ThZeal - The Zeal

ANNUITY INVESTORS LIFE INSURANCE COMPANY®

ANNUITY INVESTORS® VARIABLE ACCOUNT B

THE COMMODORE INDEPENDENCE®

Individual and Group Flexible Premium Deferred Annuities

Annual Supplement Dated April 30, 2020 to

The Commodore Independence Prospectus Dated May 1, 2019

The information in this Supplement updates and otherwise supplements The Commodore Independence Prospectus dated May 1, 2019 (the "2019 Independence Prospectus"). Please read this Supplement carefully and retain it for future reference.

The Commodore Independence Prospectus currently includes the documents listed below.

∙Annual Supplement Dated April 30, 2020, which includes prospectus information that has been revised since May 1, 2019

∙2019 Independence Prospectus

∙2019 Supplemental Prospectus-Guaranteed Withdrawal Benefit Riders ("2019 GWB Rider Supplement"), which applies only to Contracts issued before June 1, 2009 with a guaranteed withdrawal benefit rider

The financial statements of Annuity Investors Variable Account B for the year ended December 31, 2019, accompany this Annual Supplement.

How to Get Copies of Documents and Financial Statements

You can access the documents and financial statements described above on our website at gaig.com/annuities/pages/variable-compliance-docs.aspx . If you would like a free paper copy of any document or financial statement described above, contact us.

Our Contact Information

Company Name: Annuity Investors Life Insurance Company

Mailing Address: P.O. Box 5423, Cincinnati OH 45201-5423

Service Center: 1.800.789.6771

Website:gaig.com

Form and File Numbers

There are 2 versions of The Commodore Independence contract—the 2007 version and the 1998 version. Some provisions in the 2007 version differ from the corresponding provisions in the 1998 version. We have noted these differences in The Commodore Independence Prospectus. Please refer to the form number on your Contract or certificate to determine the applicable Contract version. For assistance in identifying the version of the Contract that you own or the group Contract under which you are a participant, contact us. Form numbers may vary by state.

2007 Version Form Numbers	1998 Version Form Numbers
P 1813206 (individual contract)	A 802 (NQ98)-3 and A 802 (Q98)-3 (individual contracts)
G 2010407 (group contract)	G 802	(99)-3	(group contract)
C 2010507 (participant certificate)	G 802	(99)-3	(participant certificate)

The SEC file number for The Commodore Independence is 333-51955.

Terminology

Unless otherwise indicated, terms used in this Supplement have the same meaning as in the 2019 Independence Prospectus.

Internet Delivery of Shareholder Reports

Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the shareholder reports for the Portfolios available under your Contract will no longer be sent by mail, unless you specifically request paper copies of the reports from us. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

Page 1 of 19

PORTFOLIOS

The updated information set out below replaces in its entirety the Portfolio information on the COVER PAGE of the 2019 Independence Prospectus.

The Subaccounts under the Contract invest in the corresponding Portfolios listed below.

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco Oppenheimer V.I. Capital Appreciation Fund - Series I

Invesco Oppenheimer V.I. Conservative Balanced Fund - Series I

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series I

Invesco Oppenheimer V.I. Main Street Fund® - Series I

Invesco V.I. American Value Fund - Series I

Invesco V.I. Comstock Fund - Series I

Invesco V.I. Core Equity Fund - Series I

Invesco V.I. Diversified Dividend Fund - Series I

Invesco V.I. Health Care Fund - Series I

Invesco V.I. High Yield Fund - Series I

Invesco V.I. Small Cap Equity Fund - Series I

ALPS Variable Investment Trust

Morningstar Balanced ETF Asset Allocation Portfolio - Class II

Morningstar Conservative ETF Asset Allocation Portfolio - Class II

Morningstar Growth ETF Asset Allocation Portfolio - Class II

Morningstar Income and Growth ETF Asset Allocation Portfolio - Class II

American Century Variable Portfolios, Inc.

VP Capital Appreciation Fund - Class I

VP Large Company Value Fund - Class I

VP Mid Cap Value Fund - Class I

VP Ultra® Fund - Class I

BNY Mellon Investment Portfolios

MidCap Stock Portfolio - Service Shares

Technology Growth Portfolio - Initial Shares

BNY Mellon Stock Index Fund, Inc.

BNY Mellon Stock Index Fund, Inc. - Initial Shares

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.

BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares

BNY Mellon Variable Investment Fund

Appreciation Portfolio - Initial Shares

Government Money Market Portfolio

Growth and Income Portfolio - Initial Shares

Opportunistic Small Cap Portfolio - Initial Shares

Calamos® Advisors Trust

Calamos® Growth and Income Portfolio (Closed April 30, 2012)

Davis Variable Account Fund, Inc.

Davis Value Portfolio (Closed April 30, 2015)

Deutsche DWS Investments VIT Funds

DWS Small Cap Index VIP - Class A

Page 3 of 19

Franklin Templeton Variable Insurance Products Trust

Templeton Foreign VIP Fund - Class 2

Janus Aspen Series

Janus Henderson VIT Balanced Portfolio - Institutional Shares

Janus Henderson VIT Enterprise Portfolio - Institutional Shares Janus Henderson VIT Forty Portfolio - Institutional Shares

Janus Henderson VIT Global Research Portfolio - Institutional Shares (Closed November 30, 2004) Janus Henderson VIT Overseas Portfolio - Institutional Shares

Janus Henderson VIT Research Portfolio - Institutional Shares

Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio - Class I

Discovery Portfolio - Class I

U.S. Real Estate Portfolio - Class I

PIMCO Variable Insurance Trust

PIMCO Real Return Portfolio - Administrative Class

PIMCO Total Return Portfolio - Administrative Class

The Timothy Plan

The Timothy Plan Conservative Growth Portfolio Variable Series (Closed November 30, 2004)

The Timothy Plan Strategic Growth Portfolio Variable Series (Closed November 30, 2004)

Wilshire Variable Insurance Trust

Wilshire Global Allocation Fund

Closed Portfolios

Each investment option listed above as "Closed" is available only to Contract Owners who held Accumulation Units in the Subaccount on the date on which it was closed. A Closed Subaccount will become unavailable to you once you no longer have money in that Closed Subaccount.

Morningstar Portfolios

If your Contract Effective date is before June 1, 2009 and you have activated a guaranteed withdrawal benefit rider, you may only allocate funds to the Morningstar Portfolios.

Portfolio Changes since May 1, 2019

The list of Portfolios reflects name changes and acquisitions that have occurred since May 1, 2019 as described in the 2019 Independence Prospectus or as otherwise described below. If the name of a Portfolio was changed, it is listed under its new name. If a Portfolio was acquired by another Portfolio, the acquired Portfolio is no longer included in the list.

AIM Variable Insurance Funds (Invesco Variable Insurance Funds): On or about May 24, 2019, each fund of Oppenheimer Variable Account Funds merged into a corresponding, newly formed fund of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) listed below. Non-Service shares were re-designated as Series I shares.

∙Oppenheimer Capital Appreciation Fund/VA merged into Invesco Oppenheimer V.I. Capital Appreciation Fund.

∙Oppenheimer Conservative Balanced Fund/VA merged into Invesco Oppenheimer V.I. Conservative Balanced Fund.

∙Oppenheimer Main Street Fund® /VA merged into Invesco Oppenheimer V.I. Main Street Fund®.

BNY Mellon Investment Portfolios: Effective on or about June 3, 2019, Dreyfus Investment Portfolios was renamed BNY

Mellon Investment Portfolios. There were no changes in the names of the following funds: MidCap Stock Portfolio and Technology Growth Portfolio.

BNY Mellon Stock Index Fund, Inc.: Effective on or about June 3, 2019, Dreyfus Stock Index Fund, Inc. was renamed BNY Mellon Stock Index Fund, Inc.

The BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Effective on or about June 3, 2019, The Dreyfus Sustainable U.S. Equity Portfolio, Inc. was renamed BNY Mellon Sustainable U.S. Equity Portfolio, Inc.

Page 4 of 19

BNY Mellon Variable Investment Fund: Effective on or about June 3, 2019, Dreyfus Variable Investment Fund was renamed

BNY Mellon Variable Investment Fund. There were no changes in the names of the following portfolios: Appreciation Portfolio, Government Money Market Portfolio, Growth and Income Portfolio, and Opportunistic Small Cap Portfolio.

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Effective April 30, 2020, Invesco V.I. Mid Cap Growth Fund merged into Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund.

EXPENSE TABLES

The information below replaces in its entirety the EXPENSE TABLES section of the 2019 Independence Prospectus.

EXPENSE TABLES

These tables describe the fees and expenses you will pay when you buy or hold the Contract. No charges are imposed when you withdraw amounts from or surrender the Contract.

Table A: Contract Owner Transaction Expenses

(Replaces Table A in the 2019 Independence Prospectus)

The first table describes the fees and expenses that you will pay at the time you buy the Contract, make a transfer between investment options, or borrow money under the Contract. Premium taxes may also be deducted.

	Current	Maximum
Sales load imposed on Purchase Payments	None	None
Sales load imposed on withdrawals or on surrenders	None	None
Transfer Fee(1)	$25	$30
Annual Automatic Transfer Program Fee	None	$30
Annual Systematic Withdrawal Fee	None	$30
Loan Interest Spread(2)	3.00%	7.00%

(1)The transfer fee currently applies to transfers in excess of 12 in any contract year.

(2)Generally, we require collateral in an amount equal to 110% of the outstanding loan balance. The loan interest spread is the difference between the amount of interest we charge you for a loan and the amount of interest we credit to your collateral. Because the maximum interest rate we charge on a loan is 8% and the minimum interest rate we credit to collateral may be as low as 1%, depending on the Contract, the maximum loan interest spread is 7%. However, a plan administrator or an employer retirement plan may require us to charge a higher interest rate on loans. In this case, the maximum loan interest rate spread will be higher than 7%.

Table B: Annual Expenses

(Replaces Table B in the 2019 Independence Prospectus)

The next table describes the fees and expenses that you will pay periodically during the time that you own the Contract, not including Portfolio fees and expenses. Separate Account annual expenses are shown as a percentage of the average value of the Owner's interest in the Subaccounts.

				Enhanced Group Version
	Standard			with Administration
	Version	Enhanced Group Version		Charge Waived (2)
	Current	Current	Maximum	Current	Maximum
Annual Contract Maintenance Fee (1)	$40	$40	$40	$40	$40
Separate Account Annual Expenses
Mortality and Expense Risk Charge	1.25%	0.75%	0.95%	0.75%	0.95%
Administration Charge	0.15%	0.15%	0.15%	0.00%	0.00%
Total Separate Account Annual Expenses	1.40%	0.90%	1.10%	0.75%	0.95%

(1) If you surrender your Contract, we will apply the contract maintenance fee at that time.

All Contract Owners may purchase the standard version of the Contract. Certain groups that meet higher underwriting or other criteria may be eligible to purchase the enhanced version of the Contract. We may waive the Administration Charge for group contracts when we expect to incur reduced expenses in connection with the administration of the Contract.

Page 5 of 19

Table C: Total Annual Portfolio Operating Expenses

(Replaces Table C in the 2019 Independence Prospectus)

The next table shows the minimum and maximum total operating expenses of the Portfolios that you may pay periodically during the time that you own the Contract. These expenses are deducted from Portfolio assets and include management fees, distribution and service (12b-1) fees, acquired fund fees, and other expenses. More detail concerning each Portfolio's fees and expenses is contained in the prospectus of that Portfolio.

Minimum Maximum

0.27%1.53%

The minimum expenses are the expenses of the BNY Mellon Stock Index Fund, Inc. The maximum expenses are the expenses of the PIMCO Real Return Portfolio.

The information about Portfolio expenses that we used to prepare this table was provided to us by the Portfolios. We have not independently verified the Portfolio expense information. The minimum and maximum expenses shown in the table are for the year ended December 31, 2019. Actual expenses of a Portfolio in future years may be higher or lower.

The Portfolios in the ALPS Variable Investment Trust (Morningstar Portfolios) and the Wilshire Variable Insurance Trust are structured as "fund of funds" and invest in other investment companies ("Acquired Funds"). As a result, each Morningstar portfolio and Wilshire portfolio will likely incur higher expenses than a fund that invests directly in securities and you will effectively be paying a portion of the management fees and other expenses of the Acquired Funds.

EXAMPLES

The information below replaces in its entirety the EXAMPLES section of the 2019 Independence Prospectus and the subsection entitled "The Commodore Independence" of the SUPPLEMENT TO EXAMPLES section of the 2019 GWB Rider Supplement.

EXAMPLES

These examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include:

∙the Contract Owner transaction expenses (described in Table A above),

∙the annual expenses (described in Table B above), and

∙Portfolio operating expenses (described in Table C above).

Your actual costs may be higher or lower than the costs shown in the examples.

Example 1: Contract with Maximum Fund Operating Expenses (Replaces Example 1 in the 2019 Independence Prospectus) Assumptions

∙You invest $10,000 in the Contract for the periods indicated and your investment has a 5% return each year.

∙The annual contract maintenance fee ($40), the maximum Separate Account annual expenses (1.40%), and the maximum Portfolio expenses (1.53%) are incurred.

	1 year	3 years	5 years	10 years
We assume that you surrender your Contract at the end of the period.	$341	$1,090	$1,936	$4,549
In this case, your costs would be:

Example 2: Contract with Minimum Fund Operating Expenses (Replaces Example 2 in the 2019 Independence Prospectus) Assumptions

∙You invest $10,000 in the Contract for the periods indicated and your investment has a 5% return each year.

∙The annual contract maintenance fee ($40), the maximum Separate Account annual expenses (1.40%), and the minimum Portfolio expenses (0.27%) are incurred.

	1 year	3 years	5 years	10 years
We assume that you surrender your Contract at the end of the period.	$213	$686	$1,230	$2,955
In this case, your costs would be:
Page 6 of 19

Example 3: Example for Contract with Optional Benefit Rider and Maximum Fund Operating Expenses

This example applies only if your Contract was issued before June 1, 2009 and you have activated one of the guaranteed withdrawal benefit riders. (Replaces The Commodore Independence Example in the 2019 GWB Rider Supplement)

Assumptions

∙You invest $10,000 in the Contract for the periods indicated and your investment has a 5% return each year.

∙You activate the Guaranteed Lifetime Withdrawal Benefit with Spousal Continuation Rider when you purchase your Contract and the maximum Rider charge of 1.20% is incurred. The rider interest credit is 5%.

∙The annual contract maintenance fee of $40 and Separate Account annual expenses of 1.40% are incurred.

∙The maximum Portfolio expenses (0.89%) are incurred.

	1 year	3 years	5 years	10 years
If you surrender, annuitize or keep your Contract at the end of the period,	$396	$1,275	$2,278	$5,410
your costs would be:	$396	$1,275	$2,278	$5,410
your costs would be:

FINANCIAL INFORMATION

The paragraph below replaces in its entirety the FINANCIAL INFORMATION section of the 2019 Independence Prospectus.

The financial statements of Annuity Investors Variable Account B for the year ended December 31, 2019, accompany this Supplement and are available at gaig.com/annuities/pages/variable-compliance-docs.aspx .

The financial statements of Annuity Investors Life Insurance Company for the years ended December 31, 2019, 2018 and 2017 are available at gaig.com/annuities/pages/variable-compliance-docs.aspx . If you would like a free paper copy of these financial statements, contact us.

OVERVIEW

The text below replaces in its entirety the subsection entitled "What Are the Risks Related to the Contract?" of the OVERVIEW section of the 2019 Independence Prospectus.

What Are the Risks Related to the Contract?

∙The variable investment options to which you allocate Purchase Payments may lose value, which would cause your Account Value to decrease.

o The outbreak of the novel coronavirus known as COVID-19 was declared a pandemic by the World Health Organization in March 2020. As of the date of this prospectus, the COVID-19 pandemic has led to significant volatility and negative returns in the financial markets. These market conditions have impacted the performance of the variable investment options available under the Contract. If these market conditions continue, and depending on your individual circumstances (e.g., your selected variable investment options and the timing of any Purchase Payments, transfers, or withdrawals), you may experience (perhaps significant) negative returns under the Contract. The duration of the COVID-19 pandemic, and the future impact that the pandemic may have on the financial markets and global economy, cannot be foreseen, however. You should consult with a Financial Professional about how the COVID-19 pandemic and the recent market conditions may impact your future investment decisions related to the Contract, such as making Purchase Payments, transfers, or withdrawals, based on your individual circumstances.

∙We may not be able to pay claims related to the annuity, death or guaranteed withdrawal benefits.

oThe economic impacts of the COVID-19 pandemic may negatively affect our financial condition and results of operations. The extent to which the COVID-19 pandemic impacts financial markets, the global economy, and our financial strength and claims-paying ability will depend on future developments that cannot be predicted with certainty. We continue to be subject to significant state solvency regulations that require us to reserve amounts to pay our contractual guarantees.

∙A penalty tax may be imposed at the time of a withdrawal or a surrender depending on your age and other circumstances.

Page 7 of 19

PORTFOLIOS, SHARE CLASSES, ADVISORS AND INVESTMENT CATEGORIES

The text below replaces in its entirety the PORTFOLIOS, SHARES CLASSES, ADVISORS AND PORTFOLIO INVESTMENT CATEGORIES section of the 2019 Independence Prospectus.

Portfolios, Share Classes, Advisors and Portfolio Investment Categories

PORTFOLIO	SHARE CLASS	ADVISOR	INVESTMENT CATEGORY

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco Oppenheimer V.I. Capital	Series I	Invesco Advisers, Inc.	US Equity Large Cap Growth:
Appreciation Fund			Large Growth
Invesco Oppenheimer V.I.	Series I	Invesco Advisers, Inc.	Cautious Allocation: Large
Conservative Balanced Fund			Blend
Invesco Oppenheimer V.I.	Series I	Invesco Advisers, Inc.	US Equity Mid Cap: Mid
Discovery Mid Cap Growth Fund			Growth
Invesco Oppenheimer V.I. Main	Series I	Invesco Advisers, Inc.	US Equity Large Cap Blend:
Street Fund®			Large Blend
Invesco V.I. American Value Fund	Series I	Invesco Advisers, Inc.	US Equity Mid Cap: Mid Value

Invesco V.I. Comstock Fund	Series I	Invesco Advisers, Inc.	US Equity Large Cap Value:
			Large Value
Invesco V.I. Core Equity Fund	Series I	Invesco Advisers, Inc.	US Equity Large Cap Blend:
			Large Blend
Invesco V.I. Diversified Dividend	Series I	Invesco Advisers, Inc.	US Equity Large Cap Value:
Fund			Large Value
Invesco V.I. Health Care Fund	Series I	Invesco Advisers, Inc.	Healthcare Sector Equity:
			Large Growth
Invesco V.I. High Yield Fund	Series I	Invesco Advisers, Inc.	US Fixed Income

Invesco V.I. Small Cap Equity Fund	Series I	Invesco Advisers, Inc.	US Equity Small Cap: Small
			Growth
ALPS Variable Investment Trust

Morningstar Balanced ETF Asset	Class II	ALPS Advisers, Inc. Sub-	Moderate Allocation: Large
Allocation Portfolio		Advisor: Morningstar Investment	Blend
		Management LLC
Morningstar Conservative ETF	Class II	ALPS Advisers, Inc. Sub-	Cautious Allocation: Large
Asset Allocation Portfolio		Advisor: Morningstar Investment	Value
		Management LLC
Morningstar Growth ETF Asset	Class II	ALPS Advisers, Inc. Sub-	Aggressive Allocation: Large
Allocation Portfolio		Advisor: Morningstar Investment	Blend
		Management LLC
Morningstar Income and Growth	Class II	ALPS Advisers, Inc. Sub-	Cautious Allocation: Large
ETF Asset Allocation Portfolio		Advisor: Morningstar Investment	Blend
		Management LLC
American Century Variable Portfolios, Inc.

VP Capital Appreciation Fund	Class I	American Century Investment	US Equity Mid Cap: Mid
		Management, Inc.	Growth
VP Large Company Value Fund	Class I	American Century Investment	US Equity Large Cap Value:
		Management, Inc.	Large Value
VP Mid Cap Value Fund	Class I	American Century Investment	US Equity Mid Cap: Mid Value
		Management, Inc.
VP Ultra® Fund	Class I	American Century Investment	US Equity Large Cap Growth:
		Management, Inc.	Large Growth
BNY Mellon Investment Portfolios

MidCap Stock Portfolio	Service Shares	BNY Mellon Investment Adviser, Inc.	US Equity Mid Cap: Mid Blend

Technology Growth Portfolio	Initial Shares	BNY Mellon Investment Adviser, Inc.	Technology Sector Equity:
			Large Growth
		Page 8 of 19

PORTFOLIO	SHARE CLASS	ADVISOR	INVESTMENT CATEGORY

BNY Mellon Stock Index Fund, Inc.

BNY Mellon Stock Index Fund, Inc.	Initial Shares	BNY Mellon Investment Adviser, Inc.	US Equity Large Cap Blend:
		Index Manager: Mellon Investments	Large Blend
		Corporation (an affiliate of BNY
		Mellon Investment Adviser, Inc.)
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.

BNY Mellon Sustainable U.S.	Initial Shares	BNY Mellon Investment Adviser, Inc.	US Equity Large Cap Blend:
Equity Portfolio, Inc.		Sub-Advisor: Newton Investment	Large Blend
		Management Limited
BNY Mellon Variable Investment Fund

Appreciation Portfolio	Initial Shares	Adviser: BNY Mellon Investment	US Equity Large Cap Blend:
		Adviser, Inc.	Large Growth
		Sub-Adviser: Fayez Sarofim & Co.
Government Money Market		Dreyfus Cash Investment	US Money Market
Portfolio		Strategies, a division of BNY Mellon
		Investment Adviser, Inc.
Growth and Income Portfolio	Initial Shares	BNY Mellon Investment Adviser, Inc.	US Equity Large Cap Growth:
			Large Growth
Opportunistic Small Cap Portfolio	Initial Shares	BNY Mellon Investment Adviser, Inc.	US Equity Small Cap: Small
			Blend
Deutsche DWS Investments VIT Funds

DWS Small Cap Index VIP	Class A	DWS Investment Management	US Equity Small Cap: Small
		Americas, Inc.	Blend
Franklin Templeton Variable Insurance Products Trust

Templeton Foreign VIP Fund	Class 2	Templeton Investment Counsel, LLC	Global Equity Large Cap:
			Large Value
Janus Aspen Series

Janus Henderson VIT Balanced	Institutional	Janus Capital Management LLC	Moderate Allocation: Large
Portfolio	Shares		Blend
Janus Henderson VIT Enterprise	Institutional	Janus Capital Management LLC	US Equity Mid Cap: Mid
Portfolio	Shares		Growth
Janus Henderson VIT Forty	Institutional	Janus Capital Management LLC	US Equity Large Cap Growth:
Portfolio	Shares		Large Growth
Janus Henderson VIT Overseas	Institutional	Janus Capital Management LLC	Global Equity Large Cap:
Portfolio	Shares		Large Blend
Janus Henderson VIT Research	Institutional	Janus Capital Management LLC	US Equity Large Cap Growth:
Portfolio	Shares		Large Growth
Morgan Stanley Variable Insurance Fund, Inc.

Core Plus Fixed Income Portfolio	Class I	Morgan Stanley Investment	US Fixed Income
		Management, Inc.
Discovery Portfolio	Class I	Morgan Stanley Investment	US Equity Mid Cap: Mid
		Management, Inc.	Growth
U.S. Real Estate Portfolio	Class I	Morgan Stanley Investment	Real Estate Sector Equity: Mid
		Management, Inc.	Value
PIMCO Variable Insurance Trust

PIMCO Real Return Portfolio	Administrative	Pacific Investment Management	US Fixed Income
	Class	Company LLC
PIMCO Total Return Portfolio	Administrative	Pacific Investment Management	US Fixed Income
	Class	Company LLC
Wilshire Variable Insurance Trust

Wilshire Global Allocation Fund		Wilshire Associates Incorporated	Moderate Allocation: Large
			Blend
		Page 9 of 19

The investment category for a Portfolio that is listed in the table above was assigned by an unaffiliated provider of independent investment research and is based on portfolio statistics and compositions over the past three years.

Each Morningstar Portfolio and the Wilshire Portfolio listed in the table above is structured as a "fund of funds". A "fund of funds" attempts to achieve its investment objective by investing in other investment companies (each, an "Acquired Fund"), which in turn invests directly in securities. Each Morningstar Portfolio and the Wilshire Portfolio indirectly incurs a proportionate share of the expenses of each Acquired Fund in which it invests. As a result of this fund of funds structure, the Morningstar Portfolios and the Wilshire Portfolio will likely incur higher expenses than funds that invest directly in securities.

PURCHASE PAYMENTS AND ALLOCATIONS TO INVESTMENT OPTIONS

The text below is added to the subsection entitled "Purchase Payments" of the PURCHASE PAYMENTS AND ALLOCATIONS TO INVESTMENT OPTIONS section of the 2019 Independence Prospectus.

Unforeseen Processing Delays. We are exposed to risks related to natural and man-made disasters and catastrophes, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster or catastrophe, including a pandemic (such as COVID-19), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. While many of our employees and the employees of our service providers are able to work remotely, those remote work arrangements may result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from contract owners. Catastrophic events may negatively affect the computer and other systems on which we rely, impact our ability to calculate Accumulation Unit Values, or have other possible negative impacts. There can be no assurance that our service providers will be able to successfully avoid negative impacts associated with natural and man-made disasters and catastrophes.

ANNUITY BENEFIT

The text below replaces in its entirety the first paragraph of the subsection entitled "Overview" of the ANNUITY BENEFIT section of the 2019 Independence Prospectus.

When the Contract is annuitized, we promise to pay a stream of Annuity Benefit payments for the duration of the settlement option selected. Upon annuitization, the Account Value is no longer available to you. Annuity Benefit payments are based on the Account Value. Annuity Benefit payments may be calculated and paid as variable dollar payments, fixed dollar payments, or a combination of both. We guarantee only the amount of fixed dollar payments. You (or the applicable payee) bear the risk that any variable dollar payment may be less than the initial variable dollar payment or that it may decline to zero, if Benefit Unit Values for that payment decrease sufficiently.

DEATH BENEFIT

The text below replaces in its entirety the DEATH BENEFIT section of the 2019 Independence Prospectus.

Definitions

Beneficiary. The person entitled to receive any Death Benefit under this Contract. More information about the Beneficiary is included in the Contract section of the prospectus.

Death Benefit. The benefit described in the Death Benefit section of the Contract.

Death Benefit Commencement Date. (1) The first day of the first payment interval for a Death Benefit that is paid as periodic payments or (2) the date of payment for a Death Benefit that is paid as a lump sum. The Beneficiary designates the Death Benefit Commencement Date when filing a claim by Written Request. It can be no earlier than the date that we have received at our administrative office both Due Proof of Death and a claim in Good Order with instructions as to the form of the Death Benefit.

Death Benefit Valuation Date. The earlier of (1) the date that we have received at our administrative office both Due Proof of Death and a Written Request with instructions as to the form of the Death Benefit and (2) the first anniversary of death.

Due Proof of Death. A certified copy of a death certificate or a certified copy of a decree made by a court of competent jurisdiction as to the finding of death. We will also accept other proof that is satisfactory to us.

Overview

A Death Benefit will be paid under this Contract if you or a joint owner dies before the Annuity Commencement Date and before the Contract is surrendered.

A Death Benefit will also be paid under the following circumstances.

Page 10 of 19

∙You or a joint owner is a non-natural person and the Annuitant dies before the Annuity Commencement Date and before the Contract is surrendered.

∙The Contract is a Tax Qualified Contract and the Annuitant dies before the Annuity Commencement Date and before the Contract is surrendered.

If your surviving spouse (or civil union partner/domestic partner in applicable states) becomes a successor owner of the Contract, no Death Benefit will be paid on your death.

Only one Death Benefit will be paid under the Contract. No Death Benefit will be paid until we receive Due Proof of Death. If a Death Benefit becomes payable, it will be in lieu of all other benefits under the Contract and all other rights under this Contract will be terminated.

A withdrawal from the Contract may result in a reduction of the Death Benefit that is greater than the amount of the withdrawal.

Death Benefit Amount (2007 Version). The Death Benefit will be based on the greater of (1) the Account Value on the Death Benefit Valuation Date and (2) the Return of Premium Value. The Return of Premium Value is the total of all Purchase Payments received by us, reduced proportionally for any withdrawals, including withdrawals to pay charges. Any reduction in total Purchase Payments to reflect withdrawals will be made in the same percentage as the percentage reduction in your Account Value on the date of withdrawal. As a result, this reduction may be greater than the amount of the withdrawal.

On the Death Benefit Valuation Date, if the Return of Premium Value exceeds the Account Value, then we will add that excess to the Account Value. Any such addition shall be allocated proportionally among the Subaccounts and the Fixed Accumulation Account options based on the values of each such option as of the end of the Valuation Period immediately before that date.

The death benefit amount will be reduced by any applicable premium tax or other taxes not previously deducted and by any outstanding loans.

Unless transferred by the Beneficiary, the portion of the Death Benefit Amount allocated to the Subaccounts will remain in those Subaccounts until the Death Benefit Commencement Date.

The Death Benefit Amount under this Contract will be finally determined using the Account Value on the Death Benefit Commencement Date. If the Death Benefit Commencement Date is later than the Death Benefit Valuation Date, the Death Benefit amount may be lower than the amount calculated on the Death Benefit Valuation Date.

Example of Determination of Death Benefit Amount (2007 Version). This example is intended to help you understand how a withdrawal impacts the Death Benefit amount.

Assuming your total Purchase Payments equal $100,000, your Account Value is $90,000, you withdraw $10,000 from the Contract, and you are left with an Account Value of $80,000, and the Death Benefit Commencement Date is not after the Death Benefit Valuation Date.


Step One: Calculate the proportional reduction.
1 –	$80,000		Account Value immediately after withdrawal				= 11.1111%	Percentage
1 –	$90,000		Account Value immediately before withdrawal				= 11.1111%	Reduction
	$90,000		Account Value immediately before withdrawal					Reduction
$100,000		Purchase		x 11.1111%	Percentage	= $11,111	Proportional
$100,000		Payments		x 11.1111%	Reduction	= $11,111	Reduction
		Payments			Reduction		Reduction

Step Two: Calculate the reduced Purchase Payment amount.
Purchase Payments						$100,000
Less proportional reduction for withdrawals						– 11,111
Purchase Payments reduced for withdrawals						$88,889

Step Three: Determine the Death Benefit amount.

Immediately after the withdrawal, the reduced Purchase Payments of $88,889 is greater than the Account Value of $80,000, so the Death Benefit amount would be $88,889.

Death Benefit Amount (1998 Version). The Death Benefit will be based on the greater of (1) the Account Value as of the Death Benefit Valuation Date and (2) 100% of the Purchase Payment(s) received by us, less any amounts returned to you.

Page 11 of 19

On the Death Benefit Valuation Date, if the latter value exceeds the Account Value, then we will add that excess to the Account Value. Any such addition shall be allocated proportionally among the Subaccounts and the Fixed Accumulation Account options based on the values of each such option as of the end of the Valuation Period immediately before that date.

The death benefit amount will be reduced by any applicable premium tax or other taxes not previously deducted and by any outstanding loans.

Unless transferred by the Beneficiary, the portion of the Death Benefit Amount allocated to the Subaccounts will remain in those Subaccounts until the Death Benefit Commencement Date.

Example of Determination of Death Benefit Amount (1998 Version). This example is intended to help you understand how a withdrawal impacts the Death Benefit amount.

Step One: Calculate the reduced Purchase Payment amount.
Purchase Payments	$100,000
Less reduction for withdrawals	– 10,000
Purchase Payments reduced for withdrawals	$90,000

Step Two: Determine the Death Benefit amount.

Immediately after the withdrawal, the reduced Purchase Payments of $90,000 is greater than the Account Value of $80,000, so the Death Benefit amount would be $90,000.

Allocations and Transfers of Death Benefit Amount. On the Death Benefit Valuation Date, we will allocate the Death Benefit amount among the Subaccounts and the Fixed Account options. This allocation will be made in the same proportion as the value of each option bears to the total Account Value as of the end of the Valuation Period immediately before that date. After this allocation, the amount of the Death Benefit to be paid will be based on the Account Value.

Between the Death Benefit Valuation Date and the Death Benefit Commencement Date, the Beneficiary may transfer funds among the Subaccounts and the Fixed Account options. These transfers are subject to the limitations described in the Transfers section and Appendix B of this prospectus.

Form of Death Benefit. You may elect to have Death Benefit payments made in one lump sum or pursuant to any form of settlement option that is currently available. The standard forms of settlement options are described in the Settlement Options section of this prospectus. You may request fixed dollar payments, variable dollar payments, or a combination of both. There is no additional charge associated with the form of Death Benefit election.

The election must be made before your death. You may change the election at any time before your death. The election or any change in the election must be made by Written Request.

If you do not make any election, the Beneficiary may make that election after your death and on or before the Death Benefit Commencement Date. A Beneficiary may change the Beneficiary's own election by Written Request at least 30 days before the Death Benefit Commencement Date.

The Beneficiary generally will be the person on whose life any Death Benefit payments under a settlement option will be based. If the Beneficiary is a non-natural person, the Beneficiary may elect to have payments under a life option based on the life of a person to whom the Beneficiary is obligated. This election must be made by Written Request before the Death Benefit Commencement Date.

If this Contract is a Tax-Qualified Contract, an election of a settlement option is subject to restrictions stated in the tax qualification endorsement. If this Contract is not a tax-qualified contract, then an election of a settlement option is subject to the distribution rules set forth in the Contract.

Page 12 of 19

Lump Sum Payments of Death Benefits Prior to January 1, 2012. Prior to January 1, 2012, if the beneficiary was an individual and the lump sum payment option was selected, we may have paid the death benefit by establishing an interest- bearing draft account for the beneficiary in the amount of the death benefit. This account was called the Great American Benefit Choice Account. We sent the beneficiary a personalized "checkbook" for this account.

If the beneficiary has not closed this account, then the beneficiary may still withdraw all or part of the money in this account at any time by writing a draft against the account. The servicing bank will process the draft by drawing funds from our general account.

The Great American Benefit Choice Account earns interest, which is compounded daily and credited monthly. We set the interest rate for this account. We review the rate periodically and we may change it at any time. We may make a profit on the money held in this account.

The Great American Benefit Choice Account is part of our general account. It is not a bank account, and it is not insured by the FDIC, NCUSIF, or any government agency. As part of our general account, it is subject to the claims of our creditors.

Application of a Death Benefit to a Settlement Option. When a Death Benefit is applied to a settlement option, we promise to pay a stream of benefit payments for the duration of the settlement option selected. Benefit payments are based on the Account Value. Benefit payments may be calculated and paid as variable dollar payments, fixed dollar payments, or a combination of both. We guarantee only the amount of fixed dollar payments. The Beneficiary (or the applicable payee) bears the risk that any variable dollar payment may be less than the initial variable dollar payment, or that it may decline to zero, if Benefit Unit Values for that payment decrease sufficiently.

Person Who Receives Death Benefit Payments. Death Benefit payments generally will be made to the Beneficiary as payee. There are 2 exceptions to this general rule.

∙If the Beneficiary is a non-natural person, the Beneficiary may elect to have Death Benefit payments made to a payee to whom the Beneficiary is obligated to make corresponding payments. This election must be made by Written Request before the Death Benefit Commencement Date. Otherwise, a Beneficiary that is a non-natural person may only elect to have settlement option payments made under a fixed period payment option.

∙Death Benefit payments may be paid as a transfer or rollover to, or as a tax-free exchange for, an annuity or tax-qualified account as permitted by federal tax law.

Death Benefit payments that are still payable after the death of the payee will be made to the applicable contingent payee or, if there is no designated or surviving contingent payee, the estate of the last payee who received payments.

THE CONTRACTS

The text below replaces in its entirety the subsection entitled "Successor Owner" of the "Ownership Provisions" subsection of the THE CONTRACTS section of the 2019 Independence Prospectus.

Successor Owner. In some cases, your spouse (or civil union partner/domestic partner in applicable states) may succeed to the ownership of the Contract after your death. Specifically, if you die before the Annuity Commencement Date and your spouse (or civil union partner/domestic partner in applicable states) is the surviving joint owner or sole surviving Beneficiary under the Contract, he or she will become the successor owner of the Contract if (1) you make that Written Request before your death or

(2)after your death, your spouse (or civil union partner/domestic partner in applicable states) makes that Written Request before the Death Benefit Commencement Date. As successor owner, your spouse (or civil union partner/domestic partner in applicable states) will then succeed to all rights of ownership under the Contact except the right to name another successor owner.

Note for 1998 Version. Your spouse (or civil union partner/domestic partner in applicable states) may not succeed to the ownership of the Contract after your death unless the Contract was issued with an endorsement that permits your spouse (or civil union partner/domestic partner in applicable states) to become the successor owner.

As required by federal tax law, the Contract contains rules about the rate at which a death benefit must be paid to a beneficiary who is not your spouse. If the successor owner is not your spouse as defined by federal tax law, then after your death the contract values must be distributed in a manner that complies with these rules. For this purpose, a civil union partner/domestic partner is not considered a spouse.

Civil Union Partners, and Domestic Partners. Federal tax law does not recognize a civil union or domestic partnership as a marriage. Although a civil union partner/domestic partner may become a successor owner in applicable states, the favorable tax treatment provided by deferral tax law to a surviving spouse in NOT available to a surviving civil union partner/domestic partner. For information about federal tax laws, please consult a tax advisor.

Page 13 of 19

Step Up in Account Value for Successor Owner. If your spouse (or civil union partner/domestic partner in applicable states) becomes the successor owner of the Contract, the Account Value may be increased. There is no additional charge associated with this feature. Any such increase will be equal to the amount, if any, that the Account Value would have been increased on the Death Benefit Valuation Date if your spouse (or civil union partner/domestic partner) had elected to take the Death Benefit. An increase will only apply if the Death Benefit would have been based on the Return of Premium Value or Historic High Value.

For this purpose, the Death Benefit Valuation Date is the earlier of: (1) the date that we have received at our administrative office both Due Proof of Death and a Written Request to become successor owner of the Contract; or (2) the first anniversary of death. Any such increase shall be effective on the Death Benefit Valuation Date, and shall be allocated proportionally among the Subaccounts and the Fixed Accumulation Account options based on the value of each such option as of the end of the Valuation Period immediately before that date.

ABANDONED PROPERTY AND ESCHEATMENT

The text below replaces in its entirety the ABANDONED PROPERTY AND ESCHEATMENT section of the 2019 Independence Prospectus.

Every state has unclaimed property laws. These laws generally declare annuity contracts to be abandoned after a period of inactivity of three to five years (1) from the first day of the period during which annuity benefit payments are to be paid; or

(2)from the date of death for which a death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but the Beneficiary does not come forward to claim the death benefit in a timely manner, the unclaimed property laws will apply.

If a death benefit, annuity benefit payments, or other Contract proceeds are unclaimed, we will pay them to the abandoned property division or unclaimed property office of the applicable state. (Escheatment is the formal, legal name for this process.) For example, on an unclaimed death benefit, depending on the circumstances, the proceeds are paid (1) to the state where the Beneficiary last resided, as shown on our books and records; (2) to the state where the Owner last resided, as shown on our books and records; or (3) to Ohio, which is our state of domicile. The state will hold the proceeds without interest until a valid claim is made by the person entitled to the proceeds.

If the Contract owner dies and we are unable to locate the beneficiary, or if the Contract requires annuity benefit payments to start and we cannot locate the owner, the Account Value of the Contract will remain in the Subaccount and Fixed Accumulation Account options until the death benefits or Contract proceeds are claimed or escheated. If escheated, the death benefit amount or Contract proceeds will be finally determined using the Account Value at the end of the Valuation Period that is no more than seven days before date that we make the escheat payment to the state.

To prevent escheatment of the death benefit, annuity benefit payments or other proceeds from your annuity, it is important:

∙to update your contact information, such as your address, phone number and email address, if and as it changes; and

∙to update your Beneficiary and other designations, including complete names, complete addresses, phone numbers, and

social security numbers, if and as they change.

Please contact us at P.O. Box 5423, Cincinnati, OH 45201-5423, or call us at 1-800-789-6771, to make such changes.

State unclaimed property laws do not apply to annuity contracts that are held under an employer retirement plan that is subject to the Employee Retirement Income Security Act of 1974 (ERISA).

FEDERAL TAX MATTERS

The text below replaces in its entirety the FEDERAL TAX MATTERS section of the 2019 Independence Prospectus.

This section provides a general description of federal income tax considerations relating to the Contracts. The purchase, holding, and transfer of a Contract may have federal estate and gift tax consequences in addition to income tax consequences. Estate and gift taxation is not discussed in this prospectus or in the Statement of Additional Information. State taxation will vary, depending on the state in which you reside, and is not discussed in this prospectus or in the Statement of Additional Information.

The tax information provided in this prospectus is not intended or written to be used as legal or tax advice. It is written solely to provide general information related to the purchase and holding of the Contracts. You should seek advice on legal or tax questions based on your particular circumstances from an attorney or tax advisor who is not affiliated with the Company.

Page 14 of 19

Tax Deferral on Annuities

Internal Revenue Code ("IRC") Section 72 governs the taxation of annuities in general. The income earned on a Contract is generally not included in the Owner's taxable income until it is withdrawn from the Contract. In other words, a Contract is a tax- deferred investment. In order to qualify for this tax-deferred treatment, the Contracts must meet certain requirements related to investor control and diversification discussed in the Statement of Additional Information. Tax deferral is not available for a Contract when an Owner is a trust, corporation, LLC, partnership, or other entity unless the Contract is part of a tax-qualified retirement plan or the Owner is a mere agent for a natural person. For a nonqualified deferred compensation plan, this rule means that the employer as Owner of the Contract will generally be taxed currently on any increase in the Surrender Value, although the plan itself may provide a tax deferral to the participating employee.

Tax-Qualified Retirement Plans

Annuities may also qualify for tax-deferred treatment, or serve as a funding vehicle, under tax-qualified retirement plans that are governed by other IRC provisions. These provisions include IRC Section 401 (pension, profit sharing, and 401(k) plans), IRC Section 403(b) (tax-sheltered annuities), IRC Sections 408 and 408A (individual retirement annuities), and IRC Section 457(b) (governmental deferred compensation plans). Tax-deferral is generally also available under these tax-qualified retirement plans through the use of a trust or custodial account without the use of an annuity.

The tax law rules governing tax-qualified retirement plans and the treatment of amounts held and distributed under such plans are complex. If the Contract is to be used in connection with a tax-qualified retirement plan, including an individual retirement annuity ("IRA") under a Simplified Employee Pension (SEP) Plan, you should seek competent legal and tax advice regarding the suitability of the Contract for your particular situation. Following is a brief description of the types of tax-qualified retirement plans for which the Contracts are available.

Contributions to a tax-qualified Contract are typically made with pre-tax dollars, while contributions to other Contracts are typically made with after-tax dollars, though there are exceptions in either case. Tax-qualified Contracts may also be subject to restrictions on withdrawals that do not apply to other Contracts. These restrictions may be imposed to meet the requirements of the IRC or of an employer plan.

Individual Retirement Annuities. IRC Sections 219 and 408 permit certain individuals or their employers to contribute to an individual retirement arrangement known as an "Individual Retirement Annuity" or "IRA". Under applicable limitations, an individual may claim a tax deduction for certain contributions to an IRA. Contributions made to an IRA for an employee under a Simplified Employee Pension (SEP) Plan or Savings Incentive Match Plan for Employees (SIMPLE) established by an employer are not includable in the gross income of the employee until distributed from the IRA. Distributions from an IRA are taxable to the extent that they represent contributions for which a tax deduction was claimed, contributions made under a SEP plan or SIMPLE, or income earned within the IRA.

Roth IRAs. IRC Section 408A permits certain individuals to contribute to a Roth IRA. Contributions to a Roth IRA are not tax deductible. Tax-free distributions of contributions may be made at any time. Distributions of earnings are tax-free following the five-year period beginning with the first year for which a Roth IRA contribution was made if the Owner has attained age 59½, become disabled, or died, or for qualified first-time homebuyer expenses.

Tax-Sheltered Annuities. IRC Section 403(b) permits public schools and charitable, religious, educational, and scientific organizations described in IRC Section 501(c)(3) to establish "tax-sheltered annuity" or "TSA" plans for their employees. TSA contributions and Contract earnings are generally not included in the gross income of the employee until distributed from the TSA. Amounts attributable to contributions made under a salary reduction agreement cannot be distributed until the employee attains age 59½, severs employment, becomes disabled, incurs a hardship, is eligible for a qualified reservist distribution, or dies. The IRC and the plan may impose additional restrictions on distributions.

Pension, Profit–Sharing, and 401(k) Plans. IRC Section 401 permits employers to establish various types of retirement plans for employees and permits self-employed individuals to establish such plans for themselves and their employees. These plans may use annuity contracts to fund plan benefits. Generally, contributions are deductible to the employer in the year made, and contributions and earnings are generally not included in the gross income of the employee until distributed from the plan. The IRC and the plan may impose restrictions on distributions. Purchasers of a Contract for use with such plans should seek competent advice regarding the suitability of the Contract under the particular plan.

Governmental Eligible Deferred Compensation Plans. State and local government employers may purchase annuity contracts to fund eligible deferred compensation plans for their employees, as described in IRC Section 457(b). Contributions and earnings are generally not included in the gross income of the employee until the employee receives distributions from the plan. Amounts cannot be distributed until the employee attains age 70½, severs employment, becomes disabled, incurs an unforeseeable emergency, or dies. The plan may impose additional restrictions on distributions.

Roth TSAs, Roth 401(k)s, and Roth 457(b)s. IRC Section 402A permits TSA plans, 401(k) plans, and governmental 457(b) plans to allow participating employees to designate some part or all of their future elective contributions as Roth contributions.

Page 15 of 19

Roth contributions to a TSA plan, 401(k) plan, or governmental 457(b) plan are included in the employee's taxable income as earned. Amounts attributable to Roth TSA, Roth 401(k), or Roth 457(b) contributions must be held in a separate account from amounts attributable to traditional pre-tax TSA, 401(k), or 457(b) contributions. Distributions from a Roth TSA, Roth 401(k), or Roth 457(b) account are considered to come proportionally from contributions and earnings. Distributions attributable to Roth account contributions are tax-free. Distributions attributable to Roth account earnings are tax-free following the five-year period beginning with the first year for which Roth contributions are made to the plan if the employee has attained age 59½, become disabled, or died. A Roth TSA, Roth 401(k), or Roth 457(b) account is subject to the same distribution restrictions that apply to amounts attributable to traditional pre-tax TSA, 401(k), or 457(b) contributions made under a salary reduction agreement. The plan may impose additional restrictions on distributions.

Nonqualified Deferred Compensation Plans

Employers may invest in annuity contracts in connection with unfunded deferred compensation plans for their employees. Such plans may include eligible deferred compensation plans of non-governmental tax-exempt employers, as described in IRC Section 457(b); deferred compensation plans of both governmental and nongovernmental tax-exempt employers that are taxed under IRC Section 457(f) and subject to Section 409A; and nonqualified deferred compensation plans of for-profit employers subject to Section 409A. In most cases, these plans are designed so that amounts credited under the plan will not be includable in the employees' gross income until paid under the plan. In these situations, the Contracts are not plan assets and are subject to the claims of the employer's general creditors. Whether or not made from the Contract, plan benefit payments are subject to restrictions imposed by the IRC and the plan.

Summary of Income Tax Rules

The following chart summarizes the basic income tax rules governing tax-qualified retirement plans, nonqualified deferred compensation plans, and other non-tax-qualified Contracts.

	Tax-Qualified Contracts and Plans		Nonqualified	Other Non-Tax-Qualified
	Tax-Qualified Contracts and Plans		Deferred Compensation Plans	Contracts
			Deferred Compensation Plans	Contracts
Plan Types	 IRC §408 (IRA, SEP, SIMPLE IRA)		IRC §409A	IRC §72 only
	 IRC §408A (Roth IRA)		Nongovernmental IRC §457(b)
	 IRC §403(b) (Tax Sheltered Annuity)		IRC §457(f)
	 IRC §401 (Pension, Profit–Sharing,
	401(k))
	 Governmental IRC §457(b)
	 IRC §402A (Roth TSA, Roth 401(k), or
	Roth 457(b))
Who May	Eligible employee, employer, or employer	Employer on behalf of eligible employee.		Anyone. Non-natural person will
Purchase a	plan.	Employer generally loses tax-deferred		generally lose tax-deferred status.
Contract		status of Contract itself.
Contribution	Contributions are limited by the IRC and/or plan requirements			None
Limits
Distribution	Distributions from Contract and/or plan may be restricted to meet IRC and/or plan			None.
Restrictions	requirements.
Taxation of	Generally, 100% of distributions must be included in taxable income. However, the			Generally, distributions must be
Withdrawals,	portion that represents any after-tax investment is not taxable. Distributions from Roth			included in taxable income until
Surrenders,	IRA are deemed to come first from after-tax contributions. Distributions from other			all accumulated earnings are paid
and Lump Sum	plans are generally deemed to come from taxable income and after-tax investment (if			out. Thereafter, distributions are
Death Benefit	any) on a pro-rata basis. Distributions from §408A Roth IRA or §402A Roth TSA, Roth			tax-free return of the original
	401(k), or Roth 457(b) are completely tax free if certain requirements are met.			investment.
	For tax purposes, all IRAs and SEP IRAs of an owner are treated as a single IRA, and			However, distributions are tax-
	all Roth IRAs of an owner are treated as a single Roth IRA.			free until any investment made
				before August 14, 1982 is
				returned.
				For tax purposes, all non-tax-
				qualified annuity contracts issued
				to the same owner by the same
				insurer in the same calendar year
				are treated as one contract.
		Page 16 of 19

	Tax-Qualified Contracts and Plans	Nonqualified	Other Non-Tax-Qualified
	Tax-Qualified Contracts and Plans	Deferred Compensation Plans	Contracts
		Deferred Compensation Plans	Contracts
Taxation of	For fixed dollar benefit payments, a percentage of each payment is tax free equal to the ratio of after-tax investment (if any)
Annuitization	to the total expected payments, and the balance is included in taxable income. For variable dollar benefit payments, a
Payments	specific dollar amount of each payment is tax free, as predetermined by a pro rata formula, rather than a percentage of
(annuity benefit	each payment. In either case, once the after-tax investment has been recovered, the full amount of each benefit payment
or death	is included in taxable income. Distributions from a Roth IRA, Roth TSA, Roth 401(k), or Roth 457(b) are completely tax
benefit)	free if certain requirements are met.
Possible	Taxable portion of payments made before	None.	Taxable portion of payments
Penalty Taxes	age 59½ may be subject to 10% penalty		made before age 59½ may be
for	tax (or 25% for a SIMPLE IRA during the		subject to a 10% penalty tax.
Distributions	first two years of participation). Penalty		Penalty taxes do not apply to
Before Age	taxes do not apply to payments after the		payments after the Owner's
59½	participant's death, or to §457 plans.		death. Other exceptions may
	Other exceptions may apply.		apply.
Assignment/	Assignment and transfer of Ownership generally not permitted.		Generally, deferred earnings
Transfer of			taxable to transferor upon transfer
Contract			or assignment. Gift tax
			consequences are not discussed
			herein.
Federal Income	Eligible rollover distributions from §401,	Generally subject to wage withholding.	Generally, Payee may elect to
Tax	§403(b), and governmental §457(b) plans		have taxes withheld or not.
Withholding	are subject to 20% mandatory withholding
	on taxable portion unless direct rollover.
	For other payments, Payee may generally
	elect to have taxes withheld or not.

Rollovers, Transfers, and Exchanges

Amounts from a tax-qualified Contract may be rolled over, transferred, or exchanged into another tax-qualified account or retirement plan as permitted by the IRC and plan(s). Amounts may be rolled over, transferred, or exchanged into a tax-qualified Contract from another tax-qualified account or retirement plan as permitted by the IRC and plan(s). In most cases, such a rollover, transfer, or exchange is not taxable, unless the rollover of pre-tax amounts is made into a Roth IRA, a Roth TSA, Roth 401(k), or Roth 457(b). Rollovers, transfers, and exchanges are not subject to normal contribution limits. The IRC or plan may require that rollovers be held in a separate Contract from other plan funds.

Amounts from a non-tax-qualified Contract may be transferred to another non-tax-qualified annuity or to a qualified long-term care policy as a tax-free exchange under IRC Section 1035. Amounts from another non-tax-qualified annuity or from a life insurance or endowment policy may be transferred to a non-tax-qualified Contract as a tax-free exchange under IRC Section 1035.

Required Distributions

The Contracts are subject to the required distribution rules of federal tax law. These rules vary based on the tax qualification of the Contract or the plan under which it is issued. All required minimum distributions due in 2020 from an IRA, a 403(b) Tax- Sheltered Annuity Plan, a 401 defined contribution plan, or a 457(b) Governmental Deferred Compensation Plan have been waived.

During the life of the Owner or plan participant:

∙For a tax-qualified Contract other than a Roth IRA, required minimum distributions must generally start by April 1 following the year that the IRA owner or plan participant reaches age 72 (or age 70 1/2 if born on or before June 30, 1949). However, a participant in a TSA, a pension, profit-Sharing, or 401(k) plan, or a governmental 457(b) plan may delay the start of required minimum distributions from the plan until April 1 following the year that the plan participant retires from the employer as long as he or she is not a 5% owner of the employer.

∙For a Roth IRA, there are no required distributions during the owner's life.

∙For a nonqualified deferred compensation plan, required distributions are determined by the terms of the plan and the deferral elections of the plan participant.

∙For a Contract that is not tax-qualified, there are no required distributions during the Owner's life.

Page 17 of 19

After the death of the Owner or plan participant:

∙For a tax-qualified Contract, required minimum distributions vary depending on the type of beneficiary. Some beneficiaries may take payments over life or life expectancy, and others must receive all benefits within five or ten years after death.

∙For a nonqualified deferred compensation plan, required distributions are determined by the terms of the plan and the deferral elections of the plan participant.

∙For a Contract that is not tax-qualified, if payments have begun under a settlement option, then after death any remaining payments must be made at least as rapidly as those made or required before death. Otherwise, the death benefit must be paid out in full within five years of death or must be paid out in substantially equal payments over the life or life expectancy of the designated beneficiary.

∙For a traditional IRA, a Roth IRA, or a Contract that is not tax-qualified, a beneficiary who is a surviving spouse as defined by federal tax law may elect out of these requirements and apply the required distribution rules as if the Contract were his or her own.

Life expectancies for required distributions are calculated based on standard life expectancy tables adopted under federal tax law.

APPENDIX A: CONDENSED FINANCIAL INFORMATION

The text below replaces in its entirety APPENDIX A: CONDENSED FINANCIAL INFORMATION of the 2019 Independence Prospectus.

Accumulation Unit information (number of Accumulation Units outstanding and Accumulation Unit Values) for each Subaccount at December 31, 2019 is included in the financial statements of Annuity Investors Variable Account B. The beginning Accumulation Unit Value for the BNY Mellon Variable Investment Fund Government Money Market Portfolio (formerly the Dreyfus VIF Government Money Market Portfolio) Subaccount was 1.000000 as of its inception date. The beginning Accumulation Unit Value for each other Subaccount was 10.000000 as of its inception date.

APPENDIX C: CLOSED SUBACCOUNTS

The text below replaces in its entirety APPENDIX C: CLOSED SUBACCOUNTS of the 2019 Independence Prospectus.

This Appendix provides information you should know before making any decision to allocate Purchase Payments or transfer amounts to the Subaccounts (individually, the "Closed Subaccount" and collectively, the "Closed Subaccounts") investing in the Portfolios listed below ("Closed Portfolios"). Each Closed Subaccount is an additional investment option available only to

Contract Owners who held Accumulation Units in the Subaccount on the cutoff date set out below. Each Closed Subaccount will become unavailable to you once you no longer have money in that Closed Subaccount.

PORTFOLIO	SHARE	ADVISOR	INVESTMENT	CUTOFF DATE
PORTFOLIO	CLASS	ADVISOR	CATEGORY	CUTOFF DATE
	CLASS		CATEGORY
Calamos® Advisors Trust	N/A	Calamos Advisors LLC	Aggressive Allocation:	April 30, 2012
Calamos® Growth and Income Portfolio			Large Blend
Davis Variable Account Fund, Inc.	N/A	Davis Selected Advisers L.P.	US Equity Large Cap	April 30, 2015
Davis Value Portfolio		Sub-Advisor: Davis Selected Advisers-NY, Inc.	Blend: Large Blend
		(an affiliate of Davis Selected Advisors, L.P.)
Janus Aspen Series	Institutio	Janus Capital Management LLC	Global Equity Large	November 30, 2004
Janus Henderson VIT Global Research	nal		Cap: Large Growth
Portfolio
The Timothy Plan	N/A	Timothy Partners, Ltd.	Cautious Allocation:	November 30, 2004
Timothy Plan Conservative Growth			Mid Blend
Variable Series
The Timothy Plan	N/A	Timothy Partners, Ltd.	Moderate Allocation:	November 30, 2004
Timothy Plan Strategic Growth Variable			Mid Blend
Series

Page 18 of 19

Expenses and Examples with Closed Portfolios

The information in this section supplements the Expense Tables section in the Prospectus, which does not reflect the operating expenses of the Closed Portfolios.

Table C: Total Annual Portfolio Operating Expenses. When the Closed Portfolios are included, the maximum total operating expenses increase as shown below and the maximum expenses are the expenses of the Timothy Plan Strategic Growth Variable Series.

	Minimum	Maximum
Without Closed Portfolios	0.27%	1.53%
With Closed Portfolios	0.27%	1.82%

Example. Below is an example that reflects this increase in the maximum Portfolio expenses.

Example C-1: Contract with Maximum Fund Operating Expenses (Timothy Plan Strategic Growth Variable Series)

Assumptions

∙You invest $10,000 in the Contract for the periods indicated and your investment has a 5% return each year.

∙The annual contract maintenance fee ($40), the maximum Separate Account annual expenses (1.40%), and the maximum Portfolio expenses (1.82%) are incurred.

	1 year	3 years	5 years	10 years
We assume that you surrender your Contract, you keep your
Contract and leave your money in your Contract for the entire	$370	$1,180	$2,091	$4,885
period or you annuitize your Contract at the end of the period.	$370	$1,180	$2,091	$4,885

Contingent deferred sales charges do not apply to this
Contract. In this case, your costs would be:

Condensed Financial Information for Closed Subaccounts

Accumulation Unit information (number of Accumulation Units outstanding and Accumulation Unit Values) for each Closed Subaccount at December 31, 2019 is included in the financial statements of Annuity Investors Variable Account B. The beginning Accumulation Unit Value for each Closed Subaccount was 10.000000 as of its inception date.

Page 19 of 19

Table of Contents
PORTFOLIOS...................................................................................................................................................................................	3
EXPENSE TABLES ..........................................................................................................................................................................	5
EXAMPLES ......................................................................................................................................................................................	6
FINANCIAL INFORMATION.............................................................................................................................................................	7
OVERVIEW ......................................................................................................................................................................................	7
PORTFOLIOS, SHARE CLASSES, ADVISORS AND INVESTMENT CATEGORIES.....................................................................	8
PURCHASE PAYMENTS AND ALLOCATIONS TO INVESTMENT OPTIONS .............................................................................	10
ANNUITY BENEFIT........................................................................................................................................................................	10
DEATH BENEFIT ...........................................................................................................................................................................	10
THE CONTRACTS .........................................................................................................................................................................	13
ABANDONED PROPERTY AND ESCHEATMENT........................................................................................................................	14
FEDERAL TAX MATTERS .............................................................................................................................................................	14
APPENDIX A: CONDENSED FINANCIAL INFORMATION ...........................................................................................................	18
APPENDIX C: CLOSED SUBACCOUNTS.....................................................................................................................................	18