SEPARATE ACCOUNT TWO OF MANUFACTURERS LIFE INS CO OF AMERI
497, 1996-08-15
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<PAGE>   1



 SEPARATE ACCOUNT TWO - VARIABLE ANNUITY ISSUED BY
 THE MANUFACTURERS LIFE INSURANCE COMPANY OF AMERICA


 Supplement to Statement of Additional Information
 Dated May 1, 1996





 This Statement of Additional Information relates to certain Flexible Payment
 Variable Annuity Policies issued by The Manufacturers Life Insurance Company
 of America.  The Statement of Additional Information is not a prospectus but
 should be read in conjunction with the prospectus of Separate Account Two
 dated May 1, 1996 as amended August 14, 1996 which may be obtained from The
 Manufacturers Life of America Service Office, 200 Bloor Street East,
 Toronto, Ontario, Canada M4W 1E5.

 The date of this supplement is August 14, 1996.

 The date of this Statement of Additional Information is May 1, 1996.






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