05/03/2024 | Press release | Distributed by Public on 05/03/2024 07:21
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE EQUITY OPTIONS
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3
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OVERVIEW OF THE EQUITY OPTIONS
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5
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FEE TABLES
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6
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PRINCIPAL RISKS
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8
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METLIFE
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10
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OUR SEPARATE ACCOUNT THAT SUPPORTS THE EQUITY OPTIONS
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10
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ELECTING EQUITY OPTIONS
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13
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YOUR PAYMENT AND ALLOCATION OF EQUITY OPTIONS PREMIUMS
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14
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Paying Premiums
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14
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Maximum and Minimum Premium Payments
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15
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Allocating Equity Enricher Premiums
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16
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SENDING COMMUNICATIONS AND PAYMENTS TO US
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16
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Contacting Us
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16
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When Your Requests, Instructions and Notifications Become Effective
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16
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Third Party Requests
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17
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DEATH BENEFIT
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17
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Equity Options Death Benefits
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17
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Alternate Death Benefit That Automatically Applies in Some Cases
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18
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Conditional Guaranteed Minimum Death Benefit
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18
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EQUITY OPTIONS CASH VALUE
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19
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SURRENDERS AND PARTIAL WITHDRAWALS FROM EQUITY OPTIONS
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20
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TRANSFERRING CASH VALUE
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20
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Restrictions on Frequent Transfers
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21
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Restrictions on Large Transfers
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22
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BORROWING FROM THE FIXED POLICY OR EQUITY OPTIONS
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23
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LAPSE
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24
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CHARGES AND DEDUCTIONS YOU PAY FOR EQUITY OPTIONS
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25
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Deductions from Premiums
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25
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Charge for Personalized Illustrations
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25
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Charges Included in the Monthly Deduction
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25
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Charges and Expenses of the Separate Account and the Portfolios
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27
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Variations in Charges
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27
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NET SINGLE PREMIUM
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27
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FEDERAL TAX MATTERS
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27
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RIGHTS WE RESERVE
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32
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OTHER FIXED POLICY PROVISIONS
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33
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SALES AND DISTRIBUTION OF THE POLICIES
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34
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FINANCIAL STATEMENTS
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37
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GLOSSARY
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38
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APPENDIX A: PORTFOLIOS AVAILABLE UNDER THE EQUITY OPTIONS
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A-1
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FEES AND EXPENSES
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LOCATION IN
PROSPECTUS
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Charges for Early
Withdrawal
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None
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None
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Transaction Charges
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You may be charged for transactions (such as when a premium
payment is made into the Equity Enricher or when you request more
than one illustration in a year).
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"Charges and
Deductions You Pay for
Equity Options -
Deductions from
Premiums"
"Charges and
Deductions You Pay for
Equity Options -
Charge for Personalized
Illustrations"
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Ongoing Fees and
Expenses (annual
charges)
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In addition to transaction charges, an investment in Equity Options
is subject to certain ongoing fees and expenses, including a monthly
deduction covering the cost of insurance under the Equity Options
added by rider, which cost of insurance is based on characteristics of
the insured (e.g., age, sex and risk classification), and a mortality
and expense risk charge. Please refer to the specifications page of
your Fixed Policy for applicable rates.
You will also bear expenses associated with the Portfolios under your
Equity Option, as shown in the following table:
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"Charges and
Deductions You Pay for
Equity Options - Charges
Included in the Monthly
Deduction"
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ANNUAL FEE
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MIN
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MAX
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Investment options (Portfolio fees
and charges)
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0.28%
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0.69%
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RISKS
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LOCATION IN
PROSPECTUS
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Risk of Loss
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You can lose money by investing in the Equity Options, including loss
of principal.
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"Principal Risks"
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Not a Short-Term
Investment
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The Fixed Policy to which Equity Options may be added is designed
to provide life insurance protection. The Fixed Policy and the Equity
Options should not be used as a short-term investment or if you need
ready access to cash, because you will be charged when you make
premium payments to the Fixed Policy and the Equity Enricher in
order to replace short-term withdrawals. In addition, withdrawals
may be subject to ordinary income tax or tax penalties.
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"Principal Risks"
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Risks Associated with
Investment Options
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An investment in Equity Options is subject to the risk of poor
investment performance and can vary depending on the
performance of the Portfolios available under the Equity Options.
Each Portfolio has its own unique risks. You should review the
Portfolios before making an investment decision.
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"Principal Risks"
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RISKS
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LOCATION IN
PROSPECTUS
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Insurance Company
Risks
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Investments in Equity Options are subject to risks related to
Metropolitan Life, including any obligations (including under the
Fixed Policy), guarantees, and benefits of the Fixed Policy, including
any death benefit, and Equity Options, which are subject to the
claims paying ability of Metropolitan Life. If Metropolitan Life
experiences financial distress, it may not be able to meet its
obligations to you. More information about Metropolitan Life,
including its financial strength ratings, is available upon request by
calling 1-800-638-5000 or visiting: https://www.metlife.com/about-us/
corporate-profile/ratings.
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"Principal Risks"
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Contract Lapse
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We will terminate Equity Options if you are not making sufficient
premium payments under the Fixed Policy the investment
experience of the Portfolio is poor, you have taken partial
withdrawals, or if your Fixed Policy face amount falls below the
minimum required face amount. Lapse of a Policy on which there is
an outstanding loan may have adverse tax consequences. If the
Fixed Policy lapses no death benefit will be paid. The Equity Options
may be reinstated if the conditions for reinstatement of the Fixed
Policy are met including the payment of required premiums.
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"Lapse"
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RESTRICTIONS
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LOCATION IN
PROSPECTUS
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Investments
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Transfer restrictions may apply because the Company has policies
and procedures that attempt to detect and deter frequent transfers
in situations where we determine there is a potential for arbitrage
trading, and in those instances, there are additional limits that
apply to transfers.
Metropolitan Life reserves the right to remove or substitute
Portfolios as investment options that are available under Equity
Options.
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"Transferring Cash
Value"
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Optional Benefits
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If you select the Equity Additions Rider, you are limited to
investments in one Portfolio.
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TAXES
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LOCATION IN
PROSPECTUS
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Tax Implications
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Consult with a tax professional to determine the tax implications of
an investment in and payments received under the Equity Options.
Withdrawals may be subject to ordinary income tax, and may be
subject to tax penalties.
Lapse of a Policy on which there is an outstanding loan may have
adverse tax consequences.
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"Federal Tax Matters"
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CONFLICTS OF INTEREST
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LOCATION IN
PROSPECTUS
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Investment
Professional
Compensation
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Some investment professionals may receive ongoing trail
commissions on the cash value of your Equity Options. They may also
receive sales commissions on additional purchase payments you
make to Equity Options, which may create a financial incentive for
such investment professionals to recommend that you make
additional purchase payments to your Equity Options rather than to
some other financial product.
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"Sales and Distribution
of the Policies"
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CONFLICTS OF INTEREST
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LOCATION IN
PROSPECTUS
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Exchanges
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Some investment professionals may have a financial incentive to
offer you a new policy in place of your Policy with Equity Options.
You should only exchange your Fixed Policy with Equity Options 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 Fixed Policy with Equity Options.
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"Sales and Distribution
of the Policies"
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Charge
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When Charge is
Deducted
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Maximum Amount
Deducted
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Current Amount
Deducted
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Maximum Sales Charge imposed on
premiums* ("load")
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On payment of
premium
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2.00% of each premium
paid
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2.00% of each premium
paid
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State premium tax charge*
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On payment of
premium
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2.00% of each premium
paid
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2.00% of each premium
paid
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Federal premium tax charge*
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On payment of
premium
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1.00% of each premium
paid
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1.00% of each premium
paid
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Illustrations
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Upon requests for an
illustration in excess
of one per year
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$25.00
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$0
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Base Contract Charges:
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When Charge is
Deducted
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Maximum Amount
Deducted
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Current Amount
Deducted
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Cost of Insurance(1)
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Equity Additions
●Minimum and Maximum Charge
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Monthly
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$0.50 to $2.75 each month
per $1,000 of Equity
Additions Cash Value
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$0.05 to $2.47 each month
per $1,000 of Equity
Additions Cash Value
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●Charge for a representative
insured(2)
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$0.51 each month per
$1,000 of Equity Additions
Cash Value
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$0.05 each month per
$1,000 of Equity Additions
Cash Value
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Equity Enricher
●Minimum and Maximum Charge
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Monthly
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$0.50 to $2.75 each month
per $1,000 of Equity
Enricher Cash Value
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$0.05 to $2.47 each month
per $1,000 of Equity
Enricher Cash Value
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●Charge for a representative
insured(2)
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$0.52 each month per
$1,000 of Equity Additions
Enricher Value
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$0.07 each month per
$1,000 of Equity Additions
Enricher Value
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Equity Options
●Mortality and Expense Risk and
Administrative Services Charge(3)
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Monthly
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Annual rate of 0.75% of the
cash value in the Separate
Account on each monthly
Anniversary
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Annual rate of 0.75% of the
cash value in the Separate
Account on each monthly
Anniversary
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●Loan Interest Rate
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Annually
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The greater of (a) a then
current rate of a specified
average(4) and (b) a rate
equal to 1% per annum
more than the interest
rate of the Fixed Policy.
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The greater of (a) a then
current rate of a specified
average(4) and (b) a rate
equal to 1% per annum
more than the interest
rate of the Fixed Policy.
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Minimum
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Maximum
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Annual Portfolio Expenses (expenses
that are deducted from Portfolio assets,
including management fees,
distribution and/or service (12b-1) fees,
and other expenses)
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0.28%
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0.69%
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FUND
TYPE
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PORTFOLIO AND
ADVISER/SUBADVISER
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CURRENT
EXPENSES
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AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023)
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1
YEAR
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5
YEAR
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10
YEAR
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US Equity
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MetLife Stock Index Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management,
LLC
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0.26%
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25.94%
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15.39%
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11.75%
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US Equity
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Morgan Stanley Discovery Portfolio*‡ - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Morgan Stanley Investment
Management Inc.
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0.67%
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41.23%
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11.07%
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8.77%
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