PHOENIX HOME LIFE VARIABLE ACCUMULATION ACCOUNT
GROUP STRATEGIC EDGE
THE BIG EDGE CHOICE FOR NEW YORK
THE BIG EDGE PLUS
SUPPLEMENT DATED OCTOBER 29, 1999 TO PROSPECTUS DATED MAY 1, 1999, AS
SUPPLEMENTED JULY 15, 1999
- --------------------------------------------------------------------------------
ALL REFERENCES TO "SYSTEMATIC TRANSFER PROGRAM" ARE NOW CHANGED AND THE PROGRAM
IS REFERRED TO AS "DOLLAR COST AVERAGING PROGRAM."
- --------------------------------------------------------------------------------
THE FOLLOWING REPLACES THE SECTION "ADDITIONAL INFORMATION - FREE LOOK PERIOD"
UNDER THE HEADING "CONTRACT SUMMARY" ON PAGE 12 OF THE PROSPECTUS:
ADDITIONAL INFORMATION
FREE LOOK PERIOD
You have the right to review the Contract. If you are not satisfied, you may
return it within 10 days after you receive it and cancel the Contract. You will
receive in cash the adjusted value of the initial payment, however, if
applicable state law requires, we will return the full amount of the initial
payment.
See "Free Look Period" for a detailed discussion.
- --------------------------------------------------------------------------------
PLEASE NOTE THAT THIS SECTION DOES NOT APPLY TO GROUP CONTRACTS.
THE FOLLOWING REPLACES THE 3RD, 4TH AND 5TH PARAGRAPHS IN THE SECTION
"TRANSFERS" UNDER THE HEADING "THE ACCUMULATION PERIOD" ON PAGES 26-27 OF THE
PROSPECTUS:
OPTIONAL PROGRAMS
DOLLAR COST AVERAGING PROGRAM
You also may elect to transfer funds automatically among the Subaccounts or
GIA on a monthly, quarterly, semiannual or annual basis under the Dollar Cost
Averaging Program. Generally, the minimum initial and subsequent transfer
amounts are $25 monthly, $75 quarterly, $150 semiannually or $300 annually. You
must have an initial value of $2,000 in the GIA or in the Subaccount from which
funds will be transferred (sending Subaccount), and if the value in that
Subaccount or the GIA drops below the amount to be transferred, the entire
remaining balance will be transferred and no more systematic transfers will be
processed. In addition, payments of $1,000,000 or more require our approval
before we will accept them for processing. Funds may be transferred from only
one sending Subaccount or from the GIA but may be allocated to multiple
receiving Subaccounts. Under the Dollar Cost Averaging Program, you may transfer
approximately equal amounts from the GIA over a minimum 6-month period.
Transfers under the Dollar Cost Averaging Program are not subject to the general
restrictions on transfers from the GIA.
Upon completion of the Dollar Cost Averaging Program, you must notify VPO at
800/541-0171 or in writing to VPMO to start another Dollar Cost Averaging
Program.
All transfers under the Dollar Cost Averaging Program will be executed based
on values as of the first of the month rather than based on values next
determined after receipt of the transfer request. If the first of the month
falls on a holiday or weekend, then the transfer will be processed on the next
succeeding business day.
The Dollar Cost Averaging Program is not available to individuals who invest
via a Bank draft program or while the Asset Rebalancing Program is in effect.
TF559 Page 1 of 2
<PAGE>
The Dollar Cost Averaging does not ensure a profit nor guarantee against a
loss in a declining market.
ASSET REBALANCING PROGRAM
Under the Asset Rebalancing Program, we transfer funds among the Subaccounts
to maintain the percentage allocation you have selected among these Subaccounts.
At your election, we will make these transfers on a monthly, quarterly,
semiannual or annual basis. Asset Rebalancing does not permit transfers to or
from the GIA.
The Asset Rebalancing Program does not ensure a profit nor guarantee against
a loss in a declining market.
- --------------------------------------------------------------------------------
SENTENCES 7 AND 8 SHOULD BE DELETED FROM THE 8TH PARAGRAPH IN THE SECTION
"TRANSFERS" UNDER THE HEADING "THE ACCUMULATION PERIOD" ON PAGE 27 OF THE
PROSPECTUS.
- --------------------------------------------------------------------------------
THE FOLLOWING REPLACES THE SECTION "FREE LOOK PERIOD" UNDER THE HEADING
"MISCELLANEOUS PROVISIONS" ON PAGE 34 OF THE PROSPECTUS:
FREE LOOK PERIOD
We may mail the Contract to you or we may deliver it to you in person. You
may surrender a Contract for any reason within 10 days after you receive it and
receive in cash the adjusted value of your initial payment. (A longer Free Look
Period may be required by your state.) You may receive more or less than the
initial payment depending on investment experience within the Subaccounts during
the Free Look Period. If a portion or all of your initial payment has been
allocated to the GIA, we also will refund any earned interest. If applicable
state law requires, we will return the full amount of any payments we received.
During periods of extreme market volatility, we reserve the right to make
the Temporary Money Market Allocation Amendment available. In states that
require return of premium during the Free Look Period, we will temporarily
allocate those portions of your initial payment designated for the Subaccounts
to the Phoenix-Goodwin Money Market Subaccount and those portions designated for
the GIA will be allocated to those Accounts. At the expiration of the Free Look
Period, the value of the Accumulation Units held in the Phoenix-Goodwin Money
Market Subaccount will be allocated among the available Subaccounts in
accordance with your allocation instructions on the application.
TF559 Page 2 of 2
