04/25/2024 | Press release | Distributed by Public on 04/25/2024 11:31
Page
|
|
Special Terms
|
3
|
Updated Information You Should Consider About the Contract
|
3
|
Important Information You Should Consider About the Contract
|
4
|
APPENDIX A: Investment Portfolios Available Under the Contract
|
A-1
|
Death Claims
|
P.O. Box 4330
Clinton, IA 52733-4330
Fax: (877) 245-8163
|
Annuity Payments/Income
|
|
• Requests to receive regular income payments
(referred to as Annuity Payments)
|
P.O. Box 4365
Clinton, IA 52733-4365
Telephone: (800) 882-1292
Fax: (877) 246-8424
|
• Death Claims for Contracts receiving Annuity
Payments
|
P.O. Box 4364
Clinton, IA 52733-4364
Telephone: (800) 882-1292
Fax: (877) 245-8163
|
• General requests and elections for Contracts
receiving Annuity Payments
|
P.O. Box 4363
Clinton, IA 52733-4363
Telephone: (800) 882-1292
Fax: (877) 246-8424
|
All other requests and elections, including subsequent
Purchase Payments, and general inquiries
|
P.O. Box 4301
Clinton, IA 52733-4301
Telephone: (888) 243-1932
Fax: (877) 246-8424
|
Fees and Expenses
|
Location in
Prospectus
|
|
Charges for Early
Withdrawals
|
If you withdraw money during the first 8 full Contract Years following a
Purchase Payment, you may be assessed a withdrawal charge of up to 8% of
the Purchase Payment withdrawn, declining to 0% over that time period.
For example, if you make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
|
Fee Table and
Examples
Expenses -
Withdrawal
Charge
|
Transaction
Charges
|
In addition to withdrawal charges, you also may be charged for the following
transactions: transfers of cash value between investment options, which
include the Investment Portfolios and the Fixed Account.
Transfer Fee. Currently, we allow unlimited transfers among the investment
options without charge. However, we reserve the right to charge for transfers
after the first 12 transfers per year.
|
Fee Table and
Examples
Expenses -
Transfer Fee
|
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.
|
Fee Table and
Examples
Expenses-
Product
Charges
Appendix A:
Investment
Portfolios
Available
Under the
Contract
|
Annual Fee
|
Minimum
|
Maximum
|
Base Contract1
|
1.37%
|
1.37%
|
Investment options
(Portfolio Company fees and
expenses)2
|
0.53%
|
1.31%
|
Optional benefits available for
an additional charge (for a
single optional benefit, if
elected)
|
0.15%3
|
1.55%4
|
1 As a percentage of Account Value in the Separate Account. The charge shown also includes the
Account Fee.
2 As a percentage of fund assets before temporary expense reimbursements and/or fee waivers.
3 As a percentage of average Account Value in the Separate Account. This charge is the current
charge for the least expensive optional benefit.
4 As a percentage of the Total Guaranteed Withdrawal Amount, which is a value used to
calculate your benefit. This charge is the current charge for the most expensive optional benefit.
|
||
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. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal
charges that substantially increase costs.
|
||
Lowest Annual Cost
$1,736
|
Highest Annual Cost
$4,402
|
|
Assumes:
|
Assumes:
|
|
•Investment of $100,000
•5% annual appreciation
•Least expensive Portfolio Company fees
and expenses
•No optional benefits
•No additional Purchase Payments,
transfers, or withdrawals
|
•Investment of $100,000
•5% annual appreciation
•Most expensive combination
of optional benefits and
Portfolio Company fees and
expenses
•No additional Purchase
Payments, transfers, or
withdrawals
|
Risks
|
Location in
Prospectus
|
|
Risk of Loss
|
You can lose money by investing in this Contract including loss of principal.
|
Principal Risks
|
Not a Short-Term
Investment
|
This Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
Withdrawal charges may apply for the first 8 years of the Contract.
Withdrawal charges will reduce the value of your Contract if you withdraw
money during that time.
The benefits of tax deferral and living benefit protection also mean the
Contract is more beneficial to investors with a long time horizon.
|
Principal Risks
|
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 (e.g., Portfolio Companies).
•Each investment option, including the Fixed Account, has its own unique
risks.
•You should review the prospectuses for the available funds and the
prospectus disclosure concerning the Fixed Account before making an
investment decision.
|
Principal Risks
|
Insurance
Company Risks
|
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account), and guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject to
our claims-paying ability. If we experience financial distress, we may not be
able to meet our obligations to you. More information about BLIC, including
our financial strength ratings, is available by contacting us at (888) 243-
1968.
|
Principal Risks
|
Restrictions
|
||
Investments
|
•Currently, we allow unlimited transfers without charge among investment
options during the Accumulation Phase. However, we reserve the right to
impose a charge for transfers in excess of 12 per year.
•We reserve the right to limit transfers in circumstances of frequent or large
transfers.
•We reserve the right to remove or substitute the Portfolio Companies
available as investment options under the Contract.
|
Investment
Options
|
Optional Benefits
|
•Certain optional benefits could limit subsequent Purchase Payments.
•Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn, which could significantly reduce the
value or even terminate the benefit.
•We may stop offering an optional benefit at any time for new sales.
|
Living Benefits
|
Taxes
|
||
Tax Implications
|
•Consult with a tax professional to determine the tax implications of an
investment in and payments received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
•You will generally not be taxed on increases in the value of the Contract
until they are withdrawn. Withdrawals will be subject to ordinary income
tax, and may be subject to tax penalties if you take a withdrawal before
age 59 1∕2.
|
Federal
Income Tax
Status
|
Conflicts of Interest
|
Location in
Prospectus
|
|
Investment
Professional
Compensation
|
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g.,
bonuses), and non-cash compensation. This conflict of interest may influence
your investment professional to recommend this Contract over another
investment for which the investment professional is not compensated or
compensated less.
|
Other
Information -
Distributor
|
Exchanges
|
If you already own an insurance Contract, some investment professionals
may have a financial incentive to offer you a new Contract in place of the
one you own. You should only exchange a Contract you already own 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.
|
Replacement
of Contracts
and Other
Exchanges
|
Investment Objectives
|
Portfolio Company and
Adviser/Sub-Adviser
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/2023)
|
||
1
Year
|
5
Year
|
10
Year
|
|||
Seeks both capital appreciation and
current income.
|
Invesco V.I. Equity and Income
Fund - Series II
Invesco Advisers, Inc.
|
0.82%
|
10.24%
|
9.64%
|
6.78%
|
Seeks long-term growth of capital.
|
Invesco V.I. EQV International
Equity Fund - Series II
Invesco Advisers, Inc.
|
1.15%
|
17.86%
|
8.15%
|
4.07%
|
Seeks capital appreciation.
|
Invesco V.I. Main Street Small Cap
Fund® - Series II
Invesco Advisers, Inc.
|
1.13%
|
17.82%
|
12.79%
|
8.66%
|
Seeks long-term growth of capital.
|
American Funds Global Growth
Fund - Class 2#
Capital Research and Management
CompanySM
|
0.66%
|
22.60%
|
13.65%
|
9.58%
|
Seeks long-term growth of capital.
|
American Funds Global Small
Capitalization Fund - Class 2#
Capital Research and Management
CompanySM
|
0.91%
|
16.17%
|
8.31%
|
5.78%
|
Seeks growth of capital.
|
American Funds Growth
Fund - Class 2††
Capital Research and Management
CompanySM
|
0.59%
|
38.49%
|
18.68%
|
14.36%
|
Seeks long-term growth of capital
and income.
|
American Funds Growth-Income
Fund - Class 2
Capital Research and Management
CompanySM
|
0.53%
|
26.14%
|
13.36%
|
10.91%
|
Seeks as high a level of current
income as is consistent with the
preservation of capital.
|
American Funds The Bond Fund of
America - Class 2#
Capital Research and Management
CompanySM
|
0.48%
|
5.02%
|
1.89%
|
2.08%
|
Seeks to achieve growth of capital.
|
American Funds® Growth
Portfolio - Class C
Brighthouse Investment Advisers,
LLC; Capital Research and
Management CompanySM
|
0.92%
|
37.99%
|
18.29%
|
13.99%
|
Investment Objectives
|
Portfolio Company and
Adviser/Sub-Adviser
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/2023)
|
||
1
Year
|
5
Year
|
10
Year
|
|||
Seeks to maximize total return,
consistent with income generation
and prudent investment
management.
|
BlackRock High Yield
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: BlackRock Financial
Management, Inc.
|
0.90%
|
13.07%
|
5.66%
|
4.53%
|
Seeks capital appreciation.
|
Brighthouse/abrdn Emerging
Markets Equity
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: abrdn Investments
Limited
|
1.21%
|
6.47%
|
2.88%
|
1.30%
|
Seeks total return through
investment in real estate securities,
emphasizing both capital
appreciation and current income.
|
CBRE Global Real Estate
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: CBRE Investment
Management Listed Real Assets
LLC
|
0.90%
|
12.73%
|
6.15%
|
4.38%
|
Seeks long-term capital appreciation.
|
Harris Oakmark International
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Harris Associates L.P.
|
0.98%
|
18.95%
|
7.24%
|
3.19%
|
Seeks capital growth and income.
|
Invesco Comstock
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Invesco Advisers, Inc.
|
0.81%
|
12.21%
|
13.33%
|
8.86%
|
Seeks capital appreciation.
|
Invesco Global Equity
Portfolio - Class B††
Brighthouse Investment Advisers,
LLC
Subadviser: Invesco Advisers, Inc.
|
0.83%
|
34.58%
|
12.20%
|
8.41%
|
Seeks long-term growth of capital.
|
Invesco Small Cap Growth
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Invesco Advisers, Inc.
|
1.06%
|
11.90%
|
8.64%
|
7.39%
|
Seeks high total investment return
through a combination of capital
appreciation and income.
|
Loomis Sayles Global Allocation
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Loomis, Sayles &
Company, L.P.
|
1.04%
|
22.20%
|
9.41%
|
7.19%
|
Seeks long-term growth of capital.
|
Loomis Sayles Growth
Portfolio - Class A#
Brighthouse Investment Advisers,
LLC
Subadviser: Loomis, Sayles &
Company, L.P.
|
0.55%
|
52.06%
|
16.39%
|
10.80%
|
Investment Objectives
|
Portfolio Company and
Adviser/Sub-Adviser
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/2023)
|
||
1
Year
|
5
Year
|
10
Year
|
|||
Seeks long-term growth of capital.
|
Loomis Sayles Growth
Portfolio - Class B††
Brighthouse Investment Advisers,
LLC
Subadviser: Loomis, Sayles &
Company, L.P.
|
0.80%
|
51.73%
|
16.12%
|
10.53%
|
Seeks capital appreciation.
|
MFS® Research International
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Massachusetts Financial
Services Company
|
0.90%
|
12.82%
|
8.54%
|
4.17%
|
Seeks capital appreciation.
|
Morgan Stanley Discovery
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Morgan Stanley
Investment Management Inc.
|
0.92%
|
40.86%
|
10.81%
|
8.50%
|
Seeks long-term capital appreciation
by investing in common stocks
believed to be undervalued. Income
is a secondary objective.
|
T. Rowe Price Large Cap Value
Portfolio - Class E#
Brighthouse Investment Advisers,
LLC
Subadviser: T. Rowe Price
Associates, Inc.
|
0.68%
|
9.78%
|
11.38%
|
-
|
Seeks high total return by investing
in equity securities of mid-sized
companies.
|
Victory Sycamore Mid Cap Value
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Victory Capital
Management Inc.
|
0.85%
|
9.94%
|
14.38%
|
8.30%
|
Seeks a competitive total return
primarily from investing in fixed-
income securities.
|
BlackRock Bond Income
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: BlackRock Advisors,
LLC
|
0.64%
|
5.59%
|
1.28%
|
1.95%
|
Seeks long-term growth of capital.
|
BlackRock Capital Appreciation
Portfolio - Class A††
Brighthouse Investment Advisers,
LLC
Subadviser: BlackRock Advisors,
LLC
|
0.57%
|
49.61%
|
16.15%
|
12.88%
|
Seeks a high level of current income
consistent with prudent investment
risk and preservation of capital.
|
BlackRock Ultra-Short Term Bond
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: BlackRock Advisors,
LLC
|
0.61%
|
4.80%
|
1.50%
|
0.98%
|
Investment Objectives
|
Portfolio Company and
Adviser/Sub-Adviser
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/2023)
|
||
1
Year
|
5
Year
|
10
Year
|
|||
Seeks a high level of current income
consistent with prudent investment
risk and preservation of capital.
|
BlackRock Ultra-Short Term Bond
Portfolio - Class E††
Brighthouse Investment Advisers,
LLC
Subadviser: BlackRock Advisors,
LLC
|
0.51%
|
4.90%
|
1.60%
|
1.06%
|
Seeks to provide a growing stream of
income over time and, secondarily,
long-term capital appreciation and
current income.
|
Brighthouse/Wellington Core Equity
Opportunities
Portfolio - Class A††
Brighthouse Investment Advisers,
LLC
Subadviser: Wellington Management
Company LLP
|
0.61%
|
7.66%
|
13.12%
|
10.36%
|
Seeks to provide a growing stream of
income over time and, secondarily,
long-term capital appreciation and
current income.
|
Brighthouse/Wellington Core Equity
Opportunities Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Wellington Management
Company LLP
|
0.86%
|
7.38%
|
12.84%
|
10.08%
|
Seeks long-term growth of capital.
|
Jennison Growth
Portfolio - Class B††
Brighthouse Investment Advisers,
LLC
Subadviser: Jennison Associates LLC
|
0.80%
|
52.86%
|
17.69%
|
14.03%
|
Seeks to maximize total return
consistent with preservation of
capital.
|
Western Asset Management Strategic
Bond Opportunities
Portfolio - Class A††
Brighthouse Investment Advisers,
LLC
Subadviser: Western Asset
Management Company LLC
|
0.56%
|
9.44%
|
2.80%
|
3.01%
|
Seeks to maximize total return
consistent with preservation of
capital.
|
Western Asset Management Strategic
Bond Opportunities
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Western Asset
Management Company LLC
|
0.81%
|
9.22%
|
2.54%
|
2.76%
|
Seeks to maximize total return
consistent with preservation of
capital and maintenance of liquidity.
|
Western Asset Management
U.S. Government
Portfolio - Class B#
Brighthouse Investment Advisers,
LLC
Subadviser: Western Asset
Management Company LLC
|
0.75%
|
4.59%
|
0.70%
|
0.98%
|
Seeks long-term capital appreciation.
|
Contrafund® Portfolio - Service
Class††
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and
FMR Japan
|
0.66%
|
33.34%
|
16.54%
|
11.50%
|
Investment Objectives
|
Portfolio Company and
Adviser/Sub-Adviser
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/2023)
|
||
1
Year
|
5
Year
|
10
Year
|
|||
Seeks long-term capital appreciation.
|
Contrafund® Portfolio - Service
Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and
FMR Japan
|
0.81%
|
33.12%
|
16.36%
|
11.33%
|
Seeks long-term growth of capital.
|
Mid Cap Portfolio - Service Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and
FMR Japan
|
0.82%
|
14.80%
|
12.17%
|
7.85%
|
Seeks to maximize income while
maintaining prospects for capital
appreciation.
|
Franklin Income VIP
Fund - Class 2#
Franklin Advisers, Inc.
|
0.71%
|
8.62%
|
6.98%
|
5.01%
|
Seeks capital appreciation, with
income as a secondary goal.
|
Franklin Mutual Shares VIP
Fund - Class 2
Franklin Mutual Advisers, LLC
|
0.93%
|
13.46%
|
7.82%
|
5.43%
|
Seeks long-term total return.
|
Franklin Small Cap Value VIP
Fund - Class 2#
Franklin Mutual Advisers, LLC
|
0.91%
|
12.75%
|
11.06%
|
7.04%
|
Seeks high current income,
consistent with preservation of
capital, with capital appreciation as
a secondary consideration.
|
Templeton Global Bond VIP
Fund - Class 2#
Franklin Advisers, Inc.
|
0.75%
|
2.88%
|
-2.13%
|
-0.66%
|
Seeks long-term capital appreciation.
|
ClearBridge Variable Appreciation
Portfolio - Class I
Legg Mason Partners Fund Advisor,
LLC
Subadviser: ClearBridge
Investments, LLC
|
0.72%
|
19.71%
|
14.07%
|
10.88%
|
Seeks dividend income, growth of
dividend income and long-term
capital appreciation.
|
ClearBridge Variable Dividend
Strategy Portfolio - Class II
Legg Mason Partners Fund Advisor,
LLC
Subadviser: ClearBridge
Investments, LLC
|
1.00%
|
14.01%
|
13.35%
|
10.17%
|
Seeks long-term growth of capital.
|
ClearBridge Variable Small Cap
Growth Portfolio - Class I
Legg Mason Partners Fund Advisor,
LLC
Subadviser: ClearBridge
Investments, LLC
|
0.80%
|
8.40%
|
9.56%
|
7.89%
|
Seeks a balance of growth of capital
and income.
|
Franklin Multi-Asset Variable
Conservative Growth
Fund - Class I‡
Legg Mason Partners Fund Advisor,
LLC
Subadviser: Franklin Advisers, Inc.
|
0.72%
|
14.63%
|
7.39%
|
5.61%
|
Investment Objectives
|
Portfolio Company and
Adviser/Sub-Adviser
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/2023)
|
||
1
Year
|
5
Year
|
10
Year
|
|||
Seeks capital appreciation.
|
Franklin Multi-Asset Variable
Growth Fund - Class I‡
Legg Mason Partners Fund Advisor,
LLC
Subadviser: Franklin Advisers, Inc.
|
0.81%
|
19.58%
|
10.89%
|
7.41%
|
Seeks to maximize total return.
|
Western Asset Variable Global High
Yield Bond Portfolio - Class I
Legg Mason Partners Fund Advisor,
LLC
Subadvisers: Western Asset
Management Company, LLC;
Western Asset Management
Company Limited; Western Asset
Management Pte. Ltd.
|
0.83%
|
10.26%
|
3.42%
|
2.89%
|
Seeks capital appreciation by
investing in a diversified portfolio of
securities consisting primarily of
common stocks.
|
Pioneer Mid Cap Value VCT
Portfolio - Class II
Amundi Asset Management US, Inc.
|
1.05%
|
11.91%
|
12.46%
|
7.38%
|