<PAGE>
Rule 424(b)(3)
File No. 333-88069
SUPPLEMENT DATED JULY 21, 2000
TO
PROFILE DATED APRIL 10, 2000, AS SUPPLEMENTED BY
SUPPLEMENT DATED JUNE 26, 2000
AND
PROSPECTUS DATED APRIL 10, 2000, AS SUPPLEMENTED BY
SUPPLEMENT DATED JUNE 26, 2000
OF
FUTURITY ACCOLADE
VARIABLE AND FIXED ANNUITY
OFFERED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
The following corrections are made to the Profile dated April 10, 2000, as
supplemented (the "Profile"), and the Prospectus dated April 10, 2000, as
supplemented (the "Prospectus"), of the Futurity Accolade Variable and Fixed
Annuity:
1. The summary table of expenses appearing in Section 5, "Expenses," of
the Profile is corrected for certain of the Funds as follows:
<TABLE>
<CAPTION>
EXAMPLES:
TOTAL EXPENSES
TOTAL ANNUAL TOTAL ANNUAL TOTAL AT END
INSURANCE SERIES ANNUAL -------------------
SUB-ACCOUNT CHARGES EXPENSES EXPENSES 1 YEAR 10 YEARS
------------------------------------------ ------------ ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C>
Lord Abbett Growth and Income Portfolio 1.55% 0.87% 2.42% $97 $287
MFS/Sun Life Utilities Series 1.55% 0.82% 2.37% $96 $281
</TABLE>
2. The annual expenses of the Lord Abbett Growth and Income Portfolio and
the MFS/Sun Life Utilities Series included in the "Underlying Fund Annual
Expenses" table appearing on page 6 of the Prospectus are amended as follows:
<TABLE>
<CAPTION>
MANAGEMENT OTHER TOTAL FUND ANNUAL
FEES (AFTER EXPENSES (AFTER EXPENSES (AFTER
REIMBURSEMENT)(2) REIMBURSEMENT)(2) REIMBURSEMENT)(2)
----------------- ----------------- -----------------
<S> <C> <C> <C>
Lord Abbett Growth and Income Portfolio 0.50% 0.37% 0.87%
MFS/Sun Life Utilities Series (5) 0.75% 0.07% 0.82%
</TABLE>
In addition, the last sentence of Footnote (5) to the "Underlying Fund
Annual Expenses" table is deleted in its entirety and replaced by the following:
"Had these fees been taken into account, "Total Fund Annual Expenses"
would have been: 0.75% for the MFS/Sun Life Capital Appreciation Series;
0.82% for the MFS/Sun Life High Yield Series; 1.05% for the MFS/Sun Life
New Discovery Series; and 0.81% for the MFS/Sun Life Utilities Series."
3. The Examples shown for the Lord Abbett Growth and Income Portfolio on
pages 8 and 9 of the Prospectus are amended as follows:
If you surrender your Contract at the end of the applicable time period,
you would pay the following expenses on a $1,000 investment, assuming an average
Contract size of $35,000 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Lord Abbett Growth and Income Portfolio..................... $97 $140 $186 $287
</TABLE>
1
<PAGE>
If you do NOT surrender your Contract, or if you annuitize at the end of
the applicable time period, you would pay the following expenses on a $1,000
investment, assuming an average Contract size of $35,000 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Lord Abbett Growth and Income Portfolio..................... $25 $77 $132 $287
</TABLE>
THIS SUPPLEMENT IS NOT VALID UNLESS ACCOMPANIED OR PRECEDED BY THE CURRENT
PROSPECTUS OF THE FUTURITY ACCOLADE VARIABLE AND FIXED ANNUITY, DATED APRIL 10,
2000, AS SUPPLEMENTED, AND THE CURRENT FUND PROSPECTUSES. THIS SUPPLEMENT AND
THE PROSPECTUSES SHOULD BE READ AND RETAINED FOR FURTHER REFERENCE.
FUT 341
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