<PAGE> 1
SUPPLEMENT TO PROSPECTUS FOR NASL VARIABLE ACCOUNT DATED MAY 1, 1997
NAME CHANGES
Effective October 1, 1997, the name of North American Security Life
Insurance Company ("NASL") and the names of certain companies and mutual funds
affiliated with NASL were changed. These names were changed to more clearly
indicate that these companies are affiliated with The Manufacturers Life
Insurance Company ("Manulife") and do not reflect any change in control of the
entity.
<TABLE>
<CAPTION>
Prior Name New Name
- ---------- --------
<S> <C>
North American Security Life The Manufacturers Life Insurance Company
Insurance Company of North America
NASL Series Trust Manufacturers Investment Trust
NASL Financial Services, Inc.* Manufacturers Securities Services, LLC*
NASL Variable Account The Manufacturers Life Insurance Company of
North America Separate Account A
Security Life Trust Venture Trust
</TABLE>
*On September 30, 1997, NASL Financial Services, Inc., a Massachusetts
corporation, was reconstituted as a Delaware limited liability company. The
change was in connection with a Manulife internal restructuring and
Manufacturers Securities Services, LLC has substantially the same management as
was in place for NASL Financial Services, Inc. and continues to be controlled by
Manulife.
NEW INVESTMENT OPTION
Effective October 1, 1997, one new investment option will be added to the
variable portion of your contract. The new portfolio is a series of
Manufacturers Investment Trust (the "Trust"). Set forth below is the subadviser
for the new portfolio as well as a brief description of the portfolio's
investment objective and certain policies relating to that objective and a
schedule of fees applicable to the portfolio.
INVESTMENT OBJECTIVE AND POLICIES
SMALL COMPANY VALUE TRUST. The investment objective of the Small Company Value
Trust is to seek long term growth of capital. Rosenberg Institutional Equity
Management ("Rosenberg") manages the Small Company Value Trust and will pursue
this objective by investing in equity securities of smaller companies which are
traded principally in the markets of the United States.
For more information on the Small Company Value Trust and Rosenberg, see the
Manufacturers Investment Trust prospectus dated October 1, 1997.
<PAGE> 2
FEE TABLE AND EXAMPLE
The Contract Owner or owner (collectively, "contract owner") Transaction
Expenses, Annual Contract Fee and Separate Account Annual Expenses are as set
forth in the current Fee Table. The Trust Annual Expenses and Example are
amended to include the Small Company Value Trust:
<TABLE>
<CAPTION>
Trust Annual Expenses
- ---------------------
(as a percentage of Trust average net assets)
Management Other Total Trust
Trust Portfolio Expenses Expenses Annual Expenses
--------------- -------- -------- ---------------
<S> <C> <C> <C>
Small Company Value Trust 1.05% 0.15%* 1.20%
</TABLE>
*Based on estimates of payments to be made during the current fiscal year on an
annualized basis.
EXAMPLE
A contract owner would pay the following expenses on a $1,000 investment,
assuming 5% annual return on assets, if the contract owner surrendered the
contract at the end of the applicable time period:
<TABLE>
<CAPTION>
Trust Portfolio 1 Year 3 Years
--------------- ------ -------
<S> <C> <C>
Small Company Value Trust $83 $132
</TABLE>
A contract owner would pay the following expenses on a $1,000 investment,
assuming 5% annual return on assets, if the contract owner annuitized as
provided in the contract or did not surrender the contract at the end of the
applicable time period:
<TABLE>
<CAPTION>
Trust Portfolio 1 Year 3 Years
--------------- ------ -------
<S> <C> <C>
Small Company Value Trust $27 $83
</TABLE>
The example for the Small Company Value Trust does not include 5 and 10 year
figures because it is a newly formed portfolio.
WAIVER OF WITHDRAWAL CHARGE
MAXIMUM ISSUE AGE
For contracts issued on or after October 1, 1997, any withdrawal charges
applied against the death benefit shall be waived by the Company.
Effective October 1, 1997, the maximum issue age will be reduced from 90 to
85.
CONFIRMATION STATEMENTS
Contract owners will be sent confirmation statements for certain transactions in
their account. Contract owners should carefully review these statements to
verify their accuracy. Any mistakes should immediately be reported to the
Company's Annuity Service Office. If the contract owner fails to notify the
Company's Annuity Service Office of any mistake within 60 days of the mailing of
the confirmation statement, the contract owner will be deemed to have ratified
the transaction.
<PAGE> 3
MINIMUM PURCHASE PAYMENTS - MANULIFE PENSION ROLLOVERS
Effective November 1, 1997, the minimum initial purchase payment will be
$3,500 if the source of such payment was a direct rollover of an eligible
distribution from an IRC section 401(a) qualified plan or a Tax Sheltered
Annuity described in IRC Section 403(b), all or part of which assets are
invested in a group annuity contract issued by The Manufacturers Life Insurance
Company (U.S.A.).
SUPPLEMENT DATED OCTOBER 1, 1997
V22/23.SUPP1097
<PAGE> 4
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION FOR
NASL VARIABLE ACCOUNT DATED MAY 1, 1997
The standardized and nonstandardized average annual total return figures
calculated as of December 31, 1996 for the Investment Quality Bond and U.S.
Government Securities subaccounts are amended and restated as follows:
STANDARDIZED AVERAGE ANNUAL TOTAL RETURN FIGURES
CALCULATED AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
------------------------------- ---------- ---------- ----------------------------------- -----------------
Trust Portfolio 1 Year 5 Year Since Inception or 10 years, Inception Date
whichever is shorter
------------------------------- ---------- ---------- ----------------------------------- -----------------
<S> <C> <C> <C> <C>
Investment Quality Bond -4.40% 4.40% 3.67% 6/18/85
------------------------------- ---------- ---------- ----------------------------------- -----------------
U.S. Government Securities -3.67% 3.93% 5.67% 3/18/88
------------------------------- ---------- ---------- ----------------------------------- -----------------
</TABLE>
NON-STANDARDIZED AVERAGE ANNUAL TOTAL RETURN FIGURES
CALCULATED AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
------------------------------- ---------- ---------- ----------------------------------- -----------------
Trust Portfolio 1 Year 5 Year Since Inception or 10 years, Inception Date
whichever is shorter
------------------------------- ---------- ---------- ----------------------------------- -----------------
<S> <C> <C> <C> <C>
Investment Quality Bond 1.14% 5.15% 3.75% 6/18/85
------------------------------- ---------- ---------- ----------------------------------- -----------------
U.S. Government Securities 1.93% 4.69% 6.70% 3/18/88
------------------------------- ---------- ---------- ----------------------------------- -----------------
</TABLE>
THE DATE OF THIS SUPPLEMENT IS OCTOBER 1, 1997.
V22/23.SAISUPP1097
V20/21.SAISUPP1097
