<PAGE>
RULE 497(c)
FILE NO. 33-41628
811-05846
SUPPLEMENT DATED SEPTEMBER 13, 1999
TO
PROFILE DATED MAY 1, 1999
AND
PROSPECTUS DATED MAY 1, 1999
FOR
FUTURITY II
ISSUED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
Effective September 13, 1999, with the addition of three new Funds -- the
Sun Capital Blue Chip Mid Cap Fund, the Sun Capital Investors Foundation Fund,
and the Sun Capital Select Equity Fund (each, a "Fund") -- to the Sun Capital
Advisers Trust, you may allocate your money among 39 variable investment options
available under the Futurity II Annuity. Market conditions will determine the
value of an investment in any of the new Funds and in any other Fund. The Funds
are described in the current Fund prospectuses.
As a result of the addition of the new Funds, the Profile dated May 1,
1999 (the "Profile") and the Prospectus dated May 1, 1999 (the "Prospectus") for
the Futurity II Annuity are hereby amended and supplemented as follows:
1. The third paragraph of Section 1, The Futurity II Annuity, of the Profile
and the second paragraph on the cover page of the Prospectus are each
amended by deleting the first sentence in its entirety and replacing it with
the following:
"You may choose among 39 variable investment options and a range of fixed
options."
2. The list of the available investment options under Sun Capital Advisers
Trust appearing in Section 4, Allocation Options, of the Profile and on the
cover page of the Prospectus is hereby supplemented by the addition of the
Sun Capital Blue Chip Mid Cap Fund, the Sun Capital Investors Foundation
Fund, and the Sun Capital Select Equity Fund.
3. The summary expense chart appearing in Section 5, Expenses, of the Profile
is hereby supplemented as follows:
<TABLE>
<CAPTION>
EXAMPLES:
TOTAL EXPENSES
TOTAL ANNUAL TOTAL ANNUAL TOTAL AT END
INSURANCE SERIES ANNUAL ------------------------
SUB-ACCOUNT CHARGES EXPENSES EXPENSES 1 YEAR 10 YEARS
- --------------------------------------------- -------------------- --------------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Sun Capital Blue Chip Mid Cap Fund 1.50% 1.00 % 2.50 % $81 $284
(1.40% + 0.10%)
Sun Capital Investors Foundation Fund 1.50% 0.90% 2.40% $80 $274
(1.40% + 0.10%)
Sun Capital Select Equity Fund 1.50% 0.90% 2.40% $80 $274
(1.40% + 0.10%)
</TABLE>
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4. The "Underlying Fund Annual Expenses" table on page 5 of the Prospectus is
hereby supplemented as follows:
<TABLE>
<CAPTION>
TOTAL FUND
MANAGEMENT OTHER ANNUAL
FEES (AFTER EXPENSES (AFTER EXPENSES (AFTER
REIMBURSEMENT)(2) REIMBURSEMENT)(2) REIMBURSEMENT)(2)
------------------- ------------------- -------------------
<S> <C> <C> <C>
Sun Capital Blue Chip Mid Cap Fund(3)(7)(8) 0.80% 0.20% 1.00%
Sun Capital Investors Foundation Fund(3)(7)(8) 0.75% 0.15% 0.90%
Sun Capital Select Equity Fund(3)(7)(8) 0.75% 0.15% 0.90%
</TABLE>
Additionally, Footnote 2 to the "Underlying Fund Annual Expenses" table on
page 6 of the Prospectus is deleted in its entirety and replaced by the
following:
"(2) For all Funds except the Sun Capital Blue Chip Mid Cap Fund, the Sun
Capital Investors Foundation Fund and the Sun Capital Select Equity Fund,
the "Management Fees," "Other Expenses," and "Total Fund Annual Expenses,"
are based on actual expenses for the fiscal year ended December 31, 1998,
net of any applicable expense reimbursement waiver. Expense figures shown
for the Sun Capital Blue Chip Mid Cap Fund, the Sun Capital Investors
Foundation Fund and the Sun Capital Select Equity Fund are estimates for
1999, based on the applicable expense reimbursement waiver; no actual
expenses are shown because these Funds will commence operations in September
1999."
Additionally, Footnote 3 to the "Underlying Fund Annual Expenses" table on
page 6 of the Prospectus is deleted in its entirety and replaced by the
following:
"(3) The investment advisers for the indicated Funds have voluntarily agreed to
waive or reimburse a portion of the management fees and/or operating
expenses, resulting in a reduction of the total expenses. Absent any such
waiver or reimbursement, "Management Fees," "Other Expenses," and "Total
Fund Operating Expenses" for the year ended December 31, 1998 were: 0.70%,
2.17%, and 2.87% for the Goldman Sachs VIT CORE Large Cap Growth Fund;
0.75%, 3.17%, and 3.92% for the Goldman Sachs VIT CORE Small Cap Equity
Fund; 0.70%, 2.13%, and 2.83% for the Goldman Sachs VIT CORE U.S. Equity
Fund; 0.75%, 1.94%, and 2.69% for the Goldman Sachs VIT Growth and Income
Fund; 1.00%, 1.97%, and 2.97% for the Goldman Sachs VIT International Equity
Fund; 0.60%, 3.50%, and 4.10% for the Sun Capital Investment Grade Bond
Fund; 0.50%, 11.79%, and 12.29% for the Sun Capital Money Market Fund;
0.95%, 6.49%, and 7.44% for the Sun Capital Real Estate Fund; 1.25%, 6.96%,
and 8.21% for the Warburg Pincus Emerging Markets Portfolio; and 1.25%,
0.45%, and 1.70% for the Warburg Pincus Post-Venture Capital Portfolio.
Estimated total operating expenses (annualized, before expense limitations)
for the Sun Capital Blue Chip Mid Cap Fund, the Sun Capital Investors
Foundation Fund and the Sun Capital Select Equity Fund for the year ending
December 31, 1999 are 5.85%, 5.80% and 5.80%, respectively. Fee waivers and
expense reimbursements for the Warburg Pincus Emerging Markets Portfolio and
the Warburg Pincus Post-Venture Capital Portfolio and the Goldman Sachs
Funds may be discontinued at any time. Fee waivers and expense
reimbursements for the Sun Capital Funds may be discontinued at any time
after September 1, 2000."
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Additionally, the Footnotes to the "Underlying Fund Annual Expenses" table
on page 6 of the Prospectus are supplemented by the following:
"(8) The management fee for each of the Sun Capital Blue Chip Mid Cap Fund, the
Sun Capital Investors Foundation Fund, and the Sun Capital Select Equity
Fund decreases to 0.75%, 0.70% and 0.70%, respectively, as the assets of
such Fund exceed $300 million."
5. The "Examples" presented on page 7 of the Prospectus are supplemented as
follows:
If you surrender your Contract at the end of the applicable time period,
you would pay the following expenses on a $1,000 investment, assuming a 5% rate
of return:
<TABLE>
<CAPTION>
1 YEAR 3 YEAR 5 YEAR 10 YEARS
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Sun Capital Blue Chip Mid Cap Fund $ 81 $ 117 $ 158 $ 284
Sun Capital Investors Foundation Fund $ 80 $ 114 $ 154 $ 274
Sun Capital Select Equity Fund $ 80 $ 114 $ 154 $ 274
</TABLE>
Additionally, the "Examples" presented on page 8 of the Prospectus are
supplemented as follows:
If you do NOT surrender your Contract, or if you annuitize at the end of
the applicable time period, you would pay the following expenses on a $1,000
investment, assuming a 5% rate of return:
<TABLE>
<CAPTION>
1 YEAR 3 YEAR 5 YEAR 10 YEARS
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Sun Capital Blue Chip Mid Cap Fund $ 25 $ 78 $ 133 $ 284
Sun Capital Investors Foundation Fund $ 24 $ 75 $ 128 $ 274
Sun Capital Select Equity Fund $ 24 $ 75 $ 128 $ 274
</TABLE>
6. The descriptions of the Funds available under the Sun Capital Advisers Trust
contained in the "Variable Account Options: The Funds" section beginning on
page 10 of the Prospectus is hereby deleted in its entirety and replaced by
the following:
SUN CAPITAL ADVISERS TRUST (advised by Sun Capital Advisers, Inc., an
affiliate of the Company; Wellington Management Company, LLP serves as
investment subadviser to Sun Capital Blue Chip Mid Cap Fund, Sun Capital
Investors Foundation Fund and Sun Capital Select Equity Fund)
SUN CAPITAL MONEY MARKET FUND seeks to maximize current income, consistent
with maintaining liquidity and preserving capital, by investing exclusively
in high quality U.S. dollar-denominated money market securities.
SUN CAPITAL INVESTMENT GRADE BOND FUND seeks high current income consistent
with relative stability of principal by investing at least 80% of its
assets in investment grade bonds. The Fund may invest up to 20% of its
assets in lower rated or unrated bonds (also known as high yield or junk
bonds).
SUN CAPITAL INVESTORS FOUNDATION FUND seeks long-term capital growth by
investing primarily in a diversified portfolio of common stocks and other
equity securities of U.S. companies with market capitalizations generally
within the range represented by the Standard & Poor's 500 Index.
Investments are selected using a combination of fundamental analysis and
quantitative tools.
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SUN CAPITAL SELECT EQUITY FUND seeks long-term capital growth by investing
in 20 to 40 common stocks and other equity securities of large
capitalization U.S. companies selected primarily from the Standard & Poor's
500 Index.
SUN CAPITAL BLUE CHIP MID CAP FUND seeks long-term capital growth by
investing primarily in a diversified portfolio of common stocks and other
equity securities of U.S. companies with market capitalizations within the
range represented by the Standard & Poor's Mid Cap 400 Index.
SUN CAPITAL REAL ESTATE FUND primarily seeks long-term capital growth and,
secondarily, seeks current income and growth of income. The Fund invests at
least 80% of its assets in securities of real estate investment trusts and
other real estate companies.
THIS SUPPLEMENT IS NOT VALID UNLESS ACCOMPANIED OR PRECEDED BY THE CURRENT
PROSPECTUS OF FUTURITY II ANNUITY, DATED MAY 1, 1999, AND SHOULD BE READ
TOGETHER WITH THE PROSPECTUS AND THE CURRENT PROSPECTUSES OF THE FUNDS. THIS
SUPPLEMENT AND THE PROSPECTUSES SHOULD BE READ AND RETAINED FOR FURTHER
REFERENCE.
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