<PAGE>
SUPPLEMENT DATED JANUARY 1, 2001
TO
PROSPECTUSES DATED NOVEMBER 1, 2000
This supplement is intended to be distributed with prospectuses dated November
1, 2000 for "Flex V1," "Flex V2," "Medallion Variable Life" and "Medallion
Variable Life - IS," variable life insurance policies and "Marketplace Variable
Annuity," "Patriot Variable Annuity," "Accommodator Variable Annuity" and
"Accommodator 2000 Variable Annuity" variable annuity contracts issued prior to
January 1, 2001 by John Hancock Life Insurance Company or John Hancock Variable
Life Insurance Company.
--------------------
. The "Mid Cap Value Fund" has been renamed the "Large/Mid Cap Value II
Fund." "Large/Mid Cap Value II Fund" replaces "Mid Cap Value Fund"
wherever shown in the prospectus. The Large/Mid Cap Value II Fund is
managed by Wellington Management Company, LLP.
THIS SUPPLEMENT IS ACCOMPANIED WITH A PROSPECTUS SUPPLEMENT DATED JANUARY 1,
----------------------------------------------------------------------------
2001 FOR THE JOHN HANCOCK VARIABLE SERIES TRUST I THAT CONTAINS DETAILED
------------------------------------------------------------------------
INFORMATION ABOUT THE LARGE/MID CAP VALUE II FUND. BE SURE TO READ THAT
-----------------------------------------------------------------------
PROSPECTUS SUPPLEMENT BEFORE SELECTING THE LARGE/MID CAP VALUE II FUND AS AN
----------------------------------------------------------------------------
INVESTMENT OPTION.
------------------
<PAGE>
SUPPLEMENT DATED JANUARY 1, 2001
TO
PROSPECTUSES DATED NOVEMBER 1, 2000
This supplement is intended to be distributed with prospectuses dated November
1, 2000 for "Flex V1," "Flex V2," "Medallion Variable Life" and "Medallion
Variable Life - IS," variable life insurance policies and "Marketplace Variable
Annuity" and "Accommodator Variable Annuity" variable annuity contracts issued
on or after January 1, 2001 by John Hancock Life Insurance Company or John
Hancock Variable Life Insurance Company.
-------------------
. The "Mid Cap Value Fund" is no longer offered as an investment option.
Any reference to the Mid Cap Value Fund should be disregarded wherever
shown in the prospectus.
This supplement is accompanied with a prospectus supplement dated January 1,
----------------------------------------------------------------------------
2001 for the John Hancock Variable Series Trust I (the "Trust"). Be sure to read
--------------------------------------------------------------------------------
the Trust prospectus supplement carefully.
------------------------------------------
<PAGE>
SUPPLEMENT DATED JANUARY 1, 2001
TO
PROSPECTUSES DATED NOVEMBER 1, 2000
This supplement is intended to be distributed with prospectuses dated November
1, 2000 for "Medallion Executive Variable Life," "Medallion Executive Variable
Life II," "Medallion Executive Variable Life III," "Majestic Variable Universal
Life," "Majestic Variable Universal Life 98," "Variable Master Plan Plus,"
"Variable Estate Protection," "Variable Estate Protection - IS," "Majestic
Variable Estate Protection," "Majestic Variable Estate Protection 98," "Variable
Estate Protection II," "Variable Estate Protection II - IS," "Medallion Variable
Life II," and "Medallion Variable Life II - IS," variable life insurance
policies issued prior to January 1, 2001 by John Hancock Life Insurance Company
or John Hancock Variable Life Insurance Company.
--------------------------------------------------
. The "American Leaders Large Cap Value Fund" has been renamed the
"Large Cap Value CORE/SM/ II Fund." "Large Cap Value CORE/SM/ II Fund"
replaces "American Leaders Large Cap Value Fund" wherever shown in the
prospectus. The Large Cap Value CORE/SM/ II Fund is managed by Goldman
Sachs Asset Managment.
. The "Mid Cap Value Fund" has been renamed the "Large/Mid Cap Value II
Fund." "Large/Mid Cap Value II Fund" replaces "Mid Cap Value Fund"
wherever shown in the prospectus. The Large/Mid Cap Value II Fund is
managed by Wellington Management Company, LLP.
. The "Core Bond Fund" has been renamed the "Active Bond II Fund."
"Active Bond II Fund" replaces "Core Bond Fund" wherever shown in the
prospectus. The Active Bond II Fund is managed by John Hancock
Advisers, Inc.
THIS SUPPLEMENT IS ACCOMPANIED WITH A PROSPECTUS SUPPLEMENT DATED JANUARY 1,
----------------------------------------------------------------------------
2001 FOR THE JOHN HANCOCK VARIABLE SERIES TRUST I THAT CONTAINS DETAILED
------------------------------------------------------------------------
INFORMATION ABOUT THE FUNDS MENTIONED ABOVE. BE SURE TO READ THAT PROSPECTUS
------------------------------------------------------------------------------
SUPPLEMENT BEFORE SELECTING ONE OR MORE OF THESE FUNDS AS AN INVESTMENT OPTION.
------------------------------------------------------------------------------
<PAGE>
SUPPLEMENT DATED JANUARY 1, 2001
TO
PROSPECTUSES DATED NOVEMBER 1, 2000
This supplement is intended to be distributed with prospectuses dated November
1, 2000 for "Medallion Executive Variable Life," "Medallion Executive Variable
Life II," "Medallion Executive Variable Life III," "Majestic Variable Universal
Life," "Majestic Variable Universal Life 98," "Variable Master Plan Plus,"
"Variable Estate Protection," "Variable Estate Protection - IS," "Majestic
Variable Estate Protection," "Majestic Variable Estate Protection 98," "Variable
Estate Protection II," "Variable Estate Protection II - IS," "Medallion Variable
Life II," and "Medallion Variable Life II - IS," variable life insurance
policies issued on or after January 1, 2001 by John Hancock Life Insurance
Company or John Hancock Variable Life Insurance Company.
-------------------
. "American Leaders Large Cap Value," "Mid Cap Value" and "Core Bond" Funds
are no longer offered as investment options. Any reference to these Funds
should be disregarded wherever shown in the prospectus.
This supplement is accompanied with a prospectus supplement dated January 1,
--------------------------------------------------------------------------------
2001 for the John Hancock Variable Series Trust I (the "Trust"). Be sure to read
--------------------------------------------------------------------------------
the Trust prospectus supplement carefully.
-----------------------------------------
