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MEMBERS® Variable Universal Life

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MEMBERS® Variable Universal Life MEMBERS® Variable Universal Life PROSPECTUSES MAY 2019 This booklet is for policyowners of MEMBERS® Variable Universal Life, a flexible premium variable universal life insurance policy issued by CMFG Life Insurance Company and supported by the CMFG Variable Life Insurance Account. This booklet contains prospectuses for MEMBERS® Variable Universal Life and the following mutual funds in which the CMFG Variable Life Insurance Account invests: • T. Rowe Price International Stock Portfolio, a series of T. Rowe Price International Series, Inc. • Core Bond Fund, Diversified Income Fund, Large Cap Value Fund, Large Cap Growth Fund and Mid Cap Fund (Class I), each a series of the Ultra Series Fund. • Vanguard Variable Insurance Fund Money Market Portfolio, a series of Vanguard® Insurance Fund. Distributed by: CUNA Brokerage Services, Inc. Office of Supervisory Jurisdiction 2000 Heritage Way Waverly, IA 50677 Member FINRA & SIPC Telephone: (319) 352-4090 (800) 798-5500 Move confidently into the futureTM PROSPECTUS To reduce service expenses, CMFG Life Insurance Company may send only one copy of this booklet per household, regardless of the number of policyowners at the household. However, any policyowner may obtain additional copies of this booklet upon request to CMFG Life Insurance Company. If you have questions, please call CMFG Life Insurance Company at 1.800.798.5500, Monday through Friday, 7:00 a.m. to 7:00 p.m., Central Time. As with all variable life insurance policies and mutual funds, the Securities and Exchange Commission (“SEC”) has not approved or disapproved of these securities, nor does the SEC guarantee the accuracy or adequacy of any prospectus. Any statement to the contrary is a criminal offense. Special Note To view information about your contract online, visit http://e service.cunamutual.com PROSPECTUS May 1, 2019 MEMBERS® Variable Universal Life A Flexible Premium Variable Universal Life Insurance Policy Issued by CMFG Life Insurance Company This Prospectus describes the Policy issued by CMFG Life Insurance Company (“we”, “our” or “us”) and supported by the CMFG Variable Life Insurance Account (“Separate Account”). The Policy is designed as a long-term investment that attempts to provide significant life insurance benefits for the entire lifetime of the Insured. This discussion in this Prospectus is meant for current Owners. We no longer issue new Policies and we no longer issue new riders on any Policy. This Prospectus provides information that a prospective Owner should know before investing. You should keep this Prospectus for future reference as you consider the Policy in conjunction with other insurance you own. With this Policy, you can allocate Net Premium and Accumulated Values to: x Subaccounts of the Separate Account, each of which invests in one of the mutual funds listed on this page; or x An Interest Bearing Account, which credits a specified rate of interest. A prospectus for each of the mutual funds in which the Separate Account invests accompanies this Prospectus. Please read these documents before investing and save them for future reference. The mutual funds available include: Ultra Series Fund T. Rowe Price International Series Core Bond Fund T. Rowe Price International Stock Portfolio Diversified Income Fund Large Cap Value Fund Large Cap Growth Fund Mid Cap Fund Vanguard® Variable Insurance Fund Vanguard Variable Insurance Fund Money Market Portfolio An investment in the Separate Account is not a bank or credit union deposit and the Policy is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investment in the Separate Account involves certain risks including loss of premium (principal). Please refer to the “Summary of Policy Benefits and Risks” section of this Prospectus that describes certain risks associated with investing in a Policy. Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, you may not be receiving paper copies of Fund shareholder reports from CMFG Life Insurance Company unless you specifically request paper copies from us or from your financial professional. Instead, the shareholder reports will be made available on the Fund’s website, and we will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by us in the notice. You may elect to receive all future Fund reports in paper free of charge from us. You can inform us that you wish to continue receiving paper copies of your Fund shareholder reports by writing to our Administrative Office at 2000 Heritage Way, Waverly, Iowa 50677, or by calling 1-800-798-5500. Your election to receive reports in paper will apply to all Funds available under your Contract. The Securities and Exchange Commission (“SEC”) has not approved or disapproved this Policy or determined that this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense. TABLE OF CONTENTS Page SUMMARY OF POLICY BENEFITS AND RISKS ................................................................................................................................ 1 Benefits Summary .................................................................................................................................................................................. 1 Risk Summary ........................................................................................................................................................................................ 3 Fee Tables .............................................................................................................................................................................................. 4 CMFG LIFE INSURANCE COMPANY .................................................................................................................................................. 8 THE SEPARATE ACCOUNT AND THE FUNDS .................................................................................................................................. 8 Ultra Series Fund .................................................................................................................................................................................... 9 T. Rowe Price International Series, Inc. ................................................................................................................................................. 9 More Information About the Funds ........................................................................................................................................................ 9 The Interest Bearing Account ............................................................................................................................................................... 10 THE POLICY .......................................................................................................................................................................................... 10 The Policy ............................................................................................................................................................................................ 10 Flexibility of Premiums ........................................................................................................................................................................ 10 Allocation of Net Premiums ................................................................................................................................................................. 11 Lapse .................................................................................................................................................................................................... 11 Reinstatement ....................................................................................................................................................................................... 11 Premiums to Prevent Lapse .................................................................................................................................................................. 11 Death Benefit Proceeds ........................................................................................................................................................................ 12 Change of Death Benefit Option .......................................................................................................................................................... 13 Accelerated Benefit Option .................................................................................................................................................................. 13 Change of Specified Amount ............................................................................................................................................................... 14 Policy Values........................................................................................................................................................................................ 14 Transfer of Values ................................................................................................................................................................................ 16 Additional Transfer Limitations ..........................................................................................................................................................
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