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SUPPLEMENT TO PROSPECTUS
FOR THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT A
DATED MAY 1, 2000
Effective July 31, 2000, new contracts will be issued with an Optional
Annual Step Death Benefit if the contract owner elects this death benefit. An
additional fee is imposed for this death benefit. In addition, effective August
15, 2000 owners of contracts issued before July 31, 2000 may add the Optional
Annual Step Death Benefit to their current contract as described below.
OPTIONAL ANNUAL STEP DEATH BENEFIT
AMOUNT OF DEATH BENEFIT
The amount of the death benefit for the Optional Annual Step Death Benefit
is the greater of:
a) the death benefit described under "Death Benefit During the
Accumulation Period - Amount of Death Benefit" in the prospectus;
b) the contract value;
c) the sum of all purchase payments made, less any amount deducted in
connection with partial withdrawals; and
d) the Annual Step Death Benefit.
The Annual Step Death Benefit is the greatest Anniversary Value after the
effective date of the Optional Annual Step Death Benefit (the effective date of
the contract in the case of a new contract) but prior to the oldest owner's 81st
birthday. The Anniversary Value is equal to the contract value on the last day
of the contract year, plus subsequent purchase payments, less amounts deducted
in connection with partial withdrawals since the last day of the contract year.
If the oldest owner is age 80 or older on the effective date of the Optional
Annual Step Death Benefit, the Annual Step Death Benefit is zero. THEREFORE, IF
THE OLDEST OWNER OF A CONTRACT IS AGE 80 OR OLDER, THE OPTIONAL ANNUAL STEP
DEATH BENEFIT SHOULD NOT BE ELECTED.
PAYMENT OF THE DEATH BENEFIT
The provisions in the prospectus regarding payment of the Death Benefit
also apply in the case of the Optional Annual Step Death Benefit except that the
fourth bullet is replaced by the following:
If the deceased owner's spouse is the beneficiary, the spouse continues
the contract (including the Optional Annual Step Death Benefit) as the
new owner. In such a case, the distribution rules applicable when a
contract owner dies will apply when the spouse, as the owner, dies. In
addition, a death benefit will be paid upon the death of the spouse.
For purposes of calculating the death benefit payable upon the death of
the spouse, the death benefit paid upon the first owner's death will be
treated as a purchase payment to the contract. This purchase payment is
not eligible for a payment enhancement and, when calculating the
payment enhancement for subsequent purchase payments, it will not be
included in cumulative purchase payments. In addition, all payments
made and all amounts deducted in connection with partial withdrawals
prior to the date of the first owner's death will not be considered in
the determination of the spouse's death benefit. When calculating the
spouse's death benefit, the Anniversary Values on the last day of each
contract year prior to the first owner's death will be zero for
purposes of calculating the Annual Step Death Benefit.
TERMINATION OF THE OPTIONAL ANNUAL STEP DEATH BENEFIT
The Optional Annual Step Death Benefit terminates on the earliest to occur
of: (a) the termination date of the contract, (b) the Maturity Date or (c) the
date on which the Optional Annual Step Death Benefit is paid.
OPTIONAL ANNUAL STEP DEATH BENEFIT FEE
Total separate account annual expenses with the Optional Annual Step Death
Benefit are 1.75%. If this optional death benefit is not elected, total separate
account annual expenses would be 1.55%. This additional fee is illustrated in
the table below.
SEPARATE ACCOUNT ANNUAL EXPENSES IF OPTIONAL ANNUAL STEP DEATH BENEFIT IS
ELECTED
(as a percentage of average account value)
Mortality and expense risks fee.............................. 1.45%
Administration fee........................................... 0.30%
Total Separate Account Annual Expense........................ 1.75%
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THE ADDITION OF THE OPTIONAL ANNUAL STEP DEATH BENEFIT TO A CONTRACT MAY NOT
ALWAYS BE INTEREST OF A CONTRACT OWNER SINCE AN ADDITIONAL FEE IS IMPOSED FOR
THIS BENEFIT.
ADDITION OF THE OPTIONAL ANNUAL STEP DEATH BENEFIT TO EXISTING CONTRACTS
Effective August 15, 2000, the Optional Annual Step Death Benefit may be
added to contracts described in this Prospectus issued prior to July 31, 2000
("Existing Contracts").
The offer to add the Optional Annual Step Death Benefit to Existing
Contracts is only for the period commencing 30 days before the first contract
anniversary of an Existing Contract after August 15, 2000 and ending 30 days
after such first contract anniversary. (For example, if the first contract
anniversary of an Existing Contract after August 15, 2000 is October 1, 2000,
then the offer is effective for such Existing Contract for the period commencing
September 1, 2000 and ending October 31, 2000.)
The Company believes that the addition of the Optional Annual Step Death
Benefit to an Existing Contract as described above will not be a taxable event
for Federal tax purposes; however, any owner considering this offer should
consult a tax adviser.
The offer to add the Optional Annual Step Death Benefit to Existing
Contracts will terminate on December 31, 2001. The Company also reserves the
right to terminate this offer or to vary its terms at any time.
THE DATE OF THIS SUPPLEMENT IS JULY 5, 2000.
Vantage.Supp.July 5, 2000
