In addition to Surrender Charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy, administration, mortality and expense risks, loan charges, and the cost of optional benefits available under the Policy. These fees and expenses may be set based on characteristics of the Insured under the Policy (e.g., age, sex, and underwriting class). You should view the specifications page of your Policy for rates applicable to your Policy.

Policyowners will also bear expenses associated with the Investment Options available under the Policy, as shown in the following table:  

*As a percentage of Investment Option assets.

You can lose money by investing in the Policy, including loss of principal.

This Policy is not a short-term investment vehicle and is not appropriate for an investor who needs ready access to cash.

·     We apply a Surrender Charge with respect to a partial or full surrender made during any Policy Year.

·      During the first 12 Policy Months, and during the first 12 Policy Months following an Increase in Specified Amount, we deduct the monthly Administrative Charge.

·     The foregoing charges will reduce the value of your Policy and are minimized the longer you hold the Policy.

·     Tax deferral is more beneficial to investors with a long-time horizon.

Principal Risks of Investment in the Policy

Charges and Deductions

An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options.

Each Investment Option (including the Declared Interest Option) has its own unique risks. You should review these Investment Options before making an investment decision.

Principal Risks of Investment in the Policy

Farm Bureau Life Insurance Company and the Variable Account

An investment in the Policy is subject to the risks related to Farm Bureau Life Insurance Company, including that any obligations (including under the Declared Interest Option), guarantees, or benefits of the Policy are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available by calling toll-free at 1-800-247-4170 or writing to: Farm Bureau Life, 5400 University Avenue, West Des Moines, Iowa 50266.

Your Policy may lapse (terminate without value) if the Net Cash Value is insufficient on a Monthly Deduction Day to cover the monthly deduction and a Grace Period expires without a sufficient payment. The Policy will not lapse if you selected the optional Death Benefit Guarantee Rider and you have paid sufficient premiums to meet the cumulative death benefit guarantee monthly premium requirement on each Monthly Deduction Day. We will notify you that the Policy will lapse at the end of the Grace Period unless you make a sufficient payment. If your Policy lapses, no death benefit will be payable under the Policy.

Whether a Policy lapses depends on the level of Net Cash Value, which is affected by the amount of premiums you paid and on the investment performance of the Investment Options and the Declared Interest Option. Poor investment performance, payment of insufficient premiums, and taking a Policy Loan increases the risk of Policy lapse.

Prior to the Maturity Date, you may apply to reinstate a lapsed Policy at any time within five years of the Monthly Deduction Day immediately preceding the Grace Period which expired without payment of the required premium. Among the items you must submit in your reinstatement application is a premium that, after the deduction of the premium expense charge, is at least sufficient to cover the monthly policy expenses for the lapsed period and to keep the Policy in force for three months.

Currently, the first twelve transfers in a Policy Year may be effected without a transfer charge. But we may impose a transfer charge of $25 for the thirteenth and each subsequent transfer in a Policy Year.

Only one transfer per Policy Year is permitted between the Declared Interest Option and the Variable Account.

We reserve the right, subject to compliance with applicable law, to make additions to, deletions from or substitutions for the shares of the Investment Options that the Variable Account holds or that the Variable Account may purchase.

You may only be invested in up to sixteen (16) Investment Options at any one time, including the Declared Interest Option.

Each premium payment you submit may be directed to a maximum of twelve (12) Investment Options, including the Declared Interest Option.

No more than 50% of the Net Cash Value in the Declared Interest Option may be transferred from the Declared Interest Option unless the balance in the declared Interest Option immediately after the transfer would be less than $1,000.

Charges and Deductions

Farm Bureau Life Insurance Company and the Variable Account – Addition, Deletion, or Substitution of Investments

Overview of the Policy

Fee Tables Other Benefits

Available Under the Policy

You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Policy.

There is no additional tax benefit to you if the Policy was purchased through a tax-qualified plan or individual retirement account (IRA).

Withdrawals will be subject to ordinary income tax and may be subject to tax penalties.

We have discontinued new sales of the Policies to the public. We summarize below the kinds of compensation paid in connection with past sales of the Policy and on an ongoing basis.

Investment professionals receive compensation for selling the Policy to investors (e.g., in the form of cash commission payments). In addition to commissions and other forms of cash compensation, certain investment professionals also may receive non-cash compensation. Noncash compensation can entail payment for conferences, seminars, meals, sporting events, theater performances, travel, lodging and/or entertainment as well as prizes and awards. Finally, investment professionals may receive other payments from the Company for services that do not directly involve the sale of the Policies, including payments made for the recruitment and training of personnel, production of promotional literature and similar services.

These investment professionals have a financial incentive to offer or recommend the Policy over another investment.

Because the Policy is no longer sold, you would not be affected by a scenario in which you are asked to replace an existing life insurance policy you own with a new purchase of this Policy. In general, you should be aware that some investment professionals may have a financial incentive to offer you a new policy in place of the one you already own. Thus, in general, you should only exchange your life insurance policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own the existing policy.

Average Annual Total Returns

(as of 12/31/24)

BNY MELLON

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.—Service Class

The BNY Mellon Investment Adviser, Inc. (Adviser)

Newton Investment Management Limited (Subadviser)

Average Annual Total Returns

(as of 12/31/24)

BNY MELLON

BNY Mellon Variable Investment Fund: Appreciation Portfolio—Initial Class

The BNY Mellon Investment Adviser, Inc. (Adviser)

Fayez Sarofim and Co. (Subadviser)

BNY MELLON

BNY Mellon Variable Investment Fund: Growth & Income Portfolio—Initial Class

The BNY Mellon Investment Adviser, Inc. (Adviser)

Newton Investment Management Limited (Subadviser)

Average Annual Total Returns

(as of 12/31/24)

BNY MELLON

BNY Mellon Variable Investment Fund:

Opportunistic Small Cap Portfolio—Initial Class

The BNY Mellon Investment Adviser, Inc. (Adviser)

Newton Investment Management Limited (Subadviser)

CALVERT VARIABLE TRUST, INC.

CVT NASDAQ-100 Index Portfolio (formerly Calvert VP NASDAQ-100 Index Portfolio)

Calvert Research and Management (Adviser)

Ameritas Investment Partners, Inc. (Subadviser)

Average Annual Total Returns

(as of 12/31/24)

CALVERT VARIABLE TRUST, INC.

CVT Russell 2000® Small Cap Index Portfolio (formerly Calvert VP Russell 2000® Small Cap Index Portfolio)

Calvert Research and Management (Adviser)

Ameritas Investment Partners, Inc. (Subadviser)

CALVERT VARIABLE TRUST, INC.

CVT S&P MidCap 400 Index Portfolio (formerly Calvert VP S&P MidCap 400 Index Portfolio)

Calvert Research and Management (Adviser)

Ameritas Investment Partners, Inc. (Subadviser)

Average Annual Total Returns

(as of 12/31/24)

FEDERATED HERMES INSURANCE SERIES

Federated Hermes Government Money Fund II—Service Shares

Federated Hermes Investment Management (Adviser)

FEDERATED HERMES INSURANCE SERIES

Federated Hermes Managed Volatility Fund II— Primary Shares

Federated Global Investment Management Corp. (Fed Global), Federated Investment Management Company (FIMCO) and Federated Equity

Management Company of Pennsylvania (FEMCOPA) (Advisers)

Average Annual Total Returns

(as of 12/31/24)

FEDERATED HERMES INSURANCE SERIES

Federated Hermes Quality Bond Fund II—Primary Shares

Federated Hermes Investment Management Company (Adviser)

FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS

Fidelity® VIP Contrafund® Portfolio—Initial Class

Fidelity Management & Research Company (FMR) (Adviser)

FMR Co., Inc. and other investment advisers (Subadviser)

Average Annual Total Returns

(as of 12/31/24)

FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS

Fidelity® VIP Growth Portfolio—Initial Class

Fidelity Management & Research Company (FMR) (Adviser)

FMR Co., Inc. and other investment advisers (Subadviser)

FIDELITY VARIABLE INSURANCE PRODUCTS
FUNDS

Fidelity® VIP Growth & Income Portfolio —Initial Class

Fidelity Management & Research Company (FMR)

(Adviser)

FMR Co., Inc. and other investment advisers

(Subadviser)

Average Annual Total Returns

(as of 12/31/24)

FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS

Fidelity® VIP High Income Portfolio—Service Class 2

Fidelity Management & Research Company (FMR) (Adviser)

FMR Co., Inc. and other investment advisers (Subadviser)

FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS

Fidelity® VIP Index 500 Portfolio—Initial Class

Fidelity Management & Research Company (FMR) (Adviser)

Geode Capital Management, LLC (Geode®) and

FMR Co., Inc. (Subadvisers)

FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS

Average Annual Total Returns

(as of 12/31/24)

Fidelity® VIP Mid Cap Portfolio—Service Class 2

Fidelity Management & Research Company (FMR) (Adviser)

FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS

Fidelity® VIP Overseas Portfolio—Initial Class

Fidelity Management & Research Company (FMR) (Adviser)

FMR Co., Inc., FMR Investment Management (UK) Limited, and other advisers (Subadvisers)

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Franklin Global Real Estate VIP Fund—Class 2

Franklin Templeton Institutional, LLC (Adviser)

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Franklin Mutual Shares VIP Fund—Class 2

Franklin Mutual Advisers, LLC (Adviser)

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Franklin Small Cap Value VIP Fund—Class 2

Average Annual Total Returns

(as of 12/31/24)

Franklin Mutual Advisers, LLC (Adviser)

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Franklin Small-Mid Cap Growth VIP Fund—Class 2

Franklin Advisers, Inc. (Adviser)

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Franklin U.S. Government Securities VIP Fund—Class 2

Franklin Advisers, Inc. (Adviser)

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Templeton Growth VIP Fund—Class 2

Templeton Global Advisors Limited (Adviser)

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

LVIP American Century Capital Appreciation Fund – Standard Class II

Lincoln Financial Investments Corporation (Adviser)

Average Annual Total Returns

(as of 12/31/24)

American Century Investment Management, Inc. (Sub-adviser)

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

LVIP American Century Inflation Protection Fund – Standard Class II

Lincoln Financial Investments Corporation (Adviser)

American Century Investment Management, Inc. (Sub-adviser)

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

LVIP American Century Mid Cap Value Fund – Standard Class II

Lincoln Financial Investments Corporation (Adviser)

American Century Investment Management, Inc. (Sub-adviser)

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

LVIP American Century Ultra Fund– Standard Class II

Lincoln Financial Investments Corporation (Adviser)

American Century Investment Management, Inc. (Sub-adviser)

Average Annual Total Returns

(as of 12/31/24)

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

LVIP American Century Value Fund – Standard Class II

Lincoln Financial Investments Corporation (Adviser)

American Century Investment Management, Inc. (Sub-adviser)

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

LVIP J.P. Morgan Mid Cap Value Fund—Standard Class

Lincoln Financial Investments Corporation (Adviser)

J.P. Morgan Investment Management Inc. (Subadviser)

Average Annual Total Returns

(as of 12/31/24)

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

LVIP J.P. Morgan Small Cap Core Fund—Standard Class

Lincoln Financial Investments Corporation (Adviser)

J.P. Morgan Investment Management Inc. (Subadviser)

Long-term growth of capital by investing primarily in common stocks of U.S. companies operating in sectors investment adviser believes will be fastest growing

T. ROWE PRICE EQUITY SERIES

All-Cap Opportunities

T. Rowe Price Associates, Inc. (Adviser)

T. ROWE PRICE EQUITY SERIES

Equity Income Portfolio

T. Rowe Price Associates, Inc. (Adviser)

Average Annual Total Returns

(as of 12/31/24)

T. ROWE PRICE EQUITY SERIES

Mid-Cap Growth Portfolio

T. Rowe Price Associates, Inc. (Adviser)

T. ROWE PRICE EQUITY SERIES

Moderate Allocation Portfolio

T. Rowe Price Associates, Inc. (Adviser)

T. ROWE PRICE INTERNATIONAL SERIES

International Stock Portfolio

T. Rowe Price Associates, Inc. (Adviser)

T. Rowe Price International Ltd and T. Rowe Price Singapore Private Ltd (Subadvisers)