# EDGAR Filing Document

**Accession Number:** 0001890459
**File Stem:** 0001829126-23-001863
**Filing Date:** 2023-3
**Character Count:** 45244
**Document Hash:** be654fce5810839f71702788ebe758cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001863.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001829126-23-001863

**CONFORMED SUBMISSION TYPE**: 497VPI

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Universal Life Separate Account Fortune VII
- **CENTRAL INDEX KEY:** 0001890459
- **IRS NUMBER:** 660502334
- **STATE OF INCORPORATION:** PR

**FILING VALUES:**
- **FORM TYPE:** 497VPI
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-260539
- **FILM NUMBER:** 23702212

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2145
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00922-2145
- **BUSINESS PHONE:** 787-706-7339

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2145
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00922-2145

## Series and Classes Contracts Data

### Universal Life Separate Account Fortune VII (Series ID: S000074991)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000233583 | Universal VIA Generation Growth ADV |  |

**Universal VIA Generation Growth**

**Universal Life Insurance Company (the "Company")** 

**Issued through: Fortune VII Separate Account** 

**Contract Classes: Generation Growth, Generation Growth ADV** 

**<u>Summary Prospectus for New Investors</u>**

October 31, 2022

This summary prospectus (the "Summary Prospectus") summarizes key features of the contract. Before you invest, you should also review the full (or statutory) prospectus (the "Prospectus") for the contract, which contains more information about the contract's features, benefits, and risks. You can find this document and other information about the contract online at www.universalpr.com. You can also obtain this information by calling 787-706-7095, by sending an email request <u>to: annuities@universalpr.com</u>, or by calling your financial intermediary.

You invest to accumulate value on a tax-deferred basis in one or more of our variable investment options listed in Appendix "Portfolio Companies available under the contract."

The VIA Generation Growth ADV series is available through advisors who charge an advisory fee for their services, and this fee is in addition to contract fees and expenses. If you elect to pay the advisory fee from your account value, then this deduction will be treated as a withdrawal and will reduce the standard death benefit or the Return of Premium death benefit and could be subject to Puerto Rico Income Taxes.

Contract Owners have a fifteen calendar day right to review and examine the Contract. The Contract may be returned to Universal Life's home office for any reason within fifteen days of delivery from Universal Life's home office and Universal Life will refund the Contract Value. The refunded Contract Value will reflect the value of the underlying investments in the Contract after deducting any Contract charges, unless otherwise required by law. Please be advised that the purchase payments received by Universal Life during such fifteen-day period will be invested in accordance with the instructions of the Contract Owner. If the Contract Owner decides to cancel during the fifteen-day period, the value of the Contract will therefore depend on the value of the underlying investments in the Contract.

**We reserve the right to stop accepting any application or contribution from you at any time, including after you purchase the contract. If you have the Return of Premium death benefit and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract you may no longer be able to fund your benefit. This means that you may no longer be able to increase your benefit base through contributions.** 

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.

Definitions of Key Terms

***Account value*** — Your account value is the total of the values you have in the variable investment options.

***Annuitant*** — The "annuitant" is the person upon whose life annuity payments are based.

***Business Day*** — Our "business day" is generally any day the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). If the SEC determines the existence of emergency conditions on any day, and consequently, the NYSE does not open, then that day is not a business day.

***Cash Value*** — At any time before annuity payments begin, your contract's "cash value" is equal to the account value less: (i) as applicable, the total amount or a pro rata portion of the Contract Maintenance Fee, and a pro rata portion of the Return of Premium death benefit charge; and (ii) any applicable withdrawal charges.

***Contract Date*** — The "contract date" is the effective date of the contract. Your contract date will be shown in your contract.

***Contract date anniversary*** — The end of each 12-month period is your "contract date anniversary." For example, if your contract date is May 1<sup>st</sup>, your contract date anniversary is April 30th. If the contract date anniversary falls on a non- business day, then the transaction date for any transaction that is scheduled to occur on such anniversary will be the immediately preceding business day.

***Contract Year*** — The "contract year" is the 12-month period beginning on your contract date and each 12-month period after that date.

***Free look*** — If for any reason you are not satisfied with your contract, you may exercise your cancellation right under the contract to receive a refund, but only if you return your contract within the prescribed period. This is your "Free look" right under the contract. Your refund will generally reflect any gain or loss in your investment options.

***IRA*** — Individual retirement annuity contract, either traditional IRA or Roth IRA (may also refer to an individual retirement account or an individual retirement arrangement).

***NQ contract*** — Nonqualified annuity contract.

***Owner*** — The "owner" is the person who is the named owner in the contract and, if an individual, is the measuring life for determining contract benefits.

***Return of Premium death benefit*** — An optional rider that provides a death benefit calculated based on the greater of your account value or contributions to your contract, adjusted for withdrawals. There is an additional charge for the Return of Premium death benefit under the contract.

Important Information You Should Consider About The Contract

---

| | |
|:---|:---|
| **FEES AND EXPENSES** | **FEES AND EXPENSES** |
| **Charges for Early Withdrawals** | **Universal VIA Generation Growth** — If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from the contract within 6 years following your last contribution, you will be assessed a withdrawal charge of up to 7% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment.<br>**Universal VIA Generation Growth ADV** — No withdrawal charge.<br>For additional information about charges for surrenders and early withdrawals see "Withdrawal charge" in "Charges and expenses". |
| **Transaction Charges** | In addition to surrender charges, you may also be charged for other transactions (for special requests such as wire transfers, express mail, duplicate contracts, preparing checks, third-party transfers or exchanges, or when you transfer between investment options in excess a certain number). Under the Universal VIA Generation Growth ADV contract, if the fee for the advisory services you are receiving is taken from account value, then account value will be reduced for any such charge.<br>For additional information about transaction charges see "Charges that the Company deducts" in "Charges and expenses" in the Prospectus. |
| **Ongoing Fees and Expenses** (annual charges) | Each series of the contract provides for different ongoing fees and expenses. The table below describes the fees and expenses that you may pay each year under the contract, depending on the options you choose. For the Generation Growth ADV contracts, the fees and expenses in the table below do not reflect any advisory fees paid to financial intermediaries from the contract value or other assets of the owner; if such fees were reflected the below fees and charges would be higher. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected. |

---

---

| | | |
|:---|:---|:---|
| **Annual Fee** | **Minimum** | **Maximum** |
| Base Contract (varies by contract series)<sup>(1) (4)</sup> | 0. 55% | 1.50% |
| Investment options (Portfolio company fees and expenses)<sup>(2)</sup> | 0.55% | 1.27% |
| Optional benefits available for an additional charge (for a single optional benefit, if elected)<sup>(3)</sup> | 0.30% | 0.50% |

---

<sup>(1)</sup> Expressed as an annual percent of daily net assets. Included as part of base contract expense for the maximum charge attributable to the Generation Growth contracts, is the effect of the $50 annual Contract Maintenance Fee.

<sup>(2)</sup> Expressed as an annual percentage of daily net assets in the Portfolio. This range is for the year ended December 31, 2022 and could change from year to year.

<sup>(3)</sup> Expressed as an annual percentage of the applicable benefit base.

<sup>(4)</sup> Puerto Rico Tax Charge, included as part of the Base Contract fee, will be deducted on an annual basis from each variable account and equals 0.10% of the net asset value of each variable account as of December 31 of each calendar year.

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 surrender charges that substantially increase costs**.

---

| | | | |
|:---|:---|:---|:---|
| **Lowest Annual Cost <br> $1,425** | **Lowest Annual Cost <br> $1,425** | **Highest Annual Cost <br> $3,299** | **Highest Annual Cost <br> $3,299** |
| Assumes: | Assumes: | Assumes: | Assumes: |
| ● | Investment of $100,000 | ● | Investment of $100,000 |
| ● | 5% annual appreciation | ● | 5% annual appreciation |
| ● | Least expensive combination of contract series (Generation Growth ADV) and Portfolio company fees and expenses | ● | Most expensive combination of contract series (Generation Growth), optional benefits (Return of Premium death benefit) and Portfolio company fees and expenses |
| ● | No optional benefits |  |  |
| ● | No sales charges or advisory fees | ● | No sales charges or advisory fees |
| ● | No additional contributions, transfers or withdrawals | ● | No additional contributions, transfers or withdrawals |

---

For additional information about ongoing fees and expenses, see "Fee Table" in this Prospectus.

---

| | |
|:---|:---|
| **RISKS** | **RISKS** |
| **Risk of Loss** | The contract is subject to the risk of loss. You could lose some or all of your account value.<br>For additional information about the risk of loss see "Principal risks of investing in the contract" in the full Prospectus. |
| **Not a Short-Term Investment** | The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. A withdrawal charge may apply in certain circumstances and any withdrawals may also be subject to Puerto Rico income taxes. |

---

---

| | |
|:---|:---|
| ***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 variable investment options (e.g., the Portfolios). Each investment option available under the contract, has its own unique risks. You should review the investment options available under the contract before making an investment decision.<br>For additional information about the risks associated with investment options see "Portfolios of the Trusts" in "Purchasing the contract" in the full Prospectus. See also Appendix "Portfolio Companies available under the contract" in this summary Prospectus. |
| **Insurance Company Risks** | An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract's account value. The general obligations under the contract are supported by our general account and are subject to our claims paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at www.universalpr.com.<br>For additional information about insurance company risks see "Principal Risks of Investing in the Contract" in the full Prospectus. |

---

---

| | |
|:---|:---|
| **RESTRICTIONS** | **RESTRICTIONS** |
| **Investments** | We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the investment options and to limit the number of investment options, which you may select. Such rights include, among others, combining any two or more investment options and transferring account value from any investment option to another investment option.<br>For more information, see "More information" in the full Prospectus.<br>Currently, we do not charge for transfers among investment options under the contract. However, we reserve the right to charge for any transfers in excess of 12 per contract year. We will provide you with advance notice if we decide to assess the transfer charge, which will never exceed $35 per transfer.<br>For additional information about the investment options, including information regarding volatility management strategies and techniques, see "Portfolios of the Trusts" in "Purchasing the contract" in the full Prospectus. |

---

---

| | |
|:---|:---|
| **Optional Benefits** | At any time, we have the right to limit or terminate your ability to contribute to any of the investment options. If you have one or more guaranteed benefits like the Return of Premium Death Benefit (which are also known as optional benefits) and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract, you may no longer be able to fund your guaranteed benefit(s).<br>If you elect the Return of Premium death benefit you generally cannot make additional contributions to your contract once you reach age 76 (or after the first contract year, if later).<br>Withdrawals, including withdrawals to pay advisory fees, 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 and could be subject to Puerto Rico Income Taxes.<br>If you purchase a Generation Growth ADV contract and you elect to pay the advisory fee from your account value, then this deduction will be treated as a withdrawal and will reduce the standard death benefit and the Return of Premium death benefit See "Fee based programs" in "Purchasing the contract" in the full Prospectus.<br>For additional information about the optional benefits see "Benefits available under the contract" in this summary Prospectus and in the full Prospectus. |
| **TAXES** | **TAXES** |
|  | You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract.<br>For additional information about tax implications see "Tax information" in the full Prospectus. |
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** |
| **Investment Professional Compensation** | Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as "marketing allowances"). This conflict of interest may influence the financial professional to recommend this contract over another investment.<br>For additional information about compensation to financial professionals see "Distribution of the contracts" in "More information" in the full Prospectus. |
| **Exchanges** | Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract rather than continue to own your existing contract. |

---

Overview of the Contract

**Purpose of the Contract** 

The contract is designed to help you accumulate assets through investments in underlying Portfolios during the accumulation phase. It can provide or supplement your retirement income by providing a stream of income payments during the annuity phase. It also provides death benefits to protect your beneficiaries. The contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently, or who intend to engage in frequent transfers of the underlying Portfolios.

**Phases of the Contract** 

The contract has two phases: an accumulation (savings) phase and an income (annuity) phase.

***Accumulation (Savings) Phase***

During the accumulation phase, you can allocate your contributions to one or more of the available investment options, which include:

&nbsp;&nbsp;&nbsp;&nbsp;● variable
 investment options,

&nbsp;&nbsp;&nbsp;&nbsp;● dollar
 cost averaging, and

&nbsp;&nbsp;&nbsp;&nbsp;● asset
 rebalancing.

For additional information about each underlying Portfolio see Appendix "Portfolio Companies available under the contract."

***Income (Annuity) Phase***

You enter the income phase when you annuitize your contract. During the income phase, you will receive a stream of fixed income payments for the annuity payout period of time you elect. You can elect to receive annuity payments (1) for a specified time period; (2) of a specified amount until the amount applied to the option is exhausted and (3) for life. Please note that when you annuitize, your investments are converted to income payments and you will no longer be able to make any additional withdrawals from your contract. All accumulation phase benefits terminate upon annuitization and the contract has a maximum annuity commencement date.

**Contract Features** 

The contract provides for the accumulation of retirement savings and income. The contract offers income and death benefit protection, and offers various payout options.

***Contract Classes***

You can purchase one of two contract classes that have different ongoing fees and surrender charges. For example, the contract offers Universal VIA Generation Growth with a 6 year withdrawal charge period and a 1.45% base contract fee, and Universal VIA Generation Growth ADV with no withdrawal charge and a 0.50% base contract fee.

***Access to Your Money***

During the accumulation phase you can take withdrawals from your contract. Withdrawals will reduce your account value and may be subject to surrender charges and income taxes. Withdrawals will also generally reduce your guaranteed benefits and the amount of the reduction may be greater than the dollar amount of the withdrawal.

***Death Benefits***

Your contract includes a standard death benefit that pays your beneficiaries an amount equal to your account value. For an additional fee, you can purchase the Return of Premium death benefit that provides a different minimum payment guarantee.

***Rebalancing and Dollar Cost Averaging***

You can elect to have your account value automatically rebalanced at no additional charge. You can automatically reallocate your account value among your variable investment options. You can also elect to allocate your investments using a dollar cost averaging program at no additional charge. Generally, you may not elect both a dollar cost averaging program and a rebalancing option.

**Other Contracts** 

We offer other fixed and variable annuity contracts. They may offer features, including investment options, credits, fees, death or income guarantee benefits and/or charges that are different from those in the contracts offered by this Prospectus. Not every contract is offered through every selling broker-dealer. Some selling broker-dealers may not offer and/or limit the offering of certain features or options, as well as limit the availability of the contracts, based on issue age or other criteria established by the selling broker-dealer. Upon request, your financial professional can show you information regarding our other annuity contracts that he or she distributes. You can also contact us to find out more about the availability of any of our annuity contracts.

You should work with your financial professional to decide whether this contract and any optional benefit is appropriate for you based on a thorough analysis of your particular insurance needs, financial objectives, investment goals, tax planning needs, time horizons and risk tolerance.

**Fee Based Programs** 

You may purchase a Universal VIA Generation Growth ADV contract only if you are a participant in an account established under a fee-based program sponsored and maintained by a registered broker-dealer or other financial intermediary we approve. If you elect to pay the advisory fee from your account value, then this deduction will be treated as a withdrawal and will reduce the standard death benefit and the Return of Premium death benefit, and may also be subject to Puerto Rico Income Taxes.

Benefits Available Under The Contract

**Summary of Benefits** 

The following tables summarize important information about the benefits available under the contract.

***Death Benefits***

These death benefits are available during the accumulation phase:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard/** <br> **Optional** | **Brief Description of <br> Restrictions/Limitations** | **Brief Description of <br> Restrictions/Limitations** |
| **Name of Benefit** | **Purpose** | **Standard/** <br> **Optional** | **Brief Description of <br> Restrictions/Limitations** | **Brief Description of <br> Restrictions/Limitations** |
| Standard Death Benefit | Guarantees beneficiaries will receive a benefit equal to your account value. | Standard | ● | Available only at contract purchase |
| Standard Death Benefit | Guarantees beneficiaries will receive a benefit equal to your account value. |  | ● | With respect to the Generation Growth ADV contract, if you pay advisory fee from your account value, standard death benefit will be reduced. |
| Return of Premium Death Benefit | Guarantees beneficiaries will receive a benefit at least equal to your contributions less adjusted withdrawals. | Optional0.50%<sup>(1)</sup>0.30%<sup>(1)</sup> | ● | Available only at contract purchase |
| Return of Premium Death Benefit | Guarantees beneficiaries will receive a benefit at least equal to your contributions less adjusted withdrawals. |  | ● | Available only to contract holder age 75 or younger |
| Return of Premium Death Benefit | Guarantees beneficiaries will receive a benefit at least equal to your contributions less adjusted withdrawals. |  | ● | Withdrawals, including payment of advisor fees, could significantly reduce or terminate the benefit |
| Return of Premium Death Benefit | Guarantees beneficiaries will receive a benefit at least equal to your contributions less adjusted withdrawals. |  | ● | Generally no contributions once reach age 76 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Expressed
 as an annual percentage of the benefit base.

***Other Benefits***

These other benefits are available during the accumulation phase:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard/<br> Optional** | **Annual Fee** | **Annual Fee** | **Brief Description of <br> Restrictions/Limitations** | **Brief Description of <br> Restrictions/Limitations** |
| **Name of Benefit** | **Purpose** | **Standard/<br> Optional** | **Max** | **Current** | **Brief Description of <br> Restrictions/Limitations** | **Brief Description of <br> Restrictions/Limitations** |
| Rebalancing | Periodically rebalance to your desired asset mix. | Optional | No Charge | No Charge | ● | Must rebalance 100% of account value |
| Dollar Cost Averaging | Transfer account value to selected investment options on a regular basis to potentially reduce the impact of market volatility. | Optional | No Charge | No Charge | ● | $5,000 minimum to begin program |

---

Buying the Contract

You may purchase a contract by making payments to us that we call "contributions." We can refuse to accept an application from you or any contribution from you at any time, including after you purchase the contract. We require a minimum contribution amount for each type of contract purchased. Maximum contribution limitations also apply.

**Maximum issue age** 

The maximum issue age for non-qualified, IRA and qualified plan contracts is 85.

**Minimum initial and subsequent contribution amounts** 

The minimum initial contribution is generally $5,000 for Generation Growth contracts and $25,000 for Generation Growth. Each subsequent contribution generally must be at least $500 (except for certain IRAs—$50 for Traditional and Roth IRAs).

**Limitations on contributions to the contract** 

We reserve the right to refuse to accept any contribution under the contract at any time or change our contribution limits and requirements. This means that if you have one or more guaranteed benefits like the Return of Premium death benefit and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract you may no longer be able to fund the guaranteed benefit(s).

**When initial and subsequent contributions are credited** 

***Initial Contribution***

If your application is in good order when we receive it for application processing purposes (i.e., at our processing office), your contribution will be applied within two business days. If any information we require to issue your contract is missing or unclear, we will hold your contribution while we try to obtain this information. If we are unable to obtain all of the information we require within five business days after we receive an incomplete application or form, we will inform the financial professional submitting the application on your behalf. We will then return the contribution to you, unless you or your financial professional acting on your behalf specifically direct us to keep your contribution until we receive the required information. The contribution will be applied as of the date we receive the missing information.

***Subsequent Contributions***

If we receive a subsequent contribution at our processing office before the close of the NYSE (typically 4:00 pm eastern), we will credit that contribution that day. If we receive your subsequent contribution after the close of the NYSE, your contribution will be applied the next business day.

**Additional limitations on contributions to the contract** 

Additional limitations on contributions and the source of contributions apply based on the type of contract, such as non-qualified or particular types of IRAs.

Making Withdrawals: Accessing the Money in Your Contract

**Accessing your money** 

You have several ways to access your account value before annuity payments begin. You may take partial withdrawals from your contract at any time or, depending on your specific situation, set up or a systematic withdrawal plan You may also surrender your contract to receive its cash value at any time while an owner is living (or for contracts with non-natural owners, while an annuitant is living) and before you begin to receive annuity payments. We will generally send you the full requested withdrawal amount and deduct any applicable surrender charges from account value unless your request otherwise.

Withdrawals will reduce your account value and may be subject to withdrawal charges and income taxes. Withdrawals may also reduce (possibly on a greater than dollar-for-dollar basis) or terminate any guaranteed benefits. Surrenders also may be subject to withdrawal charges and income taxes.

Please see "Accessing your money" in the full Prospectus for more information on the ways you may withdraw your account value.

**Free withdrawal amount** 

Each contract year you can withdraw a certain amount from your contract without paying a withdrawal charge.

**When to expect payments** 

Generally, we will fulfill requests for payments out of the variable investment options within seven calendar days after the business day the transaction request is received by us in good order at our processing office. benefit, payment of any amount you withdraw (less any withdrawal charge, if applicable) and, upon surrender, payment of the cash value.

Additional Information About Fees

**The following tables describe the fees and expenses that you will pay when buying, owning, surrendering or making withdrawals from the contract. Each of the charges and expenses is more fully described in "Charges and expenses". The fees and expenses for the ADV series do not reflect any advisory fees paid to investment advisors from the account value or other assets of the owner and the cumulative effect of these charges would increase the overall cost of a Universal VIA Generation Growth ADV contract. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.**

**The first table describes fees and expenses that you will pay at the time that you surrender the contract or if you make certain withdrawals, transfers or request special services.**

**TRANSACTION EXPENSES**

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| | | |
|:---|:---|:---|
|  | **Generation Growth** | **Generation Growth ADV** |
| Sales Load Imposed on Purchases |  |  |
| Withdrawal Charge (as a percentage of contributions withdrawn) | 7.00%<sup>(1)</sup> |  |
| Transfer Fee<sup>(2)</sup> | $35 | $35 |
| Third Party Transfer or Exchange Fee<sup>(3)</sup> | $125 | $125 |
| Special Service Charges<sup>(4)</sup> | $280 | $280 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 Generation Growth only, the charge percentage we use is determined by the number of years since receipt of the contribution to which
 the charge relates if you make a withdrawal, surrender your contract to receive its cash value, or surrender your contract to apply
 your cash value to a non-life contingent annuity payment option. For each contribution, we consider the year in which we receive
 that contribution to be "year 1".

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Charge as a % of contribution for each year following contribution** | **Charge as a % of contribution for each year following contribution** | **Charge as a % of contribution for each year following contribution** | **Charge as a % of contribution for each year following contribution** | **Charge as a % of contribution for each year following contribution** | **Charge as a % of contribution for each year following contribution** | **Charge as a % of contribution for each year following contribution** | **Charge as a % of contribution for each year following contribution** |
| | **1** | **2** | **3** | **4** | **5** | **6** | **7+** |
| Generation Growth | **7%** | **7%** | **6%** | **6%** | **5%** | **3%** | **0%** |
| Generation Growth ADV | No Withdrawal Charge | No Withdrawal Charge | No Withdrawal Charge | No Withdrawal Charge | No Withdrawal Charge | No Withdrawal Charge | No Withdrawal Charge |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) Currently,
 we do not charge for transfers among investment options under the contract. However, we reserve the right to charge for transfers
 in excess of 12 transfers per contract year. We will charge no more than $35 for each transfer at the time each transfer is processed.
 See "Transfer charge" in "Charges and expenses".

&nbsp;&nbsp;&nbsp;&nbsp;(3) Currently,
 we do not charge for third party transfers or exchanges. However, we reserve the right to discontinue this waiver at any time, with
 or without notice. The maximum third party transfer or exchange fee is $125. The current charge (which, as described above is waived)
 is $65. These charges may increase over time to cover our administrative costs. We may discontinue these services at any time.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Special
 service charges could include (1) express mail charge equal to a maximum of $35; (2) wire transfer charge equal to a maximum of $90;
 (3) duplicate contract charge equal to a maximum of $35; (4) check preparation charge equal to a maximum of $85(5) Duplicate Annual
 and/or Quarterly Statement of Account or Annual Payout Statement Charge, equal to a maximum of $35. The $280 figure in the table
 above is the sum of those charges. These charges may increase over time to cover our administrative costs. We may discontinue
 these services at any time.

**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.**

**Annual Contract Expenses**

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| | | |
|:---|:---|:---|
| | **Generation Growth** | **Generation Growth ADV** |
| **Administrative Expenses (Annual Contract Maintenance Fee)<sup>(1)</sup>** | $50 | $50 |
| **Base Contract Expenses (as a percentage of daily net assets<sup>(2)(3)</sup>** | 1.45% | 0.50% |
| **Optional Benefits Expenses (as a percentage of the benefit base)<sup>(4)</sup>** |  |  |
| **Return of Premium death benefit charge** | 0.50%<sup>(5)</sup> | 0.50%<sup>(5)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Beginning
 with your first contract date anniversary, we will deduct this charge on any contract date anniversary on which your account value
 is less than $100,000. If the contract is surrendered or annuitized or a death benefit is paid on any date other than the contract
 date anniversary, we will deduct a pro rata portion of the charge for that year. Otherwise, we will deduct the full charge.

(2) The
 Puerto Rico Tax Charge, included as part of the Base Contract fee, is deducted on an annual basis from each variable account and
 equals 0.10% of the net asset value of each variable account as of December 31 of each calendar year.

(3) Base
 Contract Expenses in this Fee Table include the Operations charge, the Administrative charge, the Distribution charge and the Puerto
 Rico separate account tax charge.

(4) The
 benefit base is equal to your initial contribution to the contract less any withdrawals you made from the contract.

(5) The
 maximum charge is 0.50%. The current charge is 0.30%.

**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. See Appendix "Portfolio Companies available under the contract." These expenses are for the period ended December 31, 2021, and may fluctuate from year to year.**

**Annual Portfolio Company Expenses**

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| | | |
|:---|:---|:---|
| | **Minimum** | **Maximum** |
| **Annual Portfolio Expenses prior to Expense Limitation Arrangement (expenses that are deducted from Portfolio assets including management fees, service fees, and other expenses)** | 0.55% | 1.27% |

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**Example**

**These Examples are intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual contract expenses, and annual Portfolio company expenses. The examples for the ADV series do not reflect any advisory fees paid to investment advisors from the account value or other assets of the owner; however, if they did the expenses shown would be higher.**

**These Examples assume that you invest $100,000 in the contract for the time periods indicated. The Examples also assume that your investment has a 5% return each year and assume the most expensive combination of annual Portfolio company expenses, Return of Premium death benefit (at its maximum charge) and that all account value is in the variable investment options.**

**Although your actual costs may be higher or lower, based on these assumptions, your cost would be:**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **If you surrender your contract or annuitize<br> (under a non-life option) at the end of the applicable time period** | **If you surrender your contract or annuitize<br> (under a non-life option) at the end of the applicable time period** | **If you surrender your contract or annuitize<br> (under a non-life option) at the end of the applicable time period** | **If you surrender your contract or annuitize<br> (under a non-life option) at the end of the applicable time period** | **If you surrender your contract or annuitize<br> (under a non-life option) at the end of the applicable time period** | **If you do not surrender your contract** | **If you do not surrender your contract** | **If you do not surrender your contract** | **If you do not surrender your contract** |
| | **1 year** | **3 years** | **5 years** | **10 years** | **1 year** | **3 years** | **5 years** | **10 years** |
| Generation Growth | $10299 | $16070 | $22082 | $35766 | $3299 | $10070 | $17082 | $35766 |
| Generation Growth ADV | $2351 | $7243 | $12400 | $26603 | $2351 | $7243 | $12400 | $26553 |

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Appendix: Portfolio Companies Available Under the Contract

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.universalpr.com</u>. You can request this information at no cost by calling 787-706-7095 or by sending an email request to <u>annuities@universalpr.com</u>.

The current expenses and performance information below reflect fee and expenses of the Portfolios, 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's past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Average Annual Total Returns<br> (as of 12/31/2021)** | **Average Annual Total Returns<br> (as of 12/31/2021)** | **Average Annual Total Returns<br> (as of 12/31/2021)** |
| <br>**TYPE** | <br>**Portfolio Company - Investment Adviser; Sub Adviser(s), as applicable** | <br>**Current Expenses** | **1 year** | **5 year** | **10 year** |
| Asset Allocation | EQ/Moderate Allocation | 1.07% | 8.43% | 8.07% | 6.92% |
| Asset Allocation | EQ/GS Moderate growth Allocation | 1.20% | 10.59% | 7.7% | NA |
| Asset Allocation | EQ/GS Growth Allocation | 1.21% | 13.58% | NA | NA |
| Asset Allocation | EQ/Conservative Allocation | 1.00% | 2.70% | 4.46% | 3.64% |
| Asset Allocation | EQ/Moderate-Plus Allocation | 1.11% | 12.67% | 10.55% | 9.26% |
| Asset Allocation | EQ/AB Dynamic Moderate Growth | 1.10% | 12.04% | 7.57% | 6.90% |
| Asset Allocation | EQ/Aggressive Allocation | 1.14% | 17.14% | 12.85% | 11.45% |
| Equity | EQ/JPMorgan Value Opportunities | 0.96% | 23.18% | 11.70% | 14.05% |
| Equity | EQ/Fidelity Institutional AM® Large Cap | 0.87% | 25.22% | NA | NA |
| Equity | EQ/Large Cap Growth Index | 0.71% | 26.70% | 24.37% | 18.92% |
| Equity | EQ/Equity500Index | 0.55% | 27.98% | 17.78% | 15.84% |
| Equity | EQ/Large Cap Value Index | 0.73% | 24.20% | 10.43% | 12.20% |
| Equity | 1290 VT Socially Responsible | 0.90% | 30.29% | 18.59% | 16.53% |
| Equity | EQ/Mid Cap Index | 0.66% | 23.87% | 12.32% | 13.42% |
| Equity | 1290 VT Small Cap Value | 1.15% | 38.52% | 11.39% | NA |
| Equity | EQ/Small Company Index | 0.62% | 15.10% | 11.78% | 12.83% |
| Equity | 1290 VT Micro Cap— | 1.15% | 10.96% | 20.86% | NA |
| Equity | EQ/Invesco Global | 1.15% | 15.10% | 17.60% | 13.64% |
| Equity | 1290VTSmartBetaEquity | 1.10% | 23.08% | 14.65% | NA |
| Equity | EQ/MFS International Growth— | 1.10% | 9.35% | 13.97% | 9.75% |
| Equity | EQ/Emerging Markets Equity PLUS | 1.27% | -0.55% | 8.76% | NA |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Average Annual Total Returns<br> (as of 12/31/2021)** | **Average Annual Total Returns<br> (as of 12/31/2021)** | **Average Annual Total Returns<br> (as of 12/31/2021)** |
| <br>**TYPE** | <br>**Portfolio Company - Investment Adviser; Sub Adviser(s), as applicable** | <br>**Current Expenses** | **1 year** | **5 year** | **10 year** |
| Equity | EQ/International Equity Index | 0.79% | 10.91% | 8.03% | 6.81% |
| Equity | EQ/Franklin Rising Dividends | 0.87% | 26.76% | NA | NA |
| Equity | EQ/AB Sustainable U.S. Thematic | 1.00% | NA | NA | NA |
| Equity | EQ/American Century Mid Cap Value | 1.00% | 23.02% | NA | NA |
| Equity | EQ/Janus Enterprise | 1.04% | 16.83% | 18.93% | 12.40% |
| Equity | EQ/AB Small Cap Growth | 0.90% | 12.90% | 17.28% | 14.90% |
| Specialty | 1290VTRealEstate | 0.90% | 25.80% | 7.75% | NA |
| Specialty | Multimanager Technology | 1.24% | 20.81% | 29.43% | 22.07% |
| Specialty | EQ/MFS Technology | 1.12% | 13.76% | NA | NA |
| Specialty | EQ/MFS Utilities Series | 1.05% | 13.92% | NA | NA |
| Specialty | EQ/Wellington Energy | 1.19% | 35.48% | NA | NA |
| Specialty | EQ/Invesco Global Real Assets | 1.18% | 20.99% | NA | NA |
| Specialty | EQ/T. Rowe Price Health Sciences | 1.20% | 9.51% | NA | NA |
| Specialty | 1290VTNaturalResources | 0.92% | 30.04% | 3.26% | NA |
| Fixed Income | 1290VTHighYieldBond | 1.05% | 3.95% | 5.41% | NA |
| Fixed Income | EQ/Intermediate Government Bond | 0.65% | -2.18% | 1.47% | 0.90% |
| Fixed Income | EQ/AB Short Duration Government Bond | 0.77% | -0.42% | 0.89% | NA |
| Fixed Income | EQ/PIMCO Ultra Short Bond | 0.80% | -0.49% | 1.21% | 0.92% |
| Fixed Income | EQ/All Asset Growth Allocation | 1.23% | 10.92% | 9.71% | 8.15% |
| Fixed Income | EQ/PIMCO Total Return | 0.75% | -1.44% | NA | NA |
| Fixed Income | EQ/PIMCO Global Real Return | 0.92% | 4.01% | 4.72% | NA |
| Cash Equivalent | EQ/Money Market | 0.70% | 0.16% | 0.71% | 0.35% |

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Universal VIA Generation Growth

Issued by

Universal Life Insurance Company

Metro Office Park, Street 1, Lot #10

Guaynabo, Puerto Rico 000968

We have filed with the Securities and Exchange Commission a Prospectus and a Statement of Additional Information ("SAI") that include additional information about Universal VIA Generation Growth, the Company and the Fortune VII Separate Account. The Prospectus and SAI each dated October 31, 2022 are incorporated by reference into this summary prospectus. The Prospectus and SAI are available free of charge. To request a copy of either document, to ask about your contract, or to make other investor inquiries, please call 1-787-706-7095. The Prospectus and SAI are also available at our website, www.universalpr.com

Class/Contract Identifier: C000233582 Universal VIA Generation Growth <br> Class/Contract Identifier: C000233583 Universal VIA Generation Growth ADV

Universal Life Generation Growth Series is issued by and is a registered service mark of Universal Life Insurance Company (Universal). Distributed by Universal Financial Services, Inc.

Universal Life Insurance Company, Metro Office Park, Street 1 Lot #10, Guaynabo Puerto Rico 000968. (787) 706-7095.