Exhibit 3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON SCHEDULES

The Board of Directors and Stockholder

Farm Bureau Life Insurance Company

We have audited the consolidated balance sheets of Farm Bureau Life Insurance Company as of December 31, 2008 and 2007, and the related consolidated statements of operations, changes in stockholder’s equity and cash flows for each of the three years in the period ended December 31, 2008, and have issued our report thereon dated April 17, 2009 (included elsewhere in this Registration Statement). Our audits also included the financial statement schedules listed in Item 24(a)(2) of this Registration Statement. These schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audits.

In our opinion, the financial statement schedules referred to above, when considered in relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein. In 2007 the Company changed its methods of accounting for the treatment of modifications or exchanges of insurance contracts, income tax contingencies and cash flow hedges on certain fixed annuity contracts.

Des Moines, Iowa

April 17, 2009

Schedule I—Summary of Investments—Other

Than Investments in Related Parties

FARM BUREAU LIFE INSURANCE COMPANY

December 31, 2008

Column A	Column B		Column C		Column D
Type of Investment	Cost (1)		Value		Amount at which shown in the balance sheet
	(Dollars in thousands)
Fixed maturity securities, available for sale:
Bonds:
Corporate securities	$	2,188,349	$	1,802,454	$	1,802,454
Mortgage and asset-backed securities		1,230,268		1,086,751		1,086,751
United States Government and agencies		111,118		119,624		119,624
State, municipal and other governments		413,092		375,772		375,772
Redeemable preferred stock		5,000		4,526		4,526
Total		3,947,827	$	3,389,127		3,389,127
Equity securities, available for sale:
Common stocks:
Banks, trusts and insurance companies		33,505	$	25,069		25,069
Industrial, miscellaneous and all other		9,632		13,571		13,571
Total		43,137	$	38,640		38,640
Mortgage loans on real estate		551,709				552,289
Derivative instruments		327	$	46		46
Investment real estate		2,559				2,559
Policy loans		164,001				164,001
Other long-term investments		1,527				1,527
Short-term investments		122,892				122,892
Total investments	$	4,833,979			$	4,271,081

(1) On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, derivative instruments, real estate and other long-term investments; and unpaid principal balance for mortgage loans on real estate and policy loans.

Schedule III—Supplementary Insurance Information

FARM BUREAU LIFE INSURANCE COMPANY

Column A	Column B			Column C		Column D			Column E
	Deferred policy acquisition costs			Future policy benefits, losses, claims and loss expenses		Unearned revenues			Other policyholder funds
	(Dollars in thousands)
December 31, 2008:
Traditional Annuity-Exclusive Distribution	$	90,556		$	1,969,597	$	—		$	382,874
Traditional and Universal Life Insurance		226,492			1,868,662		9,395			146,272
Variable		134,218			213,400		16,023			9,466
Corporate and Other		—			64,265		—			70
Impact of unrealized gains/losses		154,639			—		6,863			—
Total	$	605,905		$	4,115,924	$	32,281		$	538,682
December 31, 2007:
Traditional Annuity-Exclusive Distribution	$	81,567		$	1,824,823	$	—		$	392,256
Traditional and Universal Life Insurance		210,977			1,809,022		9,419			143,609
Variable		137,523			191,280		16,668			7,032
Corporate and Other		—			68,360		—			—
Impact of unrealized gains/losses		4,488			—		113			—
Total	$	434,555		$	3,893,485	$	26,200		$	542,897
December 31, 2006:
Traditional Annuity-Exclusive Distribution	$	79,085		$	1,830,038	$	—		$	399,079
Traditional and Universal Life Insurance		199,761			1,762,377		10,400			143,328
Variable		131,363			197,022		16,784			8,976
Corporate and Other		—			71,782		—			—
Impact of unrealized gains/losses		(13,309	)		—		(739	)		—
Total	$	396,900		$	3,861,219	$	26,445		$	551,383

Schedule III—Supplementary Insurance Information (Continued)

FARM BUREAU LIFE INSURANCE COMPANY

Column A	Column F			Column G		Column H			Column I			Column J
	Premium revenue			Net investment income		Benefits, claims, losses and settlement expenses			Amortization of deferred policy acquisition costs			Other operating expenses
	(Dollars in thousands)
December 31, 2008:
Traditional Annuity-Exclusive Distribution	$	993		$	144,015	$	93,791		$	11,988		$	10,474
Traditional and Universal Life Insurance		184,861			129,049		190,987			17,020			41,162
Variable		44,283			13,459		24,145			13,496			22,045
Corporate and Other		—			6,609		—			—			2,118
Change in net unrealized gains/losses on derivatives		—			—		775			(454	)		—
Impact of realized gains/losses		(158	)		—		(36	)		(8,308	)		(821	)
Total	$	229,979		$	293,132	$	309,662		$	33,742		$	74,978
December 31, 2007:
Traditional Annuity-Exclusive Distribution	$	1,111		$	144,922	$	97,181		$	9,974		$	10,705
Traditional and Universal Life Insurance		178,412			128,699		176,900			18,461			42,712
Variable		42,922			12,889		17,867			7,168			20,605
Corporate and Other		—			6,159		—			—			2,377
Change in net unrealized gains/losses on derivatives		—			—		(165	)		(1,484	)		—
Impact of realized gains/losses		(16	)		—		(1	)		69			(12	)
Total	$	222,429		$	292,669	$	291,782		$	34,188		$	76,387
December 31, 2006:
Traditional Annuity-Exclusive Distribution	$	1,082		$	145,256	$	94,369		$	7,046		$	10,360
Traditional and Universal Life Insurance		169,569			126,841		172,800			11,495			40,895
Variable		40,212			13,595		21,708			6,355			20,309
Corporate and Other		—			5,950		—			—			2,179
Change in net unrealized gains/losses on derivatives		—			—		260			(10	)		—
Impact of realized gains/losses		(1	)		—		(1	)		(165	)		(54	)
Lawsuit settlement		—			—		—			—			4,880
Total	$	210,862		$	291,642	$	289,136		$	24,721		$	78,569

Schedule IV—Reinsurance

FARM BUREAU LIFE INSURANCE COMPANY

Column A	Column B		Column C		Column D		Column E		Column F
	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percent of amount assumed to net
	(Dollars in thousands)
Year ended December 31, 2008:
Life insurance in force, at end of year	$	42,961,144	$	8,925,477	$	161,194	$	34,196,861	0.5	%
Insurance premiums and other considerations:
Interest sensitive and index product charges	$	85,056	$	1,057	$	188	$	84,187	0.2	%
Traditional life insurance premiums		164,658		18,866		—		145,792	—
Accident and health premiums		11,155		10,777		—		378	—
	$	260,869	$	30,700	$	188	$	230,357	0.1
Year ended December 31, 2007:
Life insurance in force, at end of year	$	40,530,132	$	8,263,053	$	154,028	$	32,421,107	0.5	%
Insurance premiums and other considerations:
Interest sensitive and index product charges	$	82,201	$	861	$	172	$	81,512	0.2	%
Traditional life insurance premiums		158,510		17,593		—		140,917	—
Accident and health premiums		11,715		11,361		—		354	—
	$	252,426	$	29,815	$	172	$	222,783	0.1
Year ended December 31, 2006:
Life insurance in force, at end of year	$	37,807,961	$	7,798,007	$	142,035	$	30,151,989	0.5	%
Insurance premiums and other considerations:
Interest sensitive and index product charges	$	77,068	$	580	$	144	$	76,632	0.2	%
Traditional life insurance premiums		151,402		17,172		—		134,230	—
Accident and health premiums		12,356		11,941		—		415	—
	$	240,826	$	29,693	$	144	$	211,277	0.1