Updating Summary Prospectus dated May 1, 2024 For Current Policy Owners | ||
| Updating Summary Prospectus Contents | |||||
| Updated Information about Your Policy | |||||
| Important Information You Should Consider about the Policy | |||||
| Appendix: Underlying Funds Available under the Policy | |||||
| FEES AND EXPENSES | Location in Statutory Prospectus | |||||||||||||
Charges for Early Withdrawals | Guaranteed Maximum: $41.70 per $1,000 of Policy Face Amount (4.17%) "Face Amount" refers to the life insurance coverage amount. If you fully surrender your Policy within ten years of the Policy Date shown on your Data Pages or a Face Amount increase, a surrender charge is imposed. For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $4,170 on a Policy with a Face Amount of $100,000. Surrender charges decline over time. | SUMMARY: FEE TABLES - Transaction Fees | ||||||||||||
| Transaction Charges | In addition to surrender charges, you may also be charged for other transactions, including a sales charge and taxes assessed on each premium paid, and transfer fees. | SUMMARY: FEE TABLES - Transaction Fees | ||||||||||||
| Ongoing Fees and Expenses | 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 and the cost of optional benefits under the Policy. Such fees and expenses are set based on the characteristics of the Insured (e.g., age, sex, and rating classification). You should view the Data Pages for rates applicable to you. "Data Pages" are the pages of the policy which contain information specific to you, to the Insured and the Policy. Current or revised Data Pages may be sent to you from time to time. | SUMMARY: FEE TABLES - Transaction Fees and Periodic Charges Other Than Annual Underlying Fund Expenses | ||||||||||||
| Investors will also bear expenses associated with the Underlying Fund Companies, as shown in the following table: | SUMMARY: FEE TABLES - Annual Underlying Fund Expenses | |||||||||||||
| Annual Fee | Minimum | Maximum | ||||||||||||
| Investment Options (Underlying Fund Fees and Expenses) | 0.21% | 4.52% | ||||||||||||
| RISKS | Location in Statutory Prospectus | |||||||
| Risk of Loss | You can lose money by investing in a Policy. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Risk of Loss; Not a Short Term Investment | ||||||
| Not a Short-Term Investment | The Policy is not a short-term investment and is not appropriate for an investor that needs ready access to cash. If you take a withdrawal, any surrender charge will reduce the value of your Policy. | |||||||
| Risks of Underlying Funds | An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Underlying Funds. Each Underlying Fund has its own unique risks. A comprehensive discussion of the risks of each Underlying Fund may be found in the Underlying Fund’s prospectus. You should review these investment options before making an investment decision. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Risks of Underlying Funds | ||||||
| Insurance Company Risks | An investment in the Policy is subject to the risks related to the Company. Any obligations (including under the Fixed 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 at https://investors.principal.com/investor-relations/our-business/credit-ratings/default.aspx. | GENERAL DESCRIPTION OF THE POLICY - General Account | ||||||
| Contract Lapse | When the Policy lapses, it terminates with no value and no longer provides any life insurance benefit upon the death of the Insured. Poor investment performance, partial surrenders, or policy loans may increase the risk of lapse. If your Policy lapses, you can only reinstate it under certain conditions, including making certain payments. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Policy Termination (Lapse) | ||||||
| RESTRICTIONS | Location in Statutory Prospectus | |||||||
| Investments | While you may transfer amounts in the Divisions (which invest in shares of a corresponding Underlying Fund) and Fixed Account (including a Fixed DCA Account, if applicable), 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 this prospectus. | GENERAL DESCRIPTION OF THE POLICY - Limitations on Transfers | ||||||
We reserve the right to remove or substitute Underlying Funds as investment options. | GENERAL DESCRIPTION OF THE POLICY - Reservation of Rights | |||||||
| Optional Benefits | Some optional benefits under the Policy are subject to limitations, restrictions, and additional charges, including with respect to their availability and the amounts that may be paid under such benefits. | OPTIONAL BENEFITS UNDER THE POLICY | ||||||
| Withdrawals may reduce the value of a benefit by an amount greater than the value withdrawn, which could significantly reduce the value or even terminate the benefit. | OPTIONAL BENEFITS UNDER THE POLICY | |||||||
| Not all of the options described in the prospectus are available or approved for use in every state. | GENERAL DESCRIPTION OF THE POLICY - Material State Variations | |||||||
| TAXES | Location in Statutory Prospectus | ||||
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 you if the Policy is purchased through a tax-qualified plan or individual retirement account (IRA), and withdrawals will be subject to ordinary income tax and may be subject to tax penalties | TAX ISSUES RELATED TO THE POLICY | ||||
| CONFLICTS OF INTEREST | Location in Statutory Prospectus | |||||||
| Investment Professional Compensation | The Company pays compensation to broker-dealers, financial institutions and other parties for the sale of the Policy, including commissions on premiums paid on the Policy. The Company and/or its affiliates may also pay other amounts such as marketing allowances, expense reimbursements and education payments. Such compensation may influence the financial intermediary or sales representative to recommend the purchase of this Policy over competing policies or over other investment options. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Conflicts of Interest | ||||||
| Exchanges | Some financial representatives may have a financial incentive to offer a new policy in place of the one you already own. You should only exchange an existing 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 an existing Policy. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Conflicts of Interest | ||||||
| Fund Company and Fund Name and Class | Fund Type | Advisor/ Sub-Advisor | Current Expense Ratio | Average Annual Total Returns | ||||||||||||||||
| 1 yr | 5 yr | 10 yr | ||||||||||||||||||
| Allspring VT Discovery All Cap Growth- Class 2* | Large US Equity | Allspring Funds Management/Allspring Global Investments, LLC | 1.00% | 33.17% | 13.54% | 10.42% | ||||||||||||||
| Allspring VT Index Asset Allocation- Class 2* | Asset Allocation | 1.00% | 16.70% | 9.49% | 8.24% | |||||||||||||||
| American Funds Insurance Series Global Balanced - Class 2 | Asset Allocation | Capital Research and Management Company | 0.77% | 13.83% | 7.44% | 5.40% | ||||||||||||||
| American Funds Insurance Series Growth - Class 2 | Large US Equity | 0.59% | 38.48% | 18.67% | 14.35% | |||||||||||||||
| American Funds Insurance Series International - Class 2 | International Equity | 0.78% | 15.84% | 4.83% | 3.41% | |||||||||||||||
| American Funds Insurance Series New World - Class 2* | International Equity | 0.82% | 16.00% | 8.64% | 4.69% | |||||||||||||||
| American Funds Insurance Series Washington Mutual Investors - Class 2* | Large US Equity | 0.52% | 12.60% | 9.91% | 11.30% | |||||||||||||||
| BNY Mellon IP MidCap Stock - Service Class | Small/Mid US Equity | BNY Mellon Investment Adviser, Inc./Mellon Investments Corp | 1.05% | 17.99% | 10.42% | 7.17% | ||||||||||||||
| BNY Mellon VIF Opportunistic Small Cap - Service Class | Small/Mid US Equity | BNY Mellon Investment Adviser, Inc. | 1.07% | 9.01% | 8.88% | 5.89% | ||||||||||||||
| CVT Russell 2000 Small Cap Index - Class F | Small/Mid US Equity | Calvert Research and Management/Ameritas Investment Partners, Inc. | 0.59% | 16.36% | 9.48% | 6.54% | ||||||||||||||
| CVT S&P 500 Index (not available to new investors after 4/25/2014)* | Large US Equity | 0.28% | 25.92% | 15.39% | 11.68% | |||||||||||||||
| CVT S&P MidCap 400 Index - Class F | Small/Mid US Equity | 0.53% | 15.89% | 12.07% | 8.66% | |||||||||||||||
| ClearBridge Mid Cap - Class I | Small/Mid US Equity | ClearBridge Investments, LLC/Legg Mason Partners Fund Advisor, LLC | 0.83% | 12.92% | 10.73% | 7.10% | ||||||||||||||
| DWS Small Mid Cap Value - Class B* | Small/Mid US Equity | DWS Investment Management Americas Inc | 1.17% | 14.59% | 8.38% | 5.13% | ||||||||||||||
| Fidelity VIP Contrafund - Initial Class | Large US Equity | Fidelity Management and Research Co | 0.56% | 33.12% | 16.36% | 11.33% | ||||||||||||||
| Fidelity VIP Equity-Income - Service Class 2 | Large US Equity | 0.72% | 10.38% | 12.01% | 8.31% | |||||||||||||||
| Fidelity VIP Extended Market Index - Service Class 2 | Small/Mid US Equity | Fidelity Management & Research Co/Geode Capital Management, LLC and FMR Co., Inc. | 0.38% | 0.38% | 11.04% | |||||||||||||||
| Fidelity VIP Gov't Money Market - Service Class | Short-Term Fixed Income | Fidelity Management and Research Co | 0.37% | 4.80% | 1.66% | 1.05% | ||||||||||||||
| Fidelity VIP Growth - Service Class 2 | Large US Equity | 0.83% | 35.89% | 19.34% | 14.51% | |||||||||||||||
| Fidelity VIP High Income - Service Class 2 | Fixed Income | 1.02% | 10.24% | 3.60% | 3.14% | |||||||||||||||
| Fidelity VIP International Index - Service Class 2 | International Equity | Fidelity Management & Research Co/Geode Capital Management, LLC and FMR Co., Inc. | 0.42% | 15.88% | 6.89% | |||||||||||||||
| Fidelity VIP Mid Cap - Service Class 2 | Small/Mid US Equity | Fidelity Management and Research Co | 0.82% | 14.80% | 12.17% | 7.85% | ||||||||||||||
| Fidelity VIP Total Market Index - Service Class 2 | Asset Allocation | Fidelity Management & Research Co/Geode Capital Management, LLC and FMR Co., Inc. | 0.37% | 25.71% | 14.73% | |||||||||||||||
| Franklin Templeton VIP Trust - Franklin Small Cap Value VIP - Class 2 | Small/Mid US Equity | Franklin Mutual Advisors, LLC | 0.91% | 12.75% | 11.06% | 7.04% | ||||||||||||||
| Franklin Templeton VIP Trust - Templeton Global Bond VIP - Class 2* | Fixed Income | Franklin Advisers, Inc. | 0.75% | 2.88% | (2.13%) | (0.66%) | ||||||||||||||
| Invesco VI American Franchise - Series II | Large US Equity | Invesco Advisers, Inc. | 1.11% | 40.60% | 15.88% | 11.42% | ||||||||||||||
| Invesco VI American Value- Series I | Small/Mid US Equity | 0.89% | 15.60% | 12.74% | 7.26% | |||||||||||||||
| Invesco VI Core Equity- Series II | Large US Equity | 1.05% | 23.09% | 12.67% | 7.53% | |||||||||||||||
| Invesco VI Health Care- Series I | Other-Health | 0.98% | 3.02% | 8.75% | 6.87% | |||||||||||||||
| Invesco VI Main Street Mid Cap- Series II | Small/Mid US Equity | 1.13% | 14.14% | 10.32% | 6.45% | |||||||||||||||
| Janus Henderson Series Enterprise- Service | Small/Mid US Equity | Janus Capital Management LLC | 0.97% | 17.78% | 13.14% | 11.82% | ||||||||||||||
| Janus Henderson Series Global Sustainable Equity- Service | International Equity | Janus Henderson Investors US LLC | 1.12% | 23.24% | ||||||||||||||||
| Janus Henderson Series Global Technology and Innovation - Service | Other-Technology | Janus Capital Management LLC | 0.97% | 54.27% | 20.05% | 16.86% | ||||||||||||||
| Lord Abbett Series Fund Developing Growth- Class VC* | Small/Mid US Equity | Lord, Abbett & Co, LLC | 1.04% | 8.17% | 8.90% | 6.82% | ||||||||||||||
| LVIP American Century Disciplined Core Value - Service Class | Large US Equity | Lincoln Investment Advisors Corporation, through a sub-advisory agreement with American Century Investment Management Inc. | 0.96% | 8.24% | 9.92% | 7.92% | ||||||||||||||
| LVIP American Century Inflation Protection - Service Class | Inflation-Protected Bond | 0.77% | 3.40% | 2.65% | 1.90% | |||||||||||||||
| LVIP American Century Mid Cap Value - Service Class | Small/Mid US Equity | 1.01% | 6.03% | 10.90% | 8.61% | |||||||||||||||
| LVIP American Century Value - Service Class | Large US Equity | 0.86% | 9.02% | 11.71% | 8.36% | |||||||||||||||
| LVIP American Century Ultra - Service Class | Large US Equity | 0.90% | 43.51% | 19.24% | 14.64% | |||||||||||||||
| Macquarie VIP Small Cap Value - Service Class | Small/Mid US Equity | Delaware Management Company | 1.08% | 9.10% | 9.87% | 6.77% | ||||||||||||||
| MFS Blended Research Small Cap Equity- Service Class | Small/Mid US Equity | Massachusetts Financial Services Company | 0.76% | 18.67% | 10.01% | 8.00% | ||||||||||||||
| MFS Mid Cap Value- Service Class | Small/Mid US Equity | 1.04% | 12.39% | 12.60% | 8.46% | |||||||||||||||
| MFS New Discovery- Service Class* | Small/Mid US Equity | 1.12% | 14.25% | 10.81% | 7.41% | |||||||||||||||
| MFS New Discovery Value - Service Class* | Small/Mid US Equity | 1.13% | 11.22% | 12.84% | 9.05% | |||||||||||||||
| Principal Variable Contracts Funds ("PVC") Core Plus Bond- Class 1 | Fixed Income | Principal Global Investors | 0.50% | 5.34% | 1.61% | 2.01% | ||||||||||||||
| PVC Diversified Balanced- Class 1 | Asset Allocation | 0.23% | 14.17% | 7.63% | 6.03% | |||||||||||||||
| PVC Diversified International- Class 1 | International Equity | 0.89% | 17.45% | 8.01% | 4.23% | |||||||||||||||
| PVC Equity Income- Class 1 | Large US Equity | 0.49% | 11.22% | 10.87% | 9.22% | |||||||||||||||
| PVC Global Emerging Markets- Class 1* | International Equity | 1.16% | 12.53% | 4.18% | 2.17% | |||||||||||||||
| PVC Government & High Quality Bond- Class 1 | Fixed Income | 0.53% | 4.64% | (0.06%) | 1.01% | |||||||||||||||
| PVC LargeCap Growth I- Class 1* | Large US Equity | Principal Global Investors/T. Rowe Price Associates, Inc. and Brown Advisory, LLC | 0.69% | 40.34% | 15.66% | 13.01% | ||||||||||||||
| PVC LargeCap S&P 500 Index- Class 1 | Large US Equity | Principal Global Investors | 0.21% | 25.97% | 15.37% | 11.72% | ||||||||||||||
| PVC MidCap- Class 1 | Small/Mid US Equity | 0.55% | 26.08% | 15.60% | 11.87% | |||||||||||||||
| PVC Principal Capital Appreciation- Class 1 | Large US Equity | 0.65% | 25.15% | 16.03% | 11.89% | |||||||||||||||
| PVC Principal LifeTime 2020- Class 1 | Asset Allocation | 0.55% | 12.26% | 6.95% | 5.34% | |||||||||||||||
| PVC Principal LifeTime 2030- Class 1 | Asset Allocation | 0.58% | 15.09% | 8.64% | 6.33% | |||||||||||||||
| PVC Principal LifeTime 2040- Class 1 | Asset Allocation | 0.64% | 18.27% | 10.10% | 7.16% | |||||||||||||||
| PVC Principal LifeTime 2050- Class 1 | Asset Allocation | 0.69% | 20.38% | 11.02% | 7.68% | |||||||||||||||
| PVC Principal LifeTime 2060- Class 1* | Asset Allocation | 0.75% | 20.28% | 11.32% | 7.73% | |||||||||||||||
| PVC Principal LifeTime Strategic Income- Class 1 | Asset Allocation | 0.54% | 10.79% | 4.54% | 3.64% | |||||||||||||||
| PVC Real Estate Securities- Class 1 | Small/Mid US Equity | 0.80% | 13.33% | 8.52% | 8.71% | |||||||||||||||
| PVC SAM Balanced- Class 1 | Asset Allocation | 0.73% | 16.00% | 8.12% | 6.23% | |||||||||||||||
| PVC SAM Conservative Balanced- Class 1 | Asset Allocation | 0.70% | 11.97% | 5.95% | 4.87% | |||||||||||||||
| PVC SAM Conservative Growth- Class 1 | Asset Allocation | 0.77% | 19.37% | 10.12% | 7.49% | |||||||||||||||
| PVC SAM Flexible Income- Class 1 | Asset Allocation | 0.65% | 9.37% | 4.29% | 3.92% | |||||||||||||||
| PVC SAM Strategic Growth- Class 1 | Asset Allocation | 0.80% | 21.86% | 11.78% | 8.26% | |||||||||||||||
| PVC Short-Term Income- Class 1 | Short-Term Fixed Income | 0.43% | 5.60% | 1.84% | 1.72% | |||||||||||||||
| PVC SmallCap- Class 1 | Small/Mid US Equity | 0.85% | 15.53% | 11.39% | 7.81% | |||||||||||||||
| Putnam VT Small Cap Value | Small/Mid US Equity | Putnam Investment Management LLC | 1.03% | |||||||||||||||||
| Putnam VT Small Cap Growth | Small/Mid US Equity | Putnam Investment Management LLC | 1.14% | |||||||||||||||||
| Putnam VT Large Cap Growth- Class 1B | Large US Equity | Putnam Investment Management LLC | 0.90% | 44.47% | 18.49% | 14.39% | ||||||||||||||
| TOPS Managed Risk Balanced ETF- Class 2 | Asset Allocation | Milliman Financial Risk Management, LLC/ ValMark Advisers, Inc. | 0.77% | 9.03% | 4.83% | 3.24% | ||||||||||||||
| TOPS Managed Risk Growth ETF- Class 2 | Asset Allocation | 0.75% | 11.14% | 5.86% | 3.33% | |||||||||||||||
| TOPS Managed Risk Moderate Growth ETF- Class 2 | Asset Allocation | 0.75% | 10.33% | 5.51% | 3.52% | |||||||||||||||
| VanEck VIP Global Resources - Class S | Other-Natural Resources | Van Eck Associates Corp | 1.36% | (3.84%) | 10.34% | (1.26%) | ||||||||||||||
| Wanger International* | International Equity | Columbia Wanger Asset Management, LLC | 1.14% | 16.95% | 6.45% | 3.50% | ||||||||||||||