As filed with the Securities and Exchange Registration No. 33-75248
Commission on September 30, 1998 Registration No. 811-4536
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- --------------------------------------------------------------------------------
FORM S-6
POST-EFFECTIVE AMENDMENT NO. 9 TO
REGISTRATION STATEMENT
FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933
OF SECURITIES OF UNIT INVESTMENT TRUSTS
REGISTERED ON FORM N-8B-2
- --------------------------------------------------------------------------------
Variable Life Account B of Aetna Life Insurance and Annuity Company
Aetna Life Insurance and Annuity Company
151 Farmington Avenue, RE4A, Hartford, Connecticut 06l56
Depositor's Telephone Number, including Area Code: (860) 273-4686
- --------------------------------------------------------------------------------
Julie E. Rockmore, Counsel
Aetna Life Insurance and Annuity Company
151 Farmington Avenue, RE4A, Hartford, Connecticut 06l56
(Name and Complete Address of Agent for Service)
- --------------------------------------------------------------------------------
It is proposed that this filing will become effective:
[X] 60 days after filing pursuant to paragraph (a)(1) of Rule 485
[ ] on __________________ pursuant to paragraph (a)(1) of Rule 485
[ ] this post-effective amendment designates a new effective date for a
previously
[ ] filed post-effective amendment
<PAGE>
VARIABLE LIFE ACCOUNT B
OF
AETNA LIFE INSURANCE AND ANNUITY COMPANY
Cross Reference Sheet
<TABLE>
<CAPTION>
Form N-8B-2
Item No. Part I - Prospectus dated May 1, 1998 and as amended by Supplement dated November __, 1998.
-------- --------------------------------------------------------------------------------------------
<S> <C>
1 Cover Page; The Separate Account, and as amended; The Company
2 Cover Page; The Separate Account, and as amended; The Company
3 Not Applicable
4 Cover Page; The Company; Additional Information - Distribution of the Policies
5 The Separate Account, and as amended; The Company
6 The Separate Account, and as amended; The Company
7 Not Applicable
8 Financial Statements, and as amended
9 Additional Information - Legal Matters
10 The Separate Account, and as amended; Charges & Fees, and as amended; Policy Choices;
Policy Values; Policy Rights; Additional Information, and as amended; Miscellaneous Policy
Provisions
11 Allocation of Premiums; Policy Choices
12 Cover Page; Allocation of Premiums
13 Charges & Fees, and as amended; Policy Choices; Term Insurance Rider; Additional
Information - Distribution of Policies
14 Policy Values; Miscellaneous Policy Provisions
15 Policy Summary; Allocation of Premiums - The Funds; Policy Choices; Policy Values
16 Policy Summary; Allocation of Premiums - The Funds; Policy Values
17 Policy Rights
18 Allocation of Premiums; Policy Choices; Policy Rights
19 Additional Information, and as amended
20 Not Applicable
21 Policy Rights - Policy Loans
22 Not Applicable
23 Directors and Officers
24 Miscellaneous Policy Provisions
25 The Company
26 Charges and Fees, and as amended
27 The Company
<PAGE>
Form N-8B-2
Item No. Part I - Prospectus dated May 1, 1998 and as amended by Supplement dated November __, 1998.
-------- --------------------------------------------------------------------------------------------
28 Directors and Officers
29 The Company
30 Not Applicable
31 Not Applicable
32 Not Applicable
33 Not Applicable
34 Not Applicable
35 The Company; Additional Information, and as amended
36 Not Applicable
37 Not Applicable
38 Additional Information, and as amended
39 See Item 25
40 See Item 26
41 See Item 27
42 See Item 28
43 Financial Statements, and as amended
44 Policy Values - Accumulation Unit Value; Financial Statements
45 Not Applicable
46 The Separate Accounts, and as amended; Policy Values
47 The Separate Accounts, and as amended; Allocation of Premiums; Policy Choices; Policy Values
48 Not Applicable
49 Not Applicable
50 Not Applicable
51 Cover Page; Policy Choices; Policy Values
52 The Separate Account, and as amended; Allocation of Premiums
53 Tax Matters
54 Not Applicable
55 Not Applicable
56 Not Applicable
57 Not Applicable
58 Not Applicable
59 Financial Statements, and as amended
</TABLE>
<PAGE>
Supplement dated November ___, 1998 to Prospectus dated May 1, 1998
Corporate VUL & Corporate VUL II
Flexible Premium Variable Universal Life Insurance Policies
Aetna Life Insurance and Annuity Company
Variable Life Account B
The information in this Supplement updates and amends the information contained
in the Prospectus dated May 1, 1998 (the "Prospectus") and should be read with
that Prospectus.
1. The section "Subject To Completion or Amendment" contained on page ii of the
Prospectus is deleted.
2. Information about the Aetna Variable Portfolios, Inc. - Value Opportunity VP
investment option on page 4 of the Prospectus is amended as follows:
(bullet) Aetna Variable Portfolios, Inc. - Aetna Value Opportunity VP
(formerly Aetna Variable Capital Appreciation Portfolio) seeks
growth of capital primarily through investment in a diversified
portfolio of common stocks and securities convertible into common
stock.(1)(a)
Footnote (1) on page 6 of the Prospectus is amended as follows:
(1) Aeltus Investment Management, Inc. (Adviser);
(a) Bradley, Foster & Sargent, Inc. (Subadviser effective October 1,
1998)
3. The last paragraph of the section "Mortality and Expense Risks Charge"
contained on page 10 of the Prospectus is replaced with the following:
The mortality and expense risk charge is assessed to compensate the Company
for assuming certain mortality and expense risks under the Policies. The
Company reserves the right to increase the mortality and expense risk charge
if it believes that circumstances have changed so that the current charges
are no longer adequate. In no event will the charge exceed 0.90% of the
average daily net assets on an annual basis (except for Corporate VUL II
Contracts issued in New York where the maximum mortality and expense risk
charge is 1.25% during Policy Years 1-10 and 0.90% thereafter).
<PAGE>
4. The section "Year 2000" contained on page 39 of the Prospectus is replaced
with the following:
As a healthcare and financial services enterprise, Aetna Inc. (referred to
collectively with its affiliates and subsidiaries as Aetna), is dependent on
computer systems and applications to conduct its business. Aetna has
developed and is currently executing a comprehensive risk-based plan
designed to make its computer systems, applications and facilities Year 2000
ready. The plan covers four stages including (i) inventory, (ii) assessment,
(iii) remediation and (iv) testing and certification. At year end 1997,
Aetna, including the Company, had substantially completed the inventory and
assessment stages. The remediation of mission-critical systems is currently
underway and targeted for completion by December 31, 1998. Testing and
certification of all systems and applications are targeted for completion by
mid-1999. The costs of these efforts will not affect the Separate Account.
The Company, its affiliates and the mutual funds that serve as investment
options for the Separate Account also have relationships with investment
advisers, broker dealers, transfer agents, custodians or other securities
industry participants or other service providers that are not affiliated
with Aetna. Aetna, including the Company, is initiating communication with
its critical external relationships to determine the extent to which Aetna
may be vulnerable to such parties' failure to resolve their own Year 2000
issues. Where practicable Aetna and the Company will assess and attempt to
mitigate their risks with respect to the failure of these parties' to be
Year 2000 ready. There can be no assurance that failure of third parties to
complete adequate preparations in a timely manner, and any resulting systems
interruptions or other consequences, would not have an adverse effect,
directly or indirectly, on the Separate Account, including, without
limitation, its operation or the valuation of its assets and units.
6. "Appendix B-Illustrations of Death Benefit, Total Account Values and
Surrender Values, Corporate VUL II" on pages 56-69 of the Prospectus is
replaced with the attached Appendix B.
7. The following updated financial statements of Variable Life Account B are
included in the Prospectus between pages 69 and S-1.
[ To be added by 485(b) filing]
8. The following updated financial statements of Aetna Life Insurance and
Annuity Company and Subsidiary are included in the Prospectus following
pages S-20.
[ To be added by 485(b) filing]
<PAGE>
Appendix B
ILLUSTRATION OF DEATH BENEFIT, TOTAL ACCOUNT VALUES, AND SURRENDER VALUES,
Corporate VUL II.
The following tables illustrate how the Death Benefit, Total Account Values and
Surrender Values of a Policy change with the investment experience of the
variable funding options. The tables show how the Death Benefit, Total Account
Values, and Surrender Values of a Policy issued to an insured of a given age and
a given premium would vary over time if the investment return on the assets held
in each Fund were a uniform, gross, after tax annual rate of 0%, 6%, and 12%,
respectively.
Tables I, II, VII, VIII, XIII and XIV illustrate Policies issued on a unisex
basis, age 45, in the preferred nonsmoker rate class for fully underwriting
issue. Tables III, IV, IX, X, XV and XVI illustrate Policies issued on a
unisex basis, age 45 in the nonsmoker rate class for guaranteed issue
underwriting. Tables V, VI, XI, XII, XVII and XVIII illustrate Policies issued
on a unisex basis, age 45 in the nonsmoker rate class for simplified issue
underwriting. Tables I through VI show values under the Guideline Premium Test
for the definition of life insurance, and Tables VII through XII and XIII
through XVIII show values under the Cash Value Accumulation Test for the
definition of life insurance. The Death Benefit, Total Account Values, and
Surrender Values would be different from those shown if the gross annual
investment rates of return averaged 0%, 6%, and 12%, respectively, over a period
of years, but fluctuated above and below those averages for individual Policy
Years.
The second column of each table shows the accumulated values of the premiums
paid at an assumed interest rate of 5%. The third through fifth columns
illustrate the Death Benefit of a Policy over the designated period. The sixth
through eighth columns illustrate the Total Account Values, while the ninth
through the eleventh columns illustrate the Surrender Values of each Policy over
the designated period. Tables I, III, V, VII, IX and XI relate to Policies
issued outside of the state of New York and assume that the maximum Cost of
Insurance allowable under the Policy are charged in all Policy Years. These
tables also assume that the maximum allowable mortality and expense risk charge
of 0.90% on an annual basis, the maximum allowable premium load of 15% up to the
first year's Target Premium and 6% over the Target Premium, are assessed in the
first Policy Year; the maximum allowable premium load of 10% up to the second
year's Target Premium and 6% over the Target Premium, are assessed in the second
through fifth Policy Year and 6% on all premium in all Policy Years thereafter,
and an assumed Premium Tax charge of 1.75% on all premium in all Policy Years.
Tables XIII, XV, and XVII, relate to Policies issued in the state of New York
and assume that the maximum Cost of Insurance allowable under the Policy is
charged in all Policy Years. These tables also assume that the maximum allowable
mortality and expense risk charge of 1.25% on an annual basis for the first ten
Policy Years and 0.90% for Policy Years 11 and thereafter; the maximum allowable
premium load of 15% up to the first year's Target Premium and 6% over the Target
Premium are assessed in the first Policy Year, the maximum allowable premium
load of 10% up to the second year's Target Premium and 6% over the Target
Premium are assessed in the second through fifth Policy Year, and 6% on all
premium in all Policy Years thereafter; and a maximum Premium Tax charge of
5.00% on all premium in all Policy Years.
Tables II, IV, VI, VIII, X, XII (for non-New York Policies), and XIV, XVI and
XVIII (for New York Policies) assume that the current scale of Cost of Insurance
Rates applies during all Policy Years. These tables also assume the current
mortality and expense risk charge of 0.70% on an annual basis for the first 10
Policy Years and 0.35% for Policy Years 11 and thereafter, the current premium
load of 10.5% up to the first year's Target Premium and 2.5% over the Target
Premium are assumed in the first Policy Year, the current premium load of 7.5%
up to the second through the fifth years' Target Premiums and 1.5% over the
Target Premiums are assumed in the second through the fifth Policy Years, the
current premium load of 3.5% up to the sixth and the seventh years' Target
Premiums and 1.5% over the Target Premiums are assumed in the sixth and the
seventh policy years, 1.5% on all premium in all Policy Years thereafter, and an
assumed Premium Tax charge of 1.75% on all premium in all Policy Years.
The amounts shown for Death Benefit, Surrender Values, and Total Account Values
reflect the fact that the net investment return is lower than the gross, after
tax return on the assets held in each Fund as a result of expenses paid by each
Fund and Separate Account charges levied.
The values shown take into account the daily investment advisory fee and other
Fund expenses paid by each Fund. See the individual prospectuses for each Fund
for more information.
In addition, these values reflect application of the mortality and expense risk
charge, premium load and assumed premium tax charge described above. After
deduction of these amounts, the illustrated net annual return is -1.55%, 4.45%
and 10.45% on a maximum charge basis for non-New York Policies for all years.
For New York Policies, the illustrated net annual return on a maximum charge
basis is -1.90%, 4.10% and 10.10% for Policy Years 1-10 and -1.55%, 4.45%, and
10.45% for Policy Years 11 and thereafter. The illustrated net annual return on
a current charge basis for both non-New York and New York Policies is -1.35%,
4.65% and 10.65% for Policy Years 1-10 and -1.00%, 5.00% and 11.00% for Policy
Years 11 and thereafter.
A weighted average has been used for the illustrations assuming that the
Policyowner has invested in the Funds as follows: 7% in Aetna Balanced VP, Inc.
10% in Aetna Bond VP; 10% in Aetna Growth and
<PAGE>
Income VP; 0% in the Aetna Index Plus Large Cap VP; 0% in Aetna Value
Opportunity VP; 0% in Aetna Growth VP; 0% in Aetna Small Company VP; 9% in Aetna
Money Market VP; 13% in Fidelity's Variable Insurance Products Fund
II--Contrafund Portfolio; 2% in Fidelity's Variable Insurance Products Fund
II--Asset Manager Portfolio; 7% in Fidelity's Variable Insurance Products
Fund--Growth Portfolio; 0% in Fidelity's Variable Insurance Products Fund--High
Income Portfolio; 2% in Fidelity's Variable Insurance Products Fund--Overseas
Portfolio; 10% in Fidelity's Variable Insurance Products Fund--Equity-Income
Portfolio; 4% in the Janus Aspen Aggressive Growth Portfolio; 3% in Janus Aspen
Balanced Portfolio; 2% in Janus Aspen Growth Portfolio; 8% in Janus Aspen
Worldwide Growth Portfolio; X% in Janus Aspen Flexible Income Portfolio; 0% in
Oppenheimer Capital Appreciation Fund; 0% in Oppenheimer Growth and Income Fund;
0% in Oppenheimer Global Securities Fund; 0% in Oppenheimer Strategic Bond Fund;
7% in the Portfolio Partners, Inc. MFS Emerging Equities Portfolio; 2% in the
Portfolio Partners, Inc. MFS Research Growth Portfolio; 0% in the Portfolio
Partners, Inc. MFS Value Equity Portfolio; 4% in the Portfolio Partners, Inc.
Scudder International Growth Portfolio; and 0% in the Portfolio Partners, Inc.
T. Rowe Price Growth Equity Portfolio.
The hypothetical values shown in the tables do not reflect any Separate Account
charges for federal income taxes, since we are not currently making such
charges. However, such charges may be made in the future, and in that event, the
gross annual investment rate of return would have to exceed 0%, 6%, or 12% by an
amount sufficient to cover the tax charges in order to produce the Death
Benefit, Total Account Values, and Surrender Values illustrated.
The tables illustrate the Policy Values that would result based upon the
hypothetical investment rates of return if premiums were paid as indicated, if
all Net Premiums were allocated to Variable Life Account B, and if no Policy
loans have been made. The tables are also based on the assumptions that the
Policyowner has not requested an increase or decrease in the Specified Amount of
the Policy, and no partial surrenders have been made.
Upon request, we will provide an illustration based upon the proposed Insured's
age, and underwriting classification, the Specified Amount or premium requested,
the proposed frequency of premium payments and any available riders requested.
The hypothetical gross annual investment return assumed in such an illustration
will not exceed 12%.
<PAGE>
Table I
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 PREFERRED NONSMOKER RISK
FULLY UNDERWRITTEN
$8,897.00 ANNUAL PREMIUM
GUIDELINE PREMIUM TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 9342 500000 500000 500000 5583 5972 6363
2 19151 500000 500000 500000 11416 12573 13778
3 29450 500000 500000 500000 17051 19359 21861
4 40265 500000 500000 500000 22473 26323 30669
5 51620 500000 500000 500000 27683 33475 40282
6 63542 500000 500000 500000 33026 41188 51175
7 76061 500000 500000 500000 38120 49088 63069
8 89206 500000 500000 500000 42949 57170 76064
9 103009 500000 500000 500000 47490 65420 90262
10 117501 500000 500000 500000 51713 73820 105780
15 201584 500000 500000 500000 67516 117949 209163
20 308897 500000 500000 500000 71440 164476 379584
25 445859 500000 500000 771238 54942 209865 664860
30 620662 500000 500000 1204116 885 249400 1125342
20 (AGE 65) 308897 500000 500000 500000 71440 164476 379584
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 6206 6595 6985
2 11884 13040 14245
3 17051 19359 21861
4 22473 26323 30669
5 27683 33475 40282
6 33026 41188 51175
7 38120 49088 63069
8 42949 57170 76064
9 47490 65420 90262
10 51713 73820 105780
15 67516 117949 209163
20 71440 164476 379584
25 54942 209865 664860
30 885 249400 1125342
20 (AGE 65) 71440 164476 379584
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table II
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 PREFERRED NONSMOKER RISK
FULLY UNDERWRITTEN
$8,897.00 ANNUAL PREMIUM
GUIDELINE PREMIUM TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 9342 500000 500000 500000 6811 7250 7691
2 19151 500000 500000 500000 13602 14921 16295
3 29450 500000 500000 500000 20122 22768 25633
4 40265 500000 500000 500000 26398 30823 35810
5 51620 500000 500000 500000 32459 39125 46949
6 63542 500000 500000 500000 38683 48086 59580
7 76061 500000 500000 500000 44734 57387 73494
8 89206 500000 500000 500000 50796 67236 89040
9 103009 500000 500000 500000 56682 77468 106197
10 117501 500000 500000 500000 62371 88082 125129
15 201584 500000 500000 500000 88157 148939 257563
20 308897 500000 500000 590178 107117 223199 483752
25 445859 500000 500000 1004096 121947 319739 865600
30 620662 500000 500000 1609731 126347 446680 1504421
20 (AGE 65) 308897 500000 500000 590178 107117 223199 483752
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 7433 7873 8313
2 14069 15389 16762
3 20122 22768 25633
4 26398 30823 35810
5 32459 39125 46949
6 38683 48086 59580
7 44734 57387 73494
8 50796 67236 89040
9 56682 77468 106197
10 62371 88082 125129
15 88157 148939 257563
20 107117 223199 483752
25 121947 319739 865600
30 126347 446680 1504421
20 (AGE 65) 107117 223199 483752
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table III
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
GUARANTEED ISSUE
$8,897.00 ANNUAL PREMIUM
GUIDELINE PREMIUM TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 9342 500000 500000 500000 5583 5972 6363
2 19151 500000 500000 500000 11416 12573 13778
3 29450 500000 500000 500000 17051 19359 21861
4 40265 500000 500000 500000 22473 26323 30669
5 51620 500000 500000 500000 27683 33475 40282
6 63542 500000 500000 500000 33026 41188 51175
7 76061 500000 500000 500000 38120 49088 63069
8 89206 500000 500000 500000 42949 57170 76064
9 103009 500000 500000 500000 47490 65420 90262
10 117501 500000 500000 500000 51713 73820 105780
15 201584 500000 500000 500000 67516 117949 209163
20 308897 500000 500000 500000 71440 164476 379584
25 445859 500000 500000 771238 54942 209865 664860
30 620662 500000 500000 1204116 885 249400 1125342
20 (AGE 65) 308897 500000 500000 500000 71440 164476 379584
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 6206 6595 6985
2 11884 13040 14245
3 17051 19359 21861
4 22473 26323 30669
5 27683 33475 40282
6 33026 41188 51175
7 38120 49088 63069
8 42949 57170 76064
9 47490 65420 90262
10 51713 73820 105780
15 67516 117949 209163
20 71440 164476 379584
25 54942 209865 664860
30 885 249400 1125342
20 (AGE 65) 71440 164476 379584
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table IV
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
GUARANTEED ISSUE
$8,897.00 ANNUAL PREMIUM
GUIDELINE PREMIUM TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 9342 500000 500000 500000 6487 6917 7347
2 19151 500000 500000 500000 13053 14336 15671
3 29450 500000 500000 500000 19438 22007 24791
4 40265 500000 500000 500000 25648 29950 34799
5 51620 500000 500000 500000 31690 38181 45800
6 63542 500000 500000 500000 37918 47091 58299
7 76061 500000 500000 500000 43970 56335 72065
8 89206 500000 500000 500000 50013 66105 87426
9 103009 500000 500000 500000 55851 76225 104351
10 117501 500000 500000 500000 61463 86692 122998
15 201584 500000 500000 500000 86655 146470 253247
20 308897 500000 500000 580276 104252 218689 475636
25 445859 500000 500000 987072 116042 311559 850924
30 620662 500000 500000 1581444 115284 433421 1477985
20 (AGE 65) 308897 500000 500000 580276 104252 218689 475636
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 7110 7540 7970
2 13520 14803 16138
3 19438 22007 24791
4 25648 29950 34799
5 31690 38181 45800
6 37918 47091 58299
7 43970 56335 72065
8 50013 66105 87426
9 55851 76225 104351
10 61463 86692 122998
15 86655 146470 253247
20 104252 218689 475636
25 116042 311559 850924
30 115284 433421 1477985
20 (AGE 65) 104252 218689 475636
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table V
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
SIMPLIFIED ISSUE
$8,897.00 ANNUAL PREMIUM
GUIDELINE PREMIUM TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 9342 500000 500000 500000 5583 5972 6363
2 19151 500000 500000 500000 11416 12573 13778
3 29450 500000 500000 500000 17051 19359 21861
4 40265 500000 500000 500000 22473 26323 30669
5 51620 500000 500000 500000 27683 33475 40282
6 63542 500000 500000 500000 33026 41188 51175
7 76061 500000 500000 500000 38120 49088 63069
8 89206 500000 500000 500000 42949 57170 76064
9 103009 500000 500000 500000 47490 65420 90262
10 117501 500000 500000 500000 51713 73820 105780
15 201584 500000 500000 500000 67516 117949 209163
20 308897 500000 500000 500000 71440 164476 379584
25 445859 500000 500000 771238 54942 209865 664860
30 620662 500000 500000 1204116 885 249400 1125342
20 (AGE 65) 308897 500000 500000 500000 71440 164476 379584
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 6206 6595 6985
2 11884 13040 14245
3 17051 19359 21861
4 22473 26323 30669
5 27683 33475 40282
6 33026 41188 51175
7 38120 49088 63069
8 42949 57170 76064
9 47490 65420 90262
10 51713 73820 105780
15 67516 117949 209163
20 71440 164476 379584
25 54942 209865 664860
30 885 249400 1125342
20 (AGE 65) 71440 164476 379584
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table VI
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
SIMPLIFIED ISSUE
$8,897.00 ANNUAL PREMIUM
GUIDELINE PREMIUM TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 9342 500000 500000 500000 6670 7105 7541
2 19151 500000 500000 500000 13413 14718 16077
3 29450 500000 500000 500000 19969 22589 25426
4 40265 500000 500000 500000 26344 30734 35682
5 51620 500000 500000 500000 32539 39169 46946
6 63542 500000 500000 500000 38905 48278 59723
7 76061 500000 500000 500000 45078 57712 73778
8 89206 500000 500000 500000 51220 67662 89437
9 103009 500000 500000 500000 57131 77944 106666
10 117501 500000 500000 500000 62785 88552 125622
15 201584 500000 500000 500000 87599 148587 257536
20 308897 500000 500000 588737 104219 220628 482571
25 445859 500000 500000 1000374 115793 314024 862391
30 620662 500000 500000 1601923 115050 436907 1497124
20 (AGE 65) 308897 500000 500000 588737 104219 220628 482571
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 7293 7728 8164
2 13880 15185 16544
3 19969 22589 25426
4 26344 30734 35682
5 32539 39169 46946
6 38905 48278 59723
7 45078 57712 73778
8 51220 67662 89437
9 57131 77944 106666
10 62785 88552 125622
15 87599 148587 257536
20 104219 220628 482571
25 115793 314024 862391
30 115050 436907 1497124
20 (AGE 65) 104219 220628 482571
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table VII
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 PREFERRED NONSMOKER RISK
FULLY UNDERWRITTEN
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 18893 20094 21295
2 53993 500000 500000 500000 38679 42348 46162
3 83031 500000 500000 500000 58110 65553 73603
4 113521 500000 500000 500000 77182 89753 103894
5 145535 500000 500000 500000 95909 115007 137364
6 179150 500000 500000 500000 115286 142426 175485
7 214446 500000 500000 578836 134303 171058 217383
8 225168 500000 500000 613950 130051 176669 237849
9 236427 500000 500000 651177 125643 182385 260157
10 248248 500000 500000 690639 121046 188193 284451
15 316834 500000 500000 926929 94304 218461 441961
20 404370 500000 500000 1242742 57059 249684 679002
25 516090 0 500000 1663809 0 278592 1026914
30 658676 0 500000 2221907 0 300077 1526077
20 (AGE 65) 404370 500000 500000 1242742 57059 249684 679002
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 20649 21850 23051
2 39996 43664 47479
3 58110 65553 73603
4 77182 89753 103894
5 95909 115007 137364
6 115286 142426 175485
7 134303 171058 217383
8 130051 176669 237849
9 125643 182385 260157
10 121046 188193 284451
15 94304 218461 441961
20 57059 249684 679002
25 0 278592 1026914
30 0 300077 1526077
20 (AGE 65) 57059 249684 679002
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table VIII
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 PREFERRED NONSMOKER RISK
FULLY UNDERWRITTEN
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 20847 22600 23920
2 53993 500000 500000 500000 41999 46884 51067
3 83031 500000 500000 500000 62735 72173 80986
4 113521 500000 500000 500000 83090 98552 114023
5 145535 500000 500000 500000 103102 126113 150563
6 179150 500000 500000 527861 123798 156005 192121
7 214446 500000 500000 633257 144200 187315 237821
8 225168 500000 502576 674841 140783 194702 261438
9 236427 500000 506552 719321 137302 202377 287382
10 248248 500000 510688 766898 133736 210336 315860
15 316834 500000 541634 1074590 115555 258252 512365
20 404370 500000 576976 1512413 91427 315245 826343
25 516090 500000 625747 2167105 62849 386215 1337551
30 658676 500000 686331 3140204 20967 471394 2156793
20 (AGE 65) 404370 500000 576976 1512413 91427 315245 826343
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 22602 24356 25676
2 43316 48201 52384
3 62735 72173 80986
4 83090 98552 114023
5 103102 126113 150563
6 123798 156005 192121
7 144200 187315 237821
8 140783 194702 261438
9 137302 202377 287382
10 133736 210336 315860
15 115555 258252 512365
20 91427 315245 826343
25 62849 386215 1337551
30 20967 471394 2156793
20 (AGE 65) 91427 315245 826343
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table IX
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
GUARANTEED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 18893 20094 21295
2 53993 500000 500000 500000 38679 42348 46162
3 83031 500000 500000 500000 58110 65553 73603
4 113521 500000 500000 500000 77182 89753 103894
5 145535 500000 500000 500000 95909 115007 137364
6 179150 500000 500000 500000 115286 142426 175485
7 214446 500000 500000 578836 134303 171058 217383
8 225168 500000 500000 613950 130051 176669 237849
9 236427 500000 500000 651177 125643 182385 260157
10 248248 500000 500000 690639 121046 188193 284451
15 316834 500000 500000 926929 94304 218461 441961
20 404370 500000 500000 1242742 57059 249684 679002
25 516090 0 500000 1663809 0 278592 1026914
30 658676 0 500000 2221907 0 300077 1526077
20 (AGE 65) 404370 500000 500000 1242742 57059 249684 679002
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 20649 21850 23051
2 39996 43664 47479
3 58110 65553 73603
4 77182 89753 103894
5 95909 115007 137364
6 115286 142426 175485
7 134303 171058 217383
8 130051 176669 237849
9 125643 182385 260157
10 121046 188193 284451
15 94304 218461 441961
20 57059 249684 679002
25 0 278592 1026914
30 0 300077 1526077
20 (AGE 65) 57059 249684 679002
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table X
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
GUARANTEED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 20533 21816 23101
2 53993 500000 500000 500000 41473 45381 49444
3 83031 500000 500000 500000 62085 70003 78565
4 113521 500000 500000 500000 82383 95750 110785
5 145535 500000 500000 500000 102381 122689 146459
6 179150 500000 500000 514046 123080 151943 187093
7 214446 500000 500000 617232 143484 182584 231803
8 225168 500000 500000 657698 140053 189712 254797
9 236427 500000 500000 700913 136535 197097 280027
10 248248 500000 500000 747060 132904 204736 307689
15 316834 500000 526071 1044900 114191 250831 498209
20 404370 500000 558628 1466015 88692 305220 800993
25 516090 500000 602570 2089305 56732 371910 1289533
30 658676 500000 656580 3007716 8524 450960 2065796
20 (AGE 65) 404370 500000 558628 1466015 88692 305220 800993
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 22289 23572 24856
2 42790 46698 50761
3 62085 70003 78565
4 82383 95750 110785
5 102381 122689 146459
6 123080 151943 187093
7 143484 182584 231803
8 140053 189712 254797
9 136535 197097 280027
10 132904 204736 307689
15 114191 250831 498209
20 88692 305220 800993
25 56732 371910 1289533
30 8524 450960 2065796
20 (AGE 65) 88692 305220 800993
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XI
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
SIMPLIFIED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 18893 20094 21295
2 53993 500000 500000 500000 38679 42348 46162
3 83031 500000 500000 500000 58110 65553 73603
4 113521 500000 500000 500000 77182 89753 103894
5 145535 500000 500000 500000 95909 115007 137364
6 179150 500000 500000 500000 115286 142426 175485
7 214446 500000 500000 578836 134303 171058 217383
8 225168 500000 500000 613950 130051 176669 237849
9 236427 500000 500000 651177 125643 182385 260157
10 248248 500000 500000 690639 121046 188193 284451
15 316834 500000 500000 926929 94304 218461 441961
20 404370 500000 500000 1242742 57059 249684 679002
25 516090 0 500000 1663809 0 278592 1026914
30 658676 0 500000 2221907 0 300077 1526077
20 (AGE 65) 404370 500000 500000 1242742 57059 249684 679002
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 20649 21850 23051
2 39996 43664 47479
3 58110 65553 73603
4 77182 89753 103894
5 95909 115007 137364
6 115286 142426 175485
7 134303 171058 217383
8 130051 176669 237849
9 125643 182385 260157
10 121046 188193 284451
15 94304 218461 441961
20 57059 249684 679002
25 0 278592 1026914
30 0 300077 1526077
20 (AGE 65) 57059 249684 679002
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XII
NON-NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
SIMPLIFIED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 20710 21999 23289
2 53993 500000 500000 500000 41818 45746 49831
3 83031 500000 500000 500000 62586 70549 79160
4 113521 500000 500000 500000 83027 96473 111595
5 145535 500000 500000 500000 103154 123582 147490
6 179150 500000 500000 517484 123965 152997 188344
7 214446 500000 500000 621194 144462 183786 233291
8 225168 500000 500000 662179 141109 191054 256533
9 236427 500000 500000 705892 137649 198567 282017
10 248248 500000 500938 752500 134054 206320 309930
15 316834 500000 529715 1051486 114996 252569 501350
20 404370 500000 561218 1471894 88524 306635 804205
25 516090 500000 605117 2096819 56328 373482 1294171
30 658676 500000 659383 3018652 8136 452885 2073307
20 (AGE 65) 404370 500000 561218 1471894 88524 306635 804205
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 22466 23755 25045
2 43135 47063 51148
3 62586 70549 79160
4 83027 96473 111595
5 103154 123582 147490
6 123965 152997 188344
7 144462 183786 233291
8 141109 191054 256533
9 137649 198567 282017
10 134054 206320 309930
15 114996 252569 501350
20 88524 306635 804205
25 56328 373482 1294171
30 8136 452885 2073307
20 (AGE 65) 88524 306635 804205
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XIII
NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 PREFERRED NONSMOKER RISK
FULLY UNDERWRITTEN
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 18021 19172 20325
2 53993 500000 500000 500000 36878 40388 44040
3 83031 500000 500000 500000 55323 62432 70120
4 113521 500000 500000 500000 73356 85334 98811
5 145535 500000 500000 500000 90990 109145 130402
6 179150 500000 500000 500000 109220 134960 166322
7 214446 500000 500000 547997 127036 161816 205802
8 225168 500000 500000 579381 122415 166396 224456
9 236427 500000 500000 612547 117654 171008 244724
10 248248 500000 500000 647591 112718 175633 266721
15 316834 500000 500000 869054 86246 202124 414366
20 404370 500000 500000 1165063 49046 227846 636561
25 516090 0 500000 1559736 0 247982 962680
30 658676 0 500000 2082859 0 253710 1430574
20 (AGE 65) 404370 500000 500000 1165063 49046 227846 636561
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 19777 20928 22080
2 38194 41705 45357
3 55323 62432 70120
4 73356 85334 98811
5 90990 109145 130402
6 109220 134960 166322
7 127036 161816 205802
8 122415 166396 224456
9 117654 171008 244724
10 112718 175633 266721
15 86246 202124 414366
20 49046 227846 636561
25 0 247982 962680
30 0 253710 1430574
20 (AGE 65) 49046 227846 636561
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XIV
NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 PREFERRED NONSMOKER RISK
FULLY UNDERWRITTEN
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 20847 22600 23920
2 53993 500000 500000 500000 41999 46884 51067
3 83031 500000 500000 500000 62735 72173 80986
4 113521 500000 500000 500000 83090 98552 114023
5 145535 500000 500000 500000 103102 126113 150563
6 179150 500000 500000 527861 123798 156005 192121
7 214446 500000 500000 633257 144200 187315 237821
8 225168 500000 502576 674841 140783 194702 261438
9 236427 500000 506552 719321 137302 202377 287382
10 248248 500000 510688 766898 133736 210336 315860
15 316834 500000 541634 1074590 115555 258252 512365
20 404370 500000 576976 1512413 91427 315245 826343
25 516090 500000 625747 2167105 62849 386215 1337551
30 658676 500000 686331 3140204 20967 471394 2156793
20 (AGE 65) 404370 500000 576976 1512413 91427 315245 826343
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 22602 24356 25676
2 43316 48201 52384
3 62735 72173 80986
4 83090 98552 114023
5 103102 126113 150563
6 123798 156005 192121
7 144200 187315 237821
8 140783 194702 261438
9 137302 202377 287382
10 133736 210336 315860
15 115555 258252 512365
20 91427 315245 826343
25 62849 386215 1337551
30 20967 471394 2156793
20 (AGE 65) 91427 315245 826343
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XV
NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
GUARANTEED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 18021 19172 20325
2 53993 500000 500000 500000 36878 40388 44040
3 83031 500000 500000 500000 55323 62432 70120
4 113521 500000 500000 500000 73356 85334 98811
5 145535 500000 500000 500000 90990 109145 130402
6 179150 500000 500000 500000 109220 134960 166322
7 214446 500000 500000 547997 127036 161816 205802
8 225168 500000 500000 579381 122415 166396 224456
9 236427 500000 500000 612547 117654 171008 244724
10 248248 500000 500000 647591 112718 175633 266721
15 316834 500000 500000 869054 86246 202124 414366
20 404370 500000 500000 1165063 49046 227846 636561
25 516090 0 500000 1559736 0 247982 962680
30 658676 0 500000 2082859 0 253710 1430574
20 (AGE 65) 404370 500000 500000 1165063 49046 227846 636561
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 19777 20928 22080
2 38194 41705 45357
3 55323 62432 70120
4 73356 85334 98811
5 90990 109145 130402
6 109220 134960 166322
7 127036 161816 205802
8 122415 166396 224456
9 117654 171008 244724
10 112718 175633 266721
15 86246 202124 414366
20 49046 227846 636561
25 0 247982 962680
30 0 253710 1430574
20 (AGE 65) 49046 227846 636561
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XVI
NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
UNISEX ISSUE AGE 45 NONSMOKER RISK
GUARANTEED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 20533 21816 23101
2 53993 500000 500000 500000 41473 45381 49444
3 83031 500000 500000 500000 62085 70003 78565
4 113521 500000 500000 500000 82383 95750 110785
5 145535 500000 500000 500000 102381 122689 146459
6 179150 500000 500000 514046 123080 151943 187093
7 214446 500000 500000 617232 143484 182584 231803
8 225168 500000 500000 657698 140053 189712 254797
9 236427 500000 500000 700913 136535 197097 280027
10 248248 500000 500000 747060 132904 204736 307689
15 316834 500000 526071 1044900 114191 250831 498209
20 404370 500000 558628 1466015 88692 305220 800993
25 516090 500000 602570 2089305 56732 371910 1289533
30 658676 500000 656580 3007716 8524 450960 2065796
20 (AGE 65) 404370 500000 558628 1466015 88692 305220 800993
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 22289 23572 24856
2 42790 46698 50761
3 62085 70003 78565
4 82383 95750 110785
5 102381 122689 146459
6 123080 151943 187093
7 143484 182584 231803
8 140053 189712 254797
9 136535 197097 280027
10 132904 204736 307689
15 114191 250831 498209
20 88692 305220 800993
25 56732 371910 1289533
30 8524 450960 2065796
20 (AGE 65) 88692 305220 800993
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XVII
NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
SIMPLIFIED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 18021 19172 20325
2 53993 500000 500000 500000 36878 40388 44040
3 83031 500000 500000 500000 55323 62432 70120
4 113521 500000 500000 500000 73356 85334 98811
5 145535 500000 500000 500000 90990 109145 130402
6 179150 500000 500000 500000 109220 134960 166322
7 214446 500000 500000 547997 127036 161816 205802
8 225168 500000 500000 579381 122415 166396 224456
9 236427 500000 500000 612547 117654 171008 244724
10 248248 500000 500000 647591 112718 175633 266721
15 316834 500000 500000 869054 86246 202124 414366
20 404370 500000 500000 1165063 49046 227846 636561
25 516090 0 500000 1559736 0 247982 962680
30 658676 0 500000 2082859 0 253710 1430574
20 (AGE 65) 404370 500000 500000 1165063 49046 227846 636561
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 19777 20928 22080
2 38194 41705 45357
3 55323 62432 70120
4 73356 85334 98811
5 90990 109145 130402
6 109220 134960 166322
7 127036 161816 205802
8 122415 166396 224456
9 117654 171008 244724
10 112718 175633 266721
15 86246 202124 414366
20 49046 227846 636561
25 0 247982 962680
30 0 253710 1430574
20 (AGE 65) 49046 227846 636561
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Guaranteed cost of insurance rates
assumed. Maximum mortality and expense risk charges, administrative charges, and
premium load assumed.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
Table XVIII
NEW YORK POLICY
FLEXIBLE PREMIUM CORPORATE VARIABLE UNIVERSAL LIFE II INSURANCE POLICY
SIMPLIFIED ISSUE
$25,084.02 ANNUAL PREMIUM FOR SEVEN YEARS
CASH VALUE ACCUMULATION TEST
FACE AMOUNT $500,000
DEATH BENEFIT OPTION 1
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED DEATH BENEFIT
AT GUARANTEED ANNUAL INVESTMENT TOTAL ACCOUNT VALUE
POLICY 5% INTEREST RETURN OF ANNUAL INVESTMENT RETURN OF
YEAR PER YEAR GROSS 0% GROSS 6% GROSS 12% GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C> <C> <C> <C> <C>
1 26338 500000 500000 500000 20710 21999 23289
2 53993 500000 500000 500000 41818 45746 49831
3 83031 500000 500000 500000 62586 70549 79160
4 113521 500000 500000 500000 83027 96473 111595
5 145535 500000 500000 500000 103154 123582 147490
6 179150 500000 500000 517484 123965 152997 188344
7 214446 500000 500000 621194 144462 183786 233291
8 225168 500000 500000 662179 141109 191054 256533
9 236427 500000 500000 705892 137649 198567 282017
10 248248 500000 500938 752500 134054 206320 309930
15 316834 500000 529715 1051486 114996 252569 501350
20 404370 500000 561218 1471894 88524 306635 804205
25 516090 500000 605117 2096819 56328 373482 1294171
30 658676 500000 659383 3018652 8136 452885 2073307
20 (AGE 65) 404370 500000 561218 1471894 88524 306635 804205
<CAPTION>
CASH SURRENDER VALUE
POLICY ANNUAL INVESTMENT RETURN OF
YEAR GROSS 0% GROSS 6% GROSS 12%
<S> <C> <C> <C>
1 22466 23755 25045
2 43135 47063 51148
3 62586 70549 79160
4 83027 96473 111595
5 103154 123582 147490
6 123965 152997 188344
7 144462 183786 233291
8 141109 191054 256533
9 137649 198567 282017
10 134054 206320 309930
15 114996 252569 501350
20 88524 306635 804205
25 56328 373482 1294171
30 8136 452885 2073307
20 (AGE 65) 88524 306635 804205
</TABLE>
If premiums are paid more frequently than annually, the Death Benefits, Total
Account Values, and Cash Surrender Values would be less than those illustrated.
If a larger premium is paid, the Surrender Value as a percentage of the Total
Account Value will be greater than or equal to those illustrated. If a smaller
premium is paid, the Surrender Value as a percentage of the Total Account Value
will be less than or equal to those illustrated.
Assumes no Policy loan has been made. Current cost of insurance rates assumed.
Current mortality and expense risk charges, administrative charges, and premium
load assumed. The current mortality and expense risk charges may be reduced from
0.70% to 0.35% in Policy Years 11 and thereafter. Beginning in Policy Years 11
and thereafter, the illustrated net annual return is -1.00%, 5.00%, and 11.00%.
These investment results are illustrative only and should not be considered a
representation of past or future investments results. Actual investment results
may be more or less than those shown and will depend on a number of factors
including the Policy Owner's allocations, and the Fund's rate of return. The
Total Account Value and Cash Value for a Policy would be different from those
shown in the actual investment rates of return averaged 0%, 6%, and 12% over a
period of years, but fluctuated above or below those averages for individual
Policy Years. No representations can be made that these rates of return will
definitely be achieved for any one year or sustained over a period of time.
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities Exchange
Act of 1934, the undersigned registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents and reports as may be prescribed by any rule or regulation of the
Commission heretofore or hereafter duly adopted pursuant to authority conferred
in that section.
UNDERTAKING PURSUANT TO RULE 484
Insofar as indemnification for liability arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
REPRESENTATION PURSUANT TO SECTION 26(e)(2)(A) OF
THE INVESTMENT COMPANY ACT OF 1940
Aetna Life Insurance and Annuity Company represents that the fees and charges
deducted under the policies covered by this registration statement, in the
aggregate, are reasonable in relation to the services rendered, the expenses
expected to be incurred, and the risks assumed by the insurance company.
CONTENTS OF POST-EFFECTIVE AMENDMENT NO. 9 TO
THE REGISTRATION STATEMENT
This Post-Effective Amendment No. 9 to Registration Statement No. 33-75248 is
comprised of the following papers and documents:
o The facing sheet.
o One Supplement dated November __, 1998 consisting of ___ pages to the
Corporate Variable Universal Life (Corporate VUL & Corporate VUL II)
Prospectus dated May 1, 1998. The Prospectus dated May 1, 1998 is
incorporated into Part II of this Post-Effective
<PAGE>
Amendment No. 9 by reference to the Registrant's filing under Rule
424(b)(3) for File No. 33-75248, as filed electronically on May 22, 1998
(Accession No. 0000950146-98-000917) and Registrant's filing under Rule
424(b)(3) for File No. 33-75248, as filed electronically on September 29,
1998 (Accession No. 0000950146-98-001658).
o The undertaking to file reports
o The undertaking pursuant to Rule 484
o Representation pursuant to Section 26(e)(2)(A) of the Investment Company Act
of 1940
o The signatures
o Written consents of the following persons:
A. Consent of Counsel (included as part of Exhibit No. 2 below)
B. Actuarial Consent (included as part of Exhibit No. 6 below)
C. Consent of Independent Auditors (included as Exhibit No. 7 below)
The following Exhibits:
1. Exhibits required by paragraph A of instructions to exhibits for
Form N-8B-2:
(1) Resolution of the Board of Directors of Aetna Life
Insurance and Annuity Company establishing Variable
Life Account B(1)
(2) Not Applicable
(3)(i) Specialty Broker Agreement(2)
(3)(ii) Life Insurance Broker-Dealer Agreements(1)
(3)(iii) Restated and Amended Third Party Administration and
Transfer Agent Agreement(3)
(4) Not Applicable
(5)(i) Corporate VUL Policy (Containing information about Cash
Value Accumulation Method of Death Benefit Options
(70180-93US)(4)
(5)(ii) Corporate VUL Policy (Containing Tables of percentages
for the Guideline Premium Method for Death Benefit
Options (70182-93US)(4)
(5)(iii) Term Rider (70181-94US) to Corporate VUL Policy
70182-93US(4)
(5)(iv) Amendment Rider (70284-1998) to Corporate Variable
Universal Life Policies 70180-93US and 70182-93US(2)
(5)(v) Corporate VUL II Policy (Cash Value Policy)
(70180-1998US)(2)
(5)(vi) Corporate VUL II Policy (Guideline Premium Policy)
(70182-1998US)(2)
(5)(vii) Term Insurance Rider (70181-1998US) to policies
70180-1998US and 70182-1998US(2)
(6)(i) Certificate of Incorporation of Aetna Life Insurance
and Annuity Company(5)
(6)(ii) Amendment of Certificate of Incorporation of Aetna Life
Insurance and Annuity Company(6)
(6)(iii) By-Laws as amended September 17, 1997 of Aetna Life
Insurance and Annuity Company(7)
(7) Not Applicable
<PAGE>
(8)(i) Fund Participation Agreement by and among Aetna Life
Insurance and Annuity Company and Aetna Variable Fund,
Aetna Variable Encore Fund, Aetna Income Shares, Aetna
Balanced VP, Inc., Aetna GET Fund on behalf of each of
its series, Aetna Generation Portfolios, Inc., on
behalf of each of its series, and Aetna Variable
Portfolios, Inc. on behalf of each of its series and
Aeltus Investment Management, Inc. dated as of May 1,
1998(8)
(8)(ii) Service Agreement between Aeltus Investment Management,
Inc. and Aetna Life Insurance and Annuity Company in
connection with the sale of shares of Aetna Variable
Fund, Aetna Variable Encore Fund, Aetna Income Shares,
Aetna Balanced VP, Inc., Aetna GET Fund on behalf of
each of its series, Aetna Generation Portfolios, Inc.
on behalf of each of its series and Aetna Variable
Portfolios, Inc. on behalf of each of its series dated
as of May 1, 1998(8)
(8)(iii) Fund Participation Agreement between Aetna Life
Insurance and Annuity Company, Variable Insurance
Products Fund and Fidelity Distributors Corporation
dated February 1, 1994 and amended on December 15,
1994, February 1, 1995, May 1, 1995, January 1, 1996
and March 1, 1996(6)
(8)(iv) Fifth Amendment dated as of May 1, 1997 to the Fund
Participation Agreement between Aetna Life Insurance
and Annuity Company, Variable Insurance Products Fund
and Fidelity Distributors Corporation dated February 1,
1994 and amended on December 15, 1994, February 1,
1995, May 1, 1995, January 1, 1996 and March 1, 1996(9)
(8)(v) Sixth Amendment dated November 6, 1997 to the Fund
Participation Agreement between Aetna Life Insurance
and Annuity Company, Variable Insurance Products Fund
and Fidelity Distributors Corporation dated February 1,
1994 and amended on December 15, 1994, February 1,
1995, May 1, 1995, January 1, 1996, March 1, 1996 and
May 1, 1997(10)
(8)(vi) Seventh Amendment dated as of May 1, 1998 to the Fund
Participation Agreement between Aetna Life Insurance
and Annuity Company, Variable Insurance Products Fund
and Fidelity Distributors Corporation dated February 1,
1994 and amended on December 15, 1994, February 1,
1995, May 1, 1995, January 1, 1996, March 1, 1996, May
1, 1997 and November 6, 1997(8)
(8)(vii) Fund Participation Agreement between Aetna Life
Insurance and Annuity Company, Variable Insurance
Products Fund II and Fidelity Distributors Corporation
dated February 1, 1994 and amended on December 15,
1994, February 1, 1995, May 1, 1995, January 1, 1996
and March 1, 1996(6)
(8)(viii) Fifth Amendment dated as of May 1, 1997 to the Fund
Participation Agreement between Aetna Life Insurance
and Annuity Company, Variable Insurance Products Fund
II and Fidelity Distributors Corporation dated February
1, 1994 and amended on December 15, 1994, February 1,
1995, May 1, 1995, January 1, 1996, and March 1,
1996(9)
(8)(ix) Sixth Amendment dated as of January 20, 1998 to the
Fund Participation Agreement between Aetna Life
Insurance and Annuity Company, Variable
<PAGE>
Insurance Products Fund II and Fidelity Distributors
Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995,
January 1, 1996, March 1, 1996 and May 1, 1997(2)
(8)(x) Seventh Amendment dated as of May 1, 1998 to Fund
Participation Agreement between Aetna Life Insurance
and Annuity Company, Variable Insurance Products Fund
II and Fidelity Distributors Corporation dated February
1, 1994 and amended on December 15, 1994, February 1,
1995, May 1, 1995, January 1, 1996, March 1, 1996, May
1, 1998 and January 20, 1998(8)
(8)(xi) Service Agreement between Aetna Life Insurance and
Annuity Company and Fidelity Investment Institutional
Operations Company dated November 1, 1995(11)
(8)(xii) Amendment dated January 1, 1997 to Service Agreement
between Aetna Life Insurance and Annuity Company and
Fidelity Investments Institutional Operations Company
dated as of November 1, 1995(9)
(8)(xiii) Fund Participation Agreement among Janus Aspen Series
and Aetna Life Insurance and Annuity Company and Janus
Capital Corporation dated December 8, 1997(12)
(8)(xiv) Service Agreement between Janus Capital Corporation and
Aetna Life Insurance and Annuity Company dated December
8, 1997(12)
(8)(xv) Fund Participation Agreement among MFS Variable
Insurance Trust, Aetna Life Insurance and Annuity
Company and Massachusetts Financial Services Company
dated April 30, 1996, and amended on September 3, 1996,
March 14, 1997 and November 28, 1997(8)
(8)(xvi) Fourth Amendment dated May 1, 1998 to the Fund
Participation Agreement by and among MFS Variable
Insurance Trust, Aetna Life Insurance and Annuity
Company and Massachusetts Financial Services Company
dated April 30, 1996, and amended on September 3, 1996,
March 14, 1997 and November 28, 1997(13)
(8)(xvii) Fund Participation Agreement between Aetna Life
Insurance and Annuity Company and Oppenheimer Variable
Annuity Account Funds and Oppenheimer Funds, Inc.(14)
(8)(xviii) Service Agreement between Oppenheimer Funds, Inc. and
Aetna Life Insurance and Annuity Company(14)
(9) Not Applicable
(10)(i) Application (70158-93)(2)
(10)(ii) Application (70159-93)(2)
(10)(iii) Application Supplement (70276-97(3/98))(2)
(10)(iv) Application Supplement (70277-97(3/98))(2)
(10)(v) Application Supplement (70183-93)(2)
(10)(vi) Premium Allocation Supplement (APP Funds)(2)
<PAGE>
2. Opinion and Consent of Counsel*
3. Not Applicable
4. Not Applicable
5. Not Applicable
6 Actuarial Opinion and Consent
7. Consent of Independent Auditors*
8. Copy of Power of Attorney(15)
1. Incorporated by reference to Post-Effective Amendment No. 2 to Registration
Statement on Form S-6 (File No. 33-76004), as filed electronically on
February 16, 1996 (Accession No. 0000912057-96-002723).
2. Incorporated by reference to Post-Effective Amendment No. 7 to Registration
Statement on Form S-6 (File No. 33-75248), as filed electronically on
February 24, 1998 (Accession No. 0000950146-98-000267).
3. Incorporated by reference to Post-Effective Amendment No. 6 to Registration
Statement on Form S-6 (File No. 33-75248), as filed electronically on
November 26, 1997 (Accession No. 0000950146-97-001792).
4. Incorporated by reference to Post-Effective Amendment No. 4 to Registration
Statement on Form S-6 (File No. 33-75248), as filed electronically on April
22, 1997 (Accession No. 0000950146-97-000629).
5. Incorporated by reference to Post-Effective Amendment No. 1 to Registration
Statement on Form S-1 (File No. 33-60477), as filed electronically on April
15, 1996 (Accession No. 0000950146-96-000534).
6. Incorporated by reference to Post-Effective Amendment No. 12 to Registration
Statement on Form N-4 (File No. 33-75964), as filed electronically on
February 11, 1997 (Accession No. 0000950146-97-000159).
7. Incorporated by reference to Post-Effective Amendment No. 12 to Registration
Statement on Form N-4 (File No. 33-91846), as filed electronically on
October 30, 1997 (Accession No. 0000950146-97-001589).
8. Incorporated by reference to Registration Statement on Form N-4 (File No.
333-56297), as filed electronically on June 8, 1998 (Accession No.
0000950146-98-000983).
9. Incorporated by reference to Post-Effective Amendment No. 30 to Registration
Statement on Form N-4 (File No. 33-34370), as filed electronically on
September 29, 1997 (Accession No. 0000950146-97-001485).
10. Incorporated by reference to Post-Effective Amendment No. 16 to Registration
Statement on Form N-4 (File No. 33-75964), as filed electronically on
February 9, 1998 (Accession No. 0000950146-98-000179).
11. Incorporated by reference to Post-Effective Amendment No. 3 to Registration
Statement on Form N-4 (File No. 33-88720), as filed electronically on June
28, 1996 (Accession No. 0000928389-96-000136).
- --------
* To be filed by amendment
* To be filed by amendment
<PAGE>
12. Incorporated by reference to Post-Effective Amendment No. 10 to Registration
Statement on Form N-4 (File No. 33-75992), as filed electronically on
December 31, 1997 (Accession No. 0000950146-97-001982).
13. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration
Statement on Form N-4 (File No. 333-56297), as filed electronically on
August 4, 1998 (Accession No. 0000950146-98-001283).
14. Incorporated by reference to Post-Effective Amendment No. 27 to Registration
Statement on Form N-4 (File No. 33-34370), as filed electronically on April
16, 1997 (Accession No. 0000950146-97-000617).
15. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration
Statement on Form N-4 (File No. 333-56297), as filed electronically on
August 4, 1998 (Accession No. 0000950146-98-001283). In addition, a
certified copy of the resolution adopted by the Depositor's Board of
Directors authorizing filings pursuant to a power of attorney as required by
Rule 478 under the Securities Act of 1933 is incorporated by reference to
Post-Effective Amendment No. 5 to Registration Statement on Form N-4 (File
No. 33-75986), as filed electronically on April 12, 1996 (Accession No.
0000912057-96-006383).
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Variable Life Account B of Aetna Life Insurance and Annuity Company, has duly
caused this Post-Effective Amendment to its Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, and the seal of the
Depositor to be hereunto affixed and attested, all in the City of Hartford, and
State of Connecticut, on this 30th day of September, 1998.
VARIABLE LIFE ACCOUNT B OF
AETNA LIFE INSURANCE AND
ANNUITY COMPANY
(Registrant)
(SEAL)
ATTEST: /s/ Karen A. Peddle
--------------------------------
Karen A. Peddle
Assistant Corporate Secretary
By: AETNA LIFE INSURANCE AND ANNUITY COMPANY
(Depositor)
By: Thomas J. McInerney*
----------------------------------------
Thomas J. McInerney
Principal Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment No. 9 to the Registration Statement has been signed below by the
following persons in the capacities indicated and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C>
Thomas J. McInerney* Director and President )
- ----------------------- (Principal Executive Officer) )
Thomas J. McInerney )
) September
Catherine H. Smith* Director and Chief Financial Officer ) 30, 1998
- ----------------------- )
Catherine H. Smith )
)
Shaun P. Mathews* Director )
- ----------------------- )
Shaun P. Mathews )
)
Deborah Koltenuk* Vice President, Treasurer and )
- ----------------------- Corporate Controller )
Deborah Koltenuk )
</TABLE>
By: /s/ J. Neil McMurdie
---------------------------------------
J. Neil McMurdie
*Attorney-in-Fact
<PAGE>
VARIABLE LIFE ACCOUNT B
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-1.1 Resolution of the Board of Directors of Aetna Life Insurance and Annuity Company *
establishing Variable Life Account B
99-1.3(i) Specialty Broker Agreement *
99-1.3(ii) Life Insurance Broker-Dealer Agreements *
99-1.3(iii) Restated and Amended Third Party Administration and Transfer Agent Agreement *
99-1.5(i) Corporate VUL Policy (Containing information about Cash Value Accumulation Method of *
Death Benefit Options)
(70180-93US)
99-1.5(ii) Corporate VUL Policy (Containing Tables of percentages for the Guideline Premium *
Method for Death Benefit Options)
(70182-93US)
99-1.5(iii) Term Rider (70181-94US) to Corporate VUL Policy *
70182-93US
99-1.5(iv) Amendment Rider (70284-1998) to Corporate Variable Universal Life Policies 70180-93US *
and 70182-93US
99-1.5(v) Corporate VUL II Policy (Cash Value Policy) (70180-1998US) *
99-1.5(vi) Corporate VUL II Policy (Guideline Premium Policy) *
(70182-1998US)
99-1.5(vii) Term Insurance Rider (70181-1998US) to policies 70180-1998US and 70182-1998US *
99-1.6(i) Certificate of Incorporation of Aetna Life Insurance and Annuity Company *
99-1.6(ii) Amendment of the Certificate of Incorporation of Aetna Life Insurance and Annuity *
Company
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-1.6(iii) By-Laws as amended September 17, 1997 of Aetna Life Insurance and Annuity Company *
99-1.8(i) Fund Participation Agreement by and among Aetna Life Insurance and Annuity Company *
and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna
Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation
Portfolios, Inc., on behalf of each of its series, and Aetna Variable Portfolios,
Inc. on behalf of each of its series and Aeltus Investment Management, Inc. dated as
of May 1, 1998
99-1.8(ii) Service Agreement between Aeltus Investment Management, Inc. and Aetna Life Insurance *
and Annuity Company in connection with the sale of shares of Aetna Variable Fund,
Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET
Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of
each of its series and Aetna Variable Portfolios, Inc. on behalf of each of its
series dated as of May 1, 1998
99-1.8(iii) Fund Participation Agreement between Aetna Life Insurance and Annuity Company, *
Variable Insurance Products Fund and Fidelity Distributors Corporation dated
February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1,
1995, January 1, 1996 and March 1, 1996
99-1.8(iv) Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March
1, 1996
99-1.8(v) Sixth Amendment dated November 6, 1997 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996 and May 1, 1997
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-1.8(vi) Seventh Amendment dated as of May 1, 1998 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996, May 1, 1997 and November 6, 1997
99-1.8(vii) Fund Participation Agreement between Aetna Life Insurance and Annuity Company, *
Variable Insurance Products Fund II and Fidelity Distributors Corporation dated
February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1,
1995, January 1, 1996 and March 1, 1996
99-1.8(viii) Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund II and Fidelity Distributors Corporation dated February 1, 1994 and
amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996,
and March 1, 1996
99-1.8(ix) Sixth Amendment dated as of January 20, 1998 to the Fund Participation *
Agreement between Aetna Life Insurance and Annuity Company, Variable Insurance
Products Fund II and Fidelity Distributors Corporation dated February 1, 1994
and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1,
1996, March 1, 1996 and May 1, 1997
99-1.8(x) Seventh Amendment dated as of May 1, 1998 to Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund II and Fidelity Distributors Corporation dated February 1, 1994 and
amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996,
March 1, 1996, May 1, 1998 and January 20, 1998
99-1.8(xi) Service Agreement between Aetna Life Insurance and Annuity Company and Fidelity *
Investment Institutional Operations Company dated November 1, 1995
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-1.8(xii) Amendment dated January 1, 1997 to Service Agreement between Aetna Life *
Insurance and Annuity Company and Fidelity Investments Institutional Operations
Company dated as of November 1, 1995
99-1.8(xiii) Fund Participation Agreement among Janus Aspen Series and Aetna Life Insurance *
and Annuity Company and Janus Capital Corporation dated December 8, 1997
99-1.8(xiv) Service Agreement between Janus Capital Corporation and Aetna Life Insurance *
and Annuity Company dated December 8, 1997
99-1.8(xv) Fund Participation Agreement among MFS Variable Insurance Trust, Aetna Life *
Insurance and Annuity Company and Massachusetts Financial Services Company
dated April 30, 1996, and amended on September 3, 1996, March 14, 1997 and
November 28, 1997
99-1.8(xvi) Fourth Amendment dated May 1, 1998 to the Fund Participation Agreement by and *
among MFS Variable Insurance Trust, Aetna Life Insurance and Annuity Company
and Massachusetts Financial Services Company dated April 30, 1996, and amended
on September 3, 1996, March 14, 1997 and November 28, 1997
99-1.8(xvii) Fund Participation Agreement between Aetna Life Insurance and Annuity Company *
and Oppenheimer Variable Annuity Account Funds and Oppenheimer Funds, Inc.
99-1.8(xviii) Service Agreement between Oppenheimer Funds, Inc. and Aetna Life Insurance and *
Annuity Company
99-1.10(i) Application (70158-93) *
99-1.10(ii) Application (70159-93) *
99-1.10(iii) Application Supplement (70276-97(3/98)) *
99-1.10(iv) Application Supplement (70277-97(3/98)) *
99-1.10(v) Application Supplement (70183-93) *
99-1.10(vi) Premium Allocation Supplement (APP Funds) *
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-2 Opinion and Consent of Counsel **
99-6 Actuarial Opinion and Consent --
99-7 Consent of Independent Auditors **
99-8 Copy of Power of Attorney *
</TABLE>
*Incorporated by reference
**To be filed by amendment
[Aetna letterhead]
[Aetna logo]
Retirement Services
151 Farmington Avenue
Hartford, CT 06156
Ronald D. Franzluebbers, FSA, MAAA
Actuary
Product & Brand Management
Retail Markets, TN41
Phone: (860) 273-4361
Fax: (860) 273-4438
September 24, 1998
Re: Corporate VUL and Corporate VUL II (File No. 33-75248)
Dear Sir or Madam:
In my capacity as Actuary of Aetna Life Insurance and Annuity Company (ALIAC), I
have provided actuarial advice concerning ALIAC's Flexible Premium Corporate
Variable Universal Life Insurance Policy and Corporate Variable Universal Life
II Policy (the "Policies"). I also provided actuarial advice concerning the
preparation of Post-Effective Amendment No. 9 to Registration Statement on Form
S-6, File No. 33-75248 (the "Registration Statement") for filing with the
Securities and Exchange Commission under the Securities Act of 1933 in
connection with the Policy.
In my opinion the illustrations of benefits under the Policies included in the
prospectus under the caption "Illustrations of Death Benefit, Total Account
Values and Surrender Values" are, based on the assumptions stated in the
illustrations, consistent with the provisions of the Policies. Also, in my
opinion the age selected in the illustrations is representative of the manner in
which the Policies operate.
I hereby consent to the use of this opinion as an exhibit to the Registration
Statement.
Very truly yours,
/s/ Ronald D. Franzluebbers
Ronald D. Franzluebbers
Actuary
