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Protective Investors Benefit Advisory VUL
An Individual Flexible Premium Variable and Fixed Life Insurance Policy |
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Issued by
Protective Variable Life Separate Account and Protective Life Insurance Company 2801 Highway 280 South Birmingham, Alabama 35223 Telephone: (800) 265‑1545 |
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FEES AND EXPENSES
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Charges for Early Withdrawals
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If you withdraw money from your Policy after the first year, a withdrawal charge equal to the lesser of 2% of the amount withdrawn or $25 will be deducted from the Policy Value. For example, if you were to withdraw $100,000 from your Policy, you would be assessed a withdrawal charge of $25. The withdrawal charge applies for as long as you own the Policy.
For additional information about charges for early withdrawals, see “CHARGES AND DEDUCTIONS” in the Prospectus.
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Transaction Charges
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In addition to withdrawal charges, you may be subject to other transaction charges, including charges on each premium paid under the Policy and charges for transfers between investment options, requesting Policy illustrations, and exercising the Overloan Protection Endorsement.
For additional information about transaction charges, see “CHARGES AND DEDUCTIONS” in the Prospectus.
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Ongoing Fees and Expenses (annual charges)
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In addition to the withdrawal charge and transaction charges, you are also subject to certain ongoing fees and expenses under the Policy, administration, mortality and expense risk, loans including fees and expenses covering the cost of insurance (“COI”) under the Policy and the cost of optional Policy Loans benefits available under the Policy. Such fees and expenses may be set based on characteristics of the Insured (e.g., age, sex, and rating classification). You should review the Policy specifications page of your Policy for rates applicable to your Policy. Fees and expenses under the Policy do not reflect any Advisory Fees paid from your Policy Value or your other assets to the Financial Intermediary.
You will also bear expenses associated with the Funds available under the Policy, as shown in the following table:
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Annual Fee
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Minimum
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Maximum
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0.03%
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1.04%
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RISKS
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Risk of Loss
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You can lose money by investing in this Policy, including loss of principal.
For additional information about the risk of loss, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY” in the Prospectus.
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RISKS
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Not a Short-Term Investment
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The Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy is designed to provide benefits on a long-term basis. Although you are permitted to take withdrawals or surrender the Policy, federal and state income taxes may apply. Consequently, you should not use the Policy as a short-term investment or savings vehicle. Because of the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. Withdrawals are not available in the first Policy Year.
If you elect to pay Advisory Fees from your Policy Value, such payments will reduce your Policy Value and may reduce the death benefit and other guaranteed benefits.
For additional information about the investment profile of the Policy, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY,” “CHARGES AND DEDUCTIONS,” “USE OF THE POLICY,” “TAX CONSIDERATIONS--Taxation of Insurance Polices” and “TAX CONSIDERATIONS--Advisory Fees” in the Prospectus.
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Risks Associated with Investment Options
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An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the investment options, or Funds, available under the Policy. Each investment option (including the Fixed Account investment option) will have its own unique risks, and investors should review these investment options before making an investment decision.
For additional information about the risks associated with Investment Options, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY,” “THE COMPANY AND THE FIXED ACCOUNT,” “THE VARIABLE ACCOUNT AND THE FUNDS” and “FUND APPENDIX: FUNDS AVAILABLE UNDER THE POLICY” in the Prospectus.
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Insurance Company Risks
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An investment in the Policy is subject to the risks related to Protective Life, including that any obligations (including under the Fixed Account investment options), 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 by calling toll-free 1-888-353-2654.
For additional information about Company risks, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY” and “THE COMPANY AND THE FIXED ACCOUNT” in the Prospectus.
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Policy Lapse
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Your Policy could terminate if the value of your Policy becomes too low to support the Policy’s monthly charges. Your Policy may also Lapse due to insufficient premium payments, poor investment performance, withdrawals, unpaid loans, or loan interest. There is a cost associated with reinstating a Lapsed Policy. Death Benefits will not be paid if the Policy has Lapsed.
For additional information about Policy Lapse, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY,” “PREMIUMS,” “LOANS,” and “LAPSE AND REINSTATEMENT” in the Prospectus.
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RESTRICTIONS
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Investments
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While you may transfer amounts in the Sub-Accounts (which invest in shares of a corresponding Fund) and the Fixed Account, certain restrictions and transfer fees apply with regard to the number and amount of such transfers. Transfers are also subject to the excessive trading and market timing polices described in the Prospectus.
We reserve the right to remove or substitute Funds as investment options.
For additional information about Investment Options, see “TRANSFERS” and “ADDITION, DELETION, OR SUBSTITUTION OF INVESTMENTS” in the Prospectus.
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RESTRICTIONS
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Optional Benefits
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Optional benefits, including Policy Loans, are subject to additional charges. Some optional benefits are available only at the time your Policy is issued and may not be available for all Owners or Insureds. The maximum loan amount we allow at any time may not exceed 99% of the Policy’s Cash Value reduced by any Policy Debt or any lien outstanding (including accrued interest) on the Valuation Day your loan request is received.
If You elect to pay Advisory Fees from your Policy Value, these payments may reduce the death benefit and other guaranteed benefits.
For additional information about the optional benefits, see “OTHER BENEFITS AVAILABLE UNDER THE POLICY,” “SUPPLEMENTAL RIDERS AND ENDORSEMENTS,” and “ADVISORY FEES PAID FROM YOUR POLICY VALUE--Payment of Advisory Fees” in the Prospectus.
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TAXES
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Tax Implications
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You should consult with a tax professional to determine the tax implications regarding the purchase, ownership, and use of a Policy. Withdrawals and surrenders may be subject to income tax and will be taxed at ordinary tax rates. In addition, withdrawals and surrenders may be subject to an additional tax depending on the circumstances.
If you elect to have Advisory Fees paid out of your Policy Value, such payments may not exceed an amount equal to an annual rate of 1.5% of the Policy Value. Advisory Fee payments in excess of this amount, may be subject to federal and state income taxes and a 10% additional tax if you are younger than age 59½ and the Policy is a MEC.
For additional information about tax implications, see “TAX CONSIDERATIONS” and “TAX CONSIDERATIONS--Advisory Fees” in the Prospectus.
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CONFLICTS OF INTEREST
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Investment Professional Compensation
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Some investment professionals have and may receive compensation for selling the Policy to investors, which may include commissions, revenue sharing, compensation from affiliates and third parties. These investment professionals may have a financial incentive to offer or recommend the Policy over another investment.
For additional information about compensation, see “SALE OF THE POLICIES” in the Prospectus.
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Exchanges
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Some investment professionals may have a financial incentive to offer an investor a new policy in place of the one he or she already owns. You should only exchange your policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own the existing policy.
For additional information about exchanges, see “EXCHANGE PRIVILEGE” and “TAX CONSIDERATIONS--Section 1035 Exchanges” in the Prospectus.
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Asset
Allocation Type |
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Fund - Investment Adviser;
Sub-Adviser(s), as applicable |
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Current
Expenses |
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Average Annual Total Returns
(as of 12/31/2023) |
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1 Year
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5 Year
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10 Year
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Allocation
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American Funds Insurance Series® Asset Allocation Fund - Class 1
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0.30%
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14.55%
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9.47%
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7.51%
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International
Equity |
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American Funds Insurance Series® Global Growth Fund - Class 1(1)
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0.41%
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22.91%
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13.93%
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9.85%
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U.S. Equity
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American Funds Insurance Series® Growth-Income Fund - Class 1
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0.28%
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26.47%
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13.65%
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11.19%
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International
Equity |
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American Funds Insurance Series® New World Fund® - Class 1(1)
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0.57%
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16.22%
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8.90%
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4.95%
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Allocation
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BlackRock Global Allocation V.I. Fund - Class I - BlackRock (Singapore) Limited; BlackRock International Limited(1)
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0.76%
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12.83%
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7.65%
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4.88%
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U.S. Equity
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ClearBridge Variable Mid Cap Portfolio - Class I - ClearBridge Investments, LLC
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0.83%
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12.92%
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10.73%
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7.10%
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U.S. Equity
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ClearBridge Variable Small Cap Growth Portfolio - Class I - ClearBridge Investments, LLC
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0.80%
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8.40%
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9.56%
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7.89%
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Allocation
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DFA VA Global Moderate Allocation Portfolio - Institutional Class(1)
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0.28%
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14.72%
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8.93%
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6.07%
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International
Equity |
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DFA VA International Small Portfolio - Institutional Class - Dimensional Fund Advisors Ltd; DFA Australia Limited
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0.40%
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14.11%
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7.86%
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4.89%
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International
Equity |
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DFA VA International Value Portfolio - Institutional Class - Dimensional Fund Advisors Ltd; DFA Australia Limited
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0.27%
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17.86%
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8.87%
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4.16%
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Taxable Bond
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DFA VA Short-Term Fixed Portfolio - Institutional Class - Dimensional Fund Advisors Ltd; DFA Australia Limited
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0.12%
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4.98%
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1.33%
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1.05%
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U.S. Equity
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DFA VA U.S. Large Value Portfolio - Institutional Class
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0.21%
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10.92%
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10.71%
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8.10%
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U.S. Equity
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DFA VA U.S. Targeted Value Portfolio - Institutional Class
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0.29%
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20.03%
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15.40%
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9.00%
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Taxable Bond
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DFA VIT Inflation-Protected Securities Portfolio - Institutional Class - Dimensional Fund Advisors Ltd; DFA Australia Limited
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0.11%
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4.02%
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3.10%
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—
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Allocation
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Fidelity® VIP Balanced Portfolio - Initial Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
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0.44%
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21.53%
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12.44%
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9.08%
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U.S. Equity
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Fidelity® VIP Growth Opportunities Portfolio - Initial Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
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0.59%
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45.65%
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19.09%
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15.73%
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Taxable Bond
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Fidelity® VIP Investment Grade Bond Portfolio - Initial Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
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0.38%
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6.20%
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1.97%
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2.33%
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U.S. Equity
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Fidelity® VIP Mid Cap Portfolio - Initial Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
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0.57%
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15.08%
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12.45%
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8.12%
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Asset
Allocation Type |
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Fund - Investment Adviser;
Sub-Adviser(s), as applicable |
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Current
Expenses |
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Average Annual Total Returns
(as of 12/31/2023) |
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1 Year
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5 Year
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10 Year
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Taxable Bond
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Goldman Sachs VIT Core Fixed Income Fund - Institutional Class(1)
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0.42%
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6.08%
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1.37%
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1.88%
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U.S. Equity
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Goldman Sachs VIT Mid Cap Value Fund - Institutional Class(1)
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0.84%
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11.42%
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13.36%
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8.10%
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International
Equity |
| | | Invesco® V.I. Global Fund - Series I | | | |
0.82%
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34.73%
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12.30%
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8.47%
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Buffer
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Invesco® V.I. S&P 500 Buffer December Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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19.25%
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—
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—
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Buffer
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Invesco® V.I. S&P 500 Buffer June Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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19.20%
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—
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—
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Buffer
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Invesco® V.I. S&P 500 Buffer March Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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20.54%
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—
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—
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Buffer
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Invesco® V.I. S&P 500 Buffer September Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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20.20%
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—
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—
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Money Market
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Invesco® V.I. U.S. Government Money Portfolio - Series I
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0.63%
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4.53%
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1.53%
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0.94%
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Sector Equity
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Janus Henderson Global Technology and Innovation Portfolio - Institutional Shares
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0.73%
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54.55%
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20.34%
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17.14%
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Taxable Bond
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Lord Abbett Series Fund - Bond Debenture Portfolio - Class VC
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0.90%
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6.34%
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3.20%
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3.51%
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Taxable Bond
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PIMCO VIT Real Return Portfolio - Institutional Class
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0.69%
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3.83%
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3.31%
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2.40%
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Taxable Bond
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PIMCO VIT Total Return Portfolio - Institutional Class
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0.60%
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6.09%
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1.23%
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1.86%
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U.S. Equity
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Putnam VT Sustainable Leaders Fund - Class IA - Putnam Investments Limited
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0.65%
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26.42%
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16.38%
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12.87%
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U.S. Equity
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| | | Schwab® S&P 500 Index Portfolio | | | |
0.03%
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26.22%
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15.64%
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11.92%
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Allocation
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TOPS® Aggressive Growth ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.29%
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17.77%
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10.83%
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7.69%
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Allocation
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TOPS® Conservative ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.31%
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9.48%
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5.11%
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3.64%
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Allocation
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TOPS® Growth ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.29%
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16.41%
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9.75%
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6.81%
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Allocation
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TOPS® Moderate Growth ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.29%
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13.81%
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8.23%
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5.86%
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Allocation
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| | | Vanguard® VIF Balanced Portfolio | | | |
0.21%
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14.33%
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9.59%
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7.89%
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U.S. Equity
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| | | Vanguard® VIF Capital Growth Portfolio | | | |
0.34%
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27.98%
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14.33%
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12.85%
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Allocation
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| | | Vanguard® VIF Conservative Allocation Portfolio | | | |
0.13%
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12.51%
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5.60%
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4.84%
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U.S. Equity
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| | | Vanguard® VIF Equity Income Portfolio | | | |
0.29%
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8.10%
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11.57%
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9.53%
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U.S. Equity
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| | | Vanguard® VIF Equity Index Portfolio | | | |
0.14%
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26.11%
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15.52%
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11.88%
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U.S. Equity
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| | | Vanguard® VIF Growth Portfolio | | | |
0.33%
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40.13%
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16.08%
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—
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International
Equity |
| | | Vanguard® VIF International Portfolio | | | |
0.33%
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14.65%
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10.28%
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6.80%
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U.S. Equity
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| | | Vanguard® VIF Mid-Cap Index Portfolio | | | |
0.17%
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15.83%
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12.56%
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9.27%
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Sector Equity
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| | | Vanguard® VIF Real Estate Index Portfolio | | | |
0.26%
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11.70%
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7.18%
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7.29%
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Taxable Bond
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| | | Vanguard® VIF Total Bond Market Index Portfolio | | | |
0.14%
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5.58%
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1.04%
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1.71%
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U.S. Equity
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| | | Vanguard® VIF Total Stock Market Index Portfolio | | | |
0.13%
|
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25.95%
|
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14.93%
|
| | |
11.29%
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