Form 497 SEPARATE ACCOUNT NO. 49
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Equitable Financial Life Insurance Company
Supplement dated May 24, 2022 to the Structured Capital Strategies PLUS® 21 prospectus dated May 1, 2022
This Supplement modifies certain information in the above-referenced prospectus (the Prospectus) offered by Equitable Financial Life Insurance Company. You should read this Supplement in conjunction with your Prospectus and retain it for future reference. This Supplement incorporates the Prospectus by reference. Unless otherwise indicated, all other information included in your Prospectus remains unchanged. The terms we use in this Supplement have the same meaning as in your Prospectus. We will send you another copy of any prospectus or supplement without charge upon request. Please contact the customer service center at 877-899-3743.
The following hereby replaces the corresponding sections in Charges and expenses Charges under the contracts Withdrawal charge (Series B contracts only):
10% free withdrawal amount. For Series B contracts, each contract year you can withdraw up to 10% of your account value without paying a withdrawal charge (often referred to as the 10% free withdrawal amount or free withdrawal amount). No withdrawal charge applies to Select and Series ADV contracts. The 10% free withdrawal amount is determined using your account value at the beginning of the contract year. In the first contract year amounts received within 90 days of the contract date are included for purposes of calculating the free withdrawal amount. When a contract is surrendered, the free withdrawal amount is not taken into account when calculating the amount of the withdrawal charge.
Assume you made an initial contribution of $100,000 to a 6-year Segment and a subsequent contribution of $40,000 in contract year 2 to another 6-year Segment. At the beginning of the seventh contract year, if your account value is $200,000, you could withdraw up to $160,000 free of withdrawal charges on that day ($20,000 from the 10% free withdrawal amount plus $100,000 from contributions which are no longer subject to withdrawal charges plus $40,000 of remaining earnings). Assume you withdraw the entire Segment Maturity Value of the first Segment when it matures (assume that is $150,000 and your contracts account value on that day is $200,500) you would not pay a withdrawal charge since no contributions subject to withdrawal charges are deemed withdrawn (the $150,000 withdrawn for withdrawal charge purposes is deemed comprised of $20,000 from the 10% free withdrawal amount plus $100,000 from contributions which are no longer subject to withdrawal charges plus $30,000 of earnings).
|IM-66-22 (5.22)||Cat. #164559 ( 5.22)|
|SCS PLUS 21 NB/Semi||#350171|
- Wall Street ends first day of third quarter with solid rebound
- Goldman Sachs Warns Clients of More Equity Market Losses in Second Half of 2022
- Kohl's (KSS) Falls 15% After Ending Sale Talks With Franchise Group and Issuing Q2 Warning
- General Motors Warns It Has 95k Vehicles in Inventory Without Certain Components
- FAAMG Stocks Fall 32% on Average During 1st-Half of 2022
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- James McArthur AG Morgan Scholarship for Finance Students is Now Available
- TEAF Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of June 30, 2022
- Positive Results of EfficAPSI Real-World Study Confirm Significant Benefit of Sublingual Liquid AIT Treatment on the Onset and Worsening of Asthma in Patients With Allergic Rhinitis
Create E-mail Alert Related CategoriesSEC Filings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!