04/29/2024 | Press release | Distributed by Public on 04/29/2024 13:14
GLOSSARY OF POLICY TERMS
|
3
|
UPDATED INFORMATION ABOUT THE POLICY
|
5
|
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY
|
6
|
APPENDIX A - FUNDS AVAILABLE UNDER THE POLICY
|
8
|
FEES AND EXPENSES
|
Location In The
Prospectus
|
|
Transaction
Charges
|
You may be charged for transactions under the Policy. A front-end load, also
known as an Expense Charge, may be charged on each premium payment.
The front-end load for premiums up to and including the Target Premium
differs from the front-end load for premiums in excess of the Target
Premium. You may be charged for requested Policy illustrations.
|
FEE TABLE -
TRANSACTION
FEES
CHARGES,
DEDUCTIONS
AND
REFUNDS
|
Ongoing Fees
and Expenses
(annual
charges)
|
In addition to 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 the Additional Protection
Benefit (APB) Rider available under the Policy. Certain fees and expenses
are set based on characteristics of the insured (e.g., age, sex, and rating
classification). You should view your Policy specifications page for rates
applicable to your Policy. You will also bear expenses associated with the
Funds under the Policy, as shown in the following table:
|
FEE TABLE
CHARGES,
DEDUCTIONS
AND
REFUNDS
APPENDIX A -
FUNDS
AVAILABLE
UNDER
THE POLICY
|
Annual Fee
|
Minimum
|
Maximum
|
Investment Options (Fund fees and
expenses)1
|
0.27%1
|
1.82%1
|
1
As a percentage of Fund net assets.
|
||
RISKS
|
Location In The
Prospectus
|
|
Risk of Loss
|
You can lose money by investing in the Policy.
|
PRINCIPAL
RISKS
OF 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.
•Full surrender of this Policy is discouraged in the early Policy Years
because the front-end loads on premiums are higher in those years.
•Upon partial surrender, your death benefit protection may be reduced, and
your risk of lapse will increase. You may partially surrender the Policy
only once per year and only after the Policy has been in force for one year.
•If You fully or partially surrender the Policy, You may be subject to
income taxes and potential tax penalties. There may be tax consequences
associated with Policy loans.
|
|
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
Investment Options available under the Policy (e.g., the Funds).
•Each Investment Option (including the Fixed Account) has its own unique
risks.
•You should review the Investment Options before making an investment
decision.
|
|
Insurance
Company
Risks
|
•An investment in the Policy is subject to the risks related to the Company.
•Any Company obligations (including under the Fixed Account),
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 1-888-594-2654 or
visiting https://www.delawarelife.com/our-company.
|
PRINCIPAL
RISKS
OF INVESTING
IN THE
POLICY
|
RISKS (CONT.)
|
Location In The
Prospectus
|
|
Policy
Lapse
|
•Poor investment performance, insufficient premiums, fees and charges,
partial surrenders, and unpaid loans or loan interest could cause your
Policy to lapse and You could lose your insurance coverage.
•There are costs associated with reinstating a lapsed Policy.
•Death benefits will not be paid if the Policy has lapsed.
|
INSUFFICIENT
VALUE
|
RESTRICTIONS
|
Location In The
Prospectus
|
|
Investments
|
•Certain Investment Options may not be available under your Policy.
•Transfers from the Fixed Account are subject to special restrictions that
may prolong the time it takes to transfer Account Value from the Fixed
Account.
•Transfers between the Fund options are subject to additional restrictions
designed to prevent short-term and disruptive trading.
•All transfers are subject to our consent, and we reserve the right to impose
limitations on transfers.
•We reserve the right to remove or substitute Funds as Investment Options.
|
APPENDIX A -
FUNDS
AVAILABLE
UNDER
THE POLICY
TRANSFER
PRIVILEGES
MODIFICATION
|
Optional
Benefits
|
•The Enhanced Cash Surrender Value (ECSV) is only available during the
first ten Policy Years and is not available if a surrender is made pursuant
to an exchange under Section 1035 of the Internal Revenue Code (or any
successor provision).
•The ECSV is not available for Policy loans or upon partial surrender.
•The ECSV may not be available in all states.
|
ENHANCED
CASH
SURRENDER
VALUE
BENEFIT
ENDORSEMENT
|
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 Policy.
•There is no additional tax benefit if the Policy is purchased through a
tax-qualified plan.
•Full and partial surrenders will be subject to ordinary income tax, and
may be subject to tax penalties.
|
ABOUT THE
POLICY
FEDERAL
INCOME
TAX
CONSIDERA-
TIONS
|
CONFLICTS OF INTEREST
|
Location In The
Prospectus
|
|
Investment
Professional
Compensation
|
Your investment professional may receive compensation for selling the
Policy to You, including commissions, other cash compensation, and
non-cash compensation. We may share the revenue we earn on this Policy
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 Policy over another investment.
|
DISTRIBUTION
OF POLICY
|
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
a policy You already own if You determine, after comparing the features,
fees, and risks of both policies, that it is better for You to purchase the new
policy rather than continue to own your existing policy.
|
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
|
AB Variable Products Series Fund, Inc.
Relative Value Portfolio
Class B
|
AllianceBernstein, L.P.
|
0.86%1
|
11.72%
|
11.57%
|
9.05%
|
Equity - US Small Cap
|
AB Variable Products Series Fund, Inc.
Small Cap Growth Portfolio
Class B2
|
AllianceBernstein, L.P.
|
1.15%1
|
17.72%
|
10.29%
|
8.26%
|
Equity - Global Large
Cap
|
AB Variable Products Series Fund, Inc.
Sustainable Global Thematic Portfolio
Class B
|
AllianceBernstein, L.P.
|
1.17%1
|
15.70%
|
13.27%
|
9.33%
|
Fixed Income - US
|
American Funds Insurance Series®
American High-Income Trust®
Class2
|
Capital Research and
Management Company
|
0.57%1
|
12.45%
|
6.09%
|
4.41%
|
Equity - Global Large
Cap
|
American Funds Insurance Series®
Capital World Growth and Income Fund®
Class2
|
Capital Research and
Management Company
|
0.66%1
|
20.88%
|
10.34%
|
7.62%
|
Equity - Global Large
Cap
|
American Funds Insurance Series®
Global Growth Fund
Class2
|
Capital Research and
Management Company
|
0.66%1
|
22.60%
|
13.65%
|
9.58%
|
Equity - Global Mid/
Small Cap
|
American Funds Insurance Series®
Global Small Capitalization Fund
Class2
|
Capital Research and
Management Company
|
0.91%1
|
16.17%
|
8.31%
|
5.78%
|
Equity - US Large Cap
Growth
|
American Funds Insurance Series®
Growth Fund
Class2
|
Capital Research and
Management Company
|
0.59%
|
38.49%
|
18.68%
|
14.36%
|
Equity - US Large Cap
Blend
|
American Funds Insurance Series®
Growth-Income Fund
Class2
|
Capital Research and
Management Company
|
0.53%
|
26.14%
|
13.36%
|
10.91%
|
Equity - Global Large
Cap
|
American Funds Insurance Series®
International Fund
Class2
|
Capital Research and
Management Company
|
0.78%
|
15.84%
|
4.83%
|
3.41%
|
Fixed Income - US
|
American Funds Insurance Series®
The Bond Fund of America®
Class2
|
Capital Research and
Management Company
|
0.48%1
|
5.02%
|
1.89%
|
2.08%
|
Equity - US Large Cap
Value
|
American Funds Insurance Series®
Washington Mutual Investors Fund
Class2
|
Capital Research and
Management Company
|
0.52%1
|
17.29%
|
12.60%
|
9.91%
|
Equity - US Mid Cap
|
BNY Mellon Investment Portfolios:
MidCap Stock Portfolio
Initial Shares
|
BNY Mellon Investment
Adviser, Inc. / Newton
Investment Management
North America, LLC
|
0.80%1
|
18.31%
|
10.70%
|
7.44%
|
Equity - US Large Cap
Blend
|
BNY Mellon Stock Index Fund, Inc.
Initial Shares
|
BNY Mellon Investment
Adviser, Inc.
|
0.27%
|
25.93%
|
15.38%
|
11.75%
|
Type
|
Fund
|
Adviser/Subadviser
|
Current
Expenses
|
Average Annual Total Returns
(as of 12/31/23)
|
||
1 Year
|
5 Year
|
10 Year
|
||||
Equity - US Small Cap
|
Delaware VIP® Trust
Macquarie VIP Small Cap Value Series3
Standard Class
|
Delaware Management
Company / Macquarie
Investment Management
Global Limited
|
0.78%
|
9.45%
|
10.21%
|
7.06%
|
Equity - US Small Cap
|
Deutsche DWS Investments VIT Funds
DWS Small Cap Index VIP
Class B4
|
DWS Investment
Management Americas, Inc. /
Northern Trust Investments,
Inc.
|
0.68%1
|
16.33%
|
9.34%
|
6.59%
|
Equity - US Large Cap
Growth
|
Variable Insurance Products Fund II
Fidelity® Variable Insurance Products
Contrafund® Portfolio
Service Class2
|
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%
|
Equity - US Large Cap
Growth
|
Variable Insurance Products Fund
Fidelity® Variable Insurance Products
Growth Portfolio
Service Class2
|
Fidelity Management &
Research Company, LLC /
FMR Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited,
Fidelity Management &
Research (Japan) Limited
|
0.83%
|
35.89%
|
19.34%
|
14.51%
|
Equity - Global Large
Cap
|
Variable Insurance Products Fund
Fidelity® Variable Insurance Products
Overseas Portfolio
Service Class2
|
Fidelity Management &
Research Company, LLC /
FMR Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited,
Fidelity Management &
Research (Japan) Limited, FI
Investment Advisors, FI
Investment Advisors (UK)
|
0.98%
|
20.22%
|
9.71%
|
4.65%
|
Equity - US Large Cap
Growth
|
Goldman Sachs Variable Insurance Trust
Goldman Sachs Strategic Growth Fund
Institutional Shares
|
Goldman Sachs Asset
Management, L.P.
|
0.70%1
|
41.94%
|
17.32%
|
13.16%
|
Equity - US Large Cap
Blend
|
Goldman Sachs Variable Insurance Trust
Goldman Sachs U.S. Equity Insights Fund
Institutional Shares
|
Goldman Sachs Asset
Management, L.P.
|
0.56%1
|
23.81%
|
13.60%
|
10.97%
|
Equity - US Large Cap
Growth
|
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I American Franchise Fund
Series I
|
Invesco Advisers, Inc.
|
0.86%
|
40.93%
|
16.16%
|
11.70%
|
Equity - US Large Cap
Growth
|
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Capital Appreciation Fund
Series I
|
Invesco Advisers, Inc.
|
0.80%1
|
35.37%
|
16.40%
|
11.56%
|
Equity - US Large Cap
Blend
|
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Core Equity Fund
Series I
|
Invesco Advisers, Inc.
|
0.80%
|
23.36%
|
12.95%
|
7.79%
|
Equity - US Mid Cap
|
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Discovery Mid Cap Growth
Fund
Series I
|
Invesco Advisers, Inc.
|
0.87%
|
13.15%
|
12.77%
|
9.79%
|
Type
|
Fund
|
Adviser/Subadviser
|
Current
Expenses
|
Average Annual Total Returns
(as of 12/31/23)
|
||
1 Year
|
5 Year
|
10 Year
|
||||
Equity - Global Large
Cap
|
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. EQV International Equity
Fund
Series I
|
Invesco Advisers, Inc.
|
0.90%
|
18.15%
|
8.42%
|
4.33%
|
Equity - US Small Cap
|
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds)
Invesco V.I. Small Cap Equity Fund
Series I
|
Invesco Advisers, Inc.
|
0.95%
|
16.57%
|
12.44%
|
6.55%
|
Equity - US Small Cap
|
Lincoln Variable Insurance Products Trust
LVIP Macquarie SMID Cap Core Fund5
Standard Class
|
Lincoln Financial Investments
Corporation / Delaware
Investments Fund Advisers
Sub-Subadviser: Macquarie
Investment Management
Global Limited
|
0.80%1
|
16.45%
|
12.25%
|
8.36%
|
Equity - US Large Cap
Blend
|
MFS® Variable Insurance Trust II
MFS® Blended Research® Core Equity
Portfolio
Service Class
|
Massachusetts Financial
Services Company
|
0.68%1
|
28.20%
|
15.53%
|
10.82%
|
Equity - US Small Cap
|
MFS® Variable Insurance Trust III
MFS® Blended Research® Small Cap
Equity Portfolio
Initial Class
|
Massachusetts Financial
Services Company
|
0.51%1
|
18.96%
|
10.28%
|
8.27%
|
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 Class
|
Massachusetts Financial
Services Company
|
0.88%1
|
8.89%
|
2.43%
|
2.56%
|
Equity - Real Estate
Sector
|
MFS® Variable Insurance Trust III
MFS® Global Real Estate Portfolio
Initial Class
|
Massachusetts Financial
Services Company
|
0.90%1
|
11.46%
|
6.41%
|
6.55%
|
Equity - Global Large
Cap
|
MFS® Variable Insurance Trust II
MFS® Global Research Portfolio
Service Class
|
Massachusetts Financial
Services Company
|
1.10%1
|
18.97%
|
12.05%
|
7.89%
|
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%
|
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
Initial Class
|
Massachusetts Financial
Services Company
|
0.72%1
|
12.41%
|
4.66%
|
3.82%
|
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 II
MFS® Income Portfolio
Service Class
|
Massachusetts Financial
Services Company
|
0.92%1
|
7.36%
|
2.37%
|
2.42%
|
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%
|
Fixed Income - US
|
MFS® Variable Insurance Trust III
MFS® Limited Maturity Portfolio
Initial Class
|
Massachusetts Financial
Services Company
|
0.45%1
|
6.08%
|
2.25%
|
1.72%
|
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
Growth
|
MFS® Variable Insurance Trust II
MFS® Massachusetts Investors Growth
Stock Portfolio
Service Class
|
Massachusetts Financial
Services Company
|
0.98%1
|
23.70%
|
16.39%
|
12.44%
|
Equity - US Mid Cap
|
MFS® Variable Insurance Trust
MFS® Mid Cap Growth Series
Initial Class
|
Massachusetts Financial
Services Company
|
0.80%1
|
21.32%
|
13.31%
|
11.12%
|
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
Initial Class
|
Massachusetts Financial
Services Company
|
0.79%1
|
12.73%
|
12.90%
|
8.73%
|
Equity - US Small Cap
|
MFS® Variable Insurance Trust
MFS® New Discovery Series
Service Class6
|
Massachusetts Financial
Services Company
|
1.12%1
|
14.25%
|
10.81%
|
7.41%
|
Equity - US Large Cap
Blend
|
MFS® Variable Insurance Trust
MFS® Research Series
Initial Class
|
Massachusetts Financial
Services Company
|
0.79%1
|
22.42%
|
14.41%
|
10.82%
|
Fixed Income - US
|
MFS® Variable Insurance Trust
MFS® Total Return Bond Series
Initial Class
|
Massachusetts Financial
Services Company
|
0.53%1
|
7.38%
|
1.85%
|
2.22%
|
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
Initial Class7
|
Massachusetts Financial
Services Company
|
0.44%1
|
4.58%
|
1.51%
|
0.91%
|
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
Initial Class
|
Massachusetts Financial
Services Company
|
0.69%1
|
7.93%
|
11.34%
|
8.52%
|
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
|
Neuberger Berman Advisers Management
Trust
Mid Cap Intrinsic Value Portfolio
Class I
|
Neuberger Berman
Investment Advisers LLC
|
1.02%
|
11.00%
|
8.63%
|
6.13%
|
Fixed Income -
Emerging Markets
|
PIMCO Variable Insurance Trust
PIMCO Emerging Markets Bond
Portfolio
Administrative Class
|
Pacific Investment
Management Company LLC
|
1.27%1
|
11.11%
|
2.25%
|
2.78%
|
Fixed Income - US
|
PIMCO Variable Insurance Trust
PIMCO Real Return Portfolio
Administrative Class
|
Pacific Investment
Management Company LLC
|
0.84%1
|
3.67%
|
3.16%
|
2.25%
|
Fixed Income - US
|
PIMCO Variable Insurance Trust
PIMCO Total Return Portfolio
Administrative Class
|
Pacific Investment
Management Company LLC
|
0.75%1
|
5.93%
|
1.08%
|
1.71%
|
Equity - US Large Cap
Blend
|
Rydex Variable Trust
NASDAQ-100®Fund
|
Security Investors, LLC
(Guggenheim Investments)
|
1.77%1
|
53.22%
|
20.24%
|
15.86%
|
Equity - US Large Cap
Growth
|
Rydex Variable Trust
Nova Fund
|
Security Investors, LLC
(Guggenheim Investments)
|
1.75%1
|
35.06%
|
18.45%
|
14.14%
|
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
|
T. Rowe Price Equity Series, Inc.
T. Rowe Price Equity Income Portfolio
|
T. Rowe Price Associates, Inc.
|
0.74%
|
9.54%
|
11.20%
|
7.84%
|
Equity - Global Large
Cap
|
Franklin Templeton Variable Insurance
Products Trust
Templeton Foreign VIP Fund
Class2
|
Templeton Investment
Counsel, LLC
|
1.07%1
|
20.76%
|
5.27%
|
1.28%
|
Equity - Global Large
Cap
|
Franklin Templeton Variable Insurance
Products Trust
Templeton Growth VIP Fund
Class2
|
Templeton Global Advisors
Limited / Templeton Asset
Management Ltd
|
1.12%1
|
21.01%
|
6.47%
|
3.24%
|