Supplement dated May 1, 2024, to the Updating Summary Prospectus and Prospectus

dated May 1, 2024, for MONY Master variable annuity contracts

issued by MONY Life Insurance Company

MONY Variable Account A

This Supplement amends certain information in your variable annuity contract ("Contract") prospectus
(the "Prospectus"). Please read this Supplement carefully and keep it with your Prospectus for future reference. You may obtain a current Prospectus by visiting www.protective.com/productprospectus or by calling (800) 487-6669.

Important Notice Regarding the Share Class Combination of Certain EQ Advisors Trustsm Portfolios

The Board of Trustees of the EQ Advisors Trust (the "Trust") approved the combination of the Class IA shares of the Portfolio listed in the table below with the Portfolio's Class IB shares (the "Combination"). Each Portfolio's Class IA and Class IB shares have identical terms and identical expense ratios. The Combination is expected to occur after the close of business on June 21, 2024 (the "Combination Date").

Portfolio (Class IA to Class IB)

• EQ/Core Bond Index

 

On the Combination Date, after the close of business, your Contract value in the subaccount invested in the Class IA shares at the time of the Combination will become invested in the subaccount that invests in the corresponding Class IB Portfolio, and the Class IA Portfolio will liquidate, cease operations, and will no longer be available for investment. You may continue to allocate or transfer into or out of the impacted Portfolios until the Combination Date. Unless you instruct us otherwise, any allocation instruction you have on file that includes the Class IA Portfolio will be automatically updated with the corresponding Class IB Portfolio after the Combination Date.

Your rights and obligations under the Contract and your Contract value will not change as a result of the Combination. The fees and charges under the Contract will not change and there are no tax consequences to you as a result of the Combination.

* * *

As of the Combination Date, this Supplement amends your Prospectus by removing all references to the Class IA Portfolio as an investment option under the Contract.

If you have any questions regarding this Supplement or if you wish to receive prospectuses for the Class IB Portfolios, or other Portfolios available under your Contract, you may contact us by writing or calling Protective Life at P.O. Box 1854, Birmingham, AL 35201-1854 or toll free at (800) 487-6669. You may also obtain Class IB Portfolio and other Portfolio prospectuses online at www.protective.com/productprospectus by selecting your Contract then "Investment Options." Please work with your financial representative to determine if your existing allocation instructions should be changed before or after the Combination Date.


UPDATING SUMMARY PROSPECTUS FOR EXISTING INVESTORS
Dated May 1, 2024
MONY Master Individual Flexible Payment Variable Annuity Contracts
  Issued by
MONY Variable Account A
MONY Life Insurance Company
5788 Widewaters Parkway,
Syracuse, New York 13214
1-800-487-6669
 

MONY Life Insurance Company ("we", "our", or the "Company") issues the flexible payment variable annuity contract described in this Updating Summary Prospectus (the "Contract"). You should read this Updating Summary Prospectus carefully, particularly the section titled Important Information You Should Consider About the Contract.

The Prospectus for the MONY Master Individual Flexible Payment Variable Annuity Contracts contains more information about the Contract, including its features, benefits, and risks. You can find the prospectus and other information about the Contract online at https://protective.onlineprospectus.net/protective/products. You can also obtain this information at no cost by calling 1-800-487-6669 or by sending an email request to prospectus@protective.com.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

MONY-MONYMaster 05.24

C000027470


TABLE OF CONTENTS

   

Page

 

Special Terms

   

3

   

Updated Information About Your Contract

   

3

   

Important Information You Should Consider About the Contract

   

4

   

Portfolio Appendix — Portfolios Available Under the Contract

   

8

   


2


Special Terms

Cash Value — The dollar value as of any Valuation Date of all amounts accumulated under the Contract.

Contract Anniversary — An anniversary of the Contract Date of the Contract.

Contract Date — The date the contract begins as shown in the Contract.

Contractholder — The person so designated in the application. If a Contract has been absolutely assigned, the assignee becomes the Contractholder. A collateral assignee is not the Contractholder.

Contract Year — Any period of twelve (12) months commencing with the Contract Date and each Contract Anniversary thereafter.

Good Order — Instructions that we receive at the Operations Center within the prescribed time limits, if any, specified in the Contract for the transaction requested. The instructions must be on the appropriate form or in a form satisfactory to us that includes all the information necessary to execute the requested transaction, and must be signed by the individual authorized to make the transaction. To be in "Good Order," instructions must be sufficiently clear so that we do not need to exercise any discretion to follow such instructions and we must be able to execute the requisite order(s).

Non-Qualified Contracts — Contracts issued under Non-Qualified Plans.

Non-Qualified Plans — Retirement Plans that do not receive favorable tax treatment under Sections 401, 403, 408, or 457 of the Internal Revenue Code.

Purchase Payment (Payment) — An amount paid to the Company by the Contractholder or on the Contractholder's behalf as consideration for the benefits provided by the Contract.

Qualified Contract — Contracts issued under Qualified Plans.

Qualified Plan — Retirement plans that receive favorable tax treatment under Section 401, 403, 408 or 457 of the Internal Revenue Code.

Valuation Date — Each day that the New York Stock Exchange is open for regular trading. A Valuation Date ends at 4:00 p.m. Eastern Time.

UPDATED INFORMATION ABOUT YOUR CONTRACT

The information in this section of the Updating Summary Prospectus is a summary of certain Contract features that have changed since the Prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.

•  The EQ/T.Rowe Price Growth Stock Portfolio changed the sub-adviser from T. Rowe Price Associates, Inc. to J.P. Morgan Investment Management Inc. and the fund name changed to the EQ/JPMorgan Growth Stock Portfolio.

•  All Portfolios of the EQ Premier VIP Trust were reorganized into new Portfolios of the EQ Advisors Trust. The Portfolio names remained the same.

•  For updated Fund performance and fee information please see the PORTFOLIO APPENDIX.


3


IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

FEES AND EXPENSES

 

Charges for Early Withdrawals

  If you surrender or make a withdrawal from your Contract during the first eight (8) Contract Years, you will be assessed a surrender charge of up to 7% on the amount of the withdrawal.
For example, assume you purchased the Contract with a single Purchase Payment of $100,000, and requested a withdrawal of $100,000 during the first Contract Year. In that event, you would be assessed a surrender charge of $7000 (7% x $100,000).
For additional information about charges for surrenders and early withdrawals, see "FEE TABLE" and "CHARGES AND DEDUCTIONS" in the Prospectus.
     

Transaction Charges

  In addition to surrender charges, you may be charged for transfers after the first 4 transfers in a Contract Year. Currently we do not assess this charge, but we reserve the right to assess up to $25 per transfer in the future.
For additional information about transaction charges, see "FEE TABLE" and "CHARGES AND DEDUCTIONS" in the Prospectus.
     

Ongoing Fees and Expenses (annual charges)

  The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.      

                        

 

Annual Fee

 

Maximum

 

Minimum

 

                        

 

Base Contract(1)

 

1.34%

 

1.34%

 

                        

  Investment option
(Portfolio fees and expenses)(2)
 
1.31%
 
0.68%
 

                        

  (1) We calculate the Base Contract fee by dividing the total amount we receive from the mortality and expense risk charge and annual contract charge for the last fiscal year by the total average net assets attributable to the Contracts for that year.
(2) As a percentage of Portfolio assets based on expenses for the year ended 12/31/23, which will vary from year to year.
     

                        

  Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. These estimates assume that you do not take any withdrawals from the Contract, which could add surrender charges, that substantially increase costs.      

 

                        

  Lowest Annual Cost:
$1,990
Assumes:
• Investment of $100,000
• 5% annual appreciation
• Least expensive combination of Portfolio fees and expenses
• No sales charges
• No additional Purchase Payments, transfers or withdrawals
  Highest Annual Cost:
$2,598
Assumes:
• Investment of $100,000
• 5% annual appreciation
• Most expensive combination of Portfolio fees and expenses
• No sales charges
• No additional Purchase Payments, transfers, or withdrawals
 

                        

 

For additional information about annual charges, see "FEE TABLE" and "CHARGES AND DEDUCTIONS" in the Prospectus.

   


4


RISKS

 

Risk of Loss

  You can lose money by investing in this Contract.
For additional information about the risk of loss, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the Prospectus.
 

Not a Short-Term Investment

  This Contract is not designed for short-term investment and is not appropriate for an investor who needs ready access to cash. Although you are permitted to take withdrawals or surrender the Contract, surrender charges and federal and state income taxes may apply. A 10% additional tax may also apply if you take a withdrawal before age 591/2.
Surrender charges may apply for up to eight (8) years following your last Purchase Payment. Withdrawals will reduce your Cash Value and death benefit.
The benefits of tax deferral also mean the Contract is more beneficial to investors with a long time horizon.
For additional information about the investment profile of the Contract and tax deferral, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT," "CHARGES AND DEDUCTIONS" and "FEDERAL TAX STATUS" in the Prospectus.
 

Risks Associated with Investment Options

  An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract.
Each investment option (including the Guaranteed Interest Account) has its own unique risks.
You should review the prospectuses for the available Portfolios and consult with your financial professional before making an investment decision.
For additional information about the risks associated with investment options, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT," "GUARANTEED INTEREST ACCOUNT" and "PORTFOLIO APPENDIX — PORTFOLIOS AVAILABLE UNDER THE CONTRACT" in the Prospectus.
 

Insurance Company Risks

  An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the Guaranteed Interest Account), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request at no charge, by calling us at 1-800-487-6669 or writing to us at the address shown on the cover page of this Prospectus.
For additional information about Company risks, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" and "DETAILED INFORMATION ABOUT THE COMPANY AND MONY VARIABLE ACCOUNT A" in the Prospectus.
 


5


RESTRICTIONS

 

Investments

  Currently, there is no charge when you transfer among investment options. However, we reserve the right to charge $25 for each transfer after the first 4 transfers in any Contract Year in the future.
We reserve the right to remove or substitute Portfolios as investment options that are available under the Contract.
For additional information about investment options, see "CHARGES AND DEDUCTIONS — Deductions from Surrender Value — Transfer Charge," "OTHER PROVISIONS — Substitution of Securities" and "DETAILED INFORMATION ABOUT THE COMPANY AND MONY VARIABLE ACCOUNT A — MONY Variable Account A" in the Prospectus.
 

Optional Benefits

  If you elect to take automatic withdrawals, you may be subject to income taxes, including a 10% additional tax if you are younger than age 591/2, and you may also be assessed surrender charges if your withdrawals exceed the Guaranteed Free Surrender Amount in a Contract Year.
For additional information about optional benefits, see "Benefits Available Under the Contract" in the Prospectus.
 

TAXES

 

Tax Implications

  You should consult with a tax professional to determine the tax implications of an investment in, payments received under, and other transactions in connection with the Contract.
If you purchase the Contract through a tax-qualified plan or individual retirement arrangement (IRA), you do not get any additional tax deferral. Generally all earnings on the investments underlying the Contract are tax-deferred until distributed or deemed distributed. A distribution from a Non-Qualified Contract, which includes a surrender, withdrawal, payment of a death benefit, or annuity income payments, will generally result in taxable income if there has been an increase in the Cash Value. In the case of a Qualified Contract, a distribution generally will result in taxable income even if there has not been an increase in the Cash Value. A 10% additional tax may also apply if the Owner takes a withdrawal before age 591/2.
For additional information about tax implications, see "FEDERAL TAX STATUS — Taxation of Annuities in General" in the Prospectus.
 


6


CONFLICTS OF INTEREST

 

Investment Professional Compensation

  Some investment professionals may receive compensation for selling the Contract to investors. We pay compensation, in the form of commissions, non-cash compensation, and asset-based compensation, to broker-dealers in connection with the promotion and sale of the Contracts. A portion of any payments made to the broker-dealers may be passed on to their registered representatives in accordance with their internal compensation programs. The prospect of receiving, or the receipt of, compensation may provide broker-dealers and/or their registered representatives with an incentive to favor sales of the Contracts over other variable insurance products (or other investments). You may wish to take such compensation arrangements into account when considering and evaluating any recommendation relating to the Contracts.
For additional information about compensation, see "DISTRIBUTION OF THE CONTRACTS" in the Prospectus.
 

Exchanges

  Some investment professionals may have a financial incentive to offer you a new contract in place of the contract you already own. You should only exchange your current contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.
For additional information about exchanges, see "Payment and Allocation of Purchase Payments" in the Prospectus.
 


7


Portfolio Appendix

Portfolios Available Under the Contract

The following is a list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time. You can request this information at no cost by calling one of our customer service representatives at 1-800-487-6669 or by sending an email request to prospectus@protective.com.

The current expenses and performance information below reflects fee and expenses of the Portfolios, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.

Asset
Allocation
 

Portfolio Company - Investment Adviser;

  Net Annual
Expenses
  Average Annual Total Returns
(as of 12/31/2023)
 
Type  

Sub-Adviser(s), as applicable

 

Current Expenses

 

1 year

 

5 year

 

10 year

 

U.S. Equity

  1290 VT GAMCO Small Company Value Portfolio - Class IB - Gamco Asset Management Inc  

1.06

%

 

21.04

%

 

12.82

%

 

7.94

%

 

Allocation

 

EQ/Aggressive Allocation Portfolio - Class IB

 

1.18

%

 

18.37

%

 

10.23

%

 

7.07

%

 

Allocation

 

EQ/All Asset Growth Allocation Portfolio - Class IB

 

1.25

%

 

14.15

%

 

7.70

%

 

5.27

%

 

Allocation

 

EQ/Conservative Allocation Portfolio - Class IB(1)

 

1.00

%

 

8.02

%

 

2.60

%

 

2.15

%

 

Allocation

 

EQ/Conservative-Plus Allocation Portfolio - Class IB(1)

 

0.85

%

 

10.86

%

 

4.76

%

 

3.57

%

 

Taxable Bond

  EQ/Core Bond Index Portfolio - Class IA - SSGA Funds Management Inc(1)
Note: this Portfolio will convert to Class IB on or about June 21, 2024. See Class IB for this Portfolio below.
 

0.64

%

 

4.63

%

 

1.05

%

 

1.12

%

 

Taxable Bond

  EQ/Core Bond Index Portfolio - Class IB - SSGA Funds Management Inc(1)
Note: This Portfolio is not available until on or about June 21, 2024.
 

0.64

%

 

4.51

%

 

1.02

%

 

1.11

%

 

Taxable Bond

  EQ/Intermediate Government Bond Portfolio - Class IA - SSGA Funds Management Inc(1)  

0.64

%

 

3.85

%

 

0.39

%

 

0.56

%

 

U.S. Equity

  EQ/JP Morgan Growth Stock Portfolio - Class IB - J.P. Morgan Investment Management Inc.(1) (formerly, EQ/T. Rowe Price Growth Stock Portfolio)  

0.96

%

 

46.33

%

 

12.84

%

 

11.28

%

 

International Equity

  EQ/MFS International Growth Portfolio - Class IB - Massachusetts Financial Services Company(1)  

1.10

%

 

14.52

%

 

9.28

%

 

6.12

%

 

Allocation

 

EQ/Moderate Allocation Portfolio - Class IB

 

1.11

%

 

12.31

%

 

5.76

%

 

4.17

%

 


8


Asset
Allocation
 

Portfolio Company - Investment Adviser;

  Net Annual
Expenses
  Average Annual Total Returns
(as of 12/31/2023)
 
Type  

Sub-Adviser(s), as applicable

 

Current Expenses

 

1 year

 

5 year

 

10 year

 

Allocation

 

EQ/Moderate-Plus Allocation Portfolio - Class IB

 

1.13

%

 

15.36

%

 

8.10

%

 

5.67

%

 

Money Market

  EQ/Money Market Portfolio - Class IA - Dreyfus  

0.69

%

 

4.47

%

 

1.48

%

 

0.91

%

 

Taxable Bond

  EQ/Quality Bond PLUS Portfolio - Class IB - Pacific Investment Management Company, LLC; AllianceBernstein L.P.  

0.86

%

 

4.35

%

 

0.51

%

 

0.84

%

 

(1)  These Portfolios and their investment advisers have entered into contractual fee waivers or expense reimbursement arrangements. These temporary fee reductions are reflected in their annual expenses. Those contractual arrangements are designed to reduce total annual Portfolio operating expenses for Contractholders and will continue past the current year.


9


This Updating Summary Prospectus incorporates by reference the MONY Master Individual Flexible Payment Variable Annuity Contract's Prospectus and Statement of Additional Information (SAI), both dated May 1, 2024, as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the Prospectus.

EDGAR Contract Identifier C000027470