PHOENIX HOME LIFE VARIABLE UNIVERSAL LIFE ACCOUNT /CT/, 485APOS, 1996-02-13

PHOENIX HOME LIFE VARIABLE UNIVERSAL LIFE ACCOUNT /CT/
485APOS, 1996-02-13

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February 13, 1996

Office of Insurance Products
Division of Investment Management
Securities and Exchange Commission
450 Fifth Street NW
Washington, DC 20549

Re: Phoenix Home Life Mutual Insurance Company
Phoenix Home Life Variable Universal Life Account
Form S-6 Registration Statement
Post-Effective Amendment No. 12
Rule 485(a) Filing VIA EDGAR

To the Commission Staff:

You will shortly receive one hard copy of the above-captioned post-effective
amendment, which was filed today. It will be marked to show changes from
Post-Effective Amendment No. 10, Amendment No. 11 having been withdrawn.

This filing contains an additional Policy, Flex Edge Success, and an additional
Prospectus. Flex Edge Success will replace, and is an enhanced version of, Flex
Edge, a current policy. Phoenix Home Life Mutual Insurance Company (the
"Company") wishes to begin sales of Flex Edge Success on May 1, 1996, subject to
this amendment's becoming effective and to state regulatory clearances.
Following a short transition period, the Company will discontinue sales of Flex
Edge, although it will continue to accept premium payments on existing Flex Edge
policies.

Flex Edge has been included in this registration statement since 1988. As an
enhanced version of that policy, Flex Edge Success is being filed within the
same registration statement in reliance on the Staff's comment regarding policy
enhancements in its November 1995 Generic Comment Letter.

The Company covers its currently offered single life variable policy in the same
Prospectus as Joint Edge, its multi-life variable policy. Therefore, the current
Prospectus covers Flex Edge and Joint Edge. As Flex Edge Success will replace
Flex Edge, the current post-effective amendment combines in one Prospectus the
descriptions of Joint Edge and Flex Edge Success. Flex Edge will be covered in
a second Prospectus, also filed in this amendment. That Prospectus will soon be
made available only to existing policyholders, as it will not be needed for new
policy sales.

The new Policy's design and load structure encourages policyholders to maintain
their policies for long periods of time. It has more features and options than
the old Policy. Charges are somewhat higher in the early years and lower
thereafter, the combined effect of which eventually produces higher cash values
and higher death benefits. The new Policy has the same cost of insurance charge
guarantees as the old Policy, and an improved death benefit option. A detailed
discussion follows.

1. Sales Load; 6e-3(T) Testing

For Flex Edge Success: The contingent deferred sales charge is equal to 75% of
one guideline premium in Policy Years one through five.In the sixth through
eighth Policy Years, it decreases by 0.75% per month to 48% of one guideline
annual premium. In the ninth and tenth Policy Years, it decreases by 2% per
month to zero at the end of the tenth Policy Year. In addition, the contingent
deferred sales charge for Flex Edge Success is capped in the first two Policy
Years at 28.5% of premiums paid up to one guideline annual premium, plus 8.5% of
premiums paid between one and two guideline annual premiums, plus 7.5% of
premiums paid in excess of two guideline annual premiums.

<PAGE>

For Flex Edge: The contingent deferred sales charge is equal to 50% of one
guideline premium in Policy Years one through five. In the sixth and seventh
Policy Years it decreases by .5% per month to 38% of one guideline annual
premium. In the eighth and ninth Policy Years it decreases by .76% per month to
19.76% of one guideline annual premium. In the tenth Policy Year it decreases by
one-twelfth of 19.76% each month to zero at the end of the tenth Policy Year. In
addition, the contingent deferred sales charge for Flex Edge is capped in the
first two Policy Years at 30% of premiums paid up to one guideline annual
premium, plus 10% of premiums paid between one and two guideline annual
premiums, plus 9% of premiums paid in excess of two guideline annual premiums.

DAC Tax Premium Charge - Flex Edge Success Only: There is a deduction from
premiums of 1.5% for the DAC Tax. This deduction, for the purpose of testing
compliance with Rule 6e-3(T)(b)(13)(i)(A) and 6e-3(T)(b)(13)(v)(A), is
considered "sales load" and no exemptive application for the DAC Tax is
considered necessary.

<PAGE>

2. Mortality and Expense Risk Charges

In both Flex Edge and Flex Edge Success, the annualized mortality and expense
risk charge during the first fifteen Policy Years is .80%. After the fifteenth
Policy Year, the charge drops in Flex Edge Success to .25%, whereas it remains
.80% in Flex Edge.

3. Other Aspects of Charges

For Flex Edge Success, the Company will assess a uniform state premium tax load
rather than, as in Flex Edge, vary by state of issuance. Net policy loan rates
are lower in Flex Edge by 1/2% per year after 15 Policy Years.

Administrative charges are slightly, but not materially, different for Flex Edge
Success. All administrative charges go only to recover the Company's costs.

4. Improved Flex Edge Success Policy Features (Compared to Flex Edge) Apart from
Charges

a. Lifetime Option 2 Death Benefit: In Flex Edge, the Option 2 Death
Benefit (face amount plus cash value) only applies to age 65, then reverts to
Option 1 (face amount only). In Flex Edge Success, the Option 2 Death Benefit is
a lifetime benefit. This change allows greater death benefit protection after
age 65, and is consistent with the way many other companies' Option 2 death
benefit operates.

b. Elimination of Maturity Date: In Flex Edge, the policy "matures"
when the insured reaches age 95, requiring the payment of the policy value to
the owner, a taxable event. In Flex Edge Success, there is no maturity date,
giving the owner the opportunity to continue the policy until the death of the
insured, although premiums need not be paid beyond the insured's 100th birthday.

c. Preferred Risk Class: For underwriting purposes, a new "top of the
line" risk class has been created for Flex Edge Success, allowing lower cost of
insurance rates where the insured qualifies as a Preferred Risk. This new
underwriting class is appropriate for the best risks. The Company believes it
has been increasingly used by insurers in recent years.

d. Cash Value Accumulation Test Rider: This optional rider, available
in Flex Edge Success and not in Flex Edge, allows the policyholder to pay more
premiums in the early Policy Years and provides a higher minimum death benefit
per dollar of account value.

<PAGE>

In view of the foregoing, the two prospectuses have been filed as part of a
single registration statement under Rule 485(a), with a requested effective date
of May 1, 1996. A Rule 485(b) filing adding year-end 1995 financial statements,
financial data schedules and other matters permitted to be filed under Rule
485(b) will be filed in April 1996 for concurrent effectiveness with the present
post-effective amendment.

If you have any questions, please contact the undersigned at (860)275-5788 or
the Company's Washington counsel, James Bernstein of Jorden Burt Berenson &
Johnson LLP, at (202)965-8175.

Sincerely,

/s/Richard J. Wirth
- --------------------

Richard J. Wirth, Counsel

<PAGE>

As filed with the Securities and Exchange Commission on February 13, 1996
Registration No. 33-23251
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
Post-Effective Amendment No. 12

to
FORM S-6
--------------
FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT TRUSTS
REGISTERED ON FORM N-8 B-2
--------------
Phoenix Home Life Variable Universal Life Account
(Exact Name of Trust)

Phoenix Home Life Mutual Insurance Company
(Name of Depositor)
--------------
One American Row
Hartford, Connecticut 06115
(Complete address of Depositor's principal executive offices)

Dona D. Young, Esquire
Executive Vice President and General Counsel
Phoenix Home Life Mutual Insurance Company
One American Row
Hartford, Connecticut 06115
(Name and complete address of agent for service)
--------------
Copies to:

Michael Berenson, Esq. Richard J. Wirth, Esq.
Jorden Burt Berenson & Johnson, LLP Counsel
1025 Thomas Jefferson St. N.W. Phoenix Home Life Mutual Insurance Company
Suite 400 East One American Row
Washington, D.C. 20007-0805 Hartford, Connecticut 06115

--------------
Declaration Required By Rule 24f-2

Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the Registrant
has chosen to register an indefinite amount of securities being offered. On
February 28, 1995, the Registrant filed its Rule 24f-2 Notice for the
Registrant's 1994 fiscal year. Form 24f-2 will be filed by February 29, 1996 for
Registrant's fiscal year ended December 31, 1995.

--------------

It is proposed that this filing will become effective:
[ ] immediately upon filing pursuant to paragraph (b);
[ ] on pursuant to paragraph (b);
[ ] 60 days after filing pursuant to paragraph (a)(i); or
[X] on May 1, 1996 pursuant to paragraph (a)(i) of Rule 485.
[ ] this Post-Effective Amendment designates a new effective date
for a previously filed post-effective amendment.
--------------
Registrant is relying on the exemptive relief provided by Rule 6e-3(T) under the
Investment Company Act of 1940 and elects to be governed by subparagraph
(b)(13)(i)(A) of that Rule.
- --------------------------------------------------------------------------------

<PAGE>

CROSS REFERENCE TO ITEMS REQUIRED

BY FORM N-8B-2

N-8B-2 Item Caption in Prospectus

1 The VUL Account
2 Phoenix Home Life Mutual Insurance Company
3 Not Applicable
4 Sales of Policies
5 The VUL Account
6 The VUL Account
7 Not Applicable
8 Not Applicable
9 Legal Proceedings
10 The Policy
11 Investments of the VUL Account
12 Investments of the VUL Account
13 Charges and Deductions; Investments of the VUL Account
14 Premium Payment; Allocation of Issue Premium; Right to Cancel
Period
15 Allocation of Issue Premium; Transfer of Policy Value
16 Investments of the VUL Account
17 Surrenders
18 Allocation of Issue Premium; Transfer of Policy Value;
Reinvestment and Redemption
19 Voting Rights; Reports
20 Not Applicable
21 Policy Loans
22 Not Applicable
23 Safekeeping of the VUL Account's Assets
24 Not Applicable
25 Phoenix Home Life Mutual Insurance Company
26 Charges and Other Deductions; Investments of the VUL Account
27 Phoenix Home Life Mutual Insurance Company
28 Phoenix Home Life Mutual Insurance Company; The Directors and
Executive Officers of Phoenix Home Life
29 Not Applicable
30 Not Applicable
31 Not Applicable
32 Not Applicable
33 Not Applicable
34 Not Applicable
35 Phoenix Home Life Mutual Insurance Company
36 Not Applicable
37 Not Applicable
38 Sales of Policies
39 Sales of Policies
40 Not Applicable
41 Sales of Policies
42 Not Applicable
43 Not Applicable
44 Determination of Sub-Account Values
45 Not Applicable
46 Determination of Sub-Account Values
47 Allocation of Issue Premium; Determination of Sub-Account Values
48 Not Applicable
49 Not Applicable
50 Not Applicable

<PAGE>

N-8B-2 Item Caption in Prospectus

51 Phoenix Home Life Mutual Insurance Company; The Policy; Charges
and Deductions
52 Investments of the VUL Account
53 Federal Tax Considerations
54 Not Applicable
55 Not Applicable
56 Not Applicable
57 Not Applicable
58 Not Applicable
59 Not Applicable

<PAGE>
Single Life Policies and the features available under these Policies may not
yet be available in your state. Please contact your Registered Representative.

Version A
VARIABLE LIFE INSURANCE POLICY
Issued By: Phoenix Home Life Mutual Insurance Company
101 Munson Street
P.O. Box 810
Greenfield, Massachusetts 01302-0810
Telephone: (800) 892-4885
PROSPECTUS

May 1, 1996

This prospectus describes Flexible Premium Variable Life Insurance Policies
(the "Policies"), offered by Phoenix Home Life Mutual Insurance Company
("Phoenix Home Life"). An applicant chooses the amount of Issue Premium desired
and it is then shown in the Policy. Generally, the minimum Issue Premium Phoenix
Home Life will accept is the greater of $50 or 1/6 of the Planned Annual
Premium. Phoenix Home Life may in some cases accept less than that amount. The
amount and payment frequency of planned premiums are as shown in the Policy. If
too much is paid in premium in the early Policy Years, the Policy could become a
"modified endowment contract". This would cause loans and other amounts received
under the Policy to be subject to tax and/or penalties. Currently, Phoenix Home
Life notifies a Policyowner when a Policy becomes a modified endowment contract.

Premium payments are allocated to one or more of the sub-accounts of the
Phoenix Home Life Variable Universal Life Account (the "VUL Account") or to the
Guaranteed Interest Account ("GIA"), as specified in the applicant's application
for insurance. The VUL Account is divided into Sub-accounts, each of which
invests in a corresponding series of The Phoenix Edge Series Fund or Wanger
Advisor's Trust (the "Funds"). For certain Policyowners, the Issue Premium is
first allocated to the Money Market Sub-account before being allocated according
to the instructions in the application.

There is no guaranteed minimum Policy Value except for that portion of Policy
Value invested in the GIA, which has a 4% minimum interest rate guarantee. The
Policy Value not invested in the GIA will vary to reflect the investment
experience of the Sub-accounts of the VUL Account to which premiums have been
allocated. A Policyowner bears the investment risk for all amounts so allocated.
The Policy will remain in effect so long as the Policy Value or Cash Surrender
Value is sufficient to pay certain monthly charges imposed in connection with
the Policy.

The death benefit under the Policy equals the Policy's face amount on the date
of the Insured's death or, if greater, the Policy Value on the date of death
increased by the applicable percentage set forth in the Policy. Other death
benefit options are also available.

A Policyowner may cancel the Policy within 10 days (or longer in some states),
after the Policyowner receives it or 10 days after Phoenix Home Life mails or
delivers a written notice of withdrawal right to the Policyowner, or within 45
days of completing the application, whichever is latest.

It may not be advantageous to purchase a Policy as a replacement for your
current life insurance or to supplement an existing life insurance policy.

This prospectus is valid only if accompanied by or preceded by current
prospectuses for the Funds. This prospectus and the prospectuses for the Funds
should be read and retained for future reference.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

1
<PAGE>

TABLE OF CONTENTS

Page
- -------------------------------------------------
VARIABLE LIFE INSURANCE POLICY 1
TABLE OF CONTENTS 2
FINANCIAL HIGHLIGHTS 3
SPECIAL TERMS 7
SUMMARY 8
PHOENIX HOME LIFE AND THE VARIABLE ACCOUNT 10
Phoenix Home Life Mutual Insurance Company 10
The VUL Account 10
The Guaranteed Interest Account 10
THE POLICY 11
Introduction 11
Eligible Purchasers 11
Premium Payment 11
Allocation of Issue Premium 12
Right to Cancel Period 12
Temporary Insurance Coverage 12
Transfer of Policy Value 12
Determination of Sub-account Values 13
Death Benefit 13
Surrenders 14
Policy Loans 14
Lapse 15
Payment of Premiums During Period of
Disability 16
Additional Insurance Options 16
Additional Rider Benefits 16
INVESTMENTS OF THE VUL ACCOUNT 17
Participating Mutual Fund 17
Investment Adviser to The Phoenix Edge Series
Fund 18
Investment Adviser to The Wanger Advisors
Trust 18
Reinvestment and Redemption 18
Substitution of Investments 18
Performance History 19
CHARGES AND DEDUCTIONS 20
Monthly Deduction 20
Premium Taxes 21
Federal Tax Charge 21
Mortality and Expense Risk Charge 21
Investment Management Charge 21
Other Charges 21
GENERAL PROVISIONS 23
Postponement of Payments 23
Payment by Check 23
The Contract 23
Suicide 23
Incontestability 23
Change of Owner or Beneficiary 23
Assignment 23
Misstatement of Age or Sex 23
Surplus 23

Page
- -------------------------------------------------
PAYMENT OF PROCEEDS 23
Surrender and Death Benefit Proceeds 23
Payment Options 24
FEDERAL TAX CONSIDERATIONS 24
Introduction 24
Phoenix Home Life's Tax Status 25
Policy Proceeds 25
Other Taxes 26
Modified Endowment Contracts 26
Limitations on Unreasonable Mortality
and Expense Charges 26
Qualified Plans 26
Diversification Standards 27
Change of Ownership or Insured or Assignment 27
VOTING RIGHTS 27
The Fund 27
Phoenix Home Life 27
THE DIRECTORS AND EXECUTIVE OFFICERS
OF PHOENIX HOME LIFE 28
SAFEKEEPING OF THE VUL ACCOUNT'S ASSETS 29
SALES OF POLICIES 29
STATE REGULATION 29
REPORTS 29
LEGAL PROCEEDINGS 29
LEGAL MATTERS 29
REGISTRATION STATEMENT 29
FINANCIAL STATEMENTS 29
APPENDIX A 32
APPENDIX B 33

THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH
SUCH OFFERING MAY NOT BE LAWFULLY MADE. NO DEALER, SALESPERSON, OR OTHER PERSON
IS AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS IN CONNECTION
WITH THIS OFFERING OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS, AND IF GIVEN
OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON.

2
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

Following are the unaudited Financial Highlights for the periods indicated:

Money Market Sub-account
------------------------------------

Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses .........................
Net investment income ..................

Growth Sub-account
------------------------------------

Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Net realized and unrealized gain (loss).
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses .........................
Net investment income ..................

(1) Annualized

3
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

Bond Sub-account
------------------------------------

Net asset value, beginning of period .....
Income from investment operations
Net investment income ...................
Net realized and unrealized gain (loss) .
Total from investment operations .......
Change in net asset value ................
Net asset value, end of period .... [To be filed by amendment]
Total return .............................
Ratios/supplemental data:
Net assets, end of period (000) .........
Ratio to average net assets of:
Total expenses ..........................
Net investment income ...................
Portfolio turnover .......................

Total Return Sub-account
------------------------------------

(1) Annualized

4
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

International Sub-account
------------------------------------

Balanced Sub-account
------------------------------------

(1) Annualized

5
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

Real Estate Sub-account
------------------------------------

(1) Annualized

STRATEGIC THEME SUB-ACCOUNT
WANGER U.S. SMALL CAP SUB-ACCOUNT
WANGER INTERNATIONAL SMALL CAP SUB-ACCOUNT

These Sub-accounts commenced operations as of the date of this prospectus;
accordingly, financials for these Sub-accounts are not yet available.

6
<PAGE>

SPECIAL TERMS

As used in this Prospectus, the following terms have the indicated meanings:

Attained Age: The age of the Insured on the birthday nearest the most recent
Policy Anniversary.

Beneficiary: The person or persons specified by the Policyowner as entitled to
receive the death benefits under a Policy.

Cash Surrender Value: The Policy Value less any surrender charge that would
apply on the date of surrender and less any Debt.

Death Benefit Guarantee: An additional benefit rider available with the Policy
that guarantees a death benefit equal to the initial face amount or the face
amount as later increased or decreased, provided that Minimum Required Premiums
are paid. See "Additional Rider Benefits."

Debt: Outstanding loans against a Policy, plus accrued interest.

General Account: The general asset account of Phoenix Home Life.

Guaranteed Interest Account (GIA): An allocation option under which amounts
deposited are guaranteed to earn a fixed rate of interest. Excess interest may
also be credited, in the sole discretion of Phoenix Home Life.

In Force: Conditions under which the coverage under a Policy is in effect and
the Insured's life remains insured.

Insured: The person upon whose life the Policy is issued.

In Writing (Written Request): In a written form satisfactory to Phoenix Home
Life and delivered to Variable and Universal Life Administration.

Issue Premium: The premium payment made in connection with the issue of the
Policy.

Minimum Required Premium: The required premium as specified in the Policy. An
increase or decrease in the face amount of the policy will change the Minimum
Required Premium amount.

Monthly Calculation Day: The first Monthly Calculation Day is the same day as
the Policy Date. Subsequent Monthly Calculation Days are the same day of each
month thereafter or, if such day does not fall within a given month, the last
day of that month will be the Monthly Calculation Day.

Multiple Life Policy: A Policy under which the number of Insureds is greater
than one (1) but no more than five (5), and under which the death benefit is
paid upon the death of the first insured to die.

Payment Date: The Valuation Date on which a premium payment or loan repayment is
received at Phoenix Home Life, unless it is received after the close of the New
York Stock Exchange, in which case it will be the next Valuation Date.

Phoenix Home Life: Phoenix Home Life Mutual Insurance Company, Hartford,
Connecticut.

Planned Annual Premium: The premium amount that the Policyowner agrees to pay
each Policy Year. It must be at least equal to the minimum premium required for
the face amount of insurance selected and must be no greater than the maximum
premium allowed for the face amount selected.

Policy Anniversary: Each anniversary of the Policy Date.

Policy Date: The Policy Date as shown on the Schedule Page of the Policy. It is
the date from which Policy Years and Policy Anniversaries are measured.

Policy Month: The period from one Monthly Calculation Day up to but not
including the next Monthly Calculation Day.

Policyowner (Owner): The owner of a Policy.

Policy Value: The sum of a Policy's share in the values of each Sub-account of
the VUL Account plus the Policy's share in the values of the Guaranteed Interest
Account.

Policy Year: The first Policy Year is the one-year period from the Policy Date
up to, but not including, the first Policy anniversary. Each succeeding Policy
Year is the one-year period from the Policy anniversary up to but not including
the next Policy Anniversary.

Proportionate: Amounts allocated to Sub-accounts on a proportionate basis are
allocated by increasing (or decreasing) a Policy's share in the value of the
affected Sub-accounts so that such shares maintain the same ratio to each other
before and after the allocation.

Single Life Policy: A Policy that covers the life of one (1) Insured.

Sub-accounts: Accounts within the VUL Account to which non-loaned assets under a
Policy are allocated.

Unit: A standard of measurement used in determining the value of a Policy. The
value of a Unit for each Sub-account will reflect the investment performance of
that Sub-account and will vary in dollar amount.

Valuation Date: For any Sub-account, each date on which the net asset value of
the Fund is determined.

Valuation Period: For any Sub-account, the period in days from the end of one
Valuation Date through the next.

Variable and Universal Life Administration: Variable and Universal Life
Administration Division of Phoenix Home Life Mutual Insurance Company.

VUL Account: Phoenix Home Life Variable Universal Life Account.

7
<PAGE>

SUMMARY

1. What is the Difference Between the Policy and a Conventional Fixed Benefit
Life Insurance Policy?

Like conventional fixed-benefit life insurance, so long as the Policy remains
In Force, the Policy will provide for: (1) the payment of a death benefit to a
Beneficiary upon the Insured's death; (2) the accumulation of cash value; and
(3) surrender rights and Policy loan privileges.

The Policy differs from conventional fixed-benefit life insurance by allowing
Policyowners to allocate premiums to one or more Sub-accounts of the VUL Account
or to the Guaranteed Interest Account. Each Sub-account invests exclusively in a
designated portfolio of the Fund. Also, under the Policy, the Policy Value
invested in the VUL Account is not guaranteed and may increase or decrease
depending upon the investment experience of the Sub-accounts of the VUL Account.
Accordingly, the Policyowner bears the investment risk of any depreciation in
value of the underlying assets but reaps the benefits of any appreciation in
value. See "Policy Value."

In addition, unlike conventional fixed benefit life insurance, a Policyowner
also has the flexibility to make additional premium payments and to thereby
adjust the Policy Value. However, unlike conventional fixed-benefit life
insurance, the Policy does not require a Policyowner to adhere to a fixed
premium payment schedule. Moreover, after the payment of the Issue Premium, the
failure to make additional premium payments will not in itself cause the Policy
to lapse. Conversely, the payment of additional premiums will not guarantee that
the Policy will remain In Force. Generally, lapse will occur when the Cash
Surrender Value is insufficient to pay certain charges deducted on the Monthly
Calculation Day, and a grace period expires without payment of the additional
amount required. See "Lapse."

If a Whole Life Exchange Option Rider is attached to the Policy, the Policy
may be exchanged for a fixed-benefit whole life policy. (See "Additional Rider
Benefits").

2. Is There a Guaranteed Account Option?

Yes. A Policyowner may elect to have premium payments allocated to the
Guaranteed Interest Account. Amounts allocated to the GIA earn a fixed rate of
interest and Phoenix Home Life may also, in its sole discretion, credit excess
interest. (See Appendix A)

3. What Is the Death Benefit under the Policy?

The Policy provides for the payment of benefits upon the death of the Insured.
Upon application for a Policy, an applicant designates an Issue Premium. The
Policy indicates the face amount of insurance. The death benefit will equal the
face amount on the date of the Insured's death or, if greater, the Policy Value
on the date of the Insured's death increased by the applicable percentage set
forth in the Policy. If the increased death benefit option is selected, the
death benefit will equal the face amount on the date of the Insured's death plus
the Policy Value or, if greater, the Policy Value on the date of the Insured's
death increased by the applicable percentage set forth in the Policy. Guaranteed
death benefit and living benefits riders are also available. See "Death
Benefit."

4. How Long Will the Policy Remain In Force?

The Policy will only lapse when the Cash Surrender Value is insufficient to
pay the monthly deduction (see "Charges and Deductions -- Monthly Deductions"),
and a grace period expires without payment of the additional amount required. In
this respect, the Policy differs in two important respects from a conventional
life insurance Policy. First, the failure to pay additional premiums will not
automatically cause the Policy to lapse. Second, the payment of premiums of any
pre-specified amount does not guarantee that the Policy will remain In Force. A
rider is available to ensure that premium payments will continue during a period
of disability.

5. What Charges are There in Connection With the Policy?

Monthly Deduction: A deduction is made each Policy Month from the Policy Value
(excluding the value of the loaned portion of the Guaranteed Interest Account)
to pay the cost of insurance provided under the Policy; the cost of any rider
benefits provided; any unpaid balance of the Issue Expense Charge; and an
administrative charge as shown on the schedule page of the Policy. The
administrative charge may vary but in no event will it exceed $10 per month.
Currently, the administrative charge is $5.00 per month. The administrative
charge is set at a level designed to recover actual costs and is not designed to
result in any profit to Phoenix Home Life. See "Charges and Deductions."

Other Charges: A fee equal to the lesser of $25 or 2% of the partial surrender
amount paid is deducted from the Policy Value for each partial surrender. A
partial surrender charge equal to a pro-rata portion of the applicable surrender
charge that would apply to a full surrender, determined by applying a formula,
is also assessed against the VUL Account Sub-accounts or the Guaranteed Interest
Account when a partial surrender is made.

No charges are currently made from the VUL Account or the Guaranteed Interest
Account for federal or state income taxes. If Phoenix Home Life determines that
such taxes may be imposed, it may make deductions from the VUL Account to pay
these taxes.

Phoenix Home Life charges each Sub-account of the VUL Account the daily
equivalent of 0.80% for the first 15 years and then 0.25% on an annual basis of
the current value of the Sub-account's net assets for its assumption of certain
mortality and expense risks incurred in connection with Single Life Policies and
0.80% on an annual basis for Multiple Life Policies.

Premium amounts are also reduced by any applicable premium tax, a Federal Tax
Charge of 1.50% on Single Life Policies and, for payments made during a grace
period, by the amount needed to cover any monthly deductions made during the
grace period.

8
<PAGE>

Investment advisory charges are imposed on an annual basis based on the
average daily net assets of the Series of the Fund as follows:

Phoenix Investment Counsel, Inc.

Rate for First Rate for Next Rate for Excess
Series $250,000,000 $250,000,000 Over $500,000,000
- ------ ------------ ------------ -----------------
Money Market .40% .35% .30%
Bond....... .50% .45% .40%
Balanced... .55% .50% .45%
Total Return .60% .55% .50%
Growth..... .70% .65% .60%
International .75% .70% .65%
Strategic .75% .70% .65%
Theme......

Phoenix Realty Securities, Inc.

Rate for First Rate for Next Rate for Excess
Series $1,000,000,000 $1,000,000,000 Over $2,000,000,000
- ------ -------------- -------------- -------------------
Real Estate .75% .70% .65%

Wanger Asset Management, L.P.

Rate for First Rate for Next Rate for Excess
Series $1,000,000,000 $1,000,000,000 Over $2,000,000,000
- ------ -------------- -------------- -------------------
U.S. Small .98% .95% .90%
Cap
International 1.27% 1.20% 1.10%
Small Cap

In addition, each Series pays a portion or all of its other operating expenses
other than the management fees; the Growth, Bond, Total Return, Money Market and
Balance Series will pay up to .15%; the Real Estate and Strategic Theme Series
will pay up to .25%; the International Series will pay up to .40%; the Wanger
U.S. Small Cap Series will pay up to .17%; and the Wanger International Small
Cap Series will pay up to .27% of its total net assets. See "Charges and
Deductions."

6. Is there a Right to Cancel Period?

Yes. The Policyowner may cancel the Policy within 10 days after the
Policyowner receives it (or longer in some states), or 10 days after Phoenix
Home Life mails or delivers a written notice of withdrawal right to the
Policyowner, or within 45 days of completing the application, whichever is
latest.

7. How are Premiums Allocated?

If the applicant elects the Temporary Money Market Allocation Amendment in the
application, Phoenix Home Life will allocate the entire Issue Premium, less
applicable charges, to the Money Market Sub-account of the VUL Account. Phoenix
Home Life requires this election for all applicants in certain states and for
applicants in certain states who indicate on their application that they intend
the Policy to replace existing insurance. At the expiration of the Right to
Cancel Period for such Policyowners, the Policy Value will be allocated among
the Sub-accounts of the VUL Account or to the Guaranteed Interest Account in
accordance with the Policyowner's allocation instructions in the application for
insurance. All other Policyowners will have their Issue Premium less applicable
charges allocated according to the instructions in the application on the date
it is received without first having the premium placed in the Money Market
Sub-account. The Policy Value may be allocated among the available Sub-accounts
of the VUL Account, each of which invests in shares of a designated portfolio of
the Fund, or to the Guaranteed Interest Account.

8. After the Initial Allocation, May I Change the Allocation of Policy Value?

Yes. A Policyowner may transfer amounts among the Sub-accounts of the VUL
Account or the Guaranteed Interest Account. Only one transfer per Policy Year is
permitted from the unloaned portion of the Guaranteed Interest Account. The
amount of that transfer is limited to the higher of $1,000 or 25% of the value
of the Policy in the unloaned portion of the Guaranteed Interest Account. Also,
Phoenix Home Life reserves the right to require that transfers be made by
written request. Phoenix Home Life further reserves the right to permit
transfers of less than $500 only if the entire balance in the Sub-account of the
VUL Account or the Guaranteed Interest Account is transferred. A systematic
transfer program is also available. See "Transfer of Policy Value."

9. May the Policy be Surrendered?

Yes. A Policyowner may totally surrender the Policy at any time and receive
the Cash Surrender Value. Subject to certain limitations, the Policyowner may
also partially surrender the Policy at any time prior to the Maturity Date. In
the future, Phoenix Home Life may set a minimum partial surrender amount, not to
exceed $500. See "Surrenders -- Partial Surrenders." A partial surrender will
result in a decrease in the death benefit under the Policy. See "Death Benefit."
If the Policy is totally or partially surrendered during the first ten Policy
Years, a Surrender Charge will apply. See "Surrender Charge." In addition, there
may be certain tax consequences as the result of a surrender. For example, a
Policy may be a "modified endowment contract" if the amount of premium paid
during the first seven Policy Years is more than the amount that would have been
paid if the Policy had provided for paid-up benefits after the payment of seven
level annual premiums. Distributions such as loans and full or partial
surrenders under a modified endowment contract may be taxable income to the
extent they exceed the premiums paid. If such income is distributed before the
Policyowner attains age 59 1/2, a 10% penalty tax may be imposed. See "Federal
Tax Considerations."

10. What is the Policy's Loan Privilege?

A Policyowner may obtain Policy loans in an amount up to 90% of the result of
subtracting the remaining surrender charge from the Policy Value. The interest
rate on a loan is at an effective annual rate as stated in the Policy,
compounded daily and payable on each Policy Anniversary in arrears. The
requested loan amount is transferred from the VUL Account to the loaned portion
of the Guaranteed Interest Account and is credited with interest at an effective
annual rate as stated in the Policy. Phoenix Home Life

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reserves the right not to allow loans of less than $200 unless the loans are to
pay premiums on another policy issued by Phoenix Home Life. See "The Policy --
Policy Loans."

The proceeds of Policy loans may be subject to Federal income tax under
certain circumstances. See "Federal Tax Considerations."

11. How are Insurance Benefits Paid?

Surrender and death benefits under the Policy may be paid in a lump sum or
under one of the payment options set forth in the Policy. See "Payment Options."

PHOENIX HOME LIFE AND THE VARIABLE ACCOUNT

Phoenix Home Life Mutual Insurance Company

Phoenix Home Life Mutual Insurance Company ("Phoenix Home Life") is a mutual
life insurance company originally chartered in Connecticut in 1851. Its
executive office is at One American Row, Hartford, Connecticut 06115 and its
main administrative office is at 100 Bright Meadow Boulevard, Enfield,
Connecticut 06083-1900. Its New York principal office is at 99 Troy Road, East
Greenbush, New York 12061. Phoenix Home Life is the nation's 13th largest mutual
life insurance company and has admitted assets of approximately $12 billion.
Phoenix Home Life sells insurance policies and annuity contracts through its own
field force of full time agents and through brokers. Its operations are
conducted in all 50 states, the District of Columbia, Canada and Puerto Rico.

The VUL Account

The VUL Account is a separate account of Phoenix Home Life registered as a
unit investment trust under the Investment Company Act of 1940, as amended, and
it meets the definition of a "separate account" under that Act. Such
registration does not involve supervision of the management of the VUL Account
or Phoenix Home Life by the Securities and Exchange Commission.

The VUL Account currently has ten Sub-accounts available for allocation of
Policy Value. If in the future Phoenix Home Life determines that marketing needs
and investment conditions warrant, Phoenix Home Life may establish additional
Sub-accounts, which will be made available to existing Policyowners to the
extent and on a basis determined by Phoenix Home Life. Each Sub-account will
invest solely in shares of the Funds allocable to one of ten portfolios, each
having the specified investment objective set forth under "Investments of the
VUL Account -- Participating Mutual Funds."

Phoenix Home Life does not guarantee the investment performance of the VUL
Account or any of its Sub-accounts. The Policy Value allocated to the VUL
Account depends on the investment performance of the Fund. Thus, the Policyowner
bears the full investment risk for all monies invested in the VUL Account.

The VUL Account may include in advertisements, sale literature and other
communications information about and Series or Adviser's current investment
strategies and management style. Current strategies and style may change to
allow any Series to respond quickly to changing market and economic conditions.
From time to time the VUL Account may include specific portfolio holdings or
industries in such communications. To illustrate components of overall
performance, the Funds may separate their cumulative and average annual returns
into income and capital gains components; or cite separately as a return figure
the equity or bond return figure to well-known indices of market performance,
including, but not limited to: the S&P 500 Index, Dow Jones Industrial Average,
First Boston High Yield Index and Salomon Brothers Corporate and Government Bond
Indices.

The VUL Account may from time to time include in advertisements containing
total return the ranking of those performance figures relative to such figures
for groups of sub-accounts having similar investment objectives as categorized
by ranking services such as Lipper Analytical Services, Inc., CDA Investment
Technologies, Inc., Weisenberger Financial Services, Inc. and Morningstar, Inc.
Additionally, the Funds may compare a Series performance results to other
investment or savings vehicles (such as certificates of deposit) and may refer
to results published in various publications such as Changing Times, Forbes,
Fortune, Money, Barrons, Business Week and Investor's Daily, The Stanger
Register, Stanger's Investment Adviser, The Wall Street Journal, The New York
Times, Consumer Reports, Registered Representative, Financial Planning,
Financial Services Weekly, Financial World, U.S. News and Work Report, Standard
& Poor's The Outlook, and Personal Investor. The Funds may from time to time
illustrate the benefits of tax deferral by comparing taxable investments to
investments made through tax-deferred retirement plans. The total return may
also be used to compare the performance of a Series against certain widely
acknowledged outside standards or indices for stock and bond market performance,
such as the Standard & Poor's 500 Stock Index (the "S&P 500"), Dow Jones
Industrial Average, Europe Australia Far East Index (EAFE), Consumer's Price
Index, Shearson Lehman Corporate Index and Shearson Lehman T-Bond Index. The S&P
500 is a commonly quoted market value-weighted and unmanaged index showing the
changes in the aggregate market value of 500 common stocks relative to the base
period 1940-43. The S&P is composed almost entirely of common stocks of
companies listed on the New York Stock Exchange, although the common stocks of a
few companies listed on the American Stock Exchange or traded over the counter
are included. The 500 companies represented include 400 industrial, 60
transportation and 40 financial services concerns. The S&P represents about 80%
of the market value of all issues traded on the New York Stock Exchange.

The VUL Account is administered and accounted for as part of the general
business of Phoenix Home Life, but the income, gains, or losses of the VUL
Account are credited to or charged against the assets held in the VUL Account,
without regard to other income, gains, or losses of any other business Phoenix
Home Life may conduct. Under New York law, the assets of the VUL Account are not
chargeable with liabilities arising out of any other business Phoenix Home Life
may conduct. Nevertheless all obligations arising under the Policy are general
corporate obligations of Phoenix Home Life.

The Guaranteed Interest Account

teed Interest Account to no more than $250,000 during any one-week period.
Phoenix Home Life will credit interest daily on the amounts allocated under the
Policy to the Guaranteed Interest Account. The credited rate will be uniform
by class. The loaned portion of the Guaranteed Interest Account will be credited
interest at an effective annual fixed rate of 2% for Single Life Policies and 6%
for Multiple Life Policies. Interest on the unloaned portion of the Guaranteed
Interest Account will be credited at an effective annual rate of not less than
4%.

Twice each calendar month Phoenix Home Life sets the interest rate that will
apply to any net premium or transferred amounts deposited to the unloaned
portion of the Guaranteed Interest Account. That rate will remain in effect for
such deposits for an initial guarantee period of one full year from the date of
deposit. Upon expiration of the initial one-year guarantee period (and each
subsequent one-year guarantee period thereafter), the rate to be applied to any
deposits whose guarantee period has just ended shall be the same rate as is
applied to new deposits allocated to the Guaranteed Interest Account at the time
that the guarantee period expired. This rate will likewise remain in effect for
a guarantee period of one full year from the date the new rate is applied. For
more complete information concerning the Guaranteed Interest Account, see
Appendix A.

THE POLICY

Introduction

The Policy is a variable life insurance policy. The Policy has a death
benefit, Cash Surrender Value, and loan privilege such as is associated with a
traditional fixed benefit whole life policy. The Policy differs from a fixed
benefit whole life policy, however, because the Policyowner specifies into which
of several Sub-accounts of the VUL Account or the Guaranteed Interest Account
net premium is to be allocated. Each Sub-account of the VUL Account, in turn,
invests its assets exclusively in a portfolio of the Fund. The Policy Value
varies according to the investment performance of the Series to which Policy
Value has been allocated.

Eligible Purchasers

Any person up to the age of 75 is eligible to be insured under a newly
purchased Policy after providing acceptable evidence of insurability. A person
can purchase a Policy to insure the life of another person provided that the
Policyowner has an insurable interest in the life of the Insured, and the
Insured consents. A policy can also be purchased to cover from two to five lives
under one Policy, for any person up to the age of 80. Under such a Multiple Life
Policy, the death benefit is paid upon the first death under the Policy; the
Policy then terminates. Such a Policy could be purchased on the lives of
spouses, family members, business partners or other related groups.

Premium Payment

The minimum Issue Premium for a Policy is generally the greater of $50 or 1/6
of the Planned Annual Premium. The Issue Premium is due on the Policy Date. The
Insured must be alive when the Issue Premium is paid. Thereafter, the amount and
payment frequency of planned premiums are as shown on the schedule page of the
Policy. All premiums are payable at Variable and Universal Life Administration,
except that the Issue Premium may be paid to an authorized agent of Phoenix Home
Life for forwarding to the Underwriting Department of Phoenix Home Life.

Any premium payments will be reduced by the applicable premium tax and on
Single Life Policies will also be reduced by a Federal Tax Charge of 1.50%. The
Issue Premium will also be reduced by the Issue Expense Charge on a pro rata
basis in equal monthly installments over a 12 month period. Any unpaid balance
of the Issue Expense Charge will be paid to Phoenix Home Life upon Policy Lapse
or termination.

Premium payments received during a grace period will also be reduced by the
amount needed to cover any monthly deductions during the grace period. The
remainder will be applied on the Payment Date to the various Sub-accounts of the
VUL Account or to the Guaranteed Interest Account, based on the premium
allocation schedule elected in the application for the Policy or as later
changed. The allocation schedule for premium payments may be changed by calling
or writing to Variable and Universal Life Administration. Allocations to the VUL
Account Sub-accounts or to the Guaranteed Interest Account must be expressed in
terms of whole percentages.

The number of units credited to a Sub-account of the VUL Account will be
determined by dividing the portion of the net premium applied to that
Sub-account by the unit value of the Sub-account on the Payment Date.

A Policyowner may increase or decrease the planned premium amount or payment
frequency at any time by written notice to Variable and Universal Life
Administration. Phoenix Home Life reserves the right to limit increases to such
maximums as may be established from time to time. Additional premium payments
may be made at any time. Each premium payment must at least equal $25 or, if
made during a grace period, the payment must equal the amount needed to prevent
lapse of the Policy.

A Policyholder may also elect a Waiver of Premium Rider. This rider provides
for the waiver of certain premium payments under the Policy under certain
conditions during a period of total disability of the Insured. Under its terms,
the specified premium will be waived upon Phoenix Home Life's receipt of proof
that the Insured is totally disabled and that the disability occurred while the
rider was In Force.

The Policy contains a total premium limit as shown on the Schedule Page. This
limit is applied to the sum of all premiums paid under the Policy. If the total
premium limit is exceeded, the Policyowner will receive the excess, with
interest at an annual rate of not less than 4%, not later than 60 days after the
end of the Policy Year in which the limit was exceeded. The Policy Value will
then be adjusted to reflect the refund. The amount to be taken from each
Sub-account or the Guaranteed Interest Account will be allocated in the same
manner as provided for monthly deductions unless the Policyowner requests
otherwise in writing. The total premium limit may be exceeded if additional
premium is needed to prevent lapse or if Phoenix Home Life determines that
additional premium would be permitted by Federal laws or regulations.

A Policyowner may authorize his bank to draw $25 or more from his personal
checking account monthly to purchase Units in

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any available Sub-account. The amount the Policyowner designates will be
automatically invested in the Sub-account of his choice on the date the bank
draws on his account.

Policies sold to officers, directors and employees of Phoenix Home Life (and
their spouses and children) will be credited with an amount equal to the
first-year commission that would apply on the amount of premium contributed.
This option is also available to career agents of Phoenix Home Life (and their
spouses and children).

Allocation of Issue Premium

Within 7 business days after the later of receipt of the Issue Premium and
Phoenix Home Life's approval of a completed application for processing, Phoenix
Home Life will allocate the Issue Premium less applicable charges to the VUL
Account or to the Guaranteed Interest Account. Generally, the Issue Premium less
applicable charges is directly allocated in accordance with the allocation
instructions in the application for a Policy. However, Policies issued in
certain states, and Policies issued in certain states pursuant to applications
which state the Policy is intended to replace existing insurance, are issued
with a Temporary Money Market Allocation Amendment. Under this Amendment,
Phoenix Home Life temporarily allocates the entire Issue Premium paid less
applicable charges (along with any other premiums paid during the Right to
Cancel Period) to the Money Market Sub-account of the VUL Account, and, at the
expiration of the Right to Cancel Period, the Policy Value of the Money Market
Sub-account is allocated among the Sub-accounts of the VUL Account or to the
Guaranteed Interest Account in accordance with the applicant's allocation
instructions in the application for insurance.

Right to Cancel Period

A Policy may be returned by mailing or delivering it to Phoenix Home Life
within ten days after the Policyowner receives it (or longer in some states);
within ten days after Phoenix Home Life mails or delivers a written notice of
withdrawal right to the Policyowner; or within 45 days after the applicant signs
the application for insurance, whichever occurs latest (the "Right to Cancel
Period"). The returned Policy is treated as if Phoenix Home Life never issued
the Policy and, except for Policies issued with a Temporary Money Market
Allocation Amendment, Phoenix Home Life will return the sum of the following as
of the date Phoenix Home Life receives the returned Policy: (i) the then current
Policy Value less any unpaid loans and loan interest; plus (ii) any monthly
deductions, partial surrender fees, and other charges made under the Policy,
including investment advisory fees, or any Fund expenses deducted. The amount
returned for Policies issued with the Amendment will equal any premiums paid
less any unrepaid loans and loan interest, and less any partial surrender
amounts paid.

Phoenix Home Life reserves the right to disapprove an application for
processing within 7 days of receipt at Phoenix Home Life of the completed
application for insurance, in which event Phoenix Home Life will return the
premium paid. Even after approval of the application for processing, Phoenix
Home Life reserves the right to decline issuance of the Policy, in which event
Phoenix Home Life will refund the applicant the same amount as would have been
refunded under the Policy had it been issued but returned for refund during the
Right to Cancel Period.

Temporary Insurance Coverage

On the date the application for a Policy is signed and submitted with the
Issue Premium, Phoenix Home Life issues a Temporary Insurance Receipt in
connection with the application. Under the Temporary Insurance Receipt, the
insurance protection applied for (subject to the limits of liability and in
accordance with the terms set forth in the Policy and in the Receipt) takes
effect on the date of the application.

Transfer of Policy Value

Systematic Transfer Program

A Policyowner may elect to transfer funds automatically among the Sub-accounts
or the unloaned portion of the Guaranteed Interest Account ("GIA") on a monthly,
quarterly, semi-annual or annual basis under the Systematic Transfer Program for
Dollar Cost Averaging ("Systematic Transfer Program"). Under this Systematic
Transfer Program, the minimum initial and subsequent transfer amounts are $25
monthly, $75 quarterly, $150 semi-annually, or $300 annually. A Policyowner must
have an initial value of $1,000 in the GIA or the Sub-account that funds will be
transferred from and if the value in that Sub-account or the GIA drops below the
elected transfer amount, the entire remaining balance will be transferred and no
more systematic transfers will be processed. Funds may be transferred from only
one Sub-account or the GIA, but may be allocated to multiple Sub-accounts. Under
the Systematic Transfer Program, Policyowners may make more than one transfer
per Policy Year from the GIA, in approximately equal amounts over a minimum 18
month period. All transfers under the Systematic Transfer Program will be
executed on the basis of the respective values as of the first of the month
following receipt of the transfer request. If the first of the month falls on a
holiday or weekend, then the transfer will be processed on the next succeeding
business day.

Non-Systematic Transfers

Transfers among available Sub-accounts or the GIA and changes in premium
payment allocations may be requested in writing or by calling 1-800-892-4885,
between the hours of 8:30 AM and 4:00 PM Eastern Standard Time and will be
executed on the date the request is received at Variable and Universal Life
Administration, except as noted below. Unless the Policyowner elects in writing
not to authorize telephone transfers or allocation changes, telephone transfer
orders and allocation changes will also be accepted on behalf of the Policyowner
from his or her registered representative. Phoenix Home Life and Phoenix Equity
Planning Corporation ("PEPCO") will employ reasonable procedures to confirm that
telephone instructions are genuine. They will require account and request
verification and will record telephone instructions on tape. All telephone
transfers will be confirmed in writing to the Policyowner. To the extent that
procedures reasonably designed to prevent unauthorized transfers are not
followed, Phoenix Home Life and PEPCO may be liable for following telephone
instructions for transfers that prove to be fraudulent.
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However, the Policyowner would bear the risk of loss resulting from
instructions entered by an unauthorized third party that Phoenix Home Life
and PEPCO reasonably believe to be genuine. These telephone privileges may be
modified or terminated at any time and during times of extreme market
volatility, may be difficult to exercise. In such cases, the Policyowner
should submit a written request.

Phoenix Home Life reserves the right to permit transfers of less than $500
only if the entire balance in the Sub-account or the GIA is transferred or if
the Systematic Transfer Program has been elected.

Phoenix Home Life reserves the right to prohibit a transfer to any Sub-account
of the VUL Account where the resultant value of the Policy's share in that
Sub-account immediately after the transfer would be less than $500. It further
reserves the right to require that the entire balance of a Sub-account or the
GIA be transferred if the share of the Policy in the value of that Sub-account
would, immediately after the transfer, be less than $500.

Unless Phoenix Home Life agrees otherwise or the Systematic Transfer Program
has been elected, a Policyowner may make only one transfer per Policy Year from
the unloaned portion of the GIA and the amount that may be transferred cannot
exceed the greater of $1,000 or 25% of the value of the Policy in the unloaned
portion of the GIA at the time of the transfer. Non-systematic transfers from
the unloaned portion of the GIA will be effectuated on the date of receipt by
Variable and Universal Life Administration except as otherwise may be requested
by the Policyowner.

For policies issued with the Temporary Money Market Allocation Amendment,
transfers may not be made until termination of the Right to Cancel Period.

Determination of Sub-account Values

The unit value of each Sub-account of the VUL Account was set by Phoenix Home
Life on the first valuation date of each such Sub-account. The unit value of a
Sub-account of the VUL Account on any other Valuation Date is determined by
multiplying the unit value of that Sub-account on the just prior Valuation Date
by the Net Investment Factor for that Sub-account for the then current Valuation
Period. The unit value of each Sub-account of the VUL Account on a day other
than a Valuation Date is the unit value on the next Valuation Date. Unit values
are carried to 6 decimal places. The unit value of each Sub-account of the VUL
Account on a Valuation Date is determined at the end of that day.

The Net Investment Factor for each Sub-account of the VUL Account is
determined by the investment performance of the assets held by the Sub-account
during the Valuation Period. Each valuation will follow applicable law and
accepted procedures. The Net Investment Factor is equal to item (D) below
subtracted from the result of dividing the sum of items (A) and (B) by item (C).

(A) The value of the assets in the Sub-account on the current Valuation Date,
including accrued net investment income and realized and unrealized
capital gains and losses, but excluding the net value of any transactions
during the current Valuation Period.

(B) The amount of any dividend (or, if applicable, any capital gain
distribution) received by the Sub-account if the "ex-dividend" date for
shares of the Fund occurs during the current Valuation Period.

(C) The value of the assets in the Sub-account as of the just prior Valuation
Date, including accrued net investment income and realized and unrealized
capital gains and losses, and including the net value of all transactions
during the Valuation Period ending on that date.

(D) The sum of the following daily charges multiplied by the number of days in
the current Valuation Period:

1. the mortality and expense risk charge; and

2. the charge, if any, for taxes and reserves for taxes on investment
income, and realized and unrealized capital gains.

Death Benefit

General

The death benefit (under Option 1) equals the Policy's face amount on the date
of the Insured's death or, if greater, the minimum death benefit on the date of
death. On Single Life Policies, under Option 2, the death benefit equals the
Policy's face amount on the date of the Insured's death plus the Policy Value.
On Multiple Life Policies, under Option 2, the death benefit equals the Policy's
face amount on the date of the first insured's death plus the Policy Value to
the later of the tenth policy anniversary or policy anniversary nearest the
oldest insured's age 65. Under either Option, the minimum death benefit is the
Policy Value on the date of death of the Insured increased by the applicable
percentage from the table contained in the Policy, based on the Insured's
attained age at the beginning of the Policy Year in which the death occurs. If
no option is elected, Option 1 will apply.

Guaranteed Death Benefit Option

For Policies with a face amount of at least $50,000, a guaranteed death
benefit rider may be purchased. Under this Policy rider, if a Policyowner pays
the required premium each year as specified in the rider, the death benefit
selected will be guaranteed for a certain specified number of years, regardless
of the investment performance of the Policy, and will equal either the initial
face amount or the face amount as later changed by increases or decreases. In
order to keep this guaranteed death benefit In Force, there may be limitations
on the amount of partial surrenders or decreases in face amount permitted.

Living Benefits Option

In the event of a terminal illness of the Insured, an accelerated payment of
up to 75% of the Policy's death benefit (up to a maximum of $250,000) is
available if a Living Benefits Rider has been

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purchased. The minimum face amount of the Policy after any such accelerated
benefit payment is $10,000.

Partial Surrender and Decreases in Face Amount: Effect on
Death Benefit

A partial surrender or a decrease in face amount generally decreases the death
benefit. Upon a decrease in face amount or partial surrender, a partial
surrender charge will be deducted from Policy Value based on the amount of the
decrease or partial surrender. With a decrease in face amount, the death benefit
under a Policy would be reduced on the next Monthly Calculation Day. With a
partial surrender, the death benefit under a Policy would be reduced
immediately. A decrease in the death benefit may have certain tax consequences.
See "Federal Tax Considerations."

Requests for Decrease in Face Amount

A Policyowner may request a decrease in face amount at any time after the
first Policy Year. Unless Phoenix Home Life agrees otherwise, the decrease must
at least equal $10,000 and the face amount remaining after the decrease must at
least equal $25,000. All face amount decrease requests must be in writing and
will be effective on the first Monthly Calculation Day following the date
Phoenix Home Life approves the request. A partial surrender charge will be
deducted from the Policy Value based on the amount of the decrease. The charge
will equal the applicable surrender charge that would apply to a full surrender
multiplied by a fraction (the decrease in face amount divided by the face amount
of the Policy before the decrease).

Surrenders

General

At any time during the lifetime of the Insured and while the Policy is In
Force, the Policyowner may partially or fully surrender the Policy by sending a
written release and surrender in a form satisfactory to Phoenix Home Life to
Variable and Universal Life Administration, along with the Policy if Phoenix
Home Life so requires. The amount available for surrender is the Cash Surrender
Value at the end of the Valuation Period during which the surrender request is
received at Variable and Universal Life Administration.

Upon partial or full surrender, Phoenix Home Life generally will pay the
amount surrendered to the Policyowner within seven days after Phoenix Home Life
receives the Written Request for the surrender. Under certain circumstances, the
surrender payment may be postponed. See "General Provisions -- Postponement of
Payments." For the Federal tax effects of partial and full surrenders, see
"Federal Tax Considerations."

Full Surrenders

If the Policy is being fully surrendered, the Policy itself must be returned
to Variable and Universal Life Administration, along with the written release
and surrender of all claims in a form satisfactory to Phoenix Home Life. A
Policyowner may elect to have the amount paid in a lump sum or under a payment
option. See "Surrender Charge" and "Payment Options."

Partial Surrenders

A Policyowner may obtain a partial surrender of the Policy by requesting that
part of the Policy's Cash Surrender Value be paid. The Policyowner may do this
at any time during the lifetime of the Insured while the Policy is In Force with
a Written Request to Variable and Universal Life Administration. Phoenix Home
Life reserves the right to require that the Policy be returned before payment is
made. A partial surrender will be effective on the date the Written Request is
received or, if required, the date the Policy is received. Surrender proceeds
may be applied under any of the payment options described under "Payment of
Proceeds -- Payment Options."

Phoenix Home Life reserves the right not to allow partial surrenders of less
than $500. In addition, if the share of the Policy Value in any Sub-account or
in the Guaranteed Interest Account that would be reduced as a result of a
partial surrender would, immediately after the partial surrender, be less than
$500, Phoenix Home Life reserves the right to require that as part of any
partial surrender, the entire remaining balance in that Sub-account or the
Guaranteed Interest Account be surrendered.

Upon a partial surrender the Policy Value will be reduced by the sum of the
following:

(i) The Partial Surrender Amount Paid. This amount comes from a reduction in
the Policy's share in the value of each Sub-account or the Guaranteed
Interest Account based on the allocation requested at the time of the
partial surrender. If no allocation request is made, the assessment to
each Sub-account will be made in the same manner as that provided for
monthly deductions.

(ii) The Partial Surrender Fee. This fee is the lesser of $25 or 2% of the
partial surrender amount paid. The assessment to each Sub-account or the
Guaranteed Interest Account will be made in the same manner as provided
for the partial surrender amount paid.

(iii) A Partial Surrender Charge. This charge is equal to a pro- rata portion
of the applicable surrender charge that would apply to a full surrender,
determined by multiplying the applicable surrender charge by a fraction
(equal to the partial surrender amount payable divided by the result of
subtracting the applicable surrender charge from the Policy Value). This
amount is assessed against the Sub-account or the Guaranteed Interest
Account in the same manner as provided for the partial surrender amount
paid.

The Cash Surrender Value will be reduced by the partial surrender amount paid
plus the partial surrender fee. The Face Amount of the Policy will also be
reduced by the same amount as the Policy Value is reduced as described above.

Policy Loans

While the Policy is In Force, a loan may be obtained against the Policy up to
the available loan value. The loan value on any day is 90% of the result of
subtracting the then remaining surrender charge from the Policy Value. The
available loan value is the loan value on the current day less any outstanding
Debt.

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<PAGE>

The amount of any loan will be added to the loaned portion of the Guaranteed
Interest Account and subtracted from the Policy's share of the Sub-accounts or
the unloaned portion of the Guaranteed Interest Account, based on the allocation
requested at the time of the loan. The total reduction will equal the amount
added to the loaned portion of the Guaranteed Interest Account. Allocations must
generally be expressed in terms of whole percentages. If no allocation request
is made, the amount subtracted from the share of each Sub-account or the
unloaned portion of the Guaranteed Interest Account will be determined in the
same manner as provided for monthly deductions. Interest will be credited and
the loaned portion of the GIA will increase at an effective annual rate of 2.00%
on Single Life Policies and 6% on Multiple Life Policies, compounded daily and
payable in arrears. At the end of each Policy Year and at the time of any Debt
repayment, interest credited to the loaned portion of the GIA will be
transferred to the unloaned portion of the GIA.

Debt may be repaid at any time during the lifetime of the Insured while the
Policy is In Force. Any Debt repayment received by Phoenix Home Life during a
grace period will be reduced to cover any overdue monthly deductions and only
the balance will be applied to reduce the Debt. Such balance, in excess of any
outstanding accrued loan interest, will be applied to reduce the loaned portion
of the Guaranteed Interest Account and will be transferred to the unloaned
portion of the Guaranteed Interest Account to the extent that loaned amounts
taken from such Account have not previously been repaid. Otherwise, such balance
will be transferred among the Sub-accounts as the Policyowner requests upon
repayment and, if no allocation request is made, according to the most recent
premium allocation schedule on file.

While there is outstanding Debt on the Policy, any payments received by
Phoenix Home Life for the Policy will be applied directly to reduce the Debt
unless specified as a premium payment by the Policyowner. Until the Debt is
fully repaid, additional Debt repayments may be made at any time during the
lifetime of the Insured while the Policy is In Force.

Failure to repay a policy loan or to pay loan interest will not terminate the
Policy except as otherwise provided under the terms of the Policy concerning the
grace period and lapse.

The proceeds of Policy loans may be subject to Federal income tax under
certain circumstances. See "Federal Tax Considerations."

In the future, Phoenix Home Life may set a minimum Policy loan amount not to
exceed $200. However, any such minimum loan amount will not apply to any loan,
the proceeds of which are used to pay a premium due on another policy issued by
Phoenix Home Life.

The Policyowner will pay interest on the loan at an effective annual rate,
compounded daily and payable in arrears. For the first ten Policy Years or until
the Policyowner reaches age 65, whichever occurs first, the rate will be 4.00%
on Single Life Policies and 8% on Multiple Life Policies. The loan interest rate
in subsequent years will be 3% for five years, then 21/2% thereafter for Single
Life Policies and 7% thereafter for Multiple Life Policies. At the end of each
Policy Year, any interest due on the Debt will be treated as a loan and will be
offset by a transfer from the Policyowner's values to the value of the loaned
portion of the Guaranteed Interest Account.

A Policy loan, whether or not repaid, has a permanent effect on the Policy
Value because the investment results of the Sub-accounts or unloaned portion of
the Guaranteed Interest Account will apply only to the amount remaining in the
Sub-accounts or the unloaned portion of the Guaranteed Interest Account. The
longer a loan is outstanding, the greater the effect is likely to be. The effect
could be favorable or unfavorable. If the Sub-accounts or the unloaned portion
of the Guaranteed Interest Account earn more than the annual interest rate for
funds held in the loaned portion of the Guaranteed Interest Account, Policy
Value does not increase as rapidly as it would have had no loan been made. If
the Sub-accounts or the Guaranteed Interest Account earn less than the annual
interest rate for funds held in the loaned portion of the Guaranteed Interest
Account, Policy Value is greater than it would have been had no loan been made.
A Policy loan, whether or not repaid, also has an effect on the Policy's Death
Benefit due to any resulting differences in Cash Surrender Value.

Lapse

Unlike conventional life insurance policies, the payment of the Issue Premium,
no matter how large, or the payment of additional premiums will not necessarily
continue the Policy In Force to its Maturity Date. Policy Value must remain
positive to avoid lapse. Beginning in the third Policy Year, the Cash Surrender
Value must also be positive to avoid lapse. However, until the Cash Surrender
Value becomes positive for the first time, the Policy will not lapse as long as
all premiums planned at issue have been paid. Subject to the foregoing, lapse
will occur when the Cash Surrender Value is insufficient to cover the monthly
deduction, and a grace period expires without payment of the additional amount
required. If the Cash Surrender Value is insufficient to cover the monthly
deduction, the Policyowner must pay during the grace period the amount needed to
equal three times the required monthly deduction. See "Charges and Deductions."

If on any Monthly Calculation Day during the first two Policy Years, the
Policy Value is insufficient to cover the monthly deduction, a grace period of
61 days will be allowed for the payment of an amount equal to three times the
required monthly deduction. If on any Monthly Calculation Day during any
subsequent Policy Year, the Cash Surrender Value (which has become positive) is
less than the required monthly deduction, a grace period of 61 days will be
allowed for the payment of an amount equal to three times the required monthly
deduction. The Policy will continue In Force during any such grace period
although, Sub-account transfers, loans, partial or full surrenders will not be
permitted. Failure to pay the additional amount within the grace period will
result in lapse of the Policy, but not before 30 days have elapsed since Phoenix
Home Life mailed written notice to the Policyowner. If a premium payment for the
additional amount is received by Phoenix Home Life during the grace period, any
amount of premium over what is required to prevent lapse will be allocated among
the Sub-accounts of the VUL Account or to the Guaranteed Interest Account in
accordance with the then current premium allocation schedule. In determining the
amount of "excess" premium to be

15
<PAGE>

applied to the Sub-accounts or the Guaranteed Interest Account, Phoenix Home
Life will deduct the premium tax and the amount needed to cover any monthly
deductions made during the grace period. If the Insured dies during the grace
period, the death benefit will equal the amount of the death benefit immediately
prior to the commencement of the grace period.

Payment of Premiums During Period of Disability

Additional Insurance Options

While the Policy is In Force and the Policyowner is insurable, the Policyowner
will have the option to purchase additional insurance on the same Insured with
the same guaranteed rates as the Policy without being assessed an Issue Expense
Charge. Phoenix Home Life will require evidence of insurability and charges will
be adjusted for the Insured's new attained age and any change in risk
classification. However, if elected on the application, the Policyowners may, at
predetermined future dates, purchase additional insurance protection on the same
Insured without evidence of insurability (See "Purchase Protection Plan
Riders").

In addition, once each Policy Year, for Single Life Policies only, a
Policyowner may request an increase in face amount. This request should be made
within 90 days prior to the Policy Anniversary and is subject to an issue
expense charge of $1.50 per $1,000 of increase in face amount, up to a maximum
of $600, and to Phoenix Home Life's receipt of adequate evidence of
insurability. A Right to Cancel Period as described in "The Policy" section of
this Prospectus applies to each increase in face amount.

Additional Rider Benefits

A Policyowner may purchase additional benefits under a Policy. These benefits
are cancellable by the Policyowner at any time. A charge will be deducted
monthly from your Policy Value for each additional rider benefit you choose
except where noted below. More details will be included in the form of a rider
to your Policy if you choose any of these benefits. The following benefits are
currently available; however, additional riders may be available as described in
the Policy.

Single Life Policies:

(bullet) Disability Waiver of Specified Premium Rider

Phoenix Home Life waives the specified premium if the Insured becomes totally
disabled and the disability continues for at least six months. Premiums will
be waived to the Policy Anniversary nearest the Insured's 65th birthday
(provided that the disability continues), unless premiums have been waived
continuously during the entire five years prior to such date in which case the
waiver will continue beyond that date. The premium will be waived upon Phoenix
Home Life's receipt that the Insured is totally disabled and that the
disability occurred while the rider was In Force. The terms vary in New York.

(bullet) Accidental Death Benefit Rider

An additional death benefit will be paid if the Insured dies from bodily
injury that results from an accident if the Insured dies no later than 90 days
after injury; and before the Policy Anniversary nearest the Insured's 75th
birthday.

(bullet) Death Benefit Protection Rider

The purchase of this rider provides that the death benefit will be guaranteed.
The amount of the guaranteed death benefit is equal to the initial face
amount, or the face amount that may later be increased or decreased by the
Policyholder provided that certain minimum premiums are paid. Unless Phoenix
Home Life agrees otherwise, the initial face amount and the face amount
remaining after any decrease must at least equal $50,000 and the minimum issue
age of the Insured is 20. Three (3) death benefit guarantee periods are
available in all States except New York. The minimum premium required to
maintain the guaranteed death benefit is based on the length of the guarantee
period as elected on the application. The 3 available guarantee periods are:

Level: Expiry Date of Death Benefit
Guaranteed, the later of:

1 The Policy Anniversary nearest the
Insured's 70th birthday or the 7th
Policy Year

2 The Policy Anniversary nearest the
Insured's 80th birthday or the 10th
Policy Year

3 The Policy Anniversary nearest the
Insured's 95th birthday.

Level 1 or 2 guarantees may be extended provided that the Policy's Cash
Surrender Value is sufficient and the Policyowner pays the new Minimum Required
Premium.

For Policies issued in New York, two guarantee periods are available:

1 The Policy Anniversary nearest the Insured's 75th birthday or the 10th
Policy Year

2 The Policy Anniversary nearest the Insured's 95th birthday.

(bullet) Face Amount of Insurance Increase Rider

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<PAGE>

amount increase requested subject to a maximum of $600. No additional monthly
administration charge will be assessed for face amount increases. Phoenix Home
Life will deduct any charges associated with the increase (the increases in
cost of insurance charges), from the Policy Value, whether or not the
Policyowner pays an additional premium in connection with the increase. The
surrender charge applicable to the Policy will also increase. At the time of
the increase, the Cash Surrender Value must be sufficient to pay the monthly
deduction on that date, or additional premiums will be required to be paid on
or before the effective date. Also, a new Right to Cancel period (see "The
Policy -- Right to Cancel Period") will be established for the amount of the
increase. For a discussion of possible implications of a material change in
the Policy resulting from the increase, see "Material Change Rules." There is
no charge for this rider.

(bullet) Whole Life Exchange Option Rider

This rider permits the Policyowner to exchange his Policy for a fixed-benefit
whole life policy at the later of age 65 or Policy Year 15. There is no charge
for this rider.

(bullet) Purchase Protection Plan Rider

Under this rider a Policyowner may, at pre-determined future dates, purchase
additional insurance protection without evidence of insurability.

(bullet) Living Benefits Rider

Under certain conditions, in the event of the terminal illness of the Insured,
an accelerated payment of up to 75% of the Policy's death benefit (up to a
maximum of $250,000) is available. The minimum face amount of the Policy after
any such accelerated benefit payment is $10,000. There is no charge for this
rider.

(bullet) Cash Value Accumulation Rider

This rider generally permits a Policyowner to pay more in premium than would
otherwise be permitted. This rider must be elected before the Policy is
issued. There is no charge for this rider.

Multiple Life Policies:

(bullet) Disability Benefit Rider

In the case of disability of the Insured, a specified monthly amount may be
credited to the Policy and the monthly deductions will be waived. A Disability
Benefit Rider may be provided on any or all eligible Insureds. The specified
amount selected must be the same for all who elect coverage.

(bullet) Survivor Purchase Option Rider

The survivor(s) may purchase a new Multiple Life Policy for a face amount
equal to that of the original Policy upon the first death. The new Policy will
be based upon attained age rates.

(bullet) Term Insurance Rider

The Term Insurance Rider enables the face amount of coverage on each life to
be individually specified. A rider is available for each Insured and the face
amount of coverage under the rider may differ for each Insured. Based upon the
Policyowner's election at issue, the rider will provide coverage for all
Insureds to either age 70 or maturity of the Policy. The termination age
specified must be the same for all Insureds.

(bullet) Policy Exchange Option Rider

The Multiple Life Policy may be exchanged for Single Life Policies where the
total face amount under the Policies is no greater than that under the
original Policy.
There is no charge for this rider.

INVESTMENTS OF THE VUL ACCOUNT

Participating Mutual Funds

THE PHOENIX EDGE SERIES FUND

Certain Sub-accounts of the VUL Account invest in corresponding Series of The
Phoenix Edge Series Fund. The fund currently has the following Series available
through the Policies:

Money Market Series: The investment objective of the Money Market Series is to
provide maximum current income consistent with capital preservation and
liquidity.

Growth Series: The investment objective of the Growth Series is to achieve
intermediate and long-term growth of capital, with income as a secondary
consideration.

Bond Series: The investment objective of the Bond Series is to seek long-term
total return by investing in a diversified portfolio of high yield (high risk)
and high quality fixed income securities. For a discussion of the risks
associated with investing in high yield bonds, please see the accompanying Fund
prospectus.

Total Return Series: The investment objective of the Total Return Series is to
realize as high a level of total rate of return over an extended period of time
as is considered consistent with prudent investment risk (total rate of return
consists of capital appreciation, current income, including dividends and
interest, possible premiums and short-term gains from purchasing and selling
options and financial futures).

International Series: The investment objective of the International Series is
to seek a high total return consistent with reasonable risk. The International
Series intends to invest primarily in an internationally diversified portfolio
of equity securities. It intends to reduce its risk by engaging in hedging
transactions involving options, futures contracts and foreign currency
transactions. The International Series provides a means for investors to invest
a portion of their assets outside the United States.

Balanced Series: The investment objective of the Balanced Series is to seek
reasonable income, long-term capital growth and conservation of capital. The
Balanced Series intends to invest based on combined considerations of risk,
income, capital enhancement and protection of capital value.

Real Estate Series: The investment objective of the Real Estate Securities
Series is to seek capital appreciation and

17
<PAGE>

income with approximately equal emphasis. It intends under normal circumstances
to invest in marketable securities of publicly traded real estate investment
trusts (REITs) and companies that operate, develop, manage and/or invest in
real estate located primarily in the United States.

Strategic Theme Series: The investment objective of the Strategic Theme Series
is to seek long-term appreciation of capital by identifying securities
benefiting from long-term trends present in the United States and abroad. The
Strategic Theme Series intends to invest primarily in common stocks believed to
have substantial potential for capital growth.

WANGER ADVISOR'S TRUST

Certain Sub-accounts of the VUL Account invest in corresponding Series of the
Wanger Advisors Trust. The available Series and their fundamental objectives are
as follows:

Wanger U.S. Small Cap ("U.S. Small Cap") Series: The investment objective of
the U.S. Small Cap Series is to provide long-term growth. The U.S. Small Cap
will invest primarily in securities of U.S. companies with total common stock
market capitalization of less than $1 billion.

Wanger International Small Cap ("International Small Cap") Series: The
investment objective of the International Small Cap Series is to provide
long-term growth. The International Small Cap will invest primarily in
securities of non-U.S. companies with total common stock market capitalization
of less than $1 billion.

Each Series will be subject to the market fluctuations and risks inherent in
the ownership of any security and there can be no assurance that any Series'
stated investment objective will be realized.

In addition to being sold to the VUL Account, shares of the Funds are also
sold to the Phoenix Home Life Variable Accumulation Account, a separate account
utilized by Phoenix Home Life to receive and invest premiums paid under certain
variable annuity contracts issued by Phoenix Home Life. Shares of the Fund may
also be sold to other separate accounts of Phoenix Home Life or its affiliates
or of other insurance companies.

It is conceivable that in the future it may be disadvantageous for variable
life insurance separate accounts and variable annuity separate accounts to
invest in the Fund simultaneously. Although neither Phoenix Home Life nor the
Fund currently foresees any such disadvantages either to variable life insurance
Policyowners or to variable annuity Contractowners, the Fund's Trustees intend
to monitor events in order to identify any material conflicts between variable
life insurance Policyowners and variable annuity Contractowners and to determine
what action, if any, should be taken in response thereto. Material conflicts
could result from, for example, (1) changes in state insurance laws, (2) changes
in Federal income tax laws, (3) changes in the investment management of any
portfolio of the Fund, or (4) differences in voting instructions between those
given by variable life insurance Policyowners and those given by variable
annuity Contract- owners. Phoenix Home Life will, at its own expense, remedy
such material conflict including, if necessary, segregating the assets
underlying the variable life insurance policies and the variable annuity
contracts and establishing a new registered investment company.

Investment Advisers to The Phoenix Edge Series Fund

The Phoenix Edge Series Fund's investment advisers are Phoenix Investment
Counsel, Inc. ("PIC") and Phoenix Realty Securities, Inc. ("PRS") (the
"Advisers"), both of which are located at One American Row, Hartford,
Connecticut 06115. PIC was originally organized in 1932 as John P. Chase, Inc.
In addition to the Fund, it also serves as investment adviser to the Phoenix
Series Fund, Phoenix Total Return Fund, Inc. and Phoenix Multi-Portfolio Fund
and as sub-adviser to American Skandia, Chubb America Fund, Inc., Sun America
Series Trust and JNL Series Trust.

PRS was formed in 1994 as an indirect subsidiary of Phoenix Home Life. In
addition to the Fund, it also serves as investment adviser to the Real Estate
Portfolio of the Phoenix Multi Portfolio Fund.

ABKB/LaSalle Securities Limited Partnership (ABKB), a subsidiary of LaSalle
Partners, serves as sub-adviser to the Real Estate Series. ABKB's principal
place of business is located at 100 East Pratt Street, Baltimore, Maryland
21202. ABKB has been a registered investment adviser since 1979.

All of the outstanding stock of PIC is owned by Phoenix Equity Planning
Corporation ("PEPCO"), an indirect subsidiary of Phoenix Home Life. PEPCO also
performs bookkeeping and pricing and administrative services for the Fund. PEPCO
is registered as a broker-dealer in fifty states. The executive offices of
Phoenix Home Life are located at One American Row, Hartford, Connecticut 06115
and the principal offices of PEPCO are located at 100 Bright Meadow Boulevard,
P.O. Box 2200, Enfield, Connecticut 06083-2200.

Investment Advisers to the Wanger Advisor's Trust
The investment advisor to the Wanger Advisors Trust is Wanger Asset
Management, L.P. Wanger's principal place of business is located at 227 West
Monroe Street, Suite 3000, Chicago, Illinois 60606.

The Advisers furnish continuously an investment program for each Series and
manage the investment and reinvestment of the assets of each Series subject at
all times to the authority and supervision of the Trustees. A more detailed
discussion of the Advisers and the Investment Advisory Agreements is contained
in the accompanying prospectus for the Fund.

Reinvestment and Redemption
All dividend distributions of the Fund are automatically reinvested in shares
of the Fund at their net asset value on the date of distribution; all capital
gains distributions of the Fund, if any, are likewise reinvested at the net
asset value on the record date. Phoenix Home Life redeems Fund shares at their
net asset value to the extent necessary to make payments under the Policy.

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<PAGE>

each of which will invest in shares of a designated portfolio of the
Fund with a specified investment objective. These portfolios will be established
if, and when, in the sole discretion of Phoenix Home Life, marketing needs and
investment conditions warrant, and will be made available under existing
Policies to the extent and on a basis to be determined by Phoenix Home Life.

If shares of any of the portfolios of the Fund should no longer be available
for investment, or if in the judgment of Phoenix Home Life's management further
investment in shares of any of the portfolios should become inappropriate in
view of the objectives of the Policy, then Phoenix Home Life may substitute
shares of another mutual fund for shares already purchased, or to be purchased
in the future, under the Policy. No substitution of mutual fund shares held by
the VUL Account may take place without prior approval of the Securities and
Exchange Commission and prior notice to the Policyowner. In the event of a
substitution, the Policyowner will be given the option of transferring the
Policy Value of the Sub-account in which the substitution is to occur to another
Sub-account.

Performance History
From time to time the VUL Account may include the performance history of any
or all Sub-accounts, in advertisements, sales literature or reports. Performance
information about each Sub-account is based on past performance only and is not
an indication of future performance. Performance information may be expressed as
yield and effective yield of the Money Market Sub-account, as yield of the Bond
Sub-account and as total return of any Sub-account. Current yield for the Money
Market Sub-account will be based on the income earned by the Sub-account over a
given 7-day period (less a hypothetical charge reflecting deductions for
expenses taken during the period) and then annualized, i.e., the income earned
in the period is assumed to be earned every seven days over a 52-week period and
is stated in terms of an annual percentage return on the investment. Effective
yield is calculated similarly but reflects the compounding effect of earnings on
reinvested dividends. Yield and effective yield reflect the recurring charges on
the Account level including the monthly administrative charge.

Yield calculations of the Money Market Sub-account used for illustration
purposes are based on the consideration of a hypothetical participant's account
having a balance of exactly one Unit at the beginning of a seven day period,
which period will end on the date of the most recent financial statements. The
yield for the Sub-account during this seven day period will be the change in the
value of the hypothetical participant's account's original Unit. The following
is an example of this yield calculation for the Money Market Sub-account based
on a seven day period ending December 31, 1995.

Example:
Assumptions:

Value of hypothetical pre-existing account
with exactly one unit at the
beginning of the period:...................... *
Value of the same account (excluding capital
changes) at the end of the seven day period: *
Calculation:
Ending account value ......................... *
Less beginning account value ................. *
Net change in account value .................. *
Base period return:
(adjusted change/beginning account value) .... *
Current yield = return x (365/7)= ........... *
Effective yield = [( 1 + return)365/7] - 1 = *

*[To be filed by Amendment]

The current yield and effective yield information will fluctuate, and
publication of yield information may not provide a basis for comparison with
bank deposits, other investments which are insured and/or pay a fixed yield for
a stated period of time, or other investment companies, due to charges which
will be deducted on the Account level.

For the Bond Sub-account, quotations of yield will be based on all investment
income per unit earned during a given 30-day period (including dividends and
interest), less expenses accrued during the period ("net investment income"),
and are computed by dividing net investment income by the maximum offering price
per unit on the last day of the period.

When a Sub-account advertises its total return, it will usually be calculated
for one year, five years, and ten years or since inception if the Sub-account
has not been in existence for at least ten years. Total return is measured by
comparing the value of a hypothetical $10,000 investment in the Sub-account at
the beginning of the relevant period to the value of the investment at the end
of the period, assuming the reinvestment of all distributions at net asset
value and the deduction of applicable Policy charges except for the cost of
insurance and any surrender charges and premium taxes (which vary by Insured and
state).

For those Sub-accounts within the VUL Account that have not been available for
one of the quoted periods, the standardized average annual total return
quotations will show the investment performance such Sub-account would have
achieved (reduced by the applicable charges) had it been available to invest in
shares of the Fund for the period quoted.

Below are quotations of standardized average annual total return of Series of
the Phoenix Edge Series Fund. Policy charges are not reflected.

Average Annual Total Return
For the period Ended 12/31/94
Series Commencement
Date 1 Year 5 Years 10 Years Life of Fund
- -------- -------- ------ ------- -------- ------------
Bond ........ 01/01/83
Balanced .... 05/01/92 [To be filed by Amendment]
Total
Return ..... 09/17/84
Growth ...... 01/01/83
International 05/01/90
Real
Estate ..... 05/01/95

Annual Total Returns
Total
Year Bond Balanced Return Growth International
- --------- ----- ------ ------ ----- ------------
1983...... 5.1% N/A N/A 31.7% N/A
1984...... 10.3% N/A -1.4% 9.7% N/A

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<PAGE>
Annual Total Returns
Total
Year Bond Balanced Return Growth International
- -------- ---- ------ ----- ------ -------------
1985...... 19.5% N/A 26.2% 33.7% N/A
1986...... 18.2% N/A 14.7% 19.4% N/A
1987...... 0.2% N/A 11.6% 6.0% N/A
1988...... 9.5% N/A 1.4% 3.0% N/A
1989...... 6.9% N/A 18.4% 34.4% N/A
1990...... 4.4% N/A 5.1% 3.2% -8.9%
1991...... 18.5% N/A 28.1% 41.5% 18.7%
1992...... 9.1% 8.8% 9.7% 9.3% -13.6%
1993...... 15.0% 7.8% 10.1% 18.8% 37.3%
1994...... -6.2% -3.6% -2.2% 0.7% -0.7%
1995...... [To be filed by Amendment]

Annual Total Returns
Real Wanger Wanger Strategic
Year Estate US Small Cap Int'l Small Cap Theme
- ------ ------- ------- ---------- -----
1983.... N/A N/A N/A N/A
1984.... N/A N/A N/A N/A
1985.... N/A N/A N/A N/A
1986.... N/A N/A N/A N/A
1987.... N/A N/A N/A N/A
1988.... N/A N/A N/A N/A
1989.... N/A N/A N/A N/A
1990.... N/A N/A N/A N/A
1991.... N/A N/A N/A N/A
1992.... N/A N/A N/A N/A
1993.... N/A N/A N/A N/A
1994.... N/A N/A N/A N/A
1995.... [To be filed by Amendment] N/A

THESE RATES OF RETURN ARE NOT AN ESTIMATE OR GUARANTEE OF FUTURE PERFORMANCE.
THEY DO NOT ILLUSTRATE HOW ACTUAL PERFORMANCE WILL AFFECT THE BENEFITS UNDER A
POLICY; FOR THIS INFORMATION SEE APPENDIX B "ILLUSTRATIONS OF DEATH BENEFITS,
POLICY VALUES AND CASH SURRENDER VALUES."

The Fund's Annual Report, available upon request and without charge, contains
a discussion of the performance of the Fund and a comparison of that performance
to a securities market index.

CHARGES AND DEDUCTIONS

Charges are deducted in connection with the Policy to compensate Phoenix Home
Life for: (1) incurring expenses in distributing the Policy; (2) issuing the
Policy; (3) premium and Federal Taxes incurred on premiums received; (4)
providing the insurance benefits set forth in the Policy; and (5) assuming
certain risks in connection with the Policy. The nature and amount of these
charges are described more fully below.

1. Monthly Deduction

A charge is deducted monthly from the Policy Value under a Policy ("monthly
deduction") to pay: the cost of insurance provided under the Policy, the cost of
any rider benefits provided, any unpaid balance of the issue expense charge, and
an administrative charge. This administrative charge is currently set at $5.00
per month but it is guaranteed not to exceed $10.00 per month. The monthly
deduction is deducted on each Monthly Calculation Day. It is allocated among the
Sub-accounts of the VUL Account and the unloaned portion of the Guaranteed
Interest Account based on the allocation schedule for monthly deductions
specified by the applicant in the application for a Policy or as later changed
by the Policyowner. In the event that the Policy's share in the value of the
Sub-accounts or the unloaned portion of the Guaranteed Interest Account is
insufficient to permit the withdrawal of the full monthly deduction, the
remainder will be taken on a proportionate basis from the Policy's share of each
of the other Sub-accounts and the unloaned portion of the Guaranteed Interest
Account. The number of units deducted will be determined by dividing the portion
of the monthly deduction allocated to each Sub-account or to the unloaned
portion of the Guaranteed Interest Account by the unit value on the Monthly
Calculation Day. Because portions of the monthly deduction, such as the cost of
insurance, can vary from month to month, the monthly deduction itself may vary
in amount from month to month.

(a) Issue Expense Charge. A cost-based issue administration charge is assessed
on a pro rata basis in equal monthly installments over a 12 month period
to compensate Phoenix Home Life for underwriting and start-up expenses in
connection with issuing a Policy. For Multiple Life Policies, the issue
administrative charge is $150. For Single Life Policies, the issue
administrative charge is $1.50 per $1,000 of face amount, up to a maximum
charge of $600. Phoenix Home Life may reduce or eliminate the Issue
Expense Charge for Policies issued under group or sponsored arrangements.
Generally, administrative costs per Policy vary with the size of the group
or sponsored arrangement, its stability as indicated by its term of
existence and certain characteristics of its members, the purposes for
which the Policies are purchased and other factors. The amounts of any
reductions will be considered on a case-by-case basis and will reflect the
reduced administration costs expected as a result of sales to a particular
group or sponsored arrangement.

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Policies have been In Force for the same length of time. The
risk class of an Insured may affect the cost of insurance rate. Phoenix
Home Life currently places Insureds into a preferred or standard risk
class or a risk class involving a higher mortality risk, depending upon
the health of the Insured as determined by medical information that
Phoenix Home Life requests. In an otherwise identical Policy, Insureds in
the preferred or standard risk class will have a lower cost of insurance
than those in the risk class with the higher mortality risk. The standard
risk class is also divided into categories: smokers, nonsmokers and those
who have never smoked. Non-smokers will generally incur a lower cost of
insurance than similarly situated Insureds who smoke. A blended cost of
insurance rate is applied under Multiple Life Policies.

2. Premium Taxes

Various states and subdivisions impose a tax on premiums received by
insurance companies. Premium taxes vary from state to state. Currently, the
taxes imposed by states on premiums range from 0.75% to 4% of premiums paid.
Moreover, certain municipalities in Louisiana, Kentucky and South Carolina also
impose taxes on premiums paid, in addition to the state taxes imposed. The
premium tax charge represents an amount Phoenix Home Life considers necessary to
pay all premium taxes imposed by such states and any subdivisions thereof, and
Phoenix Home Life does not expect to derive a profit from this charge. These
taxes are deducted from the Issue Premium, and from each subsequent premium
payment.

3. Federal Tax Charge

On Single Life Policies, a charge equal to 1.50% of each premium will be
deducted from each premium payment to cover the estimated cost to Phoenix Home
Life of the Federal Income Tax treatment of deferred acquisition costs. The SEC
maximum sales load has been reduced to reflect this charge.

4. Mortality and Expense Risk Charge

Phoenix Home Life will deduct a daily charge from the VUL Account at an annual
rate of 0.80% of the average daily net assets of the VUL Account to compensate
for certain risks assumed in connection with the Policy. For Single Life
Policies, a reduced annual rate of .25% will apply after the 15th Policy Year.
This charge is not deducted from the Guaranteed Interest Account.

The mortality risk assumed by Phoenix Home Life is that Insureds may live for
a shorter time than projected because of inaccuracies in that projecting process
and, accordingly, that an aggregate amount of death benefits greater than that
projected will be payable. The expense risk assumed is that expenses incurred in
issuing the Policies may exceed the limits on administrative charges set in the
Policies. If the expenses do not increase to an amount in excess of the limits,
or if the mortality projecting process proves to be accurate, Phoenix Home Life
may profit from this charge. Phoenix Home Life also assumes risks with respect
to other contingencies including the incidence of Policy loans, which may cause
Phoenix Home Life to incur greater costs than anticipated when designing the
Policies. To the extent Phoenix Home Life profits from this charge, it may use
those profits for any proper purpose, including the payment of sales expenses or
any other expenses that may exceed income in a given year.

5. Investment Management Charge

As compensation for investment management services to the Funds, the Advisers
are entitled to fees, payable monthly and based on an annual percentage of the
average aggregate daily net asset values of each Series as summarized in the
following table:

Phoenix Investment Counsel, Inc.
--------------------------------

Rate for First Rate for Next Rate for Excess Over
Series $250,000,000 $250,000,000 $500,000,000
- ------ ------------ ------------ ------------
Money Market .40% .35% .30%
Bond .50% .45% .40%
Balanced .55% .50% .45%
Total Return .60% .55% .50%
Growth .70% .65% .60%
International .75% .70% .65%
Strategic
Theme .75% .70% .65%

Phoenix Realty Securities, Inc.
Rate for First Rate for Next Rate for Excess Over
Series $1,000,000,000 $1,000,000,000 $2,000,000,000
- ------ -------------- -------------- --------------
Real Estate .75% .70% .65%

Wanger Asset Management, L.P.

Rate for First Rate for Next Rate for Excess Over
Series $1,000,000,000 $1,000,000,000 $2,000,000,000
- ------ -------------- -------------- --------------
U.S. Small .98% .95% .90%
Cap
International 1.27% 1.20% 1.10%
Small Cap

6. Other Charges

Surrender Charge

During the first ten years, there is a difference between the amount of Policy
Value and the amount of Cash Surrender Value of the Policy. This difference is
the surrender charge, consisting of a contingent deferred sales charge designed
to recover expenses for the distribution of Policies that are terminated by
surrender

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before distribution expenses have been recouped, and a contingent
deferred issue charge designed to recover expenses for the administration of
Policies that are terminated by surrender before administrative expenses have
been recouped. These are contingent charges because they are paid only if the
Policy is surrendered (or the Face Amount is reduced or the Policy lapses)
during this period. They are deferred charges because they are not deducted from
premiums. The contingent deferred issue charge is set at a level designed to
recover actual costs and is not designed to result in any profit to Phoenix Home
Life.

During the first ten Policy years, the full Surrender Charge as described
below will apply if the Policyowner either surrenders the Policy for its Cash
Surrender Value or lets the Policy lapse. The applicable Surrender Charge in any
Policy Month is the full Surrender Charge minus any surrender charges that have
been previously paid. There is no Surrender Charge after the 10th Policy Year.
During the first two Policy Years, on Single Life Policies and during the first
ten Policy Years on Multiple Life Policies, the maximum Surrender Charge that a
Policyowner could pay while he or she owns the Policy is equal to either A plus
B (as defined below) or the amount shown in the Policies Surrender Charge
Schedule, whichever is less. After the first two Policy Years on Single Life
Policies, the maximum Surrender Charge that a Policyowner could pay is based on
the amount shown in the Policy's Surrender Charge Schedule.

A (the contingent deferred sales charge) is equal to:

1) 30% of all premiums paid (up to and including the amount stated in the
Policy's Surrender Charge Schedule, which is calculated according to a
formula contained in a Securities and Exchange Commission rule); plus

2) 10% of all premiums paid in excess of this amount but not greater than
twice this amount; plus

3) 9% of all premiums paid in excess of twice this amount.

B (the contingent deferred issue charge) is equal to:

$5.00 per $1,000 of initial Face Amount.

As an example, the following illustrates the maximum Surrender Charge on a
$100,000 Single Life Policy for a male age 35 who has never smoked, who has paid
$3,000 in premium payments, and who surrenders the Policy in the 70th Policy
Month. The Policy's Surrender Charge Schedule would show that the maximum
Surrender Charge to be paid would be equal to either A plus B (shown below) or
the amount shown in the chart in the Policy (also shown below), whichever is
less:

Example: If this policyowner surrenders his policy in the 70th policy month
his surcharge will be $1,186.78, as given in the table.

Example: If this policyowner surrenders his policy in the first two years he
may be eligible to receive a refund of a portion of the surrender charge,
depending on the amount of premium paid, or in other words his surrender charge
may be reduced. The surrender charge in the first 2 years would be equal to the
lesser of the amount in the surrender charge table and the sum of the following:

1) 28.5% of premiums paid up to $1,076.72, plus

2) 8.5% of premiums paid in excess of $1,076.72 but not greater than
$2,153.43, plus

3) 7.5% of premiums paid in excess of $2,153.43, plus $500

If this policyowner surrendered his policy in the 2nd year after paying $2,000
of premiums his surrender charge would be the lesser of $1,307.54 from the
table, and $385.34, thus equaling $385.34. Thus, in this case, the policyowner
would pay less surrender charge if he surrenders his policy in the first 2
policy years.

SURRENDER CHARGE TABLE

Policy Surrender Policy Surrender Policy Surrender
Month Charge Month Charge Month Charge
- ------ ------ ------ ------- ------- ------
1-60 1307.54 80 1066.03 100 727.09
61 1295.46 81 1053.95 101 690.65
62 1283.39 82 1041.88 102 654.22
63 1271.31 83 1029.80 103 617.78
64 1259.24 84 1017.73 104 581.35
65 1247.16 85 1005.65 105 544.91
66 1235.08 86 993.58 106 508.48
67 1223.01 87 981.50 107 472.05
68 1210.93 88 969.43 108 435.61
69 1198.86 89 957.35 109 399.18
70 1186.78 90 945.28 110 362.74
71 1174.71 91 933.20 111 326.31
72 1162.63 92 921.13 112 289.97
73 1150.56 93 909.05 113 253.44
74 1138.48 94 896.97 114 217.01
75 1126.41 95 884.90 115 180.57
76 1114.33 96 872.82 116 144.14
77 1102.26 97 836.39 117 107.70
78 1090.18 98 799.95 118 71.27
79 1078.10 99 763.52 119 34.83
120 .00

Phoenix Home Life may reduce the Surrender Charge for Policies issued under
group or sponsored arrangements. The amount of reduction will be considered on a
case-by-case basis and will reflect the reduced costs to Phoenix Home Life
expected as a result of sales to a particular group or sponsored arrangement.

Partial Surrender Fee

A fee equal to the lesser of $25 or 2% of the amount withdrawn from the Policy
is deducted from the Policy Value upon a partial surrender of the Policy to
recover the actual costs of processing the partial surrender request. The
assessment to each Sub-account or to the Guaranteed Interest Account will be
made in the same manner as provided for the partial surrender amount paid. That
is, that the Policy's share in the value of each Sub-account or the Guaranteed
Interest Account will be reduced based on the allocation made at the time of the
partial surrender.

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If no allocation request is made, the assessment to each Sub-account and to
the Guaranteed Interest Account will be made in the same manner as provided for
monthly deductions.

Partial Surrender Charge
A charge as described below is deducted from the Policy Value upon a partial
surrender of the Policy. The charge is equal to a pro-rata portion of the
applicable surrender charge that would apply to a full surrender, determined by
multiplying the applicable surrender charge by a fraction (equal to the partial
surrender amount payable divided by the result of subtracting the applicable
surrender charge from the Policy Value). This amount is assessed against the
Sub-accounts or the Guaranteed Interest Account in the same manner as provided
for with respect to the partial surrender amount paid.

A partial surrender charge is also deducted from Policy Value upon a decrease
in Face Amount. The charge is equal to the applicable surrender charge
multiplied by a fraction (equal to the decrease in Face Amount divided by the
Face Amount of the Policy prior to the decrease).

Taxes
Currently no charge is made to the VUL Account for Federal income taxes that
may be attributable to the VUL Account. Phoenix Home Life may, however, make
such a charge in the future. Charges for other taxes, if any, attributable to
the VUL Account may also be made. See "Charges and Deductions -- Other Charges."

GENERAL PROVISIONS

Postponement of Payments

General
Payment of any amount upon complete or partial surrender, Policy loan, or
benefits payable at death (in excess of the initial face amount) or maturity may
be postponed: (i) for up to six months from the date of the request, for any
transactions dependent upon the value of the GIA; (ii) whenever the New York
Stock Exchange is closed other than for customary weekend and holiday closings,
or trading on the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission; or (iii) whenever an emergency exists, as
determined by the Commission as a result of which disposal of securities is not
reasonably practicable or it is not reasonably practicable to determine the
value of the VUL Account's net assets. Transfers may also be postponed under
these circumstances.

Payment by Check
Payments under the Policy of any amounts derived from premiums paid by check
may be delayed until such time as the check has cleared the Policyowner's bank.

The Contract
The Policy and attached copy of the application are the entire contract. Only
statements in the application can be used to void the Policy. The statements are
considered representations and not warranties. Only an executive officer of
Phoenix Home Life can agree to change or waive any provisions of the Policy.

Suicide
If the Insured commits suicide within two years after the Policy's Date of
Issue, Phoenix Home Life will pay only the Policy Value adjusted by the addition
of any monthly deductions and other fees and charges made under the Policy and
the subtraction of any Debt owed to Phoenix Home Life under the Policy.

Incontestability
Phoenix Home Life cannot contest this Policy or any attached rider after it
has been In Force during the lifetime of the Insured for two years from the
Policy Date.

Change of Owner or Beneficiary
The Beneficiary, as named in the Policy application or subsequently changed,
will receive the Policy benefits at the Insured's death. If the named
Beneficiary dies before the Insured, the contingent Beneficiary, if named,
becomes the Beneficiary. If no Beneficiary survives the Policyowner, the
benefits payable at the Insured's death will be paid to the Policyowner's
estate.

As long as the Policy is In Force, the Policyowner and the Beneficiary may be
changed by Written Request, satisfactory to Phoenix Home Life. A change in
Beneficiary will take effect as of the date the notice is signed, whether or not
the Insured is living when the notice is received by Phoenix Home Life. Phoenix
Home Life will not, however, be liable for any payment made or action taken
before receipt of the notice.

Assignment
The Policy may be assigned. Phoenix Home Life will not be bound by the
assignment until a written copy has been received and will not be liable with
respect to any payment made prior to receipt. Phoenix Home Life assumes no
responsibility for determining whether an assignment is valid.

Misstatement of Age or Sex

If the age or sex of the Insured has been misstated, the death benefit will be
adjusted based on what the cost of insurance charge for the most recent monthly
deduction would have purchased based on the correct age and sex.

Surplus
Policyowners may share in divisible surplus of Phoenix Home Life to the extent
determined annually by the Phoenix Home Life Board of Directors. However, it is
not currently anticipated that the Board will authorize these payments since
Policyowners will be participating directly in investment results.

PAYMENT OF PROCEEDS

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of the death proceeds, however, may be delayed if the claim for payment of the
death proceeds needs to be investigated; e.g., to ensure payment of the proper
amount to the proper payee. Any such delay will not be beyond that reasonably
necessary to investigate such claims consistent with insurance practices
customary in the life insurance industry. Under a Policy covering multiple
lives, the death proceeds will be paid upon the first death under the Policy. In
addition, under certain conditions, in the event of the terminal illness of the
Insured, an accelerated payment of up to 75% of the Policy's Death Benefit (up
to maximum of $250,000), is available under the Living Benefits Rider. The
minimum face amount remaining after any such accelerated benefit payment is
$10,000.

While the Insured is living, the Policyowner may elect a payment option for
payment of the death proceeds to the Beneficiary. The Policyowner may revoke or
change a prior election, unless such right has been waived. The Beneficiary may
make or change an election prior to payment of the death proceeds, unless the
Policyowner has made an election which does not permit such further election or
changes by the Beneficiary.

A written form satisfactory to Phoenix Home Life is required to elect, change,
or revoke a payment option.

The minimum amount of surrender or death proceeds that may be applied under
any income option is $1,000.

If the Policy is assigned as collateral security, Phoenix Home Life will pay
any amount due the assignee in one lump sum. Any remaining proceeds will remain
under the option elected.

Payment Options
All or part of the surrender or death proceeds of a Policy may be applied
under one or more of the following payment options or such other payment options
or alternative versions of the options listed as Phoenix Home Life may choose to
make available in the future.

Option 1 -- Lump sum.

Payment in one lump sum.

Option 2 -- Left to earn interest.
A payment of interest during the payee's lifetime on the amount payable as a
principal sum. Interest rates are guaranteed to be at least 3 percent per year.

Option 3 -- Payment for a specific period.
Equal income installments are paid for a specified period of years whether the
payee lives or dies. The first payment will be on the date of settlement. The
assumed interest rate on the unpaid balance is guaranteed not to be less than 3
percent per year.

Option 4 -- Life annuity with specified period certain.
Equal installments are paid until the later of: (A) The death of the payee;
(B) The end of the period certain. The first payment will be on the date of
settlement. The period certain must be chosen at the time this option is
elected. The periods certain that may be chosen are as follows: (A) Ten years;
(B) Twenty years; (C) Until the installments paid refund the amount applied
under this option; and if the payee is not living when the final payment falls
due, that payment will be limited to the amount which needs to be added to the
payments already made to equal the amount applied under this option. If, for the
age of the payee, a period certain is chosen that is shorter than another period
certain paying the same installment amount, Phoenix Home Life will deem the
longer period certain as having been elected. Any life annuity provided under
Option 4 is calculated using an interest rate guaranteed to be no less than
3 3/8% per year, except that any life annuity providing a period certain of 20
years or more is calculated using an interest rate guaranteed to be no less than
3 1/4% per year.

Option 5 -- Life annuity.
Equal installments are paid only during the lifetime of the payee. The first
payment will be on the date of settlement. Any life annuity as may be provided
under Option 5 is calculated using an interest rate guaranteed to be no less
than 3 1/2% per year.

Option 6 -- Payments of a specified amount.
Equal installments of a specified amount, out of the principal sum and
interest on that sum, are paid until the principal sum remaining is less than
the amount of the installment. When that happens, the principal sum remaining
with accrued interest will be paid as a final payment. The first payment will be
on the date of settlement. The payments will include interest on the principal
sum remaining at a rate guaranteed to at least equal 3 percent per year. This
interest will be credited at the end of each year. If the amount of interest
credited at the end of the year exceeds the income payments made in the last 12
months, that excess will be paid in one sum on the date credited.

Option 7 -- Joint survivorship annuity with 10-year period certain.
The first payment will be on the date of settlement. Equal income installments
are paid until the latest of: (A) The end of the 10-year period certain; (B) The
death of the Insured; (C) The death of the other named annuitant. The other
annuitant must be named at the time this option is elected and cannot later be
changed. The other annuitant must have an attained age of at least 40. Any joint
survivorship annuity as may be provided under this option is calculated using an
interest rate guaranteed to be no less than 3 3/8% per year.

For additional information concerning the above payment options, see the
Policy.

FEDERAL TAX CONSIDERATIONS

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<PAGE>

other tax laws. Because the discussion herein is based upon Phoenix Home
Life's understanding of Federal income tax laws as they are currently
interpreted, Phoenix Home Life cannot guarantee the tax status of any Policy. No
representation is made regarding the likelihood of continuation of current
Federal income tax laws, Treasury regulations, or of the current interpretations
by the Internal Revenue Service. Phoenix Home Life reserves the right to make
changes to the Policy in order to assure that it will continue to qualify as
life insurance for tax purposes.

Phoenix Home Life's Tax Status
Phoenix Home Life is taxed as a life insurance company under the Internal
Revenue Code of 1986, as amended (the "Code"). For Federal income tax purposes,
neither the VUL Account nor the Guaranteed Interest Account is a separate entity
from Phoenix Home Life and their operations form a part of Phoenix Home Life.

Investment income and realized capital gains on the assets of the VUL Account
are reinvested and taken into account in determining the Cash Value of the VUL
Account. Investment income of the VUL Account, including realized net capital
gains, is not taxed to Phoenix Home Life. Due to Phoenix Home Life's tax status
under current provisions of the Code, no charge will currently be made to the
VUL Account for Phoenix Home Life's Federal income taxes which may be
attributable to the VUL Account.

Phoenix Home Life will periodically review the question of a charge to the VUL
Account for Phoenix Home Life's income taxes. Phoenix Home Life reserves the
right to make a deduction for taxes should they be imposed with respect to such
items in the future. A future charge may be imposed if the Federal tax treatment
of Phoenix Home Life is determined to be other than what Phoenix Home Life
currently believes it to be, if changes are made affecting the tax treatment to
Phoenix Home Life of variable life insurance contracts, or if changes occur in
Phoenix Home Life's tax status. If imposed, such charge would be equal to the
Federal income taxes attributable to the investment results of the VUL Account.

Policy Proceeds

Death Benefit Proceeds. The Policy, whether or not it is a "modified endowment
contract" (see the discussion on modified endowment contracts below), should be
treated as meeting the definition of life insurance for Federal income tax
purposes, under Section 7702 of the Code. As such, the death benefit proceeds
thereunder should be excludable from the gross income of the Beneficiary under
Code Section 101(a)(1). Also, the Policyowner should not be deemed to be in
constructive receipt of the Cash Value, including increments thereon. See,
however, the sections below on possible taxation of amounts received under the
Policy, via full surrender, partial surrender or loan. In addition, a benefit
paid under a Living Benefit Rider may be taxable as income in the year of
receipt.

Code Section 7702 imposes certain conditions with respect to premiums received
under a Policy. Phoenix Home Life intends to monitor the premiums to assure
compliance with such conditions. However, in the event that the premium
limitation is exceeded during the year, Phoenix Home Life may return the excess
premium, with interest, to the Policyowner within 60 days after the end of the
Policy Year, and maintain the qualification of the Policy as life insurance for
Federal income tax purposes.

Full Surrender. Upon full surrender of a Policy for its Cash Value, the
excess, if any, of the Cash Value (unreduced by any outstanding indebtedness)
over the premiums paid will be treated as ordinary income for Federal income tax
purposes. The full surrender of a Policy which is a "modified endowment
contract" may result in the imposition of an additional 10 percent tax on any
income received.

Partial Surrender. If the Policy is a "modified endowment contract," partial
surrenders are fully taxable to the extent of income in the Policy and are
possibly subject to an additional 10 percent tax. See the discussion on
"modified endowment contracts" below. If the Policy is not a "modified endowment
contract," partial surrenders may still be taxable, as follows. Code Section
7702(f)(7) provides that where a reduction in death benefits occurs during the
first 15 years after a Policy is issued and there is a cash distribution
associated with that reduction, the Policyowner may be taxed on all or a part of
the amount distributed. A reduction in death benefits may result from a partial
surrender. After 15 years, the proceeds will not be subject to tax, except to
the extent such proceeds exceed the total amount of premiums paid but not
previously recovered. Phoenix Home Life suggests you consult with your tax
adviser in advance of a proposed decrease in death benefits or a partial
surrender as to the portion, if any, which would be subject to tax, and in
addition as to the impact such partial surrender might have under the new rules
affecting "modified endowment contracts." The benefit payment under the Living
Benefits Rider is not considered a partial surrender.

Loans. Phoenix Home Life believes that any loan received under a Policy will
be treated as indebtedness of the Policyowner. If the Policy is a "modified
endowment contract," loans are fully taxable to the extent of income in the
Policy and are possibly subject to an additional 10 percent tax. See the
discussion on "modified endowment contracts" below. If the Policy is not a
"modified endowment contract," Phoenix Home Life believes that no part of any
loan under a Policy will constitute income to the Policyowner.

The deductibility by the Policyowner of loan interest under a Policy may be
limited under Code Section 264, depending on the circumstances. Any Policyowner
intending to fund premium payments through borrowing should consult a tax
adviser with respect to the tax consequences thereof. Under the "personal"
interest limitation provisions of the Code, interest on Policy loans used for
personal purposes is not tax deductible. Other rules may apply to allow all or
part of the interest expense as a deduction if the loan proceeds are used for
"trade or business" or "investment" purposes. See your tax adviser for further
guidance.

If the Policy is owned by a business or a corporation, the Code may impose
additional restrictions. The Code limits the interest deduction on
business-owned Policy loans and may impose tax upon the inside build-up of
corporate-owned life insurance policies through the corporate alternative
minimum tax.

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<PAGE>

Other Taxes
Federal estate tax, state and local estate, inheritance and other tax
consequences of ownership, or receipt of Policy proceeds depend on the
circumstances of each Policyowner or Beneficiary. Phoenix Home Life does not
make any representations or guarantees regarding the tax consequences of any
Policy with respect to these types of taxes.

Modified Endowment Contracts

General. Pursuant to Code section 72(e), loans and other amounts received
under "modified endowment contracts" will in general be taxed to the extent of
accumulated income (generally, the excess of Cash Value over premiums paid).
Policies are "modified endowment contracts" if they meet the definition of life
insurance, but fail the "7-pay test." This test essentially provides that the
cumulative premiums paid under the Policy at any time during the Policy's first
7 years cannot exceed the sum of the net level premiums that would have been
paid on or before that time had the Policy provided for paid-up future benefits
after the payment of 7 level annual premiums. In addition, a modified endowment
contract includes any life insurance contract that is received in exchange for a
modified endowment contract. Premiums paid during a Policy Year that are
returned by Phoenix Home Life (with interest) within 60 days after the end of
the Policy Year will not cause the Policy to fail the 7-pay test.

Reduction in Benefits During the First 7 Years. If there is a reduction in
benefits during the first 7 Policy Years, the premiums are redetermined for
purposes of the 7-pay test as if the Policy had originally been issued at the
reduced death benefit level and the new limitation is applied to the cumulative
amount paid for each of the first 7 Policy Years.

Distributions Affected. If a Policy fails to meet the 7-pay test, it is
considered a modified endowment contract only as to distributions in the year in
which the death benefit reduction takes effect and all subsequent Policy Years.
However, distributions made in anticipation of such failure (there is a
presumption that distributions made within two years prior to such failure were
"made in anticipation") also are considered distributions under a modified
endowment contract. If the Policy satisfies the "7-pay test" for 7 years,
distributions and loans will generally not be subject to the new tax rules.

Penalty Tax. Any amounts taxable under the modified endowment contract rule
will be subject to an additional 10 percent excise tax, with certain exceptions.
This additional tax will not apply in the case of distributions: (i) made on or
after the taxpayer attains age 59 1/2; (ii) which are attributable to the
taxpayer's disability (within the meaning of Code Section 72(m)(7)); or (iii)
which are part of a series of substantially equal periodic payments (not less
frequently than annually) made for the life (or life expectancy) of the taxpayer
or the joint lives (or life expectancies) of the taxpayer and his Beneficiary.

Material Change Rules. Any determination of whether the Policy meets the
"7-pay test" will begin again any time the Policy undergoes a "material change,"
which includes any increase in death benefits or any increase in or addition of
a qualified additional benefit, with the following two exceptions. First, if an
increase is attributable to premiums paid "necessary to fund" the lowest death
benefit and qualified additional benefits payable in the first 7 Policy Years or
to the crediting of interest or dividends with respect to these premiums, the
"increase" does not constitute a material change. Second, to the extent provided
in regulations, if the death benefit or qualified additional benefit increases
as a result of a cost-of-living adjustment based on an established broad-based
index specified in the Policy, this does not constitute a material change if (1)
the cost-of-living determination period does not exceed the remaining premium
payment period under the Policy, and (2) the cost-of-living increase is funded
ratably over the remaining premium payment period of the Policy. A reduction in
death benefits is not considered a material change unless accompanied by a
reduction in premium payments.

A material change may occur at any time during the life of the Policy (within
the first 7 years or thereafter), and future taxation of distributions or loans
would turn on whether the Policy satisfied the applicable "7-pay test" from the
time of the material change. An exchange of policies is considered to be a
material change for all purposes.

Serial Purchase of Modified Endowment Contracts. All modified endowment
contracts issued by the same insurer (or affiliated companies of the insurer) to
the same Policyowner within the same calendar year will be treated as one
modified endowment contract in determining the taxable portion of any loans or
distributions made to the Policyowner. The Treasury has been given specific
legislative authority to issue regulations to prevent the avoidance of the new
distribution rules for modified endowment contracts. A qualified tax adviser
should be consulted about the tax consequences of the purchase of more than one
modified endowment contract within any calendar year.

Limitations on Unreasonable Mortality and Expense Charges

The Code imposes limitations on unreasonable mortality and expense charges for
purposes of ensuring that a Policy qualifies as life insurance. The mortality
charges taken into account to calculate permissible premium levels may not
exceed those charges required to be used in determining the Federal income tax
reserve for the Policy, unless Treasury regulations prescribe a higher level of
charge. In addition, the expense charges taken into account under the guideline
premium test are required to be reasonable, as defined by the Treasury
regulations. Phoenix Home Life intends to comply with the limitations in
calculating the premium it is permitted to receive from the Policyowner.

Qualified Plans

A Policy may be used in conjunction with certain qualified plans. Such
policies are issued using unisex cost of insurance rates. Since the rules
governing such use are complex, a purchaser should not use the Policy in
conjunction with a qualified plan until he has consulted a competent pension
consultant or tax adviser.

26
<PAGE>

Diversification Standards

To comply with the diversification regulations under Code Section 817(h),
("Diversification Regulations") each Portfolio of the Fund is required to
diversify its investments. The Diversification Regulations generally require
that on the last day of each quarter of a calendar year no more than 55 percent
of the value of the Fund's assets is represented by any one investment, no more
than 70 percent is represented by any two investments, no more than 80 percent
is represented by any three investments, and no more than 90 percent is
represented by any four investments. A "look-through" rule applies to treat a
pro-rata portion of each asset of the Fund as an asset of the VUL Account;
therefore, each Series of the Fund will be tested for compliance with the
percentage limitations. For purposes of these diversification rules, all
securities of the same issuer are treated as a single investment, but each
United States Government agency or instrumentality is treated as a separate
issuer.

The general diversification requirements are modified if any of the assets of
the VUL Account are direct obligations of the United States Treasury. In this
case, there is no limit on the investment that may be made in United States
Treasury securities, and for purposes of determining whether assets other than
United States Treasury securities are adequately diversified, the generally
applicable percentage limitations are increased based on the value of the VUL
Account's investment in United States Treasury securities. Notwithstanding this
modification of the general diversification requirements, the portfolios of the
Fund will be structured to comply with the general diversification standards
because they serve as an investment vehicle for certain variable annuity
contracts which must comply with these standards.

In connection with the issuance of the Diversification Regulations, the
Treasury announced that such regulations do not provide guidance concerning the
extent to which policyowners may direct their investments to particular
divisions of a separate account. It is possible that a revenue ruling or other
form of administrative pronouncement in this regard may be issued in the near
future. It is not clear, at this time, what such a revenue ruling or other
pronouncement will provide. It is possible that the Policy may need to be
modified to comply with such future Treasury announcements. For these reasons,
Phoenix Home Life reserves the right to modify the Policy, as necessary, to
prevent the Policyowner from being considered the owner of the assets of the VUL
Account.

Phoenix Home Life intends to comply with the Diversification Regulations to
assure that the Policies continue to qualify as variable life insurance for
Federal income tax purposes.

Change of Ownership or Insured or Assignment

Changing the Policyowner or the Insured or an exchange or assignment of the
Policy may have tax consequences depending on the circumstances. Code Section
1035 provides that a life insurance contract can be exchanged for another life
insurance contract, without recognition of gain or loss, assuming that no money
or other property is received in the exchange, and that the policies relate to
the same Insured. If the surrendered policy is subject to a policy loan, this
may be treated as the receipt of money on the exchange. Phoenix Home Life
recommends that any person contemplating such changes, exchanges, or assignment
seek the advice of a qualified tax consultant.

VOTING RIGHTS

The Fund

Phoenix Home Life will vote the Fund shares held by the Sub-accounts of the
VUL Account at any regular and special meetings of shareholders of the Fund, a
Massachusetts business trust. To the extent required by law, such voting will be
in accordance with instructions received from the Policyowner. However, if the
Investment Company Act of 1940 or any regulation thereunder should be amended or
if the present interpretation thereof should change, and as a result Phoenix
Home Life determines that it is permitted to vote the Fund shares at its own
discretion, it may elect to do so.

The number of votes that a Policyowner has the right to cast will be
determined by applying the Policyowner's percentage interest in a Sub-account to
the total number of votes attributable to the Sub-account. In determining the
number of votes, fractional shares will be recognized.

Fund shares held in a Sub-account for which no timely instructions are
received, and Fund shares which are not otherwise attributable to Policyowners,
will be voted by Phoenix Home Life in proportion to the voting instructions that
are received with respect to all Policies participating in that Sub-account.
Voting instructions to abstain on any item to be voted upon will be applied to
reduce the votes eligible to be cast by Phoenix Home Life.

Each Policyowner will receive proxy materials, reports, and other materials
relating to the Fund.

Phoenix Home Life may, when required by state insurance regulatory
authorities, disregard voting instructions if the instructions require that the
shares be voted so as to cause a change in the sub-classification or investment
objective of one or more of the portfolios of the Fund or to approve or
disapprove an investment advisory contract for the Fund. In addition, Phoenix
Home Life itself may disregard voting instructions in favor of changes initiated
by a Policyowner in the investment policies or the Investment Adviser of the
Fund if Phoenix Home Life reasonably disapproves of such changes. A change would
be disapproved only if the proposed change is contrary to state law or
prohibited by state regulatory authorities or Phoenix Home Life determined that
the change would have an adverse effect on the General Account because the
proposed investment policy for a portfolio may result in overly speculative or
unsound investments. In the event Phoenix Home Life does disregard voting
instructions, a summary of that action and the reasons for such action will be
included in the next periodic report to Policyowners.

Phoenix Home Life

A Policyowner (or the payee entitled to payment under a payment option if a
different person) will have the right to vote at annual meetings of all Phoenix
Home Life Policyholders for the

27
<PAGE>

election of members of the Board of Directors of Phoenix Home Life and on
other corporate matters, if any, where a Policyholder's vote is taken. At
meetings of all of the Phoenix Home Life Policyholders, a Policyholder (or
payee) may cast only one vote as the holder of a Policy, irrespective of Policy
Value or the number of the Policies held.

THE DIRECTORS AND EXECUTIVE OFFICERS OF PHOENIX HOME LIFE

Phoenix Home Life is managed by its Board of Directors, the members of which
are elected by its Policyholders, including Owners of the Policies. See "Voting
Rights."

The following are the Directors and Executive Officers of Phoenix Home Life:

Directors Principal Occupation
- --------- --------------------
Sal H. Alfiero Chairman and Chief
Executive Officer, Mark
IV Industries, Inc.
Amherst, New York

J. Carter Bacot Chairman and Chief
Executive Officer, The
Bank of New York
New York, New York

Carol H. Baldi President, Carol H.
Baldi, Inc.
New York, New York

Peter C. Browning Executive Vice
President, Sonoco
Products Company
Hartsville, South
Carolina

Richard N. Cooper Chairman, National
Intelligence Council,
Central Intelligence
Agency McLean, Virginia

Gordon J. Davis, Partner, LeBoeuf, Lamb,
Esq. Greene & MacRae
New York, New York

Robert W. Chairman of the Board,
Fiondella President and Chief
Executive Officer,
Phoenix Home Life
Mutual Insurance Company
Hartford, Connecticut

Jerry J. President, National
Jasinowski Association of
Manufacturers
Washington, DC

John W. Johnstone Chairman, President and
Chief Executive Officer,
Olin Corporation
Norwalk, Connecticut

Marilyn E. General Partner, Lazard
LaMarche Freres & Company
New York, New York

Edward P. Lyons Former Vice-Chairman,
Olin Corporation
Norwalk, Connecticut

Directors Principal Occupation
- --------- --------------------
Philip R. Executive Vice
McLoughlin President and Chief
Investment Officer,
Phoenix Home Life
Mutual Insurance Company
Hartford, Connecticut

Charles J. Paydos Executive Vice
President, Phoenix Home
Life Mutual Insurance
Company
Hartford, Connecticut

Herbert Roth, Jr. Former Chairman, LFE
Corporation
Clinton, Massachusetts

Robert F. Vizza President and Chief
Executive Officer, St.
Francis Hospital
Roslyn, New York

Wilson Wilde Chairman, Executive
Committee, Hartford
Steam Boiler Inspection
and Insurance Company
Hartford, Connecticut

Robert G. Wilson Former General Partner,
Goldman Sachs
New York, New York

Executive
Officers Principal Occupation
- --------- ----------------------
Robert W. Chairman of the Board,
Fiondella President and Chief
Executive Officer

Richard H. Booth Executive Vice
President, Strategic
Development

Philip R. Executive Vice
McLoughlin President and Chief
Investment Officer

Charles J. Paydos Executive Vice President

David W. Searfoss Executive Vice
President and Chief
Financial Officer

Dona D. Young Executive Vice
President, Individual
Insurance and General
Counsel

Kelly J. Carlson Senior Vice President,
Career
Organization

Carl T. Chadburn Senior Vice President

Robert G. Chipkin Senior Vice President
and Corporate Actuary

Randall C. Senior Vice President,
Giangiulio Group Sales

Joan E. Herman Senior Vice President

Edward P. Senior Vice President,
Hourihan Information Systems

Joseph E. Senior Vice President
Kelleher

Gary J. Senior Vice President
Laughinghouse

Robert G. Senior Vice President
Lautensack, Jr.

28
<PAGE>

Executive Principal Occupation
Officers
- -------- --------------------
Scott C. Noble Senior Vice President,
Real Estate

Frederick W. Senior Vice President
Sawyer, III

Richard C. Shaw Senior Vice President,
International and
Corporate Development

Simon Y. Tan Senior Vice President,
Individual Market
Development

SAFEKEEPING OF THE VUL ACCOUNT'S ASSETS

The assets of the VUL Account are held by Phoenix Home Life. The assets of the
VUL Account are kept physically segregated and held separate and apart from the
general account of Phoenix Home Life. Phoenix Home Life maintains records of all
purchases and redemptions of shares of the Fund.

SALES OF POLICIES

Policies may be purchased from registered representatives of W.S. Griffith &
Co., Inc. ("W. S. Griffith") licensed to sell Phoenix Home Life insurance
policies. W. S. Griffith, an indirect subsidiary of Phoenix Home Life, is
registered as a broker-dealer with the Securities and Exchange Commission under
the Securities Exchange Act of 1934 and is a member of the National Association
of Securities Dealers, Inc. Policies may also be purchased from other
broker-dealers registered under the Securities Exchange Act of 1934 whose
representatives are authorized by applicable law to sell Policies under terms of
agreements provided by PEPCO. Sales commissions will be paid to registered
representatives on purchase payments received by Phoenix Home Life under these
Policies. Total sales commission of a maximum of 50 percent of premiums will be
made by Phoenix Home Life to PEPCO. To the extent that the sales charge under
the Policies is less than the sales commissions paid with respect to the
Policies, Phoenix Home Life will pay the shortfall from its general account
assets, which will include any profits it may derive under the Policies.

PEPCO will sponsor sales contests, training and educational meetings and
provide to all qualifying dealers, from its own profits and resources,
additional compensation in the form of trips, merchandise or expense
reimbursement. Brokers and dealers other than PEPCO may also make customary
additional charges for their services in effecting purchases, if they notify the
Fund of their intention to do so.

STATE REGULATION

Phoenix Home Life is subject to the provisions of the New York insurance laws
applicable to mutual life insurance companies and to regulation and supervision
by the New York Superintendent of Insurance. Phoenix Home Life is also subject
to the applicable insurance laws of all the other states and jurisdictions in
which it does an insurance business.

State regulation of Phoenix Home Life includes certain limitations on the
investments which it may make, including investments for the VUL Account and the
Guaranteed Interest Account. It does not include, however, any supervision over
the investment policies of the VUL Account.

REPORTS

All Policyowners will be furnished with those reports required by the
Investment Company Act of 1940 and regulations promulgated thereunder, or under
any other applicable law or regulation.

LEGAL PROCEEDINGS

The VUL Account is not engaged in any litigation. Phoenix Home Life is not
involved in any litigation that would have a material adverse effect on the
ability of Phoenix Home Life to meet its obligations under the Policies.

LEGAL MATTERS

The organization of Phoenix Home Life, its authority to issue variable life
insurance Policies, and the validity of the Policy have been passed upon by
Patricia O. McLaughlin, Counsel, Phoenix Home Life. Legal matters relating to
the Federal securities and income tax laws have been passed upon for Phoenix
Home Life by Jorden Burt Berenson & Johnson, LLP.

REGISTRATION STATEMENT

A Registration Statement has been filed with the Securities and Exchange
Commission, under the Securities Act of 1933 as amended, with respect to the
securities offered hereby. This Prospectus does not contain all the information
set forth in the Registration Statement and amendments thereto and exhibits
filed as a part thereof, to all of which reference is made for further
information concerning the VUL Account, Phoenix Home Life and the Policy.
Statements contained in this Prospectus as to the content of the Policy and
other legal instruments are summaries. For a complete statement of the terms
thereof, reference is made to such instruments as filed.

FINANCIAL STATEMENTS

The consolidated financial statements of Phoenix Home Life as contained herein
should be considered only as bearing upon Phoenix Home Life's ability to meet
its obligations under the Policy, and they should not be considered as bearing
on the investment performance of the VUL Account. No interim financial
statements of Phoenix Home Life are presented in this Prospectus because no such
financial statements have been prepared by Phoenix Home Life for any other
purpose as of the date of this Prospectus. The financial statements of the VUL
Account are for the Sub-accounts available as of the period ended December 31,
1995. No interim financial statements for the VUL Account are presented because
no such statements have been prepared for any other purpose as of the date of
this Prospectus.

<PAGE>

Phoenix Home Life Mutual
Insurance Company
Consolidated Financial Statements
December 31, 1995 and 1994

[To be filed by Amendment]

<PAGE>

Phoenix Home Life Variable
Universal Life Account
Financial Statements
December 31, 1995 and 1994

[To be filed by Amendment]

31
<PAGE>

APPENDIX A

THE GUARANTEED INTEREST ACCOUNT

Contributions to the Guaranteed Interest Account ("GIA") under the Policy and
transfers to the GIA become part of the general account of Phoenix Home Life
(the "General Account"), which supports insurance and annuity obligations.
Because of exemptive and exclusionary provisions, interest in the General
Account has not been registered under the Securities Act of 1933 ("1933 Act")
nor is the General Account registered as an investment company under the
Investment Company Act of 1940 ("1940 Act"). Accordingly, neither the General
Account nor any interest therein is specifically subject to the provisions of
the 1933 or 1940 Acts and the staff of the Securities and Exchange Commission
has not reviewed the disclosures in this Prospectus concerning the GIA.
Disclosures regarding the GIA and the General Account, however, may be subject
to certain generally applicable provisions of the federal securities laws
relating to the accuracy and completeness of statements made in prospectuses.

The General Account is made up of all of the general assets of Phoenix Home
Life other than those allocated to any separate account. Premium payments will
be allocated to the GIA and, therefore, the General Account, as elected by the
Policyowner at the time of purchase or as subsequently changed. Phoenix Home
Life will invest the assets of the General Account in assets chosen by it and
allowed by applicable law. Investment income from General Account assets is
allocated between Phoenix Home Life and the contracts participating in the
General Account, in accordance with the terms of such contracts.

Investment income from the General Account allocated to Phoenix Home Life
includes compensation for mortality and expense risks borne by it in connection
with General Account contracts.

The amount of investment income allocated to the Policies will vary from year
to year in the sole discretion of Phoenix Home Life. However, Phoenix Home Life
guarantees that it will credit interest at a rate of not less than 4% per year,
compounded annually, to amounts allocated to the unloaned portion of the GIA.
The loaned portion of the GIA will be credited interest at an effective annual
rate of 6%. Phoenix Home Life may credit interest at a rate in excess of 4% per
year; however, it is not obligated to credit any interest in excess of 4% per
year.

Twice each calendar month, Phoenix Home Life will set the excess interest
rate, if any, that will apply to amounts deposited to the GIA. That rate will
remain in effect for such deposits for an initial guarantee period of one full
year from the date of deposit. Upon expiration of the initial one-year guarantee
period (and each subsequent one-year guarantee period thereafter), the rate to
be applied to any deposits whose guaranteed period has just ended will be the
same rate as is applied to new deposits allocated at that time to the GIA. This
rate will likewise remain in effect for a guarantee period of one full year from
the date the new rate is applied.

Excess interest, if any, will be determined by Phoenix Home Life based on
information as to expected investment yields. Some of the factors that Phoenix
Home Life may consider in determining whether to credit interest to amounts
allocated to the GIA and the amount thereof, are general economic trends, rates
of return currently available and anticipated on investments, regulatory and tax
requirements and competitive factors. ANY INTEREST CREDITED TO AMOUNTS ALLOCATED
TO THE GIA IN EXCESS OF 4% PER YEAR WILL BE DETERMINED IN THE SOLE DISCRETION OF
PHOENIX HOME LIFE AND WITHOUT REGARD TO ANY SPECIFIC FORMULA. THE CONTRACT OWNER
ASSUMES THE RISK THAT INTEREST CREDITED TO GIA ALLOCATIONS MAY NOT EXCEED THE
MINIMUM GUARANTEE OF 4% FOR ANY GIVEN YEAR.

Phoenix Home Life is aware of no statutory limitations on the maximum amount
of interest it may credit, and the Board of Directors has set no limitations.
However, inherent in Phoenix Home Life's exercise of discretion in this regard
is the equitable allocation of distributable earnings and surplus among its
various policyholders and contract owners.

Excess interest, if any, will be credited on the GIA Policy Value. Phoenix
Home Life guarantees that, at any time, the GIA Policy Value will not be less
than the amount of premium payments allocated to the GIA, plus interest at the
rate of 4% per year, compounded annually, plus any additional interest which
Phoenix Home Life may, in its discretion, credit to the GIA, less the sum of all
annual administrative or surrender charges, any applicable premium taxes, and
less any amounts surrendered or loaned. If the Policyowner surrenders the
Policy, the amount available from the GIA will be reduced by any applicable
surrender charge and annual administration charge (see "Deductions and
Charges").

IN GENERAL, ONE TRANSFER PER CONTRACT YEAR IS ALLOWED FROM THE GUARANTEED
INTEREST ACCOUNT. THE AMOUNT WHICH CAN BE TRANSFERRED IS LIMITED TO THE GREATER
OF $1,000 OR 25% OF THE CONTRACT VALUE IN THE GUARANTEED INTEREST ACCOUNT AS OF
THE LAST CONTRACT ANNIVERSARY. UNDER THE SYSTEMATIC TRANSFER PROGRAM, TRANSFERS
OF APPROXIMATELY EQUAL AMOUNTS MAY BE MADE OVER A MINIMUM 18 MONTH PERIOD.
NON-SYSTEMATIC TRANSFERS FROM THE GUARANTEED INTEREST ACCOUNT WILL BE
EFFECTUATED ON THE DATE OF RECEIPT BY VARIABLE PRODUCTS OPERATIONS, UNLESS
OTHERWISE REQUESTED BY THE CONTRACT OWNER.

32
<PAGE>

APPENDIX B
Illustrations of Death Benefits, Policy Values ("Account Values"),
and Cash Surrender Values.

The tables on the following pages illustrate how a Policy's Death Benefits,
Account Values and Cash Surrender Value could vary over time assuming constant
hypothetical gross (after tax) annual investment returns of 0% and 12%. The
Policy benefits will differ from those shown in the tables if the annual
investment returns are not absolutely constant. That is, the figures will be
different if the returns averaged 0% or 12% over a period of years but went
above or below those figures in individual Policy Years. The Policy benefits
will also differ, depending on your premium allocations to each Sub-account of
the VUL Account, if the overall actual rates of return averaged 0% or 12%, but
went above or below those figures for the individual Sub-accounts. The tables
are for standard risk males and females who have never smoked. In states where
cost of insurance rates are not based on the insured's sex, the tables
designated "male" apply to all standard risk insureds who have never smoked.
Account Values and Cash Surrender Values may be lower for smokers or former
smokers or for risk classes involving higher mortality risk. Planned premium
payments are assumed to be paid at the beginning of each Policy Year. The
difference between the Policy Value and the Cash Surrender Value in the first
ten years is the Surrender Charge. For each age illustrated, tables are included
for death benefit Option 1 and Option 2. Tables are also included to reflect the
blended cost of insurance charge applied under multiple lives Policies.

The Death Benefit, Account Value, and Cash Surrender Value amounts reflect the
following current charges:

1. Issue Charge of $150.

2. Monthly Administrative Charge of $5.00 per month ($10 per month guaranteed
maximum).

3. Premium Tax Charge of 2.25% (will vary from state to state on Multiple Life
Policies).

4. A Federal Tax Charge of 1.5% (for Single Life Policies only).

5. Cost of Insurance Charge. For each age, the tables illustrate cost of
insurance at both the current rates and at the maximum rates guaranteed in
the Policies. (See "Charges and Deductions -- Cost of Insurance.")

6. Mortality and Expense Risk Charge, which is a daily charge equivalent to .80%
on an annual basis (or for Single Life Policies, .25% on an annual basis
after the 15th Policy Year), against the VUL Account for mortality and
expense risks. (See "Charges and Deductions -- Mortality and Expense Risk
Charge.")

These illustrations also assume an average investment advisory fee of .58% on an
annual basis, of the average daily net asset value of each of the Series of the
Fund. These illustrations also assume other ongoing average Fund expenses of
.18%. Management may decide to limit the amount of expense reimbursement in the
future. If expense reimbursement had not been in place for the fiscal year ended
December 31, 1994, total operating expenses for the Money Market Series, Growth
Series, Bond Series, Total Return Series, Balanced Series and International
Series would have been approximately 0.58%, 0.80%, 0.72%, 0.75%, 0.70% and 1.10%
respectively, of the average net assets of the Series. (See "Charges and
Deductions -- Investment Management Charge.")

Taking into account the Mortality and Expense Risk Charge and the investment
advisory fees and expenses, the gross annual investment return rates of 0% and
12% on the Fund's assets are equivalent to net annual investment return rates of
approximately - 1.55% and 10.35%, respectively. For individual illustrations,
interest rates ranging between 0% and 12% may be selected in place of the 12%
rate.

The hypothetical returns shown in the tables are without any tax charges that
may be attributable to the VUL Account in the future. If such Tax Charges are
imposed in the future, then in order to produce after tax returns equal to those
illustrated for 0% and 12%, a sufficiently higher amount in excess of the
hypothetical interest rates would have to be earned. (See "Charges and
Deductions -- Other Charges -- Taxes.")

The second column of each table shows the amount that would accumulate if an
amount equal to the premiums paid were invested to earn interest, after taxes,
at 5% compounded annually. These tables show that if a Policy is returned in its
very early years for payment of its Cash Surrender Value, that Cash Surrender
Value may be low in comparison to the amount of the premiums accumulated with
interest. Thus, the cost of owning a Policy for a relatively short time may be
high.

On request, we will furnish the Policyowner with a comparable illustration based
on the age and sex of the proposed insured person(s), standard risk assumptions
and the initial face amount and planned premium chosen.

33
<PAGE>

PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Page 1 of 1
Statutory Home Office: East Greenbush, New York
MALE 35 NEVERSMOKE FACE AMOUNT: $100,000
INITIAL ANNUAL PREMIUM: $1,000

THE FLEX EDGE SUCCESS -- A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
INSURANCE POLICY OPTION 1

<TABLE>
<CAPTION>
Assuming
--------------------------------------------------
Current Charges Guaranteed Charges
------------------------ ------------------------
Assumed Cash Cash
Annual Premium Account Surrender Death Account Surrender Death
Premium Accum. Value Value Benefit Value Value Benefit
Year Payments @ 5% @ 12.00% @ 12.00% @ 12.00% @ 0.0% @ 0.0% @ 0.0%
- ------ ------ ------ ------- ------- ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>

1 1,000 1,050 667 0 100,000 514 0 100,000
2 1,000 2,153 1,555 593 100,000 1,161 199 100,000
3 1,000 3,310 2,525 1,339 100,000 1,789 602 100,000
4 1,000 4,526 3,586 2,279 100,000 2,396 1,089 100,000
5 1,000 5,802 4,745 3,438 100,000 2,982 1,675 100,000

5 5,000 5,802 4,745 3,438 100,000 2,982 1,675 100,000

6 1,000 7,142 6,012 4,850 100,000 3,546 2,384 100,000
7 1,000 8,549 7,396 6,379 100,000 4,085 3,068 100,000
8 1,000 10,027 8,911 8,038 100,000 4,600 3,728 100,000
9 1,000 11,578 10,566 10,131 100,000 5,089 4,654 100,000
10 1,000 13,207 12,380 12,380 100,000 5,552 5,552 100,000

10 10,000 13,207 12,380 12,380 100,000 5,552 5,552 100,000

11 1,000 14,917 14,372 14,372 100,000 5,986 5,986 100,000
12 1,000 16,713 16,562 16,562 100,000 6,389 6,389 100,000
13 1,000 18,599 18,972 18,972 100,000 6,761 6,761 100,000
14 1,000 20,579 21,626 21,626 100,000 7,100 7,100 100,000
15 1,000 22,657 24,549 24,549 100,000 7,403 7,403 100,000

15 15,000 22,657 24,549 24,549 100,000 7,403 7,403 100,000

16 1,000 24,840 27,927 27,927 100,000 7,713 7,713 100,000
17 1,000 27,132 31,674 31,674 100,000 7,981 7,981 100,000
18 1,000 29,539 35,830 35,830 100,000 8,202 8,202 100,000
19 1,000 32,066 40,445 40,445 100,000 8,369 8,369 100,000
20 1,000 34,719 45,570 45,570 100,000 8,476 8,476 100,000

20 20,000 34,719 45,570 45,570 100,000 8,476 8,476 100,000

@ 62 27,000 79,064 101,732 101,732 130,218 6,957 6,957 100,000
@ 65 30,000 94,836 141,251 141,251 172,327 4,459 4,459 100,000
</TABLE>

Based on 0% interest rate and guaranteed charges, the policy will lapse in year
34.

Death Benefit, Account Value, and Cash Surrender Value are based on
hypothetical gross interest rates shown, assume current and guaranteed charges
and no policy loans or withdrawals, and are calculated at the end of the Policy
Year. Assumed Premium Payments shown are assumed paid in full at the beginning
of the Policy Year. Payment of premiums shown other than in full at the
beginning of the Policy Year would reduce values and benefits below the
hypothetical illustrated amounts shown. Values shown reflect an effective annual
asset charge of 1.56% (includes mortality and expense risk charge of 0.8% for
fifteen years, then 0.25% and average fund operating expenses of 0.76%
applicable to the investment sub-accounts of the VUL Separate Account).
Hypothetical gross interest rates are presented for illustrative purposes only
to illustrate funds allocated entirely to the investment sub-accounts of the VUL
Separate Account and do not in any way represent actual results or suggest that
such results will be achieved in the future. Actual values will differ from
those shown whenever actual investment results differ from hypothetical gross
interest rates illustrated. A Guaranteed Interest Account providing interest at
a minimum guaranteed rate of 4% is also available under this product through the
General Account.

This illustration assumes a premium tax of 2.25%.

34
<PAGE>

PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Page 1 of 1
Statutory Home Office: East Greenbush, New York
FEMALE 35 NEVERSMOKE FACE AMOUNT: $100,000
INITIAL ANNUAL PREMIUM: $1,000

THE FLEX EDGE SUCCESS-- A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
INSURANCE POLICY OPTION 1

1 1,000 1,050 696 0 100,000 535 0 100,000
2 1,000 2,153 1,615 686 100,000 1,203 274 100,000
3 1,000 3,310 2,619 1,465 100,000 1,850 697 100,000
4 1,000 4,526 3,718 2,523 100,000 2,478 1,282 100,000
5 1,000 5,802 4,920 3,725 100,000 3,083 1,887 100,000

5 5,000 5,802 4,920 3,725 100,000 3,083 1,887 100,000

6 1,000 7,142 6,234 5,170 100,000 3,665 2,601 100,000
7 1,000 8,549 7,671 6,739 100,000 4,223 3,290 100,000
8 1,000 10,027 9,244 8,443 100,000 4,756 3,955 100,000
9 1,000 11,578 10,967 10,567 100,000 5,265 4,866 100,000
10 1,000 13,207 12,858 12,858 100,000 5,751 5,751 100,000

10 10,000 13,207 12,858 12,858 100,000 5,751 5,751 100,000

11 1,000 14,917 14,940 14,940 100,000 6,213 6,213 100,000
12 1,000 16,713 17,235 17,235 100,000 6,651 6,651 100,000
13 1,000 18,599 19,765 19,765 100,000 7,063 7,063 100,000
14 1,000 20,579 22,554 22,554 100,000 7,448 7,448 100,000
15 1,000 22,657 25,633 25,633 100,000 7,806 7,806 100,000

15 15,000 22,657 25,633 25,633 100,000 7,806 7,806 100,000

16 1,000 24,840 53,866 53,866 100,000 8,179 8,179 100,000
17 1,000 27,132 60,581 60,581 100,000 8,522 8,522 100,000
18 1,000 29,539 68,059 68,059 100,000 8,832 8,832 100,000
19 1,000 32,066 76,386 76,386 105,413 9,103 9,103 100,000
20 1,000 34,719 85,624 85,624 114,737 9,334 9,334 100,000

20 20,000 34,719 85,624 85,624 114,737 9,334 9,334 100,000

@ 62 27,000 79,064 107,214 107,214 137,235 9,762 9,762 100,000
@ 65 30,000 94,836 149,125 149,125 181,933 8,995 8,995 100,000

</TABLE>

Based on 0% interest rate and guaranteed charges, the policy will lapse in year
39.

This illustration assumes a premium tax of 2.25%.

35
<PAGE>

PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Page 1 of 1
Statutory Home Office: East Greenbush, New York
MALE 35 NEVERSMOKE FACE AMOUNT: $100,000
INITIAL ANNUAL PREMIUM: $1,000

THE FLEX EDGE SUCCESS -- A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
INSURANCE POLICY OPTION 2
<TABLE>
<CAPTION>

Assuming
---------------------------------------------------------
Current Charges Guaranteed Charges
------------------------------ -------------------------
Assumed Cash Cash
Annual Premium Account Surrender Death Account Surrender Death
Premium Accum. Value Value Benefit Value Value Benefit
Year Payments @ 5% @ 12.00% @ 12.00% @ 12.00% @ 0.0% @ 0.0% @ 0.0%
- ------ ------ ------ ------- ------- ------ ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,000 1,050 666 0 100,666 512 0 100,513
2 1,000 2,153 1,550 589 101,551 1,157 196 101,158
3 1,000 3,310 2,516 1,329 102,516 1,782 595 101,782
4 1,000 4,526 3,568 2,261 103,569 2,384 1,077 102,385
5 1,000 5,802 4,715 3,408 104,716 2,964 1,657 102,964

5 5,000 5,802 4,715 3,408 104,716 2,964 1,657 102,964

6 1,000 7,142 5,965 4,803 105,966 3,519 2,357 103,520
7 1,000 8,549 7,326 6,309 107,327 4,048 3,031 104,049
8 1,000 10,027 8,810 7,937 108,810 4,552 3,679 104,552
9 1,000 11,578 10,425 9,990 110,425 5,026 4,591 105,026
10 1,000 13,207 12,186 12,186 112,186 5,472 5,472 105,473

10 10,000 13,207 12,186 12,186 112,186 5,472 5,472 105,473

11 1,000 14,917 14,111 14,111 114,112 5,887 5,887 105,887
12 1,000 16,713 16,219 16,219 116,219 6,268 6,268 106,268
13 1,000 18,599 18,526 18,526 118,526 6,614 6,614 106,615
14 1,000 20,579 21,053 21,053 121,053 6,925 6,925 106,925
15 1,000 22,657 23,820 23,820 123,821 7,196 7,196 107,196

15 15,000 22,657 23,820 23,820 123,821 7,196 7,196 107,196

16 1,000 24,840 27,004 27,004 127,004 7,468 7,468 107,469
17 1,000 27,132 30,511 30,511 130,511 7,694 7,694 107,695
18 1,000 29,539 34,374 34,374 134,375 7,867 7,867 107,868
19 1,000 32,066 38,631 38,631 138,631 7,982 7,982 107,982
20 1,000 34,719 43,319 43,319 143,319 8,030 8,030 108,030

20 20,000 34,719 43,319 43,319 143,319 8,030 8,030 108,030

@ 62 27,000 79,064 92,590 92,590 192,591 5,927 5,927 105,928
@ 65 30,000 94,836 126,018 126,018 226,018 3,139 3,139 103,139

</TABLE>

Based on 0% interest rate and guaranteed charges, the policy will lapse in year
33.

Death Benefit, Account Value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
Premium Payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 1.56%
(includes mortality and expense risk charge of 0.8% for fifteen years, then
0.25% and average fund operating expenses of 0.76% applicable to the investment
sub-accounts of the VUL Separate Account). Hypothetical gross interest rates are
presented for illustrative purposes only to illustrate funds allocated entirely
to the investment sub-accounts of the VUL Separate Account and do not in any way
represent actual results or suggest that such results will be achieved in the
future. Actual values will differ from those shown whenever actual investment
results differ from hypothetical gross interest rates illustrated. A Guaranteed
Interest Account providing interest at a minimum guaranteed rate of 4% is also
available under this product through the General Account.

This illustration assumes a premium tax of 2.25%.

36
<PAGE>

PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Page 1 of 1
Statutory Home Office: East Greenbush, New York
FEMALE 35 NEVERSMOKE FACE AMOUNT: $100,000
INITIAL ANNUAL PREMIUM:$1,000

THE FLEX EDGE SUCCESS -- A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
INSURANCE POLICY OPTION 2

1 1,000 1,050 695 0 100,695 534 0 100,535
2 1,000 2,153 1,611 682 101,611 1,200 271 101,200
3 1,000 3,310 2,611 1,457 102,611 1,844 690 101,845
4 1,000 4,526 3,702 2,507 103,703 2,467 1,271 102,467
5 1,000 5,802 4,893 3,698 104,894 3,066 1,870 103,066

5 5,000 5,802 4,893 3,698 104,894 3,066 1,870 103,066

6 1,000 7,142 6,192 5,129 106,193 3,640 2,577 103,641
7 1,000 8,549 7,608 6,676 107,609 4,189 3,256 104,189
8 1,000 10,027 9,153 8,352 109,153 4,710 3,909 104,711
9 1,000 11,578 10,840 10,440 110,840 5,206 4,806 105,207
10 1,000 13,207 12,683 12,683 112,684 5,676 5,676 105,677

10 10,000 13,207 12,683 12,683 112,684 5,676 5,676 105,677

11 1,000 14,917 14,706 14,706 114,707 6,120 6,120 106,121
12 1,000 16,713 16,927 16,927 116,927 6,538 6,538 106,538
13 1,000 18,599 19,365 19,365 119,366 6,927 6,927 106,927
14 1,000 20,579 22,044 22,044 122,044 7,286 7,286 107,286
15 1,000 22,657 24,986 24,986 124,987 7,614 7,614 107,615

15 15,000 22,657 24,986 24,986 124,987 7,614 7,614 107,615

16 1,000 24,840 28,376 28,376 128,376 7,954 7,954 107,955
17 1,000 27,132 32,122 32,122 132,123 8,260 8,260 108,261
18 1,000 29,539 36,263 36,263 136,263 8,528 8,528 108,528
19 1,000 32,066 40,837 40,837 140,838 8,752 8,752 108,753
20 1,000 34,719 45,895 45,895 145,896 8,933 8,933 108,933

20 20,000 34,719 45,895 45,895 116,344 8,933 8,933 108,933

@ 62 27,000 79,064 100,073 100,073 200,073 8,863 8,863 108,863
@ 65 30,000 94,836 137,710 137,710 237,710 7,797 7,797 107,798

</TABLE>

Based on 0% interest rate and guaranteed charges, the policy will lapse in year
38.

Death Benefit, Account Value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
Premium Payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 1.56%
(includes mortality and expense risk charge of 0.8% for fifteen years, then
0.25% and average fund operating expenses of 0.76% applicable to the investment
sub-accounts of the VUL Separate Account). Hypothetical gross interest rates are
presented for illustrative purposes only to illustrate funds allocated entirely
to the investment sub-accounts of the VUL Separate Account and do not in any way
represent actual results or suggest that such results will be achieved in the
future. Actual values will differ from those shown whenever actual investment
results differ from hypothetical gross interest rates illustrated. A Guaranteed
Interest Account providing interest at a minimum guaranteed rate of 4% is also
available under this product through the General Account.

This illustration assumes a premium tax of 2.25%.

37
<PAGE>

PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Page 1 of 1
Statutory Home Office: East Greenbush, New York
MALE 35 NEVERSMOKE BASE FACE AMOUNT: $100,000
FEMALE 35 NEVERSMOKE INITIAL ANNUAL PREMIUM: $1,000

JOINT EDGE -- A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY
OPTION 1
<TABLE>
<CAPTION>

Assuming
---------------------------------------------------------
Current Charges Guaranteed Charges
------------------------------ -------------------------
Assumed Cash Cash
Annual Premium Account Surrender Death Account Surrender Death
Premium Accum. Value Value Benefit Value Value Benefit
Year Payments @ 5% @ 12.00% @ 12.00% @ 12.00% @ 0.0% @ 0.0% @0.0%
- ------ ------ ------ ------- ------- ------ ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,000 1,050 598 0 100,000 383 0 100,000
2 1,000 2,153 1,406 423 100,000 894 0 100,000
3 1,000 3,310 2,287 1,206 100,000 1,377 295 100,000
4 1,000 4,526 3,248 2,076 100,000 1,831 659 100,000
5 1,000 5,802 4,296 3,087 100,000 2,252 1,044 100,000

5 5,000 5,802 4,296 3,087 100,000 2,252 1,044 100,000

6 1,000 7,142 5,438 4,374 100,000 2,639 1,576 100,000
7 1,000 8,549 6,684 5,766 100,000 2,988 2,069 100,000
8 1,000 10,027 8,043 7,345 100,000 3,298 2,600 100,000
9 1,000 11,578 9,530 9,052 100,000 3,567 3,090 100,000
10 1,000 13,207 11,154 11,154 100,000 3,797 3,797 100,000

10 10,000 13,207 11,154 11,154 100,000 3,797 3,797 100,000

11 1,000 14,917 12,928 12,928 100,000 3,983 3,983 100,000
12 1,000 16,713 14,862 14,862 100,000 4,122 4,122 100,000
13 1,000 18,599 16,970 16,970 100,000 4,212 4,212 100,000
14 1,000 20,579 19,272 19,272 100,000 4,249 4,249 100,000
15 1,000 22,657 21,787 21,787 100,000 4,229 4,229 100,000

15 15,000 22,657 21,787 21,787 100,000 4,229 4,229 100,000

16 1,000 24,840 24,538 24,538 100,000 4,147 4,147 100,000
17 1,000 27,132 27,555 27,555 100,000 3,995 3,995 100,000
18 1,000 29,539 30,865 30,865 100,000 3,761 3,761 100,000
19 1,000 32,066 34,501 34,501 100,000 3,436 3,436 100,000
20 1,000 34,719 38,500 38,500 100,000 3,009 3,009 100,000

20 20,000 34,719 38,500 38,500 100,000 3,009 3,009 100,000

@ 62 27,000 79,064 81,068 81,068 103,768 0 0 0
@ 65 30,000 94,836 110,698 110,698 135,052 0 0 0

</TABLE>

Based on 0% interest rate and guaranteed charges, the policy will lapse in year
25.

Death Benefit, Account Value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
Premium Payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 1.59%
(includes mortality and expense risk charge of 0.8% and average fund operating
expenses of 0.79% applicable to the investment sub-accounts of the VUL Separate
Account). Hypothetical gross interest rates are presented for illustrative
purposes only to illustrate funds allocated entirely to the investment
sub-accounts of the VUL Separate Account and do not in any way represent actual
results or suggest that such results will be achieved in the future. Actual
values will differ from those shown whenever actual investment results differ
from hypothetical gross interest rates illustrated. A Guaranteed Interest
Account providing interest at a minimum guaranteed rate of 4% is also available
under this product through the General Account.

This illustration assumes a premium tax of 2.25%.

38
<PAGE>

JOINT EDGE -- A FLEXIBLE PREMIUM JOINT UNIVERSAL LIFE INSURANCE POLICY
OPTION 2
<TABLE>
<CAPTION>
Assuming
---------------------------------------------------------
Current Charges Guaranteed Charges
------------------------------ -------------------------
Assumed Cash Cash
Annual Premium Account Surrender Death Account Surrender Death
Premium Accum. Value Value Benefit Value Value Benefit
Year Payments @ 5% @ 12.00% @ 12.00% @ 12.00% @ 0.0% @ 0.0% @ 0.0%
- ------ ------ ------ ------- ------- ------ ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,000 1,050 596 0 100,597 381 0 100,382
2 1,000 2,153 1,400 417 101,401 889 0 100,889
3 1,000 3,310 2,274 1,192 102,274 1,366 284 101,366
4 1,000 4,526 3,223 2,052 103,224 1,812 640 101,813
5 1,000 5,802 4,255 3,047 104,256 2,223 1,015 102,224

5 5,000 5,802 4,255 3,047 104,256 2,223 1,015 102,224

6 1,000 7,142 5,375 4,312 105,376 2,599 1,535 102,599
7 1,000 8,549 6,592 5,674 106,593 2,932 2,014 102,933
8 1,000 10,027 7,913 7,215 107,913 3,225 2,527 103,226
9 1,000 11,578 9,350 8,872 109,350 3,475 2,997 103,475
10 1,000 13,207 10,909 10,909 110,910 3,682 3,682 103,682

10 10,000 13,207 10,909 10,909 110,910 3,682 3,682 103,682

11 1,000 14,917 12,603 12,603 112,603 3,842 3,842 103,842
12 1,000 16,713 14,433 14,433 114,434 3,953 3,953 103,954
13 1,000 18,599 16,412 16,412 116,412 4,013 4,013 104,013
14 1,000 20,579 18,550 18,550 118,551 4,016 4,016 104,017
15 1,000 22,657 20,861 20,861 120,862 3,961 3,961 103,962

15 15,000 22,657 20,861 20,861 120,862 3,961 3,961 103,962

16 1,000 24,840 23,359 23,359 123,360 3,841 3,841 103,842
17 1,000 27,132 26,064 26,064 126,064 3,650 3,650 103,650
18 1,000 29,539 28,989 28,989 128,990 3,376 3,376 103,377
19 1,000 32,066 32,154 32,154 132,155 3,010 3,010 103,011
20 1,000 34,719 35,574 35,574 135,575 2,544 2,544 102,544

20 20,000 34,719 35,574 35,574 135,575 2,544 2,544 102,544

@ 62 27,000 79,064 68,238 68,238 168,239 0 0 0
@ 65 30,000 94,836 88,253 88,253 188,253 0 0 0

</TABLE>

Based on 0% interest rate and guaranteed charges, the policy will lapse in year
24.

Death Benefit, Account Value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
Premium Payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 1.59%
(includes mortality and expense risk charge of 0.8% and average fund operating
expenses of 0.79% applicable to the investment sub-accounts of the VUL Separate
Account). Hypothetical gross interest rates are presented for illustrative
purposes only to illustrate funds allocated entirely to the investment
sub-accounts of the VUL Separate Account and do not in any way represent actual
results or suggest that such results will be achieved in the future. Actual
values will differ from those shown whenever actual investment results differ
from hypothetical gross interest rates illustrated. A Guaranteed Interest
Account providing interest at a minimum guaranteed rate of 4% is also available
under this product through the General Account.

This illustration assumes a premium tax of 2.25%.

39
<PAGE>

VERSION B
VARIABLE LIFE INSURANCE POLICY
Issued By: Phoenix Home Life Mutual Insurance Company
101 Munson Street
P.O. Box 810
Greenfield, Massachusetts 01302-0810
Telephone: (800) 892-4885
PROSPECTUS
May 1, 1996

This prospectus describes a Flexible Premium Variable Life Insurance Policy
(the "Policy"), offered by Phoenix Home Life Mutual Insurance Company ("Phoenix
Home Life"). An applicant chooses the amount of Issue Premium desired and it is
then shown in the Policy. Generally, the minimum Issue Premium Phoenix Home Life
will accept is the greater of $50 or 1/6 of the Planned Annual Premium. Phoenix
Home Life may in some cases accept less than that amount. The amount and payment
frequency of planned premiums are as shown in the Policy. If too much is paid in
premium in the early Policy Years, the Policy could become a "modified endowment
contract". This would cause loans and other amounts received under the Policy to
be subject to tax and/or penalties. Currently, Phoenix Home Life notifies a
Policyowner when a Policy becomes a modified endowment contract.

Premium payments are allocated to one or more of the sub-accounts of the
Phoenix Home Life Variable Universal Life Account (the "VUL Account") or to the
Guaranteed Interest Account ("GIA"), as specified in the applicant's application
for insurance. Each Sub-account of the VUL Account invests exclusively in a
portfolio of The Phoenix Edge Series Fund (the "Fund"). The available portfolios
of the Fund currently include the Money Market Series; Growth Series; Bond
Series; Total Return Series; Balanced Series, International, Real Estate and
Strategic Theme Series. For certain Policyowners, the Issue Premium is first
allocated to the Money Market Sub-account before being allocated according to
the instructions in the application.

It may not be advantageous to purchase a Policy as a replacement for your
current life insurance or to supplement an existing life insurance policy.

This prospectus is valid only if accompanied by or preceded by a current
prospectus for The Phoenix Edge Series Fund. This prospectus and the prospectus
for the Fund should be read and retained for future reference.

1
<PAGE>

TABLE OF CONTENTS

Page
- --------------------------------------------------
VARIABLE LIFE INSURANCE POLICY 1
TABLE OF CONTENTS 2
FINANCIAL HIGHLIGHTS 3
SPECIAL TERMS 7
SUMMARY 7
PHOENIX HOME LIFE AND THE VARIABLE ACCOUNT 9
Phoenix Home Life Mutual Insurance Company 9
The VUL Account 9
The Guaranteed Interest Account 10
THE POLICY 10
Introduction 10
Eligible Purchasers 10
Premium Payment 10
Allocation of Issue Premium 11
Right to Cancel Period 11
Temporary Insurance Coverage 12
Transfer of Policy Value 12
Determination of Sub-account Values 12
Death Benefit 13
Surrenders 13
Policy Loans 14
Lapse 15
Payment of Premiums During Period of
Disability 15
Additional Insurance Options 15
Additional Rider Benefits 15
INVESTMENTS OF THE VUL ACCOUNT 16
Participating Mutual Fund 16
Investment Adviser to The Phoenix Edge
Series Fund 17
Reinvestment and Redemption 17
Substitution of Investments 17
Performance History 18
CHARGES AND DEDUCTIONS 19
Monthly Deduction 19
Premium Taxes 19
Mortality and Expense Risk Charge 20
Investment Management Charge 20
Other Charges 20
GENERAL PROVISIONS 21
Postponement of Payments 21
Payment by Check 21
The Contract 22
Suicide 22
Incontestability 22
Change of Owner or Beneficiary 22
Assignment 22
Misstatement of Age or Sex 22
Surplus 22

Page
- --------------------------------------------------
PAYMENT OF PROCEEDS 22
Surrender and Death Benefit Proceeds 22
Payment Options 22
FEDERAL TAX CONSIDERATIONS 23
Introduction 23
Phoenix Home Life's Tax Status 23
Policy Proceeds 23
Other Taxes 24
Modified Endowment Contracts 24
Limitations on Unreasonable Mortality
and Expense Charges 25
Qualified Plans 25
Diversification Standards 25
Change of Ownership or Insured or Assignment 26
VOTING RIGHTS 26
The Fund 26
Phoenix Home Life 26
THE DIRECTORS AND EXECUTIVE OFFICERS
OF PHOENIX HOME LIFE 26
SAFEKEEPING OF THE VUL ACCOUNT'S ASSETS 27
SALES OF POLICIES 27
STATE REGULATION 28
REPORTS 28
LEGAL PROCEEDINGS 28
LEGAL MATTERS 28
REGISTRATION STATEMENT 28
FINANCIAL STATEMENTS 28
APPENDIX A 31
APPENDIX B 32

The Policy is not available in all States.

2
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

Following are the Financial Highlights for the periods indicated:

Money Market Sub-account
------------------------------------
Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses ......................... (1)
Net investment income .................. (1)

Growth Sub-account
------------------------------------

(1) Annualized

3
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

Bond Sub-account
-------------------------------------
Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Net realized and unrealized gain (loss)
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses .........................
Net investment income ..................
Portfolio turnover ......................

Total Return Sub-account
-------------------------------------
Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Net realized and unrealized gain (loss)
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses .........................
Net investment income ..................
Portfolio turnover ......................

(1) Annualized

4
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

International Sub-account
-------------------------------------
Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Net realized and unrealized gain (loss)
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses .........................
Net investment income ..................
Portfolio turnover ......................
Balanced Sub-account
-------------------------------------
Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Net realized and unrealized gain (loss)
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses .........................
Net investment income ..................
Portfolio turnover ......................

(1) Annualized

5
<PAGE>

FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)

Real Estate
Sub-account
-------------------------------------
Net asset value, beginning of period ....
Income from investment operations
Net investment income ..................
Net realized and unrealized gain (loss)
Total from investment operations ......
Change in net asset value ............... [To be filed by amendment]
Net asset value, end of period ..........
Total return ............................
Ratios/supplemental data:
Net assets, end of period (000) ........
Ratio to average net assets of:
Total expenses .........................
Net investment income ..................
Portfolio turnover ......................

(1) Annualized

STRATEGIC THEME SUB-ACCOUNT

This Sub-account commenced operations as of the date of this prospectus;
accordingly financials for this Sub-account are not yet available.

6
<PAGE>

SPECIAL TERMS

As used in this Prospectus, the following terms have the indicated meanings:

Attained Age: The age of the Insured on the birthday nearest the most recent
Policy Anniversary.

Beneficiary: The person or persons specified by the Policyowner as entitled to
receive the death benefits under a Policy.

Cash Surrender Value: The Policy Value less any surrender charge that would
apply on the date of surrender and less any Debt.

Debt: Outstanding loans against a Policy, plus accrued interest.

General Account: The general asset account of Phoenix Home Life.

In Force: Condition under which the coverage under a Policy is in effect and
the Insured's life remains insured.

Insured: The person upon whose life the Policy is issued.

In Writing (Written Request): In a written form satisfactory to Phoenix Home
Life and delivered to Variable and Universal Life Administration.

Issue Premium: The premium payment made in connection with the issue of the
Policy.

Maturity Date: The latest date that the Policy will terminate.

Minimum Required Premium: The required premium as specified in the Policy. An
increase or decrease in the face amount of the policy will change the Minimum
Required Premium amount.

Phoenix Home Life: Phoenix Home Life Mutual Insurance Company, Hartford,
Connecticut.

Policy Anniversary: Each anniversary of the Policy Date.

Policy Date: The Policy Date as shown on the Schedule Page of the Policy. It
is the date from which Policy Years and Policy Anniversaries are measured.

Policy Month: The period from one Monthly Calculation Day up to but not
including the next Monthly Calculation Day.

Policyowner (Owner): The owner of a Policy.

Policy Value: The sum of a Policy's share in the values of each Sub-account of
the VUL Account plus the Policy's share in the values of the Guaranteed Interest
Account.

Sub-accounts: Accounts within the VUL Account to which non-loaned assets under
a Policy are allocated.

Valuation Date: For any Sub-account, each date on which the net asset value of
the Fund is determined.

Valuation Period: For any Sub-account, the period in days from the end of one
Valuation Date through the next.

Variable and Universal Life Administration: Variable and Universal Life
Administration Division of Phoenix Home Life Mutual Insurance Company.

VUL Account: Phoenix Home Life Variable Universal Life Account.

SUMMARY

1. What is the Difference Between the Policy and a Conventional Fixed Benefit
Life Insurance Policy?

7
<PAGE>

portfolio of the Fund. Also, under the Policy, the Policy Value
invested in the VUL Account is not guaranteed and may increase or decrease
depending upon the investment experience of the Sub-accounts of the VUL Account.
Accordingly, the Policyowner bears the investment risk of any depreciation in
value of the underlying assets but reaps the benefits of any appreciation in
value. See "Policy Value."

If a Whole Life Exchange Option Rider is attached to the Policy, the Policy
may be exchanged for a fixed-benefit whole life policy. (See "Additional Rider
Benefits").

2. Is There a Guaranteed Account Option?

3. What Is the Death Benefit under the Policy?

The Policy provides for the payment of benefits upon the death of the Insured.
Upon application for a Policy, an applicant designates an Issue Premium. The
Policy indicates the face amount of insurance. The death benefit will equal the
face amount on the date of the Insured's death or, if greater, the Policy Value
on the date of the Insured's death increased by the applicable percentage set
forth in the Policy. If the enhanced death benefit option is selected, the death
benefit will equal the face amount on the date of the Insured's death plus the
Policy Value or, if greater, the Policy Value on the date of the Insured's death
increased by the applicable percentage set forth in the Policy. Guaranteed death
benefit and living benefits riders are also available. See "Death Benefit."

4. How Long Will the Policy Remain In Force?

The Policy will only lapse when the Cash Surrender Value is insufficient to
pay the monthly deduction (see "Charges and Deductions -- Monthly Deductions"),
and a grace period expires without payment of the additional amount required. In
this respect, the Policy differs in two important respects from a conventional
life insurance Policy. First, the failure to pay additional premiums will not
automatically cause the Policy to lapse. Second, the payment of premiums of any
pre-specified amount does not guarantee that the Policy will remain In Force
until the Maturity Date. A rider is available to ensure that premium payments
will continue during a period of disability.

5. What Charges are There in Connection With the Policy?

Monthly Deduction: A deduction is made each Policy Month from the Policy Value
(excluding the value of the loaned portion of the Guaranteed Interest Account)
to pay the cost of insurance provided under the Policy; the cost of any rider
benefits provided; any unpaid balance of the $150 Issue Expense Charge; and an
administrative charge as shown on the schedule page of the Policy. The
administrative charge may vary but in no event will it exceed $10 per month.
Currently, the administrative charge is $5.00 per month. The administrative
charge is set at a level designed to recover actual costs and is not designed to
result in any profit to Phoenix Home Life. See "Charges and Deductions."

Phoenix Home Life charges each Sub-account of the VUL Account the daily
equivalent of 0.80% on an annual basis of the current value of the Sub-account's
net assets for its assumption of certain mortality and expense risks incurred in
connection with the Policy.

Premium amounts are also reduced by any applicable state premium tax based on
the Policyowner's last known address on record with Variable and Universal Life
Administration and, for payments made during a grace period, by the amount
needed to cover any monthly deductions made during the grace period.

Investment advisory charges are imposed on an annual basis based on the
average daily net assets of the Series of the Fund as follows:

Phoenix Realty Securities, Inc.

Rate for First Rate for Next Rate for Excess
Series $1,000,000,000 $1,000,000,000 Over $2,000,000,000
- ------ -------------- -------------- -------------------
Real Estate .75% .70% .65%

In addition, each Series (except the International, Real Estate and Strategic
Theme Series) pays a portion or all of its other operating expenses, up to .15%
of its total net assets. The International, Real Estate and Strategic Theme
Series pay other operating

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<PAGE>

expenses up to .40%, .25% and .25%, respectively, of its total net assets. See
"Charges and Deductions."

6. Is there a Right to Cancel Period?

7. How are Premiums Allocated?

If the applicant elects the Temporary Money Market Allocation Amendment in the
application, Phoenix Home Life will allocate the entire Issue Premium less any
applicable charges to the Money Market Sub-account of the VUL Account. Phoenix
Home Life requires this election for all applicants in certain states and for
applicants in certain states who indicate on their application that they intend
the Policy to replace existing insurance. At the expiration of the Right to
Cancel Period for such Policyowners, the Policy Value will be allocated among
the Sub-accounts of the VUL Account or to the Guaranteed Interest Account in
accordance with the Policyowner's allocation instructions in the application for
insurance. All other Policyowners will have their Issue Premium less any
applicable charges allocated according to the instructions in the application on
the date it is received without first having the premium placed in the Money
Market Sub-account. The Policy Value may be allocated among the available
Sub-accounts of the VUL Account, each of which invests in shares of a designated
portfolio of the Fund, or to the Guaranteed Interest Account. The eight
portfolios of the Fund currently available are: Money Market Series, Growth
Series, Bond Series, Total Return Series, Balanced Series, International Series,
Strategic Theme Series and Real Estate Series. See "Investments of the VUL
Account."

8. After the Initial Allocation, May I Change the Allocation of Policy Value?

Yes. A Policyowner may transfer amounts among the Sub- accounts of the VUL
Account or the Guaranteed Interest Account. Only one transfer per Policy Year is
permitted from the unloaned portion of the Guaranteed Interest Account. The
amount of that transfer is limited to the higher of $1,000 or 25% of the value
of the Policy in the unloaned portion of the Guaranteed Interest Account. Also,
Phoenix Home Life reserves the right to require that transfers be made by
written request. Phoenix Home Life further reserves the right to permit
transfers of less than $500 only if the entire balance in the Sub-account of the
VUL Account or the Guaranteed Interest Account is transferred. A systematic
transfer program is also available. See "Transfer of Policy Value."

9. May the Policy be Surrendered?

Yes. A Policyowner may totally surrender the Policy at any time and receive
the Cash Surrender Value. Subject to certain limitations, the Policyowner may
also partially surrender the Policy at any time prior to the Maturity Date. In
the future, Phoenix Home Life may set a minimum partial surrender amount, not to
exceed $500. See "Surrenders -- Partial Surrenders." A partial surrender will
result in a decrease in the death benefit under the Policy. See "Death Benefit."
If the Policy is totally or partially surrendered during the first ten Policy
Years, a Surrender Charge will apply. See "Surrender Charge." In addition, there
may be certain tax consequences as the result of a surrender. For example, a
Policy may be a "modified endowment contract" if the amount of premium paid
during the first seven Policy Years is more than the amount that would have been
paid if the Policy had provided for paid-up benefits after the payment of seven
level annual premiums. Distributions such as loans and full or partial
surrenders under a modified endowment contract may be taxable income to the
extent they exceed the premiums paid. If such income is distributed before the
Policyowner attains age 591/2, a 10% penalty tax may be imposed. See "Federal
Tax Considerations."

10. What is the Policy's Loan Privilege?

The proceeds of Policy loans may be subject to Federal income tax under certain
circumstances. See "Federal Tax Considerations."

11. How are Insurance Benefits Paid?

Surrender and death benefits under the Policy may be paid in a lump sum or under
one of the payment options set forth in the Policy. See "Payment Options."

PHOENIX HOME LIFE AND THE VARIABLE ACCOUNT

Phoenix Home Life Mutual Insurance Company

The VUL Account

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<PAGE>

The VUL Account currently has eight Sub-accounts available for allocation of
Policy Value. If in the future Phoenix Home Life determines that marketing needs
and investment conditions warrant, Phoenix Home Life may establish additional
Sub-accounts, which will be made available to existing Policyowners to the
extent and on a basis determined by Phoenix Home Life. Each Sub-account will
invest solely in shares of the Fund allocable to one of eight portfolios, each
having the specified investment objective set forth under "Investments of the
VUL Account -- Participating Mutual Fund."

The Guaranteed Interest Account

The Guaranteed Interest Account is not part of the VUL Account. It is
accounted for as part of the General Account. Phoenix Home Life reserves the
right to limit cumulative deposits, including transfers, to the unloaned portion
of the Guaranteed Interest Account to no more than $250,000 during any one-week
period. Phoenix Home Life will credit interest daily on the amounts allocated
under the Policy to the Guaranteed Interest Account. The credited rate will be
uniform by class. The loaned portion of the Guaranteed Interest Account will be
credited interest at an effective annual fixed rate of 6%. Interest on the
unloaned portion of the Guaranteed Interest Account will be credited at an
effective annual rate of not less than 4%.

THE POLICY

Introduction

The Policy is a variable life insurance policy. The Policy has a death
benefit, Cash Surrender Value, and loan privilege such as is associated with a
traditional fixed benefit whole life policy. The Policy differs from a fixed
benefit whole life policy, however, because the Policyowner specifies into which
of several Sub- accounts of the VUL Account or the Guaranteed Interest Account
net premium is to be allocated. Each Sub-account of the VUL Account, in turn,
invests its assets exclusively in a portfolio of the Fund. The Policy Value
varies according to the investment performance of the Series to which Policy
Value has been allocated.

Eligible Purchasers

Premium Payment

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<PAGE>

quency of planned premiums are as shown on the schedule page of the
Policy. All premiums are payable in advance at Variable and Universal Life
Administration, except that the Issue Premium may be paid to an authorized agent
of Phoenix Home Life for forwarding to the Underwriting Department of Phoenix
Home Life.

Any premium payments will be reduced by the premium tax charge applicable in
the state of the Policyowner's last known address on record with Variable and
Universal Life Administration. The Issue Premium will also be reduced by the
Issue Expense Charge of $150 on a pro rata basis in equal monthly installments
over a 12 month period. Any unpaid balance of the Issue Expense Charge will be
paid to Phoenix Home Life upon Policy Lapse or termination.

A Policyowner may authorize his bank to draw $25 or more from his personal
checking account monthly to purchase Units in any available Sub-account. The
amount the Policyowner designates will be automatically invested in the
Sub-account of his choice on the date the bank draws on his account.

Allocation of Issue Premium

Right to Cancel Period

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<PAGE>

will refund the applicant the same amount as would have been refunded under
the Policy had it been issued but returned for refund during the Right to Cancel
Period.

Temporary Insurance Coverage

Transfer of Policy Value

Systematic Transfer Program

A Policyowner may elect to transfer funds automatically among the Sub-accounts
or the unloaned portion of the Guaranteed Interest Account ("GIA") on a monthly,
quarterly, semi-annual or annual basis under the Systematic Transfer Program for
Dollar Cost Averaging ("Systematic Transfer Program"). Under this Systematic
Transfer Program, the minimum initial and subsequent transfer amounts are $25
monthly, $75 quarterly, $150 semi-annually, or $300 annually. A Policyowner must
have an initial value of $1,000 in the GIA or the Sub-account that funds will be
transferred from and if the value in that Sub-account or the GIA drops below the
elected transfer amount, the entire remaining balance will be transferred and no
more systematic transfers will be processed. Funds may be transferred from only
one Sub-account or the GIA, but may be allocated to multiple Sub-accounts. Under
the Systematic Transfer Program, Policyowners may make more than one transfer
per Policy Year from the GIA, in approximate equal amounts over a minimum 18
month period. All transfers under the Systematic Transfer Program will be
executed on the basis of the respective values as of the first of the month
following receipt of the transfer request. If the first of the month falls on a
holiday or weekend, then the transfer will be processed on the next succeeding
business day.

Non-Systematic Transfers

For policies issued with the Temporary Money Market Allocation Amendment,
transfers may not be made until termination of the Right to Cancel Period.

Determination of Sub-account Values

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<PAGE>

(D) The sum of the following daily charges multiplied by the number of days in
the current Valuation Period:

1. the mortality and expense risk charge; and

2. the charge, if any, for taxes and reserves for taxes on investment
income, and realized and unrealized capital gains.

Death Benefit

General

The death benefit (under Option 1) equals the Policy's face amount on the date
of the Insured's death or, if greater, the minimum death benefit on the date of
death. Under Option 2, the death benefit equals the Policy's face amount on the
date of the Insured's death plus the Policy Value. Under either Option, the
minimum death benefit is the Policy Value on the date of death of the Insured
increased by the applicable percentage from the table contained in the Policy,
based on the Insured's attained age at the beginning of the Policy Year in which
the death occurs. If no option is elected, Option 1 will apply.

Guaranteed Death Benefit Option

Living Benefits Option

In the event of a terminal illness of the Insured, an accelerated payment of
up to 75% of the Policy's death benefit (up to a maximum of $250,000) is
available. The minimum face amount of the Policy after any such accelerated
benefit payment is $10,000.

Partial Surrender and Decreases in Face Amount: Effect on
Death Benefit

Requests for Decrease in Face Amount

A Policyowner may request a decrease in face amount at any time after the
first Policy Year. Unless Phoenix Home Life agrees otherwise, the decrease must
at least equal $10,000 and the face amount remaining after the decrease must at
least equal $25,000. All face amount decrease requests must be in writing and
will be effective on the first Monthly Calculation Day following the date
Phoenix Home Life approves the request. A partial surrender charge will be
deducted from the Policy Value based on the amount of the decrease, upon a
decrease in face amount. The charge will equal the applicable surrender charge
that would apply to a full surrender multiplied by a fraction (the decrease in
face amount divided by the face amount of the Policy before the decrease).

Surrenders

General

Full Surrenders

Partial Surrenders

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<PAGE>

options described under "Payment of Proceeds -- Payment Options."

Upon a partial surrender the Policy Value will be reduced by the sum of the
following:

The benefit payment under the Living Benefits Rider is not considered a
partial surrender.

Policy Loans

The amount of any loan will be added to the loaned portion of the Guaranteed
Interest Account and subtracted from the Policy's share of the Sub-accounts or
the unloaned portion of the Guaranteed Interest Account, based on the allocation
requested at the time of the loan. The total reduction will equal the amount
added to the loaned portion of the Guaranteed Interest Account. Allocations must
generally be expressed in terms of whole percentages. If no allocation request
is made, the amount subtracted from the share of each Sub-account or the
unloaned portion of the Guaranteed Interest Account will be determined in the
same manner as provided for monthly deductions. Interest will be credited and
the loaned portion of the GIA will increase at an effective annual rate of
6.00%, compounded daily and payable in arrears. At the end of each Policy Year
and at the time of any Debt repayment, interest credited to the loaned portion
of the GIA will be transferred to the unloaned portion of the GIA.

Failure to repay a policy loan or to pay loan interest will not terminate the
Policy except as otherwise provided under the terms of the Policy concerning the
grace period and lapse.

The proceeds of Policy loans may be subject to Federal income tax under
certain circumstances. See "Federal Tax Considerations."

The Policyowner will pay interest on the loan at an effective annual rate,
compounded daily and payable in arrears. For the first ten Policy Years or until
the Policyowner reaches age 65, whichever occurs first, the rate will be 8.00%
and thereafter the rate will be 7.00%. At the end of each Policy Year, any
interest due on the Debt will be treated as a loan and will be offset by a
transfer from the Policyowner's values to the value of the loaned portion of the
Guaranteed Interest Account.

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<PAGE>

icy Value does not increase as rapidly as it would have had no loan been made.
If the Sub-accounts or the Guaranteed Interest Account earn less than 6.00% per
annum, Policy Value is greater than it would have been had no loan been made. A
Policy loan, whether or not repaid, also has an effect on the Policy's Death
Benefit due to any resulting differences in Cash Surrender Value.

Lapse

Unlike conventional life insurance policies, the payment of the Issue Premium,
no matter how large, or the payment of additional premiums will not necessarily
continue the Policy In Force to its Maturity Date. Policy Value must remain
positive to avoid lapse. Beginning in the third Policy Year, the Cash Surrender
Value must also be positive to avoid lapse. However, until the Cash Surrender
Value becomes positive for the first time, the Policy will not lapse as long as
all premiums planned at issue have been paid. Subject to the foregoing, lapse
will occur when the Cash Surrender Value is insufficient to cover the monthly
deduction, and a grace period expires without payment of the additional amount
required. If the Cash Surrender Value is insufficient to cover the monthly
deduction, the Policyowner must pay during the grace period the amount equal to
three times the required monthly deduction. See "Charges and Deductions."

Payment of Premiums During Period of Disability

A Policyholder may also elect a Waiver of Premium Rider. This rider provides
for the waiver of certain premium payments under the Policy under certain
conditions during a period of total disability of the Insured. Under its terms,
the specified premium will be waived upon Phoenix Home Life's receipt of proof
that the insured is totally disabled and that the disability occurred while the
rider was In Force. The terms of this rider may vary by state.

Additional Insurance Options

In addition, once each Policy Year, a Policyowner may request an increase in
face amount. This request should be made within 90 days prior to the Policy
Anniversary and is subject to an issue expense charge of $3.00 per $1,000 of
increase in face amount, up to a maximum of $150, and to Phoenix Home Life's
receipt of adequate evidence of insurability. A Right to Cancel Period as
described in "The Policy" section of this Prospectus applies to each increase in
face amount.

Additional Rider Benefits

A Policyowner may purchase additional benefits under a Policy. These benefits
are cancellable by the Policyowner at any time. A charge will be deducted
monthly from your Policy Value for each additional rider benefit you choose
except where noted below. Riders listed below that specify "no charge" are
automatically included in your policy. More details will be included in the form
of a rider to your Policy if you choose any of these benefits. The following
benefits are currently available; however, additional riders may be available as
described in the Policy.

(bullet) Disability Waiver of Specified Premium Rider

(bullet) Accidental Death Benefit Rider

An additional death benefit will be paid if the Insured dies from bodily
injury that results from an accident if the Insured dies no

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<PAGE>

later than 90 days after injury; and before the Policy Anniversary nearest the
Insured's 75th birthday.

(bullet) Death Benefit Protection Rider

Level: Expiry Date of Death Benefit
Guaranteed, the later of:

1 The policy anniversary nearest the
Insured's 70th birthday or the 7th
Policy Year

2 The policy anniversary nearest the
Insured's 80th birthday or the 10th
Policy Year

3 The policy anniversary nearest the
Insured's 95th birthday.

Level 1 or 2 guarantees may be extended provided that the Policy's Cash
Surrender Value is sufficient and the Policyowner pays the new Minimum Required
Premium.

For Policies issued in New York, 2 guarantee periods are available:

1 The policy anniversary nearest the Insured's 75th birthday or the 10th
Policy Year

2 The policy anniversary nearest the Insured's 95th birthday.

(bullet) Face Amount of Insurance Increase Rider

Under the terms of this rider, any time after the first Policy Anniversary, a
Policyholder may request an increase in the face amount of insurance provided
under the Policy. Requests for face amount increases must be made in writing,
and Phoenix Home Life requires additional evidence of insurability. The
effective date of the increase will generally be the Policy Anniversary
following approval of the increase. The increase may not be less than $25,000
and no increase will be permitted after the Insured's age 75. The charge for
the increase is $3 per thousand of face amount increase requested subject to a
maximum of $150. No additional monthly administration charge will be assessed
for face amount increases. Phoenix Home Life will deduct any charges
associated with the increase (the increases in cost of insurance charges),
from the Policy Value, whether or not the Policyowner pays an additional
premium in connection with the increase. The surrender charge applicable to
the Policy will also increase. At the time of the increase, the Cash Surrender
Value must be sufficient to pay the monthly deduction on that date, or
additional premiums will be required to be paid on or before the effective
date. Also, a new Right to Cancel period (see "The Policy -- Right to Cancel
Period") will be established for the amount of the increase. For a discussion
of possible implications of a material change in the Policy resulting from the
increase, see "Material Change Rules." There is no charge for this rider.

(bullet) Whole Life Exchange Option Rider

This rider permits the Policyowner to exchange his Policy for a fixed-benefit
whole life policy at the later of age 65 or Policy Year 15. There is no charge
for this rider.

(bullet) Purchase Protection Plan Rider

Under this rider a Policyowner may, at pre-determined future dates, purchase
additional insurance protection without evidence of insurability.

(bullet) Living Benefits Rider

INVESTMENTS OF THE VUL ACCOUNT

Participating Mutual Fund
Each Sub-account of the VUL Account invests solely in shares of a corresponding
portfolio of The Phoenix Edge Series Fund (the "Fund"), a Massachusetts business
trust. The Fund currently has the following Series available through the
Policies:

Money Market Series: The investment objective of the Money Market Series is to
provide maximum current income consistent with capital preservation and
liquidity.

Growth Series: The investment objective of the Growth Series is to achieve
intermediate and long-term growth of capital, with income as a secondary
consideration.

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<PAGE>

Real Estate Series: The investment objective of the Real Estate Securities
Series is to seek capital appreciation and income with approximately equal
emphasis. It intends under normal circumstances to invest in marketable
securities of publicly traded real estate investment trusts (REITs) and
companies that operate, develop, manage and/or invest in real estate located
primarily in the United States.

Each Series will be subject to the market fluctuations and risks inherent in
the ownership of any security and there can be no assurance that any Series'
stated investment objective will be realized.

In addition to being sold to the VUL Account, shares of the Fund are also sold
to the Phoenix Home Life Variable Accumulation Account, a separate account
utilized by Phoenix Home Life to receive and invest premiums paid under certain
variable annuity contracts issued by Phoenix Home Life. Shares of the Fund may
also be sold to other separate accounts of Phoenix Home Life or its affiliates
or of other insurance companies.

Investment Adviser to The Phoenix Edge Series Fund
The Fund's investment advisers are Phoenix Investment Counsel, Inc. ("PIC")
and Phoenix Realty Securities, Inc. ("PRS") (the "Advisers"), which are located
at 56 Prospect Street, Hartford, Connecticut 06115. PIC was originally organized
in 1932 as John P. Chase, Inc. In addition to the services it provides to the
Fund, PIC also serves as investment adviser to the Phoenix Series Fund, Phoenix
Total Return Fund, Inc., and Phoenix Multi-Portfolio Fund and as sub-adviser to
the Chubb America Fund, Inc., American Skandia Trust, SunAmerica Series Trust
and JNL Series Trust.

PRS was formed in 1994 as an indirect subsidiary of Phoenix Home Life. In
addition to the Fund, it also serves as investment adviser to the Real Estate
Portfolio of the Phoenix Multi Portfolio Fund.

Substitution of Investments
Phoenix Home Life reserves the right, subject to compliance with the law as
currently applicable or subsequently changed, to make additions to, deletions
from, or substitutions for the investments held by the VUL Account. In the
future Phoenix Home Life may establish additional Sub-accounts within the VUL
Account, each of which will invest solely in shares of a designated portfolio of
the Fund with a specified investment objective. These portfolios will be
established if, and when, in the sole discretion of Phoenix Home Life, marketing
needs and investment conditions warrant, and will be made available under
existing Policies to the extent and on a basis to be determined by Phoenix Home
Life.

If shares of any of the portfolios of the Fund should no longer be available
for investment, or if in the judgment of Phoenix Home Life's management further
investment in shares of any of the portfolios should become inappropriate in
view of the objectives of the Policy, then Phoenix Home Life may substitute
shares of another mutual fund for shares already purchased, or to be purchased
in the future, under the Policy. No substitution of mutual fund shares held by
the VUL Account may take place without prior approval of the Securities and
Exchange Commission, and prior notice to the Policyowner. In the event of a
substitution, the Policyowner will be given the option of transferring the
Policy Value of the Sub-account in which the substitution is to occur to another
Sub-account.

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<PAGE>

Example:
Assumptions:

Value of hypothetical pre-existing account
with exactly one unit at the
beginning of the period:..................... *
Value of the same account (excluding capital
changes) at the end of the seven day period: *
Calculation:
Ending account value ........................ *
Less beginning account value ................ *
Net change in account value ................. *
Base period return:
(adjusted change/beginning account value) ... *
Current yield = return x (365/7)= .......... *
Effective yield = [( 1 + return)365/7] - 1 = *
*[To be filed by Amendment]

When a Sub-account advertises its total return, it will usually be calculated
for one year, five years, and ten years or since inception if the Sub-account
has not been in existence for at least ten years. Total return is measured by
comparing the value of a hypothetical $10,000 investment in the Sub-account at
the beginning of the relevant period to the value of the investment at the end
of the period, assuming the reinvestment of all distributions at net asset value
and the deduction of an applicable Policy charges except for cost of insurance
and surrender charges (which vary by Insured) and premium taxes (which vary by
state) at the beginning of the relevant period.

Below are quotations of standardized average annual total return calculated as
described above.

Average Annual Total Return
For the period Ended 12/31/94
Sub- Commencement
account Date 1 Year 5 Years 10 Years Life of Fund
- -------- -------- ------ ------- -------- ------------
Bond ......... 01/01/83
Balanced ..... 05/01/92 [To be filed by Amendment]
Total
Return ..... 09/17/84
Growth ....... 01/01/83
International 05/01/90
Real
Estate ..... 05/01/95

Annual Total Returns
- -------------------- Total
Year Bond Balanced Return Growth International
- --------- ----- ------ ------ ----- ------------
1983...... 5.1% N/A N/A 31.7% N/A
1984...... 10.3% N/A -1.4% 9.7% N/A
1985...... 19.5% N/A 26.2% 33.7% N/A
1986...... 18.2% N/A 14.7% 19.4% N/A
1987...... 0.2% N/A 11.6% 6.0% N/A
1988...... 9.5% N/A 1.4% 3.0% N/A
1989...... 6.9% N/A 18.4% 34.4% N/A
1990...... 4.4% N/A 5.1% 3.2% -8.9%
1991...... 18.5% N/A 28.1% 41.5% 18.7%
1992...... 9.1% 8.8% 9.7% 9.3% -13.6%
1993...... 15.0% 7.8% 10.1% 18.8% 37.3%
1994...... -6.2% -3.6% -2.2% 0.7% -0.7%
1995...... [To be filed by Amendment]

Real Strategic
Year Estate Theme
- ------ ------- -----
1983.... N/A N/A
1984.... N/A N/A
1985.... N/A N/A
1986.... N/A N/A
1987.... N/A N/A

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<PAGE>
Real Strategic
Year Estate Theme
- ------ ------- -----
1988.... N/A N/A
1989.... N/A N/A
1990.... N/A N/A
1991.... N/A N/A
1992.... N/A N/A
1993.... N/A N/A
1994.... N/A N/A
1995.... [To be filed by Amendment]

The Fund's Annual Report, available upon request and without charge, contains
a discussion of the performance of the Fund and a comparison of that performance
to a securities market index.

CHARGES AND DEDUCTIONS

Charges are deducted in connection with the Policy to compensate Phoenix Home
Life for: (1) incurring expenses in distributing the Policy; (2) issuing the
Policy; (3) premium taxes incurred on premiums received; (4) providing the
insurance benefits set forth in the Policy; and (5) assuming certain risks in
connection with the Policy. The nature and amount of these charges are described
more fully below.

1. Monthly Deduction

(a) Issue Expense Charge. A cost-based issue administration charge of $150 is
assessed on a pro rata basis in equal monthly installments over a 12 month
period to compensate Phoenix Home Life for underwriting and start-up
expenses in connection with issuing a Policy. Phoenix Home Life may reduce
or eliminate the Issue Expense Charge for Policies issued under group or
sponsored arrangements. Generally, administrative costs per Policy vary
with the size of the group or sponsored arrangement, its stability as
indicated by its term of existence and certain characteristics of its
members, the purposes for which the Policies are purchased and other
factors. The amounts of any reductions will be considered on a
case-by-case basis and will reflect the reduced administration costs
expected as a result of sales to a particular group or sponsored
arrangement.

(b) Cost of Insurance. In order to calculate the cost of insurance charge,
Phoenix Home Life multiplies the applicable cost of insurance rate by the
difference between the death benefit selected (death benefit Option 1 if
no selection is made) and the Policy Value. Generally, cost of insurance
rates are based on the sex, attained age and risk class of the Insured.
However, in certain states and for policies issued in conjunction with
certain qualified plans, cost of insurance rates are not based on sex. The
actual monthly cost of insurance rates are based on Phoenix Home Life's
expectations of future experience. They will not, however, be greater than
the guaranteed cost of insurance rates set forth in the Policy. These
guaranteed maximum rates are equal to 100% of the 1980 Commissioner's
Standard Ordinary ("CSO") Mortality Table, with appropriate adjustment for
the Insured's risk classification. Any change in the cost of insurance
rates will apply to all persons of the same sex, insurance age and risk
class whose Policies have been In Force for the same length of time. The
risk class of an Insured may affect the cost of insurance rate. Phoenix
Home Life currently places Insureds into a standard risk class or a risk
class involving a higher mortality risk, depending upon the health of the
Insured as determined by medical information that Phoenix Home Life
requests. In an otherwise identical Policy, Insureds in the standard risk
class will have a lower cost of insurance than those in the risk class
with the higher mortality risk. The standard risk class is also divided
into three categories: smokers and nonsmokers and those who have never
smoked. Non-smokers will generally incur a lower cost of insurance than
similarly situated Insureds who smoke.

2. Premium Taxes. Various states and subdivisions impose a tax on premiums
received by insurance companies. Premium taxes vary from state to state. The
assessment made for each premium paid is equal to the tax assessed by the state
in which the Policyowner resides according to Phoenix Home Life's records at the
time of the payment. Currently, the taxes imposed by states on premiums range
from 0.75% to 4% of premiums paid. Moreover, certain municipalities in
Louisiana, Kentucky and South Carolina also impose taxes on premiums paid, in
addition to the state taxes imposed by these states. The premium tax charge
represents an

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amount Phoenix Home Life considers necessary to pay all premium taxes imposed
by such states and any subdivisions thereof, and Phoenix Home Life does not
expect to derive a profit from this charge. These taxes are deducted from the
Issue Premium, and from each subsequent premium payment.

3. Mortality and Expense Risk Charge

Phoenix Home Life will deduct a daily charge from the VUL Account at an annual
rate of 0.80% of the average daily net assets of the VUL Account to compensate
for certain risks assumed in connection with the Policy. This charge is not
deducted from the Guaranteed Interest Account.

4. Investment Management Charge

As compensation for their investment management services to the Fund, the
Advisers are entitled to fees, payable monthly and based on an annual percentage
of the average aggregate daily net asset values of each Series as summarized in
the following tables:

Phoenix Investment Counsel, Inc.
--------------------------------

Phoenix Realty Securities, Inc.
-------------------------------
Rate for First Rate for Next Rate for Excess Over
Series $1,000,000,000 $1,000,000,000 $2,000,000,000
- ------ -------------- -------------- --------------
Real Estate .75% .70% .65%

In addition, each Series pays a portion or all of its other operating expenses
other than the management fees; the Growth, Bond, Total Return, Money Market and
Balanced Series will pay up to .15%; the Real Estate and Strategic Theme Series
will pay up to .25%; the International Series will pay up to .40%; the Wanger
U.S. Small Cap Series will pay up to .17%; and the Wanger International Small
Cap Series will pay up to .27% of its total net assets.

5. Other Charges

Surrender Charge

For the first ten Policy Years, there is a difference between the amount of
Policy Value and the amount of Cash Surrender Value of the Policy. This
difference is the surrender charge, consisting of a contingent deferred sales
charge designed to recover expenses for the distribution of Policies that are
terminated by surrender before distribution expenses have been recouped, and a
contingent deferred issue charge designed to recover expenses for the
administration of Policies that are terminated by surrender before
administrative expenses have been recouped. These are contingent charges because
they are paid only if the Policy is surrendered (or the Face Amount is reduced
or the Policy lapses) during the first 10 Policy Years. They are deferred
charges because they are not deducted from premiums. The contingent deferred
issue charge is set at a level designed to recover actual costs and is not
designed to result in any profit to Phoenix Home Life.

In Policy Years one through ten the full Surrender Charge as described below
will apply if the Policyowner either surrenders the Policy for its Cash
Surrender Value or lets the Policy lapse. The applicable Surrender Charge in any
Policy Month is the full Surrender Charge minus any surrender charges that have
been previously paid. There is no Surrender Charge after the 10th Policy Year.
The maximum Surrender Charge that a Policyowner could pay while he or she owns
the Policy is equal to either A plus B (as defined below) or the amount shown in
the table on Schedule Page 4 of the Policy, whichever is less.

A (the contingent deferred sales charge) is equal to:

1) 30% of all premiums paid (up to and including the amount stated on
Schedule Page 4 of the Policy, which is calculated according to a
formula contained in a Securities and Exchange Commission rule); plus

2) 10% of all premiums paid in excess of this amount but not greater than
twice this amount; plus

3) 9% of all premiums paid in excess of twice this amount.

B (the contingent deferred issue charge) is equal to:

$5.00 per $1,000 of initial Face Amount.

As an example, the following illustrates the maximum Surrender Charge on a
$100,000 Policy for a male age 35 who has never smoked who has paid $3,000 in
premium payments, and who surrenders the Policy in the 70th Policy Month.
Schedule Page 4 of the Policy would show that the maximum Surrender Charge to be
paid would be equal to either A plus B (shown below) or the

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amount shown in the chart in the Policy (also shown below), whichever
is less:

A is equal to:

1) 30% of all premiums paid, up to $1,058.45 (equals $317.54); plus

2) 10% of all premiums paid in excess of $1,058.45 but not greater than
$2,116.90 (equals $105.83); plus

3) 9% of all premiums paid in excess of $2,116.90 (equals $79.48); plus

B which is equal to $500.

Therefore A plus B is equal to $1,002.87.

The chart that would be shown in the Policy is reproduced below:

MAXIMUM SURRENDER CHARGE TABLE

Policy Surrender Policy Surrender Policy Surrender
Month Charge Month Charge Month Charge
- ------ ------- ------ ------- ------ -------
1-60 $1029.22 80 $823.38 100 $531.90
61 1018.93 81 813.09 101 516.26
62 1008.64 82 802.80 102 500.61
63 998.35 83 792.50 103 484.97
64 988.06 84 782.21 104 469.33
65 977.76 85 766.57 105 453.68
66 967.47 86 750.92 106 438.04
67 957.18 87 735.28 107 422.39
68 946.89 88 719.63 108 406.75
69 936.59 89 703.99 109 372.85
70 926.30 90 688.35 110 338.96
71 916.01 91 672.70 111 305.06
72 905.72 92 657.06 112 271.17
73 895.43 93 641.41 113 237.27
74 885.13 94 625.77 114 203.37
75 874.84 95 610.12 115 169.48
76 864.55 96 594.48 116 135.58
77 854.26 97 578.84 117 101.69
78 843.96 98 563.19 118 67.79
79 833.67 99 547.55 119 33.90
120 .00

If the Surrender occurred in Policy Month 70, the Policyowner would pay the
lesser of $1002.87 (as computed above) or $926.30 (amount in table above). This
Policyowner would pay a Surrender Charge of $926.30. Phoenix Home Life may
reduce the surrender charge for Policies issued under group or sponsored
arrangements. The amounts of reductions will be considered on a case-by-case
basis and will reflect the reduced costs to Phoenix Home Life expected as a
result of sales to a particular group or sponsored arrangement.

Partial Surrender Fee
A fee equal to the lesser of $25 or 2% of the amount withdrawn from the Policy
is deducted from the Policy Value upon a partial surrender of the Policy to
recover the actual costs of processing the partial surrender request. The
assessment to each Sub-account or to the Guaranteed Interest Account will be
made in the same manner as provided for the partial surrender amount paid. That
is, that the Policy's share in the value of each Sub-account or the Guaranteed
Interest Account will be reduced based on the allocation made at the time of the
partial surrender. If no allocation request is made, the assessment to each
Sub-account and to the Guaranteed Interest Account will be made in the same
manner as provided for monthly deductions.

GENERAL PROVISIONS

Postponement of Payments

Payment by Check

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Payments under the Policy of any amounts derived from premiums paid by check
may be delayed until such time as the check has cleared the Policyowner's bank.

Incontestability
Phoenix Home Life cannot contest this Policy or any attached rider after it
has been In Force during the lifetime of the Insured for two years from the
Policy Date.

Misstatement of Age or Sex

PAYMENT OF PROCEEDS

Surrender and Death Benefit Proceeds
Proceeds of full or partial surrenders and the death proceeds will usually be
paid in one lump sum within seven days after Phoenix Home Life receives the
request for surrender and due proof of death, unless another payment option has
been elected. Payment of the death proceeds, however, may be delayed if the
claim for payment of the death proceeds needs to be investigated; e.g., to
ensure payment of the proper amount to the proper payee. Any such delay will not
be beyond that reasonably necessary to investigate such claims consistent with
insurance practices customary in the life insurance industry. In addition, under
certain conditions, in the event of the terminal illness of the Insured, an
accelerated payment of up to 75% of the Policy's Death Benefit (up to maximum of
$250,000), is available under the Living Benefits Rider. The minimum face amount
remaining after any such accelerated benefit payment is $10,000.

A written form satisfactory to Phoenix Home Life is required to elect, change,
or revoke a payment option.

The minimum amount of surrender or death proceeds that may be applied under
any income option is $1,000.

If the Policy is assigned as collateral security, Phoenix Home Life will pay
any amount due the assignee in one lump sum. Any remaining proceeds will remain
under the option elected.

Option 1 -- Lump sum.

Payment in one lump sum.

Option 2 -- Left to earn interest.
A payment of interest during the payee's lifetime on the amount payable as a
principal sum. Interest rates are guaranteed to be at least 3 percent per year.

Option 3 -- Payment for a specific period.
Equal income installments are paid for a specified period of years whether the
payee lives or dies. The first payment will be on

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the date of settlement. The assumed interest rate on the unpaid balance is
guaranteed not to be less than 3 percent per year.

For additional information concerning the above payment options, see the
Policy.

FEDERAL TAX CONSIDERATIONS

Introduction
The ultimate effect of Federal income taxes on values under the VUL Account
and on the economic benefit to the Policyowner or Beneficiary depends on Phoenix
Home Life's tax status and upon the tax status of the individual concerned. The
discussion contained herein is general in nature and is not intended as tax
advice. For complete information on Federal and state tax considerations, a
qualified tax adviser should be consulted. No attempt is made to consider any
estate and inheritance taxes, or any state, local or other tax laws. Because the
discussion herein is based upon Phoenix Home Life's understanding of Federal
income tax laws as they are currently interpreted, Phoenix Home Life cannot
guarantee the tax status of any Policy. No representation is made regarding the
likelihood of continuation of current Federal income tax laws, Treasury
regulations, or of the current interpretations by the Internal Revenue Service.
Phoenix Home Life reserves the right to make changes to the Policy in order to
assure that it will continue to qualify as life insurance for tax purposes.

Policy Proceeds

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Beneficiary under Code Section 101(a)(1). Also, the Policyowner should not be
deemed to be in constructive receipt of the Cash Value, including increments
thereon. See, however, the sections below on possible taxation of amounts
received under the Policy, via full surrender, partial surrender or loan. In
addition, a benefit paid under a Living Benefit Rider may be taxable as income
in the year of receipt.

Modified Endowment Contracts

General. Pursuant to Code Section 72(e), loans and other amounts received
under "modified endowment contracts" will in general be taxed to the extent of
accumulated income (generally, the excess of Cash Value over premiums paid).
Policies are "modified endowment contracts" if they meet the definition of life
insurance, but fail the "7-pay test." This test essentially provides that the
cumulative premiums paid under the Policy at any time during the Policy's first
7 years cannot exceed the sum of the net level premiums that would have been
paid on or before that time had the Policy provided for paid-up future benefits
after the payment of 7 level annual premiums. In addition, a modified endowment
contract includes any life insurance contract that is received in exchange for a
modified endowment contract. Premiums paid during a Policy Year that are
returned by Phoenix Home Life (with interest) within 60 days after the end of
the Policy Year will not cause the Policy to fail the 7-pay test.

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Penalty Tax. Any amounts taxable under the modified endowment contract rule
will be subject to an additional 10 percent excise tax, with certain exceptions.
This additional tax will not apply in the case of distributions: (i) made on or
after the taxpayer attains age 591/2; (ii) which are attributable to the
taxpayer's disability (within the meaning of Code Section 72(m)(7)); or (iii)
which are part of a series of substantially equal periodic payments (not less
frequently than annually) made for the life (or life expectancy) of the taxpayer
or the joint lives (or life expectancies) of the taxpayer and his Beneficiary.

Limitations on Unreasonable Mortality and Expense Charges

Qualified Plans

Diversification Standards

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Phoenix Home Life intends to comply with the Diversification Regulations to
assure that the Policies continue to qualify as variable life insurance for
Federal income tax purposes.

Change of Ownership or Insured or Assignment

VOTING RIGHTS

The Fund

Phoenix Home Life will vote the Fund shares held by the Sub- accounts of the
VUL Account at any regular and special meetings of shareholders of the Fund, a
Massachusetts business trust. To the extent required by law, such voting will be
in accordance with instructions received from the Policyowner. However, if the
Investment Company Act of 1940 or any regulation thereunder should be amended or
if the present interpretation thereof should change, and as a result Phoenix
Home Life determines that it is permitted to vote the Fund shares at its own
discretion, it may elect to do so.

Each Policyowner will receive proxy materials, reports, and other materials
relating to the Fund.

Phoenix Home Life

A Policyowner (or the payee entitled to payment under a payment option if a
different person) will have the right to vote at annual meetings of all Phoenix
Home Life Policyholders for the election of members of the Board of Directors of
Phoenix Home Life and on other corporate matters, if any, where a Policyholder's
vote is taken. At meetings of all of the Phoenix Home Life Policyholders, a
Policyholder (or payee) may cast only one vote as the holder of a Policy,
irrespective of Policy Value or the number of the Policies held.