December 9, 2025

2025 National Life Group Annual Advertising Notice

Advertising is a valuable tool to help clients and prospects understand National Life Group (“NLG” or the “Company”), National Life Insurance Company (“NLIC”), Life Insurance Company of the Southwest (“LSW”), and the products and services we offer. NLG is committed to ensuring that all advertising is clear, consistent, and accurately discloses relevant information. Whatever medium you choose, the Advertising Guidance Team (“AGT”) within Life & Annuity Compliance is here to support you in creating and using content that meets these standards.

Advertising requirements are established by state and federal regulatory authorities to protect consumers and are subject to ongoing scrutiny. Because state regulations vary, it is essential to understand the requirements in the states where you are licensed to do business.

As part of regulatory obligations, NLG must annually notify all appointed agents who may create and use their own advertising materials (rather than exclusively using NLG-approved materials) of the applicable regulatory requirements and Company policies for AGT approval prior to use.

Failure to comply with NLG policies or applicable laws and regulations may result in disciplinary action, which may include:

Mandatory training or re-training
Increased monitoring of your sales activities
Adjustment of commissions or other compensation
Issuance of verbal or written warnings
Assessment of monetary fines
Termination of your contract appointment with NLG or registrations with Equity Services, Inc. (“ESI”), up to and including termination for cause

Definition of Advertising

Fixed Life Insurance and Annuities

For insurance regulators, advertising is defined as any material intended to create public interest in life insurance, annuities, or an insurer (e.g., NLIC, LSW, or any affiliated company), or in an agent or agency. It also includes material designed to induce the public¹ to purchase, change, increase, modify, reinstate, take a loan or withdrawal, surrender, replace, or retain a policy.

Types of Fixed Life Insurance and Annuity Advertising

Examples of materials considered advertising under insurance regulations include:

Printed materials – Mailings, brochures, booklets, form letters.
Published materials – Billboards, newspaper or magazine ads.
Electronic materials – Emails, websites, webpages, microsites, podcasts, social media sites.
- Emails used for recruiting or solicitation must include required disclosures and unsubscribe instructions per the CAN-SPAM Act. This applies to marketing emails sent to current or prospective consumers where the primary purpose is product or service promotion (e.g., announcing a new product line).
- Additional guidance is available on the Agent Portal.
Audiovisual materials – Radio or TV scripts, recorded interviews, podcasts, videos.
Descriptive literature and sales aids of all kinds.
Training materials for agent or agency education.
Prepared sales talks, presentations, and illustrations.

Securities and Advisory Services

For securities regulators, advertising is referred to as “retail communications” on behalf of the broker-dealer, ESI.

Examples of retail communications include:

Material related to investment activities, securities, or ESI Financial Advisors’ (“EFA”s) advisory services, or any product sold through ESI (e.g., mutual funds, fixed-indexed annuities {except LSW} and includes certain recommendations by Registered Representatives (“RRs”) or Investment Adviser Representatives (“IARs”) that involve the sale of a security to buy a fixed indexed annuity, variable insurance products, etc.).
Production, compensation, or incentive materials involving securities or advisory services, including training or recruiting materials for RRs and IARs.

Types of Financial Services-Related Retail Communications

Prepared sales talks and presentations and public speaking events including seminars, live webinars, invitations, registration pages, Q&A outlines, associated handouts.
Videos and recorded webinars.
Social media for business use, such as LinkedIn, Facebook Business, Instagram, YouTube:
- Static profiles/pages.
- Interactive content (likes, comments, posts, shares).
- Podcasts posted on social media or websites.
Print ads and other printed/published materials, including form letters and direct mail.
Business cards, email signatures, and letterhead.
Websites, website listings, or online presences for an agency, individual, or Doing Business As (“DBA”) entity.
Newspaper, radio, television, computer, audio recordings, signs, and billboard ads.
Descriptive literature, including brochures, circulars, and leaflets.
RR/IAR/Agent training materials related to NLG, ESI, or their products.
Telephone solicitations and sales scripts.
Fact finders, illustrations intended for websites or social media use, and ESI-approved personalized reports with inclusion of the DBA.
Newsletters, press releases, articles, and reprints.
Emails: Templated emails or emails going to more than one person:
- Recruiting or solicitation emails must include required disclosures and unsubscribe instructions per the CAN-SPAM Act.
- Additional guidance is available on the Agent Portal.

What Requires AGT Compliance Prior Review and Approval?

All Appointed Agents

Not all advertising requires AGT approval prior to use. However, any advertisement containing the following elements must be submitted for prior review and approval:

References to NLG, LSW, or NLIC, including ratings, features, history, images, logos, etc.
Mentions of LSW or NLIC products, either directly or by implication, or other Company-specific information such as:
- Product features and riders unique to LSW or NLIC, including:
  - Critical Injury Accelerated Benefit Rider (“ABR”)
  - Alzheimer’s Rider
  - Fertility Rider
  - Any rider identified by the Company’s unique name, such as:
    - Lifetime Income Benefit Rider (“LIBR”)
    - Guaranteed Lifetime Income Rider (“GLIR”)
Illustrations intended for websites or social media use.
Advertising used to promote retirement products in the Company’s K-12 403(b)/457(b) school plans, even if the Company or its products are not mentioned.
Advertising in which the intent is to create interest in LSW or NLIC products and features, even if the Company name is not referenced.

RRs and/or IARs of ESI

In addition to advertising for fixed life insurance and annuity products, RRs and IARs must submit all financial services-related retail communications (as defined by applicable regulations) to AGT for review and approval prior to use.

RRs of Other Broker/Dealers

If you are registered with another broker/dealer, follow their advertising compliance requirements. If you are also an appointed agent with NLG, you must comply with the requirements outlined above for marketing and communications related to NLG products and services.

Special Types of Advertising

Social Media Guidelines

RRs and IARs of ESI

If you maintain business-related social media pages, please follow these guidelines:

Permitted Platforms: LinkedIn (profile and company page), Facebook Business, Instagram, and YouTube.
If you plan to create a new page or already have an existing business page, submit the page’s hyperlink through AdTrax (or through your agency if required).
Post-AdTrax Approval: In compliance with securities regulations, you will be instructed to connect your business-related social media page(s) to Hearsay, the Company’s monitoring and retention tool after it is approved via AdTrax.

Agents Not Securities Registered – All Distribution Channels & RRs with Other Broker/Dealers

If you are not securities-registered, your business-related social media page does not require AGT approval provided that:

You do not include NLG, their affiliates, products, unique features, ratings, history, images, or logos.
You do not post NLG-created or self-created content about NLG, including retirement products in K-12 403(b)/457(b) plans.
The intent of your page is not to create interest in NLG, their affiliates, or unique products/features, even if NLG is not mentioned.
If you are registered with another broker/dealer, please confirm their requirements around social media usage.
Sharing NLG-created content from corporate social media accounts is permitted without prior AGT review, as long as:
- You have not posted other content discussing NLG, their affiliates, or unique products/features.
- Any captions or comments added must be generic in nature.
- To share, visit NLG’s corporate social accounts and click “Share” on specific posts.

Websites

RRs and IARs of ESI

RRs and IARs affiliated with ESI must use an approved website provider and may choose from FMG, Snappy Kraken, or Broadridge.

Information on these providers is available on the Agent Portal.
Once you select a provider and sign up, all new content and changes will automatically route to AGT for review through the provider’s compliance tool. No separate submission is required.

Agents Not Securities Registered – All Distribution Channels & RRs with Other Broker/Dealers

You may use any website provider. If registered with another broker/dealer, confirm their requirements.
If your website does not mention NLG, their affiliates, or unique products/features, and the intent is not to create interest in NLG, the site does not require AGT review or approval.
- Tip: Including only NLG’s current logo on a “Carriers” page does not require AGT approval. Any additional NLG content will require review of the entire website.
If you wish to add NLG content, the entire website must be submitted to AGT for review and approval via AdTrax before publishing.
After initial approval, all future changes must also be submitted for AGT review prior to publication.

CoBrand – Looking for a Quick Way to Create Professional Marketing Materials?

Explore NLG’s CoBrand OnDemand marketing system, available on the Agent Portal. This tool allows you to easily personalize flyers, ads, postcards, business cards, and more for delivery in print or digital format. All pieces are automatically routed to the AGT for review and prior approval—no separate submission is required. Once approved, you will receive notifications from both CoBrand and AdTrax.

How to Submit Advertising Material

All advertising materials requiring prior review and approval must be submitted to the AGT through the AdTrax system, accessible via the Agent Portal on NLG’s website.

AdTrax training and resources are also available via the Agent Portal home page. To access them:

Navigate to the Tools section.
Click the Compliance tile to find the link to AdTrax.
Select Advertising/Social Media to view advertising-related resources.

Important Note for Affiliated Agents, RRs, and IARs:
If your agency requires you to submit advertising materials to them first, please confirm their process before using AdTrax.

Tracking Control (TC) Numbers

When the AGT approves materials, a unique Tracking Control (TC) number is assigned to identify the material and confirm its approval. For example: TC1112345(1124)3.

The numbers in parentheses indicate the month and year of approval.
The final digit represents the approval duration:
- 1 = Approved for one year
- 3 = Approved for three years
- If there is no number at the end, the material is approved for a specific event date or single use.

If you have previously approved material (printed or online) with a “P” at the end and are still using it, please resubmit through AdTrax to maintain record standardization and ensure all content remains current and accurate. We no longer issue perpetual approvals (“P”).

Advertising Resources Available on the Agent Portal

To access Compliance and Advertising resources, navigate to the Agent Portal home page>>Navigate to the Tools section>> select the Compliance tile.

In this section, you will find the Compliance Manual.
On the left-hand menu, click Advertising/Social Media to explore these resources including:

- AdTrax – Single Sign-On Link to Submit Materials, Training, Job Aids, Tips and Tricks
- Navigating Advertising Compliance Guidelines – Agents and ESI Registered Persons Guidelines and Navigating Advertising – Say This…Don’t Say That for helpful phrases to use or avoid, along with explanations.
- Agent Designations and Agent Titles – Designations that may and may not be used and Titles to reference for when to use “agent,” “producer,” or “professional” versus “advisor,” based on licensing or registration.
Marketing Sales Systems, Tools, and Software
Social Media Policies and Resources – Tailored to your licensing or registration status.

National Life Group® is a trade name of National Life Insurance Company, Montpelier VT; Life Insurance Company of the Southwest, Addison TX; and their affiliates. Each company is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in NY and does not conduct insurance business in NY. Equity Services, Inc. is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. In CO, MO, NH, and WI, Equity Services, Inc. operates as Vermont Equity Services, Inc. TC8644025(1225)1

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