SECOND AMENDMENT TO COINSURANCE AGREEMENT

Exhibit 10(ii)(b)

SECOND AMENDMENT TO
COINSURANCE AGREEMENT

THIS SECOND AMENDMENT TO COINSURANCE AGREEMENT (“Amendment”), effective as of November 18, 2014 amends that certain Coinsurance Agreement, effective January l, 2013 (the “Agreement”), by and between MEMBERS LIFE INSURANCE COMPANY (the “Company”) and CMFG LIFE INSURANCE COMPANY (“Reinsurer”).

WHEREAS, the parties wish to amend the terms of the Agreement to update and replace the investment guidelines for the Reinsurer’s Separate Account, which guidelines are attached as Exhibit A to the Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained hereinafter, the parties hereto intending to be legally bound agree to amend the Agreement as follows:

Article I
Amendment to the Agreement

1.1 Amendment to Exhibit A. The investment guidelines attached as Exhibit A to the Agreement are hereby replaced in their entirety with the investment guidelines attached hereto.

Article II
Miscellaneous

2.1		This Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.
2.2		This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of Iowa, including all matters of construction, validity and performance, without regards to its conflict of law provisions.
2.3		Except as otherwise expressly provided herein, this Amendment does not alter, amend or modify the terms of the Agreement, and all terms of the Agreement, as modified herein, remain in full force and effect.

IN WITNESS WHEREOF, the parties have caused this Second Amendment to Coinsurance Agreement to be executed by their duly-authorized representatives and to be effective on the date first set forth above.

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Investment Guidelines CMFG Life Insurance Company
Members Zone Separate Account

Members Zone Separate Account Limits

Broad Asset Class		Asset Class		Minimum		Maximum		Position Size Limit % of Portfolio
				2%		100%
Near Risk-Free		Government/Cash Agency MBS		1% 0%		100% 75%		N/A 25%
				20%		80%
Corporate		Public – A or Above Public – BBB Private – Investment Grade Public – High Yield Private – High Yield		20% 0% 0% 0% 0%		75% 60% 20% 10% 10%		10% 5% 5% 2% 2%
				0%		30%
Other Credit		Mortgage Loan Municipal		0% 0%		30% 0%		5% -
				0%		10%
Structured Credit		ABS* CMBS** CLO Legacy Structured		0% 0% 0% 0%		5% 5% 0% 0%		2% 2% - -
				0%		0%
Equity or Near-Equity		Real Estate Alternative – Mezzanine Alternative – Private Equity Public Equity		0% 0% 0% 0%		0% 0% 0% 0%		- - - -

*A generic unleveraged ABS structure whose underlying collateral may consist of credit cards or auto loans. It will have an S&P rating of AA or better (or the equivalent Xxxxx’x rating).
**A generic unleveraged CMBS structure backed by mortgages on commercial real estate. It will have an S&P rating of AA or better (or the equivalent Xxxxx’x rating).

Derivatives

Derivatives will be limited to those hedging liability risks. Exchange-traded and over-the counter derivative instruments may be used. Risks hedged would primarily be the equity market related guarantees of the Members Zone product, but can also include rate and credit oriented exposures generally related to liability reserves. Limits on notional amounts will be no more than $1 billion for equity and $250 million for rate/credit, These limits will be evaluated annually and must be less than overall CMFG Life Insurance Company derivative notional limits.

Transfer restrictions

Assets may be transferred into and out of the separate account as long as asset values exceed liability values after such transfers. Impaired securities, securities in default or assets encumbered by other agreements (modified coinsurance “segregated” assets, collateral for trusts, etc.) may not be transferred into the separate account.

Effective _________________