ACTUARIAL OPINION AND CONSENT
This opinion is furnished in connection with Pre-Effective Amendment No. 1 to
the registration of the Modified Single Premium Variable and Fixed Life
Insurance Policy and the Modified Single Premium Variable and Last to Die Life
Insurance Policy of the Valley Forge Life Insurance Company Separate Account,
file number 333-47106.
I am familiar with the terms of the Registration Statement and the accompnaying
exhibits. The prospectus included in the Registration Satement describes the
policy issued by Valley Forge Life Insurance Company. In my professional
opinion:
1. The charges on the policy are reasonable in relation to industry norms
and in relation to the expenses expected to be incurred by Valley Forge
life Insurance Company in connection with this policy.
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2. The illustrations of accumulated premium, death benefits, account
values, and cash surrender values that appear in the prospectus are
consistent with the provisions of the policy and are based on the
assumptions stated in the accompanying text.
3. The illustrations show values on both a current basis and a guaranteed
basis.
4. The specific ages, sex, rate class, and the premium amounts used in these
illustrations
I hereby consent to the use of this opinion as an Exhibit to the registration.
/s/ Rodney E. Rishel
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Rodney E. Rishel, Jr., FSA, MAAA
Assistant Vice President & Product Actuary
Investment Products Business Unit
Valley Forge Life Insurance Company
