US Alliance Life & Security Co. has agreed to purchase all the capital stock of Great Western Insurance Co. subsidiary Great Western Life Insurance Co. for $500,000.

Upon completion of the transaction and subject to the satisfaction of all conditions to closing contained in the agreement, Great Western Life Insurance will become a wholly owned subsidiary of US Alliance.

The acquisition is expected to close no later than Dec. 31, subject to the satisfaction of customary closing conditions, including regulatory approval by the Montana Office of Securities and Insurance.

US Alliance Life & Security is a unit of US Alliance Corp.