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SUPPLEMENT TO PROSPECTUS DATED MAY 7, 1998 FOR
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK SEPARATE ACCOUNT B
MATURITY DATE
The Maturity Date of the Policy is the policy anniversary nearest the life
insured's attained Age 100. The Company will pay the policyowner the Net Cash
Surrender Value as of the Maturity Date provided the Policy is in force and the
life insured is alive. The Policy will terminate on the Maturity Date.
GUARANTEED INTEREST ACCOUNT
The name of the Guaranteed Interest Account has been changed to the
"Fixed Account."
SHORT-TERM CANCELLATION RIGHT AND "FREE LOOK" PROVISIONS
The "Short-Term Cancellation Right and "Free Look" Provisions" section
is amended and restated as follows:
A Policy may be returned for a refund of the premium within 10 days
after it is received. The Policy can be mailed or delivered to the Manulife New
York agent who sold it or to the Manulife New York Service Office. Immediately
on such delivery or mailing, the Policy shall be deemed void from the beginning.
Within seven days after receipt of the returned Policy at its Service Office,
Manulife New York will refund any premium paid. Manulife New York reserves the
right to delay the refund of any premium paid by check until the check has
cleared.
If the Policy is purchased in connection with a replacement of an
existing life insurance policy (as defined below), the policyowner may also
cancel the Policy by returning it to the Service Office or the Manulife New York
agent who sold it at any time within 60 days after receipt of the Policy. Within
10 days of receipt of the Policy by the Company, the Company will pay the
policyowner the Policy Value, computed at the end of the valuation period during
which the Policy is received by the Company. In the case of a replacement of a
Policy issued by a New York insurance company, the policyowner may have the
right to reinstate the prior policy. The policyowner should consult with his or
her attorney or the Manulife New York agent regarding this matter prior to
purchasing the new Policy.
Replacement of an existing life insurance policy generally is defined
as the purchase of a new life insurance policy in connection with (a) the lapse,
surrender or change of, or borrowing from, an existing life insurance policy or
(b) the assignment to a new issuer of an existing life insurance policy. This
description, however, does not necessarily cover all situations which could be
considered a replacement of an existing life insurance policy. Therefore, a
policyowner should consult with his or her Manulife New York agent or attorney
regarding whether the purchase of a new life insurance policy is a replacement
of an existing life insurance policy.
EMERGING GROWTH TRUST - NAME CHANGE
The name of the Emerging Growth Trust has been changed to Emerging
Small Company Trust.
The investment policies of the Emerging Small Company Trust are also
amended to indicate that the Trust will invest at least 65% of its total assets
in common stocks or warrants of emerging small companies that represent
attractive opportunities for maximum capital appreciation. Emerging small
companies are small companies that have passed their start-up phase and that
show positive earnings and prospects of achieving significant profit and gain in
a relatively short period of time.
SUPPLEMENT DATED DECEMBER 16, 1998
NYVENVUL.SUPP1298
