April 29, 2024
Updating Summary
Prospectus For Investors In Equity Advantage VUL and Flexible Premium Multifunded Life Insurance Policy
Issued by Metropolitan Life Separate Account UL Of Metropolitan Life Insurance Company
Issued by Metropolitan Life Separate Account UL Of Metropolitan Life Insurance Company
This Updating Summary Prospectus summarizes key features of MetLife’s Equity Advantage VUL Policy and Flexible Premium Multifunded Life Insurance Policy (“Policy” or “Policies”) issued by Metropolitan Life Insurance Company (“Metropolitan Life”, “MetLife”, “we”, “us”, “our”).
The Prospectus for the Policies contains more information about the Policies, including features, benefits,
and risks. You
can find the current Prospectus and other information about the Policies online at
dfinview.com/metlife/tahd/MET000220.
You can also obtain this information at no cost by calling 1-800-638-5000 or by sending an
email request to RCG@metlife.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 Policies 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 Policies or determined that this Prospectus is adequate or complete. Any representation to the contrary is a criminal offense.
UPDATED INFORMATION ABOUT YOUR POLICY
The
information in this Updating Summary Prospectus is a summary of certain Policy features that have changed since you last received the Prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since
you entered into your Policy:
•
For changes in the names of certain
Portfolios and any other changes to the
Portfolios please refer to Appendix A.
•
•
For updated Portfolio performance information please refer to Appendix A.
IMPORTANT INFORMATION
YOU SHOULD CONSIDER ABOUT THE POLICY
| |
FEES AND EXPENSES |
LOCATION IN
PROSPECTUS | ||
| Charges for Early
Withdrawals |
A surrender charge will be deducted from the
cash value if the
Policy is surrendered or terminated after a grace period,
you make a
partial withdrawal or
you reduce your Policy’s face amount during
the first fifteen (15) Policy years or during the first
fifteen (15) years following a specified face amount
increase. The maximum surrender charge is 15.699% of the maximum
surrender charge premium. For example, assuming a premium of
$100,000 (which in this example is the maximum surrender
charge premium), the maximum surrender charge is
$15,699.00. |
|||
| Transaction Charges |
In addition to surrender charges,
you also may be charged for other
transactions, such as when
you make a premium payment or transfer
cash value
between investment options. |
|||
| Ongoing Fees and
Expenses (annual
charges) |
In addition to surrender charges and transaction charges, an
investment in the Policy 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 Policy and optional benefits added by
rider, and such fees and expenses are
classification). There is also a monthly administration fee. You
should review the policy specifications page of your
Policy for rates applicable to your Policy.
You will also bear expenses associated with the Portfolios available
under your Policy, as shown in the following table: |
“Charges and
Deductions You
Pay —
Charges Included in the Monthly Deduction” “Charges and Deductions You Pay — Mortality
and Expense Risk Charge”
“Charges and
Deductions You
Pay —
Charges and Expenses of the Separate Account and
the Portfolios” | ||
| ANNUAL FEE |
MIN |
MAX | ||
| Investment options (
Portfolio fees
and charges) |
0.28% |
0.98% | ||
3
| |
RISKS |
LOCATION IN
PROSPECTUS | ||
| Risk of Loss |
You can lose money by investing in this Policy, including loss of principal. |
“Principal Risks” | ||
| Not a Short-Term
Investment |
The Policies are designed to provide lifetime insurance protection.
They should not be used as a short-term investment or if
you need
premium payments and
you may also pay surrender charges when
surrendering the Policy. In addition, withdrawals may be subject to
ordinary income tax and tax penalties.
|
“Principal Risks” | ||
| Risks Associated with
Investment Options |
An investment in this Policy is subject to the risk of poor investment
performance and can vary depending on the performance of
the investment options available under the Policy (e.g.
the Portfolios). 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” | ||
| Insurance Company
Risks |
Investments in the Policy are subject to risks related to Metropolitan
Life, including any obligations (including under any
Fixed Account investment option), guarantees, and benefits of the Policy, including
any death benefit, which 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 1-800-638-5000 or by
visiting
https://www.metlife.com/about-us/corporate-profile/ratings. |
"Principal Risks" | ||
| Contract Lapse |
Your Policy may lapse if
you have not paid a sufficient amount of
premiums
or if the investment experience of the Portfolios is poor,
you have taken partial withdrawals, and the
cash surrender value
under your Policy is insufficient to cover the monthly deduction.
Lapse of a Policy on which there is an outstanding loan
may have adverse tax consequences. If the Policy lapses,
no death benefit will be paid. A Policy may be reinstated
if the conditions for reinstatement are met, including
the payment of required |
“Principal Risks” | ||
| |
RESTRICTIONS |
LOCATION IN
PROSPECTUS | ||
| Investments |
Amounts may be transferred among the Divisions of the
Separate Account and between the Divisions and the
Fixed Account.
Metropolitan Life reserves the right to impose a charge of $25 per
transfer. Restrictions may apply to frequent
transfers. Metropolitan Life reserves the right to remove or substitute
Portfolios
as investment options that are available under the Policy. |
|||
| Optional Benefits |
No policy riders may be added after the Policy is issued.
|
"Additional 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
Policy. Withdrawals may be subject to ordinary income tax, and may be
subject to tax penalties.
Termination of a Policy 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 Policy, both in the form of
commissions and continuing payments. These investment
professionals may have a financial incentive to offer or
recommend paying additional premiums under the Policy over another investment.
|
“Sale and Distribution of
the Policies” | ||
| Exchanges |
“Sale and Distribution of the Policies” | |||
5
GLOSSARY
Beneficiary. The person or persons designated by the Policy owner to receive insurance proceeds upon the death of
the insured. Unless otherwise
stated in the Policy, the beneficiary has no rights in a Policy before the death of the insured. If there is more than one
beneficiary at the death of the
insured, each will receive equal payments unless otherwise provided by the Policy owner.
Cash Surrender Value. The amount you receive if you surrender the Policy. It is equal to the Policy’s cash value reduced by any surrender charge that would apply on surrender and by any outstanding Policy loan and accrued interest.
Cash Value. A Policy’s cash value includes the amount of its cash
value held in the Separate
Account, the amount held in the
Fixed Account, if there is an outstanding Policy loan, the amount of its cash value held in
the loan account.
Date of Receipt. The Date of Receipt is the day your requests, instructions and notifications are received in our
Designated Office.
Designated Office. Our Designated Office varies based on the type of service request or transaction that
you are making. The most recent correspondence or annual statement sent to you will have the address, telephone number and website that you can use to contact us for specific transactions and requests. Your premium payment bill will have the address and telephone number that you can use to pay premiums. We will notify you if there are changes to this information.
Fixed Account. The Fixed Account is a part of our general
account to which you may allocate net premiums. It provides guarantees of principal and interest. Aspects of the
Fixed Account are briefly summarized in order to give a better understanding of how the Policy functions.
Fund — An underlying mutual fund in which the Separate Account assets are invested. The Separate Account
Divisions invest in different classes (or series) (“Portfolios”) of a mutual fund.
General Account. The assets of Metropolitan Life other than those allocated to the
Separate Account.
Indebtedness. The total of any unpaid Policy loan and loan interest.
Insured. The person upon whose life the Policy is issued.
Loan Account. The account to which cash value from the Separate
Account or the Fixed Account
is transferred when you take a Policy loan.
Monthly
Anniversary. The same date in each month as the Policy Date. For
purposes of the Separate Account, whenever the monthly anniversary date falls on a date other than a valuation date, the next valuation date will
be deemed to be the monthly
anniversary.
Net Premium. The net premium is equal to the premium payment minus the sales charge, the premium tax charge, and the federal tax
charge.
Planned Premium
. The
Planned Premium is the premium payment schedule
you choose to help meet your future goals under the Policy.
6
Policy Date - The date set forth in the Policy that is used to determine Policy years
and Policy months. Policy anniversaries are measured from the Date of Policy.
Policy Month. The month beginning on the monthly
anniversary.
Policy Year. A Policy year is a 12 month period between the anniversaries of a Policy. The first Policy year starts on
the Policy Date.
Portfolio — A portfolio represents a class (or series) of a Fund in which a Division’s assets are invested.
Premiums. Premiums include all payments you make under your Policy, whether a planned periodic premium payment or an unscheduled premium payment.
Rider. A rider is an optional, additional benefit or increase in coverage that
you can add to your Policy.
Separate Account. Metropolitan Life
Separate Account UL, a separate account established by MetLife to receive and invest premiums paid under the Policies and certain other variable life insurance policies, and to provide variable
benefits.
Specified
Face Amount. The
specified face amount is the base amount of insurance coverage under your Policy.
Term Insurance Amount
. The term insurance amount
is the difference between the death benefit (generally discounted at the monthly
equivalent of 3% per year) and the Policy’s cash value.
Valuation Date - Each day on which the New York Stock Exchange is open for trading, or on days other
than when the New York Stock Exchange is open, on which it is determined that there is a sufficient degree of trading in a Fund's portfolio securities that the current net asset value of its redeemable securities might be materially affected. Valuations for any date other than a Valuation Date will be determined as of the next Valuation Date.
Valuation Period - The period between two successive Valuation Dates, commencing at 4:00 p.m., Eastern Time, on the next
succeeding Valuation Date.
7
APPENDIX A: PORTFOLIOS AVAILABLE UNDER THE POLICY
The following is a list of the Portfolios currently available under the Policy. 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/MET000220. You can also request this information at no cost by calling 800-638-5000, or by sending an email request to
RCG@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.
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Global Equity |
American Funds Global Small Capitalization Fund*
- Class 2
Capital Research and Management CompanySM |
0.91% |
16.17% |
8.31% |
5.78% |
| US Equity |
American Funds Growth Fund - Class 2
Capital Research and Management CompanySM |
0.59% |
38.49% |
18.68% |
14.36% |
| US Equity |
American Funds Growth-Income Fund - Class 2
Capital Research and Management CompanySM |
0.53% |
26.14% |
13.36% |
10.91% |
| US Fixed Income |
American Funds The Bond Fund of America* -
Class 2
Capital Research and Management CompanySM |
0.48% |
5.02% |
1.89% |
2.08% |
| International Equity |
Baillie Gifford International Stock Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Baillie Gifford Overseas Limited |
0.75% |
18.59% |
7.15% |
4.72% |
| US Fixed Income |
BlackRock Bond Income Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC |
0.39% |
5.84% |
1.53% |
2.20% |
| US Equity |
BlackRock Capital Appreciation Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC |
0.57% |
49.61% |
16.15% |
12.88% |
| Allocation |
Brighthouse Asset Allocation 100 Portfolio -
Class A
Brighthouse Investment Advisers, LLC |
0.74% |
21.10% |
11.83% |
8.19% |
| Allocation |
Brighthouse Asset Allocation 20 Portfolio* - Class A
Brighthouse Investment Advisers, LLC |
0.64% |
8.08% |
3.88% |
3.31% |
| Allocation |
Brighthouse Asset Allocation 40 Portfolio - Class A
Brighthouse Investment Advisers, LLC |
0.64% |
10.82% |
5.87% |
4.60% |
| Allocation |
Brighthouse Asset Allocation 60 Portfolio - Class A
Brighthouse Investment Advisers, LLC |
0.66% |
13.93% |
8.00% |
5.93% |
| Allocation |
Brighthouse Asset Allocation 80 Portfolio - Class A
Brighthouse Investment Advisers, LLC |
0.69% |
17.51% |
10.02% |
7.17% |
A-1
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| US Equity |
Brighthouse/Artisan Mid Cap Value Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Artisan Partners Limited
Partnership |
0.77% |
18.53% |
11.56% |
6.75% |
| Allocation |
Brighthouse/Wellington Balanced Portfolio -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management Company
LLP |
0.53% |
18.10% |
10.09% |
8.07% |
| US Equity |
Brighthouse/Wellington Core Equity Opportunities
Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management Company
LLP |
0.61% |
7.66% |
13.12% |
10.36% |
| US Equity |
Brighthouse/Wellington Large Cap Research
Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management Company
LLP |
0.54% |
25.74% |
15.38% |
11.71% |
| Sector |
CBRE Global Real Estate Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: CBRE Investment Management
Listed Real Assets LLC |
0.65% |
12.87% |
6.40% |
4.65% |
| US Equity |
Frontier Mid Cap Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Frontier Capital Management
Company, LLC |
0.71% |
18.00% |
11.26% |
9.28% |
| International Equity |
Harris Oakmark International Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Harris Associates L.P. |
0.73% |
19.26% |
7.50% |
3.45% |
| Global Equity |
Invesco Global Equity Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc. |
0.58% |
34.99% |
12.48% |
8.68% |
| US Equity |
Invesco Small Cap Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc. |
0.81% |
12.33% |
8.90% |
7.66% |
| US Equity |
Jennison Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Jennison Associates LLC |
0.55% |
53.26% |
17.98% |
14.32% |
| US Equity |
Loomis Sayles Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company, L.P. |
0.55% |
52.06% |
16.39% |
10.80% |
| US Equity |
Loomis Sayles Small Cap Core Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company, L.P. |
0.89% |
17.46% |
11.35% |
7.90% |
A-2
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| US Equity |
Loomis Sayles Small Cap Growth Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company, L.P. |
0.87% |
11.91% |
10.08% |
8.49% |
| US Fixed Income |
MetLife Aggregate Bond Index Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management,
LLC |
0.28% |
5.20% |
0.87% |
1.57% |
| US Equity |
MetLife Mid Cap Stock Index Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management,
LLC |
0.31% |
16.08% |
12.34% |
9.01% |
| International Equity |
MetLife MSCI EAFE® Index Portfolio - Class
A Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management,
LLC |
0.39% |
17.93% |
7.99% |
4.05% |
| US Equity |
MetLife Russell 2000® Index Portfolio - Class
A Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management,
LLC |
0.32% |
16.80% |
9.90% |
7.16% |
| US Equity |
MetLife Stock Index Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management,
LLC |
0.26% |
25.94% |
15.39% |
11.75% |
| International Equity |
MFS® Research International
Portfolio* - Class A Brighthouse Investment Advisers,
LLC Subadviser: Massachusetts Financial Services
Company |
0.65% |
13.05% |
8.82% |
4.43% |
| Allocation |
MFS® Total Return Portfolio* -
Class A Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial Services
Company |
0.62% |
10.40% |
8.53% |
6.59% |
| US Equity |
MFS® Value Portfolio* - Class
A Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial Services
Company |
0.58% |
8.15% |
11.55% |
8.78% |
| US Equity |
Morgan Stanley Discovery Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Morgan Stanley Investment
Management Inc. |
0.67% |
41.23% |
11.07% |
8.77% |
| US Equity |
Neuberger Berman Genesis Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Neuberger Berman Investment
Advisers LLC |
0.80% |
15.53% |
12.40% |
8.75% |
| US Fixed Income |
PIMCO Inflation Protected Bond Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Pacific Investment Management
Company LLC |
0.68% |
3.74% |
3.28% |
2.32% |
A-3
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| US Fixed Income |
PIMCO Total Return Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Pacific Investment Management
Company LLC |
0.55% |
6.22% |
1.25% |
1.86% |
| Allocation |
SSGA Growth and Income ETF Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: SSGA Funds Management, Inc. |
0.52% |
14.12% |
7.77% |
5.76% |
| Allocation |
SSGA Growth ETF Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: SSGA Funds Management, Inc. |
0.55% |
16.13% |
9.47% |
6.70% |
| US Equity |
T. Rowe Price Large Cap Growth Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.57% |
46.81% |
13.52% |
11.88% |
| US Equity |
T. Rowe Price Mid Cap Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates, Inc. is the
subadviser
T. Rowe Price Investment Management, Inc. is
the sub-subadviser |
0.70% |
20.11% |
11.90% |
10.72% |
| US Equity |
T. Rowe Price Small Cap Growth Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.51% |
21.57% |
11.84% |
9.44% |
| US Equity |
Victory Sycamore Mid Cap Value Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Victory Capital Management, Inc. |
0.60% |
10.20% |
14.66% |
8.57% |
| US Fixed Income |
Western Asset Management Strategic Bond
Opportunities Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management
Company, LLC |
0.56% |
9.44% |
2.80% |
3.01% |
| US Fixed Income |
Western Asset Management U.S. Government
Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management
Company, LLC |
0.50% |
4.87% |
0.95% |
1.23% |
*
The Portfolio is subject to an expense reimbursement or fee waiver arrangement. The annual expenses
shown reflect temporary fee reductions.
Index Selector: If You elect the Index Selector You are limited to allocating your purchase payments and Account
Balance among the following funding options and the Fixed Account:
MetLife Aggregate Bond Index
MetLife Stock Index
MetLife MSCI EAFE Index
MetLife Russell 2000 Index
MetLife Mid Cap Stock Index
MetLife Stock Index
MetLife MSCI EAFE Index
MetLife Russell 2000 Index
MetLife Mid Cap Stock Index
A-4
To learn more
about the Policy, 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 Policies and the Separate Account. You can find these documents on line at dfinview.com/metlife/tahd/MET000220. 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 Policy, please call 1-800-638-5000 or send an email request
to RCG@metlife.com.
EDGAR ID: C000036683