Index-linked returns do not include the portion of returns generated by the underlying index that come from dividends. The elements used in determining the interest rate from the index are not guaranteed after the first Contract Year and may be changed by the Company, subject to the guarantees in the Contract. Any such changes affect the return

Annuity contracts are products of the insurance industry and are not guaranteed by any bank or insured by the FDIC.

Market Shield Plus is a single premium deferred annuity with fixed and index-linked options underwritten by Federal Life Insurance Company (Mutual). This brochure is not a contract. Refer to the policy for complete terms and conditions. Federal tax penalties may be imposed upon certain transactions. Review your personal tax situation and your use of annuities with your attorney or tax advisor.

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The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Federal Life Insurance Company (Mutual). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Federal Life Insurance Company (Mutual). Market Shield Plus is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Market Shield Plus or any member of the public regarding the advisability of investing in securities generally or in Market Shield Plus particularly or the ability of the S&P 500 Index to track general market performance. S&P Dow Jones Indices’ only relationship to Federal Life Insurance Company (Mutual) with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Federal Life Insurance Company (Mutual) or the Market Shield Plus. S&P Dow Jones Indices have no obligation to take the needs of Federal Life Insurance Company (Mutual) or the owners of Market Shield Plus into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of Market Shield Plus or the timing of the issuance or sale of Market Shield Plus or in the determination or calculation of the equation by which Market Shield Plus is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of Market Shield Plus. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to Market Shield Plus currently being issued by Federal Life Insurance Company (Mutual), but which may be similar to and competitive with Market Shield Plus. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the S&P 500 Index.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY FEDERAL LIFE INSURANCE COMPANY (MUTUAL), OWNERS OF THE MARKET SHIELD PLUS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND FEDERAL LIFE INSURANCE COMPANY (MUTUAL), OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.