Incentive Life® ‘02
Updating Summary Prospectus
May 1, 2021
This updating summary prospectus summarizes key features of the Incentive Life® ‘02 policy. The Prospectus and Statement of Additional Information (“SAI”) for Incentive Life® ‘02 contain more information about the policy, including its features, benefits and risks. The Prospectus and SAI are incorporated by reference into this updating summary prospectus. You can find the current Prospectus, SAI and other information about the Incentive Life® ‘02 online at www.equitable.com/ICSR#EQH146665. You can request this information at no cost by calling 1-877-522-5035 or by sending an email request to EquitableFunds@dfinsolutions.com.
Additional general information about certain investment products, including variable life insurance contracts, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Electronic delivery of shareholder reports (pursuant to Rule 30e-3). Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the shareholder reports for Investment Options available under your contract will no longer be sent by mail, unless you specifically request paper copies of the reports from Equitable Financial Life Insurance Company (the “Company”) or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically from the Company by calling 1-800-777-6510 or by calling your financial intermediary.
You may elect to receive all future reports in paper free of charge. You can inform the Company that you wish to continue receiving paper copies of your shareholder reports by calling 1-877-522-5035, by sending an email request to EquitableFunds@dfinsolutions.com, or by calling your financial intermediary. Your election to receive reports in paper will apply to all Investment Options available under your contract.
Updated Information About Your Incentive Life® Policy
The information in this Updating Summary Prospectus is a summary of certain Incentive Life® ’02 policy features that have changed since the statutory prospectus dated May 1, 2020. This may not reflect all of the changes that have occurred since you entered into your Incentive Life® ‘02 policy.
INVESTMENT OPTIONS
The table below sets forth the names of: (i) the Investment Options that are no longer available under the policy due to mergers, closures and liquidations that have occurred since May 1, 2020; (ii) new Investment Options available under the policy as of May 1, 2020; and (iii) name changes that have occurred since May 1, 2020:
Investment Options Added to the Contract
| New Investment Options | ||
| 1290 VT Small Cap Value | ||
| EQ/MFS Technology | ||
| EQ/Morgan Stanley Small Cap Growth | ||
Portfolio Company and Variable Investment Option Mergers
| Acquired Investment Option (no longer available for investment) |
Acquiring Investment Option | |||
| Charter Small Cap Growth | merged into | EQ/Morgan Stanley Small Cap Growth | ||
| Charter Small Cap Value | merged into | 1290 VT Small Cap Value | ||
| EQ/MFS Technology II | merged into | EQ/MFS Technology | ||
| EQ/UBS Growth and Income | merged into | EQ/Capital Guardian Research | ||
| Multimanager Mid Cap Growth | merged into | EQ/Janus Enterprise | ||
| Multimanager Mid Cap Value | merged into | EQ/American Century Mid Cap Value | ||
Variable Investment Option Name Changes
| Old Name | New Name | |||
| All Asset Growth-Alt 20 | EQ/All Asset Growth Allocation | |||
| Charter Multi-Sector Bond | EQ/Core Plus Bond | |||
| EQ/BlackRock Basic Value Equity | EQ/Value Equity | |||
| EQ/Capital Guardian Research | EQ/Capital Group Research | |||
| EQ/Invesco Global Real Estate | EQ/Invesco Global Real Assets | |||
| EQ/MFS International Value | EQ/MFS International Intrinsic Value | |||
OTHER
Company Name Changes
| Old Name | New Name | |||
| AXA Equitable Life Insurance Company | Equitable Financial Life Insurance Company | |||
| AXA Advisors, LLC | Equitable Advisors, LLC | |||
| AXA Distributors, LLC | Equitable Distributors, LLC | |||
| AXA Equitable Funds Management Group, LLC | Equitable Investment Management Group, LLC | |||
| AXA Equitable Network, LLC | Equitable Network, LLC | |||
2
Important Information You Should Consider About the Incentive Life® ‘02 policy (the “policy”):
| FEES AND EXPENSES | ||
| Charges for Early Withdrawals | We will not deduct a charge for making a partial withdrawal from your policy, however, if you surrender the policy in its first ten years or the first 10 years after you have requested an increase in your policy’s face amount, you will be subject to a surrender charge of up to 3.09% of face amount. For example, if you surrender your policy in the first year and the policy face amount was $100,000, you could pay a surrender charge of up to $3,093.
For more information on the impacts of withdrawals, please refer to “Making withdrawals from your policy” in this prospectus. For more information on surrender charges, please refer to “Deducting policy charges” in the prospectus. | |
| Transaction Charges | In addition to surrender charges, you may be subject to other transaction charges, including charges on each premium paid under the policy, charges in connection with requests to decrease your policy’s face amount, transfer fees, and other special service charges (e.g., wire transfer charges, express mail charges, policy illustration charges, duplicate policy charges, policy history charges, and charges for returned payments).
For more information on transaction charges, please refer to the “Fee Table” in the prospectus. | |
| 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, administration and mortality risks, and the cost of optional benefits available under the policy. Such fees and expenses may be based on characteristics of the insured (e.g., age, sex, risk class and particular health, occupational or vocational risks). You should view the information pages of your policy for rates applicable to your policy. | |
| You will also bear expenses associated with the variable investment options (the “Portfolios”) under the policy, as shown in the following table: | ||
| Annual Fee | Minimum | Maximum | ||||
| Portfolios | 0.58% | 1.58% | ||||
|
Portfolio expenses are for the year ended December 31, 2020 and may be based, in part, on estimated amounts of such expenses and may change from year to year. For more information on ongoing fees and expenses, please refer to the “Fee Table” in this prospectus and Appendix: “Investment options available under the policy” which is part of the prospectus. | ||||||
| RISKS | ||
| Risk of Loss | You may lose money by 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. The policy is designed to provide benefits on a long-term basis. Consequently, you should not use the policy as a short-term investment or savings vehicle. Because of the long-term nature of the policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. | |
| 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 Portfolios available under the policy and the guaranteed interest option (GIO), each of which has its own unique risks. You should review the Portfolios’ prospectuses and the “Guaranteed Interest Option” section in “Investment options within your policy” in this prospectus before making an investment decision. Portfolio prospectuses are available at www.equitable.com/ICSR#EQH146665. | |
| For more information on the Portfolios, please refer to Appendix: “Investment options available under the policy” in this Prospectus. | ||
3
| Insurance Company Risks | An investment in the policy is subject to the risks related to the Company. Any policy obligations (including under the fixed rate option), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request, at https://equitable.com/selling-life-insurance/financial-strength-ratings. More information about the Company’s general account can be found in “About our general account” in the prospectus. | |
| Policy Lapse | Death benefits will not be paid if the policy has lapsed. Your policy may lapse if due to insufficient premium payments, poor investment performance, withdrawals, unpaid loans or loan interest, your policy account value does not cover policy charges. If your policy provides for a no-lapse guarantee, you may have to pay more premiums to keep your policy from terminating. If your policy lapses, you will be notified in writing and given an opportunity to make additional payments to reinstate your policy. | |
| For more information on how to prevent your policy from lapsing, please refer to “The minimum amount of premiums you must pay” and “You can guarantee that your policy will not terminate before a certain date” in the prospectus. | ||
| RESTRICTIONS | ||
| Investments | You may allocate your premiums to any of the Portfolios set forth in Appendix: “Investment options available under the policy”. We reserve the right to remove or substitute Portfolios as investment options under the policy. | |
| Currently, the total of all transfers of variable investment options you make on the same day must be at least $500; except that you may transfer your entire balance in a single Portfolio, even if it is less than $500. We may limit transfers you can make into the unloaned GIO, if the current (non-guaranteed) interest crediting rate on the unloaned GIO is equal to the guaranteed minimum interest crediting rate of 3.0% (annual rate). For more information, please refer to “Guaranteed Interest Option” in “Investment options within your policy” in the prospectus. | ||
| We allow only one request for transfers each day (although that request can cover multiple transfers). Only written transfer requests submitted to our Administrative Office may be processed for Policies that are jointly owned or assigned. We reserve the right to limit Policy transfers if we determine that you are engaged in a disruptive transfer activity, such as “market timing.” | ||
| For more information please refer to “Variable investment options” and “Transfers you can make” in the prospectus. | ||
| Optional Benefits | As a policy owner, you may be able to obtain extra benefits, which may require additional charges. These optional benefits are described in what is known as a “rider” to the policy. | |
| Optional benefits are subject to additional charges and payments made under these benefits are generally subject to the same transaction fees as other premium payments but may be treated differently for other purposes (e.g., certain death benefit minimums). Optional benefits are not available for all ages (or may terminate at certain ages) and underwriting classifications. We may stop offering an optional benefit at any time. | ||
| For more information on optional benefits and other limitations under the policy, please refer to “Other benefits you can add by rider,” and “Suicide and certain misstatements” in the prospectus. | ||
| TAXES | ||
| 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 the investor if the policy is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. | |
| For more information on tax implications relating to policy investments, please refer to “Tax information” in this prospectus. | ||
4
| CONFLICTS OF INTEREST | ||
| Investment Professional Compensation | Some financial professionals may receive compensation for selling the policy to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this policy over another investment. | |
| For more information on investment professional compensation, please refer to “Distribution of the policies” in this prospectus. | ||
| 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 your policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable to purchase the new policy, rather than continue to own your current policy. | |
| For more information on exchanges, please refer to the paragraph titled “Section 1035 exchanges of policies” under “How you can pay for and contribute to your policy” in this prospectus, as well as the section titled “Future policy exchanges” in this prospectus. | ||
5
Appendix: Investment Options available under the Incentive Life® ‘02 policy
The following is a list of variable investment options available under the Policy. More information about the variable investment options is available in the prospectuses for the Investment Options, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH146665. You can request this information at no cost by calling 1-877-522-5035 or by sending an email request to EquitableFunds@dfinsolutions.com.
The current expenses and performance information below reflects fees and expenses of the variable 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 charges were included. Each variable investment option’s past performance is not necessarily an indication of future performance.
Affiliated Variable Investment Options:
| Current Expenses |
Average Annual Total Returns (as of 12/31/2020) |
|||||||||||||||||
| Type | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Specialty | 1290 VT Convertible Securities — Equitable Investment Management Group, LLC (“EIMG”); Palisade Capital Management, L.L.C. |
1.15 | %^ | 39.08 | % | 18.19 | % | 15.22 | % | |||||||||
| Asset Allocation | 1290 VT DoubleLine Dynamic AllocationD — EIMG; DoubleLine Capital LP |
1.02 | %^ | 13.10 | % | 8.61 | % | 8.80 | % | |||||||||
| Fixed Income | 1290 VT DoubleLine Opportunistic Bond — EIMG; DoubleLine Capital LP |
0.95 | %^ | 4.26 | % | 3.76 | % | 4.01 | % | |||||||||
| Equity | 1290 VT Equity Income — EIMG; Barrow, Hanley, Mewhinney & Strauss, LLC |
0.95 | %^ | -4.52 | % | 1.55 | % | 6.50 | % | |||||||||
| Specialty | 1290 VT GAMCO Mergers & Acquisitions — EIMG; GAMCO Asset Management, Inc. |
1.30 | %^ | -1.33 | % | 0.66 | % | 3.12 | % | |||||||||
| Equity | 1290 VT GAMCO Small Company Value — EIMG; GAMCO Asset Management, Inc. |
1.07 | % | 9.51 | % | 4.48 | % | 10.29 | % | |||||||||
| Equity | 1290 VT Small Cap Value — EIMG; BlackRock Investment Management, LLC; Horizon Kinetics Asset Management LLC |
1.15 | %^ | _-1.51 | % | 3.15 | % | 8.99 | % | |||||||||
| Equity | 1290 VT SmartBeta Equity — EIMG; AXA Rosenberg Investment Management LLC |
1.10 | %^ | 10.95 | % | 9.78 | % | 11.26 | % | |||||||||
| Equity | 1290 VT Socially Responsible — EIMG; BlackRock Investment Management, LLC |
0.93 | % | 19.96 | % | 14.32 | % | 14.63 | % | |||||||||
| Equity | EQ/2000 Managed Volatility† — EIMG; AllianceBernstein L.P.; BlackRock Investment Management, LLC |
0.84 | % | 19.31 | % | 9.35 | % | 12.40 | % | |||||||||
| Equity | EQ/400 Managed Volatility† — EIMG; AllianceBernstein L.P.; BlackRock Investment Management, LLC |
0.85 | %^ | 13.47 | % | 7.53 | % | 11.40 | % | |||||||||
| Equity | EQ/500 Managed Volatility† — EIMG; AllianceBernstein L.P.; BlackRock Investment Management, LLC |
0.80 | % | 17.01 | % | 12.61 | % | 13.87 | % | |||||||||
| Equity | EQ/AB Small Cap Growth — EIMG; AllianceBernstein L.P. |
0.92 | % | 36.11 | % | 17.00 | % | 17.22 | % | |||||||||
| Asset Allocation | EQ/Aggressive Allocation — EIMG |
1.16 | % | 15.41 | % | 9.45 | % | 11.20 | % | |||||||||
| Asset Allocation | EQ/All Asset Growth Allocation† — EIMG |
1.25 | % | 12.29 | % | 7.33 | % | 9.44 | % | |||||||||
| Equity | EQ/American Century Mid Cap Value — EIMG; American Century Investment Management, Inc. |
1.00 | %^ | 1.32 | % | — | — | |||||||||||
| Equity | EQ/Capital Group Research — EIMG; Capital International Inc. |
0.97 | %^ | 23.26 | % | 15.96 | % | 16.22 | % | |||||||||
| Equity | EQ/Clearbridge Large Cap Growth — EIMG; ClearBridge Investments, LLC |
1.00 | %^ | 30.91 | % | 19.85 | % | 16.87 | % | |||||||||
| Equity | EQ/Common Stock Index — EIMG; AllianceBernstein L.P. |
0.68 | %^ | 19.77 | % | 13.68 | % | 14.60 | % | |||||||||
| Asset Allocation | EQ/Conservative Allocation† — EIMG |
1.00 | %^ | 7.24 | % | 4.86 | % | 4.49 | % | |||||||||
| Asset Allocation | EQ/Conservative-Plus Allocation† — EIMG |
1.09 | % | 10.08 | % | 6.37 | % | 6.52 | % | |||||||||
| Fixed Income | EQ/Core Bond Index — EIMG; SSgAFunds Management, Inc. |
0.65 | %^ | 6.10 | % | 4.14 | % | 3.05 | % | |||||||||
| Fixed Income | EQ/Core Plus Bond(1) — EIMG; AXA Investment Managers, Inc.; Brandywine Global Investment Management, LLC; Loomis, Sayles & Company, L.P. |
0.95 | %^ | 14.86 | % | 6.92 | % | 5.14 | % | |||||||||
| Equity | EQ/Equity 500 Index — EIMG; AllianceBernstein L.P. |
0.55 | %^ | 17.78 | % | 13.53 | % | 14.52 | % | |||||||||
| Equity | EQ/Fidelity Institutional AM® Large Cap — EIMG; FIAM LLC |
0.87 | %^ | 26.32 | % | — | — | |||||||||||
| Equity | EQ/Franklin Rising Dividends — EIMG; Franklin Advisers, Inc. |
0.87 | %^ | 16.19 | % | — | — | |||||||||||
| Fixed Income | EQ/Franklin Strategic Income — EIMG; Franklin Advisers, Inc. |
0.93 | %^ | 4.99 | % | — | — | |||||||||||
| Fixed Income | EQ/Global Bond Plus(2) — EIMG; BlackRock Investment Management, LLC; Wells Fargo Asset Management (International), Limited and Wells Capital Management, Inc. |
0.95 | %^ | 8.53 | % | 4.28 | % | 3.62 | % | |||||||||
6
| Current Expenses |
Average Annual Total Returns (as of 12/31/2020) |
|||||||||||||||||
| Type | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Equity | EQ/Global Equity Managed Volatility — EIMG; BlackRock Investment Management, LLC; Invesco Advisers, Inc.; Morgan Stanley Investment Management Inc. |
1.10 | %^ | 14.31 | % | 7.94 | % | 10.63 | % | |||||||||
| Equity | EQ/Goldman Sachs Mid Cap Value — EIMG; Goldman Sachs Asset Management, L.P. |
1.09 | %^ | 8.46 | % | — | — | |||||||||||
| Fixed Income | EQ/Intermediate Government Bond — EIMG; SSgA Funds Management, Inc. |
0.65 | %^ | 4.22 | % | 3.06 | % | 1.99 | % | |||||||||
| Equity | EQ/International Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC; EARNEST Partners, LLC; Federated Global Investment Management Corp.; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.06 | % | 8.46 | % | 4.18 | % | 7.44 | % | |||||||||
| Equity | EQ/International Equity Index — EIMG; AllianceBernstein L.P. |
0.79 | %^ | 3.93 | % | 2.49 | % | 6.26 | % | |||||||||
| Equity | EQ/International Managed Volatility — EIMG; AllianceBernstein L.P.; BlackRock Investment Management, LLC |
0.89 | % | 6.63 | % | 3.48 | % | 6.57 | % | |||||||||
| Equity | EQ/International Value Managed Volatility — EIMG; BlackRock Investment Management, LLC; Harris Associates L.P. |
1.06 | % | 4.21 | % | 2.18 | % | 5.81 | % | |||||||||
| Equity | EQ/Invesco Comstock — EIMG; Invesco Advisers, Inc. |
1.00 | %^ | -0.77 | % | 2.79 | % | 8.51 | % | |||||||||
| Specialty | EQ/Invesco Global Real Assets(3) — EIMG; Invesco Advisers, Inc.; Invesco Asset Management Ltd. |
1.20 | %^ | -12.22 | % | — | — | |||||||||||
| Equity | EQ/Invesco International Growth — EIMG; Invesco Advisers, Inc. |
1.15 | %^ | 13.61 | % | — | — | |||||||||||
| Equity | EQ/Janus Enterprise — EIMG; Janus Capital Management LLC |
1.05 | %^ | 18.78 | % | 16.77 | % | 14.26 | % | |||||||||
| Equity | EQ/JPMorgan Value Opportunities — EIMG; J.P. Morgan Investment Management, Inc. |
0.98 | % | 11.07 | % | 6.22 | % | 11.38 | % | |||||||||
| Equity | EQ/Large Cap Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC; Capital International, Inc.; GQG Partners LLC; Vaughn Nelson Investment Management |
0.91 | % | 16.27 | % | 12.24 | % | 13.62 | % | |||||||||
| Equity | EQ/Large Cap Growth Index — EIMG; AllianceBernstein L.P. |
0.73 | % | 37.36 | % | 22.01 | % | 20.08 | % | |||||||||
| Equity | EQ/Large Cap Growth Managed Volatility† — EIMG; BlackRock Investment Management, LLC; HS Management Partners, LLC; Loomis, Sayles & Company; Polen Capital Management, LLC; T. Rowe Price Associates, Inc. |
0.86 | % | 32.00 | % | 19.65 | % | 18.48 | % | |||||||||
| Equity | EQ/Large Cap Value Index — EIMG; AllianceBernstein L.P. |
0.75 | % | 2.22 | % | 5.37 | % | 9.02 | % | |||||||||
| Equity | EQ/Large Cap Value Managed Volatility† — EIMG; AllianceBernstein L.P.; Aristotle Capital Management, LLC; Massachusetts Financial Services Company d/b/a MFS Investment Management |
0.86 | % | 5.68 | % | 6.08 | % | 9.41 | % | |||||||||
| Equity | EQ/Lazard Emerging Markets Equity — EIMG; Lazard Asset Management LLC |
1.35 | %^ | -1.56 | % | — | — | |||||||||||
| Equity | EQ/Loomis Sayles Growth — EIMG; Loomis, Sayles & Company, L.P. |
1.05 | %^ | 30.86 | % | 18.60 | % | 19.11 | % | |||||||||
| Equity | EQ/MFS International Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.10 | %^ | 15.41 | % | 10.01 | % | 12.38 | % | |||||||||
| Equity | EQ/MFS Mid Cap Focused Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.10 | %^ | 29.76 | % | — | — | |||||||||||
| Equity | EQ/MFS® International Intrinsic Value — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.15%^ | 20.03% | — | — | |||||||||||||
| Specialty | EQ/MFS® Technology — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.13% | 46.83% | — | — | |||||||||||||
| Equity | EQ/Mid Cap Index — EIMG; AllianceBernstein L.P. |
0.72% | 12.80% | 7.70% | 11.58% | |||||||||||||
| Equity | EQ/Mid Cap Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC; Diamond Hill Capital Management, Inc.; Wellington Management Company, LLP |
0.97% | 4.94% | 4.82% | 8.77% | |||||||||||||
| Asset Allocation | EQ/Moderate Allocation† — EIMG |
1.08% | 11.32% | 7.00% | 7.45% | |||||||||||||
| Asset Allocation | EQ/Moderate-Plus Allocation† — EIMG |
1.12% | 14.05% | 8.44% | 9.47% | |||||||||||||
| Money Market | EQ/Money Market(*) — EIMG; BNY Mellon Investment Adviser, Inc. |
0.71% | 0.20% | 1.00% | 0.68% | |||||||||||||
| Equity | EQ/Morgan Stanley Small Cap Growth — EIMG; BlackRock Investment Management, LLC; Morgan Stanley Investment Management Inc. |
1.15%^ | 95.74% | 35.80% | 27.59% | |||||||||||||
| Fixed Income | EQ/PIMCO Real Return — EIMG; Pacific Investment Management Company, LLC |
0.84%^ | 11.28% | — | — | |||||||||||||
| Fixed Income | EQ/PIMCO Total Return — EIMG; Pacific Investment Management Company, LLC |
0.75%^ | 8.58% | — | — | |||||||||||||
| Fixed Income | EQ/PIMCO Ultra Short Bond — EIMG; Pacific Investment Management Company, LLC |
0.80%^ | 1.07% | 1.53% | 1.71% | |||||||||||||
| Fixed Income | EQ/Quality Bond Plus — EIMG; AllianceBernstein L.P.; Pacific Investment Management Company LLC |
0.80% | 5.96% | 3.85% | 2.81% | |||||||||||||
| Equity | EQ/Small Company Index — EIMG; AllianceBernstein L.P. |
0.64% | 19.74% | 9.96% | 12.82% | |||||||||||||
| Equity | EQ/T. Rowe Price Growth Stock — EIMG; T. Rowe Price Associates, Inc. |
1.00%^ | 36.54% | 20.77% | 18.94% | |||||||||||||
7
| Current Expenses |
Average Annual Total Returns (as of 12/31/2020) | |||||||||
| Type | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||
| Equity | EQ/Value Equity(4) — EIMG; Aristotle Capital Management, LLC |
0.92% | 2.82% | 5.30% | 8.29% | |||||
| Specialty | EQ/Wellington Energy — EIMG; Wellington Management Company LLP |
1.19%^ | -37.39% | — | — | |||||
| Equity | Multimanager Aggressive Equity — EIMG; 1832 Asset Management U.S. Inc.; AllianceBernstein L.P.; ClearBridge Investments, LLC; T. Rowe Price Associates, Inc.; Westfield Capital Management Company, L.P. |
0.97% | 38.83% | 22.70% | 20.02% | |||||
| Fixed Income | Multimanager Core Bond — EIMG; BlackRock Financial Management, Inc.; DoubleLine Capital LP; Pacific Investment Management Company LLC; SSgA Funds Management, Inc. |
0.90%^ | 6.31% | 4.37% | 3.73% | |||||
| Specialty | Multimanager Technology — EIMG; AllianceBernstein L.P.; Allianz Global Investors U.S. LLC; Wellington Management Company, LLP |
1.25%^ | 53.28% | 29.31% | 26.79% | |||||
| Asset Allocation | Target 2025 Allocation† — EIMG |
1.10%^ | 12.20% | 7.95% | 9.28% | |||||
| Asset Allocation | Target 2035 Allocation† — EIMG |
1.09% | 13.70% | 8.89% | 10.42% | |||||
| Asset Allocation | Target 2045 Allocation† — EIMG |
1.10% | 14.07% | 9.28% | 11.16% | |||||
| Asset Allocation | Target 2055 Allocation† — EIMG |
1.10%^ | 14.89% | 9.94% | 12.12% | |||||
| † | EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a “†“. See “About the Portfolios of the Trusts” for more information regarding volatility management. |
| D | Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a “D”. Any such unaffiliated Portfolio is not identified in the chart. See “About the Portfolios of the Trusts” for more information regarding volatility management. |
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
| * | The Portfolio operates as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. |
| (1) | This is the surviving variable investment option of a Portfolio merger on or about June 18, 2021. The acquired variable investment option is EQ/Global Bond Plus and it may continue to be used in certain documents for a period of time after the date of the merger. |
| (2) | This is the acquired variable investment option of a Portfolio merger on or about June 18, 2021, and it will no longer be available for investment after the merger. It may continue to be used in certain documents for a period of time after the date of the merger. |
| (3) | This is the variable investment option’s new name. The variable investment option’s former name is EQ/Invesco Global Real Estate which may continue to be used in certain documents for a period of time after the date of this Prospectus. |
| (4) | This is the variable investment option’s new name. The variable investment option’s former name is EQ/BlackRock Basic Value Equity which may continue to be used in certain documents for a period of time after the date of this Prospectus. |
Unaffiliated Variable Investment Options:
|
Current |
Average Annual Total Returns (as of 12/31/2020) |
|||||||||||||||||
| Type | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Equity | American Funds Insurance Series® Global Small Capitalization FundSM — Capital Research and Management Company(SM) |
1.24 | % | 29.39 | % | 14.15 | % | 9.17 | % | |||||||||
| Equity | American Funds Insurance Series® New World Fund® — Capital Research and Management Company(SM) |
1.09 | %^ | 23.29 | % | 13.05 | % | 6.28 | % | |||||||||
| Equity | Fidelity® VIP Growth & Income — Fidelity Management & Research Company (FMR) |
0.79 | % | 7.59 | % | 11.34 | % | 11.37 | % | |||||||||
| Equity | Fidelity® VIP Mid Cap Portfolio — Fidelity Management & Research Company (FMR) |
0.87 | % | 17.87 | % | 10.79 | % | 9.22 | % | |||||||||
| Asset Allocation | Franklin Mutual Shares VIP — Franklin Mutual Advisers, LLC |
0.98 | % | -5.04 | % | 5.88 | % | 6.99 | % | |||||||||
| Equity | Franklin Small Cap Value VIP — Franklin Mutual Advisers, LLC |
0.93 | % | 5.19 | % | 10.77 | % | 9.20 | % | |||||||||
| Equity | Invesco V.I. Main Street Mid Cap Fund®(1) — Invesco Advisers, Inc. |
1.19 | % | 8.94 | % | 9.33 | % | 7.55 | % | |||||||||
| Equity | Invesco V.I. Small Cap Equity Fund — Invesco Advisers, Inc. |
1.21 | % | 26.87 | % | 11.55 | % | 9.87 | % | |||||||||
| Fixed Income | IVY VIP High Income — Ivy Investment Management Company |
0.97 | % | 6.03 | % | 7.42 | % | 6.52 | % | |||||||||
| Equity | Ivy VIP Small Cap Growth — Ivy Investment Management Company |
1.15 | %^ | 37.66 | % | 15.59 | % | 11.15 | % | |||||||||
| Equity | MFS® Investors Trust Series — Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.04 | %^ | 13.60 | % | 13.38 | % | 12.22 | % | |||||||||
| Equity | MFS® Massachusetts Investors Growth Stock Portfolio — Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.04 | % | 22.20 | % | 18.39 | % | 14.71 | % | |||||||||
| Specialty | PIMCO VIT CommodityRealReturn® Strategy — Pacific Investment Management Company, LLC |
1.34 | %^ | 1.23 | % | 2.54 | % | -5.49 | % | |||||||||
8
|
Current |
Average Annual Total Returns (as of 12/31/2020) |
|||||||||||||||||
| Type | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Equity | T. Rowe Price Equity Income II — T. Rowe Price Associates, Inc. |
0.99 | %^ | 0.96 | % | 9.59 | % | 8.94 | % | |||||||||
| Equity | Templeton Developing Markets VIP — Templeton Asset Management Ltd. |
1.44 | % | 17.18 | % | 15.57 | % | 3.66 | % | |||||||||
| Specialty | Templeton Global Bond VIP — Franklin Advisers, Inc. |
0.74 | %^ | -5.28 | % | 0.66 | % | 1.56 | % | |||||||||
| Equity | Templeton Growth VIP — Templeton Global Advisors Limited |
1.16 | % | 5.80 | % | 6.15 | % | 6.08 | % | |||||||||
| Specialty | VanEck VIP Global Resources Fund(2) — Van Eck Associates Corporation |
1.38 | % | 18.83 | % | 5.93 | % | -3.83 | % | |||||||||
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
| (1) | This is the variable investment option’s new name. The variable investment option’s former name is Invesco V.I. Mid Cap Core Equity Fund which may continue to be used in certain documents for a period of time after the date of this Prospectus. |
| (2) | This is the variable investment option’s new name. The variable investment option’s former name is VanEck VIP Global Hard Assets which may continue to be used in certain documents for a period of time after the date of this Prospectus. |
9
Issued by
Equitable Financial Life Insurance Company
1290 Avenue of the Americas
New York, NY 10104
(212) 554-1234
We have filed with the Securities and Exchange Commission a Prospectus and a Statement of Additional Information (“SAI”) that include additional information about the policy, the Company and Separate Account FP. The Prospectus and SAI are incorporated by reference into this updating summary prospectus. The Prospectus and SAI are available free of charge. To request a copy of either document, to ask about your contract, or to make other investor inquiries, please call1-800-777-6510 (for U.S. residents) or 1-704-341-7000 (outside of the U.S.). The Prospectus and SAI are also available at our website www.equitable.com/ICSR#EQH146665.
SEC Contract Identifier: C000024622