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SUPPLEMENT TO PROSPECTUS
FOR SEPARATE ACCOUNT THREE OF THE
MANUFACTURERS LIFE INSURANCE COMPANY OF AMERICA
DATED MAY 1, 1999
GENERAL INFORMATION ABOUT MANUFACTURERS
MANUFACTURERS LIFE OF AMERICA
The sub-section entitled "Manufacturers Life of America," under the
section entitled General Information About Manufacturers" is amended and
restated as follows:
Manufacturers Life of America is a stock life insurance company organized under
the laws of Pennsylvania on April 11, 1977 and re-domesticated under the laws of
Michigan on December 9, 1992. It is a licensed life insurance company in the
District of Columbia and all states of the United States except New York. The
ultimate parent of Manufacturers Life of America is Manulife Financial
Corporation ("MFC"), a stock life insurance holding company based in Toronto,
Canada. MFC owns 100% of the shares of The Manufacturers Life Insurance Company
("Manufacturers Life") a stock life insurance company based in Toronto, Canada.
Manufacturers Life and its subsidiaries including Manufacturers Life of America,
together, constitute one of the largest life insurance companies in North
America and rank among the 60 largest life insurers in the world as measured by
assets. However, neither Manufacturers Life of America, Manufacturers Life nor
MFC guarantees the investment performance of the Separate Account.
TAX TREATMENT OF POLICY BENEFITS
DISTRIBUTIONS
DISTRIBUTIONS FROM MEC'S
The following paragraph is added to the end of the sub-section entitled
"Distributions from MEC's," under the sub-section entitled "Distributions" under
the section "Tax Treatment of Policy Benefits" as follows:
Policy Split Options
This option permits a Policy to be split into two other individual Policies upon
the occurrence of a divorce of the lives insured or certain changes in federal
estate tax law. The purchase and exercise of the policy split option could have
adverse tax consequences. For example, it is not clear whether a policy split
will be treated as a nontaxable exchange under Sections 1031 through 1043 of the
Code. If a policy split is not treated as a nontaxable exchange, a split could
result in the recognition of taxable income in an amount up to any gain in the
Policy at the time of the split. It is also not clear whether the cost of the
policy split option, which is deducted monthly from Policy Value, will be
treated as a taxable distribution. Before purchasing the policy split option or
exercising rights provided by the policy split option, please consult with a
competent tax adviser regarding the possible consequences.
SUPPLEMENT DATED NOVEMBER 12, 1999
New SVUL Supp 11/99
