THE SECURITIES ACT OF 1933 |
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Post-Effective Amendment No. 6 |
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AND/OR |
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
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Amendment No. 251 |
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☐ | Immediately upon filing pursuant to paragraph (b) of Rule 485. |
☒ | On May 1, 2024 pursuant to paragraph (b) of Rule 485. |
☐ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485. |
☐ | On (date) pursuant to paragraph (a)(1) of Rule 485. |
☐ | This post-effective amendment designates a new effective date for previously filed post-effective amendment. |
• | The policies are employer-owned or are employee-owned in non-qualified benefit plans sponsored by the employer; |
• | The persons proposed to be insured are deemed by us to be “highly compensated” individuals; |
• | The minimum initial premium is remitted to the Company by the employer; |
• | The policies are issued as part of a case (a case is a grouping of two or more policies connected by a non-arbitrary factor. Examples of factors are individuals who share a common employment, business, or other relationship); and |
• | The aggregate annualized first year planned periodic premium for the case is at least $100,000 or the initial premium is at least $300,000. |
• | The annualized first year planned periodic policy premium is at least $50,000 or the initial policy premium is at least $150,000. |
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Integrated Term Insurance Rider |
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Appendices |
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Statement of Additional Information |
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• | If your premium payment, transfer or any other transaction request containing all the required information reaches us on any of the following, we will use the next business day: |
— | on a non-business day; |
— | after 4:00 p.m. Eastern Time on a business day; or |
— | after an early close of regular trading on the NYSE on a business day. |
FEES AND EXPENSES | ||
Charges for Early Withdrawals |
We will not deduct a charge for making a partial withdrawal from your policy or surrendering your policy. There is an Early Distribution Adjustment on amounts withdrawn before segment maturity which could result in a loss of up to ® , there is an Early Distribution Adjustment on amounts withdrawn before segment maturity which could result in a loss of up to 75% of the Segment Account Value due to negative performance or increased volatility of the Index. See the original MSO prospectus for more information. For more information on the impacts of withdrawals, please refer to “Making withdrawals from your policy” in this prospectus. | |
Transaction Charges |
You may be subject to other transaction charges, including charges on each premium paid under the policy, transfer fees, and other special service charges ( e.g. , wire transfer charges, express mail charges, policy illustration charges, duplicate policy charges, policy history charges, and charges for returned payments). For more information on transaction charges, please refer to the “Fee Table” in this prospectus. | |
Ongoing Fees and Expenses (annual charges) |
In addition to transaction charges, an investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the policy, administration and mortality risks, MSO II and loan charges, and the cost of optional benefits available under the policy. Such fees and expenses may be based on characteristics of the insured ( e.g. , age, sex, tobacco user status, risk class and particular health, occupational or vocational risks). You should view the information pages of your policy for rates applicable to your policy. | |
You will also bear expenses associated with the variable investment options that you invest in (the “Portfolios”) under the policy, as shown in the following table: |
Annual Fee |
Minimum |
Maximum | ||||
Portfolios |
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Portfolio expenses are for the year ended December 31, 2023, and may be based, in part, on estimated amounts of such expenses and may change from year to year. For more information on ongoing fees and expenses, please refer to the “Fee Table” in this prospectus and Appendix: “Investment options available under the policy” which is part of this prospectus. | ||||||
The Investment Expense Reduction may apply to the calculation of daily unit values of the variable investment options. The Investment Expense Reduction is described in further detail in this prospectus. |
RISKS | ||
Risk of Loss |
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Not a Short-Term Investment |
w ho needs ready access to cash. The policy is designed to provide benefits on a long-term basis. Consequently, you should not use the policy as a short-term investment or savings vehicle. Because of the long-term nature of the policy, you should consider whether purchasing the policy is consistent with the purpose for which it is being considered. | |
Risks Associated with Investment Options |
Insurance Company Risks |
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Policy Lapse |
e is sufficient net policy account value to cove r the Policy Continuation Charge, then the policy will not lapse. | |
RESTRICTIONS | ||
Investments |
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limit policy transfers if we determine that you are engaged in a disruptive transfer activity, such as “market timing.” | ||
Optional Benefits |
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TAXES | ||
Tax Implications |
i mplic ations of an inve stment in and payments received under the policy. There is no additional tax benefit to the investor if the policy is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. | |
in this prospectus. | ||
CONFLICTS OF INTEREST | ||
Investment Professional Compensation |
for selling the policy to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this policy over another investment. | |
Exchanges |
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Section 1035 exchanges of policies” under “How you can pay for and contribute to your policy” in this prospectus. |
• | Option A: The policy’s face amount on the date of the insured’s death. The amount of this death benefit |
doesn’t change over time, unless you take any action that changes the policy’s face amount. |
• | Option B: The face amount plus the policy’s “account value” on the date of the insured’s death. The policy account value is increased by the Enhanced Amount (during the first 14 policy years). Under this option, the amount of death benefit generally changes from day to day, because many factors (including Portfolio investment performance, charges and expenses, premium payments and withdrawals) affect your policy’s account value. |
• |
Integrated Term Insurance Rider: Allows you to elect additional coverage for each insured person in the case. |
• | Policy Continuation Rider: Your policy offers an additional feature against policy termination due to an outstanding loan if the criteria for Rider are satisfied, called “policy continuation”, which should be exercised before there is insufficient net policy account value to pay the monthly charges.” If this rider is exercised, there is a one-time charge. See “Policy Continuation Charge” in this prospectus. This rider is automatically included in your policy. |
Transaction Fees | ||||||
Charge |
When Charge is Deducted |
Amount Deducted | ||||
Charge for state and local taxes (1) |
From each premium | 5% of each premium (currently) | ||||
Charge for federal taxes (2) |
From each premium | 1.25% of each premium paid | ||||
(8) | ||||||
$ (3) (5) | ||||||
Special Services Charges • (4)(5) • (4)(5) • (5) • (5)(6) • (5)(6)(7) • (6) |
Maximum Charge: $ Maximum Charge: $ Maximum Charge: $ Maximum Charge: $ Maximum Charge: $ Maximum Charge: $ |
(1) | Please refer to “Deducting policy charges” under “More information about policy charges” for more information on the charge for state and local taxes. This amount could increase if state premium taxes and related state charges are increased. |
(2) | The charge for federal taxes is used to cover our estimated costs of various federal income tax expenses that we incur. |
(3) |
(4) | Unless you specify otherwise, this charge will be deducted from the amount you request. |
(5) | We do not currently charge this fee, but reserve the right to in the future . |
(6) | The charge for this service must be paid using funds outside of your policy. Please see “Deducting policy charges” under “More Information about policy charges” for more information. |
(7) | The charge for this service may be less depending on the policy history you request. Please see “Deducting policy charges” under “More Information about policy charges” for more information. |
(8) |
The actual amount of Early Distribution Adjustment is determined by a formula that depends on, among other things, how a specified widely published stock market index has performed since the Segment Start Date. This could happen, for example, if there was a 100% decline in the S&P 500 Price Return Index. Please refer to the MSO II Prospectus for more information about the index and Early Distribution Adjustment. If your policy was issued with the original Market Stabilizer Option ® , see the MSO Prospectus and Appendix: “State policy availability and/or variations of certain features and benefits” for information regarding the applicable Early Distribution Adjustment. |
Periodic Charges Other Than Annual Portfolio Company Expenses | ||||
Charge |
When Charge is Deducted |
Amount Deducted | ||
Base Contract Charge: | ||||
(1)(3) Minimum and Maximum Charge |
Charge per $1,000 of the amount for which we are at risk: (4) Highest: $ Lowest: $ | |||
Charge for a Representative Investor (male age 45 in the Preferred Plus non-tobacco user risk class)(13) |
Monthly | Representative: $0.16 |
Policy Year |
Annual % of your value in our variable investment options and MSO II (if applicable) (8) | |||||
1-10 11+ |
(1)(2) |
(1) Amount Deducted: $15 per month but not beyond the policy anniversary when the insured person is attained age 100 plus (2) Charge per $1,000 of the initial base policy face amount and any requested base policy face amount increase (12) : | |||
Highest: $ Lowest: $ | ||||
Monthly |
Representative: $0.47 | |||
(5) |
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Optional Benefit Charges: | ||||
(1)(2)(3) (11) |
Charge per $1,000 of rider term insurance benefit including any requested ITR face amount increase: Highest: $ Lowest: $ | |||
Charge for a Representative Investor (male age 45 at issue, or at the time of a requested ITR face amount increase, in the Preferred Plus non-tobacco user risk class) |
Monthly (while the rider is in effect) |
Representative: $0.16 | ||
(1) (11) |
Charge per $1,000 of the ITR face amount and any requested ITR face amount increase: Highest: $ Lowest: $ | |||
Charge for a Representative Investor (male age 45 at issue, or at the time of a requested ITR face amount increase) |
Monthly (while the rider is in effect) |
Representative: $2.39 | ||
® II (8) |
||||
(9) | ||||
Spread (10) for Amounts of Policy Loans Allocated to a Segment |
The charge is equal to the policy account value on the date of exercise, multiplied by the Policy Continuation Charge Rate: Maximum rate (6) (Cash Value Accumulation Test)Maximum rate (7 ) (Guideline Premium Test) |
(1) |
(2) | Not applicable beyond the policy anniversary date when the insured person is attained age 100. |
(3) | Insured persons who present particular health, occupational or vocational risks may be charged other additional charges as specified in their policies. |
(4) | Assuming there have been no face amount increases, our amount “at risk” is the difference between the amount of death benefit and the policy account value as of the deduction date. For periods during which the alternative higher death benefit is operative, the amount at risk is greater and this may result in higher cost of insurance charges. See “More information about policy charges” for more information about face amount increases. |
(5) | We charge interest on policy loans but credit you with interest on the amount of the policy account value we hold as collateral for the loan. The loan interest spread is the excess of the interest rate we charge over the interest rate we credit, which will not exceed 1%. For more information on the maximum rate see “Borrowing from your policy — Loan interest we charge” in “Death benefits and accessing your money” in this prospectus. |
(6) |
(7) |
(8) | ® ® |
(9) | Currently we deduct this charge at a 0.40% annual rate, rather than at the maximum rate shown. |
(10) |
(11) | Since the charges may vary based on individual characteristics of the insured, these charges may not be representative of the charge that you will pay. Your financial professional can provide you with more information about these charges as they relate to the insured’s particular characteristics. See “Deducting policy charges” under “More information about policy charges.” |
(12) | This charge applies for the first 20 policy years or for 20 years after a face amount increase. |
(13) | This representative amount is the rate we guarantee in the first policy year for a representative insured male age 45 in the Preferred Plus non-tobacco user risk class. |
Annual Portfolio Company Expenses |
Minimum |
Maximum | ||||
Total Annual Portfolio Operating Expenses before the effect of Expense Limitation Arrangements (expenses that are deducted from Portfolio asset, including management fees, distribution and/or service (12b-1) fee, and other expenses) (1) |
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Total Annual Portfolio Operating Expenses after the effect of Expense Limitation Arrangements (1) |
(1) |
Investment Expense Reduction Applied to the Calculation of Daily Unit Values |
If the Net Total Annual Portfolio Operating Expenses (before the Investment Expense Reduction) are: |
Then the annual Investment Expense Reduction(**) for that Variable Investment Option will be: | |
Less than 0.80% | The amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.40%. However, in no event will the annual Investment Expense Reduction exceed the Net Total Annual Portfolio Operating Expenses. | |
0.80% through 1.15% | The amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.80%. However, in no event will the annual Investment Expense Reduction exceed the Net Total Annual Portfolio Operating Expenses. | |
Greater than 1.15% | 0.15% |
** | Because the expenses contained in the Trust prospectus for each Portfolio reflect annual expenses, the actual expenses incurred may be higher or lower on any given day. |
After applying the Investment Expense Reduction to the variable investment options, the lowest and highest net annual portfolio operating expenses paid by the policy owner for the year ended December 31, 2023, would have been: |
Lowest 0.39% |
Highest 2.21% |
• | If the investment options you choose perform poorly, you could lose some or all of the premiums you pay. |
• | If the investment options you choose do not make enough money to pay for the policy charges, you could have to pay more premiums to keep your policy from terminating. |
• | Your policy will lapse and possibly terminate without value if it does not have enough net policy account value to pay monthly charges when due, and this could occur due to insufficient premium payments, policy charges, policy loans, partial withdrawals, and/or poor investment performance. If your policy lapses and terminates you will not be paid a death benefit. |
• | If you take a policy loan or a partial withdrawal you may decrease the net policy account value, cash surrender value and/or death benefit. |
• | There are unique risks associated with MSO II including loss of up to 90% of principal and previously credited interest due to negative performance or increased volatility of the Index even if the Index has experienced positive performance since the Segment Start Date. This could happen, for example, if there was a 100% decline in the S&P 500 Price Return Index. |
• | We can increase, without your consent and subject to any necessary regulatory approvals, any charge that you currently pay at less than the maximum amount. We will not increase any charge beyond the highest maximum noted in the “Fee Tables” in this prospectus. |
• | There may be adverse tax consequences associated with taking a policy loan or making a partial withdrawal from your policy. |
• | Partial withdrawals from your policy are available only after the first policy year and must be at least $500 and no more than the net policy account value. We will automatically reduce your policy’s death benefit as a result of a partial withdrawal. If the Enhanced Amount is included in the cash surrender value, it will be reduced due to any partial withdrawal. See “Effect of partial withdrawals on insurance coverage” under “Death benefits and accessing your money” and “Enhanced Amount” in “Other benefits available under the policy” in this prospectus. |
• | The guarantees we make to you under this policy are supported by the Company’s general account and are subject to the Company’s claims paying ability. You should look solely to the financial strength of the Company for its claims-paying ability. |
(1) | request for our automatic transfer service (our dollar cost averaging service); |
(2) | request for our asset rebalancing service; |
(3) | transfers among investment options; and |
(4) | designation of new policy owner(s) and beneficiaries. |
(a) | policy surrenders; |
(b) | transfers among investment options (not submitted by e-mail); and |
(c) | changes in allocation percentages for premiums. |
(a) | By requiring a Portfolio sub-adviser to buy and sell large amounts of securities at inopportune times, a Portfolio’s investment performance and the ability of the sub-adviser to fully implement the Portfolio’s investment strategy could be negatively affected; and |
(b) | By generating higher turnover in its securities or other assets than it would have experienced without being impacted by the ATP, a Portfolio could incur higher operating expense ratios and transaction costs than comparable funds. In addition, even Portfolios structured as funds-of-funds that are not available for investment by contract owners who are subject to the ATP could also be impacted by the ATP if those Portfolios invest in underlying funds that are themselves subject to significant asset turnover caused by the ATP. Because the ATP formulas generate unique results for each contract, not all contract owners who are subject to the ATP will be affected by operation of the ATP in the same way. On any particular day on which the ATP is activated, some contract owners may have a portion of their account value transferred to the EQ/Ultra Conservative Strategy Portfolio investment option and others may not. If the ATP causes significant transfers of total account value out of one or more Portfolios, any resulting negative effect on the performance of those Portfolios will be experienced to a greater extent by a contract owner (with or without the ATP) invested in those Portfolios whose account value was not subject to the transfers. |
• | transfers out of the guaranteed interest option are limited to once each policy year; |
• | any such request for transfer must be received within a period beginning 30 days prior to the policy anniversary and ending 60 days after the policy anniversary; |
• | a transfer request received up to 30 days prior to policy anniversary will be effective on the policy anniversary, and on or within 60 days after the policy anniversary will become effective on the date the request is received; |
• | the maximum amount you may transfer in any policy year is the greatest of (a) $500, (b) 25% of the unloaned value in the guaranteed interest option on the transfer effective date, and (c) the amount transferred from the |
unloaned value in our guaranteed interest option the immediately preceding policy year, if any. |
a) | first, to reduce the most recent increase in base policy face amount; |
b) | next, to reduce the next most recent base policy face amount increases successively; |
c) | next, to reduce any increases resulting from death benefit option changes; |
d) | finally, to reduce the initial base policy face amount. |
• | Option A — The policy’s face amount |
• | Option B — The policy’s face amount plus the policy account value |
affect your policy account value. For this purpose, the policy account value is increased by the Enhanced Amount (during the first 14 policy years). |
• | you cannot make transfers or withdrawals of the collateral; |
• | we may credit different rates of interest to loan collateral than we credit under our guaranteed interest option; and |
• | the collateral is not available to pay policy charges. |
• | the death benefit received by the beneficiary under your policy will not be subject to federal income tax; and |
• | increases in your policy’s account value as a result of interest or investment experience will not be subject to federal income tax, unless and until there is a distribution from your policy, such as a surrender, a partial withdrawal, loan or a payment to you. |
Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Brief Description of Restrictions/Limitation | |||
• Must be elected at policy issue. • Eligibility for ITR and the maximum ITR face amount is based on the sum of the “target premiums” for all of the policies in the case purchased at the same time, which must be greater than or equal to an annualized target premium of $50,000 or higher at the case level (or policy level if not part of a case). • The Company generally requires that the ratio of the ITR face amount to the target amount be the same for all policies being purchased for the case at the same time. | ||||||
• You can exercise the rider and be placed on “policy continuation,” if at the beginning of any policy month on or following the policy anniversary nearest the insured person’s 75th birthday, but not earlier than the 15th policy anniversary, all of the following conditions apply: • The amount of any outstanding policy loan and accrued loan interest equals or exceed the policy account value multiplied by the Policy Continuation Trigger Percentage as provided in your policy; • There must be sufficient net policy account value to cover the Policy Continuation Charge; • The Death Benefit option then in effect is Option A; • The policy must not be a Modified Endowment Contract as defined in section 7702A of the Internal Revenue Code of 1986 and exercising the rider must not cause the policy to become a Modified Endowment Contract. • The amount of any outstanding policy loan and accrued loan interest is greater than the current base policy face amount plus the current ITR face amount, if applicable; • The policy is not in a grace period; and • No current or future distributions will be required to be paid from the policy to maintain its qualification as “life insurance” under the Internal Revenue Code. • When the rider is in effect the following are prohibited: • partial withdrawals; • premium payments; • changes to the policy face amount or death benefit option; • transfers out of, or allocations out of, the unloaned guaranteed interest option to the variable investment options even if the loan is fully repaid; and • any other requested policy changes. • All additional benefit riders and endorsements (excluding the Integrated Term Insurance Rider) terminate when the Policy Continuation Rider is exercised. |
• |
Integrated Term Insurance Rider |
• | Policy Continuation Rider |
Annualized Target Premium on the case level (or policy level if not part of a case) |
Maximum ITR face amount allowed | |
Less than $50,000 | None | |
$50,000 and higher | Up to 90% of the Target Amount |
• | Option A — The higher of the target amount or the alternative death benefit, as described in this prospectus in “Death benefits/accessing your money - Alternative higher death benefit in certain cases”, on the date of the insured person’s death. |
• | Option B — The higher of the target amount plus the policy account value (including any Enhanced Amount) or the alternative death benefit, as described in this prospectus in “Death benefits/accessing your money - Alternative higher death benefit in certain cases”, on the date of the insured person’s death. |
1. | If the policy account value at the beginning of the 11th policy year is $400,000 — |
2. | If the policy account value at the beginning of the 11th policy year is $900,000 — |
1. | If the policy account value at the beginning of the 11th policy year is $600,000 — |
2. | If the policy account value at the beginning of the 11th policy year is $900,000 — |
3. | If the policy account value at the beginning of the 11th policy year is $1.4 million — |
Base Policy Death Benefit |
Target Amount Death Benefit |
Term Insurance Benefit | ||
$500,000 |
$550,000 | $50,000 | ||
$501,500 |
$550,000 | $48,500 | ||
$501,250 |
$550,000 | $48,750 |
• | A policy with a base policy face amount of $1,000,000, an ITR face amount of $1,000,000, a target amount of $2,000,000 and a policy account value of $100,000 currently on death benefit Option B, changing to death benefit Option A would have a new base policy face amount of $1,100,000 and a new target amount of $2,100,000. The ITR face amount would remain at $1,000,000. The death benefit would remain at $2,100,000. |
• | A policy with a base policy face amount of $1,000,000, an ITR face amount of $1,000,000, a target amount of $2,000,000 and a policy account value of $100,000 currently on death benefit Option A, changing to death benefit Option B would have a new target amount of $1,900,000 and a new ITR face amount of $900,000. The base policy face amount would remain at $1,000,000. The death benefit would remain at $2,000,000. |
• | A policy with a base policy face amount of $1,000,000, an ITR face amount of $1,000,000, a target amount of $2,000,000 and a policy account value of $1,100,000 currently on death benefit Option A, changing to death benefit Option B would have a new base policy face amount of $900,000 and a new target amount of $900,000. The ITR face amount would be reduced to zero. The death benefit would remain at $2,000,000. |
(1) | the amount of any outstanding policy loan and accrued loan interest equals or exceeds the policy account value multiplied by the Policy Continuation Trigger Percentage as provided in your policy. |
(2) | your policy has been in force for at least 15 policy years; |
(3) | the insured person’s attained age is at least 75; |
(4) | the outstanding loan amount and accrued loan interest exceeds the current base policy face amount plus the current ITR face amount. |
(5) | the death benefit option then in effect is Option A ( the rider cannot be exercised if Option B is in effect |
(6) | the policy is not then in a grace period; |
(7) | no current or future distribution from the policy will be required to maintain its qualification as life insurance under the Internal Revenue Code; |
(8) | there must be sufficient net policy account value to cover the Policy Continuation Charge described in “Fee Table” and “More information about policy charges”; and |
(9) | the policy must not be a Modified Endowment Contract as defined in section 7702A of the Internal Revenue Code of 1986 and exercising this rider must not cause the policy to become a Modified Endowment Contract. |
(1) | the policy will not lapse and no further premiums will be required; |
(2) | loan interest will continue to be due on each policy anniversary. If the interest is not paid when due, it will be added to your outstanding loan; |
(3) | any payments we receive from you while the policy is on Policy Continuation will be applied as loan repayments and will be allocated to the unloaned portion of the guaranteed interest option to the extent of any outstanding loan and accrued loan interest. Any excess will be refunded to you; and |
(4) | on each policy anniversary and any time you repay all of a policy loan, interest credited to the loaned portion of the guaranteed interest option will be allocated to the unloaned portion of the guaranteed interest option. |
(1) | partial withdrawals; |
(2) | premium payments; |
(3) | changes to the policy face amount or death benefit option; |
(4) | transfers out of, or allocations out of, the unloaned guaranteed interest option to the variable investment options even if the loan is fully repaid; and |
(5) | any other requested policy changes. |
Policy Year |
Factor | |
1 | 1.00 | |
2 | 0.65 | |
3 | 0.65 | |
4 | 0.55 | |
5 | 0.40 | |
6 | 0.30 | |
7 | 0.20 | |
8 | 0.10 | |
9 | 0.05 | |
10 | 0.05 | |
11 | 0.05 | |
12 | 0.05 | |
13 | 0.05 | |
14 | 0.05 | |
15 years and later | 0.000 |
Policy Month |
1st Year Factor | |
1 | 0 | |
2 | 0.04 | |
3 | 0.08 | |
4 | 0.12 | |
5 | 0.16 | |
6 | 0.21 | |
7 | 0.26 | |
8 | 0.31 | |
9 | 0.36 | |
10 | 0.41 | |
11 | 0.46 | |
12 | 0.51 |
1. | A surrender occurs at the beginning of year 6. |
2. | The policy account value at the beginning of year 6 is $555,046.85. |
3. | Cumulative charges to the beginning of year 6 are $55,457.00. |
1. | The Enhanced Amount is equal to $55,457.00 x 0.3 = $16, 637.10. |
2. | The Cash Surrender Value is equal to the policy account value plus the Enhanced Amount, $555,046.85 + $16,637.10= $571,683.95. |
• | Management fees. |
• | 12b-1 fees. |
• | Operating expenses, such as trustees’ fees, independent public accounting firms’ fees, legal counsel fees, administrative service fees, custodian fees and liability insurance. |
• | Investment-related expenses, such as brokerage commissions. |
If the Net Total Annual Portfolio Operating Expenses (before the Investment Expense Reduction) are: |
Then the annual Investment Expense Reduction(**) for that variable investment option will be: | |
Less than 0.80% | The amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.40%. However, in no event will the annual Investment Expense Reduction exceed the Net Total Annual Portfolio Operating Expenses. | |
0.80% through 1.15% | The amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.80%. However, in no event will the annual Investment Expense Reduction exceed the Net Total Annual Portfolio Operating Expenses. | |
Greater than 1.15% | 0.15% |
** | Because the expenses contained in the Trust prospectus for each Portfolio reflect annual expenses, the actual expenses incurred may be higher or lower on any given day. |
• | premium payments received after the policy’s investment start date (discussed below) provided the item arrives in complete and proper form |
• | loan repayments and interest payments provided the item arrives in complete and proper form |
• | withdrawals |
• | tax withholding elections |
• | face amount decreases that result from a withdrawal |
• | changes of allocation percentages for premium payments |
• | processing of refund (if you exercise your right to cancel the policy within a certain number of days) |
• | surrenders |
• | changes of owner |
• | changes of beneficiary |
• | transfers from a variable investment option to the guaranteed interest option |
• | loans |
• | transfers among variable investment options |
• | assignments |
• | increases in face amount |
• | decreases in face amount |
• | changes in death benefit option |
• | restoration of lapsed policies |
• | If you submit the full initial premium to your financial professional at the time you sign the application and before the policy is issued, and we issue the policy as it was applied for (or on a better risk class than applied for), then the register date will be the later of (a) the date you signed part I, section D of the policy application or (b) the date a medical or paramedical professional signed part II of the policy application. |
• | In general, if we do not receive your full minimum initial premium at our Administrative Office before the issue date or, if we issue the policy on a different (less favorable) basis than you applied for, the register date initially will appear on your policy as the date the policy is issued; however, we will move the register date to the date we deliver the policy provided we received your full minimum initial premium. If your policy was delivered on the 29th, 30th or 31st of the month, we will move the register date to the 1st of the following month. In certain circumstances, even if we issue your policy on a less favorable basis, the premium amount you paid may be sufficient to cover your full minimum initial premium. In this event, we will not move the register date to the delivery date. These procedures are designed to ensure that premiums and charges will commence on the same date as your insurance coverage. We will determine the interest rate applicable to the guaranteed interest option based on the register date. This rate will be applied to funds allocated to the guaranteed interest option as of the date we receive the full minimum initial premium at our Administrative Office. |
• | For Section 1035 exchanges: |
• | If you submit the full initial premium to your financial professional at the time you sign the application, and we issue the policy as it was applied for, then the register date will be the later of (a) the date you signed part I, section D of the policy application, or (b) the date a medical professional signed part II of the policy application. |
• | If we do not receive your full initial premium payment at our Administrative Office before the issue date, or we issue the policy on a different (less favorable) basis than you applied for, the register date will be: |
• | The date we receive the 1035 exchange proceeds, provided it meets the full minimal initial premium. If we receive the full minimum initial premium on the 29 th , 30th or 31st of the month, we will move the register date to the 28th of the month. |
• | combine two or more variable investment options or withdraw assets relating to COIL Institutional Series SM from one investment option and put them into another; |
• |
end the registration of, or re-register, the Separate Account under the Investment Company Act of 1940; |
• |
operate the Separate Account under the direction of a “committee” or discharge such a committee at any time; |
• |
restrict or eliminate any voting rights or privileges of policy owners (or other persons) that affect the Separate Account; |
• |
operate the Separate Account, or one or more of the variable investment options, in any other form the law allows. This includes any form that allows us to make direct investments, in which case we may charge the Separate Account an advisory fee. We may make any legal investments we wish for the Separate Account. In addition, we may disapprove any change in investment advisors or in investment policy unless a law or regulation provides differently. |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
TYPE |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
1 year |
5 year |
10 year |
||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
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^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
BlackRock Investment Management, LLC, Horizon Kinetics Asset Management LLC |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
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^ |
||||||||||||||||||
^ |
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^ |
||||||||||||||||||
^ |
||||||||||||||||||
SSGA Funds Management, Inc . |
^ |
|||||||||||||||||
Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P. |
^ |
|||||||||||||||||
AllianceBernstein L.P., EARNEST Partners, LLC |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
(1) — |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
† — |
||||||||||||||||||
^ |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
TYPE |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
1 year |
5 year |
10 year |
||||||||||||||
† — BlackRock Investment Management, LLC, Harris Associates LP |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
† — |
||||||||||||||||||
† — |
||||||||||||||||||
(1) — |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
- |
|||||||||||||||||
^ |
||||||||||||||||||
† — |
||||||||||||||||||
† — |
||||||||||||||||||
† — |
||||||||||||||||||
BlackRock Investment Management, LLC, Morgan Stanley Investment Management, Inc. |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
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^ |
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^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
(1) — |
^ |
|||||||||||||||||
(1) — |
^ |
|||||||||||||||||
AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP |
^ |
^ |
This Portfolio’s annual expenses reflect temporary fee reductions. |
† |
EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a “†“. See “Portfolios of the Trusts” for more information regarding volatility management. |
* |
The Portfolio operates as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. |
(1) |
This variable investment option will not be available until May 1 3, 2024. |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
TYPE |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
1 year |
5 year |
10 year |
||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
® |
||||||||||||||||||
® |
^ |
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® ® — |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
® |
||||||||||||||||||
® |
||||||||||||||||||
® |
||||||||||||||||||
® |
||||||||||||||||||
^ |
||||||||||||||||||
(1) — Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, Macquarie Investment Management Global Limited |
||||||||||||||||||
® |
^ |
- |
- |
|||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
- % |
- |
||||||||||||||||
- |
- |
^ |
This Portfolio’s annual expenses reflect temporary fee reductions. |
(1) |
This is the variable investment option’s new name. The variable investment option’s former name is Delaware Ivy VIP High Income which may continue to be used in certain documents for a period of time after the date of this prospectus. |
Age |
Yr |
Mth |
GPT PCR Guaranteed Charges (BOM) |
New Loan Taken |
Policy Account Value EOM (a) |
EOM Loan Balance |
Accrued Loan Interest (b) |
Net AV EOM |
EOM Net Death Benefit (c) |
Total Face Amount |
||||||||||||||||||||||||||||
78 | 32 | 1 | $ | — | 0 | $ | 3,651,261 | $ | 3,467,698 | $ | 1,000 | $ | 182,563 | $ | 365,126 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 2 | $ | 182,563 | 0 | $ | 3,477,253 | $ | 3,467,698 | $ | 12,356 | $ | — | $ | 174,003 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 3 | $ | — | 0 | $ | 3,485,829 | $ | 3,467,698 | $ | 23,748 | $ | — | $ | 174,572 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 4 | $ | — | 0 | $ | 3,494,426 | $ | 3,467,698 | $ | 35,178 | $ | — | $ | 175,144 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 5 | $ | — | 0 | $ | 3,503,044 | $ | 3,467,698 | $ | 46,646 | $ | — | $ | 175,717 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 6 | $ | — | 0 | $ | 3,511,683 | $ | 3,467,698 | $ | 58,151 | $ | — | $ | 176,292 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 7 | $ | — | 0 | $ | 3,520,344 | $ | 3,467,698 | $ | 69,694 | $ | — | $ | 176,870 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 8 | $ | — | 0 | $ | 3,529,026 | $ | 3,467,698 | $ | 81,274 | $ | — | $ | 177,449 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 9 | $ | — | 0 | $ | 3,537,730 | $ | 3,467,698 | $ | 92,893 | $ | — | $ | 178,030 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 10 | $ | — | 0 | $ | 3,546,455 | $ | 3,467,698 | $ | 104,549 | $ | — | $ | 178,612 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 11 | $ | — | 0 | $ | 3,555,201 | $ | 3,467,698 | $ | 116,244 | $ | — | $ | 179,197 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 12 | $ | — | 0 | $ | 3,563,969 | $ | 3,467,698 | $ | 127,977 | $ | — | $ | 179,784 | $ | 1,500,000 |
(a) | The policy account value reflects a hypothetical annual crediting rate on loan collateral of 3%. |
(b) | The amounts in this column reflect the Accrued Loan Interest based on a hypothetical annual rate of 4%. The maximum rate is the greater of (a) 2% or (b) the “Monthly Average Corporate” yield published in Moody’s Corporate Bond Yield Averages for the month that ends two months before the interest rate is set. In Month 2 and all subsequent months, the amounts are calculated as follows: |
The previous Accrued Loan Interest, plus the monthly loan interest rate (0.32737% which is equivalent to 4% annually), multiplied by the Loan Balance plus the previous Accrued Loan Interest. For example, the Accrued Loan Interest for Month 2 is calculated as follows: $1,000 + 0.32737% x ($3,467,698 + $1,000) = $12,356 |
(c) | The amounts in this column reflect the Net Death Benefit. The amounts are calculated as follows: The Death Benefit is the greatest of: (a) the Policy Account Value or the outstanding loan and accrued loan interest, whichever is greater, multiplied by a percentage shown in your policy for the insured person’s age (nearest birthday) at the beginning of each policy year, (b) the outstanding loan and accrued loan interest on the insured person’s date of death plus $10,000, or (c) the current base policy face amount. The Net Death Benefit is the Death Benefit less Loan Balance and the Accrued Loan Interest. Therefore, the Net Death Benefit for Month 2 is calculated as follows: [the greatest of: (a) [the maximum of ($3,477,253, $3,467,698 + $12,356)] x 1.05; (b) ($3,467,698 + $12,356+ $10,000); (c) ($1,500,000)] less ($3,467,698 + $12,356). That is, [the greatest of [$3,654,057; $3,490,054; $1,500,000] - ($3,467,698 + $12,356) = $174,003 |
(1) | The policy owner is attained age 78, and the policy year is 32, meeting the minimum age (75) and duration (15 years) requirements; |
(2) | the loan balance and accrued loan interest ($3,464,907 + $11,343 = $3,476,250) exceeds the current policy face amount ($1,500,000); |
(3) | the loan balance and accrued loan interest ($3,467,698 + $1,000 = $3,468,698) equals or exceeds the Policy Account Value, multiplied by the applicable Policy Continuation Trigger Percentage (shown in the policy) ($3,651,261 x 95% = $3,468,698); and |
(4) | the Net Policy Account Value ($182,563) is sufficient to cover the Policy Continuation Benefit Charge, which equals the Policy Account Value times the Policy Continuation Benefit Charge rate of 5%, which is the maximum rate for a policy with the Guideline Premium Test ($3,651,261 x 5% = $182,563). |
Age |
Yr |
Mth |
CVAT PCR Guaranteed Charges (BOM) |
New Loan Taken |
Policy Account Value EOM (a) |
EOM Loan Balance |
Accrued Loan Interest (b) |
Net AV EOM |
EOM Net Death Benefit (c) |
Total Face Amount |
||||||||||||||||||||||||||||
78 | 32 | 1 | $ | — | 0 | $ | 3,936,863 | $ | 3,464,907 | $ | 11,343 | $ | 460,613 | $ | 1,322,786 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 2 | $ | 460,613 | 0 | $ | 3,484,823 | $ | 3,464,907 | $ | 22,724 | $ | — | $ | 763,791 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 3 | $ | — | 0 | $ | 3,493,418 | $ | 3,464,907 | $ | 34,141 | $ | — | $ | 766,292 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 4 | $ | — | 0 | $ | 3,502,034 | $ | 3,464,907 | $ | 45,596 | $ | — | $ | 768,800 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 5 | $ | — | 0 | $ | 3,510,671 | $ | 3,464,907 | $ | 57,089 | $ | — | $ | 771,317 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 6 | $ | — | 0 | $ | 3,519,329 | $ | 3,464,907 | $ | 68,619 | $ | — | $ | 773,842 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 7 | $ | — | 0 | $ | 3,528,008 | $ | 3,464,907 | $ | 80,187 | $ | — | $ | 776,375 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 8 | $ | — | 0 | $ | 3,536,709 | $ | 3,464,907 | $ | 91,792 | $ | — | $ | 778,917 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 9 | $ | — | 0 | $ | 3,545,432 | $ | 3,464,907 | $ | 103,436 | $ | — | $ | 781,467 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 10 | $ | — | 0 | $ | 3,554,176 | $ | 3,464,907 | $ | 115,118 | $ | — | $ | 784,025 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 11 | $ | — | 0 | $ | 3,562,942 | $ | 3,464,907 | $ | 126,838 | $ | — | $ | 786,592 | $ | 1,500,000 | |||||||||||||||||||||
78 | 32 | 12 | $ | — | 0 | $ | 3,571,729 | $ | 3,464,907 | $ | 138,596 | $ | — | $ | 789,167 | $ | 1,500,000 |
(a) | The policy account value reflects a hypothetical annual crediting rate on loan collateral of 3%. |
(b) | The amounts in this column reflect the Accrued Loan Interest based on a hypothetical annual rate of 4%. The maximum rate is the greater of (a) 2% or (b) the “Monthly Average Corporate” yield published in Moody’s Corporate Bond Yield Averages for the month that ends two months before the interest rate is set. In Month 2 and all subsequent months, the amounts are calculated as follows: |
The previous Accrued Loan Interest, plus the monthly loan interest rate (0.32737% which is equivalent to 4% annually), multiplied by the Loan Balance plus the previous Accrued Loan Interest. For example, the Accrued Loan Interest for Month 2 is calculated as follows: $11,343 + 0.32737% x ($3,464,907 + $11,343) = $22,724 |
(c) | The amounts in this column reflect the Net Death Benefit. The amounts are calculated as follows: The Death Benefit is the greatest of: (a) the Policy Account Value or the outstanding loan and accrued loan interest, whichever is greater, multiplied by a percentage shown in your policy for the insured person’s age (nearest birthday) at the beginning of each policy year, (b) the outstanding loan and accrued loan interest on the insured person’s date of death plus $10,000, or (c) the current base policy face amount. The Net Death Benefit is the Death Benefit less Loan Balance and the Accrued Loan Interest. Therefore, the Net Death Benefit for Month 2 is calculated as follows: [the greatest of: (a) [the maximum of ($3,484,823, $3,464,907 + $22,724)] x 121.9%; (b) ($3,464,907 + $22,724 + $10,000); (c) ($1,500,000)] less ($3,464,907 + $22,724). That is, [the greatest of [$4,251,422; $3,497,631; $1,500,000] - ($3,464,907 + $22,724) = $763,791 |
(1) | The policy owner is attained age 78, and the policy year is 32, meeting the minimum age (75) and duration (15 years) requirements; |
(2) | the loan balance and accrued loan interest ($3,464,907 + $11,343 = $3,476,250) exceeds the current policy face amount ($1,500,000); |
(3) | the loan balance and accrued loan interest ($3,464,907 + $11,343 = $3,476,250) equals or exceeds the Policy Account Value, multiplied by the applicable Policy Continuation Trigger Percentage (shown in the policy) ($3,936,863 x 80% = $3,149,490); and |
(4) | the Net Policy Account Value ($460,613) is sufficient to cover the Policy Continuation Benefit Charge, which equals the Policy Account Value times the Policy Continuation Benefit Charge rate of 11.70%, which is the rate for a policy in which the insured has attained age 78 with the Cash Value Accumulation Test (3,936,863 x 11.70% = $460,613). |
Death Benefit |
Net Policy Account Value |
Net Cash Surrender Value |
||||||||||||||||||||||||||||||||||||||||
End Of Policy Year |
Premiums Accum. At 5% Interest Per Year |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
||||||||||||||||||||||||||||||||||||||
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
||||||||||||||||||||||||||||||||||
1 |
$ |
93,982 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
76,336 |
$ |
81,121 |
$ |
85,901 |
$ |
88,959 |
$ |
93,743 |
$ |
98,523 |
||||||||||||||||||||||
2 |
$ |
192,664 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
152,361 |
$ |
166,714 |
$ |
181,616 |
$ |
168,061 |
$ |
182,414 |
$ |
197,317 |
||||||||||||||||||||||
3 |
$ |
296,279 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
227,217 |
$ |
256,069 |
$ |
287,204 |
$ |
248,665 |
$ |
277,516 |
$ |
308,651 |
||||||||||||||||||||||
4 |
$ |
405,076 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
300,934 |
$ |
349,366 |
$ |
403,705 |
$ |
324,967 |
$ |
373,399 |
$ |
427,738 |
||||||||||||||||||||||
5 |
$ |
519,312 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
373,520 |
$ |
446,782 |
$ |
532,257 |
$ |
395,279 |
$ |
468,540 |
$ |
554,016 |
||||||||||||||||||||||
6 |
$ |
639,260 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,323,473 |
$ |
445,005 |
$ |
548,517 |
$ |
674,115 |
$ |
464,534 |
$ |
568,046 |
$ |
693,644 |
||||||||||||||||||||||
7 |
$ |
765,205 |
$ |
1,225,000 |
$ |
1,255,445 |
$ |
1,584,787 |
$ |
515,403 |
$ |
654,768 |
$ |
830,511 |
$ |
530,562 |
$ |
669,928 |
$ |
845,671 |
||||||||||||||||||||||
8 |
$ |
803,465 |
$ |
1,225,000 |
$ |
1,271,050 |
$ |
1,698,983 |
$ |
506,639 |
$ |
682,789 |
$ |
915,235 |
$ |
514,263 |
$ |
690,413 |
$ |
922,859 |
||||||||||||||||||||||
9 |
$ |
843,639 |
$ |
1,225,000 |
$ |
1,294,926 |
$ |
1,831,490 |
$ |
497,912 |
$ |
711,990 |
$ |
1,008,599 |
$ |
501,746 |
$ |
715,824 |
$ |
1,012,433 |
||||||||||||||||||||||
10 |
$ |
885,821 |
$ |
1,225,000 |
$ |
1,326,894 |
$ |
1,983,091 |
$ |
489,232 |
$ |
742,429 |
$ |
1,111,493 |
$ |
493,088 |
$ |
746,285 |
$ |
1,115,349 |
||||||||||||||||||||||
15 |
$ |
1,130,556 |
$ |
1,225,000 |
$ |
1,506,942 |
$ |
2,974,914 |
$ |
450,414 |
$ |
923,937 |
$ |
1,823,982 |
$ |
450,414 |
$ |
923,937 |
$ |
1,823,982 |
||||||||||||||||||||||
20 |
$ |
1,442,908 |
$ |
1,225,000 |
$ |
1,721,153 |
$ |
4,480,892 |
$ |
409,164 |
$ |
1,148,201 |
$ |
2,989,254 |
$ |
409,164 |
$ |
1,148,201 |
$ |
2,989,254 |
||||||||||||||||||||||
25 |
$ |
1,841,557 |
$ |
1,225,000 |
$ |
1,970,613 |
$ |
6,757,571 |
$ |
360,297 |
$ |
1,423,854 |
$ |
4,882,638 |
$ |
360,297 |
$ |
1,423,854 |
$ |
4,882,638 |
||||||||||||||||||||||
30 |
$ |
2,350,346 |
$ |
1,225,000 |
$ |
2,249,089 |
$ |
10,158,460 |
$ |
278,421 |
$ |
1,748,903 |
$ |
7,899,269 |
$ |
278,421 |
$ |
1,748,903 |
$ |
7,899,269 |
||||||||||||||||||||||
35 |
$ |
2,999,703 |
$ |
1,225,000 |
$ |
2,574,532 |
$ |
15,315,719 |
$ |
150,381 |
$ |
2,138,316 |
$ |
12,720,697 |
$ |
150,381 |
$ |
2,138,316 |
$ |
12,720,697 |
||||||||||||||||||||||
40 |
$ |
3,828,465 |
** |
$ |
2,963,015 |
$ |
23,215,409 |
** |
$ |
2,601,418 |
$ |
20,382,273 |
** |
$ |
2,601,418 |
$ |
20,382,273 |
|||||||||||||||||||||||||
45 |
$ |
4,886,200 |
** |
$ |
3,439,163 |
$ |
35,488,302 |
** |
$ |
3,155,195 |
$ |
32,558,075 |
** |
$ |
3,155,195 |
$ |
32,558,075 |
|||||||||||||||||||||||||
50 |
$ |
6,236,167 |
** |
$ |
4,049,575 |
$ |
55,032,565 |
** |
$ |
3,827,576 |
$ |
52,015,657 |
** |
$ |
3,827,576 |
$ |
52,015,657 |
|||||||||||||||||||||||||
55 |
$ |
7,959,104 |
** |
$ |
4,766,394 |
$ |
85,303,547 |
** |
$ |
4,686,720 |
$ |
83,877,627 |
** |
$ |
4,686,720 |
$ |
83,877,627 |
* | The illustrations assume that planned periodic premium are paid at the start of policy years one through seven. The death benefit, net policy account value and net cash surrender value will differ if premiums are paid in different amounts or frequencies. |
** | Policy lapses unless additional payments are made. |
Death Benefit |
Net Policy Account Value |
Net Cash Surrender Value |
||||||||||||||||||||||||||||||||||||||||
End Of Policy Year |
Premiums Accum. At 5% Interest Per Year |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
||||||||||||||||||||||||||||||||||||||
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
||||||||||||||||||||||||||||||||||
1 |
$ |
93,982 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
74,194 |
$ |
78,909 |
$ |
83,622 |
$ |
86,963 |
$ |
91,679 |
$ |
96,392 |
||||||||||||||||||||||
2 |
$ |
192,664 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
147,231 |
$ |
161,265 |
$ |
175,843 |
$ |
163,705 |
$ |
177,738 |
$ |
192,316 |
||||||||||||||||||||||
3 |
$ |
296,279 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
219,161 |
$ |
247,256 |
$ |
277,593 |
$ |
242,059 |
$ |
270,153 |
$ |
300,490 |
||||||||||||||||||||||
4 |
$ |
405,076 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
289,989 |
$ |
337,036 |
$ |
389,857 |
$ |
315,823 |
$ |
362,870 |
$ |
415,690 |
||||||||||||||||||||||
5 |
$ |
519,312 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
359,734 |
$ |
430,785 |
$ |
513,743 |
$ |
383,219 |
$ |
454,269 |
$ |
537,228 |
||||||||||||||||||||||
6 |
$ |
639,260 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,281,375 |
$ |
428,408 |
$ |
528,682 |
$ |
650,444 |
$ |
449,544 |
$ |
549,818 |
$ |
671,580 |
||||||||||||||||||||||
7 |
$ |
765,205 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,531,423 |
$ |
495,998 |
$ |
630,901 |
$ |
800,756 |
$ |
512,437 |
$ |
647,340 |
$ |
817,195 |
||||||||||||||||||||||
8 |
$ |
803,465 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,623,366 |
$ |
478,996 |
$ |
649,117 |
$ |
872,874 |
$ |
487,907 |
$ |
658,027 |
$ |
881,785 |
||||||||||||||||||||||
9 |
$ |
843,639 |
$ |
1,225,000 |
$ |
1,225,000 |
$ |
1,730,980 |
$ |
462,039 |
$ |
668,018 |
$ |
952,070 |
$ |
466,840 |
$ |
672,819 |
$ |
956,871 |
||||||||||||||||||||||
10 |
$ |
885,821 |
$ |
1,225,000 |
$ |
1,231,773 |
$ |
1,856,509 |
$ |
445,111 |
$ |
687,639 |
$ |
1,039,009 |
$ |
450,257 |
$ |
692,785 |
$ |
1,044,156 |
||||||||||||||||||||||
15 |
$ |
1,130,556 |
$ |
1,225,000 |
$ |
1,310,941 |
$ |
2,661,883 |
$ |
363,667 |
$ |
803,765 |
$ |
1,632,056 |
$ |
363,667 |
$ |
803,765 |
$ |
1,632,056 |
||||||||||||||||||||||
20 |
$ |
1,442,908 |
$ |
1,225,000 |
$ |
1,414,669 |
$ |
3,871,684 |
$ |
277,683 |
$ |
943,742 |
$ |
2,582,845 |
$ |
277,683 |
$ |
943,742 |
$ |
2,582,845 |
||||||||||||||||||||||
25 |
$ |
1,841,557 |
$ |
1,225,000 |
$ |
1,588,331 |
$ |
5,727,313 |
$ |
210,160 |
$ |
1,147,638 |
$ |
4,138,232 |
$ |
210,160 |
$ |
1,147,638 |
$ |
4,138,232 |
||||||||||||||||||||||
30 |
$ |
2,350,346 |
$ |
1,225,000 |
$ |
1,783,468 |
$ |
8,472,642 |
$ |
105,771 |
$ |
1,386,834 |
$ |
6,588,368 |
$ |
105,771 |
$ |
1,386,834 |
$ |
6,588,368 |
||||||||||||||||||||||
35 |
$ |
2,999,703 |
** |
$ |
1,999,535 |
$ |
12,514,167 |
** |
$ |
1,660,744 |
$ |
10,393,827 |
** |
$ |
1,660,744 |
$ |
10,393,827 |
|||||||||||||||||||||||||
40 |
$ |
3,828,465 |
** |
$ |
2,241,855 |
$ |
18,483,130 |
** |
$ |
1,968,266 |
$ |
16,227,507 |
** |
$ |
1,968,266 |
$ |
16,227,507 |
|||||||||||||||||||||||||
45 |
$ |
4,886,200 |
** |
$ |
2,507,312 |
$ |
27,230,123 |
** |
$ |
2,300,286 |
$ |
24,981,764 |
** |
$ |
2,300,286 |
$ |
24,981,764 |
|||||||||||||||||||||||||
50 |
$ |
6,236,167 |
** |
$ |
2,809,249 |
$ |
40,187,043 |
** |
$ |
2,655,245 |
$ |
37,983,973 |
** |
$ |
2,655,245 |
$ |
37,983,973 |
|||||||||||||||||||||||||
55 |
$ |
7,959,104 |
** |
$ |
3,168,003 |
$ |
59,692,352 |
** |
$ |
3,115,047 |
$ |
58,694,545 |
** |
$ |
3,115,047 |
$ |
58,694,545 |
* | The illustrations assume that planned periodic premiums are paid at the start of policy years one through seven. The death benefit, net policy account value and net cash surrender value will differ if premiums are paid in different amounts or frequencies. |
** | Policy lapses unless additional payments are made. |
Death Benefit |
Net Policy Account Value |
Net Cash Surrender Value |
||||||||||||||||||||||||||||||||||||||||
End Of Policy Year |
Premiums Accum. At 5% Interest Per Year |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
||||||||||||||||||||||||||||||||||||||
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
||||||||||||||||||||||||||||||||||
1 |
$ |
74,197 |
$ |
1,295,142 |
$ |
1,298,870 |
$ |
1,302,596 |
$ |
58,754 |
$ |
62,482 |
$ |
66,207 |
$ |
70,142 |
$ |
73,870 |
$ |
77,596 |
||||||||||||||||||||||
2 |
$ |
152,104 |
$ |
1,356,483 |
$ |
1,367,622 |
$ |
1,379,190 |
$ |
117,237 |
$ |
128,376 |
$ |
139,944 |
$ |
131,483 |
$ |
142,622 |
$ |
154,190 |
||||||||||||||||||||||
3 |
$ |
233,907 |
$ |
1,419,478 |
$ |
1,441,815 |
$ |
1,465,929 |
$ |
174,770 |
$ |
197,107 |
$ |
221,220 |
$ |
194,478 |
$ |
216,815 |
$ |
240,929 |
||||||||||||||||||||||
4 |
$ |
319,799 |
$ |
1,478,472 |
$ |
1,515,907 |
$ |
1,557,924 |
$ |
231,366 |
$ |
268,802 |
$ |
310,818 |
$ |
253,472 |
$ |
290,907 |
$ |
332,924 |
||||||||||||||||||||||
5 |
$ |
409,986 |
$ |
1,532,042 |
$ |
1,588,594 |
$ |
1,654,600 |
$ |
287,017 |
$ |
343,569 |
$ |
409,575 |
$ |
307,042 |
$ |
363,594 |
$ |
429,600 |
||||||||||||||||||||||
6 |
$ |
504,683 |
$ |
1,584,717 |
$ |
1,664,526 |
$ |
1,761,420 |
$ |
341,737 |
$ |
421,545 |
$ |
518,439 |
$ |
359,717 |
$ |
439,526 |
$ |
536,420 |
||||||||||||||||||||||
7 |
$ |
604,114 |
$ |
1,634,477 |
$ |
1,741,810 |
$ |
1,877,394 |
$ |
395,516 |
$ |
502,849 |
$ |
638,433 |
$ |
409,477 |
$ |
516,810 |
$ |
652,394 |
||||||||||||||||||||||
8 |
$ |
708,517 |
$ |
1,687,760 |
$ |
1,827,274 |
$ |
2,010,603 |
$ |
455,513 |
$ |
595,027 |
$ |
778,356 |
$ |
462,760 |
$ |
602,274 |
$ |
785,603 |
||||||||||||||||||||||
9 |
$ |
818,140 |
$ |
1,743,238 |
$ |
1,919,910 |
$ |
2,161,370 |
$ |
514,481 |
$ |
691,153 |
$ |
932,613 |
$ |
518,238 |
$ |
694,910 |
$ |
936,370 |
||||||||||||||||||||||
10 |
$ |
933,244 |
$ |
1,801,347 |
$ |
2,020,314 |
$ |
2,331,600 |
$ |
572,457 |
$ |
791,424 |
$ |
1,102,710 |
$ |
576,347 |
$ |
795,314 |
$ |
1,106,600 |
||||||||||||||||||||||
15 |
$ |
1,601,069 |
$ |
2,079,239 |
$ |
2,597,871 |
$ |
3,499,361 |
$ |
854,239 |
$ |
1,372,871 |
$ |
2,274,361 |
$ |
854,239 |
$ |
1,372,871 |
$ |
2,274,361 |
||||||||||||||||||||||
20 |
$ |
2,453,401 |
$ |
2,336,496 |
$ |
3,319,846 |
$ |
5,427,049 |
$ |
1,111,496 |
$ |
2,094,846 |
$ |
4,202,049 |
$ |
1,111,496 |
$ |
2,094,846 |
$ |
4,202,049 |
||||||||||||||||||||||
25 |
$ |
3,541,217 |
$ |
2,562,791 |
$ |
4,209,200 |
$ |
8,594,221 |
$ |
1,337,791 |
$ |
2,984,200 |
$ |
7,369,221 |
$ |
1,337,791 |
$ |
2,984,200 |
$ |
7,369,221 |
||||||||||||||||||||||
30 |
$ |
4,929,576 |
$ |
2,728,617 |
$ |
5,272,179 |
$ |
13,767,956 |
$ |
1,503,617 |
$ |
4,047,179 |
$ |
12,542,956 |
$ |
1,503,617 |
$ |
4,047,179 |
$ |
12,542,956 |
||||||||||||||||||||||
35 |
$ |
6,701,514 |
$ |
2,830,146 |
$ |
6,544,627 |
$ |
22,248,999 |
$ |
1,605,146 |
$ |
5,319,627 |
$ |
21,023,999 |
$ |
1,605,146 |
$ |
5,319,627 |
$ |
21,023,999 |
||||||||||||||||||||||
40 |
$ |
8,963,005 |
$ |
2,829,443 |
$ |
8,031,815 |
$ |
36,618,914 |
$ |
1,604,443 |
$ |
6,806,815 |
$ |
34,875,156 |
$ |
1,604,443 |
$ |
6,806,815 |
$ |
34,875,156 |
||||||||||||||||||||||
45 |
$ |
11,849,304 |
$ |
2,676,810 |
$ |
9,723,945 |
$ |
60,051,334 |
$ |
1,451,810 |
$ |
8,498,945 |
$ |
57,191,747 |
$ |
1,451,810 |
$ |
8,498,945 |
$ |
57,191,747 |
||||||||||||||||||||||
50 |
$ |
15,533,035 |
$ |
2,331,671 |
$ |
11,613,978 |
$ |
94,867,614 |
$ |
1,106,671 |
$ |
10,388,978 |
$ |
93,642,614 |
$ |
1,106,671 |
$ |
10,388,978 |
$ |
93,642,614 |
||||||||||||||||||||||
55 |
$ |
20,234,513 |
$ |
1,753,349 |
$ |
13,692,383 |
$ |
155,626,025 |
$ |
528,349 |
$ |
12,467,383 |
$ |
154,085,173 |
$ |
528,349 |
$ |
12,467,383 |
$ |
154,085,173 |
* | The illustrations assume that planned periodic premiums are paid at the start of each policy year. The death benefit, net policy account value and net cash surrender value will differ if premiums are paid in different amounts or frequencies. |
** | Policy lapses unless additional payments are made. |
Death Benefit |
Net Policy Account Value |
Net Cash Surrender Value |
||||||||||||||||||||||||||||||||||||||||
End Of Policy Year |
Premiums Accum. At 5% Interest Per Year |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
Assuming Hypothetical Gross Annual Investment Return of: |
||||||||||||||||||||||||||||||||||||||
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
0.00% Gross |
6.00% Gross |
12.00% Gross |
||||||||||||||||||||||||||||||||||
1 |
$ |
74,197 |
$ |
1,293,035 |
$ |
1,296,688 |
$ |
1,300,340 |
$ |
56,499 |
$ |
60,152 |
$ |
63,804 |
$ |
68,035 |
$ |
71,688 |
$ |
75,340 |
||||||||||||||||||||||
2 |
$ |
152,104 |
$ |
1,351,870 |
$ |
1,362,669 |
$ |
1,373,891 |
$ |
111,974 |
$ |
122,773 |
$ |
133,994 |
$ |
126,870 |
$ |
137,669 |
$ |
148,891 |
||||||||||||||||||||||
3 |
$ |
233,907 |
$ |
1,412,377 |
$ |
1,433,903 |
$ |
1,457,158 |
$ |
166,463 |
$ |
187,990 |
$ |
211,244 |
$ |
187,377 |
$ |
208,903 |
$ |
232,158 |
||||||||||||||||||||||
4 |
$ |
319,799 |
$ |
1,468,558 |
$ |
1,504,489 |
$ |
1,544,848 |
$ |
219,963 |
$ |
255,894 |
$ |
296,253 |
$ |
243,558 |
$ |
279,489 |
$ |
319,848 |
||||||||||||||||||||||
5 |
$ |
409,986 |
$ |
1,518,937 |
$ |
1,573,049 |
$ |
1,636,257 |
$ |
272,487 |
$ |
326,599 |
$ |
389,807 |
$ |
293,937 |
$ |
348,049 |
$ |
411,257 |
||||||||||||||||||||||
6 |
$ |
504,683 |
$ |
1,568,331 |
$ |
1,644,504 |
$ |
1,737,057 |
$ |
324,026 |
$ |
400,199 |
$ |
492,752 |
$ |
343,331 |
$ |
419,504 |
$ |
512,057 |
||||||||||||||||||||||
7 |
$ |
604,114 |
$ |
1,614,544 |
$ |
1,716,763 |
$ |
1,845,987 |
$ |
374,529 |
$ |
476,748 |
$ |
605,972 |
$ |
389,544 |
$ |
491,763 |
$ |
620,987 |
||||||||||||||||||||||
8 |
$ |
708,517 |
$ |
1,657,550 |
$ |
1,789,908 |
$ |
1,964,048 |
$ |
423,970 |
$ |
556,328 |
$ |
730,469 |
$ |
432,550 |
$ |
564,908 |
$ |
739,048 |
||||||||||||||||||||||
9 |
$ |
818,140 |
$ |
1,702,139 |
$ |
1,868,842 |
$ |
2,097,160 |
$ |
472,313 |
$ |
639,016 |
$ |
867,334 |
$ |
477,139 |
$ |
643,842 |
$ |
872,160 |
||||||||||||||||||||||
10 |
$ |
933,244 |
$ |
1,749,915 |
$ |
1,955,282 |
$ |
2,248,166 |
$ |
519,552 |
$ |
724,919 |
$ |
1,017,804 |
$ |
524,915 |
$ |
730,282 |
$ |
1,023,166 |
||||||||||||||||||||||
15 |
$ |
1,601,069 |
$ |
1,969,887 |
$ |
2,441,235 |
$ |
3,267,596 |
$ |
744,887 |
$ |
1,216,235 |
$ |
2,042,596 |
$ |
744,887 |
$ |
1,216,235 |
$ |
2,042,596 |
||||||||||||||||||||||
20 |
$ |
2,453,401 |
$ |
2,167,309 |
$ |
3,038,476 |
$ |
4,929,487 |
$ |
942,309 |
$ |
1,813,476 |
$ |
3,704,487 |
$ |
942,309 |
$ |
1,813,476 |
$ |
3,704,487 |
||||||||||||||||||||||
25 |
$ |
3,541,217 |
$ |
2,360,334 |
$ |
3,792,364 |
$ |
7,663,003 |
$ |
1,135,334 |
$ |
2,567,364 |
$ |
6,438,003 |
$ |
1,135,334 |
$ |
2,567,364 |
$ |
6,438,003 |
||||||||||||||||||||||
30 |
$ |
4,929,576 |
$ |
2,496,345 |
$ |
4,680,022 |
$ |
12,080,243 |
$ |
1,271,345 |
$ |
3,455,022 |
$ |
10,855,243 |
$ |
1,271,345 |
$ |
3,455,022 |
$ |
10,855,243 |
||||||||||||||||||||||
35 |
$ |
6,701,514 |
$ |
2,537,293 |
$ |
5,685,406 |
$ |
19,197,131 |
$ |
1,312,293 |
$ |
4,460,406 |
$ |
17,972,131 |
$ |
1,312,293 |
$ |
4,460,406 |
$ |
17,972,131 |
||||||||||||||||||||||
40 |
$ |
8,963,005 |
$ |
2,415,448 |
$ |
6,752,210 |
$ |
30,863,530 |
$ |
1,190,448 |
$ |
5,527,210 |
$ |
29,393,838 |
$ |
1,190,448 |
$ |
5,527,210 |
$ |
29,393,838 |
||||||||||||||||||||||
45 |
$ |
11,849,304 |
$ |
1,965,225 |
$ |
7,693,134 |
$ |
49,537,595 |
$ |
740,225 |
$ |
6,468,134 |
$ |
47,178,662 |
$ |
740,225 |
$ |
6,468,134 |
$ |
47,178,662 |
||||||||||||||||||||||
50 |
$ |
15,533,035 |
** |
$ |
8,195,665 |
$ |
76,473,130 |
** |
$ |
6,970,665 |
$ |
75,248,130 |
** |
$ |
6,970,665 |
$ |
75,248,130 |
|||||||||||||||||||||||||
55 |
$ |
20,234,513 |
** |
$ |
8,019,523 |
$ |
122,239,186 |
** |
$ |
6,794,523 |
$ |
121,014,186 |
** |
$ |
6,794,523 |
$ |
121,014,186 |
* | The illustrations assume that planned periodic premiums are paid at the start of each policy year. The death benefit, net policy account value and net cash surrender value will differ if premiums are paid in different amounts or frequencies. |
** | Policy lapses unless additional payments are made. |
State |
Features and Benefits |
Availability or Variation | ||
California |
See “Your right to cancel within a certain number of days” in “More information about procedures that apply to your policy” |
The right to cancel period is 30 days for individuals over age 60. | ||
Delaware |
See “Your right to cancel within a certain number of days” in “More information about procedures that apply to your policy” |
The right to cancel period for replacements is 20 days. | ||
Florida |
See “Your right to cancel within a certain number of days” in “More information about procedures that apply to your policy” |
The right to cancel period is 14 days. | ||
Indiana |
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
MSO II is not available in Indiana | ||
Massachusetts |
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
MSO II is not available in Massachusetts | ||
Maryland |
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
MSO II is not available in Maryland | ||
New Jersey |
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
MSO II is not available in New Jersey | ||
New York |
See “Your right to cancel within a certain number of days” in “More information about procedures that apply to your policy” |
The right to cancel period is 60 days for replacements. | ||
See “Changes in Charges” in ”More information about policy charges” |
The following paragraph replaces the second paragraph in this section in its entirety: | |||
Changes in policy cost factors (interest rates we credit to the Guaranteed Interest Option, cost of insurance rates, the premium charge, the administrative charge, any mortality and expense risk charge, and the rates for any additional benefit riders) will be on a basis that is equitable to all policies belonging to a given class, and will be determined based on reasonable assumptions as to expenses, mortality, investment income, persistency and, with respect to any rider that provides for accelerated death benefits for chronic illness, policy and contract claims associated with morbidity. For the sake of clarity, the assumptions referenced above include taxes; longevity; surrenders; lapses; conversions; disability; accident; illness; and with respect to the rates for any rider that provides accelerated death benefits for chronic illness, inability to perform activities of daily living and cognitive impairment, if applicable. Any change in policy cost factors will never result in an interest crediting rate that is lower than that guaranteed in |
State |
Features and Benefits |
Availability or Variation | ||
New York (continued) |
the policy, or policy charges that exceed the maximum policy charges guaranteed in the policy. Any change in policy cost factors will be on a prospective basis; that is, any change will be determined based on future anticipated or emerging experience. | |||
See “Premium Payments” in “Payment of premiums and determining your policy’s value” |
There is no minimum loan amount. | |||
See “Loan Interest We Charge” in “Death benefits and accessing your money” |
Your policy will not terminate solely due to a change in the policy loan interest rate during the policy year. | |||
See “Assigning your policy” in “More information about procedures that apply to your policy” |
We may restrict changes in ownership only to maintain the tax qualification status of the policy. | |||
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
The original Market Stabilizer Option ® and MSO II are not available in New York. | |||
Fixed Paid-Up Option. At least 30 days before any policy anniversary prior to the policy anniversary nearest the 100th birthday of the insured person, you may give us written notice that no further premium payments will be made under this policy and that it is to be made paid-up. As of such policy anniversary we will make the policy paid-up as described below provided that the insured person is then living. First we will transfer (without charge) any amounts you then have under this policy in the variable investment options as of such anniversary to the unloaned portion of our guaranteed interest option. Then we will apply the policy’s net cash surrender value as of such anniversary and use it to purchase fixed paid-up insurance to the policy anniversary nearest the 100th birthday of the insured person which will continue during the insured person’s lifetime under the terms described below. Under this option, the face amount of paid-up insurance will be whatever the net cash surrender value will buy when applied as a net single premium on such policy anniversary. The basis for determining these net single premiums will be the 2017 Commissioners Standard Ordinary Mortality Tables, as further described in “The Basis We Use for Computation” provision of your policy, using an effective annual interest rate of 4%. Any additional benefit riders to this policy will then terminate and, thereafter, notwithstanding anything to the contrary in this policy, no further premium payments will be accepted, no partial withdrawals or transfers will be permitted, no changes in the base policy face amount or the death benefit options will be allowed, and no charges will be deducted. Policy loans and loan repayments may continue to be made after this option has been exercised. Fixed paid-up insurance purchased under this option will not be subject to any administrative charge. |
State |
Features and Benefits |
Availability or Variation | ||
New York (continued) |
Upon request, we will advise you as to the amount of fixed paid-up insurance that could be purchased on the next anniversary, assuming that the net cash surrender value on the next anniversary remained the same as the current value. However, you must realize that the actual net cash surrender value on the next anniversary may be more or less than the current value. | |||
Under this option: 1. At any time prior to the policy anniversary nearest the 100th birthday of the insured person, no interest will be credited, the cash surrender value will be equal to the net single premium at that time for the face amount of paid-up insurance, and the death benefit will be equal to the face amount of paid-up insurance. 2. On the policy anniversary nearest the 100th birthday of the insured person, the cash surrender value will be equal to the face amount of paid-up insurance and the death benefit will be equal to 101% of the cash surrender value. 3. At any time after the policy anniversary nearest the 100th birthday of the insured person, the cash surrender value will be equal to the cash surrender value on the policy anniversary nearest the 100th birthday of the insured person, plus interest credited from the policy anniversary nearest the 100th birthday of the insured person to the current date at the minimum guaranteed interest rate shown in the “Policy Information” section of this policy; the death benefit will be equal to 101% of the cash surrender value. 4. The loan value on any date will be the cash surrender value of the paid-up policy at the end of the current policy year, discounted at the loan interest rate we charge between the date of the loan and the next policy anniversary. 5. If at any time the amount of any outstanding policy loan plus accrued loan interest equals or exceeds the cash surrender value of the paid-up policy, the policy will terminate unless a loan repayment at least sufficient to reduce the outstanding policy loan plus accrued loan interest to be less than the cash surrender value is made within 31 days after we mail you and any assignee on our records notice of such termination at the last known address in our records. If the insured person dies while the policy has an outstanding policy loan and/or accrued loan interest, such amount will be deducted from the proceeds payable under the policy. | ||||
North Dakota |
See “Your right to cancel within a certain number of days” in “More information about procedures that apply to your policy” |
The right to cancel period is 20 days. |
State |
Features and Benefits |
Availability or Variation | ||
Oregon |
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
MSO II is not available in Oregon | ||
Puerto Rico |
See “COIL Institutional Series SM Executive Underwriting Program” in “Payment of premiums and determining your policy’s value” |
The Equitable Executive Underwriting SM Program is not available in Puerto Rico. | ||
Virginia |
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
MSO II is not available in Virginia | ||
Washington |
See “Market Stabilizer Option ® II” in “Payment of premiums and determining your policy’s value” |
MSO II is not available in Washington |
Effective Date |
Variation |
|||
For policies issued with the original Market Stabilizer Option ® |
Early Distribution Adjustment: Up to 75% of Segment Account Value Variable Index Benefit Charge: 0.75% deducted on the Segment Start Date from the amount being transferred from the MSO Holding Account into the Segment. Loan Spread for Amounts of Policy Loans Allocated to a Segment: 5% Risks including loss of principal and and previously credited interest: Up to 75% |
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY
1345 Avenue of the Americas
New York, New York 10105
Statement of Additional Information
dated May 1, 2024
• | COIL Institutional SeriesSM |
• | COIL Institutional SeriesSM (Series 162) |
• | Equitable AdvantageSM |
• | Incentive Life® |
• | Incentive Life® ‘02 |
• | Incentive Life® ‘06 |
• | Incentive Life Legacy® |
• | Incentive Life Legacy® II |
• | IncentiveLife Legacy® III |
• | Incentive Life Optimizer® |
• | Incentive Life Optimizer® II |
• | IncentiveLife Optimizer® III |
• | Survivorship Incentive LifeSM Legacy |
• | VUL Incentive Life ProtectSM |
• | VUL Legacy® |
• | VUL Optimizer® |
• | VUL Survivorship |
Flexible premium variable life insurance policies issued by Equitable Financial Life Insurance Company (the “Company”) with variable investment options offered under the Company’s Separate Account FP.
This Statement of Additional Information (“SAI”) is not a prospectus. It should be read in conjunction with the related prospectus, dated May 1, 2024. Each prospectus provides detailed information concerning the policy and the variable investment options, as well as the guaranteed interest option, that fund the policy. Each variable investment option is a subaccount of the Company’s Separate Account FP. Separate Account FP’s predecessor was established on April 19, 1985 by our then wholly owned subsidiary, Equitable Variable Life Insurance Company. We established our Separate Account FP under New York Law on September 21, 1995. When Equitable Variable Life Insurance Company merged into AXA Equitable (now known as Equitable Financial Life Insurance Company), as of January 1, 1997, our Separate Account FP succeeded to all the assets, liabilities and operations of its predecessor. The guaranteed interest option is part of the Company’s general account. Definitions of special terms used in the SAI are found in the prospectus.
A copy of the prospectuses are available free of charge by writing the Administrative Office (P.O. Box 1047, Charlotte, North Carolina 28201-1047), by calling toll free, 1-800-777-6510 (for U.S. residents) or 1-704-341-7000 (outside of the U.S.), by sending an email request to lifeservice@equitable.com or by contacting your financial professional.
The Company
We are Equitable Financial Life Insurance Company (the “Company”, “we”, “our”, and “us”), (until 2020, known as AXA Equitable Life Insurance Company), a New York stock life insurance corporation. We have been doing business since 1859. The Company is an indirect wholly owned subsidiary of Equitable Holdings, Inc. No other company has any legal responsibility to pay amounts that the Company owes under the policies. The Company is solely responsible for paying all amounts owed to you under your policy.
Ways we pay policy proceeds
The payee for death benefit or other policy proceeds (e.g., upon surrenders) may name a successor to receive any amounts that we still owe following the payee’s death. Otherwise, we will pay any such amounts to the payee’s estate.
We must approve any payment arrangements that involve a payee who is not a natural person (for example, a corporation) or a payee who is a fiduciary. Also, the details of all payment arrangements will be subject to our rules at the time the arrangements are selected and take effect.
Distribution of the policies
Equitable Advisors distributes these policies pursuant to a selling agreement, dated as of May 1, 1994, as amended, between Equitable Advisors and the Company. The Company paid Equitable Advisors as the distributors of certain policies, including these policies, and as the principal underwriter of several Company separate accounts, including Separate Account FP, $528,625,217 in 2023, $628,586,635 in 2022 and $633,967,608 in 2021. Of these amounts, for each of these three years, Equitable Advisors retained $253,096,170, $286,917,091 and $282,627,531, respectively.
Under a distribution agreement between Equitable Distributors and the Company and certain of the Company’s separate accounts, including Separate Account FP, the Company paid Equitable Distributors (or EDI, as applicable) as the distributor of certain policies, including these policies, and as the principal underwriter of several Company separate accounts, including Separate Account FP, $383,966,142 in 2023, $535,080,397 in 2022 and $589,621,128 in 2021. Of these amounts, for each of these three years, Equitable Distributors (or EDI, as applicable) retained $0, $0 and $0, respectively.
#558026 |
Underwriting a policy
The underwriting of a policy determines: (1) whether the policy application will be approved or disapproved; and (2) into what premium class the insured should be placed. Risk factors that are considered for these determinations are: (i) the insured’s age; (ii) whether the insured uses tobacco or not; and (iii) the admitted medical history of the insured. Many other factors make up the overall evaluation of an individual’s assessment for insurance, but all of these items are determined through the questions asked during the application process.
For COIL Institutional SeriesSM, COIL Institutional SeriesSM (Series 162), Equitable AdvantageSM, VUL Legacy®, VUL Optimizer® and VUL Survivorship policies
We base guaranteed cost of insurance rates under the policy on the 2017 Commissioner’s Standard Ordinary Mortality Tables.
For Incentive Life Legacy®, Incentive Life Legacy® II, IncentiveLife Legacy® III, Incentive Life Optimizer®, Incentive Life Optimizer® II, IncentiveLife Optimizer® III and Survivorship Incentive LifeSM Legacy policies
We base guaranteed cost of insurance rates under the policy on the 2001 Commissioner’s Standard Ordinary Mortality Tables.
For Incentive Life®, Incentive Life® ‘02 and Incentive Life® ‘06 policies
We base guaranteed cost of insurance rates under the policy on the 1980 Commissioner’s Standard Ordinary Mortality Tables.
Insurance regulation that applies to the Company
We are regulated and supervised by the New York State Department of Financial Services. In addition, we are subject to the insurance laws and regulations in every state where we sell policies. We submit annual reports on our operations and finances to insurance officials in all of these states. The officials are responsible for reviewing our reports to see that we are financially sound. Such regulation, however, does not guarantee or provide absolute assurance of our soundness.
Custodian
The Company is the custodian for shares of the Trusts owned by Separate Account FP. The Company’s principal offices are located at 1345 Avenue of the Americas, New York, NY 10105.
Independent registered public accounting firm
The (i) financial statements of each of the variable investment options of Separate Account FP as of December 31, 2023 and for each of the periods indicated therein and the (ii) consolidated financial statements and financial statement schedules of Equitable Financial Life Insurance Company as of December 31, 2023 and 2022 and for each of the three years in the period ended
December 31, 2023 incorporated in this Statement of Additional Information by reference to the filed Form N-VPFS/A (for Separate Account FP) and Form N-VPFS/A (for Equitable Financial Life Insurance Company) have been so incorporated in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
PricewaterhouseCoopers LLP provides independent audit services and certain other non-audit services to Equitable Financial Life Insurance Company as permitted by the applicable SEC independence rules, and as disclosed in Equitable Financial Life Insurance Company’s Form 10-K. PricewaterhouseCoopers LLP’s address is 300 Madison Avenue, New York, New York 10017.
Financial statements
The financial statements and financial statement schedules of the Company incorporated by reference should be considered only as bearing upon the ability of the Company to meet its obligations under the policies.
2
PART C
OTHER INFORMATION
ITEM 30. | EXHIBITS |
(a) | Board of Directors Resolution. |
(1) |
(b) | Custodial Agreements, Not Applicable. |
(c) | Underwriting Contracts. |
(1) |
(2) |
(3) |
(4) |
(5) |
(a) |
(b) |
(c) |
(d) |
(6) |
(7) |
(8) |
(a) |
(b) |
(c) |
C-1
(d) |
(e) |
(f) |
(g) |
(h) |
(i) |
(j) |
(k) |
(l) |
(m) |
(n) |
(o) |
(p) |
(q) |
(r) |
(s) |
(t) |
(9) |
(10) |
(a) |
(d) | Contracts. (Including Riders and Endorsements) |
C-2
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(e) | Applications. |
(1) |
(2) |
(3) |
(4) |
(f) | Depositor’s Certificate of Incorporation and By-Laws. |
(1) |
C-3
(2) |
(3) |
(g) | Reinsurance Contracts. |
(l) |
(h) | Participation Agreements. |
(1) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(h) |
(i) |
(j) |
(k) |
(l) |
(m) |
(n) |
(o) |
(p) |
(2) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(h) |
(i) |
(j) |
(k) |
(l) |
(m) |
(n) |
(o) |
(p) |
(q) |
(r) |
(s) |
(t) |
(u) |
C-4
(2) |
(a) |
(b) |
(c) |
(d) |
(e) |
(3) |
(4) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(5) |
(a) |
(b) |
(c) |
(d) |
(e) |
(6) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(h) |
(i) |
(j) |
(7) |
(8) |
(9) |
(a) |
(b) |
(c) |
(d) |
(e) |
(10) |
(a) |
(b) |
(c) |
(11) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(12) |
(a) |
(b) |
(13) |
(a) |
(b) |
(c) |
C-5
14 |
(a) |
(b) |
(c) |
15 |
(a) |
(b) |
(c) |
16 |
(a) |
(b) |
(c) |
(i) | Administration Contracts. See (c)(ii), (iii) & (iv). |
(j) | Other Material Contracts. Not Applicable. |
(k) | Legal Opinion. |
(1) |
(l) | Actuarial Opinion. |
(1) | Opinion and Consent of Brian Lessing, FSA, MAAA, Actuary and Signatory Officer, filed herewith. |
(m) | Calculation. |
(1) |
(n) | Other Opinions. |
(1) |
(2) |
(o) | Omitted Financial Statements. Not applicable. |
(p) | Initial Capital Agreements. Not applicable. |
(q) | Redeemability Exemption. |
(1) |
(r) | Form of Initial Summary Prospectuses. |
(1) |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
C-6
ITEM 31. | DIRECTORS AND OFFICERS OF THE DEPOSITOR. |
Set forth below is information regarding the directors and principal officers of the Depositor. The Depositor’s address is 1345 Avenue of the Americas, New York, New York 10105. The business address of the persons whose names are preceded by an asterisk is that of the Depositor.
NAME AND PRINCIPAL BUSINESS ADDRESS |
POSITIONS AND OFFICES WITH THE DEPOSITOR | |
DIRECTORS | ||
Francis Hondal | Director | |
10050 W. Suburban Drive | ||
Pinecrest, FL 33156 | ||
Arlene Isaacs-Lowe | Director | |
1830 South Ocean Drive, #1411 | ||
Hallandale, FL 33009 | ||
Daniel G. Kaye | Director | |
767 Quail Run | ||
Inverness, IL 60067 | ||
Joan Lamm-Tennant | Director | |
135 Ridge Common | ||
Fairfield, CT 06824 | ||
Craig MacKay | Director | |
England & Company | ||
1133 Avenue of the Americas | ||
Suite 2719 | ||
New York, NY 10036 | ||
Bertram L. Scott | Director | |
3601 Hampton Manor Drive | ||
Charlotte, NC 28226 | ||
George Stansfield | Director | |
AXA | ||
25, Avenue Matignon | ||
75008 Paris, France | ||
Charles G.T. Stonehill | Director | |
Founding Partner | ||
Green & Blue Advisors | ||
20 East End Avenue, Apt. 5C | ||
New York, New York 10028 | ||
OFFICER-DIRECTOR | ||
*Mark Pearson | Director and Chief Executive Officer | |
OTHER OFFICERS | ||
*Nicholas B. Lane | President | |
*José Ramón González | Chief Legal Officer and Secretary | |
*Jeffrey J. Hurd | Chief Operating Officer |
C-7
*Robin M. Raju | Chief Financial Officer | |
*Michael B. Healy | Chief Information Officer | |
*Nicholas Huth | Chief Compliance Officer | |
*William Eckert | Chief Accounting Officer | |
*Darryl Gibbs | Chief Diversity Officer | |
*David W. Karr | Signatory Officer | |
*Jessica Baehr | Signatory Officer | |
*Mary Jean Bonadonna | Signatory Officer | |
*Eric Colby | Signatory Officer | |
*Steven M. Joenk | Chief Investment Officer | |
*Kenneth Kozlowski | Signatory Officer | |
*Carol Macaluso | Signatory Officer | |
*Hector Martinez | Signatory Officer | |
*James McCravy | Signatory Officer | |
*James Mellin | Signatory Officer | |
*Hillary Menard | Signatory Officer | |
*Kurt Meyers | Deputy General Counsel and Signatory Officer | |
*Maryanne (Masha) Mousserie | Signatory Officer | |
*Prabha (“Mary”) Ng | Chief Information Security Officer | |
*Anthony Perez | Signatory Officer | |
*Antonio Di Caro | Signatory Officer | |
*Glen Gardner | Deputy Chief Investment Officer | |
*Shelby Hollister-Share | Signatory Officer | |
*Manuel Prendes | Signatory Officer | |
*Meredith Ratajczak | Chief Actuary | |
*Aaron Sarfatti | Chief Risk Officer and Chief Strategy Officer | |
*Stephen Scanlon | Signatory Officer | |
*Samuel Schwartz | Signatory Officer | |
*Stephanie Shields | Signatory Officer | |
*Joseph M. Spagnuolo | Signatory Officer | |
*Gina Tyler | Chief Communications Officer | |
*Constance Weaver | Chief Marketing Officer | |
*Stephanie Withers | Chief Auditor | |
*Yun (“Julia”) Zhang | Treasurer |
C-8
ITEM 32. | PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE INSURANCE COMPANY OR REGISTRANT. |
Separate Account FP (the “Separate Account”) is a separate account of Equitable Financial. Equitable Financial, a New York stock life insurance company, is an indirect wholly owned subsidiary of Equitable Holdings, Inc. (the “Holding Company”).
Set forth below is the subsidiary chart for the Holding Company:
C-9
ITEM 33. | INDEMNIFICATION |
(a) | Indemnification of Officers and Directors |
The by-laws of the Equitable Financial Life Insurance Company (“Equitable Financial”) provide, in Article VII, as follows:
7.4 Indemnification of Directors, Officers and Employees.
(a) | To the extent permitted by the law of the State of New York and subject to all applicable requirements thereof: |
(i) | Any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate is or was a director, officer or employee of the Company shall be indemnified by the Company; |
(ii) | Any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate serves or served any other organization in any capacity at the request of the Company may be indemnified by the Company; and |
(iii) | the related expenses of any such person in any of said categories may be advanced by the Company. |
(b) | To the extent permitted by the law of the State of New York, the Company or the Board of Directors, by amendment of these By-Laws, or by agreement. (Business Corporation Law ss.ss.721-726: Insurance Law ss.1216). |
The directors and officers of the Company are insured under policies issued by X. L. Insurance Company, Arch Insurance Company, Endurance Specialty Insurance Company, U.S. Specialty Insurance, ACE, Chubb Insurance Company, AXIS Insurance Company, Zurich Insurance Company, AWAC (Allied World Assurance Company, Ltd.), Aspen Bermuda XS, CNA, AIG, One Beacon, Nationwide, Berkley, Berkshire, SOMPO, Chubb, Markel and ARGO RE Ltd. The annual limit on such policies is $300 million, and the policies insure the officers and directors against certain liabilities arising out of their conduct in such capacities.
(b) Indemnification of Principal Underwriters
To the extent permitted by law of the State of New York and subject to all applicable requirements thereof, Equitable Distributors, LLC and Equitable Advisors, LLC have undertaken to indemnify each of its respective directors and officers who is made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact the director or officer, or his or her testator or intestate, is or was a director or officer of Equitable Distributors, LLC and Equitable Advisors, LLC.
(c) Undertaking
Insofar as indemnification for liability arising under the Securities Act of 1933 (“Act”) may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
C-10
ITEM 34. | PRINCIPAL UNDERWRITERS |
(a) | Equitable Advisors, LLC and Equitable Distributors, LLC are the principal underwriters for: |
(i) | Separate Account No. 49, Separate Account No. 70, Separate Account A, Separate Account FP, Separate Account I and Separate Account No. 45 of Equitable Financial |
(ii) | Separate Account No. 49B of Equitable Colorado |
(iii) | EQ Advisors Trust |
(iv) | Variable Account AA, Equitable America Variable Account A, Equitable America Variable Account K, Equitable America Variable Account L, and Equitable America Variable Account 70A. |
(b) | Equitable Advisors is the principal underwriter of Equitable Financial’s Separate Account No. 301. |
(c) | Set forth below is certain information regarding the directors and principal officers of Equitable Advisors, LLC and Equitable Distributors, LLC: |
EQUITABLE ADVISORS, LLC
NAME AND PRINCIPAL BUSINESS ADDRESS |
POSITIONS AND OFFICES WITH UNDERWRITER | |
*David Karr | Director, Chairman of the Board and Chief Executive Officer | |
*Nicholas B. Lane | Director | |
*Frank Massa | Director and President | |
*Aaron Sarfatti | Director | |
*Ralph E. Browning, II | Chief Privacy Officer | |
*Mary Jean Bonadonna | Chief Risk Officer | |
*Patricia Boylan | Broker Dealer Chief Compliance Officer | |
*Yun (“Julia”) Zhang | Director, Senior Vice President and Treasurer | |
*Nia Dalley | Vice President and Chief Conflicts Officer | |
*Brett Esselburn | Vice President, Investment Sales and Financial Planning | |
*Gina Jones | Vice President and Financial Crime Officer | |
*Tracy Zimmerer | Vice President, Principal Operations Officer | |
*Page Pennell | Vice President | |
*Sean Donovan | Assistant Vice President | |
*Alan Gradzki | Assistant Vice President | |
*Janie Smith | Assistant Vice President | |
*James Mellin | Chief Sales Officer | |
*Candace Scappator | Assistant Vice President, Controller and Principal Financial Officer | |
*Prabha (“Mary”) Ng | Chief Information Security Officer | |
*Alfred Ayensu-Ghartey | Vice President | |
*Joshua Katz | Vice President | |
*Christopher LaRussa | Investment Advisor Chief Compliance Officer | |
*Christian Cannon | Vice President and General Counsel | |
*Samuel Schwartz | Vice President | |
*Dennis Sullivan | Vice President | |
* Michael Cole | Vice President and Assistant Treasurer | |
*Constance (Connie) Weaver | Vice President | |
*Michael Brudoley | Secretary | |
*Christine Medy | Assistant Secretary | |
*Francesca Divone | Assistant Secretary |
C-11
EQUITABLE DISTRIBUTORS, LLC
NAME AND PRINCIPAL BUSINESS ADDRESS |
POSITIONS AND OFFICES WITH UNDERWRITER | |
*Nicholas B. Lane | Director, Chairman of the Board, President and Chief Executive Officer | |
*Jessica Baehr | Director, Executive Vice President and Head of Group Retirement | |
*Hector Martinez | Director, Executive Vice President and Head of Life Business | |
*Eric Brown | Senior Vice President | |
*James Crimmins | Senior Vice President | |
*James Daniello | Senior Vice President | |
*Michael B. Healy | Senior Vice President | |
*Patrick Ferris | Senior Vice President | |
*Brett Ford | Senior Vice President | |
*Bernard Heffernon | Senior Vice President | |
*David Kahal | Senior Vice President | |
*Fred Makonnen | Senior Vice President | |
*Matthew Schirripa | Senior Vice President | |
*David Veale | Senior Vice President | |
*Arielle D’Auguste | Vice President and General Counsel | |
*Alfred D’Urso | Vice President and Chief Compliance Officer | |
*Mark Teitelbaum | Senior Vice President | |
*Candace Scappator | Vice President, Chief Financial Officer, Principal Financial Officer and Principal Operations Officer | |
*Gina Jones | Vice President and Financial Crime Officer | |
*Yun (“Julia”) Zhang | Senior Vice President and Treasurer | |
*Francesca Divone | Secretary | |
*Richard Frink | Senior Vice President | |
*Michael J. Gass | Vice President | |
*Kathi Gopie | Vice President | |
*Timothy Jaeger | Vice President | |
*Jeremy Kachejian | Vice President | |
*Laird Johnson | Vice President | |
*Enrico Mossa | Assistant Vice President | |
*James C. Pazareskis | Assistant Vice President | |
*Caitlin Schirripa | Assistant Vice President | |
*Samuel Schwartz | Vice President | |
*Greg Seavey | Vice President | |
* Michael Cole | Assistant Treasurer | |
*Stephen Scanlon | Director, Executive Vice President and Head of Individual Retirement | |
*Prabha (“Mary”) Ng | Senior Vice President and Chief Information Security Officer | |
*Michael Brudoley | Assistant Secretary | |
*Christine Medy | Assistant Secretary | |
* Principal Business Address: 1345 Avenue of the Americas NY, NY 10105 |
(d) |
Name of Principal Underwriter |
Net Underwriting Discounts |
Compensation on Redemption |
Brokerage Commission |
Other Compensation | ||||
Equitable Advisors, LLC |
N/A | $0 | $0 | $0 | ||||
Equitable Distributors, LLC |
N/A | $0 | $0 | $0 |
C-12
ITEM 35. | LOCATION OF ACCOUNTS AND RECORDS |
This information is omitted as it is provided in the Registrant’s most recent report on Form N-CEN.
ITEM 36. | MANAGEMENT SERVICES |
Not applicable.
ITEM 37. | REPRESENTATION REGARDING REASONABLENESS OF AGGREGATE POLICY FEES AND CHARGES |
Equitable Financial represents that the fees and charges deducted under the Policies described in this Registration Statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Equitable Financial under the Policies.
C-13
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City and State of New York, on the 23rd day of April, 2024.
SEPARATE ACCOUNT FP (REGISTRANT) |
||||
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY | ||||
(DEPOSITOR) | ||||
By: | /s/ Alfred Ayensu-Ghartey | |||
Alfred Ayensu-Ghartey | ||||
Vice President and Associate General Counsel |
Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed by the following persons in the capacities and on the date indicated:
PRINCIPAL EXECUTIVE OFFICER: | ||
*Mark Pearson | Chief Executive Officer and Director | |
PRINCIPAL FINANCIAL OFFICER: | ||
*Robin Raju | Chief Financial Officer | |
PRINCIPAL ACCOUNTING OFFICER: | ||
*William Eckert | Chief Accounting Officer |
*DIRECTORS: | ||||||||
Daniel G. Kaye Joan Lamm-Tennant Francis Hondal |
Mark Pearson Charles G.T. Stonehill George Stansfield |
|
Bertram Scott Arlene Isaacs-Lowe Craig MacKay |
*By: | /s/ Alfred Ayensu-Ghartey | |
Alfred Ayensu-Ghartey | ||
Attorney-in-Fact | ||
April 23, 2024 |