Close

Form 485BPOS NATIONWIDE VLI SEPARATE

December 5, 2022 3:00 PM EST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-6
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933File No. 333-229640
Pre-Effective Amendment No.
Post-Effective Amendment No. 8
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940File No. 811-08301
Amendment No. 262
(Check appropriate box or boxes.)
Nationwide VLI Separate Account-4

(Exact Name of Registrant)
Nationwide Life Insurance Company

(Name of Depositor)
One Nationwide Plaza, Columbus, Ohio 43215

(Address of Depositor's Principal Executive Offices) (Zip Code)
(614) 249-7111

Depositor's Telephone Number, including Area Code
Denise L. Skingle, Senior Vice President and Secretary
One Nationwide Plaza, Columbus, Ohio 43215

(Name and Address of Agent for Service)
December 9, 2022

Approximate Date of Proposed Public Offering
It is proposed that this filing will become effective (check appropriate box)
immediately upon filing pursuant to paragraph (b)
on December 9, 2022 pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a)(1)
on (date) pursuant to paragraph (a)(1)
If appropriate, check the following box:
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.


Incorporation by Reference
The statutory prospectus supplement dated July 20, 2022 and the statutory prospectus and Statement of Additional Information, except as modified herein, that were effective May 1, 2022, previously filed with the Commission under SEC file No. 333-229640, are hereby incorporated by reference and made a part of this registration statement.
0

Supplement dated December 9, 2022
to the following statutory prospectus(es):
Nationwide Innovator Corporate VUL dated May 1, 2022
This supplement updates certain information contained in your statutory prospectus. Please read and retain
this supplement for future reference.
I. Nationwide is issuing this Supplement to amend disclosure related to changes to policy charges for policies with a Policy Date on or after January 1, 2023.
Accordingly, the following updates have been made to the statutory prospectus:
1.
The Fee Table section, including related footnotes, is deleted in its entirety and replaced with the following:
Fee Table
The following tables describe the fees and expenses that a policy owner will pay when buying, owning, and surrendering or taking partial surrenders from the policy. Please refer to the Policy Data Pages of your policy for information about the specific fees you will pay based on the options you have elected.
The first table describes the fees and expenses that a policy owner will pay at the time the policy owner pays Premium into the policy, takes partial surrenders from the policy, or transfers Cash Value between investment options.
Transaction Fees
Charge
When Charge is
Deducted
Amount Deducted
Percent of Premium Charge1
Upon making a Premium
payment
Maximum:
Policy Year 1
12% of Premium
received
up to Target Premium for
all policies;
12% of Premium
received that exceeds
Target Premium for all
policies
Currently:
Policy Year 1
10% of Premium received
up to Target Premium for
all policies;
2% of Premium if the
policy
is a modified
endowment contract2; and
0% of Premium received
that exceeds
Target Premium if the
policy is not a
modified endowment
contract
Illustration Charge3
If illustration requests
exceed 10 in any 12 month
period
Maximum:
$25
Currently:
$25
Partial Surrender Fee
Upon a partial surrender
Maximum:
$25
Currently:
$0
Overloan Lapse Protection Rider
Charge
Upon invoking the Rider
Maximum:
For policies issued with
the guideline premium/
cash value corridor test:
$42.50 per $1,000 of
Cash Value
For policies issued with
the cash value
accumulation test:
$157 per $1,000 of Cash
Value
Minimum:
$1.50 per $1,000 of Cash
Value
PROS-0683
2

Transaction Fees
Charge
When Charge is
Deducted
Amount Deducted
Representative: an Attained Age 85
Insured with a Cash Value of $500,000
Upon invoking the Rider
$32 per $1,000 of Cash Value
This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1
The Percent of Premium Charge is assessed each time a Premium payment is received. The Percent of Premium Charge will depend on whether the Target Premium for the year in which the Premium is received has been reached. For the applicable charge for all policy years after the first policy year, see Percent of Premium Charge in the statutory prospectus.
2
For policies with applications dated on or after October 1, 2020 that are modified endowment contracts the charge is 2%. For policies with application dated before October 1, 2020 that are modified endowment contracts, and for all policies that are not modified endowment contracts, the charge is 0%.
3
The policy owner will be expected to pay the Illustration Charge at the time of the request. This charge will not be deducted from the policy's Cash Value.
The next table describes the fees and expenses that a policy owner will pay periodically while the policy is In Force, not including mutual fund operating expenses.
Periodic Charges Other than Annual Underlying Mutual Fund Expenses
Base Contract Charges
Charge
When Charge is
Deducted
Amount Deducted
Cost of Insurance Charge
Monthly
Maximum:
$83.33 per $1,000 of Net
Amount At Risk
Minimum:
$0.03 per $1,000 of Net
Amount At Risk
Representative: an individual Insured,
unisex, Issue Age 42, non-tobacco, Total
Specified Amount $250,000, Death Benefit
Option 1, policy year 10 and issued on a
guaranteed issue basis
Monthly
Currently: $0.37 per $1,000 of Net Amount At Risk1
Flat Extra Charge2
Monthly
Maximum:
$2.08 per $1,000 of Net Amount At Risk for each Flat
Extra assessed
Base Policy Specified Amount
Charge
Monthly
Maximum:
$0.40 per $1,000 of
Base Policy Specified
Amount
Minimum:
$0.00 per $1,000 of Base
Policy Specified
Amount
Representative: an individual Insured,
unisex, Issue Age 42, non-tobacco, Total
Specified Amount $250,000, Death Benefit
Option 1, policy year one and issued on a
guaranteed issue basis
Monthly
Currently: $0.00 per $1,000 of Base Policy Specified
Amount3
Variable Account Asset Charge
Monthly
Maximum:
0.90% of Cash Value
allocated to the Sub-
Accounts
Currently:
0.65% of Cash Value
allocated to the Sub-
Accounts4
Administrative Per Policy Charge
Monthly
Maximum:
$10.00 per policy
Currently:
$0.00 per policy5
PROS-0683
3

Base Contract Charges
Policy Loan Interest Charge6
Annually
and at the time of certain
events and transactions
Maximum:
2.50% of Indebtedness
Currently:
2.00% of Indebtedness
Optional Benefit Charges
Charge
When Charge is
Deducted
Amount Deducted
Additional Term Insurance Rider Cost
of Insurance Charge
The Rider is available for election until the
Insured reaches Attained Age 100.
Monthly
Maximum:
$83.33 per $1,000 of
Rider Death Benefit
Minimum:
$0.01 per $1,000 of
Rider Death Benefit
Representative: an individual Insured,
unisex, Issue Age 42, non-tobacco, Total
Specified Amount $250,000, Death Benefit
Option 1, policy year 10 and issued on a
guaranteed issue basis
Monthly
$0.16 per $1,000 of Rider Death Benefit7
Additional Term Insurance Rider
Specified Amount Charge
Monthly
Maximum:
$0.40 per $1,000 of
Rider Specified Amount
Minimum:
$0.00 per $1,000 of
Rider Specified Amount
Representative: an individual Insured,
unisex, Issue Age 42, non-tobacco, Total
Specified Amount $250,000, Death Benefit
Option 1, policy year one and issued on a
guaranteed issue basis
Monthly
$0.00 per $1,000 of Rider Specified Amount
This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1
For policies with a Policy Date on or after January 1, 2023, the Representative example for the Cost of Insurance Charge is $0.37 per $1,000 of Net Amount At Risk. For policies with a Policy Date prior to January 1, 2023, the Representative example for the Cost of Insurance Charge is $0.31 per $1,000 of Net Amount at Risk.
2
The Flat Extra Charge is only applicable if certain factors result in an Insured having a Substandard Rating, see Cost of Insurance in the statutory prospectus. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge.
3
For policies with a Policy Date on or after January 1, 2023, the Representative example for the Base Policy Specified Amount Charge is $0.00 per $1,000 of Base Policy Specified Amount. For policies with a Policy Date prior to January 1, 2023, the Representative example for the Base Policy Specified Amount Charge is $0.08 per $1,000 of Base Policy Specified Amount.
4
For policies with a Policy Date on or after January 1, 2023, the current Variable Account Asset Charge is 0.65% of Cash Value allocated to the Sub-Accounts. For policies with a Policy Date prior to January 1, 2023, the current Variable Account Asset Charge is 0.50% of Cash Value allocated to the Sub-Accounts.
5
For policies with a Policy Date on or after January 1, 2023, the current Administrative Per Policy Charge is $0.00 per policy. For policies with a Policy Date prior to January 1, 2023, the current Administrative Per Policy Charge is $5.00 per policy.
6
The maximum and current Policy Loan Interest Charge rates are stated as gross rates of interest charged. The effective annual interest rate Nationwide may charge against Indebtedness will never exceed 2.50% for policies issued on or after June 1, 2020. For policies issued before June 1, 2020, the effective annual interest rate Nationwide may charge against Indebtedness will never exceed 3.50%. Currently, for policies issued on or after June 1, 2020, the effective annual interest rate charged on Indebtedness is 2.00% for the first ten policy years and 1.00% thereafter. For policies issued before June 1, 2020, the effective annual interest rate charged on Indebtedness is 3.00% for the first ten policy years and 2.00% thereafter. The Policy Loan Interest Charge is described in more detail in Policy Loans in the statutory prospectus.
7
For policies with a Policy Date on or after January 1, 2023, the Representative example for the Additional Term Insurance Rider Cost of Insurance Charge is $0.16 per $1,000 of Rider Death Benefit. For policies with a Policy Date prior to January 1, 2023, the amount to be deducted will be $0.25 per $1,000 of Rider Death Benefit.
PROS-0683
4

The next table shows the minimum and maximum total operating expenses charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. A complete list of the underlying mutual funds available under the policy, including their annual expenses, may be found at the back of this document in Appendix A: Underlying Mutual Funds Available Under the Policy.
Annual Underlying Mutual Fund Expenses
 
Minimum
Maximum
(Expenses that are deducted from underlying mutual fund assets, including
management fees, distribution (12b-1) fees, and other expenses, as a percentage of
average underlying mutual fund assets.)
0.03%
1.81%
2.
The Variable Account Asset Charge section of the Standard Policy Charges provision is deleted in its entirety and replaced with the following:
Variable Account Asset Charge
Nationwide deducts a Variable Account Asset Charge proportionally from the Sub-Account allocations on the Policy Date and each monthly anniversary of the Policy Date. This charge is intended to compensate Nationwide for certain actual expenses, including acquisition costs and expenses, state and federal taxes. The Variable Account Asset Charge also provides revenue to compensate Nationwide for assuming certain risks associated with the policy, and revenue that may be profit.
The Variable Account Asset Charge applicable to the policy is determined by multiplying the current rate by the total Cash Value in the Sub-Accounts. The maximum guaranteed Variable Account Asset Charge is equal to an annualized rate of 0.90% of the policy's Cash Value allocated to the Sub-Accounts for all policy years. Currently, the annualized Variable Account Asset Charge rate assessed is based on the following schedule:
Variable Account Asset Charge Applicable to Policies with a Policy Date on or after January 1, 2023:
Charge for Policy Years 1-20
Charge for Policy Years 21+
0.65% of Cash Value allocated to the Sub-Accounts
0.40% of Cash Value allocated to the Sub-Accounts
Variable Account Asset Charge Applicable to Policies with a Policy Date prior to January 1, 2023:
Charge for Policy Years 1-20
Charge for Policy Years 21+
0.50% of Cash Value allocated to the Sub-Accounts
0.45% of Cash Value allocated to the Sub-Accounts
Reduction to Variable Account Asset Charge
The Variable Account Asset Charge may be reduced by an amount substantially equal to payments Nationwide expects to receive from certain underlying mutual funds based on the policy’s non-loaned Cash Value allocated to certain Sub-Accounts. Nationwide expects to receive payments from these underlying mutual funds for services Nationwide provides to them. The payment amount that Nationwide expects to receive from such underlying mutual funds is based on the rate stated in the contractual agreement with each underlying mutual fund and varies among underlying mutual funds and Sub-Accounts. Some underlying mutual funds do not currently make such payments to Nationwide. Nationwide may renegotiate agreements with these underlying mutual funds which may result in Nationwide receiving a different rate and payment than previously received. Nationwide may change the Variable Account Asset Charge reduction, if any, at any time.
On the Policy Date and on each monthly anniversary of the Policy Date, Nationwide will determine the amount of payments it expects to receive based on the policy’s’ Sub-Account allocations. Nationwide may then, in its sole discretion, reduce the Variable Account Asset Charge by an amount that represents the payments it expects to receive based upon the policy’s Sub-Account allocations. This reduction may exceed the then current Variable Account Asset Charge. Payments will be allocated to the policy’s Cash Value in accordance with current Sub-Account allocations, unless otherwise prohibited.
PROS-0683
5

Nationwide will treat any Variable Account Asset Charge reduction attributed to such payments as earnings under the policy for tax purposes.
Payments are more fully described in the Information on Underlying Mutual Fund Service Fee Payments section. For current Variable Account Asset Charge reductions by Sub-Account, see Appendix E: Reduction to Variable Account Asset Charge.
Applicable reductions are not guaranteed on a future basis and may be changed or discontinued at any time. If changed or discontinued, Nationwide will provide notice to all policy owners.
Although the resulting Variable Account Asset Charge may be lower if the policy owner selects Sub-Accounts that make payments to Nationwide, the policy owner should carefully select Sub-Accounts that are suitable for its purposes and goals. As such, Sub-Accounts that do not make payments to Nationwide or pay less than other Sub-Accounts may be more appropriate for the policy owner’s needs.
3.
The Administrative Expense Charge section of the Standard Policy Charges provision is deleted in its entirety and replaced with the following:
Administrative Expense Charge
An administrative charge is deducted proportionally from the policy's Sub-Account and Fixed Account allocations on the Policy Date and each monthly anniversary of the Policy Date. This charge reimburses Nationwide for the costs of maintaining the policy, including accounting and record-keeping and periodic reports to the policy owner. For policies with a Policy Date on or after January 1, 2023, the charge is currently $0 per month in all policy years. For policies with a Policy Date prior to January 1, 2023, the charge is $5 per month. The maximum guaranteed charge is $10 per month in all policy years.
4.
Appendix C: The Enhancement Benefit is deleted in its entirety and replaced with the following:
Appendix C: The Enhancement Benefit
The Enhancement Benefit is calculated monthly and is equal to the product of the Cash Value multiplied by the Enhancement Percentage. If an enhancement cap is applicable, the Enhancement Benefit will not exceed the product of (a) and (b), where:
(a) = the Enhancement Cap Percentage (if applicable)
(b) = the Total Percent of Premium Charge Paid.
Currently, the percentages used in the Enhancement Benefit calculation decline after the first policy year. The benefit decreases to zero at the end of the eleventh or sixth policy year depending on the ownership type of the policy.
Since the policy's Cash Value is a factor in determining the Enhancement Benefit, factors that impact the Cash Value will also impact the amount of the Enhancement Benefit, if any. If the Additional Term Insurance Rider is In Force, the Enhancement Benefit is reduced because of the lower charges associated with the Rider. For all policies except policies that are Corporate Owned Modified Endowment Contracts with a Policy Date on or after January 1, 2023, the following also applies:
The Additional Term Insurance Rider has no associated Enhancement Benefit or Enhancement Percentage.
When the Base Policy Specified Amount allocation is 1%, the Enhancement Percentage will be 0% rather than the blended rate.
For policies with a Policy Date on or after January 1, 2023, that are Corporate Owned Modified Endowment Contracts, the Additional Term Insurance Rider will have an associated Enhancement Benefit or Enhancement Percentage as described in the table below.
Corporate policy owners may elect to modify their Enhancement Benefit by choosing at the time the policy is issued a percentage allocation between two Enhancement Benefit schedules, Schedule A and Schedule B. This election is not available on individually owned policies. The enhancement percentages from the respective schedules will be blended, according to the allocation percentages elected to determine the Enhancement Benefit percentage applicable to a particular policy. This blending option allows the corporate policy owner to more closely match the benefit to the corporate liability it is intended to off-set.
PROS-0683
6

The A and B Enhancement Benefit schedules reflect different patterns of intended performance. Schedule A provides a greater Enhancement Benefit in early policy years and then decreases at a faster rate. Schedule B provides a lower Enhancement Benefit in the early policy years and decreases at a slower rate. The corporate purchaser can choose any percentage blend between Schedule A and Schedule B. Policy owners should consult with a financial professional to determine an appropriate blending of Enhancement Benefit schedules that best fit their particular needs.
The tables below show the current factors used to calculate the Enhancement Benefit for the first and last month of each policy year. The actual calculation will depend on the month the policy is surrendered because all factors decrease monthly during a policy year except for the first policy year. Policy owners may, free of charge, request a calculation of their current Enhancement Benefit by contacting the Service Center.
Enhancement Benefit Factors for Corporate Owned Modified Endowment Contracts with a Policy Date on or after January 1, 2023
 
 
Base Policy
Enhancement
Percentage
Term Policy
Enhancement
Percentage
Policy Year
 
Month 1
Month 12
Month 1
Month 12
1
 
2.37%
2.37%
1.40%
1.40%
2
 
2.30%
1.55%
1.35%
0.86%
3
 
1.50%
0.89%
0.82%
0.44%
4
 
0.85%
0.40%
0.42%
0.15%
5
 
0.37%
0.08%
0.14%
0.01%
6
 
0.08%
0.00%
0.01%
0.00%
7+
 
0.00%
0.00%
0.00%
0.00%
Enhancement Benefit Factors for Corporate Owned Modified Endowment Contracts with a Policy Date prior to January 1, 2023
 
 
Base Policy Enhancement
Percentage
Policy Year
 
Month 1
 
Month 12
1
 
3.500%
 
3.50%
2
 
3.463%
 
3.05%
3
 
2.979%
 
2.20%
4
 
2.108%
 
1.10%
5
 
1.038%
 
0.35%
6
 
0.321%
 
0.00%
7+
 
0.00%
 
0.00%
Enhancement Benefit Factors for Individually Owned Modified Endowment Contracts
 
 
Base Policy Enhancement
Percentage
Policy Year
 
Month 1
 
Month 12
1
 
2.800%
 
2.80%
2
 
2.750%
 
2.20%
3
 
2.133%
 
1.40%
4
 
1.333%
 
0.60%
5
 
0.567%
 
0.20%
6
 
0.183%
 
0.00%
7+
 
0.00%
 
0.00%
PROS-0683
7

Enhancement Benefit Factors for Corporate Owned Non-Modified Endowment Contracts
Schedules A and B for Policies with a Policy Date on or after January 1, 2023
Policy Year
 
Base Policy Enhancement
Percentage Schedule A
 
Base Enhancement
Percentage Schedule B
 
Enhancement
Cap A
Percentage
 
Enhancement
Cap B
Percentage
Month 1
 
Month 12
 
Month 1
 
Month 12
 
 
 
 
1
 
10.850%
 
10.85%
 
9.663%
 
9.66%
 
145%
 
120%
2
 
10.715%
 
9.23%
 
9.531%
 
8.08%
 
145%
 
120%
3
 
9.098%
 
7.64%
 
7.950%
 
6.56%
 
135%
 
125%
4
 
7.528%
 
6.30%
 
6.467%
 
5.42%
 
130%
 
130%
5
 
6.200%
 
5.10%
 
5.337%
 
4.43%
 
115%
 
125%
6
 
5.008%
 
4.00%
 
4.353%
 
3.48%
 
100%
 
110%
7
 
3.917%
 
3.00%
 
3.409%
 
2.57%
 
75%
 
95%
8
 
2.938%
 
2.25%
 
2.509%
 
1.84%
 
55%
 
75%
9
 
2.188%
 
1.50%
 
1.778%
 
1.15%
 
50%
 
55%
10
 
1.438%
 
0.75%
 
1.100%
 
0.54%
 
30%
 
35%
11
 
0.688%
 
0.00%
 
0.499%
 
0.00%
 
10%
 
30%
12+
 
0.000%
 
0.00%
 
0.000%
 
0.00%
 
0%
 
0%

Enhancement Benefit Factors for Corporate Owned Non-Modified Endowment Contracts
Schedules A and B for Policies with a Policy Date prior to January 1, 2023
Policy Year
 
Base Policy Enhancement
Percentage Schedule A
 
Base Enhancement
Percentage Schedule B
 
Enhancement
Cap A
Percentage
 
Enhancement
Cap B
Percentage
Month 1
 
Month 12
 
Month 1
 
Month 12
 
 
 
 
1
 
13.590%
 
13.59%
 
11.080%
 
11.08%
 
145%
 
120%
2
 
13.420%
 
11.55%
 
10.945%
 
9.46%
 
145%
 
120%
3
 
11.379%
 
9.50%
 
9.380%
 
8.50%
 
135%
 
125%
4
 
9.3583%
 
7.80%
 
8.450%
 
7.90%
 
130%
 
130%
5
 
7.671%
 
6.25%
 
7.808%
 
6.80%
 
115%
 
125%
6
 
6.113%
 
4.60%
 
6.675%
 
5.30%
 
100%
 
110%
7
 
4.475%
 
3.10%
 
5.183%
 
3.90%
 
75%
 
95%
8
 
3.008%
 
2.00%
 
3.817%
 
2.90%
 
55%
 
75%
9
 
1.921%
 
1.05%
 
2.825%
 
2.00%
 
30%
 
55%
10
 
0.996%
 
0.40%
 
1.925%
 
1.10%
 
15%
 
35%
11
 
0.367%
 
0.00%
 
1.008%
 
0.00%
 
10%
 
30%
12+
 
0.00%
 
0.00%
 
0.00%
 
0.00%
 
0%
 
0%
Enhancement Benefit Factors for Individually Owned Non-Modified Endowment Contracts
 
 
Base Policy Enhancement
Percentage
 
Enhancement
Cap Percentage
Policy Year
 
Month 1
 
Month 12
 
1
 
11.200%
 
11.20%
 
120%
2
 
10.983%
 
8.60%
 
110%
3
 
8.354%
 
5.65%
 
95%
4
 
5.429%
 
3.00%
 
75%
5
 
2.84%
 
1.08%
 
45%
6
 
0.99%
 
0.00%
 
25%
7+
 
0.00%
 
0.00%
 
0%
Using the factors available in the tables above, here are examples of how an Enhancement Benefit would be calculated.
In the first two examples, assume the following:
A surrender is requested in the last month of policy year 2.
The policy is a non-modified endowment contract and corporate owned.
The Cash Value is $200,000.
PROS-0683
8

The Base Policy Specified Amount Allocation (as a percentage of the Total Specified Amount) is 75%.
The Rider Specified Amount Allocation (as a percentage of the Total Specified Amount) is 25%.
The Total Percent of Premium Charge Paid is $15,250.
The Enhancement Schedule B Allocation is 100%.
The Enhancement Schedule A Allocation is 0%.
Using these assumptions, the Enhancement Benefit, capped by the Enhancement Cap, is calculated as follows for policies with a Policy Date on or after January 1, 2023:
Enhancement Percentage x Cash Value
Where: Enhancement Percentage = (Base Policy Specified Amount Allocation x Base Enhancement Percentage) + (Rider Specified Amount Allocation x Rider Enhancement Percentage) = (0.75 x 8.08%) + (0.25 x 0.00%) = 6.06%
 
=
6.06% x $200,000 =$12,120.00
Enhancement
Cap
=
Enhancement Cap Percentage x Total Percent of Premium Charge Paid
 
=
120% x $15,250 =$18,300.00
Since $12,120.00 is less than the $18,300.00 Enhancement Cap, the Enhancement Benefit here is $12,120.00.
Using the assumptions above, the Enhancement Benefit, capped by the Enhancement Cap, is calculated as follows for policies with a Policy Date prior to January 1, 2023:
Enhancement Percentage x Cash Value
Where: Enhancement Percentage = (Base Policy Specified Amount Allocation x Base Enhancement Percentage) + (Rider Specified Amount Allocation x Rider Enhancement Percentage) = (0.75 x 9.46%) + (0.25 x 0.00%) = 7.095%
 
=
7.095% x $200,000 =$14,190.00
Enhancement
Cap
=
Enhancement Cap Percentage x Total Percent of Premium Charge Paid
 
=
120% x $15,250 =$18,300.00
Since $14,190.00 is less than the $18,300.00 Enhancement Cap, the Enhancement Benefit here is $14,190.00.
In the next example, assume the following:
A surrender is requested in the last month of policy year 2.
The policy is a modified endowment contract and corporate owned.
The Cash Value is $200,000.
The Base Policy Specified Amount Allocation (as a percentage of the Total Specified Amount) is 75%.
The Rider Specified Amount Allocation (as a percentage of the Total Specified Amount) is 25%.
Using these assumptions, the Enhancement Benefit is calculated as follows for policies with a Policy Date on or after January 1, 2023:
Enhancement Percentage x Cash Value
Where: Enhancement Percentage = (Base Policy Specified Amount Allocation x Base Enhancement Percentage) + (Rider Specified Amount Allocation x Rider Enhancement Percentage) = (0.75 x 1.55%) + (0.25 x 0.86%) = 1.38%
 
=
1.38% x $200,000 = $2,755.00
Since there is no enhancement cap for modified endowment contracts, the Enhancement Benefit here is $2,755.00.
5.
Appendix D: Examples of Policy Charge Blending is deleted in its entirety and replaced with the following:
PROS-0683
9

Appendix D: Examples of Policy Charge Blending
The tables and the calculations below show examples of how actual charges would be determined using a sample policy assuming the following:
The policy is in policy year 3.
The Total Specified Amount is $1,000,000.
The Total Specified Amount is allocated 80% to Base Policy Specified Amount and 20% to Rider Specified Amount. Therefore, the Base Policy Specified Amount Allocation is 80% and Rider Specified Amount Allocation is 20%.
The policy is not a modified endowment contract.
In each table, the first column after the "Policy Year" column shows charges associated with the base policy, the second column shows charges associated with the Additional Term Insurance Rider and the third column shows how those charges will be "blended" with an election of the Additional Term Insurance Rider. The "blending" calculates charges based on a weighted average of the Base Policy Specified Amount and Rider Specified Amount. To determine the weighted average, the charge amount attributed to base policy charges and rider charges are independently multiplied by their respective allocations and the result of each is added together to achieve the total charge assessed. When the Base Policy Specified Amount allocation is 1%, rather than using the blended rates, the Percent of Premium Charge will be 0% and the Base Policy Specified Amount Charge will be $0.
All of the tables and calculation examples use the current charges as disclosed in the Fee Table section of the prospectus. If maximum charges were used in these examples, the charges would be higher.
Percent of Premium Charge: Deducted from Each Premium Paid
Policy Year
Target Premium
Charge
Excess Premium
Charge
80%/20%
Charge Blend
1
10.00%
0.00%
8.00%
2
8.00%
0.00%
6.40%
3
6.00%
0.00%
4.80%
4
5.00%
0.00%
4.00%
5
4.00%
0.00%
3.20%
6
3.00%
0.00%
2.40%
7+
2.00%
0.00%
1.60%
Using the charges in the table above and the assumptions in the example listed above, here is how the total Percent of Premium Charge is calculated.
Total Percent of Premium Charge
= [(Base Policy Specified Amount Allocation) x (Target Premium Charge)] +
 [(Rider Specified Amount Allocation) x (Excess Premium Charge)]
= [(0.80) x (0.06)] + [(0.20) x (0.00)]
= [(0.048)] + [(0.00)]
= 0.048 or 4.80% of Premium received during the policy year.
Total Specified Amount Charge: Deducted Monthly from Cash Value for Policies with a Policy Date on or after January 1, 2023
Policy Year
Base Policy Specified
Amount Charge
Rider Specified
Amount Charge
80%/20%
Charge Blend
1
$0.00
$0.00
$0.00
2
$0.00
$0.00
$0.00
3
$0.00
$0.00
$0.00
4
$0.00
$0.00
$0.00
5
$0.00
$0.00
$0.00
Using the charges in the table above and the assumptions in the example listed above, here is how the Total Specified Amount Charge is calculated for policies with a Policy Date on or after January 1, 2023:
PROS-0683
10

Total Specified Amount Charge Per Month
= [(Base Policy Specified Amount Allocation) x (Base Policy Specified Amount Charge)] +
 [(Rider Specified Amount Allocation) x (Rider Specified Amount Charge)]
= [(0.80) x ($0.00)] + [(0.20) x ($0.00)]
= [($0.00)] + [($0.00)]
= $0.00 deducted monthly from Cash Value.
Total Specified Amount Charge: Deducted Monthly from Cash Value for Policies with a Policy Date prior to January 1, 2023
Policy Year
Base Policy Specified
Amount Charge
Rider Specified
Amount Charge
80%/20%
Charge Blend
1
$80.00
$0.00
$64.00
2
$80.00
$0.00
$64.00
3
$80.00
$0.00
$64.00
4
$80.00
$0.00
$64.00
5
$80.00
$0.00
$64.00
Using the charges in the table above and the assumptions in the example listed above, here is how the Total Specified Amount charge is calculated for policies with a Policy Date prior to January 1, 2023.
Total Specified Amount Charge Per Month
= [(Base Policy Specified Amount Allocation) x (Base Policy Specified Amount Charge)] +
 [(Rider Specified Amount Allocation) x (Rider Specified Amount Charge)]
= [(0.80) x ($80.00)] + [(0.20) x ($0.00)]
= [($64.00)] + [($0.00)]
= $64.00 deducted monthly from Cash Value.
Note that the table above only illustrates the Specified Amount charges for the first five Policy Years. These charges will continue to be assessed beyond the first five Policy Years.
Cost of Insurance Charge based on Issue Age of 45: Deducted Monthly from Cash Value for Policies with a Policy Date on or after January 1, 2023*
Policy Year
Base Cost
of Insurance
Rider Cost
of Insurance
80%/20%
Charge Blend
1
0.02667
0.00958
0.02325
2
0.05983
0.02156
0.05218
3
0.10216
0.03695
0.08912
4
0.15832
0.05742
0.13814
5
0.23601
0.08591
0.20599
* Cost of Insurance charge rates change each policy year based on the increasing age of the Insured.
Using the charges in the table above and the assumptions in the example listed above, here is how the Cost of Insurance Charge is calculated for policies with a Policy Date on or after January 1, 2023:
Cost of Insurance Charge
= [(Base Policy Specified Amount Allocation) x (Base Policy Cost of Insurance Charge)] +
 [(Rider Specified Amount Allocation) x (Rider Cost of Insurance Charge)]
= [(0.80) x (0.10216)] + [(0.20) x (0.03695)]
= [(0.08173)] + [(0.00739)]
= 0.08912 per $1,000 of Net Amount At Risk.
Note that the table above only illustrates the Cost of Insurance charges for the first five Policy Years. These charges will continue to be assessed beyond the first five Policy Years.
PROS-0683
11

Cost of Insurance Charge based on Issue Age of 45: Deducted Monthly from Cash Value for Policies wih a Policy Date prior to January 1, 2023*
Policy Year
Base Cost
of Insurance
Rider Cost
of Insurance
80%/20%
Charge Blend
1
0.02435
0.01997
0.02347
2
0.05673
0.04009
0.05340
3
0.09548
0.07100
0.09058
4
0.14255
0.10607
0.13525
5
0.20091
0.14958
0.19064
* Cost of Insurance charge rates change each policy year based on the increasing age of the Insured.
Using the charges in the table above and the assumptions in the example listed above, here is how the Cost of Insurance Charge is calculated for policies with a Policy Date prior to January 1, 2023.
Cost of Insurance Charge
= [(Base Policy Specified Amount Allocation) x (Base Policy Cost of Insurance Charge)] +
 [(Rider Specified Amount Allocation) x (Rider Cost of Insurance Charge)]
= [(0.80) x (0.09548)] + [(0.20) x (0.071)]
= [(0.076384)] + [(0.0142)]
= 0.09058 per $1,000 of Net Amount At Risk.
Note that the table above only illustrates the Cost of Insurance charges for the first five Policy Years. These charges will continue to be assessed beyond the first five Policy Years.
PROS-0683
12


PART C. OTHER INFORMATION
Item 30. Exhibits
b)
Not Applicable
f)
Depositor’s Certificate of Incorporation and By-Laws –
g)
Form of Reinsurance Contracts –
h)
Form of Participation Agreements –
The following fund participation agreements were previously filed and are hereby incorporated by reference.



i)
Form of Administrative Contracts –
The following administrative contracts were previously filed and are hereby incorporated by reference.



j)
Not Applicable.
l)
Not Applicable.
m)
Not Applicable.
o)
Not Applicable.
p)
Not Applicable.

Item 31. Directors and Officers of the Depositor
The business address of the Directors and Officers of the Depositor is:
One Nationwide Plaza, Columbus, Ohio 43215
President and Chief Operating Officer and Director
Carter, John L.
Executive Vice President-Chief Human Resources Officer
Clements, Vinita J.
Executive Vice President-Chief Technology Officer
Fowler, James R.
Executive Vice President and Director
Frommeyer, Timothy G.
Senior Vice President-NF Strategic Customer Solutions
Ambrozy, Tina S.
Senior Vice President-Marketing Management - Financial Services
Bair, Ann S.
Senior Vice President-Head of Taxation
Biesecker, Pamela A.
Senior Vice President – Legal – Nationwide Financial
Boyer, John N.
Senior Vice President-Chief Technology Officer - Nationwide Financial
Carrell, Michael W.
Senior Vice President-Chief Investment Officer
Coleman, Joel L.
Senior Vice President-Chief Compliance Officer
Dankovic, Rae Ann
Senior Vice President-External Affairs
English, Steven M.
Senior Vice President-Chief Financial Officer - Nationwide Financial and Director
Ginnan, Steven A.
Senior Vice President-Annuity Distribution
Guymon, Rona
Senior Vice President-Retirement Solutions Sales
Hawley, Craig A.
Senior Vice President-Nationwide Annuity and Director
Henderson, Eric S.
Senior Vice President and Treasurer
LaPaul, David
Senior Vice President-IT Chief Financial Officer, Procurement & BTO
O'Brien, Kevin G.
Senior Vice President-Corporate Solutions
Perez, Juan J.
Senior Vice President-Nationwide Retirement Institute
Rodriguez, Kristi L.
Senior Vice President-Finance & Strategy Legal and Corporate Secretary
Skingle, Denise L.
Senior Vice President-Nationwide Life and Director
Snyder, Holly R.
Senior Vice President-Investment Management Group
Spangler, Michael S.
Senior Vice President-Retirement Solutions
Stevenson, Eric
Director
Walker, Kirt A.
Item 32. Persons Controlled by or Under Common Control with the Depositor or Registrant
Following is a list of entities directly or indirectly controlled by or under common control with the depositor or registrant. Ownership is indicated through indentation. Unless otherwise indicated, each subsidiary is either wholly-owned or majority-owned by the parent company immediately preceding it. (For example, Nationwide Fund Distributors, LLC is either wholly-owned or majority owned by NFS Distributors, Inc.) Separate accounts that have been established pursuant to board resolution but are not, and have never been, active are omitted.
Company
Jurisdiction
of Domicile
Brief Description of Business
Nationwide Financial Services, Inc.
Delaware
The company acts primarily as a holding company for
companies within the Nationwide organization that offer or
distribute life insurance, long-term savings and retirement
products.
NFS Distributors, Inc.
Delaware
The company acts primarily as a holding company for
Nationwide Financial Services, Inc. companies.
Nationwide Financial General Agency, Inc.
Pennsylvania
The company is a multi-state licensed insurance agency.
Nationwide Fund Distributors, LLC
Delaware
The company is a limited purpose broker-dealer.
Nationwide Fund Management, LLC
Delaware
The company provides administration, transfer and
dividend disbursing agent services to various mutual fund
entities.
Nationwide Retirement Solutions, Inc.
Delaware
The company markets and administers deferred
compensation plans for public employees.
Nationwide Securities, LLC
Delaware
The company is a general purpose broker-dealer and
investment adviser registered with the Securities and
Exchange Commission.

Company
Jurisdiction
of Domicile
Brief Description of Business
Nationwide Trust Company, FSB
Federal
This is a federal savings bank chartered by the Office of
Thrift Supervision in the United States Department of
Treasury to exercise deposit, lending, agency, custody
and fiduciary powers and to engage in activities
permissible for federal savings banks under the Home
Owners’ Loan Act of 1933.
Nationwide Financial Services Capital Trust
Delaware
The trust’s sole purpose is to issue and sell certain
securities representing individual beneficial interests in the
assets of the trust
525 Cleveland Avenue, LLC
Ohio
This is a limited liability company organized under the
laws of the State of Ohio. The company was formed to
provide remedial real property cleanup prior to sale.
Nationwide Life Insurance Company 2
Ohio
The corporation provides individual life insurance, group
and health insurance, fixed and variable annuity products
and other life insurance products.
Jefferson National Financial Corporation3
Delaware
A stock corporation. The corporation is the holding
company of Jefferson National Life Insurance Company,
Jefferson National Life Insurance Company of New York,
and JNF Advisors, Inc., offering annuity products and
services.
Jefferson National Life Insurance Company2,3
Texas
The company provides life, health and annuity products.
Jefferson National Life Annuity Company C2,3
 
A separate account issuing variable annuity products.
Jefferson National Life Annuity Account E2,3
 
A separate account issuing variable annuity products.
Jefferson National Life Annuity Account F2,3
 
A separate account issuing variable annuity products.
Jefferson National Life Annuity Account G2,3
 
A separate account issuing variable annuity products.
Jefferson National Life Insurance Company of
New York2,3
New York
The company provides variable annuity products.
Jefferson National Life of New York Annuity
Account 12,3
 
A separate account issuing variable annuity products.
MFS Variable Account2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Multi-Flex Variable Account2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-II2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-32,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-42,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-52,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-62,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-72,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-82,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-92,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-102,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-112,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-122,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-132,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-142,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Variable Account-152,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account 12,3
Pennsylvania
A separate account issuing variable annuity contracts.
Nationwide VLI Separate Account2,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide VLI Separate Account-22,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide VLI Separate Account-32,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide VLI Separate Account-42,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide VLI Separate Account-52,3
Ohio
A separate account issuing variable life insurance
policies.

Company
Jurisdiction
of Domicile
Brief Description of Business
Nationwide VLI Separate Account-62,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide VLI Separate Account-72,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide Provident VLI Separate Account 12,3
Pennsylvania
A separate account issuing variable life insurance
policies.
Nationwide Investment Services Corporation3
Oklahoma
This is a limited purpose broker-dealer and distributor of
variable annuities and variable life products for
Nationwide Life Insurance Company and Nationwide Life
and Annuity Insurance Company. The company also
provides educational services to retirement plan sponsors
and its participants.
Nationwide Financial Assignment Company3
Ohio
The company is an administrator of structured
settlements.
Nationwide Investment Advisors, LLC3
Ohio
The company provides investment advisory services.
Eagle Captive Reinsurance, LLC3
Ohio
The company is engaged in the business of insurance
Nationwide Life and Annuity Insurance
Company2,3
Ohio
The company engages in underwriting life insurance and
granting, purchasing and disposing of annuities.
Nationwide VA Separate Account-A2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-B2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-C2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-D2,3
Ohio
A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account
A2,3
Delaware
A separate account issuing variable annuity contracts.
Nationwide VL Separate Account-C2,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide VL Separate Account-D2,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide VL Separate Account-G2,3
Ohio
A separate account issuing variable life insurance
policies.
Nationwide Provident VLI Separate Account
A2,3
Delaware
A separate account issuing variable life insurance
policies.
Olentangy Reinsurance, LLC3
Vermont
The company is a captive life reinsurance company.
Nationwide SBL, LLC
Ohio
The company is a lender offering securities-back lines of
credit.
Registered Investment Advisors Services, Inc.
Texas
The company is a technology company that facilitates
third-party money management services for registered
investment advisors
Nationwide Fund Advisors4
Delaware
The trust acts as a registered investment advisor.
1
This subsidiary/entity is controlled by its immediate parent through contractual association.
2
This subsidiary/entity files separate financial statements.
3
Information for this subsidiary/entity is included in the consolidated financial statements of its immediate parent.
4
This subsidiary/entity is a business trust.
Item 33. Indemnification
Provision is made in Nationwide’s Amended and Restated Code of Regulations and expressly authorized by the General Corporation Law of the State of Ohio, for indemnification by Nationwide of any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such person is or was a director, officer or employee of Nationwide, against expenses, including attorneys fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, to the extent and under the circumstances permitted by the General Corporation Law of the State of Ohio.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers or persons controlling Nationwide pursuant to the foregoing provisions, Nationwide has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the

payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 34. Principal Underwriter
Nationwide Investment Services Corporation ("NISC")
a)
NISC serves as principal underwriter and general distributor for the following separate investment accounts of Nationwide or its affiliates:
Jefferson National Life Annuity Account G
Nationwide VA Separate Account-A
Jefferson National Life of New York Annuity Account 1
Nationwide VA Separate Account-B
MFS Variable Account
Nationwide VA Separate Account-C
Multi-Flex Variable Account
Nationwide VA Separate Account-D
Nationwide Variable Account
Nationwide VLI Separate Account
Nationwide Variable Account-II
Nationwide VLI Separate Account-2
Nationwide Variable Account-3
Nationwide VLI Separate Account-3
Nationwide Variable Account-4
Nationwide VLI Separate Account-4
Nationwide Variable Account-5
Nationwide VLI Separate Account-5
Nationwide Variable Account-6
Nationwide VLI Separate Account-6
Nationwide Variable Account-7
Nationwide VLI Separate Account-7
Nationwide Variable Account-8
Nationwide VL Separate Account-C
Nationwide Variable Account-9
Nationwide VL Separate Account-D
Nationwide Variable Account-10
Nationwide VL Separate Account-G
Nationwide Variable Account-11
Nationwide Provident VA Separate Account 1
Nationwide Variable Account-12
Nationwide Provident VA Separate Account A
Nationwide Variable Account-13
Nationwide Provident VLI Separate Account 1
Nationwide Variable Account-14
Nationwide Provident VLI Separate Account A
Nationwide Variable Account-15
 
b)
Directors and Officers of NISC:
President and Director
Ambrozy, Tina S.
Senior Vice President-Head of Taxation
Biesecker, Pamela A.
Senior Vice President and Secretary
Skingle, Denise L.
Vice President-Tax
Eppley, Daniel P.
Vice President and Assistant Secretary
Garman, David A.
Vice President-Chief Compliance Officer
Rabenstine, James J.
Vice President-CFO – Life Insurance
Wild, Keith D.
Associate Vice President and Assistant Treasurer
Hacker, Hope C.
Associate Vice President and Assistant Treasurer
Reese, John A.
Associate Vice President and Assistant Treasurer
Walker, Tonya G.
Associate Vice President and Treasurer
Roswell, Ewan T.
Assistant Secretary
Bowman, Heidi
Assistant Secretary
Dokko, David
Assistant Secretary
Hartman, Mark E.
Assistant Secretary
Hinze, Keith W.
Director
Henderson, Eric S.
Director
Stevenson, Eric
The business address of the Directors and Officers of NISC is:
One Nationwide Plaza, Columbus, Ohio 43215.
c)
Name of Principal Underwriter
Net Underwriting
Discounts
Compensation on
Redemption
Brokerage
Commissions
Other
Compensation
Nationwide Investment Services Corporation
N/A
N/A
N/A
N/A

Item 35. Location of Accounts and Records
Steven A. Ginnan
Nationwide Life Insurance Company
One Nationwide Plaza
Columbus, OH 43215
Item 36. Management Services
Not Applicable
Item 37. Fee Representation
Nationwide Life Insurance Company represents that the fees and charges deducted under the contract in the aggregate are reasonable in relation to the services rendered, the expenses expected to be incurred and risks assumed by Nationwide Life Insurance Company.


SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Columbus, and State of Ohio, on December 5, 2022.
Nationwide VLI Separate Account-4
(Registrant)
Nationwide Life Insurance Company
(Depositor)
By: /s/ Paige L. Ryan
Paige L. Ryan
Attorney-in-Fact
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated, on December 5, 2022.
JOHN L. CARTER
 
John L. Carter, President and Chief Operating Officer
and Director
 
HOLLY R. SNYDER
 
Holly R. Snyder, Senior Vice President and Director
 
TIMOTHY G. FROMMEYER
 
Timothy G. Frommeyer, Executive Vice President and
Director
 
ERIC S. HENDERSON
 
Eric S. Henderson, Senior Vice President-Nationwide
Annuity and Director
 
STEVEN A. GINNAN
 
Steven A. Ginnan, Senior Vice President-Chief Financial
Officer-Nationwide Financial and Director
 
KIRT A. WALKER
 
Director
 
 
By: /s/ Paige L. Ryan
 
Paige L. Ryan
Attorney-in-Fact

ATTACHMENTS / EXHIBITS

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

REDEEMABILITY EXEMPTION

POWER OF ATTORNEY



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings