THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
VARIABLE LIFE INSURANCE POLICIES
FUNDED THROUGH SEPARATE ACCOUNT FP
IL COLI
INCENTIVE LIFE PLUS(SM)
SURVIVORSHIP 2000
PROSPECTUS SUPPLEMENT DATED APRIL 10, 1998
This supplement adds and modifies certain information in the prospectuses for
the Equitable variable life insurance policies listed above.* Capitalized terms
used in this supplement have the same meanings as in the prospectus. You should
keep this supplement with your prospectus. We will send you another copy of any
prospectus, without charge, on written request.
EXTENDED RIGHT TO EXAMINE THE POLICY IF YOU ARE APPLYING FOR A POLICY IN
CONNECTION WITH A "CRUMMEY" TRUST OR CORPORATE OR BUSINESS OWNED LIFE INSURANCE
If your application for one of the policy forms listed above was received by us
between FEBRUARY 15, 1998 and JUNE 1, 1998 (inclusive), and if you are adversely
affected by the enactment in 1998 of proposed tax law changes described below,
we will refund an amount equal to your Policy Account value as of the date we
approve your request, less any outstanding policy loan and accrued loan
interest, plus the amount of any charges, other than the cost of insurance
charge and the cost of any riders, which were deducted from premiums or your
Policy Account. Fees and charges deducted by the Trust (and which are reflected
in the investment performance of the Trust portfolios) and charges against the
Separate Account will also not be refunded.
You may cancel your policy by returning it along with a written request for
cancellation to our Administrative Office, if:
(1) you are a corporation or business that has a beneficial interest in your
cash value life insurance policy and Federal tax legislation is enacted in
1998 which, on account of such beneficial interest, would disallow or limit
a pro rata portion of the non-insurance related interest that a corporation
or business otherwise could deduct for Federal income tax purposes; or
(2) you are an irrevocable trust that contains "Crummey" withdrawal rights and
Federal tax legislation is enacted in 1998 which would have a material
adverse effect on the ability of the creator of the irrevocable trust to
make transfers to the trust that qualify for the $10,000 annual exclusion
for gifts of present interest under Federal tax law.
In order to be eligible to exercise this Extended Right to Examine, you must
have submitted evidence at the time of your application that the Policy is being
purchased under one of the above scenarios.
Any election to cancel your policy under these special refund provisions must be
made in writing and received in our Administrative Office no later than the
earlier of: (1) December 30, 1998 and (2) 30 days after the enactment of the
legislation which would cause the respective adverse tax effect. We reserve the
right to request additional information supporting the adverse tax effect for
which the cancellation and refund are being requested. We also reserve the right
to extend this refund program to applications received after June 1, 1998
without prior notice.
This refund offer relates only to the proposed tax law changes that are
described above. Other tax law changes that may be adverse to a Policyowner have
been, and probably in the future will be, proposed or enacted, as the Prospectus
cautions under "Tax Effects -- Tax Changes."
YOUR ABILITY TO EXERCISE THIS EXTENDED RIGHT TO EXAMINE IS SUBJECT TO YOUR
STATE'S APPROVAL OF OUR ENDORSEMENT TO YOUR POLICY, AND MAY BE SUBJECT TO STATE
VARIATIONS.
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*This supplement updates certain information contained in the Incentive Life
Plus Prospectus dated May 1, 1997; the IL COLI supplement thereto dated May 1,
1997; and the Survivorship 2000 Prospectus dated July 21, 1997. This supplement
is in addition to the supplement dated February 28, 1998 to each of those
prospectuses.
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EVM-123 THIS SUPPLEMENT SHOULD BE RETAINED FOR FUTURE REFERENCE.
Copyright 1998 The Equitable Life Assurance Society of the United
States. All rights reserved.
