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M'S VERSATILE PRODUCT
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:
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Two new variable investment The two new investment options are added to the list on page 1 of the prospectus.
options are available 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 M's Versatile Product The following is added to the chart under Fees and expenses paid by the Pacific
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 36 of the prospectus is replaced with the chart on page 3 of
this supplement.
--------------------------------------------------------------------------------
An overview of M's Versatile Product - The M&E risk asset charge described is the guaranteed maximum rate for this
Deductions from your policy's charge. We may charge a lower annual rate for the M&E risk asset charge.
accumulated value and Your policy's
accumulated value - Monthly
deductions are amended
--------------------------------------------------------------------------------
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:$412,380
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 $412,380 $412,380 $412,380
2 $21,525 $412,380 $412,380 $412,380
This illustration assumes no Policy loans or 3 $33,101 $412,380 $412,380 $412,380
partial withdrawals have been made. 4 $45,256 $412,380 $412,380 $412,380
5 $58,019 $412,380 $412,380 $412,380
The death benefits, accumulated values 6 $71,420 $412,380 $412,380 $412,380
and cash surrender values will differ if 7 $85,491 $412,380 $412,380 $412,380
premiums are paid in different amounts or 8 $100,266 $412,380 $412,380 $412,380
frequencies. 9 $115,779 $412,380 $412,380 $412,380
10 $132,068 $412,380 $412,380 $412,380
The hypothetical investment rates shown 15 $226,575 $412,380 $412,380 $412,380
above and elsewhere in this prospectus 20 $347,192 $412,380 $412,380 $647,802
are illustrative only and should not be 25 $501,134 $412,380 $442,854 $1,105,749
interpreted as a representation of past or 30 $697,607 $412,380 $576,770 $1,778,375
future investment results. Actual rates of 35 $948,362 $412,380 $778,026 $3,000,422
return may be more or less than those -----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the -----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,035 $7,516 $7,998 $6,260 $6,741 $7,224
rates of return can be achieved for any 2 $13,909 $15,309 $16,769 $13,220 $14,620 $16,080
one year or sustained over any period of 3 $20,629 $23,398 $26,405 $20,027 $22,795 $25,803
time. 4 $27,229 $31,845 $37,058 $26,713 $31,329 $36,542
5 $33,735 $40,688 $48,855 $33,305 $40,257 $48,425
This is an illustration only. An illustration 6 $40,154 $49,954 $61,934 $39,810 $49,609 $61,590
is not intended to predict actual 7 $46,491 $59,670 $76,445 $46,233 $59,412 $76,186
performance. Interest rates, dividends, 8 $52,743 $69,858 $92,545 $52,571 $69,686 $92,373
and values set forth in the illustration are not 9 $58,907 $80,539 $110,415 $58,820 $80,453 $110,329
guaranteed. 10 $64,971 $91,731 $130,246 $64,971 $91,731 $130,246
15 $101,801 $165,907 $279,075 $101,801 $165,907 $279,075
20 $134,173 $259,791 $530,985 $134,173 $259,791 $530,985
25 $161,740 $381,771 $953,231 $161,740 $381,771 $953,231
30 $182,966 $539,038 $1,662,032 $182,966 $539,038 $1,662,032
35 $196,360 $740,977 $2,857,544 $196,360 $740,977 $2,857,544
----------------------------------------------------------------------------
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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:$412,380
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 $412,380 $412,380 $412,380
2 $21,525 $412,380 $412,380 $412,380
This illustration assumes no policy loans or 3 $33,101 $412,380 $412,380 $412,380
partial withdrawals have been made. 4 $45,256 $412,380 $412,380 $412,380
5 $58,019 $412,380 $412,380 $412,380
*Additional payment will be required to 6 $71,420 $412,380 $412,380 $412,380
prevent policy termination. 7 $85,491 $412,380 $412,380 $412,380
8 $100,266 $412,380 $412,380 $412,380
The death benefits, accumulated values 9 $115,779 $412,380 $412,380 $412,380
and cash surrender values will differ if 10 $132,068 $412,380 $412,380 $412,380
premiums are paid in different amounts or 15 $226,575 $412,380 $412,380 $412,380
frequencies. 20 $347,192 $412,380 $412,380 $477,613
25 $501,134 $412,380 $412,380 $816,746
The hypothetical investment rates shown 30 $697,607 $412,380 $412,380 $1,304,507
above and elsewhere in this prospectus 35 $948,362 $0* $464,259 $2,182,923
are 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 End of assuming hypothetical gross assuming hypothetical gross
shown and will depend on a number of policy annual investment return of annual investment return of
factors, including the investment year 0% 6% 12% 0% 6% 12%
allocations made to variable accounts by ----------------------------------------------------------------------------
the owner and the experience of the 1 $5,458 $5,890 $6,323 $4,684 $5,115 $5,548
accounts. No representation can be made 2 $10,724 $11,929 $13,190 $10,036 $11,241 $12,502
by us, the separate account or the 3 $15,791 $18,119 $20,655 $15,189 $17,517 $20,053
underlying funds that these hypothetical 4 $20,657 $24,469 $28,801 $20,141 $23,953 $28,285
rates of return can be achieved for any 5 $25,319 $30,994 $37,709 $24,889 $30,564 $37,279
one year or sustained over any period of 6 $29,779 $37,700 $47,466 $29,435 $37,356 $47,122
time. 7 $34,008 $44,570 $58,147 $33,749 $44,312 $57,889
8 $37,984 $51,595 $69,850 $37,811 $51,423 $69,678
This is an illustration only. An illustration 9 $41,679 $58,762 $82,681 $41,593 $58,676 $82,595
is not intended to predict actual 10 $45,064 $66,054 $96,760 $45,064 $66,054 $96,760
performance. Interest rates, dividends, and 15 $65,679 $114,855 $204,537 $65,679 $114,855 $204,537
values set forth in the illustration are not 20 $74,945 $170,762 $391,486 $74,945 $170,762 $391,486
guaranteed. 25 $64,979 $235,798 $704,091 $64,979 $235,798 $704,091
30 $18,879 $318,467 $1,219,165 $18,879 $318,467 $1,219,165
35 $0* $442,152 $2,078,974 $0* $442,152 $2,078,974
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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:$178,625
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 $186,470 $186,977 $187,485
2 $21,525 $194,184 $195,685 $197,249
This illustration assumes no policy loans or 3 $33,101 $201,768 $204,773 $208,029
partial withdrawals have been made. 4 $45,256 $209,258 $214,297 $219,973
5 $58,019 $216,664 $224,285 $233,216
The death benefits, accumulated values 6 $71,420 $223,988 $234,765 $247,903
and cash surrender values will differ if 7 $85,491 $231,234 $245,762 $264,197
premiums are paid in different amounts or 8 $100,266 $238,397 $257,300 $282,273
frequencies. 9 $115,779 $245,478 $269,405 $302,324
10 $132,068 $252,470 $282,099 $324,563
The hypothetical investment rates shown 15 $226,575 $291,062 $361,285 $484,797
above and elsewhere in this prospectus 20 $347,192 $325,939 $460,454 $752,808
are illustrative only and should not be 25 $501,134 $356,425 $584,360 $1,202,026
interpreted as a representation of past or 30 $697,607 $380,882 $737,928 $1,955,230
future investment results. Actual rates of 35 $948,362 $397,602 $927,361 $3,220,011
return may be more or less than those -----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the -----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,845 $8,352 $8,860 $7,368 $7,876 $8,383
rates of return can be achieved for any 2 $15,559 $17,060 $18,624 $15,135 $16,637 $18,200
one year or sustained over any period of 3 $23,143 $26,148 $29,404 $22,772 $25,777 $29,033
time. 4 $30,633 $35,672 $41,348 $30,316 $35,354 $41,030
5 $38,039 $45,660 $54,591 $37,774 $45,395 $54,326
This is an illustration only. An illustration 6 $45,363 $56,140 $69,278 $45,152 $55,928 $69,066
is not intended to predict actual 7 $52,609 $67,137 $85,572 $52,450 $66,978 $85,413
performance. Interest rates, dividends, and 8 $59,772 $78,675 $103,648 $59,667 $78,570 $103,542
values set forth in the illustration are not 9 $66,853 $90,780 $123,699 $66,800 $90,727 $123,646
guaranteed. 10 $73,845 $103,474 $145,938 $73,845 $103,474 $145,938
15 $112,437 $182,660 $306,172 $112,437 $182,660 $306,172
20 $147,314 $281,829 $574,183 $147,314 $281,829 $574,183
25 $177,800 $405,735 $1,023,401 $177,800 $405,735 $1,023,401
30 $202,257 $559,303 $1,776,605 $202,257 $559,303 $1,776,605
35 $218,977 $748,736 $3,041,386 $218,977 $748,736 $3,041,386
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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:$178,625
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 $185,772 $186,257 $186,743
2 $21,525 $192,763 $194,176 $195,648
This illustration assumes no policy loans or 3 $33,101 $199,593 $202,389 $205,427
partial withdrawals have been made. 4 $45,256 $206,278 $210,939 $216,202
5 $58,019 $212,820 $219,836 $228,076
The death benefits, accumulated values 6 $71,420 $219,215 $229,092 $241,163
and cash surrender values will differ if 7 $85,491 $225,450 $238,709 $255,580
premiums are paid in different amounts or 8 $100,266 $231,511 $248,691 $271,460
frequencies. 9 $115,779 $237,386 $259,042 $288,947
10 $132,068 $243,057 $269,760 $308,199
The hypothetical investment rates shown 15 $226,575 $273,452 $335,434 $445,393
above and elsewhere in this prospectus 20 $347,192 $296,480 $412,585 $668,808
are illustrative only and should not be 25 $501,134 $308,519 $499,906 $1,032,477
interpreted as a representation of past or 30 $697,607 $304,073 $593,499 $1,625,229
future investment results. Actual rates of 35 $948,362 $272,884 $682,523 $2,590,478
return may be more or less than those -----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the -----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,147 $7,632 $8,118 $6,671 $7,155 $7,641
rates of return can be achieved for any 2 $14,138 $15,551 $17,023 $13,714 $15,127 $16,600
one year or sustained over any period of time. 3 $20,968 $23,764 $26,802 $20,597 $23,394 $26,431
4 $27,653 $32,314 $37,577 $27,335 $31,997 $37,260
This is an illustration only. An illustration is 5 $34,195 $41,211 $49,451 $33,930 $40,947 $49,186
not intended to predict actual 6 $40,590 $50,467 $62,538 $40,379 $50,255 $62,326
performance. Interest rates, dividends, and 7 $46,825 $60,084 $76,955 $46,666 $59,925 $76,796
values set forth in the illustration are not 8 $52,886 $70,066 $92,835 $52,780 $69,960 $92,729
guaranteed. 9 $58,761 $80,417 $110,322 $58,708 $80,364 $110,269
10 $64,432 $91,135 $129,574 $64,432 $91,135 $129,574
15 $94,827 $156,809 $266,768 $94,827 $156,809 $266,768
20 $117,855 $233,960 $490,183 $117,855 $233,960 $490,183
25 $129,894 $321,281 $853,852 $129,894 $321,281 $853,852
30 $125,448 $414,874 $1,446,604 $125,448 $414,874 $1,446,604
35 $94,259 $503,898 $2,411,853 $94,259 $503,898 $2,411,853
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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:$412,380
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 $422,380 $422,380 $422,380
2 $21,525 $432,380 $432,380 $432,380
This illustration assumes no policy loans or 3 $33,101 $442,380 $442,380 $442,380
partial withdrawals have been made. 4 $45,256 $452,380 $452,380 $452,380
5 $58,019 $462,380 $462,380 $462,380
The death benefits, accumulated values and 6 $71,420 $472,380 $472,380 $472,380
cash surrender values will differ if premiums 7 $85,491 $482,380 $482,380 $482,380
are paid in different amounts or frequencies. 8 $100,266 $492,380 $492,380 $492,380
9 $115,779 $502,380 $502,380 $502,380
The hypothetical investment rates shown above 10 $132,068 $512,380 $512,380 $512,380
and elsewhere in this prospectus are 15 $226,575 $562,380 $562,380 $562,380
illustrative only and should not be 20 $347,192 $612,380 $612,380 $633,917
interpreted as a representation of past or 25 $501,134 $662,380 $662,380 $1,083,604
future investment results. Actual rate's of 30 $697,607 $712,380 $712,380 $1,744,103
return may be more or less than those shown 35 $948,362 $762,380 $762,380 $2,943,868
and will depend on a number of factors, ----------------------------------------------------------------------------
including the investment allocations made to End of year End of year
variable accounts by the owner and the ACCUMULATED VALUE NET CASH SURRENDER VALUE
experience of the accounts. No End of assuming hypothetical gross assuming hypothetical gross
representation can be made by us, the policy annual investment return of annual investment return of
separate account or the underlying funds that year 0% 6% 12% 0% 6% 12%
these hypothetical rates of return can be ----------------------------------------------------------------------------
achieved for any one year or sustained over 1 $7,028 $7,509 $7,992 $6,254 $6,735 $7,217
any period of time. 2 $13,886 $15,285 $16,743 $13,197 $14,596 $16,055
3 $20,576 $23,341 $26,344 $19,973 $22,738 $25,742
This is an illustration only. An 4 $27,129 $31,736 $36,940 $26,612 $31,220 $36,423
illustration is not intended to predict 5 $33,570 $40,505 $48,654 $33,139 $40,075 $48,224
actual performance. Interest rates, 6 $39,904 $49,673 $61,620 $39,560 $49,329 $61,275
dividends, and values set forth in the 7 $46,137 $59,265 $75,981 $45,878 $59,007 $75,723
illustration are not guaranteed. 8 $52,259 $69,296 $91,890 $52,087 $69,123 $91,718
9 $58,266 $79,782 $109,515 $58,180 $79,696 $109,429
10 $64,140 $90,733 $129,038 $64,140 $90,733 $129,038
15 $99,002 $162,350 $274,447 $99,002 $162,350 $274,447
20 $126,464 $249,437 $519,604 $126,464 $249,437 $519,604
25 $143,690 $356,280 $934,142 $143,690 $356,280 $934,142
30 $143,821 $488,630 $1,630,003 $143,821 $488,630 $1,630,003
35 $116,534 $659,422 $2,803,684 $116,534 $659,422 $2,803,684
----------------------------------------------------------------------------
</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:$412,380
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 $422,380 $422,380 $422,380
2 $21,525 $432,380 $432,380 $432,380
This illustration assumes no policy loans or 3 $33,101 $442,380 $442,380 $442,380
partial withdrawals have been made. 4 $45,256 $452,380 $452,380 $452,380
5 $58,019 $462,380 $462,380 $462,380
*Additional payment will be required to 6 $71,420 $472,380 $472,380 $472,380
prevent policy termination. 7 $85,491 $482,380 $482,380 $482,380
8 $100,266 $492,380 $492,380 $492,380
The death benefits, accumulated values 9 $115,779 $502,380 $502,380 $502,380
and cash surrender values will differ if 10 $132,068 $512,380 $512,380 $512,380
premiums are paid in different amounts or 15 $226,575 $562,380 $562,380 $562,380
frequencies. 20 $347,192 $612,380 $612,380 $612,380
25 $501,134 $0* $662,380 $668,168
The hypothetical investment rates shown 30 $697,607 $0* $712,380 $1,079,238
above and elsewhere in this prospectus 35 $948,362 $0* $0* $1,817,210
are 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 End of assuming hypothetical gross assuming hypothetical gross
shown and will depend on a number of policy annual investment return of annual investment return of
factors, including the investment year 0% 6% 12% 0% 6% 12%
allocations made to variable accounts by ---------------------------------------------------------------------------
the owner and the experience of the 1 $5,413 $5,843 $6,275 $4,638 $5,068 $5,500
accounts. No representation can be made 2 $10,581 $11,779 $13,033 $9,893 $11,090 $12,344
by us, the separate account or the 3 $15,491 $17,797 $20,311 $14,888 $17,195 $19,708
underlying funds that these hypothetical 4 $20,130 $23,893 $28,173 $19,613 $23,376 $27,656
rates of return can be achieved for any 5 $24,483 $30,065 $36,678 $24,053 $29,635 $36,247
one year or sustained over any period of 6 $28,543 $36,302 $45,885 $28,199 $35,958 $45,541
time. 7 $32,262 $42,563 $55,836 $32,004 $42,305 $55,578
8 $35,603 $48,812 $66,586 $35,431 $48,640 $66,414
This is an illustration only. An illustration is 9 $38,514 $55,002 $78,191 $38,428 $54,916 $78,105
not intended to predict 10 $40,939 $61,077 $90,709 $40,939 $61,077 $90,709
actual performance. Interest rates, dividends, and 15 $53,098 $98,497 $182,744 $53,098 $98,497 $182,744
values set forth in the illustration are not 20 $43,442 $126,784 $328,127 $43,442 $126,784 $328,127
guaranteed. 25 $0* $126,496 $576,007 $0* $126,496 $576,007
30 $0* $51,115 $1,008,634 $0* $51,115 $1,008,634
35 $0* $0* $1,730,676 $0* $0* $1,730,676
---------------------------------------------------------------------------
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:$412,380
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 $412,380 $412,380 $412,380
2 $21,525 $412,380 $412,380 $412,380
This illustration assumes no policy loans 3 $33,101 $412,380 $412,380 $412,380
or partial withdrawals have been made. 4 $45,256 $412,380 $412,380 $412,380
5 $58,019 $412,380 $412,380 $412,380
The death benefits, accumulated values 6 $71,420 $412,380 $412,380 $412,380
and cash surrender values will differ if 7 $85,491 $412,380 $412,380 $412,380
premiums are paid in different amounts or 8 $100,266 $412,380 $412,380 $412,380
frequencies. 9 $115,779 $412,380 $412,380 $412,380
10 $132,068 $412,380 $412,380 $412,380
The hypothetical investment rates shown 15 $226,575 $412,380 $412,380 $565,455
above and elsewhere in this prospectus 20 $347,192 $412,380 $465,243 $934,668
are illustrative only and should not be 25 $501,134 $412,380 $601,814 $1,471,043
interpreted as a representation of past or 30 $697,607 $412,380 $750,597 $2,263,686
future investment results. Actual rates of 35 $948,362 $412,380 $922,239 $3,470,471
return may be more or less than those ----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the ----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,035 $7,516 $7,998 $6,260 $6,741 $7,224
rates of return can be achieved for any 2 $13,909 $15,309 $16,769 $13,220 $14,620 $16,080
one year or sustained over any period of time. 3 $20,629 $23,398 $26,405 $20,027 $22,795 $25,803
4 $27,229 $31,845 $37,058 $26,713 $31,329 $36,542
This is an illustration only. An illustration is 5 $33,735 $40,688 $48,855 $33,305 $40,257 $48,425
not intended to predict actual 6 $40,154 $49,954 $61,934 $39,810 $49,609 $61,590
performance. Interest rates, dividends, and 7 $46,491 $59,670 $76,445 $46,233 $59,412 $76,186
values set forth in the illustration are not 8 $52,743 $69,858 $92,545 $52,571 $69,686 $92,373
guaranteed. 9 $58,907 $80,539 $110,415 $58,820 $80,453 $110,329
10 $64,971 $91,731 $130,246 $64,971 $91,731 $130,246
15 $101,801 $165,907 $278,232 $101,801 $165,907 $278,232
20 $134,173 $259,407 $521,147 $134,173 $259,407 $521,147
25 $161,740 $375,148 $916,991 $161,740 $375,148 $916,991
30 $182,966 $516,113 $1,556,519 $182,966 $516,113 $1,556,519
35 $196,360 $686,847 $2,584,671 $196,360 $686,847 $2,584,671
----------------------------------------------------------------------------
</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:$412,380
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 $412,380 $412,380 $412,380
2 $21,525 $412,380 $412,380 $412,380
This illustration assumes no policy loans or 3 $33,101 $412,380 $412,380 $412,380
partial withdrawals have been made. 4 $45,256 $412,380 $412,380 $412,380
5 $58,019 $412,380 $412,380 $412,380
*Additional payment will be required to 6 $71,420 $412,380 $412,380 $412,380
prevent policy termination. 7 $85,491 $412,380 $412,380 $412,380
8 $100,266 $412,380 $412,380 $412,380
The death benefits, accumulated values 9 $115,779 $412,380 $412,380 $412,380
and cash surrender values will differ if 10 $132,068 $412,380 $412,380 $412,380
premiums are paid in different amounts or 15 $226,575 $412,380 $412,380 $415,683
frequencies. 20 $347,192 $412,380 $412,380 $674,455
25 $501,134 $412,380 $412,380 $1,011,430
The hypothetical investment rates shown 30 $697,607 $412,380 $456,727 $1,450,023
above and elsewhere in this prospectus 35 $948,362 $0* $528,323 $2,016,018
are 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 End of assuming hypothetical gross assuming hypothetical gross
shown and will depend on a number of policy annual investment return of annual investment return of
factors, including the investment year 0% 6% 12% 0% 6% 12%
allocations made to variable accounts by ----------------------------------------------------------------------------
the owner and the experience of the 1 $5,458 $5,890 $6,323 $4,684 $5,115 $5,548
accounts. No representation can be made 2 $10,724 $11,929 $13,190 $10,036 $11,241 $12,502
by us, the separate account or the 3 $15,791 $18,119 $20,655 $15,189 $17,517 $20,053
underlying funds that these hypothetical 4 $20,657 $24,469 $28,801 $20,141 $23,953 $28,285
rates of return can be achieved for any 5 $25,319 $30,994 $37,709 $24,889 $30,564 $37,279
one year or sustained over any period of 6 $29,779 $37,700 $47,466 $29,435 $37,356 $47,122
time. 7 $34,008 $44,570 $58,147 $33,749 $44,312 $57,889
8 $37,984 $51,595 $69,850 $37,811 $51,423 $69,678
This is an illustration only. An illustration is 9 $41,679 $58,762 $82,681 $41,593 $58,676 $82,595
not intended to predict actual 10 $45,064 $66,054 $96,760 $45,064 $66,054 $96,760
performance. Interest rates, dividends, and 15 $65,679 $114,855 $204,537 $65,679 $114,855 $204,537
values set forth in the illustration are not 20 $74,945 $170,762 $376,059 $74,945 $170,762 $376,059
guaranteed. 25 $64,979 $235,798 $630,486 $64,979 $235,798 $630,486
30 $18,879 $314,047 $997,041 $18,879 $314,047 $997,041
35 $0* $393,474 $1,501,451 $0* $393,474 $1,501,451
----------------------------------------------------------------------------
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:$178,625
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 $186,470 $186,977 $187,485
2 $21,525 $194,184 $195,685 $197,249
This illustration assumes no policy loans or 3 $33,101 $201,768 $204,773 $208,029
partial withdrawals have been made. 4 $45,256 $209,258 $214,297 $219,973
5 $58,019 $216,664 $224,285 $233,216
The death benefits, accumulated values 6 $71,420 $223,988 $234,765 $247,903
and cash surrender values will differ if 7 $85,491 $231,234 $245,762 $264,197
premiums are paid in different amounts or 8 $100,266 $238,397 $257,300 $282,273
frequencies. 9 $115,779 $245,478 $269,405 $302,324
10 $132,068 $252,470 $282,099 $339,649
The hypothetical investment rates shown 15 $226,575 $291,062 $371,179 $619,269
above and elsewhere in this prospectus 20 $347,192 $325,939 $503,892 $1,013,048
are illustrative only and should not be 25 $501,134 $356,425 $644,896 $1,586,101
interpreted as a representation of past or 30 $697,607 $380,882 $798,950 $2,433,751
future investment results. Actual rates of 35 $948,362 $397,602 $977,196 $3,725,023
return may be more or less than those ----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the ----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,845 $8,352 $8,860 $7,368 $7,876 $8,383
rates of return can be achieved for 2 $15,559 $17,060 $18,624 $15,135 $16,637 $18,200
any one year or sustained over any period of 3 $23,143 $26,148 $29,404 $22,772 $25,777 $29,033
time. 4 $30,633 $35,672 $41,348 $30,316 $35,354 $41,030
5 $38,039 $45,660 $54,591 $37,774 $45,395 $54,326
This is an illustration only. An illustration is 6 $45,363 $56,140 $69,278 $45,152 $55,928 $69,066
not intended to predict actual 7 $52,609 $67,137 $85,572 $52,450 $66,978 $85,413
performance. Interest rates, dividends, and 8 $59,772 $78,675 $103,648 $59,667 $78,570 $103,542
values set forth in the illustration are not 9 $66,853 $90,780 $123,699 $66,800 $90,727 $123,646
guaranteed. 10 $73,845 $103,474 $145,926 $73,845 $103,474 $145,926
15 $112,437 $182,638 $304,712 $112,437 $182,638 $304,712
20 $147,314 $280,957 $564,849 $147,314 $280,957 $564,849
25 $177,800 $402,003 $988,714 $177,800 $402,003 $988,714
30 $202,257 $549,361 $1,673,456 $202,257 $549,361 $1,673,456
35 $218,977 $727,777 $2,774,251 $218,977 $727,777 $2,774,251
----------------------------------------------------------------------------
</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:$178,625
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 $185,772 $186,257 $186,743
2 $21,525 $192,763 $194,176 $195,648
This illustration assumes no policy loans or 3 $33,101 $199,593 $202,389 $205,427
partial withdrawals have been made. 4 $45,256 $206,278 $210,939 $216,202
5 $58,019 $212,820 $219,836 $228,076
The death benefits, accumulated values 6 $71,420 $219,215 $229,092 $241,163
and cash surrender values will differ if 7 $85,491 $225,450 $238,709 $255,580
premiums are paid in different amounts or 8 $100,266 $231,511 $248,691 $271,460
frequencies. 9 $115,779 $237,386 $259,042 $288,947
10 $132,068 $243,057 $269,760 $308,199
The hypothetical investment rates shown 15 $226,575 $273,452 $335,434 $535,254
above and elsewhere in this prospectus 20 $347,192 $296,480 $419,396 $837,816
are illustrative only and should not be 25 $501,134 $308,519 $512,418 $1,233,595
interpreted as a representation of past or 30 $697,607 $304,073 $596,383 $1,750,023
future investment results. Actual rates of 35 $948,362 $272,884 $676,066 $2,417,308
return may be more or less than those ----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the ----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,147 $7,632 $8,118 $6,671 $7,155 $7,641
rates of return can be achieved for any 2 $14,138 $15,551 $17,023 $13,714 $15,127 $16,600
one year or sustained over any period of 3 $20,968 $23,764 $26,802 $20,597 $23,394 $26,431
time. 4 $27,653 $32,314 $37,577 $27,335 $31,997 $37,260
5 $34,195 $41,211 $49,451 $33,930 $40,947 $49,186
This is an illustration only. An illustration is 6 $40,590 $50,467 $62,538 $40,379 $50,255 $62,326
not intended to predict actual 7 $46,825 $60,084 $76,955 $46,666 $59,925 $76,796
performance. Interest rates, dividends, and 8 $52,886 $70,066 $92,835 $52,780 $69,960 $92,729
values set forth in the illustration are not 9 $58,761 $80,417 $110,322 $58,708 $80,364 $110,269
guaranteed. 10 $64,432 $91,135 $129,574 $64,432 $91,135 $129,574
15 $94,827 $156,809 $263,372 $94,827 $156,809 $263,372
20 $117,855 $233,845 $467,145 $117,855 $233,845 $467,145
25 $129,894 $319,421 $768,975 $129,894 $319,421 $768,975
30 $125,448 $410,075 $1,203,322 $125,448 $410,075 $1,203,322
35 $94,259 $497,441 $1,800,316 $94,259 $497,441 $1,800,316
----------------------------------------------------------------------------
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:$412,380
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 $422,380 $422,380 $422,380
2 $21,525 $432,380 $432,380 $432,380
This illustration assumes no policy loans or 3 $33,101 $442,380 $442,380 $442,380
partial withdrawals have been made. 4 $45,256 $452,380 $452,380 $452,380
5 $58,019 $462,380 $462,380 $462,380
The death benefits, accumulated values 6 $71,420 $472,380 $472,380 $472,380
and cash surrender values will differ if 7 $85,491 $482,380 $482,380 $482,380
premiums are paid in different amounts or 8 $100,266 $492,380 $492,380 $492,380
frequencies. 9 $115,779 $502,380 $502,380 $502,380
10 $132,068 $512,380 $512,380 $512,380
The hypothetical investment rates shown 15 $226,575 $562,380 $562,380 $562,380
above and elsewhere in this prospectus 20 $347,192 $612,380 $612,380 $923,444
are illustrative only and should not be 25 $501,134 $662,380 $662,380 $1,454,567
interpreted as a representation of past or 30 $697,607 $712,380 $712,380 $2,239,334
future investment results. Actual rates of 35 $948,362 $762,380 $876,736 $3,434,020
return may be more or less than those ----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the ----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,028 $7,509 $7,992 $6,254 $6,735 $7,217
rates of return can be achieved for 2 $13,886 $15,285 $16,743 $13,197 $14,596 $16,055
any one year or sustained over any period of 3 $20,576 $23,341 $26,344 $19,973 $22,738 $25,742
time. 4 $27,129 $31,736 $36,940 $26,612 $31,220 $36,423
5 $33,570 $40,505 $48,654 $33,139 $40,075 $48,224
This is an illustration only. An illustration is 6 $39,904 $49,673 $61,620 $39,560 $49,329 $61,275
not intended to predict actual 7 $46,137 $59,265 $75,981 $45,878 $59,007 $75,723
performance. Interest rates, dividends, and 8 $52,259 $69,296 $91,890 $52,087 $69,123 $91,718
values set forth in the illustration are not 9 $58,266 $79,782 $109,515 $58,180 $79,696 $109,429
guaranteed. 10 $64,140 $90,733 $129,038 $64,140 $90,733 $129,038
15 $99,002 $162,350 $274,447 $99,002 $162,350 $274,447
20 $126,464 $249,437 $514,889 $126,464 $249,437 $514,889
25 $143,690 $356,280 $906,721 $143,690 $356,280 $906,721
30 $143,821 $488,630 $1,539,774 $143,821 $488,630 $1,539,774
35 $116,534 $652,959 $2,557,524 $116,534 $652,959 $2,557,524
----------------------------------------------------------------------------
</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:$412,380
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 $422,380 $422,380 $422,380
2 $21,525 $432,380 $432,380 $432,380
This illustration assumes no policy loans or 3 $33,101 $442,380 $442,380 $442,380
partial withdrawals have been made. 4 $45,256 $452,380 $452,380 $452,380
5 $58,019 $462,380 $462,380 $462,380
*Additional payment will be required to 6 $71,420 $472,380 $472,380 $472,380
prevent policy termination. 7 $85,491 $482,380 $482,380 $482,380
8 $100,266 $492,380 $492,380 $492,380
The death benefits, accumulated values 9 $115,779 $502,380 $502,380 $502,380
and cash surrender values will differ if 10 $132,068 $512,380 $512,380 $512,380
premiums are paid in different amounts or 15 $226,575 $562,380 $562,380 $562,380
frequencies. 20 $347,192 $612,380 $612,380 $612,380
25 $501,134 $0* $662,380 $893,834
The hypothetical investment rates shown 30 $697,607 $0* $712,380 $1,291,227
above and elsewhere in this prospectus 35 $948,362 $0* $0* $1,803,607
are 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 End of assuming hypothetical gross assuming hypothetical gross
shown and will depend on a number of policy annual investment return of annual investment return of
factors, including the investment year 0% 6% 12% 0% 6% 12%
allocations made to variable accounts by ------------------------------------------------------------------------------
the owner and the experience of the 1 $5,413 $5,843 $6,275 $4,638 $5,068 $5,500
accounts. No representation can be made 2 $10,581 $11,779 $13,033 $9,893 $11,090 $12,344
by us, the separate account or the 3 $15,491 $17,797 $20,311 $14,888 $17,195 $19,708
underlying funds that these hypothetical 4 $20,130 $23,893 $28,173 $19,613 $23,376 $27,656
rates of return can be achieved for any 5 $24,483 $30,065 $36,678 $24,053 $29,635 $36,247
one year or sustained over any period of 6 $28,543 $36,302 $45,885 $28,199 $35,958 $45,541
time. 7 $32,262 $42,563 $55,836 $32,004 $42,305 $55,578
8 $35,603 $48,812 $66,586 $35,431 $48,640 $66,414
This is an illustration only. An illustration is 9 $38,514 $55,002 $78,191 $38,428 $54,916 $78,105
not intended to predict actual 10 $40,939 $61,077 $90,709 $40,939 $61,077 $90,709
performance. Interest rates, dividends, and 15 $53,098 $98,497 $182,744 $53,098 $98,497 $182,744
values set forth in the illustration are not 20 $43,442 $126,784 $328,127 $43,442 $126,784 $328,127
guaranteed. 25 $0* $126,496 $557,181 $0* $126,496 $557,181
30 $0* $51,115 $887,852 $0* $51,115 $887,852
35 $0* $0* $1,343,256 $0* $0* $1,343,256
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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:$412,380
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 $412,380 $412,380 $412,380
2 $21,525 $412,380 $412,380 $412,380
This illustration assumes no policy loans or 3 $33,101 $412,380 $412,380 $412,380
partial withdrawals have been made. 4 $45,256 $412,380 $412,380 $412,380
5 $58,019 $412,380 $412,380 $412,380
The death benefits, accumulated values 6 $71,420 $412,380 $412,380 $412,380
and cash surrender values will differ if 7 $85,491 $412,380 $412,380 $412,380
premiums are paid in different amounts or 8 $100,266 $412,380 $412,380 $412,380
frequencies. 9 $115,779 $412,380 $412,380 $412,380
10 $132,068 $412,380 $412,380 $412,380
The hypothetical investment rates 15 $226,575 $412,380 $412,380 $412,380
shown above and elsewhere in this prospectus 20 $347,192 $412,380 $412,380 $661,279
are illustrative only and should not be 25 $501,134 $412,380 $453,599 $1,135,594
interpreted as a representation of past or 30 $697,607 $412,380 $593,707 $1,838,220
future investment results. Actual rates of 35 $948,362 $412,380 $805,150 $3,122,499
return may be more or less than those ----------------------------------------------------------------------------
shown and will depend on a number of End of year End of year
factors, including the investment ACCUMULATED VALUE NET CASH SURRENDER VALUE
allocations made to variable accounts by End of assuming hypothetical gross assuming hypothetical gross
the owner and the experience of the policy annual investment return of annual investment return of
accounts. No representation can be made year 0% 6% 12% 0% 6% 12%
by us, the separate account or the ----------------------------------------------------------------------------
underlying funds that these hypothetical 1 $7,047 $7,529 $8,012 $6,272 $6,754 $7,237
rates of return can be achieved for any 2 $13,943 $15,347 $16,811 $13,255 $14,658 $16,122
one year or sustained over any period of 3 $20,696 $23,475 $26,494 $20,094 $22,873 $25,891
time. 4 $27,339 $31,977 $37,214 $26,822 $31,460 $36,698
5 $33,897 $40,889 $49,105 $33,466 $40,459 $48,675
This is an illustration only. An illustration is 6 $40,377 $50,243 $62,308 $40,033 $49,899 $61,964
not intended to predict actual 7 $46,786 $60,068 $76,979 $46,527 $59,810 $76,720
performance. Interest rates, dividends, and 8 $53,117 $70,385 $93,282 $52,945 $70,213 $93,110
values set forth in the illustration are not 9 $59,370 $81,219 $111,405 $59,284 $81,133 $111,319
guaranteed. 10 $65,532 $92,589 $131,548 $65,532 $92,589 $131,548
15 $103,014 $168,166 $283,303 $103,014 $168,166 $283,303
20 $136,304 $264,661 $542,032 $136,304 $264,661 $542,032
25 $165,057 $391,034 $978,960 $165,057 $391,034 $978,960
30 $187,779 $554,866 $1,717,963 $187,779 $554,866 $1,717,963
35 $203,089 $766,810 $2,973,809 $203,089 $766,810 $2,973,809
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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:$412,380
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 $412,380 $412,380 $412,380
2 $21,525 $412,380 $412,380 $412,380
This illustration assumes no policy loans or 3 $33,101 $412,380 $412,380 $412,380
partial withdrawals have been made. 4 $45,256 $412,380 $412,380 $412,380
5 $58,019 $412,380 $412,380 $412,380
*Additional payment will be required to 6 $71,420 $412,380 $412,380 $412,380
prevent policy termination. 7 $85,491 $412,380 $412,380 $412,380
8 $100,266 $412,380 $412,380 $412,380
The death benefits, accumulated values 9 $115,779 $412,380 $412,380 $412,380
and cash surrender values will differ if 10 $132,068 $412,380 $412,380 $412,380
premiums are paid in different amounts or 15 $226,575 $412,380 $412,380 $412,380
frequencies. 20 $347,192 $412,380 $412,380 $488,600
25 $501,134 $412,380 $412,380 $840,015
The hypothetical investment rates shown 30 $697,607 $412,380 $412,380 $1,349,767
above and elsewhere in this prospectus 35 $948,362 $0* $492,913 $2,273,334
are illustrative only and should not be ----------------------------------------------------------------------------
interpreted as a representation of past or
future investment results. Actual rates of End of year End of year
return may be more or less than those ACCUMULATED VALUE NET CASH SURRENDER VALUE
shown and will depend on a number of End of assuming hypothetical gross assuming hypothetical gross
factors, including the investment policy annual investment return of annual investment return of
allocations made to variable accounts by year 0% 6% 12% 0% 6% 12%
the owner and the experience of the ----------------------------------------------------------------------------
accounts. No representation can be made 1 $5,469 $5,901 $6,335 $4,694 $5,126 $5,561
by us, the separate account or the 2 $10,754 $11,962 $13,227 $10,065 $11,274 $12,538
underlying funds that these hypothetical 3 $15,847 $18,184 $20,730 $15,245 $17,582 $20,127
rates of return can be achieved for 4 $20,747 $24,578 $28,931 $20,231 $24,061 $28,415
any one year or sustained over any period of 5 $25,451 $31,160 $37,915 $25,021 $30,729 $37,485
time. 6 $29,959 $37,936 $47,772 $29,615 $37,592 $47,428
7 $34,242 $44,891 $58,581 $33,984 $44,633 $58,323
This is an illustration only. An illustration is 8 $38,279 $52,017 $70,446 $38,107 $51,845 $70,274
not intended to predict actual 9 $42,043 $59,303 $83,478 $41,956 $59,217 $83,392
performance. Interest rates, dividends, and 10 $45,500 $66,732 $97,806 $45,500 $66,732 $97,806
values set forth in the 15 $66,591 $116,617 $207,931 $66,591 $116,617 $207,931
illustration are not 20 $76,507 $174,586 $400,492 $76,507 $174,586 $400,492
guaranteed. 25 $67,351 $243,477 $724,151 $67,351 $243,477 $724,151
30 $22,235 $333,872 $1,261,464 $22,235 $333,872 $1,261,464
35 $0* $469,441 $2,165,080 $0* $469,441 $2,165,080
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17
</TABLE>
<PAGE>
Form No. 15-22027-00
