Form 497VPU Equitable Financial Life

Yes.

Withdrawal Charges

Each series of the contract provides for different withdrawal charge periods and percentages.

Series B — If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from Series B of the contract within 6 years following your last contribution, you will be assessed a withdrawal charge of up to 8% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $8,000 on a $100,000 investment. This loss will be greater if there is a negative Segment Interim Value adjustment for amounts withdrawn from the Segments of the SIO, and/or if you have to pay taxes or tax penalties.

Select — No withdrawal charge.

Segment Interim Value

There is a Segment Interim Value adjustment for amounts removed from a Segment of the SIO before Segment maturity and because the end-of-term downside protection provided by a Segment Buffer does not apply to the Segment Interim Value, it is theoretically possible that you could lose up to 100% of your investment and previously credited interest in certain extreme scenarios. For example, if you allocate $100,000 to a 6-year Segment and later withdraw the entire amount before the 6 years have ended, you could lose up to $100,000 of your investment. This loss will be greater if you also have to pay a withdrawal charge under a Series B contract, and/or if you have to pay taxes or tax penalties. Prior to the Segment Maturity Date, the following transactions trigger the Segment Interim Value: (1) the receipt of an in good order death claim by your beneficiary; (2) a withdrawal (including a systematic withdrawal, a required minimum distribution, and a free withdrawal under a Series B contract); (3) a transfer; (4) if you surrender or annuitize your contract; (5) deducting the optional death benefit charge; or (6) if you cancel your contract and return it to us for a refund within your state’s “free look” period.

For additional information about charges and adjustments for surrenders and early withdrawals see “Withdrawal charge” and “Adjustments with respect to early distributions from Segments” in “Charges, Expenses, and Adjustments” in the Prospectus.

Yes. In addition to withdrawal charges and the Segment Interim Value, you may also be charged for other transactions, including special requests such as wire transfers, express mail, duplicate contracts, preparing checks, third-party transfers or exchanges; or when you transfer between investment options in excess of a certain number.

For additional information about transaction charges see “Charges that the Company deducts” in “Charges, Expenses, and Adjustments” in the Prospectus.

Yes. Each series of the contract provides for different ongoing fees and expenses.

The table below describes 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. There is an implicit ongoing fee associated with Segments because the amount you can earn on a Segment is limited by us by the Segment’s Performance Cap Rate, and potentially certain Participation Rates and Step Rates (if applicable). The Performance Cap Rate, and potentially certain Participation Rates and Step Rates (if applicable), may cause your returns under the Segment to be lower than the Index’s returns. In return for accepting this limit on Index gains, you receive some protection from Index losses through the Segment Buffer. The implicit ongoing fee is not reflected in the tables below.

⁽¹⁾ Expressed as an annual percentage of the Segment Investment for Segments in the SIO. The Contract Fee is applied cumulatively for 6-year Segments, so the total Contract Fee for a 6-year Segment is 7.5% for Series B contracts and 9% for Select contracts.

⁽²⁾ Expressed as an annual percentage of the applicable benefit base.

Assumes:

Assumes:

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.

The return on the Segments of the SIO may be negative and there is a risk of substantial loss of your principal and previously credited interest due to negative index performance because you agree to absorb all losses to the extent they exceed the Segment Buffer. You could lose as much as 60% (for Segments with a -40% Segment Buffer) to 90% (for Segments with a -10% Segment Buffer) of your principal and previously credited interest due to negative index performance on the Segment Maturity Date. We may change the Indices and/or Segment Options in the future, but we will always offer a Segment Option with a Segment Buffer that protects the first 10% of loss. In the future, we may offer other Segment Options that do not provide any downside protection which would mean there is a risk of loss of the entire amount invested.

For additional information about the risk of loss see “Principal risks of investing in the contract” in the Prospectus.

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. A withdrawal charge may apply in certain circumstances and any withdrawals may also be subject to federal and state income taxes and tax penalties. Amounts removed from a Segment of the SIO prior to the Segment Maturity Date will not receive Index interest, and may result in a negative Segment Interim Value adjustment which could reduce the Segment Investment and death benefit by significantly more than the amount withdrawn.

On the Segment Maturity Date, the value of your maturing Segments will be reallocated according to your instructions on file, assuming that all participation requirements for those allocations are met, and those instructions may include allocations to different Segment Types or to the next available Segment of the same Segment Type. If you have not provided us with maturity instructions for a maturing Segment, then by default the Segment Maturity Value will be transferred to the same Segment Type as the maturing Segment. However, if the next Segment to be created in the Segment Type would have a Segment Maturity Date that is later than your contract maturity date or if that Segment Type has been terminated, we will instead transfer your Segment Maturity Value to the GIO.

The Performance Cap Rate of a Segment may limit your participation in positive returns on the Segment Maturity Date. For example, if the Index return is 12% and the Performance Cap Rate is 4%, we will credit 4% (less the Contract Fee) in interest on the Segment Maturity Date, meaning your Segment Investment will increase by 4% (less the Contract Fee). The Performance Cap Rate may cause your returns under the Segment to be lower than the Index’s returns.

The Segment Buffer of a Segment provides some protection against negative returns on the Segment Maturity Date. The Segment Buffer is the maximum amount of negative interest we will assume and we will credit any negative interest in excess of the Segment Buffer which means you bear all loss that exceeds the Segment Buffer. For example, if the Index return is -25% and the Segment Buffer is -10%, we will credit -15% (the amount that exceeds the Segment Buffer) (less the Contract Fee) on the Segment Maturity Date, meaning your Segment Investment will decrease by 15% (less the Contract Fee).

The Contract Fee will reduce your Segment Rate of Return and a negative return will be more negative. We apply the Contract Fee after applying the Performance Cap Rate, Participation Rate, and Segment Buffer.

All of the Indices we currently offer are “price return” indices, not “total return” indices, and therefore the performance of any Index does not reflect dividends paid on the securities included in the Index. This reduces the Index return, and the Index will underperform a direct investment in the securities composing the Index.

For additional information about the risks associated with investment options see “Structured Investment Option”, in “Purchasing the contract”, as well as, “Principal risks of investing in the contract” and Appendix “Investment Options available under the contract” in the Prospectus.

An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract’s account value. The general obligations, including the SIO, GIO, and the death benefits, under the contract are supported by our general account and are subject to our claims-paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at https://equitable.com/about-us/financial-strength-ratings.

For additional information about insurance company risks see “About the general account” in “More information” in the Prospectus.

Yes. We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the investment options and to limit the number of investment options which you may select. Such rights include, among others, removing or substituting investment options, and transferring account value from any investment option to another investment option. You will not be permitted to invest in a Segment if the Segment Maturity Date is later than your contract maturity date. The maximum current number of active Segments, funded holding accounts and/or Segment Types with an allocation on file that may be active in your contract at any time is 167.

We reserve the right to offer any or all Segments more or less frequently or to stop offering any of them (except we will always offer a Segment Option with a Segment Buffer that protects the first 10% of loss) or to suspend offering any or all of them temporarily for some or all contracts. If we stop offering these options, you will be limited to investing in only one Segment Option and the GIO, which is not tied to the performance of an index.

We may offer new Segment Types in the future, and we may change the features of a Segment Type between Segments, including the Index, the Segment Buffer, and the Performance Cap Rate (subject to the minimum rates disclosed herein).

We have the right to substitute an alternative Index prior to the Segment Maturity Date if the publication of one or more Indices is discontinued, or if we no longer have a license agreement with the publishers of the Index, or at our sole discretion we determine that our use of such Indices should be discontinued because hedging instruments become difficult to acquire or the cost of hedging becomes excessive, or if the calculation of one or more of the Indices is substantially changed. In addition, we reserve the right to use any or all reasonable methods to end any outstanding Segments that use such Indices. We also have the right to add additional Indices under the contract at any time.

We can refuse to accept any application or contribution from you at any time, including after you purchase the contract. We reserve the right to discontinue the acceptance of, and/or place additional limitations on, contributions into certain investment options, including any of the Segments comprising the Structured Investment Option. If we exercise this right, your ability to invest in your contract, increase your account value and, consequently, increase your death benefit, will be limited. If you have a Guaranteed Minimum Death Benefit you generally can not make additional contributions to your contract after age 75 (or the first contract date anniversary if later).

Currently, we do not charge for transfers among investment options under the contract. However, we reserve the right to charge for any transfers among the investment options in excess of 12 per contract year. We will provide you with advance notice if we decide to assess the transfer charge, which will never exceed $35 per transfer.

For additional information about restrictions on the investment options, see “Transfer charge” in “Charges, Expenses, and Adjustments” and “Structured Investment Option” in “Purchasing the contract”.

Yes. At any time, we have the right to limit or terminate your ability to contribute to any of the investment options. If we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract, you may no longer be able to fund your death benefit.

You have to be 75 or younger to elect a guaranteed minimum death benefit. If you have a Guaranteed Minimum Death Benefit you generally can not make additional contributions to your contract after age 75 (or the first contract date anniversary if later).

Withdrawals may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn and may terminate the benefit.

For additional information about the optional benefits see “How you can purchase and contribute to your contract” in “Purchasing the contract” and “Benefits available under the contract” in the Prospectus.

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.

Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this contract over another investment.

For additional information about compensation to financial professionals see “Distribution of the contracts” in “More information” in the Prospectus.

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 exchanges see “Charge for third-party transfer or exchange” in “Charges, Expenses, and Adjustments” in the Prospectus.

Segment Rate

of Return

Calculation

Method

Current Limit on Index

Loss if held until

Segment Maturity Date

(Segment Buffer)

S&P 500 Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

Russell 2000^® Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

MSCI EAFE Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

NASDAQ-100 Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

S&P 500 Price Return Index*

6 year

1 year

-10%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

Russell 2000^® Price Return Index*

MSCI EAFE Price Return Index*

NASDAQ-100 Price Return Index*

S&P 500 Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%

12%

2%

100%

100%

NA

NA

Russell 2000^® Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%

12%

2%

100%

100%

NA

NA

MSCI EAFE Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%

12%

2%

100%

100%

NA

NA

NASDAQ-100 Price Return Index*

6 year

1 year

-10%; -15%; -20%; -40%

-10%; -15%; -20%

12%

2%

100%

100%

NA

NA

S&P 500 Price Return Index*

6 year

1 year

-10%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

Russell 2000^® Price Return Index*

6 year

1 year

-10%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

MSCI EAFE Price Return Index*

6 year

1 year

-10%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

NASDAQ-100 Price Return Index*

6 year

1 year

-10%; -20%; -40%

-10%; -15%; -20%; -40%

12%

2%

100%

100%

NA

NA

S&P 500 Price Return Index*

S&P 500 Price Return Index*

6 year

1 year

-10%; -20%

-10%

12%

2%

100%

100%

1%

1%

Segment Rate

of Return

Calculation

Method

Current Limit on Index

Loss if held until

Segment Maturity Date

(Segment Buffer)

Russell 2000^® Price Return Index*

6 year

1 year

-10%; -20%

-10%

12%

2%

100%

100%

1%

1%

MSCI EAFE Price Return Index*

6 year

1 year

-10%; -20%

-10%

12%

2%

100%

100%

1%

1%

NASDAQ-100 Price Return Index*

6 year

1 year

-10%; -20%

-10%

12%

2%

100%

100%

1%

1%

S&P 500 Price Return Index*

The Index is a “price return” index, not a “total return” index, and therefore the performance of the Index does not reflect dividends declared by any of the companies included in the Index, reducing the Index return. As a result, the Index will underperform a direct investment in the securities composing the Index.

Guaranteed Interest Option

General Dollar Cap Averaging Account

Special Dollar Cap Averaging Account

Segment Type Holding Account