VUL Legacy®

 

Summary Prospectus for Existing Investors

May 1, 2024

 

 

 

This updating summary prospectus summarizes key features of the VUL Legacy® policy. The Prospectus and Statement of Additional Information (“SAI”) for VUL Legacy® contain more information about the policy, including its features, benefits and risks. The Prospectus and SAI are incorporated by reference into this updating summary prospectus. You can find the current Prospectus, SAI and other information about the VUL Legacy® policy online at www.equitable.com/ICSR#EQH159998. You can request this information at no cost by calling 1-800-777-6510 (for U.S. residents) or 1-704-341-7000 (outside of the U.S.) or by sending an email request to EquitableFunds@dfinsolutions.com.

 

Additional general information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

 

This product is issued by Equitable Financial Life Insurance Company and by Equitable Financial Life Insurance Company of America (the "Company", "we", "our" and "us") with variable investment options offered under Separate Account FP and Equitable America Variable Account K (the "Separate Account").

 


Updated Information About Your VUL Legacy® Policy

 

 

 

The information in this updating summary prospectus is a summary of certain VUL Legacy® policy features that have changed since the statutory prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your VUL Legacy® policy.

 

INVESTMENT OPTIONS

 

There have been changes to the Appendix: “Investment options available under the policy” in this summary prospectus.

 

Investment Option Name Changes: EQ/JPMorgan Growth Stock Portfolio (formerly EQ/T. Rowe Price Growth Stock Portfolio); Macquarie VIP High Income Series (formerly Delaware Ivy VIP High Income).

 

Portfolio Reorganization: Certain portfolios of the EQ Premier VIP Trust (the “Acquired Trust Portfolios”) were reorganized into substantially identical, newly created portfolios of the EQ Advisors Trust (the “Acquiring Trust Portfolios”). The investment objectives, policies, principal strategies, principal risks, and the fees and expenses of the Acquired Trust Portfolios and corresponding Acquiring Trust Portfolios are substantially identical, and their Investment Manager did not change. The Acquired Trust Portfolios under your policy were removed as investment options, and the corresponding Acquiring Trust Portfolios were added as available investment options (subject to any applicable allocation restrictions) without impacting your policy account value, investment allocations, or expenses.

 

APPENDIX: STATE POLICY AVAILABLBITY AND/OR VARIATIONS OF CERTAIN FEATURES AND BENEFITS

 

States where certain policy features and/or benefits are not available or vary:

 

State    Features and benefits    Availability or variation

New York (applicable to Equitable Financial Life Insurance

Company only)

   See “Payment of premiums and determining your policy’s value”    The original Market Stabilizer Option® and MSO II are not available in New York.

 

2


Important Information You Should Consider About the VUL Legacy® policy (the “policy”):

 

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 15 years (10 years for policies issued in New York) or the first 15 years (10 years for policies issued in New York) after you have requested an increase in your policy’s face amount, you’ll be subject to a surrender charge of up to 4.791% of face amount. For example, if you surrender your policy in the first year and the policy face amount was $100,000, you could pay a surrender charge of up to $4,791.

 

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 prospectus 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” in the Prospectus 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 the 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 the 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    0.57%    2.65%
 

Portfolio expenses are for the year ended December 31, 2023, and may be based, in part, on estimated amounts of such expenses and may change from year to year.

 

For more information on ongoing fees and expenses, please refer to the “Fee Table” in the Prospectus and Appendix: “Investment options available under the policy” which is part of the 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 the Prospectus.

RISKS
Risk of Loss   You may lose money by investing in the Policy.
Not a Short-Term Investment   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. 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.

 

3


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 the 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 the Prospectus.

   
Insurance Company Risks   An investment in the policy is subject to the risks related to the Company. Any policy obligations (including under the fixed rate option), 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 at https://equitable.com/about-us/financial-strength-ratings. More information about the Company’s general account can be found in “About our general account” in the Prospectus.
   
Policy Lapse  

Death benefits will not be paid if the policy has lapsed. Your policy may lapse due to insufficient premium payments, poor investment performance, withdrawals, unpaid loans or loan interest your policy account value does not cover. 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 the 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 the 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 the 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 the Prospectus.

 

4


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 the 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 the 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 the Prospectus, as well as the section titled “Future policy exchanges” in the Prospectus.

 

5


Appendix: Investment options available under the policy

 

 

 

The following is a list of Portfolio Companies available under the Policy. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH159998. You can request this information at no cost by calling 1-877-522-5035 or by sending an email request to EquitableFunds@dfinsolutions.com. If you exercise the Paid Up Death Benefit Guarantee, you may only invest in the Portfolio Companies listed in the designated table below.

 

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

 

Affiliated Portfolio Companies:

 

         

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  
Specialty  

1290 VT Convertible Securities — Equitable Investment Management Group, LLC (“EIMG”); SSGA Funds Management, Inc.

    0.90%     13.73%       9.37%       6.84%  
Fixed Income  

1290 VT DoubleLine Opportunistic Bond — EIMG; DoubleLine Capital LP

    0.91%     6.60%       0.72%        
Equity  

1290 VT Equity Income — EIMG; Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors

    0.95%     5.49%       10.25%       7.23%  
Specialty  

1290 VT GAMCO Mergers & Acquisitions — EIMG; GAMCO Asset Management, Inc.

    1.29%     9.53%       4.22%       3.39%  
Equity  

1290 VT GAMCO Small Company Value — EIMG; GAMCO Asset Management, Inc.

    1.06%       21.04%       12.82%       7.94%  
Specialty  

1290 VT Multi-Alternative Strategies — EIMG

    1.54%     5.13%       1.57%        
Specialty  

1290 VT Natural Resources — EIMG; AllianceBernstein L.P.

    0.90%     1.17%       10.31%       2.80%  
Specialty  

1290 VT Real Estate — EIMG; AllianceBernstein L.P.

    0.90%     9.46%       2.74%       3.61%  
Equity  

1290 VT Small Cap Value — EIMG; BlackRock Investment Management, LLC, Horizon Kinetics Asset Management LLC

    1.17%     5.79%       12.69%        
Equity  

1290 VT SmartBeta Equity ESG — EIMG; AXA Investment Managers US Inc.

    1.10%     16.49%       11.53%       8.52%  
Equity  

1290 VT Socially Responsible — EIMG; BlackRock Investment Management, LLC

    0.92%       27.50%       15.12%       11.32%  
Equity  

EQ/AB Small Cap Growth — EIMG; AllianceBernstein L.P.

    0.93%       17.70%       10.59%       7.78%  
Equity  

EQ/AB Sustainable U.S. Thematic — EIMG; AllianceBernstein L.P.

    1.00%     20.56%              
Asset Allocation  

EQ/Aggressive Allocation† — EIMG

    1.18%       18.37%       10.23%       7.07%  
Asset Allocation  

EQ/All Asset Growth Allocation — EIMG

    1.25%     14.15%       7.70%       5.27%  
Equity  

EQ/American Century Mid Cap Value — EIMG; American Century Investment Management, Inc.

    1.00%     5.98%       10.88%        
Equity  

EQ/ClearBridge Large Cap Growth ESG — EIMG; ClearBridge Investments, LLC

    1.00%     45.91%       15.78%       10.70%  
Equity  

EQ/Common Stock Index — EIMG; AllianceBernstein L.P.

    0.67%     25.13%       14.45%       10.79%  
Asset Allocation  

EQ/Conservative Allocation† — EIMG

    1.00%     8.02%       2.60%       2.15%  
Asset Allocation  

EQ/Conservative-Plus Allocation† — EIMG

    0.85%     10.86%       4.76%       3.57%  
Fixed Income  

EQ/Core Bond Index — EIMG; SSGA Funds Management, Inc.

    0.64%     4.51%       1.02%       1.11%  
Fixed Income  

EQ/Core Plus Bond — EIMG; Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P.

    0.93%     4.51%       1.94%       1.60%  
Equity  

EQ/Emerging Markets Equity PLUS — EIMG; AllianceBernstein L.P., EARNEST Partners, LLC

    1.20%     10.34%       4.02%       1.86%  
Equity  

EQ/Equity 500 Index — EIMG; AllianceBernstein L.P.

    0.54%     25.57%       15.03%       11.37%  
Equity  

EQ/Franklin Rising Dividends — EIMG; Franklin Advisers, Inc.

    0.87%     12.13%       13.88%        
Equity  

EQ/Goldman Sachs Mid Cap Value — EIMG; Goldman Sachs Asset Management L.P.

    1.09%     11.22%       12.97%        
Fixed Income  

EQ/Intermediate Corporate Bond(1) — EIMG; AllianceBernstein L.P.

    0.65%                  
Fixed Income  

EQ/Intermediate Government Bond — EIMG; SSGA Funds Management, Inc.

    0.64%     3.87%       0.39%       0.56%  

 

6


         

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  
Equity  

EQ/International Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC

    1.06%       16.85%       7.96%       3.55%  
Equity  

EQ/International Equity Index — EIMG; AllianceBernstein L.P.

    0.72%     19.04%       8.10%       3.69%  
Equity  

EQ/International Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC, Harris Associates LP

    1.03%       18.52%       7.60%       3.02%  
Equity  

EQ/Invesco Comstock — EIMG; Invesco Advisers, Inc.

    1.00%     12.01%       13.18%       8.70%  
Equity  

EQ/Invesco Global — EIMG; Invesco Advisers, Inc.

    1.10%     33.79%       11.76%       7.95%  
Specialty  

EQ/Invesco Global Real Assets — EIMG; Invesco Advisers, Inc.

    1.16%       10.08%       5.45%        
Equity  

EQ/Janus Enterprise — EIMG; Janus Henderson Investors US LLC

    1.05%       17.01%       13.08%       7.62%  
Equity  

EQ/JPMorgan Growth Stock — EIMG; J.P. Morgan Investment Management Inc.

    0.96%     46.33%       12.84%       11.28%  
Equity  

EQ/JPMorgan Value Opportunities — EIMG; J.P. Morgan Investment Management Inc.

    0.96%       10.90%       14.17%       10.12%  
Equity  

EQ/Large Cap Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC

    0.90%       23.98%       14.26%       10.58%  
Equity  

EQ/Large Cap Growth Index — EIMG; AllianceBernstein L.P.

    0.73%       41.54%       18.63%       14.02%  
Equity  

EQ/Large Cap Growth Managed Volatility† — EIMG; BlackRock Investment Management, LLC

    0.88%       38.97%       16.20%       12.47%  
Equity  

EQ/Large Cap Value Index — EIMG; AllianceBernstein L.P.

    0.74%       10.71%       10.15%       7.66%  
Fixed Income  

EQ/Long-Term Bond(1)– EIMG

    0.65%     6.35%              
Equity  

EQ/Loomis Sayles Growth — EIMG; Loomis, Sayles & Company, L.P.

    1.05%     43.89%       15.66%       13.24%  
Equity  

EQ/MFS International Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

    1.10%     14.52%       9.28%       6.12%  
Equity  

EQ/MFS International Intrinsic Value — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

    1.15%     17.37%       8.29%        
Equity  

EQ/MFS Mid Cap Focused Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

    1.10%     22.32%       13.41%        
Specialty  

EQ/MFS Technology — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

    1.14%       54.10%       17.38%        
Specialty  

EQ/MFS Utilities Series — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

    1.05%     -2.36%       8.01%        
Equity  

EQ/Mid Cap Index — EIMG; AllianceBernstein L.P.

    0.65%     15.77%       11.88%       8.54%  
Equity  

EQ/Mid Cap Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC

    0.97%       13.19%       10.36%       7.21%  
Asset Allocation  

EQ/Moderate Allocation† — EIMG

    1.11%       12.31%       5.76%       4.17%  
Asset Allocation  

EQ/Moderate-Plus Allocation† — EIMG

    1.13%       15.36%       8.10%       5.67%  
Cash/Cash Equivalent  

EQ/Money Market* — EIMG; Dreyfus, a division of Mellon Investments Corporation

    0.69%       4.47%       1.48%       0.90%  
Equity  

EQ/Morgan Stanley Small Cap Growth — EIMG; BlackRock Investment Management, LLC, Morgan Stanley Investment Management, Inc.

    1.15%     34.45%       15.17%        
Fixed Income  

EQ/PIMCO Global Real Return — EIMG; Pacific Investment Management Company LLC

    2.36%     4.09%       1.62%       2.49%  
Fixed Income  

EQ/PIMCO Real Return — EIMG; Pacific Investment Management Company LLC

    2.26%     3.53%       3.13%        
Fixed Income  

EQ/PIMCO Total Return ESG — EIMG; Pacific Investment Management Company LLC

    0.87%     5.63%       1.11%        
Fixed Income  

EQ/PIMCO Ultra Short Bond — EIMG; Pacific Investment Management Company LLC

    0.88%     5.56%       1.61%       1.25%  
Equity  

EQ/Small Company Index — EIMG; AllianceBernstein L.P.

    0.64%       16.72%       10.06%       7.01%  
Specialty  

EQ/T. Rowe Price Health Sciences — EIMG; T. Rowe Price Associates, Inc.

    1.20%     3.99%       9.94%        
Equity  

EQ/Value Equity — EIMG; Aristotle Capital Management, LLC

    0.92%       19.52%       10.06%       6.90%  
Asset Allocation  

Equitable Conservative Growth MF/ETF Portfolio — EIMG

    1.10%     9.86%       7.20%       4.77%  
Asset Allocation  

Equitable Growth MF/ETF(1) — EIMG

    1.15%     14.23%              
Asset Allocation  

Equitable Moderate Growth MF/ETF(1) — EIMG

    1.10%     12.01%              
Equity  

Multimanager Aggressive Equity — EIMG; AllianceBernstein L.P.

    1.00%       38.29%       15.92%       12.48%  
Specialty  

Multimanager Technology — EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP

    1.24%     49.53%       19.07%       16.18%  
^

This Portfolio’s annual expenses reflect temporary fee reductions.

 

7


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.

 

Unaffiliated Portfolio Companies:

 

         

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  

Equity

 

AB VPS Discovery Value Portfolio — AllianceBernstein L.P.

    1.06%       16.86%       10.51%       7.29%  

Equity

 

AB VPS Relative Value Portfolio — AllianceBernstein L.P.

    0.86%     11.72%       11.57%       9.05%  

Equity

 

AB VPS Sustainable Global Thematic Portfolio — AllianceBernstein L.P.

    1.17%     15.70%       13.27%       9.33%  

Asset Allocation

 

American Funds Insurance Series® Asset Allocation Fund — Capital Research and Management Company

    0.80%       14.02%       8.93%       6.98%  

Equity

 

American Funds Insurance Series® Global Small Capitalization Fund — Capital Research and Management Company

    1.16%     15.79%       8.03%       5.51%  

Equity

 

American Funds Insurance Series® New World Fund® — Capital Research and Management Company

    1.07%     15.67%       8.37%       4.43%  

Asset Allocation

 

BlackRock Global Allocation V.I. Fund — BlackRock Advisors, LLC; BlackRock International Limited, BlackRock (Singapore) Limited

    1.02%     12.49%       7.39%       4.63%  

Equity

 

ClearBridge Variable Mid Cap Portfolio — Legg Mason Partners Fund Advisor, LLC; ClearBridge Investments, LLC

    1.08%       12.62%       10.46%       6.83%  

Asset Allocation

 

Fidelity® VIP Asset Manager Growth Portfolio — Fidelity Management and Research Company (FMR)

    0.89%       16.05%       9.41%       6.30%  

Equity

 

Fidelity® VIP Growth & Income Portfolio — Fidelity Management and Research Company (FMR)

    0.74%       18.37%       14.50%       9.99%  

Equity

 

Fidelity® VIP Mid Cap Portfolio — Fidelity Management and Research Company (FMR)

    0.82%       14.80%       12.17%       7.86%  

Equity

 

Fidelity® VIP Value Portfolio — Fidelity Management and Research Company (FMR)

    0.85%       19.47%       15.69%       9.71%  

Equity

 

Franklin Small Cap Value VIP Fund — Franklin Mutual Advisers, LLC

    0.91%     12.75%       11.06%       7.04%  

Equity

 

Invesco V.I. Diversified Dividend Fund — Invesco Advisers, Inc.

    0.93%       8.77%       9.53%       7.53%  

Asset Allocation

 

Janus Henderson Balanced Portfolio — Janus Henderson Investors US LLC

    0.87%       15.13%       9.37%       7.73%  

Fixed Income

 

Lord Abbett Bond Debenture Portfolio (VC) — Lord, Abbett & Co. LLC

    0.90%       6.55%       3.14%       3.49%  

Fixed Income

 

Macquarie VIP High Income Series(1) — Delaware Management Company; Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, Macquarie Investment Management Global Limited

    0.96%       11.95%       4.46%       3.70%  

Specialty

 

PIMCO CommodityRealReturn® Strategy Portfolio — Pacific Investment Management Company LLC

    1.58%     -7.93%       8.46%       -0.90%  

Equity

 

T. Rowe Price Blue Chip Growth Portfolio — T. Rowe Price Associates, Inc.

    1.00%     48.96%       13.22%       12.03%  

Equity

 

T. Rowe Price Equity Income Portfolio - II — T. Rowe Price Associates, Inc.

    0.99%       9.31%       10.92%       7.57%  

Equity

 

T. Rowe Price Mid-Cap Growth Portfolio — T. Rowe Price Investment Management, Inc.

    1.09%     19.63%       11.36%       10.22%  

Equity

 

Templeton Developing Markets VIP Fund — Templeton Asset Management Ltd.

    1.35%     12.62%       4.22%       2.32%  

Fixed Income

 

Templeton Global Bond VIP Fund — Franklin Advisers, Inc.

    0.75%     2.88%       -2.13%       -0.66%  

Specialty

 

VanEck VIP Global Resources Fund — Van Eck Associates Corporation

    1.36%       -3.84%       10.34%       -1.26%  
^

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.

 

Allowable EQ Allocation Investment Options:

 

If you exercise the Paid Up Death Benefit Guarantee, in addition to the Guaranteed Interest Option, investment options are limited to the following (the “EQ Allocation Investment Options”):

 

EQ/Aggressive Allocation

EQ/Conservative Allocation

EQ/Conservative-Plus Allocation

 

EQ/Moderate Allocation

EQ/Moderate-Plus Allocation

 

8


VUL Legacy®

 

Issued by

 

Equitable Financial Life Insurance Company

 

- or -

 

Equitable Financial Life Insurance Company of America

 

We have filed with the Securities and Exchange Commission a Prospectus and a Statement of Additional Information (“SAI”) that include additional information about the policy, the Company and the Separate Account. The Prospectus and SAI are incorporated by reference into this updating summary prospectus. The Prospectus and SAI are available free of charge. To request a copy of either document, to ask about your policy, or to make other investor inquiries, please call 1-800-777-6510 (for U.S. residents) or 1-704-341-7000 (outside of the U.S.) or by sending an email request to EquitableFunds@dfinsolutions.com. The Prospectus and SAI are also available at our website www.equitable.com/ICSR#EQH159998.

 

 

 

SEC Contract Identifier: C000210880 (Equitable Financial Life Insurance Company)

SEC Contract Identifier: C000210884 (Equitable Financial Life Insurance Company of America)