New York Life Insurance and Annuity Corporation

New York Life Insurance and Annuity Corporation

NYLIAC Variable Universal Life

Product Prospectus May 1, 2020

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Flexible Premium Variable Universal Life Insurance Policies Prospectus Dated May 1, 2020

Please use one of the following addresses for service requests:

Regular Mail

NYLIAC Variable Products Service Center Madison Square Station P.O. Box 922 New York, NY 10159

Express Mail

NYLIAC Variable Products Service Center 51 Madison Avenue Floor 3B, Room 0304 New York, NY 10010

Telephone: 1-800-598-2019 For submitting death claim forms only, you may also use:

Regular Mail New York Life P.O. Box 130539 Dallas, TX 75313-0539

Express Mail New York Life 4849 Greenville Ave, Ste 700 Dallas, TX 75206

Premium payments and loan repayments should be sent to us at:

Regular Mail

NYLIAC 75 Remittance Drive Suite 3021 Chicago, IL 60675-3021

Express Mail

NYLIAC, Suite 3021 c/o The Northern Trust Bank 350 North Orleans Street Receipt & Dispatch, 8th Floor Chicago, IL 60654

This prospectus describes a flexible premium variable universal life insurance policy formerly issued by New York Life Insurance and Annuity Corporation ("NYLIAC"). In this prospectus, the words "we," "our" or "us" refer to NYLIAC and the words "you" or "your" refer to the policyowner. We have discontinued sales of this policy. We will still accept additional premiums under existing policies. Capitalized terms used in this prospectus have the same meaning as in the section on DEFINITION OF TERMS.

Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the shareholder reports of the Eligible Portfolios available under your policy will no longer be sent by mail, unless you specifically request paper copies of the reports from the Variable Product Service Center ("VPSC"). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from us electronically by contacting the VPSC.

You may elect to receive all future reports in paper free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by contacting the VPSC. Your election to receive reports in paper will apply to all Eligible Portfolios available under your policy.

POLICY FEATURES

LIFE INSURANCE PROTECTION--This policy offers lifetime insurance protection, with a life insurance benefit payable when the Primary Insured dies while the policy is in effect. Even though the policy offers the protection of permanent life insurance, it can lapse even if all planned premiums are paid on time.

CHOICE OF LIFE INSURANCE BENEFIT OPTIONS--You can choose either a level life insurance benefit equal to the face amount of your policy or a life insurance benefit that varies and is equal to the sum of your policy's face amount and Cash Value. If you choose a benefit that varies, the life insurance benefit will increase or decrease depending on the performance of the Allocation Alternatives you select. Your policy's life insurance benefit will never be less than the face amount of your policy. The face amount appears on the Policy Data Page of

your policy. Under both options, a higher life insurance benefit may apply if necessary for the policy to qualify as life insurance under the IRC. The policy proceeds we pay will be the sum of the life insurance benefit plus any rider death benefits less any loans (including any accrued loan interest).

FLEXIBLE PREMIUM PAYMENTS--You can decide the amount of premiums to pay and when to pay them, within limits. Although premium payments are flexible, we may require additional premium payments to keep the policy in effect. The policy may terminate if its Net Cash Value is insufficient to pay the policy's monthly charges. The Cash Surrender Value of your policy will fluctuate depending on the performance of the Allocation Alternatives you have chosen. The Cash Surrender Value also will fluctuate to reflect the premium payments you make and the charges we deduct.

LOANS, WITHDRAWALS, AND SURRENDERS--You can borrow against or withdraw money from your policy, within limits. Loans and withdrawals will reduce the policy's proceeds, Cash Surrender Value and Net Cash Value. You can also surrender your policy at any time. The Cash Surrender Value of your policy may increase or decrease depending on the performance of the Allocation Alternatives you select. We do not guarantee the Cash Surrender Value for your policy. If you surrender your policy or take a partial withdrawal during the first fifteen Policy Years or within fifteen years after you increase the face amount, we may apply a surrender charge. Loans, withdrawals, and surrenders may have tax consequences.

FACE AMOUNT INCREASES AND DECREASES--You may increase or decrease the face amount of your policy, within limits. We will apply a new schedule of surrender charges to any increase in your policy's face amount. We may also deduct a surrender charge for any reduction in the face amount.

Replacing existing insurance with any policy may not be to your advantage. In addition, it may not be to your advantage to borrow to purchase this policy or to take withdrawals from another policy that you already own to make premium payments under this policy.

In addition, a variable life insurance policy is designed to provide a Life Insurance Benefit or to help meet other long-term financial objectives. Substantial fees, expenses, and tax implications generally make variable life insurance unsuitable as a short-term savings vehicle. Additionally, the policy may limit your ability to withdraw a portion of the Cash Value through partial surrenders.

IMPORTANT NOTICES

This prospectus provides information that a prospective investor should know before investing. Please read it carefully and retain it for future reference. This prospectus must be accompanied by the current prospectuses for the MainStay VP Funds Trust, the AB Variable Products Series Fund, Inc., the AIM Variable Insurance Funds (Invesco Variable Insurance Funds), the American Funds Insurance Series?, the BlackRock? Variable Series Funds, Inc., the BlackRock? Variable Series Funds II, Inc., the BNY Mellon Investment Portfolios, the Columbia Funds Variable Series Trust II, the Delaware VIP? Trust, the Deutsche DWS Investments VIT Funds, the Deutsche DWS Variable Series II, the Fidelity? Variable Insurance Products Funds, the Janus Aspen Series, the Legg Mason Partners Variable Equity Trust, the Lincoln Variable Insurance Products Trust, the MFS? Variable Insurance Trust, the MFS? Variable Insurance Trust II, the Morgan Stanley Variable Insurance Fund, Inc., the Neuberger Berman Advisers Management Trust and the PIMCO Variable Insurance Trust (the "Funds", each individually a "Fund").

The Securities and Exchange Commission has not approved or disapproved these securities, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. The policies involve risks, including the potential risk of loss of principal invested. The policies are not deposits of, or guaranteed or endorsed by, any bank, and are not federally insured by the FDIC, the Federal Reserve Board, or any other agency.

Allocation Alternatives--Your policy allows you to choose how you want to invest your premium payments. You have the option to choose from 80 Investment Divisions and a Fixed Account. Policyowners may invest in a total of 21 investment options from among the 80 Investment Divisions and the Fixed Account, at any time. The Investment Divisions available under your policy are:

x MainStay VP Balanced--Initial Class x MainStay VP Bond--Initial Class x MainStay VP CBRE Global Infrastructure (formerly Mainstay VP Cushing? Renaissance Advantage)--

Initial Class x MainStay VP Conservative Allocation--Initial Class x MainStay VP Emerging Markets Equity--Initial Class** x MainStay VP Epoch U.S. Equity Yield--Initial Class x MainStay VP Fidelity Institutional AM? Utilities--Initial Class x MainStay VP Floating Rate--Initial Class x MainStay VP Growth Allocation--Initial Class x MainStay VP Income Builder--Initial Class x MainStay VP Indexed Bond--Initial Class x MainStay VP IQ Hedge Multi-Strategy--Initial Class x MainStay VP Janus Henderson Balanced--Initial Class x MainStay VP MacKay Common Stock--Initial Class x MainStay VP MacKay Convertible--Initial Class x MainStay VP MacKay Government--Initial Class x MainStay VP MacKay Growth--Initial Class** x MainStay VP MacKay High Yield Corporate Bond--Initial Class x MainStay VP MacKay International Equity--Initial Class x MainStay VP MacKay Mid Cap Core--Initial Class x MainStay VP MacKay S&P 500 Index--Initial Class x MainStay VP MacKay Small Cap Core--Initial Class x MainStay VP MacKay Unconstrained Bond--Initial Class x MainStay VP Mellon Natural Resources--Initial Class x MainStay VP Moderate Allocation--Initial Class x MainStay VP Moderate Growth Allocation--Initial Class x MainStay VP PIMCO Real Return--Initial Class x MainStay VP Small Cap Growth (formerly MainStay VP Eagle Small Cap Growth)--Initial Class x MainStay VP T. Rowe Price Equity Income--Initial Class** x MainStay VP Winslow Large Cap Growth (formerly MainStay VP Large Cap Growth)--Initial Class x MainStay VP U.S. Government Money Market--Initial Class x AB VPS Small/Mid Cap Value Portfolio--Class A x American Funds IS Asset Allocation Fund--Class 2 x American Funds IS Blue Chip Income and Growth Fund--Class 2 x American Funds IS Global Small Capitalization Fund--Class 2 x American Funds IS Growth Fund--Class 2 x American Funds IS New World Fund?--Class 2 x BlackRock? Global Allocation V.I. Fund--Class I x BlackRock? High Yield V.I. Fund--Class I x BNY Mellon IP Technology Growth Portfolio (formerly Dreyfus IP Technology Growth Portfolio)--Initial

Shares x ClearBridge Variable Appreciation Portfolio--Class I x Columbia Variable Portfolio--Commodity Strategy Fund--Class 1 x Columbia Variable Portfolio--Emerging Markets Bond Fund--Class 1 x Delaware VIP? Emerging Markets Series--Standard Class x Delaware VIP? Small Cap Value Series--Standard Class x DWS Alternative Asset Allocation VIP--Class A

x DWS Small Cap Index VIP--Class A x DWS Small Mid Cap Value VIP--Class A x Fidelity? VIP ContrafundSM Portfolio--Initial Class x Fidelity? VIP Emerging Markets Portfolio--Initial Class x Fidelity? VIP Equity-Income PortfolioSM--Initial Class x Fidelity? VIP Freedom 2020 PortfolioSM--Initial Class x Fidelity? VIP Freedom 2030 PortfolioSM--Initial Class x Fidelity? VIP Freedom 2040 PortfolioSM--Initial Class x Fidelity? VIP Growth Opportunities Portfolio--Initial Class x Fidelity? VIP Health Care Portfolio--Initial Class x Fidelity? VIP Mid Cap Portfolio--Initial Class x Invesco Oppenheimer V.I. Main Street Small Cap Fund?--Series I Shares x Invesco V.I. American Value Fund--Series I Shares x Invesco V.I. International Growth Fund--Series I Shares x Janus Henderson Enterprise Portfolio--Institutional Shares x Janus Henderson Global Research Portfolio--Institutional Shares x Legg Mason/QS Aggressive Model Portfolio--Class I x Legg Mason/QS Conservative Model Portfolio--Class I x Legg Mason/QS Moderate Model Portfolio--Class I x Legg Mason/QS Moderately Aggressive Model Portfolio--Class I x Legg Mason/QS Moderately Conservative Model Portfolio--Class I x LVIP SSgA International Index Fund--Standard Class x LVIP SSgA Mid-Cap Index Fund--Standard Class x MFS? International Intrinsic Value (formerly MFS? International Value) Portfolio--Initial Class x MFS? Investors Trust Series--Initial Class x MFS? Mid-Cap Value Portfolio--Initial Class x MFS? New Discovery Series--Initial Class x MFS? Research Series--Initial Class x Morgan Stanley VIF U.S. Real Estate Portfolio--Class I x Neuberger Berman AMT Mid Cap Growth Portfolio--Class I x PIMCO VIT Income Portfolio--Institutional Class x PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)--Institutional Class x PIMCO VIT Low Duration Portfolio--Institutional Class x PIMCO VIT Total Return Portfolio--Institutional Class

** Premiums or transfers will only be accepted into this Investment Division from policyowners already invested in this Investment Division. Policyowners who remove all Cash Value allocations from this Investment Division will not be permitted to reinvest in this Investment Division.

We do not guarantee the investment performance of the Investment Divisions, which involve varying degrees of risk.

Table of Contents

Page

HOW TO REACH US FOR POLICY

SERVICES .............................................................

7

Online Service at .........

7

Third Party Access to Your Account.................

8

Page

Deductions from Cash Value ............................ 17 Expense Allocation Option ............................. 18 Monthly Contract Charge................................ 18 Charge for Cost of Insurance Protection ...... 18

Risks Affecting our Administration of Your

Policy ....................................................................

8

Information Systems Failures and

Cybersecurity Risks ...........................................

8

Risks from Serious Infectious Disease

Outbreaks ............................................................

9

Registered Representative Actions.................. 10

DEFINITION OF TERMS..................................... 10

BASIC QUESTIONS AND ANSWERS ABOUT US AND OUR POLICY.......................... 12

What are NYLIAC and New York Life?............ 12

What type of variable life insurance policy is described by this Prospectus?.......................... 12 How is the policy available for issue?.............. 13 What is the Cash Value of the policy?............. 13

How is the value of an Accumulation Unit determined? ........................................................ 13

What is a Net Premium and how is it applied? ............................................................... 13 What is the Fixed Account? .............................. 13 How long will the policy remain in force? ........ 14

Is the amount of the death benefit guaranteed? ........................................................ 14

Is the death benefit subject to income taxes?................................................................... 14

Does the policy have a Cash Surrender Value? .................................................................. 14

What is a modified endowment contract?....... 14

Can the policy become a modified endowment contract?......................................... 14 What premiums are payable?........................... 15 What are unscheduled premiums? .................. 15

When are premiums put into the Fixed Account or the Separate Account? .................. 15

How are Net Premiums allocated among the Allocation Alternatives? ............................... 15 Are there charges against the policy? ............. 15 What is the loan privilege? ................................ 16 Do I have a right to cancel? .............................. 16

Can the policy be exchanged, or can all amounts be allocated to the Fixed Account? . 16 How is a person's age calculated? .................. 17 CHARGES UNDER THE POLICY ..................... 17 Deductions from Premium Payments .............. 17

Sales Expense Charge.................................... 17 State Premium Tax Charge............................. 17 Federal Tax Charge ......................................... 17

Guaranteed Minimum Death Benefit Rider Charge............................................................... 19 Other Rider Charges ....................................... 19 Separate Account Charges............................... 19 Mortality and Expense Risk Charge.............. 19 Administrative Charge..................................... 19 Other Charges for Federal Income Taxes .... 19 Fund Charges ..................................................... 19 Funds' Annual Operating Expenses.............. 20 Surrender Charges ............................................ 20 Exceptions to Surrender Charge ................... 21 Other Charges .................................................... 21 Partial Withdrawal Charge.............................. 21 Transfer Charge ............................................... 21 Loan Charges ..................................................... 21 How the Policy Works........................................ 22 THE SEPARATE ACCOUNT .............................. 22 FUNDS AND ELIGIBLE PORTFOLIOS ............ 23 Reinvestment ...................................................... 31 Other Policies ..................................................... 31 GENERAL PROVISIONS OF THE POLICY..... 32 When Life Insurance Coverage Begins .......... 32 Premiums ............................................................ 32 Scheduled Premiums ........................................ 33 Unscheduled Premiums .................................... 33 Payments Returned for Insufficient Funds ..... 33 Termination.......................................................... 33 Maturity Date....................................................... 34 DOLLAR-COST AVERAGING ............................ 34 AUTOMATIC ASSET REBALANCING .............. 35 INTEREST SWEEP.............................................. 35 DEATH BENEFIT UNDER THE POLICY.......... 36 Face Amount Changes...................................... 38 Life Insurance Benefit Option Changes .......... 38

CASH VALUE AND CASH SURRENDER VALUE.................................................................... 39

Cash Value .......................................................... 39 Transfers.............................................................. 39 Requesting a Transfer ....................................... 39 Limits on Transfers............................................. 40 Investment Return.............................................. 41 Cash Surrender Value ....................................... 42 Net Cash Value................................................... 42 Partial Withdrawals ............................................ 42

Page

Periodic Partial Withdrawals ............................. 43 POLICY LOANS.................................................... 43

Loan Interest ....................................................... 44 When Loan Interest is Due ............................... 44 Loan Repayment ................................................ 45 Interest on Loaned Value .................................. 45 The Effects of a Policy Loan ............................. 45 EXCHANGE PRIVILEGE..................................... 46

Special New York Requirements...................... 46 YOUR VOTING RIGHTS ..................................... 46 OUR RIGHTS ........................................................ 47 DIRECTORS AND PRINCIPAL OFFICERS OF NYLIAC ............................................................ 48 THE FIXED ACCOUNT........................................ 50

Interest Crediting ................................................ 50 Transfers to Investment Divisions and to the Fixed Account...................................................... 50

DISTRIBUTION AND COMPENSATION ARRANGEMENTS ............................................... 51

FEDERAL INCOME TAX CONSIDERATIONS. 52 Our Intent............................................................. 52 Tax Status of NYLIAC and the Separate Account ................................................................ 53 Charges for Taxes .............................................. 53 Diversification Standards and Control Issues ................................................................... 53 Life Insurance Status of Policy ......................... 54 IRC Section 101(j)--Impact on EmployerOwned Policies ................................................... 54 Modified Endowment Contract Status ............. 55 Status of the Policy After the Insured is Age 95 .......................................................................... 56 Policy Surrenders and Partial Withdrawals .... 56 3.8 Percent Medicare Tax on Certain Investment Income ............................................. 56 Policy Loans and Interest Deductions ............. 57

Exchanges, Sales or Assignments of Policies................................................................. 57 Tax-Free "Section 1035" Insurance Policy Exchanges........................................................... 57 Living Benefits Rider (also known as Accelerated Benefits Rider) .............................. 58 Withholding.......................................................... 58

Page

Business Uses of Policy .................................... 58 Non-Individual Owners and Business Beneficiaries of Policies .................................... 58 Split-Dollar Arrangements ................................. 59 Tax Shelter Regulations .................................... 59 Other Tax Considerations ................................. 59 Life Insurance Purchases by Residents of Puerto Rico ......................................................... 59 ADDITIONAL PROVISIONS OF THE POLICY .................................................................. 59 Reinstatement Option........................................ 59

Additional Benefits Provided by Riders........... 60 Accidental Death Benefit Rider ........................ 60

Children's Insurance Rider................................ 60

Guaranteed Insurability Rider........................... 61 Guaranteed Minimum Death Benefit Rider .... 62 GMDB Premium Test (performed on each Monthly Deduction Day).................................... 62 Living Benefits Rider (also known as Accelerated Benefits Rider) .............................. 63 Monthly Deduction Waiver Rider ..................... 63 Spouse's Paid-Up Insurance Purchase Option Rider ........................................................ 64 Term Insurance On Other Covered Insured Rider..................................................................... 64 How Policy Proceeds Will Be Paid .................. 64

Lump Sum Payment .......................................... 65 Payment Options................................................ 65 Electing or Changing a Payment Option ........ 66 Payees ................................................................. 66 Beneficiary........................................................... 66 When We Pay Proceeds ................................... 66

Assignment ......................................................... 67

Transfer of Ownership ....................................... 67

Limits on Our Rights to Challenge the Policy. 67

Misstatement of Age or Sex.............................. 68

Suicide ................................................................. 68 RECORDS AND REPORTS ............................... 68 LEGAL PROCEEDINGS ..................................... 68

FINANCIAL STATEMENTS................................. 69

This prospectus is not considered an offering in any jurisdiction where the sale of this policy cannot lawfully be made. NYLIAC does not authorize any information or representations regarding the offering other than as described in this prospectus or in any attached supplement to this prospectus or in any supplemental sales material NYLIAC produces.

In certain jurisdictions, different provisions may apply to the policy. Please refer to the policy or ask your registered representative for details regarding your particular policy.

The Investment Divisions offered through the NYLIAC VUL policy and described in this prospectus are different and may have different investment performance from mutual funds that may have similar names, the same adviser, the same investment objective and policy and similar portfolio securities.

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