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PROSPECTUS SUPPLEMENT
VEL Plus
VEL Account of Allmerica Financial Life Insurance and Annuity Company
Supplement to Prospectus dated April 30, 1996
The Company has reduced the charge for mortality and expense risks under the
Policies from an annual rate of 0.90% to an annual rate of 0.65% of the
average daily net asset value of each Sub-Account. The first sentence under
the caption "CHARGES AGAINST THE VEL ACCOUNT" of the prospectus is amended to
read in its entirety as follows:
CHARGES AGAINST THE VEL ACCOUNT - A daily charge equivalent to an
effective annual rate of 0.65% of the average daily net asset value
of each Sub-Account is imposed to compensate the Company for its
assumption of certain mortality and expense risks.
The first sentence under the caption "CHARGES AGAINST ASSETS OF THE VEL
ACCOUNT" of the prospectus is amended to read in its entirety as follows:
The Company currently makes a charge on an annual basis of 0.65% of the
daily net asset value in each Sub-Account.
The first sentence of the fifth paragraph under the caption APPENDIX C -
ILLUSTRATIONS OF SUM INSURED, POLICY VALUES AND ACCUMULATED PREMIUMS of the
Prospectus is amended to read in its entirety as follows:
The amounts shown for the Death Proceeds and Policy Values take into
account the deduction from premiums for the premium tax charge, the
Monthly Deduction from Policy Value, and a daily charge of 0.90% against
the Sub-Accounts for mortality and expense risks (the actual mortality
and expense risk charge is currently 0.65%).
* * *
The Company pays to registered representatives who sell the Policy
commissions based on a commission schedule. After issue of the Policy or an
increase in Face Amount, commissions generally will equal 15 percent of the
first year premiums up to a basic premium amount established by the Company.
Thereafter, commissions will generally equal 4 percent of any additional
premiums. Alternative commission schedules are available with lower initial
commission amounts based on premium payments, plus ongoing annual
compensation of up to 0.50% of Certificate Value. Certain registered
representatives, including registered representatives enrolled in the
Company's training program for new agents, may receive additional first year
and renewal commissions and training reimbursements. General Agents of the
Company and certain registered representatives may also be eligible to
receive expense reimbursements based on the amount of earned commissions.
General Agents may also receive overriding commissions, which will not exceed
2.5 percent of first year or 4 percent of renewal premiums.
Supplement Dated May 15, 1996
