<PAGE>
SUPPLEMENT DATED JANUARY 1, 2001
TO
PROSPECTUSES DATED NOVEMBER 1, 2000
This supplement is intended to be distributed with prospectuses dated November
1, 2000 for "Independence Variable Annuity," "Independence Preferred Variable
Annuity," and "Independence 2000 Variable Annuity" variable annuity contracts
issued prior to January 1, 2001 by John Hancock Life Insurance Company or John
Hancock Variable Life Insurance Company.
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. The "American Leaders Large Cap Value Fund" has been renamed the
"Large Cap Value CORE/SM/ II Fund." "Large Cap Value CORE/SM/ II Fund"
replaces "American Leaders Large Cap Value Fund" wherever shown in the
prospectus. The Large Cap Value CORE/SM/ II Fund is managed by Goldman
Sachs Asset Management.
. The "Mid Cap Value Fund" has been renamed the "Large/Mid Cap Value II
Fund." "Large/Mid Cap Value II Fund" replaces "Mid Cap Value Fund"
wherever shown in the prospectus. The Large/Mid Cap Value II Fund is
managed by Wellington Management Company, LLP.
. The "Small/Mid Cap Value Fund" has been renamed the "Small Cap Value
Fund." "Small Cap Value Fund" replaces "Small/Mid Cap Value Fund"
wherever shown in the prospectus. The Small Cap Value Fund is managed
by T. Rowe Price Associates, Inc.
. The "Core Bond Fund" has been renamed the "Active Bond II Fund."
"Active Bond II Fund" replaces "Core Bond Fund" wherever shown in the
prospectus. The Active Bond II Fund is managed by John Hancock
Advisers, Inc.
THIS SUPPLEMENT IS ACCOMPANIED WITH A PROSPECTUS SUPPLEMENT DATED JANUARY 1,
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2001 FOR THE JOHN HANCOCK VARIABLE SERIES TRUST I THAT CONTAINS DETAILED
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INFORMATION ABOUT THE FUNDS MENTIONED ABOVE. BE SURE TO READ THAT PROSPECTUS
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SUPPLEMENT BEFORE SELECTING ONE OR MORE OF THESE FUNDS AS AN INVESTMENT OPTION.
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<PAGE>
SUPPLEMENT DATED JANUARY 1, 2001
TO
PROSPECTUSES DATED NOVEMBER 1, 2000
This supplement is intended to be distributed with prospectuses dated November
1, 2000 for "Independence 2000 Variable Annuity" variable annuity contracts
issued on or after January 1, 2001 by John Hancock Life Insurance Company or
John Hancock Variable Life Insurance Company.
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. "American Leaders Large Cap Value," "Mid Cap Value" and "Core Bond"
Funds are no longer offered as investment options in the Independence
2000 Variable Annuity variable annuity contract. Any reference to
these Funds should be disregarded wherever shown in the prospectus.
. The "Small/Mid Cap Value Fund" has been renamed the "Small Cap Value
Fund." The Small Cap Value Fund is managed by T. Rowe Price
Associates, Inc. "Small Cap Value Fund" replaces "Small/Mid Cap Value
Fund" on page 1 and wherever else shown in the prospectus. "T. Rowe
Price Associates, Inc." replaces "The Boston Company Asset Management,
LLC" as Small Cap Value Fund's manager on page 1 and wherever else
shown in the prospectus.
This supplement is accompanied with a prospectus supplement dated January 1,
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2001 for the John Hancock Variable Series Trust I (the "Trust") that contains
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detailed information about the Small Cap Value Fund mentioned above. Be sure to
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read the Trust prospectus supplement before selecting the Small Cap Value Fund
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as an investment option.
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