Form 497VPU FIDELITY INVESTMENTS

SUPPLEMENT DATED APRIL 14, 2026

TO THE UPDATING SUMMARY PROSPECTUS AND STATUTORY PROSPECTUS DATED APRIL 30, 2025

OF FIDELITY RETIREMENT RESERVES^®

ISSUED BY FIDELITY INVESTMENTS LIFE INSURANCE COMPANY (“FILI”)

This supplement should be read, retained, and used in conjunction with the Updating Summary Prospectus and Statutory Prospectus (collectively, the “Prospectuses”) of Fidelity Retirement Reserves^®. All capitalized terms used but not defined herein have the same meaning as those included in the Prospectus.

Fund Merger

This Supplement is to inform you that shareholders of the Invesco V.I. Global Core Equity Fund (the “Target Fund”) have approved the liquidation and the transfer of its assets to the Invesco V.I. Global Fund (the “Acquiring Fund”). The merger will be completed on April 24, 2026, at which time the Target Fund will no longer be available under your Contract and will be replaced by the Acquiring Fund.

What will happen to any portion of my Contract allocated to the Target Fund?

How else could I be impacted by the merger?

Effective April 24, 2026, the below information about the Acquiring Fund is added to Appendix A: FUNDS AVAILABLE UNDER THE CONTRACT of the Prospectus and the current information about the Target Fund is removed:

More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.dfinview.com/Fidelity/PUFT/NRR. You can also request this information at no cost by calling 1-800-634-9361 or by sending an email request to [email protected].

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE

If you have questions, or if you would like to discuss allocation options, please contact a Fidelity Annuity Service Specialist at 800-634-9361, Monday through Friday, 8:30 a.m. to 7:30 p.m. Eastern time.