CLIENT BROCHURE FLEXIBLE PREMIUM DEFERRED ANNUITIES JEFFERSON PILOT CLASSIC FLEX. Issued by Jefferson-Pilot Life Insurance Company Greensboro, NC

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1 JEFFERSON PILOT CLASSIC FLEX FLEXIBLE PREMIUM DEFERRED ANNUITIES CLIENT BROCHURE Issued by Jefferson-Pilot Life Insurance Company Greensboro, NC FA /04

2 What Can a Jefferson Pilot Classic Flex Annuity Do For You? Safety Annuities are a safe way to help you accumulate money for your long-term needs. They are a safe alternative to riskier products. Your Jefferson Pilot Classic Flex Annuity is backed by one of the highest rated insurance companies in the industry. The Future of You You have worked hard and are planning for a successful retirement. Accumulating the money to fund your retirement is one of the most important tasks you will undertake. Jefferson-Pilot Life Insurance Company ("Jefferson-Pilot Life", "We", or "Company") can help you achieve the retirement lifestyle you've dreamed of. We want to make sure your principal is safe from loss, has the opportunity to grow, and that you can access portions of your money when you need it to provide for immediate needs. You should also have a convenient way to turn your savings into guaranteed payments, including a retirement income that you cannot outlive. With this in mind, we have developed the Jefferson Pilot Classic Flex Annuities. Tax advantages You can set aside money for retirement completely tax-deferred until you need to access it. 1 This means: Your principal earns interest; Your interest earns interest; and The interest earnings that otherwise would have been used to pay taxes each year continue to earn interest. This triple interest compounding advantage allows your money to grow faster, making your Jefferson Pilot Classic Flex Annuity even more valuable the longer you own it. No IRS imposed contribution limits on non-qualified annuities Your Jefferson Pilot Classic Flex Annuity can be used as a non-qualified annuity, allowing you to save as much money as you like tax-deferred for your retirement without IRS imposed contribution limits. Avoids costs and delays of probate The death benefit in your Jefferson Pilot Classic Flex Annuity is payable directly to your named beneficiary - bypassing the costs and delays of probate, giving you and your family privacy and peace of mind. 1 Interest earnings are taxable as income when withdrawn. In addition, surrenders taken before age 59½ may be subject to a 10% Federal penalty tax. You are not subject to this penalty tax if you take the distribution after age 59½, become disabled or receive lifetime income payments. Federal tax laws require that surrenders be taken first from interest earnings.

3 Product Highlights Your Jefferson Pilot Classic Flex Annuity is a savings product designed to help you prepare for your retirement. Here are your Jefferson Pilot Classic Flex Annuity's key features. Flexible Savings Opportunities Your Jefferson Pilot Classic Flex Annuity lets you make subsequent premium payments to your policy. You can add to your policy anytime. The more you save, the more you earn for your future. Competitive Interest Rates Your Jefferson Pilot Classic Flex Annuity provides a competitive initial interest rate. After the initial interest rate guarantee period the Company will declare, at its discretion, a new interest rate annually. Please refer to the Facts-At-A-Glance form for the initial interest rate guarantee period. As rates will change in the future, your Jefferson Pilot Classic Flex Annuity is protected by a guarantee that the declared interest rate will never fall below the guaranteed minimum interest rate of 1.00% (or such higher rate as may be in effect in your state on the day your policy is issued). Interest is credited daily throughout the policy year. All interest rates are expressed as annual effective interest rates. After the surrender charge period, the guaranteed minimum interest rate may be recalculated on an annual basis in accordance with state laws. The guaranteed minimum interest rate will be between 1.00% and 3.00% based on the laws in effect in your state on the day your policy is issued. Your Jefferson-Pilot Life representative can advise you of the guaranteed minimum interest rate in effect in your state at the time of purchase. First Year Interest Rate Bonus You may receive a first year interest rate bonus on the total premiums paid in the first policy year. This bonus is added to your initial interest rate in the first policy year to help build your annuity value. Access to Your Money Your Jefferson Pilot Classic Flex Annuity is a long-term retirement policy and to avoid charges you should plan to keep it for at least the duration of the surrender charge period. However, you can access your money when you need it. Your Jefferson Pilot Classic Flex Annuity offers penalty-free access of up to 10% of your policy's accumulation value each policy year. 2 You may take this free partial surrender in one or more lump sums or decide to set up automatic withdrawals, allowing you to receive a portion of your money on a monthly, quarterly, semiannual, or annual basis. You can base the automatic withdrawals on your policy's accumulation value or on your earned interest. To take advantage of automatic withdrawals, you must have a minimum accumulation value of $20,000 for monthly payments and $10,000 for other payment frequencies. We require a 30-day waiting period to process the first payment. Automatic withdrawals in excess of the 10% free partial surrender amount in a policy year are subject to a Market Value Adjustment and surrender charges. Any partial surrenders or automatic withdrawals taken during the policy year will reduce the actual interest earned because of interruption of interest compounding. 2 Please check with your Jefferson-Pilot Life representative for the remaining accumulation value requirements after any partial surrender. An MVA or a surrender charge does not apply to the free partial surrenders. Free partial surrenders may be subject to income taxes and, if made prior to age 59½, to a 10% Federal penalty tax.

4 Product Highlights No Administrative Fees There are no annual administrative fees, front-end sales charges or loads. Some states charge a premium tax. The Company deducts premium taxes if it is required to pay them. Market Value Adjustment ("MVA") An MVA is an adjustment (positive or negative) applied to the policy's accumulation value in the event that you surrender your policy before the end of the surrender charge period. In general, the MVA decreases the accumulation value surrendered when interest rates rise and increases the accumulation value surrendered when interest rates fall. The MVA does not apply to free partial surrenders, death benefits, or after the surrender charge period. The MVA for your Jefferson Pilot Classic Flex Annuity is calculated by use of a formula. Please refer to Examples of MVA and Surrender Charge Calculations, form FA Surrender Charges Surrenders from your Jefferson Pilot Classic Flex Annuity are subject to surrender charges. Surrender charges are expressed as a percentage of the policy's accumulation value surrendered after the application of any MVA. Please refer to the Facts-At-A-Glance form for the surrender charge schedule. Any surrender in excess of 10% of your policy's accumulation value will be subject to an MVA and a surrender charge based on the surrender charge schedule. After the surrender charge period ends, no surrender charges apply. Extended Care Confinement After the first policy anniversary, if you become confined to an extended care facility or hospital for at least 30 consecutive days you may have access to your policy's accumulation value, without a surrender charge, through the extended care confinement rider. Death Benefit Should you die before annuity payments begin, a death benefit is payable to your beneficiary. Please refer to the Facts-At-A-Glance form for the definition of your death benefit. Since some or all of the death benefit may be taxable to your beneficiary, a tax adviser should be consulted about possible tax implications. Annuitization Annuities are not only a savings product, they are also an income provider. Only an annuity can offer you a guaranteed income you cannot outlive. Your Jefferson Pilot Classic Flex Annuity provides a variety of ways to receive your policy's accumulation value as an income payment. After the 5th policy year 3, you can annuitize your policy (that is, you can elect to begin receiving annuity payments) and an MVA or surrender charge does not apply. Your annuitization options are: Income for a Fixed Period; Life Income (Life Only, Life with Guaranteed Period, and Life with Installment Refund); Interest Only; and Income of a Fixed Amount. 3 In Florida, "After the 1st policy year."

5 Your Jefferson-Pilot Life representative can explain each of these income payment options in greater detail. Annuity payments will automatically begin on the later of: The 10th policy anniversary; or The end of the surrender charge period; or The policy anniversary on or immediately following the Annuitant's 95th birthday. You may elect to begin annuity payments on an earlier date, subject to the provisions of your Jefferson Pilot Classic Flex Annuity. If you do not elect a payment option before your annuity payments begin, we will automatically pay you based on the Life Income with Guaranteed Period of 10 years. Right to Cancel Policy You have a right to cancel your Jefferson Pilot Classic Flex Annuity policy within 20 days (state variations may apply) after you receive it by sending us a written request for cancellation. We will return your premium(s) paid for the policy upon receipt of your written request. Canceling your policy voids it from the beginning. Please note that if you cancel your policy, you may not purchase another Jefferson Pilot Classic Flex Annuity during the next 6 months. Why Jefferson-Pilot Life Insurance Company? The important things - your home, car, life, health - are covered by an insurance company. What about your future? Doesn't it make sense to trust one of the highest rated insurance companies with a portion of your retirement? For over 100 years Jefferson-Pilot Life has achieved an enviable record of financial strength and stability, consistently receiving among the highest ratings from the industry's most recognized independent rating agencies. With Jefferson-Pilot Life you have the peace of mind knowing that your Jefferson Pilot Classic Flex Annuity is backed by one of the strongest insurance companies in the industry. For more information about Jefferson-Pilot Life and details of our ratings visit our Web site at

6 The Jefferson Pilot Classic Flex Flexible Premium Deferred Annuities (Policy Form , or state variation) are issued by Jefferson-Pilot Life Insurance Company, Greensboro, NC and may not be available in all states. The policy may be subject to a Market Value Adjustment. Policy may be referred to as "certificate" in certain states. The certificate is a group annuity certificate issued under a group annuity policy issued by Jefferson-Pilot Life Insurance Company to a group annuity trust. Interest rates are declared by Jefferson-Pilot Life Insurance Company, at its discretion. If you are considering placing an annuity in an IRA or other tax qualified plan, which is already tax-deferred, you will receive no additional tax advantage from the annuity. Therefore, in considering whether or not to purchase such an annuity, you should only consider the annuity's other features, including the availability of lifetime payments and death benefit protection. The information in this Client Brochure reflects our understanding of current tax laws as they apply to annuities. The information provided is not intended to be legal, accounting or tax advice. The laws are subject to different interpretations and changes. We suggest you seek the counsel of a qualified tax adviser regarding annuity taxation as it applies to you specifically. This Client Brochure contains a summary description of the Jefferson Pilot Classic Flex Flexible Premium Deferred Annuities. State variations may apply. The exact terms of the annuities are contained in the policies and any attached riders, which will control Jefferson-Pilot Life's contractual obligations. Annuities marketed by or through a bank or other financial institution are: Not A Deposit Not FDIC Insured Not Insured by any Federal Government Agency Not Guaranteed by the Bank May Go Down in Value. Jefferson-Pilot Life Insurance Company PO Box Greensboro, NC Jefferson-Pilot Life Insurance Company. All Rights Reserved.