A variable universal life insurance contract is a contract with the primary purpose of providing a death benefit. It is also a long term financial investment that can also allow potential accumulation of assets through customized, professionally managed investment portfolios. These portfolios are closely managed in order to satisfy stated investment objectives. There are fees and charges associated with variable life insurance contracts including mortality and risk charges, front end loads, administrative fees, investment management fees, surrender charges and charges for optional riders.

Fees and charges associated with variable life insurance including a front end load, mortality and expense risk charges, cost of insurance charges, surrender charges, administrative fees, investment management fees and charges for optional benefits.  Contact a financial professional for costs and complete details of coverage.

Under current federal tax rules, clients may access their cash value by taking federal income tax-free loans or withdrawals from a life insurance policy that is not a Modified Endowment Contract (MEC) of up to their basis (total premiums paid) in the policy. Certain exceptions may apply for partial withdrawals during the policy’s first 15 years. If the policy is a MEC, all withdrawals or loans are taxed as ordinary income to the extent of gain in the policy, and may also be subject to an additional 10% premature distribution penalty if taken prior to age 59, unless certain exceptions apply. Loans and partial withdrawals will decrease the death benefit and cash value of the life insurance policy and may be subject to policy limitations and income tax. In addition, loans and partial withdrawals may cause the policy benefits and riders to become unavailable and may increase the chance the policy may lapse. If the policy lapses, is surrendered or becomes a MEC, the loan balance at the time would generally be viewed as a distribution and therefore taxable under the general rules for distribution of policy cash values.
Life insurance products are issued by Equitable Financial Life Insurance Company (NY, NY) or Equitable Financial Life Insurance Company of America and co-distributed by affiliates Equitable Network, LLC (Equitable Network Insurance Agency of California in CA; Equitable Network Insurance Agency of Utah in UT; Equitable Network of Puerto Rico, Inc. in PR) and Equitable Distributors, LLC. Variable life insurance products are co-distributed by Equitable Advisors, (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN) and Equitable Distributors, LLC. When sold by New York state based (i.e., domiciled) Equitable Advisors financial professionals, life insurance products are issued by Equitable Financial Life Insurance Company (NY, NY). All companies are affiliated and directly or indirectly owned by Equitable Holdings, Inc., and do not provide tax or legal advice.

Variable annuities are long-term financial products designed for retirement purposes. Variable annuities are subject to market risk, including the possible loss of principal invested, and they have mortality and expense charges, account fees, investment management fees, administrative fees, charges for special contract features, and restrictions and limitations. Earnings are taxable as ordinary income when distributed and may be subject to a 10% additional tax if withdrawn before age 59 ½. Optional benefits are available for an extra charge in addition to the ongoing fees and expenses of the variable annuity.

Withdrawals from annuities are subject to normal income tax treatment and if taken prior to age 59, may be subject to an additional 10% federal income tax penalty. Withdrawals may also be subject to a contractual withdrawal charge.

Annuities contain certain limitations and restrictions.  For costs and complete details contact a financial professional. Please be advised that this webpage is not intended as legal or tax advice. Accordingly, any tax information provided in this guide for producers is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and clients should seek advice based on their particular circumstances from an independent tax advisor.

Variable life insurance and variable annuities are sold via prospectus.  Please consider the charges, risk, expenses, and investment objectives carefully before purchasing a variable life insurance policy or a variable annuity. For a prospectus containing this and other information, please contact a financial professional. Read it carefully before investing or sending money.

Equitable Financial, Equitable America, Equitable Advisors and Equitable Distributors are subsidiaries of Equitable Financial Services, LLC and Equitable Holdings, and do not provide tax or legal advice. Certain types of policies, features and benefits may not be available in all jurisdictions or may be different.
Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (NY, NY); Equitable Financial Life Insurance Company of America, an AZ stock company; and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN).

Variable annuities are issued by Equitable Financial Life Insurance Company (Equitable Financial), NY,NY or by Equitable Financial Life Insurance Company of American (Equitable America), an AZ stock company with an administrative office in Charlotte, NC and co-distributed by affiliates, Equitable Distributors, LLC and Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN). Equitable Financial, Equitable America, Equitable Advisors and Equitable Distributors do not provide tax or legal advice.

Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (NY,NY); Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with an administrative office located in Charlotte, NC; and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC ) member (FINRA, SIPC) (Equitable Advisors in MI & TN).

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