Form 497VPU MEMBERS Life Insurance

April 10, 2025 9:17 AM EDT
MEMBERS® Zone Annuity
Issued by:
MEMBERS Life Insurance Company
UPDATING SUMMARY PROSPECTUS FOR EXISTING INVESTORS
DATED MAY 1, 2025
This Updating Summary Prospectus summarizes key features of the MEMBERS® Zone Annuity, an
individual or joint owned, single premium deferred index annuity contract. This prospectus also provides a
summary of any Contract features that have changed.
The prospectus for the Contract contains more information about the Contract’s features, benefits, and
risks. You can find this document and other information about the Contract online at https://
www.trustage.com/regulatory-documents. You can also obtain this information at no cost by calling
1-800-798-5500 or by emailing AnnuityAndPRTManagersMail@trustage.com.
Additional information about certain investment products, including index-linked annuities, has been
prepared by the Securities and Exchange Commission’s staff and is available at investor.gov/.
Neither the SEC nor any state securities commission has approved or disapproved of these
securities or determined if this Prospectus is truthful or complete. Any representation to the
contrary is a criminal offense.
TABLE OF CONTENTS
APPENDIX:  ALLOCATION OPTIONS AVAILABLE UNDER THE CONTRACT
A-1
2
GLOSSARY
Annuitant (joint annuitant) – The natural person(s) whose life (or lives) determines the amount of
annuity payments under the Contract.
Bailout Provision – If the Cap for your Risk Control Account is set below the bailout rate prominently
displayed on your Data Page, the Bailout Provision allows you to make a withdrawal of some or all of the
Contract Value attributable to that Risk Control Account without a Surrender Charge or MVA during the
Initial Index Period.
Business Day – Any day both the Company and the New York Stock Exchange are open for business.
The Company will be closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day,
Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. We are closed on
the day itself if those days fall Monday through Friday, the day immediately preceding if those days fall on
a Saturday, and the day immediately following if those days fall on a Sunday.
Cap – The maximum index interest rate that we may use to determine Credited Index Interest. We may
change this rate at the beginning of a Contract Year.
Company – MEMBERS Life Insurance Company; also referred to as “we”, “our” and “us”.
Contract – The MEMBERS Zone Annuity, an individual or joint owned, single premium deferred annuity
contract issued by MEMBERS Life Insurance Company.
Contract Anniversary – The same day and month as the Contract Issue Date for each year the Contract
remains in force.
Contract Issue Date – The date from which Contract Years and Contract Anniversaries are determined.
The Contract Issue Date is shown on your Data Page.
Contract Value – The current value of your annuity as provided under this Contract during the
Accumulation Period.
Contract Year – Any twelve-month period beginning on the Contract Issue Date or Contract Anniversary
and ending one day before the next Contract Anniversary.
Credited Index Interest – The amount of Index Interest credited on each Contract Anniversary and at
time of partial withdrawal, surrender, death and annuitization. Credited Index Interest may be positive or
negative and will impact Contract Value.
Data Page – Pages attached to your Contract that describe certain terms applicable to your specific
Contract.
Death Benefit – The Contract Value adjusted for Credited Index Interest as of the date death benefits are
payable.  We do not apply the Surrender Charge or MVA in determining the death benefit payable.
Floor – The minimum index interest rate that we may use to determine the Credited Index Interest.
Income Payment Option – An option to receive income payments during the Payout Period.
Index – The S&P 500 Price Return Index or any substituted suitable alternative index.
Index Interest – Interest we calculate that is based in part on the performance of an Index.
Initial Index Period – The period beginning on the Contract Issue Date and ending on the Initial Index
Period Expiration Date specified on your Contract Data Page. Under your Contract, you choose the
duration of the Initial Index Period, which can be 5, 6, 7 or 10 years.
Market Value Adjustment (“MVA”) – An adjustment that we will make to the amount you receive if you
surrender the Contract or take a partial withdrawal during the Initial Index Period.
Owner – The person(s) (or entity) who owns the Contract and whose death determines the Death Benefit.
If there are multiple Owners, each Owner will be a joint Owner of the Contract and all references to
3
Owner will mean joint Owners. The Owner has all rights, title and interest in this Contract during the
Accumulation Period. The Owner may exercise all rights and options stated in this Contract, subject to the
rights of any irrevocable Beneficiary. The Owner is also referred to as “you” or “your.”
Payout Period – The phase the Contract is in once income payments begin.
Purchase Payment – A single payment that we require to issue the Contract. We do not allow any
additional Purchase Payments under the Contract.
Qualified Contract – An annuity that is part of an individual retirement plan, pension plan or employer-
sponsored retirement program that is qualified for special tax treatment under the Internal Revenue Code.
Risk Control Account – An interest crediting option to which you may allocate your contract value.
Risk Control Account Value – The amount of Contract Value allocated to a Risk Control Account.
Surrender Charge – The charge we assess when you surrender the Contract or make a partial
withdrawal of Contract Value during the Initial Index Period.
UPDATED INFORMATION ABOUT YOUR CONTRACT
Below is a summary of certain Contract features that have changed since the prospectus dated May 1,
2024. This may not reflect all of the changes that have occurred since you entered into your Contract.
•None
KEY INFORMATION
IMPORTANT INFORMATION YOU SHOULD CONSIDER
ABOUT THE MEMBERS ZONE ANNUITY
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There Charges
or Adjustments for
Early Withdrawals?
Yes. If you surrender your contract or take a withdrawal
during the Initial Index Period, you may be assessed a
Surrender Charge of up to 9% of the amount withdrawn in
excess of the free annual withdrawal amount. For example, if
you were to surrender your Contract during the first Contract
Year (when there is no free annual withdrawal amount), you
could pay a surrender charge of up to $9,000 on a $100,000
investment.
Your loss will be greater if there is a negative MVA, income
taxes, or an additional tax.
If you surrender your Contract or take a withdrawal during the
Initial Index Period, we will apply an MVA (which may be
positive or negative) to the amount being withdrawn that is in
excess of the free annual withdrawal amount.
The MVA could result in the loss of your principal and
previously credited interest, regardless of the investment
option to which you allocated Contract Value. In extreme
circumstances, such losses could be as high as 100% of
your Contract Value allocated to a Risk Control Account.
Fee Table
Charges and
Adjustments
Are There
Transaction
Charges?
Yes. In addition to Surrender Charges and the MVA, if you
change the Annuitant within the first two Contract Years, we
reserve the right to assess a fee to offset the expenses
incurred.
Fee Table
Charges and
Adjustments
4
Are There Ongoing
Fees and
Expenses?
Yes. There is an implicit ongoing fee on the Risk Control
Accounts to the extent that the Cap limits your
participation in Index gains.
This means your returns may be lower than the Index's
returns; however, in exchange for accepting limits on Index
gains, you receive some protection from Index losses through
the Floor.
Please refer to your Data Page for information about the
specific implicit fees you will pay each year based on the
options you have elected.
Fee Table
Charges and
Adjustments
RISKS
Location in
Prospectus
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money by investing in the Contract,
including loss of principal and previously credited interest,
due to negative Index performance. There is a risk of loss of
principal and previously credited interest with the Growth
Account of up to 10% (with a Floor of -10%) each Contract
Year due to negative Index performance.
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 if you need ready access to cash. The benefits of
tax deferral mean that the Contract is more beneficial if you
have a long time horizon.
Withdrawals and surrenders may be subject to a Surrender
Charge, an MVA (which may be positive or negative), and
federal and state income taxes, and, if taken before age 59½,
a 10% additional tax. Withdrawals will also reduce the Death
Benefit and Contract Values, perhaps by significantly more
than the amount of the withdrawal.
At least fifteen days prior to each Contract Anniversary, we
will send a notice that describes your right to transfer
Contract Value between the Secure Account and the Growth
Account and your right to exercise the Bailout Provision, if
applicable. The new investment options may have different
terms than what was previously available. If we do not
receive transfer instructions by authorized request at least
two Business Days before the Contract Anniversary, we will
apply the maturing Contract Value to the same investment
option for the next Contract Year.
Principal Risks of
Investing in the
Contract
Charges and
Adjustments
Federal Income
Tax Matters
5
What Are the Risks
Associated with
Allocation
Options?
An investment in the Contract is subject to the risk of poor
investment performance and can vary depending on the
performance of the investment options available under the
Contract. Each Risk Control Account has its own unique
risks. You should review the investment options carefully
before making an investment decision.
The Cap may limit positive Index returns. For example, if the
Index performance is 12%, and the Cap is 4%, we will credit
4% in interest at the end of the Contract Year. The Floor will
limit negative Index performance and thereby provide limited
protection in the case of a market decline. For example, if the
Index performance is -25% and the Floor is -10%, we will
credit -10% at the end of the Contract Year.
The Index is a "price return index," which means the Index
performance does not include dividends paid on the
securities comprising the Index. This will reduce Index
performance and will cause the Index to underperform a
direct investment in the underlying securities.
Principal Risks of
Investing in the
Contract
Risk Control
Account Option
What Are the Risks
Related to the
Insurance
Company?
An investment in the Contract is subject to the risks related to
the Company. Any obligations (including under the Risk
Control Accounts), guarantees (such as the Death Benefit), or
benefits are subject to the Company's claims-paying ability.
More information about the Company, including its financial
strength ratings, is available upon request by calling
1-800-798-5500.
Principal Risks of
Investing in the
Contract
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on the
Allocation
Options?
Yes, as described below there are restrictions on certain
features of allocations, transfers, withdrawals, and investment
option features. Not all Allocation Options may be available in
all markets where we offer the Contract.
Allocations. After the Initial Index Period, only the Secure
Account will be available as an investment option under the
Contract. The Growth Account is not available after the Initial
Index Period.
We reserve the right, at our discretion, to restrict allocations
into the Risk Control Account if the Cap for your Risk Control
Account is less than the rate specified in the Bailout Provision
(as shown on your Data Page).
Allocating Your
Purchase Payment
Changes to Investment Options and Features. We may
set a new Cap Rate for a subsequent Contract Year. We will
notify you of any new rates at least two weeks before the end
of the current Contract Year.
We reserve the right to add, substitute, or eliminate Indices
and investment options as described in this Prospectus. If
there is a delay between the date we remove the Index and
the date we add a substitute Index, your Risk Control Account
Value will be based on the value of the Index on the date the
Index ceased to be available, which means market changes
during the delay will not be used to calculate the index
interest.
Risk Control
Account Option
Withdrawals. Beginning in Contract Year 2, you may take up
to two withdrawals each Contract Year. We do not allow
withdrawals in Contract Year 1, with the exception to allow for
requirements set forth by the Internal Revenue Code.
Access to Your
Money
6
Are There any
Restrictions on
Contract Benefits?
Yes. Systematic Withdrawals may be taken on a monthly,
quarterly, semi-annual, or annual basis. The withdrawals
must be at least $100 each. There are additional limitations
on the amounts that you may request and the timing for
requesting and terminating Systematic Withdrawals. The MVA
and Surrender Charge may apply.
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 the Contract. There is no additional tax
benefit if you purchase the Contract through a qualified
retirement plan or individual retirement account (IRA).
Withdrawals from the Contract are subject to ordinary income
tax, and may be subject to a 10% additional tax if taken
before age 59½.
Federal Income
Tax Matters
CONFLICTS OF INTEREST
Location in
Prospectus
How Are
Investment
Professionals
Compensated?
Some investment professionals (also referred to as "financial
professionals" in this prospectus) may receive compensation
for selling the Contract to you in the form of commissions or
other compensation. These other forms of compensation may
include cash bonuses, insurance benefits and financing
arrangements. Non-cash benefits may include conferences,
seminars and trips (including travel, lodging and meals in
connection therewith), entertainment, merchandise and other
similar items. The Company may also pay asset-based
commissions (sometimes called trail commissions) in addition
to Purchase Payment-based commissions. Investment
professionals may also receive other payments from us for
services that do not directly involve the sale of the Contracts,
including personnel recruitment and training, production of
promotional literature and similar services.
As a result of these compensation arrangements, investment
professionals may have a financial incentive to offer or
recommend the Contract over another investment. You
should ask your investment professional for additional
information about the compensation he or she receives in
connection with your purchase of the Contract.
Other Information
– Distribution of
the Contract
Should I Exchange
My Contract?
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 your existing
contract, that it is better for you to purchase the new contract
rather than continue to own your existing contract. Some
investment professionals may have a financial incentive to
offer you a new contract in place of the one you already own.
Getting Started -
The Accumulation
Period - Tax Free
1035 Exchanges
A-1
APPENDIX: ALLOCATION OPTIONS AVAILABLE UNDER THE CONTRACT
The following is a list of the Risk Control Account options currently available under the Contract. We may
change the features of the Risk Control Accounts listed below (including the Index and the Caps), offer
new Risk Control Accounts, and terminate existing Risk Control Accounts. We will provide you with written
notice before making any changes other than changes to the Caps. Information about current Caps is
available at  https://www.trustage.com/zone-annuity-rates.
Note: During the Initial Index Period, if you surrender your Contract or take a partial withdrawal,
we will apply an MVA (which may be positive or negative). This may result in a significant
reduction in your Contract Value that could exceed any protection from Index loss that would be
in place if you held the option until the end of the the Initial Index Period.
Index
Type of Index
Crediting
Period
Account Type
Limit on Index
Loss (if held
the entire
Initial Index
Period)
Minimum Limit
on Index Gain
(for the Life of
the Contract)
S&P 500
Price Return
Index(1)
stock market index based
on market capitalizations
of 500 leading companies
publicly traded in the U.S.
stock market
1 year(2)
Secure Account
0% Floor
1% Cap
Growth Account
-10% Floor
1% Cap
1.The performance of the Index does not include dividends paid on the securities comprising the
Index, and therefore, the performance of the Index does not reflect the full performance of those
underlying securities. This will reduce Index performance and will cause the Index to
underperform a direct investment in the underlying securities.
2.We credit interest to each Risk Control Account at the end of each Contract Year by comparing
the change in the Index from each Contract Anniversary (the first day of the Contract Year) to the
last day of the current Contract Year. However, withdrawals and surrenders during the Initial Index
Period will be subject to the MVA.
The Index Return is determined on each Contract Anniversary and is measured over the Contract Year.
Because Index interest is calculated on a single point in time you may experience negative or flat
performance even though the Index experienced gains through some, or most, of the Contract Year.
The Floors for the Secure Account and Growth Account will not change during the life of your Contract.
We set the Cap each year for the next Contract Year. In return for accepting some risk of loss to your Risk
Control Account Value allocated to the Growth Account, the Cap for the Growth Account is higher than the
Cap for the Secure Account. The Cap will always be at least 1%.
Not all investment options may be available in all markets where we offer the Contract.
This Updating Summary Prospectus incorporates by reference the Prospectus and Statement of
Additional Information for the Contract, both dated May 1, 2025, as supplemented. The SAI may be
obtained, free of charge, in the same manner as the Prospectus.
EDGAR Contract Identifier:  C000261253

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