First Investors Life Level Premium Variable Lif Ins Sep Ac B
04/30/2024 | Press release | Distributed by Public on 04/30/2024 07:58
Updating Summary Prospectus - Form 497VPU
ISP Choice Two and ISP Choice Four
Table of Contents
May 1, 2024
ISP Choice
A Level Premium Variable Life Insurance Policy with two premium payment period options
ISPC-15 & ISPC-WL
Issued by: Nassau Life Insurance Company
UPDATING SUMMARY PROSPECTUS
This Updating Summary Prospectus provides updated information about ISP Choice, an individual level premium variable life insurance policy (the "Policy").
The prospectus for the Policy contains more information about the Policy, including its features, benefits, and risks. You can find the current prospectus and other information about the Policy online at https://dfinview.com/Nassau-PHL/TAHD/NAS000018. You can also obtain this information at no cost by calling 1-800-832-7783 or by sending an email request to [email protected].
Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
TABLE OF CONTENTS
|
Glossary |
2 | |||
|
Updated Information About Your Policy |
2 | |||
|
Important Information You Should Consider About the Policy |
4 | |||
|
Appendix A: Funds Available Under the Policy |
9 |
Table of Contents
GLOSSARY
The following are defined terms used in this Updating Summary Prospectus:
Cash Value - The Cash Value of the Policy is equal to its accumulation value less any applicable policy surrender charge.
Face Amount - The dollar amount of insurance coverage You select, which is the Policy's guaranteed minimum death benefit.
Fixed Account - A fixed interest investment option under the Policy.
Fund-A mutual fund underlying the Policy.
NNY, Us, We, Our or Company - Nassau Life Insurance Company
Policy - The individual level premium variable life insurance policy for which this summary prospectus provides updated information.
Policy Anniversary - The date of each one-year interval as measured from the date Your Policy is issued.
Policy Year - a twelve-month period as measured from the date Your Policy is issued until the first Policy Anniversary, and from each Policy Anniversary to the next Policy Anniversary thereafter.
Subaccount - A segregated investment subaccount under First Investors Life Level Premium Variable Life Insurance Separate Account B, the separate account of NNY that supports the Policy. Each Subaccount invests in the shares of a single Fund.
You or Your - A Policyowner who is reading this summary prospectus.
UPDATED INFORMATION ABOUT YOUR POLICY
The following is a summary of certain Policy features that have changed since the Updating Summary Prospectus dated May 1, 2023. This does not reflect all of the changes that have occurred since You entered into Your Policy.
| • |
Effective April 26, 2024, the Delaware VIP International Series (the "Target Fund") was reorganized into the Delaware Ivy VIP International Core Equity series (the "Acquiring Fund"). After the reorganization, any contract value allocated to a sub-account that invests in the Target Fund ("Target Fund Sub-Account"), was automatically transferred to the sub-account investing in the Acquiring Fund ("Acquiring Fund Sub-Account"). The Target Fund Sub-Account is no longer available for investment. The Acquiring Fund was rebranded on or about May 1, 2024, to the Macquarie VIP International Core Equity Series. |
| • |
For the fund reorganization described above, any standing Policy instructions that included the Target Fund Sub-Account were automatically updated to replace the Target Fund Sub-Account with the Acquiring Fund Sub-Account. |
2
Table of Contents
| • |
Effective May 1, 2024, the name of each Fund was rebranded as follows: |
| Old Name | New Name | |
| Delaware VIP Limited Duration Bond Series | Macquarie VIP Limited Duration Bond Series | |
| Delaware VIP Total Return Series | Macquarie VIP Total Return Series | |
| Delaware VIP Opportunity Series | Macquarie VIP Opportunity Series | |
| Delaware VIP Investment Grade Series | Macquarie VIP Investment Grade Series | |
| Delaware VIP Small Cap Value Series | Macquarie VIP Small Cap Value Series | |
| Delaware VIP Fund for Income Series | Macquarie VIP Fund for Income Series | |
| Delaware VIP Growth Equity Series | Macquarie VIP Growth Equity Series | |
| Delaware VIP Growth and Income Series | Macquarie VIP Growth and Income Series | |
| Delaware VIP International Series | Macquarie VIP International Core Equity Series |
3
Table of Contents
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY
| Fees and Expenses | Location in Prospectus | |||
| Charges for Early Withdrawals |
During the first fifteen Policy Years, a surrender charge will apply if You partially or fully surrender the Policy, allow the Policy to lapse, or reduce the Policy Face Amount. The maximum surrender charge that You can pay while You own the Policy is equal to 5.0% of the Policy face amount. For example, for a Policy with a $100,000 face amount, the maximum full surrender charge would be $5,000. |
Fee Tables; Fees, Charges and Expenses |
||
| Transaction Charges |
In addition to the surrender charge, You also may be charged for other transactions. Specifically: • A premium charge is deducted from each premium payment. • A Face Amount Charge may be deducted from each premium payment. • A Policy Charge is deducted from each premium payment. • There is an increase to the premium charge, the annual Policy Charge and the Face Amount Charge if You elect to pay premiums on other than an annual basis. • A Transfer Fee on the 5th or 6th transfer in a Policy Year. • We reserve the right to impose a charge for use of the Systematic Transfer Option or the Automated Subaccount Reallocation Option. Currently, We are not imposing a charge for those services. • An additional charge is deducted from each premium payment if you own an optional insurance benefit. |
Fee Tables; Fees, Charges and Expenses |
4
Table of Contents
| Fees and Expenses | Location in Prospectus | ||||||||||
| Ongoing Fees and Expenses (annual charges) |
In addition to surrender charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses. Those ongoing fees and expenses include a cost of insurance charge, mortality and expense risk charge and loan interest (if you take a Policy loan). Such fees and expenses may be set based on characteristics of the insured (e.g., age, sex, and rating classification). You should view the Policy specifications page of Your Policy for the rates applicable to Your Policy. You will also bear expenses associated with the Funds under the Policy, as shown in the following table |
Fee Tables; Fees, Charges and Expenses; Appendix A: Funds Available Under the Policy |
|||||||||
| Annual Fee | Min. | Max. | |||||||||
| Investment options (Fund fees and expenses)* |
0.21% |
1.15% |
|||||||||
|
* As a percentage of underlying fund assets. The fees of the funds are as of 12/31/23, and such fees can vary over time |
|||||||||||
| Risks | Location in 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 |
• A Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. • Partial surrenders are only allowed on Policy Anniversaries. • We may apply a surrender charge with respect to any surrender You make from the Policy. • A surrender may also reduce Your Policy's Face Amount and may have adverse tax consequences. • You can avoid surrender charges and such possible adverse tax consequences by holding Your Policy for the long-term and minimizing surrenders. • Tax deferral is generally more beneficial to investors with a long time horizon. |
Principal Risks of Investing in the Policy; Fees, Charges and Expenses |
5
Table of Contents
| Risks | Location in Prospectus | |||
| Risks Associated with Investment Options |
• An investment in this Policy is subject to the risk of poor investment performance of the Funds You choose, which performance can vary among the Funds. • Each Fund (as well as the Fixed Account) has its own unique risks. With the Fixed Account, for example, Your Policy value is held as part of Our general account assets, which exposes You to the risk of Our solvency. • You should review the investment options before making an investment decision. |
Principal Risks of Investing in the Policy; The Fixed Account; Appendix A: Funds Available Under the Policy |
||
| Insurance Company Risks | An investment in the Policy is subject to the risks related to NNY, including that any obligations (including under the Fixed Account), guarantees, or benefits are subject to the claims-paying ability of NNY. More information about NNY, including its financial strength ratings, is available upon request by calling toll-free at 1-800-541-0171 and also is available at www.nfg.com. |
Principal Risks of Investing in the Policy; Nassau Life Insurance Company |
||
| Contract Lapse |
Your Policy will remain in force as long as You pay Your premiums and Your loan balance is less than the Cash Value. If You fail to pay Your premiums or Your loan balance exceeds the Cash Value, Your Policy may lapse, or end. In such case, if You do not elect one of the continued insurance options, We will automatically purchase continued insurance with the Policy's Cash Value (if any). This may delay but not necessarily avoid the lapse of Your Policy. If Your Policy lapses, it may not be reinstated. Withdrawals, loans (and associated loan interest), fees and charges, failure to make premium payments, and poor investment performance can negatively affect Policy value, and increase the risk of Policy lapse. If the Policy lapses, the death benefit will not be paid and You may incur surrender charges. |
Principal Risks of Investing in the Policy; Default and Options on Default; Reinstatement |
6
Table of Contents
| Restrictions | Location in Prospectus | |||
| Investments |
• NNY reserves the right to remove or substitute Funds available under the Contract. • There is a limit of six transfers between two or more Subaccounts in any 12-month period. • Only one transfer either to or from the Fixed Account is allowed in any 12-month period, and transfers from the Fixed Account are subject to significant restrictions. • You may not allocate more than 50% of Your net premiums to the Fixed Account. • We reserve the right to limit transfers if frequent or large transfers occur. |
The Fixed Account; The Subaccounts; Allocation of Net Premiums to the Investment Options |
||
| Optional Benefits | We offer several optional riders under the Policy. The insurance features added by these riders include waiver of premium in the event of total disability, payment of an additional death benefit in the event of accidental death, children's term life insurance, spouse's term life insurance, additional fixed term life insurance for various periods and a guaranteed insurability option. | Optional Insurance Riders | ||
| Taxes | Location in 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. • If You purchase the Policy through a qualified retirement plan or an individual retirement account, You do not receive any additional tax deferral. • Any gain on Your Policy is taxed at ordinary income tax rates when withdrawn, and You may have to pay a penalty tax if You take a withdrawal before age 591⁄2. |
Federal Tax Information |
7
Table of Contents
| Conflicts of Interest | Location in Prospectus | |||
| Investment Professional Compensation |
Currently, We do not make new sales of the Policy, and thus the compensation practices described here relate primarily to compensation with respect to prior sales. Your registered representative may have received compensation for selling the Policy to You. We generally pay compensation as a percentage of premium payments invested in the Policy ("commissions"). NNY may also pay for sales and distribution expenses out of any payments We or the principal underwriter of the Policies may receive from the Funds for providing administrative, marketing and other support and services to the Funds. To the extent permitted by FINRA rules and other applicable laws and regulations, the principal underwriter may pay or allow other promotional incentives or payments in the form of cash or other compensation. The presence of these forms of compensation can influence a registered representative to recommend the Policy over another investment. |
Distribution of the Policy | ||
| Exchanges | As a general matter, some investment professionals could have a financial incentive to offer You this Policy in place of another policy You currently own. Similarly, some investment professionals may have a financial incentive to offer You a new policy to replace this Policy. You should only exchange a policy 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. Currently, We do not offer this Policy for new sales, and thus would not offer this Policy in connection with such a replacement transaction. | Distribution of the Policy |
8
Table of Contents
APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY
The following is a list of underlying Funds available under the Policy. More information about the underlying 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/Nassau-PHL/TAHD/NAS000018. You can also request this information at no cost by calling 1-800-832-7783 or by sending an email request to [email protected].
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 charges were included.
Each Fund's past performance is not necessarily an indication of future performance.
| Type/Investment Objective |
Fund - Investment Adviser Sub-Advisers(s) |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
|||||||
| 1 Year | 5 Years | 10 Years | ||||||||
| To seek high current income. |
Macquarie VIP Fund for Income Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.75%* | 13.27% | 5.16% | 3.94% | |||||
| To seek long-term growth of capital and current income. |
Macquarie VIP Growth and Income Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.72%* | 12.11% | 12.14% | 8.00% | |||||
| To seek long-term capital growth. |
Macquarie VIP International Core Equity Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.86%* | 13.58% | 6.08% | 4.76% | |||||
|
To seek to generate a maximum level of income consistent with investment primarily in investment grade debt securities. |
Macquarie VIP Investment Grade Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.63%* | 7.57% | 2.22% | 2.37% |
9
Table of Contents
| Type/Investment Objective |
Fund - Investment Adviser Sub-Advisers(s) |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
|||||||||||||||
| 1 Year | 5 Years | 10 Years | ||||||||||||||||
| To seek current income consistent with low volatility of principal. |
Macquarie VIP Limited Duration Bond Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.53%* | 5.29% | 1.60% | 0.68% | |||||||||||||
| To seek long-term capital growth. |
Macquarie VIP Opportunity Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.83%* | 16.30% | 12.25% | 7.37% | |||||||||||||
| To seek long-term growth of capital. |
Macquarie VIP Growth Equity Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.77% | 38.40% | 17.90% | 13.50% | |||||||||||||
| To seek to provide sustainable current income with potential for capital appreciation with moderate investment risk. |
Macquarie VIP Total Return Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.85% | * | 12.63% | 7.06% | 4.90% | ||||||||||||
| To seek capital appreciation. |
Macquarie VIP Small Cap Value Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.78% | 9.45% | 10.21% | 7.06% | |||||||||||||
| Seeks to maximize current income to the extent consistent with preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. | Goldman Sachs Government Money Market Fund (Institutional Class)-Goldman Sachs Asset Management, L.P. | 0.19% | * | 5.05% | 1.82% | 1.19% |
| * |
This Fund's annual expenses reflect temporary fee reductions. |
10
Table of Contents
This summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Policy, both dated May 1, 2024, as may be amended or supplemented from time to time. The SAI may be obtained free of charge in the same manner as the prospectus.
EDGAR Contract Identifier: C000221947
11
Table of Contents
May 1, 2024
ISP Choice
A Level Premium Variable Life Insurance Policy with Four premium payment period options
ISPC-10,ISPC-20,ISPC-65, ISPC-Whole Life & ISP10 Express
Issued by: Nassau Life Insurance Company
UPDATING SUMMARY PROSPECTUS
This Updating Summary Prospectus provides updated information about ISP Choice, an individual level premium variable life insurance policy (the "Policy").
The prospectus for the Policy contains more information about the Policy, including its features, benefits, and risks. You can find the current prospectus and other information about the Policy online at https://dfinview.com/Nassau-PHL/TAHD/NAS000019. You can also obtain this information at no cost by calling 1-800-832-7783 or by sending an email request to [email protected].
Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
TABLE OF CONTENTS
|
Glossary |
2 | |||
|
Updated Information About Your Policy |
2 | |||
|
Important Information You Should Consider About the Policy |
4 | |||
|
Appendix A: Funds Available Under the Policy |
8 |
Table of Contents
GLOSSARY
The following are defined terms used in this Updating Summary Prospectus:
Cash Value - The Cash Value of the Policy is equal to its accumulation value less any applicable policy surrender charge.
Face Amount - The dollar amount of insurance coverage You select, which is the Policy's guaranteed minimum death benefit.
Fixed Account -A fixed interest investment option under the Policy.
Fund-A mutual fund underlying this Policy.
NNY, Us, We, Our or Company - Nassau Life Insurance Company
Policy - The individual level premium variable life insurance policy for which this summary prospectus provides updated information.
Policy Anniversary - The date of each one-year interval as measured from the date Your Policy is issued.
Policy Year - a twelve-month period as measured from the date Your Policy is issued until the first Policy Anniversary, and from each Policy Anniversary to the next Policy Anniversary thereafter.
Subaccount - A segregated investment subaccount under First Investors Life Level Premium Variable Life Insurance Separate Account B, the separate account of NNY that supports the Policy. Each Subaccount invests in the shares of a single Fund.
You or Your - A Policyowner who is reading this summary prospectus.
UPDATED INFORMATION ABOUT YOUR POLICY
The following is a summary of certain Policy features that have changed since the Updating Summary Prospectus dated May 1, 2023. This does not reflect all of the changes that have occurred since You entered into Your Policy.
| • |
Effective April 26, 2024, the Delaware VIP International Series (the "Target Fund") was reorganized into the Delaware Ivy VIP International Core Equity series (the "Acquiring Fund"). After the reorganization, any contract value allocated to a sub-account that invests in the Target Fund ("Target Fund Sub-Account"), was automatically transferred to the sub-account investing in the Acquiring Fund ("Acquiring Fund Sub-Account"). The Target Fund Sub-Account is no longer available for investment. The Acquiring Fund was rebranded on or about May 1, 2024, to the Macquarie VIP International Core Equity Series. |
| • |
For the fund reorganization described above, any standing Policy instructions that included the Target Fund Sub-Account were automatically updated to replace the Target Fund Sub-Account with the Acquiring Fund Sub-Account. |
2
Table of Contents
| • |
Effective May 1, 2024, the name of each Fund was rebranded as follows: |
| Old Name | New Name | |
| Delaware VIP Limited Duration Bond Series | Macquarie VIP Limited Duration Bond Series | |
| Delaware VIP Total Return Series | Macquarie VIP Total Return Series | |
| Delaware VIP Opportunity Series | Macquarie VIP Opportunity Series | |
| Delaware VIP Investment Grade Series | Macquarie VIP Investment Grade Series | |
| Delaware VIP Small Cap Value Series | Macquarie VIP Small Cap Value Series | |
| Delaware VIP Fund for Income Series | Macquarie VIP Fund for Income Series | |
| Delaware VIP Growth Equity Series | Macquarie VIP Growth Equity Series | |
| Delaware VIP Growth and Income Series | Macquarie VIP Growth and Income Series | |
| Delaware VIP International Series | Macquarie VIP International Core Equity Series |
3
Table of Contents
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY
|
FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
|||||||||||
| Charges for Early Withdrawals | None | Fee Tables | ||||||||||
| Transaction Charges |
You may be charged for transactions. Specifically: • A premium charge is deducted from each premium payment. • A First Year Charge may be deducted upon payment of first year premium. • A Policy Charge is deducted from each premium payment. • There is an increase to the premium charge, the annual Policy Charge and the First Year Charge if You elect to pay premiums on other than an annual basis. • A Transfer Fee on the 5th or 6th transfer in a Policy Year. • We reserve the right to impose a charge for use of the Systematic Transfer Option or the Automated Subaccount Reallocation Option. Currently, We are not imposing a charge for those services. • An additional charge is deducted from each premium payment if You own an optional insurance rider. |
Fee Tables; Fees, Charges and Expenses |
||||||||||
| Ongoing Fees and Expenses (annual charges) |
In addition to transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses. Those ongoing fees and expenses include a cost of insurance charge, mortality and expense risk charge and loan interest (if You take a Policy loan). Such fees and expenses may be set based on characteristics of the insured (e.g., age, sex, and rating classification). You should view the Policy specifications page of Your Policy for the rates applicable to Your Policy. |
Fee Tables; Fees, Charges and Expenses; Appendix A: Funds Available Under the Policy |
||||||||||
| You will also bear expenses associated with the Funds under the Policy, as shown in the following table | ||||||||||||
| Annual Fee | ||||||||||||
| Investment options (Fund fees and expenses)* |
MIN. 0.21% |
MAX. 1.15% |
||||||||||
|
* As a percentage of underlying fund assets. The fees of the funds are as of 12/31/23, and such fees can vary over time |
4
Table of Contents
|
RISKS |
LOCATION IN 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 |
• A Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. • Partial surrenders are only allowed on Policy Anniversaries. • A partial surrender may reduce Your Policy's Face Amount and may have adverse tax consequences. • You can avoid such possible adverse tax consequences by holding Your Policy for the long-term and minimizing surrenders. • Tax deferral is generally more beneficial to investors with a long time horizon. |
Principal Risks of Investing in the Policy; Fees, Charges and Expenses |
||
|
Risks Associated with Investment Options |
• An investment in this Policy is subject to the risk of poor investment performance of the Funds You choose, which performance can vary among the Funds. • Each Fund (as well as the Fixed Account) has its own unique risks. With the Fixed Account, for example, Your Policy value is held as part of Our general account assets, which exposes You to the risk of Our solvency. • You should review the investment options before making an investment decision. |
Principal Risks of Investing in the Policy; The Fixed Account; Appendix A: Funds Available Under the Policy |
||
|
Insurance Company Risks |
An investment in the Policy is subject to the risks related to NNY, including that any obligations (including under the Fixed Account), guarantees, or benefits are subject to the claims-paying ability of NNY. More information about NNY, including its financial strength ratings, is available upon request by calling toll-free at 1-800-541-0171 and also is available at www.nfg.com. |
Principal Risks of Investing in the Policy; Nassau Life Insurance Company |
5
Table of Contents
|
RISKS |
LOCATION IN PROSPECTUS |
|||
| Contract Lapse | Your Policy will remain in force as long as You pay Your premiums and Your loan balance is less than the Cash Value. If You fail to pay Your premiums or Your loan balance exceeds the Cash Value, Your Policy may lapse, or end. In such case, if You do not elect one of the continued insurance options, We will automatically purchase continued insurance with the Policy's Cash Value (if any). This may delay but not necessarily avoid the lapse of Your Policy. If Your Policy lapses, it may not be reinstated. Withdrawals, loans (and associated loan interest), fees and charges, failure to make premium payments, and poor investment performance can negatively affect Policy value, and increase the risk of Policy lapse. If the Policy lapses, the death benefit will not be paid. |
Principal Risks of Investing in the Policy; Default and Options on Default; Reinstatement |
||
|
RESTRICTIONS |
LOCATION IN PROSPECTUS |
|||
| Investments |
• NNY reserves the right to remove or substitute Funds available under the Contract. • There is a limit of six transfers between two or more Subaccounts in any 12-month period. • Only one transfer either to or from the Fixed Account is allowed in any 12-month period, and transfers from the Fixed Account are subject to significant restrictions. • You may not allocate more than 50% of Your net premiums to the Fixed Account. • We reserve the right to limit transfers if frequent or large transfers occur. |
The Fixed Account; The Subaccounts; Allocation of Net Premiums to the Investment Options |
||
| Optional Benefits | We offer several optional riders under the Policy. The insurance features added by these riders include waiver of premium in the event of total disability, payment of an additional death benefit in the event of accidental death, children's term life insurance, spouse's term life insurance, and additional fixed term life insurance for various periods. | Optional Insurance Riders |
6
Table of Contents
|
TAXES |
LOCATION IN 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. • If You purchase the Policy through a qualified retirement plan or an individual retirement account, You do not receive any additional tax deferral. • Any gain on Your Policy is taxed at ordinary income tax rates when withdrawn, and You may have to pay a penalty tax if You take a withdrawal before age 591⁄2. |
Federal Tax Information | ||
|
CONFLICTS OF INTEREST |
LOCATION IN PROSPECTUS |
|||
| Investment Professional Compensation |
Currently, We do not make new sales of the Policy, and thus the compensation practices described here relate primarily to compensation with respect to prior sales. Your registered representative may have received compensation for selling the Policy to You. We generally pay compensation as a percentage of premium payments invested in the Policy ("commissions"). NNY may also pay for sales and distribution expenses out of any payments We or the principal underwriter of the Policies may receive from the Funds for providing administrative, marketing and other support and services to the Funds. To the extent permitted by FINRA rules and other applicable laws and regulations, the principal underwriter may pay or allow other promotional incentives or payments in the form of cash or other compensation. The presence of these forms of compensation can influence a registered representative to recommend the Policy over another investment. |
Distribution of the Policy | ||
| Exchanges | As a general matter, some investment professionals could have a financial incentive to offer You this Policy in place of another policy You currently own. Similarly, some investment professionals may have a financial incentive to offer You a new policy to replace this Policy. You should only exchange a policy 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. Currently, We do not offer this Policy for new sales, and thus would not offer this Policy in connection with such a replacement transaction. | Distribution of the Policy |
7
Table of Contents
APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY
The following is a list of underlying Funds available under the Policy. More information about the underlying 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/Nassau-PHL/TAHD/NAS000019. You can also request this information at no cost by calling 1-800-832-7783 or by sending an email request to [email protected].
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 charges were included.
Each Fund's past performance is not necessarily an indication of future performance.
| Type/Investment Objective |
Fund - Investment Adviser Sub-Advisers(s) |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
|||||||||||||||
| 1 Year | 5 Years | 10 Years | ||||||||||||||||
|
To seek high current income. |
Macquarie VIP Fund for Income Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.75%* | 13.27% | 5.16% | 3.94% | |||||||||||||
|
To seek long-term growth of capital and current income. |
Macquarie VIP Growth and Income Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.72%* | 12.11% | 12.14% | 8.00% | |||||||||||||
|
To seek long-term capital growth. |
Macquarie VIP International Core Equity Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.86%* | 13.58% | 6.08% | 4.76% | |||||||||||||
|
To seek to generate a maximum level of income consistent with investment primarily in investment grade debt securities. |
Macquarie VIP Investment Grade Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.63%* | 7.57% | 2.22% | 2.37% |
8
Table of Contents
| Type/Investment Objective |
Fund - Investment Adviser Sub-Advisers(s) |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
|||||||||||||||
| 1 Year | 5 Years | 10 Years | ||||||||||||||||
|
To seek current income consistent with low volatility of principal. |
Macquarie VIP Limited Duration Bond Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.53%* | 5.29% | 1.60% | 0.68% | |||||||||||||
|
To seek long-term capital growth. |
Macquarie VIP Opportunity Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.83%* | 16.30% | 12.25% | 7.37% | |||||||||||||
|
To seek long-term growth of capital. |
Macquarie VIP Growth Equity Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.77% | 38.40% | 17.90% | 13.50% | |||||||||||||
|
To seek to provide sustainable current income with potential for capital appreciation with moderate investment risk. |
Macquarie VIP Total Return Series-Delaware Management Company Macquarie Investment Management Global Limited; Macquarie Investment Management Austria Kapitalanlage AG; Macquarie Investment Management Europe Limited |
0.85%* | 12.63% | 7.06% | 4.90% | |||||||||||||
|
To seek capital appreciation. |
Macquarie VIP Small Cap Value Series-Delaware Management Company Macquarie Investment Management Global Limited |
0.78% | 9.45% | 10.21% | 7.06% | |||||||||||||
|
Seeks to maximize current income to the extent consistent with preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. |
Goldman Sachs Government Money Market Fund (Institutional Class)-Goldman Sachs Asset Management, L.P. | 0.19%* | 5.05% | 1.82% | 1.19% |
| * |
This Fund's annual expenses reflect temporary fee reductions. |
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Table of Contents
This summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Policy, both dated May 1, 2024, as may be amended or supplemented from time to time. The SAI may be obtained free of charge in the same manner as the prospectus.
EDGAR Contract Identifier: C000221947
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