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SUPPLEMENT TO PROSPECTUS
FOR THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT A
DATED MAY 1, 1999
CHANGE IN ADDRESS
Effective September 13, 1999, the address of the Company's principal
office will be:
The Manufacturers Life Insurance Company of North America
500 Boylston Street
Suite 400
Boston, MA 02116-3739
The Annuity Service Office mailing address is:
The Manufacturers Life Insurance Company of North America
Post Office Box 9230
Boston, MA 02205-9230
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.
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GUARANTEED RETIREMENT INCOME PROGRAM (GRIP(SM))
I. 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 ("GRIP"), 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 GRIP, 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."
II. GRIP in Washington
Effective November 1, 1999, GRIP will be offered in the state of
Washington. If a contract is issued with GRIP, the five fixed accounts as
investment options are not available. However, the contract may continue to be
purchased without the GRIP which includes the five fixed accounts as investment
options.
DEATH BENEFIT DURING ACCUMULATION PERIOD
The section entitled "Death Benefit During Accumulation Period - Amount
of Death Benefit" is amended as follows:
For contracts issued on or after November 1, 1999 in Washington, the
death benefit will be the death benefit described under Section A.
REINSURANCE ARRANGEMENTS
The following disclosure is added to the prospectus:
"We utilize reinsurance as part of our risk management program. Under
any reinsurance agreement, we remain liable for the contractual obligations of
the contracts' guaranteed benefits and the reinsurer(s) agree to reimburse us
for certain amounts and obligations in connection with the risks covered in the
reinsurance agreements. The reinsurer's contractual liability runs solely to us,
and no contract owner shall have any right of action against any reinsurer. In
evaluating reinsurers, we consider the financial and claims paying ability
ratings of the reinsurer. Our philosophy is to minimize incidental credit risk.
We do so by engaging in secure types of reinsurance transactions with high
quality reinsurers and diversifying reinsurance counterparties to limit
concentrations. Some of the benefits that are currently reinsured include
guaranteed death benefits, fixed account guarantees, and Guaranteed Retirement
Income Program (GRIP)."
GENERAL INFORMATION ABOUT US, THE VARIABLE ACCOUNT AND THE TRUST
The first and second paragraph under the heading "The Manufacturers
Life Insurance Company of North America" is amended as follows:
"We are a stock life insurance company organized under the laws of
Delaware in 1979. Our principal office is located at 500 Boylston Street,
Boston, Massachusetts 02116. Our ultimate parent entity is Manulife Financial
Corporation ("MFC") based in Toronto, Canada. MFC is the holding company of The
Manufacturers Life Insurance Company and its subsidiaries, collectively known as
Manulife Financial.
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The Manufacturers Life Insurance Company of North America's 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)."
DISTRIBUTION OF CONTRACTS
The following replaces the sixth sentence of the paragraph under the
heading "General Matters - Distribution of Contracts."
"Wood Logan is a wholly owned subsidiary of a holding company that is
78.4% owned by The Manufacturers Life Insurance Company (U.S.A.) and 21.6% owned
by MRL Holding, LLC."
SUPPLEMENT DATED NOVEMBER 1, 1999.
