0001193125-24-200293.txt : 20240814 0001193125-24-200293.hdr.sgml : 20240814 20240814090409 ACCESSION NUMBER: 0001193125-24-200293 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240814 DATE AS OF CHANGE: 20240814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Equitable Financial Life Insurance Co CENTRAL INDEX KEY: 0000727920 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] ORGANIZATION NAME: 02 Finance IRS NUMBER: 135570651 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-277091 FILM NUMBER: 241204508 BUSINESS ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2125541234 MAIL ADDRESS: STREET 1: 1345 AVENUE OF AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: AXA EQUITABLE LIFE INSURANCE CO DATE OF NAME CHANGE: 20040928 FORMER COMPANY: FORMER CONFORMED NAME: AXA-EQUITABLE LIFE INSURANCE CO DATE OF NAME CHANGE: 20040928 FORMER COMPANY: FORMER CONFORMED NAME: EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES /NY/ DATE OF NAME CHANGE: 19920703 424B3 1 d875075d424b3.htm EQUITABLE FINANCIAL LIFE INSURANCE COMPANY Equitable Financial Life Insurance Company

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-277091

Equitable Financial Life Insurance Company of America

Equitable Financial Life Insurance Company

 

Supplement dated August 14, 2024 to the current prospectus for Structured Capital Strategies PLUS® 21

 

 

 

This Supplement modifies certain information in the above-referenced Prospectus (the “Prospectus”). 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 amends and replaces the corresponding sections in “Appendix: Segment Interim Value”:

 

Examples: Segment Interim Value — Enhanced Upside Segments     
Item    6-Year Segment    6-Year Segment
Segment Duration (in months)    72    72
Valuation Date (Months since Segment Start Date)    9    69
Segment Investment    $1,000    $1,000
Segment Buffer    -10%    -10%
Performance Cap Rate    81%    81%
Enhanced Upside Rate    125%    125%
Time to Maturity (in months)    63    3

 

Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00)

 

Fair Value of Hypothetical Fixed Instrument    $772.03    $987.13
Fair Value of Hypothetical Derivatives    $98.37    -$32.96
Cap Calculation Factor    $44.63    $2.13
Sum of Above    $915.03    $956.29

Segment Interim Value

    $915.03    $956.29

 

Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00)

 

Fair Value of Hypothetical Fixed Instrument    $772.03    $987.13
Fair Value of Hypothetical Derivatives    $258.01    $136.71
Cap Calculation Factor    $44.63    $2.13
Sum of Above    $1,074.67    $1,125.97
Segment Interim Value    $1,074.67    $1,125.97

 

The input values to the market standard model that have been utilized to generate the hypothetical examples above are as follows:

 

(1)

Implied volatilities are assumed: 20.5% (At-the-Money Call), 15.9% (Out-of-the-Money Call), and 21.6% (Out-of-the-Money Put).

(2)

Investment rate corresponding to remainder of Segment term is 5.05% (63 months to maturity) and 5.32% (3 months to maturity).

(3)

Swap rate corresponding to remainder of Segment term is 3.81% (63 months to maturity) and 4.70% (3 months to maturity).

(4)

Index dividend yield is 0.53% annually.

 

Examples: Effects of Withdrawals on Segment Interim Value — Enhanced Upside Segments
Item    6-Year Segment    6-Year Segment
Segment Duration (in months)    72    72
Valuation Date (Months since Segment Start Date)    9    69
Segment Investment    $1,000    $1,000
Segment Buffer    -10%    -10%
Performance Cap Rate    81%    81%
Enhanced Upside Rate    125%    125%
Time to Maturity (in months)    63    3
Amount Withdrawn(1)    $100    $100

 

  Catalog #800161 (8/24)
SCS PLUS 21 — NB/Semi-Annual   #875075

Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00)

 

     

Segment Interim Value(2)

   $915.03    $956.29

Percent Withdrawn(3)

   10.93%    10.46%

New Segment Investment(4)

   $890.71    $895.43

New Segment Interim Value(5)

   $815.03    $856.29

Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00)

 

     

Segment Interim Value(2)

   $1,047.67    $1,125.97

Percent Withdrawn(3)

   9.31%    8.88%

New Segment Investment(4)

   $906.95    $911.19

New Segment Interim Value(5)

   $974.67    $1,025.97

 

(1)

Amount withdrawn is net of applicable withdrawal charge.

(2)

Segment Interim Value immediately before withdrawal.

(3)

Percent Withdrawn is equal to Amount Withdrawn divided by Segment Interim Value.

(4)

New Segment Investment is equal to the original Segment Investment ($1,000) multiplied by (1 – Percent Withdrawal).

(5)

New Segment Interim Value is equal to the calculated Segment Interim Value based on the new Segment Investment. It will also be equal to the Segment Interim Value multiplied by (1 – Percent Withdrawal).

 

Examples: Segment Interim Value — Loss Limiter Segments

 

Item    1-Year Segment    1-Year Segment
Segment Duration (in months)    12    12
Valuation Date (Months since Segment Start Date)    3    9
Segment Investment    $1,000    $1,000
Segment Buffer    -10%    -10%
Performance Cap Rate    10%    10%
Segment Investment Protection Level    90%    90%
Time to Maturity (in months)    9    3

 

Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00)

 

Fair Value of Hypothetical Fixed Instrument    $958.80    $986.80
Fair Value of Hypothetical Derivatives    $73.38    $78.35
Cap Calculation Factor    $8.18    $2.73

Sum of Above

    $1,040.35    $1,067.87
Segment Interim Value    $1,040.35    $1,067.87

 

Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00)

 

Fair Value of Hypothetical Fixed Instrument    $958.80    $986.80
Fair Value of Hypothetical Derivatives    -$5.31    -$20.94
Cap Calculation Factor    $8.18    $2.73

Sum of Above

    $961.66    $968.58
Segment Interim Value    $961.66    $968.58

 

The input values to the market standard model that have been utilized to generate the hypothetical examples above are as follows:

 

(1)

Implied volatilities are assumed: 15.2% (At-the-Money Call), 12.6% (Out-of-the-Money Call), 18.6% (Out-of-the-Money Put), and 22.6% (Further-Out-of-the-Money Put).

(2)

Investment rate corresponding to remainder of Segment term is 5.61% (9 months to maturity) and 5.32% (3 month to maturity).

(3)

Swap Rate corresponding to remainder of Segment term is 4.81% (9 months to maturity) and 4.70% (3 months to maturity).

(4)

Index dividend yield is 0.53% annually.

 

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Examples: Effects of Withdrawals on Segment Interim Value — Loss Limiter Segments

 

Item    1-Year Segment    1-Year Segment
Segment Duration (in months)    12    12
Valuation Date (Months since Segment Start Date)    3    9
Segment Investment    $1,000    $1,000
Segment Buffer    -10%    -10%
Performance Cap Rate    10%    10%
Segment Investment Protection Level    90%    90%
Time to Maturity (in months)    9    3
Amount Withdrawn(1)    $100    $100

 

Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00)

 

Segment Interim Value(2)    $1,040.35    $1,067.87
Percent Withdrawn(3)    9.61%    9.36%
New Segment Investment(4)    $903.88    $906.36
New Segment Interim Value(5)    $940.35    $967.87

 

Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00)

 

Segment Interim Value(2)    $961.66    $968.58
Percent Withdrawn(3)    10.40%    10.32%
New Segment Investment(4)    $896.01    $896.76
New Segment Interim Value(5)    $861.66    $868.58

 

(1)

Amount withdrawn is net of applicable withdrawal charge.

(2)

Segment Interim Value immediately before withdrawal.

(3)

Percent Withdrawn is equal to Amount Withdrawn divided by Segment Interim Value.

(4)

New Segment Investment is equal to the original Segment Investment ($1,000) multiplied by (1 – Percent Withdrawal).

(5)

New Segment Interim Value is equal to the calculated Segment Interim Value based on the new Segment Investment. It will also be equal to the Segment Interim Value multiplied by (1 – Percent Withdrawal).

 

Examples: Segment Interim Value — Loss Limiter Segments

 

Item    6-Year Segment    6-Year Segment
Segment Duration (in months)    72    72
Valuation Date (Months since Segment Start Date)    9    69
Segment Investment    $1,000    $1,000
Segment Buffer    -10%    -10%
Performance Cap Rate    56%    56%
Segment Investment Protection Level    95%    95%
Time to Maturity (in months)    63    3

 

Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00)

 

Fair Value of Hypothetical Fixed Instrument    $767.05    $986.80
Fair Value of Hypothetical Derivatives    $229.02    $112.37
Cap Calculation Factor    $57.75    $2.75
Sum of Above    $1,053.81    $1,101.91
Segment Interim Value    $1,053.81    $1,101.91

 

Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00)

 

Fair Value of Hypothetical Fixed Instrument   

$767.05

   

$986.80

Fair Value of Hypothetical Derivatives   

$138.30

   

-$14.28

Cap Calculation Factor   

$57.75

   

$2.75

Sum of Above   

$963.10

   

$975.26

Segment Interim Value   

$963.10

   

$975.26

 

The input values to the market standard model that have been utilized to generate the hypothetical examples above are as follows:

 

(1)

Implied volatilities are assumed: 20.5% (At-the-Money Call), 15.9% (Out-of-the-Money Call), 21.6% (Out-of-the-Money Put), and 22.2% (Further-Out-of-the-Money Put).

 

3

(2)

Investment rate corresponding to remainder of Segment term is 5.05% (63 months to maturity) and 5.32% (3 months to maturity).

(3)

Swap Rate corresponding to remainder of Segement term is 3.81% (63 months to maturity) and 4.70% (3 months to maturity).

(4)

Index dividend yield is 0.51% annually.

 

Examples: Effects of Withdrawals on Segment Interim Value — Loss Limiter Segments

 

Item    6-Year Segment    6-Year Segment
Segment Duration (in months)    72    72
Valuation Date (Months since Segment Start Date)    9    69
Segment Investment    $1,000    $1,000
Segment Buffer    -10%    -10%
Performance Cap Rate    56%    56%
Segment Investment Protection Level    95%    95%
Time to Maturity (in months)    63    3
Amount Withdrawn(1)    $100    $100

 

Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00)

 

Segment Interim Value(2)   

$1,053.81

   

$1,101.91

Percent Withdrawn(3)   

9.49%

   

9.08%

New Segment Investment(4)   

$905.11

   

$909.25

New Segment Interim Value(5)   

$953.81

   

$1,001.91

 

Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00)

 

Segment Interim Value(2)   

$963.10

   

$975.26

Percent Withdrawn(3)   

10.38%

   

10.25%

New Segment Investment(4)   

$896.17

   

$897.46

New Segment Interim Value(5)   

$863.10

   

$875.26

 

(1)

Amount withdrawn is net of applicable withdrawal charge.

(2)

Segment Interim Value immediately before withdrawal.

(3)

Percent Withdrawn is equal to Amount Withdrawn divided by Segment Interim Value.

(4)

New Segment Investment is equal to the original Segment Investment ($1,000) multiplied by (1 – Percent Withdrawal).

(5)

New Segment Interim Value is equal to the calculated Segment Interim Value based on the new Segment Investment. It will also be equal to the Segment Interim Value multiplied by (1 – Percent Withdrawal).

 

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