SUPPLEMENT DATED SEPTEMBER 20, 1999
TO THE PROSPECTUS DATED MAY 1, 1999 FOR PARK AVENUE VUL
THIS SUPPLEMENT APPLIES ONLY TO POLICIES ISSUED IN THE STATE OF NEW YORK
The following supplemental information should be read in conjunction with
the Prospectus dated May 1, 1999 for the Variable Universal Life Insurance
Policy issued by The Guardian Insurance & Annuity Company, Inc. ("GIAC") through
The Guardian Separate Account M and marketed under the name "Park Avenue VUL."
The information contained in this supplement is applicable only to policies
issued in the state of New York.
I
TAX CONSIDERATIONS
If you are interested in purchasing a policy, taking a policy loan or effecting
policy transactions, you should consult a legal or tax adviser regarding your
particular circumstances.
II
SPECIAL FEATURES OF YOUR POLICY
FIXED BENEFIT PAID-UP INSURANCE OPTION
On any policy anniversary, you may elect the Fixed Benefit Paid-Up Insurance
Option. To be eligible for this option, we must receive your written request to
elect this option at our executive office on or within 30 days prior to a policy
anniversary, the insured must be living, and the policy must have a cash
surrender value.
If you elect this option, we will transfer your policy account value to the
general account. If any policy debt is outstanding, you may apply a portion of
the policy account value to repay the policy debt. Any policy debt still
outstanding on the date this option takes effect will continue as policy debt
under this option with the same rate of interest. You may not make further
premium payments under this option and any riders attached to the policy will be
cancelled.
This option provides a level death benefit. The death benefit will be the amount
the net cash surrender value, if policy debt is being repaid, otherwise the cash
surrender value, will purchase as a net single premium at the insured's attained
age, sex and underwriting class.
The Fixed Benefit Paid-Up Insurance Option will have a cash value and a policy
loan value. We will send you policy pages reflecting the table of guaranteed
values. The death benefit under this option will be reduced by the amount of any
outstanding policy debt. The cash value and the death benefit will be reduced
after a partial withdrawal. The new death benefit will be the current death
benefit multiplied by the ratio of the cash value after the partial withdrawal
to the cash value before the partial withdrawal. No monthly administration
charges will be deducted when this option is in effect. We will send you policy
pages reflecting the new values.
This Supplement should be retained with your Prospectus for future reference.
