# EDGAR Filing Document

**Accession Number:** 0001029031
**File Stem:** 0001193125-26-158403
**Filing Date:** 2026-4
**Character Count:** 52246
**Document Hash:** 28601c3d78377ce625a4695e18817053
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-158403.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001193125-26-158403

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260416

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brighthouse Variable Life Account One
- **CENTRAL INDEX KEY:** 0001029031

**ORGANIZATION NAME:**
- **EIN:** 060566090
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-200251
- **FILM NUMBER:** 26866293

**BUSINESS ADDRESS:**
- **STREET 1:** BRIGHTHOUSE LIFE INSURANCE CO
- **STREET 2:** 11225 NORTH COMMUNITY HOUSE ROAD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 980-365-7100

**MAIL ADDRESS:**
- **STREET 1:** BRIGHTHOUSE LIFE INSURANCE CO
- **STREET 2:** 11225 NORTH COMMUNITY HOUSE ROAD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METLIFE INVESTORS VARIABLE LIFE ACCOUNT ONE
- **DATE OF NAME CHANGE:** 20010416

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COVA VARIABLE LIFE ACCOUNT ONE
- **DATE OF NAME CHANGE:** 19961213

## Series and Classes Contracts Data

### Brighthouse Variable Life Account One (Series ID: S000004234)

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|  |  |
|:---|:---|
| Class Name                                             | Class ID   |
| Custom Select Flexible Premium Variable Life Insurance | C000151842 |

---

## Series and Classes Contracts Data

### Brighthouse Variable Life Account One (Series ID: S000004234)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000151842 | Custom Select Flexible Premium Variable Life Insurance |  |

**BRIGHTHOUSE LIFE INSURANCE COMPANY** <br>**BRIGHTHOUSE VARIABLE LIFE ACCOUNT ONE**

**SUPPLEMENT DATED APRIL 27, 2026** <br>**TO** <br>**PROSPECTUSES DATED MAY 1, 2001 AND NOVEMBER 9, 2009** <br>**(CUSTOM-SELECT FLEX VUL)**

This will supplement the prospectuses dated May 1, 2001 (as supplemented) and November 9, 2009 (as supplemented) for variable life insurance policies issued by Brighthouse Variable Life Account One. The following information is provided with respect to the investment options available under the Flexible Premium Variable Life Insurance Policy (the "Policy") issued by Brighthouse Insurance Company ("BLIC" or the "Company").

The corresponding sections of the prospectus are supplemented or modified as follows:

**EXPENSES**

**• Deductions from the Investment Funds**

**Mortality and Expense Risk Charge**

We are waiving an amount of the Mortality and Expense Risk Charge equal to the Investment Fund expenses that are in excess of 0.58% for cash value allocated to the T. Rowe Price Large Cap Value Portfolio.

**Annual Operating Expenses**

(as a percentage of average daily net assets)

The following table describes the annual operating expenses for each Investment Fund for the year ended December 31, 2025, before and after any applicable contractual fee waivers and expense reimbursements:

**Minimum and Maximum Total Annual Investment Fund Operating Expenses** 

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| | | |
|:---|:---|:---|
|  | Minimum | Maximum |
| Total Annual Investment Fund Operating Expenses |  |  |
| (expenses that are deducted from Investment Fund assets, including <br> management fees, distribution and/or service (12b-1) fees, and other <br> expenses)<br>| 0.40% | 0.90% |

---

**Investment Fund Fees and Expenses as of December 31, 2025**

(as a percentage of average daily net assets) <br>The following table is a summary. For more complete information on Investment Fund fees and expenses, please refer to the prospectus for each Investment Fund.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Fund** | **Management**<br> **Fee**<br>| **Distribution**<br> **and/or**<br> **Service**<br> **(12b-1) Fees**<br>| **Other**<br> **Expenses**<br>| **Acquired** <br> **Fund Fees**<br> **and** <br> **Expenses**<br>| **Total**<br> **Annual**<br> **Operating**<br> **Expenses**<br>| **Fee Waiver**<br> **and/or**<br> **Expense**<br> **Reimbursement**<br>| **Net Total**<br> **Annual**<br> **Operating**<br> **Expenses**<br>|
| **AIM Variable Insurance Funds** <br> **(Invesco Variable Insurance** <br> **Funds) — Series I**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. EQV International Equity <br> Fund<br>| 0.71% | —  | 0.19% | —  | 0.90% | —  | 0.90% |
| **Brighthouse Funds Trust I — Class A** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CBRE Global Real Estate Portfolio | 0.65% | —  | 0.05% | —  | 0.70% | 0.04% | 0.66% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Fund** | **Management**<br> **Fee**<br>| **Distribution**<br> **and/or**<br> **Service**<br> **(12b-1) Fees**<br>| **Other**<br> **Expenses**<br>| **Acquired** <br> **Fund Fees**<br> **and** <br> **Expenses**<br>| **Total**<br> **Annual**<br> **Operating**<br> **Expenses**<br>| **Fee Waiver**<br> **and/or**<br> **Expense**<br> **Reimbursement**<br>| **Net Total**<br> **Annual**<br> **Operating**<br> **Expenses**<br>|
| &nbsp;&nbsp;&nbsp; Invesco Small Cap Growth Portfolio | 0.86% | —  | 0.04% | —  | 0.90% | 0.16% | 0.74% |
| &nbsp;&nbsp;&nbsp; Loomis Sayles Growth Portfolio | 0.56% | —  | 0.02% | —  | 0.58% | 0.03% | 0.55% |
| &nbsp;&nbsp;&nbsp; MFS<sup>®</sup> Research International Portfolio | 0.71% | —  | 0.04% | —  | 0.75% | 0.19% | 0.56% |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Discovery Portfolio | 0.64% | —  | 0.03% | —  | 0.67% | 0.02% | 0.65% |
| &nbsp;&nbsp;&nbsp; PIMCO Total Return Portfolio | 0.48% | —  | 0.12% | —  | 0.60% | 0.02% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Emerging Markets Enhanced <br> Index Portfolio<br>| 0.49% | —  | 0.10% | —  | 0.59% | 0.04% | 0.55% |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Large Cap Value Portfolio | 0.57% | —  | 0.02% | —  | 0.59% | 0.06% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Sycamore Mid Cap Value <br> Portfolio<br>| 0.65% | —  | 0.05% | —  | 0.70% | 0.10% | 0.60% |
| **Brighthouse Funds Trust II — Class A** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BlackRock Bond Income Portfolio | 0.36% | —  | 0.04% | —  | 0.40% | 0.02% | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Ultra-Short Term Bond <br> Portfolio<br>| 0.35% | —  | 0.05% | —  | 0.40% | 0.03% | 0.37% |
| &nbsp;&nbsp;&nbsp; Jennison Growth Portfolio | 0.60% | —  | 0.02% | —  | 0.62% | 0.08% | 0.54% |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Genesis Portfolio | 0.83% | —  | 0.05% | —  | 0.88% | 0.07% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Large Cap Growth <br> Portfolio<br>| 0.60% | —  | 0.02% | —  | 0.62% | 0.06% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Small Cap Growth <br> Portfolio<br>| 0.47% | —  | 0.04% | —  | 0.51% | —  | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management Strategic <br> Bond Opportunities Portfolio<br>| 0.58% | —  | 0.04% | —  | 0.62% | 0.05% | 0.57% |
| **Franklin Templeton Variable** <br> **Insurance Products Trust — Class 1**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Templeton Foreign VIP Fund | 0.80% | —  | 0.03% | 0.01% | 0.84% | 0.01% | 0.83% |
| **Putnam Variable Trust — Class IA** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Putnam VT Sustainable Leaders Fund | 0.53% | —  | 0.10% | —  | 0.63% | —  | 0.63% |

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The information shown in the table above was provided by the Investment Funds. Certain Investment Funds and their investment adviser have entered into expense reimbursement and/or fee waiver arrangements that will continue at least until April 28, 2027. These arrangements can be terminated with respect to these Investment Funds only with the approval of the Investment Fund's board of directors or trustees. Please see the Investment Funds' prospectuses for additional information regarding these arrangements.

**INVESTMENT FUNDS**

The Policy offers the Investment Funds which are listed below. Appendix A contains a summary of investment objectives and subadvisers, if any, for each Investment Fund. Additional Investment Funds may be available in the future. Note that the State Street Emerging Markets Enhanced Index Portfolio was formerly known as the SSGA Emerging Markets Enhanced Index Portfolio.

**You should read the prospectuses for these funds carefully. You can obtain copies of the fund prospectuses by calling us at 1-800-638-9294.** 

**You can also obtain information about the funds (including a copy of the Statement of Additional Information) by accessing the Securities and Exchange Commission's website at http://www.sec.gov.**

**AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Series I**

AIM Variable Insurance Funds (Invesco Variable Insurance Funds) is a mutual fund with multiple portfolios. Invesco Advisers, Inc. is the investment adviser to each portfolio. The following portfolio is available under the contract:

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Invesco V.I. EQV International Equity Fund

**Brighthouse Funds Trust I — Class A**

Brighthouse Funds Trust I is a mutual fund with multiple portfolios. Brighthouse Investment Advisers, LLC (Brighthouse Investment Advisers) is the investment manager of Brighthouse Funds Trust I. Brighthouse Investment Advisers has engaged subadvisers to provide investment advice for the individual Investment Portfolios. (See Appendix A for the names of the subadvisers.) The following portfolios are available under the contract:

CBRE Global Real Estate Portfolio

Invesco Small Cap Growth Portfolio

Loomis Sayles Growth Portfolio

MFS<sup>®</sup> Research International Portfolio

Morgan Stanley Discovery Portfolio

PIMCO Total Return Portfolio

State Street Emerging Markets Enhanced Index Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Large Cap Value Portfolio

Victory Sycamore Mid Cap Value Portfolio

**Brighthouse Funds Trust II — Class A**

Brighthouse Funds Trust II is a mutual fund with multiple portfolios. Brighthouse Investment Advisers is the investment adviser to the portfolios. Brighthouse Investment Advisers has engaged subadvisers to provide investment advice for the individual Investment Portfolios. (See Appendix A for the names of the subadvisers.) The following portfolios are available under the contract:

BlackRock Bond Income Portfolio

BlackRock Ultra-Short Term Bond Portfolio

Jennison Growth Portfolio

Neuberger Berman Genesis Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Large Cap Growth Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Small Cap Growth Portfolio

Western Asset Management Strategic Bond Opportunities Portfolio

**Franklin Templeton Variable Insurance Products Trust — Class 1**

Franklin Templeton Variable Insurance Products Trust is a mutual fund with multiple portfolios. Templeton Investment Counsel, LLC is the investment adviser to each portfolio. The following portfolio is available under the contract:

Templeton Foreign VIP Fund

**Putnam Variable Trust — Class IA**

Putnam Variable Trust is a mutual fund with multiple portfolios. Putnam Investment Management, LLC is the

investment adviser to each portfolio. The following portfolio is available under the contract:

Putnam VT Sustainable Leaders Fund

**TRANSFERS**

**Restrictions on Transfers**

We monitor transfer activity in the following "Monitored Funds" for purposes of imposing our restrictions on frequent transfers:

CBRE Global Real Estate Portfolio

Invesco Small Cap Growth Portfolio

Invesco V.I. EQV International Equity Fund

MFS<sup>®</sup> Research International Portfolio

Neuberger Berman Genesis Portfolio

State Street Emerging Markets Enhanced Index Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Small Cap Growth Portfolio

Templeton Foreign VIP Fund

Western Asset Management Strategic Bond Opportunities Portfolio

**OTHER INFORMATION**

**The Company**

We are not a fiduciary and do not give advice or make recommendations regarding insurance or investment products. Ask your financial representative for guidance regarding any requests or elections and for information about your particular investment needs. Please bear in mind that your financial representative, or any financial firm or financial professional you consult to provide advice, is acting on your behalf. We are not a party to any agreement between you and your financial professional. We do not recommend and are not responsible for any securities transactions or investment strategies involving securities (including Investment Fund recommendations).

On November 6, 2025, Brighthouse Financial, Inc. ("BHF") and Aquarian Capital LLC ("Aquarian") announced that they had entered into a definitive agreement under which an affiliate of Aquarian will acquire BHF. This transaction is subject to the satisfaction or waiver of customary closing conditions, including receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction or waiver of the other conditions, the transaction is expected to be consummated in 2026.

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Upon the consummation of the transaction, Aquarian will become the ultimate parent of BHF and the Company will remain an indirect wholly-owned subsidiary of BHF. Although Aquarian will replace BHF as the Company's ultimate parent, the Company will continue in its present role as the issuer of your Policy. All of your rights and benefits under your Policy and the Company's obligations under the Policy will remain unchanged.

Founded in 2017, Aquarian Capital is a diversified global holding company with a strategic portfolio of insurance and asset management solutions. Aquarian is headquartered in New York, NY.

**Distribution**

The Financial Industry Regulatory Authority ("FINRA") provides background information about broker-dealers and their registered representatives through FINRA BrokerCheck. You may contact the FINRA BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org. An investor brochure that includes information describing FINRA BrokerCheck is available through the Hotline or on-line.

**Financial Statements**

The financial statements of the Separate Account and the financial statements of the Company are attached.

**FEDERAL TAX STATUS**

NOTE: The following description is based upon our understanding of current Federal income tax law applicable to life insurance in general. We cannot predict the probability that any changes in such laws will be made. Purchasers are cautioned to seek competent tax advice regarding the possibility of such changes. Section 7702 of the Internal Revenue Code of 1986, as amended (the "Code"), defines the term "life insurance contract" for purposes of the Code. We believe that Single Life Policies issued on a standard underwriting basis should qualify as "life insurance contracts" under section 7702. There is more uncertainty as to Single Life Policies issued on a substandard risk basis and Joint and Survivor Policies. We do not guarantee the tax status of the Policies. Purchasers bear the complete risk that the Policies may not be treated as a "life insurance contract" under Federal income tax laws. Purchasers should consult their own tax advisers. It should be further understood that the following discussion is not exhaustive and that special rules not described in this

prospectus may be applicable in certain situations. In general, however, the insurance proceeds payable on the death of the Insured will never be less than the minimum amount required for the Policy to be treated as life insurance under section 7702 of the Code, as in effect on the date the Policy was issued.

**Introduction.** The discussion contained herein addressing Federal income tax considerations relating to the Policy is general in nature and is not intended as tax advice. It does not purport to be complete or to address every situation. Each person concerned should consult a competent tax adviser. No attempt is made to consider any applicable state, local, foreign or other tax laws. Moreover, the discussion herein is based upon our understanding of current Federal income tax laws as they are currently interpreted. No representation is made regarding the likelihood of continuation of those current Federal income tax laws or of the current interpretations by the Internal Revenue Service.

We are taxed as a life insurance company under the Code. For federal income tax purposes, the Separate Account is not a separate entity but is part of our operations.

**Diversification.** Section 817(h) of the Code imposes certain diversification standards on the underlying assets of variable life insurance policies. The Code provides that a variable life insurance policy will not be treated as life insurance for any period (and any subsequent period) for which the investments are not adequately diversified under IRS rules. Disqualification of the Policy as a life insurance contract would result in imposition of federal income tax to the Owner with respect to earnings allocable to the Policy prior to the receipt of payments under the Policy. We intend that each Investment Portfolio underlying the Policies will be managed by the managers in such a manner as to comply with these diversification requirements. If Investment Portfolio shares are sold directly to tax-qualified retirement plans that later lose their tax-qualified status, or to non-qualified plans, the separate accounts investing in the Investment Portfolios may fail the diversification requirements of section 817(h) of the Code, which could have adverse tax consequences, including losing the benefit of tax deferral.

**Investor Control.** In some circumstances, owners of variable contracts who retain excessive control over the investment of the underlying separate account assets may be treated as the owners of those assets. Although published guidance in this area does not address certain

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aspects of the Policies, we believe that the Owner of a Policy should not be treated as the owner of the Separate Account assets. We reserve the right to modify the Policies to bring them into conformity with applicable standards should such modification be necessary to prevent Owners of the Policies from being treated as the owners of the underlying Separate Account assets.

**Tax Treatment of the Policy.** The Policy has been designed to comply with the definition of life insurance contained in section 7702 of the Code. Although some interim guidance has been provided and some proposed and final regulations have been issued, a comprehensive set of final regulations has not been adopted. Section 7702 of the Code requires that the amount of mortality and other expense charges be reasonable. In establishing these charges, we have relied on interim IRS guidance. Currently, there is even less guidance as to Policies issued on a substandard risk basis and Joint and Last Survivor Policies. Moreover, if you elect the Accelerated Death Benefit Rider, the continued tax qualification of the Policy after a distribution is made under the rider is unclear. We may take appropriate steps to bring the Policy into compliance with applicable requirements and we reserve the right to restrict Policy transactions in order to do so.

We note that the law relating to section 7702 compliance is complex and unclear in many respects. There is a risk, therefore, that the Internal Revenue Service will not concur with some of our interpretations of section 7702. In the event the Policy is determined not to comply, it would not qualify for the favorable tax treatment usually accorded life insurance policies. You should consult your own tax advisers with respect to the tax consequences of purchasing the Policy. The following discussion assumes that the Policy will satisfy section 7702.

**Policy Proceeds.** The tax treatment accorded to loan proceeds and/or distributions, including surrender payments, from the policies will depend on whether the Policy is considered to be a MEC. (See "Tax Treatment of Loans and Distributions.") Otherwise, we believe that the Policy should receive the same Federal income tax treatment as any other type of life insurance. As such, the death benefit thereunder is generally excludable from the gross income of the Beneficiary to the extent provided in section 101(a) of the Code. Also, in general, you are not deemed to be in constructive receipt of the Cash Surrender Value, including increments thereon, under a Policy until there is a distribution of such amounts.

In the case of employer-owned life insurance as defined in section 101(j), the amount of the death benefit excludable from gross income is limited to premiums paid unless the Policy falls within certain specified exceptions and a notice and consent requirement is satisfied before the Policy is issued. Certain specified exceptions are based on the status of an employee as highly compensated, a director or recently employed. There are also exceptions for Policy proceeds paid to an employee's heirs. These exceptions only apply if proper notice is given to the insured employee and consent is received from the insured employee before the issuance of the Policy. These rules apply to Policies issued August 18, 2006 and later and also apply to policies issued before August 18, 2006 after a material increase in the death benefit or other material change. An IRS reporting requirement applies to employer-owned life insurance subject to these rules. Because these rules are complex and will affect the tax treatment of death benefits, it is advisable to consult tax counsel.

The death benefit will also be taxable in the case of a transfer-for-value unless certain exceptions apply.

Federal, state and local estate, inheritance and other tax consequences of ownership, or receipt of Policy proceeds, depend on the circumstances of each owner or Beneficiary. A tax advisor should be consulted on these circumstances.

**Tax Treatment of Loans and Distributions.** Section 7702A of the Code sets forth the rules for determining when a life insurance Policy will be deemed to be a Modified Endowment Contract ("MEC"). A MEC is a contract which is entered into or materially changed on or after June 21, 1988 and fails to meet the 7-pay test. A Policy fails to meet the 7-pay test when the cumulative amount paid under the Policy at any time during the first 7 Policy years, or 7 years after a material change, exceeds the sum of the net level premiums which would have been paid on or before such time if the Policy provided for paid-up future benefits after the payment of seven level annual premiums. A material change would include any increase in the future benefits or addition of qualified additional benefits provided under a Policy unless the increase is attributable to: (1) the payment of premiums necessary to fund the lowest death benefit and qualified additional benefits payable in the first seven Policy years; or (2) the crediting of interest or other earnings with respect to such premiums.

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Certain changes in a Policy after it is issued could also cause it to fail to satisfy the 7-pay test and therefore to be classified as a MEC. Making additional payments, reducing the Policy's death benefit, reducing the Policy's benefits through a partial withdrawal, a change in death benefit option, and termination of benefits under a rider are examples of changes that could result in your Policy becoming classified as a MEC. Reducing the death benefit below the lowest death benefit provided by the Policy during the first seven years will probably cause the Policy to be classified as a MEC if such a reduction occurs during the first seven Policy years in the case of a Single Life Policy or at any time in the case of a Joint and Last Survivor Policy. Even if these events do not result in a Policy becoming classified as a MEC, they could reduce the amount that may be paid in the future without causing the Policy to be classified as a MEC. You should consult a tax adviser to determine whether a Policy transaction will cause your Policy to be classified as a MEC.

Furthermore, any Policy received in exchange for a Policy classified as a MEC will be treated as a MEC regardless of whether it meets the 7-pay test. However, an exchange under section 1035 of the Code of a life insurance Policy entered into before June 21, 1988 for the Policy will not cause the Policy to be treated as a MEC if no additional premiums are paid.

Due to the flexible premium nature of the Policy, the determination of whether it qualifies for treatment as a MEC depends on the individual circumstances of each Policy.

If the Policy is classified as a MEC, then any distribution (including a loan taken from or secured by the Policy) is taxable as ordinary income to the extent of income or gain in the Policy. Distributions are deemed to be on a last-in, first-out basis, which means the taxable income is distributed first. Distributions, including those resulting from surrender or lapse of the Policy, may also be subject to an additional 10% federal income tax penalty applied to the income portion of such distribution. The penalty shall not apply, however, to any distributions: (1) made on or after the date on which the taxpayer reaches age 59 1/2; (2) which is attributable to the taxpayer becoming disabled (within the meaning of section 72(m)(7) of the Code); or (3) which is part of a series of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the taxpayer or the joint lives (or

joint life expectancies) of such taxpayer and his beneficiary. The exception to the additional 10% federal income tax penalty does not apply to a taxpayer which is a non-natural person, such as a corporation.

If a Policy becomes a MEC, distributions that occur during the Policy year will be taxed as distributions from a MEC. In addition, distributions from a Policy within two years before it becomes a MEC will be taxed in this manner. This means that a distribution made from a Policy that is not a MEC could later become taxable as a distribution from a MEC.

If a Policy is not classified as a MEC, then any distribution shall generally be treated first as a recovery of the investment in the Policy which would not be received as taxable income. Distributions will be taxable as ordinary income once your investment in the Policy is reduced to zero. However distributions during the first 15 Policy years accompanied by a reduction in Policy benefits, including distributions which must be made in order to enable the Policy to continue to qualify as a life insurance contract for Federal income tax purposes, are subject to different tax rules and may be treated in whole or part as taxable income.

Your investment in the Policy is generally your aggregate premiums. When a distribution is taken from the Policy, your investment in the Policy is reduced by the amount of the distribution that is tax-free.

Loans from a Policy which is not classified as a MEC will generally be treated as Indebtedness of the Owner and not a distribution. However, there is uncertainty as to loans from such a Policy after the 10th Policy year and you should consult a tax adviser as to the treatment of such loans.

Neither distributions nor loans from or secured by a Policy that is not a MEC are subject to the 10% federal income tax penalty.

If your Policy is surrendered, cancelled, lapses, or is exchanged while any Policy loan is outstanding, the amount of the Policy loan plus accrued interest will be deemed to be distributed to you and could be partly or wholly taxable, depending on your particular circumstances. Cash distributed to you from the Policy in these circumstances may be insufficient to pay the tax attributable to any Policy loan.

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Interest payable on a loan under a Policy is generally not deductible.

Policyowners should seek competent tax advice on the tax consequences of taking loans, distributions, exchanging or surrendering any Policy.

**Multiple Policies.** The Code further provides that multiple MECs that are issued within a calendar year period to the same owner by one company or its affiliates are treated as one MEC for purposes of determining the taxable portion of any loans or distributions. Such treatment may result in adverse tax consequences including more rapid taxation of the loans or distributed amounts from such combination of policies. You should consult a tax adviser prior to purchasing more than one MEC in any calendar year period.

**Continuation of Policy Beyond Age 100.** The tax consequences of continuing the Policy beyond the Insured's 100th birthday (or the younger Insured's 100th birthday with respect to the Joint and Last Survivor Policy) are unclear. You should consult a tax adviser if you intend to keep the Policy in force beyond the Insured's 100th birthday (or the younger Insured's 100th birthday with respect to the Joint and Last Survivor Policy).

**Tax Treatment of Policy Split.** With regard to the Joint and Last Survivor Policies, the Split Policy Option Rider and the Divorce Split Rider permit a Policy to be split into two individual Policies. It is not clear whether exercising either the Policy Split Rider or the Divorce Split Rider will be treated as a taxable transaction or whether the individual Policies that result will be classified as MECs. A tax adviser should be consulted before exercising either rider.

**Acceleration of Death Benefit Rider.** Payments received under the Acceleration of Death Benefit Rider should be excludable from the gross income of the Policy Owner except in certain business contexts. However, you should consult a qualified tax adviser about the consequences of adding this rider to a Policy or requesting payment under this rider.

**Tax Treatment of Assignments.** An assignment of a Policy or the change of ownership of a Policy may be a taxable event. You should therefore consult a competent tax adviser should you wish to assign or change the owner of your Policy.

**Transfer of Issued Life Insurance Policies to Third Parties.** If you transfer the Policy to a third party,

including a sale of the Policy to a life settlement company, such transfer may be taxable. As noted above, the death benefit will also be taxable in the case of a transfer for value unless certain exceptions apply. We may be required to report certain information to the IRS, as required under Code section 6050Y and applicable tax regulations. You should consult with a qualified tax adviser for additional information prior to transferring the Policy.

**Qualified Plans.** The Policies may be used in conjunction with certain Qualified Plans. Because the rules governing such use are complex and the amount of life insurance provided in connection with such plans may be limited, you should not do so until you have consulted a competent Qualified Plans consultant.

**Income Tax Withholding.** All distributions or the portion thereof which is includible in gross income of the Policy owner are subject to Federal income tax withholding. However, in most cases you may elect not to have taxes withheld. You may be required to pay penalties under the estimated tax rules, if withholding and estimated tax payments are insufficient.

**Life Insurance Purchases by Nonresident Aliens and Foreign Corporations.** Policy Owners that are not U.S. citizens or residents will generally be subject to U.S. Federal withholding tax on taxable distributions from life insurance policies at a 30% rate, unless a lower treaty rate applies. In addition, Policy Owners may be subject to state and/or municipal taxes and taxes that may be imposed by the Policy Owner's country of citizenship or residence. Prospective purchasers are advised to consult with a qualified tax adviser regarding taxation with respect to a purchase of the Policy.

**Business Uses of Policy.** Businesses can use the Policies in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, tax exempt and nonexempt welfare benefit plans, retiree medical benefit plans and others. The tax consequences of such plans may vary depending on the particular facts and circumstances. If you are contemplating a change to an existing Policy or purchasing the Policy for any arrangement the value of which depends in part on its tax consequences, you should consult a qualified tax adviser. In the case of a business-owned Policy, the provisions of section 101(j) of the Code may limit the amount of the death benefit excludable from

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gross income unless a specified exception applies and a notice and consent requirement is satisfied, as discussed above.

**Non-Individual Owners and Business Beneficiaries of Policies.** Ownership of the Policy by a corporation, trust or other non-natural person could jeopardize some (or all) of such entity's interest deduction under Internal Revenue Code section 264, even where such entity's indebtedness is in no way connected to the Policy. In addition, under section 264(f)(5), if a business (other than a sole proprietorship) is directly or indirectly a beneficiary of the Policy, the Policy could be treated as held by the business for purposes of the section 264(f) entity-holder rules. Therefore, it would be advisable to consult with a qualified tax adviser before any non-natural person is made an Owner or holder of the Policy, or before a business (other than a sole proprietorship) is made a beneficiary of the Policy.

**Split-Dollar Arrangements.** The IRS and the Treasury Department have recently issued guidance that substantially affects split-dollar arrangements. You should consult a qualified tax adviser before entering into or paying additional premiums with respect to such arrangements.

In addition, the Sarbanes-Oxley Act of 2002, which was signed into law on July 30, 2002, prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on U.S. exchanges, from extending directly or indirectly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted to apply to split-dollar life insurance arrangements for directors and executive officers of such companies, since such arrangements can arguably be viewed as involving a loan from the employer for at least some purposes.

Any affected business contemplating the payments of a premium on an existing Policy or the purchase of a new Policy in connection with a split-dollar life insurance arrangement should consult legal counsel.

Split dollar plans that provide deferred compensation may be subject to specific tax rules governing deferred compensation arrangements. Failure to adhere to these rules will result in adverse tax consequences. A tax adviser should be consulted with respect to such plans.

**Estate, Gift and Generation-Skipping Transfer Taxes.** The transfer of the Policy or the designation of a

beneficiary may have Federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation-skipping transfer taxes. When the insured dies, the death proceeds will generally be includable in the Policy Owner's estate for purposes of the Federal estate tax if the Policy Owner was the insured, retained incidents of ownership at death, or made a gift transfer of the Policy within 3 years of death. If the Policy Owner was not the insured, the fair market value of the Policy would be included in the Policy Owner's estate upon the Policy Owner's death. The Policy would not be includable in the insured's estate if the insured neither retained incidents of ownership at death nor had given up ownership within three years before death.

Moreover, under certain circumstances, the Code may impose a "generation-skipping transfer tax" when all or part of a life insurance policy is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Policy Owner. Regulations issued under the Code may require us to deduct the tax from your Policy, or from any applicable payment, and pay it directly to the IRS.

Qualified tax advisers should be consulted concerning the estate and gift tax consequences of Policy ownership and distributions under Federal, state and local law. The individual situation of each Policy Owner or beneficiary will determine the extent, if any, to which Federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of Policy proceeds will be treated for purposes of Federal, state and local estate, inheritance, generation-skipping and other taxes.

In 2025, federal tax law provides for a $13,990,000 gift, estate and generation-skipping transfer tax exemption, which will be indexed for inflation in subsequent years. Current law provides that this exemption amount may sunset for tax years after December 31, 2025 and a lower exemption amount may be applicable unless the law is changed.

The complexity of the tax law, along with uncertainty as to how it might be modified in coming years, underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

**Tax Credits and Deductions.** The Company may be entitled to certain tax benefits related to the assets of the Separate Account. These tax benefits, which may include

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foreign tax credits and corporate dividends received deductions, are not passed back to the Separate Account or to Policy Owners since the Company is the owner of the assets from which the tax benefits are derived.

**Possible Tax Law Changes.** Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Policy could change by legislation or otherwise. Consult a tax adviser with respect to legislative developments and their effect on the Policy.

**The Company's Income Taxes.** Under current Federal income tax law we are not taxed on the Separate Account's operations. Thus, currently we do not deduct a charge from the Separate Account for company Federal income taxes. (We do deduct a charge for Federal taxes from premiums.) We reserve the right to charge the Separate Account for any future Federal income taxes we may incur. Under current laws we may incur state and local taxes (in addition to premium taxes). These taxes are not now significant and we are not currently charging for them. If they increase, we may deduct charges for such taxes.

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**APPENDIX A** <br>**PARTICIPATING INVESTMENT FUNDS** <br>**INVESTMENT OBJECTIVES**

Below is a listing of the investment advisers and subadvisers, if any, and the investment objectives of each Investment Fund available under the policy. The fund prospectuses contain more complete information, including a description of the investment objectives, policies, restrictions and risks. THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES WILL BE ACHIEVED.

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| | | |
|:---|:---|:---|
| **Investment Fund** | **Investment Objective** | **Investment Adviser/Subadviser** |
| **AIM Variable Insurance Funds** <br> **(Invesco Variable Insurance** <br> **Funds) — Series I**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco V.I. EQV International Equity <br> Fund<br>| Seeks long-term growth of capital. | Invesco Advisers, Inc. |
| **Brighthouse Funds Trust I** <br> **— Class A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CBRE Global Real Estate Portfolio | Seeks total return through investment in real <br> estate securities, emphasizing both capital <br> appreciation and current income.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: CBRE Investment Management <br> Listed Real Assets LLC<br>|
| &nbsp;&nbsp;&nbsp; Invesco Small Cap Growth Portfolio | Seeks long-term growth of capital. | Brighthouse Investment Advisers, LLC<br> Subadviser: Invesco Advisers, Inc.<br>|
| &nbsp;&nbsp;&nbsp; Loomis Sayles Growth Portfolio | Seeks long-term growth of capital. | Brighthouse Investment Advisers, LLC<br> Subadviser: Loomis, Sayles & Company, L.P.<br>|
| &nbsp;&nbsp;&nbsp; MFS<sup>®</sup> Research International Portfolio | Seeks capital appreciation. | Brighthouse Investment Advisers, LLC<br> Subadviser: Massachusetts Financial Services <br> Company<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Discovery Portfolio | Seeks capital appreciation. | Brighthouse Investment Advisers, LLC<br> Subadviser: Morgan Stanley Investment <br> Management Inc.<br>|
| &nbsp;&nbsp;&nbsp; PIMCO Total Return Portfolio | Seeks maximum total return, consistent with <br> the preservation of capital and prudent <br> investment management.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: Pacific Investment Management <br> Company LLC<br>|
| &nbsp;&nbsp;&nbsp; State Street Emerging Markets Enhanced <br> Index Portfolio<br>| Seeks to provide total return, primarily <br> through capital appreciation.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: SSGA Funds Management, Inc<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Large Cap Value Portfolio | Seeks long-term capital appreciation by <br> investing in common stocks believed to be <br> undervalued. Income is a secondary <br> objective.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: T. Rowe Price Associates, Inc.<br>|
| &nbsp;&nbsp;&nbsp; Victory Sycamore Mid Cap Value <br> Portfolio<br>| Seeks high total return by investing in equity <br> securities of mid-sized companies.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: Victory Capital Management <br> Inc.<br>|
| **Brighthouse Funds Trust** <br> **II — Class A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BlackRock Bond Income Portfolio | Seeks a competitive total return primarily <br> from investing in fixed-income securities.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: BlackRock Advisors, LLC<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Ultra-Short Term Bond <br> Portfolio<br>| Seeks a high level of current income <br> consistent with prudent investment risk and <br> preservation of capital.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: BlackRock Advisors, LLC<br>|
| &nbsp;&nbsp;&nbsp; Jennison Growth Portfolio | Seeks long-term growth of capital. | Brighthouse Investment Advisers, LLC<br> Subadviser: Jennison Associates LLC<br>|
| &nbsp;&nbsp;&nbsp; Neuberger Berman Genesis Portfolio | Seeks high total return, consisting principally <br> of capital appreciation.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: Neuberger Berman Investment <br> Advisers LLC<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Large Cap Growth Portfolio | Seeks long-term growth of capital. | Brighthouse Investment Advisers, LLC<br> Subadviser: T. Rowe Price Associates, Inc.<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Small Cap Growth Portfolio | Seeks long-term capital growth. | Brighthouse Investment Advisers, LLC<br> Subadviser: T. Rowe Price Associates, Inc.<br>|

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| | | |
|:---|:---|:---|
| **Investment Fund** | **Investment Objective** | **Investment Adviser/Subadviser** |
| &nbsp;&nbsp;&nbsp; Western Asset Management Strategic Bond <br> Opportunities Portfolio<br>| Seeks to maximize total return consistent <br> with preservation of capital.<br>| Brighthouse Investment Advisers, LLC<br> Subadviser: Western Asset Management <br> Company LLC<br>|
| **Franklin Templeton Variable** <br> **Insurance Products Trust — Class 1**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Templeton Foreign VIP Fund | Seeks long-term capital growth. | Templeton Investment Counsel, LLC |
| **Putnam Variable Trust — Class IA** |  |  |
| &nbsp;&nbsp;&nbsp; Putnam VT Sustainable Leaders Fund | Seeks long-term capital appreciation. | Putnam Investment Management, LLC |

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**Discontinued Investment Portfolios.** The following investment options are no longer available for allocations of premiums or transfers of cash value (excluding rebalancing and dollar cost averaging programs in existence at the time of closing): Brighthouse Funds Trust II (formerly Metropolitan Series Fund): BlackRock Capital Appreciation Portfolio (Class A) (formerly BlackRock Legacy Large Cap Growth Portfolio (Class A)) (added and closed effective May 1, 2009).

Effective as of April 28, 2003, General American Money Market Fund was merged into the State Street Research Money Market Portfolio of Metropolitan Series Fund, Inc. and the following investment portfolios of the Met Investors Series Trust were merged: J.P. Morgan Enhanced Index Portfolio merged into the Lord Abbett Growth and Income Portfolio; J.P. Morgan International Equity Portfolio merged into the MFS<sup>®</sup> Research International Portfolio; and Lord Abbett Developing Growth Portfolio merged into the Lord Abbett Growth Opportunities Portfolio.

Effective as of May 1, 2004, the following investment portfolios were replaced: (a) AIM Variable Insurance Funds: AIM V.I. Premier Equity Fund (Series I) was replaced with the Lord Abbett Growth and Income Portfolio (Class A) of Met Investors Series Trust ("MIST"); (b) AllianceBernstein Variable Products Series Fund, Inc.: AllianceBernstein Premier Growth Portfolio (Class A) was replaced with the Janus Aggressive Growth Portfolio (Class A) of MIST; (c) Franklin Templeton Variable Insurance Products Trust (Class 1): Franklin Small Cap Fund was replaced with the T. Rowe Price Small Cap Growth Portfolio (Class A) of Metropolitan Series Fund, Inc. ("MSF"); and Mutual Shares Securities Fund was replaced with the Lord Abbett Growth and Income Portfolio (Class A) of MIST; (d) Goldman Sachs Variable Insurance Trust ("GSVIT"): GSVIT Growth and Income Fund (closed effective March 1, 2002) was replaced with the Lord Abbett Growth and Income Fund (Class A) of MIST; and GSVIT International Equity Fund (closed effective March 1, 2002) was replaced with the MFS<sup>®</sup> Research International Portfolio (Class A) of MIST; (e) Liberty Variable Investments: the Newport Tiger Fund, Variable Series (Class A) (closed effective May 1, 2002) was replaced with the MFS<sup>®</sup> Research International Portfolio (Class A) of MIST; (f) MFS<sup>®</sup> Variable Insurance Trust (Initial Class): MFS<sup>®</sup> Research Series (closed effective May 1, 2003) was replaced with the Oppenheimer Capital Appreciation Portfolio (Class A) of MIST; MFS<sup>®</sup> Emerging Growth Series was replaced with the T. Rowe Price Large Cap Growth Portfolio (Class A) of MSF; and the MFS<sup>®</sup> Strategic Income Series was replaced with the Salomon Brothers Strategic Bond Opportunities Portfolio (Class A) of MSF; (g) Oppenheimer Variable Account Funds (Initial Class): Oppenheimer Strategic Bond Fund/VA was replaced with the PIMCO Total Return Portfolio (Class A) of MIST; Oppenheimer Main Street Fund/VA was replaced with the Lord Abbett Growth and Income Portfolio (Class A) of MIST; Oppenheimer High Income Fund/VA was replaced with the Lord Abbett Bond Debenture Portfolio (Class A) of MIST; Oppenheimer Bond Fund/VA was replaced with the State Street Research Bond Income Portfolio (Class A) of MSF; and (h) Putnam Variable Trust (Class IA): Putnam VT New Value Fund (closed effective May 1, 2003) was replaced with the Lord Abbett Growth and Income Fund (Class A) of MIST; and the Putnam VT International New Opportunities Fund (closed effective May 1, 2003) was replaced with the MFS<sup>®</sup> Research International Portfolio (Class A) of MIST.

Effective as of November 22, 2004, the J.P. Morgan Quality Bond Portfolio (Class A) of the Met Investors Series Trust was merged into the PIMCO Total Return Portfolio (Class A) of the Met Investors Series Trust and the J.P. Morgan Select Equity Portfolio (Class A) of the Met Investors Series Trust was closed.

Effective as of May 1, 2005, the following investment portfolios were replaced: (a) AllianceBernstein Variable Products Series Fund, Inc.: the AllianceBernstein Real Estate Investment Portfolio (Class A) was replaced with the Neuberger Berman Real Estate Portfolio (Class A) of the Met Investors Series Trust; (b) MFS<sup>®</sup> Variable Insurance Trust: the MFS<sup>®</sup> High Income Series (Initial Class) was replaced with the Lord Abbett Bond Debenture Portfolio (Class A) of the Met Investors Series Trust,

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the MFS<sup>®</sup> Investors Trust Series (Initial Class) was replaced with the Oppenheimer Capital Appreciation Portfolio (Class A) of the Met Investors Series Trust and the MFS New Discovery Series (Initial Class) was replaced with the Met/AIM Small Cap Growth Portfolio of the Met Investors Series Trust; (c) Putnam Variable Trust: the Putnam VT International Equity Fund (Class IA) was replaced with the MFS Research International Portfolio (Class A) of the Met Investors Series Trust; (d) Oppenheimer Variable Account Funds: the Oppenheimer Capital Appreciation Fund/VA (Class A) (closed May 1, 2004) was replaced with the Oppenheimer Capital Appreciation Portfolio (Class A) of the Met Investors Series Trust.

Effective as of April 30, 2007, the following investment portfolios were replaced: (a) AIM Variable Insurance Funds: AIM V.I. Capital Appreciation Fund (Series I) was replaced with the Met/AIM Capital Appreciation Portfolio (Class A) of the Met Investors Series Trust; and (b) DWS Variable Series II: DWS Small Cap Growth VIP (Class A) was replaced with the T. Rowe Price Small Cap Growth Portfolio (Class A) of the Metropolitan Series Fund, Inc.

Effective as of April 30, 2007, the Met/Putnam Capital Opportunities Portfolio (Class A) of the Met Investors Series Trust was merged into the Lazard Mid-Cap Portfolio (Class A) of the Met Investors Series Trust.

Effective as of April 28, 2008, the Templeton Developing Markets Securities Fund (Class 1) of the Franklin Templeton Variable Insurance Products Trust was replaced with the MFS<sup>®</sup> Emerging Markets Equity Portfolio (Class A) of the Met Investors Series Trust.

Effective as of May 4, 2009, the Met/AIM Capital Appreciation Portfolio (Class A) of the Met Investors Series Trust merged into the BlackRock Legacy Large Cap Growth Portfolio (Class A) of the Metropolitan Series Fund, Inc.

Effective as of May 3, 2010, the Putnam VT Growth and Income Fund (Class IA) of the Putnam Variable Trust was replaced with the Lord Abbett Growth and Income Portfolio (Class A) of the Met Investors Series Trust.

Effective as of September 27, 2010, the Putnam VT Vista Fund (Class IA) of the Putnam Variable Trust merged into the Putnam VT Multi-Cap Growth Fund (Class IA) of the Putnam Variable Trust.

Effective as of April 30, 2012, the Oppenheimer Capital Appreciation Portfolio of the Met Investors Series Trust merged into the Jennison Growth Portfolio of the Metropolitan Series Fund.

Effective as of April 29, 2013, the MLA Mid Cap Portfolio (Class A) (which was formerly the Lazard Mid Cap Portfolio (Class A)) of the Met Investors Series Trust was merged into the Neuberger Berman Genesis Portfolio (Class A) of the Metropolitan Series Fund.

Effective as of May 1, 2016, the Lord Abbett Bond Debenture Portfolio of the Met Investors Series Trust was merged into the Western Asset Management Strategic Bond Opportunities Portfolio of the Metropolitan Series Fund.

Effective as of February 27, 2020, the DWS Government & Agency Securities VIP of Deutsche DWS Variable Series II was liquidated.

Effective following the close of business on April 25, 2025, the SSGA Emerging Markets Enhanced Index Portfolio II (which was formerly the Brighthouse/abrdn Emerging Markets Equity Portfolio) of Brighthouse Funds Trust I was merged into the SSGA Emerging Markets Enhanced Index Portfolio of Brighthouse Funds Trust I.

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