<PAGE>
EXHIBIT (8)(d)(3)
AMENDMENT TO MFS PARTICIPATION AGREEMENT
<PAGE>
ADDENDUM TO PARTICIPATION AGREEMENT
-----------------------------------
Amendment to the Participation Agreement, dated as of November 24, 1997, by and
among MFS VARIABLE INSURANCE TRUST, MASSACHUSETTS FINANCIAL SERVICES COMPANY,
and PFL LIFE INSURANCE COMPANY (the "Agreement").
Schedule A of the Agreement is hereby deleted in its entirety and replaced with
the following:
SCHEDULE A
ACCOUNTS, POLICIES, AND PORTFOLIOS
SUBJECT TO THE PARTICIPATION AGREEMENT
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
Name of Separate Account and
Date Established by the Policies Funded by Portfolios Applicable
Board of Directors the Separate Account to the Policies
--------------------------------------------------------------------------------------------------------
PFL Retirement Builder PFL Life Insurance Company MFS Emerging Growth Series
Variable Annuity Account Policy Form No. MFS Research Series
March 29, 1996 AV288 101 95 796 MFS Total Return Series
(including successor forms, MFS Utilities Series
Legacy Builder Variable Life addenda and endorsements - may MFS Bond Series
Separate Account vary by state) MFS Capital Opportunities Series
November 20, 1998 under marketing names: MFS Growth Series
"Retirement Income Builder MFS New Discovery Series
PFL Life Variable Variable Annuity" and MFS Foreign & Colonial Emerging
Annuity Account E "Portfolio Select Markets Equity Series*
February 20, 1997 Variable Annuity"
PFL Life Insurance Company
Policy Form No.'s
LV20 & JL20
under the marketing name
"Legacy Builder II"
PFL Life Insurance Company
Policy Form No.
WL851 136 58 699
under the marketing name
"Legacy Builder Plus"
PFL Life Insurance Company
Policy Form No.
AV288 101 95 796
under the marketing name
"Privilege Select"
--------------------------------------------------------------------------------------------------------
</TABLE>
---------------------------------
* This Series is only available for investment by owners of Policies that
were in existence on May 1, 1999.
<PAGE>
All other terms and provisions of the Agreement not amended herein shall remain
in full force and effect.
Effective Date: June 1, 2000
MFS VARIABLE INSURANCE TRUST MASSACHUSETTS FINANCIAL
on behalf of the Portfolios SERVICES COMPANY
By:/s/ James R. Bordewick, Jr. By:/s/ Jeffrey L. Shames
------------------------------ --------------------------------
Name: James R. Bordewick, Jr. Name: Jeffrey L. Shames
Title: Assistant Secretary Title: Chairman and Chief Executive Officer
PFL LIFE INSURANCE COMPANY
By: /s/ William L. Busler
---------------------------------
Name: William L. Busler
Title: Senior Vice President
