FORM |
||||
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
☒ | |||
Post-Effective Amendment No. 10 |
☒ | |||
AND/OR |
||||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
☒ | |||
Amendment No. 254 (Check appropriate box or boxes) |
☒ |
☐ | 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. |
FEES AND EXPENSES | ||
Charges for Early Withdrawals |
We will not deduct a charge for making a partial withdrawal from your policy, however, if you surrender the policy in its first There is an Early Distribution Adjustment on amounts withdrawn before segment maturity which could result in a loss of up to 90% of the Segment Account Value due to negative performance or increased volatility of the Index, depending on the Index Option selected. See the MSO II propectus for more information. If your policy was issued with the original Market Stabilizer Option ® , see Appendix: “State policy availability and/or variations of certain features and benefits” for information regarding the applicable Early Distribution Adjustment. For more information on the impacts of withdrawals, please refer to “Making withdrawals from your policy” in this prospectus. | |
Transaction Charges |
In addition to surrender charges, you may be subject to other transaction charges, including charges on each premium paid under the policy, charges in connection with requests to decrease your policy’s face amount, 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 surrender charges and 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, 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 |
||||||
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 the “Fee Table” in this prospectus. |
RISKS | ||
Risk of Loss |
||
Not a Short-Term Investment |
Risks Associated with Investment Options |
An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Portfolios available under the policy, MSO II and the guaranteed interest option (“GIO”), each of which has its own unique risks. You should review the Portfolios’ prospectuses, the MSO II prospectus and the “Guaranteed Interest Option” section in “Investment options within your policy” in this prospectus before making an investment decision. Portfolio prospectuses are available at www.equitable.com/ICSR#EQH159998. For more information on the Portfolios, please refer to Appendix: “Investment options available under the policy” in this prospectus. | |
Insurance Company Risks |
||
Policy Lapse |
Death benefits will not be paid if the policy has lapsed. Your policy may lapse if, due to insufficient premium payments, poor investment performance, withdrawals, unpaid loans or loan interest, your policy account value does not cover policy charges. If your policy is in default, you will be notified in writing and given an opportunity to make an additional payment to keep your policy in force and prevent it from lapsing. The grace period you have to make said additional payment will be 61 days long. If your policy lapses, you will be notified in writing and you may be able to make additional payments to restore your policy’s benefits. In this case, additional requirements must also be met to restore your policy. If your policy provides for a no-lapse guarantee, you may have to pay more premiums to have the benefits of the no lapse guarantee. For more information on how to prevent your policy from lapsing, please refer to “The minimum amount of premiums you must pay” and “You can guarantee that your policy will not terminate before a certain date” in this prospectus. |
RESTRICTIONS | ||
Investments |
You may allocate your premiums to any of the Portfolios set forth in Appendix: “Investment options available under the policy” (unless you exercise the Paid Up Death Benefit Guarantee in which case you are limited to certain investment options as provided in said appendix) or to the GIO or MSO II. We reserve the right to remove or substitute Portfolios as investment options under the policy. Currently, the total of all transfers of variable investment options you make on the same day must be at least $500; except that you may transfer your entire balance in a single Portfolio, even if it is less than $500. We may limit transfers you can make into the unloaned GIO, if the paid up death benefit guarantee is in effect. For more information, please refer to “Guaranteed Interest Option” in “Investment options within your policy” in this prospectus. There may be restrictions upon transfers into and out of MSO II. For more information, see the MSO II prospectus. We allow only one request for transfers each day (although that request can cover multiple transfers). Only written transfer requests submitted to our Administrative Office may be processed for Policies that are jointly owned or assigned. We reserve the right to limit Policy transfers if we determine that you are engaged in a disruptive transfer activity, such as “market timing.” For more information, please refer to “Variable investment options” and “Transfers you can make” in this prospectus. | |
Optional Benefits |
As a policy owner, you may be able to obtain extra benefits, which may require additional charges. These optional benefits are described in what is known as a “rider” to the policy. Optional benefits may be subject to additional charges and payments made under these benefits are generally subject to the same transaction fees as other premium payments but may be treated differently for other purposes (e.g., certain death benefit minimums). Optional benefits are not available for all ages (or may terminate at certain ages) and underwriting classifications. We may stop offering an optional benefit at any time, unless previously elected. For more information on optional benefits and other limitations under the Policy, please refer to “Other benefits,” “Nonforfeiture Benefit” and “Suicide and certain misstatements” in this prospectus. | |
TAXES | ||
Tax Implications |
You should consult with a tax professional to determine the tax implications of an investment 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.For more information on tax implications relating to Policy investments, please refer to “Tax information” in this prospectus. | |
CONFLICTS OF INTEREST | ||
Investment Professional Compensation |
Some financial professionals may receive 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 invetment. For more information on investment professional compensation, please refer to “Distribution of the policies” in this prospectus. | |
Exchanges |
Some investment professionals may have a financial incentive to offer you a new policy in place of the one you already own. You should only exchange your policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable to purchase the new policy, rather than continue to own your current policy. For more information on exchanges, please refer to the paragraph titled “Section 1035 exchanges of policies with outstanding loans” under “How you can pay for and contribute to your policy” in this prospectus, as well as the section titled “Future policy exchanges” 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. 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. |
• | Children’s Term Insurance Rider: This rider provides term insurance on the lives of the insured’s children, stepchildren and legally adopted children who are between the ages of 15 days and 18 years old. |
• | Disability Deduction Waiver Rider: This rider waives the monthly charges from the policy account value if the insured is totally disabled, as defined in the rider, for at least six consecutive months and the disability began prior to the policy anniversary nearest the insured’s 60th birthday. |
• | Long-Term Care Services SM Rider: This rider provides for the acceleration of all or part of the Policy death benefit as a payment each month as a result of the insured being a chronically ill individual who is receiving qualified long-term care services in accordance with a plan of care. |
• | Option to Purchase Additional Insurance Rider: This rider allows you to purchase a new policy for the amount of the option, on specific dates, without evidence of insurability. |
• | Charitable Legacy Rider: An optional rider may be elected at issue that provides an additional death benefit of 1% of the base Policy face amount to the qualified charitable organization(s) chosen by the Policy owner at no additional cost. |
• | Living Benefits Rider: This feature enables you to receive a portion (generally the lesser of 75% or $250,000) of the Policy’s death benefit (excluding death benefits payable under certain other Policy riders), if the insured person has a terminal illness (as defined in the rider). |
• | Loan Extension Endorsement (for guideline premium test policies only): Your Policy offers an additional feature against policy termination due to an outstanding loan, called “loan extension.” |
• | Paid Up Death Benefit Guarantee: This benefit provides an opportunity to lock in all or a portion of your policy’s death benefit without making additional premium payments. |
• | Substitution of Insured Person Rider: If your policy has the Substitution of Insured Person Rider, after the Policy’s second year, we will permit you to request that a new insured person replace the existing one subject to our rules then in effect. |
Transaction Fees | ||||||
Charge |
When Charge is Deducted |
Amount Deducted | ||||
(1) | ||||||
(2)(3) |
Initial surrender charge per $1,000 of initial base policy face amount or per $1,000 of requested base policy face amount increase: Highest: $ Lowest: $ | |||||
Charge for a Representative Investor (male age 35 at issue or at the time of a requested face amount increase, in the preferred elite non-tobacco user risk class) |
Upon surrender |
Representative: $17.71 (10) | ||||
Request a decrease in your policy’s face amount during its first 15 years (10 years for policies issued in New York) or the first 15 years after you have requested an increase in your policy’s face amount (10 years for policies issued in New York) (2) |
Effective date of the decrease | A pro rata portion of the charge that would apply to a full surrender at the time of the decrease. | ||||
(9) | ||||||
$ (4) (6) | ||||||
Special Services Charges • (5) • (5) • (6) • (7) • (7)(8) • (7) |
Current and Maximum Charge: $ Current and Maximum Charge: $ Current Charge: $ Maximum Charge: $ Current and Maximum Charge: $ Maximum Charge: $ Current and Maximum Charge: $ |
(1) |
(2) | The initial amount of surrender charge depends on each policy’s specific characteristics. |
(3) |
(4) |
(5) |
(6) | We do not currently charge this fee, but reserve the right to in the future. |
(7) | 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. |
(8) | 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. |
(9) | ® |
(10) | This charge varies based on the individual characteristics of the insured and 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. |
Periodic Charges Other Than Annual Portfolio Company Expenses | ||||||
Charge |
When Charge is Deducted |
Amount Deducted | ||||
Base Contract Charge: |
||||||
(2)(3) Minimum and Maximum Charge |
Charge per $1,000 of the amount for which we are at risk: (4) Highest: $ Lowest: $ | |||||
non-tobacco user risk class) |
Monthly |
Representative: $ 0.08 (1) | ||||
Mortality and Expense Risk Fees |
Monthly |
Annual % of your value in our variable investment options and MSO II (if applicable): | ||||
(2) |
(1) Policy Year |
Amount Deducted | ||||
1 2+ |
$15 $10 | |||||
plus |
(2) Charge per $1,000 of the initial base policy face amount and any requested base policy face amount increase that exceeds the highest previous face amount: | ||||
Highest: $ Lowest: $ | ||||
Monthly |
Representative: $ 0.14 (5) | |||
(6) |
||||
Optional Benefit Charges: | ||||
N/A | No additional charge. | |||
Charge per $ 1,000 of rider benefit amount:$ | ||||
Percentage of all other monthly charges: Highest: Lowest: |
Optional Benefit Charges: | ||||
Monthly (while the rider is in effect) |
Representative: 12% (1) | |||
SM Rider |
Charge per $1,000 of the amount for which we are at risk: (7) With the optional Nonforfeiture Benefit: Highest: $ Lowest: $ | |||
Monthly | Representative: $0.53 (11) | |||
SM Rider |
Without the optional Nonforfeiture Benefit: Highest: $ Lowest: $ | |||
Monthly | Representative: $0.50 (11) |
Market Stabilizer Option ® II (8) |
||||
(9) | ||||
(10) for Amounts of Policy Loans Allocated to a Segment |
||||
Charge per $1,000 of rider benefit amount: Highest: $ Lowest: $ | ||||
Monthly (while the rider is in effect) | Representative: $0.16 (11) | |||
$ | ||||
$ |
(1) | This representative amount is the rate we guarantee in the first policy year for a representative insured male age 35 at issue in the preferred elite non-tobacco user risk class. This charge varies based on the individual characteristics of the insured and 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. |
(2) | Not applicable after the insured person reaches age 121. |
(3) | Insured persons who present particular health, occupational or vocational risks may be charged other additional charges as specified in their policies. |
(4) | Our amount “at risk” is the difference between the amount of death benefit and the policy account value as of the deduction date. |
(5) | This representative amount is the rate we guarantee for a representative insured male age 35 at issue or at the time of a requested face amount increase, in the preferred elite non-tobacco user risk class for a face amount of $250,000 or more. This charge varies based on the individual characteristics of the insured and 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. |
(6) | 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 rate is the greater of (a) 2.5% or (b) the “Monthly Average Corporate” yield published by Moody’s Corporate Bond Yield Averages for the month that ends two months before the interest rate is set. 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 “Accessing your money” in this prospectus. |
(7) | Our amount “at risk” for this rider depends on the death benefit option and acceleration percentage (if applicable) selected under the policy. See “More information about policy features and benefits — Long-Term Care Services SM Rider” in this prospectus. |
(8) | ® ® |
(9) | Currently we deduct this charge at a 0.40% annual rate, rather than at the maximum rate shown. |
(10) | 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 “spread” is the difference between the interest rate we charge you on a policy loan and the interest rate we credit to you on the amount of your policy account value that we hold as collateral for the loan. Please refer to the MSO II Prospectus for more information. |
(11) | This representative amount is the rate we guarantee for a representative insured male age 35 at issue in the preferred elite non-tobacco user risk class. This charge varies based on the individual characteristics of the insured and, for the Long-Term Care Services SM Rider on the benefit percentage you choose and 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. |
Annual Portfolio Company Expenses |
Minimum |
Maximum | ||||
(12b-1) fee, and other expenses) (1) |
||||||
(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, except to the extent provided by any guarantees against termination, paid-up death benefit guarantee or loan extension feature you may have, 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 and may risk the loss of the no lapse guarantee. |
• | 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 tables in “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. |
• | You may have to pay a surrender charge and there may be adverse tax consequences if you wish to discontinue some or all of your insurance coverage under a 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 cash surrender value. Under certain circumstances, we will automatically reduce your policy’s face amount as a result of a partial withdrawal. |
• | 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 (if submitted by e-mail); |
(4) | designation of new policy owner(s); |
(5) | designation of new beneficiary(ies); and |
(6) | authorization for transfers by your financial professional. |
(a) | policy surrenders; |
(b) | transfers among investment options (not submitted by e-mail); |
(c) | changes in allocation percentages for premiums and deductions; and |
(d) | electing the paid up death benefit guarantee. |
(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. |
— | Direct billing is available on monthly, quarterly, semiannual, and annual modes. The Company will send premium reminder notices approximately 25 days before the due date based on the mode chosen, i.e., monthly, quarterly, semi-annually, or annually. |
— | Military allotment billing is available on monthly mode only. |
— | Salary allotment is available on monthly, quarterly, semiannual, and annual modes. The minimum case requirement for new salary allotment billing units is five lives. |
— | Systematic billing is available on monthly and quarterly modes. Under systematic billing, the policy owner may specify the day of the month on which the premiums should be deducted from their account (draft date). |
• | you have paid sufficient premiums to maintain one of our available guarantees against termination, the guarantee is still in effect and any outstanding loan and accrued loan interest does not exceed the policy account value (see “You can guarantee that your policy will not terminate before a certain date” below); |
• | you are receiving monthly benefit payments under the Long-Term Care Services SM Rider (see ”Other benefits available under the policy” in this prospectus); |
• | you have elected the paid up death benefit guarantee and it remains in effect and any outstanding policy loan and accrued loan interest does not exceed the policy account value (see “You can elect a “paid up” death benefit guarantee” below); or |
• | your policy has an outstanding loan that would qualify for “loan extension.” |
• | For individually owned policies for which you are the owner, by logging onto our website, described under “By Internet” in “How to reach us” in this prospectus; or |
• | For corporation and trust owned policies, we require a special authorization form to obtain access. The form is available on our website www.equitable.com or by contacting our Administrative Office. |
• | Option A — The policy’s face amount on the date of the insured person’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 death. Under this option, the amount of the death benefit generally changes from day to day, because many factors (including investment performance, charges, premium payments and withdrawals) affect your policy’s account value. |
Age:* |
40 and under |
45 |
50 |
55 |
60 |
65 |
||||||||||||||||||
%: | 250% | 215% | 185% | 150% | 130% | 120% | ||||||||||||||||||
Age:* |
70 |
75-90 |
91 |
92 |
93 |
94 and over |
||||||||||||||||||
%: | 115% | 105% | 104% | 103% | 102% | 101% |
* | For the then-current policy year. |
• | you cannot make transfers or withdrawals of the collateral; |
• | we expect to 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 net policy account value is not sufficient to cover the monthly deductions then due; |
• | The amount of any outstanding policy loan and accrued loan interest is greater than the larger of (a) the current base policy face amount, or (b) the initial base policy face amount; |
• | You have selected Death Benefit Option A; |
• | You have not received a payment under either the Living Benefits Rider or the Long-Term Care Services SM Rider; |
• | 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. |
• | We will collect monthly deductions due under the policy up to the amount in the unloaned policy account value. |
• | Any policy account value that is invested in our variable investment options will automatically be transferred to our guaranteed interest option; and no transfers out of the guaranteed interest option may thereafter be made into any of our variable investment options. |
• | Loan interest will continue to accrue and we will send you a notice of any loan interest due on or about each policy anniversary. If the loan interest is not paid when due, it will be added to the outstanding loan balance. |
• | No additional loans or partial withdrawals may be requested. |
• | No changes in face amount or death benefit option may be requested. |
• | No additional premium payments will be accepted. Any payments received will be applied as loan repayments. If a loan repayment is made, the repaid amount will become part of the unloaned guaranteed interest option. Any payment in excess of the outstanding loan balance will be refunded to you. |
• | All additional benefit riders and endorsements will terminate, including the Long-Term Care Services SM Rider. |
• | The paid up death benefit guarantee if applicable, may not be elected. |
• | The policy will not thereafter lapse for any reason. |
(a) | The greater of the policy account value or the outstanding loan and accrued loan interest on the date of the insured’s death, multiplied by a percentage shown in your policy; |
(b) | The outstanding loan and accrued loan interest, plus $10,000; or |
(c) | The base policy face amount on the date of death. |
• | the death benefit received by the beneficiary under your policy will not be subject to federal income tax; and |
• | increases in your policy 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 | |||
• Only available at issue and an accredited charitable beneficiary must be named at that time. • Available for base policy face amounts of $1 million and above, where the minimum benefit would be $10,000 and the maximum benefit would be $100,000 ( i.e. , for face amounts of $10 million and above). • If the base Policy face amount is reduced after issue for any reason, the benefit will be payable on the face amount at the time of the insured’s death, provided the face amount is at least $1 million. • If the base Policy face amount has been decreased below $1 million at the time of death, then no benefit is payable. | ||||||
• The insured under the base policy must be between the ages of 17 and 55. • The minimum amount of coverage is $5,000. The maximum amount of coverage is $25,000 (except in NY where the maximum is $50,000) for the Company and affiliates’ policies in force and applied for, but may be lower depending on the face amount at issue. | ||||||
• Issue ages are 0-59. However, coverage is not provided until the insured’s fifth birthday. • The maximum amount of coverage is $3,000,000 for the Company and affiliates’ policies in force and applied for. • Insured must be disabled for at least six consecutive months, and the disability must have begun prior to the policy anniversary nearest the insured’s 60 th birthday. If total disability begins on or after this date, the monthly charges are waived to the earlier of the policy anniversary nearest the insured’s age 65 or termination of disability. |
Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Brief Description of Restrictions/Limitation | |||
• May be elected either at Policy issue or after Policy issue. If elected after issue, we will deduct $100 from your Policy account value at the time of the transaction. • Subject to underwriting guidelines and state availability, your Policy will automatically include this rider if you apply for a face amount of at least $100,000. The Rider is not available if the policy is issued as a result of an Option To Purchase Additional Insurance. • The maximum aggregate amount of payments that will be paid under this rider for all policies issued by the Company or an affiliate company on the life of the same insured person is $500,000. | ||||||
• Your Policy will automatically be placed on “loan extension,” if at the beginning of any policy month on or following the policy anniversary nearest the insured person’s 75 th birthday, but not earlier than the 20th policy anniversary, all of the following conditions apply:• The net Policy account value is not sufficient to cover the monthly deductions then due; • The amount of any outstanding Policy loan and accrued loan interest is greater than the larger of (a) the current base Policy face amount, or (b) the initial base Policy face amount; | ||||||
• You have selected death benefit Option A; • You have not received a payment under either the Living Benefits Rider or the Long-Term Care Services SM Rider;• 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. |
Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Brief Description of Restrictions/Limitation | |||
-Term Care Services SM Rider |
• Benefits are payable once we receive: • A written certification from a U.S. licensed health care practitioner that the insured person is a chronically ill individual and is receiving qualified long-term care services in accordance with a plan of care; • Proof that the “elimination period,” as discussed below, has been satisfied; and • Written notice of claim and proof of loss in a form satisfactory to us. • This rider has an elimination period that is the required period of time while the rider is in force that must elapse before any benefit is available to the insured person under this rider. The elimination period is 90 calendar days (except in CA and NY where it is 90 service days), beginning on the first day of any qualified long-term care services that are provided to the insured person. • The monthly rate charged for this rider varies based on the insured person’s sex, issue age, class of risk and tobacco user status, as well as the benefit percentage selected and whether you selected the rider with or without the optional Nonforfeiture Benefit. • Maximum total benefit under the Policy depends on which death benefit option you pick and the Acceleration Percentage of the Long-Term Care Services SM Rider. • While this rider is in force and before any continuation of coverage under the optional Nonforfeiture Benefit, if elected, policy face amount increases and death benefit option changes from Option A to Option B are not permitted. • Insureds age 60 and older who elect the Rider will not be eligible for the preferred elite or preferred non-tobacco underwriting classifications. | |||||
Long-Term Care Services SM Rider -Nonforfeiture Benefit |
Allows for the continuation of Long-Term Care Services SM Rider coverage in a reduced benefit amount in certain situations. |
• Applicable in situations where: • The Long-Term Care Services SM Rider would otherwise terminate; • You have not already received benefits (including any loan repayments) that equal or exceed the total charges deducted for the rider; and • Your Policy and Long-Term Care Services SM Rider were in force for at least three policy years (four policy years in CA). • Once in effect, this benefit will continue long-term care coverage under a paid-up status until the earliest of: • The death of the insured; and • The date the maximum total Nonforfeiture Benefit has been paid out and reduced to zero during a period of coverage. • Insureds age 60 and older who elect the Rider will not be eligible for the preferred elite or preferred non-tobacco underwriting classifications. • The Long-Term Care Services SM Rider - Nonforfeiture Benefit is not available in NY. |
Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Brief Description of Restrictions/Limitation | |||
• Subject to the payment of certain specified amounts of premiums. • The No-Lapse Guarantee will not go into effect if the amount of your outstanding policy loans and accrued loan interest is greater than your policy account value. • Subject to certain conditions, provides a guarantee against policy lapse for 15 years for issue ages 0-70, and grades down to 5 years for issue ages 80 and over. | ||||||
• The minimum option amount is $25,000 and the maximum amount is $100,000. • Issue ages are 0-37. • The maximum amount of coverage is $100,000 for the Company and affiliates’ policies in force and applied for. | ||||||
• Subject to certain requirements, you may elect to take advantage of this benefit at any time after the fourth year of your policy if the insured’s attained age is 120 or less. • If you elect this benefit, you will be required to reallocate your existing policy account value to a limited number of variable investment options that we make available at our discretion. • Not available if you received benefit payments under the Living Benefits Rider at any time. • Not available if you received monthly benefit payments under the Long-Term Care Services SM Rider prior to continuing coverage under any Nonforfeiture Benefit.• Election of this benefit will terminate any Long-Term Care Services SM Rider subject to any Nonforfeiture Benefit, if elected.• This benefit will terminate if: • The sum of any outstanding policy loan and accrued interest exceeds your policy account value; • We make a payment under the Living Benefits Rider or Long-Term Care Services SM Rider prior to continuing coverage under any Nonforfeiture Benefit; or• You request that we terminate the election. | ||||||
• Available for policies with a minimum face amount of $100,000, unless it is issued as a result of an Option To Purchase Additional Insurance election or a conversion from a term life policy. • Upon making this change, any no-lapse guarantee and the Long-Term Care Services SM Rider will terminate. |
— | the termination of the policy; |
— | the surrender of the policy; |
— | the date we receive the policy owner’s written request to terminate the rider; |
— | the date of the insured’s death; or |
— | the date the policy is placed on loan extension. |
Before Payment of Living Benefits: |
||||
Policy Loan Outstanding | $ | 25,000 | ||
Net Death Benefit | $ | 175,000 | ||
Net Cash Surrender Value | $ | 25,000 | ||
Living Benefits Payment Requested | $ | 65,625 | ||
Net Amount Minus $250 Processing Fee | $ | 65,375 |
Immediately After Payment of Living Benefits |
||||
Net Death Benefit | $ | 175,000 | ||
Lien Outstanding | $ | 65,625 | ||
Death Benefit Net of the Policy Loan and Lien | $ | 109,375 | ||
Net Cash Surrender Value | $ | 25,000 | ||
Initial Lien against Cash Value [65,625 x (25,000/175,000)] 1 |
$ | 9,375 | ||
Cash Surrender Value Net of Policy Loan and Lien | $ | 15,625 |
1 | The lien resulting from the Living Benefit payment is equal to the amount of Living Benefit plus accrued interest plus additional amounts, if any, that are advanced to keep the policy in force. The amount of cash value net of existing policy loans, in excess of a specified percentage (which will not be greater than 100%) of the lien, is available for additional policy loans or partial withdrawals. The specified percentage is equal to the net cash value divided by the net death benefit. The net cash value is the cash value minus any outstanding policy loan and accrued loan interest. The net death benefit is the death benefit minus any outstanding policy loan and accrued loan interest. |
Ten Months Later: |
||||
Lien | $65,625 | |||
Interest on Lien 2 |
$ 2,852 | |||
Lien Plus Interest | $68,477 | |||
Policy Loan | $25,000 | |||
Interest on Policy Loan 2 |
$ 1,037 | |||
Policy Loan Plus Interest | $26,037 | |||
Death Benefit Net of Policy Loan and Lien [200,000 — $68,477 — $26,037] | $105,486 |
2. | Assumes a hypothetical 8% annual rate for the outstanding policy loan and the Lien. For policies with cash values, the actual interest rate for the Lien at the time the living benefits payment is made will not exceed the greater of: (i) the 90-Day Treasury Bill or (ii) the higher of (a) the maximum adjustable policy loan interest rate based on the “Published Monthly Average,” as defined below, for the calendar month that ends two months before the date of application for the living benefits payment or (b) the policy guaranteed cash value interest rate plus 1% per year.* The interest rate accrued on the portion of the Lien that is allocated to the policy cash value will not be more than the policy loan interest rate. |
* | For policies without cash values, the actual interest rate for the Lien at the time the living benefits payment is made will not exceed the greater of: (i) the 90-Day Treasury Bill or (ii) the “Published Monthly Average,” as defined below, for the calendar month that ends two months before the date of application for the living benefits payment. |
(1) | For a more complete description of the terms used in this section and conditions of this rider please consult your rider policy form |
1. | the maximum monthly benefit (or lesser amount as requested, however, this may not be less than $500); or |
2. | the monthly equivalent of 200% of the per day limit allowed by the Health Insurance Portability and |
Accountability Act or “HIPAA.” (We reserve the right to increase this percentage.) To find out the current per day limit allowed by HIPAA, go to www.IRS.gov. We may also include this information in your policy’s annual report. |
1. | the date we receive the notice of release which must be sent to us when the insured person is no longer receiving qualified long-term care services; |
2. | the date we discover the insured person is no longer receiving qualified long-term care services in accordance with the Plan of Care written for that Period of Coverage; |
3. | the date you request that we terminate benefit payments under this rider; |
4. | the date the accumulated benefit lien amount equals the maximum total benefit (or if your coverage is continued as a Nonforfeiture benefit, the date the maximum total Nonforfeiture benefit has been paid out); |
5. | the date you surrender the policy (except to the extent of any Nonforfeiture Benefit you may have under the rider); |
6. | the date we make a payment under the Living Benefits Rider (for terminal illness) if it occurs before coverage is continued as a Nonforfeiture Benefit; or |
7. | the date of death of the insured person. |
1. | Partial withdrawals, face amount decreases and premium payments are not permitted. |
2. | The policy death benefit will not be less than the maximum total benefit. |
3. | Each monthly benefit payment will increase the accumulated benefit lien amount by the amount of the payment—including any loan repayment. The accumulated benefit lien amount will be deducted from the policy death benefit in determining the insurance benefit we pay. |
4A. | (Current (LTCSR) |
4B. | (New LTCSR) |
5. | If there is an outstanding policy loan (and accrued loan interest) at the time we make a benefit payment, an amount equal to a percentage of the loan and accrued loan interest will be deducted from the monthly benefit payment and used as a loan repayment and will reduce the amount otherwise payable to you. This percentage will equal the monthly benefit payment divided by the portion of the maximum total benefit that we have not accelerated to date. |
6. | The loan extension and paid up death benefit guarantee endorsements will no longer be applicable at any time once benefits are paid under this rider. |
7. | Transfers of any unloaned policy account value allocated to the guaranteed interest option or to the variable investment options are permitted. We do, however, reserve the right to restrict the variable investment options available to you during a period of coverage. If we exercise this right, we will notify you of such restrictions in advance. |
1A. | (Current LTCSR) |
1B. | (New LTCSR) |
2. | The long-term care specified amount will be reduced by a percentage equal to the accumulated benefit lien amount, divided by the maximum total benefit. If after this calculation, the long-term care specified amount would be greater than the base policy face amount, the long-term care specified amount will be further reduced to the base policy face amount. |
3. | For any subsequent period of coverage, the maximum monthly benefit will be equal to the maximum monthly benefit during the initial period of coverage. |
4. | The premium fund values that are used by us to determine whether a guarantee against policy lapse or a guarantee of death benefit protection is in effect will also be reduced pro rata to the reduction in the base policy face amount. |
5. | Any remaining balance for an outstanding loan and accrued loan interest will not be reduced. |
6. | The accumulated benefit lien amount is reset to zero. |
1. | at any time after the first policy year, on the next monthly anniversary on or following the date we receive your written request to terminate this rider; |
2. | upon termination or surrender of the policy; |
3. | the date of the insured person’s death; |
4. | the date when the accumulated benefit lien amount equals the maximum total benefit amount; |
5. | the effective date of the election of the paid up death benefit guarantee; |
6. | the date you request payment under a Living Benefits Rider due to terminal illness of the insured person (whether or not monthly benefit payments are being made as of such date) if it occurs before coverage is continued as a Nonforfeiture Benefit; |
7. | the date the policy goes on loan extension if it occurs before coverage is continued as a Nonforfeiture Benefit; or |
8. | on the date that a new insured person is substituted for the original insured person under the terms of any substitution of insured rider if it occurs before coverage is continued as a Nonforfeiture Benefit. |
Policy 1 |
Policy 2 | |||
LTC Specified Amount | $100,000 | $100,000 | ||
LTC Policy Account Value on the first day of the period of coverage | $ 35,000 | $ 85,000 | ||
Death Benefit Percentage | 120% | 120% | ||
Maximum Total Benefit under Option A | $100,000 | $102,000 | ||
Maximum Total Benefit under Option B | $135,000 | $185,000 | ||
Maximum Monthly Benefit under Option A | $2,000 | $2,040 | ||
Maximum Monthly Benefit under Option B | $2,700 | $3,700 |
Policy 1 |
Policy 2 | |||
LTC Specified Amount | $100,000 | $100,000 | ||
LTC Policy Account Value on the first day of the period of coverage | $35,000 | $85,000 | ||
Death Benefit Percentage | 210.2% | 210.2% | ||
Maximum Total Benefit under Option A | $100,000 | $178,670 | ||
Maximum Total Benefit under Option B | $135,000 | $185,000 | ||
Maximum Monthly Benefit under Option A | $2,000 | $3,573.40 | ||
Maximum Monthly Benefit under Option B | $2,700 | $3,700 |
1) | The maximum monthly benefit (or lesser amount requested by the owner, but not less than $500); and |
2) |
200% x 30 (assumes a 30-day month) x daily HIPAA limit ($410 for 2024). |
(a) | One month’s maximum monthly benefit; and |
(b) | The sum of all charges deducted for the Long-Term Care Services SM Rider (with the Nonforfeiture Benefit). This amount excludes any charges that may have previously been waived while rider benefits were being paid. |
(1) | We receive your written request to terminate the Long-Term Care Services SM Rider; |
(2) | You surrender your policy; |
(3) | Your policy terminates without value at the end of a grace period; or |
(4) | You elect a Paid Up death benefit guarantee. |
• | the insured’s attained age is not more than 120; |
• | you have death benefit Option A in effect (see “About your life insurance benefit” in “More information about policy charges” in this prospectus); |
• | we are not waiving monthly charges under the terms of a disability waiver rider; |
• | you have not received any payment under a Living Benefits Rider or under the Long-Term Care Services SM Rider; |
• | the policy is not in default or in a grace period as of the date of the paid up death benefit guarantee; |
• | the policy account value after the deduction of any proportionate surrender charge would not be less than any outstanding policy loan and accrued loan interest; |
• | the policy is not on loan extension. (For more information about loan extension, see “Accessing your money” in this prospectus; |
• | the election would not reduce the face amount (see below) below $100,000; |
• | no current or future distribution from the policy will be required to maintain its qualification as life insurance under the Internal Revenue Code; and |
• | You agree to reallocate your fund values to the guaranteed interest option and the EQ Allocation investment options. We reserve the right to change the investment options available to you under the paid up death benefit guarantee. (See “Restrictions on allocations and transfers” below). |
• | premium payments |
• | partial withdrawals |
• | changes to the policy’s face amount or death benefit option |
• | any change that would cause the policy to lose its current or future qualification as life insurance under the Internal Revenue Code or require a current or future distribution from the policy to avoid such disqualification. (See “Tax treatment of distributions to you” under “Tax information” in this prospectus.) |
• | 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) |
• | loan repayments and interest payments |
• | withdrawals |
• | tax withholding elections |
• | face amount decreases that result from a withdrawal |
• | changes of allocation percentages for premium payments or monthly deductions |
• | 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 |
• | termination of paid up death benefit guarantee |
• | request to cancel your policy |
• | changes in face amount |
• | election of paid up death benefit guarantee |
• | changes in death benefit option |
• | changes of insured person |
• | restoration of terminated policies |
• | termination of any additional benefit riders you have elected |
• | If you submit the full minimum initial premium to your financial professional at the time you sign the application, 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 29th, 30th or 31st of the month, we will move the register date to the 28th of the month. |
• | changes of premium allocation percentages |
• | changes of address |
• | request forms and statements |
• | enroll for electronic delivery and view statements/documents online |
• | to pay your premium or make a loan repayment |
• | combine two or more variable investment options or withdraw assets relating to VUL Legacy ® |
• | end the registration of, or re-register, each Separate Account under the Investment Company Act of 1940; |
• | operate each 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 each Separate Account; or |
• | operate each 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 advisers 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 |
||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
(1) — |
^ |
|||||||||||||||||
EIM G |
^ |
|||||||||||||||||
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) — |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
assachusetts Financial Services Company d/b/a MFS Investment Management |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
- |
|||||||||||||||||
^ |
||||||||||||||||||
BlackRock Investment Management, LLC, Morgan Stanley Investment Management, Inc. |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
EQ/PIMCO Real Retur n |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
(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 13, 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 |
||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
® Asset Allocation Fund |
||||||||||||||||||
® Global Small Capitalization Fund |
^ |
|||||||||||||||||
® New World Fund® |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
® VIP Asset Manager Growth Portfolio |
||||||||||||||||||
® VIP Growth & Income Portfolio |
||||||||||||||||||
® VIP Mid Cap Portfolio |
||||||||||||||||||
® VIP Value Portfolio |
||||||||||||||||||
^ |
||||||||||||||||||
(1) — Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, Macquarie Investment Management Global Limited |
||||||||||||||||||
® Strategy Portfolio |
^ |
- |
- |
|||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
- |
- |
||||||||||||||||
- |
- |
^ |
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. |
EQ/Aggressive Allocation | EQ/Moderate Allocation | |
EQ/Conservative Allocation | EQ/Moderate-Plus Allocation | |
EQ/Conservative-Plus Allocation |
Death Benefit |
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% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
||||||||||||||||||||||||||||||||||
1 |
$ |
3,486 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
2,125 |
$ |
2,278 |
$ |
2,430 |
$ |
0 |
$ |
0 |
$ |
0 |
||||||||||||||||||||||
2 |
$ |
7,146 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
4,197 |
$ |
4,633 |
$ |
5,087 |
$ |
0 |
$ |
0 |
$ |
0 |
||||||||||||||||||||||
3 |
$ |
10,990 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
6,235 |
$ |
7,091 |
$ |
8,019 |
$ |
0 |
$ |
367 |
$ |
1,295 |
||||||||||||||||||||||
4 |
$ |
15,025 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
8,217 |
$ |
9,632 |
$ |
11,227 |
$ |
1,777 |
$ |
3,192 |
$ |
4,787 |
||||||||||||||||||||||
5 |
$ |
19,262 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
10,164 |
$ |
12,279 |
$ |
14,759 |
$ |
4,016 |
$ |
6,131 |
$ |
8,611 |
||||||||||||||||||||||
6 |
$ |
23,711 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
12,081 |
$ |
15,041 |
$ |
18,652 |
$ |
6,237 |
$ |
9,197 |
$ |
12,808 |
||||||||||||||||||||||
7 |
$ |
28,383 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
13,967 |
$ |
17,923 |
$ |
22,945 |
$ |
8,443 |
$ |
12,399 |
$ |
17,421 |
||||||||||||||||||||||
8 |
$ |
33,288 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
15,790 |
$ |
20,895 |
$ |
27,643 |
$ |
10,594 |
$ |
15,699 |
$ |
22,447 |
||||||||||||||||||||||
9 |
$ |
38,439 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
17,565 |
$ |
23,978 |
$ |
32,802 |
$ |
12,713 |
$ |
19,126 |
$ |
27,950 |
||||||||||||||||||||||
10 |
$ |
43,847 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
19,313 |
$ |
27,195 |
$ |
38,491 |
$ |
14,817 |
$ |
22,699 |
$ |
33,995 |
||||||||||||||||||||||
15 |
$ |
75,223 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
30,812 |
$ |
49,186 |
$ |
81,264 |
$ |
30,812 |
$ |
49,186 |
$ |
81,264 |
||||||||||||||||||||||
20 |
$ |
115,268 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
41,853 |
$ |
77,665 |
$ |
154,139 |
$ |
41,853 |
$ |
77,665 |
$ |
154,139 |
||||||||||||||||||||||
25 |
$ |
166,377 |
$ |
400,000 |
$ |
400,000 |
$ |
400,000 |
$ |
51,346 |
$ |
112,879 |
$ |
275,399 |
$ |
51,346 |
$ |
112,879 |
$ |
275,399 |
||||||||||||||||||||||
30 |
$ |
231,606 |
$ |
400,000 |
$ |
400,000 |
$ |
582,834 |
$ |
58,918 |
$ |
156,476 |
$ |
477,733 |
$ |
58,918 |
$ |
156,476 |
$ |
477,733 |
||||||||||||||||||||||
35 |
$ |
314,857 |
$ |
400,000 |
$ |
400,000 |
$ |
943,607 |
$ |
63,803 |
$ |
210,550 |
$ |
813,454 |
$ |
63,803 |
$ |
210,550 |
$ |
813,454 |
||||||||||||||||||||||
40 |
$ |
421,108 |
$ |
400,000 |
$ |
400,000 |
$ |
1,467,076 |
$ |
65,168 |
$ |
278,535 |
$ |
1,371,099 |
$ |
65,168 |
$ |
278,535 |
$ |
1,371,099 |
||||||||||||||||||||||
45 |
$ |
556,715 |
$ |
400,000 |
$ |
400,000 |
$ |
2,412,678 |
$ |
58,124 |
$ |
364,946 |
$ |
2,297,789 |
$ |
58,124 |
$ |
364,946 |
$ |
2,297,789 |
||||||||||||||||||||||
50 |
$ |
729,787 |
$ |
400,000 |
$ |
500,323 |
$ |
4,020,246 |
$ |
36,288 |
$ |
476,498 |
$ |
3,828,806 |
$ |
36,288 |
$ |
476,498 |
$ |
3,828,806 |
||||||||||||||||||||||
55 |
$ |
950,676 |
** |
$ |
644,481 |
$ |
6,649,341 |
** |
$ |
613,791 |
$ |
6,332,706 |
** |
$ |
613,791 |
$ |
6,332,706 |
|||||||||||||||||||||||||
60 |
$ |
1,232,593 |
** |
$ |
791,596 |
$ |
10,538,815 |
** |
$ |
783,759 |
$ |
10,434,471 |
** |
$ |
783,759 |
$ |
10,434,471 |
|||||||||||||||||||||||||
65 |
$ |
1,592,398 |
** |
$ |
1,016,890 |
$ |
17,540,915 |
** |
$ |
1,006,822 |
$ |
17,367,242 |
** |
$ |
1,006,822 |
$ |
17,367,242 |
* | The illustrations assume that planned periodic premiums are paid at the start of each policy year. The death benefit, 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 |
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% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
||||||||||||||||||||||||||||||||||
1 | $ | 3,486 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 1,797 | $ | 1,939 | $ | 2,081 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
2 | $ | 7,146 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 3,562 | $ | 3,956 | $ | 4,368 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
3 | $ | 10,990 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 5,242 | $ | 6,003 | $ | 6,829 | $ | 0 | $ | 0 | $ | 105 | ||||||||||||||||||||||
4 | $ | 15,025 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 6,845 | $ | 8,084 | $ | 9,485 | $ | 405 | $ | 1,644 | $ | 3,045 | ||||||||||||||||||||||
5 | $ | 19,262 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 8,392 | $ | 10,222 | $ | 12,376 | $ | 2,244 | $ | 4,074 | $ | 6,228 | ||||||||||||||||||||||
6 | $ | 23,711 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 9,887 | $ | 12,423 | $ | 15,531 | $ | 4,043 | $ | 6,579 | $ | 9,687 | ||||||||||||||||||||||
7 | $ | 28,383 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 11,323 | $ | 14,682 | $ | 18,968 | $ | 5,799 | $ | 9,158 | $ | 13,444 | ||||||||||||||||||||||
8 | $ | 33,288 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 12,696 | $ | 16,995 | $ | 22,707 | $ | 7,500 | $ | 11,799 | $ | 17,511 | ||||||||||||||||||||||
9 | $ | 38,439 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 14,009 | $ | 19,367 | $ | 26,785 | $ | 9,157 | $ | 14,515 | $ | 21,933 | ||||||||||||||||||||||
10 | $ | 43,847 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 15,265 | $ | 21,801 | $ | 31,234 | $ | 10,769 | $ | 17,305 | $ | 26,738 | ||||||||||||||||||||||
15 | $ | 75,223 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 20,864 | $ | 35,182 | $ | 60,721 | $ | 20,864 | $ | 35,182 | $ | 60,721 | ||||||||||||||||||||||
20 | $ | 115,268 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 24,748 | $ | 50,240 | $ | 106,925 | $ | 24,748 | $ | 50,240 | $ | 106,925 | ||||||||||||||||||||||
25 | $ | 166,377 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 26,136 | $ | 66,434 | $ | 179,618 | $ | 26,136 | $ | 66,434 | $ | 179,618 | ||||||||||||||||||||||
30 | $ | 231,606 | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 23,812 | $ | 82,900 | $ | 295,892 | $ | 23,812 | $ | 82,900 | $ | 295,892 | ||||||||||||||||||||||
35 | $ | 314,857 | $ | 400,000 | $ | 400,000 | $ | 560,331 | $ | 14,349 | $ | 96,636 | $ | 483,044 | $ | 14,349 | $ | 96,636 | $ | 483,044 | ||||||||||||||||||||||
40 | $ | 421,108 | ** | $ | 400,000 | $ | 833,857 | ** | $ | 101,996 | $ | 779,305 | ** | $ | 101,996 | $ | 779,305 | |||||||||||||||||||||||||
45 | $ | 556,715 | ** | $ | 400,000 | $ | 1,311,780 | ** | $ | 84,115 | $ | 1,249,314 | ** | $ | 84,115 | $ | 1,249,314 | |||||||||||||||||||||||||
50 | $ | 729,787 | ** | $ | 400,000 | $ | 2,079,236 | ** | $ | 3,256 | $ | 1,980,224 | ** | $ | 3,256 | $ | 1,980,224 | |||||||||||||||||||||||||
55 | $ | 950,676 | ** | ** | $ | 3,240,021 | ** | ** | $ | 3,085,734 | ** | ** | $ | 3,085,734 | ||||||||||||||||||||||||||||
60 | $ | 1,232,593 | ** | ** | $ | 4,843,493 | ** | ** | $ | 4,795,538 | ** | ** | $ | 4,795,538 | ||||||||||||||||||||||||||||
65 | $ | 1,592,398 | ** | ** | $ | 7,619,242 | ** | ** | $ | 7,543,804 | ** | ** | $ | 7,543,804 |
* | The illustrations assume that planned periodic premiums are paid at the start of each policy year. The death benefit, 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 |
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% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
||||||||||||||||||||||||||||||||||
1 | $ | 3,486 | $ | 402,125 | $ | 402,277 | $ | 402,429 | $ | 2,125 | $ | 2,277 | $ | 2,429 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
2 | $ | 7,146 | $ | 404,195 | $ | 404,631 | $ | 405,085 | $ | 4,195 | $ | 4,631 | $ | 5,085 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
3 | $ | 10,990 | $ | 406,230 | $ | 407,085 | $ | 408,013 | $ | 6,230 | $ | 7,085 | $ | 8,013 | $ | 0 | $ | 361 | $ | 1,289 | ||||||||||||||||||||||
4 | $ | 15,025 | $ | 408,208 | $ | 409,621 | $ | 411,213 | $ | 8,208 | $ | 9,621 | $ | 11,213 | $ | 1,768 | $ | 3,181 | $ | 4,773 | ||||||||||||||||||||||
5 | $ | 19,262 | $ | 410,149 | $ | 412,261 | $ | 414,736 | $ | 10,149 | $ | 12,261 | $ | 14,736 | $ | 4,001 | $ | 6,113 | $ | 8,588 | ||||||||||||||||||||||
6 | $ | 23,711 | $ | 412,060 | $ | 415,014 | $ | 418,617 | $ | 12,060 | $ | 15,014 | $ | 18,617 | $ | 6,216 | $ | 9,170 | $ | 12,773 | ||||||||||||||||||||||
7 | $ | 28,383 | $ | 413,939 | $ | 417,885 | $ | 422,894 | $ | 13,939 | $ | 17,885 | $ | 22,894 | $ | 8,415 | $ | 12,361 | $ | 17,370 | ||||||||||||||||||||||
8 | $ | 33,288 | $ | 415,752 | $ | 420,842 | $ | 427,569 | $ | 15,752 | $ | 20,842 | $ | 27,569 | $ | 10,556 | $ | 15,646 | $ | 22,373 | ||||||||||||||||||||||
9 | $ | 38,439 | $ | 417,516 | $ | 423,906 | $ | 432,698 | $ | 17,516 | $ | 23,906 | $ | 32,698 | $ | 12,664 | $ | 19,054 | $ | 27,846 | ||||||||||||||||||||||
10 | $ | 43,847 | $ | 419,251 | $ | 427,101 | $ | 438,351 | $ | 19,251 | $ | 27,101 | $ | 38,351 | $ | 14,755 | $ | 22,605 | $ | 33,855 | ||||||||||||||||||||||
15 | $ | 75,223 | $ | 430,663 | $ | 448,916 | $ | 480,770 | $ | 30,663 | $ | 48,916 | $ | 80,770 | $ | 30,663 | $ | 48,916 | $ | 80,770 | ||||||||||||||||||||||
20 | $ | 115,268 | $ | 441,526 | $ | 476,962 | $ | 552,577 | $ | 41,526 | $ | 76,962 | $ | 152,577 | $ | 41,526 | $ | 76,962 | $ | 152,577 | ||||||||||||||||||||||
25 | $ | 166,377 | $ | 450,663 | $ | 511,136 | $ | 670,673 | $ | 50,663 | $ | 111,136 | $ | 270,673 | $ | 50,663 | $ | 111,136 | $ | 270,673 | ||||||||||||||||||||||
30 | $ | 231,606 | $ | 457,589 | $ | 552,404 | $ | 865,116 | $ | 57,589 | $ | 152,404 | $ | 465,116 | $ | 57,589 | $ | 152,404 | $ | 465,116 | ||||||||||||||||||||||
35 | $ | 314,857 | $ | 461,349 | $ | 601,387 | $ | 1,185,244 | $ | 61,349 | $ | 201,387 | $ | 785,244 | $ | 61,349 | $ | 201,387 | $ | 785,244 | ||||||||||||||||||||||
40 | $ | 421,108 | $ | 460,926 | $ | 658,803 | $ | 1,713,219 | $ | 60,926 | $ | 258,803 | $ | 1,313,219 | $ | 60,926 | $ | 258,803 | $ | 1,313,219 | ||||||||||||||||||||||
45 | $ | 556,715 | $ | 450,703 | $ | 720,204 | $ | 2,579,722 | $ | 50,703 | $ | 320,204 | $ | 2,179,722 | $ | 50,703 | $ | 320,204 | $ | 2,179,722 | ||||||||||||||||||||||
50 | $ | 729,787 | $ | 424,592 | $ | 778,904 | $ | 4,000,989 | $ | 24,592 | $ | 378,904 | $ | 3,600,989 | $ | 24,592 | $ | 378,904 | $ | 3,600,989 | ||||||||||||||||||||||
55 | $ | 950,676 | ** | $ | 806,474 | $ | 6,315,309 | ** | $ | 406,474 | $ | 5,915,309 | ** | $ | 406,474 | $ | 5,915,309 | |||||||||||||||||||||||||
60 | $ | 1,232,593 | ** | $ | 724,733 | $ | 10,035,892 | ** | $ | 324,733 | $ | 9,635,892 | ** | $ | 324,733 | $ | 9,635,892 | |||||||||||||||||||||||||
65 | $ | 1,592,398 | ** | $ | 741,888 | $ | 16,361,018 | ** | $ | 341,888 | $ | 15,961,018 | ** | $ | 341,888 | $ | 15,961,018 |
* | The illustrations assume that planned periodic premiums are paid at the start of each policy year. The death benefit, 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 |
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% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
0% Gross |
6% Gross |
12% Gross |
||||||||||||||||||||||||||||||||||
1 | $ | 3,486 | $ | 401,795 | $ | 401,937 | $ | 402,078 | $ | 1,795 | $ | 1,937 | $ | 2,078 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
2 | $ | 7,146 | $ | 403,555 | $ | 403,949 | $ | 404,360 | $ | 3,555 | $ | 3,949 | $ | 4,360 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
3 | $ | 10,990 | $ | 405,229 | $ | 405,988 | $ | 406,812 | $ | 5,229 | $ | 5,988 | $ | 6,812 | $ | 0 | $ | 0 | $ | 88 | ||||||||||||||||||||||
4 | $ | 15,025 | $ | 406,823 | $ | 408,057 | $ | 409,452 | $ | 6,823 | $ | 8,057 | $ | 9,452 | $ | 383 | $ | 1,617 | $ | 3,012 | ||||||||||||||||||||||
5 | $ | 19,262 | $ | 408,357 | $ | 410,179 | $ | 412,323 | $ | 8,357 | $ | 10,179 | $ | 12,323 | $ | 2,209 | $ | 4,031 | $ | 6,175 | ||||||||||||||||||||||
6 | $ | 23,711 | $ | 409,838 | $ | 412,360 | $ | 415,449 | $ | 9,838 | $ | 12,360 | $ | 15,449 | $ | 3,993 | $ | 6,516 | $ | 9,605 | ||||||||||||||||||||||
7 | $ | 28,383 | $ | 411,257 | $ | 414,593 | $ | 418,848 | $ | 11,257 | $ | 14,593 | $ | 18,848 | $ | 5,733 | $ | 9,069 | $ | 13,324 | ||||||||||||||||||||||
8 | $ | 33,288 | $ | 412,609 | $ | 416,873 | $ | 422,538 | $ | 12,609 | $ | 16,873 | $ | 22,538 | $ | 7,413 | $ | 11,678 | $ | 17,342 | ||||||||||||||||||||||
9 | $ | 38,439 | $ | 413,899 | $ | 419,206 | $ | 426,552 | $ | 13,899 | $ | 19,206 | $ | 26,552 | $ | 9,047 | $ | 14,354 | $ | 21,700 | ||||||||||||||||||||||
10 | $ | 43,847 | $ | 415,128 | $ | 421,594 | $ | 430,922 | $ | 15,128 | $ | 21,594 | $ | 30,922 | $ | 10,632 | $ | 17,098 | $ | 26,426 | ||||||||||||||||||||||
15 | $ | 75,223 | $ | 420,553 | $ | 434,607 | $ | 459,649 | $ | 20,553 | $ | 34,607 | $ | 59,649 | $ | 20,553 | $ | 34,607 | $ | 59,649 | ||||||||||||||||||||||
20 | $ | 115,268 | $ | 424,152 | $ | 448,894 | $ | 503,819 | $ | 24,152 | $ | 48,894 | $ | 103,819 | $ | 24,152 | $ | 48,894 | $ | 103,819 | ||||||||||||||||||||||
25 | $ | 166,377 | $ | 425,093 | $ | 463,525 | $ | 571,212 | $ | 25,093 | $ | 63,525 | $ | 171,212 | $ | 25,093 | $ | 63,525 | $ | 171,212 | ||||||||||||||||||||||
30 | $ | 231,606 | $ | 422,112 | $ | 476,905 | $ | 673,831 | $ | 22,112 | $ | 76,905 | $ | 273,831 | $ | 22,112 | $ | 76,905 | $ | 273,831 | ||||||||||||||||||||||
35 | $ | 314,857 | $ | 411,821 | $ | 484,403 | $ | 827,622 | $ | 11,821 | $ | 84,403 | $ | 427,622 | $ | 11,821 | $ | 84,403 | $ | 427,622 | ||||||||||||||||||||||
40 | $ | 421,108 | ** | $ | 477,585 | $ | 1,054,958 | ** | $ | 77,585 | $ | 654,958 | ** | $ | 77,585 | $ | 654,958 | |||||||||||||||||||||||||
45 | $ | 556,715 | ** | $ | 437,768 | $ | 1,381,701 | ** | $ | 37,768 | $ | 981,701 | ** | $ | 37,768 | $ | 981,701 | |||||||||||||||||||||||||
50 | $ | 729,787 | ** | ** | $ | 1,835,950 | ** | ** | $ | 1,435,950 | ** | ** | $ | 1,435,950 | ||||||||||||||||||||||||||||
55 | $ | 950,676 | ** | ** | $ | 2,419,395 | ** | ** | $ | 2,019,395 | ** | ** | $ | 2,019,395 | ||||||||||||||||||||||||||||
60 | $ | 1,232,593 | ** | ** | $ | 3,103,149 | ** | ** | $ | 2,703,149 | ** | ** | $ | 2,703,149 | ||||||||||||||||||||||||||||
65 | $ | 1,592,398 | ** | ** | $ | 3,897,306 | ** | ** | $ | 3,497,306 | ** | ** | $ | 3,497,306 |
* | The illustrations assume that planned periodic premiums are paid at the start of each policy year. The death benefit, 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 |
Long-Term Care Services SM Rider |
In California, we refer to this rider as the “Comprehensive Long-Term Care Rider” (Rider Form No. R12-10CA). | ||
See “Long-Term Care Services SM Rider” in “Other benefits available under the policy” |
All variations pertain to the Current Long-Term Care Services SM Rider.The following information replaces the first two sentences of the third paragraph of this section in their entirety: | |||
Benefits are payable once we receive: (1) a written certification from a U.S. licensed health care practitioner that the insured person is a chronically ill individual; (2) a plan of care prescribed by a licensed health care practitioner or a multidisciplinary team under medical direction which describes the insured person’s needs and specifies the type and frequency of qualified long-term care services required by the insured person; (3) proof that the “elimination period,” as discussed below, has been satisfied; and 4) written notice of claim and proof of loss in a form satisfactory to us. In order to continue monthly benefit payments, we require recertification by a U.S. licensed health care practitioner every twelve months from the date of the initial or subsequent certification that the insured person is still a chronically ill individual receiving qualified long-term care services in accordance with a plan of care. With respect to both the certification and annual recertification requirements described above, you have the option to request that we employ, at our expense, an independent U.S. licensed health care practitioner to conduct the assessment and provide the necessary certifications. |
State |
Features and benefits |
Availability or variation | ||
California (continued) |
Nonforfeiture Benefit The first two paragraphs of the “Nonforfeiture Benefit” subsection are replaced in their entirety with the following: | |||
For a higher monthly charge, you can elect the Comprehensive Long-Term Care Rider with the Nonforfeiture Benefit. The Nonforfeiture Benefit may continue coverage under the rider in a reduced benefit amount in situations where (a) the Comprehensive Long-Term Care Rider would otherwise terminate; (b) you have not already received benefits (including any loan repayments) that equal or exceed the total charges deducted for the rider; and (c) your policy and Comprehensive Long-Term Care Rider were inforce for at least four policy years. | ||||
While the Nonforfeiture Benefit is in effect, all of the provisions of the Comprehensive Long-Term Care Rider remain applicable to you. The maximum total Nonforfeiture Benefit will be the greater of: | ||||
(a) Three month’s maximum monthly benefit and (b) The sum of all charges deducted for the Comprehensive Long-Term Care Rider (with the Nonforfeiture Benefit). This amount excludes any charges that may have previously been waived while rider benefits were being paid. | ||||
See “Making withdrawals from your policy” in “Death benefits and accessing your money” | For policies issued in California on or after January 1, 2021, receiving monthly benefits under the Long-Term Care Services sm Rider does not prevent you from making a partial withdrawal from your policy. | |||
See “Long-Term Care Services SM Rider” in “Other benefits available under the policy” |
For any policy that goes on claim on or after January 1, 2020, at least 30 days before the first monthly benefit payment, we will provide you with additional information as required by California law, including an option to cancel the payment before the scheduled payment date. The scheduled payment date will be on the next monthly anniversary that is at least 30 days after the date all required documentation is received by us, including proof that the elimination period has been satisfied, if applicable. |
State |
Features and benefits |
Availability or variation | ||
California (continued) |
See “When we pay policy proceeds” in “More information about other matters” | If you were issued a policy in California that includes the Long-Term Care Services SM Rider and you request a loan or partial withdrawal on or after January 1, 2020, additional information about the potential effects of the loan or partial withdrawal on the policy will be provided to you as required by California law. The request for the loan or withdrawal will not be honored until we receive an acknowledgement from the policyowner for this information. | ||
Connecticut |
See “Long-Term Care Services SM Rider” in “Other benefits available under the policy” |
The “Extension of Benefits” feature is not available. | ||
Florida |
Long-Term Care Services SM RiderSee “Long-Term Care Services SM Rider” in “Fee table” and in “More information about policy charges” |
In Florida, we refer to this rider as the “Long Term Care Insurance Rider” (Rider Form No. R19-LTCSRFL-A (Equitable Financial Life Insurance Company) for policies issued on or after August 17, 2020. The guaranteed maximum monthly charge per $1,000 of the amount for which we are at risk: With the optional Nonforfeiture benefit: Highest: $1.40 Lowest: $0.08 Representative: $0.17 | ||
Without the optional Nonforfeiture benefit: Highest: $1.40 Lowest: $0.08 Representative: $0.17 | ||||
See “Long-Term Care Services SM Rider” in “Other benefits available under the policy” |
Elimination Period The following paragraph replaces the first paragraph in this section in its entirety: • Elimination Period. The Long-Term Care Insurance Rider has an elimination period that is the required period of time while the rider is in force that must elapse before any benefit is available to the insured person under this rider. The elimination period is 90 days, beginning on the first day of any qualified long-term care services that are provided to the insured person. Generally, benefits under this rider will not be paid until the elimination period is satisfied, and benefits will not be retroactively paid for the elimination period. The elimination period can be satisfied by any combination of days of a long-term care facility stay or days of home health care, and the days do not have to be continuous. There is no requirement that the required number of days of the elimination period must be accumulated within a continuous period of two years. The elimination period must be satisfied only once while this rider is in effect. |
State |
Features and benefits |
Availability or variation | ||
Florida (continued) |
See “Long-Term Care Services SM Rider” in “Other benefits available under the policy” |
Period of Coverage The first paragraph of the “Period of coverage” subsection is replaced in its entirety with the following: • Period of coverage. The period of coverage is the period of time during which the insured person receives services that are covered under the Long-Term Care ServicesSM Rider and for which benefits are payable. This begins on the first day covered services are received after the end of the elimination period. A period of coverage will end on the earliest of the following dates: | ||
1. the date we receive the notice of release which must be sent to us when the insured person is no longer receiving qualified long-term care services; | ||||
2. the date we determine the insured person is no longer eligible to receive Qualified Long-Term Care Services under this rider; | ||||
3. the date you request that we terminate benefit payments under this rider; | ||||
4. the date the accumulated benefit lien amount equals the maximum total benefit (or if your coverage is continued as a Nonforfeiture benefit, the date the maximum total Nonforfeiture Benefit has been paid out); | ||||
5. the date you surrender the policy (except to the extent of any Nonforfeiture Benefit you may have); | ||||
6. the date we make a payment under the Living Benefits Rider (for terminal illness) if it occurs before coverage is continued as a Nonforfeiture Benefit; and | ||||
7. the date of death of the insured person. |
State |
Features and benefits |
Availability or variation | ||
Florida (continued) |
Preexisting condition No benefits will be provided under this rider during the first six months from the later of the register date of the policy and the effective date of the restored policy for long-term care services received by the insured person due to a preexisting condition. A preexisting condition is defined as a condition for which medical advice or treatment was received by (or recommended to) the insured person from a provider of health care services within 180 days before the effective date of this rider. Days of chronic illness of the insured person for a preexisting condition during the first 180 days that this rider is in force will not count toward meeting the elimination period. If the policy was restored, this limitation does not apply if the preexisting condition is cognitive impairment or loss of functional capacity. | |||
See “Long-Term Care Services SM Rider” in “More information about policy charges” |
The following paragraph replaces the first paragraph in this section in its entirety: • Long-Term Care Insurance Rider . If you choose this rider without the Nonforfeiture Benefit, on a guaranteed basis, we may deduct between $0.08 and $1.40 per $1,000 of the amount for which we are at risk under the rider from your policy account value each month. If you choose this rider with the Nonforfeiture Benefit, on a guaranteed basis, we may deduct between $0.08 and $1.40 per $1,000 of the amount for which we are at risk under the rider from your policy account value each month. We will deduct this charge until the insured reaches age 121 while the rider is in effect, but not when rider benefits are being paid. | |||
The amount at risk under the rider depends on the death benefit option selected under the policy. For policies with death benefit Option A, the amount at risk for the rider is the lesser of (a) the current policy face amount, minus the policy account value (but not less than zero); and (b) the current long-term care specified amount. For policies with death benefit Option B, the amount at risk for the rider is the current long-term care specified amount. The current monthly charges for this rider may be lower than the maximum monthly charges. |
State |
Features and benefits |
Availability or variation | ||
Indiana |
See “Market Stabilizer Option ® |
MSO II is not available in Indiana. | ||
Massachusetts |
See “Market Stabilizer Option ® |
MSO II is not available in Massachusetts. | ||
Maryland |
See “Market Stabilizer Option ® |
MSO II is not available in Maryland. | ||
Montana |
See “Long Term Care Services SM Rider” in “Other benefits available under the policy” |
The “Preexisting Conditions Limitation” subsection is replaced in its entirety with the following: No benefits will be provided under this rider for loss or confinement that is the result of a preexisting condition and which begins within six months following the effective date of long-term care coverage provided by this rider. Benefits for loss or confinement that is the result of a preexisting condition may not be excluded if such loss or confinement begins after six months from the effective date of the long-term care coverage. A preexisting condition is defined as a condition for which medical advice or treatment was received by (or recommended to) the insured person from a provider of health care services within six months before the effective date of this rider. Days of service received by the insured person for a preexisting condition during the first six months that this rider is in force will not count toward meeting the elimination period. If this rider is restored (other than if it was restored after unintentional lapse), a new six-month preexisting conditions limitation period will begin as of the date of the restored rider. If the policy was restored, this limitation does not apply if the preexisting condition is cognitive impairment or loss of functional capacity. | ||
New Jersey |
See “Long Term Care Services SM Rider” in “Other benefits available under the policy” |
The third sentence of the Preexisting Conditions Limitation subsection is deleted and replaced with the following: However, days of chronic illness of the insured person for a preexisting condition will count toward meeting the elimination period starting from the effective date of this rider. | ||
See “Market Stabilizer Option ® |
MSO II is not available in New Jersey. |
State |
Features and benefits |
Availability or variation | ||
New York (applicable to Equitable Financial Life Insurance Company only) |
See “Long-Term Care Services SM Rider” in “Other benefits available under the policy” |
The following paragraph replaces the third paragraph in this section in its entirety: Benefits are payable once we receive: 1) a written certification from a U.S. licensed health care practitioner that the insured person is a chronically ill individual who is receiving qualified long-term care services in accordance with a plan of care and will require continuous care for the rest of his or her life; 2) proof that the “eligibility period,” as discussed below, has been satisfied; and 3) written notice of claim and proof of loss in a form satisfactory to us. In order to continue monthly benefit payments, we require recertification by a U.S. licensed health care practitioner every twelve months from the date of the initial or subsequent certification that the insured is still a chronically ill individual receiving qualified long-term care services in accordance with a plan of care and will require continuous care for the remainder of his or her life. Otherwise, unless earlier terminated due to a change in the status of the insured or payout of the maximum total benefit amount, benefit payments will terminate at the end of the twelve month period. We also, at our own expense, may have the insured person examined as often as we may reasonably require during the period of coverage, but not more frequently than every 90 days. This rider may not cover all of the costs associated with long-term care services during the insured person’s period of coverage. | ||
Maximum monthly payments The maximum monthly payment limitation for this rider is as follows: Each month, the monthly benefit payment (a portion of which will be applied to repay any outstanding policy loan) for qualified long-term care services for the insured person is the lesser of: 1. the maximum monthly benefit (or lesser amount as requested, however, this may not be less than $500); or | ||||
2. the monthly equivalent of 100% of the per day limit allowed by the Health Insurance Portability and Accountability Act or “HIPAA”. To find out the current per day limit allowed by HIPAA, go to ww.IRS.gov. We may also include this information in your policy’s annual report. |
State |
Features and benefits |
Availability or variation | ||
New York (continued) (applicable to Equitable Financial Life Insurance Company only) |
At issue, the maximum monthly benefit is equal to the long term care specified amount multiplied by the benefit percentage selected. After that, the maximum monthly benefit is equal to the maximum total benefit as of the first day of the period of coverage multiplied by the benefit percentage selected, and will not change thereafter. | |||
Elimination period The “Elimination Period” subsection is renamed “Eligibility Period”. Accordingly, all references to the “elimination period” are replaced with references to the “eligibility period”. Once the eligibility period has been satisfied, benefits will be retroactively paid for the eligibility period. All variations pertain to the Current Long-Term Care Services SM Rider.Period of coverage The first paragraph of the “Period of coverage” subsection is replaced in its entirety with the following: • • Period of coverage . The period of coverage is the period of time during which the insured person receives services that are covered under the Long-Term Care ServicesSM Rider and for which benefits are payable. This begins on the first day covered services are received after the end of the eligibility period, although benefits are payable retroactively to the beginning of the eligibility period. A period of coverage will end on the earliest of the following dates: | ||||
1. the date we receive the notice of release which must be sent to us when the insured person is no longer receiving continuous qualified long-term care services; 2. the date we determine you are no longer eligible to receive benefits under this rider; 3. the date you request that we terminate benefit payments under this rider; 4. the date the accumulated benefit lien amount equals the maximum total benefit; 5. the date you surrender the policy; 6. the date we make a payment under the accelerated death benefits rider (for terminal illness); and 7. the date of death of the insured person. |
State |
Features and benefits |
Availability or variation | ||
New York (continued) (applicable to Equitable Financial Life Insurance Company only) |
The effects of a period of coverage ending as described in the “Period of Coverage” subsection also apply if the contract owner exercises the fixed paid-up option during the period of coverage. | |||
It is not anticipated that there will be more than one period of coverage for the term of this rider. | ||||
Fixed paid-up option If you exercise the fixed paid-up option of your policy, your coverage under this policy will be continued in a reduced amount and there will be no further charges for this rider. If such exercise occurs during the period of coverage, the accumulated benefit lien amount will be reset to zero after policy values have been reduced as described in the Period of Coverage” subsection. The face amount of paid-up insurance will be whatever the resulting net cash surrender value will buy when applied as a net single premium. | ||||
If benefits have previously been paid under this rider, the maximum monthly benefit will not change. If benefits have not previously been paid under this rider, the maximum monthly benefit will be equal to the maximum total benefit as determined immediately before the fixed paid-up option went into effect multiplied by the benefit percentage. When the fixed paid-up option goes into effect, the maximum total benefit will be re-determined as the sum of all monthly charges deducted for this rider since policy issue, excluding any such charges that were not deducted while rider benefits were being paid. This maximum total benefit will be reduced, but not below zero, by all monthly benefit payments made under this rider, including any loan repayments. However, the resulting maximum total benefit will not exceed the lesser of (a) the maximum total benefit of this rider as determined immediately before the fixed paid-up option went into effect, and (b) the face amount of paid-up insurance multiplied by the acceleration percentage. If you elect to continue coverage as described above, you will receive additional information regarding this benefit, including the available maximum total benefit. Other variations The Nonforfeiture benefit is not available. |
State |
Features and benefits |
Availability or variation | ||
New York (continued) (applicable to Equitable Financial Life Insurance Company only) |
The “Extension of Benefits” feature is not available. The pre-existing condition limitation does not apply. | |||
See “Tax treatment of Living Benefits Rider or Long-Term Care Services SM Rider under a policy with the applicable rider” in “Tax Information” |
The benefits paid under this rider are intended to be treated for Federal income tax purposes as accelerated death benefits under section 101 (g) of the Code on the life of a chronically ill insured receiving qualified long-term care services within the meaning of section 7702B of the Code. The benefit is intended to qualify for exclusion from income within the limits of those provisions of the Code in effect at the issuance of this rider. Receipt of these benefits may be taxable. | |||
Charges for this rider may be considered distributions for income tax purposes, and may be taxable. This rider is not intended to be a qualified long-term care insurance contract under section 7702B(b) of the Code. The long term care specified amount for this rider will not be increased by operation of section 7702 of the Code. | ||||
See “Fee Table”, “You can increase or decrease your insurance coverage” in “Death benefits and accessing your money” and “Deducting policy charges” in “More information about policy charges” | Surrender charges are applicable during the first 10 years of your policy or the first 10 years after you have requested an increase in your policy’s face amount. Surrender charges are applicable if you request a decrease in your policy’s face amount during its first 10 years or the first 10 years after you have requested an increase in your policy’s face amount. | |||
See “Fee Table” | Footnote (2) is replaced in its entirety with the following: “The initial amount of surrender charge depends on your policy’s specific characteristics. Furthermore, depending on your policy’s specific characteristics, the actual period during which you are subject to surrender charges, which is specified in your policy, may be less than 10 years.” | |||
See “Market Stabilizer Option ® |
The original Market Stabilizer Option ® | |||
Oregon |
See “Market Stabilizer Option ® |
MSO II is not available in Oregon. |
State |
Features and benefits |
Availability or variation | ||
Virginia |
See “Market Stabilizer Option ® |
MSO II is not available in Virginia. | ||
Washington |
Long-Term Care Services SM Rider |
If your policy was sold by Equitable Distributors with an application date from August 13, 2021 through November 1, 2021, the Long-Term Care Services Rider SM will not be available.If your policy was sold by Equitable Advisors with an application date from August 27, 2021 through November 1, 2021, the Long-Term Care Services SM Rider will not be available. | ||
See “Market Stabilizer Option ® |
MSO II is not available in Washington. | |||
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 previously credited interest: Up to 75% |
Policy 1 |
Policy 2 |
|||||||
Face Amount |
$ | 100,000 | $ | 100,000 | ||||
Policy Account Value on the Date of Death |
$ | 35,000 | $ | 85,000 | ||||
Death Benefit Percentage |
120% | 120% | ||||||
Death Benefit under Option A |
$ | 100,000 | $ | 102,000 | ||||
Death Benefit under Option B |
$ | 135,000 | $ | 185,000 |
Policy 1 |
Policy 2 |
|||||||
Face Amount |
$ | 100,000 | $ | 100,000 | ||||
Policy Account Value on the Date of Death |
$ | 35,000 | $ | 85,000 | ||||
Death Benefit Percentage |
210.2% | 210.2% | ||||||
Death Benefit under Option A |
$ | 100,000 | $ | 178,670 | ||||
Death Benefit under Option B |
$ | 135,000 | $ | 185,000 |
C000210880 - Equitable Financial Life Insurance Company C000210884 - Equitable Financial Life Insurance Company of America |
#531968 |
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) | Custodian Agreements. Not Applicable. |
(c) | Underwriting Contracts. |
(1) |
(2) |
(3) |
(4) |
(5) |
(a) |
(b) |
(c) |
(d) |
(6) |
(7) |
(8) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(h) |
(i) |
(j) |
(k) |
(l) |
(m) |
(n) |
(o) |
(p) |
(q) |
(r) |
(s) |
(t) |
(9) |
(10) |
(a) |
(d) | Contracts. |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) |
(12) |
(13) |
(14) |
(15) |
(16) |
(17) |
(18) |
(19) |
(20) |
C-2
(e) | Applications. |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(f) | Depositor’s Certificate of Incorporation and By-Laws. |
(1) |
C-3
(2) |
(3) |
(g) | Reinsurance Contracts. |
(1) |
(a) |
(2) |
(3) |
(a) |
(4) |
(5) |
(h) | Participation Agreements. |
(1) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(h) |
(i) |
(j) |
C-4
(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) |
(3) |
(a) |
(b) |
(c) |
(4) |
C-5
(a) |
(b) |
(c) |
(d) |
(e) |
(5) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(h) |
(i) |
(j) |
(6) |
(a) |
(b) |
(c) |
(d) |
(e) |
(7) |
(a) |
(b) |
(c) |
(8) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(9) |
(a) |
(b) |
(10) |
(a) |
(b) |
(c) |
(11) |
(a) |
(b) |
(c) |
(12) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
(13) |
(a) |
(b) |
(c) |
(d) |
(i) | Administration Contracts. See (c)(ii), (iii) & (iv). |
(j) | Other Material Contracts. Not Applicable. |
(k) | Legal Opinion. |
(1) |
C-6
(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) |
(2) |
(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-7
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-8
*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 |
C-9
*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-10
ITEM 32. | PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE INSURANCE COMPANY OR REGISTRANT. |
Separate Account No. 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 “Holdings”).
Set forth below is the subsidiary chart for the Holding Company:
C-11
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-12
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 andFinancial 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 |
C-13
*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 |
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 |
C-14
*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 |
C-15
*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-16
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-17
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 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 |
SIGNATURES
As required by the Securities Act of 1933, this 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 | Mark Pearson | Francis Hondal Bertram Scott Arlene Isaacs-Lowe Craig MacKay | ||
Joan Lamm-Tennant | Charles G.T. Stonehill | |||
George Stansfield | ||||
*By: | /s/ Alfred Ayensu-Ghartey | |
Alfred Ayensu-Ghartey | ||
Attorney-in-Fact | ||
April 23, 2024 |