FOR IMMEDIATE RELEASE

INVIVA CONTACT:
Deborah Newman
Corporate Communications
212-220-5862
dnewman@jeffnat.com

MONUMENT ADVISOR MARKS FIRST ANNIVERSARY, EXCEEDS EXPECTATIONS, STILL INDUSTRY'S ONLY FLAT FEE VARIABLE ANNUITY

New Flat Fee Category Can Save Investors Billions

New York and Louisville, KY - June 22, 2006 - Monument Advisor, widely recognized for challenging the industry as the first variable annuity (VA) with a flat insurance fee of just $20 per month, marks its one year anniversary still offering the only solution to consumers' growing need for a new category of flat fee VAs.

"There is no real cost to providing tax deferral. Yet most variable annuities are known for expensive asset-based fees, complicated riders and aggressive sales tactics," said Laurence Greenberg, President and CEO of Jefferson National Life Insurance Company. "Why should consumers cover the cost for a company's excessive overhead and high commissions? With more than one trillion dollars locked into VAs right now, consumers are paying at least $13 billion¹ each year in insurance fees alone."

New Category: A Revolution for Consumers

Jefferson National's Monument Advisor goes back to the basics of what variable annuities should have been all along: simple, low-cost tax-deferral that lets consumers save substantially more for retirement than their IRA or 401(k).

By charging the industry's only flat fee of $20 per month, versus industry-average charges of 1.35 percent of assets per year, Jefferson National saves the average investor thousands of dollars a year in fees.² Monument Advisor also offers nearly four times more fund options than the average VA³, and has no complex riders, no enhanced living or death benefits, no commissions and no surrender charges. As with all variable annuities, investors pay the fees of the underlying funds selected (currently ranging from 0.27% - 2.50%; except for Rydex VT Inverse Gov't Long Bond Fund which is currently 5.11%) as well as any fees that they have agreed to pay their investment advisor.

"A breakthrough product like Monument Advisor would never make it at a bigger commission-driven company full of salespeople that want to push a VA loaded with expensive bells and whistles," said Greenberg. "But in the long run, challenging the industry and taking a stand for greater consumer value is the best—and only—way to succeed."

New Distribution: Fee-Based Advisors on Consumers' Side

Jefferson National is among a select group leading the industry with low-cost, no-commission VAs for Registered Investment Advisors (RIAs) and other fee-based advisors, according to a study by Financial Research Corp in March 2006.

"While the rest of the VA industry wages a features and benefits battle to subsidize their distribution, we're breaking rank by supporting fee-based advisors with their focus on simplicity, transparency, unbiased advice and greater consumer advocacy," said Greenberg.

Jefferson National uses an efficient distribution model based on a centralized advisor support desk, a fully-automated online trading platform and low cost direct marketing techniques instead of the traditional commission-based sales model, known for heavy overhead and high-cost wholesalers. In July, Jefferson National is launching a new "Flat is beautiful" advertising campaign to highlight the significant benefits of flat-fee pricing.

New Trend: Driving Sales in a Sluggish Industry

With the strong sales of Monument Advisor, Jefferson National is confident low-cost, consumer-centric annuities offer the greatest potential for growth and profitability.

Monument Advisor surpassed its sales goals for 2005 by more than 30 percent and is currently the Company's leading product, accounting for more than 50 percent of all new sales as of May 31, 2006. According to NAVA, sales for the variable annuity industry overall have been relatively flat in recent years and net flows are dropping as consumers are exchanging old contracts rather than investing new money.

About Jefferson National Life Insurance Company

Jefferson National Life Insurance Company is a life insurance company offering retirement products for fee-based advisors and the clients they serve. We believe that simple, low-cost variable annuities should be a part of every American's retirement portfolio, and we've made it our mission to help all Americans save more for retirement by launching Monument Advisor, the first variable annuity with a flat insurance fee. Jefferson National serves more than 40,000 customers nationwide, and is domiciled in Dallas, Texas with authority in 49 states and the District of Columbia. To reach our advisor support desk, please call 1-866-WHY-FLAT. To learn more, please visit www.jeffnat.com.

Important Disclosure

Variable annuities are subject to investment risk, including possible loss of the principal amount invested. Variable annuities are long-term investments to help you meet retirement and other long-range goals. Variable annuities are complex products, however, and are not suitable for everyone. They are not designed for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Withdrawal of tax-deferred accumulations may be subject to deferred sales charges and are subject to ordinary income tax. If owners who are less than age 59½ make withdrawals, those withdrawals may incur a 10% IRS tax penalty. Neither Jefferson National nor its representatives are qualified to give tax advice.

Annuities are not FDIC insured; they are not deposits, obligations of or guaranteed by the bank or any federal government agency; and they involve risk, including the possible loss of principal. Jefferson National variable annuities are issued by Jefferson National Life Insurance Company, with Administrative Offices at 9920 Corporate Campus Drive, Suite 1000, Louisville KY 40223 and are offered by prospectus only. Jefferson National Securities Corporation is a member of the NASD and the principal underwriter of the variable annuities issued by Jefferson National. All policies and riders may vary by state, and may not be available in all states. Policy Series JNL-2300-1.

Please see current product and underlying investment portfolio prospectuses for more complete information about Jefferson National's variable annuities and the underlying investment portfolios. Prospectuses may be obtained from Jefferson National by writing to us at the below address or from your financial advisor. Consider the investment objectives, risks and charges and expenses of the underlying investment portfolios carefully before investing. Prospectuses contain this, and other information about the investment portfolios. Please read all prospectuses carefully before investing.

¹Based on $1.2 trillion in variable assets according to NAVA and Morningstar quarterly data reported as of 12/31/2005 and average insurance charges of 1.35% of assets per year based on Morningstar data as of 12/31/2005.

²Morningstar data as of 12/31/2005. For a $25,000 contract, Monument Advisor's $20 per month insurance fee is lower than 91% of all variable annuity insurance charges. For a $100,000 contract, the $20 insurance fee is lower than all other variable annuity insurance charges.

³Morningstar data as of 12/31/2005

JNL2006CL40 06/06

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