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May 1, 2000
Dear Strategic Variable Life(R) Policyowner:
This information below supplements Massachusetts Mutual Life Insurance Company's
Strategic Variable Life(R) Prospectus dated May 1, 2000. Please place this
supplement with your Prospectus, and retain it for future reference.
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STRATEGIC VARIABLE LIFE(R)
Supplement dated May 1, 2000
to the Prospectus dated May 1, 2000
On March 3, 2000, Massachusetts Mutual Life Insurance Company ("MassMutual") and
several other applicants filed an application with the Securities and Exchange
Commission ("SEC") seeking an order approving the substitution of shares of
certain funds currently held by various divisions of Massachusetts Mutual
Variable Life Separate Account I. Specifically, MassMutual proposes to
substitute:
1. Shares of Oppenheimer Multiple Strategies Fund/VA for shares of Panorama
LifeSpan Balanced Portfolio which are currently held in the Panorama
LifeSpan Balanced Division;
2. Shares of Oppenheimer Main Street(R)Growth & Income Fund/VA for shares of
Panorama LifeSpan Capital Appreciation Portfolio which are currently held
in the Panorama LifeSpan Capital Appreciation Division; and
3. Shares of MML Blend Fund for shares of Panorama LifeSpan Diversified Income
Portfolio which are currently held in the Panorama LifeSpan Diversified
Income Division.
The Oppenheimer Multiple Strategies Fund/VA, the Oppenheimer Main Street(R)
Growth & Income Fund/VA and the MML Blend Fund currently serve as investment
options for Strategic Variable Life(R) policy owners. The investment objectives
of the Oppenheimer Multiple Strategies Fund/VA, the Oppenheimer Main Street(R)
Growth & Income Fund/VA and the MML Blend Fund are summarized below. Strategic
Variable Life(R) policy owners will receive a copy of the fund prospectuses
before the substitutions are implemented. Please read the prospectuses for these
funds carefully.
Oppenheimer Multiple Strategies Fund/VA seeks a total investment return,
which includes current income and capital appreciation in the value of its
shares. This Fund allocates its investments among common stocks, debt
securities, and money market instruments.
Oppenheimer Main Street(R) Growth & Income Fund/VA seeks total return,
which includes growth in the value of its shares as well as current income,
from equity and debt securities.
MML Blend Fund seeks to achieve as high a level of total rate of return
over an extended period of time as is considered consistent with prudent
investment risk and the preservation of capital by investing in equity,
fixed income, and money market securities.
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To the extent required by law, MassMutual will obtain approval of these proposed
substitutions from the state insurance departments in certain jurisdictions. If
the proposed substitutions are approved by the necessary regulatory authorities,
MassMutual would implement the proposed substitutions by having the affected
divisions redeem its shares of the Panorama LifeSpan Portfolios and purchase
with the proceeds shares of the Oppenheimer Multiple Strategies Fund/VA, the
Oppenheimer Main Street(R) Growth & Income Fund/VA, and the MML Blend Fund. If
implemented, the proposed substitutions would result in the involuntary
reinvestment of account value, if any, invested in the Panorama LifeSpan
Portfolios in the Oppenheimer Multiple Strategies Fund/VA, the Oppenheimer Main
Street(R) Growth & Income Fund/VA, and the MML Blend Fund as described above.
The costs of the proposed substitutions will be borne by MassMutual, not the
Strategic Variable Life(R) policy owners.
From the date of this supplement to the date the proposed substitutions are
implemented, MassMutual will permit each policy owner to make one transfer of
all of his/her contract value in any of the Panorama LifeSpan Divisions without
that transfer counting as one of the 6 (12 for New York policies) free transfers
permitted in a policy year.
Once MassMutual obtains all of the necessary regulatory approvals of the
proposed substitution, MassMutual will send Strategic Variable Life(R) policy
owners another notification indicating that fact and identifying an
implementation date for the substitution. If MassMutual cannot obtain all of the
necessary regulatory approvals, MassMutual will notify Strategic Variable
Life(R) policy owners that the proposed substitution will not be implemented.
