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SUPPLEMENT TO PROSPECTUS
FOR THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT A
DATED MAY 1, 1999
DCA PROMOTIONAL RATES
We are currently offering promotional rates in connection with the Dollar
Cost Averaging (DCA) program. The promotional rates are available for a limited
time for new purchase payments of $100,000 or more allocated to either a 6-month
or a 12-month DCA fixed account investment option.
As of the date of this supplement, the promotional rates are 8% for the
12-month DCA option and 10% (annualized) for the 6-month DCA option. Both the 8%
and the 10% rates are effective annual interest rates and interest is earned for
the period of time amounts are in the DCA account. Since pre-determined amounts
in the DCA account will be transferred monthly into other sub-accounts, the
total dollar amount of interest earned in the 6-month DCA investment option will
be less than 10% of the initial amount invested. Similarly, the total dollar
amount of interest earned in the 12-month DCA investment option will be less
than 8% of the initial amount invested. We reserve the right to change the
promotional rates at any time for purchase payments made after the effective
date of the change.
To receive the promotional rates, the portion of your new purchase payment
allocated to the DCA investment option must be systematically transferred into
variable investment options over a 6 month or 12 month period, as applicable.
The monthly DCA transfer amount is determined by dividing the portion of your
new purchase payment allocated to the DCA investment option by 5.6 for the 6
month option, or 11 for the 12 month option. Each month, on the date designated
by the contract owner, the monthly DCA transfer amount will be transferred to
the variable investment options selected. At the end of the DCA period, the
remaining DCA account balance will be transferred to the variable investment
options selected. Contract owners should not rely on the promotional rates being
in effect for subsequent payments. Subsequent payments will receive the interest
rate in effect at the time of payment.
A contract owner may discontinue the Dollar Cost Averaging program at any
time. The remaining balance of the contract owner's DCA account will then be
transferred to the 1-year fixed account and receive the interest rate in effect
at the time of the transfer, guaranteed for one year. For current 1-year fixed
account rates, call 1-800-557-2223.
GUARANTEED RETIREMENT INCOME PROGRAM
The following supplements the disclosure under "Guaranteed Retirement
Income Program"
"In the case of Qualified Plans, if the annuitant is at an advanced age upon
exercise of the Guaranteed Retirement Income Program, we will shorten the
guarantee period as follows: The guarantee period will be the life expectancy of
the annuitant(s), as specified by IRS Unisex tables (partial years are not
counted). Life expectancy will be based on single life or joint life IRS tables,
depending on the annuity option chosen. Once the guarantee period is shortened
upon exercise of the Guaranteed Retirement Income Program, it will not be
further reduced. The guarantee period will never be increased based on the life
expectancy of the annuitant or at any other time or due to any other event."
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FINANCIAL RATINGS OF THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
The contracts described in the Prospectus are issued by The Manufacturers Life
Insurance Company of North America. Our financial ratings are as follows:
A++ A.M. Best
Superior in financial strength; 1st category of 15
AAA Duff & Phelps
Highest in claims paying ability; 1st category of 18
AA+ Standard & Poor's
Very strong in financial strength; 2nd category of 21
Aa2 Moody's
Excellent in financial strength; 3rd category of 21
These ratings, which are current as of the date of this supplement and are
subject to change, are assigned to The Manufacturers Life Insurance Company of
North America as a measure of its ability to honor the death benefit and life
annuitization guarantees but not specifically to its products, the performance
(return) of these products, the value of any investment in these products upon
withdrawal or to individual securities held in any portfolio.
TRANSFERS AMONG INVESTMENT OPTIONS
The following supplements the disclosure under "Transfers Among Investment
Options."
"Where permitted by law, we may accept your authorization for a third party to
make transfers for you subject to our rules. However, the contract is not
designed for professional market timing organizations or other entities or
persons engaging in programmed, frequent or large exchanges (collectively,
"market timers") to speculate on short-term movements in the market since such
activity may be disruptive to the Trust portfolios and increase their
transaction costs. Therefore, in order to prevent excessive use of the exchange
privilege, we reserve the right to (a) reject or restrict any specific purchase
and exchange requests and (b) impose specific limitations with respect to market
timers including restricting exchanges by market timers to certain variable
investment options (transfers by market timers into or out of fixed investment
options is not permitted)."
INFORMATION REGARDING THE ULTIMATE PARENT COMPANY OF THE MANUFACTURERS LIFE
INSURANCE COMPANY OF NORTH AMERICA
The second paragraph under "The Manufacturers Life Insurance Company of
North America" is amended and restated as follows:
"On January 20, 1998, the Board of Directors of The Manufacturers Life Insurance
Company ("Manulife"), our ultimate parent company, announced that it had asked
the management of Manulife to prepare a plan for conversion of Manulife from a
mutual life insurance company to a publicly traded, shareholder-owned company.
On May 19, 1999 this plan was approved by the Board of Directors of Manulife and
on July 29, 1999, Manulife's eligible policyholders voted in favor of
demutualization. Provided that all necessary regulatory approvals are obtained,
Manulife expects that demutualization will take place in Autumn, 1999."
SUPPLEMENT DATED JULY 30, 1999.
