Fidelity Freedom Lifetime Income Annuity

Fidelity Freedom Lifetime Income Annuity * SECURE A STREAM OF INCOME1 THAT’S GUARANTEED 2 FOR LIFE.Not Part of the Prospectus

Fidelity insurance products are issued by Fidelity Investments Life Insurance Company (FILI) and, in New York, byEmpire Fidelity Investments Life Insurance Company, New York, N.Y. FILI is licensed in all states except New York.The contract’s financial guarantees are solely the responsibility of the issuing insurance company.An important part of your retirement planYou’re smart to be considering a variable incomeannuity as part of your overall retirement incomeplan that provides immediate income paymentsthat last for the rest of your life.1Not Part of the Prospectus

Fidelity Freedom Lifetime IncomeSecure a stream of income1 that’s guaranteed2 for life.The Fidelity Freedom Lifetime Income (FFLI) annuity can help you reduce the risk of outlivingyour retirement savings by providing income that will last for the rest of your life. Your income willalso have the potential to grow over time to help keep pace with inflation. This variable incomeannuity provides:Lifetime income. You (or you and yourspouse) will receive income paymentsguaranteed1 to last a lifetime in returnfor a lump-sum payment. To receivethese lifetime income payments,however, you will have limited or noaccess to your assets.Income growth potential. Yourpayment amounts are based on theperformance of a diversified portfoliowithin FFLI and will fluctuate — increasingor decreasing over time. Althoughpayment amounts are not guaranteed,the potential for payments to grow canhelp you keep pace with rising costsand inflation.Professional money management.Your lifetime income is generated froma Fidelity-managed diversified portfolio.You can choose from two types — basedon your age or your risk tolerance. Withthese portfolios, fund managers makethe investing choices, monitor theresults, and maintain each portfolio’starget asset mix. Fidelity takes theguesswork out of making investmentdecisions so you don’t have to do italone.A low-cost annuity that may meanmore income. Because our lowannual annuity charge of 0.60%3 issignificantly lower than the industryaverage of 1.14%, more of your moneywill go to generating income and lessto paying fees.Features to help address your uniqueretirement needs. With FFLI, you havethe ability to select and pay for onlythe features you need. You may chooseto purchase protection for your heirsto ensure beneficiaries will receiveany remaining income payments fora specific period of time — typicallyfrom 5 to 45 years, or, if eligible, awithdrawal period that offers flexibleaccess to annuity funds.4 By means ofan additional up-front premium, youcan obtain the same initial payment youwould otherwise receive. Keep in mindthat taking a withdrawal will reduce theamount of each of your future annuityincome payments.* In New York, Freedom Lifetime Income.1Payment amount is not guaranteed and will fluctuate.2Guarantees are subject to the claims-paying ability of the issuing insurance company.According to data based on Morningstar, Inc., Fidelity Freedom Lifetime Income’s annual annuity charge of 0.60% is significantly lower than that of the industry’saverage annual annuity charge of 1.14% for immediate variable contracts as of 12/31/2011. Underlying fund expenses also apply.3 4 Restrictionsmay apply; refer to prospectus. The withdrawal option is not available in all states and not applicable fornon-qualified funds. Withdrawals of taxable amounts and taxable income received from an annuity are subject to ordinaryincome tax. Withdrawals of taxable amounts taken before age 59½ may be subject to a 10% IRS penalty.Not Part of the Prospectus

Investing solutions made easy.Investing in the Fidelity Freedom Lifetime Income variable income annuity is simple.Just choose a portfolio based on your individual needs and let Fidelity do the rest.Fidelity VIP Freedom LifetimeIncome Portfolios5S imply pick the portfolio that correspondsto the decade in which you were born,6 andFidelity’s professionals do the rest. Theallocation of each portfolio — which investsin a combination of underlying Fidelity VIPequity, fixed-income, and short-term funds —is adjusted over time, gradually becomingmore conservative. This process is known asthe “roll down.”The Fidelity VIP Freedom Lifetime Incomeportfolios are managed to gradually becomemore conservative over time as they approachtheir ultimate target asset allocation. FidelityVIP Freedom Lifetime Income II and III areexpected to ultimately merge with FidelityVIP Freedom Lifetime Income I. As with allFidelity Freedom Lifetime Income portfolios,principal invested is not guaranteed at anytime, including when or after the funds reachtheir ultimate target asset allocation.You can choose from the followinginvestment options: Fidelity VIP Freedom Lifetime Income IPortfolio — if you were born in 1939 or earlierFidelity VIP FundsManager Portfolios5Unlike a fund that typically invests in stocksor bonds, each Fidelity VIP FundsManager portfolio is a diversified portfolio made upof carefully selected funds. By choosinga portfolio, you can potentially provide acomplete asset allocation investment strategyfor your variable annuity assets. Each portfoliostrives to provide reduced volatility throughdiversification.The portfolios are named according tothe equity fund allocations in each. Thefund you choose will depend on yourtolerance for risk and your ability toadjust to fluctuations in value. If your risktolerance changes over time, you can selecta different portfolio that better suits yournew perspective.Simply choose from one of the investmentoptions listed below: Fidelity VIP FundsManager 20% Portfolio Fidelity VIP FundsManager 50% Portfolio Fidelity VIP FundsManager 60% Portfolio Fidelity VIP FundsManager 70% Portfolio Fidelity VIP FundsManager 85% Portfolio Fidelity VIP Freedom Lifetime Income IIPortfolio — if you were born in the 1940s Fidelity VIP Freedom Lifetime Income IIIPortfolio — if you were born in the 1950s or laterThe performance of the Fidelity VIP Freedom Lifetime Income and Fidelity VIP FundsManager portfolios depends on that of their underlying Fidelity VIP funds.These portfolios are subject to the volatility of the financial markets in the U.S. and abroad, and may be subject to the additional risks associated with investingin high-yield, commodity-linked, small-cap, and foreign securities.6This is only a guide. Customers should evaluate their own circumstances before selecting a fund.5 Not Part of the Prospectus

Fidelity Freedom Lifetime Income Annuity Quick FactsA low-cost variable income annuity Low annual annuity charge of 0.60%4 N o initial sales charges or annualmaintenance feesHow to fund your annuity T ax-free transfer from a qualified 401(k) plan,IRA, or other employer-sponsored planpretax assets. Taking a withdrawal willimpact the amount of future paymentsthat you will receive.Investment options F idelity VIP Freedom LifetimeIncome portfolios Fidelity VIP FundsManager portfolios U se money from your current savings,bonus, or inheritance C an be invested in only one portfolioat any time E xchange an existing annuity to Fidelitytax free with a 1035 exchange7Payment options 25,000 minimum purchase amountIncome options P rovide income for the rest of your lifewith a single lifetime annuity P rovide lifetime income for you and yourspouse with a joint annuity R eceive your income payment by checkor have it directly deposited C hoose to receive income paymentsannually, semiannually, quarterly,or monthly S elect either the 1st or the 15th of themonth for the payment calculation date A n optional guarantee period that helpsensure that your beneficiaries will continueto receive income payments from theannuity for a certain length of timeGo to Fidelity.com/income to: A n optional withdrawal feature thatallows up to two partial withdrawals peryear if you purchase your annuity with Learn more about your investmentoptions View informative videos Explore our interactive toolsGet started today!Contact a Fidelity Representative at 800.544.2442or visit a Fidelity Investor Center. Before exchanging, check with your current provider to see if it will assess a surrender charge. Consider the existing benefitsand features you may lose in an exchange, which may be of particular importance in poor market conditions.7Diversification does not ensure a profit or protect against loss in a declining market.Not Part of the Prospectus

Want more information?Go to Fidelity.com/incomeor call 800.544.2442. Before investing, consider the investment objectives, risks, charges, and expenses of the annuity and its investment options.Call or write to Fidelity or visit Fidelity.com for a free prospectus and, if available, summary prospectus containing thisinformation. Read it carefully. Principal value, income payments, and investment returns of a variable income annuity will fluctuate, and you may have again or loss when money is received. Fidelity insurance products are issued by Fidelity Investments Life Insurance Company (FILI) and, in New York, by EmpireFidelity Investments Life Insurance Company, New York, N.Y. FILI is licensed in all states except New York. The contract’sfinancial guarantees are solely the responsibility of the issuing insurance company. Fidelity Freedom Lifetime Income (Policy Form Nos. FFLI-Q-2005, et al., and FFLI-NQ-2005, et al.) is issued by Fidelity Investments Life Insurance Company. Freedom LifetimeIncome (Policy Form Nos. EFLI-Q-2005, et al., and EFLI-NQ-2005, et al.) is issued by Empire Fidelity Investments Life Insurance Company. Fidelity Brokerage Services,Member NYSE, SIPC, and Fidelity Insurance Agency, Inc., are the distributors.Not Part of the Prospectus 2012 FMR LLC. All rights reserved.543432.3.0FFLI BLK 04121.909979.102

Fidelity Freedom Lifetime Income Secure a stream of income1 that's guaranteed2 for life. Lifetime income. You (or you and your spouse) will receive income payments guaranteed1 to last a lifetime in return for a lump-sum payment. To receive these lifetime income payments, however, you will have limited or no access to your assets.