Updating Summary Prospectus For Investors In Group
Variable Universal Life Insurance Policies (“Group Policies”)
Issued by Metropolitan Life Separate Account UL
Metropolitan Life Insurance Company (“MetLife”)
This Updating Summary Prospectus
summarizes key features of the Group Policies and the Certificates issued under the Group Policies (“Certificates”) of Metropolitan Life Insurance Company (“Metropolitan Life”, “MetLife”, “we”,
“our”, “us” or “the Company”).
The prospectus for the Certificates
contains more information about the Certificates, including features, benefits, and risks. You can find the current prospectus and other information about the Group Policies and the Certificates online at dfinview.com/metlife/tahd/MET000225. You can
also obtain this information at no cost by calling 1-800-756-0124 or by sending an email request to GVUL-eservice@metlifecommercial.com.
Additional information about certain
investment products, including variable life insurance contracts, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Please note that the Certificates and the
Portfolios are not guaranteed to achieve their goals, are not federally insured, are not endorsed by any bank or government agency, and are subject to risks, including the loss of the amount invested.
The Securities and Exchange Commission
(“SEC”) has not approved or disapproved the Certificate or determined that this Prospectus is adequate or complete. Any representation to the contrary is a criminal offense.
IMPORTANT INFORMATION
Beginning on January 1, 2021, as
permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Portfolio’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from us.
Instead, the shareholder reports will be
made available on dfinview.com/metlife/tahd/MET000225 and you will be notified by mail each time a shareholder report is posted and provided with a website link to access the shareholder report.
If you already elected to receive your
shareholder report electronically, you will not be affected by this change, and you need not take any action. You may elect to receive shareholder reports and other communications electronically, including Portfolio prospectuses and other
information we send you by calling us at (800) 756-0124.
If you wish to continue to receive
shareholder reports in paper on and after January 1, 2021, we will continue to send you all future reports in paper, free of charge. Please call (800) 756-0124 if you wish to continue receiving paper copies of the Portfolios’ shareholder
reports. Your election to receive shareholder reports in paper will apply to all Portfolios available under your Certificates.
UPDATED
INFORMATION ABOUT YOUR CERTIFICATE
The
information in this Updating Summary Prospectus is a summary of certain Certificate features that have changed since you last received the Prospectus dated May 1, 2020. This may not reflect all of the changes that have occurred since you entered
into your Certificate.
| • | For changes in the names of certain Portfolios please refer to Appendix A. |
| • | For updated Portfolio expense information please refer to “Important Information You Should Consider About the Certificate” and Appendix A. |
| • | For updated Portfolio performance information please refer to Appendix A. |
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE
CERTIFICATE
| FEES AND EXPENSES | LOCATION
IN PROSPECTUS | |||
| Charges for Early Withdrawals | None | |||
| Transaction Charges | You may be subject to transaction charges if you surrender your Certificate or make a partial withdrawal, you may also be charged for other transactions, such as when you make a premium payment or transfer cash value between investment options, or exercise your Accelerated Death Benefit option. | “Charges and Deductions — Charges Deducted from Premiums; Other Charges” | ||
| Ongoing Fees and Expenses (annual charges) | In
addition to charges described above, an investment in the Certificate is subject to certain ongoing fees and expenses, including a mortality and expense risk charge and a monthly deduction covering the cost of insurance under the Certificate and
optional benefits added by rider, and such fees and expenses are set based on characteristics of the insured (e.g., the age and rate class of the covered person, as well as the Group mortality characteristics). There is also a monthly administration
fee. Please refer to the specifications page of your Certificate for applicable rates. You will also bear expenses associated with the Portfolios available under your Certificate, as shown in the following table: |
“Charges
and Deductions – Charges Included in the Monthly Deduction” “Charges and Deductions – Charges against the Separate Account” | ||
|
ANNUAL FEE |
MIN |
MAX | ||
|
Investment options (Portfolio fees and charges) |
0.28% |
0.84% | ||
| RISKS | LOCATION
IN PROSPECTUS | |||
| Risk of Loss | You can lose money by investing in this Certificate. | “Principal Risks of a Certificate” | ||
| Not a Short-Term Investment | The Certificates are designed to provide insurance protection. They should not be used as a short-term investment or if you need ready access to cash, because you will be charged when you make premium payments and you may also pay a transaction charge when surrendering the Certificate. | “Principal Risks of a Certificate” | ||
3
| RISKS | LOCATION
IN PROSPECTUS | |||
| Risks Associated with Investment Options | An investment in this Certificate is subject to the risk of poor investment performance and can vary depending on the performance of the Portfolios available under the Certificate. Each investment option (including any Fixed Account investment option) has its own unique risks. You should review the investment options before making an investment decision. | “Principal Risks of a Certificate” | ||
| Insurance Company Risks | Investments in the Certificate are subject to the risks related to Metropolitan Life, including any obligations (including under any Fixed Account investment options), guarantees, and benefits of the Certificate are subject to the claims paying ability of Metropolitan Life. If Metropolitan Life experiences financial distress, it may not be able to meet its obligations to you. More information about Metropolitan Life, including its financial strength ratings, is available upon request by calling 1-800-756-0124 or by visiting https://www.metlife.com/about-us/corporate-profile/ratings/. | “Principal Risks of a Certificate” | ||
| Contract Lapse | Your Certificate may lapse if you have paid an insufficient amount of premiums or if the investment experience of the Portfolios is poor and the cash surrender value under your Certificate is insufficient to cover the monthly deduction. Lapse of a Certificate on which there is an outstanding loan may have adverse tax consequences. If the Certificate lapses, no death benefit will be paid. A Certificate may be reinstated if the conditions for reinstatement are met including the payment of required premiums. | “Principal Risks of a Certificate” | ||
| RESTRICTIONS | LOCATION
IN PROSPECTUS | |||
| Investments | At the present time, no charge is assessed against the cash value of a Certificate when amounts are transferred among the investment divisions of the Separate Account and between the investment divisions and the Fixed Account. Certificate owners may transfer cash value between and among the investment divisions and the Fixed Account. Restrictions may apply to frequent transfers. Metropolitan Life reserves the right to remove or substitute portfolio companies as investment options that are available under the Certificate. | “Cash Value, Transfers and Withdrawals – Cash Value Transfers” | ||
| Optional Benefits | Rider availability is subject to your employer making the rider available. Depending upon your Employer’s requirements, certain Certificate riders may only be able to be added to in force Certificates during the Employer’s annual enrollment. With respect to the dependent life benefit riders (spouse coverage or child coverage), the Certificate owner must be in active status as an employee of the Employer in order to add these riders. | “Optional Rider Benefits” | ||
| TAXES | LOCATION
IN PROSPECTUS | |||
| Tax Implications | Consult with a tax professional to determine the tax implications of an investment in and payments received under this Certificate. Withdrawals will be subject to ordinary income tax, and may be subject to tax penalties. Lapse of a Certificate on which there is an outstanding loan may have adverse tax consequences. | “Federal Tax Matters” | ||
4
| CONFLICTS OF INTEREST | LOCATION
IN PROSPECTUS | |||
| Investment Professional Compensation | Your investment professional may receive compensation relating to your ownership of a Certificate, both in the form of commissions and continuing payments. These investment professionals may have a financial incentive to offer or recommend the Policy over another investment. | “Sales of Certificates” | ||
| Exchanges | Some investment professionals may have a financial incentive to offer you a new policy in place of your current Certificate. You should only exchange your Certificate if you determine, after comparing the features, fees, and risks of both policies, that it is better for you to purchase the new policy rather than continue to own your existing Certificate. | “Sales of Certificates” | ||
5
APPENDIX A:
PORTFOLIOS AVAILABLE UNDER THE CERTIFICATE
The following is a list of the Portfolios currently
available under the Certificate. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at dfinview.com/metlife/tahd/MET000225. You can also request
this information at no cost by calling 1-800-756-0124 or by sending an email request to GVUL-eservice@metlifecommercial.com. Updated performance information is available at www.metlife.com
The current expenses and performance information
below reflects fees and expenses of the Portfolios, but does not reflect the other fees and expenses that the Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio’s
past performance is not necessarily an indication of future performance.
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks long-term growth of capital. | Baillie
Gifford International Stock Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Baillie Gifford Overseas Limited |
0.72% | 26.58% | 14.72% | 7.64% |
| Seeks a competitive total return primarily from investing in fixed-income securities. | BlackRock
Bond Income Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.39% | 8.60% | 4.99% | 4.57% |
| Seeks long-term capital appreciation with some current income. | Brighthouse/Wellington
Balanced Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.53% | 17.72% | 11.41% | 10.60% |
| Seeks long-term capital appreciation. | Brighthouse/Wellington
Large Cap Research Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.55% | 22.27% | 14.95% | 13.87% |
| Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. | Freedom
2010 Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.45% | 12.49% | 8.37% | 7.03% |
| Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. | Freedom
2020 Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.53% | 15.06% | 10.00% | 8.16% |
A-1
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. | Freedom
2030 Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.59% | 16.89% | 11.58% | 9.51% |
| Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. | Freedom
2040 Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.67% | 19.28% | 12.77% | 10.38% |
| Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. | Freedom
2050 Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.67% | 19.28% | 12.76% | 10.44% |
| Seeks capital appreciation. | Invesco
Global Equity Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
0.57% | 27.92% | 15.13% | 11.83% |
| Seeks to track the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. | MetLife
Aggregate Bond Index Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.27% | 7.21% | 4.21% | 3.58% |
| Seeks to track the performance of the MSCI EAFE® Index. | MetLife
MSCI EAFE® Index Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.39% | 7.85% | 7.46% | 5.33% |
| Seeks to track the performance of the Russell 2000® Index. | MetLife
Russell 2000® Index Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.33% | 19.62% | 13.22% | 11.21% |
| Seeks to track the performance of the Standard & Poor’s 500® Composite Stock Price Index. | MetLife
Stock Index Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.27% | 18.10% | 14.93% | 13.60% |
| Seeks capital appreciation. | MFS
® Value Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.58% | 3.96% | 10.43% | 11.24% |
| Seeks capital appreciation. | Morgan
Stanley Discovery Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Morgan Stanley Investment Management Inc. |
0.63% | 153.77% | 38.34% | 21.41% |
| Seeks long-term capital growth. | T.
Rowe Price Small Cap Growth Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.50% | 24.34% | 16.27% | 14.83% |
A-2
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks to maximize total return consistent with preservation of capital. | Western
Asset Management Strategic Bond Opportunities Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company |
0.55% | 6.92% | 6.71% | 5.55% |
| * | The Portfolio is subject to an expense reimbursement or fee waiver arrangement. The annual expenses shown reflect temporary fee reductions. |
A-3
To learn more about the Certificate, you should read the Prospectus
and SAI dated the same date as this Updating Summary Prospectus which are incorporated herein by reference and are legally a part of this Updating Summary Prospectus. They include additional information about the Certificates and the Separate
Account. You can find these documents on line at dfinview.com/metlife/tahd/MET000225. For a free copy of the Prospectus and SAI, to receive free personalized illustrations of death benefits and Cash Values, and to request other information about the
Certificate, please call 1-800-756-0124, send an email request to GVULeservice@metlifecommercial.com or write to us at our Administrative Office. The mailing address for our Administrative Office is: MetLife GVUL; Suite 600; 11330 Olive Boulevard;
St Louis, MO 63141.
EDGAR ID: C000011874