Form 497VPU Nassau Life Variable

Glossary

Updated Information About Your Policy

Important Information You Should Consider About The Policy

Appendix A: Investment Options Available Under The Policy

As previously notified, on or about May 20, 2026 (the “Liquidation Date”), the Lazard Retirement US Small Cap Equity Select Portfolio (the “Liquidating Fund”) will be liquidated. On the Liquidation Date, any Policy Value allocated to the Liquidating Fund will be automatically transferred to the Federated Hermes Government Money Fund II. Any such transfer will occur without charge and will not count toward any limit on transfers. Until the Liquidation Date, you may transfer any Policy Value allocated to the Liquidating Fund to any other variable investment option available under your Policy free of charge. For 60 days after the Liquidation Date, if any portion of your Policy Value was automatically transferred to the Federated Hermes Government Money Fund II as described above, you may transfer Policy Value from the Federated Hermes Government Money Fund II to any other variable investment option available under your Policy free of charge. Any such free transfer will not count toward any limit on the number of transfers that may be performed under your Policy (except restrictions to discourage frequent transfer activity and/or market timing).

During the first ten policy years, a surrender charge will apply if you fully or partially surrender the policy, allow the policy to lapse, or reduce the face amount. The maximum surrender charge that you can pay while you own the policy is equal to 0.50% of the policy face amount plus 28.50% of premiums paid for single life policies. For multiple life policies, the maximum surrender charge is 30.00% of premiums paid. The surrender charge begins to decrease after five policy years, and becomes zero after ten policy years.

For example, for a single life policy with a $100,000 face amount and $20,000 in premiums paid, the maximum full surrender charge would be $500 + $5700, or $6200.

In addition to surrender charges, you also may be charged for other transactions. Specifically: (a) an additional surrender fee upon a partial surrender (b) an issue expense and face amount increase charge, deducted during the first 12 months after policy issue or after a face amount increase (c) premium tax charges, which may be deducted from premium payments you make and (d) a transfer charge, which we reserve the right to deduct after the first two transfers in any given policy year.

●    A policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash.

●    We may apply a surrender charge with respect to any surrender you make from the policy.

●    A surrender may also reduce your policy’s face amount and may have adverse tax consequences.

●    You can avoid surrender charges and such possible adverse tax consequences by holding your policy for the long-term and minimizing surrenders.

●    Tax deferral generally is more beneficial to investors with a long time horizon.

●     An investment in this policy is subject to the risk of poor investment performance of the funds you choose. Performance will vary among the funds.

●     Each fund (as well as the GIA) has its own unique risks.

●     You should review the investment options before making an investment decision.

If you choose to participate in an asset allocation program or strategic program, the assets you have dedicated to the program will be limited by the terms of the program.

We do not permit transfers of less than $500 unless either (a) the entire balance in the investment option or the Guaranteed Interest Account is being transferred or (b) the transfer is part of a Systematic Transfer Program.

Transfers out of the Guaranteed Interest Accounts are limited to one transfer per year. The amount you may transfer out of the Guaranteed Interest Accounts is limited based on a schedule described later in this Prospectus.

We reserve the right to reject or restrict transfers if we determine the transfers reflect frequent trading or a market timing strategy, or we are required to reject or restrict the transfer by the applicable fund.

Nassau Life reserves the right to remove or substitute funds as investment options that are available under the policy.

The availability of investment options (including the Guaranteed Interest Accounts) may vary depending on the broker-dealer through which your policy was purchased.

We offer several optional riders under the policy. The insurance features added by these riders include waiver of premium in the event of total disability and payment of an additional death benefit in the event of accidental death.

Except as otherwise provided, an optional benefit may not be modified or terminated by us.

The availability of policy benefits may vary depending on the broker-dealer through which your policy was purchased.

●     You should consult with a tax professional to determine the tax implications of an investment in and payments received under the policy.

●     If you purchase the policy through a qualified retirement plan or individual retirement account, you do not receive any additional tax deferral.

●     Any gain on your policy is taxed at ordinary income tax rates when withdrawn, and you may have to pay a penalty tax if you take a withdrawal before age 59½.

Currently, we do not make new sales of the policy, and thus the compensation practices described here relate primarily to compensation with respect to prior sales.

Your registered representative may have received compensation for selling the policy to you. We generally pay compensation as a percentage of premium payments invested in the policy (“commissions”). Nassau Life may also pay for sales and distribution expenses out of any payments we or the principal underwriter of the contracts may receive from the funds for providing administrative, marketing and other support and services to the funds. To the extent permitted by FINRA rules and other applicable laws and regulations, the principal underwriter may pay or allow other promotional incentives or payments in the form of cash or other compensation.

The presence of these forms of compensation can influence a registered representative to recommend the policy over another investment.