TRANSAMERICA FREEDOM ELITE BUILDER II TFLIC FREEDOM ELITE BUILDER II

TRANSAMERICA FREEDOM ELITE BUILDER II TFLIC FREEDOM ELITE BUILDER II

INVESTMENT OPTIONS GUIDE Your decision to purchase a variable universal life (VUL) insurance policy is an important one. You work hard for your family, your home, and your business. Taking steps to protect them in the event of your death is essential. A VUL policy builds cash value, provides flexibility on premium payments, and can be invested in a variety of separate accounts that are up to your discretion. VUL ADVANTAGES A death benefit that will pass to your beneficiaries free from federal income taxes. Tax-free transfers among a variety of professionally managed investment options. Tax deferral on any gains, which can potentially accelerate cash value growth. Tax-free use of cash value through loans and withdrawals.* 2 * Withdrawals and policy loans can only be made in accordance with policy provisions and if the policy has been in force long enough to accumulate sufficient value. Loans, withdrawals, and death benefit accelerations will reduce the policy value and death benefit. Loans are subject to interest charges. If a policy lapses while a loan is outstanding, adverse tax consequences may result. Policy loans are generally not taxable when taken, and cash withdrawals are not taxable until they exceed basis in the policy. However, if the policy is treated as a modified endowment contract (MEC) by IRC Sec. 7702A, withdrawals and loans are taxable at an ordinary income tax rate when taken to the extent of gain in the contract, and the gain may also be subject to a 10% federal income tax penalty if taken prior to age 59½. Cash distributions associated with benefit reductions, including reductions caused by withdrawals during the first 15 years, may be taxable. Policy owners should consult with their tax advisor regarding their particular situation. Please refer to the prospectus for additional details.

PUT PROFESSIONAL MONEY MANAGERS TO WORK FOR YOU Your VUL can be comprised of subaccounts that are of your choosing. We have dozens of variable subaccount options featuring some of the most respected money managers in the business. Whether you want to customize your own portfolio or use one of the professional investment strategies we have to offer, such as asset allocation or tactical asset allocation, you have options. BENEFIT FROM OUR RELATIONSHIPS By taking advantage of the relationships we have built with these world-class money managers, you may benefit in the following ways: BROAD RANGE OF INVESTMENT STYLES A greater array of strategic investment options are available, making it easier to find one that best suits your goals. Or, customize your own strategy. INDUSTRY LEADERS We ve selected companies that have been in the industry for years so you can check their track record and reputation. EXPERIENCE World-class money managers are experienced through all sorts of market cycles and conditions and the intangibles they possess may benefit you. VAST SELECTION You can tailor your investment options the way you want to as we have a large selection of investment options to choose from. CONFIDENCE OF PROFESSIONAL MONEY MANAGEMENT VARIABLE UNIVERSAL LIFE INSURANCE TRANSAMERICA 3

THE RISK AND REWARD SPECTRUM There s no such thing as an investment without risk. FINDING THE RIGHT BALANCE There are several factors that affect the balance within the risk-reward spectrum. It is important to consider your goals, time horizons, and tolerance for risk before selecting any subaccounts in your VUL policy. Just as each investor s investment objectives are unique, each asset class has its own unique riskreward characteristics. As you can see the chart to the right, equities typically have the highest degree of risk but may offer higher rewards than other asset classes. On the other hand, cash or money market funds have lower risk but offer smaller rewards in return. HIGHER RISK HIGHER REWARD International Equities Small Cap Equities Mid Cap Equities Large Cap Equities Balanced Carefully consider where you fall on the risk-reward spectrum and choose subaccounts that can help you achieve your objectives. Bonds Short-Term Bonds Cash LOWER RISK LOWER REWARD 4

PORTFOLIO DIVERSIFICATION As one investment goes up, another may go down. As many investors have discovered, owning only one type of investment can make for a bumpy ride. Diversification is the process of dividing money among a variety of investment choices or asset classes. By investing in more than one asset class, you may reduce risk, and your portfolio s overall performance could have a smoother ride as a result. The table below shows returns of many different asset classes and demonstrates what they might look like if this were an example of a diversified portfolio. As you can see, the different asset classes show a great range of up or down and with always-changing results over time. When looked at as a whole, this type of diversified portfolio may not see the drastic upswings when the market is up, but it also may not experience drastic downswings when the market is not doing as well. 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 HIGHEST RETURN 4.4 16.8 47.3 20.7 14.0 26.9 11.6 24.0 32.5 26.9 29.9 17.9 38.0 25.1 1.4 21.3 25.7 4.2 1.8 39.2 18.3 6.7 18.4 9.8 2.4 27.2 15.1 4.2 16.3 32.4 13.7 0.1 12.0 21.8 2.5-7.9 28.7 11.8 6.5 15.8 6.1-19.5 26.5 12.7 2.1 16.0 23.3 7.6-0.4 7.4 14.7 LOWEST RETURN -11.9-20.5 2.5 7.7 4.6 4.8 5.0-37.0 0.3 8.2-4.2 3.6 0.1 0.1-1.2 1.3 8.5-21.2-22.1 1.1 1.2 3.1 1.9-1.6-43.1-12.9 0.2-11.7 0.1-12.7-4.5-4.4 0.4 0.8 Small stocks Large stocks International stocks Long-term government bonds Treasury bills Diversified portfolio Past performance is no guarantee of future results. Diversification is a technique to help reduce risk and does not guarantee against a loss. This is for illustration purposes only and not indicative of any investment. Indices are unmanaged and you cannot invest directly in an index. The returns include reinvestment of dividends and capital gains. Stocks of small companies involve greater risk than stocks of large companies. International stocks involve risks related to market and currency volatility; adverse political, social, and economic developments, different regulations than U.S. markets are subject to; and the relatively small size and lesser liquidity of these markets compared to U.S. markets. Diversified is made up of a 50/50 mix of U.S. large-cap stocks (the IA SBBI US Large Stock TR USD Index) and U.S. long-term government bonds (the IA SBBI US Long-Term Government Bond TR USD Index). Portfolio returns are based on monthly rebalancing. 2015 Morningstar Financial Communications. All Rights Reserved. VARIABLE UNIVERSAL LIFE INSURANCE TRANSAMERICA 5

FUND OF FUNDS Fund of funds, or multi-manager investing, is an investment strategy that may invest in a portfolio of various mutual funds, exchange traded funds (ETFs) or real estate investment trusts (REITs), instead of investing directly in shares of individual stocks, bonds, or other securities. Building a portfolio from a diversified combination of funds that use multiple money managers can help reduce risk by not depending solely on the investment performance of a single manager or investment only leveraging shares of securities, for example. FUND OF FUNDS OVERVIEW The subaccounts offered in this category provide various objectives and use multiple investment methodologies to arrive at their stated objectives. Many of these investment options specifically use asset allocation.* Asset allocation involves allocating funds among several different asset classes, such as stocks, bonds and cash, to balance risk and reward potential. Investing in various asset categories can help protect against significant losses because they generally do not increase or decrease in value at the same time. FUND OF FUNDS Transamerica JPMorgan Asset Allocation Growth VP Transamerica JPMorgan Asset Allocation Moderate Growth VP Transamerica JPMorgan Asset Allocation Moderate VP Transamerica JPMorgan Asset Allocation Conservative VP Transamerica Managed Risk Balanced ETF VP Transamerica Managed Risk Growth ETF VP AB Balanced Wealth Strategy Portfolio Franklin Founding Funds Allocation VIP Fund Transamerica JPMorgan International Moderate Growth VP 6 * Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the fund is subject to the risks associated with the underlying funds including fixed income investing which is subject to credit risk, inflation risk, and interest rate risk. Investment in small- and medium-sized companies present additional risks, such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

TACTICAL ASSET ALLOCATION Tactical asset allocation is an active investment style based on extensive, quantitative analysis of technical financial market data. The portfolios are comprised primarily of exchange traded funds (ETFs), rather than individual stocks and bonds. The hundreds of available ETFs allow the subaccount managers to respond to changing conditions in the global stock and bond markets. Portfolio changes can take place at any time. The basic principle of tactical asset allocation is to move out of stock and bond markets if they show signs of developing a persistent downward trend. Most people do not realize that gains and returns are not symmetrical. That is, a loss of 20% is not equally recovered by a gain of 20%. In fact, the effect of a negative rate of return can be much more detrimental to a portfolio than one would think. For example, to recoup a 20% loss on $1,000, a 25% gain is required to get back to the original $1,000. While risk reduction is an important aspect of tactical asset allocation with ETFs, the overall goal is to see an improvement in risk-adjusted returns. TACTICAL ASSET ALLOCATION OVERVIEW These tactical asset allocation portfolios are managed by various professional money managers such as QS Investors, LLC; AllianceBernstein, L.P.; BlackRock Financial Management, Inc.; BlackRock Investment Management, LLC; J.P. Morgan Investment Management Inc.; and Pacific Investment Management Company LLC. TACTICAL ASSET ALLOCATION Transamerica QS Investors Active Asset Allocation Conservative VP Transamerica QS Investors Active Asset Allocation Moderate VP Transamerica QS Investors Active Asset Allocation Moderate Growth VP Transamerica BlackRock Tactical Allocation VP Transamerica BlackRock Global Allocation VP Transamerica PIMCO Tactical Conservative VP Transamerica PIMCO Tactical Growth VP Transamerica PIMCO Tactical Balanced VP Transamerica JPMorgan Tactical Allocation VP Transamerica AB Dynamic Allocation VP VARIABLE UNIVERSAL LIFE INSURANCE TRANSAMERICA 7

EQUITY SUBACCOUNTS Equity funds are primarily invested in different types of stock, with higher-risk, higher-reward consideration. They are typically categorized according to company size, the investment style of the holdings in the portfolio, and geography or certain types of market sectors. Equity funds may consist of both international and domestic holdings in small-, mid-, and large-cap companies and are diversified among the growth, blend, and value investment styles. EQUITY FUNDS OVERVIEW We currently offer both domestic and international equity subaccounts that are managed by several different professional money managers. They cover a broad range of fund styles which allows you to chose the appropriate subaccounts to suit your investment objectives. EQUITY SUBACCOUNTS SMALL CAP BLEND Transamerica T. Rowe Price Small Cap VP BALANCED Transamerica Janus Balanced VP Transamerica Multi-Managed Balanced VP MID CAP GROWTH Transamerica Janus Mid Cap Growth VP MID CAP VALUE Transamerica Small/Mid Cap Value VP LARGE CAP VALUE Transamerica Barrow Hanley Dividend Focused VP LARGE CAP BLEND Fidelity VIP Index 500 Portfolio Transamerica JPMorgan Enhanced Index VP LARGE CAP GROWTH Transamerica Jennison Growth VP Transamerica Morgan Stanley Capital Growth VP Transamerica Torray Concentrated Growth VP Transamerica WMC US Growth VP INTERNATIONAL EQUITY Transamerica MFS International Equity VP GLOBAL EQUITY Transamerica Clarion Global Real Estate Securities VP 8

FIXED INCOME A fixed income fund is a professionally managed pool of money that typically consists of government and corporate securities, which generally seek to provide a high level of total return and tend to have lower risk than pure equity funds. Fixed income funds offer flexibility, professional money management, and a way to diversify your subaccount portfolio with fixed income exposure. FIXED INCOME OVERVIEW Our fixed income investment options offer professional money management with companies such as Aegon USA Investment Management, LLC., J.P. Morgan Investment Management Inc., and Pacific Investment Management Company LLC. This lineup offers strategies ranging from high-yield bond investment options to a money market investment option. FIXED INCOME HIGH YIELD BOND Transamerica Aegon High Yield Bond VP INTERMEDIATE TERM GOVERNMENT Transamerica Aegon U.S. Government Securities VP INTERMEDIATE TERM BOND Transamerica PIMCO Total Return VP Transamerica JPMorgan Enhanced Index VP Transamerica JPMorgan Core Bond VP MONEY MARKET Transamerica Aegon Government Money Market VP* *A government money market fund invests at least 99.5% of its total assets in U.S. government securities, cash, and/ or repurchase agreements that are fully collateralized by U.S. government securities or cash. You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. VARIABLE UNIVERSAL LIFE INSURANCE TRANSAMERICA 9

PROFUNDS VP * CLASSIC PROFUNDS VP SECTOR ProFund investment options are designed for active investment management styles. This gives you the freedom to move among the ProFunds as your goals change and/or market conditions dictate. Innovative investment options combined with flexible exchange policies may make ProFunds an appropriate option for those looking to adapt to market fluctuations, rather than just ride them out. PROFUNDS OVERVIEW The ProFund investment options that we offer correspond with the following: Classic ProFunds seek to provide daily investment results, before fees and expenses, that match (100%) the daily performance of their benchmark indexes. Ultra ProFunds seek to provide daily investment results, before fees and expenses, that double (200%) the daily performance of their benchmark indexes. Inverse ProFunds seek to provide daily investment results, before fees and expenses, that either match (100%) or double (200%) the inverse (opposite) of the daily performance of their benchmark indexes. Sector ProFunds seek to provide daily investment results, before fees and expenses, that correspond to one and one-half times (150%) the daily performance of their benchmark indexes. The ProFunds VP portfolios and the Access VP High Yield Fund permit frequent transfers, and policyowners who allocate net premiums to these portfolios may bear the additional costs and increased risks of frequent transfers. Net premiums are equal to gross premiums paid less applicable premium expense charges. There is no guarantee that any ProFund VP will achieve its investment objective. ProFund VP Bull ProFund VP NASDAQ-100 ProFund VP Small-Cap ProFund VP Mid-Cap ProFund VP Small-Cap Value ProFund VP Asia 30 ProFund VP Europe 30 ProFund VP International ProFund VP Emerging Markets ProFund VP Japan ULTRA ProFund VP UltraSmall-Cap ProFund VP UltraNASDAQ-100 INVERSE ProFund VP Short Small-Cap ProFund VP Short NASDAQ-100 ProFund VP Short International ProFund VP Short Emerging Markets ProFund VP Basic Materials ProFund VP Consumer Services ProFund VP Financials ProFund VP Oil & Gas ProFund VP Pharmaceuticals ProFund VP Precious Metals ProFund VP Telecommunications ProFund VP Utilities NON-EQUITY ProFund VP U.S. Government Plus ProFund VP Falling U.S. Dollar MONEY MARKET ProFund VP Government Money Market** HIGH YIELD Access VP High Yield Fund 10 * Leveraged or inverse ProFund subaccounts seek investment results for a single day only, not for longer periods. Their performance over longer periods of time over weeks or months or years can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. Leveraged and inverse funds are not designed to, and will not necessarily track, the underlying benchmark index over a longer period of time. The leveraged investment techniques employed by these funds may magnify gains and losses and result in greater volatility in value. ** An investment in ProFund VP Government Money Market (the fund ) is not a bank deposit, nor is it insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the fund seeks to maintain a stable net asset value of $1.00 per share, there is no guarantee that the fund will do so, and you could lose money by investing in this fund. All money market instruments can change in value when interest rates or an issuer s creditworthiness change. You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. See the prospectus and statement of additional information for further details regarding calculations of yields. ProFunds employ sophisticated and aggressive investment techniques and are not suitable for all policyowners. All ProFunds permit active investment strategies that can decrease performance and increase expenses. All ProFunds are subject to active investor risk. There are no restrictions on the size and frequency of trades and no transaction fees. ProFunds are non-diversified and may be more susceptible to single-issuer risk than a more diversified fund. There is no guarantee that any ProFund will meet its investment objective. Carefully consider the investment objectives, risks, charges, and expenses of ProFunds before directing net premiums to these subaccounts. Please refer to the ProFunds VP prospectus and/or the Access VP High Yield Fund prospectus for complete details.

PEOPLE DON T BEHAVE ALIKE. NEITHER DO INVESTMENTS.

When it comes to preparing for their future, there s no time like the present. Let s get started today. Visit: transamerica.com Contact: 800-797-2643 Please contact the issuing company or your financial professional for a prospectus that contains complete information about variable universal life insurance (VUL) including fees, investment objectives, surrender charges, risks, expenses and other information about the VULs. Please carefully consider all these important factors and read the prospectus carefully before investing. Variable product subaccounts are subject to market risk and may lose value. This material was prepared for general distribution. It is being provided for informational purposes only and should not be viewed as an investment recommendation. If you need advice regarding your particular investment needs, contact a financial professional. The investment options are not available for direct purchase. Shares of portfolios are offered to the separate accounts of the underlying issuing company. Owners of VUL insurance policies are entitled to direct net premium payments and cash value to one or more of the subaccounts, each of which invests in a designated portfolio. Not all investment options are available in the issuing companies VULs. Investment options are subject to change. Both the return and principal value of the subaccounts will fluctuate, so when redeemed, they may be worth more or less than their original cost. Not all portfolios are available in all products. There are many fees and charges associated with variable universal life insurance (VUL), such as cost of insurance, mortality and expense charges, per unit charges, premium taxes and contract charges, surrender charges and investment management fees associated with the investment options. Supplemental riders are available for VULs for an additional cost to help you tailor the policy for your needs. Any guarantees associated with a life insurance policy are subject to the claims-paying ability of the issuing insurance company. Variable Universal Life insurance policies are issued by Transamerica Premier Life Insurance Company, Home Office, Cedar Rapids, Iowa or Transamerica Financial Life Insurance Company, Harrison, New York. Transamerica Financial Life Insurance Company is authorized to conduct business in New York. Transamerica Premier Life Insurance Company is authorized to conduct business in all other states. Distributor of variable products: Transamerica Capital, Inc., Member FINRA. All products may not be available in all jurisdictions. Transamerica subaccounts are investment advised by Transamerica Asset Management, Inc. 23608_INVOPTBRO218