# EDGAR Filing Document

**Accession Number:** 0001085612
**File Stem:** 0001133228-26-005200
**Filing Date:** 2026-4
**Character Count:** 968613
**Document Hash:** 4590f7f6fe13626cf2160e95878572a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-005200.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001133228-26-005200

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 57

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I
- **CENTRAL INDEX KEY:** 0001085612

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09327
- **FILM NUMBER:** 26858482

**BUSINESS ADDRESS:**
- **STREET 1:** 3100 SANDERS ROAD
- **STREET 2:** SUITE 303
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062
- **BUSINESS PHONE:** (847) 665-9930 #898

**MAIL ADDRESS:**
- **STREET 1:** 3100 SANDERS ROAD
- **STREET 2:** SUITE 303
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLSTATE FINANCIAL ADVISORS SEPARATE ACCOUNT I
- **DATE OF NAME CHANGE:** 19990430
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I
- **CENTRAL INDEX KEY:** 0001085612

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-102295
- **FILM NUMBER:** 26858481

**BUSINESS ADDRESS:**
- **STREET 1:** 3100 SANDERS ROAD
- **STREET 2:** SUITE 303
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062
- **BUSINESS PHONE:** (847) 665-9930 #898

**MAIL ADDRESS:**
- **STREET 1:** 3100 SANDERS ROAD
- **STREET 2:** SUITE 303
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLSTATE FINANCIAL ADVISORS SEPARATE ACCOUNT I
- **DATE OF NAME CHANGE:** 19990430

## Series and Classes Contracts Data

### EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I (Series ID: S000001969)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000005160 | Morgan Stanley Variable Annuity II              |  |
| C000005161 | Morgan Stanley Variable Annuity II AssetManager |  |
| C000005162 | Morgan Stanley Variable Annuity 3               |  |

Filed with the Securities and Exchange Commission on April 13, 2026<br>REGISTRATION NO. 333-102295 <br>INVESTMENT COMPANY ACT NO. 811-09327

**UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**

**FORM N-4**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933<br>POST-EFFECTIVE AMENDMENT NO. 31 <br>and<br>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940<br>AMENDMENT NO. 214

**EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I**<br>(Exact Name of Registered Separate Account)

**EVERLAKE LIFE INSURANCE COMPANY**<br>(Name of Insurance Company)

3100 SANDERS ROAD, SUITE 303<br>NORTHBROOK, ILLINOIS 60062<br>(Address of Insurance Company's principal executive offices)

(847) 665-9930<br>(Insurance Company's Telephone Number, including Area Code)

ANGELA FONTANA<br>DIRECTOR, SENIOR VICE PRESIDENT, CHIEF LEGAL OFFICER AND SECRETARY<br>EVERLAKE LIFE INSURANCE COMPANY<br>3100 SANDERS ROAD, SUITE 303<br>NORTHBROOK, ILLINOIS 60062-7127<br>(Name and address of agent for service)

COPIES TO:<br>RICHARD CHOI<br>CARLTON FIELDS, P.A.<br>1625 EYE STREET NW, SUITE 800<br>WASHINGTON, DC 20006

Approximate Date of Proposed Public Offering: Continuously on and after the effective date of this Registration Statement

**It is proposed that this filing become effective: (check appropriate box)**

□ immediately upon filing pursuant to paragraph (b) of Rule 485

⊠ on April 27, 2026 pursuant to paragraph (b) of Rule 485

□ 60 days after filing pursuant to paragraph (a)(i) of Rule 485

□ on _______ pursuant to paragraph (a)(i) of Rule 485

**If appropriate, check the following box:**

□ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Check each box that appropriately characterizes the Registrant:**

□ New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)

□ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"))

□ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

□ Insurance Company relying on Rule 12h-7 under the Exchange Act

□ Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act

------

**Morgan Stanley Variable Annuity II**<br>**An individual and group flexible premium deferred variable annuity contract**<br>**Registered Separate Account: EVERLAKE FINANCIAL ADVISORS** **SEPARATE ACCOUNT I**<br>**Issued by: Everlake Life Insurance Company ("Everlake Life")**<br>**Everlake Life Insurance Company**<br>**Street Address: 5801 SW 6<sup>th</sup>** **Ave., Topeka, KS 66606-0001**<br>**Mailing Address: P.O. Box 758543, Topeka, KS 66675-8566**<br>**Telephone Number: 1-800-457-7617**<br>**Fax: 1-785-228-4584**

Prospectus dated April 27, 2026

Everlake Life Insurance Company ("Everlake Life", "we", "our", "the Company", or "us") offered the Morgan Stanley Variable Annuity II, an individual and group flexible premium deferred variable annuity contract (***"Contract" or "Annuity"***). Please keep it for future reference. The Contract is no longer offered for new sales effective September 22, 2003. If you have already purchased the Contract you may continue to make purchase payments according to the Contract. **See** [**"Appendix A – Investment Options Available Under the Contract"**](#chapter_18-sect1_1_76552_870) **for** **additional information about each investment option.**

This prospectus sets forth information about the Annuity that you should know before investing. Please read this prospectus and keep it for future reference. The Annuity is a complex investment that involves risks, including potential loss of principal.

This prospectus describes all the investment options, features, and benefits that we make available under the Annuity. **The availability of** **investment options, features and benefits described in this prospectus may vary depending on the broker-dealer through which the** **Contract is sold ("financial intermediary variations").** We have identified all such financial intermediary variations that are known or reasonably available to us. Financial intermediary variations may be imposed by some broker-dealers without our knowledge. For example, your Financial Professional may not recommend a particular investment option or benefit to you because of a decision by the Financial Professional's broker-dealer not to offer that investment option or benefit to its customers. Taking into consideration the breadth of our distribution network, we are unable to obtain information about all financial intermediary variations without unreasonable effort or expense. You should discuss with your Financial Professional any limitations, restrictions, or other variations related to the investment options, benefits or other features available to you through your Financial Professional.

The Annuity is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals may reduce the level of various optional benefit guarantees and could result in taxes and tax penalties.

The Company's obligations under the Annuity are subject to its financial strength and claims-paying ability. In compliance with U.S. law, we deliver this prospectus to Annuity Owners that currently reside outside of the United States. In addition, we may not market or offer benefits, features, or enhancements to prospective or current Annuity Owners while outside of the United States.

These Annuities are NOT deposits or obligations of, or issued, guaranteed or endorsed by, any bank, and are NOT insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other agency.

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.

---

| | |
|:---|:---|
| **IMPORTANT**<br>**NOTICES** | **THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE** **SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES** **COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES** **COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS** **PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL** **OFFENSE.** |

---

MORGAN2

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | **Page** |
| [**Glossary of Terms** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_2_870) | [**1**](#chapter_2_870) |
| [**Overview of the Contract**](#chapter_3_870) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Overview of the Contract..........................................................................................](#chapter_3-sect1_1_590364_870) | [4](#chapter_3-sect1_1_590364_870) |
| [**Key Information** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_4_870) | [**5**](#chapter_4_870) |
| [**Fee Table** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_5_870) | [**8**](#chapter_5_870) |
| [**Principal Risks of Investing in the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_6_870) | [**10**](#chapter_6_870) |
| [**Description of Insurance Company, Registered Separate Account, and Investment Options**](#chapter_7_870) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake........................................................................................................](#chapter_7-sect1_1_77702_870) | [12](#chapter_7-sect1_1_77702_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Portfolios...................................................................................................](#chapter_7-sect1_2_74319_870) | [13](#chapter_7-sect1_2_74319_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Variable Options.............................................................................](#chapter_7-sect1_3_74301_870) | [13](#chapter_7-sect1_3_74301_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Fixed Options...............................................................................](#chapter_7-sect1_4_74303_870) | [14](#chapter_7-sect1_4_74303_870) |
| [**Charges and Adjustments** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_8_870) | [**16**](#chapter_8_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Charges and Adjustments..........................................................................................](#chapter_8-sect1_1_74307_870) | [16](#chapter_8-sect1_1_74307_870) |
| [**General Description of Contracts**](#chapter_9_870) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Contract....................................................................................................](#chapter_9-sect1_1_74293_870) | [19](#chapter_9-sect1_1_74293_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Transfers...................................................................................](#chapter_9-sect1_2_74305_870) | [20](#chapter_9-sect1_2_74305_870) |
| [**Annuity Period** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_10_870) | [**23**](#chapter_10_870) |
| [**Benefits Available Under the Contract**](#chapter_11_870) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Benefits Available Under the Contract................................................................................](#chapter_11-sect1_1_74311_870) | [27](#chapter_11-sect1_1_74311_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Death Benefits...................................................................................................](#chapter_11-sect1_2_74315_870) | [29](#chapter_11-sect1_2_74315_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Longevity Reward Rider...........................................................................................](#chapter_11-sect1_3_71651_870) | [34](#chapter_11-sect1_3_71651_870) |
| [**Purchases and Contract Value**](#chapter_12_870) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Purchases.......................................................................................................](#chapter_12-sect1_1_74295_870) | [37](#chapter_12-sect1_1_74295_870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Contract Value...................................................................................................](#chapter_12-sect1_2_74297_870) | [37](#chapter_12-sect1_2_74297_870) |
| [**Surrenders and Withdrawals** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_13_870) | [**39**](#chapter_13_870) |
| [**Taxes** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_14_870) | [**40**](#chapter_14_870) |
| [**Legal Proceedings** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_15_870) | [**51**](#chapter_15_870) |
| [**Financial Statements** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_16_870) | [**52**](#chapter_16_870) |
| [**More Information**](#chapter_17_870) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Principal Underwriter.............................................................................................](#chapter_17-sect1_1_74321_870) | [53](#chapter_17-sect1_1_74321_870) |
| [**Appendix A – Investment Options Available Under the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_18_870) | [**A-1**](#chapter_18_870) |
| [**Appendix B – Calculation of Enhanced Earnings Death Benefit** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_19_870) | [**B-1**](#chapter_19_870) |
| [**Appendix C – Calculation of Optional Benefits** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_20_870) | [**C-1**](#chapter_20_870) |
| [**Appendix D – Calculation of Contract Features** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_21_870) | [**D-1**](#chapter_21_870) |

---

------

**Glossary of Terms**

------

We set forth here definitions of some key terms used throughout this prospectus. In addition to the definitions here, we also define certain terms in the sections of the prospectus that use such terms.

**Accumulation Phase:** The period of time that begins on the date we issue your Contract ("Issue Date") and continues until the Payout Start Date, which is the date we apply your money to provide income payments.

**Accumulation Unit:** A unit of measurement used to calculate the value of your investment in the Variable Options during the Accumulation Phase.

**Accumulation Unit Value:** The separate value for each Variable Option's Accumulation Unit. Accumulation Unit Value is analogous to, but not the same as, the share price of a mutual fund.

**Annuitant:** The individual whose life span we use to determine income payments as well as the latest Payout Start Date. The annuitant must be a living person, whose age cannot exceed 90 as of the date we receive the completed application.

**Automatic Additions Program:** A program that may enable you to make subsequent purchase payments of at least $25 by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. Please consult your Morgan Stanley Financial Advisor for details.

**Automatic Portfolio Rebalancing Program:** A program, available during the Accumulation Phase, that provides for the automatic rebalancing of the Contract Value in each Variable Option and return it to the desired percentage allocations after the performance of each Variable Option causes a shift in the percentage you allocated to each Variable Option.

**Beneficiary(ies):** The natural person(s) or entity(ies) designated as the recipients of the Death Benefit, you may name one or more primary and contingent Beneficiaries when you apply for a Contract. You may change or add Beneficiaries at any time, unless you have designated an irrevocable Beneficiary.

• **Primary Beneficiary:** The person who may elect to receive the death benefit or become the new Contract owner subject to the
 Death of Owner provision if the sole surviving Contract owner dies before the Payout Start Date. If the sole surviving Contract
 owner dies after the Payout Start Date, the primary Beneficiary will receive any guaranteed income payments scheduled
 to continue.

• **Contingent Beneficiary:** The person selected by the Contract owner who will exercise the rights of the primary Beneficiary if
 all named primary Beneficiaries die before the death of the sole surviving Contract owner.

**Charge Free Withdrawal Amount:** An amount equal to 15% of the amount of purchase payments as of the Issue Date or the most recent Contract Anniversary, whichever is later. As with all withdrawals, we will treat withdrawals as coming from the oldest purchase payments first. Unused portions of the Charge Free Withdrawal Amount do not carry forward to future Contract Years.

**Code:** The Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.

**Contract:** The Morgan Stanley Variable Annuity II, an individual and group flexible premium deferred variable annuity contract, is a contract between you, the Contract owner, and Everlake Life, a life insurance company. In certain states the Contract was available only as a group Contract. In these states, we issued you a certificate that represents your ownership and that summarizes the provisions of the group Contract. References to "Contract" in this prospectus include certificates unless the context requires otherwise.

**Contract Anniversary:** Each twelve-month period from that date of your contract's issue date.

**Contract Owner:** The person or entity who may exercise all of the rights and privileges provided by the Contract.

**Contract Value ("Account Value"):** During the Accumulation Phase, your Contract Value is equal to the sum of the value of your Accumulation Units in the Variable Options you have selected, plus the value of your investment in the Fixed Account Options.

**Death Benefit Anniversary:** Every 6<sup>th</sup> Contract Anniversary beginning with the 6<sup>th</sup> Contract Anniversary. For example, the 6<sup>th</sup>, 12<sup>th</sup> and 18<sup>th</sup> Contract Anniversaries are the first three Death Benefit Anniversaries.

**Death Benefit Combination Option:** Under this option, the death benefit payable will be the greater of the death benefits provided by the Enhanced Death Benefit or the Performance Death Benefit (both calculated until the oldest Contract owner, or Annuitant if the Contract owner is a non-living person, attains age 85).

**Dollar Cost Averaging Program:** A program that automatically transfers a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Option. Transfers made through dollar cost averaging must be $100 or more.

------

[Back to **Table of Contents**](#TOC_870)

**Dollar Cost Averaging Fixed Account Options:** We currently offer the basic Dollar Cost Averaging Fixed Account Option. The 6 and 12-month Dollar Cost Averaging Options are currently not available. Please consult with your Morgan Stanley Financial Advisor for current information.

• **Basic Dollar Cost Averaging Option:** Under this option, purchase payments that you allocate to the Basic Dollar Cost Averaging
 Option will earn interest for a 1-year period at the current rate in effect at the time of allocation. We will credit interest
 daily at a rate that will compound over the year to the annual interest rate we guaranteed at the time of allocation.

**Due Proof of Death:** Documentation needed when there is a request for payment of the death benefit. We will accept the following documentation as Due Proof of Death: a certified copy of death certificate, a certified copy of decree of a court of competent jurisdiction as to the finding of death, or any other proof acceptable to us.

**Enhanced Death Benefit Option:** An option providing that, on the date we issue the rider for this option ("Rider Date"), the death benefit is equal to the Contract Value. On the first Contract anniversary after the Rider Date, the Enhanced Death Benefit is equal to the Contract Value on the Rider Date plus interest at an annual rate of 5% per year for the portion of a year since the Rider Date. On each subsequent Contract Anniversary, but not beyond the Contract Anniversary preceding the oldest Contract owner's 75<sup>th</sup> birthday, we will recalculate the Enhanced Death Benefit, which results in an increase of 5% annually. Further, for all ages, we will adjust the Enhanced Death Benefit on each Contract Anniversary, or upon receipt of a death claim. We are no longer offering the Enhanced Death Benefit option as a rider to the Contract in most states.

**Enhanced Earnings Death Benefit Option:** Under this option, the death benefit is increased by 40% or 25% (depending on Contract owner/ Annuitant's age) of the lesser of the In-Force Premium or Death Benefit Earnings. We will calculate the Enhanced Earnings Death Benefit Option as of the date we receive Due Proof of Death. We will pay the Enhanced Earnings Death Benefit with the death benefit.

**Fixed Account Options:** The Fixed Account Option we offer includes the Basic Dollar Cost Averaging Option. We may offer additional Fixed Account Options in the future. Some Options are not available in all states.

**Good Order:** Good Order is the standard that we apply when we determine whether an instruction is satisfactory. An instruction will be considered in Good Order if it is received at our Service Center: (a) in a manner that is satisfactory to us such that it is sufficiently complete and clear that we do not need to exercise any discretion to follow such instruction and complies with all relevant laws and regulations; (b) on specific forms, or by other means we then permit (such as via telephone or electronic submission); and/or (c) with any signatures and dates as we may require. We will notify you if an instruction is not in Good Order.

**Guarantee Periods:** The period of time during which we credit a fixed rate of interest to the Fixed Account. You may allocate purchase payments or transfers to one or more Guarantee Periods of the Fixed Account.

**Income Benefit Combination Option 2:** This option guarantees that the amount you apply to an Income Plan will not be less than the income base ("Income Base") (which is the greater of Income Base A or Income Base B). We sometimes refer to this as the "Best of the Best Income Benefit." The Income Benefit Combination Option 2 can no longer be added to your Contract.

**Income and Death Benefit Combination Option 2:** This option combines the features of the Income Benefit Combination with the features of the Death Benefit Combination both calculated until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract Owner, or Annuitant, if the Contract Owner is a non-living person, for purchase payments, withdrawals, and Contract Anniversaries. After which, both are calculated for purchase payments and withdrawals only. The Income and Death Benefit Combination Option 2 can no longer be added to your Contract.

**Income Plan:** A series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date. After the Payout Start Date, you may not make withdrawals or change your choice of Income Plan.

**Investment Alternatives:** The Fixed Account Option and the Variable Options that invest in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectuses for the Portfolios.

**Longevity Reward Rider:** A rider that reduced your base contract expense and waived the contract maintenance charge, if on the date of application for the Rider, your initial purchase payment was no longer subject to a withdrawal charge; your additional purchase payments, if any, were subject to total withdrawal charges (assuming a current surrender of the Contract) equal to an amount no greater than 0.25% of the current Contract Value; and your total Contract Value was $40,000 or more. This option is no longer available.

**Payout Start Date:** The day that money is applied to an Income Plan. The Payout Start Date must be at least 30 days after the Issue Date, and no later than the first day of the calendar month after the Annuitant's 99<sup>th</sup> birthday, or the 10<sup>th</sup> Contract Anniversary, if later.

**Performance Benefit Combination Option:** This Option, which is no longer offered, combines the Performance Death Benefit with the Performance Income Benefit. If you select the Performance Benefit Combination Option, the maximum age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 75.

------

[Back to **Table of Contents**](#TOC_870)

**Performance Death Benefit Option:** An option providing that, on each Contract Anniversary, we will recalculate your Performance Death Benefit to equal the greater of your Contract Value on that date, or the most recently calculated Performance Death Benefit.

**Performance Income Benefit:** On the date we issued the rider for this benefit ("Rider Date"), the Performance Income Benefit is equal to the Contract Value. On each Contract Anniversary, we will recalculate your Performance Income Benefit to equal the greater of your Contract Value on that date or the most recently calculated Performance Income Benefit. We will also recalculate your Performance Income Benefit whenever you make an additional purchase payment or a partial withdrawal. In the absence of any withdrawals or purchase payments, the Performance Income Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or prior to the Payout Start Date. The Performance Income Benefit Option can no longer be added to your Contract.

**Portfolios:** Underlying mutual fund(s) in which a Variable Option invests. We automatically reinvest all dividends and capital gains distributions from the Portfolios in shares of the distributing Portfolio at their net asset value.

**Systematic Withdrawal Payments:** The option to receive systematic withdrawal payments on a monthly basis at any time prior to the Payout Start Date. The minimum amount of each systematic withdrawal is $100. We will deposit systematic withdrawal payments into the Contract owner's bank account or Morgan Stanley Active Assets™ – Account. Please consult with your Morgan Stanley Financial Advisor for details.

**Qualified Contracts:** Contracts held in a plan which provides that the income on tax sheltered annuities is tax deferred, and the income from annuities held by such plans does not receive any additional tax deferral. You should review the other annuity features, including all benefits and expenses, prior to purchasing an annuity as a TSA or IRA.

**Valuation Date:** Another term for "business day," which refers to each day Monday through Friday that the New York Stock Exchange is open for business.

**Variable Account:** A segregated asset account under Illinois insurance law. That means we account for the Variable Account's income, gains, and losses separately from the results of our other operations. The Variable Account consists of multiple Variable Options, each of which is available under the Contract.

**Variable Option:** An investment in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies.

**We, Us, Our, Everlake Life, or the Company:** Everlake Life Insurance Company.

**you, your, Owner:** The Owner(s) shown in the Contract.

------

[Back to **Table of Contents**](#TOC_870)

**Overview of the Contract**

------

---

| | |
|:---|:---|
| **Overview of the Contract** | **Overview of the Contract** |
|  **Purpose of the** **Contract** | This Contract is a variable annuity contract and is designed to help the investor accumulate assets on a tax-deferred basis through an investment portfolio and to provide or supplement the investor's retirement income. This Contract is appropriate for an investor who has a higher risk tolerance, an understanding of investments, a long-term investment horizon, and has funds available to invest that are not required to meet current needs. The Contract is not intended for people who may need to make early or frequent withdrawals.<br> The Contract has various optional features and benefits that may be appropriate for you based on your financial objectives and situation. These optional features may impose additional fees, as summarized below in the "[Fee Table"](#chapter_5-sect1_1_71636_870). The Contract also offers certain death benefit features, which can be used to transfer assets to your beneficiaries. |
|  **Phases of the** **Contract** | **Accumulation Phase:** This is the period of time that begins on the date we issue your Contract ("Issue Date") and continues until the Payout Start Date, which is the date we apply your money to provide income payments.<br> **Payout Phase:** You receive income payments during what we call the "Payout Phase" of the Contract, which begins on the Payout Start Date and continues until we make the last payment required by the Income Plan you select. During the Payout Phase, if you select a fixed income payment option, we guarantee the amount of your payments, which will remain fixed. If you select a variable income payment option, based on one or more of the Variable Options, the amount of your payments will vary up or down depending on the performance of the corresponding Portfolios.<br> Generally, you may not make withdrawals after the Payout Start Date. One exception to this rule applies if you are receiving variable income payments that do not depend on the life of the Annuitant. In that case you may terminate all or part of the Variable Account portion of the income payments at any time and receive a lump sum equal to the present value of the remaining variable payments associated with the amount withdrawn.<br> After the Payout Start Date, death benefits and any living benefits will terminate. |
|  Investment Options | During the Accumulation Phase, you may allocate your purchase payments to any combination of the Variable Options and/or Fixed Account Options.<br> Variable Options: The Variable Options we make available each invest in an underlying Portfolio whose share price generally fluctuates each day. The Variable Options do not provide any level of protection against negative returns. You are at risk of losing principal and any earnings if you allocate funds to a Portfolio.<br> Fixed Account Option: If you invest in a Fixed Account Option, you will earn a fixed rate of interest that we declare periodically. |
| **Contract Features** | **Contract Features** |
|  **Death Benefit** | At no additional charge, if the Contract Owner or Annuitant die before the Payout Start Date, we will pay a standard death benefit subject to certain conditions.<br> For an added charge, you can also select an additional death benefit option, which may increase the amount of money payable to your designated beneficiaries upon your death. These benefits are more fully described in the "Death Benefits" section of this prospectus. |
|  **Optional** **Withdrawal** **Benefits** | We offer optional benefits riders that, for an additional charge, offer protection against market risk (the risk that your investments may decline in value or underperform your expectations) and guarantee a minimum lifetime income. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. |

---

---

| | |
|:---|:---|
| **Contract Features** | **Contract Features** |
|  **Dollar Cost** **Averaging** **("DCA")** | Through our Dollar Cost Averaging Program, at no additional charge, you may automatically transfer a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Option. |
|  **Portfolio** **Rebalancing** | If you select our Automatic Portfolio Rebalancing Program, we will automatically rebalance the Contract Value in each Variable Option and return it to the desired percentage allocations on a quarterly basis at no additional charge. We will not include money you allocate to the Fixed Account Options in the Automatic Portfolio Rebalancing Program. |
|  **Systematic** **Withdrawal** **Program** | This program, at no additional charge, allows you to receive regular automatic withdrawals from your Contract on a monthly basis at any time prior to the Payout Start Date. |

---

------

[Back to **Table of Contents**](#TOC_870)

**Key Information**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Location in** **Prospectus** |
|  **Are There Charges** **for Early** **Withdrawals?** | **Yes.**<br> If you withdraw money from the Contract within 6 years following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 6% of the purchase payments withdrawn, declining to 0% over 6 years. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $6,000 on a $100,000 investment.<br> If you have elected the Longevity Reward Rider, a withdrawal charge of 3%, declining to 0% over three years will apply to purchase payments received before or after the Rider date. | **Yes.**<br> If you withdraw money from the Contract within 6 years following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 6% of the purchase payments withdrawn, declining to 0% over 6 years. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $6,000 on a $100,000 investment.<br> If you have elected the Longevity Reward Rider, a withdrawal charge of 3%, declining to 0% over three years will apply to purchase payments received before or after the Rider date. | **Yes.**<br> If you withdraw money from the Contract within 6 years following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 6% of the purchase payments withdrawn, declining to 0% over 6 years. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $6,000 on a $100,000 investment.<br> If you have elected the Longevity Reward Rider, a withdrawal charge of 3%, declining to 0% over three years will apply to purchase payments received before or after the Rider date. | [Charges and Adjustments](#chapter_8-sect1_1_74307_870),<br>[Longevity Reward Rider](#chapter_11-sect1_3_71651_870) |
|  **Are There** **Transaction** **Charges?** | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $25 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $25 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $25 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | [Charges and Adjustments](#chapter_8-sect1_1_74307_870) and [Investment Alternatives: Transfers](#chapter_9-sect1_2_74305_870) |
|  **Are There Ongoing** **Fees and Expenses?** | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | [Charges and Adjustments](#chapter_8-sect1_1_74307_870), [Annuity Period](#chapter_10-sect1_1_74313_870) and [Death Benefits](#chapter_11-sect1_2_74315_870) |
|  **Are There Ongoing** **Fees and Expenses?** | **Annual Fee** | **Minimum** | **Maximum** |  |
|  **Are There Ongoing** **Fees and Expenses?** | Base Contract<br>(as a percentage of daily net assets of the Variable Options) | 1.35% | 1.38% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Portfolio fees and expenses | 0.25% | 1.80% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Optional benefits available for an additional charge<br>(for a single optional benefit, if elected)<br>(as a percentage of daily net assets of the Variable Options) | 0.13% | 0.50% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** |  |
|  **Are There Ongoing** **Fees and Expenses?** | **Lowest Annual Cost (in dollars): $1,639** | **Highest Annual Cost (in dollars): $3,915** | **Highest Annual Cost (in dollars): $3,915** |  |
|  **Are There Ongoing** **Fees and Expenses?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;•  Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;•  5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;•  Least expensive combination of Contract charges and Portfolio Company fees and expenses<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No optional benefits<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No additional purchase payments, transfers or withdrawals | Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most expensive combination of Contract charges, optional benefits and Portfolio Company fees and expenses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No additional purchase payments, transfers or withdrawals | Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most expensive combination of Contract charges, optional benefits and Portfolio Company fees and expenses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No additional purchase payments, transfers or withdrawals |  |

---

------

[Back to **Table of Contents**](#TOC_870)

---

| | | |
|:---|:---|:---|
|  | **Risks** | **Location in** **Prospectus** |
|  Is There a Risk of Loss from Poor Performance? | **Yes.**<br> You can lose money by investing in the Contract. | [Principal Risks of Investing in the Contract](#chapter_6-sect1_1_71637_870) |
|  Is this a Short-Term Investment? | **No.**<br> This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawal charges will reduce the value of your Contract if you withdraw money during the period of time that withdrawal charges are assessed on your Contract. Any withdrawals you make prior to the age of 59 ½ may also be subject to a 10% additional tax. | [Charges and Adjustments](#chapter_8-sect1_1_74307_870), [Investment Alternatives: Transfers](#chapter_9-sect1_2_74305_870), [Taxes](#chapter_14-sect1_1_76550_870) |
|  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 Alternatives you select which are available under the Contract (e.g., the Portfolios). Each investment option, including any investment alternatives, will have its own unique risks. You should review these Investment Alternatives before making an investment decision. | [Investment Alternatives: Variable Options](#chapter_7-sect1_3_74301_870)<br> [Investment Alternatives: Fixed Options](#chapter_7-sect1_4_74303_870) |
|  What are the Risks Related to the Insurance Company? | An investment in the Contract is subject to the risks related to Everlake Life. Any obligations (including under any fixed account Investment Alternatives), guarantees, or benefits are subject to the claims-paying ability of Everlake Life. If Everlake Life experiences financial distress, it may not be able to meet its obligations to you. More information about Everlake Life, including its financial strength ratings, is available upon request by calling 1-800-457-7617. | [Investment Alternatives: Fixed Options](#chapter_7-sect1_4_74303_870) |

---

---

| | | |
|:---|:---|:---|
|  | **Restrictions** | **Location in** **Prospectus** |
|  Are There Restrictions on the Investment Options? | &nbsp;&nbsp;&nbsp;&nbsp; **Yes.**<br> •  Certain Variable Options may not be available depending on the date you purchased your Contract. In addition, Certain Variable Options are closed to Contract Owners not invested in the specified Variable Options by a designated date.<br> •  We reserve the right to remove, substitute, or close Portfolios as Investment Alternatives.<br> •  We reserve the right to limit, suspend or reject any additional Purchase Payment at any time on a non-discriminatory basis. If we do so, you may no longer be able to increase the values associated with an optional living benefit or increase the amount of the death benefit under an optional death benefit through subsequent Purchase Payments. This would also impact your ability to make annual contributions to certain qualified Annuities.<br> •  Not all Fixed Account Options may be available in all states or with all Contracts.<br> •  There may be limitations on transfers of Contract Value among Variable Options and from the Fixed Account.<br> •  We reserve the right to assess, a $25 charge on each transfer in excess of 12 per Contract Year.<br> •  Certain Investment Options may not be available through certain financial intermediaries. See the [Cover Page](#chapter_1-sect1_1_71632_870) for additional information. | [Charges and Adjustments](#chapter_8-sect1_1_74307_870),<br>[Investment Alternatives](#chapter_9-sect1_2_74305_870) |
|  Are There any Restrictions on Contract Benefits? | **Yes.**<br> There are restrictions and limitations relating to benefits offered under the Contract. Except as otherwise provided, Contract benefits may not be modified or terminated by the Company.<br> We may discontinue or modify any of the optional benefits at any time prior to the time you elect it. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit.<br> Certain Contract Benefits may not be available through certain financial intermediaries. See the [Cover Page](#chapter_1-sect1_1_71632_870) for additional information. | [Annuity Period](#chapter_10-sect1_1_74313_870) and<br>[Death Benefits](#chapter_11-sect1_2_74315_870) |

---

---

| | | |
|:---|:---|:---|
|  | **Taxes** | **Location in** **Prospectus** |
|  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 also be subject to a 10% additional tax if taken before age 59½. | [Taxes](#chapter_14-sect1_1_76550_870) |

---

------

[Back to **Table of Contents**](#TOC_870)

---

| | | |
|:---|:---|:---|
|  | **Conflicts of Interest** | **Location in** **Prospectus** |
|  **How Are** **Investment** **Professionals** **Compensated?** | Some investment professionals may receive compensation for selling the Contracts to you in the form of commissions and other non-cash compensation (e.g., marketing allowances). Thus, these investment professionals may have a financial incentive to offer or recommend the Contracts over another investment. | More<br>Information |
|  **Should I Exchange** **My Contract?** | Some investment professionals may have a financial incentive to offer you 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, risks of both contracts, and any fees or penalties to terminate the existing Contract, that it is preferable for you to purchase the new contract rather than continue to own your existing Contract. | Statement of Additional Information |

---

------

[Back to **Table of Contents**](#TOC_870)

**Fee Table**

------

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or** **making withdrawals from an Investment Option or from your Contract. Please refer to your Contract data page for information** **about the specific fees you will pay each year based on the options you have elected.**

**The first table describes the fees and expenses that you will pay at the time you buy the Contract, surrender or make withdrawals** **from the Contract, or transfer Contract value between Investment Options. State premium taxes may also be deducted. These fees** **and charges are described in more detail within this prospectus in the** [**"Charges and Adjustments"**](#chapter_8-sect1_1_74307_870) **section.**

**<u>Transaction Expenses</u>**

---

| | |
|:---|:---|
|  **<u>Withdrawal Charge</u>**<sup>(1)</sup>: | **<u>Maximum</u>** |
|  (as a percentage of purchase payments withdrawn) | 6% |
|  **<u>Withdrawal Charge with Longevity Reward Rider</u>**<sup>(2)</sup>: | 3% |
|  **<u>Transfer Fee</u>**<sup>(3)</sup>: | $25 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (1) | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* |
|  | Number of full years from application of each Purchase Payment | <u>0</u> | <u>1</u> | <u>2</u> | <u>3</u> | <u>4</u> | <u>5</u> | <u>6+</u> |
|  |  | 6% | 5% | 4% | 3% | 2% | 1% | 0% |
| \* | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. |
| (2) | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. | Applies to purchase payments received before or after the Rider date. See the "Longevity Reward Rider" section for details. |
| (3) | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. |

---

**The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including** **Portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.**

**<u>Annual Contract Expenses</u>**

---

| | | |
|:---|:---|:---|
|  **Annual Fee** | **Maximum** | **Current** |
|  Contract Maintenance Charge | $30 | $30 |
|  Base Contract Expense *(as a percentage of daily net assets of the Variable Options)* | 1.35% | 1.35% |
|  Optional benefits available for an additional charge:<br>*(as a percentage of daily net assets of the Variable Options)* |  |  |
|  Enhanced Death Benefit Option<sup>(1)</sup> | 0.13% | 0.13% |
|  Performance Death Benefit Option | 0.13% | 0.13% |
|  Performance Income Benefit Option<sup>(1)</sup> | 0.13% | 0.13% |
|  Performance Benefit Combination Option<sup>(1)</sup><sup>(2)</sup> | 0.24% | 0.24% |
|  Death Benefit Combination<sup>(2)</sup> | 0.24% | 0.24% |
|  Income Benefit Combination Option 2<sup>(1)</sup><sup>(2)</sup> | 0.30% | 0.30% |
|  Income and Performance Death Benefit Option<sup>(1)</sup> (State of Washington only) | 0.43% | 0.43% |
|  Income and Death Benefit Combination Option 2<sup>(1)</sup><sup>(2)</sup> | 0.50% | 0.50% |
|  Enhanced Earnings Death Benefit Option | 0.20% | 0.20% |
|  Longevity Reward Rider<sup>(3)</sup> | 0.00%\*\*\* | 0.00% |

---

(1) These
 Options are no longer available to be added to your Contract.

(2) Only
 one optional "combination" benefit is allowed at any time.

(3) If
 you have elected the Longevity Reward Rider, the mortality and expense risk charge is reduced by 0.07% under the basic policy or any Option
 described above. We will
 also waive the contract maintenance charge for the life of the Contract provided your total Contract Value is $40,000 or more on or after
 the date we issue the Rider (Rider
 Date). This Option is no longer available to be added to your Contract.

------

[Back to **Table of Contents**](#TOC_870)

**The next item shows the minimum and maximum total operating expenses charged by the Portfolio Companies that you may pay** **periodically during the time that you own the Contract. A complete list of Portfolio Companies available under the Contract,** **including their annual expenses, may be found at the back of this document.**

**<u>Annual Portfolio Company Expenses</u>**

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
|  (expenses that are deducted from Portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | 0.25% | 1.80% |

---

**EXAMPLE**

This example is intended to help you compare the cost of investing in the Contracts with the cost of investing in other variable annuity contracts. These costs include Contract owner transaction expenses, Contract fees, and Portfolio fees and expenses.

The Example assumes that you invest $100,000 in the Variable Options in your Contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of Annual Portfolio Company Expenses and optional benefits available for an additional charge, which includes the base contract with the Income and Death Benefit Combination Option 2 and Enhanced Earnings Death Benefit Option. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| If you surrender your Contract at the end of the applicable time period: | $9915 | $15861 | $21967 | $40949 | $8356 | $11253 | $14407 | $26506 |
| If you annuitize your Contract at the end of the applicable time period: | $3915 | $11861 | $19967 | $40949 | $2356 | $7253 | $12407 | $26506 |
| If you do not surrender or annuitize your Contract at the end of the applicable time period: | $3915 | $11861 | $19967 | $40949 | $2356 | $7253 | $12407 | $26506 |

---

------

[Back to **Table of Contents**](#TOC_870)

**Principal Risks of Investing in the Contract**

------

The risks identified below are the principal risks of investing in the Annuity. The Annuity may be subject to additional risks other than those identified and described in this prospectus.

**Risk of Loss**

You can lose money by investing in the Contract, including your principal investment. An investment in the Annuity is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Early Withdrawal Risk**

The Annuity is not a short-term investment vehicle and is not an appropriate investment for an investor who needs ready access to cash. The Annuity is designed to provide benefits on a long-term basis. Because of the long-term nature of the Annuity, you should consider whether the Annuity is consistent with your financial situation and objectives. Withdrawals under the Annuity, including partial withdrawals and a full surrender, may be subject to negative tax consequences. If you have elected certain Optional Benefits, a withdrawal may reduce the amount of your Benefit on more than a dollar for dollar basis. While the Annuity provides a Death Benefit, the amount of that benefit is subject to investment gains and losses and is reduced for any withdrawals you take, including Advisory Fee deductions.

**Risks Associated with 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 (e.g., the Portfolios). Each investment option, including any fixed account investment option, will have its own unique risks. You should review these Investment Options before making an investment decision. We reserve the right to add, eliminate, substitute or combine Variable Options as Investment Options available under the Annuity or to close Variable Options to subsequent Purchase Payments on existing Annuities or for Annuities purchased on or after specified dates.

**Insurance Company Risks**

An investment in the Contract is subject to the risks related to Everlake Life. Any obligations (including under any fixed account Investment Alternatives which are supported by our general account and are subject to our claims-paying ability. Assets in the general account are not segregated for the exclusive benefit of any particular contract or obligation. General account assets are also available to our general creditors and for conducting routine business activities, such as the payment of salaries, rent and other ordinary business expenses), guarantees, or benefits are subject to the claims-paying ability of Everlake Life. If Everlake Life experiences financial distress, it may not be able to meet its obligations to you. More information about Everlake Life, including its financial strength ratings, is available upon request by calling 1-800-457-7617.

**Investment Risk**

Amounts you allocate to Variable Options may grow in value, decline in value, or grow less than you expect, depending on the investment performance of the Portfolios in which those Variable Options invest. You bear the investment risk that the Portfolios might not meet their investment objectives. Shares of the Portfolios are not deposits, or obligations of, or guaranteed or endorsed by any bank and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency. In other words, you could lose your investment.

**Tax Consequences**

If you make a partial withdrawal under a Non-qualified Contract, the amount you receive will be taxed as ordinary income, rather than as return of cost basis, until all gain has been withdrawn. If you make a full withdrawal under a Non-qualified Contract, the amount received will be taxable only to the extent it exceeds your cost basis in the Contract. Any withdrawals you make prior to the age of 59½ may also be subject to a 10% additional tax.

**Annuity Changes Risk**

We reserve the right to limit the number of transfers you may make or to impose a minimum transfer amount. We also reserve the right to add, eliminate, substitute or combine Variable Options as Investment Options available under the Annuity or to close Variable Options to subsequent Purchase Payments on existing Annuities or for Annuities purchased on or after specified dates. We may limit, suspend or reject any additional Purchase Payment at any time on a non-discriminatory basis. If we do so, you may no longer be able to increase the values associated with an optional living benefit or increase the amount of the death benefit under an optional death benefit through subsequent Purchase Payments. This would also impact your ability to make annual contributions to certain qualified Annuities. In addition, we may impose limitations on an investment professional's or investment advisor's ability to request financial transactions on your behalf.

------

[Back to **Table of Contents**](#TOC_870)

**Cyber Security Risks**

With the increasing use of technology and computer systems in general and, in particular, the Internet to conduct necessary business functions, Everlake Life is susceptible to operational, information security and related risks. These risks, which are often collectively referred to as "cyber security" risks, may include deliberate or malicious attacks, as well as unintentional events and occurrences. These risks are heightened by our offering of products with certain features, including those with automatic asset transfer or reallocation strategies, and by our employment of complex investment, trading and hedging programs. Cyber security is generally defined as the technology, operations and related protocol surrounding and protecting a user's computer hardware, network, systems and applications and the data transmitted and stored therewith. These measures ensure the reliability of a user's systems, as well as the security, availability, integrity, and confidentiality of data assets.

Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access (including physical break-ins and attempts to fraudulently induce employees, customers or other users of these systems to disclose sensitive information in order to gain access) to computer systems in order to misappropriate and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the destruction, release or disclosure of confidential or proprietary information stored on an organization's systems.

Cyber security failures or breaches that could impact Everlake Life and Contract Owners, whether deliberate or unintentional, could arise not only in connection with our own administration of the Contract, but also with entities operating the Contract's underlying funds and with third-party service providers to Everlake Life. Cyber security failures originating with any of the entities involved with the offering and administration of the Contract may cause significant disruptions in the business operations related to the Contract. Potential impacts may include, but are not limited to, potential financial losses under the Contract, your inability to conduct transactions under the Contract and/or with respect to an underlying fund, an inability to calculate the accumulation unit value (AUV) with respect to the Contract and/or the net asset value (NAV) with respect to an underlying fund, and disclosures of your personal or confidential account information.

In addition to direct impacts to you, cyber security failures of the type described above may result in adverse impacts to Everlake Life, including regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs, and reputational damage. Costs incurred by Everlake Life may include reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. Considerable expenses also may be incurred by Everlake Life in enhancing and upgrading computer systems and systems security following a cyber security failure.

The rapid proliferation of technologies, as well as the increased sophistication and activities of organized crime, hackers, terrorists, hostile foreign governments, and others continue to pose new and significant cyber security threats. Although Everlake Life, our service providers, and the underlying funds offered under the Contract may have established business continuity plans and risk management systems to mitigate cyber security risks, there can be no guarantee or assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. Furthermore, Everlake Life cannot control or assure the efficacy of the cyber security plans and systems implemented by third-party service providers, the underlying funds, and the issuers in which the underlying funds invest.

**Artificial Intelligence Risk**

In addition to the cyber security risks described above, the development, adoption and use of AI, including generative artificial intelligence ("Generative AI"), by us and by third parties on whom we rely may increase existing operational risks or create new operational risks that we are not currently anticipating. AI technologies offer potential benefits in areas such as customer service personalization and process automation, and we expect to use AI and Generative AI to help deliver products and services and support critical functions. We also expect third parties on whom we rely to do the same. There are significant risks involved in developing and deploying AI, and there can be no assurance that its use will enhance our products or services or be beneficial to our business, including our efficiency or profitability. The risk that AI and Generative AI may be misused is increased by the relative newness of the technology, the speed at which it is being adopted, and the lack of laws, regulations or standards governing its use. Such misuse could expose the Company to legal or regulatory risk, damage customer relationships or cause reputational harm. Further, our ability to continue to develop and efficiently deploy AI technologies depends on access to specific third-party equipment and other physical infrastructure, such as processing hardware and network capacity, the availability and pricing of which is difficult to control, especially in a highly competitive environment. Our competitors may also adopt AI or Generative AI more quickly or more effectively than we do, which could cause competitive harm. Because the Generative AI technology is so new, some of the potential risks of Generative AI are currently unknowable.

------

[Back to **Table of Contents**](#TOC_870)

**Description of Insurance Company, Registered Separate Account, and** **Investment Options**

------

**EVERLAKE**

Everlake Life is the issuer of the Contract. Everlake Life was organized in 1957 as a stock life insurance company under the laws of the State of Illinois.

On November 1, 2021, Allstate Insurance Company completed its sale of Allstate Life Insurance Company and Allstate Distributors, LLC, to Everlake US Holdings Company, a Delaware corporation (the "Transaction"). As a result of the Transaction, Allstate Life Insurance Company and Allstate Distributors, LLC changed their names to Everlake Life Insurance Company and Everlake Distributors, LLC, respectively.

Everlake Life Insurance Company, which was formerly named Allstate Life Insurance Company, is a direct wholly owned subsidiary of Everlake US Holdings Company, a holding company incorporated in the state of Delaware. Everlake US Holdings Company is a direct wholly owned subsidiary of Everlake US Parent Company, a holding company incorporated in the state of Delaware, which is a direct wholly owned subsidiary of Everlake Holdings, LP, a Cayman Islands limited partnership, whose general partner is Blackstone ISG Investment Partners – A Management Associates (Cayman) – NQ L.P., a Cayman Islands exempted limited partnership ("BISG Management Associates"). BISG Management Associates is an indirect subsidiary of Blackstone Inc., a Delaware corporation, which is a publicly traded company listed on the New York Stock Exchange under the ticker symbol "BX" ("Blackstone"). Pursuant to the terms of the Joint Shareholder Committee Agreement, dated November 1, 2021 (the "Joint Shareholder Committee Agreement"), Everlake US Holdings Company, Everlake US Parent Company, Everlake Holdings, LP, BISG Management Associates and the other entities that otherwise would directly or indirectly control Everlake US Holdings Company, including Blackstone (collectively, the "Delegating Persons"), established and delegated all authority that the shareholders of Everlake US Holdings Company would have had as shareholders to a joint shareholder committee (the "Shareholder Committee") comprised of three employees of Blackstone with the title of managing director or any equivalent or senior title. The Shareholder Committee possesses and is entitled to exercise rights attendant to the shares of Everlake US Holdings Company held by the Delegating Persons and, as such, its primary role is to consider and vote on matters appropriate for Everlake US Holdings Company's shareholders, including the nomination of members of Everlake US Holding Company's Board of Directors.

Everlake Life is licensed to operate in the District of Columbia, Puerto Rico, and all jurisdictions except the State of New York. Our home office is located at 3100 Sanders Road, Northbrook, Illinois, 60062.

A large-scale pandemic, the occurrence of terrorism or military actions may have an adverse effect on our business A large-scale pandemic (such as coronavirus or COVID-19), the occurrence of terrorism or military and other actions, may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the equity markets, changes in interest rates, reduced liquidity and economic activity caused by a large-scale pandemic. Additionally, a large-scale pandemic or terrorist act could have a material effect on sales, liquidity and operating results.

Effective June 1, 2006, Everlake Life entered into an agreement ("the Agreement") with Prudential Financial, Inc. and its subsidiary, The Prudential Insurance Company of America ("PICA") pursuant to which Everlake Life sold, through a combination of coinsurance and modified coinsurance reinsurance, substantially all of its variable annuity business. Pursuant to the Agreement Everlake Life and PICA also entered into an administrative services agreement which provides that PICA or an affiliate administer the Variable Account and the Contracts. The benefits and provisions of the Contracts have not been changed by these transactions and agreements. None of the transactions or agreements have changed the fact that we are primarily liable to you under your Contract.

Everlake Life may receive compensation from the investment advisors, administrators or distributors, or their affiliates, of the Portfolios in connection with the administrative, distribution (12b-1), or other services we provide to the Portfolios. We collect this compensation under agreement between us and the Portfolio's investment advisor, administrators or distributors, and is calculated based on a percentage of the average assets allocated to the Portfolio.

**THE VARIABLE ACCOUNT**

Everlake Life established Everlake Financial Advisors Separate Account I ("Variable Account") in 1999. We have registered the Variable Account with the SEC as a unit investment trust. The SEC does not supervise the management of the Variable Account or Everlake Life.

We own the assets of the Variable Account. The Variable Account is a segregated asset account under Illinois law. That means we account for the Variable Account's income, gains and losses separately from the results of our other operations. The assets of the Everlake Financial Advisors Separate Account I may not be used to pay any liabilities of Everlake Life other than those arising from the Contracts. Our obligations arising under the Contracts are general corporate obligations of Everlake Life.

------

[Back to **Table of Contents**](#TOC_870)

The Variable Account consists of multiple Variable Options, each of which are available under the Contract. We may add new Variable Options or eliminate one or more of them, if we believe marketing, tax, or investment conditions so warrant. We do not guarantee the investment performance of the Variable Account, its Variable Options or the Portfolios. We may use the Variable Account to fund our other annuity contracts. We will account separately for each type of annuity contract funded by the Variable Account.

**THE PORTFOLIOS**

**Information regarding each Portfolio Company, including its name, its type (e.g., money market fund, bond fund, balanced fund,** **etc.) or a brief statement concerning its investment objectives, its investment advisor and any sub-investment advisor, current** **expenses, and performance is available in "**[**Appendix A**](#chapter_18-sect1_1_76552_870)**"** Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectus for the Portfolios. To obtain any or all of the underlying Portfolio prospectuses, please contact us at 1-800-457-7617.

**Voting Privileges.** As a general matter, you do not have a direct right to vote the shares of the Portfolios held by the Variable Options to which you have allocated your Contract Value. Under current law, however, you are entitled to give us instructions on how to vote those shares on certain matters. Based on our present view of the law, we will vote the shares of the Portfolios that we hold directly or indirectly through the Variable Account in accordance with instructions that we receive from Contract owners entitled to give such instructions.

As a general rule, before the Payout Start Date, the Contract owner or anyone with a voting interest is the person entitled to give voting instructions. The number of shares that a person has a right to instruct will be determined by dividing the Contract Value allocated to the applicable Variable Option by the net asset value per share of the corresponding Portfolio as of the record date of the meeting. After the Payout Start Date the person receiving income payments has the voting interest. The payee's number of votes will be determined by dividing the reserves for such Contract allocated to the applicable Variable Option by the net asset value per share of the corresponding Portfolio as of the record date of the meeting. The votes decrease as income payments are made and as the reserves for the Contract decrease.

We will vote shares attributable to Contracts for which we have not received instructions, as well as shares attributable to us, in the same proportion as we vote shares for which we have received instructions, unless we determine that we may vote such shares in our own discretion. We will apply voting instructions to abstain on any item to be voted upon on a pro rata basis to reduce the votes eligible to be cast.

We reserve the right to vote Portfolio shares as we see fit without regard to voting instructions to the extent permitted by law. If we disregard voting instructions, we will include a summary of that action and our reasons for that action in the next semi-annual financial report we send to you.

**Changes in Portfolios.** We reserve the right, subject to any applicable law, to make additions to, deletions from or substitutions for the Portfolio shares held by any Variable Option. If the shares of any of the Portfolios are no longer available for investment by the Variable Account or if, in our judgment, further investment in such shares is no longer desirable in view of the purposes of the Contract, we may eliminate that Portfolio and substitute shares of another eligible investment fund. Any substitution of securities will comply with the requirements of the Investment Company Act of 1940. We also may add new Variable Options that invest in additional mutual Portfolios. We will notify you in advance of any change.

**Conflicts of Interest.** Certain of the Portfolios sell their shares to separate accounts underlying both variable life insurance and variable annuity contracts. It is conceivable that in the future it may be unfavorable for variable life insurance separate accounts and variable annuity separate accounts to invest in the same Portfolio. The boards of directors or trustees of these Portfolios monitor for possible conflicts among separate accounts buying shares of the Portfolios. Conflicts could develop for a variety of reasons. For example, differences in treatment under tax and other laws or the failure by a separate account to comply with such laws could cause a conflict. To eliminate a conflict, a Portfolio's board of directors or trustees may require a separate account to withdraw its participation in a Portfolio. A Portfolio's net asset value could decrease if it had to sell investment securities to pay redemption proceeds to a separate account withdrawing because of a conflict.

**INVESTMENT ALTERNATIVES**

**VARIABLE OPTIONS**

You may allocate your purchase payments to various Variable Options. Each Variable Option invests in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies. **Information regarding each Portfolio Company, including its** **name, its type (e.g., money market fund, bond fund, balanced fund, etc.) or a brief statement concerning its investment objectives, its** **investment advisor and any Sub-investment advisor, current expenses, and performance is available in "**[**Appendix A**](#chapter_18_870)**".**

Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectus for the Portfolios. The Variable Options that you select are your choice - we do not provide investment advice, nor do we recommend any particular Variable Option. Account Value allocated to a Variable Option will vary based on the investment experience of the corresponding Portfolio in which it invests. There is a risk of loss of the entire amount invested. Please consult with a qualified investment

------

[Back to **Table of Contents**](#TOC_870)

professional if you wish to obtain investment advice. **You should carefully consider the investment objectives, risks, charges and** **expenses of the underlying Portfolios when making an allocation to the Variable Options. To obtain any or all of the underlying** **Portfolio prospectuses, please contact us at 1-800-457-7617 or visit us online at** **<u>www.annuityregulatorydocuments.com</u>** **.**

**Dividends and Capital Gain Distributions.** We automatically reinvest all dividends and capital gains distributions from the Portfolios in shares of the distributing Portfolio at their net asset value.

Following the detection of excessive short-term trading activity and in response to requests from the fund investment advisors, Everlake Life currently limits new premium allocations and transfers into all Variable Options other than the Money Market Variable Option to a maximum of $50,000 per day. If we receive a transfer request that exceeds the limitation, we will be unable to process the request and will promptly contact you and request that you submit a transfer request that complies with the Variable Option limitation. If you wish to transfer more than $50,000 into a Variable Option, you may submit a single request that Everlake Life transfer $50,000 per day into that Variable Option until the transfer request is completed.

For example, if you wish to transfer $500,000 into a Variable Option, you may submit a single request that Everlake Life transfer $50,000 per day for 10 business days until the full $500,000 has been transferred.

If, as of the effective date of the Variable Option restriction, you were enrolled in one of our special services automatic transaction programs, such as automatic additions, portfolio rebalancing or dollar cost averaging, we will continue to effect automatic transactions to the Variable Options without regard to the $50,000 limitation. Shares may be redeemed at any time.

**Amounts you allocate to Variable Options may grow in value, decline in value, or grow less than you expect, depending on the** **investment performance of the Portfolios in which those Variable Options invest. You bear the investment risk that the Portfolios** **might not meet their investment objectives. Shares of the Portfolios are not deposits, or obligations of, or guaranteed or endorsed by** **any bank and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency.**

**FIXED OPTIONS**

You may allocate all or a portion of your purchase payments to the Fixed Account Options. We currently offer the basic Dollar Cost Averaging Fixed Account Option, and we may offer the additional Dollar Cost Averaging Fixed Account Options described below. **However,** **the 6 and 12-month Dollar Cost Averaging Options currently are not available.**

Please consult with your Morgan Stanley Financial Advisor for current information. The Fixed Account supports our insurance and annuity obligations which includes death benefits and other benefits under the Contracts. The Fixed Account consists of our general assets other than those in segregated asset accounts. The Fixed Account is part of the Company's general account. The Fixed Account is not subject to the provisions or restrictions of the Securities Act of 1933 or the Investment Company Act of 1940. Insurance and annuity obligations and the guaranteed benefits under the Contracts are supported by the Company's general account and are subject to the Company's claims paying ability. Therefore, contract owners should look to the financial strength of the company for its claims paying ability.

We have sole discretion to invest the assets of the Fixed Account, subject to applicable law. Any money you allocate to a Fixed Account Option does not entitle you to share in the investment experience of the Fixed Account.

**DOLLAR COST AVERAGING FIXED ACCOUNT OPTIONS**

**Basic Dollar Cost Averaging Fixed Account Option.** You may establish a Dollar Cost Averaging Program, as described in the "Transfers" section of this prospectus, by allocating purchase payments to the Basic Dollar Cost Averaging Fixed Account Option. Purchase payments that you allocate to the Basic Dollar Cost Averaging Fixed Account Option will earn interest for a 1-year period at the current rate in effect at the time of allocation. We will credit interest daily at a rate that will compound over the year to the annual interest rate we guaranteed at the time of allocation. Rates may be different than those available for the Guarantee Periods described below. After the one-year period, we will declare a renewal rate which we guarantee for a full year. Subsequent renewal dates will be every twelve months for each purchase payment. Renewal rates will not be less than the minimum guaranteed rate found in the Contract, which is 3.00%.

You may not transfer funds from other investment alternatives to the Basic Dollar Cost Averaging Option.

**6 and 12 Month Dollar Cost Averaging Fixed Account Options.** In the future, we may offer 6 and 12-month Dollar Cost Averaging Fixed Account Options. Under these options, you may establish a Dollar Cost Averaging Program by allocating purchase payments to the Fixed Account either for 6 months (the "6 Month Dollar Cost Averaging Fixed Account Option") or for 12 months (the "12 Month Dollar Cost Averaging Fixed Account Option"). Your purchase payments will earn interest for the period you select at the current rates in effect at the time of allocation. Rates may differ from those available for the Guarantee Periods described below. However, the crediting rates for the 6 and 12 Month Dollar Cost Averaging Fixed Account Options will never be less than 3% annually.

You must transfer all of your money out of the 6 or 12 Month Dollar Cost Averaging Fixed Account Options to the Variable Options in equal monthly installments. If you discontinue a 6 or 12 Month Dollar Cost Averaging Fixed Account Option prior to last scheduled transfer, we will transfer any remaining money immediately to the Money Market Variable Option, unless you request a different Variable Option.

------

[Back to **Table of Contents**](#TOC_870)

You may not transfer funds from other investment alternatives to the 6 or 12 Month Dollar Cost Averaging Fixed Account Options. Transfers out of the Dollar Cost Averaging Fixed Account Options do not count towards the 12 transfers you can make without paying a transfer fee. We may declare more than one interest rate for different monies based upon the date of allocation to the Dollar Cost Averaging Fixed Account Options. For availability and current interest rate information, please contact your sales representative or our customer support unit at 1-800-457-7617.

**See "**[**Appendix D**](#chapter_21-sect1_1_71669_870)**" for numerical examples that illustrate how the Dollar Cost Averaging Programs work.**

**GUARANTEE PERIODS**

You may allocate purchase payments or transfers to one or more Guarantee Periods of the Fixed Account ("Guarantee Periods"). Each payment or transfer allocated to a Guarantee Period earns interest at a specified rate that we guarantee for a period of years. Since interest is credited daily, any withdrawals that occur prior to the end of your Guarantee Period will reduce the amount of interest received. We will offer a 1-year Guarantee Period. We offer additional Guarantee Periods at our sole discretion. We currently offer a 1 year and a 6-year Guarantee Period.

**Interest Rates.** We will tell you what interest rates and Guarantee Periods we are offering at a particular time. We will not change the interest rate that we credit to a particular allocation until the end of the relevant Guarantee Period. We may declare different interest rates for Guarantee Periods of the same length that begin at different times.

We have no specific formula for determining the rate of interest that we will declare initially or in the future. We will set those interest rates based on investment returns available at the time of the determination. In addition, we may consider various other factors in determining interest rates including regulatory and tax requirements, our sales commission and administrative expenses, general economic trends, and competitive factors. ***We determine the interest rates to be declared in our sole discretion. We can neither predict nor guarantee what those*** ***rates will be in the future.*** The interest rate will never be less than the minimum guaranteed rate stated in the Contract, which is 3.00%. After the Guarantee Period, we will declare a renewal rate. Subsequent renewal dates will be on anniversaries of the first renewal date. On or about each renewal date, we will notify the owner of the interest rate(s) for the Contract Year then starting.

------

[Back to **Table of Contents**](#TOC_870)

**Charges and Adjustments**

------

As a Contract owner, you will bear, directly or indirectly, the charges and expenses described below.

**CONTRACT MAINTENANCE CHARGE**

During the Accumulation Phase, on each Contract Anniversary we will deduct a $30 contract maintenance charge from your Contract Value. This charge will be deducted on a pro rata basis from each investment alternative in the proportion that your investment in each bears to your Contract Value. We also will deduct a full contract maintenance charge if you withdraw your entire Contract Value. During the Payout Phase, we will deduct the charge proportionately from each income payment.

The charge is to compensate us for the cost of administering the Contracts and the Variable Account. Maintenance costs include expenses we incur in billing and collecting purchase payments; keeping records; processing death claims, cash withdrawals, and policy changes; proxy statements; calculating Accumulation Unit Values and income payments; and issuing reports to Contract owners and regulatory agencies. We cannot increase the charge. The contract maintenance charge is waived under certain circumstances if you have elected the Longevity Reward Rider. See "Longevity Reward Rider" section of this prospectus for details.

**MORTALITY AND EXPENSE RISK CHARGE**

We deduct a mortality and expense risk charge daily at the following current annual rates (as a percentage of daily net assets of the Variable Options):

1. 1.25%
 Base Contract

2. 1.38%
 w/Enhanced Death Benefit Option

3. 1.38%
 w/Performance Death Benefit Option

4. 1.38%
 w/Performance Income Benefit Option

5. 1.49%
 w/Performance Benefit Combination Option

6. 1.49%
 w/Death Benefit Combination Option

7. 1.55%
 w/Income Benefit Combination Option 2

8. 1.68%
 w/Income and Performance Death Benefit Option (State of Washington only)

9. 1.75%
 w/Income and Death Benefit Combination Option 2

10. 1.45%
 w/ Enhanced Earnings Death Benefit Option

11. 1.18%
 w/ Longevity Reward Rider

See the description of each Option and the Longevity Reward Rider for the availability of each.

The mortality and expense risk charge is included in the base contract expense as shown in the ["Fee Table"](#chapter_5-sect1_1_71636_870) section. The mortality and expense risk charge is for all the insurance benefits available with your Contract (including our guarantee of annuity rates and the death benefits), for certain expenses of the Contract, and for assuming the risk (expense risk) that the current charges will not be sufficient in the future to cover the cost of administering the Contract. If the charges under the Contract are not sufficient, then we will bear the loss. We charge an additional amount for the Death Benefit Options and the Income Benefit Options to compensate us for the additional risk that we accept by providing these Options.

We guarantee the mortality and expense risk charge, and since current charges are at the maximum allowed by the Contract, we cannot increase it. We assess the mortality and expense risk charge during both the Accumulation Phase and the Payout Phase.

**ADMINISTRATIVE EXPENSE CHARGE**

We deduct an administrative expense charge daily at an annual rate of 0.10% of the daily net assets you have invested in the Variable Options. The administrative expense charge is included in the base contract expense as shown in the ["Fee Table"](#chapter_5-sect1_1_71636_870) section. We intend this charge to cover actual administrative expenses that exceed the revenues from the contract maintenance charge. There is no direct relationship between the amount of administrative charge imposed on a given Contract and the amount of expenses that may be attributed to that Contract. We assess this charge each day during the Accumulation Phase and the Payout Phase.

**TRANSFER FEE**

We do not currently impose a fee upon transfers among the investment alternatives. However, we reserve the right to charge $25 per transfer after the 12<sup>th</sup> transfer in each Contract Year. We will not charge a transfer fee on transfers that are part of a Dollar Cost Averaging or Automatic Portfolio Rebalancing Program.

------

[Back to **Table of Contents**](#TOC_870)

**WITHDRAWAL CHARGE**

We may assess a withdrawal charge of up to 6% of the purchase payment(s) you withdraw. This charge declines to 0% after the expiration of 6 years from the day we receive the purchase payment being withdrawn. If you make a withdrawal before the Payout Start Date, we will apply the withdrawal charge percentage in effect on the date of the withdrawal, or the withdrawal charge percentage in effect on the following day, whichever is lower. A schedule showing how the withdrawal charge declines over the 6-year period is shown in the ["Fee Table"](#chapter_5-sect1_1_71636_870) section of this prospectus. During each Contract Year, you can withdraw all purchase payments beyond the withdrawal charge period or up to 15% of the aggregate amount of your purchase payments (as of the Issue Date or the most recent Contract Anniversary, whichever is later), whichever is greater, without paying a withdrawal charge. Unused portions of this ***Charge Free Withdrawal Amount*** are not carried forward to future Contract Years.

If you qualify for and elect the Longevity Reward Rider, a withdrawal charge of up to 3% will apply to purchase payments received before or after the Rider Date. See "Longevity Reward Rider" section of this prospectus for details.

We will deduct withdrawal charges, if applicable, from the amount paid, unless you instruct otherwise. For purposes of the withdrawal charge, we will treat withdrawals as coming from purchase payments, starting with the oldest purchase payments first and then from earnings. Therefore, additional purchase payments may reduce your ability to withdraw earnings without incurring a withdrawal charge. However, for federal income tax purposes, please note that withdrawals are considered to have come first from earnings, which means you pay taxes on the earnings portion of your withdrawal. We do not apply a withdrawal charge in the following situations:

1. on
 the Payout Start Date (a withdrawal charge may apply if you elect to receive income payments for a specified period of less
 than 120 months);

2. the
 death of the Contract owner or Annuitant (unless the Contract is continued); and

3. withdrawals
 taken to satisfy IRS minimum distribution rules for the Contract.

We use the amounts obtained from the withdrawal charge to pay sales commissions and other promotional or distribution expenses associated with marketing the Contracts. To the extent that the withdrawal charge does not cover all sales commissions and other promotional or distribution expenses, we may use any of our corporate assets, including potential profit which may arise from the mortality and expense risk charge or any other charges or fee described above, to make up any difference.

Withdrawals of earnings are taxed as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax.

**PREMIUM TAXES**

Some states and other governmental entities (e.g., municipalities) charge premium taxes or similar taxes. We are responsible for paying these taxes and will deduct them from your Contract Value. Some of these taxes are due when the Contract is issued, others are due when income payments begin or upon surrender.

Our current practice is not to charge anyone for these taxes until income payments begin or when a total withdrawal occurs including payment upon death. At our discretion, we may discontinue this practice and deduct premium taxes from the purchase payments. Premium taxes generally range from 0% to 3.5%, depending on the state.

At the Payout Start Date, if applicable, we deduct the charge for premium taxes from each investment alternative in the proportion that the Contract value in the investment alternative bears to the total Contract Value.

**DEDUCTION FOR VARIABLE ACCOUNT INCOME TAXES**

Our status under the Code is briefly described in the "Taxes" section.

**PORTFOLIO EXPENSES**

Each Portfolio deducts management fees and other expenses from its assets. Charges are deducted from and expenses paid out of the assets of the Portfolio Companies that are described in the prospectuses for those companies. You indirectly bear the charges and expenses of the Portfolios whose shares are held by the Variable Options. These fees and expenses are described in the prospectuses for the Portfolios. For a summary of Portfolio annual expenses, see the ["Fee Table"](#chapter_5-sect1_1_71636_870) section of this prospectus. **See "**[**Appendix A**](#chapter_18-sect1_1_76552_870)**" for a list of Portfolio Companies** 

------

[Back to **Table of Contents**](#TOC_870)

**available under the Contract and their current expenses and performance information.** 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 <u>www.annuityregulatorydocuments.com</u>. You can also request this information at no cost by calling 1-800-457-7617 or by sending an email request to prudaawfnf@zinnia.com.

------

[Back to **Table of Contents**](#TOC_870)

**General Description of Contracts**

------

 **THE CONTRACT** 

**Contract Owner**

The Variable Annuity II is a contract between you, the Contract owner, and Everlake Life, a life insurance company. As the Contract owner, you may exercise all of the rights and privileges provided to you by the Contract. That means it is up to you to select or change (to the extent permitted):

1. the
 investment alternatives during the Accumulation and Payout Phases,

2. the
 amount and timing of your purchase payments and withdrawals,

3. the
 programs you want to use to invest or withdraw money,

4. the
 income payment plan you want to use to receive retirement income,

5. the
 Annuitant (either yourself or someone else) on whose life the income payments will be based,

6. the
 owner, while the Annuitant is alive,

7. the
 Beneficiary or Beneficiaries who will receive the benefits that the Contract provides when the last surviving Contract owner
 dies, and

8. any
 other rights that the Contract provides.

If you die, any surviving Contract owner or, if none, the Beneficiary will exercise the rights and privileges provided to them by the Contract.

The Contract cannot be jointly owned by both a non- living person and a living person. If the Contract owner is a grantor trust, the Contract owner will be considered a non-living person for purposes of this section and the Death Benefits section. The age of the oldest Contract owner and Annuitant cannot exceed age 90 as of the date we receive the completed application or request to select a new Contract owner.

Changing ownership of this contract may cause adverse tax consequences and may not be allowed under qualified plans. Please consult with a tax advisor prior to making a request for a change of Contract owner.

The Contract can also be purchased as an IRA or TSA (also known as a 403(b)). The endorsements required to qualify these annuities under the Code may limit or modify your rights and privileges under the Contract.

**Annuitant**

The Annuitant is the individual whose life span we use to determine income payments as well as the latest Payout Start Date. You initially designate an Annuitant in your application. The age of the oldest Annuitant cannot exceed 90 as of the date we receive the completed application. If the Contract owner is a living person, you may change the Annuitant before the Payout Start Date. Before the Payout Start Date, you may also designate a joint Annuitant, who is a second person on whose life income payments depend. If a Non-qualified contract is held by a non-living person, any change in the Annuitant will be treated as the death of the Annuitant and will activate the distribution requirements outlined in the Death Benefit section.

**Beneficiary**

You may name one or more primary and contingent Beneficiaries when you apply for a Contract. The primary Beneficiary is the person who may elect to receive the death benefit or become the new Contract owner subject to the Death of Owner provision if the sole surviving Contract owner dies before the Payout Start Date. If the sole surviving Contract owner dies after the Payout Start Date, the primary Beneficiary will receive any guaranteed income payments scheduled to continue.

A contingent Beneficiary is the person selected by the Contract owner who will exercise the rights of the primary Beneficiary if all named primary Beneficiaries die before the death of the sole surviving Contract owner.

You may change or add Beneficiaries at any time, unless you have designated an irrevocable Beneficiary. We will provide a change of Beneficiary form to be signed by you and filed with us. After we accept the form, the change of Beneficiary will be effective as of the date you signed the form. Until we receive your written notice to change a Beneficiary, we are entitled to rely on the most recent Beneficiary information in our files. Accordingly, if you wish to change your Beneficiary, you should deliver your written notice to us promptly. Each Beneficiary change is subject to any payment made by us or any other action we take before we accept the change.

You may restrict income payments to Beneficiaries by providing us with a written request. Once we accept the written request, the restriction will take effect as of the date you signed the request. Any restriction is subject to any payment made we make or any other action we take before we accept the request.

If you did not name a Beneficiary or, unless otherwise provided in the Beneficiary designation, if a named Beneficiary is no longer living and there are no other surviving primary or contingent Beneficiaries when the death benefit becomes payable, the new Beneficiary will be:

1. your
 spouse or, if he or she is no longer alive,

2. your
 surviving children equally, or if you have no surviving children,

3. your estate.

------

[Back to **Table of Contents**](#TOC_870)

If there is more than one Beneficiary and one of the Beneficiaries is a corporation or other type of non-living person, all Beneficiaries will be considered to be non-living persons for the above purposes.

Unless you have provided directions to the contrary, the Beneficiaries will take equal shares. If there is more than one Beneficiary in a class (e.g., more than one primary Beneficiary) and one of the Beneficiaries predeceases the Contract owner, the remaining Beneficiaries in that class will divide the deceased Beneficiary's share in proportion to the original share of the remaining Beneficiaries.

If there is more than one Beneficiary taking shares of the death benefit, each Beneficiary will be treated as a separate and independent owner of his or her respective share of the death benefit. Each Beneficiary will exercise all rights related to his or her share of the death benefit, including the sole right to select a payout option, subject to any restrictions previously placed upon the Beneficiary. Each Beneficiary may designate a Beneficiary(ies) for his or her respective share, but that designated Beneficiary(ies) will be restricted to the payout option chosen by the original Beneficiary.

**Modification of the Contract**

Only an Everlake Life officer may approve a change in or waive any provision of the Contract. Any change or waiver must be in writing. None of our agents has the authority to change or waive the provisions of the Contract. We may not change the terms of the Contract without your consent, except to conform the Contract to applicable law or changes in the law. If a provision of the Contract is inconsistent with state law, we will follow state law.

**Assignment**

No owner has a right to assign any interest in a Contract as collateral or security for a loan. However, you may assign periodic income payments under the Contract prior to the Payout Start Date. No Beneficiary may assign benefits under the Contract until they are payable to the Beneficiary. We will not be bound by any assignment until you sign it and file it with us. We are not responsible for the validity of any assignment. Federal law prohibits or restricts the assignment of benefits under many types of retirement plans and the terms of such plans may themselves contain restrictions on assignments. An assignment may also result in taxes or assessment of the 10% additional tax penalty. ***You should consult with your attorney before trying to assign your Contract.***

 **INVESTMENT ALTERNATIVES: TRANSFERS** 

**Transfers During the Accumulation Phase**

During the Accumulation Phase, you may transfer Contract Value among the investment alternatives. Currently, all Variable Options other than the Money Market Variable Option limit new purchases to $50,000 per day. See "The Variable Variable Options" subsection of the "Investment Alternatives" section of this prospectus. Transfers to any Guarantee Period must be at least $500. You may not, however, transfer Contract Value into any of the Dollar Cost Averaging Fixed Account Options. You may request transfers in writing on a form that we provide or by telephone according to the procedure described below. The minimum amount that you may transfer is $100 or the total amount in the investment alternative, whichever is less. We currently do not assess, but reserve the right to assess, a $10 charge on each transfer in excess of 12 per Contract Year. We will notify you at least 30 days before we begin imposing the transfer charge. We treat transfers to or from more than one Portfolio on the same day as one transfer.

We limit the amount you may transfer from the Guarantee Periods to the Variable Account in any Contract Year to the greater of:

1. 25%
 of the aggregate value in the Guarantee Periods as of the most recent Contract Anniversary (if this amount is less than $1,000,
 then up to $1,000 may be transferred); or

2. 25%
 of the sum of all purchase payments and transfers to the Guarantee Periods as of the most recent Contract Anniversary.

These restrictions do not apply to transfers pursuant to dollar cost averaging. If the first renewal interest rate is less than the current rate that was in effect at the time money was allocated or transferred to a Guarantee Period, we will waive the transfer restriction for that money and the accumulated interest thereon during the 60-day period following the first renewal date.

We will process transfer requests that we receive before 3:00 p.m. Central Time on any Valuation Date using the Accumulation Unit Values for that Date. We will process written requests completed after 3:00 p.m. on any Valuation Date using the Accumulation Unit Values for the next Valuation Date. The Contract permits us to defer transfers from the Fixed Account Options for up to six months from the date we receive your request. If we decide to postpone transfers for 30 days or more, we will pay interest as required by applicable law. Any interest would be payable from the date we receive the transfer request to the date we make the transfer.

 **Market Timing & Excessive Trading** 

The Contracts are intended for long-term investment. Market timing and excessive trading can potentially dilute the value of Variable Options and can disrupt management of a Portfolio and raise its expenses, which can impair Portfolio performance and adversely affect your Contract Value. Our policy is not to accept knowingly any money intended for the purpose of market timing or excessive trading. Accordingly, you should not invest in the Contract if your purpose is to engage in market timing or excessive trading, and you should refrain from such practices if you currently own a Contract.

------

[Back to **Table of Contents**](#TOC_870)

We seek to detect market timing or excessive trading activity by reviewing trading activities. Portfolios also may report suspected market-timing or excessive trading activity to us. If, in our judgment, we determine that the transfers are part of a market timing strategy or are otherwise harmful to the underlying Portfolio, we will impose the trading limitations as described below under "Trading Limitations." Because there is no universally accepted definition of what constitutes market timing or excessive trading, we will use our reasonable judgment based on all of the circumstances.

While we seek to deter market timing and excessive trading in Variable Options, because our procedures involve the exercise of reasonable judgment, we may not identify or prevent some market timing or excessive trading. Moreover, imposition of trading limitations is triggered by the detection of market timing or excessive trading activity, and the trading limitations are not applied prior to detection of such trading activity. Therefore, our policies and procedures do not prevent such trading activity before it is detected. As a result, some investors may be able to engage in market timing and excessive trading, while others are prohibited, and the Portfolio may experience the adverse effects of market timing and excessive trading described above.

**Trading Limitations**

We reserve the right to limit transfers among the investment options in any Contract year, require that all future transfer requests be submitted through U.S. Postal Service First Class Mail thereby refusing to accept transfer requests via telephone, facsimile, Internet, or overnight delivery, or to refuse any transfer request, if:

• we
 believe, in our sole discretion, that certain trading practices, such as excessive trading, by, or on behalf of, one or more Contract
 Owners, or a specific transfer request or group of transfer requests, may have a detrimental effect on the Accumulation
 Unit Values of any Variable Option or on the share prices of the corresponding Portfolio or otherwise would be
 to the disadvantage of other Contract Owners; or

• we
 are informed by one or more of the Portfolios that they intend to restrict the purchase, exchange, or redemption of Portfolio
 shares because of excessive trading or because they believe that a specific transfer or group of transfers would have a
 detrimental effect on the prices of Portfolio shares.

In making the determination that trading activity constitutes market timing or excessive trading, we will consider, among other things:

• the
 total dollar amount being transferred, both in the aggregate and in the transfer request;

• the
 number of transfers you make over a period of time and/or the period of time between transfers (note: one set of transfers to
 and from a Variable Option in a short period of time can constitute market timing);

• whether
 your transfers follow a pattern that appears designed to take advantage of short term market fluctuations, particularly
 within certain Variable Option underlying Portfolios that we have identified as being susceptible to market timing
 activities (e.g., International, High Yield, and Small Cap Variable Options);

• whether
 the manager of the underlying Portfolio has indicated that the transfers interfere with Portfolio management or otherwise
 adversely impact the Portfolio; and

• the
 investment objectives and/or size of the Variable Option underlying Portfolio.

We seek to apply these trading limitations uniformly. However, because these determinations involve the exercise of discretion, it is possible that we may not detect some market timing or excessive trading activity. As a result, it is possible that some investors may be able to engage in market timing or excessive trading activity, while others are prohibited, and the Portfolio may experience the adverse effects of market timing and excessive trading described above.

If we determine that a Contract Owner has engaged in market timing or excessive trading activity, we will require that all future transfer requests be submitted through U.S. Postal Service First Class Mail thereby refusing to accept transfer requests via telephone, facsimile, Internet, or overnight delivery. If we determine that a Contract Owner continues to engage in a pattern of market timing or excessive trading activity we will restrict that Contract Owner from making future additions or transfers into the impacted Variable Option(s) or will restrict that Contract Owner from making future additions or transfers into the class of Variable Option(s) if the Variable Option(s) involved are vulnerable to arbitrage market timing trading activity (*e.g*., International, High Yield, and Small Cap Variable Options).

In our sole discretion, we may revise our Trading Limitations at any time as necessary to better deter or minimize market timing and excessive trading or to comply with regulatory requirements.

**Short Term Trading Fees**

The underlying Portfolios are authorized by SEC regulation to adopt and impose redemption fees if a Portfolio's Board of Directors determines that such fees are necessary to minimize or eliminate short-term transfer activity that can reduce or dilute the value of outstanding shares issued by the Portfolio. The Portfolio will set the parameters relating to the redemption fee and such parameters may vary by Portfolio. If a Portfolio elects to adopt and charge redemption fees, these fees will be passed on to the Contract Owner(s) responsible for the short-term transfer activity generating the fee.

We will administer and collect redemption fees in connection with transfers between the Variable Options and forward these fees to the Portfolio. Please consult the Portfolio's prospectus for more complete information regarding the fees and charges associated with each Portfolio.

------

[Back to **Table of Contents**](#TOC_870)

**Transfers During the Payout Phase**

During the Payout Phase, you may make transfers among the Variable Options so as to change the relative weighting of the Variable Options on which your variable income payments will be based. In addition, you will have a limited ability to make transfers from the Variable Options to increase the proportion of your income payments consisting of fixed income payments. You may not, however, convert any portion of your right to receive fixed income payments into variable income payments.

You may not make any transfers for the first 6 months after the Payout Start Date. Thereafter, you may make transfers among the Variable Options or make transfers from the Variable Options to increase the proportion of your income payments consisting of fixed income payments. Your transfers must be at least 6 months apart.

**Telephone or Electronic Transfers**

You may make transfers by telephone by calling 1-800-457-7617 if you have on file a completed authorization form. The cut off time for telephone transfer requests is 3:00 p.m. Central Time. In the event that the New York Stock Exchange closes early, i.e., before 3:00 p.m. Central Time, or in the event that the Exchange closes early for a period of time but then reopens for trading on the same day, we will process telephone transfer requests as of the close of the Exchange on that particular day. We will not accept telephone requests received at any telephone number other than the number that appears in this paragraph or received after the close of trading on the Exchange.

We may suspend, modify or terminate the telephone transfer privilege, as well as any other electronic or automated means we previously approved, at any time without notice.

We use procedures that we believe provide reasonable assurance that the telephone transfers are genuine. For example, we tape telephone conversations with persons purporting to authorize transfers and request identifying information. Accordingly, we disclaim any liability for losses resulting from allegedly unauthorized telephone transfers. However, if we do not take reasonable steps to help ensure that a telephone authorization is valid, we may be liable for such losses.

**Dollar Cost Averaging Program**

Through our Dollar Cost Averaging Program, you may automatically transfer a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Option. Transfers made through dollar cost averaging must be $100 or more.

The theory of dollar cost averaging is that if purchases of equal dollar amounts are made at fluctuating prices, the aggregate average cost per unit will be less than the average of the unit prices on the same purchase dates. However, participation in this Program does not assure you of a greater profit from your purchases under the Program nor will it prevent or necessarily reduce losses in a declining market. Call or write us for information on how to enroll.

**See "**[**Appendix D**](#chapter_21-sect1_1_71669_870)**" for numerical examples that illustrate how the Dollar Cost Averaging Program works.**

**Automatic Portfolio Rebalancing Program**

Once you have allocated your money among the Variable Options, the performance of each Variable Option may cause a shift in the percentage you allocated to each Variable Option. If you select our Automatic Portfolio Rebalancing Program, we will automatically rebalance the Contract Value in each Variable Option and return it to the desired percentage allocations. We will not include money you allocate to the Fixed Account Options in the Automatic Portfolio Rebalancing Program.

We will rebalance your account each quarter (or other intervals that we may offer) according to your instructions. We will transfer amounts among the Variable Options to achieve the percentage allocations you specify. You can change your allocations at any time by contacting us in writing or by telephone. The new allocation will be effective with the first rebalancing that occurs after we receive your request. We are not responsible for rebalancing that occurs prior to receipt of your request.

Example:

Assume that you want your initial purchase payment split among 2 Variable Options. You want 40% to be in the Fund A Variable Option and 60% to be in the Fund B Variable Option. Over the next 2 months the bond market does very well while the stock market performs poorly. At the end of the first quarter, the Fund A Variable Option now represents 50% of your holdings because of its increase in value. If you choose to have your holdings rebalanced quarterly, on the first day of the next quarter, we would sell some of your units in the Fund A Variable Option and use the money to buy more units in the Fund B Variable Option so that the percentage allocations would again be 40% and 60% respectively.

The Automatic Portfolio Rebalancing Program is available only during the Accumulation Phase. The transfers made under the Program do not count towards the 12 transfers you can make without paying a transfer fee, and are not subject to a transfer fee.

Portfolio rebalancing is consistent with maintaining your allocation of investments among market segments, although it is accomplished by reducing your Contract Value allocated to the better performing segments.

**See "**[**Appendix D**](#chapter_21-sect1_1_71669_870)**" for numerical examples that illustrate how the Automatic Portfolio Rebalancing Program works.**

------

[Back to **Table of Contents**](#TOC_870)

**Annuity Period**

------

**PAYOUT START DATE**

The Payout Start Date is the day that money is applied to an Income Plan. The Payout Start Date must be:

1. at
 least 30 days after the Issue Date;

2. no
 later than the first day of the calendar month after the Annuitant's 99 <sup>th</sup> birthday, or the 10 <sup>th</sup> Contract Anniversary, if later.

You may change the Payout Start Date at any time by notifying us in writing of the change at least 30 days before the scheduled Payout Start Date. Absent a change, we will use the Payout Start Date stated in your Contract.

**INCOME PLANS**

An "***Income Plan***" is a series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date. If you do not select an Income Plan, we will make income payments in accordance with Income Plan 1. After the Payout Start Date, you may not make withdrawals (except as described below) or change your choice of Income Plan.

*Transfers*. After the payout start date, no transfers may be made from the fixed account. Transfers between Variable Options of the variable account, or from the variable account to the fixed account may not be made for six months subsequent to the payout start date. Transfers may be made once every six months thereafter. Transfers out of a Variable Option of the variable account after the payout start date will cancel annuity units from that Variable Option.

A portion of each payment will be considered taxable and the remaining portion will be a non-taxable return of your investment in the Contract, which is also called the basis. Once the investment in the Contract is depleted, all remaining payments will be fully taxable. If the Contract is tax-qualified, generally, all payments will be fully taxable. Taxable payments taken prior to age 59½, may be subject to an additional 10% federal tax penalty.

Three Income Plans are available under the Contract. Each is available to provide:

1. fixed
 amount income payments;

2. variable
 income payments; or

3. a
 combination of the two.

The three Income Plans are:

**Income Plan 1 – Life Income with Payments Guaranteed for 10 Years.** Under this plan, we make monthly income payments for at least as long as the Annuitant lives. If the Annuitant dies before we have made all of the guaranteed income payments, we will continue to pay the remainder of the guaranteed income payments as required by the Contract.

**Income Plan 2 – Joint and Survivor Life Income.** Under this plan, we make monthly income payments for as long as either the Annuitant or the joint Annuitant is alive. No income payments will be made after the death of both the Annuitant and the joint Annuitant.

**Income Plan 3 – Guaranteed Payments for a Specified Period.** Under this plan, we make monthly income payments for the period you have chosen. These payments do not depend on the Annuitant's life. A withdrawal charge may apply if the specified period is less than 10 years. We will deduct the mortality and expense risk charge from the assets of the Variable Account supporting this Income Plan even though we may not bear any mortality risk.

Some of the factors that may affect the amount of the income payments include: your age, your Contract Value, the Income Plan selected, number of guaranteed payments (if any) selected, and whether you select variable or fixed income payments. As a general rule, income payments that are anticipated over a longer period of time will result in smaller individual income phase payments.

We may make other Income Plans available including ones that you and we agree upon. You may obtain information about them by writing or calling us.

If you choose Income Plan 1 or 2, or, if available, another Income Plan with payments that continue for the life of the Annuitant or joint Annuitant, we may require proof of age and sex of the Annuitant or joint Annuitant before starting income payments, and proof that the Annuitant or joint Annuitant is still alive before we make each payment.

Please note that under these Income Plans, if you elect to take no minimum guaranteed payments, it is possible that the payee could receive only 1 income payment if the Annuitant and any joint Annuitant both die before the second income payment, or only 2 income payments if they die before the third income payment, and so on.

------

[Back to **Table of Contents**](#TOC_870)

Generally, you may not make withdrawals after the Payout Start Date. One exception to this rule applies if you are receiving variable income payments that do not depend on the life of the Annuitant (such as under Income Plan 3). In that case you may terminate all or part of the Variable Account portion of the income payments at any time and receive a lump sum equal to the present value of the remaining variable payments associated with the amount withdrawn. To determine the present value of any remaining variable income payments being withdrawn, we use a discount rate equal to the assumed annual investment rate that we use to compute such variable income payments. The minimum amount you may withdraw under this feature is $1,000. A withdrawal charge may apply.

You may apply your Contract Value to an Income Plan. If you elected the Performance Income Benefit Option, the Income Benefit Combination Option 2, or the Income and Death Benefit Combination Option 2, you may be able to apply an amount greater than your Contract Value to an Income Plan. You must apply at least the Contract Value in the Fixed Account Options on the Payout Start Date to fixed income payments. If you wish to apply any portion of your Fixed Account Option balance to provide variable income payments, you should plan ahead and transfer that amount to the Variable Options prior to the Payout Start Date. If you do not tell us how to allocate your Contract Value among fixed and variable income payments, we will apply your Contract Value in the Variable Account to variable income payments and your Contract Value in the Fixed Account Options to fixed income payments. We deduct applicable premium taxes from the Contract Value at the Payout Start Date.

We will apply your Contract Value, less applicable taxes, to your Income Plan on the Payout Start Date. If the amount available to apply under an Income Plan is less than $2,000, or not enough to provide an initial payment of at least $20, and state law permits, we may:

• terminate
 the Contract and pay you the Contract Value, less any applicable taxes, in a lump sum instead of the periodic payments
 you have chosen, or

• we
 may reduce the frequency of your payments so that each payment will be at least $20.

For qualified annuities, the guaranteed number of payments may be limited to 10 years or less depending on the circumstances.

**VARIABLE INCOME PAYMENTS**

The amount of your variable income payments depends upon the investment results of the Variable Options you select, the premium taxes you pay, the age and sex of the Annuitant, and the Income Plan you choose. We guarantee that the payments will not be affected by (a) actual mortality experience and (b) the amount of our administration expenses.

We cannot predict the total amount of your variable income payments. Your variable income payments may be more or less than your total purchase payments because (a) variable income payments vary with the investment results of the underlying Portfolios, and (b) the Annuitant could live longer or shorter than we expect based on the tables we use. The payments you receive may also be higher or lower depending on the duration and frequency of the payments. For example, the shorter the duration of payments, the higher they will be; and the higher the frequency of payments, the lower they will be. In calculating the amount of the periodic payments in the annuity tables in the Contract, we assumed an annual investment rate of 3%. If the actual net investment return of the Variable Options you choose is less than this assumed investment rate, then the dollar amount of your variable income payments will decrease. The dollar amount of your variable income payments will increase, however, if the actual net investment return exceeds the assumed investment rate. The dollar amount of the variable income payments stays level if the net investment return equals the assumed investment rate. Please refer to the Statement of Additional Information for more detailed information as to how we determine variable income payments.

**FIXED INCOME PAYMENTS**

We guarantee income payment amounts derived from any Fixed Account Option for the duration of the Income Plan. We calculate the fixed income payments by:

1. deducting
 any applicable premium tax; and

2. applying
 the resulting amount to the greater of (a) the appropriate value from the income payment table in your Contract or (b)
 such other value as we are offering at that time.

We may defer making fixed income payments for a period of up to 6 months or such shorter time state law may require. If we defer payments for 30 days or more, we will pay interest as required by law from the date we receive the withdrawal request to the date we make payment.

**INCOME BENEFIT OPTIONS**

Please keep in mind, once you have selected an optional Income or Death Benefit (each an "Option"), your ability to select a different Option may be limited. Please consult with your financial advisor concerning any such limitations before selecting any option. Please consult with your financial advisor concerning the effect of selecting a different option before doing so.

We may discontinue offering these options at any time.

------

[Back to **Table of Contents**](#TOC_870)

**PERFORMANCE INCOME BENEFIT**

The Performance Income Benefit can no longer be added. On the date we issued the rider for this benefit ("Rider Date"), the Performance Income Benefit is equal to the Contract Value. On each Contract Anniversary, we will recalculate your Performance Income Benefit to equal the greater of your Contract Value on that date or the most recently calculated Performance Income Benefit. We will also recalculate your Performance Income Benefit whenever you make an additional purchase payment or a partial withdrawal. Additional purchase payments will increase the Performance Income Benefit dollar-for-dollar. Withdrawals will reduce the Performance Income Benefit by an amount equal to: (i) the Performance Income Benefit just before the withdrawal, multiplied by (ii) the ratio of the withdrawal amount to the Contract Value just before the withdrawal. Reduction of the Performance Income Benefit may be more than the actual amount withdrawn if the Contract Value is less than the Income Base. The mortality and expense risk charge for the Performance Income Benefit is an additional 0.13%.

In the absence of any withdrawals or purchase payments, the Performance Income Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or prior to the Payout Start Date. We will recalculate the Performance Income Benefit as described above until the oldest Contract owner or Annuitant (if the Contract owner is not a living person) attains age 85. After age 85, we will only recalculate the Performance Income Benefit to reflect additional purchase payments and withdrawals.

If you select the Performance Income Benefit Option, the highest age of any Owner and Annuitant as of the date we receive the completed application, cannot exceed age 75.

To exercise your Performance Income Benefit, you must apply it to an Income Plan. The Payout Start Date you select must begin on or after your tenth Contract Anniversary, after electing the benefit, and within 30 days after a Contract Anniversary. In addition, you must apply your Performance Income Benefit to an Income Plan that provides guaranteed payments for either a single or joint life for at least:

1. 10
 years, if the youngest Annuitant's age is 80 or less on the date you apply the Benefit, or

2. 5
 years, if the youngest Annuitant's age is greater than 80 on the date you apply the Benefit.

If your current Contract Value is higher than the Performance Income Benefit, you can apply the Contract Value to any Income Plan.

**See "**[**Appendix C**](#chapter_20-sect1_1_76869_870)**" for numerical examples that illustrate how the Performance Income Benefit is calculated.**

**Income Benefit Combination Option 2.** The Income Benefit Combination Option 2 can no longer be added to your Contract. The mortality and expense risk charge for the Income Benefit Combination Option 2 is an additional 0.30%. The following describes the option for Contract owners who have previously elected this Option.

If you selected the Income Benefit Combination Option 2, this Option guarantees that the amount you apply to an Income Plan will not be less than the income base ("Income Base") (which is the greater of Income Base A or Income Base B), described below. We sometimes refer to this as the "Best of the Best Income Benefit".

**Eligibility.** If you select the Income Benefit Combination Option 2, the highest age of any Contract owner and Annuitant on the date we receive the completed application or the written request to add the Rider, whichever is later, cannot exceed age 75. To qualify for this benefit, you must meet the following conditions as of the Payout Start Date:

• You
 must elect a Payout Start Date that is on or after the 10 <sup>th</sup> anniversary of the date we issued the rider for this Option (the "Rider
 Date");

• The
 Payout Start Date must occur during the 30-day period following a Contract Anniversary;

• You
 must apply the Income Base to fixed income payments or variable income payments as we may permit from time to time.
 Currently, you may apply the Income Base only to provide fixed income payments, which will be calculated using the appropriate
 Guaranteed Income Payment Table provided in your Contract; and

• The
 Income Plan you have selected must provide for payments guaranteed for either a single life or joint lives with a specified
 period of at least:

1. 10
 years, if the youngest Annuitant's age is 80 or less on the date the amount is applied; or

2. 5
 years, if the youngest Annuitant's age is greater than 80 on the date the amount is applied.

If your current Contract Value is higher than the value calculated under Income Benefit Combination Option 2, you can apply the Contract Value to any Income Plan.

**INCOME BASE**

The Income Base is the greater of Income Base A or Income Base B.

The Income Base is used solely for the purpose of calculating the guaranteed income benefit under this Option ("guaranteed income benefit") and does not provide a Contract Value or guarantee performance of any investment option.

**Income Base A.** On the Rider Date, Income Base A is equal to the Contract Value. After the Rider Date, we recalculate Income Base A as follows on the Contract Anniversary and when a purchase payment or withdrawal is made.

------

[Back to **Table of Contents**](#TOC_870)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• For
 purchase payments, Income Base A is equal to the most recently calculated Income Base A plus the purchase payment.

• For
 withdrawals, Income Base A is equal to the most recently calculated Income Base A reduced by a withdrawal adjustment (described
 below).

• On
 each Contract Anniversary, Income Base A is equal to the greater of the Contract Value or the most recently calculated Income
 Base A.

In the absence of any withdrawals or purchase payments, Income Base A will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values between the Rider Date and the Payout Start Date.

We will recalculate Income Base A as described above until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract owner (or Annuitant if the Contract owner is not a living person). After age 85, we will only recalculate Income Base A to reflect additional purchase payments and withdrawals.

**Income Base B.** On the Rider Date, Income Base B is equal to the Contract Value After the Rider Date, Income Base B plus any subsequent purchase payments and less a withdrawal adjustment (described below) for any subsequent withdrawals will accumulate daily at a rate equivalent to 5% per year until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract owner (or Annuitant if the Contract owner is not a living person).

**Withdrawal Adjustment.** The withdrawal adjustment is equal to (1) divided by (2), with the result multiplied by (3) where:

1) = the withdrawal amount

2) = the Contract Value immediately prior to the withdrawal, and

3) = the most recently calculated Income Base.

The withdrawal adjustment may be more than the actual amount withdrawn if the Contract Value is less than the Income Base.

**Guaranteed Income Benefit.** The guaranteed income benefit amount is determined by applying the Income Base less any applicable taxes to the guaranteed rates for the Income Plan you elect. The Income Plan you elect must satisfy the conditions described above.

As described above, you may currently apply the Income Base only to receive period certain fixed income payments. If, however, you apply the Contract Value and not the Income Base to an Income Plan, then you may select fixed and/or variable income payments under any Income Plan we offer at that time. If you expect to apply your Contract Value to provide fixed and/or variable income payments, or you expect to apply your Contract Value to current annuity payment rates then in effect, electing the Income Benefit Combination Option 2 may not be appropriate.

**See "**[**Appendix C**](#chapter_20-sect1_1_76869_870)**" for numerical examples that illustrate how the Income Benefit Combination Option 2 is calculated.**

**CERTAIN EMPLOYEE BENEFIT PLANS**

The Contracts offered by this prospectus contain income payment tables that provide for different payments to men and women of the same age, except in states that require unisex tables. We reserve the right to use income payment tables that do not distinguish on the basis of sex to the extent permitted by law. In certain employment- related situations, employers are required by law to use the same income payment tables for men and women. Accordingly, if the Contract is to be used in connection with an employment-related retirement or benefit plan and we do not offer unisex annuity tables in your state, you should consult with legal counsel as to whether the purchase of a Contract is appropriate.

------

[Back to **Table of Contents**](#TOC_870)

**Benefits Available Under the Contract**

------

The following table summarizes information about the benefits under the contract. **Certain Contract Benefits may not be available** **through certain financial intermediaries. See the** [**Cover Page**](#chapter_1-sect1_1_71632_870) **for additional information.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br>**Optional** | **Maximum** **and**<br>**Current Fee** | **Brief Description of Restrictions or**<br>**Limitations** |
|  **Automatic** **Additions** **Program** | Allows you to make subsequent purchase payments by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. | **Standard** | **No Charge** | Subsequent purchase payments must be at least $25 |
|  **Automatic** **Rebalancing** **Program** | Allows us to automatically rebalance your Contract Value to return to your desired percentage allocations. | **Standard** | **No Charge** | Not available with Fixed Account Option;<br>Only available during the Accumulation Phase. |
|  **Basic Dollar Cost** **Averaging** **Program** | Allows you to systematically transfer a set amount each month from Variable Option or Fixed Account Options to other available Variable Options. | **Standard** | **No Charge** | Transfers must be $100 or more. |
|  **Dollar Cost** **Averaging Fixed** **Account Options:** **Basic Dollar Cost** **Averaging** **Program** | Allows you to earn interest for a 1-year period at the current rate in effect at the time of the allocation. | **Standard** | **No Charge** | Transfers must be $100 or more;<br>Must use purchase payments to fund;<br>cannot transfer amounts from other Variable Options. |
|  **Dollar Cost** **Averaging Fixed** **Account Options:** **6 and 12 Month** | Allows you to allocating purchase payments to the Fixed Account either for 6 months or for 12 months where your purchase payments will earn interest for the period you select at the current rates in effect at the time of allocation. | **Standard** | **No Charge** | Not currently available;<br>Transfers must be $100 or more;<br>Must use purchase payments to fund; cannot transfer amounts from other Variable Options.<br>You may only transfer Contract Value out of the Fixed Account to the Variable Options and you must do so in equal monthly installments. |
|  **Systematic** **Withdrawal** **Program** | Allows you to receive monthly automatic withdrawals from your Contract. | **Standard** | **No Charge** | Minimum amount of each systematic withdrawal is $100;<br>Will reduce or even exhaust the Contract Value. |
|  **Longevity Reward**<br>**Rider**\* | Reduces or waives certain charges if certain criteria are met. | **Optional** | **No Charge** | Not currently available;<br>To be eligible, on the date of application for the Rider:<br>the Contract owner's initial purchase payment must be no longer subject to a withdrawal charge; and the Contract owner's additional purchase payments must be subject to total withdrawal charges (assuming a current surrender of the Contract) equal to an amount no greater than 0.25% of the current Contract Value, and the Contract Value is $40,000 or more. |

---

------

[Back to **Table of Contents**](#TOC_870)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br>**Optional** | **Maximum** **and**<br>**Current Fee** | **Brief Description of Restrictions or**<br>**Limitations** |
|  **Performance**<br>**Income Benefit**<br>**Option** | Provides enhanced income benefit based on your highest Contract Value on any Contract Anniversary. | **Optional** | **0.13%**<br>(of daily net assets<br>of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 75;<br>You must elect a Payout Start Date that is on or after the 10th anniversary of the date we issued the rider for this Option and it must occur during the 30-day period following a Contract Anniversary;<br>The Income Plan you have selected must provide for payments guaranteed for either a single life or joint lives with a specified period;<br>Withdrawals will reduce the benefit, and such reductions could be significant. |
|  **Performance**<br>**Benefit**<br>**Combination**<br>**Option** | Combines the Performance Death Benefit with the Performance Income Benefit. | **Optional** | **0.24%**<br>(of daily net assets<br>of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 85;<br>After age 85, the Performance Death Benefit will be recalculated only for purchase payments and withdrawals.<br>Withdrawals will reduce the benefit, and such reductions could be significant. |
|  **Income Benefit**<br>**Combination**<br>**Option 2** | An enhanced version of Performance Income with a second Income Base. The highest of the two income bases is used. | **Optional** | **0.30%**<br>(of daily net assets<br>of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 75;<br>You must elect a Payout Start Date that is on or after the 10th anniversary of the date we issued the rider for this Option and it must occur during the 30-day period following a Contract Anniversary;<br>The Income Plan you have selected must provide for payments guaranteed for either a single life or joint lives with a specified period;<br>Withdrawals will reduce the benefit, and such reductions could be significant. |
|  **Standard Death** **Benefit** | Provides a death benefit equal to the greater of the sum of all purchase payments (reduced by a proportional withdrawals), the Contract Value on the date we receive due proof of death, or the Contract Value on the most recent Death Benefit Anniversary. | **Standard** | **No Charge** | None. |
|  **Enhanced Death**<br>**Benefit Option** | Provides an opportunity for an increased death benefit equal to the Contract Value, plus interest at an annual rate of 5% per year. | **Optional** | **0.13%**<br>(of daily net assets<br>of the Variable Options) | Not currently available;<br>Maximum rider issue age is 70;<br>We will not recalculate the benefit after you reach the age of 75;<br>Withdrawals will reduce the benefit, and such reductions could be significant. |
|  **Performance** **Death Benefit** **Option** | Provides enhanced death benefit equal to your highest Contract Value on any Contract Anniversary. | **Optional** | **0.13%**<br>(of daily net assets of the Variable Options) | Maximum Rider issue age is 80;<br>We will not recalculate the benefit after you reach the age of 85;<br>Withdrawals will reduce the benefit, and such reductions could be significant. |
|  **Enhanced** **Earnings Death** **Benefit Option** | Increases the death benefit by a set percentage of Premium or Earnings. | **Optional** | **0.20%**<br>(of daily net assets<br>of the Variable Options) | Maximum issue age is 69;<br>The percentages applied to your Premiums and<br>Earnings vary by Rider issue age. |

---

------

[Back to **Table of Contents**](#TOC_870)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br>**Optional** | **Maximum** **and**<br>**Current Fee** | **Brief Description of Restrictions or**<br>**Limitations** |
|  **Death Benefit** **Combination** | Provides a death benefit equal to the greater of the Enhanced Death Benefit or the Performance Death Benefit. | **Optional** | **0.24%**<br>(of daily net assets<br>of the Variable Options) | Maximum Rider issue age is 80;<br>Withdrawals will reduce the benefit, and such<br>reductions could be significant. |
|  **Income and** **Performance** **Death Benefit** **Combination** **Option** | Combines the features of the Income Benefit Combination Option 2 with the features of the Performance Death Benefit Option. | **Optional** | **0.43%**<br>(of daily net assets<br>of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 75;<br>This was available only in Washington;<br>Withdrawals will reduce the benefit, and such<br>reductions could be significant. |
|  **Income and Death** **Benefit** **Combination** **Option 2** | Combines the features of the Income Benefit Combination Option with the features of the Death Benefit Combination option. | **Optional** | **0.50%**<br>(of daily net assets<br>of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 75.<br>Withdrawals will reduce the benefit, and such<br>reductions could be significant. |

---

\* If you have elected the Longevity Reward Rider, the Base Contract Expense is reduced by 0.07% under the basic policy or any Option described above.

**DEATH BENEFITS**

We will pay a death benefit if, prior to the Payout Start Date:

1. any
 Contract owner dies, or

2. the
 Annuitant dies.

We will pay the death benefit to the new Contract owner who is determined immediately after the death. The new Contract owner would be a surviving Contract owner(s) or, if none, the Beneficiary(ies). In the case of the death of an Annuitant, we will pay the death benefit to the current Contract owner.

A request for payment of the death benefit must include ***"Due Proof of Death."*** We will accept the following documentation as Due Proof of Death:

• a
 certified copy of a death certificate,

• a
 certified copy of a decree of a court of competent jurisdiction as to the finding of death, or

• any
 other proof acceptable to us.

**DEATH BENEFIT AMOUNT**

Prior to the Payout Start Date, if we receive a complete request for payment of the death benefit within 180 days of the date of death, the death benefit is equal to the greatest of:

1. The
 Contract Value as of the date we receive Due Proof of Death, or

2. the
 sum of all purchase payments made less any amounts deducted in connection with partial withdrawals (including any applicable
 withdrawal charges or premium taxes), or

3. the
 Contract Value on the most recent Death Benefit Anniversary prior to the date we determine the death benefit, plus any purchase
 payments and less any amounts deducted in connection with any partial withdrawals since that Death Benefit Anniversary.
 If we do not receive a complete request for payment of the death benefit within 180 days of the date of death, the
 death benefit is equal to the Contract Value as of the date we determine the death benefit. We reserve the right to extend the
 180- day period on a non-discriminatory basis.

A "Death Benefit Anniversary" is every 6<sup>th</sup> Contract Anniversary beginning with the 6<sup>th</sup> Contract Anniversary. For example, the 6<sup>th</sup>, 12<sup>th</sup> and 18<sup>th</sup> Contract Anniversaries are the first three Death Benefit Anniversaries.

We will determine the value of the death benefit as of the end of the Valuation Date on which we receive a complete request for payment of the death benefit. If we receive a request after 3 p.m. Central Time on a Valuation Date, we will process the request as of the end of the following Valuation Date.

Where there are multiple beneficiaries, we will value the death benefit at the time the first beneficiary submits a complete request for payment of the death benefit. Any death benefit amounts attributable to any beneficiary which remain in the Variable Options are subject to investment risk.

------

[Back to **Table of Contents**](#TOC_870)

**DEATH BENEFIT OPTIONS**

Please keep in mind, once you have selected an optional income or death benefit (each an "option"), your ability to select a different option may be limited. Please consult with your financial advisor concerning any such limitations before selecting any option. Please consult with your financial advisor concerning the effect of selecting a different option before doing so.

We may discontinue offering these options at any time.

The Enhanced Death Benefit and the Performance Benefit Combination Options are no longer offered as a rider to the Contract, but apply to Contract owners who have previously elected these Options.

The Performance Death Benefit, the Death Benefit Combination, the Income and Death Benefit Combination Option 2 (in the state of Washington, Income and Performance Death Benefit Combination Option) and the Enhanced Earnings Death Benefit are optional benefits that you may elect. If the Contract owner is a living person, these Options apply only on the death of the Contract owner. If the Contract owner is not a living person, these Options apply only on the death of the Annuitant.

For Contracts with a death benefit option, the death benefit will be the greater of (1) through (3) above, or (4) the death benefit option you selected. For Contracts with the Enhanced Earnings Death Benefit Option, the death benefit will be increased as described in the "Enhanced Earning Death Benefit Option" subsection below. The death benefit options may not be available in all states.

**Enhanced Death Benefit Option.** We are no longer offering the Enhanced Death Benefit option as a rider to the Contract in most states, except for in Minnesota, North Dakota, Oregon and Puerto Rico. The following describes the Option for Contract owners who have previously elected this Option or who may elect this Option in certain states. On the date we issue the rider for this option ("Rider Date") the Death Benefit is equal to the Contract Value. On the first Contract anniversary after the Rider Date, the Enhanced Death Benefit is equal to the Contract Value on the Rider Date plus interest at an annual rate of 5% per year for the portion of a year since the Rider Date. On each subsequent Contract Anniversary, but not beyond the Contract Anniversary preceding the oldest Contract owners' 75<sup>th</sup> birthdays, we will recalculate the Enhanced Death Benefit as follows: First, we multiply the Enhanced Death Benefit as of the prior Contract Anniversary by 1.05. This results in an increase of 5% annually. Further, for all ages, we will adjust the Enhanced Death Benefit on each Contract Anniversary, or upon receipt of a death claim, as follows:

• For
 cash withdrawals, we will reduce the Enhanced Death Benefit by the following withdrawal adjustment. The withdrawal adjustment
 is equal to (i) divided by (ii), with the result multiplied by (iii), where:

(i) = the withdrawal amount (including any applicable withdrawal charges or premium taxes)

(ii) = the Contract Value just before the withdrawal

(iii) = the most recently calculated Enhanced Death Benefit

• We
 will increase the Enhanced Death Benefit by any additional purchase payments since the prior Contract Anniversary.

If you select the Enhanced Death Benefit Option, the highest age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 70. The mortality and expense risk charge for the Enhanced Death Benefit is an additional 0.13%. **See "**[**Appendix C**](#chapter_20-sect1_1_76869_870)**" for numerical examples that illustrate how the** **Enhanced Death Benefit Option is calculated.**

**Performance Death Benefit Option.** The Performance Death Benefit on the date we issue the rider for this option ("Rider Date") is equal to the Contract Value. On each Contract Anniversary, we will recalculate your Performance Death Benefit to equal the greater of your Contract Value on that date, or the most recently calculated Performance Death Benefit.

We also will recalculate your Performance Death Benefit whenever you make an additional purchase payment or a partial withdrawal (including any applicable withdrawal charges or premium taxes). Additional purchase payments will increase the Performance Death Benefit dollar-for-dollar. Withdrawals will reduce the Performance Death Benefit by an amount equal to: (i) the Performance Death Benefit immediately before the withdrawal, multiplied by (ii) the ratio of the withdrawal amount to the Contract Value just before the withdrawal.

In the absence of any withdrawals or purchase payments, the Performance Death Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or before the date we calculate the death benefit.

We will recalculate the Performance Death Benefit as described above until the oldest Contract owner (the Annuitant, if the owner is not a living person), attains age 85. After age 85, we will recalculate the Performance Death Benefit only to reflect additional purchase payments and withdrawals. If you select the Performance Death Benefit Option, the highest age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 80. The mortality and expense risk charge for the Performance Death Benefit Option is an additional 0.13%. **See "**[**Appendix C**](#chapter_20-sect1_1_76869_870)**" for numerical examples that** **illustrate how the Performance Death Benefit Option is calculated.**

------

[Back to **Table of Contents**](#TOC_870)

**Death Benefit Combination Option.** If you select the Death Benefit Combination Option, the death benefit payable will be the greater of the death benefits provided by the Enhanced Death Benefit or the Performance Death Benefit (both calculated until the oldest Contract owner, or Annuitant if the Contract owner is a non-living person, attains age 85). After age 85, the death benefit payable will be adjusted to reflect purchase payments and withdrawals (including any applicable withdrawal charges or premium taxes) to the extent described under "Enhanced Death Benefit Option" and "Performance Death Benefit Option" above.

We sometimes refer to the Death Benefit Combination Option as the "Best of the Best" death benefit option. If you select the Death Benefit Combination Option, the highest age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 80. The mortality and expense risk charge for the Death Benefit Combination Option is an additional 0.24%. **See "**[**Appendix C**](#chapter_20-sect1_1_76869_870)**" for numerical examples that illustrate how the Death Benefit** **Combination Option is calculated.** Withdrawals will reduce the benefit, and such reductions could be significant.

**Performance Benefit Combination Option.** We are no longer offering the Performance Combination Option as a rider to the Contract. The following describes the Option for Contract owners who have previously elected this Option. This Option combines the Performance Death Benefit with the Performance Income Benefit (described in the "[Annuity Period](#chapter_10-sect1_1_74313_870)" section of this prospectus). If you select the Performance Benefit Combination Option, the maximum age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 75. The mortality and expense risk charge for the Performance Benefit Combination Option is an additional 0.24%.**See "**[**Appendix C**](#chapter_20-sect1_1_76869_870)**" for numerical examples that illustrate how the** **Performance Benefit Combination Option is calculated.** Withdrawals will reduce the benefit, and such reductions could be significant.

**Income and Death Benefit Combination Option 2.** The Income and Death Benefit Combination Option 2 can no longer be added to your Contract. The following describes the option for Contract owners who have previously elected this option.

The Income and Death Benefit Combination Option 2, combines the features of the Income Benefit Combination (described in the "Income Payments" section of this prospectus) with the features of the Death Benefit Combination (described above) both calculated until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract Owner, or Annuitant, if the Contract Owner is a nonliving person, for purchase payments, withdrawals, and Contract Anniversaries. After which, both are calculated for purchase payments and withdrawals only.

In calculating the benefits payable for all ages, the withdrawal adjustment is equal to: (i) the Death Benefit A, Death Benefit B, or Income Base, as applicable immediately before the withdrawal, multiplied by (ii) the ratio of the withdrawal amount (including any applicable withdrawal charges or premium taxes) to the Contract Value just before the withdrawal.

If you select the Income and Death Benefit Combination Option 2, the highest age of any Contract Owner and Annuitant as of the date we receive the completed application, or the date we receive the request to add the rider, whichever is later, cannot exceed age 75. The mortality and expense risk charge for the Income and Death Benefit Combination Option 2 is an additional 0.50%. **See "**[**Appendix C**](#chapter_20-sect1_1_76869_870)**" for numerical** **examples that illustrate how the Income and Death Benefit Combination Option is calculated.**

In the state of Washington only, we offered the Income and Performance Death Benefit Combination Option which combines the features of the Income Benefit Combination Option 2 with the features of the Performance Death Benefit Option. This option can no longer be added to your Contract. The mortality and expense risk charge for the Income and Performance Death Benefit Combination Option is an additional 0.43%.

**Enhanced Earnings Death Benefit Option.** You may elect the Enhanced Earnings Death Benefit Option alone or together with any other death and/or income benefit option offered under the Contract. Under the Enhanced Earnings Death Benefit Option, if the oldest Contract owner (or the Annuitant if the Contract owner is a non- living person) is age 69 or younger on the date we issue the rider for this option ("Rider Date"), the death benefit is increased by:

• 40%
 of the lesser of the In-Force Premium or Death Benefit Earnings.

If the oldest Contract owner (or the Annuitant if the Contract owner is a non-living person) is between the ages of 70 and 79 on the Rider Date, the death benefit is increased by:

• 25%
 of the lesser of the In-Force Premium or Death Benefit Earnings.

For the purpose of calculating the Enhanced Earnings Death Benefit, the following definitions apply:

In-Force Premium equals the Contract Value on the Rider Date plus all purchase payments after the Rider Date less the sum of all Excess-of-Earnings Withdrawals after the Rider Date. If the Rider Date is the same as the Issue Date, then the Contract Value on the Rider Date is equal to your initial purchase payment.

Death Benefit Earnings equal the Contract Value minus the In-Force Premium. The Death Benefit Earnings amount will never be less than zero.

An Excess-of-Earnings Withdrawal is the amount of a withdrawal (including any applicable withdrawal charges or premium taxes) which is in excess of the Death Benefit Earnings in the Contract immediately prior to the withdrawal.

We will calculate the Enhanced Earnings Death Benefit Option as of the date we receive Due Proof of Death. We will pay the Enhanced Earnings Death Benefit with the death benefit as described under "Death Benefit Payments" below.

------

[Back to **Table of Contents**](#TOC_870)

The value of the Enhanced Earnings Death Benefit depends largely on the amount of earnings that accumulate under your Contract. If you expect to withdraw the earnings from your Contract Value, electing the Enhanced Earnings Death Benefit Option may not be appropriate. For purposes of calculating the Enhanced Earnings Death Benefit, earnings are considered to be withdrawn first before purchase payments. Your Financial Advisor can help you decide if the Enhanced Earnings Death Benefit Option is right for you. The mortality and expense risk charge for the Enhanced Earnings Death Benefit Option is an additional 0.20%.

**For examples of how the death benefit is calculated under the Enhanced Earnings Death Benefit Option, see "**[**Appendix B**](#chapter_19-sect1_1_76749_870)**".**

None of the death benefits under the Enhanced Death Benefit, the Performance Death Benefit, the Performance Benefit Combination, the Death Benefit Combination, the Income and Death Benefit Combination Option 2, and/or the Enhanced Earnings Death Benefit will ever be greater than the maximum death benefit allowed by any nonforfeiture laws which govern the Contract.

**DEATH BENEFIT PAYMENTS**

If the sole New Owner is your spouse, the New Owner may:

1. elect
 to receive the death benefit in a lump sum, or

2. elect
 to apply the death benefit to an Income Plan. Payments from the Income Plan must begin within one year of the date of death
 and must be payable throughout:

○ the
 life of the New Owner;

○ for
 a guaranteed number of payments from 5 to 50 years, but not to exceed the life expectancy of the New Owner; or

○ over
 the life of the New Owner with a guaranteed number of payments from 5 to 30 years but not to exceed the life expectancy
 of the New Owner.

Note that if you elected to receive required minimum distributions under a Minimum Distribution Option, the program will be discontinued upon receipt of notification of death. The final required minimum distribution must be distributed prior to establishing a beneficiary payment option for the balance of the Contract.

If your spouse does not elect one of the options above, the Contract will continue in the Accumulation Phase as if the death had not occurred. If the Contract is continued in the Accumulation Phase, the following restrictions apply:

On the date the Contract is continued, the Contract Value will equal the amount of the death benefit as determined as of the Valuation Date on which we received the complete request for settlement of the death benefit (the next Valuation Date, if we receive the complete request for settlement of the death benefit after 3:00 p.m. Central Time). Unless otherwise instructed by the continuing spouse, the excess, if any, of the death benefit over the Contract Value will be allocated to the Variable Options of the Variable Account. This excess will be allocated in proportion to your Contract Value in those Variable Options as of the end of the Valuation Date that we receive the complete request for settlement of the death benefit except that any portion of this excess attributable to the Fixed Account Options will be allocated to the Money Market Variable Option. Within 30 days of the date the Contract is continued, your surviving spouse may choose one of the following transfer alternatives without incurring a transfer fee:

(i) transfer all or a portion of the excess among the Variable Options;<br>(ii) transfer all or a portion of the excess into the Basic Dollar Cost Averaging Option; or<br>(iii) transfer all or a portion of the excess into a combination of Variable Options and the Basic Dollar Cost Averaging Option.

Any such transfer does not count as one of the free transfers allowed each Contract Year and is subject to any minimum allocation amount specified in your Contract.

If you elected the Enhanced Earnings Death Benefit Option, and your spouse continues the Contract as described above, the Enhanced Earnings Death Benefit Plus Option and the daily charge for this Option will terminate if your spouse is over age 75 on the date the Contract is continued, or if your spouse elects to terminate the Option.

If the Enhanced Earnings Death Benefit Option is not terminated, on the date the Contract is continued, the Rider Date for this Option will be reset to the date the Contract is continued ("new Rider Date"). The age of the oldest Contract owner on the new Rider Date will be used to determine Enhanced Earnings Death Benefit after the new Rider Date. Also, the age of the oldest Contract owner on the new Rider Date will be used to determine the mortality and expense risk charge for the Option after the new Rider Date.

If the Contract is continued in the Accumulation Phase, the surviving spouse may make a single withdrawal of any amount within one year of the date of death without incurring a withdrawal charge.

Only one spousal continuation is allowed under this Contract.

If the New Owner is not your spouse but is a living person, or if there are multiple living-person new Owners, the New Owner may:

1. elect
 to receive the death benefit in a lump sum, or

2. elect
 to apply the death benefit to an Income Plan. Payments from the Income Plan must begin within one year of the date of death
 and must be payable throughout:

○ the
 life of the New Owner;

○ for
 a guaranteed number of payments from 5 to 50 years, but not to exceed the life expectancy of the New Owner; or

------

[Back to **Table of Contents**](#TOC_870)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

○ over
 the life of the New Owner with a guaranteed number of payments from 5 to 30 years but not to exceed the life expectancy
 of the New Owner.

If the New Owner does not elect one of the options above, then the New Owner must receive the Contract Value payable within 5 years of your date of death. The Contract Value will equal the amount of the death benefit as determined as of the Valuation Date on which we received the complete request for settlement of the death benefit (the next Valuation Date, if we receive the complete request for settlement of the death benefit after 3:00 p.m. Central Time).

Unless otherwise instructed by the New Owner, the excess, if any, of the death benefit over the Contract Value will be allocated to the Money Market Variable Option. The New Owner may exercise all rights as set forth in the Transfers section during this 5-year period.

No additional purchase payments may be added to the Contract under this election. Withdrawal charges will be waived for any withdrawals made during this 5-year period.

If the New Owner dies prior to the receiving all of the Contract Value, then the New Owner's named Beneficiary(ies) will receive the remaining Contract Value. This amount must be received as a lump sum within 5 years of the date of the original Owner's death.

We reserve the right to offer additional options upon the death of Owner.

If the New Owner is a corporation, trust, or other non- living person:

(a) The
 New Owner may elect to receive the death benefit in a lump sum; or

(b) If
 the New Owner does not elect the option above, then the New Owner must receive the Contract Value payable within 5
 years of your date of death. The Contract Value will equal the amount of the death benefit as determined as of the end of
 the Valuation Date on which we receive the complete request for settlement of the death benefit (the next Valuation Date,
 if we receive the request after 3:00 p.m. Central Time). Unless otherwise instructed by the New Owner, the excess,
 if any, of the death benefit over the Contract Value will be allocated to the Money Market Variable Option. The New
 Owner may exercise all rights as set forth in the Transfers provision during this 5-year period. No additional purchase
 payments may be added to the Contract under this election.

Under any of these options, all ownership rights are available to the Contract owner from the date of the Annuitant's death to the date on which the death benefit is paid.

We reserve the right to offer additional options upon the death of Owner.

If any New Owner is a non-living person, all New Owners will be considered to be non-living persons for the above purposes.

Under any of these options, all ownership rights, subject to any restrictions previously placed upon the Beneficiary, are available to the New Owner from the date of your death to the date on which the death proceeds are paid. If we do not receive instructions on where to send the payment within 5 years of the date of death, the funds will be escheated.

**Alternative Death Benefit Payment Options - Contracts Held by Tax-Favored Plans**

The Code provides for alternative death benefit payment options when a contract is used as an IRA, 403(b) or other "qualified investment" that requires minimum distributions. Upon your death under an IRA, 403(b) or other "qualified investment", the designated beneficiary may generally elect to continue the contract and receive Required Minimum Distributions under the contract, instead of receiving the death benefit in a single payment. The available payment options will depend on whether you die before the date Required Minimum Distributions under the Code were to begin, whether you have named a designated beneficiary and whether the beneficiary is your surviving spouse.

For deaths occurring after 2019, the Further Consolidated Appropriations Act of 2020 (which includes the "Setting Every Community Up for Retirement Enhancement" Act (SECURE Act)), and further clarified by the associated final and proposed regulations, impacts defined contribution plans and IRA balances death benefits paid starting in 2020. We reserve our rights to implement any additional regulations addressing these requirements in the future. The post-death distribution requirements under prior law continue to apply in certain circumstances. The following rules genearally apply to deaths after 2019.

• If
 you die after a designated Beneficiary has been named, the death benefit must be fully distributed by December 31 <sup>st</sup> of the year including
 the ten year anniversary of the date of death (the "Qualified Ten-Year Deadline") with the exception of "eligible
 designated beneficiaries." In addition, in any such situations that you die on or after the Required Beginning Date, the
 Death Benefit must also be paid out at least as rapidly as under the method then in effect at the time of death in addition to
 meeting the Qualified Ten-Year Deadline.

• "Eligible
 designated beneficiaries" may elect periodic payments not extending beyond the life expectancy of the eligible designated
 Beneficiary (provided such payments begin by December 31 <sup>st</sup> of the year following the year of death). Eligible designated
 beneficiaries generally include any designated beneficiary who is your surviving spouse, your child who has not reached
 age 21, disabled and chronically ill beneficiaries (as specified by the Code) and any beneficiary who is not more than
 10 years younger than you. In the case of a child who has not attained the age 21, the Qualified Ten Year Deadline would
 apply as of the date the child attains the age of 21. The determination of whether a designated beneficiary is an eligible
 designated beneficiary generally shall be made as of the date of your death.

------

[Back to **Table of Contents**](#TOC_870)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• If
 the eligible designated Beneficiary does not begin installments by December 31 <sup>st</sup> of the year following the year of death, then
 we require that the Beneficiary take the Death Benefit by the Qualified Ten-Year Deadline. However, if your surviving spouse
 is the Beneficiary, the death benefit can be paid out over the life expectancy of your spouse with such payments beginning
 no later than December 31 <sup>st</sup> of the year following the year of death, or December 31 <sup>st</sup> of the year in which you would
 have reached the applicable age, whichever is later. Additionally, if the Death Benefit is solely payable to (or for the benefit
 of) your surviving spouse, then the Annuity may be continued with your spouse as the Owner subject to specific limits
 in the regulations.

• If
 you die before a designated Beneficiary is named, or if your beneficiary is not an individual, such as a charity, your estate, or
 a trust, any remaining interest after your death generally must be distributed as follows:

○ If
 death occurs before the date Minimum Distributions must begin under the Code, the Death Benefit can be paid out in a
 lump sum by December 31 <sup>st</sup> of the year that includes five year anniversary of the date of death,

○ If
 death occurs after the date Minimum Distributions must begin under the Code, the Death Benefit must be paid out at least
 as rapidly as under the method then in effect.

○ Where
 multiple Beneficiaries have been named and at least one of the Beneficiaries does not qualify as a designated Beneficiary
 and the account has not been divided into separate accounts by December 31 <sup>st</sup> of the year following the year
 of death, such Annuity is deemed to have no designated Beneficiary.

For more information, see "Taxes." You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

**DEATH OF ANNUITANT**

If the Annuitant who is not also the Contract owner dies prior to the Payout Start Date and the Contract owner is a living person, the following apply:

1. The
 Contract owner may elect to receive the death benefit in a lump sum; or

2. The
 Contract owner may elect to apply the death benefit to an Income Plan which must begin within one year of the date of death
 and must be for a guaranteed number of payments for a period from 5 to 30 years but not to exceed the life expectancy of
 the owner; or

3. If
 the Contract owner does not elect either of the above options within 180 days of the date of the Annuitant's death, then the Contract
 will continue as if death had not occurred. If this option is elected, the new Annuitant will be the youngest owner, unless
 the owner names a different Annuitant.

If the Annuitant who is not also the Contract owner dies prior to the Payout Start Date and the Contract owner is a non-living person, the following apply:

1. The
 Contract owner may elect to receive the death benefit in a lump sum; or

2. If
 the Contract owner does not elect the above option, then the Owner must receive the Contract Value payable within 5 years
 of the Annuitant's date of death.

On the date we receive the complete request for settlement of the death benefit, the Contract Value under this option will be the death benefit. Unless otherwise instructed by the Contract owner, the excess, if any, of the death benefit over the Contract Value will be allocated to the Fidelity<sup>®</sup> VIP Government Money Market Portfolio – Initial Class. The Contract owner may then exercise all rights as set forth in the Transfers section during this 5-year period.

No additional purchase payments may be added to the Contract under this election. Withdrawal charges will be waived during this 5 year period.

Under any of these options, all ownership rights are available to the Contract owner from the date of the Annuitant's death to the date on which the death benefit is paid. We reserve the right to offer additional options upon the Death of Annuitant.

The Contract owner has 60 days from the date the company receives Due Proof of Death to select an Income Plan without incurring a tax on the entire gain in the Contract. If the Contract owner elects to continue the Contract, they will be taxed on the entire gain in the Contract computed on the date of continuance. We are required to report such gain to the IRS as income to the Contract owner. An additional 10% federal tax may apply if the Contract owner is under age 59½. Any amount included in the Contract owner's gross income as a result of a Contract continuance will increase the investment in the Contract for future distributions.

**LONGEVITY REWARD RIDER**

We are no longer offering the Longevity Reward Rider as a rider to the contract. The following describes the Longevity Reward Rider for owners who have previously elected to add the rider.

------

[Back to **Table of Contents**](#TOC_870)

**Eligibility.** The Longevity Reward Rider (Long Term Retention Rider in some states) may have been added during the Accumulation Phase if on the date of application for the Rider:

• the
 Contract owner's initial purchase payment is no longer subject to a withdrawal charge; and

• the
 Contract owner's additional purchase payments, if any, would be subject to total withdrawal charges (assuming a current surrender
 of the Contract) equal to an amount no greater than 0.25% of the current Contract Value.

------

[Back to **Table of Contents**](#TOC_870)

**Base Contract Expense.** If you elected the Rider then, commencing on the Rider Date, we will reduce the maximum base contract charge by 0.07%.

<u>For Example:</u> That means your base contract expense will never be greater than 1.28% (1.41% if you select the Enhanced Death Benefit Option, the Performance Death Benefit Option, or the Performance Income Benefit Option, 1.52% if you select the Performance Benefit Combination Option, or the Death Benefit Combination Rider, 1.58% if you select the Income Benefit Combination Option 2, 1.78% if you select the Income and Death Benefit Combination Option 2. If you elect the Enhanced Earnings Death Benefit Option, an additional 0.20% base contract charge will apply.

**Contract Maintenance Charge.** If you elected the Rider, we will waive the contract maintenance charge for the life of the Contract, provided your total Contract Value is $40,000 or more on or after the Rider Date.

**Contract Continuation By a Surviving Spouse.** If the surviving spouse continues the Contract as described under the "Death Benefit Payments" subsection in the Death Benefits section of this prospectus, the following provision applies:

On the date the Contract is continued, the Contract Value will equal the amount of the death benefit as determined as of the Valuation Date on which we received Due Proof of Death (the next Valuation Date, if we receive Due Proof of Death after 3 p.m. Central Time). Unless otherwise instructed by the continuing spouse, the excess, if any, of the death benefit amount over the Contract Value will be allocated to the Variable Options. This excess will be allocated in proportion to your Contract Value in the investment alternatives on the Valuation Date that we receive Due Proof of Death, except that any portion of this excess attributable to the Fixed Account Options will be allocated to the Money Market Variable Option.

Within 30 days of the date the Contract is continued, your surviving spouse may choose one of the following transfer alternatives without incurring a transfer fee.

• Transfer
 all or a portion of the excess among the Variable Options;

• Transfer
 all or a portion of the excess into the Standard Fixed Account; or

• Transfer
 all or a portion of the excess into a combination of Variable Options and the Standard Fixed Account.

Any such transfer does not count towards the 12 transfers you can make each Contract Year without paying a transfer fee but is subject to any minimum allocation amount specified in your Contract. All ownership rights under the Contract will then be available to your spouse as the new Contract owner.

**Example of New Withdrawal Charge.** If you elected the Rider, we will apply the new withdrawal charge schedule set forth below. That means that we may assess a withdrawal charge of up to 3% of the amount of purchase payments you withdraw after the Rider Date. The withdrawal charge applies to purchase payments made both before the Rider Date ("existing payments"), as well as payments made on or after the Rider Date ("new purchase payments"). The withdrawal charge declines to 0% according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Existing Purchase Payments** | **New Purchase Payments** |  |
| **Number of Complete Years Since Rider Date** | **Number of Complete Years Since We Received** **the New Purchase Payment Being Withdrawn** | **Withdrawal Charge**<br>**(as a Percentage of New or Existing Purchase** **Payments Withdrawn)** |
| 0 | 0 | 3% |
| 1 | 1 | 2% |
| 2 | 2 | 1% |
| 3+ | 3+ | 0% |

---

Once all purchase payments have been withdrawn, additional withdrawals will not be assessed a withdrawal charge. The maximum aggregate early withdrawal charge on existing and new purchase payments withdrawn after the Rider Date is 3% of your purchase payments.

**Charge Free Withdrawal Amount.** If you elected the Rider, each Contract Year, you will continue to have the option to make withdrawals of up to 15% of your purchase payments without paying a withdrawal charge. However, under the Rider, the Charge Free Withdrawal Amount is 15% of the amount of purchase payments as of the Rider Date or the most recent Contract Anniversary, whichever is later. As with all withdrawals, we will treat withdrawals as coming from the oldest purchase payments first. Unused portions of the Charge Free Withdrawal Amount do not carry forward to future Contract Years.

------

[Back to **Table of Contents**](#TOC_870)

**Purchases and Contract Value**

------

**MINIMUM PURCHASE PAYMENTS**

You may make additional purchase payments of at least $25 at any time prior to the Payout Start Date. Higher minimums may apply to the allocation of those purchase payments to investment alternatives as described below. We reserve the right to limit the maximum amount of purchase payments we will accept. We may apply certain limitations, restrictions, and/or underwriting standards as a condition of acceptance of purchase payments.

**AUTOMATIC ADDITIONS PROGRAM**

You may make subsequent purchase payments of at least $25 by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. Please consult your Morgan Stanley Financial Advisor for details.

**See "**[**Appendix D**](#chapter_21-sect1_1_71669_870)**"for numerical examples that illustrate how the Automatic Additions Program works.**

**ALLOCATION OF PURCHASE PAYMENTS**

At the time you apply for a Contract, you must decide how to allocate your purchase payments among the investment alternatives. The allocation you specify on your application will be effective immediately. All allocations must be in whole percentages that total 100% or in whole dollars. The minimum amount you may allocate to any investment alternative is $100. The minimum amount that you may allocate to the Guarantee Periods is $500. You can change your allocations by notifying us in writing. These minimums apply to both initial and subsequent allocations.

We will allocate your purchase payments to the investment alternatives according to your most recent instructions on file with us. Unless you notify us in writing otherwise, we will allocate subsequent purchase payments according to the allocation for the previous purchase payment. We will effect any change in allocation instructions at the time we receive written notice of the change in good order. We will credit subsequent purchase payments to the Contract on the business day that we receive the purchase payment at our service center in Good Order.

We use the term "business day" to refer to each day Monday through Friday that the New York Stock Exchange is open for business. We also refer to these days as "Valuation Dates." Our business day closes when the New York Stock Exchange closes for regular trading, usually 4:00 p.m. Eastern Time (3:00 p.m. Central Time). If we receive your purchase payment after 3:00 p.m. Central Time on any Valuation Date, we will credit your purchase payment using the Accumulation Unit Values computed on the next Valuation Date.

There may be circumstances where the New York Stock Exchange is open, however, due to inclement weather, natural disaster or other circumstances beyond our control, our offices may be closed or our business processing capabilities may be restricted. Under those circumstances, your Contract Value may fluctuate based on changes in the Accumulation Unit Values, but you may not be able to transfer Contract Value, or make a purchase or redemption request.

With respect to any purchase payment that is pending investment in our Variable Account, we may hold the amount temporarily in a suspense account and may earn interest on amounts held in that suspense account. You will not be credited with any interest on amounts held in that suspense account.

**CONTRACT VALUE**

Your Contract Value at any time during the Accumulation Phase is equal to the sum of the value of your Accumulation Units in the Variable Options you have selected, plus the value of your investment in the Fixed Account Options.

**ACCUMULATION UNITS**

To determine the number of Accumulation Units of each Variable Option to allocate to your Contract, we divide (i) the amount of the purchase payment or transfer you have allocated to a Variable Option by (ii) the Accumulation Unit Value of that Variable Option next computed on the valuation date after we receive your payment or transfer. For example, if we receive a $10,000 purchase payment allocated to a Variable Option when the Accumulation Unit Value for the Variable Option is $10, we would credit 1,000 Accumulation Units of that Variable Option to your Contract. Withdrawals and transfers from a Variable Option would, of course, reduce the number of Accumulation Units of that Variable Option allocated to your Contract.

**ACCUMULATION UNIT VALUE**

As a general matter, the Accumulation Unit Value for each Variable Option will rise or fall to reflect:

(1) changes
 in the share price of the Portfolio in which the Variable Option invests, and

(2) the
 deduction of amounts reflecting the mortality and expense risk charge and administrative expense charge

------

[Back to **Table of Contents**](#TOC_870)

We determine contract maintenance charges, withdrawal charges, and transfer fees (currently waived) separately for each Contract. They do not affect Accumulation Unit Value. Instead, we obtain payment of those charges and fees by redeeming Accumulation Units. We determine a separate Accumulation Unit Value for each Variable Option on each Valuation Date. We also determine a separate set of Accumulation Unit Values that reflect the cost of each optional benefit, or available combinations thereof, offered under the Contract.

**You should refer to the prospectuses for the Portfolios for a description of how the assets of each Portfolio are valued, since that** **determination directly bears on the Accumulation Unit Value of the corresponding Variable Option and, therefore, your Contract** **Value.**

**CALCULATION OF ACCUMULATION UNIT VALUES**

The value of Accumulation Units will change each Valuation Period according to the investment performance of the Portfolio shares purchased by each Variable Option and the deduction of certain expenses and charges. A "Valuation Period" is the period from the end of one Valuation Date and continues to the end of the next Valuation Date. A Valuation Date ends at the close of regular trading on the New York Stock Exchange (currently 3:00 p.m. Central Time).

The Accumulation Unit Value of a Variable Option for any Valuation Period equals the Accumulation Unit Value as of the immediately preceding Valuation Period, multiplied by the Net Investment Factor for that Variable Option for the current Valuation Period.

**NET INVESTMENT FACTOR**

The Net Investment Factor for a Valuation Period is a number representing the change, since the last Valuation Period, in the value of Variable Option assets per Accumulation Unit due to investment income, realized or unrealized capital gain or loss, deductions for taxes, if any, and deductions for the mortality and expense risk charge and administrative expense charge. We determine the Net Investment Factor for each Variable Option for any Valuation Period by dividing (A) by (B) and subtracting (C) from the result, where:

(A) is
 the sum of:

(1) the
 net asset value per share of the Portfolio underlying the Variable Option determined at the end of the current Valuation
 Period; plus,

(2) the
 per share amount of any dividend or capital gain distributions made by the Portfolio underlying the Variable Option during
 the current Valuation Period;

(B) is
 the net asset value per share of the Portfolio underlying the Variable Option determined as of the end of the immediately preceding
 Valuation Period; and

(C) is
 the mortality and expense risk charge and administrative expense charge corresponding to the portion of the 365 day year (366
 days for a leap year) that is in the current Valuation Period.

------

[Back to **Table of Contents**](#TOC_870)

**Surrenders and Withdrawals**

------

You can withdraw some or all of your Contract Value at any time during the Accumulation Phase. Withdrawals also are available under limited circumstances on or after the Payout Start Date. See the "Income Plans" subsection in the "[Annuity Period](#chapter_10-sect1_1_74313_870)" section of this prospectus.

You can withdraw money from the Variable Account and/ or the Fixed Account Options. The amount payable upon withdrawal is the Contract Value (or portion thereof) next computed after we receive the request for a withdrawal at our headquarters, less any withdrawal charges, contract maintenance charges, income tax withholding, and any premium taxes. To complete a partial withdrawal from the Variable Account, we will cancel Accumulation Units in an amount equal to the withdrawal and any applicable charges and taxes. We will pay withdrawals from the Variable Account within 7 days of receipt of the request, subject to postponement in certain circumstances.

You have the opportunity to name the investment alternative(s) from which you are taking the withdrawal. If none are named, then we will withdraw the amount proportionately from the investment alternatives in which you are invested according to the value of your investments therein. In general, you must withdraw at least $500 at a time. You also may withdraw a lesser amount if you are withdrawing your entire interest in a Variable Option.

Withdrawals taken prior to annuitization (referred to in this prospectus as the Payout Phase) are generally considered to come from the earnings in the Contract first. If the Contract is tax-qualified, generally all withdrawals are treated as distributions of earnings. Withdrawals of earnings are taxed as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax. The total amount paid at surrender may be more or less than the total purchase payments due to prior withdrawals, any deductions, and investment performance.

**WRITTEN REQUESTS AND FORMS IN GOOD ORDER**

Written requests must include sufficient information and/or documentation, and be sufficiently clear, to enable us to complete your request without the need to exercise discretion on our part to carry it out. You may contact our Customer Service Center to learn what information we require for your particular request to be in "good order." Additionally, we may require that you submit your request on our form. We reserve the right to determine whether any particular request is in good order, and to change or waive any good order requirements at any time.

**POSTPONEMENT OF PAYMENTS**

We may postpone the payment of any amounts due from the Variable Account under the Contract if:

1. The
 New York Stock Exchange is closed for other than usual weekends or holidays, or trading on the Exchange is otherwise restricted;

2. An
 emergency exists as defined by the SEC; or

3. The
 SEC permits delay for your protection.

We may delay payments or transfers from the Fixed Account Options for up to 6 months or shorter period if required by law. If we delay payment or transfer for 30 days or more, we will pay interest as required by law. Any interest would be payable from the date we receive the withdrawal request to the date we make the payment or transfer.

**SYSTEMATIC WITHDRAWAL PROGRAM**

You may choose to receive systematic withdrawal payments on a monthly basis at any time prior to the Payout Start Date. The minimum amount of each systematic withdrawal is $100. We will deposit systematic withdrawal payments into the Contract owner's bank account or Morgan Stanley Active Assets™ – Account. Please consult with your Morgan Stanley Financial Advisor for details.

Depending on fluctuations in the value of the Variable Options and the value of the Fixed Account Options, systematic withdrawals may reduce or even exhaust the Contract Value. Please consult your tax advisor before taking any withdrawal.

We may modify or suspend the Systematic Withdrawal Program and charge a processing fee for the service. If we modify or suspend the Systematic Withdrawal Program, existing systematic withdrawal payments will not be affected.

**See "**[**Appendix D**](#chapter_21-sect1_1_71669_870)**" for numerical examples that illustrate how the Systematic Withdrawal Program works.**

**MINIMUM CONTRACT VALUE**

If the amount you withdraw reduces your Contract Value to less than $500, we may treat it as a request to withdraw your entire Contract Value. Your Contract will terminate if you withdraw all of your Contract Value. We will, however, ask you to confirm your withdrawal request before terminating your Contract. Before terminating any Contract whose value has been reduced by withdrawals to less than $500, we would inform you in writing of our intention to terminate your Contract and give you at least 30 days in which to make an additional purchase payment to restore your Contract's value to the contractual minimum of $500. If we terminate your Contract, we will distribute to you its Contract Value less withdrawal and other charges and applicable taxes.

------

[Back to **Table of Contents**](#TOC_870)

**Taxes**

------

**The following discussion is general in nature and describes only federal income tax law. We generally do not describe state, local,** **foreign or other federal tax laws. The discussion is not intended as tax advice. Everlake Life makes no guarantee regarding the tax** **treatment of any Contract or transaction involving a Contract.**

Federal, state, local, foreign and other tax consequences of ownership or receipt of distributions under an annuity contract depend on your individual circumstances. The federal income tax treatment of the Annuity is unclear in certain circumstances, and you should always consult a qualified tax advisor regarding the application of law to individual circumstances.

**TAXATION OF EVERLAKE LIFE INSURANCE COMPANY**

Everlake Life is taxed as a life insurance company under Part I of Subchapter L of the Code. Since the Variable Account is not an entity separate from Everlake Life, and its operations form a part of Everlake Life, it will not be taxed separately. Investment income and realized capital gains of the Variable Account are automatically applied to increase reserves under the Contract. Under existing federal income tax law, Everlake Life believes that the Variable Account investment income and capital gains will not be taxed to the extent that such income and gains are applied to increase the reserves under the Contract. Accordingly, Everlake Life does not anticipate that it will incur any federal tax liability attributable to the Variable Account, and therefore Everlake Life does not intend to make provisions for any such taxes. Everlake Life will periodically review the issue of charging for taxes on investment income or capital gains of the Variable Account, and may impose a charge against the Variable Account in order to make provision for such taxes.

**TAXATION OF VARIABLE ANNUITIES IN GENERAL**

**Tax Deferral.** Generally, you are not taxed on increases in the Contract Value until a distribution occurs. This rule applies only where:

• the
 Contract Owner is a natural person,

• the
 investments of the Variable Account are "adequately diversified" according to Treasury Department regulations, and

• Everlake
 Life is considered the owner of the Variable Account assets for federal income tax purposes.

**Non-Natural Owners.** Non-natural owners are also referred to as Non Living Owners in this prospectus. As a general rule, annuity contracts owned by non-natural persons such as corporations, trusts, or other entities are not treated as annuity contracts for federal income tax purposes. The income on such contracts does not enjoy tax deferral and is taxed as ordinary income received or accrued by the non-natural owner during the taxable year.

**Exceptions to the Non-Natural Owner Rule.** There are several exceptions to the general rule that annuity contracts held by a non-natural owner are not treated as annuity contracts for federal income tax purposes. Contracts will generally be treated as held by a natural person if the nominal owner is a trust or other entity which holds the contract as agent for a natural person. However, this special exception will not apply in the case of an employer who is the nominal owner of an annuity contract under a Non-qualified deferred compensation arrangement for its employees. Other exceptions to the non-natural owner rule are: (1) contracts acquired by an estate of a decedent by reason of the death of the decedent; (2) certain qualified contracts; (3) contracts purchased by employers upon the termination of certain Qualified Plans; (4) certain contracts used in connection with structured settlement agreements; and (5) immediate annuity contracts, purchased with a single premium, when the annuity starting date is no later than a year from purchase of the annuity and substantially equal periodic payments are made, not less frequently than annually, during the annuity period.

Trusts are required to complete and submit a Certificate of Entity form, and we will tax report based on the information provided on this form.

**Grantor Trust Owned Annuity.** Contracts owned by a grantor trust are considered owned by a non-natural owner. Grantor trust owned contracts receive tax deferral as described in the Exceptions to the Non-Natural Owner Rule section provided that all grantors of the trust are natural persons. In accordance with the Code, upon the death of the annuitant, the death benefit must be paid. According to your Contract, the Death Benefit is paid to the beneficiary. A trust named beneficiary, including a grantor trust, has two options for receiving any death benefits: 1) a lump sum payment, or 2) payment deferred up to five years from date of death.

**Diversification Requirements.** For a Contract to be treated as an annuity for federal income tax purposes, the investments in the Variable Account of a Non-qualified Annuity must be "adequately diversified" consistent with standards under Treasury Department regulations. If the investments in the Variable Account are not adequately diversified, the Contract will not be treated as an annuity contract for federal income tax purposes. As a result, the income on the Contract will be taxed as ordinary income received or accrued by the Contract owner during the taxable year. Although Everlake Life does not have control over the Portfolios or their investments, we expect the Portfolios to meet the diversification requirements.

**Ownership Treatment.** The IRS has stated that a contract owner will be considered the owner of separate account assets if he possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. At the time the diversification regulations were issued, the Treasury Department announced that the regulations do not provide guidance concerning circumstances in which

------

[Back to **Table of Contents**](#TOC_870)

investor control of the separate account investments may cause a Contract owner to be treated as the owner of the separate account. The Treasury Department also stated that future guidance would be issued regarding the extent that owners could direct Variable Option investments without being treated as owners of the underlying assets of the separate account.

Your rights under the Contract are different than those described by the IRS in private and published rulings in which it found that Contract owners were not owners of separate account assets. For example, if your contract offers more than twenty (20) investment options you have the choice to allocate premiums and contract values among a broader selection of investment options than described in such rulings. You may be able to transfer among investment options more frequently than in such rulings. These differences could result in you being treated as the owner of the Variable Account. If this occurs, income and gain from the Variable Account assets would be includible in your gross income. Everlake Life does not know what standards will be set forth in any regulations or rulings which the Treasury Department may issue. It is possible that future standards announced by the Treasury Department could adversely affect the tax treatment of your Contract. We reserve the right to modify the Contract as necessary to attempt to prevent you from being considered the federal tax owner of the assets of the Variable Account. However, we make no guarantee that such modification to the Contract will be successful.

**Cost Basis.** Generally, the cost basis in an annuity is the amount you pay into your annuity, or into annuity exchanged for your annuity, on an after-tax basis less any withdrawals of such payments. Cost basis for a qualified retirement plan is provided only in limited circumstances, such as for contributions to a Roth IRA or nondeductible contributions to a traditional IRA. We do not track cost basis for qualified retirement plans, which is the responsibility of the Contract Owner.

**Taxation of Partial and Full Withdrawals.** If you make a partial withdrawal under a Non-qualified Contract, the amount you receive will be taxed as ordinary income, rather than as return of cost basis, until all gain has been withdrawn. If you make a full withdrawal under a Non-qualified Contract, the amount received will be taxable only to the extent it exceeds the cost basis in the Contract. An exception to this treatment exists for contracts that include Purchase Payments made prior to August 14, 1982 that are issued via 1035 exchange. Withdrawals from a contract with Purchase Payments made before August 14, 1982 are treated as a return of cost basis in the Annuity first until those pre-August 14, 1982 Purchase Payments are withdrawn. Moreover, income allocable to Purchase Payments made before August 14, 1982, is not subject to the 10% additional tax.

**Taxation of Annuity Payments.** Generally, the rule for income taxation of annuity payments received from a Non-qualified Contract provides for the return of your cost basis in the Contract in equal tax-free amounts over the payment period. The balance of each payment received is taxable. For fixed annuity payments, the amount excluded from income is determined by multiplying the payment by the ratio of the cost basis in the Contract (adjusted for any refund feature or period certain) to the total expected value of annuity payments for the term of the Contract. If you elect variable annuity payments, the amount excluded from taxable income is determined by dividing the cost basis in the Contract by the total number of expected payments. The annuity payments will be fully taxable after the total amount of the cost basis in the Contract is excluded using these ratios. If any variable payment is less than the excludable amount you should contact a competent tax advisor to determine how to report any unrecovered investment. The federal tax treatment of annuity payments is unclear in some respects. As a result, if the IRS should provide further guidance, it is possible that the amount we calculate and report to the IRS as taxable could be different. If you die, and annuity payments cease before the total amount of the cost basis in the Contract is recovered, the unrecovered amount may be allowed as a deduction for your last taxable year.

**Maximum Annuity Date.** You must commence annuity payments no later than the first day of the calendar month following the maximum Annuity Date for your Annuity. Upon reaching the maximum Annuity Date you can no longer make Purchase Payments, surrender, exchange, or transfer your contract. The maximum Annuity Date may be the same as the Latest Annuity Date as described elsewhere in this prospectus. For some of our Annuities, you can choose to defer the Annuity Date beyond the default or Latest Annuity Date, as applicable, described in your Annuity. However, the IRS may not then consider your Annuity to be an Annuity under the tax law.

**Partial Annuitization.** We do not currently permit partial annuitization.

**Taxation of Level Monthly Variable Annuity Payments.** You may have an option to elect a variable income payment stream consisting of level monthly payments that are recalculated annually. Although we will report your levelized payments to the IRS in the year distributed, it is possible the IRS could determine that receipt of the first monthly payout of each annual amount is constructive receipt of the entire annual amount. If the IRS were to take this position, the taxable amount of your levelized payments would be accelerated to the time of the first monthly payout and reported in the tax year in which the first monthly payout is received.

**Withdrawals After the Payout Start Date.** Federal tax law is unclear regarding the taxation of any additional withdrawal received after the Payout Start Date. It is possible that a greater or lesser portion of such a payment could be taxable than the amount we determine.

**Distribution at Death Rules.** In order to be considered an annuity contract for federal income tax purposes, the Contract must provide:

• if
 any Contract Owner dies on or after the Payout Start Date but before the entire interest in the Contract has been distributed,
 the remaining portion of such interest must be distributed at least as rapidly as under the method of distribution being
 used as of the date of the Contract Owner's death;

• if
 any Contract Owner dies prior to the Payout Start Date, the entire interest in the Contract will be distributed within 5 years after
 the date of the Contract Owner's death. These requirements are satisfied if any portion of the Contract Owner's interest that
 is payable to (or for the benefit of) a designated Beneficiary is distributed over the life of such Beneficiary (or over a period
 not extending beyond the life expectancy of the Beneficiary) and the distributions begin within 1 year of the Contract

------

[Back to **Table of Contents**](#TOC_870)

Owner's death. If the Contract Owner's designated Beneficiary is the surviving spouse of the Contract Owner, the Contract may be continued with the surviving spouse as the new Contract Owner;

• if
 the Contract Owner is a non-natural person, then the Annuitant will be treated as the Contract Owner for purposes of applying
 the distribution at death rules. In addition, a change in the Annuitant on a Contract owned by a non-natural person will
 be treated as the death of the Contract Owner.

**Taxation of Annuity Death Benefits.** If an Owner dies before the Annuity Date, the Death Benefit distributions (including any adjustments under the optional riders) are subject to ordinary income tax to the extent the distribution exceeds the cost basis in the Annuity. The value of the Death Benefit, as determined under federal law, is also included in the Owner's estate for federal estate tax purposes. Generally, the same income tax rules described above would also apply to amounts received by your Beneficiary. Choosing an option other than a lump sum Death Benefit may defer taxes. Certain minimum distribution requirements apply upon your death, as discussed further below in the "Qualified Contracts" section. Tax consequences to the Beneficiary vary depending upon the Death Benefit payment option selected. Generally, for payment of the Death Benefit:

• As
 a lump sum payment, the Beneficiary is taxed in the year of payment on gain in the Annuity.

• Within
 5 years of death of Owner, the Beneficiary is taxed on the lump sum payment. The Death Benefit must be taken as one
 lump sum payment within 5 years of the death of the Owner. Partial withdrawals are not permitted.

• Under
 an Annuity or Annuity settlement option where distributions begin within one year of the date of death of the Owner, the
 Beneficiary is taxed on each payment with part as gain and part as return of cost basis. After the full amount of cost basis has
 been recovered tax-free, the full amount of the annuity payments will be taxable.

After the Annuity Date, if a period certain remains under the annuity option and the Annuitant dies before the end of that period, any remaining payments made to the Beneficiary will be fully excluded from income until the remaining cost basis is recovered and all annuity payments thereafter are fully includible in income. If we allow the Beneficiary to commute the remaining payments in a lump sum, the proceeds will be taxable as a surrender.

**Medicare Tax on Net Investment Income.** The Code includes a Medicare tax on investment income. This tax assesses a 3.8% surtax on the lesser of (1) net investment income or (2) the excess of "modified adjusted gross income" over a threshold amount. The "threshold amount" is $250,000 for married taxpayers filing jointly or qualifying widow(er) with dependent child, $125,000 for married taxpayers filing separately, $200,000 for all others, and approximately $16,000 for estates and certain trusts. The taxable portion of payments received as a withdrawal, surrender, annuity payment, death benefit payment or any other actual or deemed distribution under the contract will be considered investment income for purposes of this surtax.

**10% Additional Tax on Premature Distributions.** A 10% additional tax penalty may apply to the taxable amount of any premature distribution from a Non-qualified Contract. Amounts are not subject to this additional tax penalty if:

• made
 on or after the date the Contract Owner attains age 59½;

• the
 amount is paid on or after the death of the Contract Owner (or the death of the Annuitant when the owner is not an individual);

• the
 amount received is attributable to the Contract Owner becoming disabled (as defined in the Code);

• made
 in substantially equal periodic payments (as defined by the Code) over the Contract Owner's life or life expectancy, or over
 the joint lives or joint life expectancies of the Contract Owner and the Beneficiary; or

• made
 under an immediate annuity (within the meaning of the Code) and the annuity start date is no more than one year from the
 date of purchase (the first monthly annuity payment must commence within 13 months of the date of purchase).

Other exceptions to this tax may apply. You should consult a competent tax advisor to determine how these exceptions may apply to your situation.

**Substantially Equal Periodic Payments.** With respect to Non-qualified Contracts using substantially equal periodic payments or immediate annuity payments as an exception to the additional tax on premature distributions, any additional withdrawal or other material modification of the payment stream would violate the requirement that payments must be substantially equal. Failure to meet this requirement would mean that the income portion of each payment received prior to the later of 5 years or the Contract Owner's attaining age 59½ would be subject to a 10% additional tax penalty unless another exception to the additional tax applied. The tax for the year of the modification is increased by the additional tax that would have been imposed without the exception, plus interest for the years in which the exception was used. A material modification does not include permitted changes described in published IRS rulings. You should consult a competent tax advisor prior to creating or modifying a substantially equal periodic payment stream.

**Special Rules in Relation to Tax-free Exchanges Under Section 1035.** Section 1035 of the Code permits certain tax-free exchanges of a life insurance, annuity or endowment contract for an annuity, including tax-free exchanges of annuity death benefits for a Beneficiary Annuity. The contract owner(s) must be the same on the old and new contract. Basis from the old contract carries over to the new contract so long as we receive that information from the relinquishing company. If basis information is never received, we will assume that all exchanged funds represent earnings and will allocate no cost basis to them. After you elect an Income Plan as described in the Income Payments section earlier in the prospectus, you are not eligible for a tax-free exchange under Section 1035.

------

[Back to **Table of Contents**](#TOC_870)

**Partial Exchanges.** The IRS has issued rulings that permit partial exchanges of annuity contracts. Effective for exchanges on or after October 24, 2011, where there is a surrender or distribution from either the initial annuity contract or receiving annuity contract within 180 days of the date on which the partial exchange was completed (other than an amount received as an annuity for a period of 10 years or more or during one or more lives), the IRS may not treat the transaction as a tax-free Section 1035 exchange. The IRS will apply general tax rules to determine the substance and treatment of transactions in such cases.

If a partial exchange is retroactively negated, the amount originally transferred to the recipient contract is treated as a withdrawal from the source contract, taxable to the extent of any gain in that contract on the date of the exchange. An additional 10% tax penalty may also apply if the Contract Owner is under age 59½. Your Contract may not permit partial exchanges.

**Taxation of Ownership Changes.** If you transfer a Non-qualified Contract without full and adequate consideration to a person other than your spouse (or to a former spouse incident to a divorce), you will be taxed on the difference between the Contract Value and the investment in the Contract at the time of transfer. Any assignment or pledge (or agreement to assign or pledge) of the Contract Value is taxed as a withdrawal of such amount or portion and may also incur the 10% additional tax. If the entire Account Value is assigned or pledged, subsequent increases in the Account Value are also treated as withdrawals for as long as the assignment or pledge remains in place. The cost basis is increased by the amount includible in income with respect to such assignment or pledge.

**Aggregation of Annuity Contracts.** The Code requires that all Non-qualified deferred annuity contracts issued by Everlake Life (or its affiliates) to the same Contract Owner during any calendar year be aggregated and treated as one annuity contract for purposes of determining the taxable amount of a distribution.

**INCOME TAX WITHHOLDING**

Generally, Everlake Life is required to withhold federal income tax at a rate of 10% from all non-annuitized distributions. The customer may elect a different federal income tax withholding rate or elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or the payment is made outside the United States, we will automatically withhold the required 10% of the taxable amount. In certain states, if there is federal withholding, then state withholding is also mandatory.

Everlake Life is required to withhold federal income tax using the wage withholding rates for all annuitized distributions. The customer may elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or the payment is made outside the United States, we will automatically apply the default income tax withholding based on IRS guidance. In certain states, if there is federal withholding, then state withholding is also mandatory.

Election out of withholding is valid only if the customer requests payment be made within the United States and provides a U.S. taxpayer identification number.

Generally, Code Section 1441 provides that Everlake Life as a withholding agent must withhold 30% of the taxable amounts paid to a non-resident alien. A non-resident alien is someone other than a U.S. citizen or resident alien. We require an original IRS Form W-8(BEN, BEN-E, EXP, ECI, IMY) (Generally a Form W-8BEN is the appropriate form) at issue to certify the owners' foreign status. Withholding may be reduced or eliminated if covered by an income tax treaty between the U.S. and the non-resident alien's country of residence if the payee provides a U.S. taxpayer identification number on a fully completed Form W-8(BEN, BEN-E, EXP, ECI, IMY). A U.S. taxpayer identification number is a social security number or an individual taxpayer identification number ("ITIN"). ITINs are issued by the IRS to non-resident alien individuals who are not eligible to obtain a social security number. The U.S. does not have a tax treaty with all countries nor do all tax treaties provide an exclusion or lower withholding rate for annuities.

Regardless of the amount withheld by us, you are liable for payment of income taxes (including any estimated taxes that may be due) on the taxable portion of distributions from the annuity contract. You should consult with your tax advisor regarding the payment of the correct amount of these income taxes and potential liability if you fail to pay such taxes.

**QUALIFIED CONTRACTS**

The income on tax sheltered annuity (TSA) and IRA investments is tax deferred, and the income from annuities held by such plans does not receive any additional tax deferral. You should review the annuity features, including all benefits and expenses, prior to purchasing an annuity as a TSA or IRA. Qualified Contracts may have been purchased for use in connection with:

• Individual
 Retirement Annuities (IRAs) under Code Section 408(b);

• Roth
 IRAs under Code Section 408A;

• Simplified
 Employee Pension (SEP IRA) under Code Section 408(k);

• Savings
 Incentive Match Plans for Employees (SIMPLE IRA) under Code Section 408(p);

• Tax
 Sheltered Annuities under Code Section 403(b);

• Corporate
 and Self Employed Pension and Profit Sharing Plans under Code Section 401; and

• State
 and Local Government and Tax-Exempt Organization Deferred Compensation Plans under Code Section 457.

Everlake Life reserves the right to limit the availability of the Contract for use with any of the retirement plans listed above or to modify the Contract to conform with tax requirements. If you use the Contract within an employer sponsored qualified retirement plan, the plan may impose different or additional conditions or limitations on withdrawals, waiver of charges, death benefits, Payout Start Dates, income

------

[Back to **Table of Contents**](#TOC_870)

payments, and other Contract features. In addition, adverse tax consequences may result if Qualified Plan limits on distributions and other conditions are not met. Please consult your Qualified Plan administrator for more information. Everlake Life no longer issues deferred annuities to employer sponsored qualified retirement plans.

The tax rules applicable to participants with qualified annuities vary according to the type of contract and the terms and conditions of the endorsement. Adverse tax consequences may result from certain transactions such as excess contributions, premature distributions, and, distributions that do not conform to specified commencement and minimum distribution rules. Everlake Life can issue an individual retirement annuity on a rollover or transfer of proceeds from a decedent's IRA, TSA, or employer sponsored retirement plan under which the decedent's surviving spouse is the beneficiary. Everlake Life does not offer an individual retirement annuity that can accept a transfer of funds for any other, non-spousal, beneficiary of a decedent's IRA, TSA, or employer sponsored qualified retirement plan. Note that in 2014, the U.S. Supreme Court ruled that Inherited IRAs, other than IRAs inherited by the owner's spouse, do not qualify as retirement assets for purposes of protection under the federal bankruptcy laws.

Please refer to your Endorsement for IRAs or 403(b) plans, if applicable, for additional information on your death settlement options. In the case of certain Qualified Plans, the terms of the Qualified Plan Endorsement and the plans may govern the right to benefits, regardless of the terms of the Contract.

**Taxation of Withdrawals from an Individually Owned Qualified Contract.** If you make a partial withdrawal under a Qualified Contract other than a Roth IRA, the portion of the payment that bears the same ratio to the total payment that the investment in the Contract (i.e., nondeductible IRA contributions) bears to the Contract Value, is excluded from your income. We do not keep track of nondeductible contributions, and generally all tax reporting of distributions from Qualified Contracts other than Roth IRAs will indicate that the distribution is fully taxable.

"Qualified distributions" from Roth IRAs are not included in gross income. "Qualified distributions" are any distributions made more than five taxable years after the taxable year of the first contribution to any Roth IRA and which are:

• made
 on or after the date the Contract Owner attains age 59½,

• made
 to a beneficiary after the Contract Owner's death,

• attributable
 to the Contract Owner being disabled, or

• made
 for a qualified first time home purchase within the meaning of Section 72(t)(2)(F) of the Code.

"Non-qualified distributions" from Roth IRAs are treated as made from contributions first and are included in gross income only to the extent that distributions exceed contributions.

**Required Minimum Distributions.** Generally, Qualified Contracts (excluding Roth IRAs) require minimum distributions upon reaching the applicable age, if later, the year in which you retire. However, if the retirement plan account is an IRA or you are a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once you reach the applicable age regardless of whether you are retired. Failure to withdraw the required minimum distribution will result in a 25% excise tax (a 50% excise tax applied prior to 2023) on the shortfall not withdrawn from the Contract. The excise tax on such failures may be further reduced from 25% to 10% if corrected in a timely manner and certain other conditions are met in accordance with the Consolidated Appropriations Act, 2023 (which includes SECURE 2.0 of 2022 ("SECURE 2.0")).

---

| | |
|:---|:---|
| **If you were born...** | **Your "applicable age" is …** |
|  Before July 1, 1949 | 70½ |
|  After June 30, 1949 and before 1951 | 72 |
|  After 1950 and before 1960 | 73 |
|  After 1959 | 75 |

---

The IRS requires annuity contracts to include the actuarial present value of other benefits for purposes of calculating the required minimum distribution amount. These other benefits may include accumulation, income, or death benefits. Not all income plans offered under the Contract satisfy the requirements for minimum distributions. Because these distributions are required under the Code and the method of calculation is complex, please see a competent tax advisor.

**The Death Benefit and Qualified Contracts.** Pursuant to the Code and IRS regulations, an IRA (e.g., traditional IRA, Roth IRA, SEP IRA and SIMPLE IRA) may not invest in life insurance contracts. However, an IRA may provide a death benefit that equals the greater of the purchase payments or the Contract Value. The Contract offers a death benefit that in certain circumstances may exceed the greater of the purchase payments or the Contract Value. We believe that the Death Benefits offered by your Contract do not constitute life insurance under these regulations.

It is also possible that certain death benefits that offer enhanced earnings could be characterized as an incidental death benefit. If the death benefit were so characterized, this could result in current taxable income to a Contract Owner. In addition, there are limitations on the amount of incidental death benefits that may be provided under Qualified Plans, such as in connection with a TSA or employer sponsored qualified retirement plan.

------

[Back to **Table of Contents**](#TOC_870)

Everlake Life reserves the right to limit the availability of the Contract for use with any of the Qualified Plans listed above.

**10% Additional Tax on Premature Distributions from Qualified Contracts.** A 10% additional tax applies to the taxable amount of any premature distribution from a Qualified Contract. Amounts are not subject to this additional tax if:

• made
 on or after the date the Contract Owner attains age 59½,

• made
 as a result of the Contract Owner's death or total disability, or

• made
 in substantially equal periodic payments (as defined by the Code) over the Contract Owner's life or life expectancy, or over
 the joint lives or joint life expectancies of the Contract Owner and the Beneficiary.

During the first 2 years of the individual's participation in a SIMPLE IRA, distributions that are otherwise subject to the additional tax on premature distributions, will be subject to a 25% additional tax.

There are a number of other exceptions to this tax that may apply. In addition, distributions that satisfy certain exceptions to this tax may be repaid in certain circumstances. You should consult a competent tax advisor to determine how the exceptions may apply to your situation.

**Substantially Equal Periodic Payments on Qualified Contracts.** With respect to Qualified Contracts using substantially equal periodic payments as an exception to the additional tax on premature distributions, any additional withdrawal or other material modification of the payment stream would violate the requirement that payments must be substantially equal. Failure to meet this requirement would mean that the income portion of each payment received prior to the later of 5 years or the taxpayer's attaining age 59½ would be subject to a 10% additional tax penalty unless another exception to the additional tax applied. The tax for the year of the modification is increased by the additional tax that would have been imposed without the exception, plus interest for the years in which the exception was used. A material modification does not include permitted changes described in published IRS rulings. You should consult a competent tax advisor prior to creating or modifying a substantially equal periodic payment stream.

**Income Tax Withholding on Qualified Contracts.** Generally, Everlake Life is required to withhold federal income tax at a rate of 10% from all non-annuitized distributions that are not considered "eligible rollover distributions." The customer may elect a different federal income tax withholding rate or elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or payment is made outside the United States, we will automatically withhold the required 10% from the taxable amount. In certain states, if there is federal withholding, then state withholding is also mandatory. Everlake Life is required to withhold federal income tax at a rate of 20% on all "eligible rollover distributions" unless you elect to make a "direct rollover" of such amounts to an IRA or eligible retirement plan. Eligible rollover distributions generally include all distributions from Qualified Contracts, including TSAs but excluding IRAs, with the exception of:

• required
 minimum distributions, or,

• a
 series of substantially equal periodic payments made over a period of at least 10 years, or,

• a
 series of substantially equal periodic payments made over the life (joint lives) of the participant (and beneficiary), or,

• hardship
 distributions.

With respect to any Contract held under a Section 457 plan or by the trustee of a Section 401 Pension or Profit Sharing Plan, we will not issue payments directly to a plan participant or beneficiary. Consequently, the obligation to comply with the withholding requirements described above will be the responsibility of the plan.

For all annuitized distributions that are not subject to the 20% withholding requirement, Everlake Life is required to withhold federal income tax using the wage withholding rates. The customer may elect out of withholding by completing and signing a withholding election form. If no election is made, if no U.S. taxpayer identification is provided or payment is made outside the United States, we will automatically apply the default income tax withholding based on IRS guidance. In certain states, if there is federal withholding, then state withholding is also mandatory.

Election out of withholding is valid only if the customer requests payment be made to a U.S. address and provides a taxpayer identification number.

Generally, Code Section 1441 provides that Everlake Life as a withholding agent must withhold 30% of the taxable amounts paid to a non-resident alien. A non-resident alien is someone other than a U.S. citizen or resident alien. We require an original IRS Form W-8 at issue to certify the owners' foreign status. Withholding may be reduced or eliminated if covered by an income tax treaty between the U.S. and the non-resident alien's country of residence if the payee provides a U.S. taxpayer identification number on a fully completed Form W-8 (BEN, BEN-E, EXP, ECI, IMY) (Generally a Form W-8BEN is the appropriate form). A U.S. taxpayer identification number is a social security number or an individual taxpayer identification number ("ITIN"). ITINs are issued by the IRS to non-resident alien individuals who are not eligible to obtain a social security number. The U.S. does not have a tax treaty with all countries nor do all tax treaties provide an exclusion or lower withholding rate for annuities.

Regardless of the amount withheld by us, you are liable for payment of income taxes (including any estimated taxes that may be due) on the taxable portion of distributions from the annuity contract. You should consult with your tax advisor regarding the payment of the correct amount of these income taxes and potential liability if you fail to pay such taxes.

------

[Back to **Table of Contents**](#TOC_870)

**Charitable IRA Distributions.** Certain qualified IRA distributions for charitable purposes are eligible for an exclusion from gross income, up to $100,000 (indexed for inflation beginning after 2023) for otherwise taxable IRA distributions from a traditional or Roth IRA. A qualified charitable distribution is a distribution that is made (1) directly by the IRA trustee to certain qualified charitable organizations and (2) on or after the date the IRA owner attains age 70 ½. Distributions that are excluded from income under this provision are not taken into account in determining the individual's deductions, if any, for charitable contributions. The amount of your qualified charitable distributions that are excluded from income for a tax year is reduced (but not below zero) by the excess of: (1) the total amount of your IRA deductions allowed for all tax years ending on or after the date you attain age 70½, over (2) the total amount of reductions for all tax years preceding the current tax year. You should consult your tax advisor about whether a one-time distribution up to $50,000 (indexed for inflation beginning after 2023) that is made from your IRA to a "split interest entity" can be excluded from your gross income.

The IRS has currently indicated that an IRA trustee is not responsible for determining whether a distribution to a charity is one that satisfies the requirements of the charitable giving incentive. Unless otherwise required in the future by the IRS, we will report the distribution as a normal IRA distribution on Form 1099-R. In those instances, individuals are responsible for reflecting the distributions as charitable IRA distributions on their personal tax returns. However, if we receive certification that the distribution satisfies the requirements, we will report the distribution as a charitable IRA distribution on Form 1099-R.

**Individual Retirement Annuities.** Code Section 408(b) permits eligible individuals to contribute to an individual retirement program known as an Individual Retirement Annuity (IRA). Individual Retirement Annuities are subject to limitations on the amount that can be contributed and on the time when distributions may commence. Certain distributions from other types of qualified retirement plans may be "rolled over" on a tax-deferred basis into an Individual Retirement Annuity. For IRA rollovers, an individual can only make an IRA to IRA rollover if the individual has not made a rollover involving any IRAs owned by the individual in the prior 12 months. An IRA transfer is a tax-free trustee-to-trustee "transfer" from one IRA account to another. IRA transfers are not subject to this 12-month rule.

**Roth Individual Retirement Annuities.** Code Section 408A permits eligible individuals to make nondeductible contributions to an individual retirement program known as a Roth Individual Retirement Annuity. Roth Individual Retirement Annuities are subject to limitations on the amount that can be contributed and on the time when distributions may commence.

A traditional Individual Retirement Account or Annuity may be converted or "rolled over" to a Roth Individual Retirement Annuity. The tax law allows distributions from qualified retirement plans including tax sheltered annuities and governmental Section 457 plans to be rolled over directly into a Roth IRA, subject to the rules that apply to conversions from a traditional IRA into a Roth IRA. The income portion of a conversion or rollover distribution is taxable currently, but is exempted from the 10% additional tax penalty on premature distributions. Conversions of annuity contracts to include the actuarial present value of other benefits for purposes of valuing the taxable amount of the conversion.

In addition, SECURE 2.0 amends the Code to allow for tax and penalty free rollovers from 529 accounts to Roth Individual Retirement Annuities, under certain conditions. Starting in 2024, beneficiaries of 529 college savings accounts would be permitted to roll over up to $35,000 over the course of their lifetime from any 529 account in their name to their Roth IRA. These rollovers generally are also subject to Roth Individual Retirement Annuities annual contribution limits, and the 529 account must have been open for at least 15 years, among other requirements.

The Code also permits the recharacterization of current year contribution amounts from a traditional IRA into a Roth IRA, or from a Roth IRA to a traditional IRA. Recharacterization is accomplished through a trustee-to-trustee transfer of a contribution (or a portion of a contribution) plus earnings, between different types of IRAs. A properly recharacterized contribution is treated as a contribution made to the second IRA instead of the first IRA. Such recharacterization must be completed by the applicable tax return due date (with extensions).

**Annuities Held By Individual Retirement Accounts (commonly known as Custodial IRAs).** Code Section 408 permits a custodian or trustee of an Individual Retirement Account to purchase an annuity as an investment of the Individual Retirement Account. If an annuity is purchased inside of an Individual Retirement Account, then the Annuitant must be the same person as the beneficial owner of the Individual Retirement Account.

If you have a contract issued as an IRA under Code Section 408(b) and request to change the ownership to an IRA custodian permitted under Section 408, we will treat a request to change ownership from an individual to a custodian as an indirect rollover. We will send a Form 1099-R to report the distribution and the custodian should issue a Form 5498 for the contract value contribution.

Generally, the death benefit of an annuity held in an Individual Retirement Account must be paid upon the death of the Annuitant. However, in most states, the Contract permits the custodian or trustee of the Individual Retirement Account to continue the Contract in the accumulation phase, with the Annuitant's surviving spouse as the new Annuitant, if the following conditions are met:

1. The
 custodian or trustee of the Individual Retirement Account is the owner of the annuity and has the right to the death proceeds
 otherwise payable under the Contract;

2. The
 deceased Annuitant was the beneficial owner of the Individual Retirement Account;

3. We
 receive a complete request for settlement for the death of the Annuitant; and

4. The
 custodian or trustee of the Individual Retirement Account provides us with a signed certification of the following:

------

[Back to **Table of Contents**](#TOC_870)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The
 Annuitant's surviving spouse is the sole beneficiary of the Individual Retirement Account;

(b) The
 Annuitant's surviving spouse has elected to continue the Individual Retirement Account as his or her own Individual
 Retirement Account; and

(c) The
 custodian or trustee of the Individual Retirement Account has continued the Individual Retirement Account pursuant
 to the surviving spouse's election.

**Simplified Employee Pension IRA (SEP IRA).** Code Section 408(k) allows eligible employers to establish simplified employee pension plans for their employees using individual retirement annuities. These employers may, within specified limits, make deductible contributions on behalf of the employees to the individual retirement annuities. Employers intending to use the Contract in connection with such plans should seek competent tax advice.

**Savings Incentive Match Plans for Employees (SIMPLE IRA).** Code Section 408(p) allows eligible employers with 100 or fewer employees to establish SIMPLE retirement plans for their employees using individual retirement annuities. In general, a SIMPLE IRA consists of a salary deferral program for eligible employees and matching or nonelective contributions made by employers. Employers intending to purchase the Contract as a SIMPLE IRA should seek competent tax and legal advice. SIMPLE IRA plans must include the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2007 (EGTRRA) to avoid adverse tax consequences. If your current SIMPLE IRA plan uses IRS Model Form 5304-SIMPLE with a revision date of March 2012 or later, then your plan is up to date. If your plan has a revision date prior to March 2012, please consult with your tax or legal advisor to determine the action you need to take in order to comply with this requirement.

Roth contributions are permitted for SEP and SIMPLE IRAs starting in 2023. Under SECURE 2.0, employers may offer employees the ability to elect to treat employee and employer contributions (in whole or in part) as made to a Roth IRA.

**To determine if you are eligible to contribute to any of the above listed IRAs (traditional, Roth, SEP, or SIMPLE), please refer to IRS** **Publication 590-A and your competent tax advisor.**

**Tax Sheltered Annuities.** Code Section 403(b) provides tax-deferred retirement savings plans for employees of certain non-profit and educational organizations. Under Section 403(b), any contract used for a 403(b) plan must provide that distributions attributable to salary reduction contributions made after 12/31/88, and all earnings on salary reduction contributions, may be made only on or after the date the employee:

• attains
 age 59½,

• severs
 employment,

• dies,

• becomes
 disabled, or

• incurs
 a hardship.

These limitations do not apply to withdrawals where Everlake Life is directed to transfer some or all of the Contract Value to another 403(b) plan. Generally, we do not accept funds in 403(b) contracts that are subject to the Employee Retirement Income Security Act of 1974 (ERISA).

**Caution:** Under IRS regulations we can accept contributions, transfers and rollovers only if we have entered into an information-sharing agreement, or its functional equivalent, with the applicable employer or its plan administrator. Unless your contract is grandfathered from certain provisions in these regulations, we will only process certain transactions (e.g., transfers, withdrawals, hardship distributions and, if applicable, loans) with employer approval. This means that if you request one of these transactions we will not consider your request to be in good order, and will not therefore process the transaction, until we receive the employer's approval in written or electronic form.

**Corporate and Self-Employed Pension and Profit Sharing Plans.** Section 401(a) of the Code permits corporate employers to establish various types of tax favored retirement plans for employees. Self-employed individuals may establish tax favored retirement plans for themselves and their employees (commonly referred to as "H.R.10" or "Keogh"). Such retirement plans may permit the purchase of annuity contracts. Everlake Life no longer issues annuity contracts to employer sponsored qualified retirement plans.

There are two owner types for contracts intended to qualify under Section 401(a): a qualified plan fiduciary or an annuitant owner.

• A
 qualified plan fiduciary exists when a qualified plan trust that is intended to qualify under Section 401(a) of the Code is the
 owner. The qualified plan trust must have its own tax identification number and a named trustee acting as a fiduciary on behalf
 of the plan. The annuitant should be the person for whose benefit the contract was purchased.

• An
 annuitant owner exists when the tax identification number of the owner and annuitant are the same, or the annuity contract
 is not owned by a qualified plan trust. The annuitant should be the person for whose benefit the contract was purchased.

If a qualified plan fiduciary is the owner of the contract, the qualified plan must be the beneficiary so that death benefits from the annuity are distributed in accordance with the terms of the qualified plan. Annuitant owned contracts require that the beneficiary be the annuitant's spouse (if applicable), which is consistent with the required IRS language for qualified plans under Section 401(a). A completed Annuitant Owned Qualified Plan Designation of Beneficiary form is required in order to change the beneficiary of an annuitant owned Qualified Plan contract.

------

[Back to **Table of Contents**](#TOC_870)

**State and Local Government and Tax-Exempt Organization Deferred Compensation Plans.** Section 457 of the Code permits employees of state and local governments and tax-exempt organizations to defer a portion of their compensation without paying current taxes. The employees must be participants in an eligible deferred compensation plan. In eligible governmental plans, all assets and income must be held in a trust/custodial account/annuity contract for the exclusive benefit of the participants and their beneficiaries. To the extent the Contracts are used in connection with a non-governmental eligible plan, employees are considered general creditors of the employer and the employer as owner of the Contract has the sole right to the proceeds of the Contract. Under eligible 457 plans, contributions made for the benefit of the employees will not be includible in the employees' gross income until distributed from the plan. Everlake Life no longer issues annuity contracts to 457 plans.

**Late Rollover Self-Certification.** You may be able to apply a rollover contribution to your IRA or qualified retirement plan after the 60-day deadline through a self-certification procedure established by the IRS. Please consult your tax or legal advisor regarding your eligibility to use this self-certification procedure. As indicated in this IRS guidance, we, as a financial institution, are not required to accept your self-certification for waiver of the 60-day deadline.

**Required Distributions Upon Your Death for a Qualified Annuity**

Upon your death under an IRA, Roth IRA, 403(b) or other employer sponsored plan, any remaining interest must be distributed in accordance with federal income tax requirements. For Owner and Beneficiary deaths prior to 2020, please consult your tax advisor regarding the applicable post-death distribution requirements.

The information provided below applies to Owner and Beneficiary deaths after 2019. If you are an employee under a governmental plan, such as a section 403(b) plan of a public school or a governmental 457(b) plan, the information below applies if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, the information below generally applies if you die after 2021 (unless the collective bargaining agreements terminate earlier).

• *Deaths before your required beginning date.* If you die before your required beginning date, and you have a designated beneficiary,
 any remaining interest must be distributed within 10 years after your death, unless the designated beneficiary is an
 "eligible designated beneficiary" ("EDB") or some other exception applies. A designated beneficiary is any individual designated as a beneficiary
 by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse,
 (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An
 individual's status as an EDB is generally determined on the date of your death. An EDB (other than a minor child) can generally
 stretch distributions over life or life expectancy if payments begin by the end of the calendar year following the year
 of your death and continuing over the EDB's remaining life expectancy after the EDB's death. However, all amounts must
 be fully distributed by the end of the year containing the 10 <sup>th</sup> anniversary of the EDB's death. Special rules apply to minors
 and Beneficiaries that are not individuals. Additional special rules apply to surviving spouses. See "Spousal continuation"
 below.

• *Death on or after your required beginning date*.
 In general, if you die on or after your required beginning date, and you have a
 designated beneficiary who is not an EDB, any remaining interest in your Qualified Annuity must continue to be distributed
 over the longer of your remaining life expectancy and your designated beneficiary's life expectancy (or more rapidly),
 but all amounts must be distributed within 10 years of your death. If your Beneficiary is an EDB (other than a minor
 child), distributions must continue over the longer of your remaining life expectancy and the EDB's life expectancy (or
 more rapidly), but all amounts must be distributed within 10 years of the EDB's death. Special rules apply to EDBs who are
 minors and Beneficiaries that are not individuals.

• *Annuity payments*. If
 you commence taking distributions in the form of an annuity that can continue after your death, such as in
 the form of a joint and survivor annuity or an annuity with a guaranteed period of more than 10 years, any distributions after
 your death that are scheduled to be made beyond the applicable distribution period imposed under the law might need to
 be commuted at the end of that period (or otherwise modified after your death if permitted under federal tax law and by Prudential)
 in order to comply with the post-death distribution requirements.

• *Other rules*. The post-death
 distribution requirements do not apply if the employee or IRA owner elected annuity payments that
 comply with prior law commenced prior to December 20, 2019. Also, even if annuity payments have not commenced prior
 to December 20, 2019, the requirements generally do not apply to an immediate annuity contract purchased prior to that
 date, if you have made an irrevocable election before that date as to the method and amount of the annuity.

If your beneficiary is not an individual, such as a charity, your estate, or a trust, any remaining interest after your death generally must be distributed in accordance with the 5-year rule or the at-least-as-rapidly rule, as applicable (but not the lifetime payout rule). If the beneficiary is a qualified trust, distribution options may be limited. In certain instances, we may allow distributions based on the life expectancy of a sole individual beneficiary under the trust if they qualify as an EDB. Special rules and limitations may apply to qualified trusts with multiple beneficiaries. You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

In addition, these post-death distribution requirements generally do not apply if the employee or IRA owner died prior to January 1, 2020. However, if the designated beneficiary of the deceased employee or IRA owner dies after January 1, 2020, and the designated beneficiary had elected the lifetime payout rule or was under the at-least-as-rapidly rule, any remaining

------

[Back to **Table of Contents**](#TOC_870)

interest must be distributed within 10 years of the designated beneficiary's death. Hence, this 10-year rule will apply to (1) a contract issued prior to 2020 which continues to be held by a designated beneficiary of an employee or IRA owner who died prior to 2020, and (2) an inherited IRA issued after 2019 to the designated beneficiary of an employee or IRA owner who died prior to 2020.

• *Spousal continuation.* If your beneficiary is your spouse, such surviving spouse can delay the application of the post-death distribution
 requirements until after their death by transferring the remaining interest tax-free to their own IRA, or by electing
 to treat your IRA as their own IRA. However, in certain circumstances the surviving spouse may have to take "hypothetical
 RMDs" (i.e., catch up amounts required in accordance with the regulations).

The post-death distribution requirements are complex in numerous respects. Treasury has issued final and proposed regulations that may impact these required minimum distribution requirements. We reserve the right to make changes in order to comply with the final and proposed regulations, or any regulations published in the future. Any such changes will apply uniformly to affected owners or beneficiaries and will be made with such notice to affected owners or beneficiaries as is feasible under the circumstances. In addition, the manner in which these requirements will apply will depend on your particular facts and circumstances. You may wish to consult a professional tax advisor for tax advice as to your particular situation.

Unless payments are being made in the form of an annuity, a Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules.

Note that in 2014, the U.S. Supreme Court ruled that Inherited IRAs, other than IRAs inherited by the owner's spouse, do not qualify as retirement assets for purposes of protection under the federal bankruptcy laws. Until withdrawn, amounts in a Qualified Annuity continue to be tax deferred. Amounts withdrawn each year, including amounts that are required to be withdrawn under the required minimum distribution rules, are subject to tax. You may wish to consult a professional tax advisor for tax advice as to your particular situation.

For a Roth IRA, if death occurs before the entire interest is distributed, the death benefit must be distributed under the same rules applied to IRAs where death occurs before the required beginning date. Similar rules may apply to designated Roth accounts under an employer-sponsored retirement plan. Consult your plan sponsor or tax advisor for more information on designated Roth accounts.

**ERISA Requirements**

ERISA (the "Employee Retirement Income Security Act of 1974") and the Code prevent a fiduciary and other "parties in interest" with respect to a plan (and, for these purposes, an IRA would also constitute a "plan") from receiving any benefit from any party dealing with the plan, as a result of the sale of the Annuity. Administrative exemptions under ERISA generally permit the sale of insurance/annuity products to plans, provided that certain information is disclosed to the person purchasing the Annuity. This information has to do primarily with the fees, charges, discounts and other costs related to the Annuity, as well as any commissions paid to any agent selling the Annuity. Information about any applicable fees, charges, discounts, penalties or adjustments may be found in the applicable sections of this prospectus. Information about sales representatives and commissions may be found in the sections of this prospectus addressing distribution of the Annuities.

Other relevant information required by the exemptions is contained in the contract and accompanying documentation.

Please consult with your tax advisor if you have any questions about ERISA and these disclosure requirements.

**Spousal Consent Rules for Retirement Plans - Qualified Annuities**

If you are married at the time your payments commence, you may be required by federal law to choose an income option that provides survivor annuity income to your spouse, unless your spouse waives that right. Similarly, if you are married at the time of your death, federal law may require all or a portion of the Death Benefit to be paid to your spouse, even if you designated someone else as your Beneficiary. A brief explanation of the applicable rules follows. For more information, consult the terms of your retirement arrangement.

*Defined Benefit Plans and Money Purchase Pension Plans.* If you are married at the time your payments commence, federal law requires that benefits be paid to you in the form of a "qualified joint and survivor annuity" (QJSA), unless you and your spouse waive that right, in writing. Generally, this means that you will receive a reduced payment during your life and, upon your death, your spouse will receive at least one-half of what you were receiving for life. You may elect to receive another income option if your spouse consents to the election and waives his or her right to receive the QJSA. If your spouse consents to the alternative form of payment, your spouse may not receive any benefits from the plan upon your death. Federal law also requires that the plan pay a Death Benefit to your spouse if you are married and die before you begin receiving your benefit. This benefit must be available in the form of an Annuity for your spouse's lifetime and is called a "qualified pre-retirement survivor annuity" (QPSA). If the plan pays Death Benefits to other Beneficiaries, you may elect to have a Beneficiary other than your spouse receive the Death Benefit, but only if your spouse consents to the election and waives his or her right to receive the QPSA. If your spouse consents to the alternate Beneficiary, your spouse will receive no benefits from the plan upon your death. Any QPSA waiver prior to your attaining age 35 will become null and void on the first day of the calendar year in which you attain age 35, if still employed.

------

[Back to **Table of Contents**](#TOC_870)

*Defined Contribution Plans (including 401(k) Plans and ERISA 403(b) Annuities).* Spousal consent to a distribution is generally not required. Upon your death, your spouse will receive the entire Death Benefit, even if you designated someone else as your Beneficiary, unless your spouse consents in writing to waive this right. Also, if you are married and elect an Annuity as a periodic income option, federal law requires that you receive a QJSA (as described above), unless you and your spouse consent to waive this right.

*IRAs, non-ERISA 403(b) Annuities, and 457 Plans.* Spousal consent to a distribution usually is not required. Upon your death, any Death Benefit will be paid to your designated Beneficiary.

**ADDITIONAL CONSIDERATIONS**

**Reporting and Withholding for Escheated Amounts**

Revenue Rulings 2018-17 and 2020-24 provide that an amount transferred from an IRA or 401(a) qualified retirement plan to a state's unclaimed property fund is subject to federal income tax withholding at the time of transfer. The amount transferred is also subject to federal reporting. Consistent with these Rulings, we will withhold federal and state income taxes and report to the applicable Owner or Beneficiary as required by law when amounts are transferred to a state's unclaimed property fund. Non-qualified annuity contracts generally are subject to the same or similar federal income tax reporting and withholding requirements as IRAs and qualified retirement plans. As a result, we may determine in the future that we have an obligation to follow similar guidelines with respect to any amounts escheated from your Non-qualified Annuity.

**Gifts and Generation-skipping Transfers**

If you transfer your Annuity to another person for less than adequate consideration, there may be gift tax consequences in addition to income tax consequences. Also, if you transfer your Annuity to a person two or more generations younger than you (such as a grandchild or grandniece) or to a person that is more than 37½ years younger than you, there may be generation-skipping transfer tax consequences.

**Civil Unions and Domestic Partnerships**

U.S. Treasury Department regulations provide that for federal tax purposes, the term "spouse" does not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship that is not denominated as a marriage under the laws of the state where the relationship was entered into, regardless of domicile. As a result, if a Beneficiary of a deceased Owner and the Owner were parties to such a relationship, the Beneficiary will be required by federal tax law to take distributions from the Contract in the manner applicable to non-spouse Beneficiaries and will not be able to continue the Contract.

Please consult with your tax or legal advisor for additional information.

**THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH SUCH OFFERING** **MAY NOT LAWFULLY BE MADE. WE DO NOT AUTHORIZE ANYONE TO PROVIDE ANY INFORMATION OR** **REPRESENTATIONS REGARDING THE OFFERING DESCRIBED IN THIS PROSPECTUS OTHER THAN AS CONTAINED** **IN THIS PROSPECTUS.**

------

[Back to **Table of Contents**](#TOC_870)

**Legal Proceedings**

------

There are no pending legal proceedings to which the Separate Account is a party. Everlake Life is engaged from time to time in routine lawsuits, which, in management's judgment, are not likely to have a material effect, either individually or in the aggregate, on the operating results, cash flows or financial position of Everlake Life.

All matters of state law pertaining to the Contracts, including the validity of the Contracts and Everlake Life's right to issue such Contracts under applicable state insurance law, have been passed upon by Angela K. Fontana, Chief Legal Officer of Everlake Life.

------

[Back to **Table of Contents**](#TOC_870)

**Financial Statements**

------

The financial statements of the Separate Accounts and Everlake Life Insurance Company are incorporated by reference in the Statement of Additional Information.

------

[Back to **Table of Contents**](#TOC_870)

**More Information**

------

**PRINCIPAL UNDERWRITER**

**Distribution**. Everlake Distributors, L.L.C. ("EDLLC") serves as the principal underwriter and distributor of the securities offered herein. The Contracts are no longer sold to new customers, however, existing customers can continue to hold the Contracts and make additional purchase payments. The securities offered herein are sold on a continuous basis, and there is no specific end date for the offering. EDLLC, a wholly owned subsidiary of Everlake Life Insurance Company, is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. EDLLC is not required to sell any specific number or dollar amount of securities. The principal address of EDLLC is 3100 Sanders Road, Northbrook, Illinois, 60062. EDLLC receives no compensation for its role as principal underwriter for these contracts.

**Administration**. We have primary responsibility for all administration of the Contracts and the Registered Separate Account. We entered into an administrative services agreement with The Prudential Insurance Company of America ("PICA") whereby, PICA or an affiliate provides administrative services to the Registered Separate Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with se2, LLC, of 5801 SW 6<sup>th</sup> Avenue, Topeka, Kansas 66636, whereby se2, LLC provides certain business process outsourcing services with respect to the Contracts. se2, LLC may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2025, consisted of the following: Donnelley Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago, IL 60601; Iron Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110; O'Neil Digital Solutions, LLC (printing services) located at 3100 E Plano Pkwy Plano, TX, 75074-7423; SOVOS Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447; Records Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka, KS 66618; Venio LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508; Broadridge Output Solutions, Inc., successor in interest to Broadridge Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108; NTT DATA, Inc.(offshore, onshore, and nearshore) information and technology infrastructure support (application development, and application maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024.

In administering the Contracts, the following services are provided, among others:

• maintenance
 of Contract Owner records;

• Contract
 Owner services;

• calculation
 of unit values;

• maintenance
 of the Registered Separate Account; and

• preparation
 of Contract Owner reports.

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you must notify us of a potential error within a reasonable time after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error.

Correspondence sent by regular mail to our Annuity Service Center should be sent to P.O. Box 758543, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our Annuity Service Center. Your correspondence is not considered received by us until it is received at our Annuity Service Center. Where this prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in complete and proper form at our Annuity Service Center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our Annuity Service Center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

------

[Back to **Table of Contents**](#TOC_870)

**Appendix A:** **Investment Options Available Under the Contract**

------

**Certain Investment Options may not be available through certain financial intermediaries. See the** [**Cover Page**](#chapter_1-sect1_1_71632_870) **for additional** **information.**

**Variable 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 <u>www.annuityregulatorydocuments.com</u>. You can also request this information at no cost by calling 1-800-457-7617 or by sending an email request to prudaawfnf@zinnia.com.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** |
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **1 Year** | **5 Year** | **10 Year** |
|  Equity | AB VPS Large Cap Growth Portfolio - Class B<br> *AllianceBernstein L.P.* | 0.90% | 12.85% | 11.76% | 15.88% |
|  Equity | AB VPS Relative Value Portfolio - Class B<sup>♦</sup><br> *AllianceBernstein L.P.* | 0.84% | 10.20% | 11.15% | 10.30% |
|  Fixed Income | Fidelity<sup>®</sup> VIP Government Money Market Portfolio - Initial Class<br> *Fidelity*<sup>*®*</sup> *Management & Research Company LLC*<br>*FMR Investment Management (UK) Limited*<br>*Fidelity Management & Research (Hong Kong) Limited*<br>*Fidelity Management & Research (Japan) Limited* | 0.25% | 4.13% | 3.10% | 2.03% |
|  Allocation | Franklin Income VIP Fund - Class 2<br> *Franklin Advisers, Inc.* | 0.72% | 12.56% | 7.66% | 7.30% |
|  Allocation | Franklin Mutual Shares VIP Fund - Class 2<sup>‡</sup><br> *Franklin Mutual Advisers, LLC* | 0.94% | 11.52% | 9.20% | 7.53% |
|  Equity | Franklin Small Cap Value VIP Fund - Class 2<sup>♦</sup><br> *Franklin Mutual Advisers, LLC* | 0.91% | 7.65% | 8.86% | 9.81% |
|  Equity | Invesco V.I. American Franchise Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.85% | 11.67% | 10.35% | 14.87% |
|  Equity | Invesco V.I. American Value Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.89% | 21.00% | 17.85% | 12.29% |
|  Equity | Invesco V.I. Comstock Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.75% | 17.45% | 15.43% | 11.95% |
|  Equity | Invesco V.I. Core Equity Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 0.80% | 16.17% | 12.81% | 11.73% |
|  Equity | Invesco V.I. Discovery Mid Cap Growth Fund - Series II shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 1.11% | 4.53% | 3.64% | 11.10% |
|  Equity | Invesco V.I. Diversified Dividend Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.68% | 15.74% | 10.81% | 9.20% |
|  Equity | Invesco V.I. Equally-Weighted S&P 500 Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.*<br>*Invesco Capital Management LLC* | 0.34% | 11.10% | 10.16% | 11.39% |
|  Allocation | Invesco V.I. Equity and Income Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.57% | 12.81% | 8.94% | 8.92% |

---

------

[Back to **Table of Contents**](#TOC_870)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** |
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **1 Year** | **5 Year** | **10 Year** |
|  Equity | Invesco V.I. Global Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 0.81% | 15.32% | 7.28% | 11.00% |
|  Fixed Income | Invesco V.I. High Yield Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.92% | 6.73% | 3.64% | 4.83% |
|  Equity | Invesco V.I. Main Street Mid Cap Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 0.94% | 9.19% | 9.11% | 9.35% |
|  Equity | Morgan Stanley VIF Discovery Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.* | 0.95% | 12.58% | -5.36% | 14.16% |
|  Equity | Morgan Stanley VIF Emerging Markets Equity Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.*<br>*Morgan Stanley Investment Management Company, sub-adviser* | 1.25% | 32.96% | 4.37% | 7.27% |
|  Allocation | Morgan Stanley VIF Global Strategist Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.*<br>*Morgan Stanley Investment Management Limited, sub-adviser* | 0.90% | 17.40% | 5.31% | 6.85% |
|  Equity | Morgan Stanley VIF Growth Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.* | 0.57% | 35.72% | 3.41% | 17.76% |
|  Equity | Putnam VT International Equity Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*The Putnam Advisory Company, LLC*<br>*Putnam Investment Management, LLC* | 1.06% | 37.68% | 9.28% | 8.12% |
|  Equity | Putnam VT Large Cap Growth Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 0.88% | 14.34% | 13.44% | 17.66% |
|  Equity | Putnam VT Large Cap Value Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 0.79% | 20.35% | 15.38% | 13.30% |
|  Equity | Putnam VT Small Cap Value Fund - Class IB<sup>‡</sup><br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 1.02% | 5.27% | 10.99% | 9.13% |
|  Equity | Templeton Foreign VIP Fund - Class 2<sup>♦,</sup><sup>‡</sup><br> *Templeton Investment Counsel, LLC* | 1.08% | 29.19% | 8.25% | 5.75% |

---

**The additional information below may be applicable to the Portfolios listed in the above table.**

Fidelity is a registered mark of FMR LLC. Used with permission.

(1) Current
 expenses for certain portfolios are effective April 30, 2026 or May 1, 2026. Please see the Portfolio prospectus for the effective date
 of the current expenses.

♦ This
 information includes annual expenses that reflect temporary or other fee reductions or waivers. Please see the Portfolio prospectus for
 additional information.

‡ The
 Portfolio has certain restrictions regarding availability for investment by Contract Owners as listed below.

**<u>Franklin Mutual Shares VIP Fund - Class 2</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Core Equity Fund - Series I shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Discovery Mid Cap Growth Fund - Series II shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Equally-Weighted S&P 500 Fund - Series I shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

------

[Back to **Table of Contents**](#TOC_870)

**<u>Invesco V.I. Global Fund - Series I shares</u>**<br>Effective April 27, 2026, this Portfolio was added to the product as a result of Invesco V.I. Global Core Equity Fund – Series I merger and is now closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Main Street Mid Cap Fund - Series I shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Putnam VT Small Cap Value Fund - Class IB</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Templeton Foreign VIP Fund - Class 2</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**Fixed Options**

The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with written notice before doing so. For more information about the Fixed Options, see "Description of Insurance Company, Registered Separate Account, and Investment Options" in this prospectus.

---

| | | |
|:---|:---|:---|
| **Name** | **Term** | **Minimum Guaranteed** **Interest Rate\*** |
| Basic Dollar Cost Averaging Option | 1 Year | 3% |
| Guarantee Period | 1 Year | 3% |
| Guarantee Period | 6 Year | 3% |

---

\*The rate shown was the last Minimum Guaranteed Interest Rate issued before the product closed to new customers. Your Minimum Guaranteed Interest Rate is the amount shown on your Contract and can vary by state. Please consult with your representative for availability and current rates.

------

[Back to **Table of Contents**](#TOC_870)

**Appendix B: Calculation Of Enhanced Earnings Death Benefit**

------

**Example 1.** In this example, assume that the oldest Owner is age 65 at the time the Contract is issued and elects the Enhanced Earnings Death Benefit Option when the Contract is issued. The Owner makes an initial purchase payment of $100,000. After four years, the Owner dies. On the date Everlake Life receives Due Proof of Death, the Contract Value is $125,000. Prior to his death, the Owner did not make any additional purchase payments or take any withdrawals.

---

| | |
|:---|:---|
| Excess of Earnings Withdrawals | $0 |
| In-Force Premium | $100,000 ($100,000+$0-$0) |
| Death Benefit Earnings | $25000 ($125000-$100000) |
| **Enhanced Earnings Death Benefit** | 40% × $25,000 = $10,000 |

---

Since Death Benefit Earnings are less than In-Force Premium, the Death Benefit Earnings are used to compute the Enhanced Earnings Death Benefit amount.

**Example 2.** In the second example, assume the same facts as above, except that the Owner has taken a withdrawal of $10,000 during the second year of the Contract. At the time the withdrawal is taken, the Contract Value is $105,000. Here, $5,000 of the withdrawal is in excess of the Death Benefit Earnings at the time of the withdrawal. The Contract Value on the date Everlake Life receives Due Proof of Death will be assumed to be $114,000.

---

| | |
|:---|:---|
| Excess of Earnings Withdrawals | $5000 ($10000-$5000) |
| In-Force Premium | $95,000 ($100,000+$0-$5,000) |
| Death Benefit Earnings | $19000 ($114000-$95000) |
| **Enhanced Earnings Death Benefit** | 40% × $19,000 = $7,600 |

---

Since Death Benefit Earnings are less than In-Force Premium, the Death Benefit Earnings are used to compute the Enhanced Earnings Death Benefit amount.

**Example 3.** This third example is intended to illustrate the effect of adding the Enhanced Earnings Death Benefit Option after the Contract has been issued and the effect of later purchase payments. In this example, assume that the oldest Owner is age 75 at the time the Enhanced Earnings Death Benefit is elected. At the time the Contract is issued, the Owner makes a purchase payment of $100,000. After two years pass, the Owner elects to add the Enhanced Earnings Death Benefit Option. On the date this Option is added, the Contract Value is $110,000. Two years later, the Owner withdraws $50,000. Immediately prior to the withdrawal, the Contract Value is $130,000. Another two years later, the Owner makes an additional purchase payment of $40,000. A year later, the Owner dies with a Contract Value of $140,000 on the date we receive Due Proof of Death.

---

| | |
|:---|:---|
| Excess of Earnings Withdrawals | $30000 ($50000-$20000) |
| In-Force Premium | $120,000 ($110,000+$40,000-$30,000) |
| Death Benefit Earnings | $20000 ($140000-$120000) |
| **Enhanced Earnings Death Benefit** | 25% of $20,000 = $5,000 |

---

In this example, In-Force Premium is the Contract Value on the date the Rider was issued plus all later withdrawals and minus Excess-of-Earnings withdrawals. Since Death Benefit Earnings are less than In-Force Premium, the Death Benefit Earnings are used to compute the Enhanced Earnings Death Benefit amount.

------

[Back to **Table of Contents**](#TOC_870)

**Appendix C: Calculation Of Optional Benefits**

------

**Examples: Performance Income Benefit – Contract Value Increase, Additional Purchase Payment Adjustment and Withdrawal** **Adjustment**

The rider is added at issue and the purchase payment is $100,000. The Performance Income Benefit is $100,000. The oldest Contract owner is 70 years old.

On the first Contract Anniversary, the Contract Value is $102,000. The Performance Income Benefit is increased to $102,000 since the Contract Value exceeds the most recently calculated Performance Income Benefit of $100,000.

On the second Contract Anniversary, the Contract Value is $97,000. The Performance Income Benefit remains $102,000 since the most recently calculated Performance Income Benefit exceeds the Contract Value.

The Contract Anniversary comparisons will be made until the older Contract owner has attained age 85.

Regardless of the age of the owner(s), purchase payments increase the Performance Income Benefit dollar-for-dollar by the payment amount at the time of the payment.

Also, regardless of the owner(s) age, withdrawals proportionally decrease the Performance Income Benefit at the time of the withdrawal, as described in the Enhanced Income Benefit:

The most recently calculated Performance Income Benefit is $110,000. A withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $100,000. The Performance Income Benefit is reduced proportionally on the date of the withdrawal, by:

($5,000 / $100,000) × $110,000 = $5,500

and the Performance Income Benefit is $104,500.

**Examples: Income Benefit Combination 2 – Contract Value Increase, Additional Purchase Payment Adjustment and** **Withdrawal Adjustment**

The Income Base for Income Benefit Combination 2 is the greatest of Income Base A and Income Base B.

The Income Base A calculation is the same as that for the Performance Income Benefit.

Income Base B is calculated daily using a specified accumulation rate and is also adjusted for purchase payments and withdrawals.

The rider is added at issue and the purchase payment is $100,000. Income Base B is $100,000. A benefit accumulation rate of 5% applies.

On the first Contract Anniversary, Income Base B is $105,000, provided the oldest Contract owner has not reached his or her 85<sup>th</sup> birthday.

Regardless of the age of the owner(s), purchase payments increase Income Base B dollar-for-dollar by the payment amount at the time of the payment.

Also, regardless of the owner(s) age, withdrawals proportionally decrease Income Base B at the time of the withdrawal, as described in the Enhanced Death Benefit :

The most recently calculated Income Base B is $110,000. A withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $100,000. Income Base B is reduced proportionally on the date of the withdrawal, by:

($5,000 / $100,000) × $110,000 = $5,500

and Income Base B is $104,500.

**Examples: Performance Death Benefit – Contract Value Increase, Additional Purchase Payment Adjustment and Withdrawal** **Adjustment**

The rider is added at issue and the purchase payment is $100,000. The Performance Death Benefit is $100,000. The oldest Contract owner is 70 years old.

On the first Contract Anniversary, the Contract Value is $102,000. The Performance Death Benefit is increased to $102,000 since the Contract Value exceeds the most recently calculated Performance Death Benefit of $100,000.

On the second Contract Anniversary, the Contract Value is $97,000. The Performance Death Benefit remains $102,000 since the most recently calculated Performance Death Benefit exceeds the Contract Value.

The Contract Anniversary comparisons will be made until the older Contract owner has attained age 85.

------

[Back to **Table of Contents**](#TOC_870)

Regardless of the age of the owner(s), purchase payments increase the Performance Death Benefit dollar-for-dollar by the payment amount at the time of the payment.

Also, regardless of the owner(s) age, withdrawals proportionally decrease the Performance Death Benefit at the time of the withdrawal, as described in the Enhanced Death Benefit:

The most recently calculated Performance Death Benefit is $110,000. A withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $100,000. The Performance Death Benefit is reduced proportionally on the date of the withdrawal, by:

($5,000 / $100,000) × $110,000 = $5,500

and the Performance Death Benefit is $104,500.

**Examples: Enhanced Death Benefit – Benefit Growth, Additional Purchase Payment Adjustment and Withdrawal Adjustment**

The rider is added at issue and the purchase payment is $100,000. The Enhanced Death Benefit is $100,000. A benefit accumulation rate of 5% applies.

On the first Contract Anniversary, the Enhanced Death Benefit is $105,000, provided the oldest Contract owner has not reached his or her 75<sup>th</sup> birthday.

A purchase payment of $20,000 made after the first Contract Anniversary but before the second Contract Anniversary will also increase the Enhanced Death Benefit by $20,000, regardless of the age of the Contract owner(s). Then, provided the oldest Contract owner has not reached his or her 75<sup>th</sup> birthday, the Enhanced Death Benefit is $130,250.

Two months later, a withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $115,000. The Enhanced Death Benefit is reduced proportionally on the next anniversary, or at the time the death benefit is computed, whichever is earlier, by:

($5,000 / $115,000) × $130,250 = $5,663

and the Enhanced Death Benefit is $124,587.

------

[Back to **Table of Contents**](#TOC_870)

**Appendix D - Calculation of Contract Features**

------

**Six-Month Dollar Cost Averaging Fixed Account Option**

Money in the Six-Month Dollar Cost Averaging Fixed Account will earn interest at the annual rate in effect at the time of allocation for the Six-Month Dollar Cost Averaging Fixed Account. Each purchase payment and associated interest in the Six-Month Dollar Cost Averaging Fixed Account must be transferred to Variable Options of the variable account in equal monthly installments within the six-month transfer period. If the Six-Month Dollar Cost Averaging Fixed Account is discontinued prior to the last scheduled transfer, the remaining balance in the Six-Month Dollar Cost Averaging Fixed Account will immediately be transferred to the money market Variable Option unless a different Variable Option is requested. In this example, the policyholder allocates $100,000 to a Six-Month Dollar Cost Averaging Fixed Account. The example assumes an immediate transfer of the first installment. Six equal payments of $16,769.47 are transferred to the Variable Options each month. These six equal payments result in the entire $100,000 purchase payment and associated interest being transferred to the Variable Options within the six-month transfer period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Beginning of Month** | **Beginning of Month Transfer** | **Interest** | **End of Month Balance** |
| 1 | $100000.00 | $16769.47 | $205.27 | $83435.80 |
| 2 | $83435.80 | $16769.47 | $164.42 | $66830.75 |
| 3 | $66830.75 | $16769.47 | $123.46 | $50184.74 |
| 4 | $50184.74 | $16769.47 | $82.41 | $33497.68 |
| 5 | $33497.68 | $16769.47 | $41.26 | $16769.47 |
| 6 | $16769.47 | $16769.47 | $0.00 | $0.00 |

---

**12 Month Dollar Cost Averaging Fixed Account Option**

Money in the Twelve-Month Dollar Cost Averaging Fixed Account will earn interest at the annual rate in effect at the time of allocation for the Twelve- Month Dollar Cost Averaging Fixed Account. Each purchase payment and associated interest in the Twelve-Month Dollar Cost Averaging Fixed Account must be transferred to Variable Options of the variable account in equal monthly installments within the twelve-month transfer period. If the Twelve-Month Dollar Cost Averaging Fixed Account is discontinued prior to the last scheduled transfer, the remaining balance in the Twelve-Month Dollar Cost Averaging Fixed Account will immediately be transferred to the money market Variable Option unless a different Variable Option is requested. In this example, the policyholder allocates $100,000 to a Twelve-Month Dollar Cost Averaging Fixed Account. The example assumes an immediate transfer of the first installment. Twelve equal payments of $8,446.69 are transferred to the Variable Options each month. These twelve equal payments result in the entire $100,000 purchase payment and associated interest being transferred to the Variable Options within the twelve-month transfer period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Beginning of Month** | **Beginning of Month Transfer** | **Interest** | **End of Month Balance** |
| 1 | $100000.00 | $8446.69 | $225.80 | $91779.10 |
| 2 | $91779.10 | $8446.69 | $205.52 | $83537.93 |
| 3 | $83537.93 | $8446.69 | $185.20 | $75276.43 |
| 4 | $75276.43 | $8446.69 | $164.82 | $66994.55 |
| 5 | $66994.55 | $8446.69 | $144.39 | $58692.25 |
| 6 | $58692.25 | $8446.69 | $123.92 | $50369.48 |
| 7 | $50369.48 | $8446.69 | $103.39 | $42026.18 |
| 8 | $42026.18 | $8446.69 | $82.82 | $33662.30 |
| 9 | $33662.30 | $8446.69 | $62.19 | $25277.79 |
| 10 | $25277.79 | $8446.69 | $41.51 | $16872.61 |
| 11 | $16872.61 | $8446.69 | $20.78 | $8446.69 |
| 12 | $8446.69 | $8446.69 | $0.00 | $0.00 |

---

------

[Back to **Table of Contents**](#TOC_870)

**Basic Dollar Cost Averaging**

Through our Dollar Cost Averaging Progra, you may automatically transfer a fixed dollar amount on a regular basis from any Variable Option or any Fixed Account Option to any of the other Variable Options. You may not use the Dollar Cost Averaging Program to transfer amounts to the Fixed Account Options. This program is available only during the Accumulation Phase. In this example, the policyholder elects to transfer a specified fixed amount of $1,000 monthly from Variable Option A to Variable Option B.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month** | **Balance of Variable** **Option A Prior to** **Transfer** | **Balance of Variable** **Option B Prior to** **Transfer** | **Transfer from** **Variable Option A to** **Variable Option B** | **Balance of Variable** **Option A After** **Transfer** | **Balance of Variable** **Option B After** **Transfer** |
| 1 | $100000.00 | $100000.00 | $1000.00 | $99000.00 | $101000.00 |

---

**Automatic Portfolio Rebalancing**

Automatic Portfolio Rebalancing allows the customer to rebalance the Variable Options within the Variable Account to the desired allocation on a monthly, quarterly, semi-annual, or annual basis, determined on the first date the customer decides to rebalance.

In this example, the customer decides to allocate $100,000 across 3 funds, 60% to Fund A, 25% to Fund B and 15% to Fund C. The customer rebalances on an annual basis. 1 year after $100,000 is invested in three different funds, Fund A grew 22%, Fund B grew 9% and the Fund C grew 4%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Original Allocation** | **Original Allocation** | **Fund** **Performance** | **Year End Allocation Prior to** **Rebalance** | **Year End Allocation Prior to** **Rebalance** | **Year End Allocation After** **Rebalance** | **Year End Allocation After** **Rebalance** |
|  **Fund A** | 60% | $60000.00 | 22% | 63.1% | $73200.00 | 60% | $69630.00 |
|  **Fund B** | 25% | $25000.00 | 9% | 23.5% | $27250.00 | 25% | $29012.50 |
|  **Fund C** | 15% | $15000.00 | 4% | 13.4% | $15600.00 | 15% | $17407.50 |
|  **Total** | **100%** | **$100000.00** |  | **100.0%** | **$116050.00** | **100%** | **$116050.00** |

---

At the end of one year, the percentage of funds allocated to Fund A changed from 60% to 63.1%. Fund B changed from 25% to 23.5% and Fund C changed from 15% to 13.4%. The auto-rebalance feature rebalances the Variable Options within the Variable Account to reflect the specified allocation. The number of units for each Variable Option are adjusted to reflect the specified allocation percentages. The rebalanced allocation reflects the specified allocations of 60% in Fund A, 25% in Fund B and 15% in Fund C.

**Systematic Withdrawal**

A systematic withdrawal schedule is a method of withdrawing funds from an annuity account that specifies the amount of the payments to be made to the policyholder. A systematic withdrawal schedule can be set up to be paid monthly. Policyholders are not guaranteed lifelong payments. With the systematic withdrawal schedule, one chooses instead to withdraw funds from an account, bearing the risk that the funds become depleted. You may pay taxes on annuity payments, although they grow in a tax-deferred account. In this example, a policyholder allocates funds to four Variable Options. Fund A holds 35% of all funds, Fund B holds 30%, Fund C holds 20%, and Fund D holds 15%. The policyholder sets up a $2,000 monthly withdrawal. With the allocation above, $700 (35%) of the withdrawal amount would come from Fund A, $600 (30%) would come from Fund B, $400 (20%) would come from Fund C, and $300 (15%) would come from Fund D.

**Automatic Additions Program**

The Automatic Additions Program allows you to add subsequent purchase payments per month through automatic transfers from your bank account. Automatic Additions are not available with Dollar Cost Averaging Fixed Account Option. Subsequent purchase payments must be at least $50. In this example, a policyholder allocates funds to four Variable Options. The policyholder allocates 35% to Fund A, 30% to Fund B, 20% to Fund C and 15% to Fund D. The policyholder sets up a $2,000 monthly automatic addition. $700 (35%) of the added amount would go to Fund A, $600 (30%) would go to Fund B, $400 (20%) would go to Fund C, and $300 (15%) would go to Fund D.

------

[Back to **Table of Contents**](#TOC_870)

We (Everlake Life) have filed a Statement of Additional Information, dated April 27, 2026, with the Securities and Exchange Commission ("SEC"). It contains additional important information about the Contracts, and Everlake Life, and the Everlake Financial Advisors Separate Account I, and is incorporated herein by reference, which means that it is legally a part of this prospectus. For a free copy, or to request other information about the Contracts, and to make investor inquiries, please write to us at P.O. Box 758543, Topeka, KS 66675-8566, or call us at 1-800-457-7617.

Reports and other information about Everlake Life and the Everlake Financial Advisors Separate Account I are available on the Commission's website at <u>www.sec.gov</u><u>.</u> Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

------

[Back to **Table of Contents**](#TOC_870)

Edgar Contract Identifier:<br>C000005160 Morgan Stanley Variable Annuity II

MORGAN2

------

**Morgan Stanley Variable Annuity 3**<br>**An individual and group flexible premium deferred variable annuity contract**<br>**Registered Separate Account: EVERLAKE FINANCIAL ADVISORS** **SEPARATE ACCOUNT I**<br>**Issued by: Everlake Life Insurance Company ("Everlake Life")**<br>**Everlake Life Insurance Company**<br>**Street Address: 5801 SW 6<sup>th</sup>** **Ave., Topeka, KS 66606-0001**<br>**Mailing Address: P.O. Box 758543, Topeka, KS 66675-8566**<br>**Telephone Number: 1-800-457-7617**<br>**Fax: 1-785-228-4584**

Prospectus dated April 27, 2026

Everlake Life Insurance Company ("Everlake Life", "we", "our", "the Company", or "us") **o**ffered the Morgan Stanley Variable Annuity 3, an individual and group flexible premium deferred variable annuity contract ***("Contract")***. Please keep it for future reference. The Contract is no longer offered for new sales effective December 1, 2003. If you have already purchased the Contract you may continue to make purchase payments according to the Contract. **See** [**"Appendix A – Investment Options Available Under the Contract"**](#chapter_18-sect1_1_57592_869) **for additional information** **about each investment option.**

This prospectus sets forth information about the Annuity that you should know before investing. Please read this prospectus and keep it for future reference. The Annuity is a complex investment that involves risks, including potential loss of principal.

This prospectus describes all the investment options, features, and benefits that we make available under the Annuity. **The availability of** **investment options, features and benefits described in this prospectus may vary depending on the broker-dealer through which the** **Contract is sold ("financial intermediary variations").** We have identified all such financial intermediary variations that are known or reasonably available to us. Financial intermediary variations may be imposed by some broker-dealers without our knowledge. For example, your Financial Professional may not recommend a particular investment option or benefit to you because of a decision by the Financial Professional's broker-dealer not to offer that investment option or benefit to its customers. Taking into consideration the breadth of our distribution network, we are unable to obtain information about all financial intermediary variations without unreasonable effort or expense. You should discuss with your Financial Professional any limitations, restrictions, or other variations related to the investment options, benefits or other features available to you through your Financial Professional.

The Annuity is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals may reduce the level of various optional benefit guarantees and could result in taxes and tax penalties.

The Company's obligations under the Annuity are subject to its financial strength and claims-paying ability. In compliance with U.S. law, we deliver this prospectus to Annuity Owners that currently reside outside of the United States. In addition, we may not market or offer benefits, features, or enhancements to prospective or current Annuity Owners while outside of the United States.

These Annuities are NOT deposits or obligations of, or issued, guaranteed or endorsed by, any bank, and are NOT insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other agency.

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.

---

| | |
|:---|:---|
| **IMPORTANT**<br>**NOTICES** | **THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE** **SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES** **COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES** **COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS** **PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL** **OFFENSE.** |

---

MORGAN3

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | **Page** |
| [**Glossary of Terms** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_2_869) | [**1**](#chapter_2_869) |
| [**Overview of the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_3_869) | [**4**](#chapter_3_869) |
| [**Key Information** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_4_869) | [**5**](#chapter_4_869) |
| [**Fee Table** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_5_869) | [**8**](#chapter_5_869) |
| [**Principal Risks of Investing in the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_6_869) | [**10**](#chapter_6_869) |
| [**Description of Insurance Company, Registered Separate Account, and Investment Options**](#chapter_7_869) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake........................................................................................................](#chapter_7-sect1_1_57582_869) | [12](#chapter_7-sect1_1_57582_869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Portfolios...................................................................................................](#chapter_7-sect1_2_57584_869) | [13](#chapter_7-sect1_2_57584_869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Variable Options.............................................................................](#chapter_7-sect1_3_57573_869) | [13](#chapter_7-sect1_3_57573_869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Fixed Options...............................................................................](#chapter_7-sect1_4_57574_869) | [14](#chapter_7-sect1_4_57574_869) |
| [**Charges and Adjustments** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_8_869) | [**16**](#chapter_8_869) |
| [**General Description of Contracts**](#chapter_9_869) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Contract....................................................................................................](#chapter_9-sect1_1_57570_869) | [19](#chapter_9-sect1_1_57570_869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Transfers...................................................................................](#chapter_9-sect1_2_57575_869) | [20](#chapter_9-sect1_2_57575_869) |
| [**Annuity Period** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_10_869) | [**24**](#chapter_10_869) |
| [**Benefits Available Under the Contract**](#chapter_11_869) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Benefits Available Under the Contract................................................................................](#chapter_11-sect1_1_57578_869) | [27](#chapter_11-sect1_1_57578_869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Death Benefits...................................................................................................](#chapter_11-sect1_2_57580_869) | [28](#chapter_11-sect1_2_57580_869) |
| [**Purchases and Contract Value**](#chapter_12_869) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Purchases.......................................................................................................](#chapter_12-sect1_1_57571_869) | [34](#chapter_12-sect1_1_57571_869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Contract Value...................................................................................................](#chapter_12-sect1_2_57572_869) | [34](#chapter_12-sect1_2_57572_869) |
| [**Surrenders and Withdrawals** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_13_869) | [**36**](#chapter_13_869) |
| [**Taxes** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_14_869) | [**37**](#chapter_14_869) |
| [**Legal Proceedings** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_15_869) | [**48**](#chapter_15_869) |
| [**Financial Statements** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_16_869) | [**49**](#chapter_16_869) |
| [**More Information**](#chapter_17_869) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Principal Underwriter.............................................................................................](#chapter_17-sect1_1_57585_999) | [50](#chapter_17-sect1_1_57585_869) |
| [**Appendix A – Investment Options Available Under the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_18_869) | [**A-1**](#chapter_18_869) |
| [**Appendix B – Calculation of Enhanced Earnings Death Benefit Plus Amount** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_19_869) | [**B-1**](#chapter_19_869) |
| [**Appendix C – Calculation of Optional Benefits** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_20_869) | [**C-1**](#chapter_20_869) |
| [**Appendix D – Calculation of Contract Features** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_21_869) | [**D-1**](#chapter_21_869) |

---

------

**Glossary of Terms**

------

We set forth here definitions of some of the key terms used throughout this prospectus. In addition to the definitions here, we also define certain terms in the section of the prospectus that uses such terms.

**Accumulation Phase:** The period of time that begins on the date we issue your Contract ("***Issue Date***") and continues until the Payout Start Date, which is the date we apply your money to provide income payments. During the Accumulation Phase, you may allocate your purchase payments to any combination of the Variable Options and/or the Fixed Account Options.

**Accumulation Unit:** A unit of measurement used to calculate the value of your investment in the Variable Options during the Accumulation Phase.

**Accumulation Unit Value:** The separate value for each Variable Option's Accumulation Unit. Accumulation Unit Value is analogous to, but not the same as, the share price of a mutual fund.

**Annuitant:** The individual whose life determines the amount and duration of income payments (other than under Income Plans with guaranteed payments for a specified period). The Annuitant must be a living person.

**Automatic Additions Program:** A program that may enable you to make subsequent purchase payments of at least $25 by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. Please consult your Morgan Stanley Financial Advisor for details.

**Automatic Portfolio Rebalancing Program**: A program that provides for the automatic rebalancing of the Contract Value in each Variable Option and return it to the desired percentage allocations after the performance of each Variable Option causes a shift in the percentage you allocated to each Variable Option.

**Beneficiary:** The natural person(s) or entity(ies) designated as the recipients of the Death Benefit. You may name one or more primary and contingent Beneficiaries when you apply for a Contract. You may change or add Beneficiaries at any time, unless you have designated an irrevocable Beneficiary

• Primary
 Beneficiary is the person who may elect to receive the death benefit or become the new Contract owner subject to the
 Death of Owner provision if the sole surviving Contract owner dies before the Payout Start Date. If the sole surviving Contract
 owner dies after the Payout Start Date, the primary Beneficiary will receive any guaranteed income payments scheduled
 to continue.

• Contingent
 Beneficiary is the person selected by the Contract owner who will exercise the rights of the primary Beneficiary if
 all named primary Beneficiaries die before the death of the sole surviving Contract owner.

**Code:** The Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.

**Contract:** The Morgan Stanley Variable Annuity 3, an individual and group flexible premium deferred variable annuity contract, is a contract between you, the Contract owner, and Allstate Life, a life insurance company. In certain states the Contract was available only as a group Contract. In these states, we issued you a certificate that represents your ownership and that summarizes the provisions of the group Contract. References to "Contract" in this prospectus include certificates unless the context requires otherwise.

**Contract Anniversary:** Each twelve-month period from that date of your contract's issue date.

**Contract Owner ("you"):** The person or entity who may exercise all of the rights and privileges provided by the Contract.

**Contract Value ("Account Value"):** During the Accumulation Phase, your Contract Value is equal to the sum of the value of your Accumulation Units in the Variable Options you have selected, plus the value of your investment in the Fixed Account Options.

**Contract Year:** The period of time measured from the date we issue your Contract or a ***"Contract Anniversary."***

**Death Benefit Anniversary:** Every 6<sup>th</sup> Contract Anniversary beginning with the 6<sup>th</sup> Contract Anniversary. For example, the 6<sup>th</sup>, 12<sup>th</sup> and 18<sup>th</sup> Contract Anniversaries are the first three Death Benefit Anniversaries.

**Death Benefit Combination Option:** Under this option, the death benefit payable will be the greater of the death benefits provided by Death Benefit A or Death Benefit B. Death Benefit B is the Performance Death Benefit Option. Death Benefit A is only available through the Death Benefit Combination options. We sometimes refer to the Death Benefit Combination Option as the "Best of the Best" death benefit option.

**Dollar Cost Averaging Program**: A program that automatically transfers a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Sub-account. Transfers made through dollar cost averaging must be $100 or more.

------

[Back to **Table of Contents**](#TOC_869)

**Dollar Cost Averaging Fixed Account Options (Basic Dollar Cost Averaging Option):** The Basic Dollar Cost Averaging Option is closed to new purchase payments, including automatic additions. Under this option, purchase payments allocated to the Basic Dollar Cost Averaging Option earn interest for a 1-year period at the current rate in effect at the time of allocation. We credit interest daily at a rate that will compound over the year to the annual interest rate we guaranteed at the time of allocation. Rates may be different than those available for the Guarantee Periods. Renewal rates will not be less than the minimum guaranteed rate found in the Contract. You may not transfer funds from other investment alternatives to the Basic Dollar Cost Averaging Option.

**6 and 12 Month Dollar Cost Averaging Options:** Under these options, you may establish a Dollar Cost Averaging Program by allocating purchase payments to the Fixed Account either for 6 months (the "6 Month Dollar Cost Averaging Option") or for 12 months (the "12 Month Dollar Cost Averaging Option"). Your purchase payments will earn interest for the period you select at the current rates in effect at the time of allocation. Rates may differ from those available for the Guarantee Periods. However, the crediting rates for the 6 and 12 Month Dollar Cost Averaging Options will never be less than the minimum guaranteed rate stated in the Contract.

**Due Proof of Death:** Documentation needed when there is a request for payment of the death benefit. We will accept the following documentation as Due Proof of Death: a certified copy of death certificate, a certified copy of decree of a court of competent jurisdiction as to the finding of death, or any other proof acceptable to us.

**Enhanced Earnings Death Benefit Plus Option:** An option under which the death benefit largely depends on the amount of earnings that accumulate under your Contract. The Enhanced Earnings Death Benefit Plus Option may not be available in all states.

**Excess-of-Earnings Withdrawals:** The amount of a withdrawal in excess of the In-Force Earnings in the Contract immediately prior to the withdrawal.

**Fixed Account Options:** The Fixed Account consists of our general assets other than those in segregated asset accounts. The Fixed Account Options we currently offer are the Standard Fixed Account Option and the 6 and 12 month Dollar Cost Averaging Option. Other Options may be available in the future.

**Good Order:** Good Order is the standard that we apply when we determine whether an instruction is satisfactory. An instruction will be considered in Good Order if it is received at our service center: (a) in a manner that is satisfactory to us such that it is sufficiently complete and clear that we do not need to exercise any discretion to follow such instruction and complies with all relevant laws and regulations; (b) on specific forms, or by other means we then permit (such as via telephone or electronic submission); and/or (c) with any signatures and dates as we may require. We will notify you if an instruction is not in Good Order.

**Income and Death Benefit Combination Option 2:** The Income and Death Benefit Combination Option 2 combines the features of the Income Benefit Combination Option (described in the "[Annuity Period](#chapter_10-sect1_1_57579_869)" section of this prospectus) with the features of the Death Benefit Combination Option both calculated until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract Owner, or Annuitant, if the Contract Owner is a non-living person, for purchase payments, withdrawals, and Contract Anniversaries. After which, both are calculated for purchase payments and withdrawal only. The Income and Death Benefit Combination Option 2 can no longer be added to your Contract.

**Income Benefit Combination Option 2:** This Option guarantees that the amount you apply to an Income Plan will not be less than the income base ("Income Base") (which is the greater of Income Base A or Income Base B). The Income Benefit Combination Option 2 can no longer be added to your Contract.

**In-Force Earnings:** The Contract Value minus the In-Force Premium equals the In-Force Earnings. The In-Force Earnings amount will never be less than zero.

**In-Force Premium:** The Contract Value on the date the Enhanced Earnings Death Benefit Plus Option is made part of your Contract ("Rider Date") plus all purchase payments made after the Rider Date less the sum of all **Excess-of-Earnings Withdrawals** after the Rider Date equals In-Force Premium. If the Rider Date is the same as the Issue Date, then the Contract Value on the Rider Date is equal to your initial purchase payment.

**Income Plans:** A series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date. If you do not select an Income Plan, we will make income payments in accordance with Income Plan 1 with guaranteed payments for 10 years unless changed by the Contract owner. After the Payout Start Date, you may not make withdrawals or change your choice of Income Plan. There are three Income Plans available under the Contract. Each is available to provide: fixed income payments; variable income payments; or a combination of the two.

**Investment Alternatives:** The Fixed Account Option and the Variable Options that invest in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectuses for the Portfolios.

**Issue Date:** The date we issued your Contract.

**Payout Phase:** When you receive income payments, which begins on the Payout Start Date and continues until we make the last payment required by the Income Plan you select.

------

[Back to **Table of Contents**](#TOC_869)

**Payout Start Date:** The day that we apply your Contract Value to an Income Plan. The Payout Start Date must be no later than: the Annuitant's 99<sup>th</sup> Birthday, or the 10<sup>th</sup> Contract Anniversary, if later. You may change the Payout Start Date at any time by notifying us in writing of the change at least 30 days before the scheduled Payout Start Date. Absent a change, we will use the Payout Start Date stated in your Contract.

**Performance Death Benefit Option:** An option providing that on each Contract Anniversary, we will recalculate your Performance Death Benefit to equal the greater of your Contract Value on that date, or the most recently calculated Performance Death Benefit. We also will recalculate your Performance Death Benefit whenever you make an additional purchase payment or a partial withdrawal. In the absence of any withdrawals or purchase payments, the Performance Death Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or before the date we calculate the death benefit.

**Portfolios:** Underlying mutual fund(s) in which a Variable Option invests. We automatically reinvest all dividends and capital gains distributions from the Portfolios in shares of the distributing Portfolio at their net asset value.

**Systematic Withdrawal Program:** The option to receive systematic withdrawal payments on a monthly basis at any time prior to the Payout Start Date. The minimum amount of each systematic withdrawal is $100. We will deposit systematic withdrawal payments into the Contract owner's bank account or Morgan Stanley Account. Please consult with your Morgan Stanley Financial Advisor for details.

**Qualified Contracts:** Contracts held in a plan which provides that the income on tax sheltered annuities is tax deferred, and the income from annuities held by such plans does not receive any additional tax deferral. You should review the annuity features, including all benefits and expenses, prior to purchasing an annuity as a TSA or IRA.

**Valuation Date:** Another term for ***"business day,"*** which refers to each day Monday through Friday that the New York Stock Exchange is open for business.

**Variable Account:** Consists of multiple Variable Sub-accounts, each of which is available under the Contract.

**Variable Option:** Invests in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies. You may allocate your purchase payments to various Variable Options.

**We, Us, Our, Everlake Life, or the Company:** Everlake Life Insurance Company.

**you, your, Owner:** The Owner(s) shown in the Contract.

------

[Back to **Table of Contents**](#TOC_869)

**Overview of the Contract**

------

---

| | |
|:---|:---|
| **Overview of the Contract** | **Overview of the Contract** |
|  **Purpose of the** **Contract** | This Contract is a variable annuity contract and is designed to help the investor accumulate assets on a tax-deferred basis through an investment portfolio and to provide or supplement the investor's retirement income. This Contract is appropriate for an investor who has a higher risk tolerance, an understanding of investments, a long-term investment horizon, and has funds available to invest that are not required to meet current needs. The Contract is not intended for people who may need to make early or frequent withdrawals.<br> The Contract has various optional features and benefits that may be appropriate for you based on your financial objectives and situation. These optional features may impose additional fees, as summarized below in the "[Fee Table"](#chapter_5-sect1_1_57567_869). The Contract also offers certain death benefit features, which can be used to transfer assets to your beneficiaries. |
|  **Phases of the** **Contract** | **Accumulation Phase:** This is the period of time that begins on the date we issue your Contract ("Issue Date") and continues until the Payout Start Date, which is the date we apply your money to provide income payments.<br> **Payout Phase:** You receive income payments during what we call the "Payout Phase" of the Contract, which begins on the Payout Start Date and continues until we make the last payment required by the Income Plan you select. During the Payout Phase, if you select a fixed income payment option, we guarantee the amount of your payments, which will remain fixed. If you select a variable income payment option, based on one or more of the Variable Options, the amount of your payments will vary up or down depending on the performance of the corresponding Portfolios.<br> Generally, you may not make withdrawals after the Payout Start Date. One exception to this rule applies if you are receiving variable income payments that do not depend on the life of the Annuitant. In that case you may terminate all or part of the Variable Account portion of the income payments at any time and receive a lump sum equal to the present value of the remaining variable payments associated with the amount withdrawn.<br> After the Payout Start Date, death benefits and any living benefits will terminate. |
|  Investment Options | During the Accumulation Phase, you may allocate your purchase payments to any combination of the Variable Options and/or Fixed Account Options.<br> Variable Options: The Variable Option we make available each invest in an underlying Portfolio whose share price generally fluctuates each day. The Variable Options do not provide any level of protection against negative returns. You are at risk of losing principal and any earnings if you allocate funds to a Portfolio.<br> Fixed Account Option: If you invest in a Fixed Account Option, you will earn a fixed rate of interest that we declare periodically. |
| **Contract Features** | **Contract Features** |
|  **Death Benefit** | At no additional charge, if the Contract Owner or Annuitant die before the Payout Start Date, we will pay a standard death benefit subject to certain conditions.<br> For an added charge, you can also select an additional death benefit option, which may increase the amount of money payable to your designated beneficiaries upon your death. These benefits are more fully described in the "Death Benefits" section of this prospectus. |
|  **Optional** **Withdrawal** **Benefits** | We offer optional benefits riders that, for an additional charge, offer protection against market risk (the risk that your investments may decline in value or underperform your expectations) and guarantee a minimum lifetime income. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. |

---

---

| | |
|:---|:---|
| **Contract Features** | **Contract Features** |
|  **Dollar Cost** **Averaging** **("DCA")** | Through our Dollar Cost Averaging Program, at no additional charge, you may automatically transfer a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Option. |
|  **Portfolio** **Rebalancing** | If you select our Automatic Portfolio Rebalancing Program, we will automatically rebalance the Contract Value in each Variable Option and return it to the desired percentage allocations on a quarterly basis at no additional charge. We will not include money you allocate to the Fixed Account Options in the Automatic Portfolio Rebalancing Program. |
|  **Systematic** **Withdrawal** **Program** | This program, at no additional charge, allows you to receive regular automatic withdrawals from your Contract on a monthly basis at any time prior to the Payout Start Date. |

---

------

[Back to **Table of Contents**](#TOC_869)

**Key Information**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Location in** **Prospectus** |
|  **Are There Charges** **for Early** **Withdrawals?** | **Yes.**<br> If you withdraw money from the Contract within 6 years following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 6% of the purchase payments withdrawn, declining to 0% over 6 years. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $6,000 on a $100,000 investment. | **Yes.**<br> If you withdraw money from the Contract within 6 years following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 6% of the purchase payments withdrawn, declining to 0% over 6 years. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $6,000 on a $100,000 investment. | **Yes.**<br> If you withdraw money from the Contract within 6 years following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 6% of the purchase payments withdrawn, declining to 0% over 6 years. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $6,000 on a $100,000 investment. | [Charges and Adjustments](#chapter_8-sect1_1_57576_869) |
|  **Are There** **Transaction** **Charges?** | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $25 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $25 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $25 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | [Charges and Adjustments](#chapter_8-sect1_1_57576_869) and [Investment Alternatives: Transfers](#chapter_9-sect1_2_57575_869) |
|  **Are There Ongoing** **Fees and Expenses?** | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | [Charges and Adjustments](#chapter_8-sect1_1_57576_869), Annuity Period and [Death Benefits](#chapter_11-sect1_2_57580_869) |
|  **Are There Ongoing** **Fees and Expenses?** | **Annual Fee** | **Minimum** | **Maximum** |  |
|  **Are There Ongoing** **Fees and Expenses?** | Base Contract<br>(as a percentage of daily net assets of the Variable Options) | 1.35% | 1.38% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Portfolio Company fees and expenses | 0.50% | 2.05% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Optional benefits available for an additional charge<br>(for a single optional benefit, if elected)<br>(as a percentage of daily net assets of the Variable Options) | 0.13% | 0.50% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** |  |
|  **Are There Ongoing** **Fees and Expenses?** | **Lowest Annual Cost (in dollars): $1,892** | **Highest Annual Cost (in dollars): $4,317** | **Highest Annual Cost (in dollars): $4,317** |  |
|  **Are There Ongoing** **Fees and Expenses?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;•  Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;•  5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;•  Least expensive combination of Contract charges and Portfolio Company fees and expenses<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No optional benefits<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No additional purchase payments, transfers or withdrawals | Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most expensive combination of Contract charges, optional benefits and Portfolio Company fees and expenses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No additional purchase payments, transfers or withdrawals | Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most expensive combination of Contract charges, optional benefits and Portfolio Company fees and expenses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No additional purchase payments, transfers or withdrawals |  |

---

------

[Back to **Table of Contents**](#TOC_869)

---

| | | |
|:---|:---|:---|
|  | **Risks** | **Location in** **Prospectus** |
|  Is There a Risk of Loss from Poor Performance? | **Yes.**<br> You can lose money by investing in the Contract. | [Principal Risks of Investing in the Contract](#chapter_6-sect1_1_57568_869) |
|  Is this a Short-Term Investment? | **No.**<br> This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawal charges will reduce the value of your Contract if you withdraw money during the period of time that withdrawal charges are assessed on your Contract. Any withdrawals you make prior to the age of 59 ½ may also be subject to a 10% additional tax. | [Charges and Adjustments](#chapter_8-sect1_1_57576_869), [Investment Alternatives: Transfers](#chapter_9-sect1_2_57575_869), [Taxes](#chapter_14-sect1_1_57590_869) |
|  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 Alternatives you select which are available under the Contract (e.g., the Portfolios). Each investment option, including any investment alternatives, will have its own unique risks. You should review these Investment Alternatives before making an investment decision. | [Investment Alternatives: Variable Options](#chapter_7-sect1_3_57573_869)<br> [Investment Alternatives: Fixed Options](#chapter_7-sect1_4_57574_869) |
|  What are the Risks Related to the Insurance Company? | An investment in the Contract is subject to the risks related to Everlake Life. Any obligations (including under any fixed account Investment Alternatives), guarantees, or benefits are subject to the claims-paying ability of Everlake Life. If Everlake Life experiences financial distress, it may not be able to meet its obligations to you. More information about Everlake Life, including its financial strength ratings, is available upon request by calling 1-800-457-7617. | [Investment Alternatives: Fixed Options](#chapter_7-sect1_4_57574_869) |

---

---

| | | |
|:---|:---|:---|
|  | **Restrictions** | **Location in** **Prospectus** |
|  Are There Restrictions on the Investment Options? | &nbsp;&nbsp;&nbsp;&nbsp; **Yes.**<br> •  Certain Variable Options may not be available depending on the date you purchased your Contract. In addition, Certain Variable Options are closed to Contract Owners not invested in the specified Variable Options by a designated date.<br> •  We reserve the right to remove, substitute, or close Portfolios as Investment Alternatives.<br> •  We reserve the right to limit, suspend or reject any additional Purchase Payment at any time on a non-discriminatory basis. If we do so, you may no longer be able to increase the values associated with an optional living benefit or increase the amount of the death benefit under an optional death benefit through subsequent Purchase Payments. This would also impact your ability to make annual contributions to certain qualified Annuities.<br> •  Not all Fixed Account Options may be available in all states or with all Contracts.<br> •  There may be limitations on transfers of Contract Value among Variable Options and from the Fixed Account.<br> •  We reserve the right to assess, a $25 charge on each transfer in excess of 12 per Contract Year.<br> •  Certain Investment Options may not be available through certain financial intermediaries. See the [Cover Page](#chapter_1-sect1_1_57680_869) for additional information. | [Charges and Adjustments](#chapter_8-sect1_1_57576_869),<br>[Investment Alternatives](#chapter_7-sect1_3_57573_869) |
|  Are There any Restrictions on Contract Benefits? | **Yes.**<br> There are restrictions and limitations relating to benefits offered under the Contract. Except as otherwise provided, Contract benefits may not be modified or terminated by the Company.<br> We may discontinue or modify any of the optional benefits at any time prior to the time you elect it. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit.<br> Certain Contract Benefits may not be available through certain financial intermediaries. See the [Cover Page](#chapter_1-sect1_1_57680_869) for additional information. | Annuity Period and<br>[Death Benefits](#chapter_11-sect1_2_57580_869) |

---

---

| | | |
|:---|:---|:---|
|  | **Taxes** | **Location in** **Prospectus** |
|  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 also be subject to a 10% additional tax if taken before age 59½. | [Taxes](#chapter_14-sect1_1_57590_869) |

---

------

[Back to **Table of Contents**](#TOC_869)

---

| | | |
|:---|:---|:---|
|  | **Conflicts of Interest** | **Location in** **Prospectus** |
|  **How Are** **Investment** **Professionals** **Compensated?** | Some investment professionals may receive compensation for selling the Contracts to you in the form of commissions and other non-cash compensation (e.g., marketing allowances). Thus, these investment professionals may have a financial incentive to offer or recommend the Contracts over another investment. | More<br>Information |
|  **Should I Exchange** **My Contract?** | Some investment professionals may have a financial incentive to offer you 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, risks of both contracts, and any fees or penalties to terminate the existing Contract, that it is preferable for you to purchase the new contract rather than continue to own your existing Contract. | Statement of Additional Information |

---

------

[Back to **Table of Contents**](#TOC_869)

**Fee Table**

------

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or** **making withdrawals from an Investment Option or from your Contract. Please refer to your Contract data page for information** **about the specific fees you will pay each year based on the options you have elected.**

**The first table describes the fees and expenses that you will pay at the time you buy the Contract, surrender or make withdrawals** **from the Contract, or transfer Contract value between Investment Options. State premium taxes may also be deducted. These fees** **and charges are described in more detail within this prospectus in the** [**"Charges and Adjustments"**](#chapter_8-sect1_1_57576_869) **section.**

**<u>Transaction Expenses</u>**

---

| | |
|:---|:---|
|  **<u>Withdrawal Charge</u>**<sup>(1)</sup>**:** | **<u>Maximum</u>** |
|  (as a percentage of purchase payments withdrawn) | 6% |
|  **<u>Transfer Fee</u>**<sup>(2)</sup>**:** | $25 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>(1)</sup> | Withdrawal Charges in subsequent years\* |  |  |  |  |  |  |  |
|  | Number of Complete Years Since We Received the Payment Being Withdrawn | 0 | 1 | 2 | 3 | 4 | 5 | 6+ |
|  | Applicable Charge | 6% | 5% | 5% | 4% | 3% | 2% | 0% |
| \* | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. |
| <sup>(2)</sup> | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. |

---

**The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including** **Portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.**

**<u>Annual Contract Expenses</u>**

---

| | | |
|:---|:---|:---|
|  **Annual Fee** | **Maximum** | **Current** |
|  Contract Maintenance Charge<sup>(1)</sup> | $35 | $35 |
|  Base Contract Expense *(as a percentage of daily net assets of the Variable Options)* | 1.35% | 1.35% |
|  Optional benefits available for an additional charge:<br>*(as a percentage of the daily net assets of the Variable Options)* |  |  |
|  Performance Death Benefit Option | 0.13% | 0.13% |
|  Death Benefit Combination Option<sup>(2)</sup> | 0.24% | 0.24% |
|  Income Benefit Combination Option 2<sup>(2)</sup><sup>(3)</sup> | 0.30% | 0.30% |
|  Income and Performance Death Benefit Option<sup>(2)</sup> (State of Washington only) | 0.43% | 0.43% |
|  Income and Death Benefit Combination Option 2<sup>(2)</sup><sup>(3)</sup> | 0.50% | 0.50% |
|  Enhanced Earnings Death Benefit Plus (Issue Age 0-55) | 0.15% | 0.15% |
|  Enhanced Earnings Death Benefit Plus (Issue Age 56-65) | 0.25% | 0.25% |
|  Enhanced Earnings Death Benefit Plus (Issue Age 66-75) | 0.35% | 0.35% |

---

(1) If
 your Contract Value equals or exceeds $40,000, we will waive the charge for the remaining time your Contract is in force.

(2) These
 Options are no longer available to be added to your Contract.

(3) Only
 one optional "combination" benefit is allowed at any time.

**The next item shows the minimum and maximum total operating expenses charged by the Portfolio Companies that you may pay** **periodically during the time that you own the Contract. A complete list of Portfolio Companies available under the Contract,** **including their annual expenses, may be found at the back of this document.**

------

[Back to **Table of Contents**](#TOC_869)

**<u>Annual Portfolio Company Expenses</u>**

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
|  (expenses that are deducted from Portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | 0.50% | 2.05% |

---

**EXAMPLE**

**This example is intended to help you compare the cost of investing in the Contracts with the cost of investing in other variable** **annuity contracts. These costs include Contract owner transaction expenses, Contract fees, and Portfolio fees and expenses.**

**The Example assumes that you invest $100,000 in the variable Sub-accounts in your Contract for the time periods indicated. The** **Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of Annual** **Portfolio Company Expenses and optional benefits available for an additional charge, which includes the base contract with the** **Income and Death Benefit Combination Option 2 and Enhanced Earnings Death Benefit Option. Although your actual costs may be** **higher or lower, based on these assumptions, your costs would be:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| If you surrender your Contract at the end of the applicable time period: | $10317 | $18026 | $24838 | $44322 | $8761 | $13464 | $17417 | $30474 |
| If you annuitize your Contract at the end of the applicable time period: | $4317 | $13026 | $21838 | $44322 | $2761 | $8464 | $14417 | $30474 |
| If you do not surrender or annuitize your Contract at the end of the applicable time period: | $4317 | $13026 | $21838 | $44322 | $2761 | $8464 | $14417 | $30474 |

---

------

[Back to **Table of Contents**](#TOC_869)

**Principal Risks of Investing in the Contract**

------

The risks identified below are the principal risks of investing in the Annuity. The Annuity may be subject to additional risks other than those identified and described in this prospectus.

**Risk of Loss**

You can lose money by investing in the Contract, including your principal investment. An investment in the Annuity is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Early Withdrawal Risk**

The Annuity is not a short-term investment vehicle and is not an appropriate investment for an investor who needs ready access to cash. The Annuity is designed to provide benefits on a long-term basis. Because of the long-term nature of the Annuity, you should consider whether the Annuity is consistent with your financial situation and objectives. Withdrawals under the Annuity, including partial withdrawals and a full surrender, may be subject to negative tax consequences. If you have elected certain Optional Benefits, a withdrawal may reduce the amount of your Benefit on more than a dollar for dollar basis. While the Annuity provides a Death Benefit, the amount of that benefit is subject to investment gains and losses and is reduced for any withdrawals you take, including Advisory Fee deductions.

**Risks Associated with 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 (e.g., the Portfolios). Each investment option, including any fixed account investment option, will have its own unique risks. You should review these Investment Options before making an investment decision. We reserve the right to add, eliminate, substitute or combine Variable Options as Investment Options available under the Annuity or to close Variable Options to subsequent Purchase Payments on existing Annuities or for Annuities purchased on or after specified dates.

**Insurance Company Risks**

An investment in the Contract is subject to the risks related to Everlake Life. Any obligations (including under any fixed account Investment Alternatives which are supported by our general account and are subject to our claims-paying ability. Assets in the general account are not segregated for the exclusive benefit of any particular contract or obligation. General account assets are also available to our general creditors and for conducting routine business activities, such as the payment of salaries, rent and other ordinary business expenses), guarantees, or benefits are subject to the claims-paying ability of Everlake Life. If Everlake Life experiences financial distress, it may not be able to meet its obligations to you. More information about Everlake Life, including its financial strength ratings, is available upon request by calling 1-800-457-7617.

**Investment Risk**

Amounts you allocate to Variable Options may grow in value, decline in value, or grow less than you expect, depending on the investment performance of the Portfolios in which those Variable Options invest. You bear the investment risk that the Portfolios might not meet their investment objectives. Shares of the Portfolios are not deposits, or obligations of, or guaranteed or endorsed by any bank and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency. In other words, you could lose your investment.

**Tax Consequences**

If you make a partial withdrawal under a Non-qualified Contract, the amount you receive will be taxed as ordinary income, rather than as return of cost basis, until all gain has been withdrawn. If you make a full withdrawal under a Non-qualified Contract, the amount received will be taxable only to the extent it exceeds your cost basis in the Contract. Any withdrawals you make prior to the age of 59½ may also be subject to a 10% additional tax.

**Annuity Changes Risk**

We reserve the right to limit the number of transfers you may make or to impose a minimum transfer amount. We also reserve the right to add, eliminate, substitute or combine Variable Options as Investment Options available under the Annuity or to close Variable Options to subsequent Purchase Payments on existing Annuities or for Annuities purchased on or after specified dates. We may limit, suspend or reject any additional Purchase Payment at any time on a non-discriminatory basis. If we do so, you may no longer be able to increase the values associated with an optional living benefit or increase the amount of the death benefit under an optional death benefit through subsequent Purchase Payments. This would also impact your ability to make annual contributions to certain qualified Annuities. In addition, we may impose limitations on an investment professional's or investment advisor's ability to request financial transactions on your behalf.

------

[Back to **Table of Contents**](#TOC_869)

**Cyber Security Risks**

With the increasing use of technology and computer systems in general and, in particular, the Internet to conduct necessary business functions, Everlake Life is susceptible to operational, information security and related risks. These risks, which are often collectively referred to as "cyber security" risks, may include deliberate or malicious attacks, as well as unintentional events and occurrences. These risks are heightened by our offering of products with certain features, including those with automatic asset transfer or reallocation strategies, and by our employment of complex investment, trading and hedging programs. Cyber security is generally defined as the technology, operations and related protocol surrounding and protecting a user's computer hardware, network, systems and applications and the data transmitted and stored therewith. These measures ensure the reliability of a user's systems, as well as the security, availability, integrity, and confidentiality of data assets.

Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access (including physical break-ins and attempts to fraudulently induce employees, customers or other users of these systems to disclose sensitive information in order to gain access) to computer systems in order to misappropriate and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the destruction, release or disclosure of confidential or proprietary information stored on an organization's systems.

Cyber security failures or breaches that could impact Everlake Life and Contract Owners, whether deliberate or unintentional, could arise not only in connection with our own administration of the Contract, but also with entities operating the Contract's underlying funds and with third-party service providers to Everlake Life. Cyber security failures originating with any of the entities involved with the offering and administration of the Contract may cause significant disruptions in the business operations related to the Contract. Potential impacts may include, but are not limited to, potential financial losses under the Contract, your inability to conduct transactions under the Contract and/or with respect to an underlying fund, an inability to calculate the accumulation unit value (AUV) with respect to the Contract and/or the net asset value (NAV) with respect to an underlying fund, and disclosures of your personal or confidential account information.

In addition to direct impacts to you, cyber security failures of the type described above may result in adverse impacts to Everlake Life, including regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs, and reputational damage. Costs incurred by Everlake Life may include reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. Considerable expenses also may be incurred by Everlake Life in enhancing and upgrading computer systems and systems security following a cyber security failure.

The rapid proliferation of technologies, as well as the increased sophistication and activities of organized crime, hackers, terrorists, hostile foreign governments, and others continue to pose new and significant cyber security threats. Although Everlake Life, our service providers, and the underlying funds offered under the Contract may have established business continuity plans and risk management systems to mitigate cyber security risks, there can be no guarantee or assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. Furthermore, Everlake Life cannot control or assure the efficacy of the cyber security plans and systems implemented by third-party service providers, the underlying funds, and the issuers in which the underlying funds invest.

**Artificial Intelligence Risk**

In addition to the cyber security risks described above, the development, adoption and use of AI, including generative artificial intelligence ("Generative AI"), by us and by third parties on whom we rely may increase existing operational risks or create new operational risks that we are not currently anticipating. AI technologies offer potential benefits in areas such as customer service personalization and process automation, and we expect to use AI and Generative AI to help deliver products and services and support critical functions. We also expect third parties on whom we rely to do the same. There are significant risks involved in developing and deploying AI, and there can be no assurance that its use will enhance our products or services or be beneficial to our business, including our efficiency or profitability. The risk that AI and Generative AI may be misused is increased by the relative newness of the technology, the speed at which it is being adopted, and the lack of laws, regulations or standards governing its use. Such misuse could expose the Company to legal or regulatory risk, damage customer relationships or cause reputational harm. Further, our ability to continue to develop and efficiently deploy AI technologies depends on access to specific third-party equipment and other physical infrastructure, such as processing hardware and network capacity, the availability and pricing of which is difficult to control, especially in a highly competitive environment. Our competitors may also adopt AI or Generative AI more quickly or more effectively than we do, which could cause competitive harm. Because the Generative AI technology is so new, some of the potential risks of Generative AI are currently unknowable.

------

[Back to **Table of Contents**](#TOC_869)

**Description of Insurance Company, Registered Separate Account, and** **Investment Options**

------

**EVERLAKE**

Everlake Life is the issuer of the Contract. Everlake Life was organized in 1957 as a stock life insurance company under the laws of the State of Illinois.

On November 1, 2021, Allstate Insurance Company completed its sale of Allstate Life Insurance Company and Allstate Distributors, LLC, to Everlake US Holdings Company, a Delaware corporation (the "Transaction"). As a result of the Transaction, Allstate Life Insurance Company and Allstate Distributors, LLC changed their names to Everlake Life Insurance Company and Everlake Distributors, LLC, respectively.

Everlake Life Insurance Company, which was formerly named Allstate Life Insurance Company, is a direct wholly owned subsidiary of Everlake US Holdings Company, a holding company incorporated in the state of Delaware. Everlake US Holdings Company is a direct wholly owned subsidiary of Everlake US Parent Company, a holding company incorporated in the state of Delaware, which is a direct wholly owned subsidiary of Everlake Holdings, LP, a Cayman Islands limited partnership, whose general partner is Blackstone ISG Investment Partners – A Management Associates (Cayman) – NQ L.P., a Cayman Islands exempted limited partnership ("BISG Management Associates"). BISG Management Associates is an indirect subsidiary of Blackstone Inc., a Delaware corporation, which is a publicly traded company listed on the New York Stock Exchange under the ticker symbol "BX" ("Blackstone"). Pursuant to the terms of the Joint Shareholder Committee Agreement, dated November 1, 2021 (the "Joint Shareholder Committee Agreement"), Everlake US Holdings Company, Everlake US Parent Company, Everlake Holdings, LP, BISG Management Associates and the other entities that otherwise would directly or indirectly control Everlake US Holdings Company, including Blackstone (collectively, the "Delegating Persons"), established and delegated all authority that the shareholders of Everlake US Holdings Company would have had as shareholders to a joint shareholder committee (the "Shareholder Committee") comprised of three employees of Blackstone with the title of managing director or any equivalent or senior title. The Shareholder Committee possesses and is entitled to exercise rights attendant to the shares of Everlake US Holdings Company held by the Delegating Persons and, as such, its primary role is to consider and vote on matters appropriate for Everlake US Holdings Company's shareholders, including the nomination of members of Everlake US Holding Company's Board of Directors.

Everlake Life is licensed to operate in the District of Columbia, Puerto Rico, and all jurisdictions except the State of New York. Our home office is located at 3100 Sanders Road, Northbrook, Illinois, 60062.

A large-scale pandemic, the occurrence of terrorism or military actions may have an adverse effect on our business A large-scale pandemic (such as coronavirus or COVID-19), the occurrence of terrorism or military and other actions, may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the equity markets, changes in interest rates, reduced liquidity and economic activity caused by a large-scale pandemic. Additionally, a large-scale pandemic or terrorist act could have a material effect on sales, liquidity and operating results.

Effective June 1, 2006, Everlake Life entered into an agreement ("the Agreement") with Prudential Financial, Inc. and its subsidiary, The Prudential Insurance Company of America ("PICA") pursuant to which Everlake Life sold, through a combination of coinsurance and modified coinsurance reinsurance, substantially all of its variable annuity business. Pursuant to the Agreement Everlake Life and PICA also entered into an administrative services agreement which provides that PICA or an affiliate administer the Variable Account and the Contracts. The benefits and provisions of the Contracts have not been changed by these transactions and agreements. None of the transactions or agreements have changed the fact that we are primarily liable to you under your Contract.

Everlake Life may receive compensation from the investment advisors, administrators or distributors, or their affiliates, of the Portfolios in connection with the administrative, distribution (12b-1), or other services we provide to the Portfolios. We collect this compensation under agreement between us and the Portfolio's investment advisor, administrators or distributors, and is calculated based on a percentage of the average assets allocated to the Portfolio.

**THE VARIABLE ACCOUNT**

Everlake Life established Everlake Financial Advisors Separate Account I ("Variable Account") in 1999. We have registered the Variable Account with the SEC as a unit investment trust. The SEC does not supervise the management of the Variable Account or Everlake Life.

We own the assets of the Variable Account. The Variable Account is a segregated asset account under Illinois law. That means we account for the Variable Account's income, gains and losses separately from the results of our other operations. The assets of the Everlake Financial Advisors Separate Account I may not be used to pay any liabilities of Everlake Life other than those arising from the Contracts. Our obligations arising under the Contracts are general corporate obligations of Everlake Life.

------

[Back to **Table of Contents**](#TOC_869)

The Variable Account consists of multiple Variable Options, each of which are available under the Contract. We may add new Variable Options or eliminate one or more of them, if we believe marketing, tax, or investment conditions so warrant. We do not guarantee the investment performance of the Variable Account, its Variable Options or the Portfolios. We may use the Variable Account to fund our other annuity contracts. We will account separately for each type of annuity contract funded by the Variable Account.

**THE PORTFOLIOS**

**Information regarding each Portfolio Company, including its name, its type (e.g., money market fund, bond fund, balanced fund,** **etc.) or a brief statement concerning its investment objectives, its investment advisor and any sub-investment advisor, current** **expenses, and performance is available in "**[**Appendix A**](#chapter_18_869)**"** Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectus for the Portfolios. To obtain any or all of the underlying Portfolio prospectuses, please contact us at 1-800-457-7617.

**Voting Privileges.** As a general matter, you do not have a direct right to vote the shares of the Portfolios held by the Variable Options to which you have allocated your Contract Value. Under current law, however, you are entitled to give us instructions on how to vote those shares on certain matters. Based on our present view of the law, we will vote the shares of the Portfolios that we hold directly or indirectly through the Variable Account in accordance with instructions that we receive from Contract owners entitled to give such instructions.

As a general rule, before the Payout Start Date, the Contract owner or anyone with a voting interest is the person entitled to give voting instructions. The number of shares that a person has a right to instruct will be determined by dividing the Contract Value allocated to the applicable Variable Option by the net asset value per share of the corresponding Portfolio as of the record date of the meeting. After the Payout Start Date the person receiving income payments has the voting interest. The payee's number of votes will be determined by dividing the reserves for such Contract allocated to the applicable Variable Option by the net asset value per share of the corresponding Portfolio as of the record date of the meeting. The votes decrease as income payments are made and as the reserves for the Contract decrease.

We will vote shares attributable to Contracts for which we have not received instructions, as well as shares attributable to us, in the same proportion as we vote shares for which we have received instructions, unless we determine that we may vote such shares in our own discretion. We will apply voting instructions to abstain on any item to be voted upon on a pro rata basis to reduce the votes eligible to be cast.

We reserve the right to vote Portfolio shares as we see fit without regard to voting instructions to the extent permitted by law. If we disregard voting instructions, we will include a summary of that action and our reasons for that action in the next semi-annual financial report we send to you.

**Changes in Portfolios.** We reserve the right, subject to any applicable law, to make additions to, deletions from or substitutions for the Portfolio shares held by any Variable Option. If the shares of any of the Portfolios are no longer available for investment by the Variable Account or if, in our judgment, further investment in such shares is no longer desirable in view of the purposes of the Contract, we may eliminate that Portfolio and substitute shares of another eligible investment fund. Any substitution of securities will comply with the requirements of the Investment Company Act of 1940. We also may add new Variable Options that invest in additional mutual Portfolios. We will notify you in advance of any change.

**Conflicts of Interest.** Certain of the Portfolios sell their shares to separate accounts underlying both variable life insurance and variable annuity contracts. It is conceivable that in the future it may be unfavorable for variable life insurance separate accounts and variable annuity separate accounts to invest in the same Portfolio. The boards of directors or trustees of these Portfolios monitor for possible conflicts among separate accounts buying shares of the Portfolios. Conflicts could develop for a variety of reasons. For example, differences in treatment under tax and other laws or the failure by a separate account to comply with such laws could cause a conflict. To eliminate a conflict, a Portfolio's board of directors or trustees may require a separate account to withdraw its participation in a Portfolio. A Portfolio's net asset value could decrease if it had to sell investment securities to pay redemption proceeds to a separate account withdrawing because of a conflict.

**INVESTMENT ALTERNATIVES**

**VARIABLE OPTIONS**

You may allocate your purchase payments to various Variable Options. Each Variable Option invests in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies. **Information regarding each Portfolio Company, including its** **name, its type (e.g., money market fund, bond fund, balanced fund, etc.) or a brief statement concerning its investment objectives, its** **investment advisor and any Sub-investment advisor, current expenses, and performance is available in "**[**Appendix A**](#chapter_18-sect1_1_57592_869)**".**

Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectus for the Portfolios. The Variable Options that you select are your choice - we do not provide investment advice, nor do we recommend any particular Variable Option. Account Value allocated to a Variable Option will vary based on the investment experience of the corresponding Portfolio in which it invests. There is a risk of loss of the entire amount invested. Please consult with a qualified investment

------

[Back to **Table of Contents**](#TOC_869)

professional if you wish to obtain investment advice. **You should carefully consider the investment objectives, risks, charges and** **expenses of the underlying Portfolios when making an allocation to the Variable Options. To obtain any or all of the underlying** **Portfolio prospectuses, please contact us at 1-800-457-7617 or visit us online at** **<u>www.annuityregulatorydocuments.com</u>** **.**

**Dividends and Capital Gain Distributions.** We automatically reinvest all dividends and capital gains distributions from the Portfolios in shares of the distributing Portfolio at their net asset value.

Following the detection of excessive short-term trading activity and in response to requests from the fund investment advisors, Everlake Life currently limits new premium allocations and transfers into all Variable Options other than the Money Market Variable Option to a maximum of $50,000 per day. If we receive a transfer request that exceeds the limitation, we will be unable to process the request and will promptly contact you and request that you submit a transfer request that complies with the Variable Option limitation. If you wish to transfer more than $50,000 into a Variable Option, you may submit a single request that Everlake Life transfer $50,000 per day into that Variable Option until the transfer request is completed.

For example, if you wish to transfer $500,000 into a Variable Option, you may submit a single request that Everlake Life transfer $50,000 per day for 10 business days until the full $500,000 has been transferred.

If, as of the effective date of the Variable Option restriction, you were enrolled in one of our special services automatic transaction programs, such as automatic additions, portfolio rebalancing or dollar cost averaging, we will continue to effect automatic transactions to the Variable Options without regard to the $50,000 limitation. Shares may be redeemed at any time.

**Amounts you allocate to Variable Options may grow in value, decline in value, or grow less than you expect, depending on the** **investment performance of the Portfolios in which those Variable Options invest. You bear the investment risk that the Portfolios** **might not meet their investment objectives. Shares of the Portfolios are not deposits, or obligations of, or guaranteed or endorsed by** **any bank and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency.**

**FIXED OPTIONS**

You may allocate all or a portion of your purchase payments to the Fixed Account Options. We currently offer the Standard Fixed Account Option. We also currently offer the 6 and 12 month Dollar Cost Averaging Fixed Account Options described below. **However, the Basic** **Dollar Cost Averaging Fixed Account Option is currently not available.** Please consult with your Morgan Stanley Financial Advisor for current information.

The Fixed Account supports our insurance and annuity obligations. The Fixed Account consists of our general assets other than those in segregated asset accounts. The Fixed Account is part of the Company's general account. The Fixed Account is not subject to the provisions or restrictions of the Securities Act of 1933 or the Investment Company Act of 1940. Insurance and annuity obligations and the guaranteed benefits under the Contracts are supported by the Company's general account and are subject to the Company's claims paying ability. Therefore, contract owners should look to the financial strength of the company for its claims paying ability.

We have sole discretion to invest the assets in the Fixed Accounts subject to applicable law. Any money you allocate to a Fixed Account Option does not entitle you to share in the investment experience of the Fixed Account.

**DOLLAR COST AVERAGING FIXED ACCOUNT OPTIONS**

**Basic Dollar Cost Averaging Fixed Account Option. The Basic Dollar Cost Averaging Fixed Account Option is closed to new** **purchase payments, including automatic additions.** In the future, we may offer the Basic Dollar Cost Averaging Fixed Account Option. Under this option, you may establish a Dollar Cost Averaging Program, as described in the "Transfers" section of this prospectus, by allocating purchase payments to the Basic Dollar Cost Averaging Fixed Account Option. Purchase payments that you allocate to the Basic Dollar Cost Averaging Fixed Account Option will earn interest for a 1 year period at the current rate in effect at the time of allocation. We will credit interest daily at a rate that will compound over the year to the annual interest rate we guaranteed at the time of allocation. Rates may be different than those available for the Guarantee Periods described below. After the one year period, we will declare a renewal rate which we guarantee for a full year. Subsequent renewal dates will be every twelve months for each purchase payment. Renewal rates will not be less than the minimum guaranteed rate found in the Contract, which is 3.00%.

You may not transfer funds from other investment alternatives to the Basic Dollar Cost Averaging Fixed Account Option.

**6 and 12 Month Dollar Cost Averaging Fixed Account Options.** Under these options, you may establish a Dollar Cost Averaging Program by allocating purchase payments to the Fixed Account either for 6 months (the "6 Month Dollar Cost Averaging Fixed Account Option") or for 12 months (the "12 Month Dollar Cost Averaging Fixed Account Option"). Your purchase payments will earn interest for the period you select at the current rates in effect at the time of allocation. Rates may differ from those available for the Guarantee Periods described below. However, the crediting rates for the 6 and 12 Month Dollar Cost Averaging Fixed Account Options will never be less than the minimum guaranteed rate stated in the Contract.

You must transfer all of your money out of the 6 or 12 Month Dollar Cost Averaging Fixed Account Options to the Variable Options in equal monthly installments. If we do not receive an allocation from you within one month of the date of payment, the payment plus associated interest will be transferred to the Money Market Variable Option in substantially equal monthly installments using the longest transfer period

------

[Back to **Table of Contents**](#TOC_869)

being offered at the time the purchase payment is made. If you discontinue a 6 or 12 Month Dollar Cost Averaging Fixed Account Option prior to last scheduled transfer, we will transfer any remaining money immediately to the Money Market Variable Option, unless you request a different Variable Option.

At the end of the transfer period, any residual amount in the Six-Month Dollar Cost Averaging Fixed Account or the Twelve-Month Dollar Cost Averaging Fixed Account will be automatically transferred to the Money Market Variable Option. For each purchase payment, the first transfer from the 6 or 12 Month Dollar Cost Averaging Fixed Account will begin within 30 days after the date we receive the payment. If we do not receive an allocation instruction from you within 30 days of when we receive payment, the purchase payment plus associated interest will be transferred to the Money Market Variable Option in equal monthly installments within the selected transfer period until we receive a different allocation instruction.

You may not transfer funds from other investment alternatives to the 6 or 12 Month Dollar Cost Averaging Fixed Account Options.

Transfers out of the Dollar Cost Averaging Fixed Account Options do not count towards the 12 transfers you can make without paying a transfer fee.

We may declare more than one interest rate for different monies based upon the date of allocation to the Dollar Cost Averaging Fixed Account Options.

**See "**[**Appendix D**](#chapter_21-sect1_1_57598_869)**" for numerical examples that illustrate how the Dollar Cost Averaging Programs work.**

**Standard Fixed Account Option**

You may allocate purchase payments or transfers to one or more Guarantee Periods of the Standard Fixed Account Option. Each payment or transfer allocated to a Guarantee Period earns interest at a specified rate that we guarantee for a period of years. Since interest is credited daily, any withdrawals that occur prior to the end of your Guarantee Period will reduce the amount of interest received. We currently offer a 6 year Guarantee Period. We offer additional Guarantee Periods at our sole discretion.

**Interest Rates.** We will tell you what interest rates and Guarantee Periods we are offering at a particular time. We will not change the interest rate that we credit to a particular allocation until the end of the relevant Guarantee Period. We may declare different interest rates for Guarantee Periods of the same length that begin at different times.

We have no specific formula for determining the rate of interest that we will declare initially or in the future. We will set those interest rates based on investment returns available at the time of the determination. In addition, we may consider various other factors in determining interest rates including regulatory and tax requirements, our sales commission and administrative expenses, general economic trends, and competitive factors. ***We determine the interest rates to be declared in our sole discretion. We can neither predict nor guarantee what those*** ***rates will be in the future.*** For availability and current interest rate information, please contact your financial advisor or Everlake Life at 1-800-457-7617. The interest rate will never be less than the minimum guaranteed rate stated in the Contract, which is 3.00%.

After the Guarantee Period, we will declare a renewal rate. Subsequent renewal dates will be on anniversaries of the first renewal date. On or about each renewal date, we will notify the owner of the interest rate(s) for the Contract Year then starting.

------

[Back to **Table of Contents**](#TOC_869)

**Charges and Adjustments**

------

As a Contract owner, you will bear, directly or indirectly, the charges and expenses described below.

**CONTRACT MAINTENANCE CHARGE**

During the Accumulation Phase, on each Contract Anniversary, we will deduct a $35 contract maintenance charge from your Contract Value. The charge will be deducted from each Variable Option in the proportion that your investment in each bears to your Contract Value. We also will deduct a full contract maintenance charge if you withdraw your entire Contract Value. During the Payout Phase, we will deduct the charge proportionately from each variable income payment. We will waive the charge for the remaining time your contract is in force if the Contract Value is $40,000 or more on or after the Issue Date.

The charge is to compensate us for the cost of administering the Contracts and the Variable Account. Maintenance costs include expenses we incur in billing and collecting purchase payments; keeping records; processing death claims, cash withdrawals, and policy changes; proxy statements; calculating Accumulation Unit Values and income payments; and issuing reports to Contract owners and regulatory agencies. We cannot increase the charge.

**MORTALITY AND EXPENSE RISK CHARGE**

We deduct a mortality and expense risk charge daily at the following current annual rates (as a percentage of daily net assets of the Variable Options):

1. 1.25%
 Base Contract

2. 1.38%
 if you select the Performance Death Benefit Option,

3. 1.49%
 if you select the Death Benefit Combination Option,

4. 1.55%
 if you select the Income Benefit Combination Option 2

5. 1.68%
 if you select the Income and Performance Death Benefit Option (State of Washington only)

6. 1.75%
 if you select the Income and Death Benefit Combination Option 2

7. 1.40%
 if you select the Enhanced Earnings Death Benefit Plus Option if, on the Rider Application Date, the oldest Contract owner
 (or Annuitant if the Contract owner is a non-living person) is age 55 or younger

8. 1.50%
 if you select the Enhanced Earnings Death Benefit Plus Option if, on the Rider Application Date, the oldest Contract owner
 (or Annuitant if the Contract owner is a non-living person) is between the ages of 56 and 65.

9. 1.60%
 if you select the Enhanced Earnings Death Benefit Plus Option if, on the Rider Application Date, the oldest Contract owner
 (or Annuitant if the Contract owner is a non-living person) is between the ages of 66 and 75.

See the description of each Option for the availability of each.

The mortality and expense risk charge is included in the base contract expense as shown in the ["Fee Table"](#chapter_5-sect1_1_57567_869) section. The mortality and expense risk charge is for all the insurance benefits available with your Contract (including our guarantee of annuity rates and the death benefits), for certain expenses of the Contract, and for assuming the risk (expense risk) that the current charges will not be sufficient in the future to cover the cost of administering the Contract. If the charges under the Contract are not sufficient, then we will bear the loss. We charge an additional amount for the Performance Death Benefit Option, the Death Benefit Combination Option, the Income Benefit Combination Option 2, Income and Performance Death Benefit Option and the Income and Death Benefit Combination Option 2 to compensate us for the additional risk that we accept by providing these Options.

We guarantee the mortality and expense risk charge, and since current charges are at the maximum allowed by the Contract, we cannot increase it. We assess the mortality and expense risk charge during both the Accumulation Phase and the Payout Phase.

**ADMINISTRATIVE EXPENSE CHARGE**

We deduct an administrative expense charge daily at an annual rate of 0.10% of the daily net assets you have invested in the Variable Options. The administrative expense charge is included in the base contract expense charge as shown in the ["Fee Table"](#chapter_5-sect1_1_57567_869) section. We will not increase the administrative expense charge for the life of the Contract. We intend this charge to cover actual administrative expenses that exceed the revenues from the contract maintenance charge. There is no necessary relationship between the amount of administrative charge imposed on a given Contract and the amount of expenses that may be attributed to that Contract. We assess this charge each day during the Accumulation Phase and the Payout Phase.

**TRANSFER FEE**

We do not currently impose a fee upon transfers among the investment alternatives. However, we reserve the right to charge $25 per transfer after the 12<sup>th</sup> transfer in each Contract Year. We will not charge a transfer fee on transfers that are part of a Dollar Cost Averaging or Automatic Portfolio Rebalancing Program.

------

[Back to **Table of Contents**](#TOC_869)

**WITHDRAWAL CHARGE**

We may assess a withdrawal charge of up to 6% of the purchase payment(s) you withdraw. This charge declines to 0% after the expiration of 6 years from the day we receive the purchase payment being withdrawn. If you make a withdrawal before the Payout Start Date, we will apply the withdrawal charge percentage in effect on the date of the withdrawal, or the withdrawal charge percentage in effect on the following day, whichever is lower. A schedule showing how the withdrawal charge declines over the 6-year period is shown in the ["Fee Table"](#chapter_5-sect1_1_57567_869) section of this prospectus. During each Contract Year, you can withdraw all remaining purchase payments beyond the withdrawal charge period or up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year, whichever is greater, without paying the charge. Unused portions of this Charge Free Withdrawal Amount are not carried forward to future Contract Years.

We will deduct withdrawal charges, if applicable, from the amount paid, unless you instruct otherwise. For purposes of the withdrawal charge, we will treat withdrawals as coming from the oldest purchase payments first and then from earnings. Therefore, additional purchase payments may reduce your ability to withdraw earnings without incurring a withdrawal charge. However, for federal income tax purposes, please note that withdrawals are considered to have come first from earnings, which means you pay taxes on the earnings portion of your withdrawal.

We do not apply a withdrawal charge in the following situations:

• on
 the Payout Start Date (a withdrawal charge may apply if you elect to receive income payments for a specified period of less
 than 120 months);

• the
 death of the Contract owner or Annuitant (unless the Contract is continued); and

• withdrawals
 taken to satisfy IRS minimum distribution rules for the Contract.

We use the amounts obtained from the withdrawal charge to pay sales commissions and other promotional or distribution expenses associated with marketing the Contracts. To the extent that the withdrawal charge does not cover all sales commissions and other promotional or distribution expenses, we may use any of our corporate assets, including potential profit which may arise from the mortality and expense risk charge or any other charges or fee described above, to make up any difference.

Withdrawals of earnings are taxed as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax.

**PREMIUM TAXES**

Some states and other governmental entities (e.g., municipalities) charge premium taxes or similar taxes. We are responsible for paying these taxes and will deduct them from your Contract Value. Some of these taxes are due when the Contract is issued, others are due when income payments begin or upon surrender.

Our current practice is not to charge anyone for these taxes until income payments begin or when a total withdrawal occurs including payment upon death. At our discretion, we may discontinue this practice and deduct premium taxes from the purchase payments. Premium taxes generally range from 0% to 3.5%, depending on the state.

At the Payout Start Date, if applicable, we deduct the charge for premium taxes from each investment alternative in the proportion that the Contract value in the investment alternative bears to the total Contract Value.

**DEDUCTION FOR VARIABLE ACCOUNT INCOME TAXES**

Our status under the Code is briefly described in the "Taxes" section.

**PORTFOLIO EXPENSES**

Each Portfolio deducts management fees and other expenses from its assets. Charges are deducted from and expenses paid out of the assets of the Portfolio Companies that are described in the prospectuses for those companies. You indirectly bear the charges and expenses of the Portfolios whose shares are held by the Variable Options. These fees and expenses are described in the accompanying prospectuses for the Portfolios.

------

[Back to **Table of Contents**](#TOC_869)

**See "**[**Appendix A**](#chapter_18-sect1_1_57592_869)**" for a list of Portfolio Companies available under the Contract and their current expenses and performance** **information.** 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 <u>www.annuityregulatorydocuments.com</u>. You can also request this information at no cost by calling 1-800-457-7617 or by sending an email request to prudaawfnf@zinnia.com.

------

[Back to **Table of Contents**](#TOC_869)

**General Description of Contracts**

------

 **THE CONTRACT** 

**Contract Owner**

The Variable Annuity 3 is a contract between you, the Contract owner, and Everlake Life, a life insurance company. As the Contract owner, you may exercise all of the rights and privileges provided to you by the Contract. That means it is up to you to select or change (to the extent permitted):

• the
 investment alternatives during the Accumulation and Payout Phases,

• the
 amount and timing of your purchase payments and withdrawals,

• the
 programs you want to use to invest or withdraw money,

• the
 income payment plan you want to use to receive retirement income,

• the
 Annuitant (either yourself or someone else) on whose life the income payments will be based,

• the
 owner, while the Annuitant is alive,

• the
 Beneficiary or Beneficiaries who will receive the benefits that the Contract provides when the last surviving Contract owner
 dies, and

• any
 other rights that the Contract provides.

If you die, any surviving Contract owner or, if none, the Beneficiary will exercise the rights and privileges provided to them by the Contract.

The Contract cannot be jointly owned by both a non-living person and a living person. If the Contract owner is a grantor trust, the Contract owner will be considered a non-living person for purposes of this section and the Death Benefits section. The age of the oldest Contract owner and Annuitant cannot exceed age 90 as of the date we receive the completed application or request to select a new Contract owner.

Changing ownership of this Contract may cause adverse tax consequences and may not be allowed under qualified plans. Please consult with a tax advisor prior to making a request for a change of Contract owner.

The Contract can also be purchased as an IRA or TSA (also known as a 403(b)). The endorsements required to qualify these annuities under the Code may limit or modify your rights and privileges under the Contract.

**Annuitant**

The Annuitant is the individual whose life determines the amount and duration of income payments (other than under Income Plans with guaranteed payments for a specified period). The Annuitant must be a living person. The age of the oldest Annuitant cannot exceed 90 as of the date we receive the completed application.

You initially designate an Annuitant in your application. If the Contract owner is a living person, you may change the Annuitant at any time prior to the Payout Start Date. Once we receive your change request, any change will be effective at the time you sign the written notice. We are not liable for any payment we make or other action we take before receiving any written request from you. Before the Payout Start Date, you may designate a joint Annuitant, who is a second person on whose life income payments depend. If the Annuitant dies prior to the Payout Start Date, the new Annuitant will be the youngest Contract owner, otherwise, the youngest Beneficiary, unless the Contract owner names a different Annuitant.

**Beneficiary**

You may name one or more primary and contingent Beneficiaries when you apply for a Contract. The primary Beneficiary is the person who may elect to receive the death benefit or become the new Contract owner subject to the Death of Owner provision if the sole surviving Contract owner dies before the Payout Start Date. If the sole surviving Contract owner dies after the Payout Start Date, the primary Beneficiary will receive any guaranteed income payments scheduled to continue.

A contingent Beneficiary is the person selected by the Contract owner who will exercise the rights of the primary Beneficiary if all named primary Beneficiaries die before the death of the sole surviving Contract owner.

You may change or add Beneficiaries at any time, unless you have designated an irrevocable Beneficiary. We will provide a change of Beneficiary form to be signed by you and filed with us. After we accept the form, the change of Beneficiary will be effective as of the date you signed the form. Until we receive your written notice to change a Beneficiary, we are entitled to rely on the most recent Beneficiary information in our files. Accordingly, if you wish to change your Beneficiary, you should deliver your written notice to us promptly. Each Beneficiary change is subject to any payment made by us or any other action we take before we accept the change.

You may restrict income payments to Beneficiaries by providing us with a written request. Once we accept the written request, the restriction will take effect as of the date you signed the request. Any restriction is subject to any payment made we make or any other action we take before we accept the request.

------

[Back to **Table of Contents**](#TOC_869)

If you did not name a Beneficiary or, unless otherwise provided in the Beneficiary designation, if a named Beneficiary is no longer living and there are no other surviving primary or contingent Beneficiaries when the death benefit becomes payable, the new Beneficiary will be:

• your
 spouse or, if he or she is no longer alive,

• your
 surviving children equally, or if you have no surviving children,

• your
 estate.

If there is more than one Beneficiary and one of the Beneficiaries is a corporation or other type of non-living person, all Beneficiaries will be considered to be non-living persons for the above purposes.

Unless you have provided directions to the contrary, the Beneficiaries will take equal shares. If there is more than one Beneficiary in a class (e.g., more than one primary Beneficiary) and one of the Beneficiaries predeceases the Contract owner, the remaining Beneficiaries in that class will divide the deceased Beneficiary's share in proportion to the original share of the remaining Beneficiaries.

If there is more than one Beneficiary taking shares of the death benefit, each Beneficiary will be treated as a separate and independent owner of his or her respective share of the death benefit. Each Beneficiary will exercise all rights related to his or her share of the death benefit, including the sole right to select a payout option, subject to any restrictions previously placed upon the Beneficiary. Each Beneficiary may designate a Beneficiary(ies) for his or her respective share, but that designated Beneficiary(ies) will be restricted to the payout option chosen by the original Beneficiary.

**Modification of the Contract**

Only an Everlake Life officer may approve a change in or waive any provision of the Contract. Any change or waiver must be in writing. None of our agents has the authority to change or waive the provisions of the Contract. We may not change the terms of the Contract without your consent, except to conform the Contract to applicable law or changes in the law. If a provision of the Contract is inconsistent with state law, we will follow state law.

**Assignment**

No owner has a right to assign any interest in a Contract as collateral or security for a loan. However, you may assign periodic income payments under the Contract prior to the Payout Start Date. No Beneficiary may assign benefits under the Contract until they are payable to the Beneficiary. We will not be bound by any assignment until you sign it and file it with us. We are not responsible for the validity of any assignment. Federal law prohibits or restricts the assignment of benefits under many types of retirement plans and the terms of such plans may themselves contain restrictions on assignments. An assignment may also result in taxes or assessment of the 10% additional tax penalty. ***You should consult with your attorney before trying to assign your Contract.***

 **INVESTMENT ALTERNATIVES: TRANSFERS** 

**Transfers During the Accumulation Phase**

During the Accumulation Phase, you may transfer the Contract Value among the investment alternatives. You may not transfer Contract Value into any of the Dollar Cost Averaging Fixed Account Options. You may request transfers in writing on a form that we provide or by telephone according to the procedure described below. The minimum amount that you may transfer is $100 or the total amount in the investment alternative, whichever is less. Transfers to any Guarantee Period of the Standard Fixed Account Option must be at least $500. We currently do not assess, but reserve the right to assess, a $25 charge on each transfer in excess of 12 per Contract Year. We will notify you at least 30 days before we begin imposing the transfer charge. We treat transfers to or from more than one Portfolio on the same day as one transfer.

We limit the amount you may transfer from the Standard Fixed Account Option to the Variable Account or between Guarantee Periods of the Standard Fixed Account Option in any Contract Year to the greater of:

1. 25%
 of the aggregate value in the Standard Fixed Account Option as of the most recent Contract Anniversary (if the amount is
 less than $1,000, then up to $1,000 may be transferred); or

2. 25%
 of the sum of all purchase payments and transfers allocated to the Standard Fixed Account Option as of the most recent Contract
 Anniversary.

These restrictions do not apply to transfers pursuant to dollar cost averaging. If the first renewal interest rate is less than the rate that was in effect at the time money was allocated or transferred to the Standard Fixed Account Option, we will waive the transfer restriction for that money and the accumulated interest thereon during the 60-day period following the first renewal date.

We will process transfer requests that we receive before 3:00 p.m. Central Time on any Valuation Date using the Accumulation Unit Values for that Date. We will process requests received after 3:00 p.m. on any Valuation Date using the Accumulation Unit Values for the next Valuation Date. The Contract permits us to defer transfers from the Fixed Account Options for up to 6 months from the date we receive your request. If we decide to postpone transfers for 30 days or more, we will pay interest as required by applicable law. Any interest would be payable from the date we receive the transfer request to the date we make the transfer.

------

[Back to **Table of Contents**](#TOC_869)

**Market Timing & Excessive Trading**

The Contracts are intended for long-term investment. Market timing and excessive trading can potentially dilute the value of Variable Options and can disrupt management of a Portfolio and raise its expenses, which can impair Portfolio performance and adversely affect your Contract Value. Our policy is not to accept knowingly any money intended for the purpose of market timing or excessive trading. Accordingly, you should not invest in the Contract if your purpose is to engage in market timing or excessive trading, and you should refrain from such practices if you currently own a Contract.

We seek to detect market timing or excessive trading activity by reviewing trading activities. Portfolios also may report suspected market-timing or excessive trading activity to us. If, in our judgment, we determine that the transfers are part of a market timing strategy or are otherwise harmful to the underlying Portfolio, we will impose the trading limitations as described below under "Trading Limitations." Because there is no universally accepted definition of what constitutes market timing or excessive trading, we will use our reasonable judgment based on all of the circumstances.

While we seek to deter market timing and excessive trading in Variable Options, because our procedures involve the exercise of reasonable judgment, we may not identify or prevent some market timing or excessive trading. Moreover, imposition of trading limitations is triggered by the detection of market timing or excessive trading activity, and the trading limitations are not applied prior to detection of such trading activity. Therefore, our policies and procedures do not prevent such trading activity before it is detected. As a result, some investors may be able to engage in market timing and excessive trading, while others are prohibited, and the Portfolio may experience the adverse effects of market timing and excessive trading described above.

**Trading Limitations**

We reserve the right to limit transfers among the investment options in any Contract year, require that all future transfer requests be submitted through U.S. Postal Service First Class Mail thereby refusing to accept transfer requests via telephone, facsimile, Internet, or overnight delivery, or to refuse any transfer request, if:

• we
 believe, in our sole discretion, that certain trading practices, such as excessive trading, by, or on behalf of, one or more Contract
 Owners, or a specific transfer request or group of transfer requests, may have a detrimental effect on the Accumulation
 Unit Values of any Variable Option or on the share prices of the corresponding Portfolio or otherwise would be
 to the disadvantage of other Contract Owners; or

• we
 are informed by one or more of the Portfolios that they intend to restrict the purchase, exchange, or redemption of Portfolio
 shares because of excessive trading or because they believe that a specific transfer or group of transfers would have a
 detrimental effect on the prices of Portfolio shares.

In making the determination that trading activity constitutes market timing or excessive trading, we will consider, among other things:

• the
 total dollar amount being transferred, both in the aggregate and in the transfer request;

• the
 number of transfers you make over a period of time and/or the period of time between transfers (note: one set of transfers to
 and from a Variable Option in a short period of time can constitute market timing);

• whether
 your transfers follow a pattern that appears designed to take advantage of short term market fluctuations, particularly
 within certain Variable Option underlying Portfolios that we have identified as being susceptible to market timing
 activities (e.g., International, High Yield, and Small Cap Variable Options);

• whether
 the manager of the underlying Portfolio has indicated that the transfers interfere with Portfolio management or otherwise
 adversely impact the Portfolio; and

• the
 investment objectives and/or size of the Variable Option underlying Portfolio.

We seek to apply these trading limitations uniformly. However, because these determinations involve the exercise of discretion, it is possible that we may not detect some market timing or excessive trading activity. As a result, it is possible that some investors may be able to engage in market timing or excessive trading activity, while others are prohibited, and the Portfolio may experience the adverse effects of market timing and excessive trading described above.

If we determine that a Contract Owner has engaged in market timing or excessive trading activity, we will require that all future transfer requests be submitted through U.S. Postal Service First Class Mail thereby refusing to accept transfer requests via telephone, facsimile, Internet, or overnight delivery. If we determine that a Contract Owner continues to engage in a pattern of market timing or excessive trading activity we will restrict that Contract Owner from making future additions or transfers into the impacted Variable Option(s) or will restrict that Contract Owner from making future additions or transfers into the class of Variable Option(s) if the Variable Option(s) involved are vulnerable to arbitrage market timing trading activity (*e.g*., International, High Yield, and Small Cap Variable Options).

In our sole discretion, we may revise our Trading Limitations at any time as necessary to better deter or minimize market timing and excessive trading or to comply with regulatory requirements.

------

[Back to **Table of Contents**](#TOC_869)

**Short Term Trading Fees**

The underlying Portfolios are authorized by SEC regulation to adopt and impose redemption fees if a Portfolio's Board of Directors determines that such fees are necessary to minimize or eliminate short-term transfer activity that can reduce or dilute the value of outstanding shares issued by the Portfolio. The Portfolio will set the parameters relating to the redemption fee and such parameters may vary by Portfolio. If a Portfolio elects to adopt and charge redemption fees, these fees will be passed on to the Contract Owner(s) responsible for the short-term transfer activity generating the fee.

We will administer and collect redemption fees in connection with transfers between the Variable Options and forward these fees to the Portfolio. Please consult the Portfolio's prospectus for more complete information regarding the fees and charges associated with each Portfolio.

**Transfers During the Payout Phase**

During the Payout Phase, you may make transfers among the Variable Options so as to change the relative weighting of the Variable Options on which your variable amount income payments will be based. In addition, you will have a limited ability to make transfers from the Variable Options to increase the proportion of your income payments consisting of fixed amount income payments. You may not, however, convert any portion of your right to receive fixed amount income payments into variable amount income payments.

You may not make any transfers for the first 6 months after the Payout Start Date. Thereafter, you may make transfers among the Variable Options or make transfers from the Variable Options to increase fixed amount income payments. Your transfers must be at least 6 months apart.

**Telephone or Electronic Transfers**

You may make transfers by telephone by calling 1-800-457-7617 if you have on file a completed authorization form. The cut off time for telephone transfer requests is 3:00 p.m. Central Time. In the event that the New York Stock Exchange closes early, i.e., before 3:00 p.m. Central Time, or in the event that the Exchange closes early for a period of time but then reopens for trading on the same day, we will process telephone transfer requests as of the close of the Exchange on that particular day. We will not accept telephone requests received at any telephone number other than the number that appears in this paragraph or received after the close of trading on the Exchange.

We may suspend, modify or terminate the telephone transfer privilege, as well as any other electronic or automated means we previously approved, at any time without notice.

We use procedures that we believe provide reasonable assurance that the telephone transfers are genuine. For example, we tape telephone conversations with persons purporting to authorize transfers and request identifying information. Accordingly, we disclaim any liability for losses resulting from allegedly unauthorized telephone transfers. However, if we do not take reasonable steps to help ensure that a telephone authorization is valid, we may be liable for such losses.

**Dollar Cost Averaging Program**

Through our Dollar Cost Averaging Program, you may automatically transfer a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Options to any Variable Option. Transfers made through dollar cost averaging must be $100 or more.

We will not charge a transfer fee for transfers made under this Program, nor will such transfers count against the 12 transfers you can make each Contract Year without paying a transfer fee.

The theory of dollar cost averaging is that if purchases of equal dollar amounts are made at fluctuating prices, the aggregate average cost per unit will be less than the average of the unit prices on the same purchase dates. However, participation in this Program does not assure you of a greater profit from your purchases under the Program nor will it prevent or necessarily reduce losses in a declining market. Call or write us for information on how to enroll.

**See "**[**Appendix D**](#chapter_21-sect1_1_57598_869)**" for numerical examples that illustrate how the Dollar Cost Averaging Program works.**

**Automatic Portfolio Rebalancing Program**

Once you have allocated your money among the Variable Options, the performance of each Variable Option may cause a shift in the percentage you allocated to each Variable Option. If you select our Automatic Portfolio Rebalancing Program, we will automatically rebalance the Contract Value in each Variable Option and return it to the desired percentage allocations. We will not include money you allocate to the Fixed Account Options in the Automatic Portfolio Rebalancing Program.

We will rebalance your account each quarter (or other intervals that we may offer) according to your instructions. We will transfer amounts among the Variable Options to achieve the percentage allocations you specify. You can change your allocations at any time by contacting us in writing or by telephone. The new allocation will be effective with the first rebalancing that occurs after we receive your requests. We are not responsible for rebalancing that occurs prior to receipt of your request.

------

[Back to **Table of Contents**](#TOC_869)

Example:

Assume that you want your initial purchase payment split among 2 Variable Options. You want 40% to be in the Fund A Variable Option and 60% to be in the Fund B Variable Option. Over the next 2 months the bond market does very well while the stock market performs poorly. At the end of the first quarter, the Fund A Variable Option now represents 50% of your holdings because of its increase in value. If you choose to have your holdings rebalanced quarterly, on the first day of the next quarter, we would sell some of your units in the Fund A Variable Option and use the money to buy more units in the Fund B Variable Option so that the percentage allocations would again be 40% and 60% respectively.

The Automatic Portfolio Rebalancing Program is available only during the Accumulation Phase. The transfers made under the Program do not count towards the 12 transfers you can make without paying a transfer fee, and are not subject to a transfer fee.

Portfolio rebalancing is consistent with maintaining your allocation of investments among market segments, although it is accomplished by reducing your Contract Value allocated to the better performing segments.

**See "**[**Appendix D**](#chapter_21-sect1_1_57598_869)**" for numerical examples that illustrate how the Automatic Portfolio Rebalancing Program works.**

------

[Back to **Table of Contents**](#TOC_869)

**Annuity Period**

------

**PAYOUT START DATE**

The Payout Start Date is the day that we apply your Contract Value to an Income Plan. The Payout Start Date must be no later than:

• the
 Annuitant's 99 <sup>th</sup> Birthday, or

• the
 10 <sup>th</sup> Contract Anniversary, if later.

You may change the Payout Start Date at any time by notifying us in writing of the change at least 30 days before the scheduled Payout Start Date. Absent a change, we will use the Payout Start Date stated in your Contract.

**INCOME PLANS**

An ***"Income Plan"*** is a series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date. If you do not select an Income Plan, we will make income payments in accordance with Income Plan 1 with guaranteed payments for 10 years unless changed by the Contract owner. After the Payout Start Date, you may not make withdrawals (except as described below) or change your choice of Income Plan.

*Transfers.* After the payout start date, no transfers may be made from the fixed account. Transfers between Variable Options of the variable account, or from the variable account to the fixed account may not be made for six months subsequent to the payout start date. Transfers may be made once every six months thereafter. Transfers out of a Variable Option of the variable account after the payout start date will cancel annuity units from that Variable Option.

A portion of each payment will be considered taxable and the remaining portion will be a non-taxable return of your investment in the Contract, which is also called the "basis". Once the investment in the Contract is depleted, all remaining payments will be fully taxable. If the Contract is tax-qualified, generally all payments will be fully taxable. Taxable payments taken prior to age 59½, may be subject to an additional 10% federal tax penalty.

Three Income Plans are available under the Contract. Each is available to provide:

• fixed
 income payments;

• variable
 income payments; or

• a
 combination of the two.

The three Income Plans are:

**Income Plan 1 – Life Income With Payments Guaranteed for 120 Months.** Under this plan, we make monthly income payments for at least as long as the Annuitant lives. If the Annuitant dies before we have made all of the 120 months guaranteed income payments, we will continue to pay the remainder of the guaranteed income payments as required by the Contract.

**Income Plan 2 – Joint and Survivor Life Income.** Under this plan, we make monthly income payments for as long as either the Annuitant or the joint Annuitant is alive. No income payments will be made after the death of both the Annuitant and the joint Annuitant.

**Income Plan 3 – Guaranteed Payments For a Specified Period.** Under this plan, we make monthly income payments for the period you have chosen. These payments do not depend on the Annuitant's life. A withdrawal charge may apply if the specified period is less than 10 years. We will deduct the mortality and expense risk charge from the assets of the Variable Account supporting this Income Plan even though we may not bear any mortality risk.

Some of the factors that may affect the amount of the income payments include: your age, your Contract Value, the Income Plan selected, number of guaranteed payments (if any) selected, and whether you select variable or fixed income payments. As a general rule, income payments that are anticipated over a longer period of time will result in smaller individual income phase payments.

We deduct applicable premium taxes from the contract value at the Payout Start Date. We may make other Income Plans available including ones that you and we agree upon. You may obtain information about them by writing or calling us.

If you choose Income Plan 1 or 2, or, if available, another Income Plan with payments that continue for the life of the Annuitant or joint Annuitant, we may require proof of age and sex of the Annuitant or joint Annuitant before starting income payments, and proof that the Annuitant or joint Annuitant is still alive before we make each payment. Please note that under these Income Plans, if you elect to take no minimum guaranteed payments, it is possible that the payee could receive only 1 income payment if the Annuitant and any joint Annuitant both die before the second income payment, or only 2 income payments if they die before the third income payment, and so on.

Generally, you may not make withdrawals after the Payout Start Date. One exception to this rule applies if you are receiving income payments that do not depend on the life of the Annuitant (such as under Income Plan 3). In that case you may terminate all or part of the Variable Account portion of the income payments at any time and receive a lump sum equal to the present value of the remaining variable

------

[Back to **Table of Contents**](#TOC_869)

payments associated with the amount withdrawn. To determine the present value of any remaining variable income payments being withdrawn, we use a discount rate equal to the assumed annual investment rate that we use to compute such variable income payments. The minimum amount you may withdraw under this feature is $1,000. A withdrawal charge may apply.

You may apply your Contract Value to an Income Plan. If you elected the Income Benefit Combination Option 2 or the Income and Death Benefit Combination Option 2 you may be able to apply an amount greater than your Contract Value to an Income Plan. You must apply at least the Contract Value in the Fixed Account Options on the Payout Start Date to fixed income payments. If you wish to apply any portion of your Fixed Account Options balance to provide variable income payments, you should plan ahead and transfer that amount to the Variable Options prior to the Payout Start Date. If you do not tell us how to allocate your Contract Value among fixed and variable income payments, we will apply your Contract Value in the Variable Account to variable income payments and your Contract Value in the Fixed Account Options to fixed income payments.

We will apply your Contract Value, less applicable taxes, to your Income Plan on the Payout Start Date. If the amount available to apply under an Income Plan is less than $2,000, or not enough to provide an initial payment of at least $20, and state law permits, we may:

• terminate
 the Contract and pay you the Contract Value, less any applicable taxes, in a lump sum instead of the periodic payments
 you have chosen, or

• we
 may reduce the frequency of your payments so that each payment will be at least $20.

For qualified annuities, the guaranteed number of payments may be limited to 10 years or less depending on the circumstances.

**VARIABLE INCOME PAYMENTS**

The amount of your variable income payments depends upon the investment results of the Variable Options you select, the premium taxes you pay, the age and sex of the Annuitant, and the Income Plan you choose. We guarantee that the payments will not be affected by (a) actual mortality experience and (b) the amount of our administration expenses.

We cannot predict the total amount of your variable income payments. Your variable income payments may be more or less than your total purchase payments because (a) variable income payments vary with the investment results of the underlying Portfolios, and (b) the Annuitant could live longer or shorter than we expect based on the tables we use. The payments you receive may also be higher or lower depending on the frequency and duration of payments. For example, the shorter the duration of payments, the higher they will be; and the higher the frequency of payments, the lower they will be.

In calculating the amount of the periodic payments in the annuity tables in the Contract, we assumed an annual investment rate of 3%. If the actual net investment return of the Variable Options you choose is less than this assumed investment rate, then the dollar amount of your variable income payments will decrease. The dollar amount of your variable income payments will increase, however, if the actual net investment return exceeds the assumed investment rate. The dollar amount of the variable income payments stays level if the net investment return equals the assumed investment rate. Please refer to the Statement of Additional Information for more detailed information as to how we determine variable income payments.

**FIXED INCOME PAYMENTS**

We guarantee income payment amounts derived from any Fixed Account Option for the duration of the Income Plan. We calculate the fixed income payments by:

1. deducting
 any applicable premium tax; and

2. applying
 the resulting amount to the greater of (a) the appropriate value from the income payment table in your Contract or (b)
 such other value as we are offering at that time.

We may defer making fixed income payments for a period of up to 6 months or such shorter time state law may require. If we defer payments for 30 days or more, we will pay interest as required by law from the date we receive the withdrawal request to the date we make payment.

**INCOME BENEFIT COMBINATION OPTION 2**

The Income Benefit Combination Option 2 can no longer be added to your Contract. The following describes the option for Contract Owners who have previously elected this option. This Option guarantees that the amount you apply to an Income Plan will not be less than the income base ("Income Base") (which is the greater of Income Base A or Income Base B), described below. The mortality and expense risk charge for the Income Benefit Combination Option is an additional 0.30%.

**Eligibility.** To qualify for this benefit, you must meet the following conditions as of the Payout Start Date:

• You
 must elect a payout Start Date that is on or after the 10 <sup>th</sup> anniversary of the date we issued the rider for this Option (the "Rider
 Date");

• The
 Payout Start Date must occur during the 30 day period following a Contract Anniversary; and

------

[Back to **Table of Contents**](#TOC_869)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• You
 must apply the Income Base to fixed income payments or variable income payments as we may permit from time to time.
 Currently, you must elect to receive fixed income payments, which will be calculated using the appropriate Guaranteed Income
 Payments Table provided in your Contract; and

• The
 Income Plan you have selected must provide for payments guaranteed for either a single life or joint lives with a specified
 period of at least:

1. 10
 years, if the youngest Annuitant's age is 80 or less on the date the amount is applied; or

2. 5
 years, if the youngest Annuitant's age is greater than 80 on the date the amount is applied.

If your current Contract Value is higher than the value calculated under Income Benefit Combination Option 2, you can apply the Contract Value to any Income Plan. Withdrawals that exceed limits specified by the terms of the benefit may affect the benefit's availability by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit.

**INCOME BASE**

The Income Base is the greater of Income Base A or Income Base B.

The Income Base is used solely for the purpose of calculating the guaranteed income benefit under this Option ("guaranteed income benefit") and does not provide a Contract Value or guarantee performance of any investment option.

**Income Base A.** On the Rider Date, Income Base A is equal to the Contract Value. After the Rider Date, we recalculate Income Base A as follows on the Contract Anniversary and when a purchase payment or withdrawal is made. For purchase payments, Income Base A is equal to the most recently calculated Income Base A plus the purchase payment. For withdrawals, Income Base A is equal to the most recently calculated Income Base A reduced by a withdrawal adjustment (described below). On each Contract Anniversary, Income Base A is equal to the greater of the Contract Value or the most recently calculated Income Base A.

In the absence of any withdrawals or purchase payments, Income Base A will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values between the Rider Date and the Payout Start Date.

We will recalculate Income Base A as described above until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract owner or Annuitant (if the Contract owner is not a living person). After age 85, we will only recalculate Income Base A to reflect additional purchase payments and withdrawals.

**Income Base B.** On the Rider Date, Income Base B is equal to the Contract Value. After the Rider Date, Income Base B plus any subsequent purchase payments and less a withdrawal adjustment (described below) for any subsequent withdrawals will accumulate daily at a rate equivalent to 5% per year until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract owner or Annuitant (if the Contract owner is not a living person).

**Withdrawal Adjustment.** The withdrawal adjustment is equal to (1) divided by (2), with the result multiplied by (3) where:

1. =
 the withdrawal amount

2. =
 the Contract Value immediately prior to the withdrawal, and

3. =
 the most recently calculated Income Base

The withdrawal adjustment may be more than the actual amount withdrawn if the Contract Value is less than the Income Base.

**Guaranteed Income Benefit.** The guaranteed income benefit amount is determined by applying the Income Base less any applicable taxes to the guaranteed rates for the Income Plan you elect. The Income Plan you elect must satisfy the conditions described above.

As described above, you may currently apply the Income Base only to receive period certain fixed income payments. If, however, you apply the Contract Value and not the Income Base to an Income Plan, then you may select fixed and/or variable income payments under any Income Plan we offer at that time. If you expect to apply your Contract Value to variable and/or fixed income payment options, or you expect to apply your Contract Value to current annuity payment rates then in effect, electing the Income Benefit Combination Option 2 may not be appropriate.

**See "**[**Appendix C**](#chapter_20-sect1_1_57596_869)**" for numerical examples that illustrate how the Income Benefit Combination Option 2 is calculated.**

**CERTAIN EMPLOYEE BENEFIT PLANS**

The Contracts offered by this prospectus contain income payment tables that provide for different payments to men and women of the same age, except in states that require unisex tables. We reserve the right to use income payment tables that do not distinguish on the basis of sex to the extent permitted by law. In certain employment- related situations, employers are required by law to use the same income payment tables for men and women. Accordingly, if the Contract is to be used in connection with an employment-related retirement or benefit plan and we do not offer unisex annuity tables in your state, you should consult with legal counsel as to whether the purchase of a Contract is appropriate.

------

[Back to **Table of Contents**](#TOC_869)

**Benefits Available Under the Contract**

------

**The following table summarizes information about the benefits under the contract.** **Certain Contract Benefits may not be available** **through certain financial intermediaries. See the** [**Cover Page**](#chapter_1-sect1_1_57680_869) **for additional information.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or** **Optional** | **Maximum and** **Current Fee** | **Brief Description of Restrictions or Limitations** |
|  **Automatic** <br>**Additions**<br>**Program** | Allows you to make subsequent purchase payments by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. | **Standard** | **No Charge** | Subsequent purchase payments must be at least<br>$25 |
|  **Automatic**<br>**Rebalancing**<br>**Program** | Allows us to automatically rebalance your Contract Value to return to your desired percentage allocations. | **Standard** | **No Charge** | Not available with Fixed Account Option;<br>Only available during the Accumulation Phase. |
|  **Basic Dollar Cost**<br>**Averaging**<br>**Program** | Allows you to systematically transfer a set amount each month from Variable Option or Fixed Account Options to other available Variable Options. | **Standard** | **No Charge** | Transfers must be $100 or more;<br>In certain states the Contract was available only as a group Contract. |
|  **Dollar Cost**<br>**Averaging Fixed**<br>**Account Options:**<br>**Basic Dollar Cost**<br>**Averaging**<br>**Program** | Allows you to earn interest for a 1-year period at the current rate in effect at the time of the allocation. | **Standard** | **No Charge** | Not currently available;<br>Transfers must be $100 or more;<br>Must use purchase payments to fund;<br>cannot transfer amounts from other Variable Options. |
|  **Dollar Cost**<br>**Averaging Fixed**<br>**Account Options:**<br>**6 and 12 Month** | Allows you to allocating purchase payments to the Fixed Account either for 6 months or for 12 months where your purchase payments will earn interest for the period you select at the current rates in effect at the time of allocation. | **Standard** | **No Charge** | Transfers must be $100 or more;<br>Must use purchase payments to fund; cannot transfer amounts from other Variable Options. You may only transfer Contract Value out of the Fixed Account to the Variable Options and you must do so in equal monthly installments. |
|  **Systematic**<br>**Withdrawal**<br>**Program** | Allows you to receive monthly automatic withdrawals from your Contract. | **Standard** | **No Charge** | Minimum amount of each systematic withdrawal is $100;<br>Will reduce or even exhaust the Contract Value. |
|  **Income**<br>**Benefit**<br>**Combination**<br>**Option 2** | Combines the Income Benefit Combination with the Death Benefit Combination. | **Optional** | **0.30%**<br>(of daily net assets of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 75;<br>You must elect a Payout Start Date that is on or after the 10th anniversary of the date we issued the rider for this Option and it must occur during the 30-day period following a Contract Anniversary;<br>The Income Plan you have selected must provide for payments guaranteed for either a single life or joint lives with a specified period;<br>Withdrawals that exceed limits specified by the terms of the benefit may affect the benefit's availability by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. |

---

------

[Back to **Table of Contents**](#TOC_869)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or** **Optional** | **Maximum and** **Current Fee** | **Brief Description of Restrictions or Limitations** |
|  **Standard Death**<br>**Benefit** | Provides a death benefit equal to the greater of the sum of all purchase payments (reduced by a proportional withdrawals), the Contract Value on the date we receive due proof of death, or the Contract Value on the most recent Death Benefit Anniversary. | **Standard** | **No Charge** | None. |
|  **Performance**<br>**Death**<br>**Benefit Option** | Provides enhanced death benefit equal to your highest Contract Value on any Contract Anniversary. | **Optional** | **0.13%**<br>(of daily net assets of the Variable Options) | Maximum Rider issue age is 80;<br>We will not recalculate the benefit after you reach the age of 85;<br>Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. |
|  **Death Benefit**<br>**Combination** | Provides a death benefit equal to the greater of the Enhanced Death Benefit or the Performance Death Benefit. | **Optional** | **0.24%**<br>(of daily net assets of the Variable Options) | Maximum Rider issue age is 80;<br>Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. |
|  **Income and**<br>**Performance**<br>**Death Benefit**<br>**Combination** **Option** | Combines the features of the Income Benefit Combination with the features of the Performance Death Benefit Combination. | **Optional** | **0.43%**<br>(of daily net assets of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 75;<br>This was available only in Washington. |
|  **Income and**<br>**Death Benefit**<br>**Combination**<br>**Option 2** | Combines the features of the Income Benefit Combination with the features of the Performance Death Benefit Combination. | **Optional** | **0.50%**<br>(of daily net assets of the Variable Options) | Not currently available;<br>Maximum Rider issue age is 75. |
|  **Enhanced**<br>**Earnings Death**<br>**Benefit Plus** | Increases the death benefit by a set percentage of Premium or Earnings.. | **Optional** | Issue Age 0-55<br>**0.15%**<br>Issue Age 56-65<br>**0.25%**<br>Issue Age 66-75<br>**0.35%**<br>(of daily net assets of the Variable Options) | Maximum issue age is 75;<br>The percentages applied to your Premiums and Earnings vary by Rider issue age of the oldest Owner or Annuitant. |

---

**DEATH BENEFITS**

We will pay a death benefit if, prior to the Payout Start Date, any Contract owner (or Annuitant, if the Contract owner is a non-living individual) dies.

We will pay the death benefit to the new Contract owner ("New Owner") who is determined immediately after the death. The new Contract owner would be the surviving Contract owner(s) or, if none, the Beneficiary(ies).

A request for payment of the death benefit must include "***Due Proof of Death***." We will accept the following documentation as Due Proof of Death:

• a
 certified copy of a death certificate,

• a
 certified copy of a decree of a court of competent jurisdiction as to the finding of death, or

• any
 other proof acceptable to us.

------

[Back to **Table of Contents**](#TOC_869)

**DEATH BENEFIT AMOUNT**

Prior to the Payout Start Date, if we receive a complete request for payment of the death benefit within 180 days of the date of death, the death benefit is equal to the greatest of:

1. the
 Contract Value on the date we receive Due Proof of Death, or

2. the
 sum of all purchase payments made less any withdrawals, and less any amounts deducted in connection with partial withdrawals
 (including any withdrawal charges or applicable premium taxes), or

3. the
 Contract Value on the most recent  ***Death Benefit Anniversary*** prior to the date we determine the death benefit, plus any purchase
 payments and less any withdrawals, and less any amounts deducted in connection with any partial withdrawals since
 that Death Benefit Anniversary.

If we do not receive a complete request for payment of the death benefit within 180 days of the date of death, the death benefit is equal to the Contract Value as of the date we determine the death benefit. We reserve the right to waive the 180 day limit on a nondiscriminatory basis.

A "Death Benefit Anniversary" is every 6<sup>th</sup> Contract Anniversary beginning with the 6th Contract Anniversary. For example, the 6<sup>th</sup>, 12<sup>th</sup> and 18<sup>th</sup> Contract Anniversaries are the first three Death Benefit Anniversaries.

We will determine the value of the death benefit as of the end of the Valuation Date on which we receive a complete request for payment of the death benefit. If we receive a request after 3:00 p.m. Central Time on a Valuation Date, we will process the request as of the end of the following Valuation Date.

Where there are multiple beneficiaries, we will value the death benefit at the time the first beneficiary submits a complete request for payment of the death benefit. Any death benefit amounts attributable to any beneficiary which remain in the Variable Options are subject to investment risk.

**DEATH BENEFIT OPTIONS**

The Performance Death Benefit Option and Death Benefit Combination Option are optional benefits that you may elect. Please note, once you have selected an optional income or death benefit (each an "option"), your ability to select a different option may be limited. The Income and Death Benefit Combination Option 2 can no longer be added to your Contract. Please consult with your financial advisor concerning any such limitations before selecting any option. We may discontinue offering these options at any time.

If the Contract owner is a living person, these death benefit options apply only on the death of the Contract owner. If the Contract owner is not a living person, these options apply only on the death of the Annuitant. For Contracts with a death benefit option, the death benefit will be the greater of (1) through (3) above, or (4) the death benefit option you selected. If we do not receive a complete request for settlement of the death benefit within 180 days of the date of death, the death benefit option will not apply and the death benefit will be equal to the Contract Value as of the date we determine the death benefit. The death benefit options may not be available in all states.

**Performance Death Benefit Option.** The Performance Death Benefit on the date we issue the rider for this option ("Rider Date") is equal to the Contract Value. On each Contract Anniversary, we will recalculate your Performance Death Benefit to equal the greater of your Contract Value on that date, or the most recently calculated Performance Death Benefit.

We also will recalculate your Performance Death Benefit whenever you make an additional purchase payment or a partial withdrawal (including any applicable withdrawal charges or premium taxes). Additional purchase payments will increase the Performance Death Benefit dollar-for-dollar. Withdrawals will reduce the Performance Death Benefit by an amount equal to: (i) the Performance Death Benefit immediately before the withdrawal, multiplied by (ii) the ratio of the withdrawal amount to the Contract Value just before the withdrawal.

In the absence of any withdrawals or purchase payments, the Performance Death Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or before the date we calculate the death benefit.

We will recalculate the Performance Death Benefit as described above until the oldest Contract owner (the Annuitant, if the owner is not a living person), attains age 85. After age 85, we will recalculate the Performance Death Benefit only to reflect additional purchase payments and withdrawals.

If you select the Performance Death Benefit Option, the highest age of any Contract owner and Annuitant as of the date we receive the written request to add the rider cannot exceed age 80. The mortality and expense risk charge for the Performance Death Benefit Option is an additional 0.13%. **See "**[**Appendix C**](#chapter_20-sect1_1_57596_869)**" for numerical examples that illustrate how the Performance Death Benefit Option is calculated.**

**Death Benefit Combination Option.** If you select the Death Benefit Combination Option, the death benefit payable will be the greater of the death benefits provided by Death Benefit A or Death Benefit B. Death Benefit B is the Performance Death Benefit Option described above. Death Benefit A is only available through the Death Benefit Combination options. We sometimes refer to the Death Benefit Combination Option as the "Best of the Best" death benefit option. **See "**[**Appendix C**](#chapter_20-sect1_1_57596_869)**" for numerical examples that illustrate how the** **Death Benefit Combination Option is calculated.**

------

[Back to **Table of Contents**](#TOC_869)

**Death Benefit A.** Death Benefit A on the date we issue the rider for this option ("Rider Date") is equal to the Contract Value. On the first Contract Anniversary after the Rider Date, Death Benefit A is equal to the Contract Value on the Rider Date plus interest which will accumulate at an annual rate of 5% per year for the portion of the year since the Rider Date. On each subsequent Contract Anniversary, we will multiply Death Benefit A as of the prior Contract Anniversary by 1.05. This results in an increase of 5% annually.

We will recalculate Death Benefit A as described above, but not beyond the Contract Anniversary preceding the oldest Contract owner's (the Annuitant, if the owner is not a living person), 85<sup>th</sup> birthday. For all ages, we will recalculate Death Benefit A on each Contract Anniversary, or upon receipt of a death claim, as follows:

• We
 will reduce the Death Benefit A by a withdrawal adjustment equal to: (i) the Death Benefit A, immediately before the withdrawal,
 multiplied by (ii) the ratio of the withdrawal amount to the Contract Value just before the withdrawal for any withdrawals
 since the prior Contract Anniversary; and

• We
 will increase Death Benefit A by any additional purchase payments since the prior Contract Anniversary.

If you select the Death Benefit Combination Option, the highest age of any Contract owner and Annuitant as of the date we receive the written request to add the rider cannot exceed age 80. The mortality and expense risk charge for the Death Benefit Combination Option is an additional 0.24%.

**Income and Death Benefit Combination Option 2.** The Income and Death Benefit Combination Option 2 can no longer be added to your Contract. The following describes the option for Contract owners who have previously elected this option.

The Income and Death Benefit Combination Option 2 combines the features of the Income Benefit Combination Option (described in the ["Annuity Period"](#chapter_10-sect1_1_57579_869) section of this prospectus) with the features of the Death Benefit Combination Option (described above) both calculated until the first Contract Anniversary after the 85<sup>th</sup> birthday of the oldest Contract Owner, or Annuitant, if the Contract Owner is a non-living person, for purchase payments, withdrawals, and Contract Anniversaries. After which, both are calculated for purchase payments and withdrawal only.

In calculating the benefits payable for all ages, the withdrawal adjustment is equal to: (i) the Death Benefit A, Death Benefit B, or Income Base, as applicable immediately before the withdrawal, multiplied by (ii) the ratio of the withdrawal amount to the Contract Value just before the withdrawal.

If you selected the Income and Death Benefit Combination Option 2, the highest age of any Contract Owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 75. The mortality and expense risk charge for the Income and Death Benefit Combination Option 2 is an additional 0.50%.

In the state of Washington only, we offered the Income and Performance Death Benefit Combination Option which combines the features of the Income Benefit Combination Option 2 with the features of the Performance Death Benefit Option. This option can no longer be added to your Contract. The mortality and expense risk charge for the Income and Performance Death Benefit Combination Option is an additional 0.43%. **See "**[**Appendix C**](#chapter_20-sect1_1_57596_869)**" for numerical examples that illustrate how the Income and Death Benefit Combination Option is** **calculated.**

**Enhanced Earnings Death Benefit Plus Option.** You may elect the Enhanced Earnings Death Benefit Plus Option alone or together with any other death and/or income benefit option offered under the Contract. If the oldest Contract owner (or Annuitant if the Contract owner is a non-living person) is age 75 or younger as of the Rider Application Date, you may elect the Enhanced Earnings Death Benefit Plus Option. The Enhanced Earnings Death Benefit Plus Option may not be available in all states. We may discontinue offering this option at any time. The Enhanced Earnings Death Benefit Plus Option and the charge for this option will terminate upon the change of Contract owner (or Annuitant if the Contract owner is a non-living person) for reasons other than death. Under the Enhanced Earnings Death Benefit Plus Option, if the oldest Contract owner (or Annuitant if the Contract owner is a non-living person) is age 55 or younger on the Rider Application Date, the death benefit is increased by:

• the
 lesser of 100% of In-Force Premium, excluding purchase payments made after the Rider Date and in the twelve month period
 immediately preceding the date of death of the Contract owner (or Annuitant if the Contract owner is a non-living person)
 or 50% of In-Force Earnings.

If the oldest Contract owner (or the Annuitant if the Contract owner is a non-living person) is between the ages of 56 and 65 on the date we receive the written request to add this option, the death benefit is increased by:

• the
 lesser of 80% of In-Force Premium, excluding purchase payments made after the Rider Date and in the twelve month period
 immediately preceding the date of death of the Contract owner (or Annuitant if the Contract owner is a non-living person)
 or 40% of In-Force Earnings.

If the oldest Contract owner (or the Annuitant if the Contract owner is a non-living person) is between the ages of 66 and 75 on the date we receive the completed application or the date we receive the written request to add this option, whichever is later, the death benefit is increased by:

• the
 lesser of 50% of In-Force Premium, excluding purchase payments made after the Rider Date and in the twelve month period
 immediately preceding the date of death of the Contract owner (or Annuitant if the Contract owner is a non-living person)
 or 25% of In-Force Earnings.

------

[Back to **Table of Contents**](#TOC_869)

For purpose of calculating the Enhanced Earnings Death Benefit Plus, the following definitions apply:

In-Force Premium equals the Contract Value on the date the Enhanced Earnings Death Benefit Plus Option is made part of your Contract ("Rider Date") plus all purchase payments made after the Rider Date less the sum of all Excess-of-Earnings Withdrawals after the Rider Date. If the Rider Date is the same as the Issue Date, then the Contract Value on the Rider Date is equal to your initial purchase payment.

In-Force Earnings equal the Contract Value minus the In-Force Premium. The In-Force Earnings amount will never be less than zero.

An Excess-of-Earnings Withdrawal is the amount of a withdrawal in excess of the In-Force Earnings in the Contract immediately prior to the withdrawal.

We will calculate the Enhanced Earnings Death Benefit Option as of the date we receive Due Proof of Death. We will pay the Enhanced Earnings Death Benefit Plus with the death benefit as described under "Death Benefit Payments" below.

The value of the Enhanced Earnings Death Benefit Plus largely depends on the amount of earnings that accumulate under your Contract. If you expect to withdraw the earnings from your Contract Value, electing the Enhanced Earnings Death Benefit Plus Option may not be appropriate. For purposes of calculating the Enhanced Earnings Death Benefit Plus, earnings are considered to be withdrawn first before purchase payments. Your Financial Advisor can help you decide if the Enhanced Earnings Death Benefit Plus Option is right for you.

The mortality and expense risk charge for the Enhanced Earnings Death Benefit Plus Option is 0.35% for the Option, assuming the age of the oldest Owner (or Annuitant if the Contract owner is a non-living person) is between 66 and 75 on the Rider Application Date. If the age of the oldest Owner (or Annuitant if the Contract owner is a non-living person) is between 56 and 65 on the Rider Application Date, the charge for the Option is 0.25%. If the age of the oldest Owner (or Annuitant if the Contract owner is a non-living person) is 55 or younger on the Rider Application Date, the charge for the Option is 0.15%.

**For examples of how the death benefit is calculated under the Enhanced Earnings Death Benefit Plus Option, see "**[**Appendix B**](#chapter_19-sect1_1_57594_869)**".**

**DEATH BENEFIT PAYMENTS**

If the sole New Owner is your spouse, the New Owner may:

1. elect
 to receive the death benefit in a lump sum, or

2. elect
 to apply the death benefit to an Income Plan. Payments from the Income Plan must begin within one year of the date of death
 and must be payable throughout:

• the
 life of the New Owner;

• for
 a guaranteed number of payments from 5 to 50 years, but not to exceed the life expectancy of the New Owner; or

• over
 the life of the New Owner with a guaranteed number of payments from 5 to 30 years but not to exceed the life expectancy
 of the New Owner.

Note that if you elected to receive required minimum distributions under a Minimum Distribution Option, the program will be discontinued upon receipt of notification of death. The final required minimum distribution must be distributed prior to establishing a beneficiary payment option for the balance of the Contract.

If your spouse does not elect one of the options above, the Contract will continue in the Accumulation Phase as if the death had not occurred. If the Contract is continued in the Accumulation Phase, the following restrictions apply:

On the date the Contract is continued, the Contract Value will equal the amount of the death benefit as determined as of the Valuation Date on which we receive the complete request for settlement of the death benefit (the next Valuation Date, if we receive the complete request for settlement of the death benefit after 3:00 p.m. Central Time). Unless otherwise instructed by the continuing spouse, the excess, if any, of the death benefit over the Contract Value will be allocated to the Variable Options of the Variable Account. This excess will be allocated in proportion to your Contract Value in those Variable Options as of the end of the Valuation Date during which we receive the complete request for settlement of the death benefit except that any portion of this excess attributable to the Fixed Account Options will be allocated to the Money Market Variable Option. Within 30 days of the date the Contract is continued, your surviving spouse may choose one of the following transfer alternatives without incurring a transfer fee:

(i) transfer all or a portion of the excess among the Variable Options;

(ii) transfer all or a portion of the excess into the Standard Fixed Account and begin a new Guarantee Period; or

(iii) transfer all or a portion of the excess into a combination of Variable Options and the Standard Fixed Account.

Any such transfer does not count as one of the free transfers allowed each Contract Year and is subject to any minimum allocation amount specified in your Contract.

------

[Back to **Table of Contents**](#TOC_869)

The surviving spouse may make a single withdrawal of any amount within one year of the date of your death without incurring a withdrawal charge.

If you elected the Enhanced Earnings Death Benefit Plus Option, and your spouse continues the Contract as described above, the Enhanced Earnings Death Benefit Plus Option and the daily charge for this Option will terminate if your spouse is over age 75 on the date the Contract is continued, or if your spouse elects to terminate the Option.

If the Enhanced Earnings Death Benefit Plus Option is not terminated, on the date the Contract is continued, the Rider Date for this Option will be reset to the date the Contract is continued ("new Rider Date"). The age of the oldest Contract owner on the new Rider Date will be used to determine Enhanced Earnings Death Benefit Plus after the new Rider Date. Also, the age of the oldest Contract owner on the new Rider Date will be used to determine the mortality and expense risk charge for the Option after the new Rider Date. Only one spousal continuation is allowed under this Contract.

If the New Owner is a living person, and not your spouse, or if there are multiple living person New Owners, the New Owner may:

1. elect
 to receive the death benefit in a lump sum, or

2. elect
 to apply the death benefit to an Income Plan. Payments from the Income Plan must begin within one year of the date of death
 and must be payable throughout:

• the
 life of the New Owner;

• for
 a guaranteed number of payments from 5 to 50 years, but not to exceed the life expectancy of the New Owner; or

• over
 the life of the New Owner with a guaranteed number of payments from 5 to 30 years but not to exceed the life expectancy
 of the New Owner.

If the New Owner does not elect one of the options above, then the New Owner must receive the Contract Value payable within 5 years of your date of death. The Contract Value will equal the amount of the death benefit as determined as of the Valuation Date on which we received the complete request for settlement of the death benefit (the next Valuation Date, if we receive the complete request for settlement of the death benefit after 3:00 p.m. Central Time). Unless otherwise instructed by the New Owner, the excess, if any, of the death benefit over the Contract Value will be allocated to the Money Market Variable Option. The New Owner may exercise all rights as set forth in the Transfers section during this 5 year period.

No additional purchase payments may be added to the Contract under this election. Withdrawal Charges will be waived for any withdrawals made during this 5 year period.

If the New Owner dies prior to the receiving all of the Contract Value, then the New Owner's named beneficiary(ies) will receive the remaining Contract Value. This amount must be received as a lump sum within 5 years of the date of the original Owner's death. If we do not receive instructions on where to send the payment within 5 years of the date of death, the funds will be escheated.

We reserve the right to offer additional options upon the death of Owner.

If the New Owner is a corporation, trust, or other non- living person:

(a) The New Owner may elect to receive the death benefit in a lump sum; or

(b) If the New Owner does not elect the option above, then the New Owner must receive the Contract Value payable within 5 years of your date of death. The Contract Value will equal the amount of the death benefit as determined as of the end of the Valuation Date on which we receive the complete request for settlement of the death benefit (the next Valuation Date, if we receive the request after 3:00 p.m. Central Time). Unless otherwise instructed by the New Owner, the excess, if any, of the death benefit over the Contract Value will be allocated to the Money Market Variable Option. The New Owner may exercise all rights as set forth in the Transfers provision during this 5 year period.

No additional purchase payments may be added to the Contract under this election. Withdrawal Charges will be waived during this 5 year period.

We reserve the right to offer additional options upon the death of Owner.

If any New Owner is a non-living person, all New Owners will be considered to be non-living persons for the above purposes.

Under any of these options, all ownership rights, subject to any restrictions previously placed upon the Beneficiary, are available to the New Owner from the date of your death to the date on which the death proceeds are paid.

**Alternative Death Benefit Payment Options - Contracts Held by Tax-Favored Plans**

The Code provides for alternative death benefit payment options when a contract is used as an IRA, 403(b) or other "qualified investment" that requires minimum distributions. Upon your death under an IRA, 403(b) or other "qualified investment", the designated beneficiary may generally elect to continue the contract and receive Required Minimum Distributions under the contract, instead of receiving the death benefit in a single payment. The available payment options will depend on whether you die before the date Required Minimum Distributions under the Code were to begin, whether you have named a designated beneficiary and whether the beneficiary is your surviving spouse.

------

[Back to **Table of Contents**](#TOC_869)

For deaths occurring after 2019, the Further Consolidated Appropriations Act of 2020 (which includes the "Setting Every Community Up for Retirement Enhancement" Act (SECURE Act)), impacts defined contribution plans and IRA balances death benefits paid starting in 2020. We reserve our rights to implement any additional regulations addressing these requirements in the future. The post-death distribution requirements under prior law continue to apply in certain circumstances. The following rules generally apply to deaths after 2019:

• If
 you die after a designated Beneficiary has been named, the death benefit must be fully distributed by December 31 <sup>st</sup> of the year including
 the ten year anniversary of the date of death (the "Qualified Ten-Year Deadline") with the exception of "eligible
 designated beneficiaries." In addition, in such situations that you die on or after the Required Beginning Date, the Death
 Benefit must also be paid out at least as rapidly as under the method then in effect at the time of death in addition to meeting
 the Qualified Ten-Year Deadline.

• "Eligible
 designated beneficiaries" may elect periodic payments not extending beyond the life expectancy of the eligible designated
 Beneficiary (provided such payments begin by December 31 <sup>st</sup> of the year following the year of death). Eligible designated
 beneficiaries generally include any designated beneficiary who is your surviving spouse, your child who has not reached
 age 21, disabled and chronically ill beneficiaries (as specified by the Code) and any beneficiary who is not more than
 10 years younger than you. In the case of a child who has not attained the age 21, the Qualified Ten Year Deadline would
 apply as of the date the child attains the age 21. The determination of whether a designated beneficiary is an eligible designated
 beneficiary generally shall be made as of the date of your death.

• If
 the eligible designated Beneficiary does not begin installments by December 31 <sup>st</sup> of the year following the year of death, then
 we require that the Beneficiary take the Death Benefit by the Qualified Ten-Year Deadline. However, if your surviving spouse
 is the Beneficiary, the death benefit can be paid out over the life expectancy of your spouse with such payments beginning
 no later than December 31 <sup>st</sup> of the year following the year of death, or December 31 <sup>st</sup> of the year in which you would
 have reached the applicable age, whichever is later. Additionally, if the Death Benefit is solely payable to (or for the benefit
 of) your surviving spouse, then the Annuity may be continued with your spouse as the Owner subject to specific limits
 in the proposed regulations.

• If
 you die before a designated Beneficiary is named, or your beneficiary is not an individual, such as a charity, your estate, or a
 trust, any remaining interest after your death generally must be distributed as follows:

• If
 death occurs before the date Minimum Distributions must begin under the Code, the Death Benefit can be paid out in a
 lump sum by December 31 <sup>st</sup> of the year that includes five year anniversary of the date of death,

• If
 death occurs after the date Minimum Distributions must begin under the Code, the Death Benefit must be paid out at least
 as rapidly as under the method then in effect.

• Where
 multiple Beneficiaries have been named and at least one of the Beneficiaries does not qualify as a designated Beneficiary
 and the account has not been divided into separate accounts by December 31 <sup>st</sup> of the year following the year
 of death, such Annuity is deemed to have no designated Beneficiary.

For more information, see "Taxes." You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

**DEATH OF ANNUITANT**

If the Annuitant who is not also the Contract owner dies prior to the Payout Start Date and the Contract owner is a living person, then the Contract will continue with a new Annuitant as designated by the Contract owner.

If the Annuitant who is not also the Contract owner dies prior to the Payout Start Date and the Contract owner is a non-living person, the following apply:

(a) The Contract owner may elect to receive the death benefit in a lump sum; or

(b) If the Contract owner does not elect the above option, then the Contract owner must receive the Contract Value payable within 5 years of the Annuitant's date of death. On the date we receive the complete request for settlement of the death benefit, the Contract Value under this option will be the death benefit. Unless otherwise instructed by the Contract owner, the excess, if any, of the death benefit over the Contract Value will be allocated to the Money Market Variable Option. The Contract owner may then exercise all rights as set forth in the Transfers section during this 5 year period.

No additional purchase payments may be added to the Contract under this election. Withdrawal Charges will be waived during this 5 year period.

We reserve the right to offer additional options upon Death of Annuitant.

The Contract owner has 60 days from the date the Company receives Due Proof of Death to select an Income Plan without incurring a tax on the entire gain in the Contract. If the Contract owner elects to continue the Contract, they will be taxed on the entire gain in the Contract computed on the date of continuance. We are required to report such gain to the IRS as income to the Contract owner. An additional 10% federal tax penalty may apply if the Contract owner is under age 59½. Any amount included in the Contract owner's gross income as a result of a Contract continuance will increase the investment in the Contract for future distributions.

------

[Back to **Table of Contents**](#TOC_869)

**Purchases and Contract Value**

------

**MINIMUM PURCHASE PAYMENTS**

You may make additional purchase payments of at least $100 at any time prior to the Payout Start Date. We reserve the right to lower the minimum and limit the maximum amount of purchase payments we will accept. We may apply certain limitations, restrictions, and/or underwriting standards as a condition of acceptance of purchase payments.

**AUTOMATIC ADDITIONS PROGRAM**

You may make subsequent purchase payments of at least $25 by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. Please consult your Morgan Stanley Financial Advisor for details.

**See "**[**Appendix D**](#chapter_21-sect1_1_57598_869)**" for numerical examples that illustrate how the Automatic Additions Program works.**

**ALLOCATION OF PURCHASE PAYMENTS**

You must decide how to allocate your purchase payments among the investment alternatives. The allocation you specify will be effective immediately. All allocations must be in whole percentages that total 100% or in whole dollars. The minimum you may allocate to any investment alternative is $100. The minimum amount that you may allocate to the Guarantee Periods is $500. You can change your allocations by notifying us in writing. These minimums apply to both initial and subsequent allocations.

We will allocate your purchase payments to the investment alternatives according to your most recent instructions on file with us. Unless you notify us in writing otherwise, we will allocate subsequent purchase payments according to the allocation for the previous purchase payment. We will effect any change in allocation instructions at the time we receive written notice of the change in good order.

We use the term "business day" to refer to each day Monday through Friday that the New York Stock Exchange is open for business. We also refer to these days as "Valuation Dates." Our business day closes when the New York Stock Exchange closes for regular trading, usually 4:00 p.m. Eastern Time (3:00 p.m. Central Time). If we receive your purchase payment after 3:00 p.m. Central Time on any Valuation Date, we will credit your purchase payment using the Accumulation Unit Values computed on the next Valuation Date.

With respect to any purchase payment that is pending investment in our Variable Account, we may hold the amount temporarily in a suspense account and may earn interest on amounts held in that suspense account. You will not be credited with any interest on amounts held in that suspense account.

**CONTRACT VALUE**

Your Contract Value at any time during the Accumulation Phase is equal to the sum of the value of your Accumulation Units in the Variable Options you have selected, plus the value of your investment in the Fixed Account Options.

**ACCUMULATION UNITS**

To determine the number of Accumulation Units of each Variable Option to allocate to your Contract, we divide (i) the amount of the purchase payment or transfer you have allocated to a Variable Option by (ii) the Accumulation Unit Value of that Variable Option next computed on the valuation date after we receive your payment or transfer. For example, if we receive a $10,000 purchase payment allocated to a Variable Option when the Accumulation Unit Value for the Variable Option is $10, we would credit 1,000 Accumulation Units of that Variable Option to your Contract. Withdrawals and transfers from a Variable Option would, of course, reduce the number of Accumulation Units of that Variable Option allocated to your Contract.

**ACCUMULATION UNIT VALUE**

As a general matter, the Accumulation Unit Value for each Variable Option will rise or fall to reflect:

• changes
 in the share price of the Portfolio in which the Variable Option invests, and

• the
 deduction of amounts reflecting the mortality and expense risk charge and administrative expense charge

We determine contract maintenance charges, withdrawal charges, and transfer fees (currently waived) separately for each Contract. They do not affect Accumulation Unit Value. Instead, we obtain payment of those charges and fees by redeeming Accumulation Units.

We determine a separate Accumulation Unit Value for each Variable Option on each Valuation Date. We also determine a separate set of Accumulation Unit Values that reflect the cost of each optional benefit, or available combination thereof, offered under the Contract.

**You should refer to the prospectuses for the Portfolios for a description of how the assets of each Portfolio are valued, since that** **determination directly bears on the Accumulation Unit Value of the corresponding Variable Option and, therefore, your Contract** **Value.**

------

[Back to **Table of Contents**](#TOC_869)

**CALCULATION OF ACCUMULATION UNIT VALUES**

The value of Accumulation Units will change each Valuation Period according to the investment performance of the Portfolio shares purchased by each Variable Option and the deduction of certain expenses and charges. A "Valuation Period" is the period from the end of one Valuation Date and continues to the end of the next Valuation Date. A Valuation Date ends at the close of regular trading on the New York Stock Exchange (currently 3:00 p.m. Central Time).

The Accumulation Unit Value of a Variable Option for any Valuation Period equals the Accumulation Unit Value as of the immediately preceding Valuation Period, multiplied by the Net Investment Factor for that Variable Option for the current Valuation Period.

**NET INVESTMENT FACTOR**

The Net Investment Factor for a Valuation Period is a number representing the change, since the last Valuation Period, in the value of Variable Option assets per Accumulation Unit due to investment income, realized or unrealized capital gain or loss, deductions for taxes, if any, and deductions for the mortality and expense risk charge and administrative expense charge. We determine the Net Investment Factor for each Variable Option for any Valuation Period by dividing (A) by (B) and subtracting (C) from the result, where:

(A) is
 the sum of:

(1) the
 net asset value per share of the Portfolio underlying the Variable Option determined at the end of the current Valuation
 Period; plus,

(2) the
 per share amount of any dividend or capital gain distributions made by the Portfolio underlying the Variable Option during
 the current Valuation Period;

(B) is
 the net asset value per share of the Portfolio underlying the Variable Option determined as of the end of the immediately preceding
 Valuation Period; and

(C) is
 the mortality and expense risk charge and administrative expense charge corresponding to the portion of the 365 day year (366
 days for a leap year) that is in the current Valuation Period.

------

[Back to **Table of Contents**](#TOC_869)

**Surrenders and Withdrawals**

------

You can withdraw some or all of your Contract Value at any time during the Accumulation Phase. Withdrawals also are available under limited circumstances on or after the Payout Start Date. See the ["Annuity Period"](#chapter_10-sect1_1_57579_869) section of this prospectus.

You can withdraw money from the Variable Account and/or the Fixed Account Options. The amount payable upon withdrawal is the Contract Value (or portion thereof) next computed after we receive the request for a withdrawal at our headquarters, less any withdrawal charges, contract maintenance charges, income tax withholding, and any premium taxes. To complete a partial withdrawal from the Variable Account, we will cancel Accumulation Units in an amount equal to the withdrawal and any applicable charges and taxes. We will pay withdrawals from the Variable Account within 7 days of receipt of the request, subject to postponement in certain circumstances.

Withdrawals taken prior to annuitization (referred to in this prospectus as the Payout Phase) are generally considered to come from the earnings in the Contract first. If the Contract is tax-qualified, generally all withdrawals are treated as distributions of earnings. Withdrawals of earnings are taxed as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax.

You have the opportunity to name the investment alternative(s) from which you are taking the withdrawal. If none are named, then we will withdraw the amount proportionately from the investment alternatives according to the value of your investments therein. In general, you must withdraw at least $500 at a time. You may also withdraw a lesser amount if you are withdrawing your entire interest in a Variable Option.

The total amount paid at surrender may be more or less than the total purchase payments due to prior withdrawals, any deductions, and investment performance.

**WRITTEN REQUESTS AND FORMS IN GOOD ORDER**

Written requests must include sufficient information and/or documentation, and be sufficiently clear, to enable us to complete your request without the need to exercise discretion on our part to carry it out. You may contact our Customer Service Center to learn what information we require for your particular request to be in "good order." Additionally, we may require that you submit your request on our form. We reserve the right to determine whether any particular request is in good order, and to change or waive any good order requirements at any time.

**POSTPONEMENT OF PAYMENTS**

We may postpone the payment of any amounts due from the Variable Account under the Contract if:

1. The
 New York Stock Exchange is closed for other than usual weekends or holidays, or trading on the Exchange is otherwise restricted;

2. An
 emergency exists as defined by the SEC; or

3. The
 SEC permits delay for your protection.

We may delay payments or transfers from the Fixed Account Options for up to 6 months or shorter period if required by law. If we delay payment or transfer for 30 days or more, we will pay interest as required by applicable law. Any interest would be payable from the date we receive the withdrawal request to the date we make the payment or transfer.

**SYSTEMATIC WITHDRAWAL PROGRAM**

You may choose to receive systematic withdrawal payments on a monthly basis at any time prior to the Payout Start Date. The minimum amount of each systematic withdrawal is $100. We will deposit systematic withdrawal payments into the Contract owner's bank account or Morgan Stanley Account. Please consult with your Morgan Stanley Financial Advisor for details.

Depending on fluctuations in the value of the Variable Options and the value of the Fixed Account Options, systematic withdrawals may reduce or even exhaust the Contract Value. We may modify or suspend the Systematic Withdrawal Program and charge a processing fee for the service. If we modify or suspend the Systematic Withdrawal Program, existing systematic withdrawal payments will not be affected.

**See "**[**Appendix D**](#chapter_21-sect1_1_57598_869)**" for numerical examples that illustrate how the Systematic Withdrawal Program works.**

**MINIMUM CONTRACT VALUE**

If the amount you withdraw reduces your Contract Value to less than $500, we may treat it as a request to withdraw your entire Contract Value. Your Contract will terminate if you withdraw all of your Contract Value. We will, however, ask you to confirm your withdrawal request before terminating your Contract. Before terminating any Contract whose value has been reduced by withdrawals to less than $500, we would inform you in writing of our intention to terminate your Contract and give you at least 30 days in which to make an additional purchase payment to restore your Contract's value to the contractual minimum of $500. If we terminate your Contract, we will distribute to you its Contract Value, less withdrawals and other charges and applicable taxes.

------

[Back to **Table of Contents**](#TOC_869)

**Taxes**

------

**The following discussion is general in nature and describes only federal income tax law. We generally do not describe state, local,** **foreign or other federal tax laws. The discussion is not intended as tax advice. Everlake Life makes no guarantee regarding the tax** **treatment of any Contract or transaction involving a Contract.**

Federal, state, local, foreign and other tax consequences of ownership or receipt of distributions under an annuity contract depend on your individual circumstances. The federal income tax treatment of the Annuity is unclear in certain circumstances, and you should always consult a qualified tax advisor regarding the application of law to individual circumstances.

**TAXATION OF EVERLAKE LIFE INSURANCE COMPANY**

Everlake Life is taxed as a life insurance company under Part I of Subchapter L of the Code. Since the Variable Account is not an entity separate from Everlake Life, and its operations form a part of Everlake Life, it will not be taxed separately. Investment income and realized capital gains of the Variable Account are automatically applied to increase reserves under the Contract. Under existing federal income tax law, Everlake Life believes that the Variable Account investment income and capital gains will not be taxed to the extent that such income and gains are applied to increase the reserves under the Contract. Accordingly, Everlake Life does not anticipate that it will incur any federal tax liability attributable to the Variable Account, and therefore Everlake Life does not intend to make provisions for any such taxes. Everlake Life will periodically review the issue of charging for taxes on investment income or capital gains of the Variable Account, and may impose a charge against the Variable Account in order to make provision for such taxes.

**TAXATION OF VARIABLE ANNUITIES IN GENERAL**

**Tax Deferral.** Generally, you are not taxed on increases in the Contract Value until a distribution occurs. This rule applies only where:

• the
 Contract Owner is a natural person,

• the
 investments of the Variable Account are "adequately diversified" according to Treasury Department regulations, and

• Everlake
 Life is considered the owner of the Variable Account assets for federal income tax purposes.

**Non-Natural Owners.** Non-natural owners are also referred to as Non Living Owners in this prospectus. As a general rule, annuity contracts owned by non-natural persons such as corporations, trusts, or other entities are not treated as annuity contracts for federal income tax purposes. The income on such contracts does not enjoy tax deferral and is taxed as ordinary income received or accrued by the non-natural owner during the taxable year.

**Exceptions to the Non-Natural Owner Rule.** There are several exceptions to the general rule that annuity contracts held by a non-natural owner are not treated as annuity contracts for federal income tax purposes. Contracts will generally be treated as held by a natural person if the nominal owner is a trust or other entity which holds the contract as agent for a natural person. However, this special exception will not apply in the case of an employer who is the nominal owner of an annuity contract under a Non-qualified deferred compensation arrangement for its employees. Other exceptions to the non-natural owner rule are: (1) contracts acquired by an estate of a decedent by reason of the death of the decedent; (2) certain qualified contracts; (3) contracts purchased by employers upon the termination of certain Qualified Plans; (4) certain contracts used in connection with structured settlement agreements; and (5) immediate annuity contracts, purchased with a single premium, when the annuity starting date is no later than a year from purchase of the annuity and substantially equal periodic payments are made, not less frequently than annually, during the annuity period.

Trusts are required to complete and submit a Certificate of Entity form, and we will tax report based on the information provided on this form.

**Grantor Trust Owned Annuity.** Contracts owned by a grantor trust are considered owned by a non-natural owner. Grantor trust owned contracts receive tax deferral as described in the Exceptions to the Non-Natural Owner Rule section provided that all grantors of the trust are natural persons. In accordance with the Code, upon the death of the annuitant, the death benefit must be paid. According to your Contract, the Death Benefit is paid to the beneficiary. A trust named beneficiary, including a grantor trust, has two options for receiving any death benefits: 1) a lump sum payment, or 2) payment deferred up to five years from date of death.

**Diversification Requirements.** For a Contract to be treated as an annuity for federal income tax purposes, the investments in the Variable Account of a Non-qualified Annuity must be "adequately diversified" consistent with standards under Treasury Department regulations. If the investments in the Variable Account are not adequately diversified, the Contract will not be treated as an annuity contract for federal income tax purposes. As a result, the income on the Contract will be taxed as ordinary income received or accrued by the Contract owner during the taxable year. Although Everlake Life does not have control over the Portfolios or their investments, we expect the Portfolios to meet the diversification requirements.

**Ownership Treatment.** The IRS has stated that a contract owner will be considered the owner of separate account assets if he possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. At the time the diversification regulations were issued, the Treasury Department announced that the regulations do not provide guidance concerning circumstances in which

------

[Back to **Table of Contents**](#TOC_869)

investor control of the separate account investments may cause a Contract owner to be treated as the owner of the separate account. The Treasury Department also stated that future guidance would be issued regarding the extent that owners could direct Variable Option investments without being treated as owners of the underlying assets of the separate account.

Your rights under the Contract are different than those described by the IRS in private and published rulings in which it found that Contract owners were not owners of separate account assets. For example, if your contract offers more than twenty (20) investment options you have the choice to allocate premiums and contract values among a broader selection of investment options than described in such rulings. You may be able to transfer among investment options more frequently than in such rulings. These differences could result in you being treated as the owner of the Variable Account. If this occurs, income and gain from the Variable Account assets would be includible in your gross income. Everlake Life does not know what standards will be set forth in any regulations or rulings which the Treasury Department may issue. It is possible that future standards announced by the Treasury Department could adversely affect the tax treatment of your Contract. We reserve the right to modify the Contract as necessary to attempt to prevent you from being considered the federal tax owner of the assets of the Variable Account. However, we make no guarantee that such modification to the Contract will be successful.

**Cost Basis.** Generally, the cost basis in an annuity is the amount you pay into your annuity, or into annuity exchanged for your annuity, on an after-tax basis less any withdrawals of such payments. Cost basis for a qualified retirement plan is provided only in limited circumstances, such as for contributions to a Roth IRA or nondeductible contributions to a traditional IRA. We do not track cost basis for qualified retirement plans, which is the responsibility of the Contract Owner.

**Taxation of Partial and Full Withdrawals.** If you make a partial withdrawal under a Non-qualified Contract, the amount you receive will be taxed as ordinary income, rather than as return of cost basis, until all gain has been withdrawn. If you make a full withdrawal under a Non-qualified Contract, the amount received will be taxable only to the extent it exceeds the cost basis in the Contract. An exception to this treatment exists for contracts that include Purchase Payments made prior to August 14, 1982 that are issued via 1035 exchange. Withdrawals from a contract with Purchase Payments made before August 14, 1982 are treated as a return of cost basis in the Annuity first until those pre-August 14, 1982 Purchase Payments are withdrawn. Moreover, income allocable to Purchase Payments made before August 14, 1982, is not subject to the 10% additional tax.

**Taxation of Annuity Payments.** Generally, the rule for income taxation of annuity payments received from a Non-qualified Contract provides for the return of your cost basis in the Contract in equal tax-free amounts over the payment period. The balance of each payment received is taxable. For fixed annuity payments, the amount excluded from income is determined by multiplying the payment by the ratio of the cost basis in the Contract (adjusted for any refund feature or period certain) to the total expected value of annuity payments for the term of the Contract. If you elect variable annuity payments, the amount excluded from taxable income is determined by dividing the cost basis in the Contract by the total number of expected payments. The annuity payments will be fully taxable after the total amount of the cost basis in the Contract is excluded using these ratios. If any variable payment is less than the excludable amount you should contact a competent tax advisor to determine how to report any unrecovered investment. The federal tax treatment of annuity payments is unclear in some respects. As a result, if the IRS should provide further guidance, it is possible that the amount we calculate and report to the IRS as taxable could be different. If you die, and annuity payments cease before the total amount of the cost basis in the Contract is recovered, the unrecovered amount may be allowed as a deduction for your last taxable year.

**Maximum Annuity Date.** You must commence annuity payments no later than the first day of the calendar month following the maximum Annuity Date for your Annuity. Upon reaching the maximum Annuity Date you can no longer make Purchase Payments, surrender, exchange, or transfer your contract. The maximum Annuity Date may be the same as the Latest Annuity Date as described elsewhere in this prospectus. For some of our Annuities, you can choose to defer the Annuity Date beyond the default or Latest Annuity Date, as applicable, described in your Annuity. However, the IRS may not then consider your Annuity to be an Annuity under the tax law.

**Partial Annuitization.** We do not currently permit partial annuitization.

**Taxation of Level Monthly Variable Annuity Payments.** You may have an option to elect a variable income payment stream consisting of level monthly payments that are recalculated annually. Although we will report your levelized payments to the IRS in the year distributed, it is possible the IRS could determine that receipt of the first monthly payout of each annual amount is constructive receipt of the entire annual amount. If the IRS were to take this position, the taxable amount of your levelized payments would be accelerated to the time of the first monthly payout and reported in the tax year in which the first monthly payout is received.

**Withdrawals After the Payout Start Date.** Federal tax law is unclear regarding the taxation of any additional withdrawal received after the Payout Start Date. It is possible that a greater or lesser portion of such a payment could be taxable than the amount we determine.

**Distribution at Death Rules.** In order to be considered an annuity contract for federal income tax purposes, the Contract must provide:

• if
 any Contract Owner dies on or after the Payout Start Date but before the entire interest in the Contract has been distributed,
 the remaining portion of such interest must be distributed at least as rapidly as under the method of distribution being
 used as of the date of the Contract Owner's death;

• if
 any Contract Owner dies prior to the Payout Start Date, the entire interest in the Contract will be distributed within 5 years after
 the date of the Contract Owner's death. These requirements are satisfied if any portion of the Contract Owner's interest that
 is payable to (or for the benefit of) a designated Beneficiary is distributed over the life of such Beneficiary (or over a period
 not extending beyond the life expectancy of the Beneficiary) and the distributions begin within 1 year of the Contract

------

[Back to **Table of Contents**](#TOC_869)

Owner's death. If the Contract Owner's designated Beneficiary is the surviving spouse of the Contract Owner, the Contract may be continued with the surviving spouse as the new Contract Owner;

• if
 the Contract Owner is a non-natural person, then the Annuitant will be treated as the Contract Owner for purposes of applying
 the distribution at death rules. In addition, a change in the Annuitant on a Contract owned by a non-natural person will
 be treated as the death of the Contract Owner.

**Taxation of Annuity Death Benefits.** If an Owner dies before the Annuity Date, the Death Benefit distributions (including any adjustments under the optional riders) are subject to ordinary income tax to the extent the distribution exceeds the cost basis in the Annuity. The value of the Death Benefit, as determined under federal law, is also included in the Owner's estate for federal estate tax purposes. Generally, the same income tax rules described above would also apply to amounts received by your Beneficiary. Choosing an option other than a lump sum Death Benefit may defer taxes. Certain minimum distribution requirements apply upon your death, as discussed further below in the "Qualified Contracts" section. Tax consequences to the Beneficiary vary depending upon the Death Benefit payment option selected. Generally, for payment of the Death Benefit:

• As
 a lump sum payment, the Beneficiary is taxed in the year of payment on gain in the Annuity.

• Within
 5 years of death of Owner, the Beneficiary is taxed on the lump sum payment. The Death Benefit must be taken as one
 lump sum payment within 5 years of the death of the Owner. Partial withdrawals are not permitted.

• Under
 an Annuity or Annuity settlement option where distributions begin within one year of the date of death of the Owner, the
 Beneficiary is taxed on each payment with part as gain and part as return of cost basis. After the full amount of cost basis has
 been recovered tax-free, the full amount of the annuity payments will be taxable.

After the Annuity Date, if a period certain remains under the annuity option and the Annuitant dies before the end of that period, any remaining payments made to the Beneficiary will be fully excluded from income until the remaining cost basis is recovered and all annuity payments thereafter are fully includible in income. If we allow the Beneficiary to commute the remaining payments in a lump sum, the proceeds will be taxable as a surrender.

**Medicare Tax on Net Investment Income.** The Code includes a Medicare tax on investment income. This tax assesses a 3.8% surtax on the lesser of (1) net investment income or (2) the excess of "modified adjusted gross income" over a threshold amount. The "threshold amount" is $250,000 for married taxpayers filing jointly or qualifying widow(er) with dependent child, $125,000 for married taxpayers filing separately, $200,000 for all others, and approximately $16,000 for estates and certain trusts. The taxable portion of payments received as a withdrawal, surrender, annuity payment, death benefit payment or any other actual or deemed distribution under the contract will be considered investment income for purposes of this surtax.

**10% Additional Tax on Premature Distributions.** A 10% additional tax penalty may apply to the taxable amount of any premature distribution from a Non-qualified Contract. Amounts are not subject to this additional tax penalty if:

• made
 on or after the date the Contract Owner attains age 59½;

• the
 amount is paid on or after the death of the Contract Owner (or the death of the Annuitant when the owner is not an individual);

• the
 amount received is attributable to the Contract Owner becoming disabled (as defined in the Code);

• made
 in substantially equal periodic payments (as defined by the Code) over the Contract Owner's life or life expectancy, or over
 the joint lives or joint life expectancies of the Contract Owner and the Beneficiary; or

• made
 under an immediate annuity (within the meaning of the Code) and the annuity start date is no more than one year from the
 date of purchase (the first monthly annuity payment must commence within 13 months of the date of purchase).

Other exceptions to this tax may apply. You should consult a competent tax advisor to determine how these exceptions may apply to your situation.

**Substantially Equal Periodic Payments.** With respect to Non-qualified Contracts using substantially equal periodic payments or immediate annuity payments as an exception to the additional tax on premature distributions, any additional withdrawal or other material modification of the payment stream would violate the requirement that payments must be substantially equal. Failure to meet this requirement would mean that the income portion of each payment received prior to the later of 5 years or the Contract Owner's attaining age 59½ would be subject to a 10% additional tax penalty unless another exception to the additional tax applied. The tax for the year of the modification is increased by the additional tax that would have been imposed without the exception, plus interest for the years in which the exception was used. A material modification does not include permitted changes described in published IRS rulings. You should consult a competent tax advisor prior to creating or modifying a substantially equal periodic payment stream.

**Special Rules in Relation to Tax-free Exchanges Under Section 1035.** Section 1035 of the Code permits certain tax-free exchanges of a life insurance, annuity or endowment contract for an annuity, including tax-free exchanges of annuity death benefits for a Beneficiary Annuity. The contract owner(s) must be the same on the old and new contract. Basis from the old contract carries over to the new contract so long as we receive that information from the relinquishing company. If basis information is never received, we will assume that all exchanged funds represent earnings and will allocate no cost basis to them. After you elect an Income Plan as described in the Income Payments section earlier in the prospectus, you are not eligible for a tax-free exchange under Section 1035.

------

[Back to **Table of Contents**](#TOC_869)

**Partial Exchanges.** The IRS has issued rulings that permit partial exchanges of annuity contracts. Effective for exchanges on or after October 24, 2011, where there is a surrender or distribution from either the initial annuity contract or receiving annuity contract within 180 days of the date on which the partial exchange was completed (other than an amount received as an annuity for a period of 10 years or more or during one or more lives), the IRS may not treat the transaction as a tax-free Section 1035 exchange. The IRS will apply general tax rules to determine the substance and treatment of transactions in such cases.

If a partial exchange is retroactively negated, the amount originally transferred to the recipient contract is treated as a withdrawal from the source contract, taxable to the extent of any gain in that contract on the date of the exchange. An additional 10% tax penalty may also apply if the Contract Owner is under age 59½. Your Contract may not permit partial exchanges.

**Taxation of Ownership Changes.** If you transfer a Non-qualified Contract without full and adequate consideration to a person other than your spouse (or to a former spouse incident to a divorce), you will be taxed on the difference between the Contract Value and the investment in the Contract at the time of transfer. Any assignment or pledge (or agreement to assign or pledge) of the Contract Value is taxed as a withdrawal of such amount or portion and may also incur the 10% additional tax. If the entire Account Value is assigned or pledged, subsequent increases in the Account Value are also treated as withdrawals for as long as the assignment or pledge remains in place. The cost basis is increased by the amount includible in income with respect to such assignment or pledge.

**Aggregation of Annuity Contracts.** The Code requires that all Non-qualified deferred annuity contracts issued by Everlake Life (or its affiliates) to the same Contract Owner during any calendar year be aggregated and treated as one annuity contract for purposes of determining the taxable amount of a distribution.

**INCOME TAX WITHHOLDING**

Generally, Everlake Life is required to withhold federal income tax at a rate of 10% from all non-annuitized distributions. The customer may elect a different federal income tax withholding rate or elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or the payment is made outside the United States, we will automatically withhold the required 10% of the taxable amount. In certain states, if there is federal withholding, then state withholding is also mandatory.

Everlake Life is required to withhold federal income tax using the wage withholding rates for all annuitized distributions. The customer may elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or the payment is made outside the United States, we will automatically apply the default income tax withholding based on IRS guidance. In certain states, if there is federal withholding, then state withholding is also mandatory.

Election out of withholding is valid only if the customer requests payment be made within the United States and provides a U.S. taxpayer identification number.

Generally, Code Section 1441 provides that Everlake Life as a withholding agent must withhold 30% of the taxable amounts paid to a non-resident alien. A non-resident alien is someone other than a U.S. citizen or resident alien. We require an original IRS Form W-8(BEN, BEN-E, EXP, ECI, IMY) (Generally a Form W-8BEN is the appropriate form) at issue to certify the owners' foreign status. Withholding may be reduced or eliminated if covered by an income tax treaty between the U.S. and the non-resident alien's country of residence if the payee provides a U.S. taxpayer identification number on a fully completed Form W-8(BEN, BEN-E, EXP, ECI, IMY). A U.S. taxpayer identification number is a social security number or an individual taxpayer identification number ("ITIN"). ITINs are issued by the IRS to non-resident alien individuals who are not eligible to obtain a social security number. The U.S. does not have a tax treaty with all countries nor do all tax treaties provide an exclusion or lower withholding rate for annuities.

Regardless of the amount withheld by us, you are liable for payment of income taxes (including any estimated taxes that may be due) on the taxable portion of distributions from the annuity contract. You should consult with your tax advisor regarding the payment of the correct amount of these income taxes and potential liability if you fail to pay such taxes.

**QUALIFIED CONTRACTS**

The income on tax sheltered annuity (TSA) and IRA investments is tax deferred, and the income from annuities held by such plans does not receive any additional tax deferral. You should review the annuity features, including all benefits and expenses, prior to purchasing an annuity as a TSA or IRA. Qualified Contracts may have been purchased for use in connection with:

• Individual
 Retirement Annuities (IRAs) under Code Section 408(b);

• Roth
 IRAs under Code Section 408A;

• Simplified
 Employee Pension (SEP IRA) under Code Section 408(k);

• Savings
 Incentive Match Plans for Employees (SIMPLE IRA) under Code Section 408(p);

• Tax
 Sheltered Annuities under Code Section 403(b);

• Corporate
 and Self Employed Pension and Profit Sharing Plans under Code Section 401; and

• State
 and Local Government and Tax-Exempt Organization Deferred Compensation Plans under Code Section 457.

Everlake Life reserves the right to limit the availability of the Contract for use with any of the retirement plans listed above or to modify the Contract to conform with tax requirements. If you use the Contract within an employer sponsored qualified retirement plan, the plan may impose different or additional conditions or limitations on withdrawals, waiver of charges, death benefits, Payout Start Dates, income

------

[Back to **Table of Contents**](#TOC_869)

payments, and other Contract features. In addition, adverse tax consequences may result if Qualified Plan limits on distributions and other conditions are not met. Please consult your Qualified Plan administrator for more information. Everlake Life no longer issues deferred annuities to employer sponsored qualified retirement plans.

The tax rules applicable to participants with qualified annuities vary according to the type of contract and the terms and conditions of the endorsement. Adverse tax consequences may result from certain transactions such as excess contributions, premature distributions, and, distributions that do not conform to specified commencement and minimum distribution rules. Everlake Life can issue an individual retirement annuity on a rollover or transfer of proceeds from a decedent's IRA, TSA, or employer sponsored retirement plan under which the decedent's surviving spouse is the beneficiary. Everlake Life does not offer an individual retirement annuity that can accept a transfer of funds for any other, non-spousal, beneficiary of a decedent's IRA, TSA, or employer sponsored qualified retirement plan. Note that in 2014, the U.S. Supreme Court ruled that Inherited IRAs, other than IRAs inherited by the owner's spouse, do not qualify as retirement assets for purposes of protection under the federal bankruptcy laws.

Please refer to your Endorsement for IRAs or 403(b) plans, if applicable, for additional information on your death settlement options. In the case of certain Qualified Plans, the terms of the Qualified Plan Endorsement and the plans may govern the right to benefits, regardless of the terms of the Contract.

**Taxation of Withdrawals from an Individually Owned Qualified Contract.** If you make a partial withdrawal under a Qualified Contract other than a Roth IRA, the portion of the payment that bears the same ratio to the total payment that the investment in the Contract (i.e., nondeductible IRA contributions) bears to the Contract Value, is excluded from your income. We do not keep track of nondeductible contributions, and generally all tax reporting of distributions from Qualified Contracts other than Roth IRAs will indicate that the distribution is fully taxable.

"Qualified distributions" from Roth IRAs are not included in gross income. "Qualified distributions" are any distributions made more than five taxable years after the taxable year of the first contribution to any Roth IRA and which are:

• made
 on or after the date the Contract Owner attains age 59½,

• made
 to a beneficiary after the Contract Owner's death,

• attributable
 to the Contract Owner being disabled, or

• made
 for a qualified first time home purchase within the meaning of Section 72(t)(2)(F) of the Code.

"Non-qualified distributions" from Roth IRAs are treated as made from contributions first and are included in gross income only to the extent that distributions exceed contributions.

**Required Minimum Distributions.** Generally, Qualified Contracts (excluding Roth IRAs) require minimum distributions upon reaching the applicable age, if later, the year in which you retire. However, if the retirement plan account is an IRA or you are a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once you reach the applicable age regardless of whether you are retired. Failure to withdraw the required minimum distribution will result in a 25% excise tax (a 50% excise tax applied prior to 2023) on the shortfall not withdrawn from the Contract. The excise tax on such failures may be further reduced from 25% to 10% if corrected in a timely manner and certain other conditions are met in accordance with the Consolidated Appropriations Act, 2023 (which includes SECURE 2.0 of 2022 ("SECURE 2.0")).

---

| | |
|:---|:---|
| **If you were born...** | **Your "applicable age" is …** |
|  Before July 1, 1949 | 70½ |
|  After June 30, 1949 and before 1951 | 72 |
|  After 1950 and before 1960 | 73 |
|  After 1959 | 75 |

---

The IRS requires annuity contracts to include the actuarial present value of other benefits for purposes of calculating the required minimum distribution amount. These other benefits may include accumulation, income, or death benefits. Not all income plans offered under the Contract satisfy the requirements for minimum distributions. Because these distributions are required under the Code and the method of calculation is complex, please see a competent tax advisor.

**The Death Benefit and Qualified Contracts.** Pursuant to the Code and IRS regulations, an IRA (e.g., traditional IRA, Roth IRA, SEP IRA and SIMPLE IRA) may not invest in life insurance contracts. However, an IRA may provide a death benefit that equals the greater of the purchase payments or the Contract Value. The Contract offers a death benefit that in certain circumstances may exceed the greater of the purchase payments or the Contract Value. We believe that the Death Benefits offered by your Contract do not constitute life insurance under these regulations.

It is also possible that certain death benefits that offer enhanced earnings could be characterized as an incidental death benefit. If the death benefit were so characterized, this could result in current taxable income to a Contract Owner. In addition, there are limitations on the amount of incidental death benefits that may be provided under Qualified Plans, such as in connection with a TSA or employer sponsored qualified retirement plan.

------

[Back to **Table of Contents**](#TOC_869)

Everlake Life reserves the right to limit the availability of the Contract for use with any of the Qualified Plans listed above.

**10% Additional Tax on Premature Distributions from Qualified Contracts.** A 10% additional tax applies to the taxable amount of any premature distribution from a Qualified Contract. Amounts are not subject to this additional tax if:

• made
 on or after the date the Contract Owner attains age 59½,

• made
 as a result of the Contract Owner's death or total disability, or

• made
 in substantially equal periodic payments (as defined by the Code) over the Contract Owner's life or life expectancy, or over
 the joint lives or joint life expectancies of the Contract Owner and the Beneficiary.

During the first 2 years of the individual's participation in a SIMPLE IRA, distributions that are otherwise subject to the additional tax on premature distributions, will be subject to a 25% additional tax.

There are a number of other exceptions to this tax that may apply. In addition, distributions that satisfy certain exceptions to this tax may be repaid in certain circumstances. You should consult a competent tax advisor to determine how the exceptions may apply to your situation.

**Substantially Equal Periodic Payments on Qualified Contracts.** With respect to Qualified Contracts using substantially equal periodic payments as an exception to the additional tax on premature distributions, any additional withdrawal or other material modification of the payment stream would violate the requirement that payments must be substantially equal. Failure to meet this requirement would mean that the income portion of each payment received prior to the later of 5 years or the taxpayer's attaining age 59½ would be subject to a 10% additional tax penalty unless another exception to the additional tax applied. The tax for the year of the modification is increased by the additional tax that would have been imposed without the exception, plus interest for the years in which the exception was used. A material modification does not include permitted changes described in published IRS rulings. You should consult a competent tax advisor prior to creating or modifying a substantially equal periodic payment stream.

**Income Tax Withholding on Qualified Contracts.** Generally, Everlake Life is required to withhold federal income tax at a rate of 10% from all non-annuitized distributions that are not considered "eligible rollover distributions." The customer may elect a different federal income tax withholding rate or elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or payment is made outside the United States, we will automatically withhold the required 10% from the taxable amount. In certain states, if there is federal withholding, then state withholding is also mandatory. Everlake Life is required to withhold federal income tax at a rate of 20% on all "eligible rollover distributions" unless you elect to make a "direct rollover" of such amounts to an IRA or eligible retirement plan. Eligible rollover distributions generally include all distributions from Qualified Contracts, including TSAs but excluding IRAs, with the exception of:

• required
 minimum distributions, or,

• a
 series of substantially equal periodic payments made over a period of at least 10 years, or,

• a
 series of substantially equal periodic payments made over the life (joint lives) of the participant (and beneficiary), or,

• hardship
 distributions.

With respect to any Contract held under a Section 457 plan or by the trustee of a Section 401 Pension or Profit Sharing Plan, we will not issue payments directly to a plan participant or beneficiary. Consequently, the obligation to comply with the withholding requirements described above will be the responsibility of the plan.

For all annuitized distributions that are not subject to the 20% withholding requirement, Everlake Life is required to withhold federal income tax using the wage withholding rates. The customer may elect out of withholding by completing and signing a withholding election form. If no election is made, if no U.S. taxpayer identification is provided or payment is made outside the United States, we will automatically apply the default income tax withholding based on IRS guidance. In certain states, if there is federal withholding, then state withholding is also mandatory.

Election out of withholding is valid only if the customer requests payment be made to a U.S. address and provides a taxpayer identification number.

Generally, Code Section 1441 provides that Everlake Life as a withholding agent must withhold 30% of the taxable amounts paid to a non-resident alien. A non-resident alien is someone other than a U.S. citizen or resident alien. We require an original IRS Form W-8 at issue to certify the owners' foreign status. Withholding may be reduced or eliminated if covered by an income tax treaty between the U.S. and the non-resident alien's country of residence if the payee provides a U.S. taxpayer identification number on a fully completed Form W-8 (BEN, BEN-E, EXP, ECI, IMY) (Generally a Form W-8BEN is the appropriate form). A U.S. taxpayer identification number is a social security number or an individual taxpayer identification number ("ITIN"). ITINs are issued by the IRS to non-resident alien individuals who are not eligible to obtain a social security number. The U.S. does not have a tax treaty with all countries nor do all tax treaties provide an exclusion or lower withholding rate for annuities.

Regardless of the amount withheld by us, you are liable for payment of income taxes (including any estimated taxes that may be due) on the taxable portion of distributions from the annuity contract. You should consult with your tax advisor regarding the payment of the correct amount of these income taxes and potential liability if you fail to pay such taxes.

------

[Back to **Table of Contents**](#TOC_869)

**Charitable IRA Distributions.** Certain qualified IRA distributions for charitable purposes are eligible for an exclusion from gross income, up to $100,000 (indexed for inflation beginning after 2023) for otherwise taxable IRA distributions from a traditional or Roth IRA. A qualified charitable distribution is a distribution that is made (1) directly by the IRA trustee to certain qualified charitable organizations and (2) on or after the date the IRA owner attains age 70 ½. Distributions that are excluded from income under this provision are not taken into account in determining the individual's deductions, if any, for charitable contributions. The amount of your qualified charitable distributions that are excluded from income for a tax year is reduced (but not below zero) by the excess of: (1) the total amount of your IRA deductions allowed for all tax years ending on or after the date you attain age 70½, over (2) the total amount of reductions for all tax years preceding the current tax year. You should consult your tax advisor about whether a one-time distribution up to $50,000 (indexed for inflation beginning after 2023) that is made from your IRA to a "split interest entity" can be excluded from your gross income.

The IRS has currently indicated that an IRA trustee is not responsible for determining whether a distribution to a charity is one that satisfies the requirements of the charitable giving incentive. Unless otherwise required in the future by the IRS, we will report the distribution as a normal IRA distribution on Form 1099-R. In those instances, individuals are responsible for reflecting the distributions as charitable IRA distributions on their personal tax returns. However, if we receive certification that the distribution satisfies the requirements, we will report the distribution as a charitable IRA distribution on Form 1099-R.

**Individual Retirement Annuities.** Code Section 408(b) permits eligible individuals to contribute to an individual retirement program known as an Individual Retirement Annuity (IRA). Individual Retirement Annuities are subject to limitations on the amount that can be contributed and on the time when distributions may commence. Certain distributions from other types of qualified retirement plans may be "rolled over" on a tax-deferred basis into an Individual Retirement Annuity. For IRA rollovers, an individual can only make an IRA to IRA rollover if the individual has not made a rollover involving any IRAs owned by the individual in the prior 12 months. An IRA transfer is a tax-free trustee-to-trustee "transfer" from one IRA account to another. IRA transfers are not subject to this 12-month rule.

**Roth Individual Retirement Annuities.** Code Section 408A permits eligible individuals to make nondeductible contributions to an individual retirement program known as a Roth Individual Retirement Annuity. Roth Individual Retirement Annuities are subject to limitations on the amount that can be contributed and on the time when distributions may commence.

A traditional Individual Retirement Account or Annuity may be converted or "rolled over" to a Roth Individual Retirement Annuity. The tax law allows distributions from qualified retirement plans including tax sheltered annuities and governmental Section 457 plans to be rolled over directly into a Roth IRA, subject to the rules that apply to conversions from a traditional IRA into a Roth IRA. The income portion of a conversion or rollover distribution is taxable currently, but is exempted from the 10% additional tax penalty on premature distributions. Conversions of annuity contracts to include the actuarial present value of other benefits for purposes of valuing the taxable amount of the conversion.

In addition, SECURE 2.0 amends the Code to allow for tax and penalty free rollovers from 529 accounts to Roth Individual Retirement Annuities, under certain conditions. Starting in 2024, beneficiaries of 529 college savings accounts would be permitted to roll over up to $35,000 over the course of their lifetime from any 529 account in their name to their Roth IRA. These rollovers generally are also subject to Roth Individual Retirement Annuities annual contribution limits, and the 529 account must have been open for at least 15 years, among other requirements.

The Code also permits the recharacterization of current year contribution amounts from a traditional IRA into a Roth IRA, or from a Roth IRA to a traditional IRA. Recharacterization is accomplished through a trustee-to-trustee transfer of a contribution (or a portion of a contribution) plus earnings, between different types of IRAs. A properly recharacterized contribution is treated as a contribution made to the second IRA instead of the first IRA. Such recharacterization must be completed by the applicable tax return due date (with extensions).

**Annuities Held By Individual Retirement Accounts (commonly known as Custodial IRAs).** Code Section 408 permits a custodian or trustee of an Individual Retirement Account to purchase an annuity as an investment of the Individual Retirement Account. If an annuity is purchased inside of an Individual Retirement Account, then the Annuitant must be the same person as the beneficial owner of the Individual Retirement Account.

If you have a contract issued as an IRA under Code Section 408(b) and request to change the ownership to an IRA custodian permitted under Section 408, we will treat a request to change ownership from an individual to a custodian as an indirect rollover. We will send a Form 1099-R to report the distribution and the custodian should issue a Form 5498 for the contract value contribution.

Generally, the death benefit of an annuity held in an Individual Retirement Account must be paid upon the death of the Annuitant. However, in most states, the Contract permits the custodian or trustee of the Individual Retirement Account to continue the Contract in the accumulation phase, with the Annuitant's surviving spouse as the new Annuitant, if the following conditions are met:

1) The custodian or trustee of the Individual Retirement Account is the owner of the annuity and has the right to the death proceeds otherwise payable under the Contract;

2) The deceased Annuitant was the beneficial owner of the Individual Retirement Account;

3) We receive a complete request for settlement for the death of the Annuitant; and

4) The custodian or trustee of the Individual Retirement Account provides us with a signed certification of the following:

------

[Back to **Table of Contents**](#TOC_869)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The
 Annuitant's surviving spouse is the sole beneficiary of the Individual Retirement Account;

(b) The
 Annuitant's surviving spouse has elected to continue the Individual Retirement Account as his or her own Individual
 Retirement Account; and

(c) The
 custodian or trustee of the Individual Retirement Account has continued the Individual Retirement Account pursuant
 to the surviving spouse's election.

**Simplified Employee Pension IRA (SEP IRA).** Code Section 408(k) allows eligible employers to establish simplified employee pension plans for their employees using individual retirement annuities. These employers may, within specified limits, make deductible contributions on behalf of the employees to the individual retirement annuities. Employers intending to use the Contract in connection with such plans should seek competent tax advice.

**Savings Incentive Match Plans for Employees (SIMPLE IRA).** Code Section 408(p) allows eligible employers with 100 or fewer employees to establish SIMPLE retirement plans for their employees using individual retirement annuities. In general, a SIMPLE IRA consists of a salary deferral program for eligible employees and matching or nonelective contributions made by employers. Employers intending to purchase the Contract as a SIMPLE IRA should seek competent tax and legal advice. SIMPLE IRA plans must include the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2007 (EGTRRA) to avoid adverse tax consequences. If your current SIMPLE IRA plan uses IRS Model Form 5304-SIMPLE with a revision date of March 2012 or later, then your plan is up to date. If your plan has a revision date prior to March 2012, please consult with your tax or legal advisor to determine the action you need to take in order to comply with this requirement.

Roth contributions are permitted for SEP and SIMPLE IRAs starting in 2023. Under SECURE 2.0, employers may offer employees the ability to elect to treat employee and employer contributions (in whole or in part) as made to a Roth IRA.

**To determine if you are eligible to contribute to any of the above listed IRAs (traditional, Roth, SEP, or SIMPLE), please refer to IRS** **Publication 590-A and your competent tax advisor.**

**Tax Sheltered Annuities.** Code Section 403(b) provides tax-deferred retirement savings plans for employees of certain non-profit and educational organizations. Under Section 403(b), any contract used for a 403(b) plan must provide that distributions attributable to salary reduction contributions made after 12/31/88, and all earnings on salary reduction contributions, may be made only on or after the date the employee:

• attains
 age 59½,

• severs
 employment,

• dies,

• becomes
 disabled, or

• incurs
 a hardship.

These limitations do not apply to withdrawals where Everlake Life is directed to transfer some or all of the Contract Value to another 403(b) plan. Generally, we do not accept funds in 403(b) contracts that are subject to the Employee Retirement Income Security Act of 1974 (ERISA).

**Caution:** Under IRS regulations we can accept contributions, transfers and rollovers only if we have entered into an information-sharing agreement, or its functional equivalent, with the applicable employer or its plan administrator. Unless your contract is grandfathered from certain provisions in these regulations, we will only process certain transactions (e.g., transfers, withdrawals, hardship distributions and, if applicable, loans) with employer approval. This means that if you request one of these transactions we will not consider your request to be in good order, and will not therefore process the transaction, until we receive the employer's approval in written or electronic form.

**Corporate and Self-Employed Pension and Profit Sharing Plans.** Section 401(a) of the Code permits corporate employers to establish various types of tax favored retirement plans for employees. Self-employed individuals may establish tax favored retirement plans for themselves and their employees (commonly referred to as "H.R.10" or "Keogh"). Such retirement plans may permit the purchase of annuity contracts. Everlake Life no longer issues annuity contracts to employer sponsored qualified retirement plans.

There are two owner types for contracts intended to qualify under Section 401(a): a qualified plan fiduciary or an annuitant owner.

• A
 qualified plan fiduciary exists when a qualified plan trust that is intended to qualify under Section 401(a) of the Code is the
 owner. The qualified plan trust must have its own tax identification number and a named trustee acting as a fiduciary on behalf
 of the plan. The annuitant should be the person for whose benefit the contract was purchased.

• An
 annuitant owner exists when the tax identification number of the owner and annuitant are the same, or the annuity contract
 is not owned by a qualified plan trust. The annuitant should be the person for whose benefit the contract was purchased.

If a qualified plan fiduciary is the owner of the contract, the qualified plan must be the beneficiary so that death benefits from the annuity are distributed in accordance with the terms of the qualified plan. Annuitant owned contracts require that the beneficiary be the annuitant's spouse (if applicable), which is consistent with the required IRS language for qualified plans under Section 401(a). A completed Annuitant Owned Qualified Plan Designation of Beneficiary form is required in order to change the beneficiary of an annuitant owned Qualified Plan contract.

------

[Back to **Table of Contents**](#TOC_869)

**State and Local Government and Tax-Exempt Organization Deferred Compensation Plans.** Section 457 of the Code permits employees of state and local governments and tax-exempt organizations to defer a portion of their compensation without paying current taxes. The employees must be participants in an eligible deferred compensation plan. In eligible governmental plans, all assets and income must be held in a trust/custodial account/annuity contract for the exclusive benefit of the participants and their beneficiaries. To the extent the Contracts are used in connection with a non-governmental eligible plan, employees are considered general creditors of the employer and the employer as owner of the Contract has the sole right to the proceeds of the Contract. Under eligible 457 plans, contributions made for the benefit of the employees will not be includible in the employees' gross income until distributed from the plan. Everlake Life no longer issues annuity contracts to 457 plans.

**Late Rollover Self-Certification.** You may be able to apply a rollover contribution to your IRA or qualified retirement plan after the 60-day deadline through a self-certification procedure established by the IRS. Please consult your tax or legal advisor regarding your eligibility to use this self-certification procedure. As indicated in this IRS guidance, we, as a financial institution, are not required to accept your self-certification for waiver of the 60-day deadline.

**Required Distributions Upon Your Death for a Qualified Annuity**

Upon your death under an IRA, Roth IRA, 403(b) or other employer sponsored plan, any remaining interest must be distributed in accordance with federal income tax requirements. For Owner and Beneficiary deaths prior to 2020, please consult your tax advisor regarding the applicable post-death distribution requirements.

The information provided below applies to Owner and Beneficiary deaths after 2019. If you are an employee under a governmental plan, such as a section 403(b) plan of a public school or a governmental 457(b) plan, the information below applies if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, the information below generally applies if you die after 2021 (unless the collective bargaining agreements terminate earlier).

• *Deaths before your required beginning date.* If you die before your required beginning date, and you have a designated beneficiary,
 any remaining interest must be distributed within 10 years after your death, unless the designated beneficiary is an
 "eligible designated beneficiary" ("EDB") or some other exception applies. A designated beneficiary is any individual designated as a beneficiary
 by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse,
 (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An
 individual's status as an EDB is generally determined on the date of your death. An EDB (other than a minor child) can generally
 stretch distributions over life or life expectancy if payments begin by the end of the calendar year following the year
 of your death and continuing over the EDB's remaining life expectancy after the EDB's death. However, all amounts must
 be fully distributed by the end of the year containing the 10 <sup>th</sup> anniversary of the EDB's death. Special rules apply to minors
 and Beneficiaries that are not individuals. Additional special rules apply to surviving spouses. See "Spousal continuation"
 below.

• *Death on or after your required beginning date*.
 In general, if you die on or after your required beginning date, and you have a
 designated beneficiary who is not an EDB, any remaining interest in your Qualified Annuity must continue to be distributed
 over the longer of your remaining life expectancy and your designated beneficiary's life expectancy (or more rapidly),
 but all amounts must be distributed within 10 years of your death. If your Beneficiary is an EDB (other than a minor
 child), distributions must continue over the longer of your remaining life expectancy and the EDB's life expectancy (or
 more rapidly), but all amounts must be distributed within 10 years of the EDB's death. Special rules apply to EDBs who are
 minors and Beneficiaries that are not individuals.

• *Annuity payments*. If
 you commence taking distributions in the form of an annuity that can continue after your death, such as in
 the form of a joint and survivor annuity or an annuity with a guaranteed period of more than 10 years, any distributions after
 your death that are scheduled to be made beyond the applicable distribution period imposed under the law might need to
 be commuted at the end of that period (or otherwise modified after your death if permitted under federal tax law and by Prudential)
 in order to comply with the post-death distribution requirements.

• *Other rules*. The post-death
 distribution requirements do not apply if the employee or IRA owner elected annuity payments that
 comply with prior law commenced prior to December 20, 2019. Also, even if annuity payments have not commenced prior
 to December 20, 2019, the requirements generally do not apply to an immediate annuity contract purchased prior to that
 date, if you have made an irrevocable election before that date as to the method and amount of the annuity.

If your beneficiary is not an individual, such as a charity, your estate, or a trust, any remaining interest after your death generally must be distributed in accordance with the 5-year rule or the at-least-as-rapidly rule, as applicable (but not the lifetime payout rule). If the beneficiary is a qualified trust, distribution options may be limited. In certain instances, we may allow distributions based on the life expectancy of a sole individual beneficiary under the trust if they qualify as an EDB. Special rules and limitations may apply to qualified trusts with multiple beneficiaries. You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

In addition, these post-death distribution requirements generally do not apply if the employee or IRA owner died prior to January 1, 2020. However, if the designated beneficiary of the deceased employee or IRA owner dies after January 1, 2020, and the designated beneficiary had elected the lifetime payout rule or was under the at-least-as-rapidly rule, any remaining

------

[Back to **Table of Contents**](#TOC_869)

interest must be distributed within 10 years of the designated beneficiary's death. Hence, this 10-year rule will apply to (1) a contract issued prior to 2020 which continues to be held by a designated beneficiary of an employee or IRA owner who died prior to 2020, and (2) an inherited IRA issued after 2019 to the designated beneficiary of an employee or IRA owner who died prior to 2020.

• *Spousal continuation.* If your beneficiary is your spouse, such surviving spouse can delay the application of the post-death distribution
 requirements until after their death by transferring the remaining interest tax-free to their own IRA, or by electing
 to treat your IRA as their own IRA. However, in certain circumstances the surviving spouse may have to take "hypothetical
 RMDs" (i.e., catch up amounts required in accordance with the regulations).

The post-death distribution requirements are complex in numerous respects. Treasury has issued final and proposed regulations that may impact these required minimum distribution requirements. We reserve the right to make changes in order to comply with the final and proposed regulations, or any regulations published in the future. Any such changes will apply uniformly to affected owners or beneficiaries and will be made with such notice to affected owners or beneficiaries as is feasible under the circumstances. In addition, the manner in which these requirements will apply will depend on your particular facts and circumstances. You may wish to consult a professional tax advisor for tax advice as to your particular situation.

Unless payments are being made in the form of an annuity, a Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules.

Note that in 2014, the U.S. Supreme Court ruled that Inherited IRAs, other than IRAs inherited by the owner's spouse, do not qualify as retirement assets for purposes of protection under the federal bankruptcy laws. Until withdrawn, amounts in a Qualified Annuity continue to be tax deferred. Amounts withdrawn each year, including amounts that are required to be withdrawn under the required minimum distribution rules, are subject to tax. You may wish to consult a professional tax advisor for tax advice as to your particular situation.

For a Roth IRA, if death occurs before the entire interest is distributed, the death benefit must be distributed under the same rules applied to IRAs where death occurs before the required beginning date. Similar rules may apply to designated Roth accounts under an employer-sponsored retirement plan. Consult your plan sponsor or tax advisor for more information on designated Roth accounts.

**ERISA Requirements**

ERISA (the "Employee Retirement Income Security Act of 1974") and the Code prevent a fiduciary and other "parties in interest" with respect to a plan (and, for these purposes, an IRA would also constitute a "plan") from receiving any benefit from any party dealing with the plan, as a result of the sale of the Annuity. Administrative exemptions under ERISA generally permit the sale of insurance/annuity products to plans, provided that certain information is disclosed to the person purchasing the Annuity. This information has to do primarily with the fees, charges, discounts and other costs related to the Annuity, as well as any commissions paid to any agent selling the Annuity. Information about any applicable fees, charges, discounts, penalties or adjustments may be found in the applicable sections of this prospectus. Information about sales representatives and commissions may be found in the sections of this prospectus addressing distribution of the Annuities.

Other relevant information required by the exemptions is contained in the contract and accompanying documentation.

Please consult with your tax advisor if you have any questions about ERISA and these disclosure requirements.

**Spousal Consent Rules for Retirement Plans - Qualified Annuities**

If you are married at the time your payments commence, you may be required by federal law to choose an income option that provides survivor annuity income to your spouse, unless your spouse waives that right. Similarly, if you are married at the time of your death, federal law may require all or a portion of the Death Benefit to be paid to your spouse, even if you designated someone else as your Beneficiary. A brief explanation of the applicable rules follows. For more information, consult the terms of your retirement arrangement.

*Defined Benefit Plans and Money Purchase Pension Plans.* If you are married at the time your payments commence, federal law requires that benefits be paid to you in the form of a "qualified joint and survivor annuity" (QJSA), unless you and your spouse waive that right, in writing. Generally, this means that you will receive a reduced payment during your life and, upon your death, your spouse will receive at least one-half of what you were receiving for life. You may elect to receive another income option if your spouse consents to the election and waives his or her right to receive the QJSA. If your spouse consents to the alternative form of payment, your spouse may not receive any benefits from the plan upon your death. Federal law also requires that the plan pay a Death Benefit to your spouse if you are married and die before you begin receiving your benefit. This benefit must be available in the form of an Annuity for your spouse's lifetime and is called a "qualified pre-retirement survivor annuity" (QPSA). If the plan pays Death Benefits to other Beneficiaries, you may elect to have a Beneficiary other than your spouse receive the Death Benefit, but only if your spouse consents to the election and waives his or her right to receive the QPSA. If your spouse consents to the alternate Beneficiary, your spouse will receive no benefits from the plan upon your death. Any QPSA waiver prior to your attaining age 35 will become null and void on the first day of the calendar year in which you attain age 35, if still employed.

------

[Back to **Table of Contents**](#TOC_869)

*Defined Contribution Plans (including 401(k) Plans and ERISA 403(b) Annuities).* Spousal consent to a distribution is generally not required. Upon your death, your spouse will receive the entire Death Benefit, even if you designated someone else as your Beneficiary, unless your spouse consents in writing to waive this right. Also, if you are married and elect an Annuity as a periodic income option, federal law requires that you receive a QJSA (as described above), unless you and your spouse consent to waive this right.

*IRAs, non-ERISA 403(b) Annuities, and 457 Plans.* Spousal consent to a distribution usually is not required. Upon your death, any Death Benefit will be paid to your designated Beneficiary.

**ADDITIONAL CONSIDERATIONS**

**Reporting and Withholding for Escheated Amounts**

Revenue Rulings 2018-17 and 2020-24 provide that an amount transferred from an IRA or 401(a) qualified retirement plan to a state's unclaimed property fund is subject to federal income tax withholding at the time of transfer. The amount transferred is also subject to federal reporting. Consistent with these Rulings, we will withhold federal and state income taxes and report to the applicable Owner or Beneficiary as required by law when amounts are transferred to a state's unclaimed property fund. Non-qualified annuity contracts generally are subject to the same or similar federal income tax reporting and withholding requirements as IRAs and qualified retirement plans. As a result, we may determine in the future that we have an obligation to follow similar guidelines with respect to any amounts escheated from your Non-qualified Annuity.

**Gifts and Generation-skipping Transfers**

If you transfer your Annuity to another person for less than adequate consideration, there may be gift tax consequences in addition to income tax consequences. Also, if you transfer your Annuity to a person two or more generations younger than you (such as a grandchild or grandniece) or to a person that is more than 37½ years younger than you, there may be generation-skipping transfer tax consequences.

**Civil Unions and Domestic Partnerships**

U.S. Treasury Department regulations provide that for federal tax purposes, the term "spouse" does not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship that is not denominated as a marriage under the laws of the state where the relationship was entered into, regardless of domicile. As a result, if a Beneficiary of a deceased Owner and the Owner were parties to such a relationship, the Beneficiary will be required by federal tax law to take distributions from the Contract in the manner applicable to non-spouse Beneficiaries and will not be able to continue the Contract.

Please consult with your tax or legal advisor for additional information.

**THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH SUCH OFFERING** **MAY NOT LAWFULLY BE MADE. WE DO NOT AUTHORIZE ANYONE TO PROVIDE ANY INFORMATION OR** **REPRESENTATIONS REGARDING THE OFFERING DESCRIBED IN THIS PROSPECTUS OTHER THAN AS CONTAINED** **IN THIS PROSPECTUS.**

------

[Back to **Table of Contents**](#TOC_869)

**Legal Proceedings**

------

All matters of state law pertaining to the Contracts, including the validity of the Contracts and Everlake Life's right to issue such Contracts under applicable state insurance law, have been passed upon by Angela K. Fontana, Chief Legal Officer of Everlake Life.

There are no pending legal proceedings to which the Separate Account is a party. Everlake Life is engaged from time to time in routine lawsuits, which, in management's judgment, are not likely to have a material effect, either individually or in the aggregate, on the operating results, cash flows or financial position of Everlake Life.

------

[Back to **Table of Contents**](#TOC_869)

**Financial Statements**

------

The financial statements of the Separate Accounts and Everlake Life Insurance Company are incorporated by reference in the Statement of Additional Information.

------

[Back to **Table of Contents**](#TOC_869)

**More Information**

------

**PRINCIPAL UNDERWRITER**

**Distribution**. Everlake Distributors, L.L.C. ("EDLLC") serves as the principal underwriter and distributor of the securities offered herein. The Contracts are no longer sold to new customers, however, existing customers can continue to hold the Contracts and make additional purchase payments. The securities offered herein are sold on a continuous basis, and there is no specific end date for the offering. EDLLC, a wholly owned subsidiary of Everlake Life Insurance Company, is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. EDLLC is not required to sell any specific number or dollar amount of securities. The principal address of EDLLC is 3100 Sanders Road, Northbrook, Illinois, 60062. EDLLC receives no compensation for its role as principal underwriter for these contracts.

**Administration**. We have primary responsibility for all administration of the Contracts and the Registered Separate Account. We entered into an administrative services agreement with The Prudential Insurance Company of America ("PICA") whereby, PICA or an affiliate provides administrative services to the Registered Separate Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with se2, LLC, of 5801 SW 6<sup>th</sup> Avenue, Topeka, Kansas 66636, whereby se2, LLC provides certain business process outsourcing services with respect to the Contracts. se2, LLC may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2025, consisted of the following: Donnelley Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago, IL 60601; Iron Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110; O'Neil Digital Solutions, LLC (printing services) located at 3100 E Plano Pkwy Plano, TX, 75074-7423; SOVOS Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447; Records Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka, KS 66618; Venio LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508; Broadridge Output Solutions, Inc., successor in interest to Broadridge Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108; NTT DATA, Inc.(offshore, onshore, and nearshore) information and technology infrastructure support (application development, and application maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024.

In administering the Contracts, the following services are provided, among others:

• maintenance
 of Contract Owner records;

• Contract
 Owner services;

• calculation
 of unit values;

• maintenance
 of the Registered Separate Account; and

• preparation
 of Contract Owner reports.

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you must notify us of a potential error within a reasonable time after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error.

Correspondence sent by regular mail to our Annuity Service Center should be sent to P.O. Box 758543, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our Annuity Service Center. Your correspondence is not considered received by us until it is received at our Annuity Service Center. Where this prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in complete and proper form at our Annuity Service Center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our Annuity Service Center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

------

[Back to **Table of Contents**](#TOC_869)

**Appendix A:** **Investment Options Available Under the Contract**

------

**Certain Investment Options may not be available through certain financial intermediaries. See the** [**Cover Page**](#chapter_1-sect1_1_57680_869) **for additional** **information.**

**Variable 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 <u>www.annuityregulatorydocuments.com</u>. You can also request this information at no cost by calling 1-800-457-7617 or by sending an email request to prudaawfnf@zinnia.com.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** |
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **1 Year** | **5 Year** | **10 Year** |
|  Equity | AB VPS Large Cap Growth Portfolio - Class B<br> *AllianceBernstein L.P.* | 0.90% | 12.85% | 11.76% | 15.88% |
|  Equity | AB VPS Relative Value Portfolio - Class B<sup>♦</sup><br> *AllianceBernstein L.P.* | 0.84% | 10.20% | 11.15% | 10.30% |
|  Fixed Income | Fidelity<sup>®</sup> VIP Government Money Market Portfolio - Service Class 2<br> *Fidelity*<sup>*®*</sup> *Management & Research Company LLC*<br>*FMR Investment Management (UK) Limited*<br>*Fidelity Management & Research (Hong Kong) Limited*<br>*Fidelity Management & Research (Japan) Limited* | 0.50% | 3.86% | 2.90% | 1.83% |
|  Allocation | Franklin Income VIP Fund - Class 2<br> *Franklin Advisers, Inc.* | 0.72% | 12.56% | 7.66% | 7.30% |
|  Allocation | Franklin Mutual Shares VIP Fund - Class 2<sup>‡</sup><br> *Franklin Mutual Advisers, LLC* | 0.94% | 11.52% | 9.20% | 7.53% |
|  Equity | Invesco V.I. American Franchise Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.85% | 11.67% | 10.35% | 14.87% |
|  Equity | Invesco V.I. American Franchise Fund - Series II shares<br> *Invesco Advisers, Inc.* | 1.10% | 11.39% | 10.08% | 14.58% |
|  Equity | Invesco V.I. American Value Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.89% | 21.00% | 17.85% | 12.29% |
|  Equity | Invesco V.I. Comstock Fund - Series II shares<br> *Invesco Advisers, Inc.* | 1.00% | 17.14% | 15.14% | 11.67% |
|  Equity | Invesco V.I. Core Equity Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 0.80% | 16.17% | 12.81% | 11.73% |
|  Equity | Invesco V.I. Discovery Mid Cap Growth Fund - Series II shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 1.11% | 4.53% | 3.64% | 11.10% |
|  Equity | Invesco V.I. Diversified Dividend Fund - Series II shares<br> *Invesco Advisers, Inc.* | 0.93% | 15.44% | 10.53% | 8.93% |
|  Equity | Invesco V.I. Equally-Weighted S&P 500 Fund - Series II shares<sup>‡</sup><br> *Invesco Advisers, Inc.*<br>*Invesco Capital Management LLC* | 0.59% | 10.82% | 9.89% | 11.11% |
|  Allocation | Invesco V.I. Equity and Income Fund - Series II shares<br> *Invesco Advisers, Inc.* | 0.82% | 12.52% | 8.68% | 8.64% |

---

------

[Back to **Table of Contents**](#TOC_869)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** |
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **1 Year** | **5 Year** | **10 Year** |
|  Equity | Invesco V.I. Global Fund - Series II shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 1.06% | 15.02% | 7.01% | 10.72% |
|  Fixed Income | Invesco V.I. High Yield Fund - Series II shares<br> *Invesco Advisers, Inc.* | 1.17% | 6.35% | 3.40% | 4.55% |
|  Equity | Invesco V.I. Main Street Mid Cap Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 0.94% | 9.19% | 9.11% | 9.35% |
|  Equity | Morgan Stanley VIF Discovery Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.* | 0.95% | 12.58% | -5.36% | 14.16% |
|  Equity | Morgan Stanley VIF Emerging Markets Equity Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.*<br>*Morgan Stanley Investment Management Company, sub-adviser* | 1.25% | 32.96% | 4.37% | 7.27% |
|  Allocation | Morgan Stanley VIF Global Strategist Portfolio - Class I<sup>♦,</sup><sup>‡</sup><br> *Morgan Stanley Investment Management Inc.*<br>*Morgan Stanley Investment Management Limited, sub-adviser* | 0.90% | 17.40% | 5.31% | 6.85% |
|  Allocation | Morgan Stanley VIF Global Strategist Portfolio - Class II<sup>♦,</sup><sup>‡</sup><br> *Morgan Stanley Investment Management Inc.*<br>*Morgan Stanley Investment Management Limited, sub-adviser* | 1.00% | 17.36% | 5.21% | 6.75% |
|  Equity | Morgan Stanley VIF Growth Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.* | 0.57% | 35.72% | 3.41% | 17.76% |
|  Equity | Morgan Stanley VIF Growth Portfolio - Class II<sup>♦,</sup><sup>‡</sup><br> *Morgan Stanley Investment Management Inc.* | 0.82% | 35.38% | 3.15% | 17.46% |
|  Equity | Putnam VT International Equity Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*The Putnam Advisory Company, LLC*<br>*Putnam Investment Management, LLC* | 1.06% | 37.68% | 9.28% | 8.12% |
|  Equity | Putnam VT Large Cap Growth Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 0.88% | 14.34% | 13.44% | 17.66% |
|  Equity | Putnam VT Large Cap Value Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 0.79% | 20.35% | 15.38% | 13.30% |
|  Equity | Putnam VT Small Cap Value Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 1.02% | 5.27% | 10.99% | 9.13% |
|  Equity | Templeton Foreign VIP Fund - Class 2<sup>♦,</sup><sup>‡</sup><br> *Templeton Investment Counsel, LLC* | 1.08% | 29.19% | 8.25% | 5.75% |

---

**The additional information below may be applicable to the Portfolios listed in the above table.**

Fidelity is a registered mark of FMR LLC. Used with permission.

(1) Current
 expenses for certain portfolios are effective April 30, 2026 or May 1, 2026. Please see the Portfolio prospectus for the effective date
 of the current expenses.

♦ This
 information includes annual expenses that reflect temporary or other fee reductions or waivers. Please see the Portfolio prospectus for
 additional information.

‡ The
 Portfolio has certain restrictions regarding availability for investment by Contract Owners as listed below.

**<u>Franklin Mutual Shares VIP Fund - Class 2</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Core Equity Fund - Series I shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

------

[Back to **Table of Contents**](#TOC_869)

**<u>Invesco V.I. Discovery Mid Cap Growth Fund - Series II shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Equally-Weighted S&P 500 Fund - Series II shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Global Fund - Series II shares</u>**<br>Effective April 27, 2026, this Portfolio was added to the product as a result of Invesco V.I. Global Core Equity Fund – Series II merger and is now closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Main Street Mid Cap Fund - Series I shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Morgan Stanley VIF Global Strategist Portfolio - Class I</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Morgan Stanley VIF Global Strategist Portfolio - Class II</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Morgan Stanley VIF Growth Portfolio - Class II</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Templeton Foreign VIP Fund - Class 2</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**Fixed Options**

The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with written notice before doing so. For more information about the Fixed Options, see "Description of Insurance Company, Registered Separate Account, and Investment Options" in this prospectus.

---

| | | |
|:---|:---|:---|
| **Name** | **Term** | **Minimum Guaranteed** **Interest Rate\*** |
| Dollar Cost Averaging Fixed Account Option | 6 Month | 3% |
| Dollar Cost Averaging Fixed Account Option | 12 Month | 3% |
| Standard Fixed Account Option | 6 Year | 3% |

---

\*The rate shown was the last Minimum Guaranteed Interest Rate issued before the product closed to new customers. Your Minimum Guaranteed Interest Rate is the amount shown on your Contract and can vary by state. Please consult with your representative for availability and current rates.

------

[Back to **Table of Contents**](#TOC_869)

**Appendix B: Calculation of Enhanced Earnings Death Benefit Plus** **Amount**

------

**Example 1:**

Assume that the oldest Owner (or Annuitant if the Contract owner is a non-living person) is age 55 on the Rider Application Date and elects the Enhanced Earnings Death Benefit Plus Option when the Contract is issued. The Owner makes an initial purchase payment of $100,000. After four years, the Owner dies. On the date Everlake Life receives Due Proof of Death, the Contract Value is $125,000. Prior to his death, the Owner did not make any additional purchase payments or take any withdrawals. The calculation is:

---

| | | |
|:---|:---|:---|
| (A) Contract Value: |  | $125000.00 |
| (B) Total Purchase Payments |  | $100000.00 |
| (C) Total Excess-of-Earnings Withdrawals: |  | $0.00 |
| (D) In-Force Premium: | (D) = (B) - (C) | $100000.00 |
| (E) In-Force Earnings: | (E) = (A) - (D) | $25000.00 |
| (F) Cap: | (F) = 100% × (D) | $100000.00 |
| (G) Enhanced Earnings Death Benefit Plus\*: | (G) = MIN [50% × (E); (F)] | $12500.00 |

---

\* If the oldest Owner (or Annuitant if the Contract owner is a non-living person) had been between the ages of 56 and 65 on the Rider Application Date, the Enhanced Earnings Death Benefit Plus benefit would be 40% of the In-Force Earnings ($10,000.00). If the oldest Owner (or Annuitant if the Contract owner is a non-living person) had been between the ages of 66 and 75 on the Rider Application Date, the Enhanced Earnings Death Benefit Plus benefit would be 25% of the In-Force Earnings ($6,250.00).

**Example 2:**

Assume the same facts as above, except that the Owner has taken a withdrawal of $10,000 during the second year of the Contract. Immediately prior to withdrawal, the Contract Value is $105,000. The Contract Value on the date Everlake Life receives Due Proof of Death will be assumed to be $114,000.

The calculation of the Total Excess-of-Earnings Withdrawals is:

---

| | | |
|:---|:---|:---|
| (1) Contract Value: |  | $105000.00 |
| (2) Total Purchase Payments: |  | $100000.00 |
| (3) Prior Excess-of-Earnings Withdrawals: |  | $0.00 |
| (4) In-Force Premium: |  | $100000.00 |
| (5) In-Force Earnings: | (5) = (1) - (4) | $5000.00 |
| (6) Withdrawal Amount: |  | $10000.00 |
| (7) Excess-of Earnings Withdrawal: | (7) = (6) - (5) and cannot be negative | $5000.00 |
| (8) Total Excess-of-Earnings Withdrawals: | (8) = (3) + (7) | $5000.00 |

---

------

[Back to **Table of Contents**](#TOC_869)

The calculation of the Enhanced Earnings Death Benefit Plus is:

---

| | | |
|:---|:---|:---|
| (A) Contract Value: |  | $114000.00 |
| (B) In-Force Premium (before withdrawal): |  | $100000.00 |
| (C) Total Excess-of-Earnings Withdrawals: |  | $5000.00 |
| (D) In-Force Premium (after withdrawal): | (D) = (B) - (C) | $95000.00 |
| (E) In-Force Earnings: | (E) = (A) - (D) | $19000.00 |
| (F) Cap: | (F) = 100% × (D) | $95000.00 |
| (G) Enhanced Earnings Death Benefit Plus\*: | (G) = MIN [50% × (E); (F)] | $9500.00 |

---

\* If the oldest Owner (or Annuitant if the Contract owner is a non-living person) had been between the ages of 56 and 65 on the Rider Application Date, the Enhanced Earnings Death Benefit Plus benefit would be 40% of the In-Force Earnings ($7,600.00). If the oldest Owner (or Annuitant if the Contract owner is a non-living person) had been between the ages of 66 and 75 on the Rider Application Date, the Enhanced Earnings Death Benefit Plus benefit would be 25% of the In-Force Earnings ($4,750.00).

**Example 3:**

This example is intended to illustrate the effect of adding the Enhanced Earnings Death Benefit Plus Rider after the Contract has been issued and the effect of later purchase payments. Assume that the oldest Owner (or Annuitant if the Contract owner is a non-living person) is age 70 on the Rider Application Date. At the time the Contract is issued, the Owner makes a purchase payment of $100,000. After two years pass, the Owner elects to add the Enhanced Earnings Death Benefit Plus Rider. On the date this Rider is added, the Contract Value is $110,000. Two years later, the Owner withdraws $50,000. Immediately prior to the withdrawal, the Contract Value is $130,000. Another two years later, the Owner makes an additional purchase payment of $40,000. Two years later, the Owner dies with a Contract Value of $140,000 on the date Everlake Life receives Due Proof of Death.

The calculation of the Total Excess-of-Earnings Withdrawals is:

---

| | | |
|:---|:---|:---|
| (1) Contract Value: |  | $130000.00 |
| (2) Contract Value on Rider Date: |  | $110000.00 |
| (3) Prior Excess-of-Earnings Withdrawals: |  | $0.00 |
| (4) In-Force Premium: |  | $110000.00 |
| (5) In-Force Earnings: | (5) = (1) - (4) | $20000.00 |
| (6) Withdrawal Amount: |  | $50000.00 |
| (7) Excess-of Earnings Withdrawal: | (7) = (6) -(5) and cannot be negative | $30000.00 |
| (8) Total Excess-of-Earnings Withdrawals: | (8) = (3) + (7) | $30000.00 |

---

The calculation of the Enhanced Earnings Death Benefit Plus is:

---

| | | |
|:---|:---|:---|
| (A) Contract Value: |  | $140000.00 |
| (B) In-Force Premium (before withdrawal and purchase payment): |  | $110000.00 |
| (C) Total Excess-of-Earnings Withdrawals: |  | $30000.00 |
| (D) Additional Purchase Payment: |  | $40000.00 |
| (E) In-Force Premium (after withdrawal and purchase payment): |  | $120000.00 |
| (F) In-Force Earnings: | (F) = (A) - (E) | $20000.00 |
| (G) Cap: | (G) = 50% × (E) | $60000.00 |
| (H) Enhanced Earnings Death Benefit Plus\***:** | (H) = MIN [25% × (F); (G)] | $5000.00 |

---

\* If the oldest Owner (or Annuitant if the Contract owner is a non-living person) had been age 55 or younger on the Rider Application Date, the Enhanced Earnings Death Benefit Plus benefit would be 50% of the In-Force Earnings ($10,000.00). If the oldest Owner (or Annuitant if the Contract owner is a nonliving person) had been between the ages of 56 and 65 on the Rider Application Date, the Enhanced Earnings Death Benefit Plus benefit would be 40% of the In-Force Earnings ($8,000.00).

------

[Back to **Table of Contents**](#TOC_869)

**Appendix C: Calculation Of Optional Benefits**

------

**Examples: Income Benefit Combination 2 – Contract Value Increase, Additional Purchase Payment Adjustment and** **Withdrawal Adjustment**

The Income Base for Income Benefit Combination 2 is the greatest of Income Base A and Income Base B.

The Income Base A calculation is the same as that for the Performance Income Benefit.

Income Base B is calculated daily using a specified accumulation rate and is also adjusted for purchase payments and withdrawals.

The rider is added at issue and the purchase payment is $100,000. Income Base B is $100,000. A benefit accumulation rate of 5% applies.

On the first Contract Anniversary, Income Base B is $105,000, provided the oldest Contract owner has not reached his or her 85<sup>th</sup> birthday.

Regardless of the age of the owner(s), purchase payments increase Income Base B dollar-for-dollar by the payment amount at the time of the payment.

Also, regardless of the owner(s) age, withdrawals proportionally decrease Income Base B at the time of the withdrawal, as described in the Enhanced Death Benefit :

The most recently calculated Income Base B is $110,000. A withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $100,000. Income Base B is reduced proportionally on the date of the withdrawal, by:

($5,000 / $100,000) × $110,000 = $5,500

and Income Base B is $104,500.

**Examples: Performance Death Benefit – Contract Value Increase, Additional Purchase Payment Adjustment and Withdrawal** **Adjustment**

The rider is added at issue and the purchase payment is $100,000. The Performance Death Benefit is $100,000. The oldest Contract owner is 70 years old.

On the first Contract Anniversary, the Contract Value is $102,000. The Performance Death Benefit is increased to $102,000 since the Contract Value exceeds the most recently calculated Performance Death Benefit of $100,000.

On the second Contract Anniversary, the Contract Value is $97,000. The Performance Death Benefit remains $102,000 since the most recently calculated Performance Death Benefit exceeds the Contract Value.

The Contract Anniversary comparisons will be made until the older Contract owner has attained age 85.

Regardless of the age of the owner(s), purchase payments increase the Performance Death Benefit dollar-for-dollar by the payment amount at the time of the payment.

Also, regardless of the owner(s) age, withdrawals proportionally decrease the Performance Death Benefit at the time of the withdrawal, as described in the Enhanced Death Benefit:

The most recently calculated Performance Death Benefit is $110,000. A withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $100,000. The Performance Death Benefit is reduced proportionally on the date of the withdrawal, by:

($5,000 / $100,000) × $110,000 = $5,500

and the Performance Death Benefit is $104,500.

------

[Back to **Table of Contents**](#TOC_869)

**Appendix D - Calculation of Contract Features**

------

**Six-Month Dollar Cost Averaging Fixed Account Option**

Money in the Six-Month Dollar Cost Averaging Fixed Account will earn interest at the annual rate in effect at the time of allocation for the Six-Month Dollar Cost Averaging Fixed Account. Each purchase payment and associated interest in the Six-Month Dollar Cost Averaging Fixed Account must be transferred to Variable Options of the variable account in equal monthly installments within the six-month transfer period. If the Six-Month Dollar Cost Averaging Fixed Account is discontinued prior to the last scheduled transfer, the remaining balance in the Six-Month Dollar Cost Averaging Fixed Account will immediately be transferred to the money market Variable Option unless a different Variable Option is requested. In this example, the policyholder allocates $100,000 to a Six-Month Dollar Cost Averaging Fixed Account. The example assumes an immediate transfer of the first installment. Six equal payments of $16,769.47 are transferred to the Variable Options each month. These six equal payments result in the entire $100,000 purchase payment and associated interest being transferred to the Variable Options within the six-month transfer period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Beginning of Month** | **Beginning of Month Transfer** | **Interest** | **End of Month Balance** |
| 1 | $100000.00 | $16769.47 | $205.27 | $83435.80 |
| 2 | $83435.80 | $16769.47 | $164.42 | $66830.75 |
| 3 | $66830.75 | $16769.47 | $123.46 | $50184.74 |
| 4 | $50184.74 | $16769.47 | $82.41 | $33497.68 |
| 5 | $33497.68 | $16769.47 | $41.26 | $16769.47 |
| 6 | $16769.47 | $16769.47 | $0.00 | $0.00 |

---

**12 Month Dollar Cost Averaging Fixed Account Option**

Money in the Twelve-Month Dollar Cost Averaging Fixed Account will earn interest at the annual rate in effect at the time of allocation for the Twelve-Month Dollar Cost Averaging Fixed Account. Each purchase payment and associated interest in the Twelve-Month Dollar Cost Averaging Fixed Account must be transferred to Variable Options of the variable account in equal monthly installments within the twelve-month transfer period. If the Twelve-Month Dollar Cost Averaging Fixed Account is discontinued prior to the last scheduled transfer, the remaining balance in the Twelve-Month Dollar Cost Averaging Fixed Account will immediately be transferred to the money market Variable Option unless a different Variable Option is requested. In this example, the policyholder allocates $100,000 to a Twelve-Month Dollar Cost Averaging Fixed Account. The example assumes an immediate transfer of the first installment. Twelve equal payments of $8,446.69 are transferred to the Variable Options each month. These twelve equal payments result in the entire $100,000 purchase payment and associated interest being transferred to the Variable Options within the twelve-month transfer period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Beginning of Month** | **Beginning of Month Transfer** | **Interest** | **End of Month Balance** |
| 1 | $100000.00 | $8446.69 | $225.80 | $91779.10 |
| 2 | $91779.10 | $8446.69 | $205.52 | $83537.93 |
| 3 | $83537.93 | $8446.69 | $185.20 | $75276.43 |
| 4 | $75276.43 | $8446.69 | $164.82 | $66994.55 |
| 5 | $66994.55 | $8446.69 | $144.39 | $58692.25 |
| 6 | $58692.25 | $8446.69 | $123.92 | $50369.48 |
| 7 | $50369.48 | $8446.69 | $103.39 | $42026.18 |
| 8 | $42026.18 | $8446.69 | $82.82 | $33662.30 |
| 9 | $33662.30 | $8446.69 | $62.19 | $25277.79 |
| 10 | $25277.79 | $8446.69 | $41.51 | $16872.61 |
| 11 | $16872.61 | $8446.69 | $20.78 | $8446.69 |
| 12 | $8446.69 | $8446.69 | $0.00 | $0.00 |

---

------

[Back to **Table of Contents**](#TOC_869)

**Basic Dollar Cost Averaging**

Through our Dollar Cost Averaging Progra, you may automatically transfer a fixed dollar amount on a regular basis from any Variable Option or any Fixed Account Option to any of the other Variable Options. You may not use the Dollar Cost Averaging Program to transfer amounts to the Fixed Account Options. This program is available only during the Accumulation Phase. In this example, the policyholder elects to transfer a specified fixed amount of $1,000 monthly from Variable Option A to Variable Option B.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month** | **Balance of Variable** **Option A Prior to** **Transfer** | **Balance of Variable** **Option B Prior to** **Transfer** | **Transfer from** **Variable Option A to** **Variable Option B** | **Balance of Variable** **Option A After** **Transfer** | **Balance of Variable** **Option B After** **Transfer** |
| 1 | $100000.00 | $100000.00 | $1000.00 | $99000.00 | $101000.00 |

---

**Automatic Portfolio Rebalancing**

Automatic Portfolio Rebalancing allows the customer to rebalance the Variable Options within the Variable Account to the desired allocation on a monthly, quarterly, semi-annual, or annual basis, determined on the first date the customer decides to rebalance.

In this example, the customer decides to allocate $100,000 across 3 funds, 60% to Fund A, 25% to Fund B and 15% to Fund C. The customer rebalances on an annual basis. 1 year after $100,000 is invested in three different funds, Fund A grew 22%, Fund B grew 9% and the Fund C grew 4%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Original Allocation** | **Original Allocation** | **Fund** **Performance** | **Year End Allocation Prior to** **Rebalance** | **Year End Allocation Prior to** **Rebalance** | **Year End Allocation After** **Rebalance** | **Year End Allocation After** **Rebalance** |
|  **Fund A** | 60% | $60000.00 | 22% | 63.1% | $73200.00 | 60% | $69630.00 |
|  **Fund B** | 25% | $25000.00 | 9% | 23.5% | $27250.00 | 25% | $29012.50 |
|  **Fund C** | 15% | $15000.00 | 4% | 13.4% | $15600.00 | 15% | $17407.50 |
|  **Total** | **100%** | **$100000.00** |  | **100.0%** | **$116050.00** | **100%** | **$116050.00** |

---

At the end of one year, the percentage of funds allocated to Fund A changed from 60% to 63.1%. Fund B changed from 25% to 23.5% and Fund C changed from 15% to 13.4%. The auto-rebalance feature rebalances the Variable Options within the Variable Account to reflect the specified allocation. The number of units for each Variable Option are adjusted to reflect the specified allocation percentages. The rebalanced allocation reflects the specified allocations of 60% in Fund A, 25% in Fund B and 15% in Fund C.

**Systematic Withdrawal**

A systematic withdrawal schedule is a method of withdrawing funds from an annuity account that specifies the amount of the payments to be made to the policyholder. A systematic withdrawal schedule can be set up to be paid monthly. Policyholders are not guaranteed lifelong payments. With the systematic withdrawal schedule, one chooses instead to withdraw funds from an account, bearing the risk that the funds become depleted. You may pay taxes on annuity payments, although they grow in a tax-deferred account. In this example, a policyholder allocates funds to four Variable Options. Fund A holds 35% of all funds, Fund B holds 30%, Fund C holds 20%, and Fund D holds 15%. The policyholder sets up a $2,000 monthly withdrawal. With the allocation above, $700 (35%) of the withdrawal amount would come from Fund A, $600 (30%) would come from Fund B, $400 (20%) would come from Fund C, and $300 (15%) would come from Fund D.

**Automatic Additions Program**

The Automatic Additions Program allows you to add subsequent purchase payments per month through automatic transfers from your bank account. Automatic Additions are not available with Dollar Cost Averaging Fixed Account Option. Subsequent purchase payments must be at least $50. In this example, a policyholder allocates funds to four Variable Options. The policyholder allocates 35% to Fund A, 30% to Fund B, 20% to Fund C and 15% to Fund D. The policyholder sets up a $2,000 monthly automatic addition. $700 (35%) of the added amount would go to Fund A, $600 (30%) would go to Fund B, $400 (20%) would go to Fund C, and $300 (15%) would go to Fund D.

------

[Back to **Table of Contents**](#TOC_869)

We (Everlake Life) have filed a Statement of Additional Information, dated April 27, 2026, with the Securities and Exchange Commission ("SEC"). It contains additional important information about the Contracts, and Everlake Life, and the Everlake Financial Advisors Separate Account I, and is incorporated herein by reference, which means that it is legally a part of this prospectus. For a free copy, or to request other information about the Contracts, and to make investor inquiries, please write to us at P.O. Box 758543, Topeka, KS 66675-8566, or call us at 1-800-457-7617.

Reports and other information about Everlake Life and the Everlake Financial Advisors Separate Account I are available on the Commission's website at <u>www.sec.gov</u><u>.</u> Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

------

[Back to **Table of Contents**](#TOC_869)

Edgar Contract Identifier:<br>C000005162 Morgan Stanley Variable Annuity 3

MORGAN3

------

**Morgan Stanley Variable Annuity II AssetManager**<br>**An individual and group flexible premium deferred variable annuity contract**<br>**Registered Separate Account: EVERLAKE FINANCIAL ADVISORS** **SEPARATE ACCOUNT I**<br>**Issued by: Everlake Life Insurance Company ("Everlake Life")**<br>**Everlake Life Insurance Company**<br>**Street Address: 5801 SW 6<sup>th</sup>** **Ave., Topeka, KS 66606-0001**<br>**Mailing Address: P.O. Box 758543, Topeka, KS 66675-8566**<br>**Telephone Number: 1-800-457-7617**<br>**Fax: 1-785-228-4584**

Prospectus dated April 27, 2026

Everlake Life Insurance Company (***"Everlake Life", "we", "our", "the Company", or "us"***) offered the Morgan Stanley Variable Annuity II AssetManager, an individual and group flexible premium deferred variable annuity contract (***"Contract" or "Annuity"***). Please keep it for future reference. The Contract is no longer offered for new sales effective July 1, 2003. If you have already purchased the Contract you may continue to make purchase payments according to the Contract. See ["Appendix A – Investment Options Available Under the Contract"](#chapter_18-sect1_1_71223_871) for additional information about each investment option.

This prospectus sets forth information about the Annuity that you should know before investing. Please read this prospectus and keep it for future reference. The Annuity is a complex investment that involves risks, including potential loss of principal.

This prospectus describes all the investment options, features, and benefits that we make available under the Annuity. **The availability of** **investment options, features and benefits described in this prospectus may vary depending on the broker-dealer through which the** **Contract is sold ("financial intermediary variations").** We have identified all such financial intermediary variations that are known or reasonably available to us. Financial intermediary variations may be imposed by some broker-dealers without our knowledge. For example, your Financial Professional may not recommend a particular investment option or benefit to you because of a decision by the Financial Professional's broker-dealer not to offer that investment option or benefit to its customers. Taking into consideration the breadth of our distribution network, we are unable to obtain information about all financial intermediary variations without unreasonable effort or expense. You should discuss with your Financial Professional any limitations, restrictions, or other variations related to the investment options, benefits or other features available to you through your Financial Professional.

The Annuity is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals may reduce the level of various optional benefit guarantees and could result in taxes and tax penalties.

The Company's obligations under the Annuity are subject to its financial strength and claims-paying ability.

In compliance with U.S. law, we deliver this prospectus to Annuity Owners that currently reside outside of the United States. In addition, we may not market or offer benefits, features, or enhancements to prospective or current Annuity Owners while outside of the United States.

These Annuities are NOT deposits or obligations of, or issued, guaranteed or endorsed by, any bank, and are NOT insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other agency.

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.

---

| | |
|:---|:---|
| **IMPORTANT**<br>**NOTICES** | **THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE** **SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES** **COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES** **COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS** **PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL** **OFFENSE.** |

---

MSASSET2PROS

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | **Page** |
| [**Glossary of Terms** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_2_871) | [**1**](#chapter_2_871) |
| [**Overview of the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_3_871) | [**4**](#chapter_3_871) |
| [**Key Information** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_4_871) | [**5**](#chapter_4_871) |
| [**Fee Table** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_5_871) | [**8**](#chapter_5_871) |
| [**Principal Risks of Investing in the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_6_871) | [**10**](#chapter_6_871) |
| [**Description of Insurance Company, Registered Separate Account, and Investment Options**](#chapter_7_871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake........................................................................................................](#chapter_7-sect1_1_71213_871) | [12](#chapter_7-sect1_1_71213_871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Portfolios...................................................................................................](#chapter_7-sect1_2_71215_871) | [13](#chapter_7-sect1_2_71215_871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Variable Options.............................................................................](#chapter_7-sect1_3_71204_871) | [13](#chapter_7-sect1_3_71204_871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Fixed Options...............................................................................](#chapter_7-sect1_4_71205_871) | [14](#chapter_7-sect1_4_71205_871) |
| [**Charges and Adjustments** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_8_871) | [**16**](#chapter_8_871) |
| [**General Description of Contracts**](#chapter_9_871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Contract....................................................................................................](#chapter_9-sect1_1_71200_871) | [18](#chapter_9-sect1_1_71200_871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Alternatives: Transfers...................................................................................](#chapter_9-sect1_2_56_871) | [19](#chapter_9-sect1_2_71206_871) |
| [**Annuity Period** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_10_871) | [**22**](#chapter_10_871) |
| [**Benefits Available Under the Contract**](#chapter_11_871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Benefits Available Under the Contract................................................................................](#chapter_11-sect1_1_71209_871) | [25](#chapter_11-sect1_1_71209_871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Death Benefits...................................................................................................](#chapter_11-sect1_2_71211_871) | [26](#chapter_11-sect1_2_71211_871) |
| [**Purchases and Contract Value**](#chapter_12_871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Purchases.......................................................................................................](#chapter_12-sect1_1_71201_871) | [32](#chapter_12-sect1_1_71201_871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Contract Value...................................................................................................](#chapter_12-sect1_2_71202_871) | [32](#chapter_12-sect1_2_71202_871) |
| [**Surrenders and Withdrawals** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_13_871) | [**34**](#chapter_13_871) |
| [**Taxes** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_14_871) | [**35**](#chapter_14_871) |
| [**Legal Proceedings** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_15_871) | [**46**](#chapter_15_871) |
| [**Financial Statements** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_16_871) | [**47**](#chapter_16_871) |
| [**More Information**](#chapter_17_871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Principal Underwriter.............................................................................................](#chapter_17-sect1_1_71216_871) | [48](#chapter_17-sect1_1_71216_871) |
| [**Appendix A – Investment Options Available Under the Contract** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_18_871) | [**A-1**](#chapter_18_871) |
| [**Appendix B – Calculation Of Optional Benefits** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_19_871) | [**B-1**](#chapter_19_871) |
| [**Appendix C – Calculation Of Contract Features** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.** **.**](#chapter_20_871) | [**C-1**](#chapter_20_871) |

---

------

**Glossary of Terms**

------

We set forth here definitions of some key terms used throughout this prospectus. In addition to the definitions here, we also define certain terms in the sections of the prospectus that use such terms.

**Accumulation Phase:** The period of time that begins on the date we issue your Contract ("Issue Date") and continues until the Payout Start Date, which is the date we apply your money to provide income payments.

**Accumulation Unit:** A unit of measurement used to calculate the value of your investment in the Variable Options during the Accumulation Phase.

**Accumulation Unit Value:** The separate value for each Variable Option's Accumulation Unit. Accumulation Unit Value is analogous to, but not the same as, the share price of a mutual fund.

**Annuitant:** The individual whose life span we use to determine income payments as well as the latest Payout Start Date. The annuitant must be a living person, whose age cannot exceed 90 as of the date we receive the completed application.

**Automatic Additions Program:** A program that may enable you to make subsequent purchase payments of at least $25 by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. Please consult your Morgan Stanley Financial Advisor for details.

**Automatic Portfolio Rebalancing Program:** A program, available during the Accumulation Phase, that provides for the automatic rebalancing of the Contract Value in each Variable Variable Option and return it to the desired percentage allocations after the performance of each Variable Option causes a shift in the percen-accounttage you allocated to each Variable Option.

**Beneficiary(ies):** The natural person(s) or entity(ies) designated as the recipients of the Death Benefit, you may name one or more primary and contingent Beneficiaries when you apply for a Contract. You may change or add Beneficiaries at any time, unless you have designated an irrevocable Beneficiary.

• **Primary Beneficiary:** The person who may elect to receive the death benefit or become the new Contract owner subject to the
 Death of Owner provision if the sole surviving Contract owner dies before the Payout Start Date. If the sole surviving Contract
 owner dies after the Payout Start Date, the primary Beneficiary will receive any guaranteed income payments scheduled
 to continue.

• **Contingent Beneficiary:** The person selected by the Contract owner who will exercise the rights of the primary Beneficiary if
 all named primary Beneficiaries die before the death of the sole surviving Contract owner.

**Charge Free Withdrawal Amount:** An amount equal to 15% of the amount of purchase payments as of the Rider Date or the most recent Contract Anniversary, whichever is later. As with all withdrawals, we will treat withdrawals as coming from the oldest purchase payments first. Unused portions of the Charge Free Withdrawal Amount do not carry forward to future Contract Years.

**Code:** The Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.

**Contract:** The Morgan Stanley Variable Annuity II AssetManager, an individual and group flexible premium deferred variable annuity contract, is a contract between you, the Contract owner, and Everlake Life, a life insurance company. In certain states the Contract was available only as a group Contract. In these states, we issued you a certificate that represents your ownership and that summarizes the provisions of the group Contract. References to "Contract" in this prospectus include certificates unless the context requires otherwise.

**Contract Anniversary:** Each twelve-month period from that date of your contract's issue date.

**Contract Owner:** The person or entity who may exercise all of the rights and privileges provided by the Contract.

**Contract Value ("Account Value"):** During the Accumulation Phase, your Contract Value is equal to the sum of the value of your Accumulation Units in the Variable Options you have selected, plus the value of your investment in the Fixed Account Options.

**Death Benefit Anniversary:** Every 6<sup>th</sup> Contract Anniversary beginning with the 6<sup>th</sup> Contract Anniversary. For example, the 6<sup>th</sup>, 12<sup>th</sup> and 18<sup>th</sup> Contract Anniversaries are the first three Death Benefit Anniversaries.

**Death Benefit Combination Option:** Under this option, the death benefit payable will be the greater of the death benefits provided by the Enhanced Death Benefit or the Performance Death Benefit (both calculated until the oldest Contract owner, or Annuitant if the Contract owner is a non-living person, attains age 85).

**Dollar Cost Averaging Program:** A program that automatically transfers a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Option. Transfers made through dollar cost averaging must be $100 or more.

------

[Back to **Table of Contents**](#TOC_871)

**Dollar Cost Averaging Fixed Account Options:** We currently offer the basic Dollar Cost Averaging Fixed Account Option. The 6 and 12-month Dollar Cost Averaging Options are currently not available. Please consult with your Morgan Stanley Financial Advisor for current information.

• **Basic Dollar Cost Averaging Option:** Under this option, purchase payments that you allocate to the Basic Dollar Cost Averaging
 Option will earn interest for a 1-year period at the current rate in effect at the time of allocation. We will credit interest
 daily at a rate that will compound over the year to the annual interest rate we guaranteed at the time of allocation.

**Due Proof of Death:** Documentation needed when there is a request for payment of the death benefit. We will accept the following documentation as Due Proof of Death: a certified copy of death certificate, a certified copy of decree of a court of competent jurisdiction as to the finding of death, or any other proof acceptable to us.

**Enhanced Death Benefit Option:** An option providing that, on the date we issue the rider for this option ("Rider Date"), the death benefit is equal to the Contract Value. On the first Contract anniversary after the Rider Date, the Enhanced Death Benefit is equal to the Contract Value on the Rider Date plus interest at an annual rate of 5% per year for the portion of a year since the Rider Date. On each subsequent Contract Anniversary, but not beyond the Contract Anniversary preceding the oldest Contract owner's 75<sup>th</sup> birthday, we will recalculate the Enhanced Death Benefit, which results in an increase of 5% annually. Further, for all ages, we will adjust the Enhanced Death Benefit on each Contract Anniversary, or upon receipt of a death claim. We are no longer offering the Enhanced Death Benefit option as a rider to the Contract in most states.

**Fixed Account Options:** The Fixed Account Option we offer includes the Basic Dollar Cost Averaging Option. We may offer additional Fixed Account Options in the future. Some Options are not available in all states.

**Good Order:** Good Order is the standard that we apply when we determine whether an instruction is satisfactory. An instruction will be considered in Good Order if it is received at our Service Center: (a) in a manner that is satisfactory to us such that it is sufficiently complete and clear that we do not need to exercise any discretion to follow such instruction and complies with all relevant laws and regulations; (b) on specific forms, or by other means we then permit (such as via telephone or electronic submission); and/or (c) with any signatures and dates as we may require. We will notify you if an instruction is not in Good Order.

**Guarantee Periods:** The period of time during which we credit a fixed rate of interest to the Fixed Account. You may allocate purchase payments or transfers to one or more Guarantee Periods of the Fixed Account.

**Income Plan:** A series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date. After the Payout Start Date, you may not make withdrawals or change your choice of Income Plan.

**Investment Alternatives:** The Fixed Account Option and the Variable Options that invest in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectuses for the Portfolios.

**Payout Start Date:** The day that money is applied to an Income Plan. The Payout Start Date must be at least 30 days after the Issue Date, and no later than the first day of the calendar month after the Annuitant's 99<sup>th</sup> birthday, or the 10<sup>th</sup> Contract Anniversary, if later.

**Performance Benefit Combination Option:** This Option, which is no longer offered, combines the Performance Death Benefit with the Performance Income Benefit. If you select the Performance Benefit Combination Option, the maximum age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 75.

**Performance Death Benefit Option:** An option providing that, on each Contract Anniversary, we will recalculate your Performance Death Benefit to equal the greater of your Contract Value on that date, or the most recently calculated Performance Death Benefit.

**Performance Income Benefit:** On the date we issued the rider for this benefit ("Rider Date"), the Performance Income Benefit is equal to the Contract Value. On each Contract Anniversary, we will recalculate your Performance Income Benefit to equal the greater of your Contract Value on that date or the most recently calculated Performance Income Benefit. We will also recalculate your Performance Income Benefit whenever you make an additional purchase payment or a partial withdrawal. In the absence of any withdrawals or purchase payments, the Performance Income Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or prior to the Payout Start Date. The Performance Income Benefit Option can no longer be added to your Contract.

**Portfolios:** Underlying mutual fund(s) in which a Variable Option invests. We automatically reinvest all dividends and capital gains distributions from the Portfolios in shares of the distributing Portfolio at their net asset value.

**Systematic Withdrawal Payments:** The option to receive systematic withdrawal payments on a monthly basis at any time prior to the Payout Start Date. The minimum amount of each systematic withdrawal is $100. We will deposit systematic withdrawal payments into the Contract owner's bank account or Morgan Stanley Active Assets™ – Account. Please consult with your Morgan Stanley Financial Advisor for details.

------

[Back to **Table of Contents**](#TOC_871)

**Qualified Contracts:** Contracts held in a plan which provides that the income on tax sheltered annuities is tax deferred, and the income from annuities held by such plans does not receive any additional tax deferral. You should review the other annuity features, including all benefits and expenses, prior to purchasing an annuity as a TSA or IRA.

**Valuation Date:** Another term for "business day," which refers to each day Monday through Friday that the New York Stock Exchange is open for business.

**Variable Account:** A segregated asset account under Illinois insurance law. That means we account for the Variable Account's income, gains, and losses separately from the results of our other operations. The Variable Account consists of multiple Variable Options, each of which is available under the Contract.

**Variable Option:** An investment in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies.

**We, Us, Our, Everlake Life, or the Company:** Everlake Life Insurance Company.

**you, your, Owner:** The Owner(s) shown in the Contract.

------

[Back to **Table of Contents**](#TOC_871)

**Overview of the Contract**

------

---

| | |
|:---|:---|
| **Overview of the Contract** | **Overview of the Contract** |
|  **Purpose of the** **Contract** | This Contract is a variable annuity contract and is designed to help the investor accumulate assets on a tax-deferred basis through an investment portfolio and to provide or supplement the investor's retirement income. This Contract is appropriate for an investor who has a higher risk tolerance, an understanding of investments, a long-term investment horizon, and has funds available to invest that are not required to meet current needs. The Contract is not intended for people who may need to make early or frequent withdrawals.<br> The Contract has various optional features and benefits that may be appropriate for you based on your financial objectives and situation. These optional features may impose additional fees, as summarized below in the Expense Table. The Contract also offers certain death benefit features, which can be used to transfer assets to your beneficiaries. |
|  **Phases of the** **Contract** | **Accumulation Phase:** This is the period of time that begins on the date we issue your Contract ("Issue Date") and continues until the Payout Start Date, which is the date we apply your money to provide income payments.<br> **Payout Phase:** You receive income payments during what we call the "Payout Phase" of the Contract, which begins on the Payout Start Date and continues until we make the last payment required by the Income Plan you select. During the Payout Phase, if you select a fixed income payment option, we guarantee the amount of your payments, which will remain fixed. If you select a variable income payment option, based on one or more of the Variable Options, the amount of your payments will vary up or down depending on the performance of the corresponding Portfolios.<br> Generally, you may not make withdrawals after the Payout Start Date. One exception to this rule applies if you are receiving variable income payments that do not depend on the life of the Annuitant. In that case you may terminate all or part of the Variable Account portion of the income payments at any time and receive a lump sum equal to the present value of the remaining variable payments associated with the amount withdrawn.<br> After the Payout Start Date, death benefits and any living benefits will terminate. |
|  Investment Options | During the Accumulation Phase, you may allocate your purchase payments to any combination of the Variable Options and/or Fixed Account Options.<br> Variable Options: The Variable Option we make available each invest in an underlying Portfolio whose share price generally fluctuates each day. The Variable Options do not provide any level of protection against negative returns. You are at risk of losing principal and any earnings if you allocate funds to a Portfolio.<br> Fixed Account Option: If you invest in a Fixed Account Option, you will earn a fixed rate of interest that we declare periodically. |
| **Contract Features** | **Contract Features** |
|  **Death Benefit** | At no additional charge, if the Contract Owner or Annuitant die before the Payout Start Date, we will pay a standard death benefit subject to certain conditions.<br> For an added charge, you can also select an additional death benefit option, which may increase the amount of money payable to your designated beneficiaries upon your death. These benefits are more fully described in the "Death Benefits" section of this prospectus. |
|  **Optional** **Withdrawal** **Benefits** | We offer optional benefits riders that, for an additional charge, offer protection against market risk (the risk that your investments may decline in value or underperform your expectations) and guarantee a minimum lifetime income. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. |

---

---

| | |
|:---|:---|
| **Contract Features** | **Contract Features** |
|  **Dollar Cost** **Averaging** **("DCA")** | Through our Dollar Cost Averaging Program, at no additional charge, you may automatically transfer a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Option. |
|  **Portfolio** **Rebalancing** | If you select our Automatic Portfolio Rebalancing Program, we will automatically rebalance the Contract Value in each Variable Option and return it to the desired percentage allocations on a quarterly basis at no additional charge. We will not include money you allocate to the Fixed Account Options in the Automatic Portfolio Rebalancing Program. |
|  **Systematic** **Withdrawal** **Program** | This program, at no additional charge, allows you to receive regular automatic withdrawals from your Contract on a monthly basis at any time prior to the Payout Start Date. |

---

------

[Back to **Table of Contents**](#TOC_871)

**Key Information**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Location in** **Prospectus** |
|  **Are There Charges** **or Adjustments for** **Early Withdrawals?** | **Yes.**<br> If you withdraw money from the Contract within 1 year following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 1% of the purchase payments withdrawn, declining to 0% over 1 year. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $1,000 on a $100,000 investment. | **Yes.**<br> If you withdraw money from the Contract within 1 year following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 1% of the purchase payments withdrawn, declining to 0% over 1 year. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $1,000 on a $100,000 investment. | **Yes.**<br> If you withdraw money from the Contract within 1 year following your last purchase payment, you will be assessed a maximum Withdrawal Charge of 1% of the purchase payments withdrawn, declining to 0% over 1 year. For example, if you make an early withdrawal, you could pay a Withdrawal Charge of up to $1,000 on a $100,000 investment. | [Charges and Adjustments](#chapter_8-sect1_1_71207_871) |
|  **Are There** **Transaction** **Charges?** | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $10 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $10 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | **Yes.**<br> In addition to Withdrawal Charges, you may also be charged when you transfer cash value between Investment Alternatives.<br> Transfer Fee. We reserve the right to charge a $10 fee for transfers among Investment Alternatives after the first 12 transfers per Contract Year. | [Charges and Adjustments](#chapter_8-sect1_1_71207_871) and [Investment Alternatives: Transfers](#chapter_9-sect1_2_71206_871) |
|  **Are There Ongoing** **Fees and Expenses?** | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | **Yes.**<br> The following table 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 data page for information about the specific fees you will pay each year based on the Contract options you have elected. | [Charges and Adjustments](#chapter_8-sect1_1_71207_871), Annuity Period and [Death Benefits](#chapter_11-sect1_2_71211_871) |
|  **Are There Ongoing** **Fees and Expenses?** | **Annual Fee** | **Minimum** | **Maximum** |  |
|  **Are There Ongoing** **Fees and Expenses?** | Base Contract<br>(as a percentage of daily net assets of the Variable Options) | 1.59% | 1.625% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Portfolio fees and expenses | 0.25% | 1.80% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Optional benefits available for an additional charge<br>(for a single optional benefit, if elected)<br>(as a percentage of daily net assets of the Variable Options) | 0.13% | 0.24% |  |
|  **Are There Ongoing** **Fees and Expenses?** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** | Because your 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, **which could add Withdrawal Charges that** **substantially increase costs.** |  |
|  **Are There Ongoing** **Fees and Expenses?** | **Lowest Annual Cost (in dollars): $1,885** | **Highest Annual Cost (in dollars): $3,935** | **Highest Annual Cost (in dollars): $3,935** |  |
|  **Are There Ongoing** **Fees and Expenses?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;•  Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;•  5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;•  Least expensive combination of Contract charges and Portfolio Company fees and expenses<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No optional benefits<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;•  No additional purchase payments, transfers or withdrawals | Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most expensive combination of Contract charges, optional benefits and Portfolio Company fees and expenses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No additional purchase payments, transfers or withdrawals | Assumes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment of $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•5% annual appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most expensive combination of Contract charges, optional benefits and Portfolio Company fees and expenses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No sales charges<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No additional purchase payments, transfers or withdrawals |  |

---

------

[Back to **Table of Contents**](#TOC_871)

---

| | | |
|:---|:---|:---|
|  | **Risks** | **Location in** **Prospectus** |
|  Is There a Risk of Loss from Poor Performance? | **Yes.**<br> You can lose money by investing in the Contract. | [Principal Risks of Investing in the Contract](#chapter_6-sect1_1_71198_871) |
|  Is this a Short-Term Investment? | **No.**<br> This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawal charges will reduce the value of your Contract if you withdraw money during the period of time that withdrawal charges are assessed on your Contract. Any withdrawals you make prior to the age of 59 ½ may also be subject to a 10% additional tax. | [Charges and Adjustments](#chapter_8-sect1_1_71207_871), [Investment Alternatives: Transfers](#chapter_9-sect1_2_71206_871), [Taxes](#chapter_14-sect1_1_71221_871) |
|  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 Alternatives you select which are available under the Contract (e.g., the Portfolios). Each investment option, including any investment alternatives, will have its own unique risks. You should review these Investment Alternatives before making an investment decision. | [Investment Alternatives: Variable Options](#chapter_7-sect1_3_71204_871)<br> [Investment Alternatives: Fixed Options](#chapter_7-sect1_4_71205_871) |
|  What are the Risks Related to the Insurance Company? | An investment in the Contract is subject to the risks related to Everlake Life. Any obligations (including under any fixed account Investment Alternatives), guarantees, or benefits are subject to the claims-paying ability of Everlake Life. If Everlake Life experiences financial distress, it may not be able to meet its obligations to you. More information about Everlake Life, including its financial strength ratings, is available upon request by calling 1-800-457-7617. | [Investment Alternatives: Fixed Options](#chapter_7-sect1_4_71205_871) |

---

---

| | | |
|:---|:---|:---|
|  | **Restrictions** | **Location in** **Prospectus** |
|  Are There Restrictions on the Investment Options? | &nbsp;&nbsp;&nbsp;&nbsp; **Yes.**<br> •  Certain Variable Options may not be available depending on the date you purchased your Contract. In addition, Certain Variable Options are closed to Contract Owners not invested in the specified Variable Options by a designated date.<br> •  We reserve the right to remove or substitute Portfolios as Investment Alternatives.<br> •  We reserve the right to limit, suspend or reject any additional Purchase Payment at any time on a non-discriminatory basis. If we do so, you may no longer be able to increase the values associated with an optional living benefit or increase the amount of the death benefit under an optional death benefit through subsequent Purchase Payments. This would also impact your ability to make annual contributions to certain qualified Annuities.<br> •  Not all Fixed Account Options may be available in all states or with all Contracts.<br> •  There may be limitations on transfers of Contract Value among Variable Options and from the Fixed Account.<br> •  We reserve the right to assess, a $10 charge on each transfer in excess of 12 per Contract Year.<br> •  Certain Investment Options may not be available through certain financial intermediaries. See the [Cover Page](#chapter_1-sect1_1_71351_871) for additional information. | [Charges and Adjustments](#chapter_8-sect1_1_71207_871),<br>[Investment Alternatives](#chapter_9-sect1_2_71206_871) |
|  Are There any Restrictions on Contract Benefits? | **Yes.**<br> There are restrictions and limitations relating to benefits offered under the Contract. Except as otherwise provided, Contract benefits may not be modified or terminated by the Company.<br> We may discontinue or modify any of the optional benefits at any time prior to the time you elect it. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit.<br> Certain Contract Benefits may not be available through certain financial intermediaries. See the [Cover Page](#chapter_1-sect1_1_71351_871) for additional information | Annuity Period and<br>[Death Benefits](#chapter_11-sect1_2_71211_871) |

---

---

| | | |
|:---|:---|:---|
|  | **Taxes** | **Location in** **Prospectus** |
|  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 also be subject to a 10% additional tax if taken before age 59½. | [Taxes](#chapter_14-sect1_1_71221_871) |

---

------

[Back to **Table of Contents**](#TOC_871)

---

| | | |
|:---|:---|:---|
|  | **Conflicts of Interest** | **Location in** **Prospectus** |
|  **How Are** **Investment** **Professionals** **Compensated?** | Some investment professionals may receive compensation for selling the Contracts to you in the form of commissions and other non-cash compensation (e.g., marketing allowances). Thus, these investment professionals may have a financial incentive to offer or recommend the Contracts over another investment. | More<br>Information |
|  **Should I Exchange** **My Contract?** | Some investment professionals may have a financial incentive to offer you 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, risks of both contracts, and any fees or penalties to terminate the existing Contract, that it is preferable for you to purchase the new contract rather than continue to own your existing Contract. | Statement of Additional Information |

---

------

[Back to **Table of Contents**](#TOC_871)

**Fee Table**

------

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or** **making withdrawals from an Investment Option or from your Contract. Please refer to your Contract data page for information** **about the specific fees you will pay each year based on the options you have elected.**

**The first table describes the fees and expenses that you will pay at the time you buy the Contract, surrender or make withdrawals** **from the Contract, or transfer Contract value between Investment Options. State premium taxes may also be deducted. These fees** **and charges are described in more detail within this prospectus in the** [**"Charges and Adjustments"**](#chapter_8-sect1_1_71207_871) **section.**

**<u>Transaction Expenses</u>**

---

| | |
|:---|:---|
|  **<u>Withdrawal Charge</u><sup>(1)</sup>** **<u>:</u>** | **<u>Maximum</u>** |
|  (as a percentage of purchase payments withdrawn) | 1% |
|  **<u>Transfer Fee</u>**<sup>(2)</sup><u>:</u> | $10 |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>(1)</sup> | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* | Withdrawal Charges in subsequent years\* |
|  | Number of Complete Years Since We Received the Payment Being Withdrawn | 1 | 2+ |
|  | Applicable Charge | 1% | 0% |
| <sup>\*</sup> | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. | During each Contract Year, you may withdraw up to 15% of the aggregate amount of your purchase payments as of the beginning of the Contract Year without incurring a withdrawal charge. See "Withdrawal Charges" for more information. |
| <sup>(2)</sup> | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. | There is no charge for the first 12 transfers within a Contract Year, excluding transfers due to dollar cost averaging and automatic portfolio rebalancing. We are currently waiving the Transfer Fee. |

---

**The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including** **Portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.**

**<u>Annual Contract Expenses</u>**

---

| | | |
|:---|:---|:---|
|  **Annual Fee** | **Maximum** | **Current** |
|  Contract Maintenance Charge<sup>(1)</sup> | $35 | $35 |
|  Base Contract Expense *(as a percentage of daily net assets of the Variable Options)* | 1.59% | 1.59% |
|  Optional benefits available for an additional charge:<br>*(as a percentage of daily net assets of the Variable Options)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enhanced Death Benefit Option<sup>(2)</sup> | 0.13% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Death Benefit Option | 0.13% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Income Benefit Option<sup>(2)</sup> | 0.13% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Benefit Combination Option<sup>(2)</sup><sup>(3)</sup> | 0.24% | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Death Benefit Combination<sup>(3)</sup> | 0.24% | 0.24% |

---

(1) The
 Contract Maintenance Charge will be waived if total purchase payments are $50,000 or more or if all money is allocated to the Fixed Account
 options on the Contract
 anniversary.

(2) These
 Options are no longer available to be added to your Contract.

(3) Only
 one optional "combination" benefit is allowed at any time.

**The next item shows the minimum and maximum total operating expenses charged by the Portfolio Companies that you may pay** **periodically during the time that you own the Contract. A complete list of Portfolio Companies available under the Contract,** **including their annual expenses, may be found at the back of this document.**

**<u>Annual Portfolio Company Expenses</u>**

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
|  (expenses that are deducted from Portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | 0.25% | 1.80% |

---

------

[Back to **Table of Contents**](#TOC_871)

**EXAMPLE**

**This example is intended to help you compare the cost of investing in the Contracts with the cost of investing in other variable** **annuity contracts. These costs include Contract owner transaction expenses, Contract fees, and Portfolio fees and expenses.**

**The Example assumes that you invest $100,000 in the Variable Options in your Contract for the time periods indicated. The Example** **also assumes that your investment has a 5% return each year and assumes the most expensive combination of Annual Portfolio** **Company Expenses and optional benefits available for an additional charge. These optional benefits include the Performance Benefit** **Combination Option. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming maximum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** | **Assuming minimum fees and expenses of any of** **the portfolios available with the benefit** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| If you surrender your Contract at the end of the applicable time period: | $4935 | $11920 | $20061 | $41121 | $3377 | $7314 | $12509 | $26710 |
| If you annuitize your Contract at the end of the applicable time period: | $3935 | $11920 | $20061 | $41121 | $2377 | $7314 | $12509 | $26710 |
| If you do not surrender or annuitize your Contract at the end of the applicable time period: | $3935 | $11920 | $20061 | $41121 | $2377 | $7314 | $12509 | $26710 |

---

------

[Back to **Table of Contents**](#TOC_871)

**Principal Risks of Investing in the Contract**

------

The risks identified below are the principal risks of investing in the Annuity. The Annuity may be subject to additional risks other than those identified and described in this prospectus.

**Risk of Loss**

You can lose money by investing in the Contract, including your principal investment. An investment in the Annuity is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Early Withdrawal Risk**

The Annuity is not a short-term investment vehicle and is not an appropriate investment for an investor who needs ready access to cash. The Annuity is designed to provide benefits on a long-term basis. Because of the long-term nature of the Annuity, you should consider whether the Annuity is consistent with your financial situation and objectives. Withdrawals under the Annuity, including partial withdrawals and a full surrender, may be subject to negative tax consequences. If you have elected certain Optional Benefits, a withdrawal may reduce the amount of your Benefit on more than a dollar for dollar basis. While the Annuity provides a Death Benefit, the amount of that benefit is subject to investment gains and losses and is reduced for any withdrawals you take, including Advisory Fee deductions.

**Risks Associated with 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 (e.g., the Portfolios). Each investment option, including any fixed account investment option, will have its own unique risks. You should review these Investment Options before making an investment decision. We reserve the right to add, eliminate, substitute or combine Variable Options as Investment Options available under the Annuity or to close Variable Options to subsequent Purchase Payments on existing Annuities or for Annuities purchased on or after specified dates.

**Insurance Company Risks**

An investment in the Contract is subject to the risks related to Everlake Life. Any obligations (including under any fixed account Investment Alternatives which are supported by our general account and are subject to our claims-paying ability. Assets in the general account are not segregated for the exclusive benefit of any particular contract or obligation. General account assets are also available to our general creditors and for conducting routine business activities, such as the payment of salaries, rent and other ordinary business expenses), guarantees, or benefits are subject to the claims-paying ability of Everlake Life. If Everlake Life experiences financial distress, it may not be able to meet its obligations to you. More information about Everlake Life, including its financial strength ratings, is available upon request by calling 1-800-457-7617.

**Investment Risk**

Amounts you allocate to Variable Options may grow in value, decline in value, or grow less than you expect, depending on the investment performance of the Portfolios in which those Variable Options invest. You bear the investment risk that the Portfolios might not meet their investment objectives. Shares of the Portfolios are not deposits, or obligations of, or guaranteed or endorsed by any bank and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency. In other words, you could lose your investment.

**Tax Consequences**

If you make a partial withdrawal under a Non-qualified Contract, the amount you receive will be taxed as ordinary income, rather than as return of cost basis, until all gain has been withdrawn. If you make a full withdrawal under a Non-qualified Contract, the amount received will be taxable only to the extent it exceeds your cost basis in the Contract. Any withdrawals you make prior to the age of 59½ may also be subject to a 10% additional tax.

**Annuity Changes Risk**

We reserve the right to limit the number of transfers you may make or to impose a minimum transfer amount. We also reserve the right to add, eliminate, substitute or combine Variable Options as Investment Options available under the Annuity or to close Variable Options to subsequent Purchase Payments on existing Annuities or for Annuities purchased on or after specified dates. We may limit, suspend or reject any additional Purchase Payment at any time on a non-discriminatory basis. If we do so, you may no longer be able to increase the values associated with an optional living benefit or increase the amount of the death benefit under an optional death benefit through subsequent Purchase Payments. This would also impact your ability to make annual contributions to certain qualified Annuities. In addition, we may impose limitations on an investment professional's or investment advisor's ability to request financial transactions on your behalf.

------

[Back to **Table of Contents**](#TOC_871)

**Cyber Security Risks**

With the increasing use of technology and computer systems in general and, in particular, the Internet to conduct necessary business functions, Everlake Life is susceptible to operational, information security and related risks. These risks, which are often collectively referred to as "cyber security" risks, may include deliberate or malicious attacks, as well as unintentional events and occurrences. These risks are heightened by our offering of products with certain features, including those with automatic asset transfer or reallocation strategies, and by our employment of complex investment, trading and hedging programs. Cyber security is generally defined as the technology, operations and related protocol surrounding and protecting a user's computer hardware, network, systems and applications and the data transmitted and stored therewith. These measures ensure the reliability of a user's systems, as well as the security, availability, integrity, and confidentiality of data assets.

Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access (including physical break-ins and attempts to fraudulently induce employees, customers or other users of these systems to disclose sensitive information in order to gain access) to computer systems in order to misappropriate and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the destruction, release or disclosure of confidential or proprietary information stored on an organization's systems.

Cyber security failures or breaches that could impact Everlake Life and Contract Owners, whether deliberate or unintentional, could arise not only in connection with our own administration of the Contract, but also with entities operating the Contract's underlying funds and with third-party service providers to Everlake Life. Cyber security failures originating with any of the entities involved with the offering and administration of the Contract may cause significant disruptions in the business operations related to the Contract. Potential impacts may include, but are not limited to, potential financial losses under the Contract, your inability to conduct transactions under the Contract and/or with respect to an underlying fund, an inability to calculate the accumulation unit value (AUV) with respect to the Contract and/or the net asset value (NAV) with respect to an underlying fund, and disclosures of your personal or confidential account information.

In addition to direct impacts to you, cyber security failures of the type described above may result in adverse impacts to Everlake Life, including regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs, and reputational damage. Costs incurred by Everlake Life may include reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. Considerable expenses also may be incurred by Everlake Life in enhancing and upgrading computer systems and systems security following a cyber security failure.

The rapid proliferation of technologies, as well as the increased sophistication and activities of organized crime, hackers, terrorists, hostile foreign governments, and others continue to pose new and significant cyber security threats. Although Everlake Life, our service providers, and the underlying funds offered under the Contract may have established business continuity plans and risk management systems to mitigate cyber security risks, there can be no guarantee or assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. Furthermore, Everlake Life cannot control or assure the efficacy of the cyber security plans and systems implemented by third-party service providers, the underlying funds, and the issuers in which the underlying funds invest.

**Artificial Intelligence Risk**

In addition to the cyber security risks described above, the development, adoption and use of AI, including generative artificial intelligence ("Generative AI"), by us and by third parties on whom we rely may increase existing operational risks or create new operational risks that we are not currently anticipating. AI technologies offer potential benefits in areas such as customer service personalization and process automation, and we expect to use AI and Generative AI to help deliver products and services and support critical functions. We also expect third parties on whom we rely to do the same. There are significant risks involved in developing and deploying AI, and there can be no assurance that its use will enhance our products or services or be beneficial to our business, including our efficiency or profitability. The risk that AI and Generative AI may be misused is increased by the relative newness of the technology, the speed at which it is being adopted, and the lack of laws, regulations or standards governing its use. Such misuse could expose the Company to legal or regulatory risk, damage customer relationships or cause reputational harm. Further, our ability to continue to develop and efficiently deploy AI technologies depends on access to specific third-party equipment and other physical infrastructure, such as processing hardware and network capacity, the availability and pricing of which is difficult to control, especially in a highly competitive environment. Our competitors may also adopt AI or Generative AI more quickly or more effectively than we do, which could cause competitive harm. Because the Generative AI technology is so new, some of the potential risks of Generative AI are currently unknowable.

------

[Back to **Table of Contents**](#TOC_871)

**Description of Insurance Company, Registered Separate Account, and** **Investment Options**

------

**EVERLAKE**

Everlake Life is the issuer of the Contract. Everlake Life was organized in 1957 as a stock life insurance company under the laws of the State of Illinois.

On November 1, 2021, Allstate Insurance Company completed its sale of Allstate Life Insurance Company and Allstate Distributors, LLC, to Everlake US Holdings Company, a Delaware corporation (the "Transaction"). As a result of the Transaction, Allstate Life Insurance Company and Allstate Distributors, LLC changed their names to Everlake Life Insurance Company and Everlake Distributors, LLC, respectively.

Everlake Life Insurance Company, which was formerly named Allstate Life Insurance Company, is a direct wholly owned subsidiary of Everlake US Holdings Company, a holding company incorporated in the state of Delaware. Everlake US Holdings Company is a direct wholly owned subsidiary of Everlake US Parent Company, a holding company incorporated in the state of Delaware, which is a direct wholly owned subsidiary of Everlake Holdings, LP, a Cayman Islands limited partnership, whose general partner is Blackstone ISG Investment Partners – A Management Associates (Cayman) – NQ L.P., a Cayman Islands exempted limited partnership ("BISG Management Associates"). BISG Management Associates is an indirect subsidiary of Blackstone Inc., a Delaware corporation, which is a publicly traded company listed on the New York Stock Exchange under the ticker symbol "BX" ("Blackstone"). Pursuant to the terms of the Joint Shareholder Committee Agreement, dated November 1, 2021 (the "Joint Shareholder Committee Agreement"), Everlake US Holdings Company, Everlake US Parent Company, Everlake Holdings, LP, BISG Management Associates and the other entities that otherwise would directly or indirectly control Everlake US Holdings Company, including Blackstone (collectively, the "Delegating Persons"), established and delegated all authority that the shareholders of Everlake US Holdings Company would have had as shareholders to a joint shareholder committee (the "Shareholder Committee") comprised of three employees of Blackstone with<br>the title of managing director or any equivalent or senior title. The Shareholder Committee possesses and is entitled to exercise rights attendant to the shares of Everlake US Holdings Company held by the Delegating Persons and, as such, its primary role is to consider and vote on matters appropriate for Everlake US Holdings Company's shareholders, including the nomination of members of Everlake US Holding Company's Board of Directors.

Everlake Life is licensed to operate in the District of Columbia, Puerto Rico, and all jurisdictions except the State of New York. Our home office is located at 3100 Sanders Road, Northbrook, Illinois, 60062.

A large-scale pandemic, the occurrence of terrorism or military actions may have an adverse effect on our business A large-scale pandemic (such as coronavirus or COVID-19), the occurrence of terrorism or military and other actions, may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the equity markets, changes in interest rates, reduced liquidity and economic activity caused by a large-scale pandemic. Additionally, a large-scale pandemic or terrorist act could have a material effect on sales, liquidity and operating results.

Effective June 1, 2006, Everlake Life entered into an agreement ("the Agreement") with Prudential Financial, Inc. and its subsidiary, The Prudential Insurance Company of America ("PICA") pursuant to which Everlake Life sold, through a combination of coinsurance and modified coinsurance reinsurance, substantially all of its variable annuity business. Pursuant to the Agreement Everlake Life and PICA also entered into an administrative services agreement which provides that PICA or an affiliate administer the Variable Account and the Contracts. The benefits and provisions of the Contracts have not been changed by these transactions and agreements. None of the transactions or agreements have changed the fact that we are primarily liable to you under your Contract.

Everlake Life may receive compensation from the investment advisors, administrators or distributors, or their affiliates, of the Portfolios in connection with the administrative, distribution (12b-1), or other services we provide to the Portfolios. We collect this compensation under agreement between us and the Portfolio's investment advisor, administrators or distributors, and is calculated based on a percentage of the average assets allocated to the Portfolio.

**THE VARIABLE ACCOUNT**

Everlake Life established Everlake Financial Advisors Separate Account I ("Variable Account") in 1999. We have registered the Variable Account with the SEC as a unit investment trust. The SEC does not supervise the management of the Variable Account or Everlake Life.

We own the assets of the Variable Account. The Variable Account is a segregated asset account under Illinois law. That means we account for the Variable Account's income, gains and losses separately from the results of our other operations. The assets of the Everlake Financial Advisors Separate Account I may not be used to pay any liabilities of Everlake Life other than those arising from the Contracts. Our obligations arising under the Contracts are general corporate obligations of Everlake Life.

------

[Back to **Table of Contents**](#TOC_871)

The Variable Account consists of multiple Variable Options, each of which are available under the Contract. We may add new Variable Options or eliminate one or more of them, if we believe marketing, tax, or investment conditions so warrant. We do not guarantee the investment performance of the Variable Account, its Variable Options or the Portfolios. We may use the Variable Account to fund our other annuity contracts. We will account separately for each type of annuity contract funded by the Variable Account.

**THE PORTFOLIOS**

**Information regarding each Portfolio Company, including its name, its type (e.g., money market fund, bond fund, balanced fund,** **etc.) or a brief statement concerning its investment objectives, its investment advisor and any sub-investment advisor, current** **expenses, and performance is available in "**[**Appendix A**](#chapter_18-sect1_1_71223_871)**".** Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectus for the Portfolios. To obtain any or all of the underlying Portfolio prospectuses, please contact us at 1-800-457-7617 or visit us online at <u>www.annuityregulatorydocuments.com</u>.

**Voting Privileges.** As a general matter, you do not have a direct right to vote the shares of the Portfolios held by the Variable Options to which you have allocated your Contract Value. Under current law, however, you are entitled to give us instructions on how to vote those shares on certain matters. Based on our present view of the law, we will vote the shares of the Portfolios that we hold directly or indirectly through the Variable Account in accordance with instructions that we receive from Contract owners entitled to give such instructions.

As a general rule, before the Payout Start Date, the Contract owner or anyone with a voting interest is the person entitled to give voting instructions. The number of shares that a person has a right to instruct will be determined by dividing the Contract Value allocated to the applicable Variable Option by the net asset value per share of the corresponding Portfolio as of the record date of the meeting. After the Payout Start Date the person receiving income payments has the voting interest. The payee's number of votes will be determined by dividing the reserves for such Contract allocated to the applicable Variable Option by the net asset value per share of the corresponding Portfolio as of the record date of the meeting. The votes decrease as income payments are made and as the reserves for the Contract decrease.

We will vote shares attributable to Contracts for which we have not received instructions, as well as shares attributable to us, in the same proportion as we vote shares for which we have received instructions, unless we determine that we may vote such shares in our own discretion. We will apply voting instructions to abstain on any item to be voted upon on a pro rata basis to reduce the votes eligible to be cast.

We reserve the right to vote Portfolio shares as we see fit without regard to voting instructions to the extent permitted by law. If we disregard voting instructions, we will include a summary of that action and our reasons for that action in the next semi-annual financial report we send to you.

**Changes in Portfolios.** We reserve the right, subject to any applicable law, to make additions to, deletions from or substitutions for the Portfolio shares held by any Variable Option. If the shares of any of the Portfolios are no longer available for investment by the Variable Account or if, in our judgment, further investment in such shares is no longer desirable in view of the purposes of the Contract, we may eliminate that Portfolio and substitute shares of another eligible investment fund. Any substitution of securities will comply with the requirements of the Investment Company Act of 1940. We also may add new Variable Options that invest in additional mutual Portfolios. We will notify you in advance of any change.

**Conflicts of Interest.** Certain of the Portfolios sell their shares to separate accounts underlying both variable life insurance and variable annuity contracts. It is conceivable that in the future it may be unfavorable for variable life insurance separate accounts and variable annuity separate accounts to invest in the same Portfolio. The boards of directors or trustees of these Portfolios monitor for possible conflicts among separate accounts buying shares of the Portfolios. Conflicts could develop for a variety of reasons. For example, differences in treatment under tax and other laws or the failure by a separate account to comply with such laws could cause a conflict. To eliminate a conflict, a Portfolio's board of directors or trustees may require a separate account to withdraw its participation in a Portfolio. A Portfolio's net asset value could decrease if it had to sell investment securities to pay redemption proceeds to a separate account withdrawing because of a conflict.

**INVESTMENT ALTERNATIVES**

**VARIABLE OPTIONS**

You may allocate your purchase payments to various Variable Options. Each Variable Option invests in the shares of a corresponding Portfolio. Each Portfolio has its own investment objective(s) and policies. **Information regarding each Portfolio Company, including its** **name, its type (e.g., money market fund, bond fund, balanced fund, etc.) or a brief statement concerning its investment objectives, its** **investment advisor and any Sub-investment advisor, current expenses, and performance is available in "**[**Appendix A**](#chapter_18_871)**".**

Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. For more complete information about each Portfolio, including the investment objective(s), expenses and risks associated with the Portfolio, please refer to the prospectus for the Portfolios. The Variable Options that you select are your choice - we do not provide investment advice, nor do we recommend any particular Variable Option. Account Value allocated to a Variable Option will vary based on the investment experience of the corresponding Portfolio in which it invests. There is a risk of loss of the entire amount invested. Please consult with a qualified investment

------

[Back to **Table of Contents**](#TOC_871)

professional if you wish to obtain investment advice. **You should carefully consider the investment objectives, risks, charges and** **expenses of the underlying Portfolios when making an allocation to the Variable Options. To obtain any or all of the underlying** **Portfolio prospectuses, please contact us at 1-800-457-7617 or visit us online at** **<u>www.annuityregulatorydocuments.com</u>** **.**

**Dividends and Capital Gain Distributions.** We automatically reinvest all dividends and capital gains distributions from the Portfolios in shares of the distributing Portfolio at their net asset value.

Following the detection of excessive short-term trading activity and in response to requests from the fund investment advisors, Everlake Life currently limits new premium allocations and transfers into all Variable Options other than the Money Market Variable Option to a maximum of $50,000 per day. If we receive a transfer request that exceeds the limitation, we will be unable to process the request and will promptly contact you and request that you submit a transfer request that complies with the Variable Option limitation. If you wish to transfer more than $50,000 into a Variable Option, you may submit a single request that Everlake Life transfer $50,000 per day into that Variable Option until the transfer request is completed.

For example, if you wish to transfer $500,000 into a Variable Option, you may submit a single request that Everlake Life transfer $50,000 per day for 10 business days until the full $500,000 has been transferred.

If, as of the effective date of the Variable Option restriction, you were enrolled in one of our special services automatic transaction programs, such as automatic additions, portfolio rebalancing or dollar cost averaging, we will continue to effect automatic transactions to the Variable Options without regard to the $50,000 limitation. Shares may be redeemed at any time.

**Amounts you allocate to Variable Options may grow in value, decline in value, or grow less than you expect, depending on the** **investment performance of the Portfolios in which those Variable Options invest. You bear the investment risk that the Portfolios** **might not meet their investment objectives. Shares of the Portfolios are not deposits, or obligations of, or guaranteed or endorsed by** **any bank and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency.**

**FIXED OPTIONS**

You may allocate all or a portion of your purchase payments to the Fixed Account Options. We currently offer the basic Dollar Cost Averaging Fixed Account Option, and we may offer the additional Dollar Cost Averaging Fixed Account Options described below. **However,** **the 6 and 12-month Dollar Cost Averaging Options currently are not available.**

Please consult with your Morgan Stanley Financial Advisor for current information. The Fixed Account supports our insurance and annuity obligations, which includes death benefits and other benefits under the Contracts. The Fixed Account consists of our general assets other than those in segregated asset accounts. The Fixed Account is part of the Company's general account. The Fixed Account is not subject to the provisions or restrictions of the Securities Act of 1933 or the Investment Company Act of 1940. Insurance and annuity obligations and the guaranteed benefits under the Contracts are supported by the Company's general account and are subject to the Company's claims paying ability. Therefore, contract owners should look to the financial strength of the company for its claims paying ability.

We have sole discretion to invest the assets of the Fixed Account, subject to applicable law. Any money you allocate to a Fixed Account Option does not entitle you to share in the investment experience of the Fixed Account.

**DOLLAR COST AVERAGING FIXED ACCOUNT OPTIONS**

**Basic Dollar Cost Averaging Fixed Account Option.** You may establish a Dollar Cost Averaging Program, as described in the "Transfers" section of this prospectus, by allocating purchase payments to the Basic Dollar Cost Averaging Fixed Account Option. Purchase payments that you allocate to the Basic Dollar Cost Averaging Fixed Account Option will earn interest for a 1-year period at the current rate in effect at the time of allocation. We will credit interest daily at a rate that will compound over the year to the annual interest rate we guaranteed at the time of allocation. Rates may be different than those available for the Guarantee Periods described below. After the one-year period, we will declare a renewal rate which we guarantee for a full year. Subsequent renewal dates will be every twelve months for each purchase payment. Renewal rates will not be less than the minimum guaranteed rate found in the Contract, which is 3.00%.

You may not transfer funds from other investment alternatives to the Basic Dollar Cost Averaging Option.

**6 and 12 Month Dollar Cost Averaging Fixed Account Options.** In the future, we may offer 6 and 12-month Dollar Cost Averaging Fixed Account Options. Under these options, you may establish a Dollar Cost Averaging Program by allocating purchase payments to the Fixed Account either for 6 months (the "6 Month Dollar Cost Averaging Fixed Account Option") or for 12 months (the "12 Month Dollar Cost Averaging Fixed Account Option"). Your purchase payments will earn interest for the period you select at the current rates in effect at the time of allocation. Rates may differ from those available for the Guarantee Periods described below. However, the crediting rates for the 6 and 12 Month Dollar Cost Averaging Fixed Account Options will never be less than 3% annually.

You must transfer all of your money out of the 6 or 12 Month Dollar Cost Averaging Fixed Account Options to the Variable Options in equal monthly installments. If you discontinue a 6 or 12 Month Dollar Cost Averaging Fixed Account Option prior to last scheduled transfer, we will transfer any remaining money immediately to the Money Market Variable Option, unless you request a different Variable Option.

------

[Back to **Table of Contents**](#TOC_871)

You may not transfer funds from other investment alternatives to the 6 or 12 Month Dollar Cost Averaging Fixed Account Options. Transfers out of the Dollar Cost Averaging Fixed Account Options do not count towards the 12 transfers you can make without paying a transfer fee. We may declare more than one interest rate for different monies based upon the date of allocation to the Dollar Cost Averaging Fixed Account Options. For availability and current interest rate information, please contact your sales representative or our customer support unit at 1-800-457-7617.

**See "**[**Appendix C**](#chapter_20-sect1_1_71227_871)**" for numerical examples that illustrate how the Dollar Cost Averaging Options work.**

**GUARANTEE PERIODS**

You may allocate purchase payments or transfers to one or more Guarantee Periods of the Fixed Account ("Guarantee Periods"). Each payment or transfer allocated to a Guarantee Period earns interest at a specified rate that we guarantee for a period of years. Since interest is credited daily, any withdrawals that occur prior to the end of your Guarantee Period will reduce the amount of interest received. We will offer a 1-year Guarantee Period. We offer additional Guarantee Periods at our sole discretion. We currently offer a 1 year and a 6-year Guarantee Period.

**Interest Rates.** We will tell you what interest rates and Guarantee Periods we are offering at a particular time. We will not change the interest rate that we credit to a particular allocation until the end of the relevant Guarantee Period. We may declare different interest rates for Guarantee Periods of the same length that begin at different times.

We have no specific formula for determining the rate of interest that we will declare initially or in the future. We will set those interest rates based on investment returns available at the time of the determination. In addition, we may consider various other factors in determining interest rates including regulatory and tax requirements, our sales commission and administrative expenses, general economic trends, and competitive factors. ***We determine the interest rates to be declared in our sole discretion. We can neither predict nor guarantee what those*** ***rates will be in the future.*** The interest rate will never be less than the minimum guaranteed rate stated in the Contract, which is 3.00%. After the Guarantee Period, we will declare a renewal rate. Subsequent renewal dates will be on anniversaries of the first renewal date. On or about each renewal date, we will notify the owner of the interest rate(s) for the Contract Year then starting.

------

[Back to **Table of Contents**](#TOC_871)

**Charges and Adjustments**

------

As a Contract owner, you will bear, directly or indirectly, the charges and expenses described below.

**CONTRACT MAINTENANCE CHARGE**

During the Accumulation Phase, on each Contract Anniversary we will deduct a $35 contract maintenance charge from your Contract Value. This charge will be deducted on a pro rata basis from each investment alternative in the proportion that your investment in each bears to your Contract Value. We also will deduct a full contract maintenance charge if you withdraw your entire Contract Value. During the Payout Phase, we will deduct the charge proportionately from each income payment.

The charge is to compensate us for the cost of administering the Contracts and the Variable Account. Maintenance costs include expenses we incur in billing and collecting purchase payments; keeping records; processing death claims, cash withdrawals, and policy changes; proxy statements; calculating Accumulation Unit Values and income payments; and issuing reports to Contract owners and regulatory agencies. We cannot increase the charge.

**MORTALITY AND EXPENSE RISK CHARGE**

We deduct a mortality and expense risk charge daily at the following current annual rates (as a percentage of daily net assets of the Variable Options):

1. 1.49%
 Base Contract

2. 1.62%
 w/Enhanced Death Benefit Option

3. 1.62%
 w/Performance Death Benefit Option

4. 1.62%
 w/Performance Income Benefit Option

5. 1.73%
 w/Performance Benefit Combination Option

6. 1.73%
 w/Death Benefit Combination Option

See the description of each Option for the availability of each.

The mortality and expense risk charge is included in the base contract expense as shown in the ["Fee Table"](#chapter_5-sect1_1_71197_871) section. The mortality and expense risk charge is for all the insurance benefits available with your Contract (including our guarantee of annuity rates and the death benefits), for certain expenses of the Contract, and for assuming the risk (expense risk) that the current charges will not be sufficient in the future to cover the cost of administering the Contract. If the charges under the Contract are not sufficient, then we will bear the loss. We charge an additional amount for the Death Benefit Options and the Income Benefit Options to compensate us for the additional risk that we accept by providing these Options.

We guarantee the mortality and expense risk charge, and since current charges are at the maximum allowed by the Contract, we cannot increase it. We assess the mortality and expense risk charge during both the Accumulation Phase and the Payout Phase.

**ADMINISTRATIVE EXPENSE CHARGE**

We deduct an administrative expense charge daily at an annual rate of 0.10% of the daily net assets you have invested in the Variable Options. The administrative expense charge is included in the base contract expense as shown in the ["Fee Table"](#chapter_5-sect1_1_71197_871) section. We intend this charge to cover actual administrative expenses that exceed the revenues from the contract maintenance charge. There is no direct relationship between the amount of administrative charge imposed on a given Contract and the amount of expenses that may be attributed to that Contract. We assess this charge each day during the Accumulation Phase and the Payout Phase.

**TRANSFER FEE**

We do not currently impose a fee upon transfers among the investment alternatives. However, we reserve the right to charge $10 per transfer after the 12<sup>th</sup> transfer in each Contract Year. We will not charge a transfer fee on transfers that are part of a Dollar Cost Averaging or Automatic Portfolio Rebalancing Program.

**WITHDRAWAL CHARGE**

We may assess a withdrawal charge of up to 1% of the purchase payment(s) you withdraw. This charge declines to 0% after the expiration of 1 year from the day we receive the purchase payment being withdrawn. If you make a withdrawal before the Payout Start Date, we will apply the withdrawal charge percentage in effect on the date of the withdrawal, or the withdrawal charge percentage in effect on the following day, whichever is lower. A schedule showing how the withdrawal charge declines over the 6-year period is shown in the ["Fee Table"](#chapter_5-sect1_1_71197_871) section of this prospectus. During each Contract Year, you can withdraw all purchase payments beyond the withdrawal charge period or up to 15% of the aggregate amount of your purchase payments (as of the Issue Date or the most recent Contract Anniversary, whichever is later), whichever is greater, without paying a withdrawal charge. Unused portions of this ***Charge Free Withdrawal Amount*** are not carried forward to future Contract Years.

------

[Back to **Table of Contents**](#TOC_871)

We will deduct withdrawal charges, if applicable, from the amount paid, unless you instruct otherwise. For purposes of the withdrawal charge, we will treat withdrawals as coming from purchase payments, starting with the oldest purchase payments first and then from earnings. Therefore, additional purchase payments may reduce your ability to withdraw earnings without incurring a withdrawal charge. However, for federal income tax purposes, please note that withdrawals are considered to have come first from earnings, which means you pay taxes on the earnings portion of your withdrawal. We do not apply a withdrawal charge in the following situations:

1. on
 the Payout Start Date (a withdrawal charge may apply if you elect to receive income payments for a specified period of less
 than 120 months);

2. the
 death of the Contract owner or Annuitant (unless the Contract is continued); and

3. withdrawals
 taken to satisfy IRS minimum distribution rules for the Contract.

We use the amounts obtained from the withdrawal charge to pay sales commissions and other promotional or distribution expenses associated with marketing the Contracts. To the extent that the withdrawal charge does not cover all sales commissions and other promotional or distribution expenses, we may use any of our corporate assets, including potential profit which may arise from the mortality and expense risk charge or any other charges or fee described above, to make up any difference.

Withdrawals of earnings are taxed as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax.

**PREMIUM TAXES**

Some states and other governmental entities (e.g., municipalities) charge premium taxes or similar taxes. We are responsible for paying these taxes and will deduct them from your Contract Value. Some of these taxes are due when the Contract is issued, others are due when income payments begin or upon surrender.

Our current practice is not to charge anyone for these taxes until income payments begin or when a total withdrawal occurs including payment upon death. At our discretion, we may discontinue this practice and deduct premium taxes from the purchase payments. Premium taxes generally range from 0% to 3.5%, depending on the state.

At the Payout Start Date, if applicable, we deduct the charge for premium taxes from each investment alternative in the proportion that the Contract value in the investment alternative bears to the total Contract Value.

**DEDUCTION FOR VARIABLE ACCOUNT INCOME TAXES**

Our status under the Code is briefly described in the Taxes section.

**PORTFOLIO EXPENSES**

Each Portfolio deducts management fees and other expenses from its assets. Charges are deducted from and expenses paid out of the assets of the Portfolio Companies that are described in the prospectuses for those companies. You indirectly bear the charges and expenses of the Portfolios whose shares are held by the Variable Options. These fees and expenses are described in the prospectuses for the Portfolios. For a summary of Portfolio annual expenses, see the "[Fee Table"](#chapter_5-sect1_1_71197_871) section of this prospectus. **See "**[**Appendix A**](#chapter_18-sect1_1_71223_871)**" for a list of Portfolio Companies** **available under the Contract and their current expenses and performance information.** 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 requested at no cost by calling 1-800-457-7617 or by sending an email request to prudaawfnf@zinnia.com.

------

[Back to **Table of Contents**](#TOC_871)

**General Description of Contracts**

------

 **THE CONTRACT** 

**Contract Owner**

The Variable Annuity II AssetManager is a contract between you, the Contract owner, and Everlake Life, a life insurance company. As the Contract owner, you may exercise all of the rights and privileges provided to you by the Contract. That means it is up to you to select or change (to the extent permitted):

1. the
 investment alternatives during the Accumulation and Payout Phases,

2. the
 amount and timing of your purchase payments and withdrawals,

3. the
 programs you want to use to invest or withdraw money,

4. the
 income payment plan you want to use to receive retirement income,

5. the
 Annuitant (either yourself or someone else) on whose life the income payments will be based,

6. the
 owner, while the Annuitant is alive,

7. the
 Beneficiary or Beneficiaries who will receive the benefits that the Contract provides when the last surviving Contract owner
 dies, and

8. any
 other rights that the Contract provides.

If you die, any surviving Contract owner or, if none, the Beneficiary will exercise the rights and privileges provided to them by the Contract.

The Contract cannot be jointly owned by both a non- living person and a living person. If the Contract owner is a grantor trust, the Contract owner will be considered a non-living person for purposes of this section and the Death Benefits section. The age of the oldest Contract owner and Annuitant cannot exceed age 90 as of the date we receive the completed application or request to select a new Contract owner.

Changing ownership of this contract may cause adverse tax consequences and may not be allowed under qualified plans. Please consult with a tax advisor prior to making a request for a change of Contract owner.

The Contract can also be purchased as an IRA or TSA (also known as a 403(b)). The endorsements required to qualify these annuities under the Code may limit or modify your rights and privileges under the Contract.

**Annuitant** 

The Annuitant is the individual whose life span we use to determine income payments as well as the latest Payout Start Date. You initially designate an Annuitant in your application. The age of the oldest Annuitant cannot exceed 90 as of the date we receive the completed application. If the Contract owner is a living person, you may change the Annuitant before the Payout Start Date. Before the Payout Start Date, you may also designate a joint Annuitant, who is a second person on whose life income payments depend. If a Non-qualified contract is held by a non-living person, any change in the Annuitant will be treated as the death of the Annuitant and will activate the distribution requirements outlined in the Death Benefit section.

**Beneficiary** 

You may name one or more primary and contingent Beneficiaries when you apply for a Contract. The primary Beneficiary is the person who may elect to receive the death benefit or become the new Contract owner subject to the Death of Owner provision if the sole surviving Contract owner dies before the Payout Start Date. If the sole surviving Contract owner dies after the Payout Start Date, the primary Beneficiary will receive any guaranteed income payments scheduled to continue.

A contingent Beneficiary is the person selected by the Contract owner who will exercise the rights of the primary Beneficiary if all named primary Beneficiaries die before the death of the sole surviving Contract owner.

You may change or add Beneficiaries at any time, unless you have designated an irrevocable Beneficiary. We will provide a change of Beneficiary form to be signed by you and filed with us. After we accept the form, the change of Beneficiary will be effective as of the date you signed the form. Until we receive your written notice to change a Beneficiary, we are entitled to rely on the most recent Beneficiary information in our files. Accordingly, if you wish to change your Beneficiary, you should deliver your written notice to us promptly. Each Beneficiary change is subject to any payment made by us or any other action we take before we accept the change.

You may restrict income payments to Beneficiaries by providing us with a written request. Once we accept the written request, the restriction will take effect as of the date you signed the request. Any restriction is subject to any payment made we make or any other action we take before we accept the request.

If you did not name a Beneficiary or, unless otherwise provided in the Beneficiary designation, if a named Beneficiary is no longer living and there are no other surviving primary or contingent Beneficiaries when the death benefit becomes payable, the new Beneficiary will be:

1. your
 spouse or, if he or she is no longer alive,

2. your
 surviving children equally, or if you have no surviving children,

3. your
 estate.

------

[Back to **Table of Contents**](#TOC_871)

If there is more than one Beneficiary and one of the Beneficiaries is a corporation or other type of non-living person, all Beneficiaries will be considered to be non-living persons for the above purposes.

Unless you have provided directions to the contrary, the Beneficiaries will take equal shares. If there is more than one Beneficiary in a class (e.g., more than one primary Beneficiary) and one of the Beneficiaries predeceases the Contract owner, the remaining Beneficiaries in that class will divide the deceased Beneficiary's share in proportion to the original share of the remaining Beneficiaries.

If there is more than one Beneficiary taking shares of the death benefit, each Beneficiary will be treated as a separate and independent owner of his or her respective share of the death benefit. Each Beneficiary will exercise all rights related to his or her share of the death benefit, including the sole right to select a payout option, subject to any restrictions previously placed upon the Beneficiary. Each Beneficiary may designate a Beneficiary(ies) for his or her respective share, but that designated Beneficiary(ies) will be restricted to the payout option chosen by the original Beneficiary.

**Modification of the Contract**

Only an Everlake Life officer may approve a change in or waive any provision of the Contract. Any change or waiver must be in writing. None of our agents has the authority to change or waive the provisions of the Contract. We may not change the terms of the Contract without your consent, except to conform the Contract to applicable law or changes in the law. If a provision of the Contract is inconsistent with state law, we will follow state law.

**Assignment** 

No owner has a right to assign any interest in a Contract as collateral or security for a loan. However, you may assign periodic income payments under the Contract prior to the Payout Start Date. No Beneficiary may assign benefits under the Contract until they are payable to the Beneficiary. We will not be bound by any assignment until you sign it and file it with us. We are not responsible for the validity of any assignment. Federal law prohibits or restricts the assignment of benefits under many types of retirement plans and the terms of such plans may themselves contain restrictions on assignments. An assignment may also result in taxes or assessment of the 10% additional tax penalty. ***You should consult with your attorney before trying to assign your Contract.***

 **INVESTMENT ALTERNATIVES: TRANSFERS** 

**Transfers During the Accumulation Phase**

During the Accumulation Phase, you may transfer Contract Value among the investment alternatives. Currently, all Variable Options other than the Money Market Variable Option limit new purchases to $50,000 per day. See "The Variable Variable Options" subsection of the "Investment Alternatives" section of this prospectus. Transfers to any Guarantee Period must be at least $500. You may not, however, transfer Contract Value into any of the Dollar Cost Averaging Fixed Account Options. You may request transfers in writing on a form that we provide or by telephone according to the procedure described below. The minimum amount that you may transfer is $100 or the total amount in the investment alternative, whichever is less. We currently do not assess, but reserve the right to assess, a $10 charge on each transfer in excess of 12 per Contract Year. We will notify you at least 30 days before we begin imposing the transfer charge. We treat transfers to or from more than one Portfolio on the same day as one transfer.

We limit the amount you may transfer from the Guarantee Periods to the Variable Account in any Contract Year to the greater of:

1. 25%
 of the aggregate value in the Guarantee Periods as of the most recent Contract Anniversary (if this amount is less than $1,000,
 then up to $1,000 may be transferred); or

2. 25%
 of the sum of all purchase payments and transfers to the Guarantee Periods as of the most recent Contract Anniversary.

These restrictions do not apply to transfers pursuant to dollar cost averaging. If the first renewal interest rate is less than the current rate that was in effect at the time money was allocated or transferred to a Guarantee Period, we will waive the transfer restriction for that money and the accumulated interest thereon during the 60-day period following the first renewal date.

We will process transfer requests that we receive before 3:00 p.m. Central Time on any Valuation Date using the Accumulation Unit Values for that Date. We will process written requests completed after 3:00 p.m. on any Valuation Date using the Accumulation Unit Values for the next Valuation Date. The Contract permits us to defer transfers from the Fixed Account Options for up to six months from the date we receive your request. If we decide to postpone transfers for 30 days or more, we will pay interest as required by applicable law. Any interest would be payable from the date we receive the transfer request to the date we make the transfer.

 **Market Timing & Excessive Trading** 

The Contracts are intended for long-term investment. Market timing and excessive trading can potentially dilute the value of Variable Options and can disrupt management of a Portfolio and raise its expenses, which can impair Portfolio performance and adversely affect your Contract Value. Our policy is not to accept knowingly any money intended for the purpose of market timing or excessive trading. Accordingly, you should not invest in the Contract if your purpose is to engage in market timing or excessive trading, and you should refrain from such practices if you currently own a Contract.

------

[Back to **Table of Contents**](#TOC_871)

We seek to detect market timing or excessive trading activity by reviewing trading activities. Portfolios also may report suspected market-timing or excessive trading activity to us. If, in our judgment, we determine that the transfers are part of a market timing strategy or are otherwise harmful to the underlying Portfolio, we will impose the trading limitations as described below under "Trading Limitations." Because there is no universally accepted definition of what constitutes market timing or excessive trading, we will use our reasonable judgment based on all of the circumstances.

While we seek to deter market timing and excessive trading in Variable Options, because our procedures involve the exercise of reasonable judgment, we may not identify or prevent some market timing or excessive trading. Moreover, imposition of trading limitations is triggered by the detection of market timing or excessive trading activity, and the trading limitations are not applied prior to detection of such trading activity. Therefore, our policies and procedures do not prevent such trading activity before it is detected. As a result, some investors may be able to engage in market timing and excessive trading, while others are prohibited, and the Portfolio may experience the adverse effects of market timing and excessive trading described above.

**Trading Limitations**

We reserve the right to limit transfers among the investment alternatives in any Contract year, require that all future transfer requests be submitted through U.S. Postal Service First Class Mail thereby refusing to accept transfer requests via telephone, facsimile, Internet, or overnight delivery, or to refuse any transfer request, if:

1. we
 believe, in our sole discretion, that certain trading practices, such as excessive trading, by, or on behalf of, one or more Contract
 Owners, or a specific transfer request or group of transfer requests, may have a detrimental effect on the Accumulation
 Unit Values of any Variable Option or on the share prices of the corresponding Portfolio or otherwise would be
 to the disadvantage of other Contract Owners; or

2. we
 are informed by one or more of the Portfolios that they intend to restrict the purchase, exchange, or redemption of Portfolio
 shares because of excessive trading or because they believe that a specific transfer or group of transfers would have a
 detrimental effect on the prices of Portfolio shares.

In making the determination that trading activity constitutes market timing or excessive trading, we will consider, among other things:

1. the
 total dollar amount being transferred, both in the aggregate and in the transfer request;

2. the
 number of transfers you make over a period of time and/or the period of time between transfers (note: one set of transfers to
 and from a Variable Option in a short period of time can constitute market timing);

3. whether
 your transfers follow a pattern that appears designed to take advantage of short term market fluctuations, particularly
 within certain Variable Option underlying Portfolios that we have identified as being susceptible to market timing
 activities (e.g., International, High Yield, and Small Cap Variable Options);

4. whether
 the manager of the underlying Portfolio has indicated that the transfers interfere with Portfolio management or otherwise
 adversely impact the Portfolio; and

5. the
 investment objectives and/or size of the Variable Option underlying Portfolio.

We seek to apply these trading limitations uniformly. However, because these determinations involve the exercise of discretion, it is possible that we may not detect some market timing or excessive trading activity. As a result, it is possible that some investors may be able to engage in market timing or excessive trading activity, while others are prohibited, and the Portfolio may experience the adverse effects of market timing and excessive trading described above.

If we determine that a Contract Owner has engaged in market timing or excessive trading activity, we will require that all future transfer requests be submitted through U.S. Postal Service First Class Mail thereby refusing to accept transfer requests via telephone, facsimile, Internet, or overnight delivery. If we determine that a Contract Owner continues to engage in a pattern of market timing or excessive trading activity we will restrict that Contract Owner from making future additions or transfers into the impacted Variable Option(s) or will restrict that Contract Owner from making future additions or transfers into the class of Variable Option(s) if the Variable Options(s) involved are vulnerable to arbitrage market timing trading activity (e.g., International, High Yield, and Small Cap Variable Options).

In our sole discretion, we may revise our Trading Limitations at any time as necessary to better deter or minimize market timing and excessive trading or to comply with regulatory requirements.

**Short Term Trading Fees**

The underlying Portfolios are authorized by SEC regulation to adopt and impose redemption fees if a Portfolio's Board of Directors determines that such fees are necessary to minimize or eliminate short-term transfer activity that can reduce or dilute the value of outstanding shares issued by the Portfolio. The Portfolio will set the parameters relating to the redemption fee and such parameters may vary by Portfolio. If a Portfolio elects to adopt and charge redemption fees, these fees will be passed on to the Contract Owner(s) responsible for the short-term transfer activity generating the fee.

We will administer and collect redemption fees in connection with transfers between the Variable Options and forward these fees to the Portfolio. Please consult the Portfolio's prospectus for more complete information regarding the fees and charges associated with each Portfolio.

------

[Back to **Table of Contents**](#TOC_871)

**Transfers During the Payout Phase**

During the Payout Phase, you may make transfers among the Variable Options so as to change the relative weighting of the Variable Options on which your variable income payments will be based. In addition, you will have a limited ability to make transfers from the Variable Options to increase the proportion of your income payments consisting of fixed income payments. You may not, however, convert any portion of your right to receive fixed income payments into variable income payments.

You may not make any transfers for the first 6 months after the Payout Start Date. Thereafter, you may make transfers among the Variable Options or make transfers from the Variable Options to increase the proportion of your income payments consisting of fixed income payments. Your transfers must be at least 6 months apart.

**Telephone or Electronic Transfers**

You may make transfers by telephone by calling 1-800-457-7617 if you have on file a completed authorization form. The cut off time for telephone transfer requests is 3:00 p.m. Central Time. In the event that the New York Stock Exchange closes early, i.e., before 3:00 p.m. Central Time, or in the event that the Exchange closes early for a period of time but then reopens for trading on the same day, we will process telephone transfer requests as of the close of the Exchange on that particular day. We will not accept telephone requests received at any telephone number other than the number that appears in this paragraph or received after the close of trading on the Exchange.

We may suspend, modify or terminate the telephone transfer privilege, as well as any other electronic or automated means we previously approved, at any time without notice.

We use procedures that we believe provide reasonable assurance that the telephone transfers are genuine. For example, we tape telephone conversations with persons purporting to authorize transfers and request identifying information. Accordingly, we disclaim any liability for losses resulting from allegedly unauthorized telephone transfers. However, if we do not take reasonable steps to help ensure that a telephone authorization is valid, we may be liable for such losses.

**Dollar Cost Averaging Program**

Through our Dollar Cost Averaging Program, you may automatically transfer a set amount every month (or other intervals we may offer) during the Accumulation Phase from any Variable Option or the Dollar Cost Averaging Fixed Account Option(s) to any Variable Option. Transfers made through dollar cost averaging must be $100 or more.

The theory of dollar cost averaging is that if purchases of equal dollar amounts are made at fluctuating prices, the aggregate average cost per unit will be less than the average of the unit prices on the same purchase dates. However, participation in this Program does not assure you of a greater profit from your purchases under the Program nor will it prevent or necessarily reduce losses in a declining market. Call or write us for information on how to enroll.

**See "**[**Appendix C**](#chapter_20-sect1_1_71227_871)**" for numerical examples that illustrate how the Dollar Cost Averaging Program works.**

**Automatic Portfolio Rebalancing Program**

Once you have allocated your money among the Variable Options, the performance of each Variable Option may cause a shift in the percentage you allocated to each Variable Option. If you select our Automatic Portfolio Rebalancing Program, we will automatically rebalance the Contract Value in each Variable Option and return it to the desired percentage allocations. We will not include money you allocate to the Fixed Account Options in the Automatic Portfolio Rebalancing Program.

We will rebalance your account each quarter (or other intervals that we may offer) according to your instructions. We will transfer amounts among the Variable Options to achieve the percentage allocations you specify. You can change your allocations at any time by contacting us in writing or by telephone. The new allocation will be effective with the first rebalancing that occurs after we receive your request. We are not responsible for rebalancing that occurs prior to receipt of your request.

Example:

Assume that you want your initial purchase payment split among 2 Variable Options. You want 40% to be in the Fund A Variable Option and 60% to be in the Fund B Variable Option. Over the next 2 months the bond market does very well while the stock market performs poorly. At the end of the first quarter, the Fund A Variable Option now represents 50% of your holdings because of its increase in value. If you choose to have your holdings rebalanced quarterly, on the first day of the next quarter, we would sell some of your units in the Fund A Variable Option and use the money to buy more units in the Fund B Variable Option so that the percentage allocations would again be 40% and 60% respectively.

The Automatic Portfolio Rebalancing Program is available only during the Accumulation Phase. The transfers made under the Program do not count towards the 12 transfers you can make without paying a transfer fee and are not subject to a transfer fee.

Portfolio rebalancing is consistent with maintaining your allocation of investments among market segments, although it is accomplished by reducing your Contract Value allocated to the better performing segments.

**See "**[**Appendix C**](#chapter_20-sect1_1_71227_871)**" for numerical examples that illustrate how the Automatic Portfolio Rebalancing Program works.**

------

[Back to **Table of Contents**](#TOC_871)

**Annuity Period**

------

**PAYOUT START DATE**

The Payout Start Date is the day that money is applied to an Income Plan. The Payout Start Date must be:

1. at
 least 30 days after the Issue Date;

2. no
 later than the first day of the calendar month after the Annuitant's 99 <sup>th</sup> birthday, or the 10 <sup>th</sup> Contract Anniversary, if later.

You may change the Payout Start Date at any time by notifying us in writing of the change at least 30 days before the scheduled Payout Start Date. Absent a change, we will use the Payout Start Date stated in your Contract.

**INCOME PLANS**

An ***"Income Plan"*** is a series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date. If you do not select an Income Plan, we will make income payments in accordance with Income Plan 1. After the Payout Start Date, you may not make withdrawals (except as described below) or change your choice of Income Plan.

*Transfers.* After the payout start date, no transfers may be made from the fixed account. Transfers between Variable Options of the variable account, or from the variable account to the fixed account may not be made for six months subsequent to the payout start date. Transfers may be made once every six months thereafter. Transfers out of a Variable Option of the variable account after the payout start date will cancel annuity units from that Variable Option.

A portion of each payment will be considered taxable and the remaining portion will be a non-taxable return of your investment in the Contract, which is also called the basis. Once the investment in the Contract is depleted, all remaining payments will be fully taxable. If the Contract is tax-qualified, generally, all payments will be fully taxable. Taxable payments taken prior to age 59½, may be subject to an additional 10% federal tax penalty.

Three Income Plans are available under the Contract. Each is available to provide:

1. fixed
 amount income payments;

2. variable
 income payments; or

3. a
 combination of the two.

The three Income Plans are:

**Income Plan 1 – Life Income with Payments Guaranteed for 10 Years.** Under this plan, we make periodic income payments for at least as long as the Annuitant lives. If the Annuitant dies before we have made all of the guaranteed income payments, we will continue to pay the remainder of the guaranteed income payments as required by the Contract. If the sole surviving Contract Owner dies prior to the payment of all of the guaranteed income payments, the Primary Beneficiary will receive any guaranteed income payments scheduled to continue.

**Income Plan 2 – Joint and Survivor Life Income.** Under this plan, we make periodic income payments for as long as either the Annuitant or the joint Annuitant is alive. No income payments will be made after the death of both the Annuitant and the joint Annuitant.

**Income Plan 3 – Guaranteed Payments for a Specified Period.** Under this plan, we make periodic income payments for the period you have chosen. These payments do not depend on the Annuitant's life. If the sole surviving Contract Owner dies prior to the payment of all of the guaranteed income payments, the Primary Beneficiary will receive any guaranteed income payments scheduled to continue. A withdrawal charge may apply if the specified period is less than 10 years. We will deduct the mortality and expense risk charge from the assets of the Variable Account supporting this Income Plan even though we may not bear any mortality risk.

Some of the factors that may affect the amount of the income payments include: your age, your Contract Value, the Income Plan selected (including the frequency and duration of payments under the Income Plan selected), number of guaranteed payments (if any) selected, and whether you select variable or fixed income payments. As a general rule, more frequent income payments will result in smaller individual income payments. Likewise, income payments that are anticipated over a longer period of time will also result in smaller individual income phase payments.

We may make other Income Plans available including ones that you and we agree upon. You may obtain information about them by writing or calling us.

If you choose Income Plan 1 or 2, or, if available, another Income Plan with payments that continue for the life of the Annuitant or joint Annuitant, we may require proof of age and sex of the Annuitant or joint Annuitant before starting income payments, and proof that the Annuitant or joint Annuitant is still alive before we make each payment.

------

[Back to **Table of Contents**](#TOC_871)

Please note that under these Income Plans, if you elect to take no minimum guaranteed payments, it is possible that the payee could receive only 1 income payment if the Annuitant and any joint Annuitant both die before the second income payment, or only 2 income payments if they die before the third income payment, and so on.

Generally, you may not make withdrawals after the Payout Start Date. One exception to this rule applies if you are receiving variable income payments that do not depend on the life of the Annuitant (such as under Income Plan 3). In that case you may terminate all or part of the Variable Account portion of the income payments at any time and receive a lump sum equal to the present value of the remaining variable payments associated with the amount withdrawn. To determine the present value of any remaining variable income payments being withdrawn, we use a discount rate equal to the assumed annual investment rate that we use to compute such variable income payments. The minimum amount you may withdraw under this feature is $1,000. A withdrawal charge may apply.

You may apply your Contract Value to an Income Plan. If you elected the Performance Income Benefit Option or the Performance Benefit Combination Option, you may be able to apply an amount greater than your Contract Value to an Income Plan. You must apply at least the Contract Value in the Fixed Account Options on the Payout Start Date to fixed income payments. If you wish to apply any portion of your Fixed Account Option balance to provide variable income payments, you should plan ahead and transfer that amount to the Variable Options prior to the Payout Start Date. If you do not tell us how to allocate your Contract Value among fixed and variable income payments, we will apply your Contract Value in the Variable Account to variable income payments and your Contract Value in the Fixed Account Options to fixed income payments. We deduct applicable premium taxes from the Contract Value at the Payout Start Date.

We will apply your Contract Value, less applicable taxes, to your Income Plan on the Payout Start Date. If the amount available to apply under an Income Plan is less than $2,000, or not enough to provide an initial payment of at least $20, and state law permits, we may:

1. terminate
 the Contract and pay you the Contract Value, less any applicable taxes, in a lump sum instead of the periodic payments
 you have chosen, or

2. we
 may reduce the frequency of your payments so that each payment will be at least $20.

For qualified annuities, the guaranteed number of payments may be limited to 10 years or less depending on the circumstances.

**VARIABLE INCOME PAYMENTS**

The amount of your variable income payments depends upon the investment results of the Variable Options you select, the premium taxes you pay, the age and sex of the Annuitant, and the Income Plan you choose. We guarantee that the payments will not be affected by (a) actual mortality experience and (b) the amount of our administration expenses.

We cannot predict the total amount of your variable income payments. Your variable income payments may be more or less than your total purchase payments because (a) variable income payments vary with the investment results of the underlying Portfolios, and (b) the Annuitant could live longer or shorter than we expect based on the tables we use. The payments you receive may also be higher or lower depending on the duration and frequency of the payments. For example, the shorter the duration of payments, the higher they will be; and the higher the frequency of payments, the lower they will be. In calculating the amount of the periodic payments in the annuity tables in the Contract, we assumed an annual investment rate of 3%. If the actual net investment return of the Variable Options you choose is less than this assumed investment rate, then the dollar amount of your variable income payments will decrease. The dollar amount of your variable income payments will increase, however, if the actual net investment return exceeds the assumed investment rate. The dollar amount of the variable income payments stays level if the net investment return equals the assumed investment rate. Please refer to the Statement of Additional Information for more detailed information as to how we determine variable income payments.

**FIXED INCOME PAYMENTS**

We guarantee income payment amounts derived from any Fixed Account Option for the duration of the Income Plan. We calculate the fixed income payments by:

1. deducting
 any applicable premium tax; and

2. applying
 the resulting amount to the greater of (a) the appropriate value from the income payment table in your Contract or (b)
 such other value as we are offering at that time.

We may defer making fixed income payments for a period of up to 6 months or such shorter time state law may require. If we defer payments for 30 days or more, we will pay interest as required by law from the date we receive the withdrawal request to the date we make payment.

**INCOME BENEFIT OPTIONS**

Please keep in mind, once you have selected an optional Income or Death Benefit (each an "Option"), your ability to select a different Option may be limited. Please consult with your financial advisor concerning any such limitations before selecting any option. Please consult with your financial advisor concerning the effect of selecting a different option before doing so.

We may discontinue offering these options at any time.

------

[Back to **Table of Contents**](#TOC_871)

**PERFORMANCE INCOME BENEFIT**

The Performance Income Benefit can no longer be added. On the date we issued the rider for this benefit ("Rider Date"), the Performance Income Benefit is equal to the Contract Value. On each Contract Anniversary, we will recalculate your Performance Income Benefit to equal the greater of your Contract Value on that date or the most recently calculated Performance Income Benefit. We will also recalculate your Performance Income Benefit whenever you make an additional purchase payment or a partial withdrawal. Additional purchase payments will increase the Performance Income Benefit dollar-for-dollar. Withdrawals will reduce the Performance Income Benefit by an amount equal to: (i) the Performance Income Benefit just before the withdrawal, multiplied by (ii) the ratio of the withdrawal amount to the Contract Value just before the withdrawal. Reduction of the Performance Income Benefit may be more than the actual amount withdrawn if the Contract Value is less than the income base. The mortality and expense risk charge for the Performance Income Benefit is an additional 0.13%.

In the absence of any withdrawals or purchase payments, the Performance Income Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or prior to the Payout Start Date. We will recalculate the Performance Income Benefit as described above until the oldest Contract owner or Annuitant (if the Contract owner is not a living person) attains age 85. After age 85, we will only recalculate the Performance Income Benefit to reflect additional purchase payments and withdrawals.

If you select the Performance Income Benefit Option, the highest age of any Owner and Annuitant as of the date we receive the completed application, cannot exceed age 75.

To exercise your Performance Income Benefit, you must apply it to an Income Plan. The Payout Start Date you select must begin on or after your tenth Contract Anniversary, after electing the benefit, and within 30 days after a Contract Anniversary. In addition, you must apply your Performance Income Benefit to an Income Plan that provides guaranteed payments for either a single or joint life for at least:

1. 10
 years, if the youngest Annuitant's age is 80 or less on the date you apply the Benefit, or

2. 5
 years, if the youngest Annuitant's age is greater than 80 on the date you apply the Benefit.

If your current Contract Value is higher than the Performance Income Benefit, you can apply the Contract Value to any Income Plan.

**See "**[**Appendix B**](#chapter_19-sect1_1_71225_871)**" for numerical examples that illustrate how the Performance Income Benefit is calculated.**

**CERTAIN EMPLOYEE BENEFIT PLANS**

The Contracts offered by this prospectus contain income payment tables that provide for different payments to men and women of the same age, except in states that require unisex tables. We reserve the right to use income payment tables that do not distinguish on the basis of sex to the extent permitted by law. In certain employment- related situations, employers are required by law to use the same income payment tables for men and women. Accordingly, if the Contract is to be used in connection with an employment-related retirement or benefit plan and we do not offer unisex annuity tables in your state, you should consult with legal counsel as to whether the purchase of a Contract is appropriate.

------

[Back to **Table of Contents**](#TOC_871)

**Benefits Available Under the Contract**

------

**The following table summarizes information about the benefits under the contract.** **Certain Contract Benefits may not be available** **through certain financial intermediaries. See the** [**Cover Page**](#chapter_1-sect1_1_71351_871) **for additional information.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br>**Optional** | **Maximum Fee**<br>**(as a** **percentage of** **daily net** **assets of the** **Variable** **Options)** | **Brief Description of Restrictions or**<br>**Limitations** |
|  **Automatic** **Additions**<br>**Program** | Allows you to make subsequent purchase payments by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. | **Standard** | **No Charge** | Subsequent purchase payments must be at least $25 |
|  **Automatic**<br>**Rebalancing**<br>**Program** | Allows us to automatically rebalance your Contract Value to return to your desired percentage allocations. | **Standard** | **No Charge** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Not available with Fixed Account Option<br> •  Only available during the Accumulation Phase |
|  **Basic Dollar Cost**<br>**Averaging** **Program** | Allows you to systematically transfer a set amount each month from Variable Option or Fixed Account Options to other available Variable Options. | **Standard** | **No Charge** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Transfers must be $100 or more<br> •  In certain states the Contract was available only as a group Contract. |
|  **Dollar Cost**<br>**Averaging Fixed**<br>**Account Options:**<br>**Basic Dollar Cost**<br>**Averaging** **Program** | Allows you to earn interest for a 1-year period at the current rate in effect at the time of the allocation. | **Standard** | **No Charge** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Transfers must be $100 or more<br> •  Must use purchase payments to fund; cannot transfer amounts from other Variable Options |
|  **Dollar Cost**<br>**Averaging Fixed**<br>**Account Options:** **6** **and 12 Month** | Allows you to allocating purchase payments to the Fixed Account either for 6 months or for 12 months where your purchase payments will earn interest for the period you select at the current rates in effect at the time of allocation. | **Standard** | **No Charge** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Not currently available<br> •  Transfers must be $100 or more<br> •  Must use purchase payments to fund; cannot transfer amounts from other Variable Options<br> •  You may only transfer Contract Value out of the Fixed Account to the Variable Options and you must do so in equal monthly installments |
|  **Systematic**<br>**Withdrawal** **Program** | Allows you to receive monthly automatic withdrawals from your Contract. | **Standard** | **No Charge** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Minimum amount of each systematic withdrawal is $100<br> •  Will reduce or even exhaust the Contract Value |
|  **Standard Death**<br>**Benefit** | Provides a death benefit equal to the greater of the sum of all purchase payments (reduced by proportional withdrawals), the Contract Value on the date we receive due proof of death, or the Contract Value on the most recent Death Benefit Anniversary. | **Standard** | **No Charge** | None. |
|  **Enhanced Death**<br>**Benefit Option** | Provides an opportunity for an increased death benefit equal to the Contract Value, plus interest at an annual rate of 5% per year. | **Optional** | **0.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Not currently available<br> •  Maximum rider issue age is 70.<br> •  We will not recalculate the benefit after you reach the age of 75<br> •  Withdrawals will reduce the benefit, and such reductions could be significant |

---

------

[Back to **Table of Contents**](#TOC_871)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br>**Optional** | **Maximum Fee**<br>**(as a** **percentage of** **daily net** **assets of the** **Variable** **Options)** | **Brief Description of Restrictions or**<br>**Limitations** |
|  **Performance** **Death**<br>**Benefit Option** | Provides enhanced death benefit equal to your highest Contract Value on any Contract Anniversary. | **Optional** | **0.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Maximum Rider issue age is 80<br> •  We will not recalculate the benefit after you reach the age of 85<br> •  Withdrawals will reduce the benefit, and such reductions could be significant |
|  **Death Benefit**<br>**Combination** | Provides a death benefit equal to the greater of the Enhanced Death Benefit or the Performance Death Benefit. | **Optional** | **0.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Maximum Rider issue age is 80<br> •  Withdrawals will reduce the benefit, and such reductions could be significant |
|  **Performance** **Income**<br>**Benefit Option** | Provides enhanced income benefit based on your highest Contract Value on any Contract Anniversary. | **Optional** | **0.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Not currently available<br> •  Maximum rider issue age is 75<br> •  Must begin the Payout Start Date on or after your tenth Contract Anniversary, after electing the benefit, and within 30 days after a Contract Anniversary<br> •  Withdrawals will reduce the benefit, and such reductions could be significant |
|  **Performance** **Benefit**<br>**Combination** **Option** | Combines the Performance Death Benefit with the Performance Income Benefit. | **Optional** | **0.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Not currently available<br> •  Maximum Rider issue age is 75<br> •  Withdrawals will reduce the benefit, and such reductions could be significant |

---

**DEATH BENEFITS**

We will pay a death benefit if, prior to the Payout Start Date:

1. any
 Contract owner dies, or

2. the
 Annuitant dies.

We will pay the death benefit to the new Contract owner who is determined immediately after the death. The new Contract owner would be a surviving Contract owner(s) or, if none, the Beneficiary(ies). In the case of the death of an Annuitant, we will pay the death benefit to the current Contract owner.

A request for payment of the death benefit must include ***"Due Proof of Death."*** We will accept the following documentation as Due Proof of Death:

1. a
 certified copy of a death certificate,

2. a
 certified copy of a decree of a court of competent jurisdiction as to the finding of death, or

3. any
 other proof acceptable to us.

**DEATH BENEFIT AMOUNT**

Prior to the Payout Start Date, if we receive a complete request for payment of the death benefit within 180 days of the date of death, the death benefit is equal to the greatest of:

1. the
 Contract Value as of the date we receive Due Proof of Death, or

2. the
 sum of all purchase payments made less any amounts deducted in connection with partial withdrawals (including any applicable
 withdrawal charges or premium taxes), or

3. the
 Contract Value on the most recent Death Benefit Anniversary prior to the date we determine the death benefit, plus any purchase
 payments and less any amounts deducted in connection with any partial withdrawals since that Death Benefit Anniversary.
 If we do not receive a complete request for payment of the death benefit within 180 days of the date of death, the
 death benefit is equal to the Contract Value as of the date we determine the death benefit. We reserve the right to extend the
 180- day period on a non-discriminatory basis.

A "Death Benefit Anniversary" is every 6<sup>th</sup> Contract Anniversary beginning with the 6<sup>th</sup> Contract Anniversary. For example, the 6<sup>th</sup>, 12<sup>th</sup> and 18<sup>th</sup> Contract Anniversaries are the first three Death Benefit Anniversaries.

------

[Back to **Table of Contents**](#TOC_871)

We will determine the value of the death benefit as of the end of the Valuation Date on which we receive a complete request for payment of the death benefit. If we receive a request after 3 p.m. Central Time on a Valuation Date, we will process the request as of the end of the following Valuation Date.

Where there are multiple beneficiaries, we will value the death benefit at the time the first beneficiary submits a complete request for payment of the death benefit. Any death benefit amounts attributable to any beneficiary which remain in the Variable Options are subject to investment risk.

**DEATH BENEFIT OPTIONS**

Please keep in mind, once you have selected an optional income or death benefit (each an "option"), your ability to select a different option may be limited. Please consult with your financial advisor concerning any such limitations before selecting any option. Please consult with your financial advisor concerning the effect of selecting a different option before doing so.

We may discontinue offering these options at any time. As of 01/31/01 the Enhanced Death Benefit, Performance Income Benefit, the Performance Benefit Combination and the Performance Death Benefit Options are no longer available to be added to your Contract, except in MN, ND, OR and PR. The Performance Benefit Combination Option is no longer offered as a rider to the Contract, but apply to Contract owners who have previously elected these Options.

The Performance Death Benefit and the Death Benefit Combination are optional benefits that you may elect. If the Contract owner is a living person, these Options apply only on the death of the Contract owner. If the Contract owner is not a living person, these Options apply only on the death of the Annuitant.

For Contracts with a death benefit option, the death benefit will be the greater of (1) through (3) above, or (4) the death benefit option you selected. For Contracts with the Enhanced Earnings Death Benefit Option, the death benefit will be increased as described in the "Enhanced Earning Death Benefit Option" subsection below. The death benefit options may not be available in all states.

**Enhanced Death Benefit Option.** We are no longer offering the Enhanced Death Benefit option as a rider to the Contract except in MN, ND, OR and PR. The following describes the Option for Contract owners who have previously elected this Option or who may elect this Option in certain states noted above. The Enhanced Death Benefit on the date we issue the rider for this option ("Rider Date") is equal to the Contract Value. On the first Contract anniversary after the Rider Date, the Enhanced Death Benefit is equal to the Contract Value on the Rider Date plus interest at an annual rate of 5% per year for the portion of a year since the Rider Date. On each subsequent Contract Anniversary, but not beyond the Contract Anniversary preceding the oldest Contract owners' 75<sup>th</sup> birthdays, we will recalculate the Enhanced Death Benefit as follows: First, we multiply the Enhanced Death Benefit as of the prior Contract Anniversary by 1.05. This results in an increase of 5% annually. Further, for all ages, we will adjust the Enhanced Death Benefit on each Contract Anniversary, or upon receipt of a death claim, as follows:

1. For
 cash withdrawals, we will reduce the Enhanced Death Benefit by the following withdrawal adjustment. The withdrawal adjustment
 is equal to (i) divided by (ii), with the result multiplied by (iii), where: <br> (i)
 = the withdrawal amount (including any applicable withdrawal charges or premium taxes) <br> (ii)
 = the Contract Value just before the withdrawal <br> (iii)
 = the most recently calculated Enhanced Death Benefit

2. We
 will increase the Enhanced Death Benefit by any additional purchase payments since the prior Contract Anniversary.

If you select the Enhanced Death Benefit Option, the highest age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 70. The mortality and expense risk charge for the Enhanced Death Benefit is an additional 0.13%. **See "**[**Appendix B**](#chapter_19-sect1_1_71225_871)**" for numerical examples that illustrate how the** **Enhanced Death Benefit Option is calculated.**

**Performance Death Benefit Option.** The Performance Death Benefit on the date we issue the rider for this option ("Rider Date") is equal to the Contract Value. On each Contract Anniversary, we will recalculate your Performance Death Benefit to equal the greater of your Contract Value on that date, or the most recently calculated Performance Death Benefit.

We also will recalculate your Performance Death Benefit whenever you make an additional purchase payment or a partial withdrawal (including any applicable withdrawal charges or premium taxes). Additional purchase payments will increase the Performance Death Benefit dollar-for-dollar. Withdrawals will reduce the Performance Death Benefit by an amount equal to: (i) the Performance Death Benefit immediately before the withdrawal, multiplied by (ii) the ratio of the withdrawal amount to the Contract Value just before the withdrawal.

In the absence of any withdrawals or purchase payments, the Performance Death Benefit will be the greatest of the Contract Value on the Rider Date and all Contract Anniversary Contract Values on or before the date we calculate the death benefit.

We will recalculate the Performance Death Benefit as described above until the oldest Contract owner (the Annuitant, if the owner is not a living person), attains age 85. After age 85, we will recalculate the Performance Death Benefit only to reflect additional purchase payments and withdrawals. If you select the Performance Death Benefit Option, the highest age of any owner and Annuitant as of the date we receive

------

[Back to **Table of Contents**](#TOC_871)

the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 80. The mortality and expense risk charge for the Performance Death Benefit Option is an additional 0.13%. **See "**[**Appendix B**](#chapter_19-sect1_1_71225_871)**" for numerical examples that** **illustrate how the Performance Death Benefit Option is calculated.**

**Death Benefit Combination Option.** If you select the Death Benefit Combination Option, the death benefit payable will be the greater of the death benefits provided by the Enhanced Death Benefit or the Performance Death Benefit (both calculated until the oldest Contract owner, or Annuitant if the Contract owner is a non-living person, attains age 85). After age 85, the death benefit payable will be adjusted to reflect purchase payments and withdrawals (including any applicable withdrawal charges or premium taxes) to the extent described under "Enhanced Death Benefit Option" and "Performance Death Benefit Option" above. Withdrawals will reduce the benefit, and such reductions could be significant.

We sometimes refer to the Death Benefit Combination Option as the "Best of the Best" death benefit option. If you select the Death Benefit Combination Option, the highest age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 80. The mortality and expense risk charge for the Death Benefit Combination Option is an additional 0.24%. **See "**[**Appendix B**](#chapter_19-sect1_1_71225_871)**" for numerical examples that illustrate how the Death Benefit** **Combination Option is calculated.**

**Performance Benefit Combination Option.** We are no longer offering the Performance Combination Option as a rider to the Contract. The following describes the Option for Contract owners who have previously elected this Option. This Option combines the Performance Death Benefit with the Performance Income Benefit (described in the ["Annuity Period"](#chapter_10-sect1_1_71210_871) section of this prospectus). If you select the Performance Benefit Combination Option, the maximum age of any owner and Annuitant as of the date we receive the completed application, or the date we receive the written request to add the rider, whichever is later, cannot exceed age 75. Withdrawals will reduce the benefit, and such reductions could be significant.

None of the death benefits under the Enhanced Death Benefit, the Performance Death Benefit, the Performance Benefit Combination and the Death Benefit Combination will ever be greater than the maximum death benefit allowed by any nonforfeiture laws which govern the Contract. The mortality and expense risk charge for the Performance Benefit Combination Option is an additional 0.24%. **See "**[**Appendix B**](#chapter_19-sect1_1_71225_871)**"** **for numerical examples that illustrate how the Performance Benefit Combination Option is calculated.**

**DEATH BENEFIT PAYMENTS**

If the sole New Owner is your spouse, the New Owner may:

1. elect
 to receive the death benefit in a lump sum, or

2. elect
 to apply the death benefit to an Income Plan. Payments from the Income Plan must begin within one year of the date of death
 and must be payable throughout:

a. the
 life of the New Owner;

b. for
 a guaranteed number of payments from 5 to 50 years, but not to exceed the life expectancy of the New Owner; or

c. over
 the life of the New Owner with a guaranteed number of payments from 5 to 30 years but not to exceed the life expectancy
 of the New Owner.

Note that if you elected to receive required minimum distributions under a Minimum Distribution Option, the program will be discontinued upon receipt of notification of death. The final required minimum distribution must be distributed prior to establishing a beneficiary payment option for the balance of the Contract.

If your spouse does not elect one of the options above, the Contract will continue in the Accumulation Phase as if the death had not occurred. If the Contract is continued in the Accumulation Phase, the following restrictions apply:

On the date the Contract is continued, the Contract Value will equal the amount of the death benefit as determined as of the Valuation Date on which we received the complete request for settlement of the death benefit (the next Valuation Date, if we receive the complete request for settlement of the death benefit after 3:00 p.m. Central Time). Unless otherwise instructed by the continuing spouse, the excess, if any, of the death benefit over the Contract Value will be allocated to the Variable Options of the Variable Account. This excess will be allocated in proportion to your Contract Value in those Variable Options as of the end of the Valuation Date that we receive the complete request for settlement of the death benefit except that any portion of this excess attributable to the Fixed Account Options will be allocated to the Money Market Variable Option. Within 30 days of the date the Contract is continued, your surviving spouse may choose one of the following transfer alternatives without incurring a transfer fee:

(i) transfer all or a portion of the excess among the Variable Options;

(ii) transfer all or a portion of the excess into the Basic Dollar Cost Averaging Option; or

(iii) transfer all or a portion of the excess into a combination of Variable Options and the Basic Dollar Cost Averaging Option.

Any such transfer does not count as one of the free transfers allowed each Contract Year and is subject to any minimum allocation amount specified in your Contract.

------

[Back to **Table of Contents**](#TOC_871)

If you elected the Enhanced Earnings Death Benefit Option, and your spouse continues the Contract as described above, the Enhanced Earnings Death Benefit Plus Option and the daily charge for this Option will terminate if your spouse is over age 75 on the date the Contract is continued, or if your spouse elects to terminate the Option.

If the Enhanced Earnings Death Benefit Option is not terminated, on the date the Contract is continued, the Rider Date for this Option will be reset to the date the Contract is continued ("new Rider Date"). The age of the oldest Contract owner on the new Rider Date will be used to determine Enhanced Earnings Death Benefit after the new Rider Date. Also, the age of the oldest Contract owner on the new Rider Date will be used to determine the mortality and expense risk charge for the Option after the new Rider Date.

If the Contract is continued in the Accumulation Phase, the surviving spouse may make a single withdrawal of any amount within one year of the date of death without incurring a withdrawal charge.

Only one spousal continuation is allowed under this Contract.

If the New Owner is not your spouse but is a living person, or if there are multiple living-person new Owners, the New Owner may:

1. elect
 to receive the death benefit in a lump sum, or

2. elect
 to apply the death benefit to an Income Plan. Payments from the Income Plan must begin within one year of the date of death
 and must be payable throughout:

a. the
 life of the New Owner;

b. for
 a guaranteed number of payments from 5 to 50 years, but not to exceed the life expectancy of the New Owner; or

c. over
 the life of the New Owner with a guaranteed number of payments from 5 to 30 years but not to exceed the life expectancy
 of the New Owner.

If the New Owner does not elect one of the options above, then the New Owner must receive the Contract Value payable within 5 years of your date of death. The Contract Value will equal the amount of the death benefit as determined as of the Valuation Date on which we received the complete request for settlement of the death benefit (the next Valuation Date, if we receive the complete request for settlement of the death benefit after 3:00 p.m. Central Time).

Unless otherwise instructed by the New Owner, the excess, if any, of the death benefit over the Contract Value will be allocated to the Money Market Variable Option. The New Owner may exercise all rights as set forth in the Transfers section during this 5-year period.

No additional purchase payments may be added to the Contract under this election. Withdrawal charges will be waived for any withdrawals made during this 5-year period.

If the New Owner dies prior to the receiving all of the Contract Value, then the New Owner's named Beneficiary(ies) will receive the remaining Contract Value. This amount must be received as a lump sum within 5 years of the date of the original Owner's death.

We reserve the right to offer additional options upon the death of Owner.

If the New Owner is a corporation, trust, or other non- living person:

a. The
 New Owner may elect to receive the death benefit in a lump sum; or

b. If
 the New Owner does not elect the option above, then the New Owner must receive the Contract Value payable within 5
 years of your date of death. The Contract Value will equal the amount of the death benefit as determined as of the end of
 the Valuation Date on which we receive the complete request for settlement of the death benefit (the next Valuation Date,
 if we receive the request after 3:00 p.m. Central Time). Unless otherwise instructed by the New Owner, the excess,
 if any, of the death benefit over the Contract Value will be allocated to the Money Market Variable Option. The New
 Owner may exercise all rights as set forth in the Transfers provision during this 5-year period. No additional purchase
 payments may be added to the Contract under this election.

Under any of these options, all ownership rights are available to the Contract owner from the date of the Annuitant's death to the date on which the death benefit is paid.

We reserve the right to offer additional options upon the death of Owner.

If any New Owner is a non-living person, all New Owners will be considered to be non-living persons for the above purposes.

Under any of these options, all ownership rights, subject to any restrictions previously placed upon the Beneficiary, are available to the New Owner from the date of your death to the date on which the death proceeds are paid. If we do not receive instructions on where to send the payment within 5 years of the date of death, the funds will be escheated.

------

[Back to **Table of Contents**](#TOC_871)

**Alternative Death Benefit Payment Options - Contracts Held by Tax-Favored Plans**

The Code provides for alternative death benefit payment options when a contract is used as an IRA, 403(b) or other "qualified investment" that requires minimum distributions. Upon your death under an IRA, 403(b) or other "qualified investment", the designated beneficiary may generally elect to continue the contract and receive Required Minimum Distributions under the contract, instead of receiving the death benefit in a single payment. The available payment options will depend on whether you die before the date Required Minimum Distributions under the Code were to begin, whether you have named a designated beneficiary and whether the beneficiary is your surviving spouse.

For deaths occurring after 2019, the Further Consolidated Appropriations Act of 2020 (which includes the "Setting Every Community Up for Retirement Enhancement" Act (SECURE Act)), and further clarified by the associated final and proposed regulations, impacts defined contribution plans and IRA balances death benefits paid starting in 2020. We reserve our rights to implement any final regulations addressing these requirements in the future. The post-death distribution requirements under prior law continue to apply in certain circumstances. The following rules generally apply to deaths after 2019:

• If
 you die after a designated Beneficiary has been named, the death benefit must be fully distributed by December 31 <sup>st</sup> of the year including
 the ten year anniversary of the date of death (the "Qualified Ten-Year Deadline") with the exception of "eligible
 designated beneficiaries." In addition, in such situations that you die on or after the Required Beginning Date, the Death
 Benefit must also be paid out at least as rapidly as under the method then in effect at the time of death in addition to meeting
 the Qualified Ten-Year Deadline.

• "Eligible
 designated beneficiaries" may elect periodic payments not extending beyond the life expectancy of the eligible designated
 Beneficiary (provided such payments begin by December 31 <sup>st</sup> of the year following the year of death). Eligible designated
 beneficiaries generally include any designated beneficiary who is your surviving spouse, your child who has not reached
 age 21, disabled and chronically ill beneficiaries (as specified by the Code) and any beneficiary who is not more than
 10 years younger than you. In the case of a child who has not attained the age of 21, the Qualified Ten-Year Deadline would
 apply as of the date the child attains the age of 21. The determination of whether a designated beneficiary is an eligible
 designated beneficiary generally shall be made as of the date of your death.

• If
 the eligible designated Beneficiary does not begin installments by December 31 <sup>st</sup> of the year following the year of death, then
 we require that the Beneficiary take the Death Benefit by the Qualified Ten-Year Deadline. However, if your surviving spouse
 is the Beneficiary, the death benefit can be paid out over the life expectancy of your spouse with such payments beginning
 no later than December 31 <sup>st</sup> of the year following the year of death, or December 31 <sup>st</sup> of the year in which you would
 have reached the applicable age, whichever is later. Additionally, if the Death Benefit is solely payable to (or for the benefit
 of) your surviving spouse, then the Annuity may be continued with your spouse as the Owner subject to specific limits
 in the regulations.

• If
 you die before a designated Beneficiary is named, or your beneficiary is not an individual, such as a charity, your estate, or a
 trust, any remaining interest after your death generally must be distributed as follows:

○ If
 death occurs before the date Minimum Distributions must begin under the Code, the Death Benefit can be paid out in a
 lump sum by December 31 <sup>st</sup> of the year that includes five year anniversary of the date of death,

○ If
 death occurs after the date Minimum Distributions must begin under the Code, the Death Benefit must be paid out at least
 as rapidly as under the method then in effect.

○ Where
 multiple Beneficiaries have been named and at least one of the Beneficiaries does not qualify as a designated Beneficiary
 and the account has not been divided into separate accounts by December 31 <sup>st</sup> of the year following the year
 of death, such Annuity is deemed to have no designated Beneficiary.

For more information, see "Taxes." You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

**DEATH OF ANNUITANT**

If the Annuitant who is not also the Contract owner dies prior to the Payout Start Date and the Contract owner is a living person, the<br>following apply:

1. The
 Contract owner may elect to receive the death benefit in a lump sum; or

2. The
 Contract owner may elect to apply the death benefit to an Income Plan which must begin within one year of the date of death
 and must be for a guaranteed number of payments for a period from 5 to 30 years but not to exceed the life expectancy of
 the owner; or

3. If
 the Contract owner does not elect either of the above options within 180 days of the date of the Annuitant's death, then the Contract
 will continue as if death had not occurred. If this option is elected, the new Annuitant will be the youngest owner, unless
 the owner names a different Annuitant.

------

[Back to **Table of Contents**](#TOC_871)

If the Annuitant who is not also the Contract owner dies prior to the Payout Start Date and the Contract owner is a non-living person, the following apply:

1. The
 Contract owner may elect to receive the death benefit in a lump sum; or

2. If
 the Contract owner does not elect the above option, then the Owner must receive the Contract Value payable within 5 years
 of the Annuitant's date of death.

On the date we receive the complete request for settlement of the death benefit, the Contract Value under this option will be the death benefit. Unless otherwise instructed by the Contract owner, the excess, if any, of the death benefit over the Contract Value will be allocated to the Fidelity® VIP Government Money Market Portfolio – Initial Class. The Contract owner may then exercise all rights as set forth in the Transfers section during this 5-year period.

No additional purchase payments may be added to the Contract under this election. Withdrawal charges will be waived during this 5-year period.

Under any of these options, all ownership rights are available to the Contract owner from the date of the Annuitant's death to the date on which the death benefit is paid. We reserve the right to offer additional options upon the Death of Annuitant.

The Contract owner has 60 days from the date the company receives Due Proof of Death to select an Income Plan without incurring a tax on the entire gain in the Contract. If the Contract owner elects to continue the Contract, they will be taxed on the entire gain in the Contract computed on the date of continuance. We are required to report such gain to the IRS as income to the Contract owner. An additional 10% federal tax may apply if the Contract owner is under age 59½. Any amount included in the Contract owner's gross income as a result of a Contract continuance will increase the investment in the Contract for future distributions

------

[Back to **Table of Contents**](#TOC_871)

**Purchases and Contract Value**

------

**MINIMUM PURCHASE PAYMENTS**

You may make additional purchase payments of at least $100 at any time prior to the Payout Start Date. Higher minimums may apply to the allocation of those purchase payments to investment alternatives as described below. We reserve the right to limit the maximum amount of purchase payments we will accept. We may apply certain limitations, restrictions, and/or underwriting standards as a condition of acceptance of purchase payments.

**AUTOMATIC ADDITIONS PROGRAM**

You may make subsequent purchase payments of at least $100 by automatically transferring amounts from your bank account or your Morgan Stanley Active Assets™ Account. Please consult your Morgan Stanley Financial Advisor for details.

**See "**[**Appendix C**](#chapter_20-sect1_1_71227_871)**" for numerical examples that illustrate how the Automatic Additions Program works.**

**ALLOCATION OF PURCHASE PAYMENTS**

At the time you apply for a Contract, you must decide how to allocate your purchase payments among the investment alternatives. The allocation you specify on your application will be effective immediately. All allocations must be in whole percentages that total 100% or in whole dollars. The minimum amount you may allocate to any investment alternative is $100. The minimum amount that you may allocate to the Guarantee Periods is $500. You can change your allocations by notifying us in writing. These minimums apply to both initial and subsequent allocations.

We will allocate your purchase payments to the investment alternatives according to your most recent instructions on file with us. Unless you notify us in writing otherwise, we will allocate subsequent purchase payments according to the allocation for the previous purchase payment. We will effect any change in allocation instructions at the time we receive written notice of the change in good order. We will credit subsequent purchase payments to the Contract on the business day that we receive the purchase payment at our service center in Good Order.

We use the term "business day" to refer to each day Monday through Friday that the New York Stock Exchange is open for business. We also refer to these days as "Valuation Dates." Our business day closes when the New York Stock Exchange closes for regular trading, usually 4:00 p.m. Eastern Time (3:00 p.m. Central Time). If we receive your purchase payment after 3:00 p.m. Central Time on any Valuation Date, we will credit your purchase payment using the Accumulation Unit Values computed on the next Valuation Date.

There may be circumstances where the New York Stock Exchange is open, however, due to inclement weather, natural disaster or other circumstances beyond our control, our offices may be closed or our business processing capabilities may be restricted. Under those circumstances, your Contract Value may fluctuate based on changes in the Accumulation Unit Values, but you may not be able to transfer Contract Value or make a purchase or redemption request.

With respect to any purchase payment that is pending investment in our Variable Account, we may hold the amount temporarily in a suspense account and may earn interest on amounts held in that suspense account. You will not be credited with any interest on amounts held in that suspense account.

**CONTRACT VALUE**

Your Contract Value at any time during the Accumulation Phase is equal to the sum of the value of your Accumulation Units in the Variable Options you have selected, plus the value of your investment in the Fixed Account Options.

**ACCUMULATION UNITS**

To determine the number of Accumulation Units of each Variable Option to allocate to your Contract, we divide (i) the amount of the purchase payment or transfer you have allocated to a Variable Option by (ii) the Accumulation Unit Value of that Variable Option next computed on the valuation date after we receive your payment or transfer. For example, if we receive a $10,000 purchase payment allocated to a Variable Option when the Accumulation Unit Value for the Variable Option is $10, we would credit 1,000 Accumulation Units of that Variable Option to your Contract. Withdrawals and transfers from a Variable Option would, of course, reduce the number of Accumulation Units of that Variable Option allocated to your Contract.

**ACCUMULATION UNIT VALUE**

As a general matter, the Accumulation Unit Value for each Variable Option will rise or fall to reflect:

(1) changes
 in the share price of the Portfolio in which the Variable Option invests, and

(2) the
 deduction of amounts reflecting the mortality and expense risk charge and administrative expense charge

------

[Back to **Table of Contents**](#TOC_871)

We determine contract maintenance charges, withdrawal charges, and transfer fees (currently waived) separately for each Contract. They do not affect Accumulation Unit Value. Instead, we obtain payment of those charges and fees by redeeming Accumulation Units. We determine a separate Accumulation Unit Value for each Variable Option on each Valuation Date. We also determine a separate set of Accumulation Unit Values that reflect the cost of each optional benefit, or available combinations thereof, offered under the Contract.

**You should refer to the prospectuses for the Portfolios for a description of how the assets of each Portfolio are valued, since that** **determination directly bears on the Accumulation Unit Value of the corresponding Variable Option and, therefore, your Contract** **Value.**

**CALCULATION OF ACCUMULATION UNIT VALUES**

The value of Accumulation Units will change each Valuation Period according to the investment performance of the Portfolio shares purchased by each Variable Option and the deduction of certain expenses and charges. A "Valuation Period" is the period from the end of one Valuation Date and continues to the end of the next Valuation Date. A Valuation Date ends at the close of regular trading on the New York Stock Exchange (currently 3:00 p.m. Central Time).

The Accumulation Unit Value of a Variable Option for any Valuation Period equals the Accumulation Unit Value as of the immediately preceding Valuation Period, multiplied by the Net Investment Factor for that Variable Option for the current Valuation Period.

**NET INVESTMENT FACTOR**

The Net Investment Factor for a Valuation Period is a number representing the change, since the last Valuation Period, in the value of Variable Option assets per Accumulation Unit due to investment income, realized or unrealized capital gain or loss, deductions for taxes, if any, and deductions for the mortality and expense risk charge and administrative expense charge. We determine the Net Investment Factor for each Variable Option for any Valuation Period by dividing (A) by (B) and subtracting (C) from the result, where:

(A) is
 the sum of:

(1) the
 net asset value per share of the Portfolio underlying the Variable Option determined at the end of the current Valuation
 Period; plus,

(2) the
 per share amount of any dividend or capital gain distributions made by the Portfolio underlying the Variable Option during
 the current Valuation Period;

(B) is
 the net asset value per share of the Portfolio underlying the Variable Option determined as of the end of the immediately preceding
 Valuation Period; and

(C) is
 the mortality and expense risk charge and administrative expense charge corresponding to the portion of the 365 day year (366
 days for a leap year) that is in the current Valuation Period.

------

[Back to **Table of Contents**](#TOC_871)

**Surrenders and Withdrawals**

------

You can withdraw some or all of your Contract Value at any time during the Accumulation Phase. Withdrawals also are available under limited circumstances on or after the Payout Start Date. See the "Income Plans" subsection in the "Annuity Period" section of this prospectus.

You can withdraw money from the Variable Account and/ or the Fixed Account Options. The amount payable upon withdrawal is the Contract Value (or portion thereof) next computed after we receive the request for a withdrawal at our headquarters, less any withdrawal charges, contract maintenance charges, income tax withholding, and any premium taxes. To complete a partial withdrawal from the Variable Account, we will cancel Accumulation Units in an amount equal to the withdrawal and any applicable charges and taxes. We will pay withdrawals from the Variable Account within 7 days of receipt of the request, subject to postponement in certain circumstances.

You have the opportunity to name the investment alternative(s) from which you are taking the withdrawal. If none are named, then we will withdraw the amount proportionately from the investment alternatives in which you are invested according to the value of your investments therein. In general, you must withdraw at least $500 at a time. You also may withdraw a lesser amount if you are withdrawing your entire interest in a Variable Option.

Withdrawals taken prior to annuitization (referred to in this prospectus as the Payout Phase) are generally considered to come from the earnings in the Contract first. If the Contract is tax-qualified, generally all withdrawals are treated as distributions of earnings. Withdrawals of earnings are taxed as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax. The total amount paid at surrender may be more or less than the total purchase payments due to prior withdrawals, any deductions, and investment performance.

**WRITTEN REQUESTS AND FORMS IN GOOD ORDER**

Written requests must include sufficient information and/or documentation, and be sufficiently clear, to enable us to complete your request without the need to exercise discretion on our part to carry it out. You may contact our Customer Service Center to learn what information we require for your particular request to be in "good order." Additionally, we may require that you submit your request on our form. We reserve the right to determine whether any particular request is in good order, and to change or waive any good order requirements at any time.

**POSTPONEMENT OF PAYMENTS**

We may postpone the payment of any amounts due from the Variable Account under the Contract if:

1. The New York Stock Exchange is closed for other than usual weekends or holidays, or trading on the Exchange is otherwise restricted;

2. An emergency exists as defined by the SEC; or

3. The SEC permits delay for your protection.

We may delay payments or transfers from the Fixed Account Options for up to 6 months or shorter period if required by law. If we delay payment or transfer for 30 days or more, we will pay interest as required by law. Any interest would be payable from the date we receive the withdrawal request to the date we make the payment or transfer.

**SYSTEMATIC WITHDRAWAL PROGRAM**

You may choose to receive systematic withdrawal payments on a monthly basis at any time prior to the Payout Start Date. The minimum amount of each systematic withdrawal is $100. We will deposit systematic withdrawal payments into the Contract owner's bank account or Morgan Stanley Active Assets™ – Account. Please consult with your Morgan Stanley Financial Advisor for details.

Depending on fluctuations in the value of the Variable Options and the value of the Fixed Account Options, systematic withdrawals may reduce or even exhaust the Contract Value. Please consult your tax advisor before taking any withdrawal.

We may modify or suspend the Systematic Withdrawal Program and charge a processing fee for the service. If we modify or suspend the Systematic Withdrawal Program, existing systematic withdrawal payments will not be affected.

**See "**[**Appendix C**](#chapter_20-sect1_1_71227_871)**" for numerical examples that illustrate how the Systematic Withdrawal Program works.**

**MINIMUM CONTRACT VALUE**

If the amount you withdraw reduces your Contract Value to less than $500, we may treat it as a request to withdraw your entire Contract Value. Your Contract will terminate if you withdraw all of your Contract Value. We will, however, ask you to confirm your withdrawal request before terminating your Contract. Before terminating any Contract whose value has been reduced by withdrawals to less than $500, we would inform you in writing of our intention to terminate your Contract and give you at least 30 days in which to make an additional purchase payment to restore your Contract's value to the contractual minimum of $500. If we terminate your Contract, we will distribute to you its Contract Value less withdrawal and other charges and applicable taxes.

------

[Back to **Table of Contents**](#TOC_871)

**Taxes**

------

**The following discussion is general in nature and describes only federal income tax law. We generally do not describe state, local,** **foreign or other federal tax laws. The discussion is not intended as tax advice. Everlake Life makes no guarantee regarding the tax** **treatment of any Contract or transaction involving a Contract.**

Federal, state, local, foreign and other tax consequences of ownership or receipt of distributions under an annuity contract depend on your individual circumstances. The federal income tax treatment of the Annuity is unclear in certain circumstances, and you should always consult a qualified tax advisor regarding the application of law to individual circumstances.

**TAXATION OF EVERLAKE LIFE INSURANCE COMPANY**

Everlake Life is taxed as a life insurance company under Part I of Subchapter L of the Code. Since the Variable Account is not an entity separate from Everlake Life, and its operations form a part of Everlake Life, it will not be taxed separately. Investment income and realized capital gains of the Variable Account are automatically applied to increase reserves under the Contract. Under existing federal income tax law, Everlake Life believes that the Variable Account investment income and capital gains will not be taxed to the extent that such income and gains are applied to increase the reserves under the Contract. Accordingly, Everlake Life does not anticipate that it will incur any federal tax liability attributable to the Variable Account, and therefore Everlake Life does not intend to make provisions for any such taxes. Everlake Life will periodically review the issue of charging for taxes on investment income or capital gains of the Variable Account, and may impose a charge against the Variable Account in order to make provision for such taxes.

**TAXATION OF VARIABLE ANNUITIES IN GENERAL**

**Tax Deferral.** Generally, you are not taxed on increases in the Contract Value until a distribution occurs. This rule applies only where:

• the
 Contract Owner is a natural person,

• the
 investments of the Variable Account are "adequately diversified" according to Treasury Department regulations, and

• Everlake
 Life is considered the owner of the Variable Account assets for federal income tax purposes.

**Non-Natural Owners.** Non-natural owners are also referred to as Non Living Owners in this prospectus. As a general rule, annuity contracts owned by non-natural persons such as corporations, trusts, or other entities are not treated as annuity contracts for federal income tax purposes. The income on such contracts does not enjoy tax deferral and is taxed as ordinary income received or accrued by the non-natural owner during the taxable year.

**Exceptions to the Non-Natural Owner Rule.** There are several exceptions to the general rule that annuity contracts held by a non-natural owner are not treated as annuity contracts for federal income tax purposes. Contracts will generally be treated as held by a natural person if the nominal owner is a trust or other entity which holds the contract as agent for a natural person. However, this special exception will not apply in the case of an employer who is the nominal owner of an annuity contract under a Non-qualified deferred compensation arrangement for its employees. Other exceptions to the non-natural owner rule are: (1) contracts acquired by an estate of a decedent by reason of the death of the decedent; (2) certain qualified contracts; (3) contracts purchased by employers upon the termination of certain Qualified Plans; (4) certain contracts used in connection with structured settlement agreements; and (5) immediate annuity contracts, purchased with a single premium, when the annuity starting date is no later than a year from purchase of the annuity and substantially equal periodic payments are made, not less frequently than annually, during the annuity period.

Trusts are required to complete and submit a Certificate of Entity form, and we will tax report based on the information provided on this form.

**Grantor Trust Owned Annuity.** Contracts owned by a grantor trust are considered owned by a non-natural owner. Grantor trust owned contracts receive tax deferral as described in the Exceptions to the Non-Natural Owner Rule section provided that all grantors of the trust are natural persons. In accordance with the Code, upon the death of the annuitant, the death benefit must be paid. According to your Contract, the Death Benefit is paid to the beneficiary. A trust named beneficiary, including a grantor trust, has two options for receiving any death benefits: 1) a lump sum payment, or 2) payment deferred up to five years from date of death.

**Diversification Requirements.** For a Contract to be treated as an annuity for federal income tax purposes, the investments in the Variable Account of a Non-qualified Annuity must be "adequately diversified" consistent with standards under Treasury Department regulations. If the investments in the Variable Account are not adequately diversified, the Contract will not be treated as an annuity contract for federal income tax purposes. As a result, the income on the Contract will be taxed as ordinary income received or accrued by the Contract owner during the taxable year. Although Everlake Life does not have control over the Portfolios or their investments, we expect the Portfolios to meet the diversification requirements.

**Ownership Treatment.** The IRS has stated that a contract owner will be considered the owner of separate account assets if he possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. At the time the diversification regulations were issued, the Treasury Department announced that the regulations do not provide guidance concerning circumstances in which

------

[Back to **Table of Contents**](#TOC_871)

investor control of the separate account investments may cause a Contract owner to be treated as the owner of the separate account. The Treasury Department also stated that future guidance would be issued regarding the extent that owners could direct Variable Option investments without being treated as owners of the underlying assets of the separate account.

Your rights under the Contract are different than those described by the IRS in private and published rulings in which it found that Contract owners were not owners of separate account assets. For example, if your contract offers more than twenty (20) investment options you have the choice to allocate premiums and contract values among a broader selection of investment options than described in such rulings. You may be able to transfer among investment options more frequently than in such rulings. These differences could result in you being treated as the owner of the Variable Account. If this occurs, income and gain from the Variable Account assets would be includible in your gross income. Everlake Life does not know what standards will be set forth in any regulations or rulings which the Treasury Department may issue. It is possible that future standards announced by the Treasury Department could adversely affect the tax treatment of your Contract. We reserve the right to modify the Contract as necessary to attempt to prevent you from being considered the federal tax owner of the assets of the Variable Account. However, we make no guarantee that such modification to the Contract will be successful.

**Cost Basis.** Generally, the cost basis in an annuity is the amount you pay into your annuity, or into annuity exchanged for your annuity, on an after-tax basis less any withdrawals of such payments. Cost basis for a qualified retirement plan is provided only in limited circumstances, such as for contributions to a Roth IRA or nondeductible contributions to a traditional IRA. We do not track cost basis for qualified retirement plans, which is the responsibility of the Contract Owner.

**Taxation of Partial and Full Withdrawals.** If you make a partial withdrawal under a Non-qualified Contract, the amount you receive will be taxed as ordinary income, rather than as return of cost basis, until all gain has been withdrawn. If you make a full withdrawal under a Non-qualified Contract, the amount received will be taxable only to the extent it exceeds the cost basis in the Contract. An exception to this treatment exists for contracts that include Purchase Payments made prior to August 14, 1982 that are issued via 1035 exchange. Withdrawals from a contract with Purchase Payments made before August 14, 1982 are treated as a return of cost basis in the Annuity first until those pre-August 14, 1982 Purchase Payments are withdrawn. Moreover, income allocable to Purchase Payments made before August 14, 1982, is not subject to the 10% additional tax.

**Taxation of Annuity Payments.** Generally, the rule for income taxation of annuity payments received from a Non-qualified Contract provides for the return of your cost basis in the Contract in equal tax-free amounts over the payment period. The balance of each payment received is taxable. For fixed annuity payments, the amount excluded from income is determined by multiplying the payment by the ratio of the cost basis in the Contract (adjusted for any refund feature or period certain) to the total expected value of annuity payments for the term of the Contract. If you elect variable annuity payments, the amount excluded from taxable income is determined by dividing the cost basis in the Contract by the total number of expected payments. The annuity payments will be fully taxable after the total amount of the cost basis in the Contract is excluded using these ratios. If any variable payment is less than the excludable amount you should contact a competent tax advisor to determine how to report any unrecovered investment. The federal tax treatment of annuity payments is unclear in some respects. As a result, if the IRS should provide further guidance, it is possible that the amount we calculate and report to the IRS as taxable could be different. If you die, and annuity payments cease before the total amount of the cost basis in the Contract is recovered, the unrecovered amount may be allowed as a deduction for your last taxable year.

**Maximum Annuity Date.** You must commence annuity payments no later than the first day of the calendar month following the maximum Annuity Date for your Annuity. Upon reaching the maximum Annuity Date you can no longer make Purchase Payments, surrender, exchange, or transfer your contract. The maximum Annuity Date may be the same as the Latest Annuity Date as described elsewhere in this prospectus. For some of our Annuities, you can choose to defer the Annuity Date beyond the default or Latest Annuity Date, as applicable, described in your Annuity. However, the IRS may not then consider your Annuity to be an Annuity under the tax law.

**Partial Annuitization.** We do not currently permit partial annuitization.

**Taxation of Level Monthly Variable Annuity Payments.** You may have an option to elect a variable income payment stream consisting of level monthly payments that are recalculated annually. Although we will report your levelized payments to the IRS in the year distributed, it is possible the IRS could determine that receipt of the first monthly payout of each annual amount is constructive receipt of the entire annual amount. If the IRS were to take this position, the taxable amount of your levelized payments would be accelerated to the time of the first monthly payout and reported in the tax year in which the first monthly payout is received.

**Withdrawals After the Payout Start Date.** Federal tax law is unclear regarding the taxation of any additional withdrawal received after the Payout Start Date. It is possible that a greater or lesser portion of such a payment could be taxable than the amount we determine.

**Distribution at Death Rules.** In order to be considered an annuity contract for federal income tax purposes, the Contract must provide:

• if
 any Contract Owner dies on or after the Payout Start Date but before the entire interest in the Contract has been distributed,
 the remaining portion of such interest must be distributed at least as rapidly as under the method of distribution being
 used as of the date of the Contract Owner's death;

• if
 any Contract Owner dies prior to the Payout Start Date, the entire interest in the Contract will be distributed within 5 years after
 the date of the Contract Owner's death. These requirements are satisfied if any portion of the Contract Owner's interest that
 is payable to (or for the benefit of) a designated Beneficiary is distributed over the life of such Beneficiary (or over a period
 not extending beyond the life expectancy of the Beneficiary) and the distributions begin within 1 year of the Contract

------

[Back to **Table of Contents**](#TOC_871)

Owner's death. If the Contract Owner's designated Beneficiary is the surviving spouse of the Contract Owner, the Contract may be continued with the surviving spouse as the new Contract Owner;

• if
 the Contract Owner is a non-natural person, then the Annuitant will be treated as the Contract Owner for purposes of applying
 the distribution at death rules. In addition, a change in the Annuitant on a Contract owned by a non-natural person will
 be treated as the death of the Contract Owner.

**Taxation of Annuity Death Benefits.** If an Owner dies before the Annuity Date, the Death Benefit distributions (including any adjustments under the optional riders) are subject to ordinary income tax to the extent the distribution exceeds the cost basis in the Annuity. The value of the Death Benefit, as determined under federal law, is also included in the Owner's estate for federal estate tax purposes. Generally, the same income tax rules described above would also apply to amounts received by your Beneficiary. Choosing an option other than a lump sum Death Benefit may defer taxes. Certain minimum distribution requirements apply upon your death, as discussed further below in the "Qualified Contracts" section. Tax consequences to the Beneficiary vary depending upon the Death Benefit payment option selected. Generally, for payment of the Death Benefit:

• As
 a lump sum payment, the Beneficiary is taxed in the year of payment on gain in the Annuity.

• Within
 5 years of death of Owner, the Beneficiary is taxed on the lump sum payment. The Death Benefit must be taken as one
 lump sum payment within 5 years of the death of the Owner. Partial withdrawals are not permitted.

• Under
 an Annuity or Annuity settlement option where distributions begin within one year of the date of death of the Owner, the
 Beneficiary is taxed on each payment with part as gain and part as return of cost basis. After the full amount of cost basis has
 been recovered tax-free, the full amount of the annuity payments will be taxable.

After the Annuity Date, if a period certain remains under the annuity option and the Annuitant dies before the end of that period, any remaining payments made to the Beneficiary will be fully excluded from income until the remaining cost basis is recovered and all annuity payments thereafter are fully includible in income. If we allow the Beneficiary to commute the remaining payments in a lump sum, the proceeds will be taxable as a surrender.

**Medicare Tax on Net Investment Income.** The Code includes a Medicare tax on investment income. This tax assesses a 3.8% surtax on the lesser of (1) net investment income or (2) the excess of "modified adjusted gross income" over a threshold amount. The "threshold amount" is $250,000 for married taxpayers filing jointly or qualifying widow(er) with dependent child, $125,000 for married taxpayers filing separately, $200,000 for all others, and approximately $16,000 for estates and certain trusts. The taxable portion of payments received as a withdrawal, surrender, annuity payment, death benefit payment or any other actual or deemed distribution under the contract will be considered investment income for purposes of this surtax.

**10% Additional Tax on Premature Distributions.** A 10% additional tax penalty may apply to the taxable amount of any premature distribution from a Non-qualified Contract. Amounts are not subject to this additional tax penalty if:

• made
 on or after the date the Contract Owner attains age 59½;

• the
 amount is paid on or after the death of the Contract Owner (or the death of the Annuitant when the owner is not an individual);

• the
 amount received is attributable to the Contract Owner becoming disabled (as defined in the Code);

• made
 in substantially equal periodic payments (as defined by the Code) over the Contract Owner's life or life expectancy, or over
 the joint lives or joint life expectancies of the Contract Owner and the Beneficiary; or

• made
 under an immediate annuity (within the meaning of the Code) and the annuity start date is no more than one year from the
 date of purchase (the first monthly annuity payment must commence within 13 months of the date of purchase).

Other exceptions to this tax may apply. You should consult a competent tax advisor to determine how these exceptions may apply to your situation.

**Substantially Equal Periodic Payments.** With respect to Non-qualified Contracts using substantially equal periodic payments or immediate annuity payments as an exception to the additional tax on premature distributions, any additional withdrawal or other material modification of the payment stream would violate the requirement that payments must be substantially equal. Failure to meet this requirement would mean that the income portion of each payment received prior to the later of 5 years or the Contract Owner's attaining age 59½ would be subject to a 10% additional tax penalty unless another exception to the additional tax applied. The tax for the year of the modification is increased by the additional tax that would have been imposed without the exception, plus interest for the years in which the exception was used. A material modification does not include permitted changes described in published IRS rulings. You should consult a competent tax advisor prior to creating or modifying a substantially equal periodic payment stream.

**Special Rules in Relation to Tax-free Exchanges Under Section 1035.** Section 1035 of the Code permits certain tax-free exchanges of a life insurance, annuity or endowment contract for an annuity, including tax-free exchanges of annuity death benefits for a Beneficiary Annuity. The contract owner(s) must be the same on the old and new contract. Basis from the old contract carries over to the new contract so long as we receive that information from the relinquishing company. If basis information is never received, we will assume that all exchanged funds represent earnings and will allocate no cost basis to them. After you elect an Income Plan as described in the Income Payments section earlier in the prospectus, you are not eligible for a tax-free exchange under Section 1035.

------

[Back to **Table of Contents**](#TOC_871)

**Partial Exchanges.** The IRS has issued rulings that permit partial exchanges of annuity contracts. Effective for exchanges on or after October 24, 2011, where there is a surrender or distribution from either the initial annuity contract or receiving annuity contract within 180 days of the date on which the partial exchange was completed (other than an amount received as an annuity for a period of 10 years or more or during one or more lives), the IRS may not treat the transaction as a tax-free Section 1035 exchange. The IRS will apply general tax rules to determine the substance and treatment of transactions in such cases.

If a partial exchange is retroactively negated, the amount originally transferred to the recipient contract is treated as a withdrawal from the source contract, taxable to the extent of any gain in that contract on the date of the exchange. An additional 10% tax penalty may also apply if the Contract Owner is under age 59½. Your Contract may not permit partial exchanges.

**Taxation of Ownership Changes.** If you transfer a Non-qualified Contract without full and adequate consideration to a person other than your spouse (or to a former spouse incident to a divorce), you will be taxed on the difference between the Contract Value and the investment in the Contract at the time of transfer. Any assignment or pledge (or agreement to assign or pledge) of the Contract Value is taxed as a withdrawal of such amount or portion and may also incur the 10% additional tax. If the entire Account Value is assigned or pledged, subsequent increases in the Account Value are also treated as withdrawals for as long as the assignment or pledge remains in place. The cost basis is increased by the amount includible in income with respect to such assignment or pledge.

**Aggregation of Annuity Contracts.** The Code requires that all Non-qualified deferred annuity contracts issued by Everlake Life (or its affiliates) to the same Contract Owner during any calendar year be aggregated and treated as one annuity contract for purposes of determining the taxable amount of a distribution.

**INCOME TAX WITHHOLDING**

Generally, Everlake Life is required to withhold federal income tax at a rate of 10% from all non-annuitized distributions. The customer may elect a different federal income tax withholding rate or elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or the payment is made outside the United States, we will automatically withhold the required 10% of the taxable amount. In certain states, if there is federal withholding, then state withholding is also mandatory.

Everlake Life is required to withhold federal income tax using the wage withholding rates for all annuitized distributions. The customer may elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or the payment is made outside the United States, we will automatically apply the default income tax withholding based on IRS guidance. In certain states, if there is federal withholding, then state withholding is also mandatory.

Election out of withholding is valid only if the customer requests payment be made within the United States and provides a U.S. taxpayer identification number.

Generally, Code Section 1441 provides that Everlake Life as a withholding agent must withhold 30% of the taxable amounts paid to a non-resident alien. A non-resident alien is someone other than a U.S. citizen or resident alien. We require an original IRS Form W-8(BEN, BEN-E, EXP, ECI, IMY) (Generally a Form W-8BEN is the appropriate form) at issue to certify the owners' foreign status. Withholding may be reduced or eliminated if covered by an income tax treaty between the U.S. and the non-resident alien's country of residence if the payee provides a U.S. taxpayer identification number on a fully completed Form W-8(BEN, BEN-E, EXP, ECI, IMY). A U.S. taxpayer identification number is a social security number or an individual taxpayer identification number ("ITIN"). ITINs are issued by the IRS to non-resident alien individuals who are not eligible to obtain a social security number. The U.S. does not have a tax treaty with all countries nor do all tax treaties provide an exclusion or lower withholding rate for annuities.

Regardless of the amount withheld by us, you are liable for payment of income taxes (including any estimated taxes that may be due) on the taxable portion of distributions from the annuity contract. You should consult with your tax advisor regarding the payment of the correct amount of these income taxes and potential liability if you fail to pay such taxes.

**QUALIFIED CONTRACTS**

The income on tax sheltered annuity (TSA) and IRA investments is tax deferred, and the income from annuities held by such plans does not receive any additional tax deferral. You should review the annuity features, including all benefits and expenses, prior to purchasing an annuity as a TSA or IRA. Qualified Contracts may have been purchased for use in connection with:

• Individual
 Retirement Annuities (IRAs) under Code Section 408(b);

• Roth
 IRAs under Code Section 408A;

• Simplified
 Employee Pension (SEP IRA) under Code Section 408(k);

• Savings
 Incentive Match Plans for Employees (SIMPLE IRA) under Code Section 408(p);

• Tax
 Sheltered Annuities under Code Section 403(b);

• Corporate
 and Self Employed Pension and Profit Sharing Plans under Code Section 401; and

• State
 and Local Government and Tax-Exempt Organization Deferred Compensation Plans under Code Section 457.

Everlake Life reserves the right to limit the availability of the Contract for use with any of the retirement plans listed above or to modify the Contract to conform with tax requirements. If you use the Contract within an employer sponsored qualified retirement plan, the plan may impose different or additional conditions or limitations on withdrawals, waiver of charges, death benefits, Payout Start Dates, income

------

[Back to **Table of Contents**](#TOC_871)

payments, and other Contract features. In addition, adverse tax consequences may result if Qualified Plan limits on distributions and other conditions are not met. Please consult your Qualified Plan administrator for more information. Everlake Life no longer issues deferred annuities to employer sponsored qualified retirement plans.

The tax rules applicable to participants with qualified annuities vary according to the type of contract and the terms and conditions of the endorsement. Adverse tax consequences may result from certain transactions such as excess contributions, premature distributions, and, distributions that do not conform to specified commencement and minimum distribution rules. Everlake Life can issue an individual retirement annuity on a rollover or transfer of proceeds from a decedent's IRA, TSA, or employer sponsored retirement plan under which the decedent's surviving spouse is the beneficiary. Everlake Life does not offer an individual retirement annuity that can accept a transfer of funds for any other, non-spousal, beneficiary of a decedent's IRA, TSA, or employer sponsored qualified retirement plan. Note that in 2014, the U.S. Supreme Court ruled that Inherited IRAs, other than IRAs inherited by the owner's spouse, do not qualify as retirement assets for purposes of protection under the federal bankruptcy laws.

Please refer to your Endorsement for IRAs or 403(b) plans, if applicable, for additional information on your death settlement options. In the case of certain Qualified Plans, the terms of the Qualified Plan Endorsement and the plans may govern the right to benefits, regardless of the terms of the Contract.

**Taxation of Withdrawals from an Individually Owned Qualified Contract.** If you make a partial withdrawal under a Qualified Contract other than a Roth IRA, the portion of the payment that bears the same ratio to the total payment that the investment in the Contract (i.e., nondeductible IRA contributions) bears to the Contract Value, is excluded from your income. We do not keep track of nondeductible contributions, and generally all tax reporting of distributions from Qualified Contracts other than Roth IRAs will indicate that the distribution is fully taxable.

"Qualified distributions" from Roth IRAs are not included in gross income. "Qualified distributions" are any distributions made more than five taxable years after the taxable year of the first contribution to any Roth IRA and which are:

• made
 on or after the date the Contract Owner attains age 59½,

• made
 to a beneficiary after the Contract Owner's death,

• attributable
 to the Contract Owner being disabled, or

• made
 for a qualified first time home purchase within the meaning of Section 72(t)(2)(F) of the Code.

"Non-qualified distributions" from Roth IRAs are treated as made from contributions first and are included in gross income only to the extent that distributions exceed contributions.

**Required Minimum Distributions.** Generally, Qualified Contracts (excluding Roth IRAs) require minimum distributions upon reaching the applicable age, if later, the year in which you retire. However, if the retirement plan account is an IRA or you are a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once you reach the applicable age regardless of whether you are retired. Failure to withdraw the required minimum distribution will result in a 25% excise tax (a 50% excise tax applied prior to 2023) on the shortfall not withdrawn from the Contract. The excise tax on such failures may be further reduced from 25% to 10% if corrected in a timely manner and certain other conditions are met in accordance with the Consolidated Appropriations Act, 2023 (which includes SECURE 2.0 of 2022 ("SECURE 2.0")).

---

| | |
|:---|:---|
| **If you were born...** | **Your "applicable age" is …** |
|  Before July 1, 1949 | 70½ |
|  After June 30, 1949 and before 1951 | 72 |
|  After 1950 and before 1960 | 73 |
|  After 1959 | 75 |

---

The IRS requires annuity contracts to include the actuarial present value of other benefits for purposes of calculating the required minimum distribution amount. These other benefits may include accumulation, income, or death benefits. Not all income plans offered under the Contract satisfy the requirements for minimum distributions. Because these distributions are required under the Code and the method of calculation is complex, please see a competent tax advisor.

**The Death Benefit and Qualified Contracts.** Pursuant to the Code and IRS regulations, an IRA (e.g., traditional IRA, Roth IRA, SEP IRA and SIMPLE IRA) may not invest in life insurance contracts. However, an IRA may provide a death benefit that equals the greater of the purchase payments or the Contract Value. The Contract offers a death benefit that in certain circumstances may exceed the greater of the purchase payments or the Contract Value. We believe that the Death Benefits offered by your Contract do not constitute life insurance under these regulations.

It is also possible that certain death benefits that offer enhanced earnings could be characterized as an incidental death benefit. If the death benefit were so characterized, this could result in current taxable income to a Contract Owner. In addition, there are limitations on the amount of incidental death benefits that may be provided under Qualified Plans, such as in connection with a TSA or employer sponsored qualified retirement plan.

------

[Back to **Table of Contents**](#TOC_871)

Everlake Life reserves the right to limit the availability of the Contract for use with any of the Qualified Plans listed above.

**10% Additional Tax on Premature Distributions from Qualified Contracts.** A 10% additional tax applies to the taxable amount of any premature distribution from a Qualified Contract. Amounts are not subject to this additional tax if:

• made
 on or after the date the Contract Owner attains age 59½,

• made
 as a result of the Contract Owner's death or total disability, or

• made
 in substantially equal periodic payments (as defined by the Code) over the Contract Owner's life or life expectancy, or over
 the joint lives or joint life expectancies of the Contract Owner and the Beneficiary.

During the first 2 years of the individual's participation in a SIMPLE IRA, distributions that are otherwise subject to the additional tax on premature distributions, will be subject to a 25% additional tax.

There are a number of other exceptions to this tax that may apply. In addition, distributions that satisfy certain exceptions to this tax may be repaid in certain circumstances. You should consult a competent tax advisor to determine how the exceptions may apply to your situation.

**Substantially Equal Periodic Payments on Qualified Contracts.** With respect to Qualified Contracts using substantially equal periodic payments as an exception to the additional tax on premature distributions, any additional withdrawal or other material modification of the payment stream would violate the requirement that payments must be substantially equal. Failure to meet this requirement would mean that the income portion of each payment received prior to the later of 5 years or the taxpayer's attaining age 59½ would be subject to a 10% additional tax penalty unless another exception to the additional tax applied. The tax for the year of the modification is increased by the additional tax that would have been imposed without the exception, plus interest for the years in which the exception was used. A material modification does not include permitted changes described in published IRS rulings. You should consult a competent tax advisor prior to creating or modifying a substantially equal periodic payment stream.

**Income Tax Withholding on Qualified Contracts.** Generally, Everlake Life is required to withhold federal income tax at a rate of 10% from all non-annuitized distributions that are not considered "eligible rollover distributions." The customer may elect a different federal income tax withholding rate or elect out of withholding by completing and signing a withholding election form. If no election is made, no U.S. taxpayer identification number is provided, or payment is made outside the United States, we will automatically withhold the required 10% from the taxable amount. In certain states, if there is federal withholding, then state withholding is also mandatory. Everlake Life is required to withhold federal income tax at a rate of 20% on all "eligible rollover distributions" unless you elect to make a "direct rollover" of such amounts to an IRA or eligible retirement plan. Eligible rollover distributions generally include all distributions from Qualified Contracts, including TSAs but excluding IRAs, with the exception of:

• required
 minimum distributions, or,

• a
 series of substantially equal periodic payments made over a period of at least 10 years, or,

• a
 series of substantially equal periodic payments made over the life (joint lives) of the participant (and beneficiary), or,

• hardship
 distributions.

With respect to any Contract held under a Section 457 plan or by the trustee of a Section 401 Pension or Profit Sharing Plan, we will not issue payments directly to a plan participant or beneficiary. Consequently, the obligation to comply with the withholding requirements described above will be the responsibility of the plan.

For all annuitized distributions that are not subject to the 20% withholding requirement, Everlake Life is required to withhold federal income tax using the wage withholding rates. The customer may elect out of withholding by completing and signing a withholding election form. If no election is made, if no U.S. taxpayer identification is provided or payment is made outside the United States, we will automatically apply the default income tax withholding based on IRS guidance. In certain states, if there is federal withholding, then state withholding is also mandatory.

Election out of withholding is valid only if the customer requests payment be made to a U.S. address and provides a taxpayer identification number.

Generally, Code Section 1441 provides that Everlake Life as a withholding agent must withhold 30% of the taxable amounts paid to a non-resident alien. A non-resident alien is someone other than a U.S. citizen or resident alien. We require an original IRS Form W-8 at issue to certify the owners' foreign status. Withholding may be reduced or eliminated if covered by an income tax treaty between the U.S. and the non-resident alien's country of residence if the payee provides a U.S. taxpayer identification number on a fully completed Form W-8 (BEN, BEN-E, EXP, ECI, IMY) (Generally a Form W-8BEN is the appropriate form). A U.S. taxpayer identification number is a social security number or an individual taxpayer identification number ("ITIN"). ITINs are issued by the IRS to non-resident alien individuals who are not eligible to obtain a social security number. The U.S. does not have a tax treaty with all countries nor do all tax treaties provide an exclusion or lower withholding rate for annuities.

Regardless of the amount withheld by us, you are liable for payment of income taxes (including any estimated taxes that may be due) on the taxable portion of distributions from the annuity contract. You should consult with your tax advisor regarding the payment of the correct amount of these income taxes and potential liability if you fail to pay such taxes.

------

[Back to **Table of Contents**](#TOC_871)

**Charitable IRA Distributions.** Certain qualified IRA distributions for charitable purposes are eligible for an exclusion from gross income, up to $100,000 (indexed for inflation beginning after 2023) for otherwise taxable IRA distributions from a traditional or Roth IRA. A qualified charitable distribution is a distribution that is made (1) directly by the IRA trustee to certain qualified charitable organizations and (2) on or after the date the IRA owner attains age 70 ½. Distributions that are excluded from income under this provision are not taken into account in determining the individual's deductions, if any, for charitable contributions. The amount of your qualified charitable distributions that are excluded from income for a tax year is reduced (but not below zero) by the excess of: (1) the total amount of your IRA deductions allowed for all tax years ending on or after the date you attain age 70½, over (2) the total amount of reductions for all tax years preceding the current tax year. You should consult your tax advisor about whether a one-time distribution up to $50,000 (indexed for inflation beginning after 2023) that is made from your IRA to a "split interest entity" can be excluded from your gross income.

The IRS has currently indicated that an IRA trustee is not responsible for determining whether a distribution to a charity is one that satisfies the requirements of the charitable giving incentive. Unless otherwise required in the future by the IRS, we will report the distribution as a normal IRA distribution on Form 1099-R. In those instances, individuals are responsible for reflecting the distributions as charitable IRA distributions on their personal tax returns. However, if we receive certification that the distribution satisfies the requirements, we will report the distribution as a charitable IRA distribution on Form 1099-R.

**Individual Retirement Annuities.** Code Section 408(b) permits eligible individuals to contribute to an individual retirement program known as an Individual Retirement Annuity (IRA). Individual Retirement Annuities are subject to limitations on the amount that can be contributed and on the time when distributions may commence. Certain distributions from other types of qualified retirement plans may be "rolled over" on a tax-deferred basis into an Individual Retirement Annuity. For IRA rollovers, an individual can only make an IRA to IRA rollover if the individual has not made a rollover involving any IRAs owned by the individual in the prior 12 months. An IRA transfer is a tax-free trustee-to-trustee "transfer" from one IRA account to another. IRA transfers are not subject to this 12-month rule.

**Roth Individual Retirement Annuities.** Code Section 408A permits eligible individuals to make nondeductible contributions to an individual retirement program known as a Roth Individual Retirement Annuity. Roth Individual Retirement Annuities are subject to limitations on the amount that can be contributed and on the time when distributions may commence.

A traditional Individual Retirement Account or Annuity may be converted or "rolled over" to a Roth Individual Retirement Annuity. The tax law allows distributions from qualified retirement plans including tax sheltered annuities and governmental Section 457 plans to be rolled over directly into a Roth IRA, subject to the rules that apply to conversions from a traditional IRA into a Roth IRA. The income portion of a conversion or rollover distribution is taxable currently, but is exempted from the 10% additional tax penalty on premature distributions. Conversions of annuity contracts to include the actuarial present value of other benefits for purposes of valuing the taxable amount of the conversion.

In addition, SECURE 2.0 amends the Code to allow for tax and penalty free rollovers from 529 accounts to Roth Individual Retirement Annuities, under certain conditions. Starting in 2024, beneficiaries of 529 college savings accounts would be permitted to roll over up to $35,000 over the course of their lifetime from any 529 account in their name to their Roth IRA. These rollovers generally are also subject to Roth Individual Retirement Annuities annual contribution limits, and the 529 account must have been open for at least 15 years, among other requirements.

The Code also permits the recharacterization of current year contribution amounts from a traditional IRA into a Roth IRA, or from a Roth IRA to a traditional IRA. Recharacterization is accomplished through a trustee-to-trustee transfer of a contribution (or a portion of a contribution) plus earnings, between different types of IRAs. A properly recharacterized contribution is treated as a contribution made to the second IRA instead of the first IRA. Such recharacterization must be completed by the applicable tax return due date (with extensions).

**Annuities Held By Individual Retirement Accounts (commonly known as Custodial IRAs).** Code Section 408 permits a custodian or trustee of an Individual Retirement Account to purchase an annuity as an investment of the Individual Retirement Account. If an annuity is purchased inside of an Individual Retirement Account, then the Annuitant must be the same person as the beneficial owner of the Individual Retirement Account.

If you have a contract issued as an IRA under Code Section 408(b) and request to change the ownership to an IRA custodian permitted under Section 408, we will treat a request to change ownership from an individual to a custodian as an indirect rollover. We will send a Form 1099-R to report the distribution and the custodian should issue a Form 5498 for the contract value contribution.

Generally, the death benefit of an annuity held in an Individual Retirement Account must be paid upon the death of the Annuitant. However, in most states, the Contract permits the custodian or trustee of the Individual Retirement Account to continue the Contract in the accumulation phase, with the Annuitant's surviving spouse as the new Annuitant, if the following conditions are met:

1. The
 custodian or trustee of the Individual Retirement Account is the owner of the annuity and has the right to the death proceeds
 otherwise payable under the Contract;

2. The
 deceased Annuitant was the beneficial owner of the Individual Retirement Account;

3. We
 receive a complete request for settlement for the death of the Annuitant; and

4. The
 custodian or trustee of the Individual Retirement Account provides us with a signed certification of the following:

------

[Back to **Table of Contents**](#TOC_871)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The
 Annuitant's surviving spouse is the sole beneficiary of the Individual Retirement Account;

(b) The
 Annuitant's surviving spouse has elected to continue the Individual Retirement Account as his or her own Individual
 Retirement Account; and

(c) The
 custodian or trustee of the Individual Retirement Account has continued the Individual Retirement Account pursuant
 to the surviving spouse's election.

**Simplified Employee Pension IRA (SEP IRA).** Code Section 408(k) allows eligible employers to establish simplified employee pension plans for their employees using individual retirement annuities. These employers may, within specified limits, make deductible contributions on behalf of the employees to the individual retirement annuities. Employers intending to use the Contract in connection with such plans should seek competent tax advice.

**Savings Incentive Match Plans for Employees (SIMPLE IRA).** Code Section 408(p) allows eligible employers with 100 or fewer employees to establish SIMPLE retirement plans for their employees using individual retirement annuities. In general, a SIMPLE IRA consists of a salary deferral program for eligible employees and matching or nonelective contributions made by employers. Employers intending to purchase the Contract as a SIMPLE IRA should seek competent tax and legal advice. SIMPLE IRA plans must include the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2007 (EGTRRA) to avoid adverse tax consequences. If your current SIMPLE IRA plan uses IRS Model Form 5304-SIMPLE with a revision date of March 2012 or later, then your plan is up to date. If your plan has a revision date prior to March 2012, please consult with your tax or legal advisor to determine the action you need to take in order to comply with this requirement.

Roth contributions are permitted for SEP and SIMPLE IRAs starting in 2023. Under SECURE 2.0, employers may offer employees the ability to elect to treat employee and employer contributions (in whole or in part) as made to a Roth IRA.

**To determine if you are eligible to contribute to any of the above listed IRAs (traditional, Roth, SEP, or SIMPLE), please refer to IRS** **Publication 590-A and your competent tax advisor.**

**Tax Sheltered Annuities.** Code Section 403(b) provides tax-deferred retirement savings plans for employees of certain non-profit and educational organizations. Under Section 403(b), any contract used for a 403(b) plan must provide that distributions attributable to salary reduction contributions made after 12/31/88, and all earnings on salary reduction contributions, may be made only on or after the date the employee:

• attains
 age 59½,

• severs
 employment,

• dies,

• becomes
 disabled, or

• incurs
 a hardship.

These limitations do not apply to withdrawals where Everlake Life is directed to transfer some or all of the Contract Value to another 403(b) plan. Generally, we do not accept funds in 403(b) contracts that are subject to the Employee Retirement Income Security Act of 1974 (ERISA).

**Caution:** Under IRS regulations we can accept contributions, transfers and rollovers only if we have entered into an information-sharing agreement, or its functional equivalent, with the applicable employer or its plan administrator. Unless your contract is grandfathered from certain provisions in these regulations, we will only process certain transactions (e.g., transfers, withdrawals, hardship distributions and, if applicable, loans) with employer approval. This means that if you request one of these transactions we will not consider your request to be in good order, and will not therefore process the transaction, until we receive the employer's approval in written or electronic form.

**Corporate and Self-Employed Pension and Profit Sharing Plans.** Section 401(a) of the Code permits corporate employers to establish various types of tax favored retirement plans for employees. Self-employed individuals may establish tax favored retirement plans for themselves and their employees (commonly referred to as "H.R.10" or "Keogh"). Such retirement plans may permit the purchase of annuity contracts. Everlake Life no longer issues annuity contracts to employer sponsored qualified retirement plans.

There are two owner types for contracts intended to qualify under Section 401(a): a qualified plan fiduciary or an annuitant owner.

• A
 qualified plan fiduciary exists when a qualified plan trust that is intended to qualify under Section 401(a) of the Code is the
 owner. The qualified plan trust must have its own tax identification number and a named trustee acting as a fiduciary on behalf
 of the plan. The annuitant should be the person for whose benefit the contract was purchased.

• An
 annuitant owner exists when the tax identification number of the owner and annuitant are the same, or the annuity contract
 is not owned by a qualified plan trust. The annuitant should be the person for whose benefit the contract was purchased.

If a qualified plan fiduciary is the owner of the contract, the qualified plan must be the beneficiary so that death benefits from the annuity are distributed in accordance with the terms of the qualified plan. Annuitant owned contracts require that the beneficiary be the annuitant's spouse (if applicable), which is consistent with the required IRS language for qualified plans under Section 401(a). A completed Annuitant Owned Qualified Plan Designation of Beneficiary form is required in order to change the beneficiary of an annuitant owned Qualified Plan contract.

------

[Back to **Table of Contents**](#TOC_871)

**State and Local Government and Tax-Exempt Organization Deferred Compensation Plans.** Section 457 of the Code permits employees of state and local governments and tax-exempt organizations to defer a portion of their compensation without paying current taxes. The employees must be participants in an eligible deferred compensation plan. In eligible governmental plans, all assets and income must be held in a trust/custodial account/annuity contract for the exclusive benefit of the participants and their beneficiaries. To the extent the Contracts are used in connection with a non-governmental eligible plan, employees are considered general creditors of the employer and the employer as owner of the Contract has the sole right to the proceeds of the Contract. Under eligible 457 plans, contributions made for the benefit of the employees will not be includible in the employees' gross income until distributed from the plan. Everlake Life no longer issues annuity contracts to 457 plans.

**Late Rollover Self-Certification.** You may be able to apply a rollover contribution to your IRA or qualified retirement plan after the 60-day deadline through a self-certification procedure established by the IRS. Please consult your tax or legal advisor regarding your eligibility to use this self-certification procedure. As indicated in this IRS guidance, we, as a financial institution, are not required to accept your self-certification for waiver of the 60-day deadline.

**Required Distributions Upon Your Death for a Qualified Annuity**

Upon your death under an IRA, Roth IRA, 403(b) or other employer sponsored plan, any remaining interest must be distributed in accordance with federal income tax requirements. For Owner and Beneficiary deaths prior to 2020, please consult your tax advisor regarding the applicable post-death distribution requirements.

The information provided below applies to Owner and Beneficiary deaths after 2019. If you are an employee under a governmental plan, such as a section 403(b) plan of a public school or a governmental 457(b) plan, the information below applies if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, the information below generally applies if you die after 2021 (unless the collective bargaining agreements terminate earlier).

• *Deaths before your required beginning date.* If you die before your required beginning date, and you have a designated beneficiary,
 any remaining interest must be distributed within 10 years after your death, unless the designated beneficiary is an
 "eligible designated beneficiary" ("EDB") or some other exception applies. A designated beneficiary is any individual designated as a beneficiary
 by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse,
 (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An
 individual's status as an EDB is generally determined on the date of your death. An EDB (other than a minor child) can generally
 stretch distributions over life or life expectancy if payments begin by the end of the calendar year following the year
 of your death and continuing over the EDB's remaining life expectancy after the EDB's death. However, all amounts must
 be fully distributed by the end of the year containing the 10 <sup>th</sup> anniversary of the EDB's death. Special rules apply to minors
 and Beneficiaries that are not individuals. Additional special rules apply to surviving spouses. See "Spousal continuation"
 below.

• *Death on or after your required beginning date*.
 In general, if you die on or after your required beginning date, and you have a
 designated beneficiary who is not an EDB, any remaining interest in your Qualified Annuity must continue to be distributed
 over the longer of your remaining life expectancy and your designated beneficiary's life expectancy (or more rapidly),
 but all amounts must be distributed within 10 years of your death. If your Beneficiary is an EDB (other than a minor
 child), distributions must continue over the longer of your remaining life expectancy and the EDB's life expectancy (or
 more rapidly), but all amounts must be distributed within 10 years of the EDB's death. Special rules apply to EDBs who are
 minors and Beneficiaries that are not individuals.

• *Annuity payments*. If
 you commence taking distributions in the form of an annuity that can continue after your death, such as in
 the form of a joint and survivor annuity or an annuity with a guaranteed period of more than 10 years, any distributions after
 your death that are scheduled to be made beyond the applicable distribution period imposed under the law might need to
 be commuted at the end of that period (or otherwise modified after your death if permitted under federal tax law and by Prudential)
 in order to comply with the post-death distribution requirements.

• *Other rules*. The post-death
 distribution requirements do not apply if the employee or IRA owner elected annuity payments that
 comply with prior law commenced prior to December 20, 2019. Also, even if annuity payments have not commenced prior
 to December 20, 2019, the requirements generally do not apply to an immediate annuity contract purchased prior to that
 date, if you have made an irrevocable election before that date as to the method and amount of the annuity.

If your beneficiary is not an individual, such as a charity, your estate, or a trust, any remaining interest after your death generally must be distributed in accordance with the 5-year rule or the at-least-as-rapidly rule, as applicable (but not the lifetime payout rule). If the beneficiary is a qualified trust, distribution options may be limited. In certain instances, we may allow distributions based on the life expectancy of a sole individual beneficiary under the trust if they qualify as an EDB. Special rules and limitations may apply to qualified trusts with multiple beneficiaries. You may wish to consult a professional tax advisor about the federal income tax consequences of your beneficiary designations.

In addition, these post-death distribution requirements generally do not apply if the employee or IRA owner died prior to January 1, 2020. However, if the designated beneficiary of the deceased employee or IRA owner dies after January 1, 2020, and the designated beneficiary had elected the lifetime payout rule or was under the at-least-as-rapidly rule, any remaining

------

[Back to **Table of Contents**](#TOC_871)

interest must be distributed within 10 years of the designated beneficiary's death. Hence, this 10-year rule will apply to (1) a contract issued prior to 2020 which continues to be held by a designated beneficiary of an employee or IRA owner who died prior to 2020, and (2) an inherited IRA issued after 2019 to the designated beneficiary of an employee or IRA owner who died prior to 2020.

• *Spousal continuation.* If your beneficiary is your spouse, such surviving spouse can delay the application of the post-death distribution
 requirements until after their death by transferring the remaining interest tax-free to their own IRA, or by electing
 to treat your IRA as their own IRA. However, in certain circumstances the surviving spouse may have to take "hypothetical
 RMDs" (i.e., catch up amounts required in accordance with the regulations).

The post-death distribution requirements are complex in numerous respects. Treasury has issued final and proposed regulations that may impact these required minimum distribution requirements. We reserve the right to make changes in order to comply with the final and proposed regulations, or any regulations published in the future. Any such changes will apply uniformly to affected owners or beneficiaries and will be made with such notice to affected owners or beneficiaries as is feasible under the circumstances. In addition, the manner in which these requirements will apply will depend on your particular facts and circumstances. You may wish to consult a professional tax advisor for tax advice as to your particular situation.

Unless payments are being made in the form of an annuity, a Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules.

Note that in 2014, the U.S. Supreme Court ruled that Inherited IRAs, other than IRAs inherited by the owner's spouse, do not qualify as retirement assets for purposes of protection under the federal bankruptcy laws. Until withdrawn, amounts in a Qualified Annuity continue to be tax deferred. Amounts withdrawn each year, including amounts that are required to be withdrawn under the required minimum distribution rules, are subject to tax. You may wish to consult a professional tax advisor for tax advice as to your particular situation.

For a Roth IRA, if death occurs before the entire interest is distributed, the death benefit must be distributed under the same rules applied to IRAs where death occurs before the required beginning date. Similar rules may apply to designated Roth accounts under an employer-sponsored retirement plan. Consult your plan sponsor or tax advisor for more information on designated Roth accounts.

**ERISA Requirements**

ERISA (the "Employee Retirement Income Security Act of 1974") and the Code prevent a fiduciary and other "parties in interest" with respect to a plan (and, for these purposes, an IRA would also constitute a "plan") from receiving any benefit from any party dealing with the plan, as a result of the sale of the Annuity. Administrative exemptions under ERISA generally permit the sale of insurance/annuity products to plans, provided that certain information is disclosed to the person purchasing the Annuity. This information has to do primarily with the fees, charges, discounts and other costs related to the Annuity, as well as any commissions paid to any agent selling the Annuity. Information about any applicable fees, charges, discounts, penalties or adjustments may be found in the applicable sections of this prospectus. Information about sales representatives and commissions may be found in the sections of this prospectus addressing distribution of the Annuities.

Other relevant information required by the exemptions is contained in the contract and accompanying documentation.

Please consult with your tax advisor if you have any questions about ERISA and these disclosure requirements.

**Spousal Consent Rules for Retirement Plans - Qualified Annuities**

If you are married at the time your payments commence, you may be required by federal law to choose an income option that provides survivor annuity income to your spouse, unless your spouse waives that right. Similarly, if you are married at the time of your death, federal law may require all or a portion of the Death Benefit to be paid to your spouse, even if you designated someone else as your Beneficiary. A brief explanation of the applicable rules follows. For more information, consult the terms of your retirement arrangement.

*Defined Benefit Plans and Money Purchase Pension Plans.* If you are married at the time your payments commence, federal law requires that benefits be paid to you in the form of a "qualified joint and survivor annuity" (QJSA), unless you and your spouse waive that right, in writing. Generally, this means that you will receive a reduced payment during your life and, upon your death, your spouse will receive at least one-half of what you were receiving for life. You may elect to receive another income option if your spouse consents to the election and waives his or her right to receive the QJSA. If your spouse consents to the alternative form of payment, your spouse may not receive any benefits from the plan upon your death. Federal law also requires that the plan pay a Death Benefit to your spouse if you are married and die before you begin receiving your benefit. This benefit must be available in the form of an Annuity for your spouse's lifetime and is called a "qualified pre-retirement survivor annuity" (QPSA). If the plan pays Death Benefits to other Beneficiaries, you may elect to have a Beneficiary other than your spouse receive the Death Benefit, but only if your spouse consents to the election and waives his or her right to receive the QPSA. If your spouse consents to the alternate Beneficiary, your spouse will receive no benefits from the plan upon your death. Any QPSA waiver prior to your attaining age 35 will become null and void on the first day of the calendar year in which you attain age 35, if still employed.

------

[Back to **Table of Contents**](#TOC_871)

*Defined Contribution Plans (including 401(k) Plans and ERISA 403(b) Annuities).* Spousal consent to a distribution is generally not required. Upon your death, your spouse will receive the entire Death Benefit, even if you designated someone else as your Beneficiary, unless your spouse consents in writing to waive this right. Also, if you are married and elect an Annuity as a periodic income option, federal law requires that you receive a QJSA (as described above), unless you and your spouse consent to waive this right.

*IRAs, non-ERISA 403(b) Annuities, and 457 Plans.* Spousal consent to a distribution usually is not required. Upon your death, any Death Benefit will be paid to your designated Beneficiary.

**ADDITIONAL CONSIDERATIONS**

**Reporting and Withholding for Escheated Amounts**

Revenue Rulings 2018-17 and 2020-24 provide that an amount transferred from an IRA or 401(a) qualified retirement plan to a state's unclaimed property fund is subject to federal income tax withholding at the time of transfer. The amount transferred is also subject to federal reporting. Consistent with these Rulings, we will withhold federal and state income taxes and report to the applicable Owner or Beneficiary as required by law when amounts are transferred to a state's unclaimed property fund. Non-qualified annuity contracts generally are subject to the same or similar federal income tax reporting and withholding requirements as IRAs and qualified retirement plans. As a result, we may determine in the future that we have an obligation to follow similar guidelines with respect to any amounts escheated from your Non-qualified Annuity.

**Gifts and Generation-skipping Transfers**

If you transfer your Annuity to another person for less than adequate consideration, there may be gift tax consequences in addition to income tax consequences. Also, if you transfer your Annuity to a person two or more generations younger than you (such as a grandchild or grandniece) or to a person that is more than 37½ years younger than you, there may be generation-skipping transfer tax consequences.

**Civil Unions and Domestic Partnerships**

U.S. Treasury Department regulations provide that for federal tax purposes, the term "spouse" does not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship that is not denominated as a marriage under the laws of the state where the relationship was entered into, regardless of domicile. As a result, if a Beneficiary of a deceased Owner and the Owner were parties to such a relationship, the Beneficiary will be required by federal tax law to take distributions from the Contract in the manner applicable to non-spouse Beneficiaries and will not be able to continue the Contract.

Please consult with your tax or legal advisor for additional information.

**THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH SUCH OFFERING** **MAY NOT LAWFULLY BE MADE. WE DO NOT AUTHORIZE ANYONE TO PROVIDE ANY INFORMATION OR** **REPRESENTATIONS REGARDING THE OFFERING DESCRIBED IN THIS PROSPECTUS OTHER THAN AS CONTAINED** **IN THIS PROSPECTUS.**

------

[Back to **Table of Contents**](#TOC_871)

**Legal Proceedings**

------

All matters of state law pertaining to the Contracts, including the validity of the Contracts and Everlake Life's right to issue such Contracts under applicable state insurance law, have been passed upon by Angela K. Fontana, Chief Legal Officer of Everlake Life.

There are no pending legal proceedings to which the Separate Account is a party. Everlake Life is engaged from time to time in routine lawsuits, which, in management's judgment, are not likely to have a material effect, either individually or in the aggregate, on the operating results, cash flows or financial position of Everlake Life.

------

[Back to **Table of Contents**](#TOC_871)

**Financial Statements**

------

The financial statements of the Separate Accounts and Everlake Life Insurance Company are incorporated by reference in the Statement of Additional Information.

------

[Back to **Table of Contents**](#TOC_871)

**More Information**

------

**PRINCIPAL UNDERWRITER**

**Distribution**. Everlake Distributors, L.L.C. ("EDLLC") serves as the principal underwriter and distributor of the securities offered herein. The Contracts are no longer sold to new customers, however, existing customers can continue to hold the Contracts and make additional purchase payments. The securities offered herein are sold on a continuous basis, and there is no specific end date for the offering. EDLLC, a wholly owned subsidiary of Everlake Life Insurance Company, is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. EDLLC is not required to sell any specific number or dollar amount of securities. The principal address of EDLLC is 3100 Sanders Road, Northbrook, Illinois, 60062. EDLLC receives no compensation for its role as principal underwriter for these contracts.

**Administration**. We have primary responsibility for all administration of the Contracts and the Registered Separate Account. We entered into an administrative services agreement with The Prudential Insurance Company of America ("PICA") whereby, PICA or an affiliate provides administrative services to the Registered Separate Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with se2, LLC, of 5801 SW 6<sup>th</sup> Avenue, Topeka, Kansas 66636, whereby se2, LLC provides certain business process outsourcing services with respect to the Contracts. se2, LLC may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2025, consisted of the following: Donnelley Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago, IL 60601; Iron Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110; O'Neil Digital Solutions, LLC (printing services) located at 3100 E Plano Pkwy Plano, TX, 75074-7423; SOVOS Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447; Records Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka, KS 66618; Venio LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508; Broadridge Output Solutions, Inc., successor in interest to Broadridge Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108; NTT DATA, Inc.(offshore, onshore, and nearshore) information and technology infrastructure support (application development, and application maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024.

In administering the Contracts, the following services are provided, among others:

• maintenance
 of Contract Owner records;

• Contract
 Owner services;

• calculation
 of unit values;

• maintenance
 of the Registered Separate Account; and

• preparation
 of Contract Owner reports.

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you must notify us of a potential error within a reasonable time after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error.

Correspondence sent by regular mail to our Annuity Service Center should be sent to P.O. Box 758543, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our Annuity Service Center. Your correspondence is not considered received by us until it is received at our Annuity Service Center. Where this prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in complete and proper form at our Annuity Service Center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our Annuity Service Center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

------

[Back to **Table of Contents**](#TOC_871)

**Appendix A:** **Investment Options Available Under the Contract**

------

**Certain Investment Options may not be available through certain financial intermediaries. See the** [**Cover Page**](#chapter_1-sect1_1_71351_871) **for additional** **information.**

**Variable 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 <u>www.annuityregulatorydocuments.com</u>. You can also request this information at no cost by calling 1-800-457-7617 or by sending an email request to prudaawfnf@zinnia.com.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** |
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **1 Year** | **5 Year** | **10 Year** |
|  Equity | AB VPS Large Cap Growth Portfolio - Class B<br> *AllianceBernstein L.P.* | 0.90% | 12.85% | 11.76% | 15.88% |
|  Equity | AB VPS Relative Value Portfolio - Class B<sup>♦</sup><br> *AllianceBernstein L.P.* | 0.84% | 10.20% | 11.15% | 10.30% |
|  Fixed Income | Fidelity<sup>®</sup> VIP Government Money Market Portfolio - Initial Class<br> *Fidelity*<sup>*®*</sup> *Management & Research Company LLC*<br>*FMR Investment Management (UK) Limited*<br>*Fidelity Management & Research (Hong Kong) Limited*<br>*Fidelity Management & Research (Japan) Limited* | 0.25% | 4.13% | 3.10% | 2.03% |
|  Equity | Invesco V.I. American Franchise Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.85% | 11.67% | 10.35% | 14.87% |
|  Equity | Invesco V.I. American Value Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.89% | 21.00% | 17.85% | 12.29% |
|  Equity | Invesco V.I. Comstock Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.75% | 17.45% | 15.43% | 11.95% |
|  Equity | Invesco V.I. Core Equity Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 0.80% | 16.17% | 12.81% | 11.73% |
|  Equity | Invesco V.I. Discovery Mid Cap Growth Fund - Series II shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 1.11% | 4.53% | 3.64% | 11.10% |
|  Equity | Invesco V.I. Diversified Dividend Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.68% | 15.74% | 10.81% | 9.20% |
|  Equity | Invesco V.I. Equally-Weighted S&P 500 Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.*<br>*Invesco Capital Management LLC* | 0.34% | 11.10% | 10.16% | 11.39% |
|  Allocation | Invesco V.I. Equity and Income Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.57% | 12.81% | 8.94% | 8.92% |
|  Equity | Invesco V.I. Global Fund - Series I shares<sup>‡</sup><br> *Invesco Advisers, Inc.* | 0.81% | 15.32% | 7.28% | 11.00% |
|  Fixed Income | Invesco V.I. High Yield Fund - Series I shares<br> *Invesco Advisers, Inc.* | 0.92% | 6.73% | 3.64% | 4.83% |
|  Equity | Morgan Stanley VIF Discovery Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.* | 0.95% | 12.58% | -5.36% | 14.16% |

---

------

[Back to **Table of Contents**](#TOC_871)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** | **Average Annual Total Returns**<br>**(as of 12/31/2025)** |
| **Fund Type** | **Portfolio Company and Advisor/Subadvisor** | **Current**<br>**Expenses<sup>(1)</sup>** | **1 Year** | **5 Year** | **10 Year** |
|  Equity | Morgan Stanley VIF Emerging Markets Equity Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.*<br>*Morgan Stanley Investment Management Company, sub-adviser* | 1.25% | 32.96% | 4.37% | 7.27% |
|  Allocation | Morgan Stanley VIF Global Strategist Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.*<br>*Morgan Stanley Investment Management Limited, sub-adviser* | 0.90% | 17.40% | 5.31% | 6.85% |
|  Equity | Morgan Stanley VIF Growth Portfolio - Class I<sup>♦</sup><br> *Morgan Stanley Investment Management Inc.* | 0.57% | 35.72% | 3.41% | 17.76% |
|  Equity | Putnam VT International Equity Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*The Putnam Advisory Company, LLC*<br>*Putnam Investment Management, LLC* | 1.06% | 37.68% | 9.28% | 8.12% |
|  Equity | Putnam VT Large Cap Growth Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 0.88% | 14.34% | 13.44% | 17.66% |
|  Equity | Putnam VT Large Cap Value Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 0.79% | 20.35% | 15.38% | 13.30% |
|  Equity | Putnam VT Small Cap Value Fund - Class IB<br> *Franklin Advisers, Inc.*<br>*Franklin Templeton Investment Management Limited*<br>*Putnam Investment Management, LLC* | 1.02% | 5.27% | 10.99% | 9.13% |

---

**The additional information below may be applicable to the Portfolios listed in the above table.**

Fidelity is a registered mark of FMR LLC. Used with permission.

(1) Current
 expenses for certain portfolios are effective April 30, 2026 or May 1, 2026. Please see the Portfolio prospectus for the effective date
 of the current expenses.

♦ This
 information includes annual expenses that reflect temporary or other fee reductions or waivers. Please see the Portfolio prospectus for
 additional information.

‡ The
 Portfolio has certain restrictions regarding availability for investment by Contract Owners as listed below.

**<u>Invesco V.I. Core Equity Fund - Series I shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Discovery Mid Cap Growth Fund - Series II shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Equally-Weighted S&P 500 Fund - Series I shares</u>**<br>Closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

**<u>Invesco V.I. Global Fund - Series I shares</u>**<br>Effective April 27, 2026, this Portfolio was added to the product as a result of Invesco V.I. Global Core Equity Fund – Series I merger and is now closed for all new investments except for existing Contract Owners who are currently invested in the Portfolio.

------

[Back to **Table of Contents**](#TOC_871)

**Fixed Options**

The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with written notice before doing so. For more information about the Fixed Options, see "Description of Insurance Company, Registered Separate Account, and Investment Options" in this prospectus.

---

| | | |
|:---|:---|:---|
| **Name** | **Term** | **Minimum Guaranteed** **Interest Rate\*** |
| Basic Dollar Cost Averaging Option | 1 Year | 3% |
| Guarantee Period | 1 Year | 3% |
| Guarantee Period | 6 Year | 3% |

---

\*The rate shown was the last Minimum Guaranteed Interest Rate issued before the product closed to new customers. Your Minimum Guaranteed Interest Rate is the amount shown on your Contract and can vary by state. Please consult with your representative for availability and current rates.

------

[Back to **Table of Contents**](#TOC_871)

**Appendix B: Calculation Of Optional Benefits**

------

**Examples: Performance Income Benefit – Contract Value Increase, Additional Purchase Payment Adjustment and Withdrawal** **Adjustment**

The rider is added at issue and the purchase payment is $100,000. The Performance Income Benefit is $100,000. The oldest Contract owner is 70 years old.

On the first Contract Anniversary, the Contract Value is $102,000. The Performance Income Benefit is increased to $102,000 since the Contract Value exceeds the most recently calculated Performance Income Benefit of $100,000.

On the second Contract Anniversary, the Contract Value is $97,000. The Performance Income Benefit remains $102,000 since the most recently calculated Performance Income Benefit exceeds the Contract Value.

The Contract Anniversary comparisons will be made until the older Contract owner has attained age 85.

Regardless of the age of the owner(s), purchase payments increase the Performance Income Benefit dollar-for-dollar by the payment amount at the time of the payment.

Also, regardless of the owner(s) age, withdrawals proportionally decrease the Performance Income Benefit at the time of the withdrawal, as described in the Enhanced Income Benefit:

The most recently calculated Performance Income Benefit is $110,000. A withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $100,000. The Performance Income Benefit is reduced proportionally on the date of the withdrawal, by:

($5,000 / $100,000) × $110,000 = $5,500

and the Performance Income Benefit is $104,500.

**Examples: Performance Death Benefit – Contract Value Increase, Additional Purchase Payment Adjustment and Withdrawal** **Adjustment**

The rider is added at issue and the purchase payment is $100,000. The Performance Death Benefit is $100,000. The oldest Contract owner is 70 years old.

On the first Contract Anniversary, the Contract Value is $102,000. The Performance Death Benefit is increased to $102,000 since the Contract Value exceeds the most recently calculated Performance Death Benefit of $100,000.

On the second Contract Anniversary, the Contract Value is $97,000. The Performance Death Benefit remains $102,000 since the most recently calculated Performance Death Benefit exceeds the Contract Value.

The Contract Anniversary comparisons will be made until the older Contract owner has attained age 85.

Regardless of the age of the owner(s), purchase payments increase the Performance Death Benefit dollar-for-dollar by the payment amount at the time of the payment.

Also, regardless of the owner(s) age, withdrawals proportionally decrease the Performance Death Benefit at the time of the withdrawal, as described in the Enhanced Death Benefit:

The most recently calculated Performance Death Benefit is $110,000. A withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $100,000. The Performance Death Benefit is reduced proportionally on the date of the withdrawal, by:

($5,000 / $100,000) × $110,000 = $5,500

and the Performance Death Benefit is $104,500.

**Examples: Enhanced Death Benefit – Benefit Growth, Additional Purchase Payment Adjustment and Withdrawal Adjustment**

The rider is added at issue and the purchase payment is $100,000. The Enhanced Death Benefit is $100,000. A benefit accumulation rate of 5% applies.

On the first Contract Anniversary, the Enhanced Death Benefit is $105,000, provided the oldest Contract owner has not reached his or her 75<sup>th</sup> birthday.

A purchase payment of $20,000 made after the first Contract Anniversary but before the second Contract Anniversary will also increase the Enhanced Death Benefit by $20,000, regardless of the age of the Contract owner(s). Then, provided the oldest Contract owner has not reached his or her 75<sup>th</sup> birthday, the Enhanced Death Benefit is $130,250.

------

[Back to **Table of Contents**](#TOC_871)

Two months later, a withdrawal of $5,000 is taken. The Contract Value prior to the withdrawal is $115,000. The Enhanced Death Benefit is reduced proportionally on the next anniversary, or at the time the death benefit is computed, whichever is earlier, by:

($5,000 / $115,000) × $130,250 = $5,663

and the Enhanced Death Benefit is $124,587.

------

[Back to **Table of Contents**](#TOC_871)

**Appendix C - Calculation of Contract Features**

------

**Six-Month Dollar Cost Averaging Fixed Account Option**

Money in the Six-Month Dollar Cost Averaging Fixed Account will earn interest at the annual rate in effect at the time of allocation for the Six-Month Dollar Cost Averaging Fixed Account. Each purchase payment and associated interest in the Six-Month Dollar Cost Averaging Fixed Account must be transferred to Variable Options of the variable account in equal monthly installments within the six-month transfer period. If the Six-Month Dollar Cost Averaging Fixed Account is discontinued prior to the last scheduled transfer, the remaining balance in the Six-Month Dollar Cost Averaging Fixed Account will immediately be transferred to the money market Variable Option unless a different Variable Option is requested. In this example, the policyholder allocates $100,000 to a Six-Month Dollar Cost Averaging Fixed Account. The example assumes an immediate transfer of the first installment. Six equal payments of $16,769.47 are transferred to the Variable Options each month. These six equal payments result in the entire $100,000 purchase payment and associated interest being transferred to the Variable Options within the six-month transfer period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Beginning of Month** | **Beginning of Month Transfer** | **Interest** | **End of Month Balance** |
| 1 | $100000.00 | $16769.47 | $205.27 | $83435.80 |
| 2 | $83435.80 | $16769.47 | $164.42 | $66830.75 |
| 3 | $66830.75 | $16769.47 | $123.46 | $50184.74 |
| 4 | $50184.74 | $16769.47 | $82.41 | $33497.68 |
| 5 | $33497.68 | $16769.47 | $41.26 | $16769.47 |
| 6 | $16769.47 | $16769.47 | $0.00 | $0.00 |

---

**12 Month Dollar Cost Averaging Fixed Account Option**

Money in the Twelve-Month Dollar Cost Averaging Fixed Account will earn interest at the annual rate in effect at the time of allocation for the Twelve- Month Dollar Cost Averaging Fixed Account. Each purchase payment and associated interest in the Twelve-Month Dollar Cost Averaging Fixed Account must be transferred to Variable Options of the variable account in equal monthly installments within the twelve-month transfer period. If the Twelve-Month Dollar Cost Averaging Fixed Account is discontinued prior to the last scheduled transfer, the remaining balance in the Twelve-Month Dollar Cost Averaging Fixed Account will immediately be transferred to the money market Variable Option unless a different Variable Option is requested. In this example, the policyholder allocates $100,000 to a Twelve-Month Dollar Cost Averaging Fixed Account. The example assumes an immediate transfer of the first installment. Twelve equal payments of $8,446.69 are transferred to the Variable Options each month. These twelve equal payments result in the entire $100,000 purchase payment and associated interest being transferred to the Variable Options within the twelve-month transfer period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Beginning of Month** | **Beginning of Month Transfer** | **Interest** | **End of Month Balance** |
| 1 | $100000.00 | $8446.69 | $225.80 | $91779.10 |
| 2 | $91779.10 | $8446.69 | $205.52 | $83537.93 |
| 3 | $83537.93 | $8446.69 | $185.20 | $75276.43 |
| 4 | $75276.43 | $8446.69 | $164.82 | $66994.55 |
| 5 | $66994.55 | $8446.69 | $144.39 | $58692.25 |
| 6 | $58692.25 | $8446.69 | $123.92 | $50369.48 |
| 7 | $50369.48 | $8446.69 | $103.39 | $42026.18 |
| 8 | $42026.18 | $8446.69 | $82.82 | $33662.30 |
| 9 | $33662.30 | $8446.69 | $62.19 | $25277.79 |
| 11 | $25277.76 | $8446.69 | $41.51 | $16872.61 |
| 10 | $16872.61 | $8446.69 | $20.78 | $8446.69 |
| 12 | $8446.69 | $8446.69 | $0.00 | $0.00 |

---

------

[Back to **Table of Contents**](#TOC_871)

**Basic Dollar Cost Averaging**

Through our Dollar Cost Averaging Progra, you may automatically transfer a fixed dollar amount on a regular basis from any Variable Option or any Fixed Account Option to any of the other Variable Options. You may not use the Dollar Cost Averaging Program to transfer amounts to the Fixed Account Options. This program is available only during the Accumulation Phase. In this example, the policyholder elects to transfer a specified fixed amount of $1,000 monthly from Variable Option A to Variable Option B.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month** | **Balance of Variable** **Option A Prior to** **Transfer** | **Balance of Variable** **Option B Prior to** **Transfer** | **Transfer from** **Variable Option A to** **Variable Option B** | **Balance of Variable** **Option A After** **Transfer** | **Balance of Variable** **Option B After** **Transfer** |
| 1 | $100000.00 | $100000.00 | $1000.00 | $99000.00 | $101000.00 |

---

**Automatic Portfolio Rebalancing**

Automatic Portfolio Rebalancing allows the customer to rebalance the Variable Options within the Variable Account to the desired allocation on a monthly, quarterly, semi-annual, or annual basis, determined on the first date the customer decides to rebalance.

In this example, the customer decides to allocate $100,000 across 3 funds, 60% to Fund A, 25% to Fund B and 15% to Fund C. The customer rebalances on an annual basis. 1 year after $100,000 is invested in three different funds, Fund A grew 22%, Fund B grew 9% and the Fund C grew 4%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Original Allocation** | **Original Allocation** | **Fund** **Performance** | **Year End Allocation Prior to** **Rebalance** | **Year End Allocation Prior to** **Rebalance** | **Year End Allocation After** **Rebalance** | **Year End Allocation After** **Rebalance** |
|  **Fund A** | 60% | $60000.00 | 22% | 63.1% | $73200.00 | 60% | $69630.00 |
|  **Fund B** | 25% | $25000.00 | 9% | 23.5% | $27250.00 | 25% | $29012.50 |
|  **Fund C** | 15% | $15000.00 | 4% | 13.4% | $15600.00 | 15% | $17407.50 |
|  **Total** | **100%** | **$100000.00** |  | **100.0%** | **$116050.00** | **100%** | **$116050.00** |

---

At the end of one year, the percentage of funds allocated to Fund A changed from 60% to 63.1%. Fund B changed from 25% to 23.5% and Fund C changed from 15% to 13.4%. The auto-rebalance feature rebalances the Variable Options within the Variable Account to reflect the specified allocation. The number of units for each Variable Option are adjusted to reflect the specified allocation percentages. The rebalanced allocation reflects the specified allocations of 60% in Fund A, 25% in Fund B and 15% in Fund C.

**Systematic Withdrawal**

A systematic withdrawal schedule is a method of withdrawing funds from an annuity account that specifies the amount of the payments to be made to the policyholder. A systematic withdrawal schedule can be set up to be paid monthly. Policyholders are not guaranteed lifelong payments. With the systematic withdrawal schedule, one chooses instead to withdraw funds from an account, bearing the risk that the funds become depleted. You may pay taxes on annuity payments, although they grow in a tax-deferred account. In this example, a policyholder allocates funds to four Variable Options. Fund A holds 35% of all funds, Fund B holds 30%, Fund C holds 20%, and Fund D holds 15%. The policyholder sets up a $2,000 monthly withdrawal. With the allocation above, $700 (35%) of the withdrawal amount would come from Fund A, $600 (30%) would come from Fund B, $400 (20%) would come from Fund C, and $300 (15%) would come from Fund D.

**Automatic Additions Program**

The Automatic Additions Program allows you to add subsequent purchase payments per month through automatic transfers from your bank account. Automatic Additions are not available with Dollar Cost Averaging Fixed Account Option. Subsequent purchase payments must be at least $50. In this example, a policyholder allocates funds to four Variable Options. The policyholder allocates 35% to Fund A, 30% to Fund B, 20% to Fund C and 15% to Fund D. The policyholder sets up a $2,000 monthly automatic addition. $700 (35%) of the added amount would go to Fund A, $600 (30%) would go to Fund B, $400 (20%) would go to Fund C, and $300 (15%) would go to Fund D.

------

[Back to **Table of Contents**](#TOC_871)

We (Everlake Life) have filed a Statement of Additional Information, dated April 27, 2026, with the Securities and Exchange Commission ("SEC"). It contains additional important information about the Contracts, and Everlake Life, and the Everlake Financial Advisors Separate Account I, and is incorporated herein by reference, which means that it is legally a part of this prospectus. For a free copy, or to request other information about the Contracts, and to make investor inquiries, please write to us at P.O. Box 758543, Topeka, KS 66675-8566, or call us at 1-800-457-7617.

Reports and other information about Everlake Life and the Everlake Financial Advisors Separate Account I are available on the Commission's website at <u>www.sec.gov</u><u>.</u> Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

------

[Back to **Table of Contents**](#TOC_871)

Edgar Contract Identifier:<br>C000005161 Morgan Stanley Variable Annuity II AssetManager

MSASSET2PROS

------

**MORGAN STANLEY VARIABLE ANNUITY II**<br>("Annuity" or "Contract")<br>**EVERLAKE LIFE INSURANCE COMPANY**<br>("Everlake Life", "we", "our", the "Company", or "us")<br>**EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I** <br>(the "Registered Separate Account")<br>**Statement of Additional Information: Dated April 27, 2026**

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS. THE PROSPECTUS DATED April 27, 2026 CONTAINS INFORMATION THAT YOU SHOULD CONSIDER BEFORE INVESTING. FOR A COPY OF THE PROSPECTUS SEND A WRITTEN REQUEST TO P.O. BOX 758543, TOPEKA, KS 66675-8566 OR TELEPHONE 1-800-457-7617.

**Table of Contents**

---

| | |
|:---|:---|
|  | **PAGE** |
| [General Information and History](#chapter_2_875) | [2](#chapter_2_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake Life Insurance Company](#chapter_2-sect1_1_932388_875) | [2](#chapter_2-sect1_1_932388_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake Financial Advisors Separate Account I](#chapter_2-sect1_2_932390_875) | [2](#chapter_2-sect1_2_932390_875) |
| [Services](#chapter_3_875) | [2](#chapter_3_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Service Agreements](#chapter_3-sect1_2_932396_875) | [2](#chapter_3-sect1_2_932396_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Service Providers](#chapter_3-sect1_3_932398_875) | [3](#chapter_3-sect1_3_932398_875) |
| [Non-Principal Risks of Investing in the Contracts](#chapter_4_875) | [3](#chapter_4_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Misstatement of Age or Sex](#chapter_4-sect1_1_932402_875) | [3](#chapter_4-sect1_1_932402_875) |
| [Purchase of Securities Being Offered](#chapter_5_875) | [3](#chapter_5_875) |
| [Underwriter](#chapter_6_875) | [3](#chapter_6_875) |
| [Annuity Payments](#chapter_7_875) | [3](#chapter_7_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation of Variable Income Payments](#chapter_7-sect1_1_254340_875) | [3](#chapter_7-sect1_1_254340_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Net Investment Factor](#chapter_7-sect1_2_635867_875) | [4](#chapter_7-sect1_2_635867_875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation of Annuity Unit Values](#chapter_7-sect1_3_635869_875) | [4](#chapter_7-sect1_3_635869_875) |
| [Financial Statements](#chapter_8_875) | [4](#chapter_8_875) |

---

Morgan Stanley Variable Annuity II: C000005160

------

**GENERAL INFORMATION AND HISTORY**

**EVERLAKE LIFE INSURANCE COMPANY**

The Depositor for the Everlake Financial Advisors Separate Account I is Everlake Life Insurance Company, formerly Allstate Life Insurance Company. Everlake Life was organized in 1957 as a stock life insurance company under the laws of the State of Illinois. On November 1, 2021, Allstate Insurance Company completed its sale of Allstate Life Insurance Company to Everlake US Holdings Company, a Delaware corporation (the "Transaction"). As a result of the Transaction, Allstate Life Insurance Company changed its name to Everlake Life Insurance Company.

Our home office is located at 3100 Sanders Road, Northbrook, Illinois 60062.

**EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I**

Everlake Life established the Everlake Financial Advisors Separate Account I in 1999 in the state of Illinois. The Registered Separate Account is registered with the Securities and Exchange Commission as a unit investment trust, which is a type of investment company. The street address for the Everlake Financial Advisors Separate Account I is 5801 SW 6th Ave., Topeka, KS 66606-0001 with a mailing address of P.O. Box 758543, Topeka, KS 66675-8566.

**SERVICES**

**SERVICE AGREEMENTS**

We have primary responsibility for all administration of the Contracts and the Registered Separate Account. We entered into an administrative services agreement with The Prudential Insurance Company of America ("PICA") pursuant to which PICA or an affiliate provides administrative services to the Registered Separate Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with SE2, LLC, of 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby SE2, LLC provides certain business process outsourcing services with respect to the Contracts. SE2, LLC may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2025, consisted of the following:

• Donnelley
 Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago,
 IL 60601;

• Iron
 Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110;

• O'Neil
 Digital Solutions, LLC (printing services) located at 3100 E Plano Pkwy Plano, TX, 75074-7423;

• SOVOS
 Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447;

• Records
 Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka,
 KS 66618;

• Venio
 LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508;

• Broadridge
 Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and
 quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108;

• NTT
 DATA, Inc.(offshore, onshore, and nearshore) information and technology infrastructure support; application development, and application
 maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024

In administering the Contracts, the following services are provided, among others:

• maintenance
 of Contract Owner records;

• Contract
 Owner services;

• calculation
 of unit values;

• maintenance
 of the Registered Separate Account; and

• preparation
 of Contract Owner reports.

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you must notify us of a potential error within a reasonable time after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error.

------

[Back to **Table of Contents**](#TOC_875)

Correspondence you send by regular mail to our service center should be sent to P.O. Box 758566, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our service center. Your correspondence is not considered received by us until it is received at our service center. Where the prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in complete and proper form at our service center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our service center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

**OTHER SERVICE PROVIDERS**

Custodian information for the Registrant is not applicable.

The statements of net assets for each of the sub-accounts of Everlake Financial Advisors Separate Account I as of December 31, 2025 and the related statements of operations, the statements of changes in net assets and financial highlights for each of the periods presented, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial highlights are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The statutory-basis financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, independent auditor, as stated in their report which expresses an unqualified opinion on the statutory-basis financial statements and an adverse opinion on accounting principles generally accepted in the United States of America. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The principal business address of Deloitte & Touche LLP is 111 S Wacker Dr., Chicago, IL.

**NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACTS**

**MISSTATEMENT OF AGE OR SEX**

If there has been a misstatement of the age and/or sex of any person upon whose life annuity payments or the minimum death benefit is based, we make adjustments to conform to the facts. As to annuity payments: (a) any underpayments by us will be remedied on the next payment following correction; and (b) any overpayments by us will be charged against future amounts payable by us under your Annuity.

**PURCHASE OF SECURITIES BEING OFFERED**

The Contract is no longer offered for new sales. If you have already purchased the Contract you may continue to make purchase payments according to the Contract. We offered the Contracts to the public through banks as well as brokers licensed under the federal securities laws and state insurance laws.

**UNDERWRITER**

Everlake Distributors, L.L.C. ("EDLLC") serves as the principal underwriter and distributor of the Contract. The Contracts are no longer sold to new customers, however, existing customers can continue to hold the Contracts and make additional purchase payments. The Contracts are sold on a continuous basis, and there is no specific end date for the offering. EDLLC, a wholly owned subsidiary of Everlake Life Insurance Company, is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. EDLLC is not required to sell any specific number or dollar amount of securities. The principal address of EDLLC is 3100 Sanders Road, Northbrook, Illinois, 60062. EDLLC receives no compensation for its role as principal underwriter for these contracts.

**ANNUITY PAYMENTS**

**CALCULATION OF VARIABLE INCOME PAYMENTS**

We determine the amount of the first variable income payment paid under an Income Plan using the income payment tables set out in the Contracts. The Contracts include tables that differentiate on the basis of sex, except in states or tax qualified plans that require the use of unisex tables. We calculate the amount of the first variable income payment under an Income Plan by applying the Contract Value allocated to each Variable Sub-account, less any applicable premium tax charge deducted at the time, to the appropriate income payment factor for the selected Income Plan to determine the Initial Variable Amount Income Value. We will allocate the Initial Variable Amount Income Value among the Variable Sub-accounts you have chosen in the proportions you specified. The portion of the Initial Variable Amount Income Value allocated to a particular Variable Sub-account is divided by the Annuity Unit Value for that Variable Sub-account on the Payout Start Date. This determines the number of

------

[Back to **Table of Contents**](#TOC_875)

Annuity Units from that Variable Sub-account which will be used to determine your variable income payments. Variable income payments, which include your first variable income payment, will vary depending on changes in the Annuity Unit Values for the Variable Sub-accounts upon which the income payments are based. Unless annuity transfers are made between Variable Sub-accounts, each income payment from that Variable Sub-account will be that number of Annuity Units multiplied by the Annuity Unit Value for the Variable Sub-account for the Valuation Date on which the income payment is made.

**NET INVESTMENT FACTOR**

The Net Investment Factor for a Valuation Period is a number representing the change, since the last Valuation Period, in the value of Variable Sub-account assets per Accumulation Unit due to investment income, realized or unrealized capital gain or loss, deductions for taxes, if any, and deductions for the mortality and expense risk charge and administrative expense charge. We determine the Net Investment Factor for each Variable Sub-account for any Valuation Period by dividing (A) by (B) and subtracting (C) from the result, where:

(1) is
 the sum of:

(A) the
 net asset value per share of the Portfolio underlying the Variable Sub-account determined at the end of the current Valuation Period;
 plus,

(B) the
 per share amount of any dividend or capital gain distributions made by the Portfolio underlying the Variable Sub-account during the current
 Valuation Period;

(2) is
 the net asset value per share of the Portfolio underlying the Variable Sub-account determined as of the end of the immediately preceding Valuation Period; and

(3) is
 the mortality and expense risk charge and administrative expense charge corresponding to the portion of the 365 day year (366 days for a leap year) that is
 in the current Valuation Period.

**CALCULATION OF ANNUITY UNIT VALUES**

Annuity Units in each Variable Sub-account are valued separately and Annuity Unit Values will depend upon the investment experience of the particular Portfolio in which the Variable Sub-account invests. We calculate the Annuity Unit Value for each Variable Sub-account at the end of any Valuation Period by:

• multiplying
 the Annuity Unit Value at the end of the immediately preceding Valuation Period by the Variable Sub-account's Net Investment Factor
 (described in the preceding section) for the Period; and then

• dividing
 the product by the sum of 1.0 plus the assumed investment rate for the Valuation Period.

The assumed investment rate adjusts for the interest rate assumed in the income payment tables used to determine the dollar amount of the first variable income payment, and is at an effective annual rate which is disclosed in the Contract.

The calculations discussed herein rely on the net investment factor and annuity unit calculations discussed in the Contract Value section of the Prospectus.

**FINANCIAL STATEMENTS**

The following financial statements are incorporated herein by reference:

• The
 financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period
 ended December 31, 2025, are incorporated herein by reference to the Everlake Life Insurance Company Financial Statements and Reports
 contained in <u>[Form N-VPFS for Everlake Life Variable Life Separate Account A (File No. 811-08173](https://www.sec.gov/Archives/edgar/data/1005913/000162828026024756/elicvlsan-vpfsye2025.htm))</u>,
 filed on April 10, 2026.

• The
 statements of net assets of each of the Sub-accounts comprising Everlake Financial Advisors Separate Account I as of December 31, 2025
 and the statements of operations, statements of changes in net assets and financial highlights for each of the periods presented, are incorporated herein
 by reference to the <u>[Form N-VPFS for Everlake Financial Advisors Separate Account I (File No. 811-09327](https://www.sec.gov/Archives/edgar/data/1085612/000108561226000044/a2025everlakefinadvsai.htm))</u>,
 filed on April 10, 2026.

The statements of net assets for each of the sub-accounts of Everlake Financial Advisors Separate Account I as of December 31, 2025 and the related statements of operations, the statements of changes in net assets and financial highlights for each of the periods presented, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial highlights are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The statutory-basis financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, independent auditor, as stated in their report which expresses an unqualified opinion on the statutory-basis financial statements and an adverse

------

[Back to **Table of Contents**](#TOC_875)

opinion on accounting principles generally accepted in the United States of America. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The principal business address of Deloitte & Touche LLP is 111 S Wacker Dr., Chicago, IL.

------

**MORGAN STANLEY VARIABLE ANNUITY 3**<br>("Annuity" or "Contract")<br>**EVERLAKE LIFE INSURANCE COMPANY**<br>("Everlake Life", "we", "our", the "Company", or "us")<br>**EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I**<br>(the "Registered Separate Account")<br>**Statement of Additional Information: Dated April 27, 2026**

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS. THE PROSPECTUS DATED April 27, 2026 CONTAINS INFORMATION THAT YOU SHOULD CONSIDER BEFORE INVESTING. FOR A COPY OF THE PROSPECTUS SEND A WRITTEN REQUEST TO P.O. BOX 758543, TOPEKA, KS 66675-8566 OR TELEPHONE 1-800-457-7617.

**Table of Contents**

---

| | |
|:---|:---|
|  | **PAGE** |
| [General Information and History](#chapter_2_874) | [2](#chapter_2_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake Life Insurance Company](#chapter_2-sect1_1_932646_874) | [2](#chapter_2-sect1_1_932646_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake Financial Advisors Separate Account I](#chapter_2-sect1_2_932648_874) | [2](#chapter_2-sect1_2_932648_874) |
| [Services](#chapter_3_874) | [2](#chapter_3_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Service Agreements](#chapter_3-sect1_2_932654_874) | [2](#chapter_3-sect1_2_932654_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Service Providers](#chapter_3-sect1_3_932656_874) | [3](#chapter_3-sect1_3_932656_874) |
| [Non-Principal Risks of Investing in the Contracts](#chapter_4_874) | [3](#chapter_4_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Misstatement of Age or Sex](#chapter_4-sect1_1_932660_874) | [3](#chapter_4-sect1_1_932660_874) |
| [Purchase of Securities Being Offered](#chapter_5_874) | [3](#chapter_5_874) |
| [Underwriter](#chapter_6_874) | [3](#chapter_6_874) |
| [Annuity Payments](#chapter_7_874) | [3](#chapter_7_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation of Variable Income Payments](#chapter_7-sect1_1_255625_874) | [3](#chapter_7-sect1_1_255625_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Net Investment Factor](#chapter_7-sect1_2_635810_874) | [4](#chapter_7-sect1_2_635810_874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation of Annuity Unit Values](#chapter_7-sect1_3_635812_874) | [4](#chapter_7-sect1_3_635812_874) |
| [Financial Statements](#chapter_8_874) | [4](#chapter_8_874) |

---

Morgan Stanley Variable Annuity 3: C000005162

------

**GENERAL INFORMATION AND HISTORY**

**EVERLAKE LIFE INSURANCE COMPANY**

The Depositor for the Everlake Financial Advisors Separate Account I is Everlake Life Insurance Company, formerly Allstate Life Insurance Company. Everlake Life was organized in 1957 as a stock life insurance company under the laws of the State of Illinois. On November 1, 2021, Allstate Insurance Company completed its sale of Allstate Life Insurance Company to Everlake US Holdings Company, a Delaware corporation (the "Transaction"). As a result of the Transaction, Allstate Life Insurance Company changed its name to Everlake Life Insurance Company.

Our home office is located at 3100 Sanders Road, Northbrook, Illinois 60062.

**EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I**

Everlake Life established the Everlake Financial Advisors Separate Account I in 1999 in the state of Illinois. The Registered Separate Account is registered with the Securities and Exchange Commission as a unit investment trust, which is a type of investment company. The street address for the Everlake Financial Advisors Separate Account I is 5801 SW 6th Ave., Topeka, KS 66606-0001 with a mailing address of P.O. Box 758543, Topeka, KS 66675-8566.

**SERVICES**

**SERVICE AGREEMENTS**

We have primary responsibility for all administration of the Contracts and the Registered Separate Account. We entered into an administrative services agreement with The Prudential Insurance Company of America ("PICA") pursuant to which PICA or an affiliate provides administrative services to the Registered Separate Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with SE2, LLC, of 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby SE2, LLC provides certain business process outsourcing services with respect to the Contracts. SE2, LLC may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2025, consisted of the following:

• Donnelley
 Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago,
 IL 60601;

• Iron
 Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110;

• O'Neil
 Digital Solutions, LLC (printing services) located at 3100 E Plano Pkwy Plano, TX, 75074-7423;

• SOVOS
 Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447;

• Records
 Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka,
 KS 66618;

• Venio
 LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508;

• Broadridge
 Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and
 quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108;

• NTT
 DATA, Inc.(offshore, onshore, and nearshore) information and technology infrastructure support; application development, and application
 maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024

In administering the Contracts, the following services are provided, among others:

• maintenance
 of Contract Owner records;

• Contract
 Owner services;

• calculation
 of unit values;

• maintenance
 of the Registered Separate Account; and

• preparation
 of Contract Owner reports.

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you must notify us of a potential error within a reasonable time after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error.

------

[Back to **Table of Contents**](#TOC_874)

Correspondence you send by regular mail to our service center should be sent to P.O. Box 758566, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our service center. Your correspondence is not considered received by us until it is received at our service center. Where the prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in complete and proper form at our service center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our service center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

**OTHER SERVICE PROVIDERS**

Custodian information for the Registrant is not applicable.

The statements of net assets for each of the sub-accounts of Everlake Financial Advisors Separate Account I as of December 31, 2025 and the related statements of operations, the statements of changes in net assets and financial highlights for each of the periods presented, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial highlights are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The statutory-basis financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, independent auditor, as stated in their report which expresses an unqualified opinion on the statutory-basis financial statements and an adverse opinion on accounting principles generally accepted in the United States of America. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The principal business address of Deloitte & Touche LLP is 111 S Wacker Dr., Chicago, IL.

**NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACTS**

**MISSTATEMENT OF AGE OR SEX**

If there has been a misstatement of the age and/or sex of any person upon whose life annuity payments or the minimum death benefit is based, we make adjustments to conform to the facts. As to annuity payments: (a) any underpayments by us will be remedied on the next payment following correction; and (b) any overpayments by us will be charged against future amounts payable by us under your Annuity.

**PURCHASE OF SECURITIES BEING OFFERED**

The Contract is no longer offered for new sales. If you have already purchased the Contract you may continue to make purchase payments according to the Contract. We offered the Contracts to the public through banks as well as brokers licensed under the federal securities laws and state insurance laws.

**UNDERWRITER**

Everlake Distributors, L.L.C. ("EDLLC") serves as the principal underwriter and distributor of the Contract. The Contracts are no longer sold to new customers, however, existing customers can continue to hold the Contracts and make additional purchase payments. The Contracts are sold on a continuous basis, and there is no specific end date for the offering. EDLLC, a wholly owned subsidiary of Everlake Life Insurance Company, is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. EDLLC is not required to sell any specific number or dollar amount of securities. The principal address of EDLLC is 3100 Sanders Road, Northbrook, Illinois, 60062. EDLLC receives no compensation for its role as principal underwriter for these contracts.

**ANNUITY PAYMENTS**

**CALCULATION OF VARIABLE INCOME PAYMENTS**

We determine the amount of the first variable income payment paid under an Income Plan using the income payment tables set out in the Contracts. The Contracts include tables that differentiate on the basis of sex, except in states or tax qualified plans that require the use of unisex tables. We calculate the amount of the first variable income payment under an Income Plan by applying the Contract Value allocated to each Variable Sub-account, less any applicable premium tax charge deducted at the time, to the appropriate income payment factor for the selected Income Plan to determine the Initial Variable Amount Income Value. We will allocate the Initial Variable Amount Income Value among the Variable Sub-accounts you have chosen in the proportions you specified. The portion of the Initial Variable Amount Income Value allocated to a particular Variable Sub-account is divided by the Annuity Unit Value for that Variable Sub-account on the Payout Start Date. This determines the number of

------

[Back to **Table of Contents**](#TOC_874)

Annuity Units from that Variable Sub-account which will be used to determine your variable income payments. Variable income payments, which include your first variable income payment, will vary depending on changes in the Annuity Unit Values for the Variable Sub-accounts upon which the income payments are based. Unless annuity transfers are made between Variable Sub-accounts, each income payment from that Variable Sub-account will be that number of Annuity Units multiplied by the Annuity Unit Value for the Variable Sub-account for the Valuation Date on which the income payment is made.

**NET INVESTMENT FACTOR**

The Net Investment Factor for a Valuation Period is a number representing the change, since the last Valuation Period, in the value of Variable Sub-account assets per Accumulation Unit due to investment income, realized or unrealized capital gain or loss, deductions for taxes, if any, and deductions for the mortality and expense risk charge and administrative expense charge. We determine the Net Investment Factor for each Variable Sub-account for any Valuation Period by dividing (A) by (B) and subtracting (C) from the result, where:

(1) is
 the sum of:

(A) the
 net asset value per share of the Portfolio underlying the Variable Sub-account determined at the end of the current Valuation Period;
 plus,

(B) the
 per share amount of any dividend or capital gain distributions made by the Portfolio underlying the Variable Sub-account during the current
 Valuation Period;

(2) is
 the net asset value per share of the Portfolio underlying the Variable Sub-account determined as of the end of the immediately preceding Valuation Period; and

(3) is
 the mortality and expense risk charge and administrative expense charge corresponding to the portion of the 365 day year (366 days for a leap year) that is
 in the current Valuation Period.

**CALCULATION OF ANNUITY UNIT VALUES**

Annuity Units in each Variable Sub-account are valued separately and Annuity Unit Values will depend upon the investment experience of the particular Portfolio in which the Variable Sub-account invests. We calculate the Annuity Unit Value for each Variable Sub-account at the end of any Valuation Period by:

• multiplying
 the Annuity Unit Value at the end of the immediately preceding Valuation Period by the Variable Sub-account's Net Investment Factor
 (described in the preceding section) for the Period; and then

• dividing
 the product by the sum of 1.0 plus the assumed investment rate for the Valuation Period.

The assumed investment rate adjusts for the interest rate assumed in the income payment tables used to determine the dollar amount of the first variable income payment, and is at an effective annual rate which is disclosed in the Contract.

The calculations discussed herein rely on the net investment factor and annuity unit calculations discussed in the Contract Value section of the Prospectus.

**FINANCIAL STATEMENTS**

The following financial statements are incorporated herein by reference:

• The
 financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period
 ended December 31, 2025, are incorporated herein by reference to the Everlake Life Insurance Company Financial Statements and Reports
 contained in <u>[Form N-VPFS for Everlake Life Variable Life Separate Account A (File No. 811-08173](https://www.sec.gov/Archives/edgar/data/1005913/000162828026024756/elicvlsan-vpfsye2025.htm))</u>,
 filed on April 10, 2026.

• The
 statements of net assets of each of the Sub-accounts comprising Everlake Financial Advisors Separate Account I as of December 31, 2025
 and the statements of operations, statements of changes in net assets and financial highlights for each of the periods presented, are incorporated herein
 by reference to the <u>[Form N-VPFS for Everlake Financial Advisors Separate Account I (File No. 811-09327](https://www.sec.gov/Archives/edgar/data/1085612/000108561226000044/a2025everlakefinadvsai.htm))</u>,
 filed on April 10, 2026.

The statements of net assets for each of the sub-accounts of Everlake Financial Advisors Separate Account I as of December 31, 2025 and the related statements of operations, the statements of changes in net assets and financial highlights for each of the periods presented, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial highlights are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The statutory-basis financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, independent auditor, as stated in their report which expresses an unqualified opinion on the statutory-basis financial statements and an adverse

------

[Back to **Table of Contents**](#TOC_874)

opinion on accounting principles generally accepted in the United States of America. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The principal business address of Deloitte & Touche LLP is 111 S Wacker Dr., Chicago, IL.

------

**MORGAN STANLEY VARIABLE ANNUITY II ASSET MANAGER**<br>("Annuity" or "Contract")<br>**EVERLAKE LIFE INSURANCE COMPANY**<br>("we", "our", the "Company", or "us")<br>**EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I**<br>(the "Separate Account")<br>**Statement of Additional Information: Dated April 27, 2026**

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS. THE PROSPECTUS DATED April 27, 2026 CONTAINS INFORMATION THAT YOU SHOULD CONSIDER BEFORE INVESTING. FOR A COPY OF THE PROSPECTUS SEND A WRITTEN REQUEST TO P.O. BOX 758543, TOPEKA, KS 66675-8566 OR TELEPHONE 1-800-457-7617.

**Table of Contents**

---

| | |
|:---|:---|
|  | **PAGE** |
| [General Information and History](#chapter_2_876) | [2](#chapter_2_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake Life Insurance Company](#chapter_2-sect1_1_932514_876) | [2](#chapter_2-sect1_1_932514_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Everlake Financial Advisors Separate Account I](#chapter_2-sect1_2_932516_876) | [2](#chapter_2-sect1_2_932516_876) |
| [Services](#chapter_3_876) | [2](#chapter_3_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Service Agreements](#chapter_3-sect1_2_932522_876) | [2](#chapter_3-sect1_2_932522_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Service Providers](#chapter_3-sect1_3_932524_876) | [3](#chapter_3-sect1_3_932524_876) |
| [Non-Principal Risks of Investing in the Contracts](#chapter_4_876) | [3](#chapter_4_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Misstatement of Age or Sex](#chapter_4-sect1_1_932528_876) | [3](#chapter_4-sect1_1_932528_876) |
| [Purchase of Securities Being Offered](#chapter_5_876) | [3](#chapter_5_876) |
| [Underwriter](#chapter_6_876) | [3](#chapter_6_876) |
| [Annuity Payments](#chapter_7_876) | [3](#chapter_7_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation of Variable Income Payments](#chapter_7-sect1_1_255397_876) | [3](#chapter_7-sect1_1_255397_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Net Investment Factor](#chapter_7-sect1_2_635924_876) | [4](#chapter_7-sect1_2_635924_876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation of Annuity Unit Values](#chapter_7-sect1_3_635926_876) | [4](#chapter_7-sect1_3_635926_876) |
| [Financial Statements](#chapter_8_876) | [4](#chapter_8_876) |

---

Morgan Stanley Variable Annuity II Asset Manager: C000005161

------

**GENERAL INFORMATION AND HISTORY**

**EVERLAKE LIFE INSURANCE COMPANY**

The Depositor for the Everlake Financial Advisors Separate Account I is Everlake Life Insurance Company, formerly Allstate Life Insurance Company. Everlake Life was organized in 1957 as a stock life insurance company under the laws of the State of Illinois. On November 1, 2021, Allstate Insurance Company completed its sale of Allstate Life Insurance Company to Everlake US Holdings Company, a Delaware corporation (the "Transaction"). As a result of the Transaction, Allstate Life Insurance Company changed its name to Everlake Life Insurance Company.

Our home office is located at 3100 Sanders Road, Northbrook, Illinois 60062.

**EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I**

Everlake Life established the Everlake Financial Advisors Separate Account I in 1999 in the state of Illinois. The Registered Separate Account is registered with the Securities and Exchange Commission as a unit investment trust, which is a type of investment company. The street address for the Everlake Financial Advisors Separate Account I is 5801 SW 6th Ave., Topeka, KS 66606-0001 with a mailing address of P.O. Box 758543, Topeka, KS 66675-8566.

**SERVICES**

**SERVICE AGREEMENTS**

We have primary responsibility for all administration of the Contracts and the Registered Separate Account. We entered into an administrative services agreement with The Prudential Insurance Company of America ("PICA") pursuant to which PICA or an affiliate provides administrative services to the Registered Separate Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with SE2, LLC, of 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby SE2, LLC provides certain business process outsourcing services with respect to the Contracts. SE2, LLC may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2025, consisted of the following:

• Donnelley
 Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago,
 IL 60601;

• Iron
 Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110;

• O'Neil
 Digital Solutions, LLC (printing services) located at 3100 E Plano Pkwy Plano, TX, 75074-7423;

• SOVOS
 Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447;

• Records
 Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka,
 KS 66618;

• Venio
 LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508;

• Broadridge
 Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and
 quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108;

• NTT
 DATA, Inc.(offshore, onshore, and nearshore) information and technology infrastructure support; application development, and application
 maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024

In administering the Contracts, the following services are provided, among others:

• maintenance
 of Contract Owner records;

• Contract
 Owner services;

• calculation
 of unit values;

• maintenance
 of the Registered Separate Account; and

• preparation
 of Contract Owner reports.

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you must notify us of a potential error within a reasonable time after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error.

------

[Back to **Table of Contents**](#TOC_876)

Correspondence you send by regular mail to our service center should be sent to P.O. Box 758566, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our service center. Your correspondence is not considered received by us until it is received at our service center. Where the prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in complete and proper form at our service center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our service center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

**OTHER SERVICE PROVIDERS**

Custodian information for the Registrant is not applicable.

The statements of net assets for each of the sub-accounts of Everlake Financial Advisors Separate Account I as of December 31, 2025 and the related statements of operations, the statements of changes in net assets and financial highlights for each of the periods presented, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial highlights are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The statutory-basis financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, independent auditor, as stated in their report which expresses an unqualified opinion on the statutory-basis financial statements and an adverse opinion on accounting principles generally accepted in the United States of America. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The principal business address of Deloitte & Touche LLP is 111 S Wacker Dr., Chicago, IL.

**NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACTS**

**MISSTATEMENT OF AGE OR SEX**

If there has been a misstatement of the age and/or sex of any person upon whose life annuity payments or the minimum death benefit is based, we make adjustments to conform to the facts. As to annuity payments: (a) any underpayments by us will be remedied on the next payment following correction; and (b) any overpayments by us will be charged against future amounts payable by us under your Annuity.

**PURCHASE OF SECURITIES BEING OFFERED**

The Contract is no longer offered for new sales. If you have already purchased the Contract you may continue to make purchase payments according to the Contract. We offered the Contracts to the public through banks as well as brokers licensed under the federal securities laws and state insurance laws.

**UNDERWRITER**

Everlake Distributors, L.L.C. ("EDLLC") serves as the principal underwriter and distributor of the Contract. The Contracts are no longer sold to new customers, however, existing customers can continue to hold the Contracts and make additional purchase payments. The Contracts are sold on a continuous basis, and there is no specific end date for the offering. EDLLC, a wholly owned subsidiary of Everlake Life Insurance Company, is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. EDLLC is not required to sell any specific number or dollar amount of securities. The principal address of EDLLC is 3100 Sanders Road, Northbrook, Illinois, 60062. EDLLC receives no compensation for its role as principal underwriter for these contracts.

**ANNUITY PAYMENTS**

**CALCULATION OF VARIABLE INCOME PAYMENTS**

We determine the amount of the first variable income payment paid under an Income Plan using the income payment tables set out in the Contracts. The Contracts include tables that differentiate on the basis of sex, except in states or tax qualified plans that require the use of unisex tables. We calculate the amount of the first variable income payment under an Income Plan by applying the Contract Value allocated to each Variable Sub-account, less any applicable premium tax charge deducted at the time, to the appropriate income payment factor for the selected Income Plan to determine the Initial Variable Amount Income Value. We will allocate the Initial Variable Amount Income Value among the Variable Sub-accounts you have chosen in the proportions you specified. The portion of the Initial Variable Amount Income Value allocated to a particular Variable Sub-account is divided by the Annuity Unit Value for that Variable Sub-account on the Payout Start Date. This determines the number of

------

[Back to **Table of Contents**](#TOC_876)

Annuity Units from that Variable Sub-account which will be used to determine your variable income payments. Variable income payments, which include your first variable income payment, will vary depending on changes in the Annuity Unit Values for the Variable Sub-accounts upon which the income payments are based. Unless annuity transfers are made between Variable Sub-accounts, each income payment from that Variable Sub-account will be that number of Annuity Units multiplied by the Annuity Unit Value for the Variable Sub-account for the Valuation Date on which the income payment is made.

**NET INVESTMENT FACTOR**

The Net Investment Factor for a Valuation Period is a number representing the change, since the last Valuation Period, in the value of Variable Sub-account assets per Accumulation Unit due to investment income, realized or unrealized capital gain or loss, deductions for taxes, if any, and deductions for the mortality and expense risk charge and administrative expense charge. We determine the Net Investment Factor for each Variable Sub-account for any Valuation Period by dividing (A) by (B) and subtracting (C) from the result, where:

(1) is
 the sum of:

(A) the
 net asset value per share of the Portfolio underlying the Variable Sub-account determined at the end of the current Valuation Period;
 plus,

(B) the
 per share amount of any dividend or capital gain distributions made by the Portfolio underlying the Variable Sub-account during the current
 Valuation Period;

(2) is
 the net asset value per share of the Portfolio underlying the Variable Sub-account determined as of the end of the immediately preceding Valuation Period; and

(3) is
 the mortality and expense risk charge and administrative expense charge corresponding to the portion of the 365 day year (366 days for a leap year) that is
 in the current Valuation Period.

**CALCULATION OF ANNUITY UNIT VALUES**

Annuity Units in each Variable Sub-account are valued separately and Annuity Unit Values will depend upon the investment experience of the particular Portfolio in which the Variable Sub-account invests. We calculate the Annuity Unit Value for each Variable Sub-account at the end of any Valuation Period by:

• multiplying
 the Annuity Unit Value at the end of the immediately preceding Valuation Period by the Variable Sub-account's Net Investment Factor
 (described in the preceding section) for the Period; and then

• dividing
 the product by the sum of 1.0 plus the assumed investment rate for the Valuation Period.

The assumed investment rate adjusts for the interest rate assumed in the income payment tables used to determine the dollar amount of the first variable income payment, and is at an effective annual rate which is disclosed in the Contract.

The calculations discussed herein rely on the net investment factor and annuity unit calculations discussed in the Contract Value section of the Prospectus.

**FINANCIAL STATEMENTS**

The following financial statements are incorporated herein by reference:

• The
 financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period
 ended December 31, 2025, are incorporated herein by reference to the Everlake Life Insurance Company Financial Statements and Reports
 contained in <u>[Form N-VPFS for Everlake Life Variable Life Separate Account A (File No. 811-08173](https://www.sec.gov/Archives/edgar/data/1005913/000162828026024756/elicvlsan-vpfsye2025.htm))</u>,
 filed on April 10, 2026.

• The
 statements of net assets of each of the Sub-accounts comprising Everlake Financial Advisors Separate Account I as of December 31, 2025
 and the statements of operations, statements of changes in net assets and financial highlights for each of the periods presented, are incorporated herein
 by reference to the <u>[Form N-VPFS for Everlake Financial Advisors Separate Account I (File No. 811-09327](https://www.sec.gov/Archives/edgar/data/1085612/000108561226000044/a2025everlakefinadvsai.htm))</u>,
 filed on April 10, 2026.

The statements of net assets for each of the sub-accounts of Everlake Financial Advisors Separate Account I as of December 31, 2025 and the related statements of operations, the statements of changes in net assets and financial highlights for each of the periods presented, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial highlights are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The statutory-basis financial statements of Everlake Life Insurance Company as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, incorporated by reference in this Registration Statement, have been audited by Deloitte & Touche LLP, independent auditor, as stated in their report which expresses an unqualified opinion on the statutory-basis financial statements and an adverse

------

[Back to **Table of Contents**](#TOC_876)

opinion on accounting principles generally accepted in the United States of America. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The principal business address of Deloitte & Touche LLP is 111 S Wacker Dr., Chicago, IL.

------

PART C<br>333-102295 <br>OTHER INFORMATION

ITEM 27. EXHIBITS:

As a result of the sale on November 1, 2021, by Allstate Insurance Company of Allstate Life Insurance Company and Allstate Distributors, LLC, to Everlake US Holdings Company, a Delaware corporation, Allstate Life Insurance Company changed its name to Everlake Life Insurance Company ("Everlake Life") and Allstate Distributors, LLC changed its name to Everlake Distributors, LLC ("Everlake Distributors" or "EDLLC"). Accordingly, references in the exhibits below to "Allstate Life" and "Allstate Distributors" are solely for historical purposes and should be read to refer to Everlake Life and Everlake Distributors, respectively, as applicable. In addition, certain other exhibits are retained for historical reference.

---

| | |
|:---|:---|
| Exhibit No. | Description |
| (a)(1) | [Resolution of the Board of Directors of Allstate Life Insurance Company authorizing establishment of the Allstate Financial Advisors Separate Account I (Incorporated by reference to Registrant's Form N-4 Initial Registration Statement (SEC File No. 333-77605) dated May 3, 1999.)](https://www.sec.gov/Archives/edgar/data/1085612/0000945094-99-000194.txt) |
| (a)(2) | [Resolution of the Board of Directors of Northbrook Life Insurance Company authorizing establishment of the Variable Annuity Account II (Incorporated herein by reference to Post-Effective Amendment No. 13 to Registration Statement (SEC File No. 033-35412) dated December 31, 1996).](https://www.sec.gov/Archives/edgar/data/864922/0000912057-96-030557.txt) |
| (a)(3) | [Resolution of the Board of Directors of Allstate Life Insurance Company authorizing the consolidation of Northbrook Variable Annuity Account, Northbrook Variable Annuity Account II, and Allstate Financial Advisors Separate Account I (Previously filed in Registrant's initial Form N-4 Registration Statement (SEC File No. 333-102295) dated December 31, 2002).](https://www.sec.gov/Archives/edgar/data/1085612/000094509402000746/va2exh1resol.txt) |
| (b) | Not Applicable |
| (c)(1) | [Form of Underwriting Agreement (Incorporated herein by reference to Post-Effective Amendment No. 13 to Registration Statement (SEC File No. 033-35412) dated December 31, 1996).](https://www.sec.gov/Archives/edgar/data/864922/0000912057-96-030557.txt) |
| (c)(2) | [Form of General Agency Agreement (Incorporated herein by reference to Post-Effective Amendment No. 13 to Registration Statement (SEC File No. 033-35412) dated December 31, 1996).](https://www.sec.gov/Archives/edgar/data/864922/0000912057-96-030557.txt) |
| (c)(3) | [Underwriting Agreement between Everlake Life Insurance Company, in its capacity as successor in interest to Glenbrook Life and Annuity Company, and Everlake Distributors, LLC (successor in interest to ALFS, Inc.) effective January 1, 1997. Filed Herewith.](msva-efp23874_ex99c3.htm) |
| (c)(4) | [Underwriting Agreement among Everlake Life Insurance Company and Allstate Financial Advisors Separate Account I and Everlake Distributors, LLC (successor in interest to ALFS, Inc.) effective July 26, 1999. Filed Herewith.](msva-efp23874_ex99c4.htm) |
| (c)(5) | [Principal Underwriting Agreement between Everlake Life Insurance Company and Everlake Distributors, LLC (successor in interest to ALFS, Inc.) effective January 1, 2005. Filed Herewith.](msva-efp23874_ex99c5.htm) |
| (c)(6) | [Amendment to Principal Underwriting Agreement between Everlake Life Insurance Company and Everlake Distributors, LLC effective April 28, 2008. Filed Herewith.](msva-efp23874_ex99c6.htm) |
| (c)(7) | [Amended and Restated Principal Underwriting Agreement, dated June 1, 2006, by and between Allstate Life Insurance Company and Allstate Distributors, LLC (Incorporated herein by reference to the Form S-3 Registration Statement of Allstate Life Insurance Company (SEC File No. 333-169382) dated September 15, 2010).](https://www.sec.gov/Archives/edgar/data/352736/000083975910000111/alicrightfitexh01b.htm) |
| (c)(8) | [Amendment to Principal Underwriting Agreement between Everlake Life Insurance Company and Everlake Distributors, LLC, made and entered into on January 12, 2022 (Incorporated herein by reference to Post-Effective Amendment No. 2 to the Form S-1 Registration Statement of Everlake Life Insurance Company (SEC File No. 333-237708) dated March 30, 2022).](https://www.sec.gov/Archives/edgar/data/352736/000091073922000059/executedamendmenttopuael.htm) |
| (d)(1)(i) | [Form of Contract, Riders and Amendments for the Morgan Stanley Variable Annuity II ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 13 to Registration Statement (SEC File No. 033-35412) dated December 31, 1996.](https://www.sec.gov/Archives/edgar/data/864922/0000912057-96-030557.txt) |
| (d)(1)(ii) | [Form of Contract, Riders and Amendments for the Morgan Stanley Variable Annuity II ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 14 to Registration Statement (SEC File No. 033-35412) dated February 28, 1997.](https://www.sec.gov/Archives/edgar/data/864922/0000912057-97-007351.txt) |
| (d)(1)(iii) | [Form of Contract Riders and Amendments for the Morgan Stanley Variable Annuity II ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 20 to Registration Statement (SEC File No. 033-35412) dated March 3, 1999.](https://www.sec.gov/Archives/edgar/data/864922/0000945094-99-000053.txt) |
| (d)(1)(iv) | [Form of Contract Riders and Amendments for the Morgan Stanley Variable Annuity II ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 23 to Registration Statement (SEC File No. 033-35412) dated February 15, 2000.](https://www.sec.gov/Archives/edgar/data/864922/000094509400000032/0000945094-00-000032.txt) |
| (d)(1)(v) | [Form of Contract, Riders and Amendments for the Morgan Stanley Variable Annuity II ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 25 to Registration Statement (SEC File No. 033-35412) dated March 3, 2000.](https://www.sec.gov/Archives/edgar/data/864922/000094509400000081/0000945094-00-000081.txt) |

---

------

---

| | |
|:---|:---|
| (d)(2)(i) | [Form of Contract and Certificate Amendments for the Morgan Stanley Variable Annuity II Asset Manager (Incorporated herein by reference to Post-Effective Amendment No. 19 to Registration Statement (SEC File No. 033-35412) dated June 5, 1998.](https://www.sec.gov/Archives/edgar/data/864922/0000945094-98-000110.txt) |
| (d)(2)(ii) | [Form of Contract Riders and Amendments for the Morgan Stanley Variable Annuity II Asset Manager (Incorporated herein by reference to Post-Effective Amendment No. 20 to Registration Statement (SEC File No. 033-35412) dated March 3, 1999.](https://www.sec.gov/Archives/edgar/data/864922/0000945094-99-000053.txt) |
| (d)(3) | [Form of Contract and Amendments for the Morgan Stanley Variable Annuity 3 (Incorporated herein by reference to Form of Contract and Amendments for the Morgan Stanley Variable Annuity 3 (Incorporated herein by reference to Post-Effective Amendment No. 24 to Registration Statement (SEC File No. 033-35412) dated March 2, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000078/0000945094-00-000078.txt) |
| (d)(4) | [Income Benefit Combination Rider 2 ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 28 to Registration Statement (SEC File No. 033-35412) dated August 25, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000350/0000945094-00-000350-0002.txt) |
| (d)(5) | [Income and Death Benefit Combination Rider 2 ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 28 to Registration Statement (SEC File No. 033-35412) dated August 25, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000350/0000945094-00-000350-0002.txt) |
| (d)(6) | [Enhanced Earnings Death Benefit Rider ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 31 to Registration Statement (SEC File No. 033-35412) dated November 8, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000424/0000945094-00-000424-0002.txt) |
| (d)(7) | [Enhanced Earnings Death Benefit Plus Rider (Variable Annuity 3) (Incorporated herein by reference to Post-Effective Amendment No. 32 to Registration Statement (SEC File No. 033-35412) dated March 16, 2001.](https://www.sec.gov/Archives/edgar/data/864922/000094509401000090/0000945094-01-000090-0002.txt) |
| (d)(8) | [Form of Longevity Reward Rider ("VA II") (Incorporated herein by reference to Post-Effective Amendment No. 35 to Registration Statement (SEC File No. 033-35412) dated October 12, 2001).](https://www.sec.gov/Archives/edgar/data/864922/000094509401500221/rider.txt) |
| (d)(9) | [Income and Performance Death Benefit Rider (VAII, VA3 (Incorporated herein by reference to Post-Effective Amendment No. 36 to Registration Statement (SEC File No. 033-35412) dated April 29, 2002).](https://www.sec.gov/Archives/edgar/data/864922/000094509402000277/exhibit4i.txt) |
| (d)(10) | [Form of Contract Endorsement (reflecting Allstate Life as the issuer) (Previously filed in Registrant's initial Form N-4 Registration Statement (SEC File No. 333-102295) dated December 31, 2002).](https://www.sec.gov/Archives/edgar/data/1085612/000094509402000746/va2exh4endor.txt) |
| (d)(11) | [Form of Death Benefit Endorsement (VAII, VA3) (Previously filed in Post-Effective Amendment No. 1 to this Registration Statement (SEC File No. 333-102295) dated April 18, 2003).](https://www.sec.gov/Archives/edgar/data/1085612/000094509403000298/alicmsva2exh4.txt) |
| (d)(12) | [Merger Agreement and Articles of Merger between Northbrook Life Insurance Company and Allstate Life Insurance Company (Previously filed in Registrant's initial Form N-4 Registration Statement (SEC File No. 333-102295) dated December 31, 2002).](https://www.sec.gov/Archives/edgar/data/1085612/000094509402000746/va2exh99ef.txt) |
| (e)(1) | [Form of Application for the Morgan Stanley Variable Annuity II (Incorporated herein by reference to Post-Effective Amendment No. 13 to Registration Statement (SEC File No. 033-35412) dated December 31, 1996).](https://www.sec.gov/Archives/edgar/data/864922/0000912057-96-030557.txt) |
| (e)(2) | [Form of Application for the Morgan Stanley Variable Annuity II Asset Manager (Incorporated herein by reference to Post-Effective Amendment No. 19 to Registration Statement (SEC File No. 033-35412) dated June 5, 1998).](https://www.sec.gov/Archives/edgar/data/864922/0000945094-98-000110.txt) |
| (e)(3) | [Form of Application for the Morgan Stanley Variable Annuity 3 (Incorporated herein by reference to Post-Effective Amendment No. 24 to Registration Statement (SEC File No. 033-35412) dated March 2, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000078/0000945094-00-000078.txt) |
| (f)(1) | [Amended and Restated Articles of Incorporation of Allstate Life Insurance Company dated November 8, 2021 (Incorporated herein by reference to Post-Effective Amendment No. 2 to the Form S-1 Registration Statement of Everlake Life Insurance Company (SEC File No. 333-237708) dated March 30, 2022).](https://www.sec.gov/Archives/edgar/data/352736/000091073922000059/everlakelifeinsurance5c5.htm) |
| (f)(2) | [By-Laws of Everlake Life Insurance Company dated November 1, 2021 (Incorporated herein by reference to Post-Effective Amendment No. 2 to the Form S-1 Registration Statement of Everlake Life Insurance Company (SEC File No. 333-237708) dated March 30, 2022).](https://www.sec.gov/Archives/edgar/data/352736/000091073922000059/everlakelifeinsurancecom.htm) |
| (g) | [Indemnity Reinsurance Agreement Between Allstate Life Insurance Company and The Prudential Insurance Company of America dated June 1, 2006. (Incorporated herein by reference to Pre-Effective Amendment No. 1 to Form N-4 Registration Statement (SEC File No. 333-141909) dated June 20, 2007).](https://www.sec.gov/Archives/edgar/data/1085612/000119312507139190/dex997.txt) |
| (h) | Forms of Participation Agreements: |
| (h)(1) | [Morgan Stanley Variable Investment Series (Incorporated herein by reference to Post-Effective Amendment No. 12 to Registration Statement (SEC File No. 033-35412) dated April 30, 1996).](https://www.sec.gov/Archives/edgar/data/864922/0000912057-96-007397.txt) |
| (h)(2) | [The Universal Institutional Funds, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 1 to Registration Statement (SEC File No. 333-93871) dated January 28, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000018/0000945094-00-000018.txt) |
| (h)(3) | [AIM Variable Insurance Funds (Incorporated herein by reference to Post-Effective Amendment No. 1 to Registration Statement (SEC File No.333-93871) dated January 28, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000018/0000945094-00-000018.txt) |

---

------

---

| | |
|:---|:---|
| (h)(4) | [Alliance Variable Products Series Fund (Incorporated herein by reference to Post-Effective Amendment No. 1 to Registration Statement (SEC File No.333-93871) dated January 28, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000018/0000945094-00-000018.txt) |
| (h)(5) | [Putnam Variable Trust (Incorporated herein by reference to Post-Effective Amendment No. 1 to Registration Statement (SEC File No. 333-93871) dated January 28, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000018/0000945094-00-000018.txt) |
| (h)(6) | [Van Kampen Life Investment Trust (Incorporated herein by reference to Post-Effective Amendment No. 1 to Registration Statement (SEC File No. 333-93871) dated January 28, 2000).](https://www.sec.gov/Archives/edgar/data/864922/000094509400000018/0000945094-00-000018.txt) |
| (h)(7) | [Franklin Templeton Variable Insurance Products Trust (Previously filed in Post-Effective Amendment No. 2 to this Registration Statement (SEC File No. 333-102295) dated April 19, 2004.)](https://www.sec.gov/Archives/edgar/data/1085612/000094509404000323/alicmsva22am3exh8.txt) |
| (i)(1) | [The Administrative Services Agreement between Allstate Life Insurance Company and The Prudential Insurance Company of America (Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement (SEC File No. 333-102295) dated February 26, 2021).](http://www.sec.gov/Archives/edgar/data/1085612/000162828021003431/alic-picaadminsvcsagrmt0.htm) |
| (i)(2) | [The Master Services Agreement between The Prudential Insurance Company of America and se2, Inc. (Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement (SEC File No. 333-102295) dated February 26, 2021).](https://www.sec.gov/Archives/edgar/data/1085612/000162828021003431/se2mastersvcsagrmt012308.htm) |
| (i)(3) | [Administrative Services Agreement between EDLLC and ELIC, effective January 1, 2000. Filed Herewith.](msva-efp23874_ex99i3.htm) |
| (i)(4) | [Expense Sharing and Services Agreement, dated November 1, 2021, by and among Everlake Holdings, LP, Everlake US Parent Company, Everlake US Holdings Company, Everlake Reinsurance Limited, Everlake Services Company, Everlake Life Insurance Company, Everlake Assurance Company, Everlake Life Insurance Company Reinsurance Company, Everlake Assignment Company, Everlake Settlement Corporation, Everlake International Assignments, Ltd., Everlake Distributors, LLC, AIMCO Private Fund I Holdings, LLC, AIMCO Private Fund I, LLC, as amended effective November 1, 2021. Incorporated herein by reference to Post-Effective Amendment No. 2 to the Form S-1 Registration Statement of Everlake Life Insurance Company, SEC File No. 333-237708, filed on March 30, 2022.](https://www.sec.gov/Archives/edgar/data/352736/000091073922000059/a4-expensesharingandserv.htm) |
| (j) | Not Applicable. |
| (k) | [Opinion and consent of General Counsel. Filed Herewith.](msva-efp23874_ex99k.htm) |
| (l)(1) | [Consent of Independent Registered Public Accounting Firm. Filed Herewith.](msva-efp23874_ex99l1.htm) |
| (l)(2) | [Consent of Independent Auditors. Filed Herewith.](msva-efp23874_ex99l2.htm) |
| (m) | Not Applicable. |
| (n) | Not Applicable. |
| (o) | Not Applicable. |
| (p) | [Powers of Attorney for Angela Fontana, Laurie Harris, Michael Hartt, Michael Hovey, Johnny Johns, Ted Johnson, Tyler (Doney) Largey, Philip Sherrill, Susan Voss, and Bonnie Wasgatt. Filed Herewith.](msva-efp23874_ex99p.htm) |
| (q) | Not Applicable. |
| (r) | Not Applicable. |

---

------

ITEM 28. DIRECTORS AND OFFICERS OF THE INSURANCE COMPANY:

Our directors and officers are listed below. The principal business address of each of the officers and directors listed below is 3100 Sanders Road, Suite 303, Northbrook, IL 60062.

---

| | |
|:---|:---|
| **NAME** | **POSITION AND OFFICES WITH INSURANCE COMPANY** |
| Rebecca Baldwin | Vice President |
| Beth Drinan | Vice President and Head of Internal Audit |
| Sonya Ekart | Vice President and Assistant Secretary |
| Angela Fontana | Director, Senior Vice President, Chief Legal Officer and Secretary |
| Michael Gambler | Head of Information Security |
| Laurie Harris | Director |
| Michael Hartt | Senior Vice President and Chief Accounting Officer |
| Michael Hovey | Director and Chairman of the Board |
| Christine Husted | Senior Vice President, Treasurer, and Head of Investment Strategy & Operations |
| Johnny Johns | Director |
| Ted Johnson | Director, Senior Vice President and Chief Financial Officer |
| Rebecca Kennedy | Senior Vice President and Chief Operations Officer |
| Tracy Kirchhoff | Chief Compliance, Ethics and Privacy Officer |
| Tyler (Doney) Largey | Director, President and Chief Executive Officer |
| Steven Napoli | Illustration Actuary |
| Theresa Resnick | Senior Vice President and Actuary |
| Philip Sherrill | Director |
| Jeremy Vessels | Senior Vice President and Chief Development Officer |
| Susan Voss | Director |
| Bonnie Wasgatt | Director |
| Yiping Yang | Appointed Actuary, Senior Vice President and Chief Actuary |
| Rui Zhang | Senior Vice President and Chief Risk Officer |
| Alexandros Zoppos | Senior Vice President and Chief Technology Officer |

---

------

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE INSURANCE COMPANY OR THE REGISTERED SEPARATE ACCOUNT:

<br>![](pa879img001.jpg)

------

Everlake Life Insurance Company is a life insurance company organized under the laws of the State of Illinois ("Everlake Life") and is a direct wholly owned subsidiary of Everlake US Holdings Company, a holding company incorporated in the state of Delaware. Everlake US Holdings Company is a direct wholly owned subsidiary of Everlake US Parent Company, a holding company incorporated in the state of Delaware, which is a direct wholly owned subsidiary of Everlake Holdings, LP, a Cayman Islands limited partnership, whose general partner is Blackstone ISG Investment Partners – A Management Associates (Cayman) – NQ L.P., a Cayman Islands exempted limited partnership ("BISG Management Associates"). BISG Management Associates is an indirect subsidiary of Blackstone Inc., a Delaware corporation, which is a publicly traded company listed on the New York Stock Exchange under the ticker symbol "BX" ("Blackstone"). Pursuant to the terms of the Joint Shareholder Committee Agreement, dated November 1, 2021 (as amended, the "Joint Shareholder Committee Agreement"), Everlake US Holdings Company, Everlake US Parent Company, Everlake Holdings, LP, BISG Management Associates and the other entities that otherwise would directly or indirectly control Everlake US Holdings Company, including Blackstone (collectively, the "Delegating Persons"), established and delegated all authority that the shareholders of Everlake US Holdings Company would have had as shareholders to a joint shareholder committee (the "Shareholder Committee") comprised of three employees of Blackstone with the title of managing director or any equivalent or senior title. The Shareholder Committee possesses and is entitled to exercise rights attendant to the shares of Everlake US Holdings Company held by the Delegating Persons and, as such, its primary role is to consider and vote on matters appropriate for Everlake US Holdings Company's shareholders, including the election of members of Everlake US Holding Company's Board of Directors.

ITEM 30. INDEMNIFICATION:

The Amended and Restated Bylaws of Everlake Life Insurance Company provide for the indemnification of its directors and officers against expenses, judgments, fines and amounts paid in settlement as incurred by such person, so long as such person shall not have been adjudged to be liable for negligence or misconduct in the performance of a duty to the Company. This right of indemnity is not exclusive of other rights to which a director or officer may otherwise be entitled. Everlake Life has obtained directors and officers liability insurance which insures against certain liabilities that the directors and officers of Everlake Life and its subsidiaries, may, in such capacities, incur.

The By-Laws of EDLLC (Distributor) provide that the corporation will indemnify a director, officer, employee or agent of the corporation to the full extent of Delaware law. In general, Delaware law provides that a corporation may indemnify a director, officer, employee or agent against expenses, judgments, fines and amounts paid in settlement if that individual acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. No indemnification shall be made for expenses, including attorney's fees, if the person shall have been judged to be liable to the corporation unless a court determines such person is entitled to such indemnity. Expenses incurred by such individual in defending any action or proceeding may be advanced by the corporation so long as the individual agrees to repay the corporation if it is later determined that he or she is not entitled to such indemnification.

Under the terms of the Amended and Restated Principal Underwriting Agreement with EDLLC, Everlake Life agrees to indemnify Distributors for any liability that it may incur to a contract owner or party-in-interest under a contract covered by the agreement: (a) arising out of any act or omission in the course of or in connection with rendering services under this Agreement; or (b) arising out of the purchase, retention or surrender of a contract; provided, however that Everlake Life will not indemnify EDLLC for any such liability that results from the willful misfeasance, bad faith or gross negligence of EDLLC or from the reckless disregard by EDLLC of its duties and obligations arising under this Agreement.

Insofar as indemnification for liability arising out of the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Everlake Life pursuant to the foregoing provisions, or otherwise, Everlake Life has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than payment by Everlake Life of expenses incurred by a director, officer or controlling person of Everlake Life in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, Everlake Life will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

ITEM 31. PRINCIPAL UNDERWRITERS:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Everlake Distributors serves as principal underwriter and distributor of the securities of the following investment companies:

• Lincoln
 Benefit Life Variable Annuity Account

• Lincoln
 Benefit Life Variable Life Account

• Everlake
 Assurance Company Variable Life Separate Account

• Everlake
 Financial Advisors Separate Account I

• Everlake
 Life Insurance Company Variable Annuity Separate Account C

• Everlake
 Life Variable Life Separate Account A

(b) The directors and officers of EDLLC, the principal underwriter for the contracts described in this registration statement ("Contracts"), are as follows:

------

---

| | |
|:---|:---|
| **Name** | **Position and Offices with Underwriter** |
| Sonya Ekart | Vice President and Assistant Secretary |
| Angela Fontana | Manager, Senior Vice President, Chief Legal Officer and Secretary |
| Julie Harrigan | Treasurer, Controller & Financial and Operations Principal (FINOP) |
| Michael Hartt | Senior Vice President and Chief Accounting Officer |
| Christine Husted | Senior Vice President and Assistant Treasurer |
| Patrick Jeneske | Chief Compliance Officer |
| Rebecca Kennedy | Manager, President and Chief Executive Officer |
| Tracy Kirchhoff | AML Officer |
| Tyler (Doney) Largey | Manager and Chairman of the Board |

---

The principal business address of each of the officers and directors is 3100 Sanders Road, Suite 303, Northbrook, IL 60062.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Compensation from the Registrant

The following commissions and other compensation were received by Everlake Distributors, directly or indirectly, from the Registrant for the year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (2) | (3) | (4) | (5) |
| Name of Principal Underwriter | Discounts and Commissions | Net Underwriting Compensation on Redemption | Brokerage<br>Commissions | Compensation |
| Everlake Distributors, LLC | N/A | N/A | $0 | N/A |

---

ITEM 31A. INFORMATION ABOUT CONTRACTS WITH INDEX-LINKED OPTIONS AND FIXED OPTIONS SUBJECT TO A CONTRACT ADJUSTMENT:

Not Applicable.

ITEM 32. LOCATION OF ACCOUNTS AND RECORDS:

Everlake Life and EDLLC are both located at 3100 Sanders Road, Northbrook, Illinois 60062. Each company maintains those accounts and records required to be maintained pursuant to Section 31(a) of the Investment Company Act and the rules promulgated thereunder.

ITEM 33. MANAGEMENT SERVICES:

None.

ITEM 34. FEE REPRESENTATION AND UNDERTAKINGS:

Everlake Life represents that the fees and charges deducted under the Contracts described in this registration statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Everlake Life under the Contracts.

------

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, all in the Township of Northfield, and State of Illinois, on this 13th day of April, 2026.

---

| | |
|:---|:---|
| EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I<br>(REGISTERED SEPARATE ACCOUNT) | EVERLAKE FINANCIAL ADVISORS SEPARATE ACCOUNT I<br>(REGISTERED SEPARATE ACCOUNT) |
| By: | /s/ Angela K. Fontana |
|  | Angela K. Fontana<br>Director, Senior Vice President, Chief Legal Officer and Secretary |
|  | EVERLAKE LIFE INSURANCE COMPANY<br>(INSURANCE COMPANY) |
| By: | /s/ Angela K. Fontana |
|  | Angela K. Fontana<br>Director, Senior Vice President, Chief Legal Officer and Secretary |

---

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated, on this 13th day of April, 2026.

---

| | |
|:---|:---|
|  /s/ Angela K. Fontana<br> Angela K. Fontana | Director, Senior Vice President, Chief Legal Officer and Secretary |
|  \*/ Laurie L. Harris<br> Laurie L. Harris | Director |
|  \*/ Michael Hartt<br> Michael Hartt | Senior Vice President and Chief Accounting Officer |
|  \*/ Michael W. Hovey<br> Michael W. Hovey | Director |
|  \*/ Johnny Johns<br> Johnny Johns | Director |
|  \*/ Ted M. Johnson<br> Ted M. Johnson | Director, Senior Vice President and Chief Financial Officer |
|  \*/ Tyler E. Largey<br> Tyler E. Largey | Director, President and Chief Executive Officer |
|  \*/ Philip Sherrill<br> Philip Sherrill | Director |
|  \*/ Susan E. Voss<br> Susan E. Voss | Director |
|  \*/ Bonnie G. Wasgatt<br> Bonnie G. Wasgatt | Director |

---

\* /By: <u>/s/ Angela K. Fontana</u>, on behalf of those indicated pursuant to Power of Attorney.

------

## Exhibit 99.9

![](undrvariable-01.jpg)

![](undrvariable-02.jpg)

![](undrvariable-03.jpg)

![](undrvariable-04.jpg)

![](undrvariable-05.jpg)

![](undrvariable-06.jpg)

![](undrvariable-07.jpg)

![](undrvariable-08.jpg)

![](undrvariable-09.jpg)

![](undrvariable-10.jpg)

![](undrvariable-11.jpg)

![](undrvariable-12.jpg)

![](undrvariable-13.jpg)

![](undrvariable-14.jpg)

## Exhibit 99.9

![](under-01.jpg)

![](under-02.jpg)

![](under-03.jpg)

![](under-04.jpg)

![](under-05.jpg)

![](under-06.jpg)

![](under-07.jpg)

![](under-08.jpg)

![](under-09.jpg)

![](under-10.jpg)

![](under-11.jpg)

![](under-12.jpg)

![](under-13.jpg)

![](under-14.jpg)

## Exhibit 99.9

![](prncpl-01.jpg)

![](prncpl-02.jpg)

![](prncpl-03.jpg)

![](prncpl-04.jpg)

![](prncpl-05.jpg)

![](prncpl-06.jpg)

![](prncpl-07.jpg)

![](prncpl-08.jpg)

![](prncpl-09.jpg)

![](prncpl-10.jpg)

## Exhibit 99.9

![](admin-01.jpg)

![](admin-02.jpg)

![](admin-03.jpg)

## Ex-99.(I)(3)

![](pg01.jpg)

![](pg02.jpg)

![](pg03.jpg)

![](pg04.jpg)

## Ex-99.(K)

**Everlake Life Insurance Company**

3100 Sanders Road, Suite 303 Northbrook, IL 60062

Phone 847.665.9930

Email angela.fontana@everlakelife.com

Angela K. Fontana

Senior Vice President,

Chief Legal Officer and Secretary

April 13, 2026

**VIA EDGAR**

To: Everlake Life Insurance Company Northbrook, IL 60062

From: Angela K. Fontana Senior Vice President, Chief Legal Officer and Secretary

---

| | |
|:---|:---|
| **Re:** | **Everlake Life Insurance Company**<br> **Everlake Financial Advisors Separate Account I**<br> **Post-Effective Amendment to Registration Statement on Form N-4**<br> **File Nos. 333-102295 and 811-09327** |

---

With reference to the Post-Effective Amendment on Form N-4 referenced above filed by Everlake Life Insurance Company (the "Company") with the Securities and Exchange Commission covering the Flexible Premium Deferred Variable Annuity Contracts, known as Morgan Stanley Variable Annuity II AssetManager, Morgan Stanley Variable Annuity 3, and Morgan Stanley Variable Annuity II (the "Contracts"), I have examined such documents and such law as I have considered necessary and appropriate for the purpose of rendering this opinion. On the basis of such examination, it is my opinion that:

1) The Company is duly organized and existing under the laws of the State of Illinois and has been duly authorized to do business and to issue the Contracts by the Director of Insurance of the State of Illinois.

2) The separate account through which the Contracts are issued is a duly authorized and existing separate account established pursuant to the provisions of applicable state law.

3) To the extent so provided under the Contracts, that portion of the assets of the separate account equal to the reserves and other contract liabilities with respect to the separate account will not be chargeable with liabilities arising out of any other business that the Company may conduct.

4) The securities registered by the above Post-Effective Amendment when issued will be valid, legal and binding obligations of the Company.

I hereby consent to the filing of this opinion as an exhibit to the above referenced Post-Effective Amendment and to the use of my name under the caption "Legal Matters" in the prospectus constituting a part of the Post-Effective Amendment to the Registration Statement.

Sincerely,

---

| |
|:---|
| /s/ Angela K. Fontana |
| Angela K. Fontana |
| Senior Vice President, Chief Legal Officer and Secretary |

---

## Ex-99.(L)(1)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Effective Amendment No. 31 to Registration Statement No. 333-102295 of the Everlake Financial Advisors Separate Account I (the "Account") on Form N-4 of our report dated April 6, 2026, relating to the financial statements and financial highlights of each of the Sub-Accounts comprising the Account appearing in Form N-VPFS of the Account for the year ended December 31, 2025, and to the references to us under the headings "Financial Statements" and "Other Service Providers" in the Statement of Additional Information, which is part of such Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

April 13, 2026

## Ex-99.(L)(2)

**CONSENT OF INDEPENDENT AUDITORS**

We consent to the incorporation by reference in this Post-Effective Amendment No. 31 to Registration Statement No. 333-102295 on Form N-4 of our report dated March 25, 2026, relating to the statutory-basis financial statements of Everlake Life Insurance Company appearing in Form N-VPFS of Everlake Life Variable Life Separate Account A for the year ended December 31, 2025. We also consent to the references to us under the headings "Financial Statements" and "Other Service Providers" in the Statement of Additional Information, which is part of such Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

April 13, 2026

## Ex-99.(P)

**POWER OF ATTORNEY**

The undersigned, Angela K. Fontana of Everlake Life Insurance Company ("Company"), constitutes and appoints Tyler (Doney) Largey and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Angela K. Fontana |
| Angela K. Fontana |
| Director, Senior Vice President, |
| Chief Legal Officer and Secretary |

---

**POWER OF ATTORNEY**

The undersigned, Laurie L. Harris of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Laurie L. Harris |
| Laurie L. Harris |
| Director |

---

**POWER OF ATTORNEY**

The undersigned, Michael Hartt of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Michael M. Hartt |
| Michael Hartt |
| Chief Accounting Officer and Senior Vice President |

---

**POWER OF ATTORNEY**

The undersigned, Michael W. Hovey of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 9, 2026

---

| |
|:---|
| /s/ M. Hovey |
| Michael W. Hovey |
| Director and Chairman of the Board |

---

**POWER OF ATTORNEY**

The undersigned, Johnny Johns of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Tyler (Doney) Largey, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 9, 2026

---

| |
|:---|
| /s/ John Johns |
| Johnny Johns |
| Director |

---

**POWER OF ATTORNEY**

The undersigned, Ted M. Johnson of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Tyler (Doney) Largey, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Ted Johnson |
| Ted M. Johnson |
| Director, Senior Vice President and Chief Financial Officer |

---

**POWER OF ATTORNEY**

The undersigned, Tyler (Doney) Largey of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Doney Largey |
| Tyler (Doney) Largey |
| Director, President and Chief Executive Officer |

---

**POWER OF ATTORNEY**

The undersigned, Philip Sherrill of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Philip Sherrill |
| Philip Sherrill |
| Director |

---

**POWER OF ATTORNEY**

The undersigned, Susan E. Voss of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Susan E. Voss |
| Susan E. Voss |
| Director |

---

**POWER OF ATTORNEY**

The undersigned, Bonnie G. Wasgatt of Everlake Life Insurance Company ("Company"), constitutes and appoints Angela Fontana and Ted Johnson, each with full power to act alone, as their true and lawful attorney-in-fact and agent, in any and all capacities, to sign on behalf of the Company and any of its separate accounts, the registration statements identified below, and any amendments thereto, and in each case to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable. I hereby ratify and confirm each and every act that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. My subsequent disability or incapacity shall not affect this Power of Attorney.

<u>Registration Statements</u>

Registration Statements and amendments thereto under Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290879

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290880

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-290881

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270979

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270984

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-270987

Registration Statements and amendments thereto under Everlake Financial Advisors Separate Account I and Everlake Life Insurance Company, Registration Nos.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-102295

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114561

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 333-114562

Signed on April 8, 2026

---

| |
|:---|
| /s/ Bonnie Wasgatt |
| Bonnie G. Wasgatt |
| Director |

---