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SUPPLEMENT DATED OCTOBER 7, 1996
TO
PROSPECTUS DATED AUGUST 1, 1996
FOR
GROUP VARIABLE UNIVERSAL LIFE INSURANCE POLICIES AND CERTIFICATES
ISSUED UNDER THE GROUP POLICIES
The Prospectus describes the provisions of the Policies and Certificates that
generally are applicable to all purchasers. Certain provisions, however, may
vary depending upon the Group in connection with which a Policy or Certificate
is issued. Accordingly, this Supplement provides Owners with additional,
specific information about the Group Policy and Certificates issued to Owners
in the Group. Words used in this Supplement have the same meanings given to
them in the Prospectus, unless the context indicates otherwise.
THE INFORMATION SET FORTH BELOW MERELY SUPPLEMENTS THE INFORMATION INCLUDED IN
THE PROSPECTUS. IT IS NOT A SUMMARY OF THE PROSPECTUS AND IS NOT NECESSARILY
MORE IMPORTANT THAN THE INFORMATION THAT IS INCLUDED IN THE PROSPECTUS.
PORTABILITY: A Certificate becomes portable when one of the following events
occurs: (1) termination of employment other than through retirement or (2) sale
of the division for which the employee works such that the employee no longer
works for the employer who is the participating entity of the Policy. (See
"Definitions--Portable" in the Prospectus, "Payment and Allocation of Premiums--
Termination of Participating Entity Participation in the Group Policy" in the
Prospectus and "Payment and Allocation of Premiums--Effect of Termination of
Group Policy Participation on Owners" in the Prospectus.)
SPECIFIED FACE AMOUNT: The minimum specified face amount for which a
Certificate may be issued is $10,000. Requests for increases in specified face
amount may be made 1 time a year during the annual enrollment period. The
minimum amount of requested specified face amount increases is $10,000. (See
"Certificate Benefits--Death Benefit," in the Prospectus.)
SYSTEMATIC INVESTMENT STRATEGIES: The three systematic investment strategies
described under "Payment and Allocation of Premiums--Systematic Investment
Strategies" are available under Certificates issued to Owners.
TERMINATION BY METLIFE OF PARTICIPATING ENTITY PARTICIPATION IN THE GROUP
POLICY: MetLife may terminate the participating entity's participation in the
Group Policy if during any twelve month period, the aggregate specified face
amount for all Owners under the Group Policy decreases by 15% or the number of
Certificates decreases by 20%. (See "Payment and Allocation of Premiums--
Termination of Participating Entity Participation in the Group Policy" in the
Prospectus.)
EFFECT OF CERTAIN TERMINATIONS OF GROUP POLICY PARTICIPATION ON CERTAIN OWNERS:
If the participating entity does not replace the Group Policy with another life
insurance product, Owners who have not yet exercised the paid up Certificate
provision and whose Certificates are not already in the portable class, may
elect to become Owners of portable Certificates or paid up Certificates or to
receive their Certificates' cash surrender values. (As to cases where the
participating entity replaces the Group Policy with another life insurance
product, or as to employees who have exercised the paid up Certificate option or
whose Certificates are already in a portable class, see "Payment and Allocation
of Premiums--Effect of Termination of Group Policy Participation on Owners" in
the Prospectus.)
PREMIUM EXPENSE CHARGES: A charge of 1.60% of premiums paid will be deducted
from all premium payments which includes a charge for state premium taxes equal
to 1.25% of premium and a charge deducted for the purpose of recovering a
portion of the federal income tax treatment of deferred acquisition costs of
MetLife equal to .35% (See "Charges and Deductions--Tax Charges" in the
Prospectus.)
COST OF INSURANCE RATE: The guaranteed cost of insurance rate for the Group is
100% of the maximum rates that could be charged based on the 1980 CSO Table.
(See "Charges and Deductions--Cost of Insurance Charge" in the Prospectus.)
ADMINISTRATION CHARGES: The current administration charge is $2.00 per
Certificate per month. (See "Charges and Deductions--Administration Charge" in
the Prospectus.)
CHARGE FOR MORTALITY AND EXPENSE RISKS: The current charge for mortality and
expense risks assumed by MetLife is equal to .45% of the average daily value of
the assets in the Separate Account attributable to the Certificates. (See
"Charges and Deductions--Charge for Mortality and Expense Risks" in the
Prospectus.)
LOAN PRIVILEGES: The interest charged on a Certificate loan is currently 8% per
year and the interest currently being credited on amounts in the Loan Account is
6% per year. (See "Certificate Rights--Loan Privileges" in the Prospectus.)
TRANSACTION CHARGES: There are currently no transaction charges for loans,
partial withdrawals and surrenders.
This Supplement should be read in conjunction with the accompanying Prospectus
for the Policies and Certificates.
