MBL VARIABLE CONTRACT ACCOUNT-7
MBL Life Assurance Corporation
520 Broad Street, Newark, NJ 07102-3111
1-800-435-3191
Supplement Dated April 9, 1999
To Prospectus Dated May 1, 1998, Supplemented May 1, 1998 and
August 6, 1998
This supplement should be read in conjunction with the prospectus
for the MBL Variable Contract Account-7 (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-7, or call 1-800-435-3191 for a copy of the
prospectus for the Account.
As you have been advised, all MBL Life separate accounts
(including this Account) and the various contracts funded through
the accounts, will be terminated on or about June 25, 1999 (the
"Termination Date").
Effective as of the close of business on April 30, 1999, the
Account will close to new deposits, including deposits under
salary deduction plans. No transfers between the Account and MBL
Variable Contract Account-2 will be accepted. Contract holders
and participants may redeem any or all of their Account units at
any time through the Termination Date, subject to the redemption
procedures described in the Account's prospectus.
Any contracts still with MBL Life on the Termination Date will be
terminated. Contract holders and 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 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 participants may also have the
option of redeeming the value of their contracts in accordance
with Internal Revenue Service guidelines. Contract holders and
participants may incur a tax liability and should consult with
their tax advisors regarding the implications associated with the
exchange or redemption of a contract.
