Form 497VPU SEPARATE ACCOUNT NO.
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E-mailAmerican Dental Association
Members Retirement Program
Equitable Financial Life Insurance Company
Separate Account No. 206
Updating Summary Prospectus for Existing Investors
May 1, 2026
This summary prospectus (the “Summary Prospectus”) summarizes key features of the contract. The statutory prospectus (the “Prospectus”) and Statement of Additional Information (“SAI”) for the contract contain more information about the contract’s 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 contract online at www.equitable.com/ICSR#EQH147067. You can also obtain this information at no cost by calling 1-877-522-5035, by sending an email request to [email protected], or by calling your financial intermediary.
The ADA Members Retirement Program (the “Program”) is an investment program that allows members of the ADA and their eligible employees several plans for the accumulation of retirement savings on a tax deferred basis. This Summary Prospectus only describes the Program. The contracts provide for the accumulation of retirement savings and for income. They also offer a number of payout options.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
The contract is a complex investment that involves risk, including potential loss of principal. You should speak with a financial professional about the features, benefits, risks, and fees and whether the contract is appropriate for you based on your financial situation and objectives. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in taxes and tax penalties. Our obligations under the contract are subject to our financial strength and claims-paying ability.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
#893339
Updated Information About Your Contract
The information in this Summary Prospectus is a summary of certain contract features that have changed since the Prospectus dated May 1, 2025. This may not reflect all the changes that have occurred since you purchased your contract.
INVESTMENT OPTIONS
There have been changes to the Appendix: “Investment Options Available Under the Contract” in this Summary Prospectus.
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Important information you should consider about the contract
| FEES AND EXPENSES | ||||||
| Are There Charges or Adjustments for Early Withdrawals? | No. There is no contingent withdrawal charge if you surrender or withdraw money from the contract. For additional information about charges see “Charges and expenses” in the Prospectus. | |||||
| Are There Transaction Charges? | Yes. You will be charged an annuity administrative charge of $350 and may be charged a tax related charge if you annuitize under the contract. In addition you may also be charged for other transactions (if you elect an annuity payout option).
For additional information about transaction charges see “Annuity administrative charge” “Charges and expenses” in the Prospectus. | |||||
| Are There Ongoing Fees and Expenses? | Yes. The following tables describe the fees and expenses that you may pay each year, depending on the investment options and optional benefits you choose. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
| |||||
| Annual Fee | Minimum | Maximum | ||||
| Base contract fee(1) | 0.50% | 1.01% | ||||
| Portfolio Company fees and expenses(2)
|
0.13% | 2.79% | ||||
| Record maintenance and report fee(3), (4) | $12.00 | $12.00 | ||||
|
(1) Expressed as an annual percentage of average daily net assets in the variable investment options. The maximum base contract expense includes a program expense charge (1.00%) and fund related other expenses (0.01%). The program expense charge will fluctuate from year to year based on assets in the Investment Trusts and the number of participants enrolled in the Program. Based on the number of participants in the program and the assets in the Investment Trusts, we anticipate that the program expense charge for the 12 month period beginning May 1, 2026, will be 0.49%. This charge is also deducted from amounts in the GIO and the Money Market Guarantee Account. The fund related other expenses vary by Fund and will fluctuate from year to year based on actual expenses. The fee of 0.01% represents the highest other expenses incurred by a Fund during the fiscal year ended December 31, 2025. These expenses are based on the expenses incurred by the Funds during the fiscal year ended December 31, 2025.
(2) Portfolio fees and expenses may be based, in part, on estimated amounts of such expenses.
(3) We deduct this fee on a quarterly basis at the rate of $3.00 per participant.
(4) For Investment Only retirement arrangements, the fee is $1.00 per quarter.
Because the contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract. | ||||||
| Lowest Annual Cost $608 |
Highest Annual Cost $3,104 | |||
| Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of the Base Contract, Portfolio fees and expenses • No optional benefits • No sales charges • No additional contributions, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of the Base Contract, Portfolio fees and expenses • No sales charges • No additional contributions, transfers or withdrawals |
| For additional information about ongoing fees and expenses see “Fee table” in the Prospectus. |
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|
RISKS | ||
| Is There a Risk of Loss from Poor Performance? | Yes. The contract is subject to the risk of loss. You could lose some or all of your account value depending on the investment options you choose. For additional information about the risk of loss see “Principal risks of investing in the contract” in the Prospectus. | |
| Is this a Short-Term Investment? | No. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. Any withdrawals may also be subject to federal and state income taxes and tax penalties.
For additional information about the investment profile of the contract see “Fee table” in the Prospectus. | |
| What Are the Risks Associated with the Investment Options? | An investment in the contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the contract. Each investment option, including the fixed investment options, has its own unique risks. You should review the investment options available under the contract before making an investment decision.
For additional information about the risks associated with investment options see “Investment options” in “Program Investment options” and Appendix: “Investment Options Available Under the Contract” in the Prospectus. | |
| What Are the Risks Related to the Insurance Company? | An investment in the contract is subject to the risks related to the Company. Equitable Financial Life Insurance Company is solely responsible to the contract owner and participants for the contract’s account value. The general obligations under the contract including the fixed investment options, are supported by our general account and are subject to our claims paying ability. An owner and participant should look solely to our financial strength for our claims-paying ability. More information about Equitable Financial Life Insurance Company, including our financial strength ratings, may be obtained upon request by calling 1-800-789-7771.
For additional information about insurance company risks see “About the general account” in “More information” in the Prospectus. | |
| RESTRICTIONS | ||
| Are There Restrictions on the Investment Options? | Yes. We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options and to limit the number of variable investment options which you may select. Such rights include, among others, removing or substituting the Portfolios, combining any two or more variable investment options and transferring account value from any variable investment option to another variable investment option.
You may transfer accumulated amounts among the investment options under your contract at any time and in any amount, subject to certain transfer limitations described in the Prospectus. We reserve the right to remove or substitute Portfolios as investment options.
Contributions and transfers into and out of the guaranteed interest option are limited.
For additional information about restrictions on the investment options see “Investment options” and “Guaranteed Interest Option” in “ADA Program investment options” and “Transferring your money among investment options” in the Prospectus. | |
| Are There Any Restrictions on Contract Benefits? | Yes. Participant Loans. Not all employer plans will offer loans. Loans are subject to restrictions under federal tax rules and ERISA. The minimum loan amount and maximum loan amount is determined by your employer plan. The maximum amount of a loan is also limited by federal tax rules. The employer plan may charge interest on the loan, at a rate they set.
See “Participant Loans” in “Benefits Available Under the Contract” in the Prospectus. | |
| TAXES | ||
| What Are the Contract’s Tax Implications? | You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract 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. Generally, you are not taxed until you make a withdrawal from the contract
For additional information about tax implications see “Tax information” in the Prospectus. | |
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| CONFLICTS OF INTEREST | ||
| How Are Investment Professionals Compensated? | Some employees may receive incentive compensation for performing marketing and service functions under the contract.
For additional information about compensation see “Distribution of the contracts” in the Prospectus. | |
| Should I Exchange My Contract? | Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, as well as any fees or penalties to terminate your existing contract, that it is preferable to purchase the new contract rather than continue to own your existing contract.
For additional information about the charges you might incur in connection with an exchange see “Charges and expenses” in the Prospectus. | |
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Appendix : Investment Options Available Under the Contract
Variable investment options
The following is a list of Portfolio Companies available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH147067. You can also request this information at no cost by calling 1-877-522-5035 or by sending an email request to [email protected].
The current expenses and performance information below reflects fee and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio Company’s past performance is not necessarily an indication of future performance.
Affiliated Portfolio Companies:
|
Current |
Average Annual Total Returns (as of 12/31/2025) |
|||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Equity | 1290 Avantis® U.S. Large Cap Growth — Equitable Investment Management, LLC (“EIM”); American Century Investment Management, Inc. |
0.65% | ^ | 17.03% | 12.18% | — | ||||||||||||
| Equity | 1290 VT Equity Income — Equitable Investment Management Group, LLC (“EIMG”); Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors |
0.70% | ^ | 13.21% | 11.52% | 9.11% | ||||||||||||
| Specialty | 1290 VT GAMCO Mergers & Acquisitions — EIMG; GAMCO Asset Management, Inc. |
1.04% | ^ | 16.16% | 7.96% | 5.65% | ||||||||||||
| Equity | 1290 VT GAMCO Small Company Value — EIMG; GAMCO Asset Management, Inc. |
0.80% | 13.11% | 11.52% | 11.04% | |||||||||||||
| Equity | 1290 VT SmartBeta Equity ESG — EIMG; AXA Investment Managers US Inc. |
0.85% | 14.31% | 10.49% | 11.01% | |||||||||||||
| Equity | EQ/AB Small Cap Growth — EIMG; AllianceBernstein L.P. |
0.67% | 9.52% | 3.69% | 10.37% | |||||||||||||
| Asset Allocation | EQ/Aggressive Allocation† — EIMG |
0.90% | 13.21% | 8.07% | 9.75% | |||||||||||||
| Asset Allocation | EQ/All Asset Growth Allocation — EIMG |
1.00% | ^ | 17.53% | 7.40% | 8.55% | ||||||||||||
| Equity | EQ/ClearBridge Large Cap Growth ESG — EIMG; ClearBridge Investments, LLC |
0.75% | ^ | 7.96% | 10.75% | 13.91% | ||||||||||||
| Asset Allocation | EQ/Conservative Allocation† — EIMG |
0.75% | ^ | 7.89% | 2.00% | 3.38% | ||||||||||||
| Asset Allocation | EQ/Conservative-Plus Allocation† — EIMG |
0.84% | 9.32% | 3.64% | 5.19% | |||||||||||||
| Fixed Income | EQ/Core Bond Index(1) — EIMG; SSGA Funds Management, Inc. |
0.37% | ^ | 6.59% | 0.60% | 1.95% | ||||||||||||
| Fixed Income | EQ/Core Plus Bond — EIMG; Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P. |
0.68% | ^ | 8.76% | -0.44% | 2.43% | ||||||||||||
| Equity | EQ/Equity 500 Index — EIMG; AllianceBernstein L.P. |
0.28% | ^ | 17.53% | 14.08% | 14.44% | ||||||||||||
| Equity | EQ/Global Equity Managed Volatility† — EIMG; BlackRock Investment Management, LLC |
0.83% | ^ | 19.42% | 8.59% | 9.74% | ||||||||||||
| Equity | EQ/International Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC |
0.81% | 26.31% | 7.77% | 7.74% | |||||||||||||
| Equity | EQ/Invesco Comstock — EIMG; Invesco Advisers, Inc. |
0.75% | ^ | 17.20% | 15.27% | 11.98% | ||||||||||||
| Equity | EQ/Janus Enterprise — EIMG; Janus Henderson Investors US LLC |
0.79% | 8.34% | 7.34% | 10.89% | |||||||||||||
| Equity | EQ/JPMorgan Growth Stock — EIMG; J.P. Morgan Investment Management Inc. |
0.71% | ^ | 15.03% | 9.70% | 14.37% | ||||||||||||
| Equity | EQ/JPMorgan Value Opportunities — EIMG; J.P. Morgan Investment Management Inc. |
0.70% | 15.66% | 13.05% | 12.36% | |||||||||||||
| Equity | EQ/Large Cap Growth Index — EIMG; AllianceBernstein L.P. |
0.46% | 18.00% | 14.80% | 17.55% | |||||||||||||
| Equity | EQ/Large Cap Growth Managed Volatility† — EIMG; BlackRock Investment Management, LLC |
0.62% | 11.34% | 11.91% | 15.30% | |||||||||||||
| Equity | EQ/Large Cap Value Managed Volatility† — EIMG; AllianceBernstein L.P. |
0.61% | 10.86% | 9.96% | 9.82% | |||||||||||||
| Equity | EQ/MFS International Growth —
EIMG; Massachusetts Financial Services Company d/b/a |
0.85% | ^ | 21.38% | 7.19% | 9.88% | ||||||||||||
| Equity | EQ/Mid Cap Index — EIMG; AllianceBernstein L.P. |
0.39% | ^ | 7.10% | 8.69% | 10.26% | ||||||||||||
| Equity | EQ/Mid Cap Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC |
0.72% | 5.20% | 7.89% | 8.47% | |||||||||||||
| Asset Allocation | EQ/Moderate Allocation† — EIMG |
0.83% | 10.45% | 4.40% | 6.04% | |||||||||||||
| Asset Allocation | EQ/Moderate-Plus Allocation† — EIMG |
0.86% | 11.74% | 6.16% | 7.94% | |||||||||||||
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|
Current |
Average Annual Total Returns (as of 12/31/2025) |
|||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Fixed Income | EQ/PIMCO Global Real Return — EIMG; Pacific Investment Management Company LLC |
2.49% | ^ | 5.75% | -0.68% | 2.73% | ||||||||||||
| Equity | EQ/Small Company Index — EIMG; AllianceBernstein L.P. |
0.38% | 12.82% | 6.41% | 9.70% | |||||||||||||
| Asset Allocation | Equitable Conservative Growth MF/ETF Portfolio — EIMG |
0.85% | ^ | 12.36% | 5.22% | 7.12% | ||||||||||||
| Fixed Income | Multimanager Core Bond(1) — EIMG; BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc. |
0.68% | ^ | 7.40% | 0.00% | 1.97% | ||||||||||||
| Specialty | Multimanager Technology — EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP |
0.98% | ^ | 26.21% | 12.74% | 19.71% | ||||||||||||
| Asset Allocation | Target 2015 Allocation — EIMG |
0.85% | ^ | 9.69% | 3.09% | 5.33% | ||||||||||||
| Asset Allocation | Target 2025 Allocation — EIMG |
0.85% | ^ | 13.38% | 5.82% | 7.68% | ||||||||||||
| Asset Allocation | Target 2035 Allocation — EIMG |
0.80% | 16.03% | 7.77% | 9.23% | |||||||||||||
| Asset Allocation | Target 2045 Allocation — EIMG |
0.78% | 17.08% | 8.85% | 10.14% | |||||||||||||
| Asset Allocation | Target 2055 Allocation — EIMG |
0.85% | ^ | 18.22% | 9.78% | 11.08% | ||||||||||||
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
| † | 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 “Portfolios of the Trusts” for more information regarding volatility management. |
| (1) | Effective on or about June 29, 2026, and subject to shareholder approval, SSGA Funds Management, Inc. will be replaced as a sub-adviser to the Portfolio (or an allocated portion thereof) with AllianceBernstein L.P. |
Unaffiliated Portfolio Companies:
|
Current |
Average Annual Total Returns (as of 12/31/2025) |
|||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Asset Allocation | American Funds® IS 2010 Target Date Fund — Capital Research and Management Company |
0.33% | 13.08% | 5.70% | — | |||||||||||||
| Asset Allocation | American Funds® IS 2015 Target Date Fund — Capital Research and Management Company |
0.35% | ^ | 13.40% | 5.94% | — | ||||||||||||
| Asset Allocation | American Funds® IS 2020 Target Date Fund — Capital Research and Management Company |
0.35% | 14.30% | 6.23% | — | |||||||||||||
| Asset Allocation | American Funds® IS 2025 Target Date Fund — Capital Research and Management Company |
0.35% | 14.79% | 6.35% | — | |||||||||||||
| Asset Allocation | American Funds® IS 2030 Target Date Fund — Capital Research and Management Company |
0.35% | 16.09% | 7.33% | — | |||||||||||||
| Asset Allocation | American Funds® IS 2035 Target Date Fund — Capital Research and Management Company |
0.39% | 17.73% | 8.43% | — | |||||||||||||
| Asset Allocation | American Funds® IS 2040 Target Date Fund — Capital Research and Management Company |
0.39% | 20.66% | — | — | |||||||||||||
| Asset Allocation | American Funds® IS 2045 Target Date Fund — Capital Research and Management Company |
0.42% | 21.55% | — | — | |||||||||||||
| Asset Allocation | American Funds® IS 2050 Target Date Fund — Capital Research and Management Company |
0.42% | 21.94% | — | — | |||||||||||||
| Asset Allocation | American Funds® IS 2055 Target Date Fund — Capital Research and Management Company |
0.43% | 22.28% | — | — | |||||||||||||
| Asset Allocation | American Funds® IS 2060 Target Date Fund — Capital Research and Management Company |
0.41% | 20.90% | — | — | |||||||||||||
| Asset Allocation | American Funds® IS 2065 Target Date Fund — Capital Research and Management Company |
0.44% | 20.61% | — | — | |||||||||||||
| Asset Allocation | American Funds® IS 2070 Target Date Fund — Capital Research and Management Company |
0.42% | 20.45% | — | — | |||||||||||||
| Fixed Income | Vanguard® VIF Total Bond Market Index Portfolio — The Vanguard Group, Inc. |
0.14% | 6.94% | -0.51% | 1.90% | |||||||||||||
| Equity | Vanguard® VIF Total Stock Market Index Portfolio — The Vanguard Group, Inc. |
0.13% | 16.93% | 12.98% | 14.10% | |||||||||||||
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
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Fixed investment options
The following is a list of fixed investment options currently available under the Contract. We may change the features of the fixed investment options listed below, offer new Fixed investment options, and terminate existing Fixed investment options. We will provide you with written notice before doing so.
See “Fixed investment options” in “ADA Program investment options” in the prospectus for a description of the Fixed investment options’ features.
| Name | Term | Minimum Guaranteed Interest Rate | ||
| Guaranteed interest option | N/A | 1.00% | ||
| Money Market Guarantee Account* | N/A | 1.00% |
| * | Closed to new contributions and loan repayments as of January 27, 2017 |
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American Dental Association Member Retirement Program
Issued by
Equitable Financial Life Insurance Company
This Summary Prospectus describes the important features of the contract and provides information about Equitable Financial Life Insurance Company (the “Company”, “we”, “our” and “us”).
We have filed with the Securities and Exchange Commission (“SEC”) a Prospectus and Statement of Additional Information (“SAI”) that includes additional information about the American Dental Association Members Retirement Program, the Company, and Separate Account No. 206. The Prospectus and SAI, each dated May 1, 2026, are incorporated by reference into this Summary Prospectus. The SAI is available free of charge. To request a copy of the SAI, to ask about your contract, or to make other investor inquiries, please call 1-877-522-5035. The SAI is also available at our website, www.equitable.com/ICSR#EQH147067.
Class/Contract Identifier: C000054344
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