity phase of your Contract begins on the earlier of your Maturity Date or an earlier Annuitization Date elected by you.

During the annuity phase, the only payments we will make are the Annuity Payments. You will not be able to take any partial Withdrawals, and you will not be able to Surrender your Contract in exchange for the Surrender Value. In addition, during the annuity phase, we will not pay any Death Benefit. Once your Contract enters the annuity phase, you cannot switch back to the accumulation phase.

ANNUITY PAYMENTS

During the annuity phase, the amount of the Annuity Payments is based on several factors, including the annuitization option you select. Each annuitization option is either for a specified number of years or based on the life of at least one Annuitant. The value of the Annuity Payments is based on your Surrender Value on the annuitization date. This means your Annuity Payments will be based on your Contract Value, which will be based on your Strategy Interim Values on any day other than the Strategy Start Date and Strategy Maturity Date. This also means that if you set your Annuitization Date during the Withdrawal Charge period, we will deduct any applicable Withdrawal Charges prior to applying funds to the annuitization option you select. We will also deduct any applicable premium taxes prior to applying funds to an annuitization option.

ANNUITIZATION OPTIONS

You may choose one of the annuitization options listed below or any other option you want and that we agree to provide. Annuity Payments will be made at one-, three-, six- or twelve-month intervals. With the exception of the Payment for a Fixed Period of Time option, the Annuity Payments depend, at least in part, on how long an Annuitant lives. Once the Annuity Payments begin, you may not change the annuitization option. Any annuitization option must satisfy the applicable distribution requirements of Section 72(s) or 401(a)(9) of the Code, as applicable.

The available annuitization options are as follows:

Option 1: Payments for a Fixed Period of Time. We will make Annuity Payments for the period of time you choose, between 5 and 20 years.

Option 2: Life Income. We will make Annuity Payments during the lifetime of the Annuitant. Annuity Payments will cease upon the death of the Annuitant. If the Annuitant dies after the Annuitization Date but before Annuity Payments begin, no Annuity Payments will be made. The amount of each payment depends on the sex and Age of the Annuitant when payments begin.

Option 3: Life Income plus Fixed Period. We will make Annuity Payments during the lifetime of the Annuitant and guarantee that payments will be made for a specified number of years. If the Annuitant dies prior to the specified number of years, we will continue to make Annuity Payments to the Beneficiary(ies). The amount of each payment depends on the sex and Age of the Annuitant when payment begin.

Option 4: Payments of Fixed Amounts. We will make Annuity Payments of a certain amount until the Proceeds and interest earned by the unpaid Proceeds have been paid. The payments of a fixed amount must extend over a period of at least five (5) years. Our last payment will be the balance of the Proceeds and interest. You determine the amount of each payment.

Option 5: Joint Lifetime Income. We will make Annuity Payments for as long as either Joint Annuitant lives. Annuity Payments will cease upon the death of the second to die of the Annuitants. The amount of each payment depends on the sex and Age of the Annuitant when payments begin, and the survivorship option chosen at the time of annuitization. When a Joint Annuitant dies, payments will continue under one of the following survivorship options:

(1)  Equal payments of the original amount (joint and 100% survivor);

(2)  Equal payments of 2/3 of the original amount (joint and 2/3 survivor); or

(3)  Equal payments of 1/2 of the original amount (joint and 1/2 survivor).

If both Annuitants die after the Annuitization Date but before Annuity Payments begin, no Annuity Payments will be made.

If you do not choose a settlement option prior to the Annuitization Date, we will make Annuity Payments under the default settlement option. Under the default settlement option, we will make Annuity Payments over a 10-year specified period and then for as long as the oldest Annuitant lives, unless we are required to pay in some other manner in order for the Contract to qualify as an annuity or to comply with Section 401(a)(9) of the Code, in which case we will comply with those requirements.

Our consent for payment under one of the annuitization options is required if,

(1)  Any payment will be less than $100 under any one option;

(2)  The amount applied will be less than $5,000;

(3)  The recipient will be a non-natural person or assignee; or

(4)  The payment is not made by electronic funds transfer (EFT).

If we do not provide our consent, you will be required to select another annuitization option or to accept a lump sum payment. A recipient may not assign, transfer or encumber any payments prior to their receipt.

DEATH DURING ANNUITY PHASE

If the Annuitant dies during the annuity phase, any remaining Annuity Payments will be paid to the surviving primary Beneficiary. If there is no surviving primary Beneficiary, remaining Annuity Payments will be paid to the surviving contingent Beneficiary. If there is no surviving contingent Beneficiary, remaining Annuity Payments will be paid to the estate of the last Owner to die.

PROOF OF AGE OR SEX

We may require proof of age or sex before beginning Annuity Payments under any settlement option based on life or life expectancy. If the age or sex of any Annuitant has been misstated, Annuity Payments will be based on the corrected information. Underpayments will be made up in a lump sum with the next scheduled payment. We will deduct overpayments from future Annuity Payments until the amount of the overpayments is recouped by us. We will credit interest on underpayments and will charge interest on overpayments. We may require evidence satisfactory to us that an Annuitant is living before we make any payment.

14. BENEFITS AVAILABLE UNDER THE CONTRACT

The following table summarizes information about the benefits available under the Contract.

Standard Benefits

 

Name of Benefit

Purpose

Maximum Fee

Brief Description of Restrictions/Limitations

Free Withdrawal Amount

Provides for an amount that may be withdrawn each Contract Year without incurring Withdrawal Charges

None

• Only available during the accumulation period • Withdrawals of Free Withdrawal Amount may reflect Strategy Interim Values, which may be less than Strategy Base Values, and taxes and tax penalties • All Withdrawals count against Free Withdrawal Amount • Unused Free Withdrawal Amount not available in future Contract Years

(2)  A certified copy of a decree of a court of competent jurisdiction as to a finding of death; or

(3)  Any other proof acceptable to us.

Each Beneficiary will receive the value of the Death Benefit determined when the first Beneficiary provides notice in Good Order.

Recipient Of Death Benefit

Upon the death of an Owner during the accumulation phase, the Death Benefit is payable to the following:

•  Surviving Owner; or if none, then

•  Surviving primary Beneficiaries; or if none, then

•  Surviving contingent Beneficiaries; or if none, then

•  Estate of the last Owner to die.

If a person entitled to receive the Death Benefit dies before the Death Benefit is distributed, we will pay the Death Benefit to that person's named Beneficiary or, if none, to that person's estate.

Beneficiary Options

The recipient of the Death Benefit may elect to have the Death Benefit paid as:

(a)  A lump sum payment or series of Withdrawals at a time that is agreed to by you and us, but in no event later than five years from the date of death; or

(b)  If the Beneficiary is a natural person, Annuity Payments made over the Beneficiary's lifetime or a specified period of time not extending beyond the life expectancy of such Beneficiary, provided that the election must be made within 60 days from our receipt of proof of death. Annuity Payments must begin within one year from the date of death. Once Annuity Payments begin, they cannot be changed.

Life and life expectancy payouts of Death Benefits may not satisfy required minimum distribution rules under Qualified Contracts. See 15. Taxes and consult your tax advisor for more information. If the Death Benefit is payable to the Owner's estate, we will make a lump sum payment. Different Death Benefit elections may be available to certain Beneficiaries.

Spousal Continuation

In limited circumstances, when the Owner dies, if the spouse of the deceased Owner is the sole person entitled to receive a Death Benefit, the spouse may have the option to continue the Contract under the same terms. Under federal tax law, the spouse's option to continue the Contract is contingent upon whether the deceased Owner and the spouse were legally married under applicable state law. See 15. Taxes for more information.

The spouse may either elect to receive the amount of the Death Benefit or continue the Contract.

15. TAXES

This section discusses how the federal income tax applies to annuities in general. This information is not complete and is not intended as tax advice. Tax laws and their interpretations are complex and subject to change. We cannot predict the probability that any changes in the interpretation of the laws, or the laws themselves, will occur. No attempt is made to discuss state or other tax laws. Aspida Life does not guarantee the tax treatment of any Contract or any transaction involving a Contract. You bear the complete risk that the Contract may not be treated as an "annuity contract" under federal income tax laws. It should be further understood that the following discussion is not exhaustive and that special rules not described in this prospectus may be applicable in certain situations. You should consult a competent tax advisor about the possibilities of tax law changes and your individual circumstances.

ANNUITY CONTRACTS IN GENERAL

Different tax rules apply to Premium payments made to annuity contracts and distributions from annuity contracts depending on how you take money out and whether the annuity contract is a non-qualified Contract or a qualified Contract.

NON-QUALIFIED CONTRACTS

Individuals may purchase Non-Qualified Contracts without any Premium payment limits imposed under the Code. The Premium payments are normally not deductible but taxes on the increases in the value of the Contract are generally deferred until an actual or deemed distribution occurs, such as a distribution in the form of a lump sum payment, a partial withdrawal, or as Annuity Payments under the option elected.

Your cost basis in the Contract equals the total amount of the after-tax Premium payment remaining in the Contract. Under the Code, you generally are taxable on the "income on the contract" at the time it is received. The "income on the Contract" generally means the excess of the Contract value over the "investment in the Contract." The investment in the Contract, in turn, equals the aggregate amount of premiums paid less the non-taxable portion of amounts previously distributed from the Contract. Amounts distributed from a Contract are treated first as a taxable distribution of the income on the Contract, to the extent thereof, and second as a non-taxable distribution of the investment in the Contract. In the case of a full surrender of the Contract, the distribution is taxable income to the extent the amount received exceeds the investment in the Contract.

Distributions of income on the contract are includable in gross income and taxed at ordinary income rates. See also the discussion under Medicare Tax below. In certain situations, an ordinary loss deduction may be available upon the full surrender of a contract if the proceeds of the surrender are less than the investment in the Contract. However, the deduction will be a nondeductible miscellaneous itemized deduction. You should consult your tax advisor about any loss resulting from the surrender of a non-qualified annuity contract.

Contracts not owned for the benefit of natural persons, e.g., contracts owned by a corporation or certain other entities, are generally not treated as annuities for federal income tax purposes and any earnings are taxed as ordinary income in the current year. Exceptions may apply. For example, contracts held by a trust which holds the annuity contract as an agent for a natural person are treated as annuity contracts. Purchasers who are not natural persons should consult their own tax counsel or other tax advisor before purchasing the Contract.

In addition to ordinary income tax, Section 72(q) of the Code imposes a ten percent (10%) penalty on the income portion of any premature withdrawals from a non-qualified annuity contract. The penalty is not imposed on amounts received: (a) after the taxpayer reaches age 59¹​/₂; (b) after the death of the Owner; (c) if the taxpayer is totally disabled (for this purpose disability is as defined in Section 72(m)(7) of the Code); (d) as a series of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the taxpayer or for the joint lives (or joint life expectancies) of the taxpayer and his or her beneficiary; or (e) which are allocable to Premium payments made prior to August 14, 1982. With respect to (d) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59¹​/₂ or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed but for the exception, plus interest for the tax years in which the exception was used. There may be other exceptions to the 10% tax penalty and additional conditions to the 10% penalty exceptions described above. Before you make a withdrawal from a non-qualified Contract, you should consult your tax advisor to determine the tax treatment of the withdrawal and whether the 10% penalty tax will apply.

DISTRIBUTIONS AT DEATH

In order to be treated as an annuity contract for tax purposes, a non-qualified Contract must comply with Code Section 72(s), which provides that:

1.  If an owner dies before Annuity Payments begin, the entire interest in the contract must be distributed within five years after the date of the owner's death. If payable to a designated beneficiary, the distributions may be paid over the life or life expectancy of that designated beneficiary, so long as the payouts begin within one year of the Owner's death. If the sole designated beneficiary is the spouse of the owner, the contract may be continued in the name of the spouse as owner; or

2.  If the owner dies on or after Annuity Payments begin, the remainder of any interest in the contract must be distributed at least as rapidly as provided for in the method in effect on the date of death.

If the owner is not a natural person, then for purposes of these distribution rules, the annuitant is considered the owner. In addition, when the owner is not a natural person, a change in the annuitant is treated as the death of the Owner.

QUALIFIED CONTRACTS

The Contract may be purchased as a qualified Contract. At this time, the only types of qualified Contracts available for purchase are a traditional IRA and a Roth IRA. You do not have to purchase an annuity contract to qualify for the tax deferral offered by these qualified Contracts. There may be other investment vehicles that can be purchased for your retirement plan. However, an annuity contract has features and benefits other than tax deferral that may make it an appropriate investment for your retirement plan. Numerous special tax rules apply to the participants in qualified plans and to annuity contracts used in connection with qualified plans. Therefore, we make no attempt in this prospectus to provide more than general information about use of the Contract with qualified plans. Other than those qualified contract types listed above, we do not offer contracts purchased as part of your employer's retirement plan. You should consult your tax advisor regarding these features and benefits before you buy a qualified Contract.

Qualified Contracts are subject to special rules and limits on Premium payments and distributions that vary according to the type of IRA. You may be able to make a rollover contribution from other qualified plans and qualified contracts to this qualified Contract.

Ineligible or excess contributions to qualified Contracts can result in substantial penalties. Tax penalties of 10% or more may apply to certain distributions; for example, if you are under age 59¹​/₂ and an exception to the penalty does not apply.

TRADITIONAL IRAs

Contributions to a traditional IRA are subject to an annual contribution limit discussed below, except in the case of a rollover contribution. Such contributions may be deductible in whole or in part. A traditional IRA is subject to limitations on eligibility, contributions, transferability and distributions. Under certain conditions, distributions from other IRAs and other retirement plans may be rolled over or transferred on a tax deferred basis into an IRA in the form of rollover contribution. Purchasers of IRAs should obtain competent tax advice as to the tax treatment and suitability of such an investment.

ROTH IRAs

Under applicable limitations, individuals may also contribute nondeductible contributions to Roth IRAs. These Roth IRAs are also subject to limitations on eligibility, contributions, transferability and distributions. "Qualified distributions" from Roth IRAs are excluded from gross income. "Qualified distributions" are distributions which (a) are made more than five years after the taxable year of the first contribution to a Roth IRA, and (b) meet any of the following conditions: (1) the annuity owner has reached age 59¹​/₂; (2) the distribution is paid to a beneficiary after the owner's death; (3) the annuity owner is disabled; or (4) the distribution will be used for first time home purchase. (Qualified distributions for first time home purchases may not exceed $10,000.) Non-qualified distributions are includable in taxable gross income only to the extent that they exceed the contributions made to the Roth IRA. The taxable portion of a non-qualified distribution may be subject to the 10% penalty tax.

You may convert a traditional IRA to a Roth IRA. You will be required to include the taxable portion of the conversion in your gross income, but you will not be required to pay the 10% penalty tax. However, a 10% penalty tax may apply to a conversion from an IRA if distributions occur during the five taxable years beginning with the year in which the conversion was made. You should consult a tax advisor before converting an IRA to a Roth IRA.

IRAs IN GENERAL

If your Contract is issued as an IRA or Roth IRA, then we will issue the Contract with language intended to qualify the Contract for tax purposes as an IRA or Roth IRA. We will also provide the necessary administrative procedures to administer the IRAs and Roth IRAs in accordance with IRS requirements governing the sponsors of IRAs and Roth IRAs subject to the accuracy and completeness of the information you provide us.

The Contract is also available for purchase as an investment by an IRA or Roth IRA custodial or trust account. In that case, we will issue a non-qualified Contract to the custodian or trustee for the benefit of the underlying IRA owner, as the tax qualification requirements will appear in the account and the custodian or trustee is responsible for administering the account in accordance with IRS requirements. However, the rights of any person to benefits may be subject to the terms and conditions of the IRA or Roth IRA account, regardless of the terms and conditions of the Contract. In addition, we will not be bound by the terms and conditions of the account to the extent such terms and conditions contradict the Contract, unless we consent.

LIMITS ON ANNUAL CONTRIBUTIONS

Under federal tax law, traditional IRAs and Roth IRAs both limit the amount of annual contributions an individual can contribute to his or her traditional IRA or Roth IRA. The IRA and Roth IRA annual contribution limit for 2026 is the smaller of your taxable compensation or $7,500. This amount is lower than the minimum Premium payment of $25,000 that we accept. Therefore, you may only contribute an initial Premium payment that includes rollover contributions from other eligible retirement plans that, together with any annual contribution made at the time of Contract issuance, is at least sufficient to meet our minimum Premium payment. Rollover contributions generally will not be subject to annual contribution limits.

Traditional or Roth IRA owners aged 50 or older may be able to make additional "catch-up" contributions each year. For 2026, the catch-up amount is $1,100. A rollover from or conversion of a traditional IRA to a Roth IRA is generally subject to tax.

REQUIRED MINIMUM DISTRIBUTIONS

Generally, qualified Contracts (except for Roth IRAs) must make required minimum distributions. For traditional IRAs, you must begin receiving required minimum distributions by April 1 of the year following the year in which you reach the applicable age. For individuals who reached age 70¹​/₂ before January 1, 2020, the applicable age is 70¹​/₂. For individuals who reach age 72 before January 1, 2023, the applicable age is 72. For individuals who reach age 72 after December 31, 2022, and reach age 73 before 2033, the applicable age is 73. If an individual reaches age 74 after 2032, the applicable age is 75 (the required beginning date). There is a 25% penalty tax on the shortfall if you fail to take required minimum distributions, which may be reduced to 10% if corrected within a two-year correction period.

The required minimum distribution rules require that the entire interest in the Contract generally must be distributed not later than the required beginning date or distributed, beginning not later than the required beginning date, over the life or life expectancy of the owner, or the joint lives or joint life expectancy of the owner and his or her designated beneficiary. These requirements do not apply to a Roth IRA during the owner's life. Required minimum distributions from all IRAs you own may be taken in the form of withdrawals from (1) the IRA Contract Value prior to the Contract's Annuity Date, or (2) from one or more of the other IRAs that you own, to the extent permitted under federal tax law.

Generally, if the owner of a traditional IRA or Roth IRA dies the entire interest of the owner must be distributed by December 31st of the year that is the tenth anniversary of the owner's death or in the case of an "eligible designated beneficiary", over the life or life expectancy of the eligible designated beneficiary if such distributions begin no later than December 31st of the year after the date of the owner's death. An "eligible designated beneficiary" includes spouses, disabled and chronically ill individuals, individuals who are ten or less years younger than the deceased owner, and children who have not reached the age of majority (but only until they reach the age of majority). If your spouse is your beneficiary and your contract permits, your spouse may delay the start of required minimum distributions until December 31st of the year in which you would have reached your applicable age. The spouse beneficiary of an IRA may elect to roll over the death proceeds into his or her own traditional IRA (or a Roth IRA and pay tax on the taxable portion of the death proceeds) and treat the traditional IRA (or Roth IRA) as his or her own. Non-spouse beneficiaries may also be able to roll over death proceeds to an inherited IRA. If you die after required minimum distributions have begun, payments of your entire remaining interest must be made in a manner and over a period as provided under the Code. Roth IRAs are not subject to the required minimum distributions rule while the owner is alive. Distributions from a Roth IRA may be deferred until the death of the owner.

TAX TREATMENT OF WITHDRAWALS

To the extent Premium payments have a zero-cost basis (were made with pre-tax dollars), withdrawals will be taxed as ordinary income. In addition to ordinary income tax, Section 72(t) of the Code imposes a 10% penalty tax on the taxable portion of certain distributions from qualified Contracts. To the extent amounts are not includable in gross income because they have been rolled over to an IRA or to another eligible plan; no tax penalty will be imposed. The following is a list of some of the distributions to which the tax penalty will not apply:

(a) distributions made on or after the date on which the owner reaches ages 59¹​/₂; (b) distributions following the death or disability of the owner as defined by the Code; (c) distributions made after separation from service after attainment of age 55; (d) distributions that are part of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the owner or the joint lives (or joint life expectancies) of such owner and his or her beneficiary; (e) distributions made to the owner to the extent such distributions do not exceed the amount allowable as a deduction under Section 213 of the Code to the owner for amounts paid during the taxable year for medical care; (f) distributions made to pay health insurance premiums for an unemployed owner; (g) distributions made to pay qualified higher education expenses; (h) distributions made to an owner for first time home purchases; (i) distributions due to an IRS levy; (j) "qualified reservist distributions," as defined by the Code; (k) distributions to qualified public safety employees from a governmental defined benefit plan after attaining age 50 and separating from service; (l) distributions up to $5,000 in connection with the birth or adoption of a child; and (m) distributions to terminally ill individuals. The exception stated in (c) above does not apply to an IRA and Roth IRA. There may be other exceptions to the 10% tax penalty and additional conditions to the 10% penalty exceptions described above. Before you make a withdrawal, you should consult your tax advisor to determine the tax treatment of the withdrawal and whether the 10% penalty tax will apply.

TAXATION OF ANNUITY PAYMENTS

Although tax consequences may vary depending on the payout option elected under an annuity contract, a portion of each Annuity Payment (or "amount received as an annuity") is generally not taxed and the remainder is taxed as ordinary income. The non-taxable portion of an Annuity Payment is generally determined using an exclusion ratio in a manner that is designed to allow you to recover your after-tax investment in the contract. The exclusion amount for Annuity Payments based on a fixed annuity is determined by multiplying the payment by the ratio that the cost basis of the contract (adjusted for any period certain) bears to the expected return under the contract. For Qualified Contracts, the after-tax investment may be zero. The exclusion ratio is determined when Annuity Payments start. It is applied to each Annuity Payment over the expected stream of Annuity Payments, so that each Annuity Payment is taxable in part and tax free in part. Once your investment in the Contract has been fully recovered, however, the full amount of each Annuity Payment is subject to tax as ordinary income. If the Annuity Payments stop as a result of the Annuitant's death before full recovery of the investment in the Contract, you should consult a competent tax advisor to determine whether the unrecovered investment in the Contract is deductible. Owners, Payees and Beneficiaries under the contracts should seek competent financial advice about the tax consequences of any distributions.

As mentioned above, distributions prior to age 59¹​/₂ are subject to a 10% penalty tax, subject to certain exceptions. One exception is for distributions that are part of a series of substantially equal periodic payments (made not less frequently than annually) for the life (or

life expectancy) of the taxpayer or the joint lives (or joint life expectancies) of the taxpayer and his or her designated beneficiary. Another is the exception for Annuity Payments made pursuant to a partial or complete annuitization of your non-qualified Contract. Whether Annuity Payments made prior to age 59¹​/₂ satisfy either of these exceptions will depend on the manner in which such payments are made under the facts and circumstances of each case.

DEATH BENEFITS

Any Death Benefits paid under the Contract are generally taxable to the Beneficiary. The rules governing taxation of payments from an annuity contract, as discussed above, generally apply to the payment of Death Benefits and depend on whether the Death Benefits are paid as a lump sum or as annuity payments. Estate or gift taxes may also apply.

EFFECT OF CIVIL UNIONS AND DOMESTIC PARTNERSHIPS

For non-qualified and qualified annuities, there may be certain distribution options or elections available under federal tax law to beneficiaries who are "spouses" as defined under federal tax law. For federal tax law purposes, a "spouse" is a person recognized as a "spouse" in the state where the couple was legally married. The term does not include a party to a registered domestic partnership, civil union, or similar formal relationship recognized under state law that is not denominated a marriage under that state's law. Accordingly, these same options are not available to surviving beneficiaries who are "civil union partners," "domestic partners" or other similar relationships as recognized under the laws of certain states. The administration of spousal rights and the related tax reporting for the Contract will be done in a manner consistent with federal tax law requirements. The rights and benefits of civil union, domestic partnerships and other similar relationships under federal law are complex. Therefore, you should contact your legal advisor to discuss the availability of options and elections available to your surviving partner.

EXCHANGES

From time to time, we may offer programs under which certain annuity contracts previously issued by us may be exchanged for the Contracts offered by this prospectus. These programs will be made available on terms and conditions determined by us, and any such programs will comply with applicable law. We believe the exchanges will be tax free for federal income tax purposes; however, you should consult your tax advisor. Generally, you can exchange one non-qualified Contract for another in a tax-free exchange under Section 1035 of the Code. In addition, if your Contract is a qualified Contract, then it will generally qualify as a tax-free rollover or transfer. However, if the transaction takes the form of a 60-day rollover, only one such rollover is permitted during any one-year period.

You can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of your IRAs, including Roth IRAs, effectively treating them as one IRA for purposes of the limit. Trustee-to-trustee transfers between IRAs and rollovers from traditional to Roth IRAs are not limited.

If you exchange part of an existing contract for this Contract, and within 180 days of the exchange you receive a payment (e.g., you make a withdrawal) from either contract, the exchange may not be treated as a tax-free exchange. Rather, the exchange may be treated as if you had made a taxable withdrawal from the existing contract and then purchased this Contract. Subject to certain exceptions, some or all of the amount exchanged into this Contract could be includable in your income and subject to the 10% tax described in the "Non-Qualified Contracts" section of this prospectus.

If you are considering a partial exchange of an annuity contract, you should consider the conditions described by Revenue Procedure 2011-38. Under Rev. Proc. 2011-38: (1) the period of time after which cash can be withdrawn from either contract is 180 days beginning on the date of the transfer and (2) annuity payments that satisfy the newly enacted partial annuitization rule under Section 72(a)(2) of the Code will not be treated as a distribution from either the old or new contract.

In a private letter ruling, the IRS allowed the beneficiary of a series of several fixed and variable qualified inherited annuities to complete an exchange under Section 1035 of the Code of those contracts into a new variable annuity so long as the technical requirements for the exchange under Section 1035 of the Code were honored, and the beneficiary committed to taking post-death distributions from the new annuity at least as rapidly as were occurring under the old contract. While a private letter ruling gives an insight into the IRS' view, legally it only applies to the taxpayer who requested the ruling. A beneficiary contemplating an exchange under Section 1035 of the Code of an inherited annuity contract should consult with their tax advisor.

Before making an exchange, you should compare both contracts carefully. You may have to pay a Withdrawal Charge on your existing annuity contract; other charges may be higher (or lower), and the benefits may be different. You should not exchange another annuity contract for this one unless you determine that, after knowing all the facts, the exchange is in your best interest. Also, you should consult your tax advisor in connection with an exchange involving the Contract, especially if you anticipate making a withdrawal from either contract.

A transfer or assignment of ownership of a contract, the designation of an annuitant, the selection of certain annuity dates, or the exchange of a contract may result in certain tax consequences to you that are not discussed here. An owner contemplating any such transfer, assignment or exchange should consult with their tax advisor.

MULTIPLE CONTRACTS

All deferred non-qualified annuity contracts that are issued by Aspida Life (or any affiliate) to the same owner during any calendar year will be treated as one annuity contract for purposes of determining the taxable amount. As a result, withdrawals from any such contracts will be taxed based upon the income in all of the contracts aggregated in the same calendar year. Such treatment may result in adverse tax consequences including more rapid taxation of the distributed amounts from such multiple contracts. For purposes of the aggregation rule, contracts received in a 1035 exchange will be considered issued in the year of the exchange. Also, all traditional IRAs you own will be treated as one IRA for tax purposes. You should consult a tax advisor prior to purchasing more than one annuity contract in any calendar year or owning more than one IRA.

TAX WITHHOLDING

Generally, federal income tax is withheld from the taxable portion of non-periodic payments at a rate of 10%. Withholding on periodic payments as defined by the Code is at the same rate as wages. Typically, you may elect not to have income taxes withheld or to have withholding done at a different rate. Special withholding rules apply to United States citizens residing outside the United States and to nonresident aliens.

FEDERAL ESTATE TAXES

While no attempt is being made to discuss the federal estate tax implications of the Contract in detail, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor for more information.

The estate and gift tax unified credit basic exclusion amount applicable to individuals is $15 million for 2026. We do not yet know if this amount will change after 2026. The maximum tax rate applicable to an estate that exceeds this limit is 40%. The uncertainty as to how the current law might be modified in the future underscores the importance of seeking guidance from a competent professional to help ensure that Your estate plan adequately addresses Your needs and that of Your beneficiaries under all possible scenarios.

GENERATION SKIPPING TRANSFER TAX

Under certain circumstances, the Code may impose a "generation-skipping transfer tax" when all or part of an annuity contract is transferred to, or a Death Benefit is paid to, an individual two or more generations younger than the owner. Regulations issued under the Code may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

MEDICARE TAX

Distributions from non-qualified annuity contracts will be considered "investment income" for purposes of the 3.8% Medicare tax on investment income. Thus, in certain circumstances, this tax will be applied to some or all of the taxable portions of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts. Please consult a tax advisor for more information.

ANNUITY PURCHASES BY NONRESIDENT ALIENS AND FOREIGN CORPORATIONS

The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. If you are not a U.S. citizen or resident, you will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, you may be subject to state and/or municipal taxes and taxes that may be imposed by your country of citizenship or residence. You should consult with a qualified tax advisor regarding U.S., state, and foreign taxation with respect to purchasing the Contract.

FOREIGN TAX CREDITS

We may benefit from any foreign tax credits attributable to taxes paid by certain Indices to foreign jurisdictions to the extent permitted under federal tax law.

POSSIBLE TAX LAW CHANGES

Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Contract could change by legislation or otherwise. Consult a tax advisor with respect to legislative developments and their effect on the Contract.

We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that annuity contract owners currently receive. We make no guarantee regarding the tax status of any contract and do not intend the above discussion as tax advice.

16. ADDITIONAL INFORMATION

GENERAL ACCOUNT

All of our obligations and any guaranteed benefits under the Contract are supported by our General Account. Aspida Life exercises sole discretion over the investment of General Account assets and bears the associated investment risk. You will not share in the investment experience of General Account assets. The General Account invests its assets in accordance with state insurance law. All of the assets of the General Account are chargeable with the claims of any of our contract owners as well as our creditors and are subject to liabilities arising from any of our other business. Our obligatons and any guaranteed benefits are subject to our claims-paying ability and financial strength.

UNREGISTERED SEPARATE ACCOUNT

We place certain assets supporting your Contract in the Separate Account. We have exclusive and absolute ownership and control of the assets of the Separate Account. You do not share in the investment performance of assets allocated to the Separate Account. The Separate Account is not registered under the Investment Company Act of 1940, as amended. It is non-unitized, non-insulated and was established under the laws of Michigan solely for the purpose of supporting our obligations under the Contracts. Like our General Account, all of the assets of the Separate Account are chargeable with the claims of any of our contract owners as well as our creditors and are subject to the liabilities arising from any of our other business.

CHANGES TO THE SEPARATE ACCOUNT

Where permitted by applicable law, we reserve the right to make certain changes to the structure and operation of the Separate Account. We will not make any such changes without receiving any necessary approval of any applicable state insurance department.

ABANDONED PROPERTY REQUIREMENTS

Every state has unclaimed property laws that generally declare non-ERISA annuity contracts to be abandoned after a period of inactivity of three to five years from the contract's maturity date, the date the death benefit is due and payable, or such other date as required by state law. Contracts purchased through certain qualified plans, including IRAs and Roth IRAs, may be subject to special or additional abandoned property rules under state law. For example, if the payment of a death benefit has been triggered, but, if after a thorough search, we are unable to locate the Beneficiary of the death benefit, or the Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid (or "escheated") to the abandoned property division or unclaimed property office of the state in which the Beneficiary or you last resided, as shown on our records, or to our state of domicile. The state is then obligated to pay the death benefit (without interest) if your Beneficiary claims it with the proper documentation. To prevent your Contract's proceeds from being escheated, it is important that you contact us to update your Beneficiary designations, including addresses, if and as they change.

SUSPENSION OF PAYMENTS OR TRANSFERS

We may suspend or delay the payment of Death Benefits and Withdrawals, the calculation of Annuity Payments, and transfers when we cannot calculate a Contract Value or Surrender Value under any of the following circumstances:

•  the New York Stock Exchange is closed (other than customary weekend and holiday closings);

•  the closing value of an Index is not published;

•  trading on the New York Stock Exchange is restricted;

•  the calculation of Strategy Interim Values is not reasonably practical due to an emergency; or

•  during any other period when a regulator, by order, so permits.

If a value for an Index cannot be obtained on any day due to any of these circumstances, we will use the value of the Index as of the next Business Day that the value is available. If the beginning day of a Strategy Period falls on a Business Day for which we cannot obtain a value for an Index, the beginning day of the Strategy Period will not change.

RESTRICTIONS ON FINANCIAL TRANSACTIONS

Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to block an Owner's ability to make certain transactions and thereby refuse to accept any request for transfers, Withdrawals, Surrenders, or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators.

DISTRIBUTION

The Contracts are distributed by Aspida Financial Distributors, LLC ("AFD"), located at 2327 Englert Drive, Durham, NC 27713. AFD is owned by the direct parent company of Aspida Life. AFD is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA").

We have entered into a distribution and underwriting agreement with AFD for the distribution of the Contracts. AFD may also perform certain administrative functions on our behalf. We may fund operating and other expenses of AFD, including overhead, legal and accounting fees, financial professional training, compensation for the AFD management team, and other expenses associated with the Contracts.

No amounts are retained by AFD for acting as principal underwriter for the Contracts, but its expenses are covered by Aspida Life. AFD will use its best efforts to perform its distribution services but is not required to sell any number or dollar amount of Contracts. We may stop offering the Contracts at any time.

AFD does not sell the Contracts on a retail basis, but instead enters into selling agreements with unaffiliated broker- dealers ("selling firms") that are registered as a broker-dealers under the 1934 Act and member of FINRA. Contracts are sold to the public through these selling firms and their licensed financial professionals. These financial professionals are licensed to sell annuity products under state insurance laws and are also registered representatives of the selling firms.

We generally pay the selling firms on a commission basis. The amount and timing of the commission payments will differ depending on the agreement between us and the selling firm and the Contract sold, but the commission is not expected to be more than 7.25% of the Premium. Some selling firms may elect to receive a smaller amount of commission at the time of the sale and an ongoing trail commission while the Contract remains in effect, which when totaled, could exceed 7.25% of the Premium. We may also pay or allow other promotional incentives or payments to selling firms and their financial professionals in the form of cash or other compensation to the extent permitted by FINRA rules and other applicable laws and regulations.

Selling firms typically share a portion of the commissions they receive from the Company with the financial professionals who solicit sales of the Contracts, depending on the agreement between the selling firm and the financial professional. Your financial professional may also receive other cash and non-cash compensation and other benefits from their selling firm. If you would like information about what your financial professional and his or her selling firm received in connection with your Contract, please ask your financial professional.

We also pay allowances, bonuses and other incentives to some selling firms. These additional incentives or payments are calculated in different ways and are not offered to all selling firms. We may also make payments to selling firms for other services that do not directly involve the sale of the Contracts. These services may include the recruitment and training of personnel, production of promotional literature, and similar services. We also provide non-cash compensation to selling firms, which include providing (or covering costs associated with) conferences, seminars and other marketing events and expenses, and items of small value, such as promotional gifts, meals or tickets to sporting or entertainment events. These additional incentives or payments are calculated in different ways and are not offered to all selling firms. The non-cash compensation programs are subject to, and designed to comply with, applicable laws, including FINRA regulations.

In addition to the compensation described above, we may make additional cash payments to some selling firms in support of their marketing and distribution services. These payments are not offered to all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms depending on, among other things, the level and type of marketing and distribution services provided. Marketing and distribution services may include, among other services, increased access to the financial professionals of the selling firm for purposes of promoting sales of our products, assistance in training and education of the financial professionals, and opportunities for us to participate in sales conferences and educational seminars. In certain instances, we may make payments to a selling firm for inclusion of this Contract in a list of products offered for sale by selling firm.

The compensation paid to your financial professional and their selling firm (including any allowances, bonuses, non-cash compensation and other incentive payments) could create an incentive for your financial professional and the selling firm with which they are associated, to recommend the Contract because they will receive more compensation for the Contract than for other investments they could recommend.

While we do not charge you directly for any commissions or other payments paid, we do intend to recoup commissions and other expenses indirectly through fees and charges deducted under the Contract and other revenue arising from the Contract.

AMENDMENTS TO THE CONTRACT

We reserve the right to amend the Contract to meet the requirements of applicable federal or state laws or regulations. You will be notified in writing of any changes, modifications or waivers.

ACCOUNT STATEMENTS

At least once each year during the accumulation phase, we will send you an annual statement. The annual statement will show the current Contract Value, any transactions during the statement period, any fees deducted during the statement period, the current value of the Death Benefit, and current values held in the Fixed Crediting Rate Strategy and each Indexed Crediting Rate Strategy. The reporting period for the annual statement may be different than a Contract Year.

CERTAIN TRANSACTIONS

Certain transactions may be permitted by telephone and electronically on the Internet and may require that we have properly signed authorization for your Contract on record. In addition, you may authorize someone else to make transactions by telephone, and if available on the Internet, on your behalf. Aspida Life will not be liable for any failure to question or challenge such requests as long as there is a valid signed authorization on record at Aspida Life. Transactions submitted by Internet will require certain identification information, such as a password or personal identification information.

Although we use reasonable procedures, including recording all telephone instructions and requiring certain personal identification information to prevent unauthorized account access, we cannot assure you that telephone or Internet activity will be completely secure or free of delays or malfunctions. If you choose to make transactions by telephone or Internet, you must be willing to assume the risk of loss that may occur despite our reasonable efforts to verify identity. We are not responsible for the negligence or wrongful acts of third parties.

LEGAL PROCEEDINGS

We, like other life insurance companies, are from time to time involved in legal proceedings of various kinds arising in or outside of the ordinary course of business, including litigation principally relating to our business. These may include legal proceedings with private parties or with regulators or other legal authorities. There can be no assurance that any pending or future litigation will not have a material adverse effect on our business, financial condition, or results of operations. In addition, from time to time and in the ordinary course of business, we, like others in the insurance and financial services industries, receive requests for information from government agencies in connection with such agencies' regulatory or investigatory authority. Such requests can include financial or market conduct examinations, subpoenas or demand letters for documents to assist the government in audits or investigations. We review such requests and notices and take appropriate action. We have been subject to certain requests for information and investigations in the past and could be subject to them in the future.

FINANCIAL STATEMENTS

The statutory-basis financial statements of Aspida Life Insurance Company are included in the Statement of Additional Information. They should be considered only as they relate to our ability to meet our obligations under the Contract. Instructions on how to obtain the Statement of Additional Information are included on the back cover page.

STATE VARIATIONS

This prospectus describes the material rights and obligations under the Contract. Certain provisions of the Contract may be different from the general description in this prospectus due to variations required by state law. For example, state law may require different right-to-examine provisions and may impose different issue-age limitations. The state in which your Contract is issued also governs whether certain options or charges are available or will vary under your Contract. Please see Appendix B: Material State Variations for a listing of material state variations. Any state variations will be included in your Contract or in riders or endorsements attached to your Contract.

FINANCIAL INTERMEDIARY VARIATIONS

Variations in contract benefits or features described in this prospectus may be imposed without our knowledge by some financial institutions or broker-dealers through which the Contract was sold. For example, your financial professional may not recommend a particular Indexed Crediting Rate Strategy or contract benefit to you. Because of the breadth of our distribution network and our agreements with our distribution partners, we cannot obtain pertinent information regarding such variations without unreasonable effort and expense. If you have any questions about any limitations, restrictions, or other variations related to the Indexed Crediting Rate Strategies, contract benefits or other contract features available to you, please reach out to your financial professional.