Separate Account N of Reliastar Life
08/05/2024 | Press release | Distributed by Public on 08/05/2024 04:03
Prospectus by Investment Company - Form 497
ReliaStar Life Insurance Company
and its
Separate Account N
VOYA ADVANTAGE CENTURY PLUSSM
Supplement Dated August 2, 2024 to the Contract Prospectus dated October 1, 2002 and
Notice Document, dated May 1, 2024, as amended
This supplement updates and amends certain information contained in your variable annuity contract prospectus and notice document. Please read it carefully and keep it with your contract prospectus and your notice document, for future reference. Capitalized terms not defined in this supplement shall have the meaning given to them in the contract prospectus and notice document.
NOTICE OF IMPORTANT INFORMATION
ABOUT YOUR CONTRACT PROSPECTUS
AND NOTICE DOCUMENT
Certain information has been corrected in the CURRENT EXPENSES and AVERAGE ANNUAL TOTAL RETURNS sections of APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT ("APPENDIX A"), of the contract prospectus and in the notice document. In that regard, the information APPENDIX A of the contract prospectus and notice document for the funds listed below are hereby replaced in their entirety, with the following:
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks long-term growth of capital and income. |
American Funds Insurance Series® - Growth - Income Fund (Class 2) Investment Adviser: Capital Research and Management CompanySM |
0.53% |
26.14% |
13.36% |
10.91% |
| Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500® Index. |
Fidelity® VIP Index 500 Portfolio (Initial Class) Subadviser:Geode Capital Management, LLC |
0.090%1 |
26.19% | 15.56% | 11.92% |
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| 1 | Effective June 1, 2024, the current expenses reflect fees for the Fidelity® VIP Index Portfolio (Initial Class). Prior to June 1, 2024, the fee was 0.10%. |
| X.100208-24A | 1 | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks to maximize income while maintaining prospectus for capital appreciation. |
Voya Balanced Income Portfolio (Class I)**
|
0.61% |
11.68% | 5.27% | 4.52% |
| Seeks capital appreciation. |
Voya Global Insights Portfolio (Class I)*** Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC**** |
0.75% |
32.69% |
11.91% |
8.30% |
| Seeks maximum total return. |
Voya International High Dividend Low Volatility Portfolio (Class I)2 Investment Adviser:Voya Investments, LLC Subadviser:Voya Investment Management Co., LLC |
0.74% |
14.87% |
6.34% |
2.67% |
| Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index. |
Voya International Index Portfolio (Class S) Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.71% |
17.54% |
7.59% |
3.74% |
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | Effective July 12, 2024, the Voya Balanced Portfolio merged into the Voya Balanced Income Portfolio (Class I). |
| *** | Effective December 1, 2023, the VY® Invesco Global Portfolio changed its name to Voya Global Insights Portfolio. |
| **** | Effective December 1, 2023, Invesco Advisors, Inc. was replaced as subadviser for the Voya Global Insights Portfolio with Voya Investment Management Co. LLC. |
| 2 | This Fund employs a managed volatility strategy. A managed volatility strategy is a strategy that is intended to reduce a Fund's overall volatility and downside risk and, thereby, help us manage the risks associated with providing certain guarantees under the Contract. During rising markets, the hedging strategies employed to manage volatility could result in your Account Value rising less than would have been the case if you had been invested in a Fund with substantially similar investment objectives, policies and strategies that does not utilize a volatility management strategy. In addition, the cost of these hedging strategies may have a negative impact on investment performance. On the other hand, investing in Funds with a managed volatility strategy may be helpful in a declining market with higher market volatility because the hedging strategy will reduce your equity exposure in such circumstances. In such cases, your Account Value may decline less than would have been the case if you had not invested in Funds with a managed volatility strategy. There is no guarantee that a managed volatility strategy can achieve or maintain the Fund's optimal risk targets, and the Fund may not perform as expected. |
| X.100208-24A | 2 | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks growth of capital. |
Voya Solution Aggressive Portfolio (Class I)**
Investment Adviser: Voya Investments, LLC |
0.89% | 21.21% | 11.21% | 7.69% |
| Seeks to provide capital growth through a diversified asset allocation strategy. |
Voya Solution Balanced Portfolio (Class I)***
Investment Adviser: Voya Investments, LLC |
0.80% | 15.38% | 7.73% | 5.96% |
| Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement |
Voya Solution Conservative Portfolio (Class I)****
Investment Adviser: Voya Investments, LLC |
0.66% | 9.32% | 4.25% | 3.72% |
| Seeks long-term capital growth. Income is a secondary objective. |
VY® American Century Small-Mid Cap Value Portfolio (Class S) Investment Adviser: Voya Investments, LLC Subadviser:American Century Investment Management, Inc. |
1.10% |
8.77% |
12.07% |
8.72% |
| Seeks capital appreciation. |
VY® Baron Growth Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser:BAMCO, Inc. |
1.00% |
15.10% |
14.55% |
10.11% |
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | Effective July 12, 2024, the Voya Strategic Allocation Growth Portfolio (Class I) merged into the Voya Solution Aggressive Portfolio (Class I). |
| *** | Effective July 12, 2024, the Voya Strategic Allocation Moderate Portfolio (Class I) merged into the Voya Solution Balanced Portfolio (Class I). |
| **** | Effective July 12, 2024, the Voya Strategic Allocation Conservative Portfolio merged into the Voya Solution Conservative Portfolio. |
| X.100208-24A | 3 | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks high total return consisting of capital appreciation and current income. |
VY® CBRE Global Real Estate Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser: CBRE Clarion Securities LLC |
0.90% |
12.59% |
6.17% |
4.48% |
| Seeks a high level of dividend income as well as long-term growth of capital primarily through investments in stocks. |
VY® T. Rowe Price Equity Income Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser:T. Rowe Price Associates, Inc. |
0.61% |
9.57% |
11.32% |
8.05% |
| Seeks long-term growth through investments in stocks. |
VY® T. Rowe Price Growth Equity Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser:T. Rowe Price Associates, Inc. |
0.71% |
46.89% |
13.37% |
11.70% |
****
All references to the Voya High Yield Portfolio (Class I) in the CURRENT EXPENSES and AVERAGE ANNUAL RETURNS section in APPENDIX A, of the contract prospectus and in APPENDIX, of the summary prospectuses are hereby deleted.
****
MORE INFORMATION IS AVAILABLE
More information about the funds available through your contract, including information about the risks associated with investing in them can be found in the current prospectus and Statement of Additional Information for each fund. You may obtain these documents by contacting us at:
Customer Service
P.O. Box 5050
Minot, ND 58702-5050
1-800-884-5050
Please retain this supplement for future reference.
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| X.100208-24A | 4 | August 2024 |