<PAGE>
PACIFIC SELECT EXEC II
Flexible Premium Variable Universal Life Insurance Policy
Issued by Pacific Life Insurance Company
Supplement dated December 17, 1999 to
Prospectus dated May 1, 1999
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This supplement changes the prospectus to reflect the following effective
January 1, 2000:
--------------------------------------------------------------------------------
Two new variable investment The two new investment options are added to the list on page 1 of the
options are available prospectus. References to the 18 variable investment options throughout the
prospectus are changed to refer to 20 variable investment options.
. Diversified Research
. International Large-Cap
--------------------------------------------------------------------------------
The names of two variable The Growth variable investment option is now called the Small-Cap Equity
investment options are changed variable investment option.
The International variable investment option is now called the International
Value variable investment option.
These new names reflect the change in name of the underlying portfolios of
Pacific Select Fund. Throughout the prospectus or supplement thereof, any
reference to the Growth or International portfolio, variable account or
variable investment option is changed to refer to the Small-Cap Equity or
International Value portfolio, variable account or variable investment option,
respectively.
--------------------------------------------------------------------------------
An overview of Pacific Select The following is added to the chart under Fees and expenses paid by the Pacific
Exec II is amended Select Fund:
-------------------------------------------------------------------------------
Portfolio Advisory Fee Other Expenses Total Expenses+
-------------------------------------------------------------------------------
Diversified Research* 0.90% 0.05% 0.95%
International Large-Cap* 1.05% 0.15% 1.20%
* Expenses are estimated. There were no actual advisory fees or other expenses
for these portfolios in 1998 because the portfolios started on January 3,
2000. See page 11 of the prospectus for information about expense caps
through December 31, 2000 for these portfolios.
+ Effective January 1, 2000, the fund will implement a brokerage enhancement
12b-1 plan, under which brokerage transactions may be placed with broker-
dealers in return for credits that may be used to help promote distribution
of fund shares. There are no fees or charges to any portfolio under this
plan, although the fund's distributor may defray expenses which it would
otherwise incur for distribution. If you assume the credits are a direct fund
expense, the expense would have no effect on Other expenses shown above.
The expenses for the Equity Index Portfolio in the chart under Fees and
expenses paid by the Pacific Select Fund are replaced with the following:
-------------------------------------------------------------------------------
Portfolio Advisory Fee Other Expenses Total Expenses+
-------------------------------------------------------------------------------
Equity Index 0.25% 0.05% 0.30%
1
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The following portfolios have new Alliance Capital Management L.P. is the portfolio manager of the Emerging
portfolio managers Markets portfolio.
Mercury Asset Management US is the portfolio manager of the Equity Index and
Small-Cap Index portfolios.
--------------------------------------------------------------------------------
Your Investment Options is amended The chart on page 35 of the prospectus is replaced with the chart on page 3 of
this supplement.
--------------------------------------------------------------------------------
Illustrations is amended The seventh and eighth bullet points under Assumptions are replaced with the
following:
. Illustrations 1 through 12 assume total annual advisory fees and expenses of
.80% of total average daily net assets of the fund. This reflects average
advisory fees of .72% and average expenses of .08% based upon fees and
expenses of portfolios available as investment options under the policy.
. Illustrations 13 and 14 assume total annual advisory fees and expenses of
.68% of total average daily net assets of the fund. This reflects weighted
average advisory fees of .61% and weighted average expenses of .07% based
upon fees and expenses of portfolios available as investment options under
the policy.
The second bullet point under Things to keep in mind is replaced with the
following:
. After we've deducted the charges and fund expenses described in the
assumptions above, the illustrated gross annual investment rates of return of
0%, 6% and 12% correspond to approximate net annual rates of return of -.80%,
5.15%, and 11.10% for illustrations 1 through 12 and -.68%, 5.28%, and 11.24%
for illustrations 13 and 14.
Illustrations 1 through 14 are replaced with pages 4 through 17 of this
supplement.
--------------------------------------------------------------------------------
Accounting benefit rider The Accounting benefit rider described under The death benefit: Optional riders
is available to owners of policies issued on or after October 1, 1999.
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2
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YOUR INVESTMENT OPTIONS
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PORTFOLIO THE PORTFOLIO'S THE PORTFOLIO'S PORTFOLIO
INVESTMENT GOAL MAIN INVESTMENTS MANAGER
- -------------------------------------------------------------------------------------------------------------------
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Aggressive Equity Capital appreciation. Equity securities of small Alliance Capital
emerging-growth companies and Management L.P.
medium-sized companies.
- -------------------------------------------------------------------------------------------------------------------
Emerging Markets Long-term growth of Equity securities of companies Alliance Capital
capital. that are located in countries Management L.P.
generally regarded as "emerging
market" countries.
- -------------------------------------------------------------------------------------------------------------------
Diversified Research Long-term growth of Equity securities of U.S. Capital Guardian
capital. companies and securities whose Trust Company
principal markets are in the
U.S.
- -------------------------------------------------------------------------------------------------------------------
Small-Cap Equity Growth of capital. Equity securities of smaller Capital Guardian
(formerly called and medium-sized companies. Trust Company
Growth)
- -------------------------------------------------------------------------------------------------------------------
International Large-Cap Long-term growth of Equity securities of non-U.S. Capital Guardian
capital. companies and securities whose Trust Company
principal markets are outside
of the U.S.
- -------------------------------------------------------------------------------------------------------------------
Bond and Income Total return and income A wide range of fixed income Goldman Sachs Asset
consistent with prudent securities with varying terms Management
investment management. to maturity, with an emphasis
on long-term bonds.
- -------------------------------------------------------------------------------------------------------------------
Equity Capital appreciation. Equity securities of large U.S. Goldman Sachs Asset
Current income is of growth-oriented companies. Management
secondary importance.
- -------------------------------------------------------------------------------------------------------------------
Multi-Strategy High total return. A mix of equity and fixed J.P. Morgan
income securities. Investment Management
Inc.
- -------------------------------------------------------------------------------------------------------------------
Equity Income Long-term growth of capital Equity securities of large and J.P. Morgan
and income. medium-sized dividend-paying Investment Management
U.S. companies. Inc.
- -------------------------------------------------------------------------------------------------------------------
Growth LT Long-term growth of capital Equity securities of a large Janus Capital
consistent with the number of companies of any Corporation
preservation of capital. size.
- -------------------------------------------------------------------------------------------------------------------
Mid-Cap Value Capital appreciation. Equity securities of medium- Lazard Asset
sized U.S. companies believed Management
to be undervalued.
- -------------------------------------------------------------------------------------------------------------------
Equity Index Investment results that Equity securities of companies Mercury Asset
correspond to the total that are included in the Management US
return of common stocks Standard & Poor's 500 Composite
publicly traded in the U.S. Stock Price Index.
- -------------------------------------------------------------------------------------------------------------------
Small-Cap Index Investment results that Equity securities of companies Mercury Asset
correspond to the total that are included in the Management US
return of an index of small Russell 2000 Small Stock Index.
capitalization companies.
- -------------------------------------------------------------------------------------------------------------------
REIT Current income and long- Equity securities of real Morgan Stanley Asset
term capital appreciation. estate investment trusts. Management
- -------------------------------------------------------------------------------------------------------------------
International Value Long-term capital Equity securities of companies Morgan Stanley Asset
(formerly called appreciation primarily of any size located in Management
International) through investment in developed countries outside of
equity securities of the U.S.
corporations domiciled in
countries other than the
United States.
- -------------------------------------------------------------------------------------------------------------------
Government Securities Maximize total return Fixed income securities that Pacific Investment
consistent with prudent are issued or guaranteed by the Management Company
investment management. U.S. government, its
agencies or government-
sponsored enterprises.
- -------------------------------------------------------------------------------------------------------------------
Managed Bond Maximize total return Medium and high-quality fixed Pacific Investment
consistent with prudent income securities with varying Management Company
investment management. terms to maturity.
- -------------------------------------------------------------------------------------------------------------------
Money Market Current income consistent Highest quality money market Pacific Life
with preservation of instruments believed to have
capital. limited credit risk.
- -------------------------------------------------------------------------------------------------------------------
High Yield Bond High level of current Fixed income securities with Pacific Life
income. lower and medium-quality credit
ratings and intermediate to
long terms to maturity.
- -------------------------------------------------------------------------------------------------------------------
Large-Cap Value Long-term growth of Equity securities of large U.S. Salomon Brothers
capital. Current income is companies. Asset Management Inc
of secondary importance.
3
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ILLUSTRATIONS
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-------------------------------------------------------------------------------
Illustration 1
Death benefit Option A and guideline premium test at current cost of insurance
rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:A
GUIDELINE PREMIUM TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $439,120 $439,120 $439,120
2 $21,525 $439,120 $439,120 $439,120
This illustration assumes no policy loans 3 $33,101 $439,120 $439,120 $439,120
or partial withdrawals have been made. 4 $45,256 $439,120 $439,120 $439,120
5 $58,019 $439,120 $439,120 $439,120
The death benefits, accumulated values and 6 $71,420 $439,120 $439,120 $439,120
cash surrender values will differ if 7 $85,491 $439,120 $439,120 $439,120
premiums are paid in different amounts or 8 $100,266 $439,120 $439,120 $439,120
frequencies. 9 $115,779 $439,120 $439,120 $439,120
10 $132,068 $439,120 $439,120 $439,120
The hypothetical investment rates shown 15 $226,575 $439,120 $439,120 $439,120
above and elsewhere in this prospectus are 20 $347,192 $439,120 $439,120 $643,823
illustrative only and should not be 25 $501,134 $439,120 $439,120 $1,098,193
interpreted as a representation of past or 30 $697,607 $439,120 $568,672 $1,764,269
future investment results. Actual rates of 35 $948,362 $439,120 $767,320 $2,973,256
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made ACCUMULATED VALUE NET CASH SURRENDER VALUE
to variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,030 $7,514 $7,999 $1,477 $1,961 $2,446
for any one year or sustained over any 2 $13,888 $15,293 $16,757 $8,335 $9,739 $11,204
period of time. 3 $20,581 $23,355 $26,369 $15,028 $17,802 $20,816
4 $27,145 $31,766 $36,985 $21,592 $26,212 $31,432
This is an illustration only. An 5 $33,608 $40,562 $48,733 $28,055 $35,009 $43,180
illustration is not intended to predict 6 $39,979 $49,773 $61,752 $34,906 $44,701 $56,679
actual performance. Interest rates, 7 $46,262 $59,426 $76,189 $42,458 $55,622 $72,385
dividends, and values set forth in the 8 $52,455 $69,541 $92,202 $49,918 $67,005 $89,666
illustration are not guaranteed. 9 $58,552 $80,139 $109,968 $57,284 $78,871 $108,700
10 $64,541 $91,233 $129,674 $64,541 $91,233 $129,674
15 $100,751 $164,602 $277,449 $100,751 $164,602 $277,449
20 $131,781 $256,758 $527,724 $131,781 $256,758 $527,724
25 $157,085 $376,101 $946,718 $157,085 $376,101 $946,718
30 $174,467 $531,469 $1,648,849 $174,467 $531,469 $1,648,849
35 $181,457 $730,781 $2,831,673 $181,457 $730,781 $2,831,673
------------------------------------------------------------------------------
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4
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-------------------------------------------------------------------------------
Illustration 2
Death benefit Option A and guideline premium test at guaranteed cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:A
GUIDELINE PREMIUM TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $439,120 $439,120 $439,120
2 $21,525 $439,120 $439,120 $439,120
This illustration assumes no policy loans 3 $33,101 $439,120 $439,120 $439,120
or partial withdrawals have been made. 4 $45,256 $439,120 $439,120 $439,120
5 $58,019 $439,120 $439,120 $439,120
*Additional payment will be required to 6 $71,420 $439,120 $439,120 $439,120
prevent policy termination. 7 $85,491 $439,120 $439,120 $439,120
8 $100,266 $439,120 $439,120 $439,120
The death benefits, accumulated values and 9 $115,779 $439,120 $439,120 $439,120
cash surrender values will differ if 10 $132,068 $439,120 $439,120 $439,120
premiums are paid in different amounts or 15 $226,575 $439,120 $439,120 $439,120
frequencies. 20 $347,192 $439,120 $439,120 $546,439
25 $501,134 $439,120 $439,120 $926,273
The hypothetical investment rates shown 30 $697,607 $439,120 $439,120 $1,473,486
above and elsewhere in this prospectus are 35 $948,362 $0* $513,815 $2,461,653
illustrative only and should not be ------------------------------------------------------------------------------
interpreted as a representation of past or End of year End of year
future investment results. Actual rates of ACCUMULATED VALUE NET CASH SURRENDER VALUE
return may be more or less than those shown End of assuming hypothetical gross assuming hypothetical gross
and will depend on a number of factors, policy annual investment return of annual investment return of
including the investment allocations made to year 0% 6% 12% 0% 6% 12%
variable accounts by the owner and the ------------------------------------------------------------------------------
experience of the accounts. No 1 $7,030 $7,514 $7,999 $1,477 $1,961 $2,446
representation can be made by us, the 2 $13,888 $15,293 $16,757 $8,335 $9,739 $11,204
separate account or the fund that these 3 $20,581 $23,355 $26,369 $15,028 $17,802 $20,816
hypothetical rates of return can be achieved 4 $27,145 $31,766 $36,985 $21,592 $26,212 $31,432
for any one year or sustained over any 5 $33,608 $40,562 $48,733 $28,055 $35,009 $43,180
period of time. 6 $37,963 $47,735 $59,705 $32,890 $42,663 $54,632
7 $42,076 $55,091 $71,739 $38,272 $51,287 $67,934
This is an illustration only. An 8 $45,926 $62,623 $84,949 $43,390 $60,087 $82,413
illustration is not intended to predict 9 $49,483 $70,316 $99,463 $48,215 $69,048 $98,195
actual performance. Interest rates, 10 $52,714 $78,155 $115,424 $52,714 $78,155 $115,424
dividends, and values set forth in the 15 $72,384 $130,194 $236,872 $72,384 $130,194 $236,872
illustration are not guaranteed. 20 $79,981 $190,240 $447,900 $79,981 $190,240 $447,900
25 $66,891 $260,929 $798,511 $66,891 $260,929 $798,511
30 $14,586 $352,489 $1,377,090 $14,586 $352,489 $1,377,090
35 $0* $489,348 $2,344,431 $0* $489,348 $2,344,431
------------------------------------------------------------------------------
5
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ILLUSTRATIONS
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-------------------------------------------------------------------------------
Illustration 3
Death benefit Option B and guideline premium test at current cost of insurance
rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:B
GUIDELINE PREMIUM TEST
FACE AMOUNT:$186,957
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
-------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $194,950 $195,465 $195,980
2 $21,525 $202,804 $204,330 $205,918
This illustration assumes no policy loans 3 $33,101 $210,522 $213,577 $216,886
or partial withdrawals have been made. 4 $45,256 $218,141 $223,263 $229,032
5 $58,019 $225,670 $233,418 $242,494
The death benefits, accumulated values and 6 $71,420 $233,113 $244,068 $257,420
cash surrender values will differ if 7 $85,491 $240,472 $255,239 $273,973
premiums are paid in different amounts or 8 $100,266 $247,745 $266,956 $292,330
frequencies. 9 $115,779 $254,929 $279,243 $312,686
10 $132,068 $262,019 $292,121 $335,256
The hypothetical investment rates shown 15 $226,575 $300,489 $371,673 $496,919
above and elsewhere in this prospectus are 20 $347,192 $334,867 $470,809 $766,607
illustrative only and should not be 25 $501,134 $364,390 $594,029 $1,217,616
interpreted as a representation of past or 30 $697,607 $387,164 $745,718 $1,972,129
future investment results. Actual rates of 35 $948,362 $401,211 $931,358 $3,236,519
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,993 $8,508 $9,023 $4,921 $5,435 $5,951
for any one year or sustained over any 2 $15,848 $17,373 $18,961 $12,775 $14,300 $15,888
period of time. 3 $23,565 $26,620 $29,929 $20,493 $23,547 $26,856
4 $31,184 $36,307 $42,076 $28,112 $33,234 $39,003
This is an illustration only. An 5 $38,713 $46,462 $55,538 $35,641 $43,389 $52,465
illustration is not intended to predict 6 $46,156 $57,111 $70,464 $43,271 $54,226 $67,578
actual performance. Interest rates, 7 $53,515 $68,283 $87,017 $51,351 $66,118 $84,852
dividends, and values set forth in the 8 $60,788 $79,999 $105,373 $59,345 $78,556 $103,930
illustration are not guaranteed. 9 $67,973 $92,286 $125,730 $67,251 $91,565 $125,008
10 $75,062 $105,164 $148,299 $75,062 $105,164 $148,299
15 $113,532 $184,717 $309,962 $113,532 $184,717 $309,962
20 $147,911 $283,853 $579,650 $147,911 $283,853 $579,650
25 $177,433 $407,073 $1,030,660 $177,433 $407,073 $1,030,660
30 $200,207 $558,762 $1,785,172 $200,207 $558,762 $1,785,172
35 $214,254 $744,402 $3,049,563 $214,254 $744,402 $3,049,563
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6
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Illustration 4
Death benefit Option B and guideline premium test at guaranteed cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:B
GUIDELINE PREMIUM TEST
FACE AMOUNT:$186,957
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $194,950 $195,465 $195,980
2 $21,525 $202,804 $204,330 $205,918
This illustration assumes no policy loans 3 $33,101 $210,522 $213,577 $216,886
or partial withdrawals have been made. 4 $45,256 $218,141 $223,263 $229,032
5 $58,019 $225,670 $233,418 $242,494
The death benefits, accumulated values and 6 $71,420 $232,168 $243,093 $256,415
cash surrender values will differ if 7 $85,491 $238,501 $253,147 $271,757
premiums are paid in different amounts or 8 $100,266 $244,656 $263,587 $288,663
frequencies. 9 $115,779 $250,620 $274,414 $307,289
10 $132,068 $256,373 $285,630 $327,803
The hypothetical investment rates shown 15 $226,575 $286,659 $353,641 $473,156
above and elsewhere in this prospectus are 20 $347,192 $309,340 $433,587 $710,323
illustrative only and should not be 25 $501,134 $320,605 $524,097 $1,097,173
interpreted as a representation of past or 30 $697,607 $314,677 $621,085 $1,729,036
future investment results. Actual rates of 35 $948,362 $280,784 $713,182 $2,760,253
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,993 $8,508 $9,023 $4,921 $5,435 $5,951
for any one year or sustained over any 2 $15,848 $17,373 $18,961 $12,775 $14,300 $15,888
period of time. 3 $23,565 $26,620 $29,929 $20,493 $23,547 $26,856
4 $31,184 $36,307 $42,076 $28,112 $33,234 $39,003
This is an illustration only. An 5 $38,713 $46,462 $55,538 $35,641 $43,389 $52,465
illustration is not intended to predict 6 $45,211 $56,136 $69,459 $42,326 $53,250 $66,573
actual performance. Interest rates, 7 $51,544 $66,190 $84,801 $49,380 $64,026 $82,636
dividends, and values set forth in the 8 $57,700 $76,630 $101,707 $56,257 $75,187 $100,264
illustration are not guaranteed. 9 $63,663 $87,458 $120,332 $62,942 $86,736 $119,611
10 $69,417 $98,674 $140,847 $69,417 $98,674 $140,847
15 $99,703 $166,684 $286,199 $99,703 $166,684 $286,199
20 $122,384 $246,630 $523,367 $122,384 $246,630 $523,367
25 $133,649 $337,141 $910,216 $133,649 $337,141 $910,216
30 $127,721 $434,128 $1,542,079 $127,721 $434,128 $1,542,079
35 $93,827 $526,225 $2,573,296 $93,827 $526,225 $2,573,296
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7
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ILLUSTRATIONS
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------------------------------------------------------------------------------
Illustration 5
Death benefit Option C and guideline premium test at current cost of insurance
rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:C
GUIDELINE PREMIUM TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $449,120 $449,120 $449,120
2 $21,525 $459,120 $459,120 $459,120
This illustration assumes no policy loans 3 $33,101 $469,120 $469,120 $469,120
or partial withdrawals have been made. 4 $45,256 $479,120 $479,120 $479,120
5 $58,019 $489,120 $489,120 $489,120
The death benefits, accumulated values and 6 $71,420 $499,120 $499,120 $499,120
cash surrender values will differ if 7 $85,491 $509,120 $509,120 $509,120
premiums are paid in different amounts or 8 $100,266 $519,120 $519,120 $519,120
frequencies. 9 $115,779 $529,120 $529,120 $529,120
10 $132,068 $539,120 $539,120 $539,120
The hypothetical investment rates shown 15 $226,575 $589,120 $589,120 $589,120
above and elsewhere in this prospectus are 20 $347,192 $639,120 $639,120 $639,120
illustrative only and should not be 25 $501,134 $689,120 $689,120 $1,071,429
interpreted as a representation of past or 30 $697,607 $739,120 $739,120 $1,722,921
future investment results. Actual rates of 35 $948,362 $789,120 $789,120 $2,905,132
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,022 $7,506 $7,991 $1,469 $1,953 $2,438
for any one year or sustained over any 2 $13,860 $15,263 $16,727 $8,307 $9,710 $11,174
period of time. 3 $20,517 $23,287 $26,297 $14,964 $17,734 $20,744
4 $27,027 $31,638 $36,846 $21,474 $26,084 $31,293
This is an illustration only. An 5 $33,415 $40,349 $48,498 $27,862 $34,796 $42,945
illustration is not intended to predict 6 $39,690 $49,448 $61,387 $34,617 $44,376 $56,314
actual performance. Interest rates, 7 $45,854 $58,959 $75,654 $42,049 $55,155 $71,849
dividends, and values set forth in the 8 $51,899 $68,895 $91,448 $49,363 $66,359 $88,912
illustration are not guaranteed. 9 $57,819 $79,272 $108,936 $56,551 $78,004 $107,668
10 $63,595 $90,094 $128,293 $63,595 $90,094 $128,293
15 $97,595 $160,584 $272,208 $97,595 $160,584 $272,208
20 $123,131 $245,117 $513,976 $123,131 $245,117 $513,976
25 $136,896 $347,275 $923,645 $136,896 $347,275 $923,645
30 $130,701 $471,324 $1,610,206 $130,701 $471,324 $1,610,206
35 $91,961 $628,014 $2,766,793 $91,961 $628,014 $2,766,793
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</TABLE>
8
<PAGE>
<TABLE>
<S> <C>
------------------------------------------------------------------------------
Illustration 6
Death benefit Option C and guideline premium test at guaranteed cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:C
GUIDELINE PREMIUM TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $449,120 $449,120 $449,120
2 $21,525 $459,120 $459,120 $459,120
This illustration assumes no policy loans 3 $33,101 $469,120 $469,120 $469,120
or partial withdrawals have been made. 4 $45,256 $479,120 $479,120 $479,120
5 $58,019 $489,120 $489,120 $489,120
*Additional payment will be required to 6 $71,420 $499,120 $499,120 $499,120
prevent policy termination. 7 $85,491 $509,120 $509,120 $509,120
8 $100,266 $519,120 $519,120 $519,120
The death benefits, accumulated values and 9 $115,779 $529,120 $529,120 $529,120
cash surrender values will differ if 10 $132,068 $539,120 $539,120 $539,120
premiums are paid in different amounts or 15 $226,575 $589,120 $589,120 $589,120
frequencies. 20 $347,192 $639,120 $639,120 $639,120
25 $501,134 $0* $689,120 $802,631
The hypothetical investment rates shown 30 $697,607 $0* $739,120 $1,285,742
above and elsewhere in this prospectus are 35 $948,362 $0* $0* $2,156,397
illustrative only and should not be ------------------------------------------------------------------------------
interpreted as a representation of past or End of year End of year
future investment results. Actual rates of ACCUMULATED VALUE NET CASH SURRENDER VALUE
return may be more or less than those shown End of assuming hypothetical gross assuming hypothetical gross
and will depend on a number of factors, policy annual investment return of annual investment return of
including the investment allocations made to year 0% 6% 12% 0% 6% 12%
variable accounts by the owner and the ------------------------------------------------------------------------------
experience of the accounts. No 1 $7,022 $7,506 $7,991 $1,469 $1,953 $2,438
representation can be made by us, the 2 $13,860 $15,263 $16,727 $8,307 $9,710 $11,174
separate account or the fund that these 3 $20,517 $23,287 $26,297 $14,964 $17,734 $20,744
hypothetical rates of return can be achieved 4 $27,027 $31,637 $36,846 $21,474 $26,084 $31,293
for any one year or sustained over any 5 $33,415 $40,349 $48,498 $27,862 $34,796 $42,945
period of time. 6 $37,368 $47,095 $59,014 $32,296 $42,023 $53,942
7 $40,971 $53,886 $70,423 $37,167 $50,082 $66,619
This is an illustration only. An 8 $44,185 $60,689 $82,799 $41,649 $58,153 $80,263
illustration is not intended to predict 9 $46,957 $67,456 $96,219 $45,689 $66,188 $94,951
actual performance. Interest rates, 10 $49,227 $74,131 $110,768 $49,227 $74,131 $110,768
dividends, and values set forth in the 15 $60,443 $115,120 $217,564 $60,443 $115,120 $217,564
illustration are not guaranteed. 20 $49,121 $148,027 $390,665 $49,121 $148,027 $390,665
25 $0* $154,140 $691,924 $0* $154,140 $691,924
30 $0* $88,922 $1,201,628 $0* $88,922 $1,201,628
35 $0* $0* $2,053,711 $0* $0* $2,053,711
------------------------------------------------------------------------------
9
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ILLUSTRATIONS
<S> <C>
------------------------------------------------------------------------------
Illustration 7
Death benefit Option A and cash value accumulation test at current cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:A
CASH VALUE ACCUMULATION TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $439,120 $439,120 $439,120
2 $21,525 $439,120 $439,120 $439,120
This illustration assumes no policy loans 3 $33,101 $439,120 $439,120 $439,120
or partial withdrawals have been made. 4 $45,256 $439,120 $439,120 $439,120
5 $58,019 $439,120 $439,120 $439,120
The death benefits, accumulated values and 6 $71,420 $439,120 $439,120 $439,120
cash surrender values will differ if 7 $85,491 $439,120 $439,120 $439,120
premiums are paid in different amounts or 8 $100,266 $439,120 $439,120 $439,120
frequencies. 9 $115,779 $439,120 $439,120 $439,120
10 $132,068 $439,120 $439,120 $439,120
The hypothetical investment rates shown 15 $226,575 $439,120 $439,120 $562,611
above and elsewhere in this prospectus 20 $347,192 $439,120 $460,351 $928,363
are illustrative only and should not be 25 $501,134 $439,120 $594,857 $1,456,770
interpreted as a representation of past or 30 $697,607 $439,120 $740,126 $2,232,784
future investment results. Actual rates of 35 $948,362 $439,120 $906,311 $3,406,748
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,030 $7,514 $7,999 $1,477 $1,961 $2,446
for any one year or sustained over any 2 $13,888 $15,293 $16,757 $8,335 $9,739 $11,204
period of time. 3 $20,581 $23,355 $26,369 $15,028 $17,802 $20,816
4 $27,145 $31,766 $36,985 $21,592 $26,212 $31,432
This is an illustration only. An 5 $33,608 $40,562 $48,733 $28,055 $35,009 $43,180
illustration is not intended to predict 6 $39,979 $49,773 $61,752 $34,906 $44,701 $56,679
actual performance. Interest rates, 7 $46,262 $59,426 $76,189 $42,458 $55,622 $72,385
dividends, and values set forth in the 8 $52,455 $69,541 $92,202 $49,918 $67,005 $89,666
illustration are not guaranteed. 9 $58,552 $80,139 $109,968 $57,284 $78,871 $108,700
10 $64,541 $91,233 $129,674 $64,541 $91,233 $129,674
15 $100,751 $164,602 $276,833 $100,751 $164,602 $276,833
20 $131,781 $256,680 $517,631 $131,781 $256,680 $517,631
25 $157,085 $370,811 $908,094 $157,085 $370,811 $908,094
30 $174,467 $508,913 $1,535,271 $174,467 $508,913 $1,535,271
35 $181,457 $674,985 $2,537,213 $181,457 $674,985 $2,537,213
------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<S> <C>
------------------------------------------------------------------------------
Illustration 8
Death benefit Option A and cash value accumulation test at guaranteed cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:A
CASH VALUE ACCUMULATION TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $439,120 $439,120 $439,120
2 $21,525 $439,120 $439,120 $439,120
This illustration assumes no policy loans 3 $33,101 $439,120 $439,120 $439,120
or partial withdrawals have been made. 4 $45,256 $439,120 $439,120 $439,120
5 $58,019 $439,120 $439,120 $439,120
*Additional payment will be required to 6 $71,420 $439,120 $439,120 $439,120
prevent policy termination. 7 $85,491 $439,120 $439,120 $439,120
8 $100,266 $439,120 $439,120 $439,120
The death benefits, accumulated values and 9 $115,779 $439,120 $439,120 $439,120
cash surrender values will differ if 10 $132,068 $439,120 $439,120 $439,120
premiums are paid in different amounts or 15 $226,575 $439,120 $439,120 $480,791
frequencies. 20 $347,192 $439,120 $439,120 $765,678
25 $501,134 $439,120 $439,120 $1,138,193
The hypothetical investment rates shown 30 $697,607 $439,120 $501,035 $1,624,533
above and elsewhere in this prospectus are 35 $948,362 $0* $574,867 $2,253,651
illustrative only and should not be ------------------------------------------------------------------------------
interpreted as a representation of past or End of year End of year
future investment results. Actual rates of ACCUMULATED VALUE NET CASH SURRENDER VALUE
return may be more or less than those shown End of assuming hypothetical gross assuming hypothetical gross
and will depend on a number of factors, policy annual investment return of annual investment return of
including the investment allocations made to year 0% 6% 12% 0% 6% 12%
variable accounts by the owner and the ------------------------------------------------------------------------------
experience of the accounts. No 1 $7,030 $7,514 $7,999 $1,477 $1,961 $2,446
representation can be made by us, the 2 $13,888 $15,293 $16,757 $8,335 $9,739 $11,204
separate account or the fund that these 3 $20,581 $23,355 $26,369 $15,028 $17,802 $20,816
hypothetical rates of return can be achieved 4 $27,145 $31,766 $36,985 $21,592 $26,212 $31,432
for any one year or sustained over any 5 $33,608 $40,562 $48,733 $28,055 $35,009 $43,180
period of time. 6 $37,963 $47,735 $59,705 $32,890 $42,663 $54,632
7 $42,076 $55,091 $71,739 $38,272 $51,287 $67,934
This is an illustration only. An 8 $45,926 $62,623 $84,949 $43,390 $60,087 $82,413
illustration is not intended to predict 9 $49,483 $70,316 $99,463 $48,215 $69,048 $98,195
actual performance. Interest rates, 10 $52,714 $78,155 $115,424 $52,714 $78,155 $115,424
dividends, and values set forth in the 15 $72,384 $130,194 $236,573 $72,384 $130,194 $236,573
illustration are not guaranteed. 20 $79,981 $190,240 $426,922 $79,981 $190,240 $426,922
25 $66,891 $260,929 $709,506 $66,891 $260,929 $709,506
30 $14,586 $344,513 $1,117,035 $14,586 $344,513 $1,117,035
35 $0* $428,139 $1,678,431 $0* $428,139 $1,678,431
------------------------------------------------------------------------------
11
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ILLUSTRATIONS
<S> <C>
-----------------------------------------------------------------------------
Illustration 9
Death benefit Option B and cash value accumulation test at current cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:B
CASH VALUE ACCUMULATION TEST
FACE AMOUNT:$186,957
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $194,950 $195,465 $195,980
2 $21,525 $202,805 $204,330 $205,918
This illustration assumes no policy loans 3 $33,101 $210,522 $213,577 $216,886
or partial withdrawals have been made. 4 $45,256 $218,141 $223,264 $229,033
5 $58,019 $225,670 $233,419 $242,495
The death benefits, accumulated values and 6 $71,420 $233,113 $244,068 $257,421
cash surrender values will differ if 7 $85,491 $240,472 $255,240 $273,974
premiums are paid in different amounts or 8 $100,266 $247,745 $266,956 $292,330
frequencies. 9 $115,779 $254,930 $279,243 $312,687
10 $132,068 $262,019 $292,121 $345,160
The hypothetical investment rates shown 15 $226,575 $300,489 $375,396 $626,850
above and elsewhere in this prospectus are 20 $347,192 $334,867 $507,785 $1,021,572
illustrative only and should not be 25 $501,134 $364,390 $647,504 $1,593,011
interpreted as a representation of past or 30 $697,607 $387,164 $798,927 $2,433,177
future investment results. Actual rates of 35 $948,362 $401,211 $972,781 $3,705,069
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,993 $8,508 $9,023 $4,921 $5,435 $5,950
for any one year or sustained over any 2 $15,848 $17,373 $18,961 $12,775 $14,300 $15,888
period of time. 3 $23,565 $26,620 $29,929 $20,493 $23,547 $26,856
4 $31,184 $36,307 $42,076 $28,112 $33,234 $39,003
This is an illustration only. An 5 $38,713 $46,462 $55,538 $35,641 $43,389 $52,465
illustration is not intended to predict 6 $46,156 $57,111 $70,464 $43,271 $54,225 $67,578
actual performance. Interest rates, 7 $53,515 $68,283 $87,017 $51,351 $66,118 $84,852
dividends, and values set forth in the 8 $60,788 $79,999 $105,373 $59,345 $78,556 $103,930
illustration are not guaranteed. 9 $67,973 $92,286 $125,730 $67,251 $91,565 $125,008
10 $75,062 $105,164 $148,294 $75,062 $105,164 $148,294
15 $113,532 $184,714 $308,442 $113,532 $184,714 $308,442
20 $147,910 $283,128 $569,602 $147,910 $283,128 $569,602
25 $177,433 $403,629 $993,022 $177,433 $403,629 $993,022
30 $200,207 $549,345 $1,673,061 $200,207 $549,345 $1,673,061
35 $214,254 $724,489 $2,759,391 $214,254 $724,489 $2,759,391
------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
<TABLE>
<S> <C>
------------------------------------------------------------------------------
Illustration 10
Death benefit Option B and cash value accumulation test at guaranteed cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:B
CASH VALUE ACCUMULATION TEST
FACE AMOUNT:$186,957
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $194,950 $195,465 $195,980
2 $21,525 $202,805 $204,330 $205,918
This illustration assumes no policy loans 3 $33,101 $210,522 $213,577 $216,886
or partial withdrawals have been made. 4 $45,256 $218,141 $223,264 $229,033
5 $58,019 $225,670 $233,419 $242,495
The death benefits, accumulated values and 6 $71,420 $232,168 $243,093 $256,416
cash surrender values will differ if 7 $85,491 $238,501 $253,147 $271,757
premiums are paid in different amounts or 8 $100,266 $244,657 $263,587 $288,664
frequencies. 9 $115,779 $250,620 $274,415 $307,289
10 $132,068 $256,374 $285,631 $327,826
The hypothetical investment rates shown 15 $226,575 $286,660 $353,641 $573,376
above and elsewhere in this prospectus are 20 $347,192 $309,341 $442,005 $892,361
illustrative only and should not be 25 $501,134 $320,606 $537,404 $1,310,739
interpreted as a representation of past or 30 $697,607 $314,678 $623,686 $1,857,882
future investment results. Actual rates of 35 $948,362 $280,784 $706,121 $2,566,258
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,993 $8,508 $9,023 $4,921 $5,435 $5,950
for any one year or sustained over any 2 $15,848 $17,373 $18,961 $12,775 $14,300 $15,888
period of time. 3 $23,565 $26,620 $29,929 $20,493 $23,547 $26,856
4 $31,184 $36,307 $42,076 $28,112 $33,234 $39,003
This is an illustration only. An 5 $38,713 $46,462 $55,538 $35,641 $43,389 $52,465
illustration is not intended to predict 6 $45,211 $56,136 $69,459 $42,326 $53,250 $66,573
actual performance. Interest rates, 7 $51,544 $66,190 $84,800 $49,380 $64,026 $82,636
dividends, and values set forth in the 8 $57,700 $76,630 $101,707 $56,257 $75,187 $100,264
illustration are not guaranteed. 9 $63,663 $87,458 $120,332 $62,942 $86,736 $119,611
10 $69,417 $98,674 $140,847 $69,417 $98,674 $140,847
15 $99,703 $166,684 $282,130 $99,703 $166,684 $282,130
20 $122,384 $246,450 $497,558 $122,384 $246,450 $497,558
25 $133,649 $334,997 $817,064 $133,649 $334,997 $817,064
30 $127,721 $428,848 $1,277,486 $127,721 $428,848 $1,277,486
35 $93,827 $519,164 $1,911,249 $93,827 $519,164 $1,911,249
------------------------------------------------------------------------------
13
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ILLUSTRATIONS
<S> <C>
------------------------------------------------------------------------------
Illustration 11
Death benefit Option C and cash value accumulation test at current cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:C
CASH VALUE ACCUMULATION TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $449,120 $449,120 $449,120
2 $21,525 $459,120 $459,120 $459,120
This illustration assumes no policy loans 3 $33,101 $469,120 $469,120 $469,120
or partial withdrawals have been made. 4 $45,256 $479,120 $479,120 $479,120
5 $58,019 $489,120 $489,120 $489,120
The death benefits, accumulated values and 6 $71,420 $499,120 $499,120 $499,120
cash surrender values will differ if 7 $85,491 $509,120 $509,120 $509,120
premiums are paid in different amounts or 8 $100,266 $519,120 $519,120 $519,120
frequencies. 9 $115,779 $529,120 $529,120 $529,120
10 $132,068 $539,120 $539,120 $539,120
The hypothetical investment rates shown 15 $226,575 $589,120 $589,120 $589,120
above and elsewhere in this prospectus are 20 $347,192 $639,120 $639,120 $914,476
illustrative only and should not be 25 $501,134 $689,120 $689,120 $1,436,472
interpreted as a representation of past or 30 $697,607 $739,120 $739,120 $2,202,929
future investment results. Actual rates of 35 $948,362 $789,120 $841,393 $3,362,302
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,022 $7,506 $7,991 $1,469 $1,953 $2,438
for any one year or sustained over any 2 $13,860 $15,263 $16,727 $8,307 $9,710 $11,174
period of time. 3 $20,517 $23,287 $26,297 $14,964 $17,734 $20,744
4 $27,027 $31,638 $36,846 $21,474 $26,084 $31,293
This is an illustration only. An 5 $33,415 $40,349 $48,498 $27,862 $34,796 $42,945
illustration is not intended to predict 6 $39,690 $49,448 $61,387 $34,617 $44,376 $56,314
actual performance. Interest rates, 7 $45,854 $58,959 $75,654 $42,049 $55,155 $71,849
dividends, and values set forth in the 8 $51,899 $68,895 $91,448 $49,363 $66,359 $88,912
illustration are not guaranteed. 9 $57,819 $79,272 $108,936 $56,551 $78,004 $107,668
10 $63,595 $90,094 $128,293 $63,595 $90,094 $128,293
15 $97,595 $160,584 $272,208 $97,595 $160,584 $272,208
20 $123,131 $245,117 $509,888 $123,131 $245,117 $509,888
25 $136,896 $347,275 $895,441 $136,896 $347,275 $895,441
30 $130,701 $471,324 $1,514,742 $130,701 $471,324 $1,514,742
35 $91,961 $626,636 $2,504,111 $91,961 $626,636 $2,504,111
------------------------------------------------------------------------------
</TABLE>
14
<PAGE>
<TABLE>
<S> <C>
-------------------------------------------------------------------------------
Illustration 12
Death benefit Option C and cash value accumulation test at guaranteed cost of
insurance rates
Based on average annual advisory fees and expenses of the portfolios
DEATH BENEFIT OPTION:C
CASH VALUE ACCUMULATION TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $449,120 $449,120 $449,120
2 $21,525 $459,120 $459,120 $459,120
This illustration assumes no policy loans 3 $33,101 $469,120 $469,120 $469,120
or partial withdrawals have been made. 4 $45,256 $479,120 $479,120 $479,120
5 $58,019 $489,120 $489,120 $489,120
*Additional payment will be required to 6 $71,420 $499,120 $499,120 $499,120
prevent policy termination. 7 $85,491 $509,120 $509,120 $509,120
8 $100,266 $519,120 $519,120 $519,120
The death benefits, accumulated values and 9 $115,779 $529,120 $529,120 $529,120
cash surrender values will differ if 10 $132,068 $539,120 $539,120 $539,120
premiums are paid in different amounts or 15 $226,575 $589,120 $589,120 $589,120
frequencies. 20 $347,192 $639,120 $639,120 $699,363
25 $501,134 $0* $689,120 $1,047,872
The hypothetical investment rates shown 30 $697,607 $0* $739,120 $1,502,383
above and elsewhere in this prospectus are 35 $948,362 $0* $0* $2,090,012
illustrative only and should not be ------------------------------------------------------------------------------
interpreted as a representation of past or End of year End of year
future investment results. Actual rates of ACCUMULATED VALUE NET CASH SURRENDER VALUE
return may be more or less than those shown End of assuming hypothetical gross assuming hypothetical gross
and will depend on a number of factors, policy annual investment return of annual investment return of
including the investment allocations made to year 0% 6% 12% 0% 6% 12%
variable accounts by the owner and the ------------------------------------------------------------------------------
experience of the accounts. No 1 $7,022 $7,506 $7,991 $1,469 $1,953 $2,438
representation can be made by us, the 2 $13,860 $15,263 $16,727 $8,307 $9,710 $11,174
separate account or the fund that these 3 $20,517 $23,287 $26,297 $14,964 $17,734 $20,744
hypothetical rates of return can be achieved 4 $27,027 $31,638 $36,846 $21,474 $26,084 $31,293
for any one year or sustained over any 5 $33,415 $40,349 $48,498 $27,862 $34,796 $42,945
period of time. 6 $37,368 $47,095 $59,014 $32,296 $42,023 $53,942
7 $40,971 $53,886 $70,423 $37,167 $50,082 $66,619
This is an illustration only. An 8 $44,185 $60,689 $82,799 $41,649 $58,153 $80,263
illustration is not intended to predict 9 $46,957 $67,456 $96,219 $45,689 $66,188 $94,951
actual performance. Interest rates, 10 $49,227 $74,131 $110,768 $49,227 $74,131 $110,768
dividends, and values set forth in the 15 $60,443 $115,120 $217,564 $60,443 $115,120 $217,564
illustration are not guaranteed. 20 $49,121 $148,027 $389,947 $49,121 $148,027 $389,947
25 $0* $154,140 $653,203 $0* $154,140 $653,203
30 $0* $88,922 $1,033,044 $0* $88,922 $1,033,044
35 $0* $0* $1,556,559 $0* $0* $1,556,559
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15
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<PAGE>
<TABLE>
<CAPTION>
ILLUSTRATIONS
<S> <C>
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Illustration 13
Death benefit Option A and guideline premium test at current cost of insurance
rates
Based on a weighted average of annual advisory fees and expenses of the
portfolios
DEATH BENEFIT OPTION:A
GUIDELINE PREMIUM TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $439,120 $439,120 $439,120
2 $21,525 $439,120 $439,120 $439,120
This illustration assumes no policy loans 3 $33,101 $439,120 $439,120 $439,120
or partial withdrawals have been made. 4 $45,256 $439,120 $439,120 $439,120
5 $58,019 $439,120 $439,120 $439,120
The death benefits, accumulated values and 6 $71,420 $439,120 $439,120 $439,120
cash surrender values will differ if 7 $85,491 $439,120 $439,120 $439,120
premiums are paid in different amounts or 8 $100,266 $439,120 $439,120 $439,120
frequencies. 9 $115,779 $439,120 $439,120 $439,120
10 $132,068 $439,120 $439,120 $439,120
The hypothetical investment rates shown 15 $226,575 $439,120 $439,120 $439,120
above and elsewhere in this prospectus are 20 $347,192 $439,120 $439,120 $654,557
illustrative only and should not be 25 $501,134 $439,120 $444,944 $1,121,881
interpreted as a representation of past or 30 $697,607 $439,120 $582,217 $1,811,633
future investment results. Actual rates of 35 $948,362 $439,120 $788,892 $3,069,642
return may be more or less than those shown ------------------------------------------------------------------------------
and will depend on a number of factors, End of year End of year
including the investment allocations made to ACCUMULATED VALUE NET CASH SURRENDER VALUE
variable accounts by the owner and the End of assuming hypothetical gross assuming hypothetical gross
experience of the accounts. No policy annual investment return of annual investment return of
representation can be made by us, the year 0% 6% 12% 0% 6% 12%
separate account or the fund that these ------------------------------------------------------------------------------
hypothetical rates of return can be achieved 1 $7,040 $7,524 $8,010 $1,487 $1,971 $2,457
for any one year or sustained over any 2 $13,915 $15,323 $16,791 $8,362 $9,770 $11,238
period of time. 3 $20,635 $23,417 $26,440 $15,081 $17,864 $20,887
4 $27,233 $31,871 $37,110 $21,680 $26,317 $31,557
This is an illustration only. An 5 $33,737 $40,723 $48,933 $28,184 $35,170 $43,380
illustration is not intended to predict 6 $40,157 $50,005 $62,051 $35,085 $44,932 $56,978
actual performance. Interest rates, 7 $46,497 $59,744 $76,616 $42,693 $55,940 $72,811
dividends, and values set forth in the 8 $52,753 $69,962 $92,791 $50,217 $67,425 $90,254
illustration are not guaranteed. 9 $58,921 $80,681 $110,758 $57,653 $79,412 $109,490
10 $64,988 $91,917 $130,713 $64,988 $91,917 $130,713
15 $101,715 $166,400 $280,816 $101,715 $166,400 $280,816
20 $133,470 $260,629 $536,522 $133,470 $260,629 $536,522
25 $159,708 $383,572 $967,139 $159,708 $383,572 $967,139
30 $178,263 $544,128 $1,693,115 $178,263 $544,128 $1,693,115
35 $186,753 $751,326 $2,923,469 $186,753 $751,326 $2,923,469
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</TABLE>
16
<PAGE>
<TABLE>
<S> <C>
-------------------------------------------------------------------------------
Illustration 14
Death benefit Option A and guideline premium test at guaranteed cost of
insurance rates
Based on a weighted average of annual advisory fees and expenses of the
portfolios
DEATH BENEFIT OPTION:A
GUIDELINE PREMIUM TEST
FACE AMOUNT:$439,120
MALE SELECT NONSMOKER ISSUE AGE 45
ANNUAL PREMIUM:$10,000
------------------------------------------------------------------------------
Flexible premium Total
variable universal life premiums
Illustration of death benefits, accumulated End of paid plus End of year DEATH BENEFIT assuming
values and net cash surrender values. policy interest at hypothetical gross annual investment return of
year 5% 0% 6% 12%
All premium payments are illustrated as if ------------------------------------------------------------------------------
made at the beginning of the policy year. 1 $10,500 $439,120 $439,120 $439,120
2 $21,525 $439,120 $439,120 $439,120
This illustration assumes no policy loans 3 $33,101 $439,120 $439,120 $439,120
or partial withdrawals have been made. 4 $45,256 $439,120 $439,120 $439,120
5 $58,019 $439,120 $439,120 $439,120
*Additional payment will be required to 6 $71,420 $439,120 $439,120 $439,120
prevent policy termination. 7 $85,491 $439,120 $439,120 $439,120
8 $100,266 $439,120 $439,120 $439,120
The death benefits, accumulated values and 9 $115,779 $439,120 $439,120 $439,120
cash surrender values will differ if 10 $132,068 $439,120 $439,120 $439,120
premiums are paid in different amounts or 15 $226,575 $439,120 $439,120 $439,120
frequencies. 20 $347,192 $439,120 $439,120 $556,644
25 $501,134 $439,120 $439,120 $947,773
The hypothetical investment rates shown 30 $697,607 $439,120 $439,120 $1,515,117
above and elsewhere in this prospectus are 35 $948,362 $0* $538,687 $2,544,526
illustrative only and should not be ------------------------------------------------------------------------------
interpreted as a representation of past or End of year End of year
future investment results. Actual rates of ACCUMULATED VALUE NET CASH SURRENDER VALUE
return may be more or less than those shown End of assuming hypothetical gross assuming hypothetical gross
and will depend on a number of factors, policy annual investment return of annual investment return of
including the investment allocations made to year 0% 6% 12% 0% 6% 12%
variable accounts by the owner and the ------------------------------------------------------------------------------
experience of the accounts. No 1 $7,040 $7,524 $8,010 $1,487 $1,971 $2,457
representation can be made by us, the 2 $13,915 $15,323 $16,791 $8,362 $9,770 $11,238
separate account or the fund that these 3 $20,635 $23,417 $26,440 $15,081 $17,864 $20,887
hypothetical rates of return can be achieved 4 $27,233 $31,871 $37,110 $21,680 $26,317 $31,557
for any one year or sustained over any 5 $33,737 $40,723 $48,933 $28,184 $35,170 $43,380
period of time. 6 $38,140 $47,966 $60,003 $33,068 $42,894 $54,931
7 $42,308 $55,406 $72,163 $38,503 $51,602 $68,359
This is an illustration only. An 8 $46,217 $63,036 $85,531 $43,680 $60,500 $82,995
illustration is not intended to predict 9 $49,837 $70,843 $100,239 $48,569 $69,575 $98,971
actual performance. Interest rates, 10 $53,136 $78,813 $116,438 $53,136 $78,813 $116,438
dividends, and values set forth in the 15 $73,233 $131,858 $240,108 $73,233 $131,858 $240,108
illustration are not guaranteed. 20 $81,395 $193,786 $456,266 $81,395 $193,786 $456,266
25 $68,997 $267,972 $817,046 $68,997 $267,972 $817,046
30 $17,521 $366,525 $1,415,997 $17,521 $366,525 $1,415,997
35 $0* $513,035 $2,423,359 $0* $513,035 $2,423,359
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17
</TABLE>
<PAGE>
Form No. 15-22029-00
