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Indexed Universal Life

A policy just for you

Advantage Builder III

Products issued by Aviva Life and Annuity Company.

This policy description provides highlights and does not cover all restrictions, conditions or limitations that may apply. Consult your agent or see the policy for full details. Benefits may be limited or excluded during the first two years of your policy under suicide and contestibility provisions.

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A policyjust for YouAt Aviva, we understand your life evolves every day – that’s how life is. And as you and your unique needs change, we want to be there at every step. You see, Aviva doesn’t just sell insurance products - we provide solutions to the constant ups and downs life sends your way.

Wherever you are and whatever your life brings, we understand that you want to take care of your family or business. We realize you need custom financial solutions that provide value and versatility – not just a one-size-fits-all product. And we also know you could use a little

extra peace of mind.

That’s why Aviva builds insurance around You. It’s how our life insurance product becomes your personal, customized policy: part of your future, part of your life, part of YOU.

Advantage Builder III is a universal life insurance policy that, like all life insurance products, provides a death benefit.

Universal life provides you flexibility in meeting your long-term needs and objectives. It has benefits that you can use and depend on throughout your entire life, including access to cash value. It adds predictability to your life.

Universal life policies are flexible in that they allow you to choose the amount and frequency of your premium payments. Those premiums go toward paying policy costs. Any premium in excess of what is needed to pay those costs can earn interest and become the cash value of the policy, which you can access via loans or withdrawals (see page 13).

This brochure provides additional details on how you can customize Advantage Builder III to create a life insurance policy that is centered around You!

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1 This is a flexible premium life insurance product. The premium you elect to pay may not be sufficient to prevent this policy from lapsing prior to the death of the Insured. Also, by paying only the amount required to keep the policy in force, you may be forgoing the opportunity to build up a significant Account Value.

In addition to its value and versatility, what sets apart Advantage Builder III from other universal life products is its optional No-Lapse Guarantee Rider.

What is a No-Lapse Guarantee?To answer that question, it helps to understand the basics of universal life insurance.

It is possible with a universal life policy that coverage will end before the death of the insured if cumulative premiums are not sufficient enough to cover policy costs.1 If the cash value is not enough to cover these costs, the policy may lapse, meaning the death benefit is no longer in force. Circumstances that could cause a policy lapse include lower than anticipated interest credited to the cash value, or higher than anticipated policy costs.

That’s where a No-Lapse Guarantee (NLG) benefit helpsWith NLG, once a coverage amount and premium payment have been established, Aviva determines a guarantee period for that premium pattern. Provided you make those payments as scheduled, the policy will remain in force for the guarantee period even if the cash value drops to zero. You can also select the payment period and let us calculate the required premium and guarantee the coverage. The coverage can be guaranteed for life.

Protect your familyThe death benefit, which generally is income tax-free, gives you peace of mind in knowing your loved ones will be covered financially should you die. Plus, the value of the death benefit can change as your needs change.

Transfer your wealthAdvantage Builder III can help you meet tax obligations and cover final expenses, and also enhance the value of the estate you leave to your heirs.

Two policies in oneAdvantage Builder III gives you two distinct options depending on your needs. With the optional No-Lapse Guarantee Rider, you can choose to have a guaranteed lifetime death benefit. You can also purchase the policy without the rider, which gives you the potential to have a higher policy account value. You can then access the available cash value for supplemental retirement income or other needs.

You are in controlAs your needs change, your policy can change too. With Aviva universal life, you can change the death benefit, increase or decrease your premiums, and add options or riders to fit your needs. You can also access the policy’s cash value via loans or withdrawals, subject to policy specifications.

Gives you upside potentialAdvantage Builder III is an indexed universal life policy. This means the interest credited to your policy’s account value, which grows tax-deferred, is based in part on the upward movement of a major stock market index. Over the life of the policy, this could mean more cash value you can use for supplemental retirement income or other needs.

Gives you downside protectionWhile you take advantage of interest crediting based on the market index going up, you don’t suffer losses due to the market going down. You also receive a guaranteed minimum interest rate.

Features & Benefits

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The bottom line on NLG?You can have confidence that your life insurance coverage will always be there. If you take care of everything within your control – for instance, making NLG premium payments on time and not taking withdrawals from the policy – you are guaranteed life insurance coverage even if the policy’s net cash value falls to zero. It doesn’t matter if interest rates change or the cost of insurance increases, you will

have coverage.

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2 The No-Lapse Guarantee Rider is called the “Extended Guarantee Rider” in Connecticut and the “Death Benefit Guarantee Rider” in Illinois. Certain policy changes can void the guarantee. See rider form for complete details. Charges for this rider apply. No-Lapse Guarantee Rider form number 2NLEEA10. Advantage Builder III policy form number 2EDB08. Not available in all states.

3 Coverage will terminate if loan indebtedness excees the policy cash value regardless of the No-Lapse Guarantee value.

4 By paying only the Minimum Monthly Premium, you may be forgoing the opportunity to build up a significant Account Value.

When attached to Advantage Builder III, the No-Lapse Guarantee Rider2 can provide a guaranteed death benefit for the lifetime of the insured. (Form 2NLEEA10)

As mentioned previously, a typical universal life policy requires a positive cash value to stay in force.3

When you elect the No-Lapse Guarantee, Aviva will calculate the premiums required to maintain the No-Lapse Guarantee value for as long as you want coverage, including choosing coverage for your entire life.

This information will be provided to you in an illustration, which is a document that projects how your policy will perform based on certain assumptions. You will receive an annual statement, which will provide a projection of how long the policy will remain in force based on the premiums paid and guaranteed assumptions. You may request follow-up illustrations at any time.

The No-Lapse Guarantee Rider, in effect, protects your policy from things outside your control, such as changing interest rates or policy costs. As long as premiums are paid as scheduled4, the NLG benefit will remain. If premiums are paid later or at lower levels, the guarantee period may be shortened. There is a 30-day grace period in the event that NLG premiums are not received on time.

Other changes you may make to your policy could impact the NLG benefit and the coverage it provides, including:

• A change in face amount;

• A policy loan or withdrawal;

• A change in underwriting class;

• The addition, deletion or change of any rider.

How theNo-Lapse Guarantee Rider works

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No-Lapse Guarantee restoration period; catching up if neededIf premium payments are not made as scheduled and the NLG value less loan indebtedness falls to zero, Aviva provides a five-year restoration period. During this period, you can pay extra premiums to restore the rider’s value. Rider charges still apply during the restoration period. Once the rider is back in force, a new five-year restoration period will begin.

Causes for NLG Rider terminationThe NLG Rider will terminate at the earliest of: • Policy termination or maturity;

• The month following a request for termination;

• The expiration of the restoration period;

• The exercise of the Life Protector Rider (see page 10)

Other rider considerations • Available ONLY at the time of policy issue;

• Available for issue ages 18-85;

• Charges are deducted from the policy’s cash value;

• Can be terminated later (but cannot be reinstated once terminated);

• The NLG Rider itself does not have cash value

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Wellness for Life®

Assess your health. Knowing your personal and family health history and risks may help you discover lifestyle changes to improve your longevity and enhance your quality of life.

Visit your doctor. It’s been proven that regular checkups may result in early detection of risks and diseases, as well as potential treatments and outcomes.

Manage your weight. Studies suggest that unhealthy weight gain may be a contributing factor to many illnesses. Managing your weight may help to improve your overall quality of life.

Be informed. Having access to high quality information about health, wellness and your specific health risks and conditions has been proven to enhance doctor-patient relationships and may lead to improved personal health.

Live longer, Feel better, AND SAVE!

The first of its kind in the life insurance industry, Aviva’s Wellness for Life® Rider is designed to help you realize the benefits of living a healthy lifestyle. Electing the Wellness for Life® Rider provides you access to wellness information services from Mayo Clinic Health Solutions that may help maintain or improve your health. And by meeting certain qualifications, you will receive Wellness Rewards, which reduce the cost of your insurance. (Form 2WFLAJ07-2)

5 It is anticipated that Wellness for Life® services will be provided by Mayo Clinic Health Solutions for the life of the Program. But since your life insurance policy may remain in-force for many years, it is possible that the provider and/or menu of wellness services may change or be enhanced at some future date.

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Wellness for Life® Rewards are reductions in cost of insurance rates. Reward percentages are declared at the company’s discretion, subject to a minimum guarantee. Participants become eligible for rewards beginning in their third policy year. There are two Wellness Reward levels, based on the Program’s qualification requirements.

QUALIFICATION LEVEL 1: Participant satisfies biennial requirement for routine physical. (Insured must pay cost of physical.)

QUALIFICATION LEVEL 2: Participant satisfies biennial requirement for routine physical and maintains weight within a range established at the time of underwriting.

Wellness for Life participants receive exclusive benefits from Mayo Clinic Health Solutions5, including:

Mayo Clinic Health Risk Assessment, a confidential questionnaire used to populate your personal, password-protected health management website.

Your Personal Health Management Website. Based on your responses to the questionnaire, Mayo Clinic will personalize your health management website with information and tools to help you reduce your health risks, manage your chronic conditions and reach your health goals.

Mayo Clinic Discounts and special offers on wellness resources and programs.

“Ask Mayo Clinic” Nurse Line. This toll-free, round-the-clock nurse line is staffed by experienced registered nurses who draw on the resources of Mayo Clinic to answer your health-related questions.

Quarterly Mayo Clinic Newsletter. Every three months, you’ll receive the Mayo Clinic EmbodyHealth newsletter with important information on wellness and healthy living.

Benefits fromMayo Clinic Health Solutions

This hypothetical example is for illustration purposes only. 6 The premium guarantee assumes premiums are paid on a timely basis, no loans or withdrawals are taken from the policy, and no policy changes are made.7 Level 2 Wellness Reward = .5% reduction to current (non-guaranteed) COI, multiplied by the number of years the policy has been in force. Policy year multiplier caps at 20.

[Level 1 Wellness Reward guaranteed to be .25% (annually declared discount could be higher.)]8 The Net NLG Premium is not guaranteed and subject to change.

In other words, with Wellness for Life® and NLG, your premium is guaranteed to never go up and may go down!6 The following hypothetical example illustrates the power of the Wellness for Life® and NLG combination:

Policy Year

NLG Premium

Wellness Reward EXAMPLE -

.5% discount7

Net NLG Premium8

10 $2,124 $32 $2,098

15 $2,124 $79 $2,056

20 $2,124 $169 $1,976

25 $2,124 $266 $1,883

30 $2,124 $449 $1,714

35 $2,124 $747 $1,458

Over time, the savings can really add up!

Net NLG Premium =Gross annual premium outlay reduced by guaranteed Level 2 Wellness Reward of .5%7 earned in previous policy year (annually declared discount could be higher). This lesser premium amount could be paid without negatively impacting the policy’s No Lapse Guarantee. Paying only the Net NLG Premium will result in lower policy cash values and may impact future Wellness Rewards.

Male Age 45 | Non Tobacco | $250,000 Face Amount | Wellness for Life II

Wellness for Life® andNo-Lapse Guarantee: The perfect match!When the Wellness for Life Rider® is purchased with the No-Lapse Guarantee Rider, any Wellness Rewards count toward the NLG premium requirement, in effect reducing the future out-of-pocket premium required.

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Riders that provide added protectionAccelerated Death Benefit RiderThis rider allows you to access up to 50 percent of the policy’s death benefit (up to a maximum of $250,000) for expenses related to terminal illness when the life expectancy of the insured is 12 months or less. (Form 2ABRF06)

Accidental Death Benefit RiderThis rider will increase the death benefit amount in the event the insured died as a result of an accident. (Form 21024F02)

Life Protector RiderThe Life Protector Rider9 is designed to protect you from borrowing too much from the policy. When policy provisions are met, including having a certain percentage of the cash value being borrowed, the Life Protector Rider keeps the policy from lapsing. It’s also designed to protect you from incurring unwanted income taxes in the event the policy should lapse from over-borrowing. (Form 2PUEBI06)

Riders for use in theevent of disabilityWaiver of Monthly Deduction RiderInsurance costs are waived if the insured becomes disabled, beginning after six months of total and continuous disability. Not available with the No-Lapse Guarantee Rider or the Waiver of Specified Premium Rider. (Form 21042F02)

Waiver of Specified Premium RiderBased on a specified amount chosen at the time of application, a monthly amount will be credited to the policy if the insured becomes disabled, beginning after six months of total and continuous disability. Not available with the Waiver of Monthly Deduction Rider. (Form 21043F02)

Riders that provide the option of additional insurance coverageGuaranteed Purchase Option RiderThis rider provides you the option of purchasing additional specified amounts of life insurance, without underwriting, at specified dates or when special life events occur. (Form 21011F02)

Primary Insured RiderProvides additional term insurance protection for the insured. (Form 2PIREBB08)

Additional Insured RiderProvides term life insurance protection for an additional person. (Form 21052F02)

Children’s Insurance RiderProvides term life insurance for children of the insured, including children born to or adopted by the insured, stepchildren or legally adopted children of the insured. Issue ages of children are 15 days through 17 years. (Form 2CIBUA09)

Riders for unique circumstancesDeath Benefit Return of Premium RiderProvides an additional, increasing death benefit equal to the premiums paid, accumulated with interest, less withdrawals, if desired. (Form 2ROPBB08)

Other Available RidersThink of an insurance rider like an option on a new vehicle: You can purchase just the car, or you choose optional features like a sunroof, navigation system, leather seats, or more horsepower to enhance your driving experience. Insurance riders can enhance your life insurance policy. In addition to the No-Lapse Guarantee and Wellness for Life® riders, Aviva offers several optional riders to customize your Advantage Builder III policy. These are just brief descriptions of the riders; talk to your Aviva agent about which riders are right for you.

Riders are subject to state availability, certain limitations, and may require additional fees or premiums. See terms of the rider for full details.

9 The tax treatment of this rider, if activated, is not settled under current law. In particular, it is not clear whether the rider will result in a taxable event at the time it is activated. Anyone contemplating the purchase of the policy with this rider should consult a tax advisor as to the possible tax ramifications.

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How the interest is calculatedAn Aviva indexed universal insurance life policy credits interest based in part on the upward movement of major stock market indices,excluding dividends. This gives you greater potential for growth compared to other universal life policies where the interest rate is declared by the insurance company.

How you’re protectedYou also get a guaranteed minimum interest rate with an Aviva indexed universal life policy. While you take advantage of interest crediting based on the market index going up, you will not suffer losses due to the market going down. That’s because buying an indexed policy does not involve actually purchasing or owning securities or stock, so it’s not the same as investing directly in the stock market. Advantage Builder III simply uses stock market indices as a measuring stick.

With an indexed universal life policy, the life insurance provider, in this case Aviva Life and Annuity Company, bears the investment risk of the policy. Your premium is never at risk, and your policy’s account value can never lose value due to the declining movement of the stock market or any external influence.

Interest Rate GuaranteeAdvantage Builder III provides a guaranteed minimum interest rate of 2%. On the fixed-term strategies, the policy guarantees the declared interest rate will never be less than 2%. On the indexed strategies, the policy guarantees the interest credited will never be less than 2% compounded annually over the segment term. The guarantee will be applied at the end of the segment term or upon lapse, surrender or maturity of the policy, whichever occurs first. These interest rate guarantees are for the life of the policy.

Indexed UL Terminology

StrategyWithin an indexed universal life policy, there are generally several interest crediting methods or “strategies” available from which you can choose. These strategies calculate interest based on the movement of an index. Advantage Builder III also has two strategies that are ‘fixed,’ meaning interest credits are not subject to the movement of an index but instead are declared by the Company.

Segment TermA period during which interest is credited. Advantage Builder III has five-year and six-year index segment terms. Advantage Builder III’s fixed segments have one-year and five-year segment terms.

Participation RateThe participation rate is the percentage of index growth for which the policyholder is eligible to receive in interest credit (subject to the cap rate defined below). The participation rate may be reset for each segment at the beginning of an interest crediting period and at the discretion of the Company. However, we guarantee that the participation rate on Advantage Builder III will be at least 100 percent for the life of the policy. Individual segments may be subject to different participation rates.

Cap RateInterest credits may be subject to a cap as specified in the contract. The cap rate is the maximum rate used in calculating interest credited to a segment in a given interest crediting period, subject to limitations. The cap rate may be reset for each segment at the beginning of an interest crediting period and at the discretion of the Company. Individual segments may be subject to different cap rates.

More aboutIndexed Universal LifeAdvantage Builder III is an indexed universal life insurance policy. The major difference between traditional universal life and indexed universal life is the way interest is credited to the cash value of your insurance policy.

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How Indexed crediting works When you apply for your policy, you choose from the available interest crediting strategies.

We then follow a few steps for premium direction, as outlined below.

When you make a premium payment, the net premiums go into what Aviva calls the “Basic Interest Strategy.” This premium sits in this strategy until enough value has accumulated to cover approximately one year’s cost of insurance and other policy charges.10 Funds in excess of this amount are then directed to the other strategies you select. Funds in the Basic Interest Strategy earn a fixed interest rate determined by the Company.

Excess dollars from the Basic Interest Strategy create interest crediting ‘segments’ (depending on the strategy or strategies that you choose). Segments are created two times each month when amounts are available from the Basic Interest Strategy. Over time, a policy will likely contain many active interest crediting segments. At the end of each indexed strategy crediting period (and monthly with fixed strategies), interest is applied according to strategy specifications and interest credits, if any, for that period are locked in.

At the end of every segment term (1, 5 or 6 years, depending on the strategy), the segment dollars mature and are placed back into the Basic Interest Strategy, along with any new premium, to begin working for you again.

PREMIUM DOLLARS (Net of Sales Charge)

BASIC INTEREST STRATEGY

CHOOSE FROM SEVEN INTEREST CREDITING STRATEGIES

MATURED VALUE

For more details about how this indexed life policy works, including more information on how interest is credited, please refer to our brochure “Understanding Indexed Universal Life.”

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10 As with most universal life policies, the cash value is determined by the sum of premiums paid net of any loads, deductions of policy charges, plus interest credited. Policy charges are deducted monthly and include a flat administrative fee, an expense charge based on face value issued, cost of insurance charges, and charges for any riders.

Paying your premiumWithin limits, you choose the premium amount, based on the amount of coverage and your life insurance objectives.

As with most universal life policies, the cash value is determined by the sum of premiums paid net of any loads, deductions of policy charges, plus interest credited minus any applicable surrender charge. Policy charges are deducted monthly and include a flat administrative fee, a coverage charge per $1,000 of face value, cost of insurance charges, and charges for any riders.

Premium amounts can be increased or decreased to be in line with your specific life insurance goals and can be adjusted, within limits, as those goals change.

Death Benefit OptionsThe death benefit you receive is dependent on the Death Benefit Option chosen.

Option 1 (Level) Death Benefit = Face amount.

Option 2 (Increasing) Death Benefit = Face Amount + Account Value.

Account Value EnhancementBeginning with the 10th policy year, Aviva will credit an annual increase to the Basic Interest Strategy. The account value enhancement is guaranteed to be 0.5% per year and is credited at the end of the year.

Loans and Withdrawals11

At any time, you can take a loan from available policy cash values and choose between a variable loan interest rate or a fixed interest rate. The differences between these two options include how the loan interest is determined and the rate credited to amounts borrowed.

Loans will reduce the policy’s death benefit and cash values until they are paid back.

You can also withdraw money from the policy after the first year, which then reduces the death benefit and the cash value by the amount of the withdrawal. Tax consequences and/or surrender charges could also apply. Pro-rata surrender charges are not assessed on the first 20% withdrawn.

Please note: Taking out loans and withdrawals may impact the No-Lapse Guarantee benefit and the coverage it provides.

Our detailed annual statements showing the cash value and death benefit will keep you informed about your policy’s performance.

Additional Policy Information

11 This policy is designed for long-term accumulation and not for short-term liquidity. However, if your needs change, the policy allows you to withdraw all or part of the cash value subject to certain limitations. Withdrawals may be subject to surrender penalties imposed by the company. Amounts withdrawn may also be subject to tax liability or tax penalties. Partial surrenders and loans may affect policy values and death benefits. Aviva does not provide tax, legal or accounting advice; always consult your own personal advisor for tax, legal, or accounting advice.

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This brochure contains highlights only. You should refer to the Advantage Builder III Indexed Universal Life policy for a full explanation. All tax related information contained herein is based on our current understanding of federal tax laws as they relate to life insurance or other subject matter discussed. These laws are subject to change in the future. Neither Aviva nor its representatives offer legal or tax advice. You should consult a personal tax advisor on any tax matters.

In order to comply with certain U.S. Treasury regulations, please be advised of the following: Unless expressly stated otherwise, any U.S. Federal tax advice contained in these materials, including attachments, is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

Products issued by and all policy benefits are the responsibility of Aviva Life and Annuity Company, and not that of any other insurer or company.

Policy form 2EDB08. Availability varies by state.

Covered by United States Patent No. 7,376,609

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At Aviva, we never forget that our business is about the people we insure.

As you read this, thousands of Aviva associates are focused on our simple three-letter mission statement:

YouYou can count on us to be here when you need us.

We’re making business and investment decisions that will ensure we can meet our obligations to you and your loved ones.

We’re developing new ways to provide better service to you.

We’re challenging ourselves to reinvent the way we look at life insurance and annuities, so we can continue to meet the financial needs of a changing world—your world.

Most of all, we’re drawing on the experience of our parent company, Aviva plc, with their more than 300-year legacy. As the oldest continuously operating insurance group in the world, Aviva has endured and thrived through centuries of war and peace, booms and recessions and constant change. The highs and lows have taught us to be prepared so you can count on us, especially during times of uncertainty.

We are honored that you’ve put your trust in Aviva. We won’t let you down.

Products issued byAviva Life and Annuity Company

7700 Mills Civic ParkwayWest Des Moines, IA 50266-3862

www.avivausa.com