Delaware Life Variable Account F

04/29/2024 | Press release | Distributed by Public on 04/29/2024 13:13

Updating Summary Prospectus - Form 497VPU

Masters Flex II
UPDATING SUMMARY PROSPECTUS
MASTERS FLEX II VARIABLE ANNUITY
Issued By
DELAWARE LIFE INSURANCE COMPANY
April 30, 2024
The Masters Flex II Variable Annuity(the "Contract") is a flexible payment deferred variable annuity contract. Delaware Life Insurance Company offered the Contract through personal retirement and deferred compensation plans. The Contract is no longer available for sale.
This Updating Summary Prospectus summarizes key features of the Contract. This Updating Summary Prospectus also provides a summary of the Contract features that have changed since the prospectus dated May 1, 2023. This may not reflect all the changes that have occurred since you entered into your Contract.
The prospectus for the Contract contains more information about the Contract including its features, benefits, and risks. If you have any questions about the Contract and wish to talk to a representative, you may call 1-877-253- 2323. You can find the current prospectus and other information about the Contract online at https://dfinview.com/DelawareLife/TAHD/86680A137?site=Annuity. You can also obtain this information at no cost at https://dfinreports.com/delawarelife, by calling 1-800-477-6545, Option 2, or by sending an email request to [email protected].
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Table of Contents
SPECIAL TERMS
3
UPDATED INFORMATION ABOUT THE CONTRACT
5
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
6
APPENDIX A - FUNDS AVAILABLE UNDER THE CONTRACT
9
APPENDIX B - LIST OF DESIGNATED FUNDS AND OTHER INVESTMENT RESTRICTIONS
14
2
SPECIAL TERMS
The following terms as used in this Prospectus have the indicated meanings:
ACCOUNT or PARTICIPANT ACCOUNT: An account established for each Participant to which Net Purchase Payments are credited.
ACCOUNT VALUE:The Variable Account Value, if any, plus the Fixed Account Value, if any, of your Account for any Valuation Period.
ACCOUNT YEAR and ACCOUNT ANNIVERSARY:Your first Account Year is the period 365 days (366, if a leap year) from the date on which we issued your Contract. Your Account Anniversary is the last day of an Account Year. Each Account Year after the first is the 365-day period that begins on your Account Anniversary.
ANNUITANT:The person or persons to whom the first annuity payment is made. If either Annuitant dies prior to the Annuity Commencement Date, the surviving Annuitant will become the sole Annuitant.
ANNUITY COMMENCEMENT DATE:The date on which the first annuity payment under each Contract is to be made.
ANNUITY UNIT:A unit of measure used in the calculation of the amount of the second and each subsequent Variable Annuity payment from the Variable Account.
APPLICATION:The document signed by you or other evidence acceptable to us that serves as your application for participation under a Group Contract or purchase of an Individual Contract.
BUSINESS DAY:Any day the New York Stock Exchange is open for trading. Also, any day on which we make a determination of the value of a Variable Accumulation Unit.
CERTIFICATE:The document for each Participant which evidences the coverage of the Participant under a Group Contract.
COMPANY ("WE", "US", "DELAWARE LIFE"):Delaware Life Insurance Company.
CONTRACT:Any Individual Contract, Group Contract, or Certificate issued under a Group Contract.
COVERED PERSON:The person(s) identified as such in the Contract whose death will trigger the death benefit provisions of the Contract and whose medically necessary stay in a hospital or nursing facility may allow the Participant to be eligible for a waiver of the withdrawal charge. The Participant/Owner is the Covered Person unless there is a non-natural Owner, such as a trust, in which case the Annuitant is the Covered Person.
DESIGNATED FUNDS:The limited investment options you can choose if you are participating in a living benefit.
FIXED ACCOUNT:The general account of the Company, consisting of all assets of the Company other than those allocated to a separate account of the Company.
FIXED ACCOUNT VALUE:The value of that portion of your Account allocated to the Fixed Account.
FUND:A registered management investment company, or series thereof, in which assets of a Sub-Account may be invested.
GROUP CONTRACT:A Contract issued by the Company on a group basis.
GUARANTEED INTEREST RATE:The rate of interest we credit on a compound annual effective basis.
3
INDIVIDUAL CONTRACT:A Contract issued by the Company on an individual basis.
ISSUE DATE:The date the Contract becomes effective which is the date we apply your initial Net Purchase Payment to your Account and issue your Contract.
NET PURCHASE PAYMENT:The portion of a Purchase Payment which remains after the deduction of any applicable premium tax or similar tax.
OWNER:The person, persons or entity entitled to the ownership rights stated in a Group Contract and in whose name or names the Group Contract is issued. The Owner may designate a trustee or custodian of a retirement plan which meets the requirements of Section 401, Section 408(c), Section 408(k), Section 408(p) or Section 408A of the Internal Revenue Code to serve as legal owner of assets of a retirement plan, but the term "Owner," as used herein, shall refer to the organization entering into the Group Contract.
PARTICIPANT:In the case of an Individual Contract, the owner of the Contract. In the case of a Group Contract, the person named in the Contract who is entitled to exercise all rights and privileges of ownership under the Contract, except as reserved by the Owner.
PURCHASE PAYMENT (PAYMENT):An amount paid to the Company as consideration for the benefits provided by a Contract.
SERVICE ADDRESS:P.O. Box 758581, Topeka, KS 66675-8581 or such other address as we may hereafter specify to you by written notice.
SUB-ACCOUNT:That portion of the Variable Account which invests in shares of a specific Fund.
VALUATION PERIOD:The period of time from one determination of Variable Accumulation Unit or Annuity Unit values to the next subsequent determination of these values. Value determinations are made as of the close of the New York Stock Exchange on each day that the Exchange is open for trading.
VARIABLE ACCOUNT:Variable Account F of the Company, which is a separate account of the Company consisting of assets set aside by the Company, the investment performance of which is kept separate from that of the general assets of the Company.
VARIABLE ACCUMULATION UNIT:A unit of measure used in the calculation of Variable Account Value.
VARIABLE ACCOUNT VALUE:The value of that portion of your Account allocated to the Variable Account.
YOU and YOUR:The terms "you" and "your" refer to "Owner," "Participant," and/or "Covered Person" as those terms are identified in the Contract.
4
UPDATED INFORMATION ABOUT THE CONTRACT
The information in this Updating Summary Prospectus is a summary of the Contract features that have changed since the prospectus dated May 1, 2023. This may not reflect all the changes that have occurred since you entered into your Contract.
Changes Affecting the Funds
Liquidation
AB Variable Products Series Fund, Inc. AB VPS Sustainable International Thematic Portfolio was liquidated and is no longer available as an investment option in the Contract.
Subadviser
BlackRock International Limited was added as a Subadviser to the BlackRock Global Allocation V.I. Fund.
5
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
FEES AND EXPENSES
Location In The
Prospectus
Charges for
Early
Withdrawals
If you withdraw money from your Contract within 4 years following your
last Purchase Payment, you will be assessed a withdrawal charge of up to
8% (as a percentage of Purchase Payments withdrawn), declining to 0%
over that time period. For example, if you make a withdrawal, you could pay
a withdrawal charge of up to $8,000 on a $100,000 investment.
Fee Table -
Transaction
Expenses
Withdrawals and
Withdrawal
Charges
Transaction
Charges
In addition to charges for withdrawals, you may also be charged for other
transactions. There may be taxes on Purchase Payments and charges for
transfers between investment options. Currently, we do not charge for
transfers. However, we reserve the right to charge $15 per transfer.
Fee Table -
Transaction
Expenses
Transfer Privilege
Contract Charges
Ongoing Fees
and Expenses
(annual charges)
The table below describes the fees and expenses that you may pay each
year, depending on the investment options and optional benefits 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 -
Transaction
Expenses
Contract Charges
Benefits Available
Under the
Contract
Appendix A -
Funds Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base contract:
1.65%1
1.65%1
Investment Options
(Fund fees and expenses)
0.69%2
2.38%2
Optional Benefits Available for an
Additional Charge (for a single
optional benefit, if elected)
0.40%1
1.95%3
1As a percentage of average daily net Variable Account assets.
2As a percentage of Fund net assets.
3As a percentage of the highest Withdrawal Benefit Base during the
Account Year.
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal
charges that substantially increase costs.
Lowest Annual Cost:
$2,122
Highest Annual Cost:
$5,187
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive Fund fees and
expenses
•No optional benefits
•No sales charges
•No additional Purchase Payments,
transfers or withdrawals
Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
optional benefits and Fund fees
and expenses
•No sales charges
•No additional Purchase
Payments, transfers or
withdrawals
6
RISKS
Location In The
Prospectus
Risk of Loss
You can lose money by investing in the Contract.
Principal Risks of
Investing in the
Contract
Transfer Privilege
Not a
Short-Term
Investment
•The Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
•The benefits of tax deferral, long-term income and living benefit
guarantees mean the Contract is generally more beneficial to investors
with a long-term horizon. You should not use the Contract as a short-term
investment.
•Withdrawal charges may apply to withdrawals taken within 4 years after a
Purchase Payment. If you take a withdrawal, a withdrawal charge may
reduce the withdrawal amount that you actually receive and the value of
your investment. Withdrawals may also reduce or terminate Contract
guarantees.
•Withdrawals may be subject to taxes, including a 10% federal tax penalty
if you take a withdrawal before age 59 1∕2.
Principal Risks of
Investing in the
Contract
Withdrawals and
Withdrawal
Charges
Tax Provisions
Risks Associated
with Investment
Options
•An investment in the 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., the Funds).
•Each investment option (including any Fixed Account investment option)
will have its own unique risks.
•You should review the investment options before making an investment
decision.
Principal Risks of
Investing in the
Contract
The Variable
Account
The Fixed
Account Options -
The DCA Periods
Insurance
Company Risks
An investment in the Contract is subject to the risks related to the Company.
Any obligations (including under any Fixed Account investment options),
guarantees, or benefits are subject to the claims-paying ability of the
Company. Additional information about the Company, including its
financial strength ratings, is available upon request by calling (877)
253-2323 or visiting https://www.delawarelife.com/contact-us/contact-page.
Principal Risks of
Investing in the
Contract
The Variable
Account
The Fixed
Account Options -
The DCA Periods
RESTRICTIONS
Location In The
Prospectus
Investments
•Certain investment options may not be available under the Contract.
•You are allowed to make 12 transfers between investment options per
Account Year. We reserve the right to charge $15 per transfer. At least 6
days must elapse between transfers. Your transfers between Fund options
are subject to policies designed to deter frequent transfers. These transfer
restrictions do not apply to transfers under the Contract's automatic
programs.
•We reserve the right to remove or substitute Funds as investment options.
The Variable
Account
The Fixed
Account Options -
The DCA Periods
Transfer Privilege
Appendix A -
Funds Available
Under the
Contract
7
RESTRICTIONS (CONT.)
Location In The
Prospectus
Optional
Benefits
•The Contract contains optional death and living benefits, available for an
additional charge, which must be elected on or before the Issue Date and
are no longer available to be added to your Contract.
•If you elected an optional living benefit, all of your Account Value must
be invested in Designated Funds at all times and, if using an asset
allocation model, must comply with minimum and maximum allocation
percentage ranges during the term of your optional living benefit. We
reserve the right to declare that a particular Fund no longer qualifies as a
Designated Fund.
•Failure to comply with the applicable investment restrictions will result in
the termination of your living benefit.
•The amount and frequency of Purchase Payments may be limited
depending on the optional living benefit you have elected, and Purchase
Payments made after the first Account Year may receive a lower benefit.
•Early Withdrawals and withdrawals that exceed specified limits may
affect the availability of your living benefit by reducing the benefit by an
amount greater than the amount withdrawn and could terminate your
living benefit.
Designated Funds
Build Your Own
Portfolio
Death Benefit
Appendix B - List
of Designated
Funds and Other
Investment
Restrictions
TAXES
Location In The
Prospectus
Tax
Implications
•You should consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Contract.
•There is no additional tax benefit if you purchase the Contract through a
tax-qualified plan or an individual retirement account (IRA).
•Earnings under your Contract are taxed at ordinary income rates when
withdrawn. You may be subject to a 10% federal tax penalty if you take a
withdrawal before age 59 1∕2.
Tax Provisions
CONFLICTS OF INTEREST
Location In The
Prospectus
Investment
Professional
Compensation
Your investment professional may receive compensation for selling the
Contract to you, including commissions, other cash compensation, and
non-cash compensation. We may share the revenue we earn on this Contract
with your investment professional's firm. As a result of these compensation
arrangements, your investment professional may have a financial incentive
to offer or recommend this Contract to you over another investment for
which the investment professional is not compensated or is compensated
less.
Distribution of
the Contract
Exchanges
Some investment professionals may have a financial incentive to offer you a
new contract in place of the one you already 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.
8
APPENDIX A - FUNDS
AVAILABLE UNDER THE CONTRACT
The following is a list of Funds available under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://dfinview.com/DelawareLife/TAHD/86680A137?site=Annuity. You can also request this information at no cost at https://dfinreports.com/DelawareLife, by calling (800) 477-6545, Option 2, or by sending an email request to [email protected]. Depending on the optional benefits you choose, you may not be able to invest in certain Funds. See APPENDIX B - LIST OF DESIGNATED FUNDS AND OTHER INVESTMENT RESTRICTIONS.
The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. A Fund's past performance is not necessarily an indication of future performance.
Type
Fund
Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/23)
1 Year
5 Year
10 Year
Allocation - Moderate
AB Variable Products Series Fund, Inc.
Balanced Hedged Allocation Portfolio
Class B3
AllianceBernstein, L.P.
0.98%1
12.66%
5.92%
5.04%
Equity - US Mid Cap
AB Variable Products Series Fund, Inc.
Discovery Value Portfolio
Class B
AllianceBernstein, L.P.
1.06%
16.86%
10.51%
7.29%
Allocation - Cautious
AB Variable Products Series Fund, Inc.
Dynamic Asset Allocation Portfolio
Class B3
AllianceBernstein, L.P.
1.10%1
13.48%
4.03%
3.22%
Allocation - Moderate
BlackRock Variable Series Funds, Inc.
BlackRock Global Allocation V.I. Fund
Class III
BlackRock Advisors, LLC /
BlackRock (Singapore)
Limited, BlackRock
International Limited
1.02%1
12.49%
7.39%
4.63%
Equity - US Large Cap
Growth
Columbia Funds Variable Series Trust II
Columbia Variable Portfolio - Large Cap
Growth Fund
Class 22
Columbia Management
Investment Advisers, LLC
0.97%
42.77%
17.98%
13.37%
Equity - Global Large
Cap
Columbia Funds Variable Series Trust II
Columbia Variable Portfolio - Overseas
Core Fund
Class 22
Columbia Management
Investment Advisers, LLC /
Threadneedle International
Limited
1.04%
15.32%
7.96%
3.37%
Equity - US Large Cap
Growth
Columbia Funds Variable Series Trust II
CTIVP® - Principal Blue Chip Growth
Fund
Class 2
Columbia Management
Investment Advisers, LLC /
Principal Global Investors,
LLC
0.95%
39.20%
15.38%
13.20%
Allocation - Moderate
Variable Insurance Products Fund III
Fidelity® Variable Insurance Products
Balanced Portfolio
Service Class 2
Fidelity Management &
Research Company, LLC /
FMR Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited,
Fidelity Management &
Research (Japan) Limited
0.69%
21.29%
12.16%
8.81%
Equity - US Large Cap
Growth
Variable Insurance Products Fund II
Fidelity® Variable Insurance Products
Contrafund® Portfolio
Service Class 2
Fidelity Management &
Research Company, LLC /
FMR Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited,
Fidelity Management &
Research (Japan) Limited
0.81%
33.12%
16.36%
11.33%
9
Type
Fund
Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/23)
1 Year
5 Year
10 Year
Allocation - Target
Date
Variable Insurance Products Fund V
Fidelity® Variable Insurance Products
Freedom 2015 Portfolio
Service Class 22
Fidelity Management &
Research Company, LLC
0.68%
10.64%
6.29%
4.93%
Allocation - Target
Date
Variable Insurance Products Fund V
Fidelity® Variable Insurance Products
Freedom 2020 Portfolio
Service Class 22
Fidelity Management &
Research Company, LLC
0.72%
12.22%
7.22%
5.48%
Equity - US Mid Cap
Variable Insurance Products Fund III
Fidelity® Variable Insurance Products
Mid Cap Portfolio
Service Class 2
Fidelity Management &
Research Company, LLC /
FMR Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited,
Fidelity Management &
Research (Japan) Limited
0.82%
14.80%
12.17%
7.85%
Equity - International
All Cap
First Eagle Variable Funds
First Eagle Overseas Variable Fund
First Eagle Investment
Management, LLC
1.21%1
10.08%
5.78%
3.68%
Allocation - Cautious
Franklin Templeton Variable Insurance
Products Trust
Franklin Income VIP Fund
Class 22
Franklin Advisers, Inc.
0.71%1
8.62%
6.98%
5.01%
Allocation - Cautious
Franklin Templeton Variable Insurance
Products Trust
Franklin Income VIP Fund
Class 4
Franklin Advisers, Inc.
0.81%1
8.55%
6.88%
4.90%
Allocation - Aggressive
Franklin Templeton Variable Insurance
Products Trust
Franklin Mutual Shares VIP Fund
Class 22
Franklin Mutual Advisers,
LLC
0.93%
13.46%
7.81%
5.43%
Allocation - Aggressive
Franklin Templeton Variable Insurance
Products Trust
Franklin Mutual Shares VIP Fund
Class 4
Franklin Mutual Advisers,
LLC
1.03%
13.31%
7.71%
5.32%
Equity - US Small Cap
Franklin Templeton Variable Insurance
Products Trust
Franklin Small Cap Value VIP Fund
Class 22
Franklin Mutual Advisers,
LLC
0.91%1
12.75%
11.06%
7.04%
Equity - US Small Cap
Franklin Templeton Variable Insurance
Products Trust
Franklin Small Cap Value VIP Fund
Class 4
Franklin Mutual Advisers,
LLC
1.01%1
12.67%
10.97%
6.94%
Fixed Income - US
Franklin Templeton Variable Insurance
Products Trust
Franklin Strategic Income VIP Fund
Class 22
Franklin Advisers, Inc.
1.09%1
8.18%
1.96%
1.77%
Fixed Income - US
Franklin Templeton Variable Insurance
Products Trust
Franklin Strategic Income VIP Fund
Class 4
Franklin Advisers, Inc.
1.19%1
7.99%
1.85%
1.67%
Equity - US Mid Cap
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. American Value Fund
Series II
Invesco Advisers, Inc.
1.14%
15.29%
12.45%
6.98%
Equity - US Large Cap
Growth
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Capital Appreciation Fund
Series II2
Invesco Advisers, Inc.
1.05%1
35.03%
16.10%
11.28%
10
Type
Fund
Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/23)
1 Year
5 Year
10 Year
Equity - US Large Cap
Value
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Comstock Fund
Series II
Invesco Advisers, Inc.
1.00%
12.10%
13.20%
8.65%
Allocation - Moderate
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Equity and Income Fund
Series II
Invesco Advisers, Inc.
0.82%
10.24%
9.64%
6.78%
Equity - Global Large
Cap
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. EQV International Equity
Fund
Series II
Invesco Advisers, Inc.
1.15%
17.86%
8.15%
4.07%
Equity - Global Large
Cap
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Global Fund
Series II
Invesco Advisers, Inc.
1.07%
34.45%
12.02%
8.21%
Equity - Global
Emerging Markets
Lazard Retirement Series, Inc.
Lazard Retirement Emerging Markets
Equity Portfolio
Service Shares
Lazard Asset
Management LLC
1.42%
22.27%
5.01%
2.04%
Fixed Income - US
Lincoln Variable Insurance Products Trust
LVIP JPMorgan Core Bond Fund
Service Class
Lincoln Financial Investments
Corporation / J.P. Morgan
Investment Management, Inc.
0.74%
5.66%
1.04%
1.56%
Equity - US Large Cap
Blend
Lincoln Variable Insurance Products Trust
LVIP JPMorgan U.S. Equity Fund
Service Class
Lincoln Financial Investments
Corporation / J.P. Morgan
Investment Management, Inc.
0.94%
26.84%
16.86%
12.15%
Equity - US Large Cap
Value
Lord Abbett Series Fund, Inc.
Fundamental Equity Portfolio
Class VC
Lord, Abbett & Co. LLC
1.08%1
14.63%
9.70%
7.00%
Equity - US Mid Cap
Lord Abbett Series Fund, Inc.
Growth Opportunities Portfolio
Class VC
Lord, Abbett & Co. LLC
1.16%
10.67%
8.60%
7.12%
Equity - US Small Cap
MFS® Variable Insurance Trust III
MFS® Blended Research® Small Cap
Equity Portfolio
Service Class
Massachusetts Financial
Services Company
0.76%1
18.67%
10.01%
8.00%
Allocation - Cautious
MFS® Variable Insurance Trust III
MFS® Conservative Allocation Portfolio
Service Class
Massachusetts Financial
Services Company
0.93%
10.03%
5.30%
4.28%
Equity - US Large Cap
Blend
MFS® Variable Insurance Trust II
MFS® Core Equity Portfolio
Service Class
Massachusetts Financial
Services Company
1.06%1
22.79%
14.79%
11.33%
Fixed Income - US
MFS® Variable Insurance Trust II
MFS® Corporate Bond Portfolio
Service Class2
Massachusetts Financial
Services Company
0.88%1
8.89%
2.43%
2.56%
Equity - Global
Emerging Markets
MFS® Variable Insurance Trust II
MFS® Emerging Markets Equity
Portfolio
Service Class
Massachusetts Financial
Services Company
1.48%1
10.71%
1.79%
1.31%
Equity - Real Estate
Sector
MFS® Variable Insurance Trust III
MFS® Global Real Estate Portfolio
Service Class
Massachusetts Financial
Services Company
1.15%1
11.20%
6.16%
6.28%
Allocation - Cautious
MFS® Variable Insurance Trust II
MFS® Global Tactical Allocation Portfolio
Service Class
Massachusetts Financial
Services Company
1.08%1
9.35%
4.69%
3.62%
11
Type
Fund
Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/23)
1 Year
5 Year
10 Year
Fixed Income - US
MFS® Variable Insurance Trust II
MFS® Government Securities Portfolio
Service Class
Massachusetts Financial
Services Company
0.83%1
3.86%
0.08%
0.81%
Allocation - Aggressive
MFS® Variable Insurance Trust III
MFS® Growth Allocation Portfolio
Service Class
Massachusetts Financial
Services Company
1.05%
15.03%
9.64%
7.26%
Equity - US Large Cap
Growth
MFS® Variable Insurance Trust
MFS® Growth Series
Service Class
Massachusetts Financial
Services Company
0.98%1
35.51%
15.59%
12.69%
Fixed Income - US
MFS® Variable Insurance Trust II
MFS® High Yield Portfolio
Service Class
Massachusetts Financial
Services Company
0.97%1
12.48%
4.42%
3.58%
Fixed Income - US
MFS® Variable Insurance Trust III
MFS® Inflation-Adjusted Bond Portfolio
Service Class
Massachusetts Financial
Services Company
0.82%1
2.46%
-0.11%
0.27%
Equity - Global Large
Cap
MFS® Variable Insurance Trust II
MFS® International Growth Portfolio
Service Class
Massachusetts Financial
Services Company
1.13%1
14.39%
9.20%
6.09%
Equity - Global Large
Cap
MFS® Variable Insurance Trust II
MFS® International Intrinsic Value
Portfolio
Service Class
Massachusetts Financial
Services Company
1.14%1
17.37%
8.31%
6.66%
Fixed Income - US
MFS® Variable Insurance Trust III
MFS® Limited Maturity Portfolio
Service Class
Massachusetts Financial
Services Company
0.70%1
5.77%
2.01%
1.47%
Equity - US Mid Cap
MFS® Variable Insurance Trust
MFS® Mid Cap Growth Series
Service Class
Massachusetts Financial
Services Company
1.05%1
20.97%
13.05%
10.85%
Equity - US Mid Cap
MFS® Variable Insurance Trust III
MFS® Mid Cap Value Portfolio
Service Class
Massachusetts Financial
Services Company
1.04%1
12.39%
12.60%
8.46%
Allocation - Moderate
MFS® Variable Insurance Trust III
MFS® Moderate Allocation Portfolio
Service Class
Massachusetts Financial
Services Company
0.97%
12.64%
7.68%
5.94%
Equity - US Small Cap
MFS® Variable Insurance Trust
MFS® New Discovery Series
Service Class
Massachusetts Financial
Services Company
1.12%1
14.25%
10.81%
7.41%
Equity - US Small Cap
MFS® Variable Insurance Trust III
MFS® New Discovery Value Portfolio
Service Class
Massachusetts Financial
Services Company
1.13%1
11.22%
12.84%
9.05%
Equity - Global Large
Cap
MFS® Variable Insurance Trust II
MFS® Research International Portfolio
Service Class
Massachusetts Financial
Services Company
1.14%1
12.83%
8.23%
3.89%
Equity - US Large Cap
Blend
MFS® Variable Insurance Trust
MFS® Research Series
Service Class
Massachusetts Financial
Services Company
1.04%1
22.12%
14.13%
10.55%
Fixed Income - US
MFS® Variable Insurance Trust
MFS® Total Return Bond Series
Service Class
Massachusetts Financial
Services Company
0.78%1
7.13%
1.58%
1.96%
Allocation - Moderate
MFS® Variable Insurance Trust
MFS® Total Return Series
Service Class
Massachusetts Financial
Services Company
0.86%1
10.22%
8.27%
6.27%
US Money Market
MFS® Variable Insurance Trust II
MFS® U.S. Government Money Market
Portfolio
Service Class4
Massachusetts Financial
Services Company
0.44%1
4.58%
1.51%
0.91%
12
Type
Fund
Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/23)
1 Year
5 Year
10 Year
Equity - Utilities
Sector
MFS® Variable Insurance Trust
MFS® Utilities Series
Service Class
Massachusetts Financial
Services Company
1.04%1
-2.33%
8.05%
6.13%
Equity - US Large Cap
Value
MFS® Variable Insurance Trust
MFS® Value Series
Service Class
Massachusetts Financial
Services Company
0.94%1
7.63%
11.07%
8.25%
Equity - US Mid Cap
Morgan Stanley Variable Insurance Fund,
Inc.
Discovery Portfolio
Class II
Morgan Stanley Investment
Management, Inc.
1.05%1
44.13%
10.83%
8.38%
Equity - US Large Cap
Growth
Morgan Stanley Variable Insurance Fund,
Inc.
Growth Portfolio
Class II
Morgan Stanley Investment
Management, Inc.
0.82%1
48.32%
10.95%
11.62%
Allocation - Moderate
PIMCO Variable Insurance Trust
PIMCO All Asset Portfolio
Advisor Class
Pacific Investment
Management Company LLC /
Research Affiliates, LLC
2.29%1
8.02%
5.90%
3.93%
Commodities Broad
Basket
PIMCO Variable Insurance Trust
PIMCO CommodityRealReturn®
Strategy Portfolio
Administrative Class2
Pacific Investment
Management Company LLC
1.48%1
-7.85%
8.55%
-0.80%
Commodities Broad
Basket
PIMCO Variable Insurance Trust
PIMCO CommodityRealReturn®
Strategy Portfolio
Advisor Class
Pacific Investment
Management Company LLC
1.58%1
-7.93%
8.46%
-0.90%
Fixed Income -
Emerging Markets
PIMCO Variable Insurance Trust
PIMCO Emerging Markets Bond
Portfolio
Administrative Class2
Pacific Investment
Management Company LLC
1.27%1
11.11%
2.25%
2.78%
Fixed Income -
Emerging Markets
PIMCO Variable Insurance Trust
PIMCO Emerging Markets Bond
Portfolio
Advisor Class
Pacific Investment
Management Company LLC
1.37%1
11.00%
2.14%
2.67%
Allocation - Moderate
PIMCO Variable Insurance Trust
PIMCO Global Managed Asset Allocation
Portfolio
Advisor Class
Pacific Investment
Management Company LLC
1.34%1
12.85%
7.20%
5.14%
Equity - Global Large
Cap
PIMCO Equity Series VIT
PIMCO StocksPLUS® Global Portfolio
Advisor Class
Pacific Investment
Management Company LLC
0.91%1
22.84%
11.41%
6.42%
Equity - US Large Cap
Value
Putnam Variable Trust
Putnam VT Large Cap Value Fund
Class IB
Putnam Investment
Management, LLC / Putnam
Investments Limited
0.82%
15.67%
14.50%
10.26%
Fixed Income - Global
Franklin Templeton Variable Insurance
Products Trust
Templeton Global Bond VIP Fund
Class 4
Franklin Advisers, Inc.
0.85%1
2.82%
-2.23%
-0.76%
Equity - Global Large
Cap
Franklin Templeton Variable Insurance
Products Trust
Templeton Growth VIP Fund
Class 22
Templeton Global Advisors
Limited / Templeton Asset
Management Ltd
1.12%1
21.01%
6.47%
3.24%
1
The Fund's current expenses are subject to a temporary expense reimbursement and/or fee waiver. Please refer to the Fund's prospectus for more information.
2
This Fund is not available for investment if you purchased your Contract on or after October 31, 2011.
3
This Fund employs a managed volatility strategy intended to reduce volatility of returns. Please refer to "THE VARIABLE ACCOUNT" and the Fund's prospectus for more information.
4
There is no assurance that this Fund will be able to maintain a stable net asset value per share. In addition, during periods of low interest rates, and partly as a result of asset based separate account charges, the yield on this Fund may become low and possibly negative.
13
APPENDIX B -LIST
OF DESIGNATED FUNDS AND OTHER INVESTMENT RESTRICTIONS
If you own any of the optional living benefit riders listed below, your Contract is subject to investment restrictions that limit the investment options that are available to you. If you violate the investment restrictions applicable to your benefit, your living benefit will terminate automatically.
Investment Restrictions
For Contracts participating in Income Maximizer ("SIM") or Income Maximizer Plus ("SIM Plus"), the only Funds, dollar-cost averaging programs, and asset allocation models that currently qualify as Designated Funds are as follows:
Asset Allocation Models
Build Your Own Portfolio
Dollar-Cost Averaging Program Options
6-Month DCA Period
12-Month DCA Period
Funds
MFS® Conservative Allocation Portfolio, Service Class
MFS® Global Tactical Allocation Portfolio, Service Class
For Contracts participating in Income Riser III ("SIR III"), the only Funds, dollar-cost averaging program options, and asset allocation models that currently qualify as Designated Funds are as follows:
Asset Allocation Models
Build Your Own Portfolio
Blended Model
Dollar-Cost Averaging Program Options
6-Month DCA Period
12-Month DCA Period
Funds
AB Dynamic Asset Allocation Portfolio, Class B
MFS® Conservative Allocation Portfolio, Service Class
MFS® Global Tactical Allocation Portfolio, Service Class
MFS® Moderate Allocation Portfolio, Service Class
PIMCO All Asset Portfolio, Advisor Class
PIMCO Global Managed Asset Allocation Portfolio, Advisor Class
If you purchased your Contract on and after October 31, 2011, you may not invest in the following Funds:
Columbia Variable Portfolio - Large Cap Growth Fund, Class 2
Columbia Variable Portfolio - Overseas Core Fund, Class 2
Fidelity® Freedom 2015 Portfolio, Service Class 2 (of Variable Insurance Products Fund IV)
Fidelity® Freedom 2020 Portfolio, Service Class 2 (of Variable Insurance Products Fund IV)
Franklin Income VIP Fund, Class 2
Franklin Mutual Shares VIP Fund, Class 2
Franklin Small Cap Value VIP Fund, Class 2
Franklin Strategic Income VIP Fund, Class 2
Invesco V.I. Capital Appreciation Fund, Series II Shares
MFS® Corporate Bond Portfolio, Service Class
PIMCO CommodityRealReturn® Strategy Portfolio, Administrative Class
PIMCO Emerging Markets Bond Portfolio, Administrative Class
Templeton Growth VIP Fund, Class 2
Build Your Own Portfolio - If you comply with this model, the portfolio you build will satisfy the Designated Fundsrequirement under certain optional living benefits. If you do not comply with the allocation percentage limits in effect under your Contract, your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.
14
For Contracts purchased with SIM or SIM Plus, the Funds available in each asset class and the percentage range assigned to each asset class under the Build Your Own Portfolio investment option are as follows:
Balanced Funds
0% to 60%
Fixed Income Funds
40% to 100%
AB Balanced Hedged Allocation Portfolio
LVIP JPMorgan Core Bond Portfolio
AB Dynamic Asset Allocation Portfolio
MFS® Government Securities Portfolio
BlackRock Global Allocation V.I. Fund
MFS® Inflation-Adjusted Bond Portfolio
Fidelity® Balanced Portfolio (of Variable Insurance
Products Fund III)
MFS® Limited Maturity Portfolio
Invesco V.I. Equity and Income Fund
MFS® U.S. Government Money Market Portfolio
MFS® Conservative Allocation Portfolio
MFS® Total Return Bond Series
MFS® Global Tactical Allocation Portfolio
MFS® Moderate Allocation Portfolio
MFS® Total Return Series
PIMCO All Asset Portfolio
PIMCO Global Managed Asset Allocation Portfolio
For Contracts purchased on or after October 31, 2011, with SIR III, the following is the Build Your Own Portfolio model that applies to your Contract. If you do not comply with the allocation percentage limits in effect under your Contract, then your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
MFS® Total Return
Bond Series
AB Dynamic Asset
Allocation Portfolio
AB Balanced Hedged
Allocation Portfolio
Lord Abbett Series
Fund, Inc.-
Fundamental Equity
Portfolio
Franklin Small Cap
Value VIP Fund
Franklin Strategic
Income VIP Fund
MFS® Government
Securities Portfolio
PIMCO Global
Managed Asset
Allocation Portfolio
Fidelity® Balanced
Portfolio (of Variable
Insurance Products
Fund III)
MFS® Value Series
MFS® Blended
Research Small Cap
Equity Portfolio
PIMCO Emerging
Markets Bond
Portfolio
MFS® U.S.
Government Money
Market Portfolio
MFS® Global
Tactical Allocation
Portfolio
Franklin Income
VIP Fund
Invesco V.I. Comstock
Fund
Lord Abbett Series
Fund - Growth
Opportunities Portfolio
MFS® Global Real
Estate Portfolio
MFS® Limited
Maturity Portfolio
MFS® Moderate
Allocation Portfolio
MFS® Total Return
Series
Franklin Mutual
Shares VIP Fund
MFS® International
Intrinsic Value Portfolio
PIMCO
CommodityRealReturn®
Strategy Portfolio
MFS® Inflation-
Adjusted Bond
Portfolio
MFS® Conservative
Allocation Portfolio
Invesco V.I. Equity
and Income Fund
MFS® Utilities Series
MFS® Research
International Portfolio
MFS® Emerging
Markets Equity
Portfolio
LVIP JPMorgan Core
Bond Portfolio
PIMCO All Asset
Portfolio
MFS® Growth
Allocation Portfolio
MFS® Core Equity
Portfolio
First Eagle Overseas
Variable Fund
MFS® High Yield
Portfolio
BlackRock Global
Allocation V.I. Fund
MFS® Research Series
Invesco V.I. Global
Fund
Lazard Retirement
Emerging Markets
Equity Portfolio
MFS® Mid Cap Value
Portfolio
Fidelity® Mid Cap
Portfolio (of Variable
Insurance Products
Fund III)
Templeton Global Bond
VIP Fund
LVIP JPMorgan
U.S. Equity Portfolio
MFS® International
Growth Portfolio
Putnam VT Large Cap
Value Fund
MFS® Growth Series
CTIVP® - Principal
Blue Chip Growth Fund
15
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
MFS® Mid Cap Growth
Series
Morgan Stanley
Variable Insurance
Fund, Inc. Discovery
Portfolio
Invesco V.I. American
Value Fund
Fidelity® Contrafund®
Portfolio (of Variable
Insurance Products
Fund II)
MFS® New Discovery
Value Portfolio
MFS® New Discovery
Series
AB Discovery Value
Portfolio
Invesco V.I. EQV
International Equity
Fund
PIMCO StocksPLUS®
Global Portfolio
Morgan Stanley
Variable Insurance
Fund, Inc. Growth
Portfolio
For Contracts purchased prior to October 31, 2011, with SIR III, the following is the Build Your Own Portfolio model that applies to your Contract. If you do not comply with the allocation percentage limits in effect under your Contract, then your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
MFS® Total Return
Bond Series
AB Dynamic Asset
Allocation Portfolio
AB Balanced Hedged
Allocation Portfolio
Lord Abbett Series
Fund, Inc.-
Fundamental Equity
Portfolio
Franklin Small Cap
Value VIP Fund
Franklin Strategic
Income VIP Fund
MFS® Government
Securities Portfolio
PIMCO Global
Managed Asset
Allocation Portfolio
Fidelity® Balanced
Portfolio (of Variable
Insurance Products
Fund III)
MFS® Value Series
MFS® Blended
Research Small Cap
Equity Portfolio
PIMCO Emerging
Markets Bond Portfolio
MFS® Corporate Bond
Portfolio
MFS® Global Tactical
Allocation Portfolio
Franklin Income VIP
Fund
Invesco V.I. Comstock
Fund
Invesco V.I. Capital
Appreciation Fund
MFS® Global Real
Estate Portfolio
LVIP JPMorgan Core
Bond Portfolio
MFS® Moderate
Allocation Portfolio
MFS® Total Return
Series
Franklin Mutual Shares
VIP Fund
Lord Abbett Series
Fund, Inc. - Growth
Opportunities Portfolio
PIMCO
CommodityRealReturn®
Strategy Portfolio
MFS® U.S.
Government Money
Market Portfolio
MFS® Conservative
Allocation Portfolio
Invesco V.I. Equity and
Income Fund
MFS® Utilities Series
MFS® International
Intrinsic Value Portfolio
MFS® Emerging
Markets Equity
Portfolio
MFS® Limited
Maturity Portfolio
PIMCO All Asset
Portfolio
Fidelity® Freedom 2015
Portfolio (of Variable
Insurance Products
Fund IV)
MFS® Core Equity
Portfolio
MFS® Research
International Portfolio
MFS® High Yield
Portfolio
MFS® Inflation-
Adjusted Bond
Portfolio
Fidelity® Freedom 2020
Portfolio (of Variable
Insurance Products
Fund IV)
MFS® Research Series
Templeton Growth VIP
Fund
Lazard Retirement
Emerging Markets
Equity Portfolio
MFS® Growth
Allocation Portfolio
MFS® Mid Cap Value
Portfolio
First Eagle Overseas
Variable Fund
Templeton Global Bond
VIP Fund
16
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
BlackRock Global
Allocation V.I. Fund
LVIP JPMorgan
U.S. Equity Portfolio
Invesco V.I. Global
Fund
Putnam VT Large Cap
Value Fund
Columbia Variable
Portfolio - Overseas
Core Fund
Fidelity® Mid Cap
Portfolio (of Variable
Insurance Products
Fund III)
MFS® International
Growth Portfolio
MFS® Growth Series
CTIVP® - Principal
Blue Chip Growth Fund
Columbia Variable
Portfolio - Large Cap
Growth Fund
MFS® Mid Cap Growth
Series
Morgan Stanley
Variable Insurance
Fund, Inc. Discovery
Portfolio
Invesco V.I. American
Value Fund
Fidelity® Contrafund®
Portfolio (of Variable
Insurance Products
Fund II)
MFS® New Discovery
Value Portfolio
MFS® New Discovery
Series
AB Discovery Value
Portfolio
Invesco V.I. EQV
International Equity
Fund
PIMCO StocksPLUS®
Global Portfolio
Morgan Stanley
Variable Insurance
Fund, Inc. Growth
Portfolio
17
The prospectus and statement of additional information (SAI), dated April 30, 2024, include additional information. The prospectus and SAI are incorporated by reference into this Updating Summary Prospectus. You can request the prospectus, the SAI, or other information at no cost at https://dfinreports.com/delawarelife, or by calling (800) 477- 6545, option 2, or by sending an email request to [email protected]. You can also access the prospectus, SAI and other information about the Contract online at https://dfinview.com/DelawareLife/TAHD/86680A137?site=Annuity.
Reports and other information about the Variable Account are available on the SEC's website at https://www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
EDGAR Contract Identifier No.: C00092930
18