MBL VARIABLE CONTRACT ACCOUNT-2
MBL Life Assurance Corporation
520 Broad Street, Newark, NJ 07102-3111
1-800-435-3191
Supplement Dated February 17, 1998
To Prospectus Dated May 1, 1998, as Supplemented May 1, 1998, and
August 6, 1998.
This supplement should be read in conjunction with the prospectus
for the MBL Variable Contract Account-2 (the "Account"), a copy
of which can be obtained without charge from MBL Life Assurance
Corporation ("MBL Life"). Please write to: Pension and
Investment Products, MBL Life Assurance Corporation, 520 Broad
Street, Newark, New Jersey 07102-3111, ATTN: MBL VARIABLE
CONTRACT ACCOUNT-2, or call 1-800-435-3191 for a copy of the
prospectus for the Account.
On December 31, 1998, MBL Life, the underwriter and sponsor of
the Account, sold its individual life and individual and group
annuity businesses to SunAmerica Inc. ("SunAmerica"), (the
"Acquisition"). The Acquisition has received all required
judicial and regulatory approvals. The approvals also contained
provisions for the ultimate termination of all MBL Life separate
accounts (including this Account) and the various contracts
funded through the accounts, which will take place on or about
June 30, 1999 (the "Termination Date").
In order to maintain the Account in a manner consistent with its
investment objectives, while at the same time being able to
respond to any and all transfer and redemption requests, shares
of the Dreyfus Stock Index Fund ("Index Fund") will be
substituted in place of MBL Growth Fund, Inc., as the underlying
investment of the Account. The Index Fund's investment objective
is to provide investment results that correspond to the price and
yield performance of publicly traded common stocks in the
aggregate, as represented by the Standard & Poor's 500 Composite
Stock Price Index (the "Index"). The Index Fund attempts to be
fully invested at all times in the stocks that comprise the Index
and stock index futures. A copy of the Index Fund prospectus
will be provided to all contract holders and participants
invested in the Account within five business days of the
substitution. The substitution will occur on or about February
17, 1999.
Any contracts still with MBL Life on the Termination Date will be
terminated. Contract holders and group participants will be
provided with adequate notice and disclosure regarding the
termination of the Account. During the period leading up to the
Termination Date, certain contract holders and group participants
will be given the opportunity to exchange, on a tax-free basis,
their MBL Life contracts for annuity contracts issued by other
insurance companies or for other applicable tax-deferred
investment vehicles. Contract holders and group participants MAY
also have the option of redeeming the value of their contracts in
accordance with Internal Revenue Service guidelines. Contract
holders and group participants should consult with their tax
advisors regarding the implications associated with the exchange
or redemption of a contract.
