Equitrust Life Variable Account
04/29/2024 | Press release | Distributed by Public on 04/29/2024 11:19
Notice Document by Insurance Company - Form N-VP
Registration No. 333-148861
EquiTrust Life Variable Account
Individual Variable Universal Life Insurance Policy
Issued By
EquiTrust Life Insurance Company
ANNUAL NOTICE
April 29, 2024
This Annual Notice for the individual variable universal life insurance policy (the "Policy") issued by EquiTrust Life Insurance Company provides you with an update of changes to your Policy that have occurred since May 1, 2023. In addition, this Annual Notice provides key information about your Policy that you should review, including a current list of Investment Options available under your Policy. Please read this Annual Notice carefully and retain it with your Policy prospectus for future reference.
The most recent prospectus for the Policy, dated May 1, 2009, contains more information about the Policy, including its features, benefits, and risks. You can find the most recent audited financial statements of the EquiTrust Life Variable Account and the Company online at https://etlic.onlineprospectus.net/Etlic/ProductDocuments/index.html. You can also request this information at no cost by calling 1-877-249-3689 or sending an email request to [email protected].
More information about the Investment Options is available in the prospectuses for the Investment Options, which may be amended from time and time and can be found online at https://etlic.onlineprospectus.net/Etlic/ProductDocuments/index.html. You can also request this information at no cost by calling 1-877-249-3689 or 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.
The Securities and Exchange Commission has not approved these securities or determined that this Annual Notice is accurate or complete. Any representation to the contrary is a criminal offense.
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Table of Contents
| Definitions | 2 |
| Updated Information About Your Policy | 4 |
| Important Information You Should Know About the Policy | 5 |
| APPENDIX: Investment Options Available Under the Policy | 9 |
Definitions
Accumulated Value: The total amount invested under the Policy. It is the sum of the values of the Policy in each Subaccount of the Variable Account, the value of the Policy in the Declared Interest Option and any amounts transferred to the Declared Interest Option to secure any outstanding Policy Debt.
Attained Age: The Insured's age on his or her last birthday on the Policy Date plus the number of Policy Years since the Policy Date.
Business Day: Each day that the New York Stock Exchange is open for trading. Assets are valued at the close of each Business Day (generally, 3:00 p.m. central time).
Company, we, us, our: EquiTrust Life Insurance Company.
Declared Interest Option: A part of the Company's General Account. Policyowners may allocate Net Premiums and transfer Accumulated Value to the Declared Interest Option. The Company credits Accumulated Value in the Declared Interest Option with interest at an annual rate guaranteed to be at least 4%.
Fund: An investment company registered with the SEC under the Investment Company Act of 1940 as an open-end, diversified management investment company or unit investment trust in which the Variable Account invests.
General Account: The assets of the Company other than those allocated to the Variable Account or any other separate account.
Grace Period: The 61-day period (31-day period in certain states) beginning on the date we send notice to the Policyowner that Net Accumulated Value or Net Surrender Value is insufficient to cover the monthly deduction.
Insured: The person upon whose life the Company issues a Policy.
Investment Option: A Fund, or a separate investment portfolio of a Fund in which a Subaccount invests.
Maturity Date: The Insured's Attained Age 115 (Attained Age 95 in certain states). It is the date when the Policy terminates and the Policy's Accumulated Value less Policy Debt becomes payable to the Policyowner or the Policyowner's estate.
Monthly Deduction Day: The same date in each month as the Policy Date. The Company makes the monthly deduction on the Business Day coinciding with or immediately following the Monthly Deduction Day.
Net Accumulated Value: The Accumulated Value of the Policy reduced by any outstanding Policy Debt and increased by any unearned loan interest.
Net Premium: The amount of premium remaining after we deduct the premium expense charge.
Net Surrender Value: The Surrender Value minus any Policy Debt plus any unearned loan interest.
Partial Withdrawal Fee: A fee we assess at the time of any partial withdrawal equal to the lesser of $25 or 2% of the Accumulated Value withdrawn.
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Policy: The individual variable universal life insurance policy, which term includes the Policy described in the Policy prospectus, the Policy application, any supplemental applications and any endorsements or additional benefit riders or agreements.
Policy Anniversary: The same date in each year as the Policy Date.
Policy Date: The date set forth on the Policy data page which we use to determine Policy Years, Policy Months and Policy Anniversaries. The Policy Date may, but will not always, coincide with the effective date of insurance coverage under the Policy.
Policy Debt: The sum of all outstanding Policy Loans and any due and unpaid Policy Loan interest.
Policy Loan: An amount the Policyowner borrows from the Company using the Policy as the sole security.
Policy Month: A one-month period beginning on a Monthly Deduction Day and ending on the day immediately preceding the next Monthly Deduction Day.
Policyowner, you, your: The person who owns a Policy. The Policyowner is named in the application.
Policy Year: A twelve-month period that starts on the Policy Date or on a Policy Anniversary.
Specified Amount: The minimum death benefit payable under a Policy so long as the Policy remains in force. The Specified Amount as of the Policy Date is set forth on the data page in each Policy.
Subaccount: A subdivision of the Variable Account which invests exclusively in shares of a designated Investment Option of a Fund.
Surrender Charge: A charge we assess at the time of any surrender during the first fifteen Policy Years and for fifteen years following an increase in Specified Amount.
Surrender Value: The Accumulated Value minus the Surrender Charge.
Variable Account: EquiTrust Life Variable Account, a separate investment account the Company established to receive and invest the Net Premiums paid under the Policies.
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Updated Information About Your Policy
The information in this Annual Notice is a summary of certain Policy features that have changed since May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Policy.
Asset Allocation Program. Effective April 26, 2024, the Asset Allocation Program ceased to be available under your Policy. If you were participating in the Asset Allocation Program when it was discontinued:
| ● | Your Accumulated Value is no longer automatically rebalanced each year to maintain the particular percentage allocations of your Accumulated Value among the Subaccounts specified under the asset allocation model portfolio you selected. However, you may elect to have your Accumulated Value rebalanced periodically under the automatic rebalancing program available under the Policy, described below. |
| ● | Unless you provide us with alternative allocation instructions, your Net Premiums will continue to be allocated to the same Subaccounts that they were allocated to under the asset allocation model portfolio immediately before the Asset Allocation Program was discontinued based on the particular percentage allocations that were in effect at that time. However, FBL Wealth Management, LLC will no longer review and change those percentage allocations. |
Asset Rebalancing Program. We offer an asset rebalancing program under which we will automatically transfer amounts to maintain particular percentage allocations of your Accumulated Value among the Subaccounts and the Declared Interest Option. The asset rebalancing program automatically reallocates the Accumulated Value in the Subaccounts and the Declared Interest Option quarterly, semi-annually or annually to match your Policy's then-effective premium allocation instructions. The asset rebalancing program will transfer Accumulated Value from those Subaccounts that have increased in value to those Subaccounts that have declined in value (or not increased as much). The asset rebalancing program does not guarantee gains, nor does it assure that any Subaccount will not have losses.
| ● | Under the asset rebalancing program, the maximum number of Investment Options which you may select at any one time is twelve, including the Declared Interest Option. |
| ● | This feature is free and is not considered in the twelve free currently permitted transfers during a Policy Year. |
| ● | This feature cannot be utilized in combination with the dollar cost averaging program. |
If you would like to provide new allocation instructions or elect to participate in the asset rebalancing program, you may contact your financial representative, call us at 1-877-249-3689, or write to us at Po Box 9253, Des Moines, Iowa 50306-9253.
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Important Information You Should Know About the Policy
| FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
|
| Charge for Early Withdrawal |
If you make a partial withdrawal from your Policy in any Policy Year, we assess a Partial Withdrawal Fee equal to the lesser of $25 or 2% of the amount withdrawn to compensate us for costs incurred in accomplishing the withdrawal. We deduct this fee from the Accumulated Value. For example, if you were to make a partial withdrawal (of more than $1,250) when your Accumulated Value is $100,000, you would be assessed a Partial Withdrawal Fee of $25. If you make a full surrender of your Policy during the first 15 Policy Years, or during the first 15 Policy Years following an increase in Specified Amount (to the extent of the increase), we assess a Surrender Charge that varies based on the Policy Year and the individual characteristics of the Insured (e.g., age, sex, and underwriting class). You should view the specifications page of your Policy for rates applicable to your Policy. The maximum Surrender Charge for any Policy is $51.10 per $1,000 of Specified Amount. We deduct this charge from the amount surrendered. For example, if you were to make a full surrender during the first Policy Year after your Policy purchase (and your Specified Amount is $100,000), then you could be assessed a charge of up to $5,110. |
Charges and Deductions |
| Transaction Charges | In addition to Surrender Charges, you may also be charged for other transactions. These charges include transfer charges. | Charges and Deductions |
| 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, including fees and expenses covering the cost of insurance under the Policy, administration, mortality and expense risks, loan charges, and the cost of optional benefits available under the Policy. These fees and expenses may be set based on characteristics of the Insured under the Policy (e.g., age, sex, and underwriting class). You should view the specifications page of your Policy for rates applicable to your Policy. Policyowners will also bear expenses associated with the Investment Options |
Charges and Deductions |
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| FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
|
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available under the Policy, as shown in the following table: |
| Annual Fee | Minimum | Maximum | ||||
| Investment Options (portfolio company fees and expenses) * | 0.35% | 1.35% |
| *As a percentage of Investment Option assets. |
| RISKS |
LOCATION IN PROSPECTUS |
|
| Risk of Loss |
You can lose money by investing in the Policy, including loss of principal. |
Policy Benefits/Risk Summary - Policy Risks |
| Not a Short-Term Investment |
This Policy is not a short-term investment vehicle and is not appropriate for an investor who needs ready access to cash. ●We apply a Partial Withdrawal Fee with respect to a partial withdrawal made during any Policy Year. ●We apply a Surrender Charge with respect to a full surrender during the first 15 Policy Years, and during the first 15 Policy Years following an increase in Specified Amount. ●The foregoing charges will reduce the value of your Policy and are minimized the longer you hold the Policy. ●Tax deferral is more beneficial to investors with a long-time horizon. |
Policy Benefits/Risk Summary - Policy Risks Charges and Deductions |
| 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. Each Investment Option (including the Declared Interest Option) has its own unique risks. You should review these Investment Options before making an investment decision. |
Policy Benefits/Risk Summary - Policy Risks EquiTrust Life Insurance Company and the Variable Account |
| Insurance Company Risks |
An investment in the Policy is subject to the risks related to EquiTrust Life Insurance Company, including that any obligations (including under the Declared Interest Option), guarantees, or benefits of the Policy are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available by calling toll- free at 1-877-249-3689 or writing to: EquiTrust Life Insurance Company, PO Box 9253, Des Moines, IA 50306-9253. |
EquiTrust Life Insurance Company and the Variable Account |
| Policy Lapse |
The Policy may lapse if the Net Surrender Value is insufficient on a Monthly Deduction Day to cover the monthly deduction and a Grace Period expires without a sufficient payment. The Policy will not lapse during the first 10 Policy Years if you have paid sufficient premiums to meet the cumulative no lapse guarantee monthly premium requirement. If you have elected the Overloan Protection Rider, the Policy will not lapse as a result of a Policy Loan even where the Accumulated Value is insufficient to cover Policy charges. We will notify you that the Policy will lapse at the end of the Grace Period unless you make a sufficient payment. If your Policy lapses, no death benefit will be payable under the Policy. Whether a Policy lapses depends on the level of Net Surrender Value, which is affected by the amount of premiums you paid, the amount of |
The Policy - Policy Lapse and Reinstatement |
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|
withdrawals you took, the amount of Policy Debt, and the investment performance of the Investment Options and the Declared Interest Option. Poor investment performance, high amounts of Policy Debt or withdrawals, and payment of insufficient premiums increases the risk of Policy lapse. Prior to the Maturity Date, you may apply to reinstate a lapsed Policy at any time within 5 years of the Monthly Deduction Day immediately preceding the Grace Period which expired without payment of the required premium. Among the items you must submit in your reinstatement application is a premium that is at least sufficient to keep the Policy in force for three months. |
||
| RESTRICTIONS |
LOCATION IN PROSPECTUS |
|
| Investments |
Currently, the first twelve transfers in a Policy Year may be effected without a transfer charge. But we impose a transfer charge of $10 for the thirteenth and each subsequent transfer in a Policy Year. You can no longer allocate premiums or transfer Accumulated Value to the Columbia Small Company Growth Subaccount. Only one transfer per Policy Year is permitted between the Declared Interest Option and the Variable Account. We reserve the right, subject to compliance with applicable law, to make additions to, deletions from or substitutions for the shares of the Investment Options that the Variable Account holds or that the Variable Account may purchase. |
Charges and Deductions The Declared Interest Option - Transfers, Partial Withdrawals, Surrenders and Policy Loans EquiTrust Life Insurance Company and the Variable Account - Addition, Deletion, or Substitution of Investments |
| Optional Benefits |
We offer several optional riders under the Policy. The insurance features added through these riders include, among other things, automatic cost of living increase of Specified Amount, waiver of charges under certain circumstances, prevention of Policy lapse, and child term life insurance. The optional riders may be terminated in certain circumstances, such as in the case of Policy lapse. We do not have the right to terminate an optional benefit in our sole discretion. We also offer the ability to take Policy Loans. The maximum loan amount that we allow at any time may not exceed 90% of the Net Surrender Value of the Policy (100% in some states). We charge interest on Policy Loans. |
Additional Insurance Benefits |
| 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. There is no additional tax benefit to you if the Policy was purchased through a tax-qualified plan. Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. |
Federal Tax Matters |
| CONFLICTS OF INTEREST |
LOCATION IN PROSPECTUS |
|
| Investment Professional Compensation |
We have discontinued new sales of the Policies to the public. We summarize below the kinds of compensation paid in connection with past sales of the Policy and on an ongoing basis. |
Distribution of the Policies |
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|
Investment professionals receive compensation for selling the Policy to investors (e.g., in the form of cash commission payments). In addition to commissions and other forms of cash compensation, certain investment professionals also may receive non-cash compensation. Non-cash compensation can entail payment for conferences, seminars, meals, sporting events, theater performances, travel, lodging and/or entertainment as well as prizes and awards. Finally, investment professionals may receive other payments from the Company for services that do not directly involve the sale of the Policies, including payments made for the recruitment and training of personnel, production of promotional literature and similar services. These investment professionals have a financial incentive to offer or recommend the Policy over another investment. |
||
| Exchanges | Because the Policy is no longer sold, you would not be affected by a scenario in which you are asked to replace an existing life insurance policy you own with a new purchase of this Policy. In general, you should be aware that some investment professionals may have a financial incentive to offer you a new policy in place of the Policy you already own. Thus, in general, you should only exchange your life insurance Policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own the existing Policy. | The Policy |
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APPENDIX: Investment Options Available Under the Policy
The following is a list of Investment Options available under the Policy. More information about the Investment Options is available in the prospectuses for the Investment Options, which may be amended from time and time and can be found online at https://etlic.onlineprospectus.net/Etlic/ProductDocuments/index.html. You can also request this information at no cost by calling 1-877- 249-3689 or sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Investment Options, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Investment Option's past performance is not necessarily an indication of future performance. Updated performance information is available at no cost by visiting the website or calling the telephone number above.
| Investment Objective |
Investment Option and Adviser/ Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
||
| 1 Year | 5 Year | 10 Year | |||
| Investment results that correspond to investment performance of non-U.S. common stocks, as represented by the MSCI® EAFE Index |
CALVERT VARIABLE PRODUCTS Calvert VP EAFE International Index Portfolio Calvert Research and Management (Adviser) Ameritas Investment Partners, Inc. (Subadviser) |
0.68%* | 17.53% | 7.61% | 3.58% |
| Investment results that correspond to investment performance of U.S. common stocks, as represented by the NASDAQ-100® Index |
CALVERT VARIABLE PRODUCTS Calvert VP NASDAQ-100 Index Portfolio Calvert Research and Management (Adviser) Ameritas Investment Partners, Inc. (Subadviser) |
0.48%* | 54.40% | 22.09% | 17.29% |
| Investment results that correspond to investment performance of U.S. common stocks, as represented by the Russell 2000® Index |
CALVERT VARIABLE PRODUCTS Calvert VP Russell 2000® Small Cap Index Portfolio - Class F Calvert Research and Management (Adviser) Ameritas Investment Partners, Inc. (Subadviser) |
0.59%* | 16.36% | 9.47% | 6.53% |
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| Investment Objective |
Investment Option and Adviser/ Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
||
| 1 Year | 5 Year | 10 Year | |||
| Investment results that correspond to total return performance of U.S. common stocks, as represented by the S&P MidCap 400® Index |
CALVERT VARIABLE PRODUCTS Calvert VP S&P MidCap 400 Index Portfolio - Class F Calvert Research and Management (Adviser) Ameritas Investment Partners, Inc. (Subadviser) |
0.53%* | 15.89% | 12.06% | 8.66% |
| Long-term capital appreciation with a global equity strategy that offers flexibility to invest in both growth and value stocks |
COLUMBIA THREADNEEDLE INVESTMENTS Columbia Overseas Core Fund-Class 1 Columbia Management Investment Advisers, LLC (Adviser) |
0.79% | 15.64% | 8.24% | 3.64% |
| Capital appreciation by investing in an actively managed portfolio of mid-sized value stocks |
COLUMBIA THREADNEEDLE INVESTMENTS Columbia Select Mid Cap Value Fund-Class 1 Columbia Management Investment Advisers, LLC (Adviser) |
0.82%* | 10.30% | 13.34% | 8.42% |
| Long-term capital appreciation by investing in a strategy focused on value stocks built for growth |
COLUMBIA THREADNEEDLE INVESTMENTS Columbia Small Cap Value Fund-Class 2 Columbia Management Investment Advisers, LLC (Adviser) |
1.11%* | 21.67% | 13.39% | 8.40% |
| Long-term capital appreciation by investing predominantly in small companies that appear built for long-term growth |
COLUMBIA THREADNEEDLE INVESTMENTS Columbia Small Company Growth Fund-Class 2** Columbia Management Investment Advisers, LLC (Adviser) |
1.10%* | 26.32% | 13.43% | 10.15% |
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| Investment Objective |
Investment Option and Adviser/ Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
||
| 1 Year | 5 Year | 10 Year | |||
| Long-term capital appreciation |
DWS DWS Global Small Cap VIP-Class A DWS Investment Management Americas, Inc (Adviser) |
0.87%* | 24.56% | 9.13% | 3.82% |
| Long-term capital growth |
DWS DWS International Growth VIP-Class A DWS Investment Management Americas, Inc (Adviser) |
0.82%* | 16.04% | 7.62% | 4.47% |
| Seeks to maintain a stable net asset value (NAV) of $1.00 per share |
FEDERATED HERMES INSURANCE SERIES Federated Hermes Government Money Fund II-Service Shares Federated Hermes Investment Management (Adviser) |
0.63%* | 4.52% | 1.49% | 0.90% |
| High current income and moderate capital appreciation |
FEDERATED HERMES INSURANCE SERIES Federated Hermes Managed Volatility Fund II-Primary Shares Federated Global Investment Management Corp. (Fed Global), Federated Investment Management Company (FIMCO) and Federated Equity Management Company of Pennsylvania (FEMCOPA) (Advisers) |
0.97%* | 8.68% | 6.15% | 4.19% |
| Current income |
FEDERATED HERMES INSURANCE SERIES Federated Hermes Quality Bond Fund II-Primary Shares Federated Hermes Investment Management Company (Adviser) |
0.74%* | 6.14% | 2.36% | 2.25% |
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| Investment Objective |
Investment Option and Adviser/ Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
||
| 1 Year | 5 Year | 10 Year | |||
| Long-term capital appreciation |
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS Fidelity® VIP Contrafund® Portfolio-Service Class 2 Fidelity Management & Research Company (FMR) (Adviser) FMR Co., Inc. and other investment advisers (Subadviser) |
0.81% | 33.12% | 16.36% | 11.33% |
| Capital appreciation |
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS Fidelity® VIP Growth Portfolio-Service Class 2 Fidelity Management & Research Company (FMR) (Adviser) FMR Co., Inc. and other investment advisers (Subadviser) |
0.83% | 35.89% | 19.34% | 14.51% |
| High level of current income, while also considering growth of capital |
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS Fidelity® VIP High Income Portfolio-Service Class 2 Fidelity Management & Research Company (FMR) (Adviser) FMR Co., Inc. and other investment advisers (Subadviser) |
1.02% | 10.24% | 3.60% | 3.14% |
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| Investment Objective |
Investment Option and Adviser/ Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
||
| 1 Year | 5 Year | 10 Year | |||
| Investment results that correspond to the total return of common stocks publicly traded in United States, as represented by the S&P 500 Index |
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS Fidelity® VIP Index 500 Portfolio-Service Class 2 Fidelity Management & Research Company (FMR) (Adviser) Geode Capital Management, LLC (Geode®) and FMR Co., Inc. (Subadvisers) |
0.35% | 25.88% | 15.27% | 11.64% |
| Long-term growth of capital |
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS Fidelity® VIP Mid Cap Portfolio-Service Class 2 Fidelity Management & Research Company (FMR) (Adviser) |
0.82% | 14.80% | 12.17% | 7.85% |
| Above-average income and long-term capital growth |
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS Fidelity® VIP Real Estate Portfolio-Service Class 2 Fidelity Management & Research Company (FMR) (Adviser) FMR Co., Inc., FMR Investment Management (UK) Limited, and other advisers (Subadvisers) |
0.85% | 10.89% | 4.96% | 5.77% |
| Capital appreciation, with income as a secondary goal |
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST Franklin Mutual Shares VIP Fund-Class 2 Franklin Mutual Advisers, LLC (Adviser) |
0.93% | 13.46% | 7.82% | 5.43% |
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| Investment Objective |
Investment Option and Adviser/ Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
||
| 1 Year | 5 Year | 10 Year | |||
| Long-term total return |
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST Franklin Small Cap Value VIP Fund-Class 2 Franklin Mutual Advisers, LLC (Adviser) |
0.91%* | 12.75% | 11.06% | 7.04% |
| Income |
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST Franklin U.S. Government Securities VIP Fund-Class 2 Franklin Advisers, Inc. (Adviser) |
0.77% | 4.47% | 0.22% | 0.73% |
| High level of current income, while also considering preservation and appreciation of capital |
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST Templeton Global Bond VIP Fund-Class 2 Franklin Advisers, Inc. (Adviser) |
0.75%* | 2.88% | -2.13% | -0.66% |
| Capital growth over long term |
LINCOLN VARIABLE INSURANCE PRODUCTS TRUST LVIP J.P. Morgan Small Cap Core Fund-Service Class Lincoln Financial Investments Corporation (Adviser) J.P. Morgan Investment Management Inc. (Subadviser) |
1.03% | 12.80% | 9.12% | 6.81% |
| Long-term growth of capital by investing primarily in common stocks of U.S. companies operating in sectors investment adviser believes will be fastest growing |
T. ROWE PRICE EQUITY SERIES All-Cap Opportunities T. Rowe Price Associates, Inc. (Adviser) |
0.80%* | 28.96% | 18.96% | 14.57% |
| High level of dividend income and long-term capital growth through investments in large-capitalization stocks of companies with strong track record of paying dividends or that are undervalued |
T. ROWE PRICE EQUITY SERIES Equity Income Portfolio T. Rowe Price Associates, Inc. (Adviser) |
0.74% | 9.54% | 11.20% | 7.84% |
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| Investment Objective |
Investment Option and Adviser/ Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
||
| 1 Year | 5 Year | 10 Year | |||
| Highest total return over time consistent with emphasis on both capital growth and income |
T. ROWE PRICE EQUITY SERIES Moderate Allocation Portfolio T. Rowe Price Associates, Inc. (Adviser) |
0.85%* | 15.35% | 7.31% | 5.91% |
| Long-term growth of capital through investments primarily in common stocks of established non-U.S. companies |
T. ROWE PRICE INTERNATIONAL SERIES International Stock Portfolio T. Rowe Price Associates, Inc. (Adviser) T. Rowe Price International Ltd and T. Rowe Price Singapore Private Ltd (Subadvisers) |
0.95% | 16.24% | 7.71% | 4.75% |
* These Investment Options and their investment advisers have entered into contractual fee waivers or reimbursement arrangements. These temporary fee reductions are reflected in their annual expenses. Those contractual arrangements are designed to reduce total annual portfolio operating expenses for Policyowners and will continue until at least April 30, 2025.
** This Fund is closed to new investment. You can no longer allocate premiums or transfer Accumulated Value to the Subaccount that invests in this Fund.
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[Back Cover Page]
Please retain this Annual Notice with your Policy prospectus for future reference. The last Prospectus and Statement of Additional Information as part of the registration statement we filed with the Securities and Exchange Commission (SEC) are dated May 1, 2009. Both documents contain additional important information about the Policy. You may call us toll-free at 1-877-249-3689 or write to us at Po Box 9253, Des Moines, Iowa 50306-9253, to request additional information and to ask questions about your Policy.
Reports and other information about the Variable Account are available on the SEC website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
[C000062175]
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