METROPOLITAN LIFE SEPARATE ACCOUNT UL
485BPOS, 1997-04-30
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<PAGE>
 
     
  AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 30, 1997     
 
                                                      REGISTRATION NO. 33-47927
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
 
                      SECURITIES AND EXCHANGE COMMISSION
 
                            Washington, D.C. 20549
 
                               ----------------
 
                                   FORM S-6
                                POST-EFFECTIVE
                                
                             AMENDMENT No. 5     
          To REGISTRATION STATEMENT Under THE SECURITIES ACT OF 1933
 
                               ----------------
 
                     METROPOLITAN LIFE SEPARATE ACCOUNT UL
                             (EXACT NAME OF TRUST)
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                              (NAME OF DEPOSITOR)
                               1 Madison Avenue
                           New York, New York 10010
         (COMPLETE ADDRESS OF DEPOSITOR'S PRINCIPAL EXECUTIVE OFFICES)
 
                               ----------------
                              
                           GARY A. BELLER, ESQ.     
                  
               Executive Vice-President and General Counsel     
                      Metropolitan Life Insurance Company
                               1 Madison Avenue
                           New York, New York 10010
               (NAME AND COMPLETE ADDRESS OF AGENT FOR SERVICE)
 
                               ----------------
 
                                  Copies to:
               GARY O. COHEN, ESQ. and THOMAS C. LAUERMAN, ESQ.
                        Freedman, Levy, Kroll & Simonds
                         1050 Connecticut Avenue, N.W.
                            Washington, D.C. 20036
 
                               ----------------
 
  It is proposed that the filing will become effective (check appropriate box)
        
     [_] immediately upon filing pursuant to paragraph (b) of Rule 485     
        
     [X] on May 1, 1997 pursuant to paragraph (b) of Rule 485     
        
     [_] 60 days after filing pursuant to paragraph (a) of Rule 485     
     [_] on (date), pursuant to paragraph (a) of Rule 485
 
                               ----------------
   
  This filing is made pursuant to Rule 6c-3 and 6e-3(T) under the Investment
Company Act of 1940 to register interests in Metropolitan Life Separate
Account UL which funds certain variable universal life insurance policies.
    
          
  Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the
Registrant has registered an indefinite amount of securities. THE REGISTRANT'S
RULE 24F-2 NOTICE WAS FILED WITH THE COMMISSION ON FEBRUARY 27, 1997.     
 
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
 
                     METROPOLITAN LIFE SEPARATE ACCOUNT UL
 
                      METROPOLITAN LIFE INSURANCE COMPANY
 
                             CROSS-REFERENCE TABLE
 
<TABLE>
<CAPTION>
ITEMS OF
FORM N-8B-2                               CAPTIONS IN PROSPECTUS
- -----------                               ----------------------
<S>                        <C>
   1...................... Cover Page
   2...................... SUMMARY--About Metropolitan Life
   3...................... Inapplicable
   4...................... SALES AND ADMINISTRATION OF THE POLICIES; SUMMARY--
                            About Metropolitan Life
   5, 6, 7................ SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--The
                            Separate Account; STATE REGULATION
   8...................... FINANCIAL STATEMENTS
   9...................... Inapplicable
  10(a)................... OTHER POLICY PROVISIONS--Owner; Beneficiary; Collat-
                            eral Assignment
  10(c), 10(d)............ DEFINITIONS--Valuation Date; SUMMARY--Surrender and
                            Surrender Charges; Partial Withdrawal; Free Look
                            Period; POLICY BENEFITS--Benefit at Final Date;
                            POLICY RIGHTS--Surrender and Withdrawal Privileges;
                            Exchange Privilege; PAYMENT AND ALLOCATION OF PRE-
                            MIUMS--Allocation of Premiums and Cash Value, Cash
                            Value Transfers; THE FIXED ACCOUNT--Transfers,
                            Withdrawals, Surrenders, and Policy Loans; OTHER
                            POLICY PROVISIONS--Payment and Deferment
  10(e)................... PAYMENT AND ALLOCATION OF PREMIUMS--Policy Termina-
                            tion and Reinstatement
  10(f)................... VOTING RIGHTS
  10(g)(1)-(3), 10(h)(1)-
   (3).................... RIGHTS RESERVED BY METROPOLITAN LIFE
  10(g)(4), 10(h)(4)...... Inapplicable
  10(i)................... POLICY BENEFITS--Death Benefits; Death Benefit Op-
                            tions; Cash Value; Optional Income Plans; Optional
                            Insurance Benefits; PAYMENT AND ALLOCATION OF PRE-
                            MIUMS--Issuance of a Policy; Premiums; Allocation
                            of Premiums and Cash Value; Policy Termination and
                            Reinstatement
  11...................... SUMMARY--The Separate Account and the Metropolitan
                            Series Fund; The Fixed Account; SEPARATE ACCOUNT
                            AND METROPOLITAN SERIES FUND--Metropolitan Series
                            Fund
  12(a)................... Cover Page
  12(b), 12(e)............ Inapplicable
  12(c), 12(d)............ SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met-
                            ropolitan Series Fund
</TABLE>
 
 
                                       i
<PAGE>
 
<TABLE>
<CAPTION>
ITEMS OF
FORM N-8B-2                                CAPTIONS IN PROSPECTUS
- -----------                                ----------------------
<S>                         <C>
  13(a), 13(b), 13(c),      SUMMARY--The Separate Account and the Metropolitan
   13(d)...................  Series Fund; The Fixed Account; Fund Transfers and
                             Charges; Premium Expense Charges; Monthly Deduction
                             from Cash Value; Separate Account Charges; Fund In-
                             vestment Management Fees; Increase in Specified
                             Face Amount Charge; Surrender and Surrender
                             Charges; CHARGES AND DEDUCTIONS; SEPARATE ACCOUNT
                             AND METROPOLITAN SERIES FUND--The Separate Account;
                             POLICY BENEFITS--Death Benefit Increases
  13(e).................... SALES AND ADMINISTRATION OF THE POLICIES
  13(f), 13(g)............. Inapplicable
  14....................... PAYMENT AND ALLOCATION OF PREMIUMS--Issuance of a
                             Policy; SALES AND ADMINISTRATION OF THE POLICIES
  15....................... PAYMENT AND ALLOCATION OF PREMIUMS
  16....................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met-
                             ropolitan Series Fund
  17(a), 17(b)............. Captions referenced under Items 10(c), 10(d), 10(e)
                             and 10(i) above
  17(c).................... Inapplicable
  18(a), 18(c)............. SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND
  18(b), 18(d)............. Inapplicable
  19....................... SALES AND ADMINISTRATION OF THE POLICIES; VOTING
                             RIGHTS; REPORTS
  20(a), 20(b)............. RIGHTS RESERVED BY METROPOLITAN LIFE; SEPARATE AC-
                             COUNT AND METROPOLITAN SERIES FUND--The Separate
                             Account
  20(c), 20(d), 20(e),
   20(f)................... Inapplicable
  21(a), 21(b)............. POLICY RIGHTS--Loan Privileges; OTHER POLICY PROVI-
                             SIONS--Payment and Deferment
  21(c), 22................ Inapplicable
  23....................... SALES AND ADMINISTRATION OF THE POLICIES
  24....................... OTHER POLICY PROVISIONS
  25....................... SUMMARY--About Metropolitan Life
  26....................... CHARGES AND DEDUCTIONS--Other Charges
  27....................... SUMMARY--About Metropolitan Life
  28....................... MANAGEMENT
  29....................... Inapplicable
  30, 31, 32, 33, 34....... Inapplicable
  35....................... STATE REGULATION
  36, 37................... Inapplicable
</TABLE>
 
 
                                       ii
<PAGE>
 
<TABLE>
<CAPTION>
ITEMS OF
FORM N-8B-2                                CAPTIONS IN PROSPECTUS
- -----------                                ----------------------
<S>                         <C>
  38....................... SALES AND ADMINISTRATION OF THE POLICIES; DISTRIBU-
                             TION OF THE POLICIES
  39....................... SUMMARY--About Metropolitan Life; SALES AND ADMINIS-
                             TRATION OF THE POLICIES; DISTRIBUTION OF THE POLI-
                             CIES
  40(a).................... Inapplicable
  40(b).................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met-
                             ropolitan Series Fund; CHARGES AND DEDUCTIONS--
                             Other Charges
  41(a).................... SUMMARY--About Metropolitan Life; SALES AND ADMINIS-
                             TRATION OF THE POLICIES
  41(b), 41(c), 42, 43..... Inapplicable
  44(a).................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--Met-
                             ropolitan Series Fund; POLICY BENEFITS--Cash Value
  44(b).................... Inapplicable
  44(c).................... CHARGES AND DEDUCTIONS--Monthly Deduction From Cash
                             Value
  45....................... Inapplicable
  46....................... Captions referenced under Item 44 above
  47....................... Captions referenced under Items 10(c) and 16 above
  48, 49................... Inapplicable
  50....................... SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND--The
                             Separate Account
  51(a), 51(b)............. SUMMARY--About Metropolitan Life; Cover Page; POLICY
                             BENEFITS--Optional Insurance Benefits; POLICY
                             RIGHTS--Exchange Privileges
  51(c), 51(d), 51(e)...... Captions referenced under Item 10(i) above
  51(f).................... PAYMENT AND ALLOCATION OF PREMIUMS--Policy Termina-
                             tion and Reinstatement
  51(g).................... Captions referenced under Items 10(i) and 13 above
  51(h), 51(j)............. Inapplicable
  51(i).................... DISTRIBUTION OF THE POLICIES
  52(a), 52(c)............. RIGHTS RESERVED BY METROPOLITAN LIFE
  52(b), 52(d)............. Inapplicable
  53(a).................... FEDERAL TAX MATTERS
  53(b), 54 through 58..... Inapplicable
  59....................... FINANCIAL STATEMENTS
</TABLE>
 
                                      iii
<PAGE>
 
                                  
                               MAY 1, 1997     
                                  PROSPECTUS
                                      for
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
                (Minimum Initial Specified Face Amount $50,000)
                                   Issued by
                      METROPOLITAN LIFE INSURANCE COMPANY
 
  The individual flexible premium multifunded life insurance policies
("Policies") offered by this Prospectus are issued by Metropolitan Life
Insurance Company ("Metropolitan Life") and are designed to provide lifetime
insurance coverage on the insureds named in the Policies, as well as maximum
flexibility in connection with premium payments and death benefits. This
flexibility allows an owner of a Policy to provide for changing insurance
needs within the confines of a single insurance policy.
 
  The Policy provides for a death benefit payable at the insured's death as
long as the Policy is still in effect. The Policy owner may choose either
Death Benefit Option A (the death benefit is fixed in amount) or Death Benefit
Option B (the death benefit includes the Policy's cash value in addition to a
fixed insurance amount). For Policies issued on or after May 1, 1994 and
provided Death Benefit Option C is available in the state where the Policy is
issued, a Policy owner, where the insured is age 60 or less, will have a third
possible choice: Death Benefit Option C (the death benefit includes the
Policy's cash value in addition to a fixed insurance amount if the insured
dies prior to the Policy anniversary on which the insured is 65 and is fixed
in amount if death occurs thereafter). If greater than the death benefit
otherwise payable under Option A, B or C, a minimum death benefit equivalent
to a percentage of the cash value will be paid.
   
  The Policy's cash value will vary with the investment experience of the
Separate Account investment divisions to which amounts are allocated and the
fixed rates of interest earned by allocations to the General Account. The cash
value will also be adjusted for other factors, including the amount of charges
imposed and the premium payments made. The Policy owner may withdraw or borrow
a portion of the Policy's cash surrender value, or the Policy may be fully
surrendered, at any time, subject to certain limitations and charges. The
Policy owner has the flexibility to vary the frequency and amount of premium
payments, subject to certain restrictions and conditions.     
   
  The premiums paid, less premium expense charges, will be allocated at the
owner's discretion among one or more investment divisions of Metropolitan Life
Separate Account UL ("Separate Account") and/or a fixed interest account
("Fixed Account") within the General Account of Metropolitan Life. The assets
in each investment division are invested in shares of a corresponding
portfolio of the Metropolitan Series Fund, Inc. ("Fund"). Metropolitan Life is
the investment manager of the Fund and the distributor of its shares.
Metropolitan Life also distributes and administers the Policies. The
prospectus for the Fund describes the investment objectives and certain
attendant risks of the eleven currently available portfolios of the Fund. The
following chart lists the name of each available portfolio and the Company
that has the day-to-day investment management responsibility with respect to
each such Portfolio.     
       
<TABLE>   
<CAPTION>
      PORTFOLIO                               PORTFOLIO MANAGER
      ---------                               -----------------
      <C>                                     <S>
                                              GFM International Investors
      GFM International Stock                 Limited
    ------------------------------------------------------------------------
      Janus Mid Cap                           Janus Capital Corporation
    ------------------------------------------------------------------------
      Loomis Sayles High Yield Bond           Loomis, Sayles & Company, L.P.
    ------------------------------------------------------------------------
                                              Metropolitan Life Insurance
      MetLife Money Market                    Company
    ------------------------------------------------------------------------
                                              Metropolitan Life Insurance
      MetLife Stock Index                     Company
    ------------------------------------------------------------------------
      Scudder Global Equity                   Scudder, Stevens & Clark, Inc.
    ------------------------------------------------------------------------
                                              State Street Research &
      State Street Research Aggressive Growth Management Company
    ------------------------------------------------------------------------
                                              State Street Research &
      State Street Research Diversified       Management Company
    ------------------------------------------------------------------------
                                              State Street Research &
      State Street Research Growth            Management Company
    ------------------------------------------------------------------------
                                              State Street Research &
      State Street Research Income            Management Company
    ------------------------------------------------------------------------
      T. Rowe Price Small Cap Growth          T. Rowe Price Associates, Inc.
</TABLE>    
       
          
  As in the case of other life insurance policies, it may not be advantageous
to purchase flexible premium multifunded life insurance as a replacement for
an existing life insurance policy or in addition to an existing flexible
premium multifunded life insurance policy.     
 
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION
OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
INTERESTS IN THE SEPARATE ACCOUNT AND THE FIXED ACCOUNT ARE NOT DEPOSITS OR
OBLIGATIONS OF, OR INSURED, OR GUARANTEED BY THE U.S. GOVERNMENT, ANY BANK OR
OTHER DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY, ENTITY
OR PERSON, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF
THE PRINCIPAL AMOUNT INVESTED.
   
THIS PROSPECTUS IS NOT VALID UNLESS ATTACHED TO THE CURRENT PROSPECTUS FOR THE
METROPOLITAN SERIES FUND, INC., WHICH CONTAINS ADDITIONAL INFORMATION ABOUT
THE FUND.     
       THIS PROSPECTUS SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
1 Madison Avenue, New York, New York 10010             Telephone (800) 638-5000
<PAGE>
 
                               TABLE OF CONTENTS
 
<TABLE>   
<CAPTION>
                                           PAGE
                                           ----
<S>                                        <C>
DEFINITIONS...............................   3
SUMMARY...................................   5
 Purpose of Summary.......................   5
 About Metropolitan Life..................   5
 Policy in Brief..........................   5
 Premiums.................................   5
 Cash Value...............................   5
 Benefits and Riders......................   5
 Death Benefit Options....................   5
 The Fixed Account........................   6
 The Separate Account and the Metropolitan
  Series Fund.............................   6
 The Funding Options......................   6
 Automated Investment Strategies..........   6
 Fund Transfers and Charges...............   7
 Premium Expense Charges..................   7
 Monthly Deduction From Cash Value........   7
 Separate Account Charges.................   7
 Increase in Specified Face Amount Charge.   7
 Surrender and Surrender Charges..........   7
 Partial Withdrawal.......................   7
 Loans....................................   7
 Fund Investment Management Fees and Di-
  rect Expenses...........................   8
 Free Look Period.........................   9
 Tax Treatment of Cash Value..............   9
 Tax Treatment of the Death Benefit.......   9
 Communications...........................   9
SEPARATE ACCOUNT AND METROPOLITAN
 SERIES FUND..............................  10
 The Separate Account.....................  10
 Metropolitan Series Fund.................  10
POLICY BENEFITS...........................  11
 Death Benefits...........................  11
 Death Benefit Options....................  12
 Cash Value...............................  14
 Benefit at Final Date....................  22
 Optional Income Plans....................  22
 Optional Insurance Benefits..............  22
PAYMENT AND ALLOCATION OF PREMIUMS........  22
 Issuance of a Policy.....................  22
 Premiums.................................  23
 Allocation of Premiums and Cash Value....  23
</TABLE>    
<TABLE>   
<CAPTION>
                                                                          PAGE
                                                                          ----
<S>                                                                       <C>
 Policy Termination and Reinstatement....................................  25
CHARGES AND DEDUCTIONS...................................................  26
 Premium Expense Charges.................................................  26
 Transfer Charge.........................................................  26
 Monthly Deduction From Cash Value.......................................  26
 Charges Against the Separate Account....................................  28
 Surrender Charge........................................................  28
 Guarantee of Certain Charges............................................  30
 Other Charges...........................................................  30
ILLUSTRATIONS OF DEATH BENEFITS, CASH VALUES, CASH SURRENDER VALUES AND
 ACCUMULATED PREMIUMS....................................................  30
POLICY RIGHTS............................................................  44
 Loan Privileges.........................................................  44
 Surrender and Withdrawal Privileges.....................................  45
 Exchange Privilege......................................................  45
THE FIXED ACCOUNT........................................................  46
 General Description.....................................................  46
 Fixed Account Benefits..................................................  46
 Fixed Account Cash Value................................................  46
 Transfers, Withdrawals, Surrenders and Policy Loans.....................  47
RIGHTS RESERVED BY METROPOLITAN LIFE.....................................  47
OTHER POLICY PROVISIONS..................................................  47
SALES AND ADMINISTRATION OF THE POLICIES.................................  48
DISTRIBUTION OF THE POLICIES.............................................  48
FEDERAL TAX MATTERS......................................................  49
 Taxation of the Policy..................................................  49
 Taxation of Metropolitan Life...........................................  50
MANAGEMENT...............................................................  51
VOTING RIGHTS............................................................  54
 Right to Instruct Voting of Fund Shares.................................  54
 Disregard of Voting Instructions........................................  54
REPORTS..................................................................  54
STATE REGULATION.........................................................  55
REGISTRATION STATEMENT...................................................  55
LEGAL MATTERS............................................................  55
EXPERTS..................................................................  55
FINANCIAL STATEMENTS.....................................................  55
APPENDIX TO PROSPECTUS...................................................  94
</TABLE>    
   
  THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH
SUCH OFFERING MAY NOT LAWFULLY BE MADE. METROPOLITAN LIFE DOES NOT AUTHORIZE
ANY INFORMATION OR REPRESENTATIONS REGARDING THE OFFERING DESCRIBED IN THIS
PROSPECTUS OTHER THAN AS CONTAINED IN THIS PROSPECTUS OR ANY ATTACHED
PROSPECTUS OR ANY SUPPLEMENT THERETO OR IN ANY SUPPLEMENTAL SALES MATERIAL
AUTHORIZED BY METROPOLITAN LIFE.     
 
                                       2
<PAGE>
 
                                  DEFINITIONS
 
  Age--The age in full years of the insured at issue of the Policy or in the
case of an increase, at the time of the increase, plus the number of full
Policy years completed since issue or increase. A full Policy year is
completed upon the commencement of the next succeeding Policy year.
 
  Base Administration Charge--The portion of the first year monthly
administration charge which is determined by the Age of the insured under a
Policy and not by the specified face amount.
 
  Beneficiary--The beneficiary is the person or persons designated by the
owner of the Policy to receive the insurance proceeds upon the death of the
insured.
 
  Cash Surrender Value--The cash value less any indebtedness and any
applicable surrender charge (computed from the tables set forth under
"Surrender Charge") and, if the Policy is surrendered in the first Policy
year, less the Base Administration Charge for each full Policy month remaining
to the end of the first Policy year.
 
  Cash Value--The sum of the Policy cash values in the Fixed Account, the
investment divisions of the Separate Account and the Policy Loan Account.
 
  Date of Policy--The date set forth in the Policy that is used to determine
Policy years and Policy months from issue. Policy anniversaries are measured
from the Date of Policy.
 
  Designated Office--The home office of Metropolitan Life at 1 Madison Avenue,
New York, New York 10010, to which all Policy owner communications are to be
sent. Metropolitan Life may, by written notice, name other locations within
the United States to serve as designated offices, in place of or in addition
to the home office.
 
  Final Date--The policy anniversary on which the insured is age 95.
 
  Fixed Account--An account which is part of the General Account and to which
Metropolitan Life will allocate net premiums as directed by the owner of a
Policy and credit certain fixed rates of interest.
 
  General Account--The assets of Metropolitan Life other than those allocated
to the Separate Account or any other legally-segregated separate account.
 
  Guideline Annual Premium--The level annual amount of premium that would be
payable through the Final Date of a Policy for the specified face amount of
the Policy if premiums were fixed by Metropolitan Life as to both timing and
amount and were based on 1980 Commissioners Standard Ordinary Mortality
Tables, net investment earnings at an annual effective rate of 5%, and fees
and charges as set forth in the Policy and any Policy riders.
 
  Indebtedness--The total of any unpaid Policy loan and loan interest.
 
  Insured--The person upon whose life the Policy is issued.
 
  Investment Start Date--The date the first premium is applied to the Fixed
Account and/or the Separate Account. It is the later of (1) the Date of Policy
and (2) the date the first premium for a Policy is received at the Designated
Office.
 
  Investment Division--A subdivision of the Separate Account. The assets in
each investment division are invested exclusively in the shares of a specified
portfolio.
 
  Loan Value--The maximum amount that may be borrowed under the Policy. The
loan value equals the Policy's cash surrender value less two monthly
deductions, or, if greater, 75% (90% in Virginia and Maryland) of the cash
surrender value (or, in Texas, the Policy's cash surrender value less two
monthly deductions or 100% of the cash surrender value in the Fixed Account
and 75% of the cash surrender value in the Separate Account, if greater).
 
  Minimum Initial Specified Face Amount--The minimum specified face amount of
insurance for which a Policy may be issued. Currently, the amount is $100,000
for insureds in the preferred rate class, $50,000 for most other insureds,
$25,000 for certain insureds over age 59 and $250,000 for most Policies
distributed through brokers (see "Distribution of the Policies").
   
  Monthly Anniversary--The same date in each month as the Date of Policy. For
purposes of the Separate Account, whenever the monthly anniversary date falls
on a date other than a Valuation Date, the next Valuation Date will be deemed
to be the monthly anniversary.     
 
                                       3
<PAGE>
 
  Monthly Deduction--Charges deducted monthly from the cash value of a Policy
and which include the monthly cost of term insurance, the monthly cost of any
benefits provided by riders, and the monthly policy charges.
 
  Planned Periodic Premium--The Policy owner's self-determined level-amount
premium planned to be paid at fixed intervals over a specified period of time.
The Policy owner is not required to follow this schedule after the first two
Policy years.
 
  Policy--The flexible premium multifunded life insurance policy offered by
Metropolitan Life and described in this Prospectus.
 
  Policy Loan Account--An account within the General Account to which cash
value from the Separate Account and/or the Fixed Account in an amount equal to
a Policy loan requested by a Policy owner is transferred.
 
  Policy Month--The month beginning on the monthly anniversary.
 
  Policy owner ("Owner")--The person so designated in the application or as
subsequently changed.
   
  Portfolio--A portfolio represents a different class (or series) of stock of
the Metropolitan Series Fund, Inc., a mutual fund in which the Separate
Account assets are invested.     
 
  Separate Account--Metropolitan Life Separate Account UL, a separate
investment account of Metropolitan Life through which premiums paid under the
Policy are invested to the extent allocated to the Separate Account by the
Policy owner.
   
  Specified Face Amount--The amount of insurance specified on the face of the
Policy.     
 
  Target Premium--The estimated annual amount which would keep a Policy in
force to maturity based on the insured's attained age and sex, the specified
face amount of insurance and reasonable estimates of mortality and interest,
as established as of the Date of Policy.
 
  Valuation Date--Each day on which the New York Stock Exchange is open for
trading or, on days other than when the New York Stock Exchange is open, on
which it is determined that there is a sufficient degree of trading in the
Fund's portfolio securities that the current net asset value of its redeemable
securities might be materially affected. Valuations for any date other than a
Valuation Date will be determined as of the next Valuation Date.
   
  Valuation Period--The period between two successive Valuation Dates,
commencing at 4:00 p.m., New York City time, on each Valuation Date and ending
at 4:00 p.m., New York City time, on the next succeeding Valuation Date.     
 
  This Prospectus describes only those aspects of the Policy that relate to
the Separate Account since only interests in the Separate Account are being
offered by this Prospectus. Aspects of the Fixed Account are briefly
summarized in order to give a better understanding of how the Policy functions
(see "The Fixed Account").
 
                                       4
<PAGE>
 
                                    SUMMARY
 ................................................................................
 
PURPOSE OF SUMMARY
 
  This summary was written to give you an overview of the Policy and is quali-
fied by the more detailed information provided in the prospectus and the Poli-
cy, when issued. You may find it helpful to review the definitions of terms de-
scribed preceding this summary before reading the prospectus in full.
 
ABOUT METROPOLITAN LIFE
   
  Metropolitan Life, the issuer of the Policies, is a mutual life insurance
company incorporated under the laws of the State of New York in 1866. Its home
office is located at 1 Madison Avenue, New York, New York 10010. MetLife is au-
thorized to transact business in all states of the United States, the District
of Columbia, Puerto Rico, and all Provinces of Canada. Metropolitan Life, serv-
ing millions of people, is one of the largest financial services companies in
the world with many of the largest United States corporations for its clients.
On December 31, 1996, Metropolitan Life had total life insurance in force of
approximately $1.6 trillion and total assets under management of approximately
$298 billion.     
 
POLICY IN BRIEF
 
  The Policy is issued by Metropolitan Life. It is designed to meet the chang-
ing life insurance needs of a Policy owner. The Policy provides for a choice of
death benefit options, flexible premium payments, and cash value accumulation
through the Policy owner's selected options.
 
  The owner of the Policy may, within limits:
 
  .  Select from among three death benefit options
  .  Increase or decrease the specified face amount
  .  Choose the amount and frequency of premium payments
     
  .  Direct net premium payments to any of twelve funding options     
  .  Transfer amounts among the funding options.
 
PREMIUMS
 
  The Policy owner selects a planned periodic premium payment schedule at the
time of application. A minimum premium payment equal to the target premium must
be paid during each of the first two Policy years. This schedule does not need
to be followed after the first two Policy years; a planned periodic payment may
be skipped, or subject to certain limitations, additional premium payments of
at least $250 may be made. Payment of the planned periodic premium does not
guarantee that the Policy will remain in force after the first two Policy
years. For a Policy to remain in force, the cash surrender value on any monthly
anniversary must be enough to cover the monthly deduction. (See "Payment and
Allocation of Premiums.")
 
CASH VALUE
 
  The Policy's total cash value includes the Policy value in the Separate Ac-
count, the Fixed Account, and the Policy Loan Account. This value reflects the
investment experience of the Separate Account investment divisions selected,
the interest credited to any allocations to the Fixed Account, loan activity,
partial withdrawals, and Policy charges. There is no guaranteed minimum cash
value if amounts are allocated to the Separate Account. (See "Policy Benefits,"
"Policy Rights" and "The Fixed Account.")
 
BENEFITS AND RIDERS
 
  A Policy owner has the flexibility to add optional insurance benefits by rid-
er. These riders include spouse term insurance, children's term insurance, ac-
cidental death benefit, disability waiver benefit, and accelerated death bene-
fit. (See "Policy Benefits.")
 
DEATH BENEFIT OPTIONS
 
  The Policy provides for three death benefit options in most states:
 
  .Option A: the death benefit is the specified face amount of the Policy.
 
  .  Option B: the death benefit is equal to the specified face amount of the
     Policy plus the cash value on the date of death.
 
 
                                       5
<PAGE>
 
 
 . Option C: available for Policies issued on or after May 1, 1994 where the in-
             sured is age 60 or less (not available in Minnesota, Montana, or
             South Carolina), the death benefit is equal to the specified face
             amount of the Policy plus the cash value on the date of death un-
             til the Policy anniversary at age 65; at Policy anniversary age
             65, the death benefit is recalculated to equal the specified face
             amount plus the cash value on the Policy anniversary at age 65;
             the death benefit does not vary after this recalculation.
 
  After the second Policy year, the Policy owner may change the death benefit
option or increase or decrease the specified face amount, subject to certain
conditions and limitations. Such changes can have tax consequences and affect
the charges assessed under the Policy. (See "Policy Benefits.")
 
THE FIXED ACCOUNT
 
  Fixed Account assets are held in the General Account of Metropolitan Life.
Net premiums allocated to the Fixed Account are credited with an effective an-
nual interest rate of at least 4% per year. (See "The Fixed Account.")
 
THE SEPARATE ACCOUNT AND THE METROPOLITAN SERIES FUND
   
  Separate Account UL is a separate investment account of Metropolitan Life. It
currently has eleven investment divisions. The assets of each division are in-
vested in the corresponding portfolio of the Metropolitan Series Fund, Inc.
There are currently eleven portfolios of the Fund available to Policy owners.
Each portfolio of the Fund has a different investment objective. (See "Separate
Account and Metropolitan Series Fund," and the prospectus for the Fund, which
is attached at the end of this prospectus.)     
 
THE FUNDING OPTIONS
   
  The available investment divisions of the Separate Account are the State
Street Research Growth, State Street Research Income, MetLife Money Market,
State Street Research Diversified, State Street Research Aggressive Growth,
MetLife Stock Index, GFM International Stock, Loomis Sayles High Yield Bond, T.
Rowe Price Small Cap Growth, Janus Mid Cap and Scudder Global Equity divisions.
Some of the divisions may not be available in all states. Consult a sales rep-
resentative registered with Metropolitan Life for more information. The Policy
owner may allocate the net premiums paid to one or more of the investment divi-
sions of the Separate Account and/or to the Fixed Account. Net premiums are
equal to the premium paid less premium expense charges. Unlike the Fixed Ac-
count, the investment performance of a Separate Account investment division is
not guaranteed by Metropolitan Life. The Policy owner should consider his or
her risk tolerance before selecting the funding options for premium payments. A
Policy owner may change the allocation of future net premiums at any time. (See
"Separate Account and Metropolitan Series Fund," "Payment and Allocation of
Premiums," and "The Fixed Account.")     
 
AUTOMATED INVESTMENT STRATEGIES
   
  There are currently four automated investment strategies available.     
     
  . Equity Generator SM--If monthly interest earned is at least $20, the in-
    terest is transferred from the Fixed Account to the Policy owner's se-
    lected option of either the MetLife Stock Index Division or the State
    Street Research Aggressive Growth Division.     
     
  . Equalizer SM--At the end of a specified period as determined by Metropol-
    itan Life (e.g. monthly, quarterly) a transfer is made between the Fixed
    Account and the Policy owner's selected option of either the MetLife
    Stock Index Division or the State Street Research Aggressive Growth Divi-
    sion to make them equal in value.     
     
  . Allocator SM--The Policy owner designates a monthly transfer from the
    MetLife Money Market Division to the Fixed Account and/or any investment
    division.     
     
  . Rebalancer SM--Cash value is redistributed quarterly so that it is allo-
    cated among the Fixed Account and the investment divisions of the Sepa-
    rate Account in the same proportion in which net premiums are allocated.
        
         
                                       6
<PAGE>
 
 
FUND TRANSFERS AND CHARGES
 
  A Policy owner may transfer amounts among the investment divisions of the
Separate Account and to/from the Fixed Account. Currently there are no charges
assessed for transfers. Metropolitan Life reserves the right to charge up to
$25 for each transfer; however, no charges will be assessed under any of the
automated investment strategies. (See "Payment and Allocation of Premiums," and
"Charges and Deductions.")
 
PREMIUM EXPENSE CHARGES
 
  A 5 1/2% charge is deducted from each premium payment. The charge includes:
   . 2% for front-end sales charges
   . 2% for state premium tax charges
   . 1 1/2% to recover a portion of Metropolitan Life's federal income taxes.
   (See "Charges and Deductions.")
 
MONTHLY DEDUCTION FROM CASH VALUE
   
  The Policy's cash value is reduced each month by the sum of: 1) cost of term
insurance charge, 2) cost of additional riders charge, and 3) administration
charge. (See "Charges and Deductions.")     
   
  The monthly administration charge for the first Policy year is $0.25 per
$1,000 of specified face amount plus a monthly base administration charge of:
    
   . $5 for Ages under 18
   . $15 for Ages 18 to 49
   . $20 for Ages 50 and above.
 
  If the Policy is surrendered during the first Policy year, any remaining
amount of the full year's base administration charge will be deducted upon
surrender.
 
  After the first Policy year, the monthly administration charge is determined
by the specified face amount of the Policy. The charge is:
   . $9 for specified face amounts of less than $100,000
   . $7 for specified face amounts of $100,000 to $249,999
   . $5 for specified face amounts of $250,000 and above.
 
SEPARATE ACCOUNT CHARGES
 
  A daily charge is made against the Separate Account for mortality and expense
risks assumed by Metropolitan Life. This charge is equivalent to an annual rate
of 0.90% of the average daily value of the assets in the Separate Account at-
tributable to the Policies. (See "Charges and Deductions.")
   
INCREASE IN SPECIFIED FACE AMOUNT CHARGE     
   
  Any increase in the specified face amount requested by a Policy owner will
result in a one-time underwriting expense charge of up to a maximum of $5 per
thousand dollars of increase. (See "Policy Benefits.")     
   
SURRENDER AND SURRENDER CHARGES     
   
  At any time the Policy owner may request in writing the Policy's cash surren-
der value. A surrender charge is imposed during the first 15 Policy years and
during the first 15 Policy years after an increase in the specified face
amount. (See "Charges and Deductions" and "Policy Rights.")     
   
PARTIAL WITHDRAWALS     
   
  Partial withdrawals of at least $250 may be made from the Policy's cash value
without charge. The request must be made in writing. Partial withdrawals under
death benefit Option A or Option C (on or after Policy anniversary 65) will re-
duce the specified face amount of the Policy. (See "Policy Rights.")     
   
LOANS     
   
  A Policy owner may obtain a Policy loan whenever the Policy has a loan value.
The loan value equals the cash surrender value less two monthly deductions, or
if greater, 75% of the cash surrender value (90% in Virginia and Maryland). For
Policies issued in Texas, the loan value equals the Policy's cash surrender
value less two monthly deductions or 100% of the cash surrender value in the
Fixed Account and 75% of the cash surrender value in the Separate Account, if
greater. The loan amount is placed into the Policy Loan Account as collateral,
and is credited an interest rate of no less than 4% per year. Currently the
rate credited is 6%. The rate charged on the loan is a fixed rate of 8% per
year. Loan interest is payable at the end of each Policy year. Loans and ac-
crued interest may be repaid at any time prior to the Final Date. (See "Policy
Rights.")     
 
                                       7
<PAGE>
 
   
FUND INVESTMENT MANAGEMENT FEES AND DIRECT EXPENSES     
          
  For providing investment management services to the Fund, Metropolitan Life
receives a fee from the Fund for providing investment management services to
each Portfolio. The following chart shows the fee and other Fund expenses for
each Portfolio.     
          
    METROPOLITAN SERIES FUND ANNUAL EXPENSES (AS A PERCENTAGE OF AVERAGE NET
                                  ASSETS)     
 
<TABLE>   
<CAPTION>
                                                                OTHER
                                                              EXPENSES
                                                            AFTER EXPENSE
                                                 MANAGEMENT REIMBURSEMENT
                                                    FEES         (A)      TOTAL
                                                 ---------- ------------- -----
  <S>                                            <C>        <C>           <C>
  MetLife Stock Index Portfolio.................    .25%        .05%      .30%
  State Street Research Income Portfolio(d).....    .33%        .07%      .40%
  MetLife Money Market Portfolio................    .25%        .18%      .43%
  State Street Research Diversified
   Portfolio(d).................................    .46%        .04%      .50%
  State Street Research Growth Portfolio(d).....    .51%        .04%      .55%
  State Street Research Aggressive Growth
   Portfolio(d).................................    .71%        .04%      .75%
  T. Rowe Price Small Cap Growth Portfolio(b)...    .55%        .20%      .75%
  Scudder Global Equity Portfolio(b)(c).........    .62%        .20%      .82%
  Loomis Sayles High Yield Bond Portfolio(b)....    .70%        .20%      .90%
  Janus Mid Cap Portfolio(b)....................    .75%        .20%      .95%
  GFM International Stock Portfolio(d)..........    .75%        .22%      .97%
</TABLE>    
 --------
    
 (a) Prior to May 16, 1993, Metropolitan Life paid all expenses of the
     then existing portfolios of the Fund other than management fees,
     brokerage commissions, taxes, interest and any extraordinary or non-
     recurring expenses.     
    
 (b) The Portfolios commenced operations on March 3, 1997. Management fees
     and other expenses for these Portfolios are estimated amounts for the
     year ending December 31, 1997. Metropolitan Life has agreed to bear
     all expenses (other than management fees, brokerage commissions,
     taxes, interest and any extraordinary or non-recurring expenses) in
     excess of .20% of the net assets for each of the Loomis Sayles High
     Yield Bond, T. Rowe Price Small Cap Growth, Janus Mid Cap and Scudder
     Global Equity Portfolios until a Portfolio's total net assets are at
     least $100 million, or March 2, 1999, whichever is earlier. The
     marginal fee rate for the T. Rowe Price Small Cap Growth Portfolio,
     Janus Mid Cap Portfolio, and Scudder Global Equity Portfolio will
     decrease when the dollar amount in each such Portfolio reaches
     certain threshold amounts.     
    
 (c) Metropolitan Life has agreed to waive a portion of its investment
     management fee for the Scudder Global Equity Portfolio during the
     first year of the Portfolio's operations. The waiver of investment
     management fees during the first six months of the Portfolio's
     operations will be equal to .35% of the average daily value of the
     aggregate net assets of the Portfolio up to $50 million, .175% of
     such assets on the next $50 million, .15% of such assets on the next
     $400 million and .1375% of such assets on amounts in excess of $500
     million. During the second six months of the Portfolio's operations
     such waiver of the investment management fee will be equal to .175%
     of assets up to $50 million, .0875% of assets on the next $50
     million, .075% of assets on the next $400 million and .06875% of such
     assets in excess of $500 million. Absent its waiver of its investment
     management fee, Metropolitan Life estimates that the management fee
     and other expenses for the Scudder Global Equity Portfolio would be
     .84% and .20%, respectively, for a total of 1.04%.     
    
 (d) Reflects 1996 fees and expenses, restated for proposed management fee
     revisions expected to take effect August 1, 1997.     
   
  For a full description of the Fund, see the prospectus for the Fund, which is
attached at the end of this Prospectus, and the Fund's Statement of Additional
Information referred to therein.     
       
                                       8
<PAGE>
 
 
FREE LOOK PERIOD
   
  The Policy owner may return the Policy during the free look period. This pe-
riod is the later of 10 days after receipt of the Policy (except where state
law requires a longer period) or 45 days after Part A of the application has
been completed. If the Policy is returned, Metropolitan Life will send the Pol-
icy owner a complete refund of any premiums paid within 7 days. The refund of
any premium paid by check, however, may be delayed until the check has cleared
the Policy owner's bank. There is a similar free look period after an increase
in the specified face amount that applies only to the amount of the increase.
This free look period is the later of 10 days after the owner receives revised
Policy pages reflecting the increase or 45 days after the application for the
increase has been completed. During this period, the Policy owner may elect to
terminate the face amount increase, and all Policy values will be restored to
what they would have been had the increase not occurred. Metropolitan Life will
also refund the amount of any premiums paid, to the extent necessary for the
Policy to continue to be within the definition of life insurance for federal
income tax purposes. (See "Premium Limitations.")     
 
TAX TREATMENT OF CASH VALUE
 
  Cash value in the Policy is not taxed until it is withdrawn. In general, a
Policy owner will be taxed on the amount of cash value withdrawn that is in ex-
cess of the premiums paid at the time of withdrawal, surrender, or Policy Final
Date. This excess is treated as ordinary income. Special rules govern withdraw-
als and loans from contracts referred to as modified endowment contracts. If a
Policy is part of a collateral assignment equity split-dollar arrangement with
an employer, any increase in cash value may be taxable annually. An individual
should consult with and rely on the advice of a tax advisor with respect to any
type of split-dollar arrangement involving a Policy. (See "Federal Tax Mat-
ters.")
 
TAX TREATMENT OF THE DEATH BENEFIT
 
  The beneficiary generally will not be taxed on the death benefit proceeds of
the Policy. The death benefit under the Policy may be subject to Federal estate
tax. (See "Federal Tax Matters.")
 
COMMUNICATIONS
 
  Premium payments and other communications should be sent to the Designated
Office for the Policy. Metropolitan Life may establish different Designated Of-
fices for various Policy transactions. The Policy owner should use the forms
that Metropolitan Life has prepared for these purposes. The forms may be ob-
tained from an account representative or the Designated Office.
 
  A premium payment or other communication is considered received on the date
that it is actually received in the Designated Office (the "Date of Receipt")
with two exceptions: 1) if received on a day that is not a Valuation Date or 2)
if received by other than U.S. mail after 4:00 p.m. New York City time. The
Date of Receipt will then be the next Valuation Date.
 
                                       9
<PAGE>
 
 ...............................................................
 
SEPARATE ACCOUNT AND METROPOLITAN SERIES FUND
 ................................................................................
 
THE SEPARATE ACCOUNT
 
  The Separate Account, which is a separate investment account of Metropolitan
Life, was established by Metropolitan Life pursuant to the New York Insurance
Law on December 13, 1988. The Separate Account also receives premium payments
in connection with an earlier form of the flexible premium multifunded life in-
surance policy, a flexible premium variable life insurance policy and group
variable universal life insurance policies issued by Metropolitan Life. The as-
sets allocated to the Separate Account are the property of Metropolitan Life,
and Metropolitan Life is not a trustee by reason of the Separate Account. Met-
ropolitan Life may accumulate in the Separate Account mortality and expense
risk charges, mortality gains and investment gains on those assets (which rep-
resent such charges) in the Separate Account and other amounts in excess of
Metropolitan Life's liabilities and reserves with respect to the Separate
Account.
 
  The Separate Account meets the definition of "separate account" under the
federal securities laws. All income, gains and losses, whether or not realized,
from assets allocated to the Separate Account are credited to or charged
against the Separate Account without regard to other income, gains or losses of
Metropolitan Life. Each Policy provides that such portion of the assets in the
Separate Account as equals the liabilities (and reserves) of Metropolitan Life
with respect to the Separate Account shall not be chargeable with liabilities
arising out of any other business of Metropolitan Life. Metropolitan Life may
from time to time transfer to its General Account any assets in the Separate
Account in excess of such reserves and liabilities. The liabilities are Metro-
politan Life's total commitments under the Policies; the reserves are the as-
sets allocated to pay these commitments.
 
  Although the Separate Account is an integral part of Metropolitan Life, the
Separate Account is registered with the Securities and Exchange Commission as a
unit investment trust under the Investment Company Act of 1940 ("1940 Act").
Registration does not involve supervision of management or investment practices
or policies of the Separate Account or of Metropolitan Life by the Commission.
   
  There are currently eleven investment divisions in the Separate Account. The
assets in each investment division are invested in a separate class (or series)
of stock issued by the Fund. Each class of stock represents a separate portfo-
lio within the Fund. New investment divisions may be added as new portfolios
are added to the Fund and made available to Policy owners. In addition, invest-
ment divisions may be eliminated from the Separate Account. The owner of a Pol-
icy may designate how the net premiums under the Policy are to be allocated
among the then current investment divisions.     
 
METROPOLITAN SERIES FUND
 
  The Fund is a "series" type of mutual fund which is registered with the Secu-
rities and Exchange Commission as a diversified open-end management investment
company under the 1940 Act. The Fund has served as the investment medium for
the Separate Account since the Separate Account commenced operations. A brief
summary of the investment objectives of each Fund portfolio presently available
to Policy owners is set forth below.
   
  State Street Research Growth Portfolio. The investment objective of this
portfolio is to achieve long-term growth of capital and income, and moderate
current income, by investing primarily in common stocks that are believed to be
of good quality or to have good growth potential or which are considered to be
undervalued based on historical investment standards.     
   
  State Street Research Income Portfolio. The investment objective of this
portfolio is to achieve the highest possible total return, by combining current
income with capital gains, consistent with prudent investment risk and the
preservation of capital, by investing primarily in fixed-income, high-quality
debt securities.     
   
  MetLife Money Market Portfolio. The investment objective of this portfolio is
to achieve the highest possible current income consistent with the preservation
of capital and maintenance of liquidity, by investing primarily in short-term
money market instruments.     
   
  State Street Research Diversified Portfolio. The investment objective of this
portfolio is to achieve a high total return while attempting to limit invest-
ment risk and preserve capital by investing in equity securities, fixed-income
debt securities, or short-term money market instruments, or any combination
thereof, at the discretion of State Street Research.     
   
  State Street Research Aggressive Growth Portfolio. The investment objective
of this portfolio is to achieve maximum capital appreciation by investing pri-
marily in common stocks (and equity and debt securities convertible into or
carrying the right to acquire common stocks) of emerging growth companies, un-
dervalued securities or special situations.     
   
  GFM International Stock Portfolio. The investment objective of this portfolio
is to achieve long-term growth of capital by investing primarily in common
stocks and equity-related securities of non-United States companies.     
   
  MetLife Stock Index Portfolio. The investment objective of this portfolio is
to equal the performance of the Standard & Poor's 500 Composite Stock Price In-
dex (adjusted to assume reinvestment of dividends) by investing in the common
stock of companies which are included in the index.     
 
                                       10
<PAGE>
 
 ...............................................................
   
  Loomis Sayles High Yield Bond Portfolio: The investment objective of this
portfolio is to achieve high total investment return through a combination of
current income and capital appreciation. The Portfolio will normally invest at
least 65% of its assets in fixed income securities of below investment grade
quality.     
   
  Janus Mid Cap Portfolio: The investment objective of this non-diversified
portfolio is to provide long-term growth of capital. It pursues this objective
by investing primarily in securities issued by medium sized companies.     
   
  T. Rowe Price Small Cap Growth Portfolio: The investment objective of this
portfolio is to achieve long-term growth by investing in small capitalization
companies.     
   
  Scudder Global Equity Portfolio: The investment objective of this portfolio
is to achieve long-term growth of capital through a diversified portfolio of
marketable securities, primarily equity securities, including common stocks,
preferred stocks and debt securities convertible into common stocks. The
Portfolio invests on a worldwide basis in equity securities of companies which
are incorporated in the U.S. or in foreign countries. It also may invest in
the debt securities of U.S. and foreign issuers. Income is an incidental
consideration.     
   
  Metropolitan Life acts as the investment manager for the Fund; State Street
Research & Management Company ("State Street Research"), a wholly-owned
subsidiary of Metropolitan Life, provides sub-investment management services
with respect to the State Street Research Growth, State Street Research
Income, State Street Research Diversified and State Street Research Aggressive
Growth Portfolios. GFM International Investors Limited ("GFM"), a subsidiary
of Metropolitan Life, provides sub-investment management services with respect
to the GFM International Stock Portfolio. Loomis, Sayles & Company, L.P.
("Loomis Sayles"), whose general partner is indirectly owned by Metropolitan
Life, provides sub-investment management services with respect to the Loomis
Sayles High Yield Bond Portfolio. T. Rowe Price Associates, Inc. ("T. Rowe
Price") provides sub-investment management services with respect to the T.
Rowe Price Small Cap Growth Portfolio. Janus Capital Corporation ("Janus")
provides sub-investment management services with respect to the Janus Mid Cap
Portfolio. Scudder, Stevens & Clark, Inc. ("Scudder") provides sub-investment
management services with respect to the Scudder Global Equity Portfolio. Sub-
investment manager fees are paid by Metropolitan Life. It is expected that
State Street Research will become the sub-investment manager with respect to
the MetLife Money Market Portfolio and the GFM International Stock Portfolio
on August 1, 1997. GFM will become the sub-sub-investment manager and will
continue to have day-to-day investment responsibility for the GFM
International Stock Portfolio. In the event these changes take place, the
names of the portfolios will be changed to the State Street Research Money
Market Portfolio and the State Street Research International Stock Portfolio,
respectively.     
 
  Metropolitan Life purchases and redeems Fund shares for the Separate Account
at their net asset value without the imposition of any sales or redemption
charges. Such shares represent an interest in one of the portfolios of the
Fund which correspond to the investment divisions of the Separate Account. Any
dividend or capital gain distributions received from the Fund are likewise re-
invested in Fund shares at net asset value as of the dates paid. The distribu-
tions have the effect of reducing the value of each share of the Fund and in-
creasing the number of Fund shares outstanding. However, the total cash value
in the Separate Account does not change as a result of such distributions.
 
  On each Valuation Date, shares of each portfolio are purchased or redeemed
by Metropolitan Life for the Separate Account, based on, among other things,
the amounts of net premiums allocated to the Separate Account, dividends and
distributions reinvested, transfers to and among investment divisions, Policy
loans, loan repayments and benefit payments to be effected pursuant to the
terms of the Policies as of that date. Such purchases and redemptions for the
Separate Account are effected at the net asset value per share for each port-
folio determined as of 4:00 p.m., New York City time, on that same Valuation
Date.
 
  A full description of the Fund, its investment policies and restrictions,
its charges and other aspects of its operation is contained in the prospectus
for the Fund, which is attached at the end of this Prospectus, and in the
Statement of Additional Information referred to therein. See "The Fund and its
Purpose," in the prospectus for the Fund for a discussion of the different
separate accounts of Metropolitan Life and its affiliates that invest in the
Fund and the risks related thereto.
 
POLICY BENEFITS
 ...............................................................................
 
  The discussion below assumes that no riders under the Policy are in effect.
See the Appendix to Prospectus, for a discussion of how certain riders can af-
fect benefits under the Policy.
 
DEATH BENEFITS
 
  As long as the Policy remains in force (see "Policy Termination and Rein-
statement--Termination"), Metropolitan Life will, upon due proof of the
insured's death, pay the insurance proceeds of the Policy to the named benefi-
ciary. The proceeds may be received by the beneficiary in a single sum or un-
der one or more of the optional income plans set forth in the Policy (see "Op-
tional Income Plans").
 
  The insurance proceeds are: The death benefit provided under Option A, Op-
tion B or Option C, whichever is elected and in effect on the date of death;
plus (b) any additional insurance on the insured's life that is provided
 
                                      11
<PAGE>
 
 ...............................................................
by rider; minus (c) any outstanding indebtedness and any due and unpaid
charges accruing during the grace period.
 
DEATH BENEFIT OPTIONS
   
  At least two death benefit options are available as described below: Option
A and Option B. Death Benefit Option C is also available in certain states
where the insured is age 60 or less, for Policies issued on and after May 1,
1994. The Policy owner designates the desired option in the application and
can change the option by written request after the second Policy year (see
"Change in Death Benefit Option").     
 
  Option A--The death benefit is equal to the specified face amount of insur-
ance.
 
  Option B--The death benefit is equal to the specified face amount of insur-
ance plus the cash value.
 
  Option C--The death benefit is equal to the specified face amount of insur-
ance plus the cash value if the insured dies prior to policy anniversary 65.
At policy anniversary 65, the specified face amount of insurance is recalcu-
lated to equal the specified face amount of insurance plus the cash value as
of the end of the prior day. Thereafter, the specified face amount of insur-
ance will be paid upon death. This option may not be available in all states.
 
  Minimum Death Benefit--Under Option A, Option B or Option C, there is a min-
imum death benefit equal to the greater of (1) the death benefit option chosen
and (2) a percentage of the cash value as set forth in the following table.
The minimum death benefit is determined in accordance with federal income tax
laws, to ensure that the Policy qualifies as a life insurance contract and
that the insurance proceeds will be excluded from the gross income of the ben-
eficiary.
 
<TABLE>
<CAPTION>
    ATTAINED AGE
    OF INSURED AT
 BEGINNING OF POLICY                                              PERCENTAGE OF
        YEAR                                                       CASH VALUE
 -------------------                                              -------------
 <S>                                                              <C>
 40 and less: ...................................................     250%
 45: ............................................................     215%
 50: ............................................................     185%
 55: ............................................................     150%
 60: ............................................................     130%
 65: ............................................................     120%
 70: ............................................................     115%
 75: ............................................................     105%
 80: ............................................................     105%
 85: ............................................................     105%
 90: ............................................................     105%
 95: ............................................................     100%
</TABLE>
 
For the ages not listed, the percentage shall decrease by a ratable portion
for each full year.
 
  In no event will the death benefit be lower than the minimum amount required
to maintain the Policy as life insurance under federal income tax law and ap-
plicable Internal Revenue Service rules.
 
  Option A, Option B, and Option C all provide insurance protection as well as
possible build-up of cash value. Under Option A, and under Option C on or af-
ter policy anniversary 65, the insurance coverage remains level unless the
minimum death benefit applies. Under Option B, and under Option C prior to
policy anniversary 65, the insurance protection varies as the cash value
changes.
 
  For a given specified face amount, the amount of the death benefit will be
greater under Option B, and under Option C prior to policy anniversary 65,
than under Option A, and under Option C on or after policy anniversary 65,
since the cash value is added to the specified face amount and included in the
death benefit under the former situations but not under the latter situations.
By the same token, the cost of term insurance included in the monthly deduc-
tion (see "Charges and Deductions--Cost of Term Insurance") will be greater,
and thus the accumulation of cash value will be lower under Option B, and un-
der Option C prior to policy anniversary 65, than under Option A assuming the
same specified face amount and the same actual premiums paid. After policy an-
niversary 65, the cost of term insurance will be greater for Option B than for
Option C and greater for Option C than for Option A, assuming the same speci-
fied face amount at issue and the same premiums paid.
 
  Under Option C the death benefit is designed to increase during the Policy
owner's earning years because the need for life insurance is presumed to in-
crease with increasing income. On policy anniversary 65, which is the assumed
retirement age, the specified face amount is adjusted to equal the then cur-
rent level of death ben-efit and no further increases in death benefit are
made, since presumably such increases are no longer required. As a result, the
target premiums for Option C are lower than would be required under Option B
which is designed to have an increasing death benefit until the Policy ma-
tures.
 
  Illustration of Option A. For purposes of this illustration, assume that the
insured is under the age of 40, that there is no outstanding indebtedness and
that the insured has not died during a grace period (see "Policy Termination
and Reinstatement--Termination").
 
  Under Option A, a Policy with a $100,000 specified face amount will gener-
ally pay $100,000 in death benefits. However, because the death benefit must
be equal to or be greater than 250% of cash value, any time the cash value of
this Policy exceeds $40,000, the death benefit will exceed the $100,000 speci-
fied face amount. Each additional dollar of cash value above $40,000 will in-
crease the death benefit (assuming the insured is age 40 or less) by $2.50.
Thus a Policy with a cash value of $50,000 will have a death benefit of
$125,000 (250% X $50,000); a cash value of $60,000 will yield a death benefit
of $150,000 (250% X $60,000); and a cash value of $100,000 will yield a death
benefit of $250,000 (250% X $100,000).
 
  Similarly, so long as cash value exceeds $40,000, each dollar reduction in
cash value will reduce the death benefit (assuming the insured is age 40 or
less) by $2.50. If at any time, however, the cash value multiplied
 
                                      12
<PAGE>
 
 ...............................................................
by the applicable percentage is less than the specified face amount, the death
benefit will equal the specified face amount of the Policy.
 
  Illustration of Option B. For purposes of this illustration, assume that the
insured is under the age of 40, that there is no outstanding indebtedness and
that the insured has not died during a grace period.
 
  Under Option B, a Policy with a specified face amount of $100,000 will gen-
erally pay a death benefit of $100,000 plus the cash value. Thus, for example,
a Policy with a cash value of $25,000 will have a death benefit of $125,000
($100,000 + $25,000); a cash value of $50,000 will yield a death benefit of
$150,000 ($100,000 + $50,000); and a cash value of $65,000 will yield a death
benefit of $165,000 ($100,000 + $65,000). The death benefit, however, must be
at least 250% of cash value. As a result, if the cash value of the Policy ex-
ceeds $66,666.67, the death benefit will be greater than the specified face
amount plus cash value. Each additional dollar of cash value above $66,666.67
will increase the death benefit (assuming the insured is age 40 or less) by
$2.50. A Policy with a cash value of $75,000 will therefore have a death bene-
fit of $187,500 (250% X $75,000); a cash value of $85,000 will yield a death
benefit of $212,500 (250% X $85,000); a cash value of $100,000 will yield a
death benefit of $250,000 (250% X $100,000).
 
  Similarly, any time cash value exceeds $66,666.67, each dollar taken out of
cash value will reduce the death benefit (assuming the insured is age 40 or
less) by $2.50. Whenever cash value is less than $66,666.67 each dollar taken
out of cash value will reduce the death benefit by one dollar and the death
benefit will be the specified face amount plus the cash value of the Policy.
 
  Illustration of Option C. Under Option C prior to policy anniversary 65, the
death benefit will work the same way as under Option B. On and after policy
anniversary 65, the specified face amount would have already been adjusted to
include the cash value of the Policy at policy anniversary 65 and the death
benefit will work the same way as under Option A.
 
  If the insured dies on a date that is not a Valuation Date, the amount of
death benefit proceeds payable will be determined as of the next Valuation
Date.
 
  Change in Specified Face Amount. Subject to certain limitations, a Policy
owner, after the second Policy year and before the insured reaches Age 80, may
increase or decrease the specified face amount of a Policy (see "Decreases"
and "Increases," below). Any increase or decrease in the specified face amount
requested by the Policy owner will become effective on the monthly anniversary
on or next following the Date of Receipt of the request, or, if evidence of
insurability is required, the date of approval of the request.
 
  Decreases. The specified face amount remaining in force after any requested
decrease may not be less than the Minimum Initial Specified Face Amount during
the first five Policy years nor less than one-half the Minimum Initial Speci-
fied Face Amount thereafter. However, no decrease in specified face amount
will be permitted that would reduce the specified face amount below $25,000.
No decrease in the specified face amount will be permitted if it would result
in total premiums paid exceeding the then current maximum premium limitations
determined by Internal Revenue Code rules (see "Pre- miums--Premium Limita-
tions"). For purposes of determining the cost of term insurance charge (see
"Charges and Deductions--Cost of Term Insurance," "Cost of Term Insurance
Rate" and "Rate Class"), a decrease in the specified face amount will reduce
the specified face amount in the following order: (a) the specified face
amount provided by the most recent increase; (b) the next most recent in-
creases successively; and (c) the specified face amount when the Policy was
issued.
   
  Increases. Any change in the specified face amount requested by the Policy
owner which results in an increase in the death benefit may be made only if
the cash surrender value after the change is large enough to cover at least
two monthly deductions based on the most recent cost of term insurance charge
deducted. The minimum amount of an increase is $5,000. Any such change will
require that additional evidence of insurability be submitted to Metropolitan
Life and will be subject to a maximum guaranteed underwriting charge of $5 for
each $1,000 of specified face amount increase. Currently the underwriting
charge is $100 for the first $100,000 of face increase (but no more than $5
per thousand), and $3 per thousand thereafter, to an overall maximum charge of
$2,500. Metropolitan Life will deduct this charge from the existing cash value
in the Fixed Account and the investment divisions of the Separate Account in
the same proportion that the Policy's cash value in the Fixed Account and the
Policy's cash value in each investment division bear to the Policy's total
cash value (except for the cash value in the Policy Loan Account) as of the
Date of Receipt of the request (this method hereinafter referred to as the
"Pro Rata Basis").     
 
  Effect of Changes in Specified Face Amount on Charges. A change in the spec-
ified face amount may affect the net amount at risk which may affect a Policy
owner's cost of term insurance charge and the monthly administration charge
(see "Charges and Deductions--Cost of Term Insurance," "Cost of Term Insurance
Rate," "Rate Class," and "Monthly Policy Charges"). This in turn can affect
the level of subsequent cash values and death benefits. A change in the speci-
fied face amount may also affect the Policy's status as a modified endowment
contract for tax purposes (see "Federal Tax Matters"). Finally, an increase in
the specified face amount can result in additional surrender charges (see
"Charges and Deductions--Surrender Charge").
 
  Change in Death Benefit Option. Generally, the death benefit option in ef-
fect may be changed at any
 
                                      13
<PAGE>
 
 ...............................................................
time after the second Policy year while the insured is alive to any other
available death benefit option by sending a written request for change to the
Designated Office. A change from Option A or Option B to Option C will only be
permitted for Policy owners who have Policies under which Option C is avail-
able. In addition, a change to Option C will not be permitted after the policy
anniversary on which the insured is age 60. A change in death benefit option
will not be permitted unless the cash surrender value of a Policy after the
change is effected would be sufficient to pay at least two monthly deductions.
Changing death benefit options will not require evidence of insurability sat-
isfactory to Metropolitan Life and the effective date of any such change will
be the monthly anniversary on or following the Date of Receipt of the request.
 
  If the death benefit option is changed from Option B, or Option C prior to
policy anniversary 65, to Option A, the specified face amount will be in-
creased to equal the death benefit which would have been payable under Option
B on the effective date of the change. The death benefit will not be altered
at the time of the change. However, the change in death benefit option will
affect the determination of the death benefit from that point on since the
cash value will no longer be added to the specified face amount in determining
the death benefit. From that point on, the death benefit will equal the new
specified face amount (or, if higher, the minimum death benefit). This will
mean that the cost of term insurance may be higher or lower than it otherwise
would have been since any increases or decreases in cash values will, respec-
tively, reduce or increase the term insurance amount under Option A (see
"Charges and Deductions--Cost of Term Insurance").
 
  If the death benefit option is changed from Option A, or Option C on and af-
ter policy anniversary 65, to Option B, the specified face amount will be de-
creased to equal the death benefit less the cash value on the effective date
of the change. Similarly, if the death benefit is changed from Option A to Op-
tion C (when permitted) the specified face amount will be decreased to equal
the death benefit less the cash value on the effective date of the change.
Neither of these changes may be made if it would result in a specified face
amount which is less than the Minimum Initial Specified Face Amount during the
first five Policy years and one-half the Minimum Initial Specified Face Amount
thereafter. In no case will a change be made if it would result in a specified
face amount of less than $25,000. As with a change from Option B, or Option C
prior to policy anniversary 65, to Option A, a change from Option A, or Option
C on and after policy anniversary 65, to Option B will not alter the death
benefit at the time of the change, but will affect the determination of the
death benefit from that point on. Since, from that point on, the cash value
will be added to the new specified face amount, the death benefit will vary
with the cash value. This is also the case with a change from Option A to Op-
tion C (when permitted). Moreover, under Option B, or Option C prior to policy
anniversary 65, the term insurance amount will not vary unless the minimum
death benefit is in effect. Therefore, the cost of term insurance may be
higher or lower than it otherwise would have been without the change in death
benefit option (see "Charges and Deductions--Cost of Term Insurance"). A
change in death benefit option will not be permitted if it results in total
premiums paid exceeding the then current maximum premium limitations deter-
mined by Internal Revenue Service Rules (see "Premiums--Premium Limitations").
 
  If the death benefit option is changed from Option B to Option C (when per-
mitted), from Option C to Option A on or after policy anniversary 65, or from
Option C to Option B prior to policy anniversary 65, no change in specified
face amount will be made.
 
  Under Option A, Option B and Option C, cost of term insurance rates gener-
ally increase as the insured's age increases. Nevertheless, assuming a posi-
tive cumulative net investment return with respect to any amounts in the Sepa-
rate Account, changing the death benefit option from Option B, or Option C
prior to policy anniversary 65, to Option A will reduce the term insurance
amount and therefore the cost of term insurance charge for all subsequent
monthly deductions compared to what such charge would have been if no such
change were made.
 
  A change in the death benefit option may also affect the monthly administra-
tion charge (see "Charges and Deductions--Monthly Policy Charges").
 
CASH VALUE
 
  The total cash value of a Policy at any time is the sum of the Policy's cash
values in the Fixed Account (see "The Fixed Account"), the Policy Loan Account
(see "Policy Rights--Loan Privileges"), and the investment divisions of the
Separate Account at such time. The Policy's cash value in the Separate Account
may increase or decrease on each Valuation Date depending on the investment
return of the chosen investment divisions of the Separate Account (see "Sepa-
rate Account Net Investment Return"). There is no guaranteed minimum cash
value in the Separate Account.
 
  Calculation of Separate Account Cash Value. On the Investment Start Date,
the Policy's cash value in an investment division will equal the portion of
any net premium allocated to the investment division, reduced by the portion
of the first monthly deduction allocated to the Policy's cash value in that
investment division (see "Payment and Allocation of Premiums--Allocation of
Premiums and Cash Value"). Thereafter, on each Valuation Date, the Policy's
cash value in an investment division of the Separate Account will equal:
 
 
                                      14
<PAGE>
 
 ...............................................................
(1) The cumulative net premium payments allocated to the investment division;
    plus
 
(2) All cash values transferred to the investment division from the Fixed Ac-
    count, from the Policy Loan Account upon loan repayment (including all in-
    terest credited on loaned amounts) or from another investment division;
    minus credited on loaned amounts) or from another investment division; mi-
    nus
 
(3) Any cash value transferred from the investment division to the Fixed Ac-
    count, to the Policy Loan Account upon taking out a loan or to another in-
    vestment division; minus
 
(4) Any partial cash withdrawal from the investment division; minus
 
(5) The portion of the cumulative monthly deductions allocated to the Policy's
    cash value in the investment division (see "Charges and Deductions--
    Monthly Deduction from Cash Value"); minus
 
(6) The portion of any transfer charge allocated to the Policy's cash value in
    the investment division (see "Charges and Deductions--Transfer Charge");
    plus
 
(7) The cumulative net investment return (discussed below) on the net amount
    of cash value in the investment division.
 
  The Policy's total cash value in the Separate Account equals the sum of the
Policy's cash value in each investment division.
 
  Separate Account Net Investment Return. A Separate Account investment divi-
sion's net investment return is determined as of 4:00 p.m., New York City
time, on each Valuation Date. All transactions and calculations with respect
to the Policies as of any Valuation Date are determined as of such time.
 
  Each Separate Account division is credited with a rate of net investment re-
turn equal to its gross rate of investment return during the Valuation Period
less (1) an adjustment for the Separate Account's charge for mortality and ex-
pense risks (equivalent to .90% on an annual basis) and (2) a charge for Met-
ropolitan Life's taxes, if any such tax charge becomes necessary in the future
(see "Charges and Deductions--Charges Against the Separate Account"). The in-
vestment division's gross rate of investment return is equal to the rate of
increase or decrease in the net asset value per share of the underlying Fund
portfolio over the Valuation Period, adjusted upward to take appropriate ac-
count of any dividends paid by the portfolio during the period.
 
  Depending primarily on the investment experience of the underlying Fund
portfolio, a Separate Account investment division's net investment return may
be either positive or negative during a Valuation Period.
   
  Index of Investment Experience. The index of investment experience measures
changes in each investment division's investment experience during a Valuation
Period. Each investment division has its own distinct index. The index for
each investment division was set at $10.00 when it first began operations. On
May 1, 1990, the divisions which invest in the State Street Research Growth
Portfolio, State Street Research Income Portfolio, State Street Research Di-
versified Portfolio and MetLife Money Market Portfolio were available to re-
ceive net premium payments. The division which invests in the GFM Interna-
tional Stock Portfolio was available to receive net premium payments on July
1, 1991, the division which invests in the MetLife Stock Index Portfolio was
available to receive net premium payments on May 1, 1992 and the division
which invests in the State Street Research Aggressive Growth Portfolio was
available to receive net premium payments on April 30, 1993. On March 3, 1997,
the divisions which invest in the Loomis Sayles High Yield Bond Portfolio, the
T. Rowe Price Small Cap Growth Portfolio, the Janus Mid Cap Portfolio and the
Scudder Global Equity Portfolio of the Fund were available to receive net pre-
mium payments. In determining an investment division's index for a Valuation
Period, the index for the preceding Valuation Period is multiplied by the net
investment return of the investment division for the current period. As indi-
cated in "Calculation of Separate Account Cash Value," other factors in addi-
tion to investment experience affect the cash value and death benefit of a
particular Policy. Thus, the index of investment experience for each invest-
ment division does not reflect charges against premiums and cost of term in-
surance and monthly Policy charges. See "Charges and Deductions--Premium Ex-
pense Charges," and "Monthly Deduction from Cash Value". Also, the index of
investment experience is based on historical information and does not repre-
sent what may happen in the future.     
   
  Rates of Return and Index Values. The following rates of return for the Sep-
arate Account investment divisions reflect all charges against the Separate
Account and the Fund but do not reflect charges against premiums or cost of
term insurance and monthly Policy charges (see "Charges and Deductions--Pre-
mium Expense Charges," and "Monthly Deduction from Cash Value"). The rates do
not reflect proposed management fee revisions expected to take effect August
1, 1997. If such revisions were reflected, the rates of return would be lower
in most cases. The rate of return is computed in each case by subtracting the
value of the index of investment experience of the investment division (see
above) at the beginning of the period from the value of said index at the end
of the period and dividing the result by the value of said index at the begin-
ning of the period. The Average Annual Return is determined by dividing the
value of the index of investment experience of each investment division at the
end of the period by the value of said index at the beginning of the period.
The resulting ratio is annualized to obtain the Average Annual Return shown.
The annualization makes the assumption that the rate of return does not vary
from any one year period to another and takes into account the effect of com-
pounding.     
 
                                      15
<PAGE>
 
   
  The first rates of return column shown for each investment division begins
on the later of the date the portfolio of the Fund in which it invests began
operations and the date the first registration statement relating to such
portfolio was declared effective by the Securities and Exchange Commission and
ends on the date indicated. Other periods shown begin on January 1st of the
following year and end on December 31st of that year, except that the Average
Annual Return column is for the entire period shown for the division in
question. Thus the rates of return are based on the actual historical
experience of the Fund as if the Separate Account investment division had been
in existence on the dates indicated. The computation of index values for an
investment division prior to the time it was first available to receive net
premium payments are based on monthly figures. The annual return and index
values for the GFM International Stock investment division were increased due
to the voluntary assumption by Metropolitan Life of certain expenses for the
GFM International Stock Portfolio of the Fund in 1993 (see "Management of the
Fund," in the prospectus for the Fund). This subsidization affected average
annual returns only by .01%. There was no subsidization in 1994, 1995 or 1996.
No illustrations are included relating to the Loomis Sayles High Yield Bond,
T. Rowe Price Small Cap Growth, Janus Mid Cap or Scudder Global Equity
divisions because the corresponding portfolios of the Fund in which these
investment divisions invest were added to the Fund on March 3, 1997.     
 
<TABLE>   
<CAPTION>
                                                                INDEX VALUES
                 06/24/83 12/31/83 12/31/84 12/31/85 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 
                 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 
<S>              <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      
State Street                                                                                                                 
 Research                                                                                                                    
 Growth.........  $4.89    $4.64    $4.63    $6.18    $6.75    $7.07    $7.70    $10.68   $ 9.53   $12.58   $13.91   $15.77  
State Street                                                                                                                 
 Research                                                                                                                    
 Income.........  $5.09    $5.16    $5.82    $7.34    $8.70    $8.45    $9.15    $10.29   $11.21   $13.05   $13.83   $15.25  
MetLife Money                                                                                                                
 Market.........  $6.20    $6.48    $7.09    $7.60    $8.04    $8.46    $9.02    $ 9.77   $10.48   $11.02   $11.32   $11.55  
<CAPTION>                                                                                                                    
                                            07/25/86 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 
                                            -------- -------- -------- -------- -------- -------- -------- -------- -------- 
<S>                                         <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      
State Street Research Diversified..........  $7.50    $7.73    $7.93    $8.56    $10.46   $10.27   $12.72   $13.80   $15.43  
<CAPTION>                                                                                                                    
                                                                                05/01/90 12/31/90 12/31/91 12/31/92 12/31/93 
                                                                                -------- -------- -------- -------- -------- 
<S>                                                                             <C>      <C>      <C>      <C>      <C>      
MetLife Stock Index............................................................  $ 7.70   $ 7.81   $10.04   $10.69   $11.61  
<CAPTION>                                                                                                                    
                                                              04/29/88 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 
                                                              -------- -------- -------- -------- -------- -------- -------- 
<S>                                                           <C>      <C>      <C>      <C>      <C>      <C>      <C>      
State Street Research Aggressive Growth......................  $4.47    $4.65    $ 6.13   $ 5.38   $ 8.88   $ 9.72   $11.81  
<CAPTION>                                                                                                                    
                                                                                         05/01/91 12/31/91 12/31/92 12/31/93 
                                                                                         -------- -------- -------- -------- 
<S>                                                                                      <C>      <C>      <C>      <C>      
GFM International Stock.................................................................  $10.86   $10.63   $ 9.46   $13.86  
</TABLE>      

<TABLE>     
<CAPTION>   
                                                           RATES 0F RETURN 
                                                                                                                            
                06/24/83 06/24/83 01/01/84 01/01/85 01/01/86 01/01/87 01/01/88 01/01/89 01/01/90 01/01/91 01/01/92 01/01/93 
                12/31/96 12/31/83 12/31/84 12/31/85 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 
                -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 
<S>             <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      
State Street                                                                                                                
 Research                                                                                                                   
 Growth........ 394.21%   -5.05%   -0.29%   33.60%    9.21%    4.73%   8.89%    38.71%  -10.78%   31.99%   10.58%   13.39%  
State Street                                                                                                                
 Research                                                                                                                   
 Income........ 250.09%    1.52%   12.81%   26.07%   18.52%   -2.86%   8.26%    12.41%    9.00%   16.38%    5.94%   10.33%  
MetLife Money                                                                                                               
 Market........ 108.63%    4.37%    9.48%    7.17%    5.76%    5.28%   6.67%     8.27%    7.22%    5.15%    2.80%    1.98%  
<CAPTION>                                                                                                                   
                                                                                                                            
                                           07/25/86 07/25/86 01/01/87 01/01/88 01/01/89 01/01/90 01/01/91 01/01/92 01/01/93 
                                           12/31/96 12/31/86 12/31/87 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 
                                           -------- -------- -------- -------- -------- -------- -------- -------- -------- 
<S>                                        <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      
State Street Research Diversified......... 182.07%    3.01%    2.62%   7.90%    22.16%   -1.78%   23.83%    8.51%   11.78%  
<CAPTION>                                                                                                                   
                                                                                                                            
                                                                               05/01/90 05/01/90 01/01/91 01/01/92 01/01/93 
                                                                               12/31/96 12/31/90 12/31/91 12/31/92 12/31/93 
                                                                               -------- -------- -------- -------- -------- 
<S>                                                                            <C>      <C>      <C>      <C>      <C>      
MetLife Stock Index........................................................... 149.14%    1.34%   28.60%    6.48%    8.57%  
<CAPTION>                                                                                                                   
                                                                                                                            
                                                             04/29/88 04/29/88 01/01/89 01/01/90 01/01/91 01/01/92 01/01/93 
                                                             12/31/96 12/31/88 12/31/89 12/31/90 12/31/91 12/31/92 12/31/93 
                                                             -------- -------- -------- -------- -------- -------- -------- 
<S>                                                          <C>      <C>      <C>      <C>      <C>      <C>      <C>      
State Street Research Aggressive Growth..................... 252.24%   3.99%    31.92%  -12.14%   64.97%    9.38%   21.57%  
<CAPTION>                                                                                                                   
                                                                                                                            
                                                                                        05/01/91 05/01/91 01/01/92 01/01/93 
                                                                                        12/31/96 12/31/91 12/31/92 12/31/93 
                                                                                        -------- -------- -------- -------- 
<S>                                                                                     <C>      <C>      <C>      <C>      
GFM International Stock................................................................  29.15%   -2.14%  -11.01%   46.44%  
 
<CAPTION> 
                                                           INDEX VALUES
                                                                                         12/31/94 12/31/95 12/31/96
                                                                                         -------- -------- --------
<S>                                                                                      <C>      <C>      <C>
State Street                                                                             
 Research                                                                                
 Growth.................................................................................  $15.04   $20.05   $24.16
State Street
 Research
 Income.................................................................................  $14.62   $17.34   $17.80
MetLife Money
 Market.................................................................................  $11.89   $12.44   $12.94
<CAPTION>
                                                                                         12/31/94 12/31/95 12/31/96
                                                                                         -------- -------- --------
<S>                                                                                      <C>      <C>      <C>
State Street Research Diversified.......................................................  $14.76   $18.71   $21.17
<CAPTION>
                                                                                         12/31/94 12/31/95 12/31/96
                                                                                         -------- -------- --------
<S>                                                                                      <C>      <C>      <C>
MetLife Stock Index.....................................................................  $11.64   $15.91   $19.19
<CAPTION>
                                                                                         12/31/94 12/31/95 12/31/96
                                                                                         -------- -------- --------
<S>                                                                                      <C>      <C>      <C>
State Street Research Aggressive Growth.................................................  $11.29   $14.66   $15.74
<CAPTION>
                                                                                         12/31/94 12/31/95 12/31/96
                                                                                         -------- -------- --------
<S>                                                                                      <C>      <C>      <C>
GFM International Stock.................................................................  $14.34   $14.47   $14.03
</TABLE>      

<TABLE>     
<CAPTION>
                                                          RATES 0F RETURN

                                                                                                                   AVERAGE  
                                                                                         01/01/94 01/01/95 01/01/96 ANNUAL  
                                                                                         12/31/94 12/31/95 12/31/96 RETURN  
                                                                                         -------- -------- -------- ------- 
<S>                                                                                      <C>      <C>      <C>      <C>     
State Street                                                                                                                
 Research                                                                                                                   
 Growth................................................................................. -4.61%   33.30%   20.48%  12.53%
State Street
 Research
 Income................................................................................. -4.19%   18.63%    2.68%   9.70%
MetLife Money
 Market.................................................................................  2.96%    4.61%    4.07%   5.59%

<CAPTION>
                                                                                                                   AVERAGE
                                                                                         01/01/94 01/01/95 01/01/96 ANNUAL
                                                                                         12/31/94 12/31/95 12/31/96 RETURN
                                                                                         -------- -------- -------- -------
<S>                                                                                      <C>      <C>      <C>      <C>
State Street Research Diversified.......................................................  -4.30%   26.73%   13.14%  10.44%
<CAPTION>
                                                                                                                   AVERAGE
                                                                                         01/01/94 01/01/95 01/01/96 ANNUAL
                                                                                         12/31/94 12/31/95 12/31/96 RETURN
                                                                                         -------- -------- -------- -------
<S>                                                                                      <C>      <C>      <C>      <C> 
MetLife Stock Index.....................................................................  0.24%   36.72%   20.65%  14.66%
<CAPTION>
                                                                                                                   AVERAGE
                                                                                         01/01/94 01/01/95 01/01/96 ANNUAL
                                                                                         12/31/94 12/31/95 12/31/96 RETURN
                                                                                         -------- -------- -------- -------
<S>                                                                                      <C>      <C>      <C>      <C> 
State Street Research Aggressive Growth.................................................  -4.38%   29.83%    7.31%  15.61%
<CAPTION>
                                                                                                                   AVERAGE
                                                                                         01/01/94 01/01/95 01/01/96 ANNUAL
                                                                                         12/31/94 12/31/95 12/31/96 RETURN
                                                                                         -------- -------- -------- -------
<S>                                                                                      <C>      <C>      <C>      <C> 
GFM International Stock.................................................................   3.52%    0.90%   -3.05%   4.61%
</TABLE>      
 
                                      16
<PAGE>
 
 ...............................................................
   
  Illustrations. In order to demonstrate how the investment experience of the
Separate Account investment divisions would have affected the death benefit,
cash value and cash surrender value of a Policy, hypothetical illustrations
for each investment division are set forth below. These hypothetical illustra-
tions are based on the actual historical experience of the Fund as if the Sep-
arate Account had been in existence and a Policy had been issued on the dates
indicated. They do not reflect proposed management fee revisions expected to
take effect August 1, 1997. If such revisions were reflected, the cash value,
cash surrender value and death benefit amounts would be lower in most cases.
THEY DO NOT REPRESENT WHAT MAY HAPPEN IN THE FUTURE.     
 
  The illustrations are based on the payment of annual planned premiums of
$1,000 for a specified face amount of $100,000 for a male aged 25. The illus-
trations assume that the insured is in Metropolitan Life's standard nonsmoker
underwriting risk classification. The periods illustrated are based on the
rates of return for such periods set forth in "Rates of Return and Index Val-
ues" above.
   
  The amounts shown for the death benefits, cash values and cash surrender
values take into account the charges against premiums and cost of term insur-
ance and monthly Policy charges, as well as the daily charge against the Sepa-
rate Account for mortality and expense risks equivalent to an effective annual
rate of .90% of the average daily value of the assets in the Separate Account
attributable to the Policies, the daily charges to the Fund for direct Fund
expenses and the daily charge against the average daily value of the aggregate
net assets of each portfolio for investment management services equivalent to
an annual rate of .25% for the State Street Research Growth, State Street Re-
search Income, MetLife Money Market, State Street Research Diversified and
MetLife Stock Index Portfolios of the Fund and .75% for the GFM International
Stock and State Street Research Aggressive Growth Portfolios of the Fund. (See
"Charges and Deductions.")     
 
  For each investment division, one illustration is based on the guaranteed
cost of term insurance rates, the other illustration is based as if the cur-
rent cost of term insurance rates were in effect during the period illustrated
(see "Monthly Deduction From Cash Value--Cost of Term Insurance Rate").
 
  These examples of Policy performance are for a specific age, sex, risk
class, premium payment pattern and policy anniversary as set forth above. The
benefits are calculated for a specific policy anniversary. The amount and tim-
ing of premium payments would affect individual policy benefits as would any
withdrawals or Policy loans.
 
  Performance may be shown for the automated investment strategies made avail-
able under the Policies (see "Allocation of Premiums and Cash Value--Automated
Investment Strategies"). Average annual return for each of the automated in-
vestment strategies may be calculated by presuming a certain dollar value at
the beginning of a period, and comparing this dollar value with the dollar
value, based on historical performance for the applicable investment divisions
or the Fixed Account, at the end of the period, expressed as a percentage. The
average annual return in each case will assume that no withdrawals have oc-
curred and will not reflect charges against premiums, cost of term insurance
or monthly policy charges.
 
  This Prospectus also contains illustrations based on hypothetical rates of
return. See "Illustrations Of Death Benefits, Cash Values, Cash Surrender Val-
ues And Accumulated Premiums."
 
 
                                      17
<PAGE>
 
   
  The following examples show how the hypothetical net return of each
investment division which invests in the corresponding portfolio of the Fund
would have affected benefits for a Policy issued on the January 1 immediately
following the effective date of such portfolio. These examples assume that net
premiums and related cash values were in the applicable investment division
for the entire period. No illustrations are included relating to the Loomis
Sayles High Yield Bond, T. Rowe Price Small Cap Growth, Janus Mid Cap or
Scudder Global Equity divisions because the corresponding portfolios of the
Fund in which these investment divisions invest were added to the Fund on
March 3, 1997.     
                          
                       STATE STREET RESEARCH GROWTH     
                           BASED ON CURRENT CHARGES
 
<TABLE>   
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                           OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               OPTION A -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
 1985....................  100,000  100,388  100,388     388      388      388       88*        0*       *0
 1986....................  100,000  101,593  101,593   1,595    1,593    1,593    1,295*      893*    1,093*
 1987....................  100,000  102,605  102,605   2,609    2,605    2,605    2,309     2,005     2,105
 1988....................  100,000  103,555  103,555   3,562    3,555    3,555    3,262     2,955     3,055
 1989....................  100,000  104,733  104,733   4,744    4,733    4,733    4,444     4,133     4,233
 1990....................  100,000  107,684  107,684   7,706    7,684    7,684    7,506     7,184     7,284
 1991....................  100,000  107,549  107,549   7,574    7,549    7,549    7,374     7,049     7,149
 1992....................  100,000  111,026  111,026  11,067   11,026   11,026   10,867    10,626    10,726
 1993....................  100,000  113,069  113,069  13,125   13,069   13,069   12,925    12,669    12,769
 1994....................  100,000  115,703  115,703  15,781   15,703   15,703   15,581    15,403    15,403
 1995....................  100,000  115,710  115,710  15,799   15,710   15,710   15,699    15,410    15,510
 1996....................  100,000  121,996  121,996  22,135   21,996   21,996   22,035    21,796    21,796
 1997....................  100,000  127,430  127,430  27,626   27,430   27,430   27,526    27,230    27,230
 
                         STATE STREET RESEARCH GROWTH
                          BASED ON GUARANTEED CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
 1985.................... $100,000 $100,289 $100,289 $   290  $   289  $   289  $     0*  $     0*  $     0*
 1986....................  100,000  101,349  101,349   1,353    1,349    1,349    1,053*      649*      849*
 1987....................  100,000  102,238  102,238   2,246    2,238    2,238    1,946     1,638     1,738
 1988....................  100,000  103,073  103,073   3,087    3,073    3,073    2,787     2,473     2,573
 1989....................  100,000  104,108  104,108   4,131    4,108    4,108    3,831     3,508     3,608
 1990....................  100,000  106,699  106,699   6,742    6,699    6,699    6,542     6,199     6,299
 1991....................  100,000  106,572  106,572   6,623    6,572    6,572    6,423     6,072     6,172
 1992....................  100,000  109,606  109,606   9,692    9,606    9,606    9,492     9,206     9,306
 1993....................  100,000  111,373  111,373  11,490   11,373   11,373   11,290    10,973    11,073
 1994....................  100,000  113,658  113,658  13,820   13,658   13,658   13,620    13,358    13,358
 1995....................  100,000  113,637  113,637  13,822   13,637   13,637   13,722    13,337    13,437
 1996....................  100,000  119,068  119,068  19,359   19,068   19,068   19,259    18,868    18,868
 1997....................  100,000  123,743  123,743  24,154   23,743   23,743   24,054    23,543    23,543
 
                         STATE STREET RESEARCH INCOME
                           BASED ON CURRENT CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
 1985.................... $100,000 $100,473 $100,473 $   473  $   473  $   473  $   173*  $     0*  $     0*
 1986....................  100,000  101,606  101,606   1,608    1,606    1,606    1,308*      906*    1,106*
 1987....................  100,000  102,849  102,849   2,854    2,849    2,849    2,554     2,249     2,349
 1988....................  100,000  103,529  103,529   3,536    3,529    3,529    3,236     2,929     3,029
 1989....................  100,000  104,677  104,677   4,688    4,677    4,677    4,388     4,077     4,177
 1990....................  100,000  106,150  106,150   6,167    6,150    6,150    5,967     5,650     5,750
 1991....................  100,000  107,566  107,566   7,591    7,566    7,566    7,391     7,066     7,166
 1992....................  100,000  109,732  109,732   9,769    9,732    9,732    9,569     9,332     9,432
 1993....................  100,000  111,147  111,147  11,194   11,147   11,147   10,994    10,747    10,847
 1994....................  100,000  113,156  113,156  13,221   13,156   13,156   13,021    12,856    12,856
 1995....................  100,000  113,340  113,340  13,413   13,340   13,340   13,313    13,040    13,140
 1996....................  100,000  116,754  116,754  16,857   16,754   16,754   16,757    16,554    16,554
 1997....................  100,000  117,981  117,981  18,106   17,981   17,981   18,006    17,781    17,781
</TABLE>    
 
- -------
*The values indicated are based on the full surrender charges as described
under "Surrender Charge", which determine whether a Policy will terminate and
the amount a Policy owner may borrow or partially withdraw. If the Policy were
to terminate or be fully surrendered, a refund of excess sales charges may be
paid (see "Surrender Charge--Excess Sales Charge").
 
                                      18
<PAGE>
 
                          
                       STATE STREET RESEARCH INCOME     
                          
                       BASED ON GUARANTEED CHARGES     
 
<TABLE>   
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
  1985................... $100,000 $100,367 $100,367 $   368  $   367  $   367  $    68*  $      0* $     0*
  1986...................  100,000  101,364  101,364   1,368    1,364    1,364    1,068*       664*     864*
  1987...................  100,000  102,457  102,457   2,466    2,457    2,457    2,166      1,857    1,957
  1988...................  100,000  103,055  103,055   3,069    3,055    3,055    2,769      2,455    2,555
  1989...................  100,000  104,064  104,064   4,087    4,064    4,064    3,787      3,464    3,564
  1990...................  100,000  105,355  105,355   5,390    5,355    5,355    5,190      4,855    4,955
  1991...................  100,000  106,591  106,591   6,641    6,591    6,591    6,441      6,091    6,191
  1992...................  100,000  108,476  108,476   8,551    8,476    8,476    8,351      8,076    8,176
  1993...................  100,000  109,693  109,693   9,792    9,693    9,693    9,592      9,293    9,393
  1994...................  100,000  111,432  111,432  11,565   11,432   11,432   11,365     11,132   11,132
  1995...................  100,000  111,565  111,565  11,718   11,565   11,565   11,618     11,265   11,365
  1996...................  100,000  114,494  114,494  14,710   14,494   14,494   14,610     14,294   14,294
  1997...................  100,000  115,515  115,515  15,777   15,515   15,515   15,677     15,315   15,315
 
                             METLIFE MONEY MARKET
                           BASED ON CURRENT CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
  1985................... $100,000 $100,451 $100,451 $   452  $   451  $   451  $   152*  $      0* $     0*
  1986...................  100,000  101,331  101,331   1,332    1,331    1,331    1,032*       631*     831*
  1987...................  100,000  102,243  102,243   2,246    2,243    2,243    1,946      1,643    1,743
  1988...................  100,000  103,192  103,192   3,198    3,192    3,192    2,898      2,592    2,692
  1989...................  100,000  104,248  104,248   4,258    4,248    4,248    3,958      3,648    3,748
  1990...................  100,000  105,456  105,456   5,471    5,456    5,456    5,271      4,956    5,056
  1991...................  100,000  106,697  106,697   6,719    6,697    6,697    6,519      6,197    6,297
  1992...................  100,000  107,872  107,872   7,901    7,872    7,872    7,701      7,472    7,572
  1993...................  100,000  108,902  108,902   8,938    8,902    8,902    8,738      8,502    8,602
  1994...................  100,000  109,866  109,866   9,911    9,866    9,866    9,711      9,566    9,566
  1995...................  100,000  110,953  110,953  11,010   10,953   10,953   10,910     10,653   10,753
  1996...................  100,000  112,267  112,267  12,338   12,267   12,267   12,238     12,067   12,067
  1997...................  100,000  113,557  113,557  13,645   13,557   13,577   13,545     13,357   13,357
 
                             METLIFE MONEY MARKET
                          BASED ON GUARANTEED CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
  1985................... $100,000 $100,347 $100,347 $   348  $   347  $   347  $    48*   $     0* $     0*
  1986...................  100,000  101,120  101,120   1,123    1,120    1,120      823*       420*     620*
  1987...................  100,000  101,921  101,921   1,928    1,921    1,921    1,628      1,321    1,421
  1988...................  100,000  102,756  102,756   2,768    2,756    2,756    2,468      2,156    2,256
  1989...................  100,000  103,684  103,684   3,703    3,684    3,684    3,403      3,084    3,184
  1990...................  100,000  104,741  104,741   4,771    4,741    4,741    4,571      4,241    4,341
  1991...................  100,000  105,823  105,823   5,866    5,823    5,823    5,666      5,323    5,423
  1992...................  100,000  106,839  106,839   6,897    6,839    6,839    6,697      6,439    6,539
  1993...................  100,000  107,719  107,719   7,794    7,719    7,719    7,594      7,319    7,419
  1994...................  100,000  108,544  108,544   8,639    8,544    8,544    8,439      8,244    8,244
  1995...................  100,000  109,464  109,464   9,583    9,464    9,464    9,483      9,164    9,264
  1996...................  100,000  110,565  110,565  10,715   10,565   10,565   10,615     10,365   10,365
  1997...................  100,000  111,639  111,639  11,824   11,639   11,639   11,724     11,439   11,439
</TABLE>    
 
- -------
   
* The values indicated are based on the full surrender charges as described
under "Surrender Charge", which determine whether a Policy will terminate and
the amount a Policy owner may borrow or partially withdraw. If the Policy were
to terminate or be fully surrendered, a refund of excess sales charges may be
paid (see "Surrender Charge--Excess Sales Charge").     
 
 
                                      19
<PAGE>
 
                       
                    STATE STREET RESEARCH DIVERSIFIED     
                            
                         BASED ON CURRENT CHARGES     
 
<TABLE>   
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>       <C>
  1988................... $100,000 $100,407 $100,407 $   407  $   407  $   407  $   107*  $     0*  $     0*
  1989...................  100,000  101,292  101,292   1,294    1,292    1,292      994*      592*      792*
  1990...................  100,000  102,555  102,555   2,559    2,555    2,555    2,259     1,955     2,055
  1991...................  100,000  103,280  103,280   3,286    3,280    3,280    2,986     2,680     2,780
  1992...................  100,000  105,053  105,053   5,064    5,053    5,053    4,764     4,453     4,553
  1993...................  100,000  106,341  106,341   6,359    6,341    6,341    6,159     5,841     5,941
  1994...................  100,000  107,975  107,975   8,001    7,975    7,975    7,801     7,475     7,575
  1995...................  100,000  108,381  108,381   8,412    8,381    8,381    8,212     7,981     8,081
  1996...................  100,000  111,637  111,637  11,686   11,637   11,637   11,486    11,237    11,337
  1997...................  100,000  114,049  114,049  14,116   14,049   14,049   13,916    13,749    13,749
 
                       STATE STREET RESEARCH DIVERSIFIED
                          BASED ON GUARANTEED CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>       <C>
  1988................... $100,000 $100,306 $100,306 $   307  $   306  $   306  $     7*  $     0*  $     0*
  1989...................  100,000  101,084  101,084   1,087    1,084    1,084      787*      384*      584*
  1990...................  100,000  102,194  102,194   2,202    2,194    2,194    1,902     1,594     1,694
  1991...................  100,000  102,832  102,832   2,844    2,832    2,832    2,544     2,232     2,332
  1992...................  100,000  104,390  104,390   4,413    4,390    4,390    4,113     3,790     3,890
  1993...................  100,000  105,518  105,518   5,554    5,518    5,518    5,354     5,018     5,118
  1994...................  100,000  106,945  106,945   6,997    6,945    6,945    6,797     6,445     6,545
  1995...................  100,000  107,286  107,286   7,351    7,286    7,286    7,151     6,886     6,986
  1996...................  100,000  110,114  110,114  10,215   10,114   10,114   10,015     9,714     9,814
  1997...................  100,000  112,203  112,203  12,344   12,203   12,203   12,144    11,903    11,903
 
                              METLIFE STOCK INDEX
                           BASED ON CURRENT CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST  OF                 OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------  ---
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>       <C>
  1992................... $100,000 $100,577 $100,577 $   578  $   577  $   577  $   278*  $     0*  $    77*
  1993...................  100,000  101,456  101,456   1,458    1,456    1,456    1,158*      756*      956*
  1994...................  100,000  102,440  102,440   2,444    2,440    2,440    2,144     1,840     1,940
  1995...................  100,000  103,234  103,234   3,240    3,234    3,234    2,940     2,634     2,734
  1996...................  100,000  105,523  105,523   5,536    5,523    5,523    5,236     4,923     5,023
  1997...................  100,000  107,627  107,627   7,649    7,627    7,627    7,449     7,127     7,227
 
                              METLIFE STOCK INDEX
                          BASED ON GUARANTEED CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>       <C>
  1992................... $100,000 $100,463 $100,463 $   465  $   463  $   463  $   165*  $     0*  $     0*
  1993...................  100,000  101,236  101,236   1,239    1,236    1,236      939*      536*      736*
  1994...................  100,000  102,101  102,101   2,109    2,101    2,101    1,809     1,501     1,601
  1995...................  100,000  102,799  102,799   2,812    2,799    2,799    2,512     2,199     2,299
  1996...................  100,000  104,815  104,815   4,842    4,815    4,815    4,542     4,215     4,315
  1997...................  100,000  106,663  106,663   6,707    6,663    6,663    6,507     6,163     6,263
</TABLE>    
 
- -------
* The values indicated are based on the full surrender charges as described
under "Surrender Charge", which determine whether a Policy will terminate and
the amount a Policy owner may borrow or partially withdraw. If the Policy were
to terminate or be fully surrendered, a refund of excess sales charges may be
paid (see "Surrender Charge--Excess Sales Charge").
 
 
 
                                      20
<PAGE>
 
                    
                 STATE STREET RESEARCH AGGRESSIVE GROWTH     
                            
                         BASED ON CURRENT CHARGES     
 
<TABLE>   
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
  1990................... $100,000 $100,599 $100,599 $   600  $   599  $   599  $   300*  $     0*  $    99*
  1991...................  100,000  101,208  101,208   1,210    1,208    1,208      910*      508*      708*
  1992...................  100,000  103,341  103,341   3,346    3,341    3,341    3,046     2,741     2,841
  1993...................  100,000  104,521  104,521   4,530    4,521    4,521    4,230     3,921     4,021
  1994...................  100,000  106,467  106,467   6,483    6,467    6,467    6,183     5,867     5,967
  1995...................  100,000  106,932  106,932   6,953    6,932    6,932    6,753     6,432     6,532
  1996...................  100,000  110,043  110,043  10,077   10,043   10,043    9,877     9,543     9,643
  1997...................  100,000  111,625  111,625  11,671   11,625   11,625   11,471    11,225    11,325
 
                    STATE STREET RESEARCH AGGRESSIVE GROWTH
                          BASED ON GUARANTEED CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST OF                  OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
  1990................... $100,000 $100,484 $100,484 $   485  $   484  $   484  $   185*  $     0*  $     0*
  1991...................  100,000  101,017  101,017   1,020    1,017    1,017      720*      317*      517*
  1992...................  100,000  102,899  102,899   2,910    2,899    2,899    2,610     2,299     2,399
  1993...................  100,000  103,938  103,938   3,957    3,938    3,938    3,657     3,338     3,438
  1994...................  100,000  105,653  105,653   5,685    5,653    5,653    5,385     5,053     5,153
  1995...................  100,000  106,057  106,057   6,098    6,057    6,057    5,898     5,557     5,657
  1996...................  100,000  108,786  108,786   8,856    8,786    8,786    8,656     8,286     8,386
  1997...................  100,000  110,161  110,161  10,256   10,161   10,161   10,056     9,761     9,861
 
                            GFM INTERNATIONAL STOCK
                           BASED ON CURRENT CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST  OF                 OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
  1993................... $100,000 $100,319 $100,319 $   320  $   319  $   319  $    20*  $     0*  $     0*
  1994...................  100,000  101,654  101,654   1,656    1,654    1,654    1,356*      954*    1,154*
  1995...................  100,000  102,528  102,528   2,532    2,528    2,528    2,232     1,928     2,028
  1996...................  100,000  103,345  103,345   3,351    3,345    3,345    3,051     2,745     2,845
  1997...................  100,000  104,002  104,002   4,012    4,002    4,002    3,712     3,402     3,502
 
                            GFM INTERNATIONAL STOCK
                          BASED ON GUARANTEED CHARGES
 
<CAPTION>
  POLICY
 NNIVERSARYA                    DEATH BENEFIT                CASH VALUE            CASH SURRENDER VALUE
 N JANUARYO               -------------------------- -------------------------- ----------------------------
  1ST  OF                 OPTION A OPTION B OPTION C OPTION A OPTION B OPTION C OPTION A  OPTION B  OPTION C
- -----------               -------- -------- -------- -------- -------- -------- --------  --------  --------
 <S>                      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>       <C>
  1993................... $100,000 $100,226 $100,226 $   227  $   226  $   226  $     0*  $     0*  $     0*
  1994...................  100,000  101,400  101,400   1,403    1,400    1,400    1,103*      700*      900*
  1995...................  100,000  102,167  102,167   2,175    2,167    2,167    1,875     1,567     1,667
  1996...................  100,000  102,885  102,885   2,898    2,885    2,885    2,598     2,285     2,385
  1997...................  100,000  103,463  103,463   3,481    3,463    3,463    3,181     2,863     2,963
</TABLE>    
 
- -------
* The values indicated are based on the full surrender charges as described
under "Surrender Charge", which determine whether a Policy will terminate and
the amount a Policy owner may borrow or partially withdraw. If the Policy were
to terminate or be fully surrendered, a refund of excess sales charges may be
paid (see "Surrender Charge--Excess Sales Charge").
 
                                      21
<PAGE>
 
 ...............................................................
 
  From time to time the Separate Account may advertise its performance ranking
and rating information among similar investments as compiled by Lipper Analyt-
ical Services Inc., Morningstar, Inc. and other independent organizations.
 
  From time to time the Separate Account may compare the performance of its
investment divisions with the performance of common stocks, long-term govern-
ment bonds, long-term corporate bonds, intermediate-term government bonds,
Treasury Bills, certificates of deposit and savings accounts. The Separate Ac-
count may use the Consumer Price Index in its advertisements as a measure of
inflation for comparison purposes.
 
BENEFIT AT FINAL DATE
 
  If the insured is living, Metropolitan Life will pay to the Policy owner the
cash value of the Policy on the Final Date, reduced by any outstanding indebt-
edness (see "Policy Benefits--Cash Value"). The Final Date of a Policy is the
Policy anniversary on which the insured is 95 (see "Federal Tax Matters").
 
OPTIONAL INCOME PLANS
 
  During the insured's lifetime, the Policy owner may arrange for the insur-
ance proceeds to be paid in a single sum, in an account that earns interest or
under one or more of the available optional income plans. For more specifics
regarding optional income plans, see the Appendix to Prospectus. These choices
are also available at the Final Date and if the Policy is surrendered. If no
election is made, Metropolitan Life will place the amount in an account that
earns interest. The payee will have immediate access to all or any part of the
account.
 
  When the insurance proceeds are payable in a single sum, the beneficiary
may, within one year of the insured's death, select one or more of the op-
tional income plans, if no payments have yet been made. If the insurance pro-
ceeds become payable under an optional income plan and the beneficiary has the
right to withdraw the entire amount, the beneficiary may name and change con-
tingent beneficiaries.
 
OPTIONAL INSURANCE BENEFITS
 
  Subject to certain requirements, one or more of the optional insurance bene-
fits described in the Appendix to Prospectus, may be included with a Policy by
rider. The cost of any optional insurance benefits will be deducted as part of
the monthly deduction (see "Charges and Deductions--Monthly Deduction From
Cash Value"). There is no charge for the accelerated death benefit rider. See
the Appendix to Prospectus, for a discussion of how certain riders affect the
benefits and the exercise of certain rights under the Policy.
 
PAYMENT AND ALLOCATION OF PREMIUMS
 ...............................................................................
 
ISSUANCE OF A POLICY
 
  Individuals wishing to purchase a Policy must complete an application which
will be sent to the Designated Office. A Policy will not be issued with a
specified face amount less than the Minimum Initial Specified Face Amount. A
Policy will generally be issued only to insureds 80 years of age or under who
supply evidence of insurability satisfactory to Metropolitan Life. Metropoli-
tan Life may, however, at its sole discretion, issue a Policy to an individual
above the age of 80. Acceptance is subject to Metropolitan Life's underwriting
rules, and Metropolitan Life reserves the right to reject an application for
any reason permitted by law.
   
  The Date of Policy is the date used to determine Policy years and Policy
months regardless of when the Policy is delivered. The Date of Policy will or-
dinarily be the date the application is approved. Within limits, Metropolitan
Life may establish an earlier Date of Policy (but no earlier than the date the
application is completed) if desired to preserve a younger age at issue for
the insured. Individuals may also request that the Date of Policy be the date
the application is completed if a payment of at least $2,500 is received with
the application. In these instances, the Policy owner will incur a charge for
insurance protection under the Policy where the insurance is in force under
the temporary insurance agreement described below. However, an earlier Date of
Policy has the potential advantage, to the Policy owner, of an earlier Invest-
ment Start Date if a payment is received with the application. In the case of
certain payroll deduction plans, or other automatic investment plans, the Date
of Policy may be earlier or later than the date the first premium payment is
received, pursuant to established administrative rules.     
 
  If a premium payment equivalent to at least one "check-o-matic" payment is
received with the application, and there has been no material misrepresenta-
tion in the application, fixed, temporary insurance equal to the specified
face amount applied for up to a maximum amount of $500,000, provided at no ad-
ditional charge, will start as of the date the application was completed and
will continue for a maximum of 90 days. However, if a medical examination of a
person to be insured is initially required by the underwriting rules of Metro-
politan Life, coverage on that person will not start until completion of the
examination. If it is not completed within 90 days from the date of the appli-
cation, there will be no coverage, except that, if the person to be insured
dies from an accident within 30 days from the date of the application and be-
fore the examination is completed, temporary insurance will be in effect if it
has not already ended under the terms of the temporary insurance agreement. In
no event will a death benefit be provided under the temporary insurance agree-
ment if death is by suicide.
 
  Metropolitan Life will allocate net premiums to the Separate Account and/or
the Fixed Account on the Investment Start Date (see "Allocation of Premiums
and Cash Value"). The Investment Start Date is the later of (i) the Date of
Policy and (ii) the date the first premium for a Policy is received at the
Designated Office.
 
 
                                      22
<PAGE>
 
 ...............................................................
  Except as otherwise provided in any temporary insurance agreement, there
will be no insurance coverage under a Policy unless at the time the Policy is
delivered the insured's health is the same as stated in the application and,
in most states, the insured has not sought medical advice or treatment subse-
quent to the date of the application.
 
PREMIUMS
  Payment of Premiums. Each Policy owner will determine a planned periodic
premium schedule that provides for the payment of a level premium at fixed in-
tervals for a specified period of time. During the first two Policy years,
premium payments must be at least equal to a minimum allowable planned premium
schedule. After the first two Policy years, the Policy owner is not required
to pay premiums in accordance with the planned periodic premium schedule.
 
  MOREOVER THE PAYMENT OF PLANNED PERIODIC PREMIUMS WILL NOT GUARANTEE THAT
THE POLICY REMAINS IN FORCE AFTER THE FIRST TWO POLICY YEARS. Instead, the du-
ration of the Policy after the first two Policy years depends upon the
Policy's cash surrender value (see "Policy Termination and Reinstatement--Ter-
mination").
   
  The Policy owner must designate in the application one of the following ways
to pay the planned periodic premium. The Policy owner may elect to pay the
planned periodic premium annually, semi-annually, or monthly through "check-o-
matic" payments. Monthly "check- o-matic" payments are automatically made by
preauthorized transfers from a bank checking account. A Policy owner may also
elect to pay monthly planned periodic premiums through other systematic pay-
ment plans or through various payroll deduction plans if provided by the em-
ployer of the Policy owner. In certain situations Metropolitan Life may permit
the payment of monthly planned periodic premiums in another manner. Any such
payment method will be made available in a manner that will not discriminate
unreasonably or unfairly against any Owner.     
 
  Subject to the minimum and maximum premium limitations described below, a
Policy owner may make unscheduled premium payments at any time in any amount.
The Policy, therefore, provides the owner with the flexibility to vary the
frequency and amount of premium payments to reflect changing financial condi-
tions.
 
  All premium payments after the initial premium payment are credited to the
Separate Account or Fixed Account as of the Date of Receipt.
 
  Premium Limitations. During the first two Policy years, premium payments by
a Policy owner must at least equal the minimum allowable planned premium for
the particular Policy or the Policy will terminate after a grace period com-
mencing on a monthly anniversary when the total premiums paid as of that date
are not at least equal to the minimum premiums required as of that date and
the cash surrender value is insufficient to pay the monthly deduction on that
date. The minimum allow able planned premium is equal to the then current an-
nual target premium for the Policy.
 
  Except as described below, the total of all premiums paid, both planned and
unplanned, can never exceed the then current maximum premium limitation deter-
mined by Internal Revenue Code rules relating to the definition of life insur-
ance. If at any time a premium is paid that would result in total premiums ex-
ceeding the then current maximum premium limitations, Metropolitan Life will
accept only that portion of the premium that will make total premiums equal
the limit. Any part of the premium in excess of that amount will be refunded,
and no further premiums will be accepted until allowed by the maximum premium
limitations. These limitations will not apply to any premium that is required
to be paid in order to prevent the Policy from terminating.
 
  There may be cases where the total of all premiums paid could cause the Pol-
icy to be classified as a modified endowment contract (see "Federal Tax Mat-
ters"). The annual statement (see "Reports") sent to each Policy owner will
include information regarding the modified endowment contract status of a Pol-
icy. In cases where a Policy is not an irrevocable modified endowment con-
tract, the annual statement will indicate what action the Policy owner can
take to reverse the modified endowment contract status of the Policy.
 
  Every planned premium payment after the first Policy year must be at least
$200 on an annual basis, $100 on a semi-annual basis and $15 on a "check-o-
matic" or other pre-authorized transfer or payment basis. For some Policies
distributed through brokers (see "Distribution of the Policies"), the planned
periodic premium for the first Policy year may be required to be at least
$2,500. Every unplanned premium payment must be at least $250. Premium pay-
ments less than these minimum amounts will be refunded to the Policy owner.
 
ALLOCATION OF PREMIUMS AND CASH VALUE
 
  Net Premiums. The net premium equals the premium paid less premium expense
charges (see "Charges and Deductions--Premium Expense Charges").
 
  Allocation of Net Premiums. In the application for a Policy, the Policy
owner indicates the initial allocation of net premiums among the Fixed Account
and the investment divisions of the Separate Account. The minimum percentage
of each premium that may be allocated to the Fixed Account or any investment
division of the Separate Account is 10%. Allocation percentages must be in
whole numbers; for example, 33 1/3% may not be chosen. The Policy owner may
change the allocation of future net premiums without charge at any time by
providing Metropolitan Life with written notification at the Designated
 
                                      23
<PAGE>
 
 ...............................................................
Office. The change will be effective as of the Date of Receipt of the notice
at the Designated Office.
 
  The Policy's cash value in the investment divisions of the Separate Account
will vary with the investment experience of these investment divisions, and
the Policy owner bears this investment risk. Policy owners should periodically
review their allocations of net premiums and cash values in light of market
conditions and their overall financial planning requirements.
 
  Cash Value Transfers. The Policy owner may transfer cash value between the
Fixed Account and the investment divisions of the Separate Account and among
the investment divisions of the Separate Account. At the present time, there
is no charge for transfers. Metropolitan Life reserves the right in the future
to assess a charge of up to $25 against each transfer. A transfer must be made
in either dollar amounts or a percentage in whole numbers. The minimum amount
that may be transferred is the lesser of $50 or the total amount in an invest-
ment division or, if the transfer is from the Fixed Account the total amount
in the Fixed Account. Transferring cash value from one or more investment di-
visions and/or the Fixed Account into one or more other investment divisions
and/or the Fixed Account counts as one transfer. Metropolitan Life reserves
the right to delay the transfer, withdrawal, surrender and payment of policy
loans of amounts from the Fixed Account for up to six months (see "The Fixed
Account--Transfers, Withdrawals, Surrenders, and Policy Loans"). Metropolitan
Life will effectuate transfers and determine all values in connection with
transfers as of the Date of Receipt of written notice at the Designated Of-
fice.
 
  Transfers are not taxable transactions under current law. Transfer requests
must be in writing in a form acceptable to Metropolitan Life, or in another
form of communication acceptable to Metropolitan Life.
 
  Metropolitan Life reserves the right, if permitted by state law, to allow
Policy owners to make transfer requests by telephone and to allow Policy own-
ers to authorize their sales representatives to make requests on behalf of the
Policy owners by telephone on a form Metropolitan Life will supply to Policy
owners. If Metropolitan Life decides to permit either of these transfer proce-
dures, and a Policy owner elects to participate in either of these transfer
procedures, the following will apply: the Policy owner will authorize Metro-
politan Life to act upon the telephone instructions of any person purporting
to be the Policy owner (or, if applicable, the Policy owner's sales represen-
tative), assuming Metropolitan Life's procedures have been followed, to make
transfers both from amounts in the Policy's Fixed Account and in the Separate
Account. Metropolitan Life will institute reasonable procedures to confirm
that any instructions commu-nicated by telephone are genuine. All telephone
calls will be recorded, and the Policy owner (or, if applicable, the Policy
owner's sales representative) will be asked to produce the Policy owner's per-
sonalized data prior to Metropolitan Life initiating any transfer requests by
telephone. Additionally, as with other transactions, the Policy owner will re-
ceive a written confirmation of any such transfer. Neither Metropolitan Life
nor the Separate Account will be liable for any loss, expense or cost arising
out of any requests that Metropolitan Life or the Separate Account reasonably
believe to be genuine. In the event that these transfer procedures are insti-
tuted and in the further event that the Policy owner who has elected to use
such procedures encounters difficulty with them, such Policy owner should make
the request to the Designated Office.
   
  Automated Investment Strategies.  Metropolitan Life may permit the Policy
owner to submit a written authorization directing Metropolitan Life to make
transfers on a continuing periodic basis from one investment division to an-
other or to the Fixed Account. Metropolitan Life currently offers four such
investment strategies: the "Equity Generator," the "Equalizer," the "Alloca-
tor" and the "Rebalancer." Only one automated investment strategy may be in
effect at any one time. The Owner may submit a written request electing a
strategy or directing Metropolitan Life to cancel a strategy at any time.     
   
  Under the "Equity Generator," Policy owners may have the interest earned on
amounts in the Fixed Account transferred to the MetLife Stock Index Division
or the State Street Research Aggressive Growth Division, as elected by the
Policy owner. Any such transfer from the Fixed Account to the MetLife Stock
Index Division or the State Street Research Aggressive Growth Division, as ap-
plicable, will be made at the beginning of each Policy month following the
Policy month in which the interest is earned. The transfer will only be made
for a month during which at least $20 in interest is earned. Amounts earned
during a month in which less than $20 in interest is earned will remain in the
Fixed Account.     
   
  Under the "Equalizer," at the end of a specified period (e.g. monthly, quar-
terly) as determined by Metropolitan Life, a transfer is made from the MetLife
Stock Index Division or the State Street Research Aggressive Growth Division,
as elected by the Policy owner, to the Fixed Account or from the Fixed Account
to such elected investment division in order to make the Fixed Account and
such elected investment division equal in value. While the "Equalizer" is in
effect, any cash value transfer out of such elected investment division that
is not part of this automated investment strategy will automatically terminate
the "Equalizer" election. The Policy owner may then reelect the "Equalizer"
strategy to become effective on the next Policy anniversary.     
 
                                      24
<PAGE>
 
 ...............................................................
   
  Under the "Allocator," at the beginning of each Policy month, an amount des-
ignated by the Policy owner is transferred from the MetLife Money Market Divi-
sion to the Fixed Account and/or any investment division(s) specified by the
Owner. The Policy owner may choose to do this in one of the following three
ways: (1) designating an amount to be transferred from the MetLife Money Mar-
ket Division each month until amounts in that investment division are exhaust-
ed; (2) designating an amount to be transferred from the MetLife Money Market
Division for a certain number of months; or (3) designating a total amount to
be transferred from the MetLife Money Market Division in equal monthly in-
stallments over a certain number of months. The Policy owner's designations
must allow the "Allocator" to remain in effect for at least three months.     
 
  Under the "Rebalancer," Policy owners may elect the periodic redistribution
of cash value so that the cash value is allocated among the Fixed Account and
the investment divisions of the Separate Account in the same proportion as the
net premiums are allocated. Metropolitan Life will redistribute the cash value
at the beginning of each calendar quarter.
 
POLICY TERMINATION AND REINSTATEMENT
 
  Termination. If, during the first two Policy years, the cash surrender value
on any monthly anniversary is insufficient to cover the monthly deduction and
the total premiums paid as of such monthly anniversary are not equal to the
minimum premiums required as of that date, Metropolitan Life will notify the
Policy owner and any assignee of record of that difference. Also, if, after
the first two Policy years, the cash surrender value on any monthly anniver-
sary is insufficient to cover the monthly deduction, Metropolitan Life will
notify the Policy owner and any assignee of record of that shortfall. In ei-
ther case, the Policy owner will then have a grace period of 61 days, measured
from the monthly anniversary, to make sufficient payment. In the first two
Policy years, the minimum necessary premium payment will be an amount equal to
the difference between the total premiums previously paid and the minimum re-
quired premiums. After the first two Policy years, the minimum necessary pay-
ment must be an amount sufficient to keep the Policy in force for two months
after the premium expense charges have been deducted. Failure to make a suffi-
cient payment within the grace period will result in termination of the Poli-
cy. In the first two Policy years after issue or after an increase in the
specified face amount, any excess sales charges (see "Surrender Charge--Excess
Sales Charge") will be returned to the Policy owner. Otherwise, a Policy ter-
minates without any cash surrender value. If the insured dies during the grace
period, the insurance proceeds will still be pay able, but any due and unpaid
monthly deductions will be deducted from the proceeds.
 
  Reinstatement. A terminated Policy may be reinstated anytime within 3 years
(5 years in Missouri) after the end of the grace period and before the Final
Date by submitting the following items to Metropolitan Life: (1) a written ap-
plication for reinstatement; (2) evidence of insurability satisfactory to Met-
ropolitan Life; and (3) a premium that, after the deduction of the premium ex-
pense charges (see "Charges and Deductions--Premium Expense Charges"), is
large enough to cover: (a) the monthly deductions for at least the two Policy
months commencing with the effective date of reinstatement; (b) any due and
unpaid monthly Policy charges incurred during the first Policy year; (c) any
portion of the surrender charge which was not paid at termination because the
cash value at termination was insufficient to pay such portion of the charge;
(d) for terminations occurring in the two Policy years after issue or after an
increase in the specified face amount, an amount equal to the excess, if any,
of (i) the portion of the surrender charge applicable to the issue or the in-
crease which would be payable (without regard to any excess sales charge limi-
tations as described under "Surrender Charge--Excess Sales Charge") if the
Policy were surrendered in the Policy year of reinstatement and as if the Pol-
icy had not been terminated earlier over (ii) the amount of the applicable
surrender charge paid at termination; and (e) interest at the rate of 6% per
year on the amount set forth in (b) from the commencement of the grace period
to the date of reinstatement. Metropolitan Life reserves the right to waive
the interest due set forth in (e) above.
 
  Notwithstanding the above, at the present time, with respect to the rein-
statement of a Policy that is terminated during the first two Policy years,
Metropolitan Life will accept as the premium required for reinstatement the
lesser of the amount as defined in the immediately preceding paragraph and the
following: the excess of the sum of (a) the monthly deductions for at least
the two Policy months commencing with the effective date of reinstatement; (b)
the total of the minimum required premiums that would have been payable under
the Policy from the date of the Policy until the effective date of reinstate-
ment had no termination occurred; and (c) an amount that after the deduction
of the premium expense charges would equal any amount previously refunded to
the Policy owner as an Excess Sales Charge (see "Surrender Charge--Excess
Sales Charge"), over the sum of all premiums paid by the Policy owner to the
effective date of the termination before any charges or deductions were ap-
plied. Metropolitan Life offers this alternative calculation of the premium
required for reinstatement at present but reserves the right to modify or re-
scind this offer at its sole discretion.
 
                                      25
<PAGE>
 
 ...............................................................
 
  Indebtedness on the date of termination will be cancelled and need not be
repaid and will not be reinstated. The amount of cash surrender value on the
date of reinstatement will be equal to two monthly deductions plus any amount
of net premiums paid at reinstatement in excess of the amount of premium re-
quired above to reinstate the Policy.
 
  The date of reinstatement will be the date of approval of the application
for reinstatement. The terms of the original Policy, including the insurance
rates provided therein, will apply to the reinstated Policy. However, a Policy
which was terminated and reinstated during the first two Policy years will be
subject to termination after a grace period when the cash surrender value is
insufficient to pay a monthly deduction even if all minimum premiums required
to be paid during the first two Policy years have been paid. A reinstated Pol-
icy is subject to a new two year period of contestability (see "Other Policy
Provisions--Incontestability").
 
CHARGES AND DEDUCTIONS
 ...............................................................................
PREMIUM EXPENSE CHARGES
 
  Sales Load. A charge (which may be deemed to be a sales load as defined in
the 1940 Act) is deducted from each premium payment received by Metropolitan
Life as described below. A charge of 2% of premiums paid is deducted from all
premium payments. There is also a charge (which may be deemed to be a sales
load) upon the surrender of a Policy during the first fifteen Policy years or
during the first fifteen Policy years after an increase in the specified face
amount of a Policy (see "Surrender Charge").
 
  The amount of the sales load (whether from either the premium expense charge
or upon surrender of the Policy) in any Policy year cannot be specifically re-
lated to actual sales expenses for that year, which include sales commissions
and costs of prospectuses, other sales material and advertising. To the extent
that sales expenses are not recovered from the charges for sales load, such
expenses will be recovered from other sources, including any excess accumu-
lated charges for mortality and expense risks under the Policies, any other
gains attributable to operations with respect to the Policies and Metropolitan
Life's general assets and surplus. Metropolitan Life does not anticipate that
all its total sales expenses will be recovered from the sales charges.
 
  Tax Charges. Two charges are currently made for taxes related to premiums.
These taxes include any fed-
   
eral, state or local taxes measured by or based on the amount of premiums re-
ceived by Metropolitan Life. A charge of 1.5% of each premium payment is made
for the purpose of recovering the federal income taxes of Metropolitan Life
that are determined by the amount of premiums received in connection with the
Policy (the "DAC tax charge"). An additional charge is made for state premium
taxes of 2% of each premium payment. Premium taxes vary from state to state
ranging from zero to 3.5% currently. The 2% rate approximates the average tax
rate expected to be paid on premiums from all states.     
 
TRANSFER CHARGE
 
  At the present time, no charge will be assessed against the cash value of a
Policy when amounts are transferred among the investment divisions of the Sep-
arate Account and between the investment divisions and the Fixed Account. Met-
ropolitan Life reserves the right in the future to assess a charge of up to
$25 against each transfer. If made, the charge would be allocated among the
Fixed Account and each investment division of the Separate Account from which
amounts are transferred in the same proportion that the amounts transferred
from the Fixed Account and the amounts transferred from each investment divi-
sion bear to the total amount transferred, when the requested transfer is ef-
fected. Thus, for example, if a request is received for a transfer of $100,
cash value in the amount of $100 would be deducted from the particular invest-
ment division(s), with $100 being transferred to the requested new investment
division(s). The $25 would be deducted based on the cash value in each invest-
ment division from which amounts are transferred at the time of the transfer.
Charges will not be assessed for transfers made under the "Equalizer," "Equity
Generator," "Allocator" or "Rebalancer" (see "Allocation of Premiums and Cash
Value--Automated Investment Strategies").
 
MONTHLY DEDUCTION FROM CASH VALUE
 
  The monthly deduction from cash value includes the cost of term insurance
charge, the charge for optional insurance benefits added by rider (see "Policy
Benefits--Optional Insurance Benefits") and monthly Policy charges. The cost
of term insurance charge and the monthly Policy charges are discussed sepa-
rately in the paragraphs that follow. The monthly deduction will also include
a charge for requested increases in the death benefit for the month in which
the increase occurs, as discussed more fully under "Policy Benefits--Increas-
es".
 
  The monthly deduction will be deducted as of each monthly anniversary com-
mencing with the Date of Policy. It will be allocated among the Fixed Account
and each investment division on the Separate Account on a Pro Rata Basis. See
"Payment and Allocation of Premiums--Issuance of a Policy", regarding when in-
surance coverage starts under a newly issued Policy.
 
                                      26
<PAGE>
 
 ...............................................................
 
  Cost of Term Insurance. Because the cost of term insurance depends upon a
number of variables, it can vary from month to month. Metropolitan Life will
determine the monthly cost of term insurance charge by multiplying the appli-
cable cost of term insurance rate or rates by the term insurance amount for
each Policy month. The term insurance amount for a Policy month is (a) the
death benefit at the beginning of the Policy month divided by 1.0032737 (a
discount factor to account for return deemed to be earned during the month),
less (b) the cash value at the beginning of the Policy month.
 
  The term insurance amount may be affected by changes in the cash value or in
the specified face amount of the Policy and will be greater for owners who
have selected Death Benefit Option B, or Death Benefit Option C prior to pol-
icy anniversary 65, than for those who have selected Death Benefit Option A,
or Death Benefit Option C on and after policy anniversary 65 (see "Policy Ben-
efits--Death Benefits"), assuming the same specified face amount in each case
and assuming that the minimum death benefit is not in effect. Since the death
benefit under Option A, and under Option C on and after policy anniversary 65,
remains constant while the death benefit under Option B, and under Option C
prior to policy anniversary 65, varies with the cash value, cash value in-
creases will generally reduce the term insurance amount under Option A, and
Option C on and after policy anniversary 65, but not under Option B, and Op-
tion C prior to policy anniversary 65. If the term insurance amount is great-
er, the cost of insurance will be greater. If the minimum death benefit is in
effect (see "Death Benefit Options--Minimum Death Benefit"), then the cost of
term insurance will vary directly with the cash value under all of the death
benefit options.
 
  If more than one rate class is in effect under a Policy (see "Rate Class"),
the cost of term insurance will generally decrease if a Policy owner changes
the Death Benefit Option. In those cases where the specified face amount of
the Policy does not change as a result of the Option change (i.e., converting
from Option B to C (when permitted), from Option C to Option B before Policy
anniversary 65 or from Option C to Option A after Policy anniversary 65), the
cost of term insurance will not change.
 
  Cost of Term Insurance Rate. Cost of term insurance rates are based on the
sex (except in Montana and Massachusetts, in the case of group conversions
which require unisex rates and in the case of Policies sold in connection with
executive bonus and split dollar deferred compensation plans), age and rate
class of the insured. The actual monthly cost of term insurance rates will be
based on Metropolitan Life's expectations as to future experience. They will
not, however, be greater than the guaranteed cost of term insurance rates set
forth in the Policy. These guaranteed rates are based on certain of the 1980
Commissioners Standard Ordinary Mortality Tables and the insured's sex and
age. The Tables used for this purpose set forth different mortality estimates
for males and females. Any change in the cost of term insurance rates will ap-
ply to all persons of the same insuring age, sex, and rate class whose Poli-
cies have been in force for the same length of time. Metropolitan Life reviews
its cost of term insurance rates periodically and may adjust the rates from
time to time.
 
  Rate Class. The rate class of an insured affects the cost of term insurance
rate. Metropolitan Life currently places insureds into a standard rate class
or rate classes involving a higher or lower mortality risk. For Ages 18 and
over, each such rate class is further divided into a smoker division and a
nonsmoker division. In an otherwise identical Policy, insureds in the standard
rate class will have a lower cost of term insurance than those in the rate
class with the higher mortality risk, and a higher cost of term insurance than
those in the rate class with the lower mortality risk. Also, those insureds in
the nonsmoker division of a rate class will have a lower cost of term insur-
ance than those in the smoker division of the same rate class.
 
  If a Policy owner requests a specified face amount increase at a time when
the insured is in a less favorable rate class or division than previously, a
correspondingly higher cost of insurance rate will apply to that portion of
the term insurance amount attributable to the increase. On the other hand, if
the insured's rate class or division improves, the lower cost of insurance
rate will apply to the entire term insurance amount.
 
  Monthly Policy Charges. During the first Policy year, there will be a Base
Administration Charge as described below plus a monthly charge equal to $0.25
per thousand dollars of specified face amount of the Policy. The Base Adminis-
tration Charge is equal to $5 per month at Ages less than eighteen, $15 per
month at Ages eighteen to forty-nine, and $20 per month at Ages fifty and
above. After the first Policy year, the monthly administration charge is $5
per month for Policies with a specified face amount of $250,000 or more, $7
per month for Policies with a specified face amount of $100,000 to $249,999,
and $9 per month for Policies with a specified face amount of less than
$100,000. The monthly administration charge will be determined by the speci-
fied face amount of the Policy at the time the monthly deduction is made.
Thus, any change in the specified face amount of a Policy may result in a
change in the monthly administration charge.
 
  These charges will be used to compensate Metropolitan Life for expenses in-
curred in the administration of the Policy as a multifunded policy. The first
year charge
 
                                      27
<PAGE>
 
 ...................................
   
will also compensate Metropolitan Life for first year underwriting and other
start-up expenses incurred in connection with the Policy. These expenses in-
clude the cost of processing applications, conducting medical examinations,
determining insurability and the insured's risk class, and establishing Policy
records. If a Policy is surrendered in the first Policy year, the remaining
Base Administration Charge for each of the full Policy months remaining in the
first Policy year will be deducted from the cash value of the Policy in addi-
tion to any applicable surrender charge (see "Surrender Charge").     
 
CHARGES AGAINST THE SEPARATE ACCOUNT
 
  Charge for Mortality and Expense Risks. A daily charge is made against the
Separate Account for mortality and expense risks assumed by Metropolitan Life.
The amount of the charge is equivalent to an effective annual rate of .90% of
the average daily value of the assets in the Separate Account which are
attributable to the Policies.
 
  The mortality risk assumed is that insureds may live for a shorter period of
time than estimated (i.e., the period of time based on the appropriate 1980
Commissioners Standard Ordinary Mortality Table) and, thus, a greater amount
of death benefits than expected will be payable. The expense risk assumed is
that expenses incurred in issuing and administering the Policies will be
greater than estimated. Metropolitan Life will realize a gain if the charges
prove ultimately to be more than sufficient to cover its actual costs of such
mortality and expense commitments. If the charges are not sufficient, the loss
will fall on Metropolitan Life. If its estimates of future mortality and ex-
pense experience are accurate, Metropolitan Life anticipates that it will re-
alize a profit from the mortality and expense risk charge; however if such es-
timates are inaccurate, Metropolitan Life could incur a loss.
 
  Charge for Income Taxes. Currently, no charge is made against the Separate
Account for income taxes. However, Metropolitan Life may decide to make such a
charge in the future (see "Federal Tax Matters--Taxation of Metropolitan
Life").
 
SURRENDER CHARGE
 
  A sales charge will be deducted in the form of a surrender charge from the
cash value if the Policy is surrendered or terminated after a grace period
during the first fifteen Policy years. A sales charge will also be deducted
upon surrender or termination of a Policy during the first fifteen Policy
years after an increase in the specified face amount of a Policy. In each
case, the amount of the surrender charge is based on a charge per thousand
dollars of specified face amount which varies with the Age of the insured at
the time of the issue of the Policy or of the increase in the specified face
amount and the death benefit option chosen at the time of issue or increase by
the Policy owner. The surrender charges per thousand dollars of specified face
amount are as follows:
 
 
 Option A:
 
<TABLE>
<CAPTION>
 AGE AT              POLICY YEARS SINCE ISSUE OR INCREASE
ISSUE OR  -----------------------------------------------------------
INCREASE   1   2   3   4   5   6   7   8   9  10  11  12  13  14  15
- ---------------------------------------------------------------------
<S>       <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
 0- 5     $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1 $ 1
 6-10       3   3   3   3   3   2   2   2   2   2   1   1   1   1   1
11-20       3   3   3   3   3   2   2   2   2   2   1   1   1   1   1
21-25       3   3   3   3   3   2   2   2   2   2   1   1   1   1   1
26-30       4   4   3   3   3   3   3   2   2   2   2   1   1   1   1
31-35       7   6   6   6   5   5   5   4   4   3   3   2   2   1   1
36-40       8   7   7   7   6   6   5   5   4   4   3   3   2   1   1
41-44      10   9   8   8   7   7   6   6   5   4   4   3   2   2   1
45-50      12  12  11  10  10   9   8   7   7   6   5   4   3   2   1
51-54      15  15  14  13  12  11  10   9   8   7   6   5   4   3   1
55-59      18  17  16  15  14  13  12  11  10   9   8   6   5   3   2
60-69      22  21  20  18  17  16  15  13  12  11   9   7   6   4   2
70-79      22  21  20  18  17  16  15  13  12  11   9   8   6   4   2
80         22  21  20  18  17  16  15  14  13  12  10   9   8   6   3
</TABLE>
 
                                      28
<PAGE>
 
 ..................................
 
 Option B:
 
<TABLE>
<CAPTION>
 AGE AT              POLICY YEARS SINCE ISSUE OR INCREASE
ISSUE OR  -----------------------------------------------------------
INCREASE   1   2   3   4   5   6   7   8   9  10  11  12  13  14  15
- ---------------------------------------------------------------------
<S>       <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
 0- 5     $ 4 $ 4 $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1
 6-10       4   4   4   4   3   3   3   3   2   2   2   1   1   1   1
11-20       5   5   5   4   4   4   3   3   3   2   2   2   1   1   1
21-25       7   7   6   6   6   5   5   4   4   3   3   2   2   1   1
26-30      10   8   7   7   7   6   6   5   4   4   3   3   2   1   1
31-35      12  12  11  10  10   9   8   7   6   5   4   4   3   2   1
36-40      15  14  13  12  12  11  10   9   8   7   6   5   4   3   1
41-44      20  20  19  18  17  16  14  13  12  10   9   7   5   4   2
45-50      24  24  24  22  21  19  17  16  14  12  10   8   6   4   2
51-54      27  27  26  24  23  21  19  18  16  14  12  10   7   5   3
55-59      30  29  27  25  24  22  20  18  16  14  12  10   8   5   3
60-69      32  30  29  27  25  23  22  20  18  15  13  11   8   6   3
70-79      36  34  33  31  29  27  25  23  20  18  16  13  10   7   4
80         40  38  36  34  32  30  28  26  24  22  19  17  14  11   6
</TABLE>
 
 Option C:
 
<TABLE>
<CAPTION>
 AGE AT              POLICY YEARS SINCE ISSUE OR INCREASE
ISSUE OR  -----------------------------------------------------------
INCREASE   1   2   3   4   5   6   7   8   9  10  11  12  13  14  15
- ---------------------------------------------------------------------
<S>       <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
 0- 5     $ 4 $ 4 $ 3 $ 3 $ 3 $ 3 $ 3 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1
 6-10       4   4   4   4   3   3   3   3   2   2   2   1   1   1   1
11-20       4   4   4   4   4   3   3   3   3   2   2   2   1   1   1
21-25       5   5   5   5   5   4   4   3   3   3   2   2   2   1   1
26-30       7   6   5   5   5   5   5   4   3   3   3   2   2   1   1
31-35      10   9   9   8   8   7   7   6   5   4   4   3   3   2   1
36-40      12  11  10  10   9   9   8   7   6   6   5   4   3   2   1
41-44      15  15  14  13  12  12  10  10   9   7   7   5   4   3   2
45-50      18  18  18  16  16  14  13  12  11   9   8   6   5   3   2
51-54      21  21  20  19  18  16  15  14  12  11   9   8   6   4   2
55-59      24  23  22  20  19  18  16  15  13  12  10   8   7   4   3
60-64      27  26  25  23  21  20  19  17  15  13  11   9   7   5   3
65-69      22  22  20  18  17  16  15  13  12  11   9   7   6   4   2
70-79      22  21  20  18  17  16  15  13  12  11   9   8   6   4   2
80         22  21  20  18  17  16  15  14  13  12  10   9   8   6   3
</TABLE>
 
  A total surrender charge at surrender or termination of a Policy will equal
the sum of any surrender charge based on the specified face amount at issue
and any surrender charges based on any increases in the specified face amount.
Thus, a surrender charge may apply to a surrender made more than fifteen years
after issue of a Policy where a specified face amount increase has occurred
within fifteen years prior to the surrender. No surrender charge applies to
any increase in the specified face amount resulting from a change in the death
benefit option. Also, surrender charges are not reduced by any decrease in the
specified face amount, regardless of the reason for the decrease. No surrender
charges are assessed against partial withdrawals or loans, but the amount of
the applicable surrender charge indicated above which would be deducted (dis-
regarding the effect of the excess sales charge limits, discussed below) if
the Policy were surrendered reduces the amount of cash value which may be
withdrawn or borrowed.
 
  For example, if a Policy owner who is 25 years old purchases a Policy with a
specified face amount of $100,000 and chooses death benefit Option A, the sur-
render charge in year five, assuming no increases in the specified face
amount, would be $300 ($3 X 100). If the Policy owner increases the specified
face amount by $50,000 in year 10 (when the Policy owner is 35 years old), the
surrender charge in year 15 would be $350, consisting of $100 ($1 X 100) re-
lating to the specified face amount at issue, and $250 ($5 X 50) relating to
the increase in the specified face amount. In year 20, the surrender charge
would be $150, consisting of 0 relating to the specified face amount at issue
(since the surrender takes place more than 15 years after the original issu-
ance of the Policy), and $150 ($3 X 50) relating to the increase in the speci-
fied face amount.
 
  During the first Policy year, in addition to the applicable surrender
charge, the remaining monthly Base Ad-
 
                                      29
<PAGE>
 
 ...............................................................
ministration Charges will also be imposed upon surrender of a Policy (see
"Charges and Deductions--Monthly Policy Charges").
   
  Excess Sales Charge. With respect to the surrender or termination of a Pol-
icy during the first two Policy years after issue, the applicable surrender
charge, together with all premium expense charges (other than the 2% charge
for state premium taxes and that portion of the DAC tax charge that is not
considered to be sales load), previously deducted from premium payments may
not exceed the sum of (i) 30% of premium payments in aggregate amount less
than or equal to one guideline annual premium, plus (ii) 10% of premium pay-
ments in aggregate amount greater than one guideline annual premium but not
more than two guideline annual premiums, plus (iii) 9% of each premium payment
in excess of two guideline annual premiums. With respect to the surrender or
termination of a Policy during the first two years after an increase in speci-
fied fact amount, comparable limitations will be imposed on the amount of any
then applicable surrender charge that is attributable to the increase. For
purposes of computing the amount of any such limitation, a portion of each
premium payment made after such increase in face amount will be deemed attrib-
utable to the increase. That portion will bear the same ratio to the total
premium payment as the Guideline Annual Premium for the face amount increase
bears to the Guideline Annual Premium for the entire Policy. The cash surren-
der value of an in force Policy is not affected by these limits.     
 
GUARANTEE OF CERTAIN CHARGES
 
  Metropolitan Life guarantees, and may not increase, the charges deducted
from premiums, the monthly administration charge, the surrender charge and the
charge against the Separate Account for mortality and expense risks with re-
spect to the Policies.
 
OTHER CHARGES
   
  Fund Investment Management Fee. Shares of the Fund are purchased for the
Separate Account at their net asset value. The net asset value of Fund shares
is determined after deduction of the fee for investment management services
and the deduction of direct expenses from the assets of the Fund as more fully
described under "Fund Investment Management Fees and Direct Expenses" and in
the attached prospectus for the Fund.     
 
ILLUSTRATIONS OF DEATH BENEFITS, CASH VALUES, CASH SURRENDER VALUES AND
ACCUMULATED PREMIUMS
 ...............................................................................
 
  The tables in this section illustrate the way in which a Policy's death ben-
efit, cash value and cash surrender value could vary over an extended period
of time assuming that all premiums are allocated to and remain in the Separate
Account for the entire period shown and hypothetical gross investment rates of
return for the Fund (i.e., investment income and capital gains and losses, re-
alized or unrealized) equivalent to constant gross (after tax) annual rates of
0%, 6% and 12%. The tables are based on the payment of annual planned premiums
(see "Premiums--Premium Limitations"), for a specified face amount of $100,000
for males aged 25 and 40. Each illustration assumes that the insured is in
Metropolitan Life's standard nonsmoker underwriting risk classification. Il-
lustrations for an insured in Metropolitan Life's standard smoker underwriting
risk classification would show, for the same age and premium payments, lower
cash values and cash surrender values and, therefore, for the minimum death
benefit, death benefits under Option B and Option C prior to policy anniver-
sary 65, lower death benefits. The differences between the cash values and the
cash surrender values in the first fifteen years are the surrender charges.
 
  The death benefits, cash values and cash surrender values would be different
from those shown if the actual gross investment rates of return averaged 0%,
6% or 12% over a period of years, but fluctuated above or below such averages
for individual policy years. The values would also be different depending on
the allocation of a Policy's total cash value among the investment divisions
of the Separate Account, if the actual rates of return averaged 0%, 6% or 12%
but the rates for each portfolio of the Fund varied above and below such aver-
ages.
   
  The amounts shown for the death benefits, cash values and cash surrender
values take into account the deductions from premiums and the monthly deduc-
tion from cash value, as well as the daily charge against the Separate Account
for mortality and expense risks equivalent to an effective annual rate of .90%
of the average daily value of the assets in the Separate Account attributable
to the Policies and the daily charge to the Fund for investment management
services equivalent to an annual rate of .51% of the average daily value of
the aggregate net assets of the Fund (which represents a simple average of the
maximum management fees applicable to the eleven available Portfolios of the
Fund) and .13% for other direct Fund expenses (the average of the expenses in-
dicated in the chart of "Metropolitan Series Fund Annual Expenses" under "Fund
Investment Management Fees and Direct Expenses"). The amounts do not reflect
proposed management fee revisions expected to take effect August 1, 1997. If
such revisions were reflected, the cash value, cash surrender value and death
benefit amounts would be lower. (See "Charges and Deductions.")     
 
  Some of the following illustrations are based on the guaranteed cost of term
insurance rates; the remainder of the illustrations are based on the current
cost of term insurance rates as presently in effect (see "Monthly Deduction
From Cash Value--Cost of Term Insurance Rate").
 
 
                                      30
<PAGE>
 
 ...............................................................
   
  Taking account of the charges for mortality and expense risks, investment
management services and other Fund expenses, the gross annual investment rates
of return of 0%, 6% and 12% correspond to actual (or net) annual rates of: -
1.52%, 4.39% and 10.30%, respectively. Taking into account the investment man-
agement fees changes anticipated to take effect on August 1, 1997, these ac-
tual rates would be -1.57%, 4.34% and 10.25%, respectively.     
 
  The hypothetical returns shown in the tables do not reflect any charges for
income taxes against the Separate Account since no such charges are currently
made. However, if in the future such charges are made, in order to produce the
death benefits and cash values illustrated, the gross annual investment rate
of return would have to exceed 0%, 6% or 12% by a sufficient amount to cover
the tax charges. (See "Federal Tax Matters--Taxation of Metropolitan Life.")
 
  The second column of the tables shows the amount which would accumulate if
an amount equal to the annual planned premium were invested to earn interest,
after taxes, at 5% compounded annually.
 
  Upon request, Metropolitan Life will furnish an illustration reflecting the
proposed insured's age, sex, the specified face amount or premium amount re-
quested, frequency of planned periodic premium payments, death benefit option
selected and any available rider requested.
 
                                      31
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 25
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
          BENEFIT OPTION A GUARANTEED COST OF TERM INSURANCE CHARGES
 
 
<TABLE>   
<CAPTION>
                                                                      TOTAL CASH
                                     TOTAL CASH VALUE(2)          SURRENDER VALUE(2)            TOTAL DEATH BENEFIT(2)
                        PREMIUMS    ASSUMING HYPOTHETICAL       ASSUMING HYPOTHETICAL           ASSUMING HYPOTHETICAL
                       ACCUMULATED GROSS ANNUAL INVESTMENT     GROSS ANNUAL INVESTMENT         GROSS ANNUAL INVESTMENT
        END OF            AT 5%       RATES OF RETURN OF          RATES OF RETURN OF              RATES OF RETURN OF
        POLICY          INTEREST   --------------------------- -----------------------------  -----------------------------
         YEAR           PER YEAR     0%         6%      12%      0%          6%       12%        0%          6%      12%
        ------         ----------- -------    ------- -------- -------     -------  --------  --------    -------- --------
<S>                    <C>         <C>        <C>     <C>      <C>         <C>      <C>       <C>         <C>      <C>
 1....................   $ 1,050   $   282    $   317 $    353 $     0*(3) $    17* $     53* $100,000    $100,000 $100,000
 2....................     2,153       958      1,059    1,165     658*        759*      865*  100,000     100,000  100,000
 3....................     3,310     1,624      1,834    2,062   1,324       1,534     1,762   100,000     100,000  100,000
 4....................     4,526     2,282      2,646    3,054   1,982       2,346     2,754   100,000     100,000  100,000
 5....................     5,802     2,930      3,494    4,149   2,630       3,194     3,849   100,000     100,000  100,000
 6....................     7,142     3,566      4,377    5,355   3,366       4,177     5,155   100,000     100,000  100,000
 7....................     8,549     4,189      5,295    6,683   3,989       5,095     6,483   100,000     100,000  100,000
 8....................    10,027     4,797      6,249    8,144   4,597       6,049     7,944   100,000     100,000  100,000
 9....................    11,578     5,389      7,238    9,750   5,189       7,038     9,550   100,000     100,000  100,000
10....................    13,207     5,964      8,264   11,516   5,764       8,064    11,316   100,000     100,000  100,000
15....................    22,657     8,519     13,927   23,329   8,419      13,827    23,229   100,000     100,000  100,000
20....................    34,719    10,384     20,476   42,332  10,384      20,476    42,332   100,000     100,000  100,000
25....................    50,113    11,356     27,975   72,901  11,356      27,975    72,901   100,000     100,000  139,240(4)
40....................   126,840     2,909     56,283  321,548   2,909      56,283   321,548   100,000     100,000  392,289(4)
45....................   167,685         0(3)  68,002  515,971       0(3)   68,002   515,971         0(3)  100,000  598,527(4)
50....................   219,815         0(3)  82,264  825,927       0(3)   82,264   825,927         0(3)  100,000  883,742(4)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,000 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination," for further details. Zero values in cash surrender value in
    the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
(4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death
    Benefit," for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge," which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      32
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 25
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
          BENEFIT OPTION B GUARANTEED COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                   TOTAL CASH
                                      TOTAL CASH VALUE(2)      SURRENDER VALUE(2)
                                     ASSUMING HYPOTHETICAL    ASSUMING HYPOTHETICAL               TOTAL DEATH BENEFIT(2)
                          PREMIUMS       GROSS ANNUAL             GROSS ANNUAL                    ASSUMING HYPOTHETICAL
                         ACCUMULATED      INVESTMENT               INVESTMENT                    GROSS ANNUAL INVESTMENT
         END OF             AT 5%     RATES OF RETURN OF       RATES OF RETURN OF                   RATES OF RETURN OF
         POLICY           INTEREST   ------------------------ -----------------------------     -----------------------------
          YEAR            PER YEAR     0%        6%     12%     0%         6%         12%          0%          6%      12%
         ------          ----------- ------    ------ ------- ------     ------     -------     --------    -------- --------
<S>                      <C>         <C>       <C>    <C>     <C>        <C>        <C>         <C>         <C>      <C>
 1......................  $  1,050   $  281    $  316 $   352 $    0*(3) $    0*(3) $     0*(3) $100,281    $100,316 $100,352
 2......................     2,153      955     1,056   1,161    255*       356*        461*     100,955     101,056  101,161
 3......................     3,310    1,618     1,828   2,054  1,018      1,228       1,454      101,618     101,828  102,054
 4......................     4,526    2,272     2,634   3,040  1,672      2,034       2,440      102,272     102,634  103,040
 5......................     5,802    2,916     3,475   4,127  2,316      2,875       3,527      102,916     103,475  104,127
 6......................     7,142    3,545     4,350   5,321  3,045      3,850       4,821      103,545     104,350  105,321
 7......................     8,549    4,161     5,257   6,633  3,661      4,757       6,133      104,161     105,257  106,633
 8......................    10,027    4,760     6,198   8,073  4,360      5,798       7,673      104,760     106,198  108,073
 9......................    11,578    5,341     7,171   9,653  4,941      6,771       9,253      105,341     107,171  109,653
10......................    13,207    5,905     8,176  11,384  5,605      7,876      11,084      105,905     108,176  111,384
15......................    22,657    8,369    13,657  22,839  8,269     13,557      22,739      108,369     113,657  122,839
20......................    34,719   10,064    19,776  40,763 10,064     19,776      40,763      110,064     119,776  140,763
25......................    50,113   10,752    26,344  68,857 10,752     26,344      68,857      110,752     126,344  168,857
40......................   126,840      762    41,207 289,754    762     41,207     289,754      100,762     141,207  389,754
45......................   167,685        0(3) 38,059 458,473      0(3)  38,059     458,473            0(3)  138,059  558,473
50......................   219,815        0(3) 23,461 722,011      0(3)  23,461     722,011            0(3)  123,461  822,011
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,000 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination," for further details. Zero values in cash surrender value in
    the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
 
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge," which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      33
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 25
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
          BENEFIT OPTION C GUARANTEED COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                 TOTAL CASH
                                    TOTAL CASH VALUE(2)      SURRENDER VALUE(2)
                                   ASSUMING HYPOTHETICAL    ASSUMING HYPOTHETICAL               TOTAL DEATH BENEFIT(2)
                        PREMIUMS       GROSS ANNUAL             GROSS ANNUAL                    ASSUMING HYPOTHETICAL
                       ACCUMULATED      INVESTMENT               INVESTMENT                    GROSS ANNUAL INVESTMENT
        END OF            AT 5%     RATES OF RETURN OF       RATES OF RETURN OF                   RATES OF RETURN OF
        POLICY          INTEREST   ------------------------ -----------------------------     -----------------------------
         YEAR           PER YEAR     0%        6%     12%     0%         6%         12%          0%          6%      12%
        ------         ----------- ------    ------ ------- ------     ------     -------     --------    -------- --------
<S>                    <C>         <C>       <C>    <C>     <C>        <C>        <C>         <C>         <C>      <C>
 1....................   $ 1,050   $  281    $  316 $   352 $    0*(3) $    0*(3) $     0*(3) $100,281    $100,316 $100,352
 2....................     2,153      955     1,056   1,161    455*       556*        661*     100,955     101,056  101,161
 3....................     3,310    1,618     1,828   2,054  1,118      1,328       1,554      101,618     101,828  102,054
 4....................     4,526    2,272     2,634   3,040  1,772      2,134       2,540      102,272     102,634  103,040
 5....................     5,802    2,916     3,475   4,127  2,416      2,975       3,627      102,916     103,475  104,127
 6....................     7,142    3,545     4,350   5,321  3,145      3,950       4,921      103,545     104,350  105,321
 7....................     8,549    4,161     5,257   6,633  3,761      4,857       6,233      104,161     105,257  106,633
 8....................    10,027    4,760     6,198   8,073  4,460      5,898       7,773      104,760     106,198  108,073
 9....................    11,578    5,341     7,171   9,653  5,041      6,871       9,353      105,341     107,171  109,653
10....................    13,207    5,905     8,176  11,384  5,605      7,876      11,084      105,905     108,176  111,384
15....................    22,657    8,369    13,657  22,839  8,269     13,557      22,739      108,369     113,657  122,839
20....................    34,719   10,064    19,776  40,763 10,064     19,776      40,763      110,064     119,776  140,763
25....................    50,113   10,752    26,344  68,857 10,752     26,344      68,857      110,752     126,344  168,857
40....................   126,840      762    41,207 289,754    762     41,207     289,754      100,762     141,207  389,754
45....................   167,685        0(3) 37,978 464,361      0(3)  37,978     464,361            0(3)  141,207  538,658(4)
50....................   219,815        0(3) 20,536 743,889      0(3)  20,536     743,889            0(3)  141,207  795,961(4)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,000 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination" for further details. Zero values in cash surrender value in
    the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
(4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death
    Benefit" for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      34
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 25
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
            BENEFIT OPTION A CURRENT COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                 TOTAL CASH
                                 TOTAL CASH VALUE(2)         SURRENDER VALUE(2)               TOTAL DEATH BENEFIT(2)
                  PREMIUMS      ASSUMING HYPOTHETICAL       ASSUMING HYPOTHETICAL             ASSUMING HYPOTHETICAL
                 ACCUMULATED   GROSS ANNUAL INVESTMENT     GROSS ANNUAL INVESTMENT           GROSS ANNUAL INVESTMENT
     END OF         AT 5%        RATES OF RETURN OF          RATES OF RETURN OF                 RATES OF RETURN OF
     POLICY       INTEREST   --------------------------- --------------------------------  -------------------------------
      YEAR        PER YEAR     0%       6%       12%       0%           6%        12%         0%       6%          12%
     ------      ----------- ------- -------- ---------- -------     --------  ----------  -------- --------    ----------
<S>              <C>         <C>     <C>      <C>        <C>         <C>       <C>         <C>      <C>         <C>
 1..............  $  1,050   $   380 $    419 $      457 $    80*(3) $    119* $      157* $100,000 $100,000    $  100,000
 2..............     2,153     1,148    1,261      1,379     848*         961*      1,079*  100,000  100,000       100,000
 3..............     3,310     1,905    2,142      2,398   1,605        1,842       2,098   100,000  100,000       100,000
 4..............     4,526     2,650    3,061      3,521   2,350        2,761       3,221   100,000  100,000       100,000
 5..............     5,802     3,385    4,022      4,762   3,085        3,722       4,462   100,000  100,000       100,000
 6..............     7,142     4,110    5,026      6,131   3,910        4,826       5,931   100,000  100,000       100,000
 7..............     8,549     4,823    6,074      7,642   4,623        5,874       7,442   100,000  100,000       100,000
 8..............    10,027     5,527    7,170      9,311   5,327        6,970       9,111   100,000  100,000       100,000
 9..............    11,578     6,220    8,314     11,152   6,020        8,114      10,952   100,000  100,000       100,000
10..............    13,207     6,889    9,495     13,170   6,689        9,295      12,970   100,000  100,000       100,000
15..............    22,657    10,055   16,204     26,842   9,955       16,104      26,742   100,000  100,000       100,000
20..............    34,719    12,835   24,391     49,113  12,835       24,391      49,113   100,000  100,000       109,030(3)
25..............    50,113    15,117   34,316     85,119  15,117       34,316      85,119   100,000  100,000       162,577(3)
40..............   126,840    16,525   78,900    387,785  16,525       78,900     387,785   100,000  100,000       473,098(3)
45..............   167,685    12,370  101,170    629,388  12,370      101,170     629,388   100,000  117,357(3)    730,090(3)
50..............   219,815     1,131  128,219  1,016,396   1,131      128,219   1,016,396   100,000  137,194(3)  1,087,544(3)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,000 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Minimum death benefit applies; see "Death Benefit Options--Minimum Death
    Benefit," for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      35
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 25
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
            BENEFIT OPTION B CURRENT COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                TOTAL CASH
                               TOTAL CASH VALUE(2)          SURRENDER VALUE(2)                   TOTAL DEATH BENEFIT(2)
                  PREMIUMS    ASSUMING HYPOTHETICAL       ASSUMING HYPOTHETICAL                  ASSUMING HYPOTHETICAL
                 ACCUMULATED GROSS ANNUAL INVESTMENT     GROSS ANNUAL INVESTMENT                GROSS ANNUAL INVESTMENT
     END OF         AT 5%       RATES OF RETURN OF          RATES OF RETURN OF                     RATES OF RETURN OF
     POLICY       INTEREST   --------------------------- --------------------------------     -------------------------------
      YEAR        PER YEAR     0%         6%      12%      0%          6%          12%           0%          6%       12%
     ------      ----------- -------    ------- -------- -------     -------     --------     --------    -------- ----------
<S>              <C>         <C>        <C>     <C>      <C>         <C>         <C>          <C>         <C>      <C>
 1..............  $  1,050   $   380    $   418 $    456 $     0*(3) $     0*(3) $      0*(3) $100,380    $100,418 $  100,456
 2..............     2,153     1,147      1,260    1,378     447*        560*         678*     101,147     101,260    101,378
 3..............     3,310     1,902      2,138    2,394   1,302       1,538        1,794      101,902     102,138    102,394
 4..............     4,526     2,645      3,055    3,514   2,045       2,455        2,914      102,645     103,055    103,514
 5..............     5,802     3,378      4,013    4,750   2,778       3,413        4,150      103,378     104,013    104,750
 6..............     7,142     4,099      5,012    6,114   3,599       4,512        5,614      104,099     105,012    106,114
 7..............     8,549     4,809      6,056    7,617   4,309       5,556        7,117      104,809     106,056    107,617
 8..............    10,027     5,509      7,145    9,276   5,109       6,745        8,876      105,509     107,145    109,276
 9..............    11,578     6,197      8,282   11,105   5,797       7,882       10,705      106,197     108,282    111,105
10..............    13,207     6,860      9,452   13,107   6,560       9,152       12,807      106,860     109,452    113,107
15..............    22,657     9,985     16,078   26,613   9,885      15,978       26,513      109,985     116,078    126,613
20..............    34,719    12,689     24,075   48,417  12,689      24,075       48,417      112,689     124,075    148,417
25..............    50,113    14,832     33,572   83,532  14,832      33,572       83,532      114,832     133,572    183,532
40..............   126,840    14,836     70,597  376,930  14,836      70,597      376,930      114,836     170,597    476,930
45..............   167,685     9,550     82,934  610,439   9,550      82,934      610,439      109,550     182,934    710,439
50..............   219,815         0(3)  89,876  982,379       0(3)   89,876      982,379            0(3)  189,876  1,082,379
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,000 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination" for further details. Zeros values in cash surrender value in
    the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
       
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      36
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 25
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
            BENEFIT OPTION C CURRENT COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                TOTAL CASH
                               TOTAL CASH VALUE(2)          SURRENDER VALUE(2)                   TOTAL DEATH BENEFIT(2)
                  PREMIUMS    ASSUMING HYPOTHETICAL       ASSUMING HYPOTHETICAL                  ASSUMING HYPOTHETICAL
                 ACCUMULATED GROSS ANNUAL INVESTMENT     GROSS ANNUAL INVESTMENT                GROSS ANNUAL INVESTMENT
     END OF         AT 5%       RATES OF RETURN OF          RATES OF RETURN OF                     RATES OF RETURN OF
     POLICY       INTEREST   --------------------------- --------------------------------     -------------------------------
      YEAR        PER YEAR     0%         6%      12%      0%          6%          12%           0%          6%       12%
     ------      ----------- -------    ------- -------- -------     -------     --------     --------    -------- ----------
<S>              <C>         <C>        <C>     <C>      <C>         <C>         <C>          <C>         <C>      <C>
 1..............  $  1,050   $   380    $   418 $    456 $     0*(3) $     0*(3) $      0*(3) $100,380    $100,418 $  100,456
 2..............     2,153     1,147      1,260    1,378     647*        760*         878*     101,147     101,260    101,378
 3..............     3,310     1,902      2,138    2,394   1,402       1,638        1,894      101,902     102,138    102,394
 4..............     4,526     2,645      3,055    3,514   2,145       2,555        3,014      102,645     103,055    103,514
 5..............     5,802     3,378      4,013    4,750   2,878       3,513        4,250      103,378     104,013    104,750
 6..............     7,142     4,099      5,012    6,114   3,699       4,612        5,714      104,099     105,012    106,114
 7..............     8,549     4,809      6,056    7,617   4,409       5,656        7,217      104,809     106,056    107,617
 8..............    10,027     5,509      7,145    9,276   5,209       6,845        8,976      105,509     107,145    109,276
 9..............    11,578     6,197      8,282   11,105   5,897       7,982       10,805      106,197     108,282    111,105
10..............    13,207     6,860      9,452   13,107   6,560       9,152       12,807      106,860     109,452    113,107
15..............    22,657     9,985     16,078   26,613   9,885      15,978       26,513      109,985     116,078    126,613
20..............    34,719    12,689     24,075   48,417  12,689      24,075       48,417      112,689     124,075    148,417
25..............    50,113    14,832     33,572   83,532  14,832      33,572       83,532      114,832     133,572    183,532
40..............   126,840    14,836     70,597  376,930  14,836      70,597      376,930      114,836     170,597    476,930
45..............   167,685     9,380     83,637  611,779   9,380      83,637      611,779      114,836     170,597    709,663(4)
50..............   219,815         0(3)  94,214  988,121       0(3)   94,214      988,121            0(3)  170,597  1,057,289(4)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,000 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination" for further details. Zero values in cash surrender value in
    the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
(4) Minimum death benefit applies, see "Death Benefit Options--Minimum Death
    Benefit" for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      37
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 40
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
          BENEFIT OPTION A GUARANTEED COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                     TOTAL CASH
                                    TOTAL CASH VALUE(2)          SURRENDER VALUE(2)            TOTAL DEATH BENEFIT(2)
                       PREMIUMS    ASSUMING HYPOTHETICAL       ASSUMING HYPOTHETICAL           ASSUMING HYPOTHETICAL
                      ACCUMULATED GROSS ANNUAL INVESTMENT     GROSS ANNUAL INVESTMENT         GROSS ANNUAL INVESTMENT
       END OF            AT 5%       RATES OF RETURN OF          RATES OF RETURN OF              RATES OF RETURN OF
       POLICY          INTEREST   --------------------------- -----------------------------  -----------------------------
        YEAR           PER YEAR     0%         6%      12%      0%          6%       12%        0%          6%      12%
       ------         ----------- -------    ------- -------- -------     -------  --------  --------    -------- --------
<S>                   <C>         <C>        <C>     <C>      <C>         <C>      <C>       <C>         <C>      <C>
 1...................  $  1,748   $   765    $   833 $    901 $     0*(3) $    33* $    101* $100,000    $100,000 $100,000
 2...................     3,584     1,889      2,085    2,290   1,189*      1,385*    1,590*  100,000     100,000  100,000
 3...................     5,511     2,970      3,367    3,796   2,270       2,667     3,096   100,000     100,000  100,000
 4...................     7,535     4,010      4,680    5,433   3,310       3,980     4,733   100,000     100,000  100,000
 5...................     9,660     5,005      6,022    7,212   4,405       5,422     6,612   100,000     100,000  100,000
 6...................    11,891     5,956      7,395    9,147   5,356       6,795     8,547   100,000     100,000  100,000
 7...................    14,234     6,861      8,799   11,255   6,361       8,299    10,755   100,000     100,000  100,000
 8...................    16,694     7,719     10,235   13,555   7,219       9,735    13,055   100,000     100,000  100,000
 9...................    19,277     8,529     11,701   16,066   8,129      11,301    15,666   100,000     100,000  100,000
10...................    21,989     9,288     13,198   18,810   8,888      12,798    18,410   100,000     100,000  100,000
15...................    37,725    12,131     21,027   36,952  12,031      20,927    36,852   100,000     100,000  100,000
20...................    57,808    12,868     29,169   66,328  12,868      29,169    66,328   100,000     100,000  100,000
25...................    83,439    10,424     37,199  115,228  10,424      37,199   115,228   100,000     100,000  140,578(4)
30...................   116,152     2,329     44,165  192,768   2,329      44,165   192,768   100,000     100,000  223,611(4)
35...................   157,902         0(3)  48,238  316,367       0(3)   48,238   316,367         0(3)  100,000  338,512(4)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,665 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination" for further details. The zero value in cash surrender value
    in the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
(4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death
    Benefit," for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      38
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 40
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
          BENEFIT OPTION B GUARANTEED COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                  TOTAL CASH
                                 TOTAL CASH VALUE(2)          SURRENDER VALUE(2)                  TOTAL DEATH BENEFIT(2)
                    PREMIUMS    ASSUMING HYPOTHETICAL       ASSUMING HYPOTHETICAL                 ASSUMING HYPOTHETICAL
                   ACCUMULATED GROSS ANNUAL INVESTMENT     GROSS ANNUAL INVESTMENT               GROSS ANNUAL INVESTMENT
      END OF          AT 5%       RATES OF RETURN OF          RATES OF RETURN OF                    RATES OF RETURN OF
      POLICY        INTEREST   --------------------------- --------------------------------     -----------------------------
       YEAR         PER YEAR     0%         6%      12%      0%          6%          12%           0%          6%      12%
- ------------------ ----------- -------    ------- -------- -------     -------     --------     --------    -------- --------
<S>                <C>         <C>        <C>     <C>      <C>         <C>         <C>          <C>         <C>      <C>
 1................  $  1,748   $   762    $   829 $    897 $     0*(3) $     0*(3) $      0*(3) $100,762    $100,829 $100,897
 2................     3,584     1,878      2,073    2,277     478*        673*         877*     101,878     102,073  102,277
 3................     5,511     2,948      3,341    3,767   1,648       2,041        2,467      102,948     103,341  103,767
 4................     7,535     3,971      4,633    5,378   2,771       3,433        4,178      103,971     104,633  105,378
 5................     9,660     4,944      5,946    7,118   3,744       4,746        5,918      104,944     105,946  107,118
 6................    11,891     5,866      7,280    9,000   4,766       6,180        7,900      105,866     107,280  109,000
 7................    14,234     6,736      8,632   11,033   5,736       7,632       10,033      106,736     108,632  111,033
 8................    16,694     7,551     10,002   13,234   6,651       9,102       12,334      107,551     110,002  113,234
 9................    19,277     8,311     11,386   15,614   7,511      10,586       14,814      108,311     111,386  115,614
10................    21,989     9,010     12,782   18,187   8,310      12,082       17,487      109,010     112,782  118,187
15................    37,725    11,395     19,670   34,444  11,295      19,570       34,344      111,395     119,670  134,444
20................    57,808    11,326     25,590   57,974  11,326      25,590       57,974      111,326     125,590  157,974
25................    83,439     7,738     28,887   91,766   7,738      28,887       91,766      107,738     128,887  191,766
30................   116,152         0(3)  26,363  139,369       0(3)   26,363      139,369            0(3)  126,363  239,369
35................   157,902         0(3)  12,534  204,932       0(3)   12,534      204,932            0(3)  112,534  304,932
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,665 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination" for further details. Zero values in cash surrender value in
    the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      39
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 40
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
          BENEFIT OPTION C GUARANTEED COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                TOTAL CASH
                               TOTAL CASH VALUE(2)          SURRENDER VALUE(2)                  TOTAL DEATH BENEFIT(2)
                  PREMIUMS    ASSUMING HYPOTHETICAL       ASSUMING HYPOTHETICAL                 ASSUMING HYPOTHETICAL
                 ACCUMULATED GROSS ANNUAL INVESTMENT     GROSS ANNUAL INVESTMENT               GROSS ANNUAL INVESTMENT
     END OF         AT 5%       RATES OF RETURN OF          RATES OF RETURN OF                    RATES OF RETURN OF
     POLICY       INTEREST   --------------------------- --------------------------------     -----------------------------
      YEAR        PER YEAR     0%         6%      12%      0%          6%          12%           0%          6%      12%
     ------      ----------- -------    ------- -------- -------     -------     --------     --------    -------- --------
<S>              <C>         <C>        <C>     <C>      <C>         <C>         <C>          <C>         <C>      <C>
 1..............  $  1,748   $   762    $   829 $    897 $     0*(3) $     0*(3) $      0*(3) $100,762    $100,829 $100,897
 2..............     3,584     1,878      2,073    2,277    778*         973*       1,177*     101,878     102,073  102,277
 3..............     5,511     2,948      3,341    3,767   1,948       2,341        2,767      102,948     103,341  103,767
 4..............     7,535     3,971      4,633    5,378   2,971       3,633        4,378      103,971     104,633  105,378
 5..............     9,660     4,944      5,946    7,118   4,044       5,046        6,218      104,944     105,946  107,118
 6..............    11,891     5,866      7,280    9,000   4,966       6,380        8,100      105,866     107,280  109,000
 7..............    14,234     6,736      8,632   11,033   5,936       7,832       10,233      106,736     108,632  111,033
 8..............    16,694     7,551     10,002   13,234   6,851       9,302       12,534      107,551     110,002  113,234
 9..............    19,277     8,311     11,386   15,614   7,711      10,786       15,014      108,311     111,386  115,614
10..............    21,989     9,010     12,782   18,187   8,410      12,182       17,587      109,010     112,782  118,187
15..............    37,725    11,395     19,670   34,444  11,295      19,570       34,344      111,395     119,670  134,444
20..............    57,808    11,326     25,590   57,974  11,326      25,590       57,974      111,326     125,590  157,974
25..............    83,439     7,738     28,887   91,766   7,738      28,887       91,766      107,738     128,887  191,766
30..............   116,152         0(3)  26,407  144,325       0(3)   26,407      144,325            0(3)  128,887  191,766
35..............   157,902         0(3)  10,249  238,014       0(3)   10,249      238,014            0(3)  128,887  254,675(4)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,665 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash value, cash surrender value and death benefit indicate
    termination of insurance coverage in the absence of a sufficient
    additional premium payment; see "Payment and Allocation of Premiums--
    Termination" for further details. Zero values in cash surrender value in
    the first Policy year will not cause coverage to terminate since
    illustrations assume payment of at least minimum allowable planned premium
    (see "Premiums--Payment of Premiums").
(4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death
    Benefit" for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      40
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 40
                     STANDARD NONSMOKER UNDERWRITING RISK
            SPECIFIED FACE AMOUNT: $100,000--DEATH BENEFIT OPTION A
                    CURRENT COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                  TOTAL CASH
                                    TOTAL CASH VALUE(2)       SURRENDER VALUE(2)         TOTAL DEATH BENEFIT(2)
                       PREMIUMS    ASSUMING HYPOTHETICAL    ASSUMING HYPOTHETICAL        ASSUMING HYPOTHETICAL
                      ACCUMULATED GROSS ANNUAL INVESTMENT  GROSS ANNUAL INVESTMENT      GROSS ANNUAL INVESTMENT
       END OF            AT 5%       RATES OF RETURN OF       RATES OF RETURN OF           RATES OF RETURN OF
       POLICY          INTEREST   ------------------------ --------------------------  -----------------------------
        YEAR           PER YEAR     0%      6%      12%      0%       6%       12%        0%       6%         12%
       ------         ----------- ------- ------- -------- -------  -------  --------  -------- --------    --------
<S>                   <C>         <C>     <C>     <C>      <C>      <C>      <C>       <C>      <C>         <C>
 1...................  $  1,748   $   955 $ 1,029 $  1,103 $   155* $   229* $    303* $100,000 $100,000    $100,000
 2...................     3,584     2,290   2,510    2,740   1,590*   1,810*    2,040*  100,000  100,000     100,000
 3...................     5,511     3,592   4,044    4,532   2,892    3,344     3,832   100,000  100,000     100,000
 4...................     7,535     4,862   5,633    6,497   4,162    4,933     5,797   100,000  100,000     100,000
 5...................     9,660     6,100   7,278    8,652   5,500    6,678     8,052   100,000  100,000     100,000
 6...................    11,891     7,307   8,986   11,019   6,707    8,386    10,419   100,000  100,000     100,000
 7...................    14,234     8,485  10,757   13,621   7,985   10,257    13,121   100,000  100,000     100,000
 8...................    16,694     9,634  12,597   16,484   9,134   12,097    15,984   100,000  100,000     100,000
 9...................    19,277    10,754  14,508   19,634  10,354   14,108    19,234   100,000  100,000     100,000
10...................    21,989    11,834  16,482   23,092  11,434   16,082    22,692   100,000  100,000     100,000
15...................    37,725    16,677  27,469   46,396  16,577   27,369    46,296   100,000  100,000     100,000
20...................    57,808    20,327  40,465   84,487  20,327   40,465    84,487   100,000  100,000     113,212(3)
25...................    83,439    22,525  56,092  146,371  22,525   56,092   146,371   100,000  100,000     178,572(3)
30...................   116,152    21,602  74,850  245,389  21,602   74,850   245,389   100,000  100,000     284,651(3)
35...................   157,902    14,520  98,959  404,028  14,520   98,959   404,028   100,000  105,886(3)  432,310(3)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,665 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Minimum death benefit applies; see "Death Benefit Options--Minimum Death
    Benefit," for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      41
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 40
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
            BENEFIT OPTION B CURRENT COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                                TOTAL CASH
                                      TOTAL CASH VALUE(2)   SURRENDER VALUE(2)
                                     ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL             TOTAL DEATH BENEFIT(2)
                          PREMIUMS       GROSS ANNUAL          GROSS ANNUAL                   ASSUMING HYPOTHETICAL
                         ACCUMULATED      INVESTMENT            INVESTMENT                   GROSS ANNUAL INVESTMENT
         END OF             AT 5%     RATES OF RETURN OF    RATES OF RETURN OF                 RATES OF RETURN OF
         POLICY           INTEREST   --------------------- -----------------------------     -----------------------
          YEAR            PER YEAR     0%     6%     12%     0%         6%         12%         0%      6%      12%
         ------          ----------- ------ ------ ------- ------     ------     -------     ------- ------- -------
<S>                      <C>         <C>    <C>    <C>     <C>        <C>        <C>         <C>     <C>     <C>
 1......................     1,748      954  1,027   1,102      0*(3)      0*(3)       0*(3) 100,954 101,027 101,102
 2......................     3,584    2,285  2,505   2,734    885*     1,105*      1,334*    102,285 102,505 102,734
 3......................     5,511    3,583  4,033   4,520  2,283      2,733       3,220     103,583 104,033 104,520
 4......................     7,535    4,845  5,613   6,473  3,645      4,413       5,273     104,845 105,613 106,473
 5......................     9,660    6,073  7,245   8,612  4,873      6,045       7,412     106,073 107,245 108,612
 6......................    11,891    7,267  8,935  10,955  6,167      7,835       9,855     107,267 108,935 110,955
 7......................    14,234    8,429 10,683  13,523  7,429      9,683      12,523     108,429 110,683 113,523
 8......................    16,694    9,558 12,492  16,340  8,658     11,592      15,440     109,558 112,492 116,340
 9......................    19,277   10,655 14,366  19,431  9,855     13,566      18,631     110,655 114,366 119,431
10......................    21,989   11,705 16,291  22,809 11,005     15,591      22,109     111,705 116,291 122,809
15......................    37,725   16,303 26,799  45,184 16,203     26,699      45,084     116,303 126,799 145,184
20......................    57,808   19,438 38,526  80,212 19,438     38,526      80,212     119,438 138,526 180,212
25......................    83,439   20,709 51,200 135,277 20,709     51,200     135,277     120,709 151,200 235,277
30......................   116,152   17,993 62,467 220,118 17,993     62,467     220,118     117,993 162,467 320,118
35......................   157,902    8,166 68,075 349,149  8,166     68,075     349,149     108,166 168,075 449,149
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,665 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash surrender value in the first Policy year will not
    cause coverage to terminate since illustrations assume payment of at least
    minimum allowable planned premium (see "Premiums--Payment of Premiums").
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      42
<PAGE>
 
             FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY(1)
                               MALE ISSUE AGE 40
  STANDARD NONSMOKER UNDERWRITING RISK SPECIFIED FACE AMOUNT: $100,000--DEATH
            BENEFIT OPTION C CURRENT COST OF TERM INSURANCE CHARGES
 
<TABLE>   
<CAPTION>
                                                             TOTAL CASH
                               TOTAL CASH VALUE(2)       SURRENDER VALUE(2)                  TOTAL DEATH BENEFIT(2)
                  PREMIUMS    ASSUMING HYPOTHETICAL    ASSUMING HYPOTHETICAL                 ASSUMING HYPOTHETICAL
                 ACCUMULATED GROSS ANNUAL INVESTMENT  GROSS ANNUAL INVESTMENT               GROSS ANNUAL INVESTMENT
     END OF         AT 5%       RATES OF RETURN OF       RATES OF RETURN OF                    RATES OF RETURN OF
     POLICY       INTEREST   ------------------------ --------------------------------     --------------------------
      YEAR        PER YEAR     0%      6%      12%      0%          6%          12%           0%       6%      12%
     ------      ----------- ------- ------- -------- -------     -------     --------     -------- -------- --------
<S>              <C>         <C>     <C>     <C>      <C>         <C>         <C>          <C>      <C>      <C>
 1..............  $  1,748   $   954 $ 1,027 $  1,102 $     0*(3) $     0*(3) $      0*(3) $100,954 $101,027 $101,102
 2..............     3,584     2,285   2,505    2,734   1,185*      1,405*       1,634*     102,285  102,505  102,734
 3..............     5,511     3,583   4,033    4,520   2,583       3,033        3,520      103,583  104,033  104,520
 4..............     7,535     4,845   5,613    6,473   3,845       4,613        5,473      104,845  105,613  106,473
 5..............     9,660     6,073   7,245    8,612   5,173       6,345        7,712      106,073  107,245  108,612
 6..............    11,891     7,267   8,935   10,955   6,367       8,035       10,055      107,267  108,935  110,955
 7..............    14,234     8,429  10,683   13,523   7,629       9,883       12,723      108,429  110,683  113,523
 8..............    16,694     9,558  12,492   16,340   8,858      11,792       15,640      109,558  112,492  116,340
 9..............    19,277    10,655  14,366   19,431  10,055      13,766       18,831      110,655  114,366  119,431
10..............    21,989    11,705  16,291   22,809  11,105      15,691       22,209      111,705  116,291  122,809
15..............    37,725    16,303  26,799   45,184  16,203      26,699       45,084      116,303  126,799  145,184
20..............    57,808    19,438  38,526   80,212  19,438      38,526       80,212      119,438  138,526  180,212
25..............    83,439    20,709  51,200  135,277  20,709      51,200      135,277      120,709  151,200  235,277
30..............   116,152    17,974  63,151  224,360  17,974      63,151      224,360      120,709  151,200  260,257(4)
35..............   157,902     7,066  72,118  370,262   7,066      72,118      370,262      120,709  151,200  396,181(4)
</TABLE>    
 
- -------
(1) Assumes annual planned premium payments of $1,665 paid in full at
    beginning of each Policy year. The values would vary from those shown if
    the amount or frequency of payments varies.
(2) Assumes no policy loan or partial withdrawal has been made. Excessive
    loans or withdrawals, adverse investment performance or insufficient
    premium payments may cause the Policy to terminate because of insufficient
    cash value.
(3) Zero values in cash surrender value in the first Policy year will not
    cause coverage to terminate since illustrations assume payment of at least
    minimum allowable planned premium (see "Premiums--Payment of Premiums").
(4) Minimum death benefit applies; see "Death Benefit Options--Minimum Death
    Benefit," for further details.
 
*  The values indicated are based on the full surrender charges as described
   under "Surrender Charge", which determine whether a Policy will terminate
   and the amount a Policy owner may borrow or partially withdraw. If the
   Policy were to terminate or be fully surrendered, a refund of excess sales
   charges may be paid (see "Surrender Charge--Excess Sales Charge").
 
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE
MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS,
INCLUDING THE PREMIUM AND CASH VALUE ALLOCATIONS MADE BY AN OWNER AND THE
DIFFERENT RATES OF RETURN OF THE FUND PORTFOLIOS. THE DEATH BENEFIT, CASH
VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 0%, 6% AND 12% OVER A
PERIOD OF YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL
POLICY YEARS OR IF ANY PREMIUMS WERE ALLOCATED OR CASH VALUE TRANSFERRED TO
THE FIXED ACCOUNT. NO REPRESENTATIONS CAN BE MADE BY METROPOLITAN LIFE OR THE
FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR
OR SUSTAINED OVER ANY PERIOD OF TIME.
 
                                      43
<PAGE>
 
 ...............................................................
POLICY RIGHTS
 ...............................................................................
 
  The description of rights under the Policy set forth below assumes that no
riders are in effect. See the Appendix to Prospectus, for a discussion of how
these rights may be affected by certain riders under the Policy.
 
LOAN PRIVILEGES
 
  Policy Loan. At any time, the Policy owner may borrow money from Metropoli-
tan Life using the Policy as the only security for the loan. The smallest
amount the Policy owner can borrow at any one time is $250. The maximum amount
that may be borrowed at any time is the loan value. The loan value equals the
cash surrender value less two monthly deductions or, if greater, 75% (90% for
Policies issued in Virginia or Maryland) of the cash surrender value (or, in
Texas, the Policy's cash surrender value less two monthly deductions or 100%
of the cash surrender value in the Fixed Account and 75% of the cash surrender
value in the Separate Account, if greater). For situations where a Policy loan
may be treated as a taxable distribution, see "Federal Tax Matters."
 
  Allocation of Policy Loan. Metropolitan Life will allocate a Policy loan
among the Fixed Account and the investment divisions of the Separate Account
on a Pro Rata Basis.
 
  Interest. The interest charged on a Policy loan accrues daily. The interest
rate is a fixed rate of 8% per year. Interest payments are due at the end of
each Policy year. If unpaid within 31 days after it is due, interest will be
treated as a new loan subject to the interest rates applicable at that time
and an amount equal to such interest due will be transferred from the Fixed
Account and the investment divisions of the Separate Account on a Pro Rata Ba-
sis to the Policy Loan Account.
   
  For individuals, interest paid to Metropolitan Life in connection with pol-
icy loans used for consumer purposes is not tax deductible.     
   
  Generally, pursuant to legislation enacted in 1996, no deduction is allowed
for interest on policyholder loans on life insurance policies owned by
businesses where the insured is an officer, employee or a financially
interested person, subject to certain exceptions for key person insurance
covering a limited number of individ- uals. Counsel and other competent
advisors should be consulted with respect to the deductibility of Policy loan
interest for income tax purposes. (See "Federal Tax Matters.")     
   
  Effect of a Policy Loan. As of the Date of Receipt of the loan request, cash
value equal to the portion of the Policy loan allocated to the Fixed Account
and to each investment division will be transferred from the Fixed Account
and/or such investment divisions to a Policy Loan Account within the General
Account, reducing the Policy's cash value in the accounts from which the
transfer was made.     
 
  Cash value in the Policy Loan Account equal to indebtedness will be credited
with interest at a rate equal to the fixed rate charged less a percentage
charge, based on expenses associated with Policy loans, determined by Metro-
politan Life. Presently, this charge is 2%. Thus, the interest rate presently
credited is 6%. The minimum rate credited to the Policy Loan Account will be
4% per year. NO ADDITIONAL INTEREST WILL BE CREDITED TO THE CASH VALUE IN THE
POLICY LOAN ACCOUNT, NOR WILL THE CASH VALUE IN THE POLICY LOAN ACCOUNT PAR-
TICIPATE IN ANY INVESTMENT EXPERIENCE APPLICABLE TO THE SEPARATE ACCOUNT.
 
  The Policy's cash value in the Policy Loan Account will be the outstanding
indebtedness on the valuation date plus any interest credited to the Policy
Loan Account which has not yet been allocated to the Fixed Account or the in-
vestment divisions of the Separate Account as of the Valuation Date. Interest
credited to amounts in the Policy Loan Account will be allocated at least once
a year among the Fixed Account and the investment divisions of the Separate
Account in the same proportion as the net premiums are then being allocated.
 
  Indebtedness. Indebtedness equals the outstanding Policy loan plus accrued
interest thereon. If, on a monthly anniversary, indebtedness exceeds the cash
value minus the monthly deduction, Metropolitan Life will notify the Policy
owner and any assignee of record. If a sufficient payment is not made to Met-
ropolitan Life within 61 days from the monthly anniversary, the Policy will
terminate without value. The Policy may, however, later be reinstated, subject
to certain conditions (see "Policy Termination and Reinstatement").
 
  Repayment of Indebtedness. Indebtedness may be repaid any time before the
Final Date while the insured is living. The minimum repayment is $50. If not
repaid, Metropolitan Life will deduct indebtedness from any amount payable un-
der the Policy. As of the Date of Receipt of the repayment, the Policy's cash
value in the Policy Loan Account securing indebtedness will be allocated among
the Fixed Account and the investment divisions of the Separate Account in the
same proportion that net premiums are being allocated to those accounts at the
time of repayment. The Policy owner should designate whether a payment is in-
tended as a loan repayment or a premium payment. Any payment for which no des-
ignation is made will be treated as a premium payment.
 
                                      44
<PAGE>
 
 ...............................................................
 
SURRENDER AND WITHDRAWAL PRIVILEGES
   
  Subject to the limitations set forth below, at any time before the earlier of
the death of the insured and the Final Date, the Policy owner may make a par-
tial withdrawal or totally surrender the Policy by sending a written request to
the Designated Office. Metropolitan Life may require that these requests be
made on forms provided for these purposes. The maximum amount available for
surrenders or withdrawal is the cash surrender value on the Date of Receipt of
the request. No charge will be imposed on partial withdrawals. See "Charges and
Deductions--Surrender Charge" for a discussion of surrender charges. For any
tax consequences in connection with a partial withdrawal or surrender, see
"Federal Tax Matters".     
 
  Surrenders. The Policy owner may surrender the Policy for its cash surrender
value. If the Policy is being surrendered, Metropolitan Life may require that
the Policy itself be returned along with the request. A Policy owner may elect
to have the proceeds paid in a single sum or applied under an optional income
plan (see "Appendix to Prospectus"). If the insured dies after the surrender of
the Policy and payment to the Policy owner of the cash surrender value but be-
fore the end of the Policy month in which the surrender occurred, a death bene-
fit will be payable to the beneficiary in an amount equal to the difference be-
tween the Policy's death benefit and cash value, both computed as of the sur-
render date.
   
  Partial Withdrawals. The Policy owner may make a partial withdrawal from the
Policy's cash surrender value. The minimum partial withdrawal is $250. There is
no charge for a partial withdrawal. The amount withdrawn will be deducted from
the Policy's cash value as of the Date of Receipt. The amount will be deducted
from the Fixed Account and the investment divisions of the Separate Account on
a Pro Rata Basis.     
 
  When death benefit Option A, or Option C on and after policy anniversary 65,
is in effect, any partial withdrawal will reduce the specified face amount, and
thus the death benefit, by the amount withdrawn. When death benefit Option B,
or Option C prior to policy anniversary 65, is in effect, the amount withdrawn
will not reduce the specified face amount. However, the death benefit will be
reduced by the amount withdrawn. If increases in the specified face amount pre-
viously have occurred, a partial withdrawal when Death Benefit Option A, or Op-
tion C on and after policy anniversary 65, is in effect will reduce the speci-
fied face amount in the same manner as would a direct request by the Policy
owner to reduce the specified face amount (see "Policy Benefits--Decreases"). A
decrease in specified face amount may affect the Policy's status as a modified
endowment contract for tax purposes (see "Federal Tax Matters").
 
  A Policy owner will not be permitted to make any partial withdrawal that
would reduce the specified face amount of the Policy below the Minimum Initial
Specified Face Amount in the first five Policy years or one-half the Minimum
Initial Specified Face Amount thereafter (see "Policy Benefits--Decreases"), or
that would result in total premiums paid exceeding the then current maximum
premium limitation determined by Internal Revenue Service Code (see "Premiums--
Premium Limitations"). In no case will a partial withdrawal be permitted that
would reduce the specified face amount below $25,000. A partial withdrawal will
also not be permitted unless the resulting cash surrender value would be suffi-
cient to pay at least two monthly deductions. Any time a request for a partial
withdrawal is received that would reduce the specified face amount below the
minimum face amount, result in total premiums paid exceeding maximum premium
limitations, or reduce the cash surrender value below two monthly deductions,
Metropolitan Life will not implement the partial withdrawal request, but will
contact the Policy owner as to whether the request should be withdrawn or re-
duced to a smaller amount or changed to a request for the full cash surrender
value.
 
EXCHANGE PRIVILEGE
 
  During the first 24 Policy months following the issuance of the Policy, the
Policy owner may exercise the Policy exchange privilege, which results in the
transfer at any one time of the entire amount in the Separate Account to the
Fixed Account, and the allocation of all future net premiums to the Fixed Ac-
count. This will, in effect, serve as an exchange of the Policy for the equiva-
lent of a flexible premium fixed benefit life insurance policy. No charge will
be imposed on such transfer in exercising this exchange privilege. Moreover,
the Policy owner may subsequently transfer amounts back to one or more of the
investment divisions of the Separate Account at any time, within the limita-
tions described in "Allocation of Premiums and Cash Value--Cash Value Trans-
fers". Similarly, during the first 24 months following an increase in the spec-
ified face amount requested by the Owner, the Owner may request a one time
charge-free transfer of the Separate Account cash value attributable to the in-
crease to the Fixed Account, including a transfer in the amount of any premium
payments that have been deemed attributable to the increase (see "Charges and
Deductions--Excess Sales Charge").
 
  In those states which require it, the Policy owner may also, during the first
24 Policy months following the issuance of the Policy, without charge, on one
occasion exchange any Policy still in force for a flexible premium fixed
benefit life insurance policy issued by Metropolitan Life. Upon such exchange,
the Policy's cash value will be transferred to the general account of
Metropolitan Life.
 
                                       45
<PAGE>
 
 ...............................................................
 
THE FIXED ACCOUNT
 ...............................................................................
 
  A Policy owner may allocate net premiums and transfer cash value to the
Fixed Account, which is part of the General Account of Metropolitan Life. Be-
cause of exemptive and exclusionary provisions, interests in the Fixed Account
have not been registered under the Securities Act of 1933 and neither the
Fixed Account nor the General Account has been registered as an investment
company under the 1940 Act. Accordingly, neither the General Account, the
Fixed Account nor any interests therein are generally subject to the provi-
sions of these Acts and Metropolitan Life has been advised that the staff of
the Securities and Exchange Commission has not reviewed the disclosures in
this Prospectus relating to the Fixed Account. Disclosures regarding the Fixed
Account may, however, be subject to certain generally applicable provisions of
the Federal securities laws relating to the accuracy and completeness of
statements made in prospectuses.
 
GENERAL DESCRIPTION
 
  This Prospectus is generally intended to serve as a disclosure document only
for the aspects of the Policy involving the Separate Account and contains only
selected information regarding the Fixed Account. For complete details regard-
ing the Fixed Account, see the Policy itself.
 
  The General Account consists of all assets owned by Metropolitan Life other
than those in the Separate Account and other legally-segregated separate ac-
counts. Subject to applicable law, Metropolitan Life has sole discretion over
the investment of the assets of the General Account, including those in the
Fixed Account. Unlike the assets of the Separate Account, the assets in the
Fixed Account, as a part of the General Account, are chargeable with liabili-
ties arising out of any other business of Metropolitan Life.
 
  A Policy owner may elect to allocate net premiums to the Fixed Account or to
transfer cash value from the investment divisions of the Separate Account to
the Fixed Account. The allocation or transfer of funds to the Fixed Account
does not entitle a Policy owner to share in the investment experience of the
General Account. Instead, Metropolitan Life guarantees that cash value in the
Fixed Account will accrue interest at an effective annual rate of at least 4%,
independent of the actual investment experience of the General Account. Metro-
politan Life is not obligated to credit interest at any higher rate, although
Metropolitan Life may, in its sole discretion, do so.
 
FIXED ACCOUNT BENEFITS
 
  The Policy owner may select death benefit Option A or B under the Policy.
For Policies issued on or after May 1, 1994 and provided death benefit Option
C is available in the state where the Policy is issued, the Policy owner may
also select death benefit Option C. The Policy owner may change such option or
the Policy's specified face amount, subject to satisfactory evidence of insur-
ability where required and subject to all the conditions and limitations ap-
plicable to such transactions generally (see "Policy Benefits--Death Bene-
fits").
 
FIXED ACCOUNT CASH VALUE
 
  Net premiums allocated to the Fixed Account are credited to the Policy. Met-
ropolitan Life guarantees that interest credited to each Policy owner's cash
value in the Fixed Account will not be less than an effective annual rate of
at least 4% per year. This is the rate that will be credited to the first
$1,000 of cash value in the Fixed Account. Metropolitan Life may declare any
rate of interest in excess of 4% at any time to be credited to amounts of cash
value in the Fixed Account in excess of $1,000, subject to the following con-
ditions: Metropolitan Life will not change the rate of excess interest on any
premiums paid during any month of the year before the first day of the same
month of the subsequent year; thereafter, Metropolitan Life will not change
the rate of excess interest for a period of twelve months from the date de-
clared. Metropolitan Life has also established multiple bands of excess inter-
est. This means that different rates of excess interest may apply to premium
payments made in different months of the year and at the end of each twelve-
month period, and different rates of excess interest may apply to cash value
related to premiums received in a given month of each prior year. Transfers
made into the Fixed Account will be treated as new premium payments for these
purposes.
 
  The guaranteed and excess interest are credited each Valuation Date. Once
credited, that interest will be guaranteed and become part of the Policy's
cash value in the Fixed Account. The monthly deduction will be charged against
the most recent premiums paid and interest credited thereto.
 
  ANY INTEREST METROPOLITAN LIFE CREDITS ON THE POLICY'S CASH VALUE IN THE
FIXED ACCOUNT IN EXCESS OF THE GUARANTEED RATE OF 4% PER YEAR WILL BE DETER-
MINED IN THE SOLE DISCRETION OF METROPOLITAN LIFE. THE POLICY OWNER ASSUMES
THE RISK THAT INTEREST CREDITED TO AMOUNTS OF CASH VALUE IN THE FIXED ACCOUNT
IN EXCESS OF $1,000 MAY NOT EXCEED THE GUARANTEED MINIMUM RATE OF 4% PER YEAR.
The cash value in the Fixed Account will be calculated on each Valuation Date.
 
  The Policy's cash value in the Fixed Account will reflect the amount and
frequency of premium payments allocated to the Fixed Account, the amount of
interest credited to amounts in the Fixed Account, any partial withdrawals,
any transfers from or to the investment divisions of the Separate Account, any
Policy
 
                                      46
<PAGE>
 
 ...............................................................
indebtedness and any charges imposed on amounts in the Fixed Account in connec-
tion with the Policy.
 
  The portion of the monthly deduction attributable to the Fixed Account will
be determined as of the actual monthly anniversary, even if the monthly anni-
versary does not fall on a Valuation Date.
 
TRANSFERS, WITHDRAWALS, SURRENDERS, AND POLICY LOANS
 
  Amounts in the Fixed Account are subject to the same rights and limitations
as are amounts allocated to the investment divisions of the Separate Account
with respect to transfers, withdrawals, surrenders and Policy loans (see "Allo-
cation of Premiums and Cash Value--Cash Value Transfers;" "Loan Privileges,"
and "Surrender and Withdrawal Privileges").
 
  Metropolitan Life reserves the right to delay transfers, withdrawals, surren-
ders and the payment of the Policy loans allocated to the Fixed Account for up
to six months (see "Other Policy Provisions--Payment and Deferment"). Payments
to pay premiums on another policy with Metropolitan Life will not be delayed.
 
RIGHTS RESERVED BY METROPOLITAN LIFE
 ................................................................................
 
  Metropolitan Life reserves the right to make certain changes if, in its judg-
ment, they would best serve the interests of the Policy owners or would be ap-
propriate in carrying out the purposes of the Policies. Any changes will be
made only to the extent and in the manner permitted by applicable laws. Also,
when required by law, Metropolitan Life will obtain Policy owner approval of
the changes and approval from any appropriate regulatory authority. Examples of
the changes Metropolitan Life may make include:
 
  . To operate the Separate Account in any form permitted under the 1940 Act or
    in any other form permitted by law.
 
  . To take any action necessary to comply with or obtain and continue any ex-
    emptions from the 1940 Act.
 
  . To transfer any assets in any investment division to another investment di-
    vision, or to one or more separate accounts, or to the Fixed Account; or to
    add, combine or remove investment divisions in the Separate Account.
 
  . To substitute, for the Fund shares held in any investment division, the
    shares of another portfolio of the Fund or the shares of another investment
    company or any other investment permitted by law.
 
  . To change the way Metropolitan Life assesses charges, but without increas-
    ing the aggregate amount charged to the Fixed Account and the Separate Ac-
    count in connection with the Policies.
 
  . To make any other necessary technical changes in the Policy in order to
    conform with any action the above provisions permit Metropolitan Life to
    take.
 
  If any of these changes result in a material change in the underlying invest-
ments of an investment division to which the net premiums of a Policy are allo-
cated. Metropolitan Life will notify the Policy owner of such change, and the
owner may then make a new choice of investment divisions or the Fixed Account
without charge.
 
OTHER POLICY PROVISIONS
 ................................................................................
 
  Owner. The owner of a Policy is the insured unless another owner has been
named in the application for the Policy. The owner is entitled to exercise all
rights under a Policy while the insured is alive, including the right to name a
new owner or a contingent owner who would become the Policy owner if the owner
should die before the insured dies.
 
  Beneficiary. The beneficiary is the person or persons to whom the insurance
proceeds are payable upon the insured's death. The owner may name a contingent
beneficiary to become the beneficiary if all the beneficiaries die while the
insured is alive. If no beneficiary or contingent beneficiary is alive when the
insured dies, the owner (or the owner's estate) will be the beneficiary. While
the insured is alive, the owner may change any beneficiary or contingent bene-
ficiary.
 
  If more than one beneficiary is alive when the insured dies, they will be
paid in equal shares, unless the owner has chosen otherwise.
 
  Incontestability. Metropolitan Life will not contest the validity of a Policy
after it has been in force during the insured's lifetime for two years from the
Date of Policy (or date of reinstatement if a terminated Policy is reinstated)
except with respect to certain optional insurance benefits that may be added
subsequent to the Date of Policy. Metropolitan Life will not contest the valid-
ity of any increase in the death benefit after such increase has been in force
during the insured's lifetime for two years from its effective date.
 
  Suicide. The insurance proceeds will not be paid if the insured commits sui-
cide, while sane or insane, within two years (one year in Colorado and North
Dakota) from the Date of Policy. Instead, Metropolitan Life will pay the bene-
ficiary an amount equal to all premiums paid for the Policy, without interest,
less any outstanding Policy loan and accrued loan interest and less any partial
cash withdrawal. If the insured commits suicide, while sane or insane, more
than two years after the Date of Policy but within two years (one year in Colo-
rado and North Dakota) from the effective date of any increase in the death
benefit, Metropolitan Life's liability with respect to such increase will be
limited to the cost thereof.
 
                                       47
<PAGE>
 
 ...............................................................
 
  Age and Sex. If the insured's age or sex as stated in the application for a
Policy is not correct, benefits under a Policy will be adjusted to reflect the
correct age and sex.
 
  Collateral Assignment. The owner may assign a Policy as collateral. All
rights under the Policy will be transferred to the extent of the assignee's
interest. Metropolitan Life is not bound by an assignment or release thereof,
unless it is in writing and is recorded at the Designated Office. Metropolitan
Life is not responsible for the validity of any assignment or release thereof.
 
  Payment and Deferment. With respect to amounts in the investment divisions
of the Separate Account, payment of the death benefit, all or a portion of the
cash surrender value, free look proceeds or a loan will ordinarily be made
within seven days after the Date of Receipt of all documents required for such
payment. Metropolitan Life will pay interest on the amount of death benefit at
a rate which is currently 6% per year (or such higher rate as may be required
by state law) from the date of death until the date of payment of the death
benefit.
 
  However, Metropolitan Life may defer the determination, application or pay-
ment of any such amount or any transfer of cash value to the Separate Account
for any period during which the New York Stock Exchange is closed (other than
customary weekend and holiday closings), for any period during which any emer-
gency exists as a result of which it is not reasonably practicable for Metro-
politan Life to determine the investment experience for a Policy or for such
other periods as the Securities and Exchange Commission may by order permit
for the protection of Policy owners provided the delay is permitted under New
York State Insurance Law and regulations. Metropolitan Life will not defer a
loan used to pay premiums on other policies issued by it.
 
  As with traditional life insurance, Metropolitan Life can delay payment of
the entire insurance proceeds or other Policy benefits if entitlement to pay-
ment is being questioned or is uncertain.
 
  Dividends. The Policies are nonparticipating. This means that they are not
eligible for dividends, and they do not participate in any distribution of
Metropolitan Life's surplus.
 
  The description throughout this Prospectus of the features of the Policies
is subject to the specific terms of the Policies.
 
SALES AND ADMINISTRATION OF THE POLICIES
 ...............................................................................
 
  Metropolitan Life performs the sales and administrative services relating to
the Policies. The offices of Metropolitan Life which may administer the Poli-
cies are located in: Aurora, Illinois; Johnstown, Pennsylvania; Pearl River,
New York; Princeton, New Jersey; San Ramon, California; Tampa, Florida; Tulsa,
Oklahoma; and Warwick, Rhode Island. Each Policy owner will be notified which
office will be the Designated Office for servicing the Policy. Metropolitan
Life may name different Designated Offices for different transactions.
 
  Metropolitan Life acts as the principal underwriter (distributor) of the
Policies as defined in the 1940 Act (see "Distribution of the Policies," be-
low). In addition to selling insurance and annuities, Metropolitan Life also
serves as investment adviser to certain other advisory clients, and is also
principal underwriter for Metropolitan Tower Separate Accounts One and Two of
Metropolitan Tower Life Insurance Company, a wholly-owned subsidiary of Metro-
politan Life, and Metropolitan Life Separate Account E of Metropolitan Life,
each of which is registered as a unit investment trust under the 1940 Act. Fi-
nally, Metropolitan Life acts as principal underwriter for an earlier form of
the flexible premium multifunded life insurance policy, for a flexible premium
variable life insurance policy and for group variable universal life insurance
policies, premiums for which may also be allocated to the Separate Account.
 
  Bonding. The directors, officers and employees of Metropolitan Life are
bonded in the amount of $50,000,000, subject to a $5,000,000 deductible.
 
DISTRIBUTION OF THE POLICIES
 ...............................................................................
 
  The Policies will be sold by individuals who are licensed life insurance
sales representatives and registered representatives of Metropolitan Life, the
principal underwriter of the Policies. Metropolitan Life is registered with
the Securities and Exchange Commission under the Securities Exchange Act of
1934 as a broker-dealer and is a member of the National Association of Securi-
ties Dealers, Inc. The Policies may in the future be sold through other regis-
tered broker-dealers, including MetLife Securities, Inc., a wholly owned bro-
ker-dealer subsidiary of Metropolitan Life. Maximum commissions payable during
the first policy year to writing representatives employed by MetLife will be
45% of the target premium for a Policy where the Policy owner chooses death
benefit Option A at issue, 50% of the Option A target premium for a Policy
where Option C is chosen and 55% of the Option A target premium for a Policy
where Option B is chosen, plus, in any case, 3% of the excess of the premium
paid over the Option A target premium.
 
  Maximum commissions payable under brokerage arrangements are as follows: 50%
of the Option A target premium for a Policy for any option chosen, plus 3% of
the excess of the premium paid over the Option A target premium.
 
  In no event will first year commissions, excluding the 3% excess commission,
exceed the commissions payable on 75% of the federally prescribed guideline
level premium set forth in Section 7702 of the Internal Reve-
 
                                      48
<PAGE>
 
 ...............................................................
nue Code. Writing representatives may be required to return all or part of the
first year commission if the Policy is not continued through the second Policy
year.
 
  Renewal commissions in Policy years 2 through 4 will be 5% of premiums paid
to the writing representative. Renewal commissions in Policy years 5 through
10 will be 2% of premiums paid. Renewal commissions in Policy years 11 and af-
ter will be 1% of premiums paid. Maximum renewal commissions payable under
brokerage arrangements are as follows: renewal commissions in Policy years 2
through 4 will be 3% of premiums paid and are payable to the broker-dealer.
Renewal commissions in Policy years 5 through 10 will be 2% of premiums paid.
There will be no renewal commissions after Policy year 10.
   
  When a sale is made by a Metropolitan Life employee, the sales manager gen-
erally receives a commission override based on many factors, including the
writing representative's commissions and the overall commissions from all
writing representatives under the sales manager's supervision.     
   
  The commissions are paid by Metropolitan Life. They do not result in any
charges against the Policy in addition to those set forth under "Charges and
Deductions". During 1996, 1995 and 1994 such commissions aggregated approxi-
mately $26,092,000, $21,001,907 and $26,236,463.     
 
FEDERAL TAX MATTERS
 ...............................................................................
 
  The following description is a brief summary of some of the tax rules, pri-
marily related to federal income and estate taxes, which in the opinion of
Metropolitan Life are currently in effect.
 
TAXATION OF THE POLICY
 
  The Policy receives the same federal income and estate tax treatment as
fixed benefit life insurance. The death benefit payable under any death bene-
fit option in the Policy is generally excludable from the gross income of the
beneficiary under Section 101 of the Internal Revenue Code ("Code") and the
Policy owner is not deemed to be in constructive receipt of the cash values
under the Policy until actual withdrawal or surrender.
 
  Under existing tax law, unless a Policy is a modified endowment contract as
discussed below, a Policy owner generally will be taxed on cash value with-
drawn from the Policy and cash value received upon surrender of the Policy.
Under most circumstances, unless the distribution occurs during the first 15
Policy years, only the amount withdrawn, received upon surrender or distrib-
uted at the Final Date of a Policy that exceeds the total premiums paid (less
previous non-taxable withdrawals) will be treated as ordinary income. During
the first 15 Policy years, cash distributions from a Policy, made as a result
of a Policy change that reduces death benefits or other benefits under a Poli-
cy, will be taxable to the Policy owner, under a complex formula, to the ex-
tent that cash value exceeds premiums paid (less previous non-taxable with-
drawals). However, if a Policy is part of a collateral assignment equity
split-dollar arrangement with an employer, any increase in cash value may be
taxable annually. This type of arrangement involves premium advances by an em-
ployer which are secured through a collateral assignment of the Policy. An in-
dividual should consult with and rely on the advice of a tax advisor with re-
spect to any type of split-dollar arrangement involving the Policy.
 
  The United States Treasury Department has adopted regulations which set
diversification rules for the investments underlying the Policies, in order
for the Policies to be treated as life insurance. Metropolitan Life believes
that these diversification standards will be satisfied. There is a provision
in the regulations which allows for the correction of an inadvertent failure
to diversify. Failure to comply with the rules found in the regulations would
result in immediate taxation to Policy owners of all positive investment
experience credited to a Policy.
 
  There is a possibility that regulations may be proposed or that a
controlling ruling may be issued in the future describing the extent to which
Policy owner control over allocation of cash value may cause Policy owners to
be treated as the owners of Separate Account assets for tax purposes.
Metropolitan Life reserves the right to amend the Policies in any way
necessary to avoid any such result.
 
  Metropolitan Life also believes that loans received under the Policy will be
treated as indebtedness of an owner for federal tax purposes, and, unless the
Policy is or becomes a modified endowment contract as described below or
terminates, that no part of any loan received under a Policy will constitute
income to the owner.
   
  Generally, interest on Policy loans is not deductible. However, a Policy
owner should consult a tax advisor to determine how the rules governing the
deductibility of interest would apply in the Policy owner's situation. A
partial withdrawal may have tax consequences depending on the circumstances of
such withdrawal. A total surrender, cancellation of the Policy or distribution
at the Final Date of a Policy where there is an outstanding loan also may have
tax consequences depending on the amount of gain in the Policy.     
 
  The Technical and Miscellaneous Revenue Act of 1988 amended the federal
income tax treatment of pre-death withdrawals from a class of life insurance
contracts referred to as modified endowment contracts. Unlike other life
insurance contracts, amounts received before death from a modified endowment
contract, including policy loans, are treated first as income (to the extent
of gain) and then as recovered investment. For purposes of determining the
amount includible in income, all modified endowment contracts issued by the
same company (or affiliate) to the same policyholder during any calendar year
will be treated as one modified
 
                                      49
<PAGE>
 
 ...............................................................
endowment contract. Finally, an additional 10% income tax is generally imposed
on the taxable portion of amounts received before age 59 1/2.
 
  In general, a modified endowment contract is a life insurance contract en-
tered into or materially changed after June 20, 1988 that fails to meet a "7-
pay test". Under the 7-pay test, if the amount of premiums paid under the life
insurance contract at any time during the first 7 policy years exceeds the sum
of the net level premiums which would have been paid if the contract provided
for paid-up future benefits after the payment of 7 level annual payments, the
contract is a modified endowment contract. A policy may have to be reviewed
under the 7-pay test even after the first seven policy years in the case of
certain events such as a material modification of the policy as discussed be-
low. If there is a reduction in benefits under the contract during any 7-pay
testing period, the 7-pay test is applied using the reduced benefits level.
 
  Any distribution made within two years before a policy fails the 7-pay test
may be treated as made in anticipation of such failure. Whether or not a par-
ticular policy meets these definitional requirements is dependent on the date
the contract was entered into, premium payments made and the periodic premium
payments to be made, the level of death benefits, any changes in the level of
death benefits, the extent of any prior cash withdrawals, and other factors.
Generally, a life insurance policy which is received in exchange for a modi-
fied endowment contract will also be considered a modified endowment contract.
 
  A Policy should be reviewed upon issuance, upon making a cash withdrawal,
upon making a change in future benefits and upon making a material modifica-
tion to the Policy to determine to what extent, if any, these tax rules apply.
A material modification to a Policy includes, but is not limited to, any in-
crease in the future benefits provided under the Policy. However, in general,
increases that are attributable to the payment of premiums necessary to fund
the lowest death benefit payable in the first 7 Policy years will not be con-
sidered material modifications. The annual statement sent to each Policy owner
will include information regarding the modified endowment contract status of a
Policy (see "Premiums--Premium Limitations").
 
  Counsel and other competent advisors should be consulted to determine how
these rules apply to an individual situation and before making unplanned pre-
mium payments, increasing or decreasing the specified face amount, or adding
or removing a rider.
 
  Congress may, in the future, consider other legislation that, if enacted,
could adversely affect the tax treatment of life insurance policies. In addi-
tion, the Treasury Department may by regulation or interpretation modify the
above described tax effects. Any legislative or administrative action could be
applied retroactively.
 
  The death benefit payable under the Policy is includable in the insured's
gross estate for federal estate tax purposes if the death benefit is paid to
the insured's estate or if the death benefit is paid to a beneficiary other
than the estate and the insured either possessed inci-
dents of ownership in the Policy at the time of death or transferred incidents
of ownership in the Policy to another person within three years of death.
 
  Whether or not any federal estate tax is payable with respect to the death
benefit of the Policy which is included in the insured's gross estate depends
on a variety of factors including the following. A smaller size estate may be
exempt from federal estate tax because of a current estate tax credit which
generally is equivalent to an exemption of $600,000. In addition, a death ben-
efit paid to a surviving spouse may not be taxable because of a 100% estate
tax marital deduction. Furthermore, a death benefit paid to a tax-exempt char-
ity may not be taxable because of the allowance of an estate tax charitable
deduction.
 
  If the owner of the Policy is not the insured, and the owner dies before the
insured, the value of the Policy, as determined under Internal Revenue Service
regulations, is includable in the federal gross estate of the owner for fed-
eral estate tax purposes. Whether a federal estate tax is payable depends on a
variety of factors, including those listed in the preceding paragraph.
 
  State and local income, estate, inheritance and other tax consequences of
ownership or receipt of Policy proceeds depend on the circumstances of each
insured, owner or beneficiary.
 
  The foregoing summary does not purport to be complete or to cover all situa-
tions. Counsel and other competent advisors should be consulted for more com-
plete information.
 
TAXATION OF METROPOLITAN LIFE
 
  Metropolitan Life does not initially expect to incur any federal income tax
upon the earnings or the realized capital gains attributable to the Separate
Account. Based upon these expectations, no charge is currently being made
against the Separate Account for federal income taxes, with respect to earn-
ings or capital gains, which may be attributable to the Separate Account. If,
however, Metropolitan Life determines that it may incur such taxes, it may as-
sess a charge against or make provisions in the Separate Account for those
taxes. There is a 1.5% charge imposed on premiums paid for the purpose of re-
covering the federal income taxes imposed on Metropolitan Life based on the
amount of premiums received in connection with the Policies.
 
  Under present laws, Metropolitan Life may incur state and local taxes (in
addition to premium taxes) in several states. At present, these taxes are not
significant. If they increase, however, Metropolitan Life may decide to make
charges for such taxes against or provisions for such taxes in the Separate
Account. However, there is a 2% charge imposed on premiums paid for state pre-
mium taxes.
 
                                      50
<PAGE>
 
                                   MANAGEMENT
 
  The present directors and the senior officers and secretary of Metropolitan
Life are listed below, together with certain information concerning them:
 
DIRECTORS, OFFICERS-DIRECTORS
 
<TABLE>   
<CAPTION>
                                 PRINCIPAL OCCUPATION &             POSITIONS AND OFFICES
          NAME                      BUSINESS ADDRESS               WITH METROPOLITAN LIFE
          ----                   ----------------------            ----------------------
<S>                      <C>                                    <C>
Curtis H. Barnette...... Chairman and Chief Executive Officer,  Director
                         Bethlehem Steel Corp.,
                         1170 Eighth Avenue,
                         Martin Tower 2118,
                         Bethlehem, PA 18016-7699.
Gerald Clark............ Senior Executive Vice-President        Senior Executive Vice-
                         and Chief Investment Officer,           President and Chief
                         Metropolitan Life Insurance Company,    Investment Officer,
                         One Madison Avenue,                     Director
                         New York, N.Y. 10010
Joan Ganz Cooney........ Chairman, Executive Committee,         Director
                         Children's Television Workshop,
                         One Lincoln Plaza,
                         New York, NY 10023.
Burton A. Dole.......... Chairman of the Board,                 Director
                         Nellcor Puritan Bennett,
                         2200 Faraday Avenue,
                         Carlsbad, CA 92008-7208
James R. Houghton....... Retired Chairman of the Board and      Director
                         Chief Executive Officer,
                         Corning Incorporated,
                         HQ EQ-08
                         Corning, NY 14831.
Harry P. Kamen.......... Chairman, President, and               Chairman, President,
                         Chief Executive Officer,                Chief Executive Officer and
                         Metropolitan Life Insurance Company,    Director
                         One Madison Avenue,
                         New York, NY 10010.
Helene L. Kaplan........ Of Counsel, Skadden, Arps, Slate,      Director
                         Meagher & Flom,
                         919 Third Avenue,
                         New York, NY 10022.
Charles M. Leighton..... Chairman and Chief Executive Officer,  Director
                         CML Group, Inc.,
                         524 Main Street,
                         Acton, MA 01720
Richard J. Mahoney...... Chairman of the Executive Committee,   Director
                         Monsanto Company-
                         Mail Zone N3L,
                         800 N. Lindbergh Blvd.,
                         St. Louis, MO 63167.
</TABLE>    
 
 
                                       51
<PAGE>
 
<TABLE>   
<CAPTION>
                                  PRINCIPAL OCCUPATION &             POSITIONS AND OFFICES
          NAME                       BUSINESS ADDRESS               WITH METROPOLITAN LIFE
          ----                    ----------------------            ----------------------
<S>                       <C>                                    <C>
Allen E. Murray.........  Retired Chairman of the Board          Director
                          and Chief Executive Officer,
                          Mobil Corporation,
                          P.O. Box 2072,
                          New York, NY 10163.
John J. Phelan, Jr. ....  Retired Chairman and Chief Executive   Director
                          Officer, New York Stock Exchange,
                          Inc.,
                          P.O. Box 312,
                          Mill Neck, NY 11765.
 
John B. M. Place........  Former Chairman of the Board,          Director
                          Crocker National Corporation,
                          111 Sutter Street, 4th Fl.,
                          San Francisco, CA 94104.
Hugh B. Price...........  President and Chief Executor Officer,  Director
                          National Urban League, Inc.,
                          500 East 62nd Street,
                          New York, NY 10021.
Robert G. Schwartz......  Retired Chairman of the Board,         Director
                          President and Chief Executive Officer,
                          Metropolitan Life Insurance Company,
                          200 Park Avenue, Suite 5700,
                          New York, NY 10166.
Ruth J. Simmons, Ph.D. .  President,                             Director
                          Smith College,
                          College Hall 20,
                          Northhampton, MA 01063.
William S. Sneath.......  Retired Chairman of the Board,         Director
                          Union Carbide Corporation,
                          41 Leeward Lane,
                          Riverside, CT 06878.
William C. Steere, Jr. .  Chairman of the Board and Chief        Director
                          Executive Officer Pfizer, Inc.,
                          235 East 2nd Street,
                          New York, NY 10017.
</TABLE>    
       
       
                                       52
<PAGE>
 
OFFICERS*
 
<TABLE>   
<CAPTION>
    NAME OF OFFICER       POSITION WITH METROPOLITAN LIFE
    ---------------       -------------------------------
<S>                       <C>
Harry P. Kamen..........  Chairman, President and Chief Executive Officer
Gerald Clark............  Senior Executive Vice-President and Chief Investment Officer
Stewart G. Nagler.......  Senior Executive Vice-President and Chief Financial Officer
Gary A. Beller..........  Executive Vice-President and General Counsel
Robert H. Benmosche.....  Executive Vice-President
C. Robert Henrikson.....  Executive Vice-President
Jeffrey J. Hodgman......  Executive Vice-President
David A. Levene.........  Executive Vice-President
John D. Moynahan, Jr. ..  Executive Vice-President
Catherine A. Rein.......  Executive Vice-President
William J. Toppeta......  Executive Vice-President
John H. Tweedie.........  Executive Vice-President
Richard M. Blackwell....  Senior Vice-President
James B. Digney.........  Senior Vice-President
William T. Friedewald...  Senior Vice-President
Ira Friedman............  Senior Vice-President
Frederick P. Hauser.....  Senior Vice-President and Controller
Anne E. Hayden..........  Senior Vice-President
Sybil C. Jacobsen.......  Senior Vice-President
Joseph W. Jordan........  Senior Vice-President
Nicholas D. Latrenta....  Senior Vice-President
Leland C. Launer, Jr. ..  Senior Vice-President
Terence I. Lennon.......  Senior Vice-President
James L. Lipscomb.......  Senior Vice-President
James M. Logan..........  Senior Vice-President
Francis P. Lynch........  Senior Vice-President
Dominick A. Prezzano....  Senior Vice-President
Joseph A. Reali.........  Senior Vice-President
Vincent P. Reusing......  Senior Vice-President
Felix Schirripa.........  Senior Vice-President
Robert E. Sollmann, Jr..  Senior Vice-President
Thomas L. Stapleton.....  Senior Vice-President and Tax Director
James F. Stenson........  Senior Vice-President
Stanley J. Talbi........  Senior Vice-President
Richard R. Tartre.......  Senior Vice-President
Arthur G. Typermass.....  Senior Vice-President and Treasurer
James A. Valentino......  Senior Vice-President
Judy E. Weiss...........  Senior Vice-President and Chief Actuary
Richard F. Wisemen......  Senior Vice-President
Harvey M. Young.........  Senior Vice-President
Louis Ragusa............  Vice-President and Secretary
</TABLE>    
- -------
* The principal occupation of each officer, except for Gary A. Beller, Robert
  H. Benmosche and Terence I. Lennon, during the last five years has been as an
  officer of Metropolitan Life or an affiliate thereof. Gary A. Beller has been
  an officer of Metropolitan Life since November, 1994; prior thereto, he was a
  Consultant and Executive Vice-President and General Counsel of the American
  Express Company. Robert H. Benmosche has been an officer of Metropolitan Life
  since September, 1995; prior thereto, he was an Executive Vice-President of
  Paine Webber. Terence I. Lennon has been an officer of Metropolitan Life
  since March, 1994; prior thereto, he was Assistant Deputy Superintendent and
  Chief Examiner of the New York State Department of Insurance. The business
  address of each officer is 1 Madison Avenue, New York, New York 10010.
 
                                       53
<PAGE>
 
 ...............................................................
VOTING RIGHTS
 ................................................................................
 
RIGHT TO INSTRUCT VOTING OF FUND SHARES
 
  In accordance with its view of present applicable law, Metropolitan Life will
vote the shares of each of the portfolios of the Fund which are deemed attrib-
utable to Policies at regular and special meetings of the shareholders of the
Fund based on instructions received from persons having the voting interest in
corresponding investment divisions of the Separate Account. However, if the
1940 Act or any rules thereunder should be amended or if the present interpre-
tation thereof should change, and as a result Metropolitan Life determines that
it is permitted to vote such shares of the Fund in its own right, it may elect
to do so.
 
  Accordingly, the Policy owner will have a voting interest under a Policy. The
number of shares held in each Separate Account investment division deemed at-
tributable to each owner is determined by dividing a Policy's cash value in
that division, if any, by the net asset value of one share in the corresponding
Fund portfolio in which the assets in that Separate Account investment division
are invested. Fractional votes will be counted. The number of shares concerning
which a Policy owner has the right to give instructions will be determined as
of the record date for the meeting.
 
  Fund shares held in each registered separate account of Metropolitan Life or
any affiliate that are or are not attributable to life insurance policies (in-
cluding the Policies) or annuity contracts and for which no timely instructions
are received will be voted in the same proportion as the shares for which vot-
ing instructions are received by that separate account. Fund shares held in the
general accounts or unregistered separate accounts of Metropolitan Life or its
affiliates will be voted in the same proportion as the aggregate of (i) the
shares for which voting instructions are received and (ii) the shares that are
voted in proportion to such voting instructions. However, if Metropolitan Life
or an affiliate determines that it is permitted to vote any such shares of the
Fund in its own right, it may elect to do so subject to the then current inter-
pretation of the 1940 Act or any rules thereunder.
 
  The Policy owners may give instructions regarding, among other things, the
election of the Board of Directors of the Fund, ratification of the selection
of the Fund's independent auditors, and the approval of the Fund's investment
manager and sub-investment manager.
 
  Each Policy owner having a voting interest will be sent voting instruction
soliciting material and a form for giving voting instructions to Metropolitan
Life.
 
DISREGARD OF VOTING INSTRUCTIONS
 
  Notwithstanding contrary Policy owner voting instructions, Metropolitan Life
may vote Fund shares in any manner necessary to enable the Fund to (1) make or
refrain from making any change in the investments or investment policies for
any portfolio of the Fund, if required by any insurance regulatory authority;
(2) refrain from making any change in the investment policies or any investment
adviser or principal underwriter of any portfolio which may be initiated by
Policy owners or the Fund's Board of Directors, provided Metropolitan Life's
disapproval of the change is reasonable and, in the case of a change in invest-
ment policies or investment adviser, based on a good faith determination that
such change would be contrary to state law or otherwise inappropriate in light
of the portfolio's objective and purposes; or (3) enter into or refrain from
entering into any advisory agreement or underwriting contract, if required by
any insurance regulatory authority.
 
  In the event that Metropolitan Life does disregard voting instructions, a
summary of the action and the reasons for such action will be included in the
next semiannual report to Policy owners.
 
REPORTS
 ................................................................................
 
  Policy owners will receive promptly statements of significant transactions
such as change in specified face amount, change in death benefit option, trans-
fers among investment divisions, partial withdrawals, increases in loan princi-
pal by the Policy owner, loan repayments, termination for any reason, rein-
statement and premium payments. Transactions pursuant to automated investment
strategies (see "Payment and Allocation of Premiums,") may be confirmed quar-
terly. Policy owners whose premiums are automatically remitted under a check-o-
matic allotment deduction or certain payroll deduction plans do not receive in-
dividual confirmations of premium payments from Metropolitan Life apart from
that provided by their bank or employer. An annual statement will also be sent
to the Policy owner within thirty days after a Policy year summarizing all of
the above transactions and deductions of charges occurring during that Policy
year and setting forth the status of the death benefit, cash and cash surrender
values, amounts in the investment divisions and Fixed Account, any policy loan
and unpaid loan interest added to loan principal. The annual statement will
also discuss the modified endowment contract status of a Policy (see "Premi-
ums--Premium Limitations"). In addition, an owner will be sent semiannual re-
ports containing financial statements for the Fund, as required by the 1940
Act.
 
                                       54
<PAGE>
 
 ...............................................................
 
STATE REGULATION
 ................................................................................
   
  Metropolitan Life is subject to regulation and supervision by the Insurance
Department of the State of New York, which periodically examines its affairs.
It is also subject to the insurance laws and regulations of all jurisdictions
where it is authorized to do business. Where required, a copy of the form of
Policy has been filed with, and approved by, insurance officials in each juris-
diction where the Policies are sold.     
 
  Metropolitan Life is required to submit annual statements of its operations,
including financial statements, to the insurance departments of the various ju-
risdictions in which it does business, for the purposes of determining solvency
and compliance with local insurance laws and regulations. Such statements are
available for public inspection at state insurance department offices.
 
REGISTRATION STATEMENT
 ................................................................................
 
  A registration statement under the Securities Act of 1933 has been filed with
the Securities and Exchange Commission relating to the offering described in
this Prospectus. This Prospectus does not contain all the information set forth
in the registration statement and amendments thereto and the exhibits filed as
a part thereof, to all of which reference is hereby made for additional infor-
mation concerning the Separate Account, Metropolitan Life and the Policies. The
additional information may be obtained at the Commission's main office in Wash-
ington, D.C., upon payment of the prescribed fees.
 
LEGAL MATTERS
 ................................................................................
 
  The legality of the Policies described in this Prospectus has been passed
upon by Christopher P. Nicholas, Associate General Counsel of Metropolitan
Life. Messrs. Freedman, Levy, Kroll & Simonds, Washington, D.C., have advised
Metropolitan Life on certain matters relating to the federal securities laws.
 
EXPERTS
 ................................................................................
 
  The financial statements included in this Prospectus have been audited by
Deloitte & Touche LLP, independent auditors, as stated in their reports appear-
ing herein, and are included in reliance upon the reports of such firm given
upon their authority as experts in accounting and auditing.
   
  Actuarial matters included in this Prospectus have been examined by Michael
Harwood, FSA, MAAA, VicePresident and Actuary of Metropolitan Life, as stated
in his opinion filed as an exhibit to the registration statement.     
 
FINANCIAL STATEMENTS
 ................................................................................
 
  The financial statements of Metropolitan Life included in this Prospectus
should be considered only as bearing upon the ability of Metropolitan Life to
meet its obligations under the Policies.
 
                                       55
<PAGE>
 
                          
                       INDEPENDENT AUDITORS' REPORT     
   
To the Board of Directors     
   
Metropolitan Life Insurance Company:     
   
We have audited the accompanying statements of assets and liabilities of the
Growth, Income, Money Market, Diversified, International Stock, Stock Index,
and Aggressive Growth Divisions of Metropolitan Life Separate Account UL (the
"Separate Account") as of December 31, 1996, and the related statements of
operations for the year then ended and of changes in net assets for each of
the two years in the period then ended. These financial statements are the
responsibility of the Separate Account's management. Our responsibility is to
express an opinion on these financial statements based on our audits.     
   
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of December 31, 1996
by correspondence with the custodian and the depositor of the Separate
Account. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.     
   
In our opinion, such financial statements present fairly, in all material
respects, the net assets of the Growth, Income, Money Market, Diversified,
International Stock, Stock Index and Aggressive Growth Divisions of
Metropolitan Life Separate Account UL as of December 31, 1996 and the results
of their operations for the year then ended and the changes in their net
assets for each of the two years in the period then ended, in conformity with
generally accepted accounting principles.     
   
DELOITTE & TOUCHE LLP     
   
New York, New York     
   
February 28, 1997     
 
                                      56
<PAGE>
 
                     METROPOLITAN LIFE SEPARATE ACCOUNT UL
 
                      STATEMENTS OF ASSETS AND LIABILITIES
 
                               DECEMBER 31, 1996
 
<TABLE>
<CAPTION>
                                                     MONEY                 INTERNATIONAL    STOCK    AGGRESSIVE
                             GROWTH      INCOME      MARKET   DIVERSIFIED      STOCK        INDEX      GROWTH
                            DIVISION    DIVISION    DIVISION    DIVISION     DIVISION     DIVISION    DIVISION
                          ------------ ----------- ---------- ------------ ------------- ----------- -----------
<S>                       <C>          <C>         <C>        <C>          <C>           <C>         <C>
ASSETS:
Investments in Metropol-
 itan Series Fund, Inc.
 at Value (Note 1A):
Growth Portfolio
 (5,208,796 shares; cost
 $133,325,492)..........  $158,920,369         --         --           --           --           --          --
Income Portfolio
 (2,210,984 shares; cost
 $27,751,597)...........           --  $27,327,760        --           --           --           --          --
Money Market Portfolio
 (584,077 shares; cost
 $6,278,669)............           --          --  $6,095,430          --           --           --          --
Diversified Portfolio
 (6,643,203 shares; cost
 $100,173,963)..........           --          --         --  $110,742,194          --           --          --
International Stock
 Portfolio
 (1,991,487 shares; cost
 $24,907,650)...........           --          --         --           --   $23,798,267          --          --
Stock Index Portfolio
 (1,450,886 shares; cost
 $27,248,573)...........           --          --         --           --           --   $32,253,185         --
Aggressive Growth Port-
 folio
 (3,107,005 shares; cost
 $78,361,229)...........           --          --         --           --           --           --  $84,106,614
                          ------------ ----------- ---------- ------------  -----------  ----------- -----------
 Total Investments......   158,920,369  27,327,760  6,095,430  110,742,194   23,798,267   32,253,185  84,106,614
Cash and Accounts Re-
 ceivable...............        11,882       3,998     86,448          168        6,129      119,880      28,704
                          ------------ ----------- ---------- ------------  -----------  ----------- -----------
 Total Assets...........   158,932,251  27,331,758  6,181,878  110,742,362   23,804,396   32,373,065  84,135,318
LIABILITIES.............        34,679      74,006     62,023      274,903      135,056      339,551     394,115
                          ------------ ----------- ---------- ------------  -----------  ----------- -----------
NET ASSETS..............  $158,897,572 $27,257,752 $6,119,855 $110,467,459  $23,669,340  $32,033,514 $83,741,203
                          ============ =========== ========== ============  ===========  =========== ===========
</TABLE>
 
                       See Notes to Financial Statements.
 
                                       57
<PAGE>
 
                     METROPOLITAN LIFE SEPARATE ACCOUNT UL
 
                            STATEMENTS OF OPERATIONS
 
<TABLE>   
<CAPTION>
                                               FOR THE YEAR ENDED DECEMBER 31, 1996
                          ---------------------------------------------------------------------------------
                                                   MONEY                INTERNATIONAL   STOCK    AGGRESSIVE
                            GROWTH      INCOME     MARKET   DIVERSIFIED     STOCK       INDEX      GROWTH
                           DIVISION    DIVISION   DIVISION   DIVISION     DIVISION     DIVISION   DIVISION
                          ----------- ----------  --------  ----------- ------------- ---------- ----------
<S>                       <C>         <C>         <C>       <C>         <C>           <C>        <C>
INVESTMENT INCOME:
Income:
 Dividends (Note 2).....  $15,051,436 $1,723,590  $300,997  $ 9,697,032   $ 200,282   $  744,725 $2,234,170
Expenses:
 Mortality and expense
  charges (Note 3)......    1,221,219    220,150    37,221      870,631     181,892      185,397    641,863
                          ----------- ----------  --------  -----------   ---------   ---------- ----------
Net investment income...   13,830,217  1,503,440   263,776    8,826,401      18,390      559,328  1,592,307
                          ----------- ----------  --------  -----------   ---------   ---------- ----------
NET REALIZED AND
 UNREALIZED GAIN (LOSS)
 ON INVESTMENTS:
Net realized gain (loss)
 from security transac-
 tions..................    2,929,455    (16,679)  (11,231)     532,857      (9,816)     742,061    166,243
Change in unrealized ap-
 preciation (deprecia-
 tion) of investments
 .......................    9,406,099   (697,499)  (90,379)   3,200,410    (559,306)   2,836,911  1,728,894
                          ----------- ----------  --------  -----------   ---------   ---------- ----------
Net realized and
 unrealized gain (loss)
 on investments (Note
 1B)....................   12,335,554   (714,178) (101,610)   3,733,267    (569,122)   3,578,972  1,895,137
                          ----------- ----------  --------  -----------   ---------   ---------- ----------
NET INCREASE (DECREASE)
 IN NET ASSETS RESULTING
 FROM OPERATIONS........  $26,165,771 $  789,262  $162,166  $12,559,668   ($550,732)  $4,138,300 $3,487,444
                          =========== ==========  ========  ===========   =========   ========== ==========
</TABLE>    
 
                       See Notes to Financial Statements.
 
                                       58
<PAGE>
 
                     METROPOLITAN LIFE SEPARATE ACCOUNT UL
 
                      STATEMENTS OF CHANGES IN NET ASSETS
 
<TABLE>   
<CAPTION>
                                   GROWTH                     INCOME                 MONEY MARKET
                                  DIVISION                   DIVISION                  DIVISION
                          --------------------------  ------------------------  ------------------------
                                                   FOR THE YEAR ENDED DECEMBER 31,
                          ---------------------------------------------------------------------------------------
                              1996          1995         1996         1995         1996         1995
                          ------------  ------------  -----------  -----------  -----------  -----------
<S>                       <C>           <C>           <C>          <C>          <C>          <C>          <C> <C>
INCREASE (DECREASE) IN
 NET ASSETS:
From operations:
 Net investment income..  $ 13,830,217  $  4,694,831  $ 1,503,440  $ 1,147,331  $   263,776  $   128,508
 Net realized gain
  (loss) from security
  transactions..........     2,929,455       293,233      (16,679)      (8,290)     (11,231)      35,201
 Change in unrealized
  appreciation
  (depreciation) of
  investments...........     9,406,099    19,543,807     (697,499)   1,977,261      (90,379)       4,641
                          ------------  ------------  -----------  -----------  -----------  -----------
Net increase (decrease)
 in net assets resulting
 from operations........    26,165,771    24,531,871      789,262    3,116,302      162,166      168,350
                          ------------  ------------  -----------  -----------  -----------  -----------
From capital transac-
 tions:
 Net premiums...........    50,115,276    41,455,659    9,255,854    8,687,776    4,945,669    2,988,786
 Redemptions............    (4,742,435)   (2,766,288)    (764,548)    (546,157)     (31,149)     (89,665)
 Net portfolio trans-
  fers..................    (2,214,936)      395,373     (154,542)      36,042   (1,062,557)  (3,328,483)
 Other net transfers....   (22,866,726)  (19,059,583)  (4,179,745)  (4,186,427)    (869,014)  (1,058,931)
                          ------------  ------------  -----------  -----------  -----------  -----------
Net increase (decrease)
 in net assets resulting
 from capital
 transactions ..........    20,291,179    20,025,161    4,157,019    3,991,234    2,982,949   (1,488,293)
                          ------------  ------------  -----------  -----------  -----------  -----------
NET CHANGE IN NET
 ASSETS.................    46,456,950    44,557,032    4,946,281    7,107,536    3,145,115   (1,319,943)
NET ASSETS--BEGINNING OF
 YEAR...................   112,440,622    67,883,590   22,311,471   15,203,935    2,974,740    4,294,683
                          ------------  ------------  -----------  -----------  -----------  -----------
NET ASSETS--END OF
 YEAR...................  $158,897,572  $112,440,622  $27,257,752  $22,311,471  $ 6,119,855  $ 2,974,740
                          ============  ============  ===========  ===========  ===========  ===========
</TABLE>    
 
                       See Notes to Financial Statements.
 
                                       59
<PAGE>
 
 
<TABLE>   
<CAPTION>
       DIVERSIFIED            INTERNATIONAL STOCK           STOCK INDEX             AGGRESSIVE GROWTH
        DIVISION                   DIVISION                  DIVISION                   DIVISION
- --------------------------  ------------------------  ------------------------  --------------------------
                                  FOR THE YEAR ENDED DECEMBER 31,
- ----------------------------------------------------------------------------------------------------------
    1996          1995         1996         1995         1996         1995          1996          1995
- ------------  ------------  -----------  -----------  -----------  -----------  ------------  ------------
<S>           <C>           <C>          <C>          <C>          <C>          <C>           <C>
$  8,826,401  $  4,695,480  $    18,390  $    27,416  $   559,328  $   213,805  $  1,592,307  $  4,726,548
     532,857       248,523       (9,816)      28,349      742,061       29,512       166,243       152,387
   3,200,410    10,898,818     (559,306)     136,578    2,836,911    2,271,366     1,728,894     4,188,117
- ------------  ------------  -----------  -----------  -----------  -----------  ------------  ------------
  12,559,668    15,842,821     (550,732)     192,343    4,138,300    2,514,683     3,487,444     9,067,052
- ------------  ------------  -----------  -----------  -----------  -----------  ------------  ------------
  34,025,252    31,888,789   10,992,609   12,024,423   16,930,258    7,870,004    45,233,040    32,859,273
  (3,640,372)   (2,358,803)    (611,355)    (392,901)    (385,783)    (232,828)   (2,071,839)   (1,185,240)
    (466,159)     (416,768)    (688,494)    (658,961)   4,466,799    1,324,319     1,106,638     2,162,117
 (16,191,671)  (15,856,704)  (2,768,825)  (5,248,525)  (6,541,830)  (2,897,249)  (18,345,877)  (14,163,669)
- ------------  ------------  -----------  -----------  -----------  -----------  ------------  ------------
  13,727,050    13,256,514    6,923,935    5,724,036   14,469,444    6,064,246    25,921,962    19,672,481
- ------------  ------------  -----------  -----------  -----------  -----------  ------------  ------------
  26,286,718    29,099,335    6,373,203    5,916,379   18,607,744    8,578,929    29,409,406    28,739,533
  84,180,741    55,081,406   17,296,137   11,379,758   13,425,770    4,846,841    54,331,797    25,592,264
- ------------  ------------  -----------  -----------  -----------  -----------  ------------  ------------
$110,467,459  $ 84,180,741  $23,669,340  $17,296,137  $32,033,514  $13,425,770  $ 83,741,203  $ 54,331,797
============  ============  ===========  ===========  ===========  ===========  ============  ============
</TABLE>    
 
                                       60
<PAGE>
 
                     METROPOLITAN LIFE SEPARATE ACCOUNT UL
 
                         NOTES TO FINANCIAL STATEMENTS
 
                               DECEMBER 31, 1996
 
  Metropolitan Life Separate Account UL (the "Separate Account") is a multi-
division unit investment trust registered under the Investment Company Act of
1940 and presently consists of seven investment divisions used to support
variable universal life insurance policies. The assets in each division are
invested in shares of the corresponding portfolio of the Metropolitan Series
Fund, Inc. (the "Fund"). Each portfolio has varying investment objectives
relative to growth of capital and income.
 
  The Separate Account was formed by Metropolitan Life Insurance Company
("Metropolitan Life") on December 13, 1988, and registered as a unit investment
trust on January 5, 1990. The assets of the Separate Account are the property
of Metropolitan Life.
 
  A summary of significant accounting policies, all of which are in accordance
with generally accepted accounting principles, is set forth below:
 
1. SIGNIFICANT ACCOUNTING POLICIES
 
  A. VALUATION OF INVESTMENTS
       
    Investments in shares of the Fund are valued at the reported net asset
    values of the respective portfolios. A summary of investments of the
    seven designated portfolios of the Fund in which the seven investment
    divisions of the Separate Account invest as of December 31, 1996 is
    included as Note 4. The methods used to value the Fund's investments at
    December 31, 1996 are described in Note 1A of the Fund's 1996 Annual
    Report.     
 
  B.SECURITY TRANSACTIONS
 
    Purchases and sales are recorded on the trade date. Realized gains and
    losses on sales of investments are determined on the basis of identified
    cost.
 
  C.FEDERAL INCOME TAXES
       
    In the opinion of counsel of Metropolitan Life, the Separate Account will
    be treated as a part of Metropolitan Life and its operations, and the
    Separate Account will not be taxed separately as a "regulated investment
    company" under existing law. Metropolitan Life is taxed as a life
    insurance company. The policies permit Metropolitan Life to charge
    against the Separate Account any taxes, or reserves for taxes,
    attributable to the maintenance or operation of the Separate Account.
    Metropolitan Life is not currently charging any Federal income taxes
    against the Separate Account arising from the earnings or realized
    capital gains attributable to the Separate Account. Such charges may be
    imposed in future years depending on market fluctuations and transactions
    involving the Separate Account.     
 
  D. NET PREMIUMS
 
    Metropolitan Life deducts a sales load and a state premium tax charge from
    premiums before amounts are allocated to the Separate Account. In the case
    of certain of the policies, Metropolitan Life also deducts a Federal
    income tax charge before amounts are allocated to the Separate Account.
    The Federal income tax charge is imposed in connection with certain of the
    policies to recover a portion of the Federal income tax adjustment
    attributable to policy acquisition expenses.
 
2. DIVIDENDS
 
  On April 25, 1996 and December 16, 1996, the Fund declared dividends for all
shareholders of record on April 25, 1996 and December 26, 1996, respectively.
The amount of dividends received by the Separate Account was $29,952,232. The
dividends were paid to Metropolitan Life on April 26, 1996 and December 27,
1996, respectively, and were immediately reinvested in additional shares of the
portfolios in which the investment divisions invest. As a result of this
reinvestment, the number of shares of the Fund held by each of the seven
investment divisions increased by the following: Growth Portfolio 488,416
shares, Income Portfolio 139,135 shares, Money Market Portfolio 28,861 shares,
Diversified Portfolio 578,116 shares, International Stock Portfolio 16,160
shares, Stock Index Portfolio 33,043 shares, and Aggressive Growth Portfolio
82,174 shares.
 
 
                                       61
<PAGE>
 
                  NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
 
3. EXPENSES
 
  With respect to assets in the Separate Account that support certain
policies, Metropolitan Life applies a daily charge against the Separate
Account for the mortality and expense risks assumed by Metropolitan Life. This
charge is equivalent to the effective annual rate of .90% of the average daily
value of the net assets in the Separate Account which are attributable to such
policies.
 
                                      62
<PAGE>
 
                   NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
   
4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND,
INC.     
       
<TABLE>
<CAPTION>
                             GROWTH                 INCOME             MONEY MARKET           DIVERSIFIED
                           PORTFOLIO              PORTFOLIO             PORTFOLIO              PORTFOLIO
                         -------------- -------  ------------ -------  ------------ -------  --------------
                             VALUE                  VALUE                 VALUE                  VALUE
                           (NOTE 1A)              (NOTE 1A)             (NOTE 1A)              (NOTE 1A)
<S>                      <C>            <C>      <C>          <C>      <C>          <C>      <C>            <C>
COMMON STOCK
 Aerospace.............. $   14,697,375   (0.9%)                                             $    8,224,562   (0.6%)
 Automotive.............     38,188,750   (2.4%)                                                 21,290,925   (1.5%)
 Banking................    157,307,202   (9.8%)                                                 87,632,900   (6.0%)
 Broadcasting...........     19,728,750   (1.2%)                                                 11,025,000   (0.8%)
 Business Services......     31,078,650   (1.9%)                                                 17,361,575   (1.2%)
 Chemicals..............    105,060,638   (6.6%)                                                 58,547,387   (4.0%)
 Cosmetics..............     20,924,887   (1.3%)                                                 11,739,188   (0.8%)
 Drugs & Health Care....     65,432,344   (4.1%)                                                 36,554,638   (2.5%)
 Electrical Equipment...     39,896,063   (2.5%)                                                 22,197,437   (1.5%)
 Electronics............    147,966,575   (9.3%)                                                 82,595,572   (5.7%)
 Financial Services.....     34,196,000   (2.1%)                                                 19,078,600   (1.3%)
 Food & Beverages.......     55,678,225   (3.5%)                                                 31,081,563   (2.1%)
 Hospital Management....     26,943,900   (1.7%)                                                 15,140,663   (1.0%)
 Hospital Supply........     64,140,600   (4.0%)                                                 35,693,650   (2.5%)
 Hotel & Restaurant.....     34,541,887   (2.2%)                                                 19,286,312   (1.3%)
 Household Products.....     27,788,750   (1.7%)                                                 15,490,750   (1.1%)
 Insurance..............     58,992,362   (3.7%)                                                 32,934,038   (2.3%)
 Leisure................     37,965,054   (2.4%)                                                 21,750,587   (1.5%)
 Machinery..............     24,072,650   (1.5%)                                                 13,385,200   (0.9%)
 Metals--Aluminum.......     45,886,900   (2.9%)                                                 25,661,113   (1.8%)
 Miscellaneous..........     17,727,000   (1.1%)                                                  9,861,000   (0.7%)
 Office & Business
  Equipment.............    104,763,338   (6.6%)                                                 58,437,513   (4.0%)
 Oil....................     27,677,510   (1.7%)                                                 15,646,986   (1.1%)
 Oil--Domestic..........      7,318,575   (0.5%)                                                  4,071,375   (0.3%)
 Oil--International.....     32,374,200   (2.0%)                                                 18,031,200   (1.2%)
 Oil--Services..........     46,821,401   (2.9%)                                                 26,157,263   (1.8%)
 Retail Grocery.........     23,040,750   (1.4%)                                                 13,019,606   (0.9%)
 Retail Trade...........     74,240,420   (4.7%)                                                 41,373,775   (2.9%)
 Software...............     19,964,200   (1.3%)                                                 11,203,265   (0.8%)
 Tobacco................     22,356,062   (1.4%)                                                 12,602,737   (0.9%)
 Transportation--
  Railroad..............      8,116,800   (0.5%)                                                  4,548,600   (0.3%)
 Transportation--
  Trucking..............              0   (0.0%)                                                          5   (0.0%)
 Utilities--Gas
  Distribution &
  Pipelines.............     33,212,237   (2.1%)                                                 18,517,850   (1.3%)
                         --------------                                                      --------------
 Total Common Stock.....  1,468,100,055  (91.9%)                                                820,142,835  (56.6%)
                         --------------                                                      --------------
LONG-TERM DEBT
 SECURITIES
Corporate Bonds:
 Banking................                         $ 17,291,411   (4.5%)                       $   13,220,347   (0.9%)
 Collateralized Mortgage
  Obligations...........                            8,684,394   (2.3%)                            9,152,935   (0.6%)
 Financial Services.....                           36,834,715   (9.6%)                           60,619,051   (4.2%)
 Government Sponsored...                            5,656,770   (1.5%)                            6,496,680   (0.5%)
 Industrials............                           26,858,935   (7.0%)                           33,637,368   (2.3%)
 Miscellaneous..........                            6,288,068   (1.6%)                            8,335,834   (0.6%)
 Utilities--Electric....                            7,305,058   (1.9%)                            5,318,809   (0.4%)
 Utilities--
  Miscellaneous.........                                    0   (0.0%)                            2,838,920   (0.2%)
 Utilities--Telephone...                                    0   (0.0%)                            5,040,000   (0.3%)
                                                 ------------                                --------------
 Total Corporate Bonds..                          108,919,351  (28.4%)                          144,659,944  (10.0%)
                                                 ------------                                --------------
 Federal Agency
  Obligations...........                           19,701,551   (5.1%)                           30,641,236   (2.1%)
 Federal Treasury
  Obligations...........                          201,495,177  (52.6%)                          317,610,213  (21.9%)
 Foreign Obligations....                           14,393,603   (3.8%)                           20,255,361   (1.4%)
 Yankee Bonds...........                           15,352,261   (4.0%)                           21,020,607   (1.5%)
                                                 ------------                                --------------
 Total Bonds............                          359,861,943  (93.9%)                          534,187,361  (36.9%)
                                                 ------------                                --------------
SHORT-TERM OBLIGATIONS
 Commercial Paper....... $  125,797,417   (7.9%) $ 17,393,000   (4.5%) $25,926,227   (62.3%) $   82,989,000   (5.7%)
 Corporate Note.........                                                 3,998,775    (9.6%)
 Federal Agency
  Obligations...........                                                11,675,628   (28.0%)
                         --------------          ------------          -----------           --------------
 Total Short-Term
  Obligations...........    125,797,417   (7.9%)   17,393,000   (4.5%)  41,600,630   (99.9%)     82,989,000   (5.7%)
                         --------------          ------------          -----------           --------------
TOTAL INVESTMENTS.......  1,593,897,472  (99.8%)  377,254,943  (98.4%)  41,600,630   (99.9%)  1,437,319,196  (99.2%)
 Other Assets Less
  Liabilities...........      3,831,003   (0.2%)    6,139,895   (1.6%)      36,001    (0.1%)     11,521,971   (0.8%)
                         --------------          ------------          -----------           --------------
NET ASSETS.............. $1,597,728,475 (100.0%) $383,394,838 (100.0%) $41,636,631  (100.0%) $1,448,841,167 (100.0%)
                         ==============          ============          ===========           ==============
</TABLE>
 
                                       63
<PAGE>
 
                   NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
   
4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND,
INC. (CONTINUED)     
 
<TABLE>
<CAPTION>
                                                          INTERNATIONAL
                                                              STOCK
                                                            PORTFOLIO
                                                          -------------
                                                              VALUE
                                                            (NOTE 1A)
<S>                                                       <C>           <C>
COMMON STOCK
 Automotive.............................................. $ 12,042,055    (4.0%)
 Banking.................................................   28,537,013    (9.4%)
 Broadcasting............................................    1,583,340    (0.5%)
 Business Services.......................................    1,353,994    (0.5%)
 Chemicals...............................................   15,831,034    (5.2%)
 Construction Materials..................................    4,410,671    (1.5%)
 Consumer Non-Durables...................................    1,078,633    (0.4%)
 Drugs & Health Care.....................................   13,669,733    (4.5%)
 Electrical Equipment....................................    4,851,913    (1.6%)
 Electronics.............................................   33,670,645   (11.1%)
 Financial Services......................................   16,109,145    (5.3%)
 Food & Beverages........................................    4,475,477    (1.5%)
 Forest Products & Paper.................................    1,650,874    (0.6%)
 General Business........................................       81,167    (0.0%)
 Homebuilders............................................    2,312,664    (0.8%)
 Household Products......................................    1,626,631    (0.5%)
 Insurance...............................................   12,269,901    (4.0%)
 Investment Companies....................................    2,234,375    (0.7%)
 Leisure.................................................    2,828,608    (0.9%)
 Machinery...............................................    5,079,733    (1.7%)
 Metals--Gold............................................       59,942    (0.0%)
 Metals--Non-Ferrous.....................................    4,051,349    (1.3%)
 Metals--Steel & Iron....................................    6,796,496    (2.2%)
 Miscellaneous...........................................    5,656,864    (1.9%)
 Multi-Industry..........................................   14,979,104    (4.9%)
 Oil & Gas Exploration...................................    6,073,231    (2.0%)
 Oil--International......................................   15,038,125    (4.9%)
 Printing & Publishing...................................    3,890,524    (1.3%)
 Real Estate.............................................   15,753,267    (5.2%)
 Retail Trade............................................    8,007,127    (2.6%)
 Textiles & Apparel......................................    2,385,456    (0.8%)
 Toys & Amusements.......................................      976,600    (0.3%)
 Transportation..........................................    1,745,426    (0.6%)
 Utilities--Electric.....................................    4,565,840    (1.5%)
 Utilities--Gas Distribution & Pipelines.................    3,750,981    (1.2%)
 Utilities--Miscellaneous................................    3,130,194    (1.0%)
 Utilities--Telephone....................................    7,711,745    (2.5%)
                                                          ------------
 Total Common Stock......................................  270,269,877   (88.9%)
                                                          ------------
PREFERRED STOCK
 Retail Trade............................................      518,032    (0.2%)
                                                          ------------
 Total Equity Securities.................................  270,787,909   (89.1%)
TOTAL LONG-TERM DEBT SECURITIES--CONVERTIBLE BONDS.......   19,499,259    (6.4%)
                                                          ------------
TOTAL INVESTMENTS........................................  290,287,168   (95.5%)
 Other Assets Less Liabilities...........................   13,538,315    (4.5%)
                                                          ------------
NET ASSETS............................................... $303,825,483  (100.0%)
                                                          ============
</TABLE>
 
                                       64
<PAGE>
 
                   NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
   
4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND,
INC. (CONTINUED)     
       
<TABLE>
<CAPTION>
                                                          STOCK INDEX
                                                           PORTFOLIO
                                                          -----------
                                                             VALUE
                                                           (NOTE 1A)
<S>                                                      <C>            <C>
COMMON STOCK
 Aerospace.............................................. $   28,736,048   (2.6%)
 Automotive.............................................     28,701,626   (2.6%)
 Banking................................................     93,714,830   (8.4%)
 Broadcasting...........................................     11,450,367   (1.0%)
 Building & Construction................................      7,528,376   (0.7%)
 Business Services......................................     14,455,324   (1.3%)
 Chemicals..............................................     34,500,400   (3.1%)
 Containers & Glass.....................................      1,693,750   (0.2%)
 Cosmetics..............................................      3,360,350   (0.3%)
 Drugs & Health Care....................................     72,616,988   (6.5%)
 Electrical Equipment...................................     48,407,363   (4.3%)
 Electronics............................................     63,125,007   (5.6%)
 Financial Services.....................................     35,084,926   (3.1%)
 Food & Beverages.......................................     68,548,136   (6.1%)
 Forest Products & Paper................................     16,456,307   (1.5%)
 Hospital Management....................................     10,165,689   (0.9%)
 Hospital Supply........................................     30,587,031   (2.7%)
 Hotel & Restaurant.....................................     10,602,137   (0.9%)
 Household Appliances & Home Furnishings................      1,995,625   (0.2%)
 Household Products.....................................     34,569,100   (3.1%)
 Insurance..............................................     38,990,773   (3.5%)
 Leisure................................................      9,888,705   (0.9%)
 Liquor.................................................      2,526,500   (0.2%)
 Machinery..............................................     14,790,412   (1.3%)
 Metals--Aluminum.......................................      4,013,638   (0.4%)
 Metals--Gold...........................................      5,642,260   (0.5%)
 Metals--Non-Ferrous....................................      2,738,985   (0.2%)
 Metals--Steel & Iron...................................      1,839,738   (0.2%)
 Mining.................................................      2,180,087   (0.2%)
 Miscellaneous..........................................      3,178,900   (0.3%)
 Multi-Industry.........................................      9,577,826   (0.9%)
 Newspapers.............................................      6,143,637   (0.5%)
 Office & Business Equipment............................     48,538,755   (4.3%)
 Oil & Gas Exploration..................................      2,800,313   (0.2%)
 Oil--Domestic..........................................     21,819,438   (1.9%)
 Oil--International.....................................     65,066,563   (5.8%)
 Oil--Services..........................................     11,558,751   (1.0%)
 Photography............................................      5,953,875   (0.5%)
 Printing & Publishing..................................      3,554,968   (0.3%)
 Retail Grocery.........................................      5,887,863   (0.5%)
 Retail Trade...........................................     42,490,678   (3.8%)
 Software...............................................     30,829,784   (2.7%)
 Textiles & Apparel.....................................      6,880,088   (0.6%)
 Tires & Rubber.........................................      3,116,200   (0.3%)
 Tobacco................................................     21,138,225   (1.9%)
 Toys & Amusements......................................      2,450,273   (0.2%)
 Transportation--Airlines...............................      4,475,875   (0.4%)
 Transportation--Railroad...............................     11,508,961   (1.0%)
 Transportation--Trucking...............................      1,006,875   (0.1%)
 Utilities--Electric....................................     27,914,283   (2.5%)
 Utilities--Gas Distribution & Pipelines................     14,503,806   (1.3%)
 Utilities--Telephone...................................     72,606,227   (6.5%)
                                                         --------------
 Total Common Stock.....................................  1,121,912,642 (100.0%)
PREFERRED STOCK
 Hospital Supply........................................          1,774   (0.0%)
                                                         --------------
 Total Equity Securities................................  1,121,914,416 (100.0%)
TOTAL SHORT-TERM OBLIGATIONS--U.S. TREASURY BILLS.......      6,119,501   (0.5%)
                                                         --------------
TOTAL INVESTMENTS.......................................  1,128,033,917 (100.5%)
 Other Assets Less Liabilities..........................    (5,736,583)  (-0.5%)
                                                         --------------
NET ASSETS.............................................. $1,122,297,334 (100.0%)
                                                         ==============
</TABLE>
 
                                       65
<PAGE>
 
                   NOTES TO FINANCIAL STATEMENTS--(CONCLUDED)
   
4. SUMMARY OF INVESTMENTS AS OF DECEMBER 31, 1996 METROPOLITAN SERIES FUND,
INC. (CONCLUDED)     
       
<TABLE>
<CAPTION>
                                                           AGGRESSIVE
                                                             GROWTH
                                                           PORTFOLIO
                                                           ----------
                                                             VALUE
                                                           (NOTE 1A)
                                                           ---------
<S>                                                      <C>            <C>
COMMON STOCK
 Automotive............................................. $    8,300,475   (0.6%)
 Banking................................................     52,161,093   (4.0%)
 Broadcasting...........................................      1,911,644   (0.1%)
 Business Services......................................    111,731,275   (8.5%)
 Chemicals..............................................      8,035,150   (0.6%)
 Drugs & Health Care....................................     40,531,901   (3.1%)
 Electronics............................................    159,063,920  (12.0%)
 Finance................................................      1,903,687   (0.1%)
 Financial Services.....................................     36,782,250   (2.8%)
 Food & Beverages.......................................      8,800,137   (0.7%)
 Hospital Supply........................................     24,680,369   (1.9%)
 Hotel & Restaurant.....................................    147,865,328  (11.2%)
 Insurance..............................................     24,104,063   (1.8%)
 Leisure................................................     22,011,718   (1.7%)
 Machinery..............................................      5,305,125   (0.4%)
 Office & Business Equipment............................     46,756,744   (3.5%)
 Oil....................................................      1,795,219   (0.1%)
 Oil & Gas Exploration..................................     22,009,875   (1.7%)
 Oil--Services..........................................    115,561,562   (8.7%)
 Personal Care..........................................      2,647,288   (0.2%)
 Printing & Publishing..................................      7,947,212   (0.6%)
 Retail Trade...........................................    116,932,900   (8.9%)
 Software...............................................    110,257,289   (8.3%)
 Textiles & Apparel.....................................     38,388,025   (2.9%)
 Tobacco................................................      1,785,938   (0.1%)
 Transportation--Airlines...............................     19,139,375   (1.4%)
 Utilities--Miscellaneous...............................      7,936,000   (0.6%)
 Utilities--Telephone...................................     19,502,387   (1.5%)
                                                         --------------
 Total Common Stock.....................................  1,163,847,949  (88.0%)
PREFERRED STOCK
 Printing & Publishing..................................      3,590,300   (0.3%)
                                                         --------------
Total Equity Securities.................................  1,167,438,249  (88.3%)
TOTAL LONG-TERM DEBT SECURITIES--CONVERTIBLE BONDS......      2,312,500   (0.2%)
TOTAL SHORT-TERM OBLIGATIONS--COMMERCIAL PAPER..........    142,773,021  (10.8%)
                                                         --------------
TOTAL INVESTMENTS.......................................  1,312,523,770  (99.3%)
 Other Assets Less Liabilities..........................      9,325,594   (0.7%)
                                                         --------------
NET ASSETS.............................................. $1,321,849,364 (100.0%)
                                                         ==============
</TABLE>
 
                                       66
<PAGE>
 
                          
                       INDEPENDENT AUDITORS' REPORT     
   
Metropolitan Life Insurance Company     
   
  We have audited the accompanying consolidated balance sheets of Metropolitan
Life Insurance Company (the "Company") as of December 31, 1996 and 1995 and
the related consolidated statements of earnings, equity and cash flows for
each of the three years in the period ended December 31, 1996. These
consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.     
   
  We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.     
   
  In our opinion, such consolidated financial statements present fairly, in
all material respects, the consolidated financial position of the Company at
December 31, 1996 and 1995 and the consolidated results of its operations and
its consolidated cash flows for each of the three years in the period ended
December 31, 1996 in conformity with generally accepted accounting principles.
       
  As discussed in Notes 1 and 13 to the consolidated financial statements, the
Company has retroactively adopted applicable generally accepted accounting
principles relating to mutual life insurance companies and has changed, as of
December 31, 1994, the method of accounting for fixed maturity investments.
       
Deloitte & Touche LLP     
   
New York, New York     
   
April 4, 1997     
 
                                      67
<PAGE>
 
                      
                   METROPOLITAN LIFE INSURANCE COMPANY     
      
   CONSOLIDATED BALANCE SHEETS DECEMBER 31, 1996 AND 1995 (IN MILLIONS)     
 
<TABLE>   
<CAPTION>
                                                        NOTES   1996     1995
                                                        ----- -------- --------
<S>                                                     <C>   <C>      <C>
ASSETS
Investments:
 Fixed Maturities:                                      2,12
   Available for Sale, at Estimated Fair Value.........       $ 75,039 $ 76,412
   Held to Maturity, at Amortized Cost.................         11,322   11,340
 Equity Securities..................................... 2,12     2,816    1,749
 Mortgage Loans on Real Estate......................... 2,12    18,964   17,216
 Policy Loans..........................................   12     5,842    5,714
 Real Estate...........................................    2     7,744    8,761
 Real Estate Joint Ventures............................    4       851      753
 Other Limited Partnership Interests...................    4       992      797
 Leases and Leveraged Leases...........................    2     1,883    1,503
 Short-Term Investments................................   12       741    1,769
 Other Invested Assets.................................          2,692    2,651
                                                              -------- --------
   Total Investments...................................        128,886  128,665
Cash and Cash Equivalents..............................   12     2,325    1,930
Deferred Policy Acquisition Costs......................          7,227    6,508
Accrued Investment Income..............................          1,611    1,961
Premiums and Other Receivables.........................          2,916    2,533
Deferred Income Taxes Receivable.......................             37      --
Other Assets...........................................          2,094    2,157
Separate Account Assets................................         43,775   39,384
                                                              -------- --------
   Total Assets........................................       $188,871 $183,138
                                                              ======== ========
LIABILITIES AND EQUITY
LIABILITIES
Future Policy Benefits.................................    5  $ 69,223 $ 68,256
Policyholder Account Balances.......................... 5,12    47,674   48,133
Other Policyholder Funds...............................   12     4,179    4,006
Policyholder Dividends Payable.........................          1,817    1,825
Short- and Long-Term Debt.............................. 9,12     5,365    5,580
Income Taxes Payable:                                      6
 Current...............................................            599      827
 Deferred..............................................            --       230
Other Liabilities......................................          4,632    3,666
Separate Account Liabilities...........................         43,399   38,861
                                                              -------- --------
   Total Liabilities...................................        176,888  171,384
                                                              -------- --------
Commitments and Contingencies (Notes 2, 4 and 10)
EQUITY
Retained Earnings......................................         10,937   10,084
Net Unrealized Investment Gains........................    3     1,028    1,646
Foreign Currency Translation Adjustments...............             18       24
                                                              -------- --------
   Total Equity........................................   13    11,983   11,754
                                                              -------- --------
   Total Liabilities and Equity........................       $188,871 $183,138
                                                              ======== ========
</TABLE>    
          
       See accompanying notes to consolidated financial statements.     
   
  The New York State Insurance Department (the "Department") recognizes only
statutory accounting practices for determining and reporting the financial
condition and results of operations of an insurance company for determining
solvency under the New York Insurance Law. No consideration is given by the
Department to financial statements prepared in accordance with generally
accepted accounting principles in making such determination.     
 
                                      68
<PAGE>
 
                       
                    METROPOLITAN LIFE INSURANCE COMPANY     
                       
                    CONSOLIDATED STATEMENTS OF EARNINGS     
       
    FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994 (IN MILLIONS)     
 
<TABLE>   
<CAPTION>
                                                 NOTES  1996     1995     1994
                                                 ----- -------  -------  -------
<S>                                              <C>   <C>      <C>      <C>
REVENUES
Premiums.......................................     5  $11,462  $11,178  $10,078
Universal Life and Investment-Type Product Pol-
 icy Fee Income................................          1,173    1,105      883
Net Investment Income..........................     3    8,848    8,711    8,283
Investment Gains, Net..........................     3      603      199        4
Commissions, Fees and Other Income.............          1,152      741      636
                                                       -------  -------  -------
 Total Revenues................................         23,238   21,934   19,884
                                                       -------  -------  -------
BENEFITS AND OTHER DEDUCTIONS
Policyholder Benefits..........................     5   12,525   11,976   11,179
Interest Credited to Policyholder Account Bal-
 ances.........................................          2,868    3,143    3,040
Policyholder Dividends.........................          1,728    1,786    1,752
Other Operating Costs and Expenses.............          4,711    4,285    3,500
                                                       -------  -------  -------
 Total Benefits and Other Deductions...........         21,832   21,190   19,471
                                                       -------  -------  -------
Earnings from Continuing Operations before In-
 come Taxes....................................          1,406      744      413
Income Taxes...................................     6      482      407      380
                                                       -------  -------  -------
Earnings from Continuing Operations............            924      337       33
                                                       -------  -------  -------
Discontinued Operations:
 (Loss) Earnings from Discontinued Operations
  (Net of Income Tax (Benefit) Expense of $(18)
  in 1996, $32 in 1995 and $54 in 1994)........            (52)     (54)      81
 (Loss) Gain on Disposal of Discontinued Opera-
  tions (Net of Income Tax (Benefit) Expense of
  $(11) in 1996 and $106 in 1995)..............            (19)     416      --
                                                       -------  -------  -------
(Loss) Earnings from Discontinued Operations...            (71)     362       81
                                                       -------  -------  -------
Net Earnings...................................    13  $   853  $   699  $   114
                                                       =======  =======  =======
</TABLE>    
          
       See accompanying notes to consolidated financial statements.     
 
                                       69
<PAGE>
 
                       
                    METROPOLITAN LIFE INSURANCE COMPANY     
                        
                     CONSOLIDATED STATEMENTS OF EQUITY     
       
    FOR THE YEARS ENDED DECEMBER 31, 1996 ,1995 AND 1994 (IN MILLIONS)     
 
<TABLE>   
<CAPTION>
                                                 NOTES  1996     1995     1994
                                                 ----- -------  -------  ------
<S>                                              <C>   <C>      <C>      <C>
Retained Earnings, Beginning of Year...........        $10,084  $ 9,385  $9,271
Net Earnings...................................            853      699     114
                                                       -------  -------  ------
Retained Earnings, End of Year.................         10,937   10,084   9,385
                                                       -------  -------  ------
<CAPTION>
Net Unrealized Investment Gains (Losses),
Beginning of Year..............................          1,646     (955)    259
<S>                                              <C>   <C>      <C>      <C>
Cumulative Effect of Accounting Change.........     1      --       --   (1,247)
Change in Unrealized Investment (Losses) Gains.           (618)   2,601      33
                                                       -------  -------  ------
Net Unrealized Investment Gains (Losses), End
of Year........................................          1,028    1,646    (955)
                                                       -------  -------  ------
Foreign Currency Translation Adjustments,
Beginning of Year..............................             24       (2)    (17)
Change in Foreign Currency Translation
Adjustments....................................             (6)      26      15
                                                       -------  -------  ------
Foreign Currency Translation Adjustments, End
of Year........................................             18       24      (2)
                                                       -------  -------  ------
Total Equity, End of Year......................    13  $11,983  $11,754  $8,428
                                                       =======  =======  ======
</TABLE>    
          
       See accompanying notes to consolidated financial statements.     
 
                                       70
<PAGE>
 
                       
                    METROPOLITAN LIFE INSURANCE COMPANY     
                      
                   CONSOLIDATED STATEMENTS OF CASH FLOWS     
       
    FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994 (IN MILLIONS)     
 
<TABLE>   
<CAPTION>
                                                     1996      1995      1994
                                                   --------  --------  --------
<S>                                                <C>       <C>       <C>
Net Cash Provided by Operating Activities......... $  3,688  $  4,823  $  3,980
Cash Flows from Investing Activities:
 Sales, Maturities and Repayments of:
  Fixed Maturities................................   76,117    64,372    47,658
  Equity Securities...............................    2,069       694       795
  Mortgage Loans on Real Estate...................    2,380     3,182     2,684
  Real Estate.....................................    1,948     1,193       688
  Real Estate Joint Ventures......................      410       387       471
  Other Limited Partnership Interests.............      178        42        24
 Purchases of:
  Fixed Maturities................................  (76,225)  (66,693)  (51,073)
  Equity Securities...............................   (2,742)     (781)     (812)
  Mortgage Loans on Real Estate...................   (4,225)   (2,491)   (1,465)
  Real Estate.....................................     (859)     (904)     (773)
  Real Estate Joint Ventures......................     (130)     (285)      (51)
  Other Limited Partnership Interests.............     (307)      (87)     (164)
 Net Change in Short-Term Investments.............    1,028      (634)      198
 Net Change in Policy Loans.......................     (128)     (112)     (393)
 Other, Net ......................................     (438)     (568)     (107)
                                                   --------  --------  --------
Net Cash Used by Investing Activities.............     (924)   (2,685)   (2,320)
                                                   --------  --------  --------
Cash Flows from Financing Activities:
 Policyholder Account Balances
  Deposits........................................   17,167    16,017    15,580
  Withdrawals.....................................  (19,321)  (19,142)  (16,876)
 Additions to Long-Term Debt......................      --        692       148
 Repayments of Long-Term Debt.....................     (284)     (389)     (334)
 Net Increase (Decrease) in Short-Term Debt.......       69       (78)      143
                                                   --------  --------  --------
Net Cash Used by Financing Activities.............   (2,369)   (2,900)   (1,339)
                                                   --------  --------  --------
Change in Cash and Cash Equivalents...............      395      (762)      321
Cash and Cash Equivalents, Beginning of Year......    1,930     2,692     2,371
                                                   --------  --------  --------
Cash and Cash Equivalents, End of Year............ $  2,325  $  1,930  $  2,692
                                                   ========  ========  ========
Supplemental Cash Flow Information:
 Interest Paid.................................... $    310  $    280  $    257
                                                   ========  ========  ========
 Income Taxes Paid................................ $    497  $    283  $    161
                                                   ========  ========  ========
</TABLE>    
          
       See accompanying notes to consolidated financial statements.     
 
                                       71
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
 
               CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
      FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994 (IN MILLIONS)
 
<TABLE>   
<CAPTION>
                                                       1996     1995     1994
                                                      -------  -------  ------
<S>                                                   <C>      <C>      <C>
Net Earnings......................................... $   853  $   699  $  114
Adjustments to Reconcile Net Earnings to Net Cash
 Provided by Operating Activities:
  Change in Deferred Policy Acquisition Costs, Net...    (391)    (376)   (538)
  Change in Accrued Investment Income................     350     (191)    (70)
  Change in Premiums and Other Receivables...........    (106)     (29)   (458)
  Undistributed (Income) Loss of Real Estate Joint
   Ventures and Other Limited Partnerships...........     100      (95)    150
  Gains from Sale of Investments and Businesses, Net.    (573)    (721)     (4)
  Depreciation and Amortization Expenses.............     (18)      30     (25)
  Interest Credited to Policyholder Account Balances.   2,868    3,143   3,040
  Universal Life and Investment-Type Product Policy
   Fee Income........................................  (1,173)  (1,105)   (883)
  Change in Future Policy Benefits...................   2,149    2,332   2,089
  Change in Other Policyholder Funds.................     181      (66)     65
  Change in Policyholder Dividends Payable...........      (8)      11     (55)
  Change in Income Taxes Payable.....................    (134)     327     503
  Other, Net.........................................    (410)     864      52
                                                      -------  -------  ------
Net Cash Provided by Operating Activities............ $ 3,688  $ 4,823  $3,980
                                                      =======  =======  ======
</TABLE>    
 
          See accompanying notes to consolidated financial statements.
 
                                       72
<PAGE>
 
                      
                   METROPOLITAN LIFE INSURANCE COMPANY     
                   
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS     
   
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES     
   
 BUSINESS     
   
  Metropolitan Life Insurance Company ("MetLife") and its subsidiaries
(collectively, the "Company") principally provide life insurance and annuity
products and pension, pension-related and investment-related services to
individuals, corporations and other institutions. The Company also provides
nonmedical health, disability and property and casualty insurance and offers
investment management, investment advisory, and commercial finance services.
       
 BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION     
   
  The accompanying consolidated financial statements have been prepared in
conformity with generally accepted accounting principles ("GAAP"). The New
York State Insurance Department (the "Department") recognizes only statutory
accounting practices for determining and reporting the financial condition and
results of operations of an insurance company for determining solvency under
the New York Insurance Law. No consideration is given by the Department to
financial statements prepared in accordance with GAAP in making such
determination.     
   
  The accompanying consolidated financial statements include the accounts of
MetLife and its subsidiaries, partnerships and joint venture interests in
which MetLife has control. Other equity investments in affiliated companies,
partnerships and joint ventures are generally reported on the equity basis.
Significant intercompany transactions and balances have been eliminated in
consolidation.     
   
  Minority interest related to subsidiaries, partnership and joint venture
interests that are consolidated amounted to $149 million and $137 million at
December 31, 1996 and 1995, respectively, and is included in other
liabilities. Minority interest in earnings of $30 million, $22 million and $5
million in 1996, 1995 and 1994, respectively, is included in other operating
costs and expenses.     
   
  In August 1996, MetLife completed a merger with New England Mutual Life
Insurance Company ("The New England") whereby The New England was merged
directly into MetLife. The merger was accounted for as a pooling of interest
and, accordingly, the accompanying consolidated financial statements include
the accounts and operations of The New England for all periods.     
   
  Prior to 1996, MetLife, as a mutual life insurance company, prepared its
financial statements in conformity with accounting practices prescribed or
permitted by the Department (statutory financial statements), which accounting
practices were considered to be GAAP for a mutual life insurance company. In
1996, MetLife adopted Interpretation No. 40, Applicability of Generally
Accepted Accounting Principles to Mutual Life Insurance and Other Enterprises
(the "Interpretation"), and Statement of Financial Accounting Standards
("SFAS") No. 120, Accounting and Reporting by Mutual Life Insurance
Enterprises and by Insurance Enterprises for Certain Long Duration
Participating Policies (the "Standard"), of the Financial Accounting Standards
Board ("FASB"). The Interpretation and the Standard required mutual life
insurance companies to adopt all standards promulgated by the FASB in their
general purpose financial statements. The financial statements of MetLife for
1995 and 1994 have been retroactively restated to reflect the adoption of all
applicable authoritative GAAP pronouncements. The effect of such adoption,
except for SFAS No. 115, "Accounting for Certain Investments in Debt and
Equity Securities," has been reflected in equity at January 1, 1994 (see Note
13).     
   
  As of December 31, 1994, the Company adopted SFAS No. 115, which expanded
the use of fair value accounting for those securities that a company does not
have positive intent and ability to hold to maturity. Implementation of SFAS
No. 115 decreased consolidated equity at December 31, 1994, by $1,247 million,
net of deferred income taxes, amounts attributable to participating pension
contractholders and adjustments of deferred policy acquisition costs and
future policy benefits. In 1995, the FASB issued implementation guidance for
SFAS No. 115 and permitted companies a one-time opportunity, through December
31, 1995, to reassess the appropriateness of the classification of all
securities held at that time. On December 31, 1995, the Company transferred
$3,058 million of securities classified as held to maturity to the available
for sale portfolio. As a result, consolidated equity at December 31, 1995,
increased by $135 million, excluding the effects of deferred income taxes,
amounts attributable to participating pension contractholders and adjustments
of deferred policy acquisition costs and future policy benefits.     
 
                                      73
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
VALUATION OF INVESTMENTS     
   
  Fixed maturity securities for which the Company has the positive intent and
ability to hold to maturity are stated principally at amortized cost and
include bonds and redeemable preferred stock. All other fixed maturity
securities are classified as available for sale and are reported at estimated
fair value. Equity securities are stated principally at estimated fair value
and include common stocks and nonredeemable preferred stocks. Unrealized
investment gains and losses on fixed maturity securities available for sale
and equity securities are reported as a separate component of equity. Such
amounts are net of related deferred income taxes, amounts attributable to
participating pension contractholders and adjustments of deferred policy
acquisition costs and future policy benefits relating to unrealized gains on
available for sale securities. Costs of fixed maturity and equity securities
are adjusted for impairments in value deemed to be other than temporary. All
security transactions are recorded on a trade date basis.     
   
  Mortgage loans in good standing are carried at outstanding principal
balances less unaccreted discounts. Mortgage loans are considered impaired
when, based on current information and events, it is probable that the Company
will be unable to collect all amounts due according to the contract terms of
the loan agreement. When the Company determines that a loan is impaired, an
allowance for loss is established for the difference between the carrying
value of the mortgage loan and the estimated fair value. Estimated fair value
is based on either the present value of expected future cash flows discounted
at the loan's effective interest rate, the loan's observable market price or
the fair value of the collateral. The provision for losses is reported as a
realized investment loss. Mortgage loans deemed to be uncollectible are
charged against the allowance for losses and subsequent recoveries, if any,
are credited to the allowance for losses.     
   
  Investment real estate, including real estate acquired in satisfaction of
debt, is generally stated at depreciated cost (or amortized cost for capital
leases). At the date of foreclosure, real estate acquired in satisfaction of
debt is recorded at estimated fair value. Cost is adjusted for impairment
whenever events or changes in circumstances indicate that the carrying amount
of the investment may not be recoverable. In performing the review for
recoverability, management estimates future cash flows expected from real
estate investments including proceeds on disposition. If the sum of such
expected future cash flows (undiscounted and without interest charges) is less
than the carrying amount of the real estate, an impairment loss is recognized.
Measurement of impairment losses is based on the estimated fair market value
of the real estate, which is generally computed using the present value of
expected future cash flows discounted at a rate commensurate with underlying
risks. Real estate investments that management intends to sell in the near
term are reported at the lower of cost or estimated fair market value less
allowances for the estimated cost of sales. Changes in allowances relating to
real estate to be disposed of and impairments of real estate are reported as
realized investment gains or losses.     
   
  Depreciation, including charges relating to capital leases, of real estate
is computed using the straight-line method over the estimated useful lives of
the properties, which generally range from 20 to 40 years or the terms of the
lease, if shorter. Accumulated depreciation and amortization on real estate
was $2,109 million and $2,187 million at December 31, 1996 and 1995,
respectively. Depreciation and amortization expense totaled $348 million, $427
million and $356 million for the years ended December 31, 1996, 1995 and 1994,
respectively.     
   
  Policy loans are stated at unpaid principal balances. Short-term investments
are stated at amortized cost, which approximates fair value.     
   
  The Company acts as the lessor of equipment in both direct financing and
operating lease transactions. At lease commencement, the Company records the
aggregate future minimum lease payments due, the estimated residual value of
the leased equipment and unearned lease income for direct financing leases.
The unearned lease income represents the excess of aggregate future minimum
lease receipts plus the estimated residual value over the cost of the leased
equipment or its net capitalized value. Lease income is recognized over the
term of the lease in a manner which reflects a level yield on the net
investment in the lease. Certain origination fees and costs are deferred and
recognized over the term of the lease using the interest method. For operating
lease transactions, the cost of equipment or its net realizable value is
depreciated on a straight-line basis over its estimated economic life and
lease income is recorded as earned.     
   
  The Company participates in leasing transactions in which it supplies only a
portion of the purchase price, but generally has the entire equity interest in
the equipment and rentals receivable (leveraged leases). These interests,
however, are subordinated to the interests of the lenders supplying the
nonequity portion of the repurchase price. The financing is generally in the
form of long-term debt that provides for no recourse against the Company and
is collateralized by the property. The investment in leveraged leases is
recorded net of the nonrecourse debt. Revenue,     
 
                                      74
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
including related tax benefits, is recorded over the term of the lease at a
level rate of return. Management regularly reviews residual values and writes
down residuals to expected values as needed.     
   
 INVESTMENT RESULTS     
   
  Realized investment gains and losses are determined by specific
identification and are presented as a component of revenues. Valuation
allowances are netted against asset categories to which they apply and
provisions for losses for investments are included in investment gains and
losses.     
   
 PROPERTY AND EQUIPMENT     
   
  Property and equipment and leasehold improvements are included in other
assets, and are stated at cost, less accumulated depreciation and
amortization. Depreciation, including charges relating to capitalized leases,
is provided using the straight-line or sum of the years digits methods over
the estimated useful lives of the assets, which generally range from 20 to 40
years for real estate and five to 15 years or the term of the lease, if
shorter, for all other property and equipment. Amortization of leasehold
improvements is provided using the straight-line method over the lesser of the
term of the lease or the estimated useful life of the improvements.     
   
 RECOGNITION OF INCOME AND EXPENSES     
   
  Premiums from traditional life and annuity policies with life contingencies
are generally recognized as income when due. Benefits and expenses are matched
with such income so as to result in the recognition of profits over the life
of the contract. This match is accomplished by means of the provision for
liabilities for future policy benefits and the deferral and subsequent
amortization of policy acquisition costs.     
   
  For contracts with a single premium, or limited number of premium payments
due over a significantly shorter period of time than the total period over
which benefits are provided ("limited payment contracts"), premiums are
recorded as income when due with any excess profit deferred and recognized in
income in a constant relationship to insurance in force or, for annuities, the
amount of expected future benefit payments.     
   
  Premiums from nonmedical health contracts are recognized as income on a pro
rata basis over the contract terms.     
   
  Premiums from universal life and investment-type contracts are reported as
deposits to policyholder account balances. Revenues from these contracts
consist of amounts assessed during the period against policyholder account
balances for mortality, policy administration and surrender charges. Policy
benefits and claims that are charged to expenses include benefit claims
incurred in the period in excess of related policyholder account balances and
interest credited to policyholder account balances.     
   
  Property and liability premiums are generally recognized as revenue on a pro
rata basis over the policy term. Unearned premiums are included in other
liabilities and are computed principally by the monthly pro rata method.     
   
 DEFERRED POLICY ACQUISITION COSTS     
   
  The costs of acquiring new business, principally commissions, agency and
policy issue expenses, all of which vary with and are primarily related to the
production of new business, have been deferred. Deferred policy acquisition
costs are subject to recoverability testing at the time of policy issue and
loss recognition testing at the end of each accounting period.     
   
  Deferred policy acquisition costs are amortized over 40 years for
participating traditional life and 30 years for universal life and investment-
type products as a constant percentage of estimated gross margins or profits
arising principally from surrender charges and interest, mortality and expense
margins based on historical and anticipated future experience, updated
regularly. The effects of revisions to experience on previous amortization of
deferred policy acquisition costs are reflected in earnings in the period
estimated gross margins or profits are revised.     
   
  For nonparticipating traditional life and annuity policies with life
contingencies, deferred policy acquisition costs are amortized in proportion
to anticipated premiums. Assumptions as to anticipated premiums are estimated
at the date of policy issue and are consistently applied during the life of
the contracts. Deviations from estimated experience are reflected in earnings
in the period such deviations occur. For these contracts, the amortization
periods generally are for the estimated life of the policy.     
   
  For nonmedical health insurance contracts, deferred policy acquisition costs
are amortized over the life of the contracts (generally 10 years) in
proportion to anticipated premium revenue at the time of issue.     
 
 
                                      75
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
  For property and liability insurance, deferred policy acquisition costs are
amortized over the terms of policies or reinsurance treaties.     
   
 VALUE OF INSURANCE BUSINESS ACQUIRED AND GOODWILL     
   
  The cost of insurance acquired of $358 million and $381 million at December
31, 1996 and 1995, respectively, and the excess of purchase price over the
fair value of net assets acquired of $17 million and $22 million at December
31, 1996 and 1995, respectively, are included in other assets. The cost of
insurance acquired is being amortized over the expected policy or contract
duration in relation to the present value of estimated gross profits from such
policies and contracts. Accumulated amortization of cost of insurance acquired
was $48 million and $18 million at December 31, 1996 and 1995, respectively,
and related amortization expense was $30 million, $27 million and $2 million
for the years ended December 31, 1996, 1995 and 1994, respectively. The excess
of purchase price over the fair value of assets acquired is being amortized
generally over a 10 year period using the straight-line method. Accumulated
amortization of cost in excess of net assets acquired was $48 million and $43
million at December 31, 1996 and 1995, respectively, and related amortization
expense was $5 million, $5 million and $6 million for the years ended December
31, 1996, 1995 and 1994, respectively.     
   
 FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES     
   
  Future policy benefit liabilities for participating traditional life
insurance policies are equal to the aggregate of net level premium reserves
for death and endowment policy benefits, the liability for terminal dividends
and premium deficiency reserves. The net level premium reserve is calculated
based on the nonforfeiture interest rate, ranging from 2.5 percent to 7.0
percent, and mortality rates guaranteed in calculating the cash surrender
values described in such contracts. Premium deficiency reserves are
established, if necessary, when the liabilities for future policy benefits
plus the present value of expected future gross premiums are insufficient to
provide for expected future policy benefits and expenses after deferred policy
acquisition costs are written off.     
   
  Future policy benefit liabilities for traditional annuities during the
accumulation period are equal to accumulated contractholder fund balances and,
after annuitization, are equal to the present value of expected future
payments. Interest rates used in establishing future policy benefit
liabilities range from 2.5 percent to 7.0 percent for life insurance policies
and 6.0 percent to 8.25 percent for annuity contracts.     
   
  Policyholder account balances for universal life and investment-type
contracts are equal to the policy account values. The policy account values
represent an accumulation of gross premium payments plus credited interest
less expense and mortality charges and withdrawals.     
   
  Benefit liabilities for nonmedical health insurance are calculated using the
net level premium method and assumptions as to future morbidity, withdrawals
and interest, which provide a margin for adverse deviation. Benefit
liabilities for disabled lives are estimated using the present value of
benefits method and experience assumptions as to claim terminations, expenses
and interest.     
   
  For property and liability insurance, the liability for unpaid reported
losses is based on a case by case or overall estimate using the Company's past
experience. A provision is also made for losses incurred but not reported on
the basis of estimates and past experience.     
   
 INCOME TAXES     
   
  MetLife and its eligible life insurance and nonlife insurance subsidiaries
file a consolidated federal income tax return. The future tax consequences of
temporary differences between financial reporting and tax basis of assets and
liabilities are measured as of the balance sheet dates and are recorded as
deferred tax assets or liabilities.     
   
 SEPARATE ACCOUNT OPERATIONS     
   
  Separate Accounts are established in conformity with insurance laws and are
generally not chargeable with liabilities that arise from any other business
of the Company. Separate Account assets are subject to general account claims
only to the extent the value of such assets exceeds the Separate Account
liabilities. Separate Account assets and liabilities also include assets and
liabilities relating to unit-linked products sold in the United Kingdom.     
 
                                      76
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
  Investments held in the Separate Accounts (stated at estimated fair market
value) and liabilities of the Separate Accounts (including participants'
corresponding equity in the Separate Accounts) are reported separately as
assets and liabilities. Deposits to Separate Accounts are reported as
increases in Separate Account liabilities and are not reported in revenues.
Mortality, policy administration and surrender charges to all Separate
Accounts are included in revenues.     
   
 POLICYHOLDER DIVIDENDS     
   
  The amount of policyholder dividends to be paid is determined annually by
the Board of Directors. The aggregate amount of policyholder dividends is
related to actual interest, mortality, morbidity and expense experience for
the year and management's judgment as to the appropriate level of statutory
surplus to be retained by the Company.     
   
 CASH AND CASH EQUIVALENTS     
   
  Cash and cash equivalents includes cash on hand, amounts due from banks and
highly liquid debt instruments purchased with an original maturity of three
months or less.     
   
 CONSOLIDATED STATEMENTS OF CASH FLOWS--NON CASH TRANSACTIONS     
   
  For the years ended December 31, 1996, 1995 and 1994, respectively, real
estate of $189 million, $429 million and $273 million was acquired in
satisfaction of debt. At December 31, 1996 and 1995, the Company owned real
estate acquired in satisfaction of debt of $456 million and $649 million,
respectively. During 1995 and 1994, respectively, the company assumed
liabilities of $1,573 million and $88 million and received assets of $1,573
million and $86 million through assumption of certain businesses from other
insurance companies.     
   
 DISCONTINUED OPERATIONS     
   
  In January 1995, the Company contributed its group medical benefits
businesses to a corporate joint venture, The MetraHealth Companies, Inc.
("MetraHealth"). In October 1995, the Company sold its investment in
MetraHealth to United HealthCare Corporation. For its interest in MetraHealth,
the Company received $485 million face amount of United HealthCare Corporation
convertible preferred stock and $326 million in cash (including additional
consideration of $50 million in 1996). The sale resulted in an aftertax loss
of $36 million in 1996 and an aftertax gain of $372 million in 1995. Operating
losses in 1996 related principally to the finalization of the transfer of
group medical contracts to MetraHealth. The Company also has the right to
receive from United HealthCare Corporation up to approximately $169 million in
cash based on the 1997 consolidated financial results of United HealthCare
Corporation.     
   
  During 1995, the company also sold its real estate brokerage, mortgage
banking and mortgage administration operations for an aggregate consideration
of $251 million (including additional cash consideration of $25 million in
1996), resulting in aftertax gains of $17 million in 1996 and $44 million in
1995.     
   
  These operations are accounted for as discontinued operations and,
accordingly, are segregated in the accompanying consolidated statements of
earnings.     
   
 FOREIGN CURRENCY TRANSLATION     
   
  Assets and liabilities of foreign operations and subsidiaries are translated
at the exchange rate in effect at year end. Revenues and benefits and other
expenses are translated at the average rate prevailing during the year.
Translation adjustments arising from the use of differing exchange rates from
period to period are charged or credited directly to equity.     
   
 ESTIMATES     
   
  The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.     
 
                                      77
<PAGE>
 
             
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
2. INVESTMENTS     
   
 FIXED MATURITY AND EQUITY SECURITIES     
   
  The cost or amortized cost, gross unrealized gain and loss and estimated fair
value of fixed maturity and equity securities, by category, are shown below.
       
HELD TO MATURITY SECURITIES--DECEMBER 31, 1996 (in millions):     
 
<TABLE>   
<CAPTION>
                                                   GROSS UNREALIZED
                                         AMORTIZED ----------------- ESTIMATED
                                           COST      GAIN     LOSS   FAIR VALUE
                                         --------- --------   ----   ----------
<S>                                      <C>       <C>      <C>      <C>
Fixed Maturities:
 Bonds:
  U. S. Treasury securities and
   obligations of U. S. government
   corporations and agencies............  $    48  $      3           $    51
  States and political subdivisions.....       58         1                59
  Foreign governments...................      260         5               265
  Corporate.............................    7,520       236 $     64    7,692
  Mortgage-backed securities............      689         1       16      674
  Other.................................    2,746        85       24    2,807
                                          -------  -------- --------  -------
    Total bonds.........................   11,321       331      104   11,548
 Redeemable preferred stocks............        1       --       --         1
                                          -------  -------- --------  -------
    Total Fixed Maturities..............  $11,322  $    331 $    104  $11,549
                                          =======  ======== ========  =======
 
HELD TO MATURITY SECURITIES--DECEMBER 31, 1995 (in millions):
 
Fixed Maturities:
 Bonds:
  U. S. Treasury securities and
   obligations of U. S. government
   corporations and agencies............  $    63  $      3           $    66
  States and political subdivisions.....       57       --                 57
  Foreign governments...................      194        10               204
  Corporate.............................    8,039       398 $     33    8,404
  Mortgage-backed securities............      860         5       31      834
  Other.................................    2,126       128        5    2,249
                                          -------  -------- --------  -------
    Total bonds.........................   11,339       544       69   11,814
 Redeemable preferred stocks............        1       --       --         1
                                          -------  -------- --------  -------
    Total Fixed Maturities..............  $11,340  $    544 $     69  $11,815
                                          =======  ======== ========  =======
</TABLE>    
 
                                       78
<PAGE>
 
             
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
AVAILABLE FOR SALE SECURITIES--DECEMBER 31, 1996 (in millions)     
 
<TABLE>   
<CAPTION>
                                                             GROSS
                                                          UNREALIZED
                                                          -----------
                                                                      ESTIMATED
                                                AMORTIZED               FAIR
                                                  COST     GAIN  LOSS   VALUE
                                                --------- ------ ---- ---------
Fixed Maturities:
 Bonds:
<S>                                             <C>       <C>    <C>  <C>
  U. S. Treasury securities and obligations
   of U. S. government corporations and agen-
   cies........................................  $12,949  $  901 $128  $13,722
 States and political subdivisions.............      536      13    1      548
 Foreign governments...........................    2,597     266    6    2,857
 Corporate.....................................   32,520   1,102  294   33,328
 Mortgage-backed securities....................   21,200     407   91   21,516
 Other.........................................    2,511      90   30    2,571
                                                 -------  ------ ----  -------
  Total bonds..................................   72,313   2,779  550   74,542
Redeemable preferred stocks....................      500     --     3      497
                                                 -------  ------ ----  -------
  Total Fixed Maturities.......................  $72,813  $2,779 $553  $75,039
                                                 =======  ====== ====  =======
Equity Securities:
 Common stocks.................................  $ 1,882  $  648 $ 55  $ 2,475
 Nonredeemable preferred stocks................      371      51   81      341
                                                 -------  ------ ----  -------
  Total Equity Securities......................  $ 2,253  $  699 $136  $ 2,816
                                                 =======  ====== ====  =======
 
AVAILABLE FOR SALE SECURITIES--DECEMBER 31, 1995 (in millions)
 
Fixed Maturities:
 Bonds:
  U. S. Treasury securities and obligations
   of U. S. government corporations and
   agencies....................................  $15,963  $2,194 $  4  $18,153
 States and political subdivisions.............       54       1   --       55
 Foreign governments...........................    1,851     195   --    2,046
 Corporate.....................................   29,742   1,905  124   31,523
 Mortgage-backed securities....................   21,255     707   28   21,934
 Other.........................................    1,788     235    7    2,016
                                                 -------  ------ ----  -------
  Total bonds..................................   70,653   5,237  163   75,727
Redeemable preferred stocks....................      593      95    3      685
                                                 -------  ------ ----  -------
Total Fixed Maturities.........................  $71,246  $5,332 $166  $76,412
                                                 =======  ====== ====  =======
Equity Securities:
 Common stocks.................................  $ 1,372  $  389 $134  $ 1,627
 Nonredeemable preferred stocks................      167       2   47      122
                                                 -------  ------ ----  -------
  Total Equity Securities......................  $ 1,539  $  391 $181  $ 1,749
                                                 =======  ====== ====  =======
</TABLE>    
 
                                       79
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
  The amortized cost and estimated fair value of bonds classified as held to
maturity, by contractual maturity, are shown below.     
 
<TABLE>   
<CAPTION>
                                                            AMORTIZED ESTIMATED
                                                              COST    FAIR VALUE
                                                            --------- ----------
      <S>                                                   <C>       <C>
      DECEMBER 31, 1996 (in millions)
      Due in one year or less..............................  $   389   $   391
      Due after one year through five years................    3,317     3,413
      Due after five years through 10 years................    5,444     5,562
      Due after 10 years...................................    1,482     1,508
                                                             -------   -------
       Subtotal............................................   10,632    10,874
      Mortgage-backed securities...........................      689       674
                                                             -------   -------
        Total..............................................  $11,321   $11,548
                                                             =======   =======
</TABLE>    
   
  The amortized cost and estimated fair value of bonds classified as available
for sale, by contractual maturity, are shown below.     
 
<TABLE>   
<CAPTION>
                                                            AMORTIZED ESTIMATED
                                                              COST    FAIR VALUE
                                                            --------- ----------
      <S>                                                   <C>       <C>
      DECEMBER 31, 1996 (in millions)
      Due in one year or less..............................  $ 1,842   $ 1,844
      Due after one year through five years................   13,659    13,957
      Due after five years through 10 years................   15,729    16,228
      Due after 10 years...................................   19,883    20,997
                                                             -------   -------
       Subtotal............................................   51,113    53,026
      Mortgage-backed securities...........................   21,200    21,516
                                                             -------   -------
        Total..............................................  $72,313   $74,542
                                                             =======   =======
</TABLE>    
   
Bonds not due at a single maturity date have been included in the above tables
in the year of final maturity. Expected maturities may differ from contractual
maturities because borrowers may have the right to call or prepay obligations
with or without prepayment penalties.     
   
MORTGAGE LOANS     
   
  Mortgage loans are collateralized by properties principally located
throughout the United States and Canada. At December 31, 1996, approximately
16 percent and 7 percent of the properties were located in California and
Illinois, respectively. Generally, the Company (as the lender) requires that a
minimum of one-fourth of the purchase price of the underlying real estate be
paid by the borrower.     
   
  The mortgage loan investments were categorized as follows:     
 
<TABLE>   
<CAPTION>
                                                                      1996  1995
                                                                      ----  ----
<S>                                                                   <C>   <C>
DECEMBER 31
Office buildings.....................................................  30%   32%
Retail...............................................................  19%   18%
Residential..........................................................  16%   17%
Agricultural.........................................................  18%   16%
Other................................................................  17%   17%
                                                                      ---   ---
  Total.............................................................. 100%  100%
                                                                      ===   ===
</TABLE>    
   
  Many of the Company's real estate joint ventures have loans with the
Company. The carrying values of such mortgages were $869 million and $1,164
million at December 31, 1996 and 1995, respectively.     
 
                                      80
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
  Mortgage loan valuation allowances and changes thereto are shown below.     
 
<TABLE>   
<CAPTION>
                                                               1996  1995  1994
                                                               ----  ----  ----
<S>                                                            <C>   <C>   <C>
DECEMBER 31 (in millions)
Balance, beginning of year.................................... $466  $483  $569
Additions charged to income...................................  144   107    89
Deductions for writedowns and dispositions.................... (166) (124) (175)
                                                               ----  ----  ----
Balance, end of year.......................................... $444  $466  $483
                                                               ====  ====  ====
</TABLE>    
   
  Impaired mortgage loans and related valuation allowances are as follows:
    
<TABLE>   
<CAPTION>
                                                                  1996    1995
                                                                 ------  ------
<S>                                                              <C>     <C>
DECEMBER 31 (in millions)
Impaired mortgage loans with valuation allowances............... $1,677  $2,028
Impaired mortgage loans with no valuation allowances............    165     389
                                                                 ------  ------
Recorded investment in impaired mortgage loans..................  1,842   2,417
Valuation allowances............................................   (427)   (449)
                                                                 ------  ------
Net impaired mortgage loans..................................... $1,415  $1,968
                                                                 ======  ======
</TABLE>    
   
  During the years ended December 31, 1996 and 1995, the Company's average
recorded investment in impaired mortgage loans was $2,113 million and $2,365
million, respectively. Interest income recognized on these impaired mortgage
loans totaled $122 million and $169 million for the years ended December 31,
1996 and 1995, respectively. Interest income earned on loans where the
collateral value is used to measure impairment is recorded on a cash basis.
Interest income on loans, where the present value method is used to measure
impairment, is accrued on the net carrying value amount of the loan at the
interest rate used to discount the cash flows.     
   
 REAL ESTATE     
   
  Real Estate valuation allowances and changes thereto are shown below.     
 
<TABLE>   
<CAPTION>
                                                               1996  1995  1994
                                                               ----  ----  ----
<S>                                                            <C>   <C>   <C>
YEARS ENDED DECEMBER 31 (in millions)
Balance, beginning of year.................................... $743  $622  $674
Additions charged to income...................................  127   358    82
Deductions for writedowns and dispositions.................... (341) (237) (134)
                                                               ----  ----  ----
Balance, end of year.......................................... $529  $743  $622
                                                               ====  ====  ====
</TABLE>    
   
  The above table does not include valuation reserves of $118 million, $167
million and $95 million at December 31, 1996, 1995 and 1994, respectively,
relating to investments in real estate joint ventures.     
   
  Prior to 1996, the Company established valuation allowances for impaired
real estate investments. During 1996, $150 million of valuation allowances
relating to real estate held for investment were applied as writedowns to
specific properties. The balance in the real estate valuation allowance at
December 31, 1996, relates to properties that management has committed to a
plan of sale. The carrying value, net of valuation allowances, of properties
committed to a plan of sale was $1,844 million at December 31, 1996. Net
investment income relating to such properties was $60 million for the year
ended December 31, 1996.     
 
                                      81
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
 LEASES AND LEVERAGED LEASES     
   
  The Company's investment in direct financing leases and leveraged leases is
summarized below.     
 
<TABLE>   
<CAPTION>
                               DIRECT FINANCING     LEVERAGED
                                    LEASES           LEASES          TOTAL
                               ------------------  ------------  --------------
                                 1996      1995     1996   1995   1996    1995
                               --------  --------  ------  ----  ------  ------
<S>                            <C>       <C>       <C>     <C>   <C>     <C>
DECEMBER 31 (in millions)
Investment.................... $  1,247  $  1,054  $  507  $298  $1,754  $1,352
Estimated Residual Values.....      238       231     543   445     781     676
                               --------  --------  ------  ----  ------  ------
 Total........................    1,485     1,285   1,050   743   2,535   2,028
Unearned Income...............     (336)     (295)   (316) (230)   (652)   (525)
                               --------  --------  ------  ----  ------  ------
Net Investment................ $  1,149  $    990  $  734  $513  $1,883  $1,503
                               ========  ========  ======  ====  ======  ======
</TABLE>    
   
  The investment amounts set forth above are due primarily in monthly
installments. The payment periods generally range from three to eight years,
but in certain circumstances are as long as 20 years. Average yields range
from 7 percent to 12 percent. These receivables are generally collateralized
by the related property.     
   
Scheduled aggregate receipts for the investment and estimated residual values
in direct financing leases are:     
 
<TABLE>   
<CAPTION>
                                                      DIRECT
                                                     FINANCING RESIDUALS TOTAL
                                                     --------- --------- ------
<S>                                                  <C>       <C>       <C>
YEAR ENDING DECEMBER 31 (in millions)
  1997..............................................  $  236     $ 20    $  256
  1998..............................................     209        9       218
  1999..............................................     189       25       214
  2000..............................................     167       26       193
  2001..............................................     128       23       151
Thereafter..........................................     318      135       453
                                                      ------     ----    ------
Total...............................................  $1,247     $238    $1,485
                                                      ======     ====    ======
</TABLE>    
   
  Historical collection experience indicates that a portion of the above
amounts will be paid prior to contractual maturity. Accordingly, the future
receipts, as shown above, should not be regarded as a forecast of future cash
flow.     
   
FINANCIAL INSTRUMENTS     
   
  The Company has a securities lending program whereby large blocks of
securities are loaned to third parties, primarily major brokerage firms.
Company policy requires a minimum of 102 percent of the fair value of the
loaned securities to be separately maintained as collateral for the loans. The
collateral is recorded in memorandum records and is not reflected in the
accompanying consolidated balance sheets. To further minimize the credit risks
related to this lending program, the Company regularly monitors the financial
condition of counterparties to these agreements.     
   
  The Company engages in a variety of derivative transactions. Certain
derivatives, such as forwards, futures, options and swaps, which do not
themselves generate interest or dividend income, are acquired or sold in order
to hedge or reduce risks applicable to assets held, or expected to be
purchased or sold, and liabilities incurred or expected to be incurred. The
Company may also sell covered call options for income generation purposes from
time to time. The Company does not engage in trading of these derivatives.
       
  Derivative financial instruments involve varying degrees of market risk
resulting from changes in the volatility of interest rates, foreign currency
exchange rates or market values of the underlying financial instruments. The
Company's risk of loss is typically limited to the fair value of these
instruments and not by the notional or contractual amounts which reflect the
extent of involvement but not necessarily the amounts subject to risk. Credit
risk arises from     
 
                                      82
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
the possible inability of counterparties to meet the terms of the contracts.
Credit risk due to counterparty nonperformance associated with these
instruments is the unrealized gain, if any, reflected by the fair value of
such instruments.     
   
  During the three year period ended December 31, 1996, the Company employed
several ongoing derivatives strategies. The Company entered into a number of
anticipatory hedges using securities forwards, futures and interest rate swaps
to limit the interest rate exposure of investments expected to be acquired or
sold within one year. The Company also executed swaps and foreign currency
forwards to hedge, including on an anticipatory basis, the foreign currency
risk of foreign currency denominated investments. The Company also used
interest rate swaps and forwards to reduce risks from changes in interest
rates and exposures arising from mismatches between assets and liabilities. In
addition, the Company has used interest rate caps to reduce the market and
interest rate risks relating to certain assets and liabilities.     
   
  Income and expenses related to derivatives used to hedge or manage risks are
recorded on the accrual basis as an adjustment to the yield of the related
securities over the periods covered by the derivative contracts. Gains and
losses relating to early terminations of interest rate swaps used to hedge or
manage interest rate risk are deferred and amortized over the remaining period
originally covered by the swap. Gains and losses relating to derivatives used
to hedge the risks associated with anticipated transactions are deferred and
utilized to adjust the basis of the transaction once it has closed. If it is
determined that the transaction will not close, such gains and losses are
included in realized investment gains and losses.     
   
ASSETS ON DEPOSIT     
   
  As of December 31, 1996 and 1995, the Company had assets on deposit with
regulatory agencies of $4,062 million and $3,917 million, respectively.     
   
3. INVESTMENT INCOME AND INVESTMENT GAINS     
   
  The sources of investment income are as follows:     
 
<TABLE>   
<CAPTION>
                                                          1996    1995    1994
                                                         ------  ------  ------
<S>                                                      <C>     <C>     <C>
YEARS ENDED DECEMBER 31 (in millions)
Fixed maturities........................................ $6,042  $6,006  $5,682
Equity securities.......................................     60      45      53
Mortgage loans on real estate...........................  1,523   1,501   1,573
Policy loans............................................    399     394     359
Real estate.............................................  1,647   1,833   1,870
Real estate joint ventures..............................     21      41     (99)
Other limited partnership interests.....................     70      23      40
Leases and leveraged leases.............................    135     113      92
Cash, cash equivalents and short-term investments.......    214     231     146
Other investment income.................................    281     326     337
                                                         ------  ------  ------
Gross investment income................................. 10,392  10,513  10,053
Investment expenses..................................... (1,544) (1,802) (1,770)
                                                         ------  ------  ------
Investment income, net.................................. $8,848  $8,711  $8,283
                                                         ======  ======  ======
</TABLE>    
 
                                      83
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
     
  Investment gains (losses), including changes in valuation allowances, are
  summarized as follows:     
 
<TABLE>   
<CAPTION>
                                                        1996    1995    1994
                                                       ------  ------  -------
<S>                                                    <C>     <C>     <C>
YEARS ENDED DECEMBER 31 (in millions)
Fixed maturities...................................... $  234  $  621  $   (97)
Equity securities.....................................     78      (5)     141
Mortgage loans on real estate.........................    (86)    (51)     (41)
Real estate...........................................    165    (375)     (20)
Real estate joint ventures............................    206     (16)      18
Other limited partnership interests...................     82     117       28
Other.................................................    (76)    (92)     (25)
                                                       ------  ------  -------
Investment gains, net................................. $  603  $  199  $     4
                                                       ======  ======  =======
  Proceeds from the sales of bonds classified as available for sale during
1996, 1995 and 1994 were $74,580 million, $58,537 million and $43,903 million,
respectively. During 1996, 1995 and 1994, respectively, gross gains of $1,069
million, $1,013 million and $642 million and gross losses of $842 million, $402
million and $719 million were realized on those sales. Proceeds from the sale
of bonds classified as held to maturity during 1996, 1995 and 1994 were $1,281
million, $1,806 million and $1,797 million, respectively. During 1996, 1995 and
1994, respectively, gross gains of $10 million, $17 million and $9 million and
gross losses of $1 million, $4 million and $13 million were realized on those
sales. Sales of held to maturity bonds were principally due to prepayments and
callable features on privately placed bonds.
  The net unrealized investment gains (losses), which are included in the
consolidated balance sheets as a component of equity, and the changes for the
corresponding years are summarized as follows:
<CAPTION>
                                                        1996    1995    1994
                                                       ------  ------  -------
<S>                                                    <C>     <C>     <C>
DECEMBER 31 (in millions)
Balance, end of year, comprised of:
 Unrealized investment gains (losses) on:
  Fixed maturities.................................... $2,226  $5,166  $(2,328)
  Equity securities...................................    563     210       41
  Other...............................................    474     380      378
                                                       ------  ------  -------
                                                        3,263   5,756   (1,909)
 Amounts of unrealized investment gains (losses)
 attributable to:
  Participating pension contracts.....................     (9)   (350)     (92)
  Loss recognition.................................... (1,219) (2,064)      (1)
  Deferred policy acquisition cost allowances.........   (420)   (748)     499
  Deferred income tax (expense) benefit...............   (587)   (948)     548
                                                       ------  ------  -------
Balance, end of year.................................. $1,028  $1,646  $  (955)
                                                       ======  ======  =======
<CAPTION>
                                                        1996    1995    1994
                                                       ------  ------  -------
<S>                                                    <C>     <C>     <C>
YEARS ENDED DECEMBER 31 (in millions)
Balance, beginning of year:........................... $1,646  $ (955) $   259
 Change in unrealized investment gains (losses)....... (2,493)  7,665       50
 Unrealized loss at date of adoption of SFAS No. 115..     --      --   (2,449)
 Change in unrealized investment gains (losses)
 attributable to:
  Participating pension contracts.....................    341    (258)     (86)
  Loss recognition....................................    845  (2,063)      21
  Deferred policy acquisition cost allowances.........    328  (1,247)     550
  Deferred income tax (expense) benefit...............    361  (1,496)     700
                                                       ------  ------  -------
Balance, end of year.................................. $1,028  $1,646  $  (955)
                                                       ======  ======  =======
</TABLE>    
 
                                      84
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
4. REAL ESTATE JOINT VENTURES AND OTHER LIMITED PARTNERSHIP INTERESTS     
   
  Summarized combined financial information of real estate joint ventures and
other limited partnership interests accounted for under the equity method, in
which the Company has an investment of $10 million or greater and an equity
interest of 10 percent or greater, is as follows:     
<TABLE>   
<CAPTION>
                                                                    1996   1995
                                                                   ------ ------
<S>                                                                <C>    <C>
DECEMBER 31 (in millions)
Assets:
 Investments in real estate, at depreciated cost.................. $1,030 $1,409
 Investments in securities, generally at estimated fair value.....    621    534
 Cash and cash equivalents........................................     37     33
 Other............................................................  1,030  1,005
                                                                   ------ ------
Total assets...................................................... $2,718 $2,981
                                                                   ====== ======
Liabilities:
 Borrowed funds--third party...................................... $  243 $  264
 Borrowed funds--MetLife..........................................     69    133
 Other............................................................    915    933
                                                                   ------ ------
Total liabilities.................................................  1,227  1,330
                                                                   ------ ------
Partners' Capital................................................. $1,491 $1,651
                                                                   ====== ======
MetLife equity in partners' capital included above................ $  786 $1,103
                                                                   ====== ======
</TABLE>    
 
<TABLE>   
<CAPTION>
                                                              1996  1995  1994
                                                              ----  ----  ----
<S>                                                           <C>   <C>   <C>
YEARS ENDED DECEMBER 31 (in millions)
Operations:
 Revenues of real estate joint ventures...................... $275  $364  $357
 Revenues of other limited partnerships interests............  297   417   287
 Interest expense--third party...............................  (11)  (26)  (24)
 Interest expense--MetLife...................................  (19)  (31)  (27)
 Other expenses.............................................. (411) (501) (499)
                                                              ----  ----  ----
Net earnings................................................. $131  $223  $ 94
                                                              ====  ====  ====
MetLife earnings from real estate joint ventures and other
 limited partnership interests
 included above.............................................. $ 34  $ 28  $  9
                                                              ====  ====  ====
</TABLE>    
   
5. REINSURANCE AND OTHER INSURANCE TRANSACTIONS     
   
  In the normal course of business, the Company assumes and cedes insurance
with other insurance companies. The accompanying consolidated statements of
earnings are presented net of reinsurance ceded.     
   
  The effect of reinsurance on premiums earned is as follows:     
 
<TABLE>   
<CAPTION>
                                                       1996     1995     1994
                                                      -------  -------  -------
<S>                                                   <C>      <C>      <C>
YEARS ENDED DECEMBER 31 (in millions)
Direct premiums...................................... $12,569  $11,944  $11,309
Reinsurance assumed..................................     508      812      227
Reinsurance ceded....................................  (1,615)  (1,578)  (1,458)
                                                      -------  -------  -------
Net premiums earned.................................. $11,462  $11,178  $10,078
                                                      =======  =======  =======
</TABLE>    
   
  Policyholder benefits in the accompanying consolidated statements of
earnings are presented net of reinsurance recoveries of $1,667 million, $1,523
million and $1,328 million for the years ended December 31, 1996, 1995 and
1994, respectively. Premiums and other receivables in the accompanying
consolidated balance sheets include reinsurance recoverables of $700 million
and $458 million at December 31, 1996 and 1995, respectively.     
 
 
                                      85
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
  A contingent liability exists with respect to reinsurance ceded should the
reinsurers be unable to meet their obligations.     
   
  The Company acquired, in part through reinsurance effective in January 1995,
group life, dental, disability, accidental death and dismemberment, vision and
long-term care insurance businesses for $403 million, $53 million of which was
paid in 1994. In January 1995, the Company received assets with a fair market
value equal to the $1,565 million of liabilities assumed under the reinsurance
agreements. The reinsured contracts converted to Company contracts at policy
anniversary dates.     
   
  Activity in the liability for unpaid losses and loss adjustment expenses
relating to property and casualty and group accident and nonmedical health
policies and contracts is summarized as follows:     
 
<TABLE>   
<CAPTION>
                                                          1996    1995    1994
                                                         ------  ------  ------
<S>                                                      <C>     <C>     <C>
YEARS ENDED DECEMBER 31 (in millions)
Balance at January 1.................................... $3,296  $2,670  $2,553
 Less reinsurance recoverables..........................    214     104      88
                                                         ------  ------  ------
Net balance at January 1................................  3,082   2,566   2,465
                                                         ------  ------  ------
Incurred related to:
 Current year...........................................  2,951   3,420   2,831
 Prior years............................................   (114)    (68)    (75)
                                                         ------  ------  ------
Total incurred..........................................  2,837   3,352   2,756
                                                         ------  ------  ------
Paid related to:
 Current year...........................................  1,998   2,053   1,887
 Prior years............................................    791     783     768
                                                         ------  ------  ------
Total paid..............................................  2,789   2,836   2,655
                                                         ------  ------  ------
Net balance at December 31..............................  3,130   3,082   2,566
 Plus reinsurance recoverables..........................    215     214     104
                                                         ------  ------  ------
Balance at December 31.................................. $3,345  $3,296  $2,670
                                                         ======  ======  ======
</TABLE>    
   
  The Company has exposure to catastrophes, which are an inherent risk of the
property and casualty insurance business and could contribute to material
fluctuations in the Company's results of operations. The Company uses excess
of loss and quota share reinsurance arrangements to reduce its catastrophe
losses and provide diversification of risk.     
   
6. INCOME TAXES     
   
  Income tax expense for U.S. operations has been calculated in accordance
with the provisions of the Internal Revenue Code, as amended (the "Code").
Under the Code, the amount of Federal income tax expense incurred by mutual
life insurance companies includes an equity tax calculated by a prescribed
formula that incorporates a differential earnings rate between stock and
mutual life insurance companies.     
   
  MetLife and its eligible subsidiaries file a consolidated U. S. income tax
return and separate income tax returns as required. The Company uses the
liability method of accounting for income taxes. Income tax provisions are
based on income reported for financial statement purposes. Deferred income
taxes arise from the recognition of temporary differences between income
determined for financial reporting purposes and taxable income.     
 
 
                                      86
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
INCOME TAX EXPENSE (BENEFIT) OF CONTINUING OPERATIONS     
<TABLE>   
<CAPTION>
                                                          CURRENT DEFERRED TOTAL
                                                          ------- -------- -----
<S>                                                       <C>     <C>      <C>
1996 (in millions)
Federal..................................................  $346     $ 66   $412
State and local..........................................    25        6     31
Foreign..................................................    27       12     39
                                                           ----     ----   ----
  Total..................................................  $398     $ 84   $482
                                                           ====     ====   ====
1995 (in millions)
Federal..................................................  $241     $ 65   $306
State and local..........................................    52        3     55
Foreign..................................................    22       24     46
                                                           ----     ----   ----
  Total..................................................  $315     $ 92   $407
                                                           ====     ====   ====
1994 (in millions)
Federal..................................................  $443     $(95)  $348
State and local..........................................    15       (5)    10
Foreign..................................................    17        5     22
                                                           ----     ----   ----
  Total..................................................  $475     $(95)  $380
                                                           ====     ====   ====
</TABLE>    
   
Reconciliations of the differences between income taxes of continuing
operations computed at the federal statutory tax rates and consolidated
provisions for income taxes are as follows:     
 
<TABLE>   
<CAPTION>
                                                              1996   1995  1994
                                                             ------  ----  ----
<S>                                                          <C>     <C>   <C>
YEARS ENDED DECEMBER 31 (in millions)
Income before taxes........................................  $1,406  $744  $413
Income tax rate............................................      35%   35%   35%
                                                             ------  ----  ----
Expected income tax expense at federal statutory income tax
rate.......................................................     492   260   145
Tax effect of:
 Tax exempt investment income..............................     (18)   (9)   (9)
 Differential earnings amount..............................      38    67   206
 State and local income taxes..............................      23    37     5
 Foreign operations........................................      (7)   25     3
 Tax credits...............................................     (15)  (15)   --
 Prior year taxes..........................................     (46)   (3)    3
 Other, net................................................      15    45    27
                                                             ------  ----  ----
Income tax expense.........................................  $  482  $407  $380
                                                             ======  ====  ====
</TABLE>    
   
  The deferred tax asset or liability recorded on the consolidated balance
sheets represents the future tax effects of the temporary differences between
the tax basis of assets and liabilities and their amounts for financial
reporting. Significant components of deferred tax assets relate to
policyholder liabilities and unrealized investment losses. The major items
associated with deferred tax liabilities relate to policy acquisition costs,
the excess of tax over financial statement depreciation, and unrealized
investment gains.     
   
  As of December 31, 1996, the net deferred tax asset includes a benefit of
$18 million resulting from foreign net operating loss carryforwards from
several foreign affiliates. This benefit is offset by a valuation allowance of
$18 million. The valuation allowance reflects management's assessment, based
on available information, that it is more likely than not that the deferred
tax asset for foreign net operating loss carryforwards will not be realized.
The benefit will be recognized when management believes that it is more likely
than not that the deferred tax asset is realizable.     
   
  As of December 31, 1996, the deferred tax asset includes a benefit of $12
million resulting from U.S. tax basis net operating loss carryforwards of $34
million. Subject to statutory limitations, these carryforwards are available
to offset taxable income through the year 2011.     
 
 
                                      87
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
7. EMPLOYEE BENEFIT PLANS     
   
 PENSION PLANS     
   
  The Company has defined benefit pension plans covering all eligible
employees and sales representatives of MetLife and certain of its
subsidiaries. The Company is both the sponsor and administrator of these
plans. Retirement benefits are based on years of credited service and final
average earnings history.     
   
  Components of the net periodic pension cost for the defined benefit
qualified and nonqualified pension plans are as follows:     
 
<TABLE>   
<CAPTION>
                                                               1996  1995  1994
                                                               ----  ----  ----
<S>                                                            <C>   <C>   <C>
YEARS ENDED DECEMBER 31 (in millions)
Service cost.................................................. $ 77  $ 62  $ 93
Interest cost on projected benefit obligation.................  232   222   216
Actual return on assets....................................... (273) (280) (246)
Net amortization and deferrals................................  (12)  (13)  (28)
                                                               ----  ----  ----
Net periodic pension cost..................................... $ 24  $ (9) $ 35
                                                               ====  ====  ====
</TABLE>    
   
  The funded status of the qualified and nonqualified defined benefit pension
plans and a comparison of the accumulated benefit obligation, plan assets and
projected benefit obligation are as follows:     
 
<TABLE>   
<CAPTION>
                                            1996                   1995
                                   ---------------------- ----------------------
                                   OVERFUNDED UNDERFUNDED OVERFUNDED UNDERFUNDED
                                   ---------- ----------- ---------- -----------
<S>                                <C>        <C>         <C>        <C>
DECEMBER 31 (in millions)
Actuarial present value of
obligations:
 Vested..........................    $2,756      $135       $2,682      $121
 Nonvested.......................        38       --            43         1
                                     ------      ----       ------      ----
Accumulated benefit obligation...    $2,794      $135       $2,725      $122
                                     ======      ====       ======      ====
Projected benefit obligation.....    $3,084      $184       $3,047      $166
Plan assets (principally Company
 investment contracts) at
 contract value..................     3,495       133        3,236       117
                                     ------      ----       ------      ----
Plan assets in excess of (less
 than) projected benefit obliga-
 tion............................       411       (51)         189       (49)
Unrecognized prior service cost..       165       --            71        (4)
Unrecognized net (loss) gain from
 past experience different from
 that assumed....................        (5)       38          351        43
Unrecognized net asset at transi-
 tion............................      (172)       (4)        (206)       (5)
                                     ------      ----       ------      ----
Prepaid (accrued) pension cost at
 December 31.....................    $  399      $(17)      $  405      $(15)
                                     ======      ====       ======      ====
</TABLE>    
   
  The weighted average discount rate used in determining the actuarial present
value of the projected benefit obligation ranged from 7.25 percent to 8.0
percent for 1996 and 7.25 percent to 8.5 percent for 1995. The weighted
average assumed rate of increase in future compensation levels ranged from 4.0
percent to 8.0 percent in 1996 and 1995. The assumed long-term rate of return
on assets used in determining the net periodic pension cost ranged from 8.0
percent to 8.5 percent in 1996 and 8.0 percent to 9.5 percent in 1995. In
addition, several other factors, such as expected retirement dates and
mortality, enter into the determination of the actuarial present value of the
accumulated benefit obligation.     
   
SAVINGS AND INVESTMENT PLANS     
   
  The Company sponsors savings and investment plans available for
substantially all employees under which the Company matches a portion of
employee contributions. During 1996, 1995 and 1994, the Company contributed
$42 million, $49 million and $53 million, respectively, to the plans.     
 
                                      88
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
OTHER POSTRETIREMENT BENEFITS     
   
  The Company also provides certain postretirement health care and life
insurance benefits for retired employees through insurance contracts.
Substantially all of the Company's employees may, in accordance with the plans
applicable to such benefits, become eligible for these benefits if they attain
retirement age, with sufficient service, while working for the Company.     
   
  The following table sets forth the postretirement health care and life
insurance plans' combined status reconciled with the amount included in the
Company's consolidated balance sheets.     
 
<TABLE>   
<CAPTION>
                                                                 1996    1995
                                                                ------  ------
<S>                                                             <C>     <C>
DECEMBER 31 (in millions)
Accumulated postretirement benefit obligation:
 Retirees...................................................... $1,170  $1,223
 Fully eligible active employees...............................    135     111
 Active employees not eligible to retire.......................    378     366
                                                                ------  ------
  Total........................................................  1,683   1,700
Plan assets (Company insurance contracts) at contract value....    897     804
                                                                ------  ------
Plan assets less than accumulated postretirement benefit obli-
 gation........................................................   (786)   (896)
Unrecognized net (loss) gain from past experience different
 from that assumed and from
 changes in assumptions........................................    (20)    108
                                                                ------  ------
Accrued nonpension postretirement benefit cost at December 31.. $ (806) $ (788)
                                                                ======  ======
</TABLE>    
   
  The components of the net periodic nonpension postretirement benefit cost
are as follows:     
 
<TABLE>   
<CAPTION>
                                                               1996  1995  1994
                                                               ----  ----  ----
<S>                                                            <C>   <C>   <C>
YEARS ENDED DECEMBER 31 (in millions)
Service cost.................................................. $ 41  $28   $ 43
Interest cost on accumulated postretirement benefit obliga-
 tion.........................................................  127  115    122
Actual return on plan assets (Company insurance contracts)....  (58) (63)   (56)
Net amortization and deferrals................................    2   (9)    (1)
                                                               ----  ---   ----
Net periodic nonpension postretirement benefit cost........... $112  $71   $108
                                                               ====  ===   ====
</TABLE>    
   
  The assumed health care cost trend rate used in measuring the accumulated
nonpension postretirement benefit obligation was generally 9.5 percent in
1996, gradually decreasing to 5.25 percent over 12 years and 10.0 percent in
1995 decreasing to 5.25 percent over 12 years. The weighted average discount
rate used in determining the accumulated postretirement benefit obligation
ranged from 7.0 percent to 7.75 percent at December 31, 1996 and was 7.25
percent at December 31, 1995.     
   
  If the health care cost trend rate assumptions were increased 1.0 percent,
the accumulated postretirement benefit obligation as of December 31, 1996
would be increased 9.0 percent. The effect of this change on the sum of the
service and interest cost components of the net periodic postretirement
benefit cost for the year ended December 31, 1996, would be an increase of
13.0 percent.     
   
8. LEASES     
   
 LEASE INCOME ON REAL ESTATE     
   
  During 1996, 1995 and 1994, the Company received $1,658 million, $1,523
million and $1,538 million, respectively, in lease income related to its
wholly owned real estate portfolio. In accordance with industry practice,
certain of the Company's lease agreements with retail tenants result in income
that is contingent on the level of the tenants' sales revenues. At December
31, 1996, the minimum future rental income on noncancelable operating leases
for wholly owned investments in real estate is $853 million, $783 million,
$695 million, $607 million and $526 million for 1997 and each of the
succeeding four years, respectively, and $1,609 million thereafter.     
 
                                      89
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
 LEASE EXPENSE     
   
  The Company has entered into various lease agreements for office space, data
processing and other equipment. Future gross minimum rental payments under
noncancelable leases for 1997 and the succeeding four years are $129 million,
$110 million, $91 million, $70 million and $55 million, respectively, and $74
million thereafter. Minimum future sublease rental income on these
noncancelable leases is $30 million, $25 million, $32 million, $23 million and
$17 million for 1997 and the succeeding four years, respectively, and $45
million thereafter.     
   
9. DEBT     
   
  Debt consisted of the following:     
 
<TABLE>   
<CAPTION>
                                                                    1996   1995
                                                                   ------ ------
<S>                                                                <C>    <C>
DECEMBER 31 (in millions)
6.300% surplus notes scheduled to mature on November 1, 2003.....  $  396 $  395
7.000% surplus notes scheduled to mature on November 1, 2005.....     248    248
7.700% surplus notes scheduled to mature on November 1, 2015.....     197    197
7.450% surplus notes scheduled to mature on November 1, 2023.....     296    296
7.875% surplus notes scheduled to mature on February 15, 2024....     148    148
7.800% surplus notes scheduled to mature on November 1, 2025.....     248    247
Mortgage debt, due 1997 through 2015, interest rates ranging from
7.25% to 10.25%..................................................      96    187
Other............................................................     425    627
                                                                   ------ ------
 Total long-term debt............................................   2,054  2,345
Short-term debt..................................................   3,311  3,235
                                                                   ------ ------
 Total...........................................................  $5,365 $5,580
                                                                   ====== ======
</TABLE>    
   
  Payments of interest and principal on the surplus notes may be made only
with the prior approval of the Superintendent of Insurance of the State of New
York ("Superintendent"). Subject to the prior approval of the Superintendent,
the 7.45 percent surplus notes may be redeemed, as a whole or in part, at the
election of the Company at any time on or after November 1, 2003.     
   
  At December 31, 1996, aggregate maturities of the long-term debt based on
required principal payments at maturity for 1997 and the succeeding four years
amounted to $72 million, $22 million, $106 million, $38 million and $9
million, respectively, and $1,828 million thereafter.     
   
  As of December 31, 1996, the Company had unused lines of credit under
agreements with various banks having a principal amount of $1,821 million.
       
10. CONTINGENCIES     
   
  Litigation seeking compensatory and/or punitive damages relating to the
marketing by the Company of individual life insurance (including putative
class and individual actions) has been instituted by or on behalf of
policyholders and others, and additional litigation relating to the Company's
life insurance marketing may be commenced in the future. In addition, an
investigation into certain life insurance marketing, which was commenced by
the Office of the United States Attorney for the Middle District of Florida,
in conjunction with a grand jury, as early as 1994, has not been terminated.
       
  Numerous litigation, claims and assessments against the Company, in addition
to the aforementioned, have arisen in the course of the Company's business,
operations and activities. In certain of these matters, including actions with
multiple plaintiffs, very large and/or indeterminate amounts, including
punitive and treble damages, are sought.     
   
  While it is not feasible to predict or determine the ultimate outcome of all
pending investigations and legal proceedings or to make a meaningful estimate
of the amount or range of loss that could result from an unfavorable outcome
in all such matters, it is the opinion of the Company's management that their
outcome, after consideration of the provisions made in the Company's financial
statements, is not likely to have a material adverse effect on the Company's
financial position.     
 
                                      90
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
11. OTHER OPERATING COSTS AND EXPENSES     
   
  Other operating costs and expenses consisted of the following:     
 
<TABLE>   
<CAPTION>
                                                          1996    1995    1994
                                                         ------  ------  ------
<S>                                                      <C>     <C>     <C>
YEARS ENDED DECEMBER 31 (in millions)
Compensation costs...................................... $1,813  $1,607  $1,553
Commissions.............................................    722     853     700
Interest and debt issue costs...........................    311     285     264
Amortization of policy acquisition costs................    637     684     601
Capitalization of policy acquisition costs.............. (1,028) (1,060) (1,062)
Rent expense, net of sublease...........................    180     184     179
Restructuring charges...................................     18      88     --
Other...................................................  2,058   1,644   1,265
                                                         ------  ------  ------
 Total.................................................. $4,711  $4,285  $3,500
                                                         ======  ======  ======
</TABLE>    
   
  During 1996 and 1995, the Company recorded restructuring charges primarily
related to the consolidation of administration and agency sales force leased
office space and costs relating to workforce reductions.     
   
12. FAIR VALUE INFORMATION     
   
  The estimated fair value amounts of financial instruments presented below
have been determined by the Company using market information available as of
December 31, 1996 and 1995, and appropriate valuation methodologies. However,
considerable judgment is necessarily required to interpret market data to
develop the estimates of fair value for financial instruments for which there
are no available market value quotations.     
   
  The estimates presented below are not necessarily indicative of the amounts
the Company could have realized in a market exchange. The use of different
market assumptions and/or estimation methodologies may have a material effect
on the estimated fair value amounts.     
 
<TABLE>   
<CAPTION>
                                                                       ESTIMATED
                                                    NOTIONAL CARRYING    FAIR
                                                     AMOUNT   VALUE      VALUE
                                                    -------- --------  ---------
<S>                                                 <C>      <C>       <C>
DECEMBER 31, 1996 (in millions)
Assets
 Fixed maturities..................................          $86,361    $86,588
 Equity securities.................................            2,816      2,816
 Mortgage loans on real estate.....................           18,964     19,342
 Policy loans......................................            5,842      5,796
 Short-term investments............................              741        741
 Cash and cash equivalents.........................            2,325      2,325
Liabilities
 Policyholder account balances.....................           30,470     30,611
 Short- and long-term debt.........................            5,365      5,331
Other financial instruments
 Interest rate swaps...............................  $1,242      --         (14)
 Interest rate caps................................   1,946       20         14
 Foreign currency swaps............................     207      --         (23)
 Foreign currency forwards.........................     151        3          3
 Covered call options..............................      25       (2)        (2)
 Unused lines of credit............................   1,821      --           1
</TABLE>    
 
                                      91
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
<TABLE>   
<CAPTION>
                                                                       ESTIMATED
                                                    NOTIONAL CARRYING    FAIR
                                                     AMOUNT   VALUE      VALUE
                                                    -------- --------  ---------
<S>                                                 <C>      <C>       <C>
DECEMBER 31, 1995 (in millions)
Assets
 Fixed maturities..................................          $87,752    $88,227
 Equity securities.................................            1,749      1,749
 Mortgage loans on real estate.....................           17,216     18,161
 Policy loans......................................            5,714      5,884
 Short-term investments............................            1,769      1,769
 Cash and cash equivalents.........................            1,930      1,930
Liabilities
 Policyholder account balances.....................           31,595     31,974
 Short- and long-term debt.........................            5,580      5,594
Other financial instruments
 Interest rate swaps...............................  $2,031      (29)       (40)
 Interest rate caps................................   2,711       32         15
 Foreign currency swaps............................      89       --          4
 Foreign currency forwards.........................     121        1          1
 Covered call options..............................      25       (2)        (2)
 Futures contracts.................................   1,402      (19)       --
 Unused lines of credit............................   1,645      --           1
</TABLE>    
   
  For fixed maturities that are publicly traded, estimated fair value was
obtained from an independent market pricing service. Publicly traded fixed
maturities represented approximately 80 percent of the estimated fair value of
the total fixed maturities as of December 31, 1996 and 1995. For all other
bonds, estimated fair value was determined by management, based primarily on
interest rates, maturity, credit quality and average life. Included in fixed
maturities are loaned securities with estimated fair values of $7,293 million
and $8,418 million at December 31, 1996 and 1995, respectively. Estimated fair
values of equity securities were generally based on quoted market prices.
Estimated fair values of mortgage loans were generally based on discounted
projected cash flows using interest rates offered for loans to borrowers with
comparable credit ratings and for the same maturities. Estimated fair values
of policy loans were based on discounted projected cash flows using U.S.
Treasury rates to approximate interest rates and Company experience to project
patterns of loan accrual and repayment. For cash and cash equivalents and
short-term investments, the carrying amount is a reasonable estimate of fair
value.     
   
  The fair values for policyholder account balances are estimated using
discounted projected cash flows, based on interest rates being offered for
similar contracts with maturities consistent with those remaining for the
contracts being valued.     
   
  The estimated fair value of short- and long-term debt was determined using
rates currently available to the Company for debt with similar terms and
remaining maturities.     
   
  For interest rate and foreign currency swaps, interest rate caps, foreign
currency forwards, covered call options and futures contracts, estimated fair
value is the amount at which the contracts could be settled based on estimates
obtained from dealers. The estimated fair values of unused lines of credit
were based on fees charged to enter into similar agreements.     
   
13. STATUTORY FINANCIAL INFORMATION     
   
  The FASB Interpretation and the FASB Standard referred to in Note 1 required
mutual life insurance companies to adopt all standards promulgated by the FASB
in their general purpose financial statements. The effect (except for     
 
                                      92
<PAGE>
 
            
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
   
the adoption of SFAS No. 115 in 1994) of applying the Interpretation and the
Standard is as follows:     
 
<TABLE>   
<CAPTION>
                                 (IN MILLIONS)
      <S>                        <C>
      DECEMBER 31, 1993,
      statutory surplus:
       MetLife historical......     $ 6,406
       The New England
       historical..............         401
       Adjustments to conform
       statutory accounting
       policies................        (315)
                                    -------
                                      6,492
      Adjustments to GAAP:
         Future policy benefits
       and policyholder account
       balances................      (3,975)
       Deferred policy
       acquisition costs.......       6,142
       Deferred income taxes...       1,032
       Valuation of
       investments.............      (2,216)
       Statutory asset
       valuation reserves......       1,743
       Statutory interest
       maintenance reserve.....         962
       Surplus notes...........        (629)
       Other, net..............         (38)
                                    -------
      January 1, 1994, Equity..     $ 9,513
                                    =======
</TABLE>    
   
  The following reconciles net change in statutory surplus and statutory
surplus determined in accordance with accounting practices prescribed or
permitted by insurance regulatory authorities with net earnings and equity on
a GAAP basis.     
 
<TABLE>   
<CAPTION>
                                                              1996  1995  1994
                                                              ----  ----  -----
<S>                                                           <C>   <C>   <C>
YEARS ENDED DECEMBER 31 (in millions)
Net change in statutory surplus:
 MetLife historical.......................................... $366  $260  $(102)
 The New England historical..................................  --     (8)   231
 Adjustments to conform statutory accounting policies........  --    (23)   (65)
                                                              ----  ----  -----
                                                               366   229     64
Adjustments to GAAP:
 Future policy benefits and policyholder account balances.... (165)  (17)  (464)
 Deferred policy acquisition costs...........................  391   376    461
 Deferred income taxes.......................................  (74)  (97)    47
 Valuation of investments....................................  (84)  106    (53)
 Statutory asset valuation reserves..........................  599    30    313
 Statutory interest maintenance reserve......................   19   284    (58)
 Surplus notes...............................................  --   (622)  (148)
 Other, net.................................................. (199)  410    (48)
                                                              ----  ----  -----
 Net Earnings................................................ $853  $699  $ 114
                                                              ====  ====  =====
</TABLE>    
 
 
                                      93
<PAGE>
 
             
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)     
<TABLE>   
<CAPTION>
                                                                1996     1995
                                                               -------  -------
<S>                                                            <C>      <C>
DECEMBER 31 (in millions).....................................
Statutory surplus:
 MetLife historical........................................... $ 7,151  $ 6,564
 The New England historical...................................     --       624
 Adjustments to conform statutory accounting policies.........     --      (403)
                                                               -------  -------
                                                                 7,151    6,785
 Adjustments to GAAP:
  Future policy benefits and policyholder account balances....  (5,742)  (6,781)
  Deferred policy acquisition costs...........................   7,227    6,508
  Deferred income taxes.......................................     264      (28)
  Valuation of investments....................................     610    3,070
  Statutory asset valuation reserves..........................   2,684    2,085
  Statutory interest maintenance reserve......................   1,208    1,189
  Surplus notes...............................................  (1,393)  (1,391)
  Other, net..................................................     (26)     317
                                                               -------  -------
  Equity...................................................... $11,983  $11,754
                                                               =======  =======
</TABLE>    
 
                                       94
<PAGE>
 
                            APPENDIX TO PROSPECTUS
 
                             OPTIONAL INCOME PLANS
 
  The insurance proceeds when the insured dies, the proceeds payable on the
Final Date, or the cash surrender value payable on full surrender of a Policy,
instead of being paid in one lump sum, may be applied under one or more of the
following income plans. Values under the income plans do not depend upon the
investment experience of a separate account. The selection of an income plan
can significantly affect the federal income tax consequences associated with
the Policy proceeds. Owners and beneficiaries should consult with qualified
tax advisers in this regard.
 
OPTION 1. Interest income
 
  The amount applied will earn interest which will be paid monthly.
Withdrawals of at least $500 each may be made at any time by written request.
 
OPTION 2. Installment Income for a Stated Period
 
  Monthly installment payments will be made so that the amount applied, with
interest, will be paid over the period chosen (from 1 to 30 years).
 
OPTION 2A. Installment Income of a Stated Amount
 
  Monthly installment payments of a chosen amount will be made until the
entire amount applied, with interest, is paid.
 
OPTION 3. Single Life Income--Guaranteed Payment Period
 
  Monthly payments will be made during the lifetime of the payee with a chosen
guaranteed payment period of 10, 15 or 20 years.
 
OPTION 3A. Single Life Income--Guaranteed Return
 
  Monthly payments will be made during the lifetime of the payee. If the payee
dies before the total amount applied under this plan has been paid, the
remainder will be paid in one sum as a death benefit.
 
OPTION 4. Joint and Survivor Life Income
 
  Monthly payments will be made jointly to two persons during their lifetime
and will continue during the remaining lifetime of the survivor. A total
payment period of 10 years is guaranteed.
 
  Other Frequencies and Plans. Instead of monthly payments, the owner may
elect to have payments made quarterly, semiannually or annually. Other income
plans may be arranged with Metropolitan Life's approval.
 
  Choice of Income Plans. See "Policy Benefits--Optional Income Plans" and
"Policy Rights--Surrenders" regarding how optional income plans may be chosen.
When an income plan starts, a separate contract will be issued describing the
terms of the plan. Specimen contracts may be obtained from Metropolitan Life
sales representatives, and reference should be made to these forms for further
details.
 
  Limitations. If the payee is not a natural person, the choice of an income
plan will be subject to Metropolitan Life's approval. A collateral assignment
will modify a prior choice of income plan. The amount due the assignee will be
payable in one sum and the balance will be applied under the income plan. A
choice of an income plan will not become effective unless each payment under
the plan would be at least $50. Income plan payments may not be assigned and,
to the extent permitted by law, will not be subject to the claims of
creditors.
 
  Income Plan Rates. Amounts applied under the interest income and installment
income plans will earn interest at a rate set from time to time by
Metropolitan Life but never less than 3% per year. Life income payments will
be based on a rate set by Metropolitan Life and in effect on the date the
amount to be applied becomes payable, but never less than the minimum payments
guaranteed in the Policy. Such minimum guaranteed payments are based on
certain assumed mortality rates and an interest rate of 3%.
 
                                      95
<PAGE>
 
                          OPTIONAL INSURANCE BENEFITS
 
  Optional insurance benefit riders may be attached to a Policy, subject to
certain insurance underwriting requirements and the payment of additional
premiums. These riders are described in general terms below. Limitations and
conditions are contained in the riders, and the description below is subject
to the specific terms of the riders. A prospective purchaser may obtain a
specimen Policy with riders from a Metropolitan Life sales representative. The
duration, but not the amount, of rider benefits may depend on the investment
experience of a separate account.
   
  Disability Waiver Benefit. This rider waives the entire monthly deduction
during the total disability of the insured if the insured is totally and
continuously disabled for at least six months beginning prior to age 60. If
the total disability continues without interruption to the Policy anniversary
at age 65, it will be deemed permanent and all further monthly deductions will
be waived as they fall due. If there has been an increase in the death benefit
resulting from a request by the Policy owner and the Policy owner at the time
of the increase did not request or did not qualify for this rider with respect
to such increase, monthly deductions for charges related to such increase will
continue to be made against the cash value of the Policy. This could result in
the cash value being insufficient to cover the monthly deductions related to
the increase. In such a case, the grace period and termination provisions of
the Policy would apply only to such increase in death benefit. Since the
monthly deduction with respect to the increase in the death benefit could
reduce the cash value of the Policy to zero, it may be advantageous for the
Policy owner, at the time of the total disability, to reduce the death benefit
to that amount which is subject to this rider.     
 
  Accidental Death Benefit. This rider provides additional insurance equal to
an amount stated in the Policy if the insured dies from an accident prior to
age 70. It also provides an additional amount equal to twice the stated amount
if the insured dies from an accident occurring while the insured is a fare-
paying passenger on a common carrier. This rider is available at issue only.
 
  Children's Term Insurance Benefit. This rider provides term insurance on
each insured child payable to the child's beneficiary if an insured child dies
before the end of coverage on that child (generally at the child's twenty-
fifth birthday).
 
  Spouse Term Insurance Benefit. This rider provides term insurance on the
life of the spouse payable to the spouse's beneficiary if the spouse dies
prior to age 65 while the rider is in effect.
 
  Accelerated Death Benefit. This rider provides for a one-time discounted
payment of all or a portion of the death benefit to the Policy owner once the
insured has been determined to be terminally ill with twelve months or less to
live. The size of the benefit payment and the maximum benefit are stated in
the rider. There are no premiums or rider fees for this rider. A payment of
all the discounted death benefit will not be subject to any surrender charges.
 
  Upon payment of a portion of the death benefit, the death benefit under the
Policy is reduced to reflect the amount of the payment. In addition, the
specified face amount, the cash value and the cash surrender value are reduced
by the same proportion as the amount of the reduction of the death benefit
divided by the death benefit prior to the payment. Any outstanding loan is
reduced and paid out of the proceeds of the portion only if such reduction is
necessary to keep the Policy in force. Moreover, in the case of payment of all
of the death benefit, the amount of any outstanding Policy loan will be
deducted from the payment.
   
  The payment under this rider may affect eligibility for benefits under state
or federal law. Generally, payments under this rider should be income tax free
as amounts paid by reason of the death of the insured. Counsel and other
competent advisors should be consulted to determine the effect on an
individual situation.     
 
                                      96
<PAGE>
 
[LOGO] MetLife(R)
                                                                    Bulk
 MetLife Customer Service Center--Warwick                           Rate
 P.O. Box 520                                                       U.S.
 Warwick, RI 02887-0520                                           Postage
                                                                    Paid
 ADDRESS CORRECTION REQUESTED                                     Rutland,
                                                                     VT
 FORWARDING AND RETURN                                             Permit
 POSTAGE GUARANTEED                                                 220
<PAGE>
 
[LOGO] MetLife(R)
                                                                    Bulk
 MetLife Customer Service Center--Tulsa                             Rate
 P.O. Box 21889                                                     U.S.
 Tulsa, OK 74121-1889                                             Postage
                                                                    Paid
 ADDRESS CORRECTION REQUESTED                                     Rutland,
                                                                     VT
 FORWARDING AND RETURN                                             Permit
 POSTAGE GUARANTEED                                                 220
<PAGE>
 
 
 
 
 
 
 METLIFE (R)
 
 UL II

FLEXIBLE PREMIUM MULTIFUNDED LIFE
 
 
 
PROSPECTUSES FOR
 
 . FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
 
 ISSUED BY
 
    METROPOLITAN LIFE INSURANCE COMPANY
 
 . METROPOLITAN SERIES FUND, INC.
 
 
                                     [ART]
                     
                  ML-UL2 (5/97 EDITION) PRINTED IN U.S.A.     
                           96041ASX (EXP0597) MLIC-LD
<PAGE>
 
                                    PART II
 
                      CONTENTS OF REGISTRATION STATEMENT
                
             REPRESENTATION WITH RESPECT TO FEES AND CHARGES     
   
  Metropolitan Life represents that the fees and charges deducted under the
Policies described in this amended Registration Statement, in the aggregate,
are reasonable in relation to the services rendered, the expenses to be
incurred, and the risks assumed by Metropolitan Life under the Policies.
Metropolitan Life bases its representation on its assessment of all of the
facts and circumstances, including such relevant factors as: the nature and
extent of such services, expenses and risks, the need for Metropolitan Life to
earn a profit, the degree to which the Policies include innovative features,
and regulatory standards for exemptive relief under the Investment Company Act
of 1940 used prior to October 1996, including the range of industry practice.
    
  This Registration Statement comprises the following papers and documents:
 
    The facing sheet.
 
    Cross-Reference Table.
       
    The Prospectus, consisting of 96 pages.     
 
    Undertaking to File Reports as filed with the initial filing of this
    Registration Statement on May 14, 1992.
 
    Undertaking pursuant to Rule 484(b)(1) under the Securities Act of 1933
    as filed with the initial filing of this Registration Statement on May
    14, 1992.
              
    Representation with respect to fees and charges as filed herewith.     
 
    The signatures.
 
    Written Consents of the following persons:
       
     Michael Harwood (filed with Exhibit 6 below).     
 
     Freedman, Levy, Kroll & Simonds as filed with the initial filing of
    this Registration Statement on May 14, 1992.
 
     Deloitte & Touche LLP.
 
    The following exhibits:
<TABLE>   
     <C>      <S>                                                            <C>
      1.A (1) --Resolution of Board of Directors of Metropolitan Life
               effecting the establishment of Metropolitan Life Separate
               Account UL..................................................   +
     (2)      --Not Applicable
     (3)      --(a) Not Applicable
              --(b) Form of Selected Broker Agreement......................   +
              --(c) Schedule of Sales Commissions..........................  ++
     (4)      --Not applicable
     (5)      --(a) Specimen Flexible Premium Multifunded Life Insurance
                  Policy (including application and any alternate pages as
                  required by state law) with form of riders, if any.......   +
              --(b) Riders for Disability Waiver Rider, and Accidental
              Death Benefit................................................   +
              --(c) Riders for Accelerated Death Benefit, Children's Term
                  Insurance Benefit and Spouse Term Insurance Benefit......   +
              --(d) New York Endorsement to Flexible Premium Multifunded
                  Life Insurance Policy....................................   +
              --(e) Additional alternate pages required by state law.......   +
              --(f) Endorsement adding death benefit Option C..............   +
</TABLE>    
 
                                     II-1
<PAGE>
 
<TABLE>   
     <C> <S>                                                                 <C>
     (6) --(a) Charter and By-Laws of Metropolitan Life...................   +++
         --(b) Amendment to By-laws.......................................   +++
     (7) --Not Applicable
     (8) --Not Applicable
     (9) --Not Applicable
      2. --See Exhibit 1.A(5) above
      3. --Opinion and consent of Counsel as to the legality of the
          securities being registered.....................................    +
      4. --Not Applicable
      5. --Not Applicable
      6. --Opinion and consent of Michael Harwood relating to the Flexible
          Premium Multifunded Life Insurance Policies.....................    +
      8. --Powers of Attorney.............................................    +
      9. --Method of Computing Exchange pursuant to Rule 6e-
          3(T)(b)(13)(v)(B) under the Investment Company Act of 1940 (not
          required because there will be no cash value adjustments)
     11. --Memoranda describing certain procedures filed pursuant to Rule
          6e-3(T)(b)(12)(iii).............................................    +
     27. --Financial Data Schedule........................................    +
</TABLE>    
- --------
   
  +Filed herewith.     
       
       
       
          
 ++Incorporated by reference from "Distribution of the Policies" in the
     Prospectus included herein.     
   
+++ Incorporated by reference to the filing of Post-Effective Amendment No. 4
    to the Registration Statement of Separate Account UL (File No. 33-57320)
    on March 1, 1996.     
 
                                     II-2
<PAGE>
 
                                   SIGNATURES
   
  PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, METROPOLITAN
LIFE INSURANCE COMPANY CERTIFIES THAT IT MEETS ALL OF THE REQUIREMENTS FOR
EFFECTIVENESS OF THIS AMENDED REGISTRATION STATEMENT PURSUANT TO RULE 485(b)
UNDER THE SECURITIES ACT OF 1933 AND HAS DULY CAUSED THIS AMENDED REGISTRATION
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY
AUTHORIZED, AND ITS SEAL TO BE HEREUNTO AFFIXED AND ATTESTED, ALL IN THE CITY
OF NEW YORK, STATE OF NEW YORK, THIS 30TH DAY OF APRIL, 1997.     
 
                                          METROPOLITAN LIFE
                                           INSURANCE COMPANY
(Seal)
                                                    
                                                 /s/  Gary A. Beller     
                                          By: ________________________________ 
                                                
                                              GARY A. BELLER, ESQ. EXECUTIVE
                                             VICE-PRESIDENT & GENERAL COUNSEL
                                                               
            /s/  Ruth Gluck
Attest: _____________________________
      RUTH GLUCK, ESQ. ASSISTANT
               SECRETARY
 
  PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS AMENDED
REGISTRATION STATEMENT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE
CAPACITIES AND ON THE DATES INDICATED.
 
              SIGNATURE                         TITLE                DATE
 
 
*                                       Chairman, President,
- -------------------------------------    Chief Executive
           HARRY P. KAMEN                Officer and
                                         Director (Principal
                                         Executive Officer)
       
*                                       Senior Executive
- -------------------------------------    Vice-President and
          STEWART G. NAGLER              Chief Financial
                                         Officer (Principal
                                         Financial Officer)
 
*                                       Senior Vice-
- -------------------------------------    President and
         FREDERICK P. HAUSER             Controller
                                         (Principal
                                         Accounting Officer)
 
*                                       Director
- -------------------------------------
         CURTIS H. BARNETTE
                                        
*                                       Director     
- -------------------------------------
             
          GERALD CLARK     
 
*                                       Director
- -------------------------------------
 
          JOAN GANZ COONEY
 
     /s/ Christopher P. Nicholas                                   
*By _________________________________                           April 30, 1997
    CHRISTOPHER P. NICHOLAS, ESQ.                                        
          ATTORNEY-IN-FACT
 
 
                                      II-3
<PAGE>
 
              SIGNATURE                         TITLE                DATE
 
                  *                        
- -------------------------------------   Director     
         
      BURTON A. DOLE, JR.     
                                        
               *                        Director     
- -------------------------------------
          
       JAMES R. HOUGHTON     
 
                  *                     Director
- -------------------------------------
          HELENE L. KAPLAN
                                        
               *                        Director     
- -------------------------------------
         
      CHARLES M. LEIGHTON     
                                        
               *                        Director     
- -------------------------------------
          
       RICHARD J. MAHONEY     
 
                  *                     Director
- -------------------------------------
           ALLEN E. MURRAY
 
                  *                     Director
- -------------------------------------
         JOHN J. PHELAN, JR.
 
                  *                     Director
- -------------------------------------
          JOHN B. M. PLACE
 
                  *                     Director
- -------------------------------------
            HUGH B. PRICE
 
                  *                     Director
- -------------------------------------
         ROBERT G. SCHWARTZ
 
                  *                     Director
- -------------------------------------
       RUTH J. SIMMONS, PH.D.
 
                  *                     Director
- -------------------------------------
          WILLIAM S. SNEATH
 
                                        Director
                    
- -------------------------------------
        
     WILLIAM C. STEERE, JR.     
 
     /s/ Christopher P. Nicholas                                   
*By _________________________________                           April 30, 1997
    CHRISTOPHER P. NICHOLAS, ESQ.                                        
          ATTORNEY-IN-FACT
 
                                      II-4
<PAGE>
 
   
  PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT,
METROPOLITAN LIFE SEPARATE ACCOUNT UL, CERTIFIES THAT IT MEETS ALL OF THE
REQUIREMENTS FOR EFFECTIVENESS OF THIS AMENDED REGISTRATION STATEMENT PURSUANT
TO RULE 485(B) UNDER THE SECURITIES ACT OF 1933 AND HAS DULY CAUSED THIS
AMENDED REGISTRATION STATEMENT TO BE SIGNED, ON ITS BEHALF BY THE UNDERSIGNED
THEREUNTO DULY AUTHORIZED, AND ITS SEAL TO BE HEREUNTO AFFIXED AND ATTESTED,
ALL IN THE CITY OF NEW YORK, STATE OF NEW YORK THIS 30TH DAY OF APRIL, 1997.
    
                                          METROPOLITAN LIFE SEPARATE ACCOUNT
                                          UL
                                            (REGISTRANT)
 
                                            By: METROPOLITAN LIFE INSURANCE
                                                COMPANY
                                                   (DEPOSITOR)
 
 
(Seal)                                                 
                                                    /s/ Gary A. Beller     
                                              By: _____________________________
                                                     
                                                      GARY A. BELLER, ESQ.
                                                  EXECUTIVE VICE-PRESIDENT AND
                                                      GENERAL COUNSEL     
 
            /s/ Ruth Gluck
Attest: _____________________________
      RUTH GLUCK, ESQ. ASSISTANT
               SECRETARY
 
                                     II-5
<PAGE>
 
                         INDEPENDENT AUDITORS' CONSENT
 
Metropolitan Life Insurance Company:
   
  We consent to the use in this Post-Effective Amendment No. 5 to the
Registration Statement No. 33-47927 of Metropolitan Life Separate Account UL
on Form S-6 of our report dated February 28, 1997 relating to Metropolitan
Life Separate Account UL appearing in the Prospectus, which is a part of such
Registration Statement, our report dated April 4, 1997 relating to
Metropolitan Life Insurance Company also appearing in the Prospectus, and to
the reference to us under the heading "Experts" in such Prospectus.     
 
Deloitte & Touche LLP
New York, New York
   
April 28, 1997     
 
                                     II-6

<PAGE>
 
                                                        [LOGO] METROPOLITAN LIFE
METROPOLITAN LIFE INSURANCE COMPANY                     AND AFFILIATED COMPANIES
- -----------------------------------                
Board of Directors



December 13, 1988



Authorization   Referring to a memorandum included with the Agenda, President 
for Variable    and Chief Executive Officer Creedon stated that an authorization
Life Insurance  of the Board was necessary in order for Variable Life Insurance
                products to be issued by Metropolitan Life. These products have
                In the past been issued by a subsidiary.

                ON MOTION, it was resolved that

                1) the Officers be authorized to prepare variable life insurance
                   policies and the Company is authorized to issue such policies
                   and such other forms which relate thereto, all as may be
                   approved by the Officers of the Company; and such authority
                   shall include, without limitation, registering the security
                   interests under the policies (which may be in an indefinite
                   amount) from time to time, under the Securities Act of 1933,
                   as amended, and taking all other actions necessary in order
                   that such proposed issue and sale of the policies may comply
                   with the requirements of the Investment Company Act of 1940,
                   as amended, and all other applicable federal and state laws
                   and regulations, provided that prior tO the effectiveness of
                   any Registration Statement filed with the Securities and
                   Exchange Commission under the Securities Act of 1933 with
                   respect to such policies, the Registration Statement or one
                   of the amendments thereof, including a complete Prospectus,
                   will be submitted to the Board for approval or ratification;
                   and

                2) the signature of any Director or Officer required by law to
                   affix his or her signature to such Registration Statement or
                   Statements, or to any amendments thereof, may be affixed by
                   said Director or Officer personally, or by any attorney In
                   fact duly constituted in writing by said Director or Officer
                   to sign his or her name thereto; and
<PAGE>
 
                                     - 2 -

                3) the Officers be authorized to amend the licenses of the
                   Company in each jurisdiction where required to conduct an
                   insurance business extending to variable life insurance and
                   to sign, execute and deliver on behalf of the Company any and
                   all papers and documents (including, without limitation,
                   appointments of agents or attorneys to accept service of
                   process on the Company in any such jurisdiction, certificates
                   of adherence to the laws or constitution of any such
                   jurisdiction, escrow agreements and deposit agreements) and
                   to do or cause to be done any and all lawful acts necessary
                   or desirable to carry out the intent and purpose of this
                   resolution, all as conclusively evidenced by his or her
                   action; and

                4) a separate account to be designated "Metropolitan Life
                   Separate Account H" be established, in accordance with the
                   provisions of Section 4240, Article 42, Chapter 28 of the
                   Consolidated Laws of New York, for the purpose of providing a
                   funding medium to support reserves under such variable life
                   insurance policies as may be issued by the Company and as the
                   Officers may designate for such purpose; and the Officers
                   may, from time to time, change the designation of
                   "Metropolitan Life Separate Account H" to such other
                   designation as they may deem necessary or appropriate; and

                5) the fundamental investment policy of Metropolitan Life
                   Separate Account H shall be to invest or reinvest the assets
                   of Metropolitan Life Separate Account H in securities issued
                   by Metropolitan Series Fund, Inc. or such other investment
                   companies registered under the Investment Company Act of
                   1940, as amended, as the Officers may designate; and

                6) the Officers be authorized and directed to take all actions
                   necessary to register Metropolitan Life Separate Account H as
                   a unit investment trust under the Investment Company Act of
                   1940, as amended, and to take such related actions as they
                   deem necessary and appropriate to carry out the foregoing;
                   and

                7) the Officers be authorized to establish criteria by which the
                   Company shall institute procedures to provide for a pass-
                   through of voting rights to the owners of any variable life
                   insurance policies issued by the Company as required under
                   applicable laws and regulations with respect to the shares of
                   any investment companies which are held in Metropolitan Life
                   Separate Account H; and
<PAGE>
 
                                     - 3 -


                8) Harry P. Kamen, Senior Vice-President and General Counsel of
                   the Company, be constituted and appointed agent for service
                   of process for the Company to receive notices and
                   communications from the Securities and Exchange Commission
                   with respect to such Registration Statements as may be filed
                   on behalf of the Company concerning Metropolitan Life
                   Separate Account H, and to exercise the powers given to such
                   agent in the rules and regulations of the Securities and
                   Exchange Commission under the Securities Act of 1933, as
                   amended; and

                9) the following which expresses the policy of the Company with
                   respect to determining the suitability for applicants for
                   variable life insurance policies be adopted: No
                   recommendation shall be made to a potential applicant to
                   purchase a variable life insurance policy and no variable
                   life insurance policy shall be issued in the absence of
                   reasonable grounds to believe that the purchase of such
                   policy is not unsuitable for such applicant on the basis of
                   information furnished after reasonable inquiry of such
                   applicant concerning the applicant's insurance and investment
                   objectives, financial situation and needs, and any other
                   information known to the Company or to the agent making the
                   recommendation; and

               10) the Officers be authorized to secure and maintain a license
                   for the Company to transact a variable contract business in
                   the State of Indiana, including but not limited to, signing,
                   executing, amending and delivering on behalf of the Company
                   any and all papers and documents and to do or cause to be
                   done any lawful acts necessary or desirable to carry out the
                   intent and purpose of this resolution; and

               11) the Officers be authorized to do or cause to be done all
                   things necessary or desirable to carry out the foregoing,
                   and, as may be advised by counsel, to comply with, or obtain
                   exemptions from, federal, state or local statutes or
                   regulations that may be applicable to the issuance and sale
                   of variable life insurance by the Company.

<PAGE>
 
                                                               EXHIBIT 1.A(3)(B)

                                                                       
                           SELECTED BROKER AGREEMENT
                           -------------------------



     Agreement dated ______________, 1997, by and between Metropolitan Life
Insurance Company ("Metropolitan" or "Distributor"), a New York corporation, and
__________________ ("Broker"), a _________________ corporation.

WITNESSETH:

     In consideration of the mutual promises contained herein, the parties
hereto agree as follows:

A.   Definitions
     -----------

(1)  VLI Policies - The VLI Policies are flexible premium variable life
     insurance policies issued by Metropolitan and listed in the attached
     Schedule A as amended from time to time.

(2)  Variable Contracts - Other variable contracts issued by Metropolitan which
     the Distributor may from time to time underwrite and make available to
     Broker for distribution and which are listed in the attached Schedule A as
     amended from time to time, including variable annuity, variable life
     insurance, and other variable insurance contracts and certificates.

(3)  Registration Statements - Registration statements and amendments filed with
     the Securities and Exchange Commission relating to VLI Policies or Variable
     Contracts, including those for any relevant funding vehicle.

(4)  Prospectus - The prospectuses and Statements of Additional Information
     included within the Registration Statements referred to herein or filed
     pursuant to Rules 424 and 497 under the Securities Act of 1933, as amended.
<PAGE>
 
(5)  1934 Act - The Securities Exchange Act of 1934, as amended.

(6)  SEC - the Securities and Exchange Commission.


B.   Representations by Distributor and Broker
     -----------------------------------------

     Both Distributor and Broker agree to comply with all applicable rules and
regulations of the National Association of Securities Dealers, Inc. ("NASD"),
federal and state securities laws, and insurance laws, as well as with all other
state or federal laws, rules or regulations that are now or may hereafter become
applicable to the transactions which are the subject of this Agreement.


C.   Agreements of Distributor
     -------------------------

(1)  Distributor hereby authorizes Broker, during the term of this Agreement, to
     solicit applications for the VLI Policies and Variable Contracts listed in
     the attached Schedule A, as amended from time to time, provided that there
     is an effective Registration Statement relating to such VLI Policies and
     such other Variable Contracts and, provided further, that Broker shall not
     solicit applications for VLI Policies or Variable Contracts except in those
     states or jurisdictions in which such

                                       2
<PAGE>
 
VLI Policies or Variable Contracts are qualified for sale under all applicable
securities and insurance laws as listed in the attached Schedule A, as amended
from time to time.  Broker understands that no territory is exclusively assigned
hereunder and that Distributor may enter into agreements with other brokers
regarding the sale of such VLI Policies and Variable Contracts.

     (2) Distributor, during the term of this Agreement, will
notify Broker of the issuance by the SEC of any stop order with respect to a
Registration Statement or the initiation of any proceedings for that purpose or
for any other purpose relating to the registration and/or offering of VLI
Policies and Variable Contracts and of any other action or circumstances that
may prevent the lawful sale of the VLI Policies and the Variable Contracts in
any state or jurisdiction.

(3)  During the term of this Agreement, Distributor shall advise Broker of any
     amendment to any Registration Statement or supplement to any Prospectus.

(4)  Distributor reserves the right at any time to suspend sales or withdraw the
     offering of VLI Policies and Variable Contracts in its discretion and
     without prior notice to the Broker.

(5)  The performance or receipt of services pursuant to this Agreement shall in
     no way impair the absolute control of the business and operations of each
     of the parties by its own Board of Directors.

                                       3
<PAGE>
 
     Pursuant to the foregoing, Metropolitan shall specifically retain ultimate
authority:

     (i)     to appoint and discharge agents marketing insurance on its behalf;

     (ii)    to direct the marketing of its insurance products and services;

     (iii)   to review and approve all advertising concerning its insurance
             products and services;

     (iv)    to underwrite all insurance policies issued by it;

     (v)     to cancel risks;

     (vi)    to handle all matters involving claims adjusting and payment;

     (vii)   to prepare all policy forms and amendments; and 

     (viii)  to maintain custody of, responsibility for and control of all
             investments.
                             

D.   Agreements of Broker
     --------------------

     (1) Broker represents and agrees that it is a registered broker/dealer
under the 1934 Act and in such other jurisdictions as the business transacted by
it requires, is a member in good standing of the NASD, has obtained any other
approvals, licenses, authorizations, orders or consents which are necessary to
enter into this Agreement and to perform its duties hereunder, and is bonded as
required by all applicable laws and regulations. Broker further represents that
the agents or representatives of Broker who will be soliciting

                                       4
<PAGE>
 
applications for VLI Policies and Variable Contracts will be duly licensed
registered representatives or principals of Broker, will be appropriately
licensed under applicable insurance laws and will have received a level of
qualification with the NASD appropriate for the relevant VLI Policies and
Variable Contracts.

     (2) Commencing at such time as Distributor and Broker shall agree upon,
Broker agrees to use its best efforts to find purchasers of the VLI Policies and
Variable Contracts. In meeting its obligation to use its best efforts to solicit
applications for the VLI Policies and Variable Contracts, Broker shall, during
the term of this Agreement, engage in the following activities: 

         (a) Continuously utilize those training, sales, advertising, and
promotional materials which have been approved by the Distributor;

         (b) Establish and implement reasonable procedures for periodic
inspection and supervision of sales practices of its agents or representatives
and submit periodic reports to Distributor, as may be requested, on the results
of such inspections and the compliance with such procedures; provided however
that Broker shall retain sole responsibility for the supervision, inspection and
control of its agents and representatives;

         (c) Take reasonable steps to ensure that the various representatives
appointed by it shall not make recommendations to an applicant to purchase a VLI
Policy or a 

                                       5
<PAGE>
 
Variable Contract in the absence of reasonable grounds to believe that the
purchase of a VLI Policy or a Variable Contract is suitable for such applicant
consistent with the suitability guidelines provided by Distributor from time to
time.

      (3) Only initial premiums or purchase payments for VLI Policies or
Variable Contracts shall be collected by agents or representatives of Broker and
shall be remitted promptly in full together with the appropriate applications,
forms and any other required documentation to an office designated by the
Distributor. Remittances will be made pursuant to the procedures described in
the relevant Prospectus. Checks or money orders in payment of premiums or
purchase payments shall be drawn to the order of "Metropolitan Life Insurance
Company" (or "Metropolitan Life"). To the extent that any premiums or purchase
payments for VLI Policies or Variable Contracts are collected directly by Broker
or its agents or representatives, Broker shall at all times hold such premiums
or purchase payments in a fiduciary capacity and transfer such premiums or
purchase payments to an office designated by Distributor within 30 days from the
date of collection. Broker acknowledges that Distributor shall have the
unconditional right to reject, in whole or in part, any application for a VLI
Policy or a Variable Contract. In the event Distributor rejects an application,
Distributor will immediately return any payment directly to the purchaser and
Broker will be notified of such action. In the event that any purchaser of a VLI
Policy or a Variable Contract elects to return 

                                       6
<PAGE>
 
such VLI Policy or Variable Contract pursuant to any law or contractual
provision, any payment made will be refunded to the purchaser and Broker will be
notified of such action.

     (4) Broker shall act as an independent contractor, and nothing herein
contained shall constitute Broker, its agents or representatives, or any
employees thereof as employees of Distributor in connection with the
solicitation of applications for VLI Policies or Variable Contracts. Broker, its
agents or representatives, and its employees shall not hold themselves out to be
employees of Distributor in this connection or in any dealings with the public.
Broker is not a principal underwriter or agent of any Metropolitan separate
account or any funding medium therefor.

     (5) Broker agrees that any material it develops, approves or uses for
sales, training, explanatory or other purposes in connection with the
solicitation of applicants for VLI Policies or Variable Contracts hereunder
other than generic advertising material which does not make specific reference
to Distributor, the VLI Policies or the Variable Contracts will not be used
without the prior written consent of Distributor.

     (6) Solicitation and other activities by Broker shall be undertaken only in
accordance with applicable laws and regulations. Broker represents that no
commissions, or portions thereof, or other compensation for the sale of VLI
Policies or Variable Contracts will be paid to any person or entity which is not
duly licensed and appointed by Metropolitan as a life 

                                       7
<PAGE>
 
insurance and variable contract broker or agent of Metropolitan in the
appropriate states or other jurisdictions. Broker shall ensure that such agents
or representatives fulfill any training requirements necessary to be licensed.
Broker understands and acknowledges that neither it nor its agents or
representatives is authorized by Distributor to give any information or make any
representation in connection with this Agreement or the offering of the VLI
Policies or the Variable Contracts or any relevant funding vehicle other than
those contained in the Prospectus or other solicitation material authorized in
writing by Distributor and agrees to take all reasonable steps necessary to
insure that no representations are made or information given that is not
contained in the Prospectus or such other solicitation material. The Prospectus
for a VLI Policy or Variable Contract, for any relevant funding vehicle, and any
supplements or amendments thereto, shall be delivered to every applicant for
that VLI Policy or Variable Contract, provided that any Statement of Additional
Information shall be delivered only to any applicant who requests one except
where otherwise required by law.

     (7) Neither Broker nor its agents or representatives shall have authority
on behalf of Distributor to: make, alter or discharge any VLI Policy, Variable
Contract or other form; receive any monies or payments due, or to become due, to
Metropolitan except as set forth in Section D(3) of this Agreement; adjust or
settle any claim or commit Distributor with respect thereto, or bind Distributor
or any of its affiliates in

                                       8
<PAGE>
 
any way; or enter into legal proceedings in connection with any matter
pertaining to Distributor's business without its prior written consent, unless
Broker is named in such proceedings. Broker shall not expend, nor contract for
the expenditure of, the funds of Distributor nor shall Broker possess or
exercise any authority on behalf of the Distributor other than that expressly
conferred on Broker by this Agreement.

     (8) Broker agrees to prepare any forms necessary to comply with applicable
state insurance laws or regulations or received from Distributor in connection
with the sale of VLI Policies or Variable Contracts as replacement for other
insurance or annuity products and to send such forms to Distributor. In the
alternative, if such forms are not required but information with respect to
replacement is required, Broker will transmit such information in writing to
Distributor. Broker further agrees to notify Distributor when sales of VLI
Policies or Variable Contracts are replacement contracts. Such notification
shall not be later than the time that Broker submits to Distributor the
information required to calculate commissions payable hereunder.

     (9) Broker agrees to furnish Distributor or any appropriate regulatory
authority with any information or reports in connection with its
responsibilities under this Agreement which such person may reasonably request
in order to ascertain whether the operations of Distributor related to the VLI
Policies and Variable Contracts are being conducted in a manner consistent with
applicable laws or regulations.

                                       9
<PAGE>
 
E.   Compensation
     ------------

     (1) Distributor shall arrange for payment of commissions to Broker or its
designee as compensation for the sale of each VLI Policy or Variable Contract
sold by an agent or representative of Broker. The amount of such compensation
shall be paid monthly and shall be based on a schedule which is determined by
agreement of Distributor and Broker. Distributor shall identify to Broker with
each such payment the name or names of the agent(s) or representative(s) of
Broker who solicited each VLI Policy or Variable Contract covered by the
payment. Broker will be responsible for issuing checks, statements or forms for
tax purposes and other administrative duties connected with compensation of such
agents or representatives.

     (2) Any indebtedness of Broker to Distributor shall be a first lien against
any monies payable hereunder. The right of Broker, or any person claiming
through Broker to receive any compensation provided by this Agreement, shall be
subordinate to the right of Distributor to offset such compensation against any
indebtedness of the Broker to Distributor.

     (3) Neither Broker nor any of its agents or representatives shall have any
right to withhold or deduct any part of any purchase payment it shall receive
for purposes of payment of commission or otherwise.

     (4) No compensation shall be payable, and any compensation already paid
shall be returned to Distributor on request, under each of the following
conditions:

                                       10
<PAGE>
 
          (a)  If Distributor, in its sole discretion, determines not to issue
               the VLI Policy or Variable Contract applied for,

          (b)  if Distributor refunds the premium paid by the applicant, upon
               the exercise of applicant's right of withdrawal pursuant to any
               "free-look" privilege,

          (c)  if Distributor refunds the premium paid by applicant as a result
               of a complaint by applicant, recognizing that Distributor has
               sole discretion to refund premiums paid by applicants, or

          (d)  if Distributor determines that any person signing an application
               who is required to be licensed or any other person or entity
               receiving compensation for soliciting purchases of the VLI
               Policies or Variable Contracts is not duly licensed to sell the
               VLI Policies or Variable Contracts in the jurisdiction of such
               attempted sale.

     (5) Broker, either directly or by reimbursing Distributor on request, shall
pay all other expenses of soliciting applications for the VLI Policies or
Variable Contracts, including but not limited to expenses relating to sales
literature and advertisements originated by Broker.


F.   Complaints and Investigations
     -----------------------------

     (1) Broker and Distributor jointly agree to cooperate fully in any
insurance regulatory investigation or proceeding or 

                                       11
<PAGE>
 
judicial proceeding arising in connection with the VLI Policies or the Variable
Contracts. Broker and Distributor further agree to cooperate fully in any
securities regulatory investigation or proceeding or judicial proceeding with
respect to Broker, Distributor, their affiliates and their agents or
representatives to the extent that such investigation or proceeding is in
connection with the VLI Policies or Variable Contracts.

     (2) Both the Broker and Distributor jointly agree to investigate any
customer complaint in connection with the VLI Policies or the Variable
Contracts. The term customer complaint shall mean an oral or written
communication either directly from the purchaser of or applicant for a VLI
Policy or a Variable Contract or his/her legal representative, or indirectly
from a regulatory agency to which he or she or his/her legal representative has
expressed a grievance.

     (3) Such cooperation referred to in Sections F(1) and F(2) of this
Agreement shall include, but is not limited to, each party promptly notifying
the other of the receipt of notice of any such investigation, proceeding, or
customer complaint, forwarding to the other party a copy of any written
materials in connection with the matter (or a written statement of an oral
complaint) and such additional information as may be necessary to furnish a
complete understanding of same, and, in the case of a customer complaint,
consulting with the other party, prior to responding thereto, and, thereafter,
providing each other with copies of all written responses.

                                       12
<PAGE>
 
     (4) Notwithstanding Sections F(1), F(2) and F(3), Distributor retains
discretion to resolve complaints or grievances of applicants, policyholders or
others with respect to the VLI Policies and Variable Contracts.


G.   Records and Administration
     --------------------------

     (1) Once a VLI Policy or Variable Contract has been issued, it will be
mailed promptly to the applicant, accompanied by any applicable Notice of
Withdrawal Right and additional appropriate documents. Distributor will confirm
or cause to be confirmed to customers of Broker all VLI Policy and Variable
Contract transactions, as and to the extent legally required and will administer
all of the VLI Policies or Variable Contracts after they have been delivered,
but may from time to time require assistance from Broker.

     (2) Broker will maintain all books and records as required by Rules 17a-3
and 17a-4 under the 1934 Act, except to the extent that Distributor may agree to
maintain any such records on Broker's behalf. Records subject to any such
agreement shall be maintained by Distributor as agent for Broker in compliance
with said rules, and such records shall be and remain the property of Broker and
be at all times subject to inspection by the SEC in accordance with Section
17(a) of that Act. Nothing contained herein shall be construed to affect
Metropolitan's right to ownership and control of all pertinent records and
documents pertaining to its business operations including, without

                                       13
<PAGE>
 
limitation, its operations relating to the VLI Policies and Variable
Contracts, which right is hereby recognized and affirmed.  Distributor and
Broker agree that each shall retain all records pertaining to Metropolitan's VLI
Policies and Variable Contracts operations as required by the 1934 Act, and the
rules and regulations thereunder and by any other applicable law or regulation,
as confidential information and neither party shall reveal or disclose such
confidential information to any third party unless such disclosure is authorized
by the party affected thereby or unless such disclosure is expressly required by
applicable federal or state  regulatory authorities, except, however, that
nothing contained herein shall be deemed to interfere with any document, record
or other information which by law, is a matter of public record.


H.   Indemnification
     ---------------

     (1) Distributor will indemnify and hold harmless Broker from any and all
losses, claims, damages or liabilities (or actions in respect thereof), to which
Broker may become subject, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
the Prospectus for any of the VLI Policies, Variable Contracts or any relevant
funding vehicle or any amendments or supplements thereto, or arise out of or are
based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the

                                       14
<PAGE>
 
statements therein not misleading; and will reimburse Broker for any legal or
other expenses reasonably incurred by it in connection with investigating or
defending against such loss, claim, damage, liability or action in respect
thereof; provided, however, that Distributor shall not be liable in any such
case to the extent that any such loss, claim, damage, liability or action arises
out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in any such Prospectus, amendment or
supplement in reliance upon and in conformity with information furnished by
Broker specifically for use in the preparation thereof.

     Distributor shall not indemnify Broker for any action where an applicant
for any of the VLI Policies or Variable Contracts was not furnished or sent or
given, at or prior to written confirmation of the sale of a VLI Policy or
Variable Contract, a copy of the appropriate Prospectus(es), any Statement of
Additional Information, if requested, and any supplements or amendments to
either furnished to Broker by Distributor. The foregoing indemnities shall, upon
the same terms and conditions, extend to and inure to the benefit of each
director and officer of Broker and any person controlling it.

     (2) Broker will indemnify and hold harmless Distributor against any losses,
claims, damages or liabilities (or actions in respect thereof), to which
Distributor may become subject, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any

                                       15
<PAGE>
 
untrue statement or alleged untrue statement of any material fact contained in
the Prospectus for any of the VLI Policies, Variable Contracts or any relevant
funding vehicle or any amendments or supplements thereto, or arise out of or are
based upon the omission or alleged omission to state therein or necessary to
make the statements therein not misleading, in each case to the extent that such
untrue statement or alleged untrue statement or omission or alleged omission was
made in any such Prospectus, amendment or supplement, in reliance upon and in
conformity with information furnished to Distributor by Broker specifically for
use in the preparation thereof; and will reimburse Distributor for any legal or
other expenses reasonably incurred by it in connection with investigating or
defending against any such loss, claim, damage, liability or action. The
foregoing indemnities shall, upon the same terms and conditions, extend to and
inure to the benefit of each director and officer of Distributor and any person
controlling it.

     (3) Broker shall indemnify and hold harmless Distributor from any and all
losses, claims, damages or liabilities (or actions in respect thereof) to which
Distributor may be subject, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or result from
negligent, improper, fraudulent or unauthorized acts or omissions by Broker, its
employees, agents, representatives or principals, including but not limited to
improper solicitation of applications for the VLI Policies or Variable
Contracts, except 

                                       16
<PAGE>
 
as stated herein. Broker shall indemnify and hold harmless Distributor for any
losses, claims, damages or liabilities (or actions in respect thereof) to which
Distributor may become subject, insofar as the losses, claims, damages or
liabilities (or action in respect thereof) arise out of or are based upon any
unauthorized use of sales materials or advertisements or any oral or written
misrepresentations or any unlawful sales practices concerning the VLI Policies
or Variable Contracts by Broker, its employees, agents, representatives or
principals, except as stated below. Broker shall indemnify and hold Distributor
harmless for any penalties, losses or liabilities resulting from Distributor
improperly paying any compensation under this Agreement, unless such improper
payment was caused by Distributor's negligence or willful misconduct. Unless
such improper payment was caused by Broker's negligence or willful misconduct,
the indemnity under the immediately preceding sentence shall be limited to all
compensation payable to and by Broker pursuant to this Agreement. The foregoing
indemnities shall, upon the same terms and conditions, extend to and inure to
the benefit of each director and officer of Distributor and any person
controlling it.

     (4) Promptly after receipt by an indemnified party of notice of the
commencement of any action, such indemnified party shall, if a claim in respect
thereof is to be made against the indemnifying party, notify the indemnifying
party in writing of the commencement thereof; but the omission so to notify the

                                       17
<PAGE>
 
indemnifying party shall not relieve it from any liability which
it may otherwise have to any indemnified party. In case any such action shall be
brought against any indemnified party, and it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to
participate in, and, to the extent that it shall wish, jointly with any other
indemnifying party, similarly notified, to assume the defense thereof, with
counsel satisfactory to such indemnified party. After notice from the
indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified
party for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof other than reasonable costs of
investigation.


I.  Term of Agreement
    -----------------

     (1) This Agreement shall continue in force for one year from its effective
date and thereafter shall automatically be renewed every year for a further one
year period; provided that either party may unilaterally terminate this
Agreement with or without cause upon thirty (30) days' written notice to the
other party of its intention to do so.

     (2) Upon termination of this Agreement, all authorizations, rights and
obligations shall cease except (a) the agreements contained in Section F, G and
H hereof; and (b) the obligation to settle accounts hereunder. Except with
respect to records maintained by or on behalf of Broker pursuant to Rules 17a-3
and

                                       18
<PAGE>
 
17a-4 under the 1934 Act, Broker shall return to Distributor, within 30 days
after the effective date of termination, any and all records in its possession
which have been specifically maintained in connection with Metropolitan's
operations related to the VLI Policies or Variable Contracts.


J.   Assignability
     -------------
     This Agreement shall not be assigned by either party without the written
consent of the other.


K.   Modification
     ------------

     This Agreement may only be modified in writing signed by both parties.


L.   Notices
     -------

     Notices to be given hereunder shall be addressed to:


          Metropolitan Life Insurance Company
          One Madison Avenue
          New York, NY  10010
          Attention:



          Attention:


M.   Governing Law
     -------------

     This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

                                       19
<PAGE>
 
In Witness Whereof, the parties hereto have caused this Agreement to be duly
executed as of the day and year first above written.

                                  METROPOLITAN LIFE INSURANCE COMPANY
                                  (Distributor)


                                  By___________________________________


 
                                  (Broker)


                                  By_________________________________

                                       20

<PAGE>
 
                                                               EXHIBIT 1.A(5)(a)

<PAGE>
 
                          [METLIFE LOGO APPEARS HERE]

                           

              __________________________________________________

                               METROPOLITAN LIFE

                               INSURANCE COMPANY

                A Mutual Company Incorporated in New York State
              __________________________________________________

          Metropolitan Life Insurance Company will pay the amount of insurance
          and provide the other benefits of this policy according to its
          provisions.



          /s/ Richard M. Blackwell            /s/ Robert G. Schwartz
              Richard M. Blackwell                Robert G. Schwartz
              Vice-President and Secretary        Chairman of the Board,        
                                                  President and Chief 
                                                  Executive Officer
                                                 
          Insured                                 JOHN A. DOE
                                                 
          Face Amount                            
          of Insurance                            $100,000 AS OF DATE OF POLICY
          
          Policy Number                           SPECIMEN

          FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

          Life insurance payable if the insured dies before the Final Date of
          Policy.

          Cash Value, if any, less any policy loan and loan interest, payable on
          the Final Date.

          Adjustable death benefit.

          Premiums payable while the insured is alive and before the Final Date
          of Policy.

          Premiums must be sufficient to keep the policy in force.

          Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A
GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE
GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

RIGHT TO EXAMINE POLICY -- PLEASE READ THIS POLICY. YOU MAY RETURN THIS POLICY
TO US OR TO THE ACCOUNT REPRESENTATIVE THROUGH WHOM YOU BOUGHT IT WITHIN 10 DAYS
FROM THE DATE YOU RECEIVE IT OR WITHIN 45 DAYS AFTER THE APPLICATION IS SIGNED,
WHICHEVER PERIOD ENDS LATER. IF YOU RETURN IT WITHIN THIS PERIOD, THE POLICY
WILL BE VOID FROM THE BEGINNING. WE WILL REFUND ANY PREMIUM PAID.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.

                                       1
7FM-90
<PAGE>
 
                             POLICY SPECIFICATIONS

DATE OF POLICY                                      MAY 1, 1990

INSURED'S AGE AND SEX                               35 MALE

FINAL DATE OF POLICY                                POLICY ANNIVERSARY AT AGE 95

DEATH BENEFIT                                       OPTION A (SEE PAGE 6)

OWNER                                               JOHN A. DOE

BENEFICIARY                                         MARY B. DOE

CONTINGENT BENEFICIARY                              SEE APPLICATION

POLICY CLASSIFICATION                               NONSMOKER STANDARD

INSURED                                             JOHN A. DOE

SPECIFIED
FACE AMOUNT
OF INSURANCE.....$100,000 AS OF DATE OF POLICY      SPECIMEN.....POLICY NUMBER

PLAN.......FLEXIBLE PREMIUM MULTIFUNDED LIFE


                      INITIAL ALLOCATION OF NET PREMIUM:

FIXED         SEPARATE     GROWTH       100%   INCOME         0% MONEY MARKET 0%
ACCOUNT 0%    ACCT. DIVS:  DIVERSIFIED    0%   EQUITY INCOME  0%


THIS POLICY PROVIDES LIFE INSURANCE COVERAGE UNTIL THE FINAL DATE IF SUFFICIENT
PREMIUMS ARE PAID. PREMIUM PAYMENTS IN ADDITION TO THE PLANNED PREMIUM SHOWN
BELOW MAY NEED TO BE MADE TO KEEP THIS POLICY AND COVERAGE IN FORCE.

PLANNED PREMIUM OF....................................$1,000 -- PAYABLE ANNUALLY

MINIMUM REQUIRED PREMIUM..............................$705 -- ANNUALLY

GUIDELINE ANNUAL PREMIUM..............................$1,451.64


(TOTAL PREMIUM FOR LIFE INSURANCE BENEFIT, ANY SUPPLEMENTAL RATING AND ANY
ADDITIONAL BENEFITS LISTED BELOW)


                              ADDITIONAL BENEFITS

                                       3
7FM-90
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.)

<TABLE> 
<CAPTION> 
- --------------------------------------------------------------------------------
                    Monthly Rate*                            Monthly Rate*
           -------------------------------            --------------------------
   Age                                          Age
              Male               Female                  Male             Female
- --------------------------------------------------------------------------------
   <S>        <C>                <C>            <C>    <C>               <C>
    0         .219                .157          48       .499              .374
    1         .086                .070          49       .540              .400
    2         .083                .067          50       .585              .429
    3         .081                .065          51       .638              .459
    4         .078                .064          52       .697              .495
    5         .073                .063          53       .764              .533
    6         .069                .061          54       .838              .573
    7         .065                .059          55       .918              .613
    8         .063                .058          56      1.003               652
    9         .062                .058          57      1.093              .690
    10        .063                .057          58      1.189              .728
    11        .068                .058          59      1.294              .770
    12        .077                .061          60      1.411              .820
    13        .089                .064          61      1.543              .883
    14        .103                .068          62      1.692              .963
    15        .118                .073          63      1.860             1.059
    16        .133                .077          64      2.045             1.167
    17        .143                .080          65      2.246             1.283
    18        .152                .083          66      2.461             1.403
    19        .157                .086          67      2.689             1.524
    20        .158                .088          68      2.934             1.647
    21        .158                .090          69      3.207             1.787
    22        .157                .092          70      3.515             1.951
    23        .153                .093          71      3.867             2.153
    24        .150                .096          72      4.272             2.404
    25        .146                .098          73      4.733             2.706
    26        .143                .100          74      5.240             3.055
    27        .143                .103          75      5.785             3.445
    28        .142                .107          76      6.359             3.869
    29        .143                .110          77      6.958             4.325
    30        .146                .114          78      7.585             4.819
    31        .150                .118          79      8.262             5.370
    32        .156                .123          80      9.012             6.000
    33        .163                .128          81      9.958             6.729
    34        .171                .134          82     10.822             7.579
    35        .181                .142          83     11.902             8.549
    36        .194                .152          84     13.077             9.629
    37        .208                .163          85     14.325            10.811
    38        .224                .178          86     15.626            12.091
    39        .242                .194          87     16.976            13.469
    40        .263                .211          88     18.375            14.952
    41        .285                .229          89     19.834            16.556
    42        .310                .249          90     21.379            18.306
    43        .336                .267          91     23.052            20.250
    44        .365                .287          92     24.937            22.470
    45        .395                .307          93     27.244            25.155
    46        .428                .327          94     30.445            28.736
    47        .462                .350                                   
- --------------------------------------------------------------------------------
</TABLE>

*  If there is a supplemental rating for the life insurance benefit as shown on
   page 3, the monthly deduction for such supplemental rating must be added to
   the monthly rate determined from this table

                                       4

7FM-04  A                                                               AAABH1
<PAGE>
 
          DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT


THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL
(SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY
PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES
ISSUED BY METROPOLITAN SERIES FUND, INC.

DIVISION 1--  GROWTH PORTFOLIO--The investment objective of this portfolio is to
              achieve long-term growth of capital and income, and moderate
              current income, by investing primarily in common stocks that are
              believed to be of good quality or to have good growth potential or
              which are considered to be undervalued based on historical
              investment standards.

DIVISION 2--  INCOME PORTFOLIO--The investment objective of this portfolio is to
              achieve the highest possible total return, by combining current
              income with capital gains, consistent with prudent investment risk
              and the preservation of capital, by investing primarily in fixed-
              income, high-quality debt securities.

DIVISION 3--  MONEY MARKET PORTFOLIO--The investment objective of this portfolio
              is to achieve the highest possible current income consistent with
              the preservation of capital and maintenance of liquidity, by
              investing primarily in short-term money market instruments.

DIVISION 4--  DIVERSIFIED PORTFOLIO--The investment objective of this portfolio
              is to achieve a high total return while attempting to limit
              investment risk and preserve capital by investing in equity
              securities, fixed-income debt securities, or short-term money
              market instruments, or any combination thereof, at the discretion
              of State Street Research.

DIVISION 5--  EQUITY INCOME PORTFOLIO--The investment objective of this
              portfolio is to provide a high level of current income and,
              secondarily, long-term growth of capital by investing primarily in
              common stocks offering above-average dividend yields and in equity
              and debt securities convertible into or carrying the right to
              acquire common stocks.

DIVISION 6--  INTERNATIONAL STOCK PORTFOLIO--The investment objective of this
              portfolio is to achieve long-term growth of capital by investing
              primarily in common stocks and equity-related securities of non-
              United States companies.

DIVISION 7--  STOCK INDEX PORTFOLIO. The investment objective of this portfolio
              is to equal the performance of the Standard & Poor's 500 Composite
              Stock Price Index (adjusted to assume reinvestment of dividends)
              by investing in the common stock of companies which are included
              in the index.

INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES.
PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A
COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED
PORTFOLIOS.

                                       5
7FM-05  (92)                                                            AAABVE
<PAGE>
 
                                  DEFINITIONS

               This policy provides life insurance through flexible premium
               payments. Net Premiums are credited at your option to either a
               fixed interest account ("Fixed Account") or a multifunded
               separate account ("Separate Account") or both. Interest will be
               credited to the cash value in the Fixed Account. The cash value
               in the Separate Account will vary with investment experience. The
               cost of insurance and other charges will be deducted each month
               proportionately from the Fixed Account and the Separate Account.

               To make this policy clear and easy to read, we have left out many
               cross-references and conditional statements. Therefore, the
               provisions of the policy must be read as a whole. For example,
               our payment of the insurance proceeds depends on the payment of
               sufficient premiums.

               To exercise your rights, you should follow the procedures stated
               in this policy. If you want to request a payment, change the
               allocation of net premiums, adjust the death benefit, change a
               beneficiary, change an address or request any other action by us,
               you should do so on the forms prepared for each purpose. You can
               get these forms from your account representative or our
               Designated Office.

               "You" and "your" refer to the owner of this policy.

               "We", "us" and "our" refer to Metropolitan Life Insurance
               Company.

               The "insured" named on page 3 is the person at whose death the
               insurance proceeds will be payable.

               The "Specified Face Amount of Insurance" as of the date of policy
               is shown on page 3. A new page 3 will be issued to show any
               change in the Specified Face Amount of Insurance that occurs at
               your request.

               The "Final Date of Policy" is the policy anniversary on which the
               insured is age 95.

               Policy years and months are measured from the date of policy. For
               example, if the date of policy is May 5, 1999, the first policy
               month ends June 4, 1999, and the first policy year ends May 
               4, 2000. Also, the first monthly anniversary is June 5, 1999 and
               the first policy anniversary is May 5, 2000.

               The "Designated Office" is the office to which your
               communications are to be sent. It is our Home Office at One
               Madison Avenue, New York, N.Y. 10010. We may, by written notice,
               name one or more other offices within the United States to serve
               as a Designated Office in place of the Home Office.

               The "Investment Start Date" is the date the first premium is
               applied to the Fixed Account and/or Separate Account. It is the
               later of: (1) the Date of Policy; and (2) the date we receive the
               first premium at our Designated Office.

               "Issue Age" is the age of the insured shown on page 3.

               "Guideline Annual Premium" is the level annual amount of premium
               that would be payable through the Final Date of Policy for the
               specified face amount of the policy if premiums were fixed by us
               as to both timing and amount and were based on the 1980
               Commissioners Standard Ordinary Mortality Tables, net investment
               earnings at an annual effective rate of 5%, and fees and charges
               as set forth in the policy and any policy riders.

                                       6
7FM-06                                                                  AAABDI
<PAGE>
 
                            DEFINITIONS (CONTINUED)

               "Fixed Account" is the account under the policy to which we will
               add the payments that you allocate to the Fixed Account. The
               Fixed Account is part of our general account.

               "Separate Account" is Metropolitan Life Separate Account UL, the
               account under this policy to which we will add the payments that
               you allocate to any of the Investment Divisions in the Separate
               Account.

               "Policy Loan Account" is the account to which we will transfer
               the amount of any policy loan from the Fixed and Separate
               Accounts.

               "Cash Value" is the sum of: (a) the policy's cash value in the
               Fixed Account; (b) the policy's cash value in each investment
               division of the Separate Account; and (c) the policy's cash value
               in the Policy Loan Account.

               "Cash Surrender Value" is the cash value less any policy loan
               and loan interest and any applicable surrender charge computed
               from the chart set forth on page 15 and, if the policy is
               surrendered in the first policy year, less the Base
               Administration Charge for each full policy month remaining to the
               end of the first policy year.


                           PAYMENT WHEN INSURED DIES

INSURANCE      If the insured dies before the Final Date of Policy, an amount of
PROCEEDS       money, called the insurance proceeds, will be paid to the
               beneficiary. The insurance proceeds are the sum of:

               * The death benefit described below.

                          PLUS

               * Any insurance on the insured's life that may be provided by
               riders to this policy.

                          MINUS

               * Any policy loan and loan interest.

                          MINUS

               * Any due and unpaid monthly deductions accruing during a grace
               period.

               We will pay the insurance proceeds to the beneficiary after
               receipt at our Designated Office of proof of death and a proper
               written claim.

DEATH BENEFIT  You must choose one of the following two death benefit options:

               1.  OPTION A: The Specified Face Amount of Insurance.

               2.  OPTION B: The Specified Face Amount of Insurance; 

                                     PLUS

                       The cash value on the date of death.

               The death benefit will be the amount of the option in effect at
               the time of death or, if greater, the minimum death benefit
               described on page 8.

                                       7

7FM-07                                                                  AAABAK
<PAGE>
 
                     PAYMENT WHEN INSURED DIES (CONTINUED)


MINIMUM DEATH  In no event will the death benefit be less than the amounts
BENEFIT        described below:

<TABLE>
<CAPTION>
                                      MINIMUM DEATH BENEFIT   
                   AGE ON DATE        AS A PERCENTAGE OF THE  
                    OF DEATH               CASH VALUE             
                   <S>                <C>                     
                   40 or younger              250%                    
                       41-45                 243-215                 
                       46-50                 209-185                 
                       51-55                 178-150                 
                       56-60                 146-130                 
                       61-65                 128-120                 
                       66-70                 119-115                 
                       71-75                 113-105                 
                       76-90                   105                      
                       91-95                 104-100
</TABLE>

               The minimum death benefit will decrease uniformly within the age
               ranges shown.

DEATH BENEFIT  At any time after the second policy year, while this policy is in
ADJUSTMENT     force, you may change the death benefit option and change (either
               increase on decrease) the Specified Face Amount of Insurance,
               subject to the following:

               1.  In the event of a change in the death benefit option, we will
                   change the Specified Face Amount of Insurance as follows:

                   a.  If you change from Option A to Option B, the Specified
                       Face Amount of Insurance will be reduced by the then
                       current cash value.

                   b.  If you change from Option B to Option A, the Specified
                       Face Amount of Insurance will be increased by the then
                       current cash value.

               2.  The Specified Face Amount of Insurance may not be reduced to
                   less than the Specified Face Amount Limits shown on page 3.1,
                   nor may it be reduced to a level where the total premiums
                   already paid to date exceed the then current Internal Revenue
                   Service limits relating to the definition of life insurance.

               3.  The Specified Face Amount of Insurance may not be increased
                   after the insured reaches age 80. For any change at your
                   request which would increase the death benefit, you must
                   provide evidence satisfactory to us of the insurability of
                   the insured. Each increase must be at least $5,000. Also, at
                   the time of change there will be an underwriting charge of $5
                   for each $1,000 of insurance increase. This charge will be
                   part of the monthly deduction as of the date the increase
                   takes effect. New withdrawal charges will apply for 15 policy
                   years after the increase.

               4.  No change in the death benefit will take effect unless the
                   cash surrender value after the change is equal to at least
                   two monthly deductions. A request for a change in the death
                   benefit will take effect as of the monthly anniversary which
                   coincides with or next follows: (a) if evidence of
                   insurability is required, the date we approve the request, or
                   (b) if not, the date of the request.

               5.  We will issue a new page 3 for this policy showing the
                   change. We may require that you send us this policy to make
                   any requested change.

                                       8
7FM-08                                                                  AAABAL
<PAGE>
 
                               MONTHLY DEDUCTION

               Each policy month, a deduction is made from the cash value to pay
               for the cost of insurance and administrative expenses. The
               monthly deduction is determined on each monthly anniversary, and
               is the sum of the following items:

               1.  The monthly cost of term insurance, as defined below.

               2.  The monthly cost of any benefits provided by riders.

               3.  A base administration charge as shown on page 3.1.

               4.  For any month in which your request results in an increase in
                   the death benefit, an underwriting charge of $5.00 per
                   thousand dollars of such increase.

               The monthly deduction will be charged proportionately to the
               Fixed Account and each Investment Division of the Separate
               Account at the beginning of the policy month.

COST OF TERM   The cost of the term insurance for any policy month is equal to
INSURANCE      the amount of term insurance multiplied by the monthly term
               insurance rate. From time to time we will set monthly term
               insurance rates based on the insured's age, sex, and underwriting
               class. These rates will never be more than the maximum rates
               shown in the table on page 4. Any changes in mortality charges
               will not recoup past losses. Any adjustments in policy cost
               factors will be by class and based on changes in such factors as
               investment earnings, mortality, persistency and expenses.

               The amount of term insurance for any policy month is equal to:

               *  The death benefit divided by 1.0032737;

                           MINUS

               *  The Cash Value of the policy.

               The cash value used in this calculation is determined at the
               start of the policy month before the deduction for the monthly
               cost of term insurance and for any Disability Waiver Benefit, but
               after the deduction for any other riders or charges.


                                 FIXED ACCOUNT

VALUE          The policy's cash value in the Fixed Account on the Investment
               Start Date is equal to:

               1.  The portion of the initial net premium which has been paid
                   and allocated to the Fixed Account;

                                     MINUS

               2.  The portion of the first monthly deduction charged to the
                   Fixed Account.

                                       9
7FM-09                                                                  AAABF9
<PAGE>
 
                                 FIXED ACCOUNT (CONTINUED)

               The policy's cash value in the Fixed Account on any day after the
               Investment Start Date is equal to:

               1.  The value on the preceding day, with interest on such value
                   at the currently applicable rates;

                              PLUS

               2.  Any portion of net premium paid and allocated to the Fixed
                   Account on that day;

                              PLUS

               3.  Any amount transferred to the Fixed Account on that day;

                              PLUS

               4.  Any loan repayments allocated to the Fixed Account on that
                   day;

                              PLUS

               5.  That portion of any interest credited on outstanding loans
                   which is allocated to the Fixed Account on that day;

                              MINUS

               6.  Any amount transferred from the Fixed Account to the Separate
                   Account on that day;

                              MINUS

               7.  Any cash withdrawal made from the Fixed Account on that day;

                              MINUS

               8.  Any amount transferred from the Fixed Account to the Policy
                   Loan Account on that day;

                              MINUS

               9.  The portion of any transfer charge allocated to the policy's
                   cash value in the fixed account;

                       MINUS, IF THAT DAY IS A MONTHLY ANNIVERSARY,

               10. The portion of the monthly deduction which is charged to the
                   Fixed Account, to cover the policy month which starts on that
                   day.

INTEREST       The guaranteed interest rate for the Fixed Account is .01075% a
RATE           day, compounded daily. This is equivalent to a rate of 4% a year
               compounded annually.

               We may declare rates of Interest in excess of the 4% guaranteed
               rate on amounts in excess of $1,000 in the Fixed Account at any
               time, subject to the following conditions: the rate of excess
               interest on any net premiums paid during a month of the year will
               not decrease before the first day of the same month of the
               subsequent year; thereafter, the rate of excess interest will not
               decrease for a period of twelve months from the date declared. We
               also may credit different rates of excess interest to premium
               payments made in different months of the year and different rates
               of excess interest at the end of each twelve-month period for
               cash value related to premiums received in a given month of each
               prior year. Transfers made into the Fixed Account will be treated
               as new premium payments for these purposes.

               We will credit the guaranteed and any excess interest on every
               Valuation Date. Once credited, that interest will be guaranteed
               and will become part of the policy's cash value in the Fixed
               Account from which monthly deductions are made. The monthly
               deduction will be charged against the most recent premiums paid
               (and transfers made) and interest credited thereto.

                                      10
7FM-10                                                                  AAABGA
<PAGE>
 
                                SEPARATE ACCOUNT

               Separate Account UL is an investment account established and
               maintained by us, separate from our general account or other
               separate investment accounts. It is used for flexible premium
               multifunded life insurance policies, and if permitted by law, may
               be used for other policies or contracts as well.

               We own the assets in the Separate Account. Assets equal to the
               reserves and other liabilities of the Separate Account will not
               be charged with liabilities that arise from any other business we
               conduct. We may from time to time transfer to our general account
               assets in excess of such reserves and liabilities. 

               Income and realized and unrealized gains or losses from assets in
               the Separate Account are credited to or charged against the
               Separate Account without regard to our other income, gains or
               losses. 

               The Separate Account will be valued at the end of each Valuation
               Period.

               A "Valuation Date" is each day on which there is enough trading
               in a portfolio's securities that the current value of its shares
               could be materially affected. In general, Valuation Dates will be
               days when the New York Stock Exchange is open for trading. We
               reserve the right, on 30 days notice, to change the basis for
               such Valuation Date, as long as the basis is not inconsistent
               with applicable laws.

               A "Valuation Period" is the period between successive Valuation
               Dates starting at 4:00 P.M. New York City time, on each Valuation
               Date and ending at 4:00 P.M., New York City time, on the next
               Valuation Date. We reserve the right, on 30 days notice, to
               change the basis for such Valuation Period, as long as the basis
               is not inconsistent with applicable laws.

INVESTMENT     The "Investment Divisions" are part of the Separate Account. Each
DIVISIONS      division holds a separate class (or series) of stock of a
               designated investment company or companies. Each class of stock
               represents a separate portfolio in an investment company.

               The Investment Divisions available on the Date of Policy are
               described on Page 5. Those you selected in the application are
               shown on Page 3. We may from time to time make other investment
               divisions available to you. We will provide you with written
               notice of all material details including investment objectives
               and all charges.

OUR RIGHT      We reserve the right to make certain changes if, in our judgment,
TO MAKE        they would best serve the interests of the owners of policies
CHANGES        such as this one, or would be appropriate in carrying out the
               purposes of such policies. Any changes will be made only to the
               extent and in the manner permitted by applicable laws. Also, when
               required by law, we will obtain your approval of the changes and
               the approval of any appropriate regulatory authority.

               Example of the changes we may make include:

               *  To operate the Separate Account in any form permitted under
                  the Investment Company Act of 1940, or in any other form
                  permitted by law.

               *  To take any action necessary to comply with or obtain and
                  continue any exemptions from the Investment Company Act of
                  1940.

                                      11
7FM-11                                                                  AAABDK
<PAGE>
 
                          SEPARATE ACCOUNT (CONTINUED)

               *    To transfer any assets in an Investment Division to another
                    Investment Division, or to one or more separate accounts,
                    or to our general account, or to add, combine, or remove
                    Investment Divisions in the Separate Account.

               *    To substitute, for the investment company shares held in any
                    Investment Division, the shares of another class of the
                    investment company or the shares of another investment
                    company or any other investment permitted by law.

               *    To change the way we assess charges, but without increasing
                    the aggregate amount charged to the Fixed Account and any
                    currently available investment division of the Separate
                    Account or available portfolios of the fund.

               *    To make any other necessary technical changes in this policy
                    in order to conform with any action this provision permits
                    us to take.

               If any of these changes result in a material change in the
               underlying investments of an Investment Division in the Separate
               Account, we will notify you of such change. If you have funds
               allocated to that division, you may then make a new choice of
               Investment Divisions.

INDEX OF       We use an index to measure changes in each Investment Division's
INVESTMENT     investment experience during a Valuation Period. We set the index
EXPERIENCE     at $10 when the Investment Division first began operations. The 
               index for a current Valuation Period equals the index for the    
               preceding Valuation Period multiplied by the experience factor   
               for the current period.                                          

               The "experience factor" for a valuation period in each division
               is calculated as follows:

               (1)  We take the net asset value per investment company share at
                    the end of the current valuation period. We add the per
                    share amount of any dividend or capital gain distribution
                    paid by the investment company during the current valuation
                    period. We subtract any per share charge for our taxes and
                    for any reserve for taxes.

               (2)  We divide (1) by the net asset value per investment company
                    share at the end of the preceding valuation period.

               (3)  We subtract a charge of not more than .002454% for each day
                    in the valuation period. This charge is to cover the expense
                    and mortality risks that we are assuming and is equivalent
                    to no more than 0.90% a year.

VALUE          The policy's cash value in the Separate Account is the sum of the
               cash values in each of the Investment Divisions.

               The policy's cash value in each Investment Division of the
               Separate Account on the Investment Start Date is equal to:

               1.   The portion of the initial net premium which has been paid
                    and is allocated to the Investment Division;

                                     MINUS

               2.   The portion of the first monthly deduction which is charged
                    to the Investment Division.

                                      12
7FM-12                                                                  AAABAP
<PAGE>
 
                          SEPARATE ACCOUNT (CONTINUED)

               The policy's cash value in each Investment Division on subsequent
               valuation dates is equal to:

               1.  The cash value in the Investment Division on the preceding
                   Valuation Date multiplied by the experience factor for the
                   current valuation period;

                              PLUS

               2.  Any net premium payments received during the current
                   valuation period which are allocated to the Investment
                   Division;

                              PLUS

               3.  Any net amounts transferred to the Investment Division from
                   the Fixed Account or from another Investment Division during
                   the current valuation period;

                              PLUS

               4.  Any loan repayments allocated to the Investment Division
                   during the current valuation period;

                              PLUS

               5.  That portion of any interest credited on outstanding loans
                   which is allocated to the Investment Division during the
                   current valuation period;

                              MINUS

               6.  Any amounts transferred from the Investment Division during
                   the current valuation period;

                              MINUS

               7.  Any cash withdrawal from the Investment Division during the
                   current valuation period;

                              MINUS

               8.  Any amount transferred from the Investment Division to the
                   Policy Loan Account during that Valuation Period;

                              MINUS

               9.  The portion of any transfer charge allocated to the policy's
                   cash value in the Investment Division;

                   MINUS, IF A MONTHLY ANNIVERSARY OCCURS DURING THE CURRENT
                   VALUATION PERIOD,

               10. The portion of the monthly deduction charged to the
                   Investment Division during the current valuation period to
                   cover the policy month which starts on that day.


                            OWNER'S RIGHT TO CHANGE ALLOCATION

               You can change the allocation of future net premiums among the
               Fixed Account and/or the Investment Divisions of the Separate
               Account. You must allocate at least 10% of net premiums to each
               alternative you choose. Percentages must be in whole numbers.
               (For example, 33 1/3% may not be chosen.) You must notify us in
               writing of a change in the allocation percentages. The change
               will take effect immediately upon receipt at our Designated
               Office.

                                      13
7FM-13                                                                  AAABAQ
<PAGE>
 
                      OWNER'S RIGHT TO CHANGE ALLOCATION (CONTINUED)

               You may also change the allocation of the cash value. To do this,
               you may transfer amounts among the alternatives at any time. A
               transfer charge of $25 will be deducted from the cash value from
               which amounts are transferred on a pro-rata basis when each
               transfer is effected. However, no charge will be assessed for
               transfers from Policy loans and loan repayments. In addition,
               during the first 24 Policy months, no charge will be assessed for
               a complete transfer of all amounts in the investment divisions of
               the Separate Account to the Fixed Account. Transfers must be in
               either dollar amounts or a percentage in whole numbers. The
               minimum amount that may be transferred is $50, or, if less, the
               entire cash value in an Investment Division of the Separate
               Account or the entire cash value in the Fixed Account. The change
               will take effect on the date we receive written notice from you
               at our Designated Office. We will reflect the change in our
               calculations and in your annual report.


                           PAYMENTS DURING INSURED'S LIFETIME

PAYMENT ON     If the insured is alive on the Final Date of Policy, we will pay
FINAL DATE     you the cash value minus any policy loan and loan interest.
OF POLICY      Coverage under this policy will then end.
               
          
FULL AND       We will pay you all or part of the cash surrender value after we
PARTIAL        receive your request at our Designated Office. The cash surrender
CASH           value will be determined as of the date we receive your          
WITHDRAWAL     request. If you request and are paid the full cash surrender
               value, this policy and all our obligations under it will end. We
               may require surrender of this policy before we pay you the full
               cash surrender value.                               

               Each partial cash withdrawal must be at least $250. When a cash
               withdrawal is made, we will reduce the cash value by the amount
               of the partial withdrawal. The withdrawal will be allocated
               proportionately among the Fixed Account and each Investment
               Division of the Separate Account.

               If Death Benefit Option A is in effect, we will also reduce the
               Specified Face Amount of Insurance by the amount of the partial
               withdrawal, and a new page 3 will then be issued. We may require
               that you send us this policy to make the change. Partial cash
               withdrawals will not affect the Specified Face Amount of
               Insurance if Option B is in effect.

               A partial withdrawal which would reduce the cash surrender value
               to less than two monthly deductions may not be made. Also, if
               Option A is in effect, a partial withdrawal may not be made if it
               would reduce the Specified Face Amount of Insurance to less than
               the Specified Face Amount Limits on page 3.1, or to a level where
               the premiums already paid would exceed then current Internal
               Revenue Service limits. If you request a partial cash withdrawal
               and these conditions apply, we will contact you to determine if
               you want to cancel the request, withdraw a smaller amount, or
               surrender the policy.

SURRENDER      If, within the first 15 policy years, you request a full cash
CHARGES        withdrawal or the policy ends because the grace period expired,
               we will deduct a surrender charge from the cash value. We will
               also deduct a surrender charge from the cash value if you have
               increased the specified face amount and, within 15 years of the
               increase, you request a full cash withdrawal or the policy ends
               because the grace period expired. No surrender charge applies to
               an increase in the specified face amount of insurance resulting
               from a change in the death benefit option.

                                      14
7FM-14                                                                  AAABAR
<PAGE>
 

                PAYMENTS DURING INSURED'S LIFETIME (CONTINUED)
                                                                             
          The surrender charge per thousand dollars of specified face amount of
          insurance is as follow:

          Option A at Issue or Increase:
                                             
<TABLE>                       
<CAPTION>                     
                 Age at                      Policy Years Since Issue or Increase                                            
                 Issue or--------------------------------------------------------------------------------------
                 Increase    1     2    3     4     5     6     7    8    9    10   11   12   13   14   15                  
                 ----------------------------------------------------------------------------------------------             
                 <S>         <C>  <C>   <C>  <C>   <C>   <C>   <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>                 
                   0-5       $ 3  $ 3   $ 3  $ 3   $ 3   $ 2   $ 2  $ 2  $ 2  $ 2  $ 1  $ 1  $ 1  $ 1  $ 1                 
                   6-10        3    3     3    3     3     2     2    2    2    2    1    1    1    1    1                 
                  11-20        3    3     3    3     3     2     2    2    2    2    1    1    1    1    1                 
                  21-25        3    3     3    3     3     2     2    2    2    2    1    1    1    1    1                 
                  26-30        4    4     3    3     3     3     3    2    2    2    2    1    1    1    1                 
                  31-35        7    6     6    6     5     5     5    4    4    3    3    2    2    1    1                 
                  36-40        8    7     7    7     6     6     5    5    4    4    3    3    2    1    1                 
                  41-44        10   9     8    8     7     7     6    6    5    4    4    3    2    2    1                 
                  45-50        12   12    11   10    10    9     8    7    7    6    5    4    3    2    1                 
                  51-54        15   15    14   13    12    11    10   9    8    7    6    5    4    3    1                 
                  55-59        18   17    16   15    14    13    12   11   10   9    8    6    5    3    2                 
                  60-69        22   21    20   18    17    16    15   13   12   11   9    7    6    4    2                 
                  70-79        22   21    20   18    17    16    15   13   12   11   9    8    6    4    2                 
                  80           22   21    20   18    17    16    15   14   13   12   10   9    8    6    3                 
</TABLE>
                       
          Option B at Issue or Increase: 

<TABLE>                                       
<CAPTION>                                     
                 Age at                      Policy Years Since Issue or Increase                              
                 Issue or------------------------------------------------------------------------------------
                 Increase  1      2     3    4     5     6     7    8    9    10   11   12   13   14   15      
                 --------------------------------------------------------------------------------------------  
                 <S>       <C>    <C>   <C>  <C>   <C>   <C>   <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>     
                   0-5     $ 4    $ 4   $ 3  $ 3   $ 3   $ 3   $ 3  $ 2  $ 2  $ 2  $ 2  $ 1  $ 1  $ 1  $ 1     
                   6-10      4      4     4    4     3     3     3    3    2    2    2    1    1    1    1     
                  11-20      5      5     5    4     4     4     3    3    3    2    2    2    1    1    1     
                  21-25      7      7     6    6     6     5     5    4    4    3    3    2    2    1    1     
                  26-30      10     8     7    7     7     6     6    5    4    4    3    3    2    1    1     
                  31-35      12     12    11   10    10    9     8    7    6    5    4    4    3    2    1     
                  36-10      15     14    13   12    12    11    10   9    8    7    6    5    4    3    1     
                  41-44      20     20    19   18    17    16    14   13   12   10   9    7    5    4    2     
                  45-50      24     24    24   22    21    19    17   16   14   12   10   8    6    4    2     
                  51-54      27     27    26   24    23    21    19   18   16   14   12   10   7    5    3     
                  55-59      30     29    27   25    24    22    20   18   16   14   12   10   8    5    3     
                  60-69      32     30    29   27    25    23    22   20   18   15   13   11   8    6    3     
                  70-79      36     34    33   31    29    27    25   23   20   18   16   13   10   7    4     
                  80         40     38    36   34    32    30    28   26   24   22   19   17   14   11   6      
</TABLE>

          However during the first two policy years, the surrender charge,
          together with all sale charges previously deducted from the premiums
          paid, will not exceed the total of: 

               30% of the premiums paid up to one guideline annual premium
                                      PLUS
               10% of the premiums paid which are greater than one guideline
               annual premium but not more than two guideline annual premiums
                                      PLUS
               9% of the premiums paid which are greater than two guideline
               annual premiums.

          The above also applies to a surrender charge allowable to an increase
          in the specified face amount if policy is surrendered within 2 years
          of the increase.

          The cash surrender value of an inforce policy is not affected by the
          above limits during the first two policy years.

                                      15
7FM-15                                                                  AAABGT
<PAGE>
 
                 PAYMENTS DURING INSURED'S LIFETIME (CONTINUED)

POLICY LOAN    At any time, you may get cash by taking a policy loan upon
               assignment of this policy as sole security. If there is an
               existing loan, you can increase it.

               The maximum amount available for a new or increased loan will be
               the greater of the policy's cash surrender value less two monthly
               deductions or 75% of the policy's cash surrender value.

               The smallest amount you can borrow at any one time is $250.

               The loan will be allocated proportionately among the Fixed
               Account and the Investment Divisions of the Separate Account.

               Loan interest is charged daily at the rate of 8% a year, and is
               due at the end of each policy year. Interest not paid within 31
               days after it is due will be added to the loan principal. It will
               be added as of the due date and will bear interest at the same
               rate as the rest of the loan. It will be deducted proportionately
               from the policy's cash value in the Fixed Account and each
               Investment Division of the Separate Account and will be
               transferred to the Policy Loan Account. The amount transferred
               will be treated as an increased loan.

LOAN           You may repay all or part (but not less than $50) of a policy
REPAYMENT      loan at any time while the insured is alive and this policy is in
               force. You must tell us when you make a payment if the payment is
               intended as a loan repayment. Otherwise, it will be treated as a
               premium payment. Loan repayments will be allocated in the same
               manner as net premium payments.

               Failure to repay a policy loan or to pay loan interest will not
               terminate this policy unless the cash surrender value is less
               than the monthly deduction due on a monthly anniversary. In that
               case, the Grace Period provision will apply (see page 17).

EFFECT OF      When a loan is made, the cash value in each Investment Division
A POLICY       of the Separate Account equal to the portion of the policy loan
LOAN ON THE    allocated to each Investment Division will be transferred to a
CASH VALUE     Policy Loan Account within the General Account. The cash value in
               the Fixed Account equal to the portion of the policy loan
               allocated to that Account will also be transferred to the Policy
               Loan Account.
               
               Amounts in the Policy Loan Account will be credited with interest
               at a rate we set but never less than 4%. Interest credited to
               amounts in the Policy Loan Account will be allocated at least
               once a year among the Fixed Account and the Investment Divisions
               of the Separate Account in the same proportions as net premiums
               are then being allocated.

DEFERMENT      We reserve the right to defer calculation and payment of benefits
               in the following circumstances:

               1.  If your policy is in force with a cash value in the Separate
                   Account, it will generally not be practical for us to
                   determine the investment experience of the Separate Account
                   during any period when the New York Stock Exchange is closed
                   for trading (except for customary weekend and holiday
                   closings), or when the Securities and Exchange Commission
                   restricts trading or determines that an emergency exists. In
                   such a case and with respect to the Separate Account, we
                   reserve the right to defer: (a) determination, application,
                   or payment of a cash withdrawal value: (b) determination of
                   policy loans except for a loan to pay a premium to us; (c) a
                   change in the allocation among the Investment Divisions of
                   the Separate Account; and (d) payment of the death benefit.

               2.  If your policy is in force with a cash value in the Fixed
                   Account, we may defer paying a cash withdrawal value from
                   that account for up to 6 months from the date we receive a
                   request for payment. If we delay for 30 days or more,
                   interest will be paid at a rate not less than 4% a year.

               3.  We may delay making a loan from the Fixed Account, except for
                   a loan to pay a premium to us, for up to 6 months from the
                   date you request the loan.

                                      16
7FM-16                                                                  AAABAS
<PAGE>
 
                                    PREMIUMS

PREMIUM        Premium payments other than the first premium are to be sent to
PAYMENTS       our Designated Office.

               No insurance will take effect before the first premium is paid.
               Other premiums may be paid at any time while the policy is in
               force and before the Final Date of Policy and in any amount
               subject to the limits described below.

               We will send premium notices, if you request in writing,
               according to the planned premium shown on page 3. After the first
               two policy years, you may skip planned premium payments or change
               their frequency and amount if the cash surrender value is large
               enough to keep your policy in force.

               The planned premium shown on page 3 was determined as an amount
               which would be sufficient to continue this policy to the Final
               Date, assuming a continuation of current mortality experience,
               assuming reasonable investment results, and assuming that there
               is no policy loan, cash withdrawal, or change in the death
               benefit. However, the planned premium may need to be increased in
               order to keep this policy in force if there is any change in
               these assumptions or in the amount and frequency of premium
               payments.

LIMITS         During the first two policy years, total premiums may not be less
               than the minimum required premium shown on page 3. After the
               first two policy years, additional premium payments may be
               necessary to keep the policy in force depending upon actual
               investment experience and the timing and frequency of the premium
               payments. Each planned premium payment after the first two policy
               years must be at least $200 annually and $100 semi-annually ($15
               for a Special Account payment). However, any unplanned premium
               payment must be at least $250.

               We may increase these minimum premium limits. No increase will
               take effect until 90 days after notice is sent.

               The total premiums paid in a policy year may not exceed the
               maximum we set for that year. When we set the maximum for total
               premiums paid in a policy year, we will take account of any
               requirements in federal legislation relating to the definition of
               life insurance. We will return to you any premium paid in a
               policy year to the extent it is more than the maximum.

GRACE PERIOD   If, during the first two policy years, the cash surrender value
               on any monthly anniversary is insufficient to cover the monthly
               deduction and the total premiums paid as of a monthly anniversary
               are not equal to the minimum required premiums shown on page 3,
               there will be a grace period of 61 days to pay an amount equal to
               the difference between the total premiums previously paid and the
               minimum required premiums. If you do not pay this amount the
               policy will end and we will send you any sales charge we may have
               deducted which exceeds the maximum surrender charge permitted
               during the first two policy years.

               If, after two policy years or at any time after you change the
               death benefit or reinstate this policy, the cash surrender value
               on any monthly anniversary is less than the deduction for that
               month, there will be a grace period of 61 days after that
               anniversary to pay an amount that will cover two monthly
               deductions. If you do not pay this amount the policy will end,
               without value.

               In either case we will send you a notice at the start of the
               grace period. We will also send a notice to any assignee on our
               records.

               If the insured dies during the grace period, we will pay the
               insurance proceeds minus any overdue monthly deduction.

REINSTATEMENT  If the grace period has ended and you have not paid the required
               premium and have not surrendered your policy for its cash
               surrender value, you may reinstate this policy while the insured
               is alive if you:

               1.  Request in writing reinstatement within 3 years after the end
                   of the grace period;

               2.  Provide evidence of insurability satisfactory to us;

               3.  Pay a sufficient amount to keep the policy in force for at
                   least 2 months after the date of reinstatement; plus (a) an
                   amount sufficient to cover the unpaid portion of the charges
                   applicable during the first 12 policy months; plus (b) any
                   portion of the surrender charge which was not paid when the
                   policy ended because the cash value was not sufficient to pay
                   such portion of the charge: plus (c) interest on (a) to the
                   date of reinstatement at the rate of 6% a year.

               Any policy loan and interest due when the policy ends will be
               cancelled.

                                      17
7FM-17                                                                  AAABAT
<PAGE>
 
                              PREMIUMS (CONTINUED)

               The effective date of the reinstated policy will be the date we
               approve the reinstatement application.

               The amount of cash value on the date of reinstatement will be
               equal to:

               *  the net premiums paid at reinstatement;

                             PLUS

               *  an amount equal to the lesser of:

                    (i)  the surrender charge which would apply under the policy
                         if it were surrendered in the policy year of
                         reinstatement and as if the policy had not ended
                         earlier, and

                    (ii) the total surrender charges as described on page 14
                         when the policy ended, except if the policy ended
                         during the first two policy years, the total surrender
                         charges actually paid;

                             MINUS

               *  the amounts paid in accordance with (a), (b) and (c) in item 3
                  above.


                             OWNERSHIP AND BENEFICIARY

OWNER          As owner, you may exercise all rights under your policy while the
               insured is alive. You may name a contingent owner who would
               become the owner if you die before the insured.

CHANGE OF      You may name a new owner at any time. If a new owner is named,
OWNERSHIP      any earlier choice of a contingent owner, beneficiary, contingent
               beneficiary or optional income plan will be cancelled, unless you
               specify otherwise.
          
BENEFICIARY    The beneficiary is the person or persons to whom the insurance
               proceeds are payable when the insured dies. You may name a
               contingent beneficiary to become the beneficiary if all the
               beneficiaries die while the insured is alive. If no beneficiary
               or contingent beneficiary is named, or if none is alive when the
               insured dies, the owner (or the owner's estate) will be the
               beneficiary. While the insured is alive, the owner may change any
               beneficiary or contingent beneficiary.

               If more than one beneficiary is alive when the insured dies, we
               will pay them in equal shares, unless you have chosen otherwise.

HOW TO CHANGE  You may change the owner, contingent owner, beneficiary or     
THE OWNER OR   contingent beneficiary of this policy by written notice or     
THE            assignment of the policy. No change is binding on us until it is
BENEFICIARY    recorded at our Designated Office.                              
                                                                               
               Once recorded, the change binds us as of the date you signed it.
               The change will not apply to any payment made by us before we
               recorded your request. We may require that you send us this
               policy to make the change.

COLLATERAL     Your policy may be assigned as collateral. All rights under the
ASSIGNMENT     policy will be transferred to the extent of the assignee's
               interest. We are not bound by an assignment or release thereof
               unless and until it is in writing and is recorded at our
               Designated Office. We are not responsible for the validity of any
               assignment.
           

                               GENERAL PROVISIONS

THE CONTRACT   This policy includes any riders and, with the application
               attached at issue and any application added after issue, makes up
               the entire contract. All statements in the application will be
               representations and not warranties. No statement will be used to
               contest the policy unless it appears in the application.
           
LIMITATION     No account representative or other person except our President,
ON SALES       Secretary, or Vice-President may make or change any contract of
REPRESEN-      insurance, or change or waive any of the terms of this policy.
TATIVE'S       Any change or waiver must be in writing and signed by our
OR OTHER       President, Secretary, or Vice-President.
PERSON'S   
AUTHORITY  

INCONTESTA-    We will not contest the validity of your policy after it has been
BILITY         in force during the insured's lifetime for 2 years from the date
               of policy. We will not contest the validity of any increase in
               the death benefit after such increase has been in force during
               the insured's lifetime for 2 years from its effective date.

                                      18
7FM-18                                                                  AAABAU
<PAGE>
 
                             GENERAL PROVISIONS (CONTINUED)

AGE AND SEX         If the insured's age or sex on the date of the policy is not
                    correct as shown on page 3, we will adjust the benefits
                    under this policy. To do this, we will recompute the cash
                    value by taking out the monthly deductions for the life of
                    the policy, using the insured's correct age and sex.

NONPARTICIPATION    This policy is not eligible for dividends, it does not
                    participate in any distribution of our surplus.


COMPUTATION         The Fixed Account Cash Value is computed using a guaranteed
OF VALUES           minimum interest rate of 4% a year. These values and the
                    maximum term insurance rates shown on page 4 are based on
                    the 1980 Commissioners Standard Ordinary Mortality (sex
                    distinct) Table, age last birthday.
            
                    For substandard policy classifications, these values and
                    rates are based on a modified version of the 1980 CSO
                    Mortality Table that reflects our mortality experience.

                    We have filed a detailed statement of the method of
                    computation with the insurance supervisory official of the
                    state in which this policy is delivered. The values under
                    this policy are equal to or greater than those required by
                    the law of that state.

ANNUAL REPORTS      Each year we will send you a report showing the current
                    death benefit, cash value and any outstanding policy loans
                    for this policy. It will show the amount and type of credits
                    to and deductions from the cash value during the past policy
                    year. The report will also include any other information
                    required by state laws and regulations.

     
ILLUSTRATION OF     At any time, we will provide an illustration of the future
FUTURE BENEFITS     benefits and values under your policy. You must ask in
                    writing for this illustration. The first illustration in any
                    policy year will be furnished free of charge. Any subsequent
                    request in that policy year will be subject to a service fee
                    of up to $5.

                                   EXCLUSION

SUICIDE             The insurance proceeds will not be paid if the insured
                    commits suicide, while sane or insane, within 2 years from
                    the date of policy. Instead we will pay the beneficiary an
                    amount equal to all premiums paid, without interest, less
                    any policy loan and loan interest and less any partial cash
                    withdrawals. If the insured commits suicide, while sane or
                    insane, more than 2 years after the date of this policy but
                    within 2 years from the effective date of any increase in
                    the death benefit, our liability with respect to the
                    increase will be limited to its cost.

                               METHODS OF PAYMENT

                    Unless otherwise requested, we may pay the insurance
                    proceeds when the insured dies, or the cash surrender value
                    on surrender of the policy in one sum, or by placing the
                    amount in an account that earns interest. The payee will
                    have immediate access to all or any part of the account. If
                    requested, we will apply the amount under one or more of the
                    following payment plans:

OPTION 1.           INTEREST INCOME-- The amount applied will earn interest
                    which will be paid monthly. Withdrawals of at least $500
                    each may be made at any time by written request.

OPTION 2.           INSTALMENT INCOME FOR A STATED PERIOD-- Monthly instalment
                    payments will be made so that the amount applied, with
                    interest, will be paid over the period chosen (from 1 to 30
                    years).

OPTION 2A.          INSTALMENT INCOME OF A STATED AMOUNT-- Monthly instalment
                    payments of a chosen amount will be made until the entire
                    amount applied, with interest, is paid.

OPTION 3.           SINGLE LIFE INCOME-- GUARANTEED PAYMENT PERIOD-- Monthly
                    payments will be made during the lifetime of the payee with
                    a chosen guaranteed payment period of 10, 15 or 20 years.

                                       19
7FM-19                                                                  AAABAV
<PAGE>
 
                        METHODS OF PAYMENT (CONTINUED)

OPTION 3A.          SINGLE LIFE INCOME-- GUARANTEED RETURN-- Monthly payments
                    will be made during the lifetime of the payee. If the payee
                    dies before the total amount applied under this plan has
                    been paid, the remainder will be paid in one sum as a death
                    benefit.

OPTION 4.           JOINT AND SURVIVOR LIFE INCOME-- Monthly payments will be
                    made jointly to two persons during their lifetime and will
                    continue during the remaining lifetime of the survivor. A
                    total payment period of 10 years is guaranteed.

OTHER               Instead of monthly payments, you may choose to have
FREQUENCIES         payments made quarterly, semiannually or annually.
AND PLANS           Other payment plans may be arranged with us.
                    
CHOICE OF           A choice of a payment plan for insurance proceeds made by
PAYMENT PLANS       you in writing and recorded by us while the insured is alive
                    will take effect when the insured dies. All other choices of
                    payment plans will take effect when recorded by us or later,
                    if requested. When a payment plan starts, we will issue a
                    contract which will describe the terms of the plan. We may
                    require that you send us this policy. We may also require
                    proof of the payee's age.

                    Payment plans may be chosen:

                    1. By you during the lifetime of the insured.

                    2. By the beneficiary within one year after the date the
                       insured died and before any payment has been made, if no
                       choice of payment plan was in effect on the date of
                       death.

                    A choice of a payment plan will not take effect unless each
                    payment under the plan would be at least $50.

LIMITATIONS         If the payee is not a natural person, the choice of a
                    payment plan will be subject to our approval. An assignment
                    for a loan will modify a prior choice of payment plan. The
                    amount due the assignee will be payable in one sum and the
                    balance will be applied under the payment plan.

                    Payment plan payments may not be assigned and, to the extent
                    permitted by law, will not be subject to the claims of
                    creditors.

PAYMENT PLAN        Amounts applied under the interest income and instalment
RATES               payment plans will earn interest at the rate we set from
                    time to time. That rate will never be less than 3% a year.

                    Life income plan payments will be based on a rate set by us
                    and in effect on the date the insurance proceeds or cash
                    surrender value become payable.

                                      20
7FM-20                                                                  AAABAW
<PAGE>
 
                         METHODS OF PAYMENT (CONTINUED)

   MINIMUM PAYMENTS UNDER PAYMENT PLANS - Monthly payments under Options 2, 3,
   3A and 4 for each $1,000 applied will not be less than the amounts shown in
   the following Tables.

<TABLE>
<CAPTION>
            -----------------------------------------------------------------------------------
                        OPTION 2. INSTALMENT INCOME FOR A STATED PERIOD             
                            Monthly Payment for each $1,000 Applied                 
            -----------------------------------------------------------------------------------
             Years        Minimum Amount       Years   Minimum Amount   Years   Minimum Amount  
             Chosen       of Each Monthly     Chosen  of Each Monthly  Chosen  of Each Monthly 
                              Payment                      Payment                  Payment     
            -----------------------------------------------------------------------------------
             <S>          <C>                  <C>     <C>              <C>     <C>             
                1             $84.47             11         $8.86          21        $5.32      
                2              42.86             12          8.24          22         5.15      
                3              28.99             13          7.71          23         4.99      
                4              22.06             14          7.26          24         4.84      
                5              17.91             15          6.87          25         4.71      
                6              15.14             16          6.53          26         4.59      
                7              13.16             17          6.23          27         4.47      
                8              11.68             18          5.96          28         4.37      
                9              10.53             19          5.73          29         4.27      
               10               9.61             20          5.51          30         4.18      
             -----------------------------------------------------------------------------------
                          To determine the minimum amount for a quarterly payment,
                          multiply the above monthly payment by 2.99: for semiannual by
                          5.96: and for annual by 11.84.
             -----------------------------------------------------------------------------------
</TABLE> 

<TABLE>                
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                         OPTION 3. SINGLE LIFE INCOME-- Guaranteed Payment Period               OPTION 3A.
                      Minimum Amount of each Monthly Payment for each $1,000 Applied            SINGLE LIFE INCOME--
                ------------------------------------------------------------------------------  Guaranteed Return
                                         Guaranteed Payment Period                              Minimum Amount of each
     Payee's    ------------------------------------------------------------------------------  Monthly Payment for each
       Age                10 Years                   15 Years                 20 Years          $1,000 Applied
- ------------------------------------------------------------------------------------------------------------------------------------
                     Male        Female          Male          Female     Male      Female       Male         Female
                --------------------------------------------------------------------------------------------------------------------
   <S>               <C>          <C>            <C>           <C>        <C>       <C>          <C>          <C>
       50            $4.29        $3.94          $4.23          $3.91     $4.15      $3.86       $4.11        $3.82
       55             4.72         4.29           4.62           4.23      4.47       4.15        4 47         4.11
       60             5.29         4.73           5.09           4.62      4.79       4.47        4.92         4.47
       65             6.02         5.29           5.60           5.09      5.09       4.81        5.48         4.93
       70             6.86         6.02           6.08           5.63      5.31       5.13        6.18         5.53
       75             7.71         6.92           6.46           6.16      5.44       5.36        7.05         6.32
       80             8.48         7.89           6.70           6.55      5.49       5.47        8.15         7.36
   85 and over        9.07         8.74           6.82           6.77      5.51       5 50        9.54         8.70
 
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE> 

<TABLE> 
<CAPTION> 
        --------------------------------------------------------------------------------------------------
                         OPTION 4.  JOINT AND SURVIVOR LIFE INCOME-- Guaranteed period of 10 years
                                    Minimum Amount of each Monthly Payment for each $1,000 Applied
        --------------------------------------------------------------------------------------------------
                Age of                   One Male and               Two                    Two
              Both Payees                 One Female               Males                 Females
        --------------------------------------------------------------------------------------------------
              <S>                        <C>                       <C>                   <C> 
                 50                         $3.64                   $3.79                  $3.54
                 55                          3.93                    4.11                   3.80
                 60                          4.30                    4.55                   4.13
                 65                          4.80                    5.13                   4.57
                 70                          5.47                    5.90                   5.17
                 75                          6.33                    6.80                   6.00
        --------------------------------------------------------------------------------------------------
</TABLE>

On request, we will provide additional information about amounts of premium
payments.

                                      21
7FM-21                                                                  AAAGE4
<PAGE>
 

[LOGO OF METROPOLITAN LIFE APPEARS HERE]                               1847817-3

[X] METROPOLITAN LIFE INSURANCE COMPANY           [_] METROPOLITAN TOWER LIFE 
                                                       INSURANCE COMPANY

[_] METROPOLITAN INSURANCE AND ANNUITY COMPANY    [_] METLIFE SECURITY 
                                                       INSURANCE COMPANY

                   PART A -- APPLICATION FOR LIFE INSURANCE

<TABLE> 
<S>            <C>                         
1.
IDENTITY OF             JOHN A. DOE                                                   M      MARRIED               3/27/54
PROPOSED       Full Name  First, Middle Initial, Last Name                           Sex  Marital Status    Date of Birth Mo./Day 
INSURED                 

                   ANY STATE                                   5"10"      160       $10,000                   123 45 6789   
               State/Country of Birth         Co. Use          Height     Weight    Total Life Insurance      Social Security Number
                                             Enter Age         Ft. In.    Pounds      in all companies
                                           Last Birthday                          (including Metropolitan)

2.             
ADDRESS        123 MAIN ST. ANYCITY, ANYSTATE 10000                                                                              
               Mailing Address of Proposed Insured, or Owner if named in Item 6. Number, Street, City or Town, State and Zip Code 
3.
PLAN           FLEXIBLE PREMIUM MULTIFUNDED LIFE                                        $100,000 - 
               (a.) PLAN (For VLI or FPMLI Complete                                     (b.) AMOUNT (The Specified Face Amount or 
                    Supplement II to Part A)                                                 Guaranteed Insurance Amount)  
                                                                                                                       
               (c.) COMPLETE FOR UNIVERSAL LIFE PLANS                                   (d.) For a qualified Plan specify:  
                 I. Death Benefit Option (check one)                                         I. Type of Plan         
                    [X] Option A (Specified Face Amount)                                [_] II. New Plan            
  
                    [_] Option B (Specified Face Amount PLUS the                        [_]III. Existing Plan-      
                        accumulation fund or cash value)                                        Employer Group No.  
                II. Planned Premium Amount $1000 -                                                          

               (e.) State any Special Request

4.
OPTIONAL       [_]  Disability Waiver     [_] 1 Year Cost of Living    [_] 10 Year Term $                [_] Guarantee Issue
BENEFITS                                                                                                     Option Amount
               [_]  Accidental Death      [_] 1 Year Term $            [_] 20 Year Family Income $        $

5.             (a.) Select a mode of payment which is available with the plan applied for:
PREMIUM             [X] Annual  [_] C-O-M        [_] Govt. Allot.-Mil.       [_] Govt. Allot. -Civ.    [_] Sal. Sav.   [_]
PAYMENTS                                                       
                                                                                      [X] is
               (b.) Amount paid with application: $ 1000 -     [_] None   This Amount            at least equal to one C-O-M premium
                                                                                      [_] is not    
6.
OWNER/         (a.) Owner if other than Proposed Insured  Relationship to     Date of Birth         Social Security # or Tax I.D #
CONTINGENT          (Full Name of person or firm)         Proposed Insured
OWNER
               (b.) Contingent Owner (Full Name)          Relationship to     Date of Birth         Social Security # or Tax I.D. #
                                                          Proposed Insured  
               (c.) [_] Check here if Proposed Insured is to become the Owner if pre-deceased by both the Owner and Contingent 
                        Owner, if any, indicated above (only applicable if Proposed Insured is age 15 or over).

7.                  MARY B. DOE                                               WIFE                                    8/1/56
BENEFICIARY/   (a.) Revocable Beneficiary (Full Name)                         Relationship to Proposed Insured        Date of Birth
CONTINGENT
BENEFICIARY    (b.) Revocable Contingent Beneficiary (Full Name)              Relationship to Proposed Insured        Date of Birth
               (c.) [_] Check here if all present and future children born of the marriage of Proposed Insured and current spouse 
                        are to be included as contingent beneficiaries.


               (d.)     Address of Beneficiary or Contingent Beneficiary, if different from address in Item 2.

               NOTE: (I) Unless indicated otherwise, if more than one beneficiary is alive when the insured dies, we will pay them
                     in equal shares. If no beneficiary is alive when the insured dies, the contingent beneficiary will become the
                     beneficiary, (II) any entry in item 7 is invalid for a corporate pension or profit-sharing plan or public
                     employee deferred compensation plan, (III) a check in item 7(c.) above is valid only if the proposed insured's
                     current spouse is named as the beneficiary.
</TABLE> 
                    
036 K-16


<PAGE>
 
<TABLE> 
<S>           <C>                                                                                                       <C> 
8.                 ATTORNEY - LITIGATION                                                                                   1847817-4
OCCUPATION    (a.) Occupation of Proposed Insured - Job Title and Duties

                       DOE & DOE                                                                                          6 YEARS  
              (b.) Employed by                                                                                          How Long?
              (c.) Actively at Work? (If a homemaker, are you performing regular household duties; if a student, are you attending
                   school regularly? If No, attach explanatory letter.)                                              Yes [X]  No [_]
                                                                                                                          -


9.            Indicate date Proposed Insured last smoked/used:
TOBACCO
USE           cigarette                      cigar                              pipe              smokeless tobacco
              [X] never                      [X] never                          [X] never         [X] never
               -                              -                                  -                 -


10.           DR. JOHN SMITH  789 FIRST ST.  ANYCITY,  ANYSTATE  10000
ATTENDING     (a.) Name and address of personal physician, practitioner or health facility used by Proposed Insured.
PHYSICIAN           
                    2/9/89
              (b.) Date of last consultation

                    FLU-REST 
              (c.) Reason for consultation and diagnosis, treatment and advice.

                            ITEMS 11. AND 12. APPLY TO AND ARE TO BE COMPLETED FOR ALL PERSONS TO BE INSURED.
                 
11.           FOR ANY YES ANSWERS, GIVE DETAILS BELOW.
MEDICAL       Has any person proposed for insurance:
DATA          (a.)  In the last five years, been treated, examined, or advised by any physician, practitioner, or
                    health facility? (Do not include colds, minor viruses or minor injuries which prevented normal 
                    activities for a period less than 5 days.)                                                        [_] Yes [X] No
                                                                                                                               -

              (b.)  Ever received treatment, attention, or advice from any physician, practitioner or health facility          
                    for, or been told by any physician, practitioner, or health facility that such person had heart
                    trouble, chest pain, high blood pressure, diabetes, lung disease, tumor, or cancer?               [_] Yes [X] No
                                                                                                                               -

              (c.)  In the last two years, had persistent cough, pneumonia, chest discomfort, muscle weakness,                 
                    unexplained weight loss of ten pounds or more, swollen glands, patches in mouth, visual 
                    disturbance or recurring diarrhea, fever, or infection?                                           [_] Yes [X] No
                                                                                                                               -

              (d.)  In the last five years, received or applied for disability or hospitalization benefits from                
                    any source?                                                                                       [_] Yes [X] No
                                                                                                                               -
  
              (e.)  Ever had any surgical operation not revealed in previous questions or went to a hospital, clinic,          
                    dispensary, or sanitarium for observation, examination, or treatment not revealed in previous
                    questions?                                                                                        [_] Yes [X] No
                                                                                                                               -

              (f.)  Had a parent, brother, or sister with heart or coronary artery disease, high blood pressure,               
                    cancer or diabetes? (If Yes, give details for each person, including age at onset and age at 
                    death if applicable.)                                                                             [_] Yes [X] No
                                                                                                                               -


</TABLE>

<TABLE> 
<CAPTION> 
            Details                                            
                                                                             Dates       Nature and Severity of Condition  
             Item                     Name and Address of Each Physician      and         Frequency of Attacks, Specific 
              No.    Name of Person    Practitioner and Health Facility    Durations          Diagnosis and Treatment
            <S>      <C>              <C>                                  <C>           <C> 
            -------------------------------------------------------------------------------------------------------------
            -------------------------------------------------------------------------------------------------------------
            -------------------------------------------------------------------------------------------------------------
            -------------------------------------------------------------------------------------------------------------
            -------------------------------------------------------------------------------------------------------------
            -------------------------------------------------------------------------------------------------------------
            -------------------------------------------------------------------------------------------------------------
            -------------------------------------------------------------------------------------------------------------
            Details for Yes answers to items (d.) and (f.)
 </TABLE>

036 K-16


<PAGE>
 
<TABLE>
<S>           <C>                                                                                                 <C> 
                                                                                                                           1847817-5
12.           FOR ANY YES ANSWER TO ITEMS (A.) THROUGH (F.), GIVE DETAILS BELOW.                                           
NON-MEDICAL   Has any person proposed for insurance:
DATA          (a.) Ever had an application for Life or Health Insurance declined, postponed, rated, 
                   modified or required an extra premium?                                                         [_] Yes  [X] No
                                                                                                                            -

              (b.) Any other application for Life or Health insurance now pending or planned in this                          
                   or any other company?                                                                          [_] Yes  [X] No
                                                                                                                            -

              (c.) Intentions in connection with the policy applied for, to borrow against, surrender or                     
                   discontinue existing insurance or annuities (including Group) in force with this or any         
                   other insurer?                                                                                 [_] Yes  [X] No 
                                                                                                                            -

              (d.) Had a driving license suspended or revoked in the last 3 years; or been convicted of 3                   
                   or more moving violations in the last 3 years; or ever been convicted of driving while 
                   impaired or intoxicated?                                                                       [_] Yes  [X] No
                                                                                                                            -

              (e.) Been outside the U.S. or Canada in the past 2 years, or intend to be in the next 12                      
                   months?                                                                                        [_] Yes  [X] No
                                                                                                                            -

              (f.) Ever used heroin, cocaine, barbiturates or other drugs, except as prescribed by a physician              
                   or other licensed practitioner; or received treatment or advice from a physician or other
                   practitioner regarding the use of alcohol, or the use of drugs except for medical purposes;
                   or received treatment or advice from an organization which assists those who have an alcohol
                   or drug problem?                                                                               [_] Yes  [X] No
                                                                                                                            -

              (g.) Flown as a pilot, student pilot, crew member or passenger (except on a scheduled airline)                
                   in the last 2 years or intend to do so in the next 12 months? If Yes, complete the 
                   Aviation Questionnaire.                                                                        [_] Yes  [X] No
                                                                                                                            -

              (h.) Engaged in, or plan to engage in Automotive, Motorcycle or Power Boat Sports; Bobsledding;               
                   Ballooning; Scuba or Sky Diving; Hang Gliding (including Slope Soaring, Para-kiting, etc.); 
                   Mountain Climbing; Parachuting; Snowmobile Racing or any other hazardous sport or hobby?   
                   If Yes, complete the Avocation Questionnaire.                                                  [_]Yes   [X] No
                                                                                                                            -


            DETAILS
            Item No.

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

DRIVER'S    IN ALL CASES, GIVE NAME, DRIVER'S LICENSE NUMBER AND STATE OF ISSUE FOR EACH PERSON TO BE INSURED.
LICENSE     ------------------------------------------------------------------------------------------------------------------------
DATA        JOHN DOE                            1234567890                                            ANY STATE               
            ------------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------

            -----------------------------------------------------------------------------------------------------------------------
</TABLE> 

036 K-16


<PAGE>
 
                                                                       1847817-6
 
                                   AGREEMENT



             I HAVE READ THIS APPLICATION AND AGREE THAT ALL STATEMENTS AND
             ANSWERS ARE TRUE AND COMPLETE TO THE BEST OF MY KNOWLEDGE AND
             BELIEF. IT IS ALSO AGREED THAT:

1.   The statements and answers in Part A and if applicable Supplements I and II
     to Part A, Part B and the Aviation and/or Avocation Questionnaire, are the
     basis of any policy issued.

2.   No sales representative or other person except the President, Secretary or
     a Vice-President of Metropolitan may (a) make or change any contract of
     insurance; or (b) make any binding promises about insurance benefits; or
     (c) change or waive any of the terms of an application, receipt or policy.

3.   No information about any person to be insured will be considered to have
     been given to Metropolitan unless it is stated in this application.

4.   Except as set forth in the Receipt and Temporary Insurance Agreement,
     Metropolitan will have no liability until a policy is delivered personally
     to the owner and the full first premium due is paid. The policy will then
     be in effect as of its date of issue. But it will not be in effect unless
     at the time it is delivered:

     (a.) the condition of health of each person to be insured, and of the
          applicant if the Applicant's Waiver of Premiums Benefit is applied
          for, is the same as given in the application;
                                      and
     (b.) no person to be insured, nor the Applicant if the Applicant's Waiver 
          of Premiums Benefit is applied for, has received any medical advice or
          treatment from a physician or other practitioner since the date of the
          application.

5.   If any annual dividends are payable on a policy issued under this
     application, they may be taken in cash or used in any other way provided by
     the policy. A choice may be made by an entry in Item 3(e). If there is no
     such entry, annual dividends will be: (a) left with Metropolitan to earn
     interest if the policy is a Term Plan or if Item 3(d) is checked; or (b)
     used to buy paid-up additional insurance if the policy is a Life plan and
     Item 3(d) is not checked; or (c) used as stated in the policy applied for.

IF DIVIDENDS ARE LEFT WITH METROPOLITAN TO EARN INTEREST AND ITEM 3(D) IS NOT
CHECKED, THE OWNER CERTIFIES, UNDER PENALTY OF PERJURY, THAT THE OWNER'S SOCIAL
SECURITY OR TAX I.D. NUMBER SHOWN IN ITEM 1 OR 6(A) IS CORRECT AND THE OWNER

[_] is
          subject to a backup withholding order issued by the IRS.
[_] is not                                                         

<TABLE> 
<CAPTION> 
                                       
           WITNESS                                 PLACE                     
     (Licensed Resident Agent)           (City/State where signed)           Mo. Day. Yr.           SIGNATURE
        RICHARD ROE                        ANYCITY, ANYSTATE                    5/1/90             JOHN A. DOE
Witness to Signature in (A)                                                  (A) Proposed insured (Age 15 or Over)          
                                                                                                                            
Br./Dist. No. 100      Agency 100           Index 001                                                                       
                                                                                                                            
Witness to Signature in (B)                                                  (B) Other Proposed insured                     
                                                                                                                            
Witness to Signatures in (C) or (D)                                          (C) Owner (if named in item 6)                  

If Owner is a firm or corporation, enter on line (C) full business name as it
appears in item 6, and have a partner or officer (other than Proposed Insured)
sign on line (D), and give title.
                  
                                     (D)

                                                                                SIGNATURE                               TITLE

                        Complete Only for a Juvenile Policy. Also, be sure to complete Item 6 and have Owner sign in (C) above.
<S>                                                                          <C> 
Witness to Signature in (E)                                                  (E) Applicant (Juvenile Policy)                      
                                                                                                                                  
Witness to Signature (F)                                                     (F) Child (required only if a New York State         
                                                                                 resident and exact age is between 14 1/2 and 15.)

<CAPTION> 

Also to be signed below if Applicant or Owner is not a parent, guardian or person liable for child's support. 

I consent to this application for insurance on the life of the Proposed Insured. I have read the answers in this application, and 
they are true and complete to the best of my knowledge and belief.

<S>                                                                          <C> 
Witness to Signature in (G)                                                  (G) Parent, Guardian or Person
                                                                                 Liable for Child's Support
</TABLE> 

036 K-16
                                                         
<PAGE>
 
[LOGO OF METROPOLITAN LIFE APPEARS HERE]
                                                        Application No. 1847817
                            SUPPLEMENT II TO PART A     Case No.
                                                                ---------------
                 [X] METROPOLITAN LIFE INSURANCE COMPANY
                  -


                 [_] METROPOLITAN TOWER LIFE INSURANCE COMPANY

                   Flexible Premium Multifunded Life (FPMLI)

<TABLE> 
<CAPTION>      
                                                                                               DIVISION/ACCOUNT        ALLOCATION 
                                                                                               ----------------        ---------- 
   <S>                                                                                         <C>                     <C>        
   1.   INVESTMENT DIVISION/ACCOUNT ALLOCATION                                                 GROWTH                       100 % 
                                                                                                                           -----  
        Select the percentage of premium to be allocated to each division/account.             INCOME                             
        For each division/account to which an allocation is made the percentage                                            -----%  
        must be a whole number and must be at least 10% (Enter zero for any                    MONEY MARKET                       
        division/account to which no allocation is made). The percentage will apply                                        -----% 
        to future premiums unless changed by the owner.                                        DIVERSIFIED                        
                                                                                                                           -----% 
                                                                                               EQUITY INCOME                      
                                                                                                                           -----% 
                                                                                               FIXED                              
                                                                                                                           -----% 
                                                                                               OTHER                              
                                                                                                                           -----% 
                                                                                                     (SPECIFY)              100% 

   2.   SUITABILITY                                                                                  
   
        Applies to both Proposed Insured (Applicant for Juvenile policy) and Owner if Owner is other than Proposed Insured: 
      
        (a) Have you received a prospectus for the policy indicated above?                                   Yes [X]   No [_]
                                                                                                                  -

            Edition date of Prospectus 5/1/90                                                                     
            Edition dates of any supplements 5/1/90                                        
                                                                                  
        (b) Have you received a prospectus for the Metropolitan Series Fund?                                 Yes [X]   No [_]
                                                                                                                  -

            Edition date of Prospectus 5/1/90                                                                     
            Edition dates of any supplements 5/1/90
   
        (c) Do you understand that under the policy indicated above (exclusive of any optional benefits):
              (i)  the amount of death benefit in excess of the Specified Face Amount for FPMLI policies may increase or
                   decrease depending on the policy's investment experience?                                 Yes [X]   No [_]
                                                                                                                  -


             (ii)  the duration of the death benefit for FPMLI policies may increase or decrease depending on the policy's
                   investment experience?                                                                    Yes [X]   No [_]
                                                                                                                  -


            (iii)  the cash value may increase or decrease depending on the policy's investment experience?  Yes [X]   No [_]
                                                                                                                  -


                   With this in mind, do you believe that the policy indicated above is in accord with your insurance objectives
                   and financial needs?                                                                      Yes [X]   No [_]
                                                                                                                  -


                   NOTE: Upon request, we will furnish illustrations of benefits, including death benefits and cash values, for (a)
                   the policy applied for and (b) a fixed benefit life insurance policy for the same premium.
</TABLE> 
  
  IT IS UNDERSTOOD THAT, AS SPECIFIED IN 2.(C) ABOVE, THE AMOUNT AND/OR THE
  DURATION OF THE DEATH BENEFIT AND THE AMOUNT OF THE CASH VALUE MAY INCREASE OR
  DECREASE BASED ON THE INVESTMENT EXPERIENCE OF THE APPLICABLE SEPARATE ACCOUNT
  AND ARE NOT GUARANTEED.

<TABLE> 
- ------------------------------------------------------------------------------------------------------------------------------------
                                                    PLACE
   WITNESS (LICENSED RESIDENT AGENT)      (CITY/STATE WHERE SIGNED)       MO. DAY YR.                     SIGNATURE
- ------------------------------------------------------------------------------------------------------------------------------------
   <S>                                    <C>                             <C>               <C> 
   RICHARD ROE                                ANYCITY, ANYSTATE             5/1/90          JOHN A DOE
   Witness to Signature in (A)                                                              (A) Proposed Insured  (Age 15 or Over)
- ------------------------------------------------------------------------------------------------------------------------------------
   
   
   Witness to Signature in (B)                                                              (B) Owner (if named in Part A)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE> 
   
   If Owner is a firm or corporation, enter on
   line (B) full business name as it appears in
   Part A and have one or more partners or 
   officers (other than Proposed Insured) sign 
   on line (C), and give their titles.
   
<TABLE> 
                                                                    (C)
                                                                       -------------------------------------------------------------
   
- ------------------------------------------------------------------------------------------------------------------------------------
   
   COMPLETE ONLY FOR A JUVENILE POLICY. ALSO, BE SURE TO COMPLETE OWNER DESIGNATION IN PART A AND HAVE OWNER SIGN IN (B) ABOVE.
- ------------------------------------------------------------------------------------------------------------------------------------

   <S>                                    <C>                             <C>               <C> 
   Witness to Signature in (D)                                                              (D) Applicant (Juvenile Policy)
- ------------------------------------------------------------------------------------------------------------------------------------
   
   
   Witness to Signature in (E)                                                              (E) Child (required only if a New York
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                State resident and exact age is
   Also to be signed below if Applicant or Owner is not a parent, guardian or                   between 14 1/2 and 15.)
   person liable for child's support. I consent to this application for insurance 
   on the life of the Proposed Insured. I have read the answers in this application, 
   and they are true and complete to the best of my knowledge and belief.
- ------------------------------------------------------------------------------------------------------------------------------------
   
   
   Witness to Signature in (F)                                                              (F) Parent, Guardian or Person Liable 
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                for Child's Support
   </TABLE>
   
036 K-16-SUPP-II (590)

<PAGE>
 
                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                     Page                                 Page                                              Page
<S>                                  <C>                                  <C>                                               <C>  
POLICY SPECIFICATIONS                3, 3.1    Index of Investment                          Change of Ownership              18
                                                 Experience                12               Beneficiary                      18
TABLE OF GUARANTEED                            Value                       12               How to Change the Owner              
MAXIMUM INSURANCE RATES                 4                                                     or the Beneficiary             18
                                             OWNER'S RIGHT TO CHANGE                        Collateral Assignment            18
DESCRIPTION OF INVESTMENT                    ALLOCATION                    13       
DIVISIONS IN THE SEPARATE                                                               GENERAL PROVISIONS                   18
ACCOUNT                                 5    PAYMENTS DURING                                The Contract                     18
                                             INSURED'S LIFETIME            14               Limitation on Sales 
DEFINITIONS                             6      Payment on Final Date                          Representatives or Other
                                                 of Policy                 14                 Person's Authority             18
PAYMENT WHEN INSURED DIES               7      Full and Partial                             Incontestability                 18
  Insurance Proceeds                    7        Cash Withdrawal           14               Age and Sex                      19
  Death Benefit                         7      Surrender Charges           14               Nonparticipation                 19
  Minimum Death Benefit                 8      Policy Loan                 16               Computation of Values            19
  Death Benefit Adjustment              8      Loan Repayment              16               Annual Reports                   19
                                               Effect of a Policy Loan                      Illustration of Future Benefits  19   
MONTHLY DEDUCTION                       9        on the Cash Value         16         
  Cost of Term insurance                9      Deferment                   16           EXCLUSION                            19 
                                                                                            Suicide                          19
FIXED ACCOUNT                           9    PREMIUMS                      17 
  Value                                 9      Premium Payments            17           METHODS OF PAYMENT                   19
  Interest Rate                        10      Limits                      17               Other Frequencies and Plans      20 
                                               Grace Period                17               Choice of Payment Plans          20
SEPARATE ACCOUNT                       11      Reinstatement               17               Limitations                      20
  Investment Divisions                 11                                                   Payment Plan Rates               20
  Our Right to Make                          OWNERSHIP AND BENEFICIARY     18               Minimum Payments Under 
    Changes                            11      Owner                       18                 Payment Plans                  21   
</TABLE>

      -------------------------------------------------------------------
                   Page 2 has intentionally been left blank.
      -------------------------------------------------------------------
  
              Any riders for additional benefits follow page 21.

                                    NOTICE

When you write to us, please give us your name, address and policy number.
Please notify us promptly of any changes. We will write to you at your address
last known to us.

Checks, drafts or money orders may be drawn to the order of Metropolitan Life
Insurance Company (or "Met Life"). They are received subject to the condition
that they may be handled for collection in accordance with the practice of the
collecting bank or banks. If we do not receive the full amount of any check,
draft or money order, it will not constitute payment. All payments are to be
made in U.S. currency.

Metropolitan Life insurance Company
Home Office
One Madison Avenue
New York, New York 10010-3690

Countersigned and Delivered _____________________ 19 ____ By____________________


7FM-90                                                                    AAABDM

<PAGE>
 
          DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT

THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL
(SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY
PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES
ISSUED BY METROPOLITAN SERIES FUND, INC.

DIVISION 1--  GROWTH PORTFOLIO--The investment objective of this portfolio is to
              achieve long-term growth of capital and income, and moderate
              current income, by investing primarily in common stocks that are
              believed to be of good quality or to have good growth potential or
              which are considered to be undervalued based on historical
              investment standards.

DIVISION 2--  INCOME PORTFOLIO--The investment objective of this portfolio is to
              achieve the highest possible total return, by combining current
              income with capital gains, consistent with prudent investment risk
              and the preservation of capital, by investing primarily in fixed-
              income, high-quality debt securities.

DIVISION 3--  MONEY MARKET PORTFOLIO--The investment objective of this portfolio
              is to achieve the highest possible current income consistent with
              the preservation of capital and maintenance of liquidity, by
              investing primarily in short-term money market instruments.

DIVISION 4--  DIVERSIFIED PORTFOLIO--The investment objective of this portfolio
              is to achieve a high total return while attempting to limit
              investment risk and preserve capital by investing in equity
              securities, fixed-income debt securities, or short-term money
              market instruments, or any combination thereof, at the discretion
              of State Street Research.

DIVISION 5--  EQUITY INCOME PORTFOLIO--The investment objective of this
              portfolio is to provide a high level of current income and,
              secondarily, long-term growth of capital by investing primarily in
              common stocks offering above-average dividend yields and in equity
              and debt securities convertible into or carrying the right to
              acquire common stocks.

DIVISION 6--  STOCK INDEX PORTFOLIO--The investment objective of this portfolio
              is to equal the performance of the Standard & Poor's 500 Composite
              Stock Price Index (adjusted to assume reinvestment of dividends)
              by investing in the common stock of companies which are included
              in the index.

INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES.
PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A
COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED
PORTFOLIOS.

                                       5

7FM-05 (92)                                                               AAABVF
CA


<PAGE>
 
                       POLICY SPECIFICATIONS (CONTINUED)


GUARANTEED INTEREST RATE FOR FIXED ACCOUNT.......................4% A YEAR


INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT...............4% A YEAR


BASE ADMINISTRATION
CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND
                      DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS
                      $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN
                      $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE
                      $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE

                      AFTER THE FIRST TWELVE POLICY MONTHS
                      $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $250,000 OR MORE
                      $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $100,000 TO $249,999
                      $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS 
                          LESS THAN $100,000.


TRANSFER CHARGE.......$25


SURRENDER CHARGE......SEE PAGE 14


NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH
                      PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET
                      PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT,
                      THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH.


SPECIFIED FACE
AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE
                      TO LESS THAN $100,000 FOR THE FIRST 5 POLICY YEARS OR TO
                      LESS THAN $50,000 AFTER THE 5TH POLICY YEAR.

                                      3.1


7FM-9003.1 PR (92)                                                        AAABVI
<PAGE>
 
                       POLICY SPECIFICATIONS (CONTINUED)


GUARANTEED INTEREST RATE FOR FIXED ACCOUNT......................4% A YEAR


INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT..............4% A YEAR


BASE ADMINISTRATION
CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND
                      DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS 
                      $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN 
                      $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE 
                      $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE

                      AFTER THE FIRST TWELVE POLICY MONTHS
                      $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $250,000 OR MORE
                      $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $100,000 TO $249,999
                      $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS 
                          LESS THAN $100,000.


TRANSFER CHARGE.......$25


SURRENDER CHARGE......SEE PAGE 14


NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH
                      PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET
                      PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT,
                      THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH.


SPECIFIED FACE
AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE
                      TO LESS THAN $100,000 FOR THE FIRST 5 POLICY YEARS OR TO
                      LESS THAN $50,000 AFTER THE 5TH POLICY YEAR.


INTEREST RATE CREDITED
ON POLICY LOAN........2% LESS THAN THE RATE CHARGED FOR THE LOAN BUT NOT LESS
                      THAN 4%

                                      3.1


7FM-9003.1 PR (92)                                                        AAABVH
NY

<PAGE>
 
                       POLICY SPECIFICATIONS (CONTINUED)


GUARANTEED INTEREST RATE FOR FIXED ACCOUNT.......................4% A YEAR


INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT...............4% A YEAR


BASE ADMINISTRATION
CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND
                      DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS 
                      $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN 
                      $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE 
                      $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE

                      AFTER THE FIRST TWELVE POLICY MONTHS 
                      $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $250,000 OR MORE 
                      $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $100,000 TO $249,999 
                      $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          LESS THAN $100,000.


TRANSFER CHARGE.......$25


SURRENDER CHARGE......SEE PAGE 14


NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH
                      PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET
                      PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT,
                      THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH.


SPECIFIED FACE
AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE
                      TO LESS THAN $50,000 FOR THE FIRST 5 POLICY YEARS OR TO
                      LESS THAN $25,000 AFTER THE 5TH POLICY YEAR.


INTEREST RATE CREDITED
ON POLICY LOAN........2% LESS THAN THE RATE CHARGED FOR THE LOAN BUT NOT LESS
                      THAN 4%.

                                      3.1

7FM-9003.1 S (92)                                                         AAABVG

<PAGE>
 
 
                       POLICY SPECIFICATIONS (CONTINUED)


GUARANTEED INTEREST RATE FOR FIXED ACCOUNT.......................4% A YEAR


INTEREST RATE ON FIRST $1,000 IN THE FIXED ACCOUNT...............4% A YEAR


BASE ADMINISTRATION
CHARGE................DURING THE FIRST TWELVE POLICY MONTHS $.25 PER THOUSAND
                      DOLLARS OF SPECIFIED FACE AMOUNT OF INSURANCE PLUS 
                      $5 PER MONTH AT ISSUE AGES LESS THAN EIGHTEEN 
                      $15 PER MONTH AT ISSUE AGES EIGHTEEN TO FORTY-NINE 
                      $20 PER MONTH AT ISSUE AGES FIFTY AND ABOVE

                      AFTER THE FIRST TWELVE POLICY MONTHS 
                      $5 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $250,000 OR MORE 
                      $7 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          $100,000 TO $249,999 
                      $9 PER MONTH IF SPECIFIED FACE AMOUNT OF INSURANCE IS
                          LESS THAN $100,000.


TRANSFER CHARGE.......$25


SURRENDER CHARGE......SEE PAGE 14


NET PREMIUMS..........94.5% OF PREMIUMS RECEIVED. THE DEDUCTION FROM EACH
                      PREMIUM PAYMENT IS A SALES CHARGE AND TAX CHARGE. THE NET
                      PREMIUM IS ALLOCATED BY YOU TO EITHER THE FIXED ACCOUNT,
                      THE SEPARATE ACCOUNT, OR A COMBINATION OF BOTH.


SPECIFIED FACE
AMOUNT LIMITS.........YOU MAY NOT REDUCE YOUR SPECIFIED FACE AMOUNT OF INSURANCE
                      TO LESS THAN $50,000 FOR THE FIRST 5 POLICY YEARS OR TO
                      LESS THAN $25,000 AFTER THE 5TH POLICY YEAR.


INTEREST RATE CREDITED
ON POLICY LOAN........2% LESS THAN THE RATE CHARGED FOR THE LOAN BUT NOT LESS
                      THAN 4%.

                                      3.1

7FM-9003.1 S (92)                                                         AAABVJ
NY



<PAGE>
 
                                                               EXHIBIT 1.A(5)(b)
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY   
                                                            
                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides that, if insured becomes totally
                    disabled for at least 6 months, we will waive the monthly
                    deductions as described below. Eligible monthly deductions
                    are all monthly deductions except deductions for mortality
                    and expense risk charges. Deductions for mortality and
                    expense risk charges will not be waived.

DISABILITY STARTING      * If disability starts on or before the insured's 60th
BEFORE AGE 60              birthday, we will waive eligible monthly deductions
                           as they fall due while the insured remains disabled.
                           If the insured remains totally disabled until his or
                           her 65th birthday, we will consider such disability
                           to continue thereafter. We will then waive all future
                           eligible monthly deductions.

DISABILITY STARTING      * If disability starts after the insured's 60th 
BETWEEN AGES 60 AND        birthday but on or before his or her 65th  
65                         birthday, we will waive eligible monthly deductions
                           as they fall due while the insured remains totally
                           disabled. We will waive such deductions until the
                           policy anniversary on which the insured is age 65 or,
                           if later, the third policy anniversary after
                           disability starts. Any eligible monthly deductions
                           due after that date will be made from the policy's
                           cash value.

                    All monthly deductions will be made until we approve your
                    claim. Upon approval, we will restore the value of any
                    eligible monthly deductions made during the period of total
                    disability.

DATE OF RIDER       The date of this rider is the date of this policy.

DEFINITION OF TOTAL Total disability means an incapacity which:
DISABILITY
                    1. Results from bodily injury or disease;
                                  and
                    2. Prevents the insured from doing any work for income or
                       profit. During the first 24 months of total disability,
                       work means the regular occupation of the insured. After
                       that time it means any occupation for which the insured
                       is or becomes reasonably fitted.

                    The total and permanent loss of the sight of both eyes or
                    the loss by severance of both hands or both feet, or one
                    hand and one foot, will be considered total disability.

RISKS NOT COVERED   This rider will not cover a disability which: 

                    1. Began before the date of this rider;
                                  or
                    2. Occurred, while the insured was in any armed forces, as a
                       result of any war or warlike action in time of peace.

PROOF OF DISABILITY Written notice and proof that total disability has existed
                    continuously for 6 months must be given to us while the
                    insured is alive and totally disabled. As part of any proof
                    we may require, at our expense, medical examinations of the
                    insured by physicians we name.

                    We may also require proof of continued total disability at
                    reasonable intervals, including, at our expense, medical
                    examinations of the insured by physicians we name. After 2
                    years of total disability, proof will not be required more
                    than once a year.

                    If notice or proof is late, we will accept it if it is given
                    as soon as reasonably possible. If notice or proof is not
                    given as soon as reasonably possible, we will not waive any
                    eligible monthly deduction made more than one year before
                    the date that written notice or proof of disability is given
                    to us.
               
                    When the insured is no longer totally disabled or if proof
                    of total disability is not given when required, we will no
                    longer waive the eligible monthly deductions.

                                                     (Continued on reverse side)

83W-94                                                                    BAABY1
<PAGE>
 
                 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED)

EFFECT ON         While the insured is totally disabled, you may not increase 
POLICY            the death benefit under this policy by increasing the 
PROVISIONS        Specified Face Amount of Insurance. You may, however, change 
                  the death benefit option subject to the provisions of the
                  policy. The calculation of the cash value will remain as
                  described in the policy.

                  If you wish, you may continue to pay premiums while the
                  insured is disabled. The expense charge will be deducted from
                  these premiums.

INCONTESTABILITY  We will not contest the validity of this rider unless total
                  disability of the insured occurred within 2 years from the
                  date of the rider.

TERMINATION       This rider will end on the policy anniversary on which the
                  insured is age 65; or before that date, at the end of the
                  grace period. Termination of this rider at age 65 will have no
                  effect on your claim if you are then disabled.

                  You may end this rider on any monthly anniversary by sending
                  us a written request and this policy. We will make the change
                  and return the policy.

COST OF RIDER     While this rider is in force, its cost will be deducted
                  monthly from the cash value. The monthly cost of this rider
                  will be set by us from time to time, based on the insured's
                  age and sex. It will never be more than the maximum cost
                  according to the table on the next page.


                                                 /s/ Joseph A. Reali

                                                 Joseph A. Reali
                                                 Vice-President and Secretary


                           (Continued on next page)


83W-94                                                                    BAABY2
<PAGE>
 
                 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED)

                       TABLE OF GUARANTEED MAXIMUM COSTS
                        (SEE "COST OF RIDER" PROVISION)

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
                        Maximum                                 Maximum      
   Age at           Monthly Cost for         Age at          Monthly Cost for 
Beginning of         Each $1,000 of       Beginning of        Each S1,000 of  
 Rider Year            Insurance           Rider Year            Insurance
              --------------------------                ------------------------
                 Male        Female                         Male         Female
- --------------------------------------------------------------------------------
<S>              <C>         <C>               <C>          <C>          <C> 
  20             .012         .012             43           .031          .030  
  21             .012         .012             44           .035          .033 
  22             .012         .012             45           .042          .039 
  23             .012         .012             46           .047          .043 
  24             .012         .013             47           .053          .047 
  25             .013         .013             48           .059          .052 
  26             .013         .013             49           .067          .058 
  27             .013         .013             50           .087          .073 
  28             .013         .013             51           .098          .081 
  29             .013         .013             52           .111          .090
  30             .014         .014             53           .124          .101 
  31             .014         .014             54           .140          .112 
  32             .014         .015             55           .184          .140 
  33             .015         .015             56           .205          .155 
  34             .015         .015             57           .229          .171 
  35             .017         .016             58           .255          .189 
  36             .017         .017             59           .283          .208 
  37             .018         .018             60           .085          .045 
  38             .020         .019             61           .088          .046 
  39             .021         .021             62           .091          .047 
  40             .024         .023             63           .095          .048 
  41             .026         .025             64           .098          .049  
  42             .029         .027

- --------------------------------------------------------------------------------
</TABLE> 

83W-94                                                                  BAABY3
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides that, if the insured becomes totally
                    disabled for at least 6 months, we will waive the eligible
                    monthly deductions as described below. Eligible monthly
                    deductions are all monthly deductions except deductions for
                    mortality and expense risk charges. Deductions for mortality
                    and expense risk charges will not be waived.

DISABILITY STARTING     *   If disability starts on or before the insured's 
BEFORE AGE 60               60th birthday, we will waive eligible monthly
                            deductions as they fall due while the insured
                            remains disabled. If the insured remains totally
                            disabled until his or her 65th birthday, we will
                            consider such disability to continue thereafter. We
                            will then waive all future eligible monthly
                            deductions.

DISABILITY STARTING     *   If disability starts after the insured's 60th 
BETWEEN AGES 60             birthday but on or before his or her 65th birthday,
AND 65                      we will waive eligible monthly deductions as they
                            fall due while the insured remains totally disabled.
                            We will waive such deductions until the policy
                            anniversary on which the insured is age 65 or, if
                            later, the third policy anniversary after disability
                            starts. Any eligible monthly deductions due after
                            that date will be made from the policy's cash value.
                            
                    All monthly deductions will be made until we approve your
                    claim. Upon approval, we will restore the value of any
                    eligible monthly deductions made during the period of total
                    disability.

DATE OF RIDER       The date of this rider is the date of this policy.

DEFINITION OF TOTAL Total disability means an incapacity which:
DISABILITY
                    1. Results from bodily injury or disease;
                           and
                    2. Prevents the insured from doing any work for income or
                       profit. During the first 24 months of total disability,
                       work means the regular occupation of the insured. After
                       that time it means any occupation for which the insured
                       is or becomes reasonably fitted.

                    The total and permanent loss of the sight of both eyes or
                    the loss by severance of both hands or both feet, or one
                    hand and one foot, will be considered total disability.

RISKS NOT COVERED   This rider will not cover a disability which:
                    1. Began before the date of this rider;
                           or
                    2. Occurred, while the insured was in any armed forces, as a
                       result of any war or warlike action in time of peace.

PROOF OF DISABILITY Written notice and proof that total disability has existed
                    continuously for 6 months must be given to us while the
                    insured is alive and totally disabled. As part of any proof
                    we may require, at our expense, medical examinations of
                    the insured by physicians we name.

                    We may also require proof of continued total disability at
                    reasonable intervals, including, at our expense, medical
                    examinations of the insured by physicians we name. After 2
                    years of total disability, proof will not be required more
                    than once a year.

                    If notice or proof is late, we will accept it if it is given
                    as soon as reasonably possible. If notice or proof is not
                    given as soon as reasonably possible, we will not waive any
                    eligible monthly deduction made more than one year before
                    the date that written notice or proof of disability is given
                    to us.

                    When the insured is no longer totally disabled or if proof
                    of total disability is not given when required, we will no
                    longer waive the eligible monthly deductions.

                                                     (Continued on reverse side)

83W-94 U                                                                  BAACAN
<PAGE>
 
                             RIDER: DISABILITY WAIVER BENEFIT (CONTINUED)

 
EFFECT ON POLICY    While the insured is totally disabled, you may not increase
PROVISIONS          the death benefit under this policy by increasing the
                    Specified Face Amount of Insurance. You may, however, change
                    the death benefit option subject to the provisions of the
                    policy. The calculation of the cash value will remain as
                    described in the policy. 

                    If you wish, you may continue to pay premiums while the
                    insured is disabled. The expense charge will be deducted
                    from these premiums. 

INCONTESTABILITY    We will not contest the validity of this rider unless total
                    disability of the insured occurred within 2 years from the
                    date of the rider.

TERMINATION         This Rider will end on the policy anniversary on which the
                    insured is age 65; or before that date, at the end of the
                    grace period. Termination of this rider at age 65 will have
                    no effect on your claim if you are then disabled.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and this policy. We will make the
                    change and return the policy.

COST OF RIDER       While this rider is in force, its cost will be deducted
                    monthly from the cash value. The monthly cost of this rider
                    will be set by us from time to time, based on the insured's
                    age. It will never be more than the maximum cost according
                    to the table on the next page.

                                                   /s/ Joseph A. Reali

                                                   Joseph A. Reali
                                                   Vice-President and Secretary




                           (Continued on next page)

83W-94 U                                                                  BAABY5
<PAGE>
 

                 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED)

                       TABLE OF GUARANTEED MAXIMUM COSTS
                        (SEE "COST OF RIDER" PROVISION)

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
                        Maximum                                   Maximum
    Age at          Monthly Cost for           Age at        Monthly Cost for
  Beginning of       Each $1,000 of         Beginning of      Each $1,000 of
   Rider Year           Insurance            Rider Year          Insurance  
- --------------------------------------------------------------------------------
<S>                 <C>                     <C>              <C>          
       20                .012                    43                .031
       21                .012                    44                .035
       22                .012                    45                .042
       23                .012                    46                .047
       24                .013                    47                .053
       25                .013                    48                .059
       26                .013                    49                .067
       27                ,013                    50                .087
       28                .013                    51                .098
       29                .013                    52                .111
       30                .014                    53                .124
       31                .014                    54                .140
       32                .015                    55                .184
       33                .015                    56                .205
       34                .015                    57                .228
       35                .017                    58                .254
       36                .017                    59                .282
       37                .018                    60                .080
       38                .020                    61                .083
       39                .021                    62                .086
       40                .024                    63                .089
       41                .026                    64                .092
       42                .029                                      
- --------------------------------------------------------------------------------
</TABLE>

83W-94 U                                                                  BAABY4


<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT 

      This rider is a part of the policy if it is referred to on page 3.
                     
  
                         This rider provides that, if the insured becomes
                         totally disabled for at least 6 months, we will waive
                         the eligible monthly deductions as described below.
                         Eligible monthly deductions are all monthly deductions
                         except deductions for mortality and expense risk
                         charges. Deductions for mortality and expense risk
                         charges will not be waived.

DISABILITY STARTING         * If disability starts on or before the insured's
BEFORE AGE 60                 60th birthday, we will waive eligible monthly
                              deductions as they fall due while the insured
                              remains disabled. If the insured remains totally
                              disabled until his or her 65th birthday, we will
                              consider such disability to continue thereafter.
                              We will then waive all future eligible monthly
                              deductions.

DISABILITY STARTING         * If disability starts after the insured's 60th
BETWEEN AGES 60               birthday but on or before his or her 65th
AND 65                        birthday, we will waive eligible monthly
                              deductions as they fall due while the insured
                              remains totally disabled. We will waive such
                              deductions until the policy anniversary
                              on which the insured is age 65 or, if later, the
                              third policy anniversary after disability starts.
                              Any eligible monthly deductions due after that
                              date will be made from the policy's cash value.
  
                         All monthly deductions will be made until we approve
                         your claim. Upon approval, we will restore the value of
                         any eligible monthly deductions made during the period
                         of total disability.

DATE OF RIDER            The date of this rider is the date of this policy.

DEFINITION OF TOTAL      Total disability means an incapacity which:
DISABILITY
                         1. Results from bodily injury or disease; 
                                        and
                         2. Prevents the insured from doing the substantial and
                            material acts of any work for income or profit.
                            During the first 24 months of total disability, work
                            means the regular occupation of the insured at the
                            time disability began. After that time, it means any
                            occupation for which the insured is or becomes
                            reasonably qualified. If the insured is a student at
                            the time total disability starts, going to school is
                            the insured's regular occupation.

                            The total and permanent loss of the sight of both
                            eyes or the loss by severance of both hands or both
                            feet, or one hand and one foot, will be considered
                            total disability.

RISKS NOT COVERED           This rider will not cover a disability which:

                         1. Began before the date of this rider;
                                or       
                         2. Occurred, while the insured was in any armed
                            forces, as a result of any war or warlike action
                            in time of peace.

PROOF OF DISABILITY      Written notice and proof that total disability has
                         existed continuously for 6 months must be given to us
                         while the insured is alive and totally disabled. As
                         part of any proof we may require, at our expense,
                         medical examinations of the insured by physicians we
                         name.

                         We may also require proof of continued total disability
                         at reasonable intervals, including, at our expense,
                         medical examinations of the insured by physicians we
                         name. After 2 years of total disability, proof will not
                         be required more than once a year.

                         If notice or proof is late, we will accept it if it is
                         given as soon as reasonably possible. If notice or
                         proof is not given as soon as reasonably possible, we
                         will not waive any eligible monthly deduction made more
                         than one year before the date that written notice or
                         proof of disability is given to us.

                         When the insured is no longer totally disabled or if
                         proof of total disability is not given when required,
                         we will no longer waive the eligible monthly
                         deductions.

                                                     (Continued on reverse side)

83W-94 CA                                                                 BAACEG
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
 
 
                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.
                        
                    This rider provides that, if the insured becomes totally
                    disabled for at least 6 months, we will waive the eligible
                    monthly deductions as described below. Eligible monthly
                    deductions are all monthly deductions except deductions for
                    mortality and expense risk charges. Deductions for mortality
                    and expense risk charges will not be waived.

DISABILITY STARTING     * If disability starts on or before the insured's 60th
BEFORE AGE 60             birthday, we will waive eligible monthly deductions as
                          they fall due while the insured remains disabled. If
                          the insured remains totally disabled until his or her
                          65th birthday, we will consider such disability to
                          continue thereafter. We will then waive all future
                          eligible monthly deductions.
                              

DISABILITY STARTING     * If disability starts after the insured's 60th birthday
BETWEEN AGES 60           but on or before his or her 65th birthday, we will
AND 65                    waive eligible monthly deductions as they fail due
                          while the insured remains totally disabled. We will
                          waive such deductions until the policy anniversary on
                          which the insured is age 65 or, if later, the third
                          policy anniversary after disability starts. Any
                          eligible monthly deductions due after that date will
                          be made from the policy's cash value.

                    All monthly deductions will be made until we approve your
                    claim. Upon approval, we will restore the value of any
                    eligible monthly deductions made during the period of total
                    disability.

DATE OF RIDER       The date of this rider is the date of this policy.

DEFINITION OF       Total disability means an incapacity which:
TOTAL DISABILITY

                    1. Results from bodily injury or disease;
                                     and
                    2. Prevents the insured from doing the substantial and
                       material acts of any work for income or profit. During
                       the first 24 months of total disability, work means the
                       regular occupation of the insured at the time disability
                       began. After that time, it means any occupation for which
                       the insured is or becomes reasonably qualified. If the
                       insured is a student at the time total disability starts,
                       going to school is the insured's regular occupation.

                    The total and permanent loss of the sight of both eyes or
                    the loss by severance of both hands or both feet, or one
                    hand and one foot, will be considered total disability.

RISKS NOT COVERED   This rider will not cover a disability which:


                    1. Began before the date of this rider;
                                   or
                    2. Occurred, while the insured was in any armed forces, as a
                       result of any war or warlike action in time of peace.

PROOF OF DISABILITY Written notice and proof that total disability has existed
                    continuously for 6 months must be given to us while the
                    insured is alive and totally disabled. As part of any proof
                    we may require, at our expense, medical examinations of
                    the insured by physicians we name.

                    We may also require proof of continued total disability at
                    reasonable intervals, including, at our expense, medical
                    examinations of the insured by physicians we name. After 2
                    years of total disability, proof will not be required more
                    than once a year.

                    If notice or proof is late, we will accept it if it is given
                    as soon as reasonably possible. If notice or proof is not
                    given as soon as reasonably possible, we will not waive any
                    eligible monthly deduction made more than one year before
                    the date that written notice or proof of disability is given
                    to us.

                    When the insured is no longer totally disabled or if proof
                    of total disability is not given when required, we will no
                    longer waive the eligible monthly deductions.

                                                     (Continued on reverse side)
 

83W-94 U CA                                                               BAACEH
<PAGE>
 
                     METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

                         
      This rider is a part of the policy if it is referred to on page 3.

                         This rider provides that, if the insured becomes
                         totally disabled for at least 6 months, we will waive
                         the eligible monthly deductions as described below.
                         Eligible monthly deductions are all monthly deductions
                         except deductions for mortality and expense risk
                         charges. Deductions for mortality and expense risk
                         charges will not be waived.

 DISABILITY STARTING         *  If disability starts on or before the insured's
 BEFORE AGE 60                  60th birthday, we will waive eligible monthly
                                deductions as they fall due while the insured
                                remains disabled. If the insured remains totally
                                disabled until his or her 65th birthday, we will
                                consider such disability to continue thereafter.
                                We will then waive all future eligible monthly
                                deductions.

DISABILITY STARTING          *  If disability starts after the insured's 60th
BETWEEN AGES 60                 birthday but on or before his or her 65th
AND 66                          birthday, we will waive eligible monthly
                                deductions as they fall due while the insured
                                remains totally disabled. We will waive such
                                deductions until the policy anniversary on which
                                the insured is age 65 or, if later, the third
                                policy anniversary after disability starts. Any
                                eligible monthly deductions due after that date
                                will be made from the policy's cash value.

                         All monthly deductions will be made until we approve
                         your claim. Upon approval, we will restore the value of
                         any eligible monthly deductions made during the period
                         of total disability.

DATE OF RIDER            The effective date of this rider is the date of this 
                         policy.

DEFINITION OF TOTAL      Total disability means an incapacity which:
DISABILITY

                         1. Results from bodily injury or disease;
                                       and
                         2. Prevents the insured from doing any work for income
                            or profit. During the first 24 months of total
                            disability, work means the regular occupation of the
                            insured. After that time it means any occupation for
                            which the insured is or becomes reasonably fitted.

                         The total and permanent loss of the sight of both eyes
                         or the loss by severance of both hands or both feet, or
                         one hand and one foot, will be considered total
                         disability.

RISKS NOT COVERED        This rider will not cover a disability which:

                         1. Began before the date of this rider;
                                        or
                         2. Occurred, while the insured was in any armed forces,
                            as a result of any war or warlike action in time
                            of peace

PROOF OF DISABILITY      Written notice and proof that total disability has
                         existed continuously for 6 months must be given to us
                         while the insured is alive and totally disabled. As
                         part of any proof we may require, at our expense,
                         medical examinations of the insured by physicians we
                         name.  

                         We may also require proof of continued total disability
                         at reasonable intervals, including, at our expense,
                         medical examinations of the insured by physicians we
                         name. After 2 years of total disability, proof will not
                         be required more than once a year. 

                         If notice or proof is late, we will accept it if it is
                         given as soon as reasonably possible. If notice or
                         proof is not given as soon as reasonably possible, we
                         will not waive any eligible monthly deduction made more
                         than one year before the date that written notice or
                         proof of disability is given to us.

                         When the insured is no longer totally disabled or if
                         proof of total disability is not given when required,
                         we will no longer waive the eligible monthly
                         deductions.

                                                    (Continued on reverse side)

83W-94 IL                                                                 BAABZD
<PAGE>
 
                     METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

                         
      This rider is a part of the policy if it is referred to on page 3.

                         This rider provides that, if the insured becomes
                         totally disabled for at least 6 months, we will waive
                         the eligible monthly deductions as described below.
                         Eligible monthly deductions are all monthly deductions
                         except deductions for mortality and expense risk
                         charges. Deductions for mortality and expense risk
                         charges will not be waived.

 DISABILITY STARTING         *  If disability starts on or before the insured's
 BEFORE AGE 60                  60th birthday, we will waive eligible monthly
                                deductions as they fall due while the insured
                                remains disabled. If the insured remains totally
                                disabled until his or her 65th birthday, we will
                                consider such disability to continue thereafter.
                                We will then waive all future eligible monthly
                                deductions.

DISABILITY STARTING          *  If disability starts after the insured's 60th
BETWEEN AGES 60                 birthday but on or before his or her 65th
AND 66                          birthday, we will waive eligible monthly
                                deductions as they fall due while the insured
                                remains totally disabled. We will waive such
                                deductions until the policy anniversary on which
                                the insured is age 65 or, if later, the third
                                policy anniversary after disability starts. Any
                                eligible monthly deductions due after that date
                                will be made from the policy's cash value.

                         All monthly deductions will be made until we approve
                         your claim. Upon approval, we will restore the value of
                         any eligible monthly deductions made during the period
                         of total disability.

DATE OF RIDER            The date of this rider is the date of this policy shown
                         on page 3.

DEFINITION OF TOTAL      Total disability means an incapacity which:
DISABILITY

                         1. Results from bodily injury or disease;
                                       and
                         2. Prevents the insured from doing any work for income
                            or profit. During the first 24 months of total
                            disability, work means the regular occupation of the
                            insured. After that time it means any occupation for
                            which the insured is or becomes reasonably fitted.

                         The total and permanent loss of the sight of both eyes
                         or the loss by severance of both hands or both feet, or
                         one hand and one foot, will be considered total
                         disability.

RISKS NOT COVERED        This rider will not cover a disability which:

                         1. Began before the date of this rider;
                                        or
                         2. Occurred, while the insured was in any armed forces,
                            as a result of any war or warlike action in time
                            of peace.

PROOF OF DISABILITY      Written notice and proof that total disability has
                         existed continuously for 6 months must be given to us
                         while the insured is alive and totally disabled. As
                         part of any proof we may require, at our expense,
                         medical examinations of the insured by physicians we
                         name.  

                         We may also require proof of continued total disability
                         at reasonable intervals, including, at our expense,
                         medical examinations of the insured by physicians we
                         name. After 2 years of total disability, proof will not
                         be required more than once a year. 

                         If notice or proof is late, we will accept it if it is
                         given as soon as reasonably possible. If notice or
                         proof is not given as soon as reasonably possible, we
                         will not waive any eligible monthly deduction made more
                         than one year before the date that written notice or
                         proof of disability is given to us.

                         When the insured is no longer totally disabled or if
                         proof of total disability is not given when required,
                         we will no longer waive the eligible monthly 
                         deductions.


                                                    (Continued on reverse side)

83W-94 MA                                                                BAABZC
<PAGE>
 
                 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED)
 
EFFECT ON POLICY     While the insured is totally disabled, you may not 
PROVISIONS           increase the death benefit under this policy by increasing
                     the Specified Face Amount of Insurance. You may, however,
                     change the death benefit option subject to the provisions
                     of the policy. The calculation of the cash value will
                     remain as described in the policy.

                     If you wish, you may continue to pay premiums while the
                     insured is disabled. The expense charge will be deducted
                     from these premiums.

INCONTESTABILITY     We will not contest the validity of this rider unless total
                     disability of the insured occurred within 2 years from the
                     date of issue of the rider.

TERMINATION          This rider will end on the policy anniversary on which the
                     insured is age 65; or before that date, at the end of the
                     grace period. Termination of this rider at age 65 will have
                     no effect on your claim if you are then disabled.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and this policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be deducted
                     monthly from the cash value. The monthly cost of this rider
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.
                      
                           (Continued on next page)
                             
83W-94 MA                                                                 BAA8Y
<PAGE>
 
                     METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                     This rider provides that, if the insured becomes totally
                     disabled for at least 6 months, we will waive the eligible
                     monthly deductions as described below. Eligible monthly
                     deductions are all monthly deductions except deductions for
                     mortality and expense risk charges. Deductions for
                     mortality and expense risk charges will not be waived.

DISABILITY STARTING      *  If disability starts on or before the insured's 60th
BEFORE AGE 60               birthday, we will waive eligible monthly deductions
                            as they fall due while the insured remains disabled.
                            If the insured remains totally disabled until his
                            or her 65th birthday, we will consider such
                            disability to continue thereafter. We will then
                            waive all future eligible monthly deductions.

DISABILITY STARTING      *  If disability starts after the insured's 60th
BETWEEN AGES 60             birthday but on or before his or her 65th
AND 65                      birthday, we will waive eligible monthly deductions
                            as they fall due while the insured remains totally
                            disabled. We will waive such deductions until the
                            policy anniversary on which the insured is age 65
                            or, if later, the third policy anniversary after
                            disability starts. Any eligible monthly deductions
                            due after that date will be made from the policy's
                            cash value.

                     All monthly deductions will be made until we approve your
                     claim. Upon approval, we will restore the value of any
                     eligible monthly deductions made during the period of total
                     disability.

DATE OF RIDER        The date of this rider is the date of this policy shown on 
                     page 3.

DEFINITION OF TOTAL  Total disability means an incapacity which:
DISABILITY

                     1. Results from bodily injury or disease; 
                                      and
                     2. Prevents the insured from doing any work for income or
                        profit. During the first 24 months of total disability,
                        work means the regular occupation of the insured. After
                        that time it means any occupation for which the insured
                        is or becomes reasonably fitted.

                     The total and permanent loss of the sight of both eyes or
                     the loss by severance of both hands or both feet, or one
                     hand and one foot, will be considered total disability.

RISKS NOT COVERED    This rider will not cover a disability which:

                     1. Began before the date of this rider;
                                      or
                     2. Occurred, while the insured was in any armed forces, as
                        a result of any war or warlike action in time of peace.

PROOF OF DISABILITY  Written notice and proof that total disability has existed
                     continuously for 6 months must be given to us while the
                     insured is alive and totally disabled. As part of any proof
                     we may require, at our expense, medical examinations of the
                     insured by physicians we name. 

                     We may also require proof of continued total disability at
                     reasonable intervals, including, at our expense, medical
                     examinations of the insured by physicians we name. After 2
                     years of total disability, proof will not be required more
                     than once a year. 

                     If notice or proof is late, we will accept it if it is
                     given as soon as reasonably possible. If notice or proof is
                     not given as soon as reasonably possible, we will not waive
                     any eligible monthly deduction made more than one year
                     before the date that written notice or proof of disability
                     is given to us. 

                     When the insured is no longer totally disabled or if proof
                     of total disability is not given when required, we will no
                     longer waive the eligible monthly deductions.

                                                     (Continued on reverse side)

83W-94 U MA                                                              BAACDQ
<PAGE>
 
                 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED)

 
EFFECT ON POLICY     While the insured is totally disabled, you may not increase
PROVISIONS           the death benefit under this policy by increasing the
                     Specified Face Amount of Insurance. You may, however,
                     change the death benefit option subject to the provisions
                     of the policy. The calculation of the cash value will
                     remain as described in the policy.

                     If you wish, you may continue to pay premiums while the
                     insured is disabled. The expense charge will be deducted
                     from these premiums.

INCONTESTABILITY     We will not contest the validity of this rider unless total
                     disability of the insured occurred within 2 years from the
                     date of the rider.

TERMINATION          This rider will end on the policy anniversary on which the
                     insured is age 65; or before that date, at the end of the
                     grace period. Termination of this rider at age 65 will have
                     no effect on your claim if you are then disabled.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and this policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be deducted
                     monthly from the cash value. The monthly cost of this rider
                     will be set by us from time to time, based on the insured's
                     age. It will never be more than the maximum cost according
                     to the table on the next page.

                           (Continued on next page)

83W-94 U MA                                                              BAAA8Z
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides that, if the insured becomes totally
                    disabled for at least 180 days, we will waive the eligible
                    monthly deductions as described below. Eligible monthly
                    deductions are all monthly deductions except deductions for
                    mortality and expense risk charges. Deductions for mortality
                    and expense risk charges will not be waived.
 
DISABILITY STARTING      *    If disability starts on or before the insured's
BEFORE AGE 60                 60th birthday, we will waive eligible monthly
                              deductions as they fall due while the insured
                              remains disabled. If the insured remains totally
                              disabled until his or her 65th birthday, we will
                              consider such disability to continue thereafter.
                              We will then waive all future eligible monthly
                              deductions.

DISABILITY STARTING      *    If disability starts after the insured's 60th
BETWEEN AGES 60               birthday but on or before his or her 65th        
AND 65                        birthday, we will waive eligible monthly
                              deductions as they fall due while the insured
                              remains totally disabled. We will waive such
                              deductions until the policy anniversary on which
                              the insured is age 65 or, if later, the third
                              policy anniversary after disability starts. Any
                              eligible monthly deductions due after that date
                              will be made from the policy's cash value.

                    All monthly deductions will be made until we approve your
                    claim. Upon approval, we will restore the value of any
                    eligible monthly deductions made during the period of total
                    disability.


DATE OF RIDER       The date of this rider is the date of this policy.

DEFINITION OF TOTAL Total disability means an incapacity which:
DISABILITY
                    1. Results from bodily injury or disease;
                                        and
                    2. Prevents the insured from doing the substantial and
                       material acts of any work for income or profit. During
                       the first 24 months of total disability, work means the
                       substantial and material duties of the insured's regular
                       occupation. After that time, it means the substantial and
                       material duties of any occupation for which the insured
                       is or becomes reasonably fitted by education, training or
                       experience.

                    The total and permanent loss of the sight of both eyes or
                    the loss by severance of both hands or both feet, or one
                    hand and one foot, will be considered total disability.

RISKS NOT COVERED   This rider will not cover a disability which:

                    1. Began before the date of this rider;
                                        or
                    2. Occurred, while the insured was in any armed forces, as
                       a result of any war or warlike action in time of peace.

PROOF OF DISABILITY Written notice and proof that total disability has existed
                    continuously for 180 days must be given to us while the
                    insured is alive and totally disabled. As part of any proof
                    we may require, at our expense, medical examinations of the
                    insured by physicians we name.

                    We may also require proof of continued total disability at
                    reasonable intervals, including, at our expense, medical
                    examinations of the insured by physicians we name. After 2
                    years of total disability, proof will not be required more
                    than once a year.

                    If notice or proof is late, we will accept it if it is given
                    as soon as reasonably possible. If notice or proof is not
                    given as soon as reasonably possible, we will not waive any
                    eligible monthly deduction made more than one year before
                    the date that written notice or proof of disability is given
                    to us.

                    When the insured is no longer totally disabled or if proof
                    of total disability is not given when required, we will no
                    longer waive the eligible monthly deductions.

                                                     (Continued on reverse side)

83W-94 MO, WA                                                             BAABY8
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

               This rider provides that, if the insured becomes totally disabled
               for at least 180 days, we will waive the eligible monthly
               deductions as described below. Eligible monthly deductions are
               all monthly deductions except deductions for mortality and
               expense risk charges. Deductions for mortality and expense
               risk charges will not be waived.
 

DISABILITY STARTING      *    If disability starts on or before the insured's
BEFORE AGE 60                 60th birthday, we will waive eligible monthly
                              deductions as they fall due while the insured
                              remains disabled. If the insured remains totally
                              disabled until his or her 65th birthday, we will
                              consider such disability to continue thereafter.
                              We will then waive all future eligible monthly
                              deductions.

DISABILITY STARTING      *    If disability starts after the insured's 60th
BETWEEN AGES 60               birthday but on or before his or her 65th        
AND 65                        birthday, we will waive eligible monthly
                              deductions as they fall due while the insured
                              remains totally disabled. We will waive such
                              deductions until the policy anniversary on which
                              the insured is age 65 or, if later, the third
                              policy anniversary after disability starts. Any
                              eligible monthly deductions due after that date
                              will be made from the policy's cash value.

                    All monthly deductions will be made until we approve your
                    claim. Upon approval, we will restore the value of any
                    eligible monthly deductions made during the period of total
                    disability.

DATE OF RIDER       The date of this rider is the date of this policy.

DEFINITION OF TOTAL Total disability means an incapacity which:
DISABILITY          
     
                    1. Results from bodily injury or disease;
                                        and
                    2. Prevents the insured from doing the substantial and
                       material acts of any work for income or profit. During
                       the first 24 months of total disability, work means the
                       substantial and material duties of the insured's regular
                       occupation. After that time, it means the substantial and
                       material duties of any occupation for which the insured
                       is or becomes reasonably fitted by education, training
                       or experience.

                    The total and permanent loss of the sight of both eyes or
                    the loss by severance of both hands or both feet, or one
                    hand and one foot, will be considered total disability.

RISKS NOT COVERED   This rider will not cover a disability which:

                    1. Began before the date of this rider;
                                        or
                    2. Occurred, while the insured was in any armed forces, as a
                       result of any war or warlike action in time of peace.

PROOF OF DISABILITY Written notice and proof that total disability has existed
                    continuously for 180 days must be given to us while the
                    insured is alive and totally disabled. As part of any proof
                    we may require, at our expense, medical examinations of the
                    insured by physicians we name.

                    We may also require proof of continued total disability at
                    reasonable intervals, including, at our expense, medical
                    examinations of the insured by physicians we name. After 2
                    years of total disability, proof will not be required more
                    than once a year.

                    If notice or proof is late, we will accept it if it is given
                    as soon as reasonably possible. If notice or proof is not
                    given as soon as reasonably possible, we will not waive any
                    eligible monthly deduction made more than one year before
                    the date that written notice or proof of disability is given
                    to us.

                    When the insured is no longer totally disabled or if proof
                    of total disability is not given when required, we will no
                    longer waive the eligible monthly deductions.
 
                                                     (Continued on reverse side)

83W-94 MO, WA U                                                           BAACA7
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
 
                       RIDER: DISABILITY WAIVER BENEFIT
 

       This rider is a part of the policy if it is referred to on page 3.

                    This rider provides that, if the insured becomes totally
                    disabled for at least 6 months, we will waive the monthly
                    deductions as described below.

DISABILITY STARTING    * If disability starts on or before the insured's 60th
BEFORE AGE 60            birthday, we will waive monthly deductions as they fall
                         due while the insured remains disabled. If the insured
                         remains totally disabled until his or her 65th
                         birthday, we will consider such disability to continue
                         thereafter. We will then waive all future monthly
                         deductions.

DISABILITY STARTING    * If disability starts after the insured's 60th birthday
BETWEEN AGES 60          but on or before his or her 65th birthday, we will 
AND 65                   waive monthly deductions as they fall due while the 
                         insured remains totally disabled. We will waive such
                         deductions until the policy anniversary on which the
                         insured is age 65 or, if later, the third policy
                         anniversary after disability starts. Any monthly
                         deductions due after that date will be made from the
                         policy's cash value.
 
                    All monthly deductions will be made until we approve your
                    claim. Upon approval, we will restore the value of any
                    monthly deductions made during the period of total
                    disability.

DATE OF RIDER       The date of this rider is the date of this policy.

DEFINITION OF TOTAL Total disability means an incapacity which:
DISABILITY
                    1. Results from bodily injury or disease;
                                   and
                    2. Prevents the insured from doing any work for income or
                       profit. During the first 24 months of total disability,
                       work means the regular occupation of the insured. After
                       that time it means any occupation for which the insured
                       is or becomes reasonably fitted.
 
                    The total and permanent loss of the sight of both eyes or
                    the loss by severance of both hands or both feet, or one
                    hand and one foot, will be considered total disability.

RISKS NOT COVERED   This rider will not cover a disability which:

                    1. Began before the date of this rider;
                                   or
                    2. Occurred, while the insured was in any armed forces, as
                       a result of any war or warlike action in time of peace.

PROOF OF DISABILITY Written notice and proof that total disability has existed
                    continuously for 6 months must be given to us while the
                    insured is alive and totally disabled. As part of any proof
                    we may require, at our expense, medical examinations of
                    the insured by physicians we name.

                    We may also require proof of continued total disability at
                    reasonable intervals, including, at our expense, medical
                    examinations of the insured by physicians we name. After 2
                    years of total disability, proof will not be required more
                    than once a year.

                    If notice or proof is late, we will accept it if it is given
                    as soon as reasonably possible. If notice or proof is not
                    given as soon as reasonably possible, we will not waive any
                    monthly deduction made more than one year before the date
                    that written notice or proof of disability is given to us.

                    When the insured is no longer totally disabled or if proof
                    of total disability is not given when required, we will no
                    longer waive the monthly deductions.

                                                     (Continued on reverse side)

83W-94 NY                                                                 BAACA1
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides that, if the insured becomes totally
                    disabled for at least 6 months, we will waive the monthly
                    deductions as described below.

DISABILITY STARTING   *  If disability starts on or before the insured's
BEFORE AGE 60            60th birthday, we will waive monthly deductions as they
                         fall due while the insured remains disabled. If the
                         insured remains totally disabled until his or her 65th
                         birthday, we will consider such disability to
                         continue thereafter. We will then waive all future
                         monthly deductions.

DISABILITY STARTING   *  If disability starts after the insured's 60th birthday
BETWEEN AGES 60          but on or before his or her 65th birthday, we will 
AND 65                   waive monthly deductions as they fall due while the
                         insured remains totally disabled. We will waive such
                         deductions until the policy anniversary on which the
                         insured is age 65 or, if later, the third policy
                         anniversary after disability starts. Any monthly
                         deductions due after that date will be made from the
                         policy's cash value.

                    All monthly deductions will be made until we approve your
                    claim. Upon approval, we will restore the value of any
                    monthly deductions made during the period of total
                    disability.

DATE OF RIDER       The date of this rider is the date of this policy.

DEFINITION OF TOTAL  Total disability means an incapacity which:
DISABILITY
                    1. Results from bodily injury or disease;
                                   and
                    2. Prevents the insured from doing any work for income or
                       profit. During the first 24 months of total disability,
                       work means the regular occupation of the insured. After
                       that time it means any occupation for which the insured
                       is or becomes reasonably fitted.

                    The total and permanent loss of the sight of both eyes or
                    the loss by severance of both hands or both feet, or one
                    hard and one foot, will be considered total disability.

RISKS NOT COVERED   This rider will not cover a disability which:

                    1. Began before the date of this rider;
                                   or
                    2. Occurred, while the insured was in any armed forces, as a
                       result of any war or warlike action in time of peace.

PROOF OF DISABILITY Written notice and proof that total disability has existed
                    continuously for 6 months must be given to us while the
                    insured is alive and totally disabled. As part of any proof
                    we may require, at our expense, medical examinations of the
                    insured by physicians we name.

                    We may also require proof of continued total disability at
                    reasonable intervals, including, at our expense, medical
                    examinations of the insured by physicians we name. After 2
                    years of total disability, proof will not be required more
                    than once a year.

                    If notice or proof is late, we will accept it if it is given
                    as soon as reasonably possible. If notice or proof is not
                    given as soon as reasonably possible, we will not waive any
                    monthly deduction made more than one year before the date
                    that written notice or proof of disability is given to us.

                    When the insured is no longer totally disabled or if proof
                    of total disability is not given when required, we will no
                    longer waive the monthly deductions.

                                                     (Continued on reverse side)

83W-94 NY U                                                               BAACA2
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                     This rider provides that, if the insured becomes totally
                     disabled for at least 6 months, we will waive the eligible
                     monthly deductions as described below. Eligible monthly
                     deductions are all monthly deductions except deductions for
                     mortality and expense risk charges. Deductions for
                     mortality and expense risk charges will not be waived.


DISABILITY STARTING      *  If disability starts on or before the insured's 60th
BEFORE AGE 60               birthday, we will waive eligible monthly deductions
                            as they fall due while the insured remains disabled.
                            If the insured remains totally disabled until his or
                            her 65th birthday, we will consider such disability
                            to continue thereafter. We will then waive all
                            future eligible monthly deductions.

DISABILITY STARTING      *  If disability starts after the insured's 60th
BETWEEN AGES 60             birthday but on or before his or her 65th birthday,
AND 65                      we will waive eligible monthly deductions as they
                            fall due while the insured remains totally disabled.
                            We will waive such deductions until the policy
                            anniversary on which the insured is age 65 or, if
                            later, the third policy anniversary after disability
                            starts. Any eligible monthly deductions due after
                            that date will be made from the policy's cash value.

                     All monthly deductions will be made until we approve your
                     claim. Upon approval, we will restore the value of any
                     eligible monthly deductions made during the period of total
                     disability.

DATE OF RIDER        The date of this rider is the date of this policy.

DEFINITION OF TOTAL  Total disability means an incapacity which:
DISABILITY

                     1. Results from bodily injury or disease;
                                      and
                     2. Prevents the insured from doing any work for income or
                        profit. During the first 24 months of total disability,
                        work means the regular occupation of the insured. After
                        that time it means any occupation for which the insured
                        is or becomes reasonably fitted.

                     The total and permanent loss of the sight of both eyes or
                     the loss by severance of both hands or both feet, or one
                     hand and one foot, will be considered total disability.

                     If the insured becomes disabled from the same cause as that
                     of a prior disability and has not worked for more than 6
                     months, we will treat that disability as the continuation
                     of the prior disability.

RISKS NOT COVERED    This rider will not cover a disability which:

                     1. Began before the date of this rider;
                                      or
                     2. Occurred as a result of any war, declared or undeclared,
                        or any act of war, whether the insured was in the armed
                        forces or any civilian noncombatant unit serving with
                        such forces.

PROOF OF DISABILITY  Written notice and proof that total disability has existed
                     continuously for 6 months must be given to us while the
                     insured is alive and totally disabled. As part of any proof
                     we may require, at our expense, medical examinations of the
                     insured by physicians we name.

                     We may also require proof of continued total disability at
                     reasonable intervals, including, at our expense, medical
                     examinations of the insured by physicians we name. After 2
                     years of total disability, proof will not be required more
                     than once a year.

                     If notice or proof is late, we will accept it if it is
                     given as soon as reasonably possible. If notice or proof is
                     not given as soon as reasonably possible, we will not waive
                     any eligible monthly deduction made more than one year
                     before the date that written notice or proof of disability
                     is given to us.

                     When the insured is no longer totally disabled or if proof
                     of total disability is not given when required, we will no
                     longer waive the eligible monthly deductions.

                                                     (Continued on reverse side)

83W-94 PA                                                                 BAABY9
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

       This rider is a part of the policy if it is referred to on page 3.

                     This rider provides that, if the insured becomes totally
                     disabled for at least 6 months, we will waive the eligible
                     monthly deductions as described below. Eligible monthly
                     deductions are all monthly deductions except deductions for
                     mortality and expense risk charges. Deductions for
                     mortality and expense risk charges will not he waived.

DISABILITY STARTING      *  If disability starts on or before the insured's 60th
BEFORE AGE 60               birthday, we will waive eligible monthly deductions
                            as they fall due while the insured remains disabled.
                            If the insured remains totally disabled until
                            his or her 65th birthday, we will consider such
                            disability to continue thereafter. We will then
                            waive all future eligible monthly deductions.

DISABILITY STARTING      *  If disability starts after the insured's 60th
BETWEEN AGES 60             birthday but on or before his or her 65th birthday,
AND 65                      we will waive eligible monthly deductions as they
                            fall due while the insured remains totally disabled.
                            We will waive such deductions until the policy
                            anniversary on which the insured is age 65 or, if
                            later, the third policy anniversary after disability
                            starts. Any eligible monthly deductions due after
                            that date will be made from the policy's cash value.

                     All monthly deductions will be made until we approve your
                     claim. Upon approval, we will restore the value of any
                     eligible monthly deductions made during the period of total
                     disability.

DATE OF RIDER        The date of this rider is the date of this policy.

DEFINITION OF TOTAL  Total disability means an incapacity which:
DISABILITY  

                     1. Results from bodily injury or disease;
                                      and
                     2. Prevents the insured from doing any work for income or
                        profit. During the first 24 months of total disability,
                        work means the regular occupation of the insured. After
                        that time it means any occupation for which the insured
                        is or becomes reasonably fitted.

                     The total and permanent loss of the sight of both eyes or
                     the loss by severance of both hands or both feet, or one
                     hand and one foot, will be considered total disability.

                     If the insured becomes disabled from the same cause as that
                     of a prior disability and has not worked for more than 6
                     months, we will treat that disability as the continuation
                     of the prior disability.

RISKS NOT COVERED    This rider will not cover a disability which:

                     1. Began before the date of this rider;

                     2. Occurred as a result of any war, declared or undeclared,
                        or any act of war, whether the insured was in the armed
                        forces or any civilian noncombatant unit serving with
                        such forces.

PROOF OF DISABILITY  Written notice and proof that total disability has existed
                     continuously for 6 months must be given to us while the
                     insured is alive and totally disabled. As part of any proof
                     we may require, at our expense, medical examinations of the
                     insured by physicians we name.

                     We may also require proof of continued total disability at
                     reasonable intervals, including, at our expense, medical
                     examinations of the insured by physicians we name. After 2
                     years of total disability, proof will not be required more
                     than once a year.

                     If notice or proof is late, we will accept it if it is
                     given as soon as reasonably possible. If notice or proof is
                     not given as soon as reasonably possible, we will not waive
                     any eligible monthly deduction made more than one year
                     before the date that written notice or proof of disability
                     is given to us.

                     When the insured is no longer totally disabled or if proof
                     of total disability is not given when required, we will no
                     longer waive the eligible monthly deductions.

                                                    (Continued on reverse side)

83W-94 PA U                                                              BAACA3
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                     This rider provides that, if the insured becomes totally
                     disabled for at least 6 months, we will waive the eligible
                     monthly deductions as described below. Eligible monthly
                     deductions are all monthly deductions except deductions for
                     mortality and expense risk charges. Deductions for
                     mortality and expense risk charges will not be waived.

DISABILITY STARTING      *  If disability starts on or before the insured's 
BEFORE AGE 60               60th birthday, we will waive eligible monthly
                            deductions as they fall due while the insured
                            remains disabled. If the insured remains totally
                            disabled until his or her 65th birthday, we will
                            consider such disability to continue thereafter. We
                            will then waive all future eligible monthly
                            deductions.

DISABILITY STARTING      *  If disability starts after the insured's 6Oth
BETWEEN AGES 60             birthday but on or before his or her 65th birthday,
AND 65                      we will waive eligible monthly deductions as they
                            fall due while the insured remains totally disabled.
                            We will waive such deductions until the policy
                            anniversary on which the insured is age 65 or, if
                            later, the third policy anniversary after disability
                            starts. Any eligible monthly deductions due after
                            that date will be made from the policy's cash value.

                     All monthly deductions will be made until we approve your
                     claim. Upon approval, we will restore the value of any
                     eligible monthly deductions made during the period of total
                     disability.

DATE OF RIDER        The date of this rider is the date of this policy.

DEFINITION OF TOTAL  Total disability means an incapacity which:
DISABILITY

                     1. Results from bodily injury or disease;
                                   and
                     2. During the first 24 months, prevents the insured from
                        performing, with reasonable continuity and in the usual
                        and customary manner, the substantial and material acts
                        of the insured's occupation, business our profession.
                        After that time, prevents the insured from performing,
                        with reasonable continuity and in the usual and
                        customary manner, the substantial and material acts of
                        the insured's occupation, business or profession or any
                        other occupation, business or profession the insured,
                        based upon education, training and experience, is
                        qualified and would be reasonably contemplated to pursue
                        and for which the insured shall receive compensation
                        reasonably comparable with that earned in the insured's
                        former occupation, business or profession.

                     The total and permanent loss of the sight of both eyes or
                     the loss by severance of both hands or both feet, or one
                     hand and one foot, will be considered total disability.

RISKS NOT COVERED    This rider will not cover a disability which:

                     1. Began before the date of this rider;
                                   or
                     2. Occurred, while the insured was in any armed forces,
                        as a result of any war or warlike action in time of
                        peace.

PROOF OF DISABILITY  Written notice and proof that total disability has existed
                     continuously for 6 months must be given to us while the
                     insured is alive and totally disabled. As part of any proof
                     we may require, at our expense, medical examinations of the
                     insured by physicians we name.

                     We may also require proof of continued total disability at
                     reasonable intervals, including, at our expense, medical
                     examinations of the insured by physicians we name. After 2
                     years of total disability, proof will not be required more
                     than once a year.
 
                     If notice or proof is late, we will accept it if it is
                     given as soon as reasonably possible. If notice or proof is
                     not given as soon as reasonably possible, we will not waive
                     any eligible monthly deduction made more than one year
                     before the date that written notice or proof of disability
                     is given to us.

                     When the insured is no longer totally disabled or if proof
                     of total disability is not given when required, we will no
                     longer waive the eligible monthly deductions.

                                                     (Continued on reverse side)

83W-94 SD                                                                BAACDH
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                       RIDER: DISABILITY WAIVER BENEFIT

      This rider is a part of the policy if it is referred to on page 3.
     
                     This rider provides that, if the insured becomes totally
                     disabled for at least 6 months, we will waive the eligible
                     monthly deductions as described below. Eligible monthly
                     deductions are all monthly deductions except deductions for
                     mortality and expense risk charges. Deductions for
                     mortality and expense risk charges will not be waived.

DISABILITY STARTING      *  If disability starts on or before the insured's 60th
BEFORE AGE 60               birthday, we will waive eligible monthly deductions
                            as they fall due while the insured remains disabled.
                            If the insured remains totally disabled until his or
                            her 65th birthday, we will consider such disability
                            to continue thereafter. We will then waive all
                            future eligible monthly deductions.

DISABILITY STARTING      *  If disability starts after the insured's 60th 
BETWEEN AGES 60             birthday but on or before his or her 65th birthday,
AND 65                      we will waive eligible monthly deductions as they
                            fall due while the insured remains totally disabled.
                            We will waive such deductions until the policy
                            anniversary on which the insured is age 65 or, if
                            later, the third policy anniversary after disability
                            starts. Any eligible monthly deductions due after
                            that date will be made from the policy's cash value.

                     All monthly deductions will be made until we approve your
                     claim. Upon approval, we will restore the value of any
                     eligible monthly deductions made during the period of total
                     disability.

DATE OF RIDER        The date of this rider is the date of this policy.

DEFINITION OF TOTAL  Total disability means an incapacity which:
DISABILITY

                     1. Results from bodily injury or disease;
                                   and

                     2. During the first 24 months, prevents the insured from
                        performing, with reasonable continuity and in the usual
                        and customary manner, the substantial and material acts
                        of the insured's occupation, business or profession.
                        After that time, prevents the insured from performing,
                        with reasonable continuity and in the usual and
                        customary manner, the substantial and material acts of
                        the insured's occupation, business or profession or any
                        other occupation, business or profession the insured,
                        based upon education, training and experience, is
                        qualified and would be reasonably contemplated to
                        pursue and for which the insured shall receive
                        compensation reasonably comparable with that earned in
                        the insured's former occupation, business or profession.

                     The total and permanent loss of the sight of both eyes or
                     the loss by severance of both hands or both feet, or one
                     hand and one foot, will be considered total disability.

RISKS NOT COVERED    This rider will not cover a disability which:

                     1. Began before the date of this rider;
                                   or
                     2. Occurred, while the insured was in any armed forces, as
                        a result of any war or warlike action in time of peace.

PROOF OF DISABILITY  Written notice and proof that total disability has existed
                     continuously for 6 months must be given to us while the
                     insured is alive and totally disabled. As part of any proof
                     we may require, at our expense, medical examinations of the
                     insured by physicians we name.

                     We may also require proof of continued total disability at
                     reasonable intervals, including, at our expense, medical
                     examinations of the insured by physicians we name. After 2
                     years of total disability, proof will not be required more
                     than once a year. 

                     If notice or proof is late, we will accept it if it is
                     given as soon as reasonably possible. If notice or proof is
                     not given as soon as reasonably possible, we will not waive
                     any eligible monthly deduction made more than one year
                     before the date that written notice or proof of disability
                     is given to us.

                     When the insured is no longer totally disabled or if proof
                     of total disability is not given when required, we will no
                     longer waive the eligible monthly deductions.
 
                                                     (Continued on reverse side)

83W-94 U SD                                                              BAACDJ
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                   If we receive proof that the insured died, directly and
                   independently of all other causes, as the result of an
                   accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the use of any drug, unless used on the advice of a
                        licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                               or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90                                                                    BAAA24
<PAGE>
 
                  RIDER: ACCIDENTAL DEATH BENEFIT (CONTINUED)
                       TABLE OF GUARANTEED MAXIMUM COSTS
                        (SEE "COST OF RIDER" PROVISION)

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
                          Maximum                                    Maximum 
      Age at          Monthly Cost for          Age at          Monthly Cost for
   Beginning of        Each $1,000 of        Beginning of        Each $1,000 of 
    Rider Year        Accidental Death        Rider Year        Accidental Death
- ---------------------                   ------------------------
   Male      Female       Benefit         Male          Female       Benefit
- --------------------------------------------------------------------------------
   <S>       <C>       <C>                <C>           <C>     <C>
    0          -            .070           28             31           .080
    1          -            .080           29             32           .080
    2          -            .080           30             33           .080
    3          -            .080           31             34           .080
    4          -            .080           32             35           .080
    5          -            .080           33             36           .080
    6          -            .080           34             37           .080
    7          -            .080           35             38           .070
    8          -            .080           36             39           .070
    9          -            .080           37             40           .070
   10          -            .080           38             41           .070
   11          -            .080           39             42           .070
    -          0            .070           40             43           .070
    -          1            .070           41             44           .070
    -          2            .070           42             45           .070
    -          3            .070           43             46           .070
    -          4            .080           44             47           .070
    -          5            .080           45             48           .070
    -          6            .080           46             49           .070
    -          7            .080           47             50           .080
    -          8            .080           48             51           .080
    -          9            .080           49             52           .080
    -         10            .080           50             53           .080
    -         11            .080           51             54           .080
    -         12            .080           52             55           .080
    -         13            .080           53             56           .080
    -         14            .080           54             57           .080
   12         15            .090           55             58           .080
   13         16            .090           56             59           .080
   14         17            .090           57             60           .080
   15         18            .090           58             61           .080
   16         19            .090           59             62           .080
   17         20            .090           60             63           .090
   18         21            .090           61             64           .090
   19         22            .090           62             65           .090
   20         23            .090           63             66           .090
   21         24            .090           64             67           .090
   22         25            .090           65             68           .100
   23         26            .090           66             69           .100
   24         27            .090           67              -           .110
   25         28            .090           68              -           .110
   26         29            .090           69              -           .120
   27         30            .090
- --------------------------------------------------------------------------------
</TABLE>


72A-82 MIAC
82A-85 MTL                                                                BAAAAF
72A-89

82A-90
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:


                    1. The amount shown on page 3 under "Additional Benefits";
                             or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;
 
                    2. Occurs more than 90 days after the accident;

                    3. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an external visible wound sustained
                       by an accident;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight; 
                             or
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age.
                    It will never be more than the maximum cost according to the
                    table on the next page.

82A-90 U                                                                  BAAA28
<PAGE>
 
                  RIDER: ACCIDENTAL DEATH BENEFIT (CONTINUED)
 
                       TABLE OF GUARANTEED MAXIMUM COSTS

                        (SEE "COST OF RIDER" PROVISION)
 
<TABLE> 
<CAPTION> 
- --------------------------------------------------------------------------------
    Age at          Maximum           Age at              Maximum
  Beginning     Monthly Cost for     Beginning        Monthly Cost for
of Rider Year    Each $1,000 of    of Rider Year       Each $1,000 of
                Accidental Death                      Accidental Death
                    Benefit                               Benefit
- --------------------------------------------------------------------------------
<S>             <C>                <C>                <C> 
     0                .070              40                 .070
     1                .078              41                 .070
     2                .078              42                 .070
     3                .078              43                 .070
     4                .080              44                 .070
     5                .080              45                 .070
     6                .080              46                 .070
     7                .080              47                 .078
     8                .080              48                 .078
     9                .080              49                 .078

    10                .080              50                 .080
    11                .080              51                 .080
    12                .088              52                 .080
    13                .088              53                 .080
    14                .088              54                 .080 
    15                .090              55                 .080
    16                .090              56                 .080
    17                .090              57                 .080
    18                .090              58                 .080
    19                .090              59                 .080

    20                .090              60                 .088
    21                .090              61                 .088
    22                .090              62                 .088
    23                .090              63                 .090
    24                .090              64                 .090
    25                .090              65                 .098
    26                .090              66                 .098
    27                .090              67                 .106
    28                .082              68                 .108
    29                .082              69                 .116

    30                .082
    31                .080
    32                .080
    33                .080
    34                .080
    35                .072
    36                .072
    37                .072
    38                .070
    39                .070
- --------------------------------------------------------------------------------
</TABLE> 

82A-90 U                                                                  BAAAQ9
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by any infection, except
                        infection caused by an accidental injury;

                     5. Is caused or contributed to, directly or indirectly, by
                        the use of any drug, unless used on the advice of a
                        licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.
                        
TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90 AR                                                                BAAA29
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by any infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the use of any drug, unless used on the advice of a
                        licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.                 
                            

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age. It will never be more than the maximum cost according
                     to the table on the next page.

82A-90 U AR                                                               BAAA30
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits";
                              or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an external visible wound sustained
                       by an accident;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Is an act of self-destruction;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight;
                              or
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age
                    and sex. It will never be more than the maximum cost
                    according to the table on the next page.

82A-90 CA                                                                 BAAA3A
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits";
                              or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an external visible wound sustained
                       by an accident;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Is an act of self-destruction;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                      (a) Acted in any capacity other than as a passenger; or
                      (b) Was on a non-military flight for the purpose of
                          descent from the aircraft while in flight;
                              or
                    9. Results, directly or indirectly, from any war, or
                       warlike action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age.
                    It will never be more than the maximum cost according to the
                    table on the next page.

82A-90 U CA                                                               BAAA3P
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the voluntary use of any controlled substance as defined
                        in Title II of the Comprehensive Drug Abuse Prevention
                        and Control Act of 1970, unless used on the advice of a
                        licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.
                            

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90 CT                                                                 BAAA3B
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the voluntary use of any controlled substance as defined
                        in Title II of the Comprehensive Drug Abuse Prevention
                        and Control Act of 1970, unless used on the advice of a
                        licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.
                            

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age. It will never be more than the maximum cost according
                     to the table on the next page.

82A-90 U CT                                                               BAAA3Q
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                     This rider provides additional insurance if the insured
                     dies from an accident.

                     If we receive proof that the insured died as the result
                     of an accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                              or 
                     2. An amount equal to twice the amount stated in item
                        1 above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused by physical or mental illness or treatment for
                        the illness;

                     4. Is caused by an infection, except infection caused by a
                        wound sustained by an accident;

                     5. Is caused by the voluntary use of any drug, unless used
                        on the advice of a licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                              or 
                     9. Results from any war, or warlike action in time of
                        peace.

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70. 

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90 IL                                                                 BAAA77
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

               This rider provides additional insurance if the insured
               dies from an accident.

               If we receive proof that the insured died as the result of an
               accident, we will pay under this rider:

                   1. The amount shown on page 3 under "Additional Benefits";
                            or 
                   2. An amount equal to twice the amount stated in item 1
                      above if we receive proof that the accident occurred
                      while the insured was a fare-paying passenger in a
                      licensed public conveyance being operated by a common
                      carrier for passenger service.

RISKS NOT COVERED  No payment will be made if the death:

                   1. Occurs before the insured's first birthday;

                   2. Occurs more than 90 days after the accident;

                   3. Is caused by physical or mental illness or treatment for
                      the illness;

                   4. Is caused by an infection, except infection caused by a
                      wound sustained by an accident;

                   5. Is caused by the voluntary use of any drug, unless used on
                      the advice of a licensed medical practitioner;

                   6. Results from suicide while sane or insane;

                   7. Results from committing or attempting to commit an
                      assault or felony;

                   8. Results from travel in an aircraft, or descent from the
                      aircraft while in flight, if the insured:

                      (a) Acted in any capacity other than as a passenger; or
                      (b) Was on a non-military flight for the purpose of
                          descent from the aircraft while in flight;
                               or 
                   9. Results from any war, or warlike action in time of peace.

TERMINATION        The rider will end on the earlier of: (a) the end of the
                   grace period; or (b) the policy anniversary on which the
                   insured is age 70.


                   You may end this rider on any monthly anniversary by sending
                   us a written request and the policy. We will make the change
                   and return the policy.

COST OF RIDER      While this rider is in force, its cost will be a part of the
                   monthly deduction from the cash value. The monthly cost of
                   this rider for each $1,000 of accidental death benefit will
                   be set by us from time to time, based on the insured's age.
                   It will never be more than the maximum cost according to the 
                   table on the next page.
   
82A-90 U IL                                                            BAAA76
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the voluntary use of any drug, unless used on the advice
                        of a licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.                 
                            

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90 MD                                                                 BAAA8V
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the voluntary use of any drug, unless used on the advice
                        of a licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90 U MD                                                               BAAA8W
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides additional insurance if the insured dies
                    from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:


                    1. The amount shown on page 3 under "Additional Benefits"; 
                              or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused or contributed to by physical or mental illness
                       or treatment for the illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an external visible wound sustained
                       by an accident;

                    5. Is caused or contributed to by the use of any drug
                       voluntarily taken, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane;

                    7. Results from committing or attempting to commit a
                       felonious assault or other felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight;
                                or

                    9. Results from any war, or warlike action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age
                    and sex. It will never be more than the maximum cost
                    according to the table on the next page.

82A-90 MN                                                                 BAAA3D
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

       This rider is a part of the policy if it is referred to on page3.

                    This rider provides additional insurance if the insured dies
                    from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:


                    1. The amount shown on page 3 under "Additional Benefits";
                             or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused or contributed to by physical or mental illness
                       or treatment for the illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an external visible wound sustained
                       by an accident;

                    5. Is caused or contributed to by the use of any drug
                       voluntarily taken, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane;
  
                    7. Results from committing or attempting to commit a
                       felonious assault or other felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight;
                                  or
                    9. Results from any war, or warlike action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age.
                    It will never be more than the maximum cost according to the
                    table on the next page.

82A-90 U MN                                                               BAAA39
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:


                    1. The amount shown on page 3 under "Additional Benefits";
                               or 
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by accidental injury or by the
                       accidental ingestion of contaminated substances;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane if we can show
                       that the insured intended suicide when the policy was
                       applied for;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight;
                               or 
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age
                    and sex. It will never be more than the maximum cost
                    according to the table on the next page.

82A-90 MO                                                                 BAAA3E
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:


                    1. The amount shown on page 3 under "Additional Benefits";
                               or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;
  
                    3. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;
  
                    4. Is caused or contributed to by an infection, except
                       infection caused by accidental injury or by the
                       accidental ingestion of contaminated substances;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane if we can show
                       that the insured intended suicide when the policy was
                       applied for;
  
                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight;
                               or
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the
                    change and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's
                    age. It will never be more than the maximum cost according 
                    to the table on the next page.

82A-90 U MO                                                               BAAA4A
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

             This rider provides additional insurance if the insured dies from
             an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits";
                              or 
                    2. An amount equal to twice the amount stated in item
                       1 above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused by physical or mental illness or treatment
                       for the illness;

                    4. Is caused by any infection, except infection caused by
                       accidental injury;

                    5. Is caused by the voluntary use of any drug, unless used
                       on the advice of a licensed medical practitioner;

                    6. Results from suicide while sane or insane;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight;
                                   or 
                    9. Results from any war, or warlike action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age
                    and sex. It will never be more than the maximum cost
                    according to the table on the next page.

82A-90 NH                                                                 BAAA3F
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

            This rider provides additional insurance if the insured dies 
            from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits";
                              or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused by physical or mental illness or treatment for
                       the illness;

                    4. Is caused by any infection, except infection caused by
                       accidental injury;
 
                    5. Is caused by the voluntary use of any drug, unless used
                       on the advice of a licensed medical practitioner;

                    6. Results from suicide while sane or insane;
     
                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight; 
                                   or
                    9. Results from any war, or warlike action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the
                    change and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age.
                    It will never be more than the maximum cost according to the
                    table on the next page.

82A-90 U NH                                                               BAAA4B
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1.    The amount shown on page 3 under "Additional
                          Benefits";
                              or 
                    2.    An amount equal to twice the amount stated in item 1
                          above if we receive proof that the accident occurred
                          while the insured was a fare-paying passenger in a
                          licensed public conveyance being operated by a common
                          carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 180 days after the accident;

                    3. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the
                       illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an external visible wound sustained
                       by an accident;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight; 
                               or 
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age
                    and sex. It will never be more than the maximum cost
                    according to the table on the next page.

82A-90 OR                                                                 BAAA4V
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits";
                              or 
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 180 days after the accident;

                    3. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an external visible wound sustained
                       by an accident;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-miiitary flight for the purpose of
                           descent from the aircraft while in flight;
                                   or 
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age.
                    It will never be more than the maximum cost according to the
                    table on the next page.

82A-90 U OR                                                               BAAA4W
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides additional insurance if the insured dies
                    from an accident.

                    If we receive proof that the insured died after the
                    effective date of coverage, while the policy and rider are
                    in force, directly and independently of all other causes, as
                    the result of an accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits"; 
                              or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

DATE OF RIDER       The date of this rider is the date of the policy.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;

                    3. Is caused or contributed to by an infection, except
                       infection caused by an accident;

                    4. Is caused or contributed to, directly or indirectly, by
                       the use of any drug voluntarily taken, unless prescribed
                       by a licensed medical practitioner;

                    5. Results from suicide while sane or insane;

                    6. Results from committing or attempting to commit an
                       assault or felony;

                    7. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or 
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight; 
                                or 
                    8. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period of the policy; or (b) the policy anniversary on
                    which the insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age
                    and sex. It will never be more than the maximum cost
                    according to the table on the next page.


82A-90 PA                                                                BAAA3G
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides additional insurance if the insured dies
                    from an accident.

                    If we receive proof that the insured died after the
                    effective date of coverage, while the policy and rider are
                    in force, directly and independently of all other causes, as
                    the result of an accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits";
                              or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

DATE OF RIDER       The date of this rider is the date of the policy.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Is caused or contributed to, directly or indirectly, by
                       physical or mental illness or treatment for the illness;

                    3. Is caused or contributed to by an infection, except
                       infection caused by an accident;

                    4. Is caused or contributed to, directly or indirectly, by
                       the use of any drug voluntarily taken, unless prescribed
                       by a licensed medical practitioner;

                    5. Results from suicide while sane or insane;

                    6. Results from committing or attempting to commit an
                       assault or felony;

                    7. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight;
                               or 
                    8. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period of the policy; or (b) the policy anniversary on
                    which the insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age.
                    It will never be more than the maximum cost according to the
                    table on the next page.


82A-90 U PA                                                               BAAA4C
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                     This rider provides additional insurance if the insured
                     dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:


                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by a wound sustained by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the use of any drug, unless used on the advice of a
                        licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.
                            

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90 SC                                                                 BAAA3H
<PAGE>
 

                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                               or 
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the use of any drug, unless used on the advice of a
                        licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or 
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight; 
                                  or 
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.                 
                            

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age. It will never be more than the maximum cost according
                     to the table on the next page.

82A-90 U SC                                                              BAAA4D
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                     This rider provides additional insurance if the insured
                     dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                              or
                     2. An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the voluntary use of any drug, unless used on the advice
                        of a licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight;
                              or
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age and sex. It will never be more than the maximum cost
                     according to the table on the next page.

82A-90 TN                                                                BAAA3X
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                     This rider provides additional insurance if the insured
                     dies from an accident.

                     If we receive proof that the insured died, directly and
                     independently of all other causes, as the result of an
                     accident, we will pay under this rider:

                     1. The amount shown on page 3 under "Additional Benefits";
                              or 
                     2. An amount equal to twice the amount stated in item
                        1 above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED    No payment will be made if the death:

                     1. Occurs before the insured's first birthday;

                     2. Occurs more than 90 days after the accident;

                     3. Is caused or contributed to, directly or indirectly, by
                        physical or mental illness or treatment for the illness;

                     4. Is caused or contributed to by an infection, except
                        infection caused by an external visible wound sustained
                        by an accident;

                     5. Is caused or contributed to, directly or indirectly, by
                        the voluntary use of any drug, unless used on the advice
                        of a licensed medical practitioner;

                     6. Results from suicide while sane or insane;

                     7. Results from committing or attempting to commit an
                        assault or felony;

                     8. Results from travel in an aircraft, or descent from the
                        aircraft while in flight, if the insured:

                        (a) Acted in any capacity other than as a passenger; or
                        (b) Was on a non-military flight for the purpose of
                            descent from the aircraft while in flight;
                                     or
                     9. Results, directly or indirectly, from any war, or
                        warlike action in time of peace.

TERMINATION          The rider will end on the earlier of: (a) the end of the
                     grace period; or (b) the policy anniversary on which the
                     insured is age 70.

                     You may end this rider on any monthly anniversary by
                     sending us a written request and the policy. We will make
                     the change and return the policy.

COST OF RIDER        While this rider is in force, its cost will be a part of
                     the monthly deduction from the cash value. The monthly cost
                     of this rider for each $1,000 of accidental death benefit
                     will be set by us from time to time, based on the insured's
                     age. It will never be more than the maximum cost according
                     to the table on the next page.

82A-90 U TN                                                               BAAA4E
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                           If we receive proof that the insured died, directly
                           and independently of all other causes, as the result
                           of an accident, we will pay under this rider:

                         1.  The amount shown on page 3 under "Additional
                             Benefits"; 
                                             or 
                         2.  An amount equal to twice the amount stated in item
                             1 above if we receive proof that the accident
                             occurred while the insured was a fare-paying
                             passenger in a licensed public conveyance being
                             operated by a common carrier for passenger service.

RISKS NOT COVERED        No payment will be made if the death:

                         1. Occurs before the insured's first birthday;

                         2. Occurs more than 180 days after the accident;

                         3. Is caused or contributed to by physical or mental
                            illness or treatment for the illness;

                         4. Is caused or contributed to by an infection, except
                            infection caused by an accident;

                         5. Is caused or contributed to by the use of any drug,
                            unless used on the advice of a licensed medical
                            practitioner;

                         6. Results from suicide while sane or insane;

                         7. Results from committing or attempting to commit an
                            assault or felony;

                         8. Results from travel in an aircraft, or descent from
                            the aircraft while in flight, if the insured:

                            (a) Acted in any capacity other than as a passenger;
                                        or
                            (b) Was on a non-military flight for the purpose of
                                descent from the aircraft while in flight; 
                                        or 
                         9. Results from any war, or warlike action in time of
                            peace.

TERMINATION              The rider will end on the earlier of: (a) the end of
                         the grace period; or (b) the policy anniversary on
                         which the insured is age 70.

                         You may end this rider on any monthly anniversary by
                         sending us a written request and the policy. We will
                         make the change and return the policy.

COST OF RIDER            While this rider is in force, its cost will be a part
                         of the monthly deduction from the cash value. The
                         monthly cost of this rider for each $1,000 of
                         accidental death benefit will be set by us from time to
                         time, based on the insured's age and sex. It will never
                         be more than the maximum cost according to the table on
                         the next page.

82A-90 UT                                                                 BAAA3I
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

This rider provides additional insurance if the insured dies from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1.  The amount shown on page 3 under "Additional
                        Benefits"; 
                              or 
                    2.  An amount equal to twice the amount stated in item 1
                        above if we receive proof that the accident occurred
                        while the insured was a fare-paying passenger in a
                        licensed public conveyance being operated by a common
                        carrier for passenger service.

RISKS NOT COVERED  No payment will be made if the death:

                   1. Occurs before the insured's first birthday;

                   2. Occurs more than 180 days after the accident;

                   3. Is caused or contributed to by physical or mental illness
                      or treatment for the illness;

                   4. Is caused or contributed to by an infection, except
                      infection caused by an accident;

                   5. Is caused or contributed to by the use of any drug, unless
                      used on the advice of a licensed medical practitioner;

                   6. Results from suicide while sane or insane;

                   7. Results from committing or attempting to commit an assault
                      or felony;

                   8. Results from travel in an aircraft, or descent from the
                      aircraft while in flight, if the insured:

                      (a) Acted in any capacity other than as a passenger; or
                      (b) Was on a non-military flight for the purpose of
                          descent from the aircraft while in flight; 
                                or 
                   9. Results from any war, or warlike action in time of peace.

TERMINATION        The rider will end on the earlier of: (a) the end of the
                   grace period; or (b) the policy anniversary on which the
                   insured is age 70.

                   You may end this rider on any monthly anniversary by sending
                   us a written request and the policy. We will make the change
                   and return the policy.

COST OF RIDER      While this rider is in force, its cost will be a part of the
                   monthly deduction from the cash value. The monthly cost of
                   this rider for each $1,000 of accidental death benefit will
                   be set by us from time to time, based on the insured's age.
                   It will never be more than the maximum cost according to the
                   table on the next page.

82A-90 U UT                                                               BAAA4F
       
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides additional insurance if the insured dies
                    from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:

                    1. The amount shown on page 3 under "Additional Benefits";
                              or
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused by physical or mental illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an accident;

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight; 
                              or 
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70. 

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age
                    and sex. It will never be more than the maximum cost
                    according to the table on the next page.

82A-90 VT                                                                 BAAA3J
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                    This rider provides additional insurance if the insured dies
                    from an accident.

                    If we receive proof that the insured died, directly and
                    independently of all other causes, as the result of an
                    accident, we will pay under this rider:


                    1. The amount shown on page 3 under "Additional Benefits";
                              or 
                    2. An amount equal to twice the amount stated in item 1
                       above if we receive proof that the accident occurred
                       while the insured was a fare-paying passenger in a
                       licensed public conveyance being operated by a common
                       carrier for passenger service.

RISKS NOT COVERED   No payment will be made if the death:

                    1. Occurs before the insured's first birthday;

                    2. Occurs more than 90 days after the accident;

                    3. Is caused by physical or mental illness;

                    4. Is caused or contributed to by an infection, except
                       infection caused by an accident,

                    5. Is caused or contributed to, directly or indirectly, by
                       the use of any drug, unless used on the advice of a
                       licensed medical practitioner;

                    6. Results from suicide while sane or insane;

                    7. Results from committing or attempting to commit an
                       assault or felony;

                    8. Results from travel in an aircraft, or descent from the
                       aircraft while in flight, if the insured:

                       (a) Acted in any capacity other than as a passenger; or
                       (b) Was on a non-military flight for the purpose of
                           descent from the aircraft while in flight; 
                               or 
                    9. Results, directly or indirectly, from any war, or warlike
                       action in time of peace.
                           

TERMINATION         The rider will end on the earlier of: (a) the end of the
                    grace period; or (b) the policy anniversary on which the
                    insured is age 70.

                    You may end this rider on any monthly anniversary by sending
                    us a written request and the policy. We will make the change
                    and return the policy.

COST OF RIDER       While this rider is in force, its cost will be a part of the
                    monthly deduction from the cash value. The monthly cost of
                    this rider for each $1,000 of accidental death benefit will
                    be set by us from time to time, based on the insured's age.
                    It will never be more than the maximum cost according to the
                    table on the next page.
82A-90 U VT                                                               BAAA4G
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                      This rider provides additional insurance if the insured
                      dies from an accident.

                      If we receive proof that the insured died, directly and
                      independently of all other causes, as the result of an
                      accident, we will pay under this rider:

                      1. The amount shown on page 3 under "Additional 
                         Benefits"; 
                                           or 
                      2. An amount equal to twice the amount stated in item 1
                         above if we receive proof that the accident occurred
                         while the insured was a fare-paying passenger in a
                         licensed public conveyance being operated by a common
                         carrier for passenger service.

RISKS NOT COVERED     No payment will be made if the death:

                      1. Occurs before the insured's first birthday;

                      2. Occurs more than 90 days after the accident;

                      3. Is caused by physical or mental illness or treatment
                         for the illness;

                      4. Is caused by an external infection, except infection
                         caused by an external visible wound sustained by an
                         accident;

                      5. Is caused by the voluntary use of any drug, unless used
                         on the advice of a licensed medical practitioner;

                      6. Results from suicide while sane or insane;

                      7. Results from committing or attempting to commit an
                         assault or felony;

                      8. Results from travel in an aircraft, or descent from the
                         aircraft while in flight, if the insured:

                         (a) Acted in any capacity other than as a passenger; or
                         (b) Was on a non-military flight for the purpose of
                             descent from the aircraft while in flight; 
                                 or 
                      9. Results from any war, or warlike action in time of
                         peace.

TERMINATION           The rider will end on the earlier of: (a) the end of the
                      grace period; or (b) the policy anniversary on which the
                      insured is age 70.

                      You may end this rider on any monthly anniversary by
                      sending us a written request and the policy. We will make
                      the change and return the policy. 

COST OF RIDER         While this rider is in force, its cost will be a part of
                      the monthly deduction from the cash value. The monthly
                      cost of this rider for each $1,000 of accidental death
                      benefit will be set by us from time to time, based on the
                      insured's age and sex. It will never be more than the
                      maximum cost according to the table on the next page.

82A-90 WA                                                                 BAAA3C
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

                      This rider provides additional insurance if the insured
                      dies from an accident. 

                      If we receive proof that the insured died, directly and
                      independently of all other causes, as the result of an
                      accident, we will pay under this rider:

                      1.  The amount shown on page 3 under "Additional
                          Benefits";
                                  or
                      2.  An amount equal to twice the amount stated in item 1
                          above if we receive proof that the accident occurred
                          while the insured was a fare-paying passenger in a
                          licensed public conveyance being operated by a common
                          carrier for passenger service.

RISKS NOT COVERED     No payment will be made if the death:

                      1.  Occurs before the insured's first birthday;

                      2.  Occurs more than 90 days after the accident;

                      3.  Is caused by physical or mental illness or treatment
                          for the illness;

                      4.  Is caused by an external infection, except infection
                          caused by an external visible wound sustained by an
                          accident;

                      5.  Is caused by the voluntary use of any drug, unless
                          used on the advice of a licensed medical practitioner;

                      6.  Results from suicide while sane or insane;

                      7.  Results from committing or attempting to commit an
                          assault or felony;

                      8.  Results from travel in an aircraft, or descent from
                          the aircraft while in flight, if the insured:

                      (a) Acted in any capacity other than as a passenger; or
                      (b) Was on a non-military flight for the purpose of
                          descent from the aircraft while in flight; 
                              or 
                      9.  Results from any war, or warlike action in time of
                          peace.

TERMINATION           The rider will end on the earlier of: (a) the end of the
                      grace period; or (b) the policy anniversary on which the
                      insured is age 70.

                      You may end this rider on any monthly anniversary by
                      sending us a written request and the policy. We will make
                      the change and return the policy.

COST OF RIDER         While this rider is in force, its cost will be a part of
                      the monthly deduction from the cash value. The monthly
                      cost of this rider for each $1,000 of accidental death
                      benefit will be set by us from time to time, based on the
                      insured's age. It will never be more than the maximum cost
                      according to the table on the next page.

82A-90 WA                                                                 BAAA3R
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

               This rider provides additional insurance if the insured dies from
               an accident.

               If we receive proof that the insured died, directly and
               independently of all other causes, as the result of an accident,
               we will pay under this rider:

               1.  The amount shown on page 3 under "Additional Benefits"; 
                           or 
               2.  An amount equal to twice the amount stated in item 1 above if
                   we receive proof that the accident occurred while the insured
                   was a fare-paying passenger in a licensed public conveyance
                   being operated by a common carrier for passenger service.

RISKS NOT      No payment will be made if the death:
COVERED
               1.  Occurs before the insured's first birthday;

               2.  Occurs more than 90 days after the accident;

               3.  Is caused or contributed to, directly or indirectly, by
                   physical or mental illness or treatment for the illness;

               4.  Is caused or contributed to by an infection, except infection
                   caused by an accidental injury;

               5.  Is caused or contributed to by the use of any drug, unless
                   used on the advice of a licensed medical practitioner;

               6.  Results from suicide while sane or insane;

               7.  Results from committing or attempting to commit an assault or
                   felony;

               8.  Results from travel in an aircraft, or descent from the
                   aircraft while in flight, if the insured:

                   (a) Acted in any capacity other than as a passenger; or
                   (b) Was on a non-military flight for the purpose of
                       descent from the aircraft while in flight; 
                             or 
               9.  Results, directly or indirectly, from any war, or warlike
                   action in time of peace.

TERMINATION    The rider will end on the earlier of: (a) the end of the grace
               period; or (b) the policy anniversary on which the insured is age
               70.

               You may end this rider on any monthly anniversary by sending us a
               written request and the policy. We will make the change and
               return the policy.

COST OF RIDER  While this rider is in force, its cost will be a part of the
               monthly deduction from the cash value. The monthly cost of this
               rider for each $1,000 of accidental death benefit will be set by
               us from time to time, based on the insured's age and sex. It will
               never be more than the maximum cost according to the table on the
               next page.


82A-90 WV                                                                 BAAA40
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                        RIDER: ACCIDENTAL DEATH BENEFIT

      This rider is a part of the policy if it is referred to on page 3.

               This rider provides additional insurance if the insured dies from
               an accident.

               If we receive proof that the insured died, directly and
               independently of all other causes, as the result of an accident,
               we will pay under this rider:

               1.  The amount shown on page 3 under "Additional Benefits"; 
                           or 
               2.  An amount equal to twice the amount stated in item 1 above if
                   we receive proof that the accident occurred while the insured
                   was a fare-paying passenger in a licensed public conveyance
                   being operated by a common carrier for passenger service.

RISKS NOT      No payment will be made if the death:
COVERED
               1.  Occurs before the insured's first birthday;

               2.  Occurs more than 90 days after the accident;

               3.  Is caused or contributed to, directly or indirectly, by
                   physical or mental illness or treatment for the illness;

               4.  Is caused or contributed to by an infection, except infection
                   caused by an accidental injury;

               5.  Is caused or contributed to by the use of any drug, unless
                   used on the advice of a licensed medical practitioner;

               6.  Results from suicide while sane or insane;

               7.  Results from committing or attempting to commit an assault or
                   felony;

               8.  Results from travel in an aircraft, or descent from the
                   aircraft while in flight, if the insured:

                   (a) Acted in any capacity other than as a passenger; or
                   (b) Was on a non-military flight for the purpose of
                       descent from the aircraft while in flight; 
                               or 
               9.  Results, directly or indirectly, from any war, or warlike
                   action in time of peace.

TERMINATION    The rider will end on the earlier of: (a) the end of the grace
               period; or (b) the policy anniversary on which the insured is age
               70.

               You may end this rider on any monthly anniversary by sending us a
               written request and the policy. We will make the change and
               return the policy.

COST OF RIDER  While this rider is in force its cost will be a part of the
               monthly deduction from the cash value. The monthly cost of this
               rider for each $1,000 of accidental death benefit will be set by
               us from time to time, based on the insured's age. It will never
               be more than the maximum cost according to the table on the next
               page.


82A-90 U WV                                                               BAAA41

<PAGE>
 
                                                              EXHIBIT 1(a)(5)(c)


                      METROPOLITAN LIFE INSURANCE COMPANY

                     RIDER: ACCELERATION OF DEATH BENEFITS

    This rider is a part of the policy as of the issue date of the policy.


                     This rider provides for payment of an Accelerated Death
                     Benefit during the lifetime of the insured, if the insured
                     is terminally ill. Rider benefits may be used for any
                     purpose whatsoever.

                     IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
                     TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE
                     OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
                     DETERMINE THE EFFECT ON YOU.

      DEFINITIONS    The "INSURED" is the person at whose death the Policy
                     Benefit would be payable. The "INSURED" does not include
                     any person who has life insurance coverage only under a
                     rider to the policy, or any person who has coverage because
                     of his or her relationship to the insured.

                     "POLICY BENEFIT" is the amount we would pay to the
                     insured's beneficiaries in the absence of this rider, on
                     the death of the insured.

                     "ACCELERATED DEATH BENEFIT" is the amount we will pay under
                     this rider if we receive proof that the insured is
                     terminally ill. We will compute this amount based on the
                     amount of the Policy Benefit applied under this rider,
                     using an interest factor based on the insured's reduced
                     life expectancy.

                     If we pay an Accelerated Death Benefit, the Policy Benefit
                     may be adjusted by the following if they apply: any
                     expected future premiums; any expected future dividends at
                     the then current dividend scale; any excess interest
                     credited on contract values; the rate of any current
                     contract charges; an administrative fee of up to $150.

                     "YOU" refers to the owner of this policy.

                     "WE," "US," and "OUR" refer to Metropolitan Life Insurance
                     Company.

                     "TERMINALLY ILL" means having a life expectancy of 12
                     months or less.

ASSUMPTIONS          The interest and mortality assumptions we use may change
                     from time to time. However, the interest rate we use will
                     never be more than the rate charged on policy loans for
                     policies then being issued. The rider proceeds will never
                     be less than the cash value of the policy multiplied by the
                     percentage of the Policy Benefit you choose to accelerate.

AMOUNT OF            You must apply all of the Policy Benefit to your          
ACCELERATED          Accelerated Death Benefit, if the face amount of your     
DEATH BENEFIT        policy is $50,000 or less. You cannot apply more than the 
                     greater of (1) $250,000, or (2) 10% of the Policy Benefit  
                     under this and all other similar riders issued by         
                     Metropolitan Life Insurance Company or one of our          
                     affiliates.                                                
                     
                     If you apply part of the Policy Benefit to an Accelerated
                     Death Benefit under this rider: (1) you must apply at least
                     $20,000; and (2) the face amount of insurance remaining
                     after this payment must be at least $25,000. You may not
                     ask for more than one Accelerated Death Benefit under the
                     rider.

EFFECT OF BENEFIT    If you apply all of the Policy Benefit to your Accelerated
ACCELERATION ON      Death Benefit, all policy benefits based on the insured's  
POLICY RIDERS        life, except for any benefit for accidental death, will   
                     end. Any accidental death benefit on the life of the      
                     insured will continue in force for 12 months from the date
                     of any payment under this rider. Any riders which provide 
                     insurance on the life of someone other than the insured   
                     will stay in effect pursuant to their terms as if the     
                     insured had died. No further premiums will be payable.     
                     
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)


                     If you apply part of the Policy Benefit to your Accelerated
                     Death Benefit, the policy will stay in force. We will make
                     payment by applying coverages in the following order to the
                     Accelerated Death Benefit; 1) any riders on the insured's
                     life; 2) any insurance bought by dividends and 3) the
                     policy Face Amount. Policy premiums, values and the face
                     amount of insurance will be reduced appropriately.

GENERAL PROVISIONS   Your right to Accelerated Death Benefits under this rider
                     is subject to the following:

                     1.  The policy must be in force other than as extended term
                         insurance.

                     2.  This rider is subject to the terms of the policy
                         Incontestability provision.

                     3.  This rider does not apply if the insured's terminal
                         illness is the result of an attempt to commit suicide,
                         while any policy suicide clause is in effect.

                     4.  Any irrevocable beneficiary must consent in writing to
                         the payment of an Accelerated Death Benefit under this
                         rider. We may also require that the beneficiary,
                         contingent beneficiary, assignee, or any other party in
                         interest consent to our payment.

                     5.  Your policy is not eligible for this benefit if: (a)
                         you are required by law to use this rider to meet the
                         claims of creditors, whether in bankruptcy or
                         otherwise; or (2) you are required by a government
                         agency to use this rider to apply for, obtain, or keep
                         a government benefit or entitlement.

                     6.  This rider may be reinstated subject to the same terms
                         which apply to the policy.

HOW TO APPLY             You must: (1) apply for this option in writing: (2)   
FOR THIS BENEFIT         send us the policy: and (3) provide proof satisfactory
                         to us, including a statement signed by a physician,   
                         that the insured is terminally ill.                    
                         
                         We have the right to have the insured examined at our
                         expense by a physician we choose.

PAYMENT OF               At our option, the Accelerated Death Benefit will be 
ACCELERATED              paid to you or will be placed in an interest bearing 
DEATH BENEFIT            account to which you will have immediate access.      

RIDER DEATH BENEFIT      If the insured dies within 60 days of a payment made
                         under this rider, on receipt of proof of death and a
                         proper claim, we will pay the beneficiary the
                         difference between the Policy Benefit and Accelerated
                         Death Benefit.

TERMINATION              1.  You may cancel this rider if you ask us to do so 
                             in writing, and send us the policy.

                         2.  This rider will end at the end of the grace 
                             period of the first unpaid premium for the policy.


                                                /s/ Richard M. Blackwell
                                                Richard M. Blackwell
                                                Vice-President and Secretary
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                     RIDER: SPOUSE TERM INSURANCE BENEFIT

      This rider is a part of the policy if it is referred to on page 3.


                         This rider provides level term insurance on the life of
                         the spouse payable to the spouse's beneficiary if the
                         spouse dies before the Final Date of this rider.

SPOUSE                   The spouse is the insured's spouse who is named in
                         the application for this benefit.

DATE OF RIDER            The date of this rider is the date of this policy.
 
FINAL DATE               The Final Date of this rider is the policy anniversary
                         on which the spouse is age 65.

TERM INSURANCE           After we receive proof that the spouse died on or
BENEFIT                  before the Final Date, we will pay the term insurance
                         benefit to the spouse's beneficiary. The amount of the
                         term insurance benefit is shown on page 3 under
                         "Additional Benefits".

PAID-UP POLICY           If the insured dies while this policy and rider are in
                         force, the term insurance provided by this rider will
                         be continued to the Final Date at no further cost. We
                         will issue a supplementary paid-up policy to the owner
                         of this rider.

OPTION TO CONVERT        At any time before this rider ends, you may convert it
                         without evidence of insurability to a new policy on the
                         life of the spouse. To do so, send us a written
                         request and this policy.

                         The amount of life insurance provided by the new policy
                         may not be more than the amount of insurance under this
                         rider. The date of the new policy will be the date of
                         conversion.

                         The new policy may be on any life plan (but not a term
                         plan) in an amount which is regularly issued at the
                         spouse's age at the time of conversion. The new policy
                         will be in the same underwriting class as this rider.
                         If that class is not offered, the new policy will be in
                         the class closest to it as determined by us.

                         Any disability benefit, accidental death benefit, or
                         other riders will be included in the new policy only if
                         approved by us.

                         The premium for the new policy will be based on the
                         plan, amount of insurance, any riders included, the
                         spouse's age and sex on the date of the new policy and
                         its underwriting class. Premium rates will be those in
                         effect on the date of the new policy.

                         If you convert this rider within 2 years after its
                         date, we will rely on the representations in the
                         application for this rider.

                         The "Incontestability" and "Suicide" provisions in the
                         new policy will be measured from the date of this rider
                         rather than from the date of the new policy.

                              GENERAL PROVISIONS

OWNERSHIP                The owner of this policy is the owner of this rider
                         while both the insured and the spouse are alive. Such
                         owner will also own any supplementary paid-up policy
                         issued under this rider after the insured dies.
                         However, if the owner is the insured, the spouse will
                         be the owner of any supplementary paid-up policy issued
                         under this rider after the insured dies.


                                                 (Continued on reverse side)
<PAGE>
 
               RIDER: SPOUSE TERM INSURANCE BENEFIT (CONTINUED)


                         GENERAL PROVISIONS (CONTINUED)

                         The owner of the supplementary paid-up policy may
                         exercise all of the rights provided under the paid-up
                         policy, including the right to change the beneficiary.

BENEFICIARY              If no other beneficiary is named, the insured is the
                         beneficiary of this benefit.

INCONTESTABILITY         We will not contest the validity of this rider after it
                         has been in force for 2 years from the date of this
                         rider if the insured and the spouse are alive at the
                         end of the 2-year period. We will also not contest the
                         validity of any supplementary paid-up policy issued
                         after the insured dies.

REINSTATEMENT            If you reinstate this policy, this rider may also be
                         reinstated at the same time and under the terms of
                         the "Reinstatement" provision of the policy. You must
                         provide evidence satisfactory to us of the
                         insurability of both the insured and the spouse.

AGE                      If the age of the spouse on the date of this rider is
                         not correct as shown in the application, we will adjust
                         the benefits under this rider. The adjusted benefits
                         will be those that the cost paid for this rider would
                         have provided at the correct age of the spouse.

TERMINATION              This rider will end (1) on the Final Date or (2) before
                         that date on the earliest of: (a) the end of the grace
                         period of the policy; (b) the date of any conversion of
                         this rider; and (c) immediately before the date of any
                         supplementary paid-up policy issued after the insured
                         dies.

                         You may end this rider on any monthly anniversary by
                         sending us a written request and the policy. We will
                         make the change and return the policy.

COST OF RIDER            While this rider is in force, its cost will be a part
                         of the monthly deduction from the cash value. The
                         monthly cost of this rider for each $1,000 of term
                         insurance will be set by us, from time to time, based
                         on the spouse's age, sex and underwriting class. It
                         will never be more than the maximum cost according to
                         the table on the next page.
                         
                                   EXCLUSION

SUICIDE                  If the insured or the spouse commits suicide, while
                         sane or insane, within 2 years from the date of this
                         rider, the benefits provided by this rider (or any 
                         paid-up policy issued under this rider) will be void.
                         Instead, we will pay an amount equal to the cost of
                         this rider to the date of death without interest.

                         In the case of the insured's suicide, you may convert
                         this rider within 3 months after the death of the
                         insured to a new policy on the life of the spouse under
                         the "Option to Convert" provision of this rider.

                                           /s/ Richard M. Blackwell
                                           Richard M. Blackwell
                                           Vice President and Secretary
<PAGE>
 
                RIDER SPOUSE TERM INSURANCE BENEFIT (CONTINUED)
                       TABLE OF GUARANTEED MAXIMUM COSTS
                        (SEE "COST OF RIDER" PROVISION)
<TABLE>
<CAPTION>
  Spouse's Age at                                              Spouse's Age at                
   Beginning of               Maximum Monthly                    Beginning of                 Maximum Monthly 
    Rider Year                 Cost for Each                      Rider Year                   Cost for Each  
  ---------------             $1,000 of Spouse                 ---------------                $1,000 of Spouse 
       Male                Term Insurance Benefit                   Female                  Term Insurance Benefit
- ------------------------------------------------------------------------------------------------------------------ 
<S>                        <C>                                 <C>                          <C>
        18                            .223                            18                              .156
        19                            .229                            19                              .159
        20                            .232                            20                              .160
        21                            .232                            21                              .163
        22                            .229                            22                               164
        23                            .227                            23                              .167
        24                            .224                            24                               170
        25                            .220                            25                              .172
        26                            .218                            26                              .175
        27                            .217                            27                              .177
        28                            .218                            28                              .182
        29                            .219                            29                              .185

        30                            .222                            30                              .191
        31                            .227                            31                              .195
        32                            .234                            32                              .202
        33                            .242                            33                              .209
        34                            .251                            34                              .216
        35                            .262                            35                              .226
        36                            .276                            36                              .238
        37                            .292                            37                              .251
        38                            .310                            38                              .269
        39                            .330                            39                              .287
        40                            .353                            40                              .309
        41                            .380                            41                              .331
        42                            .406                            42                              .355
        43                            .436                            43                              .376
        44                            .469                            44                              .399
        45                            .503                            45                              .424
        46                            .539                            46                              .448
        47                            .577                            47                              .475

        48                            .619                            48                              .504
        49                            .663                            49                              .538
        50                            .710                            50                              .571
        51                            .773                            51                              .609
        52                            .834                            52                              .651
        53                            .906                            53                              .693
        54                            .984                            54                              .738
        55                           1.069                            55                              .782
        56                           1.158                            56                              .827
        57                           1.251                            57                              .866
        58                           1.348                            58                              .903
        59                           1.455                            59                              .944
        60                           1.570                            60                              .991
        61                           1.698                            61                             1.045
        62                           1.840                            62                             1.110
        63                           1.999                            63                             1.186
        64                           2.169                            64                             1.264
</TABLE>
<PAGE>
 
                     METROPOLITAN LIFE INSURANCE COMPANY 

                    RIDER: CHILDREN'S TERM INSURANCE BENEFIT

      This rider is a part of the policy if it is referred to on page 3.


                       This rider provides level term insurance on each insured
                       child payable to the child's beneficiary if an insured
                       child dies before the end of coverage on that child.

INSURED CHILD          An insured child is any child, stepchild or legally
                       adopted child of the insured if such child is named in
                       the application for this benefit and is less than 18
                       years old on the date of the application. An insured
                       child is also any child who, after the date of the
                       application and while less than 18 years old, becomes a
                       child, stepchild or legally adopted child of the insured.
                       However, no child will be covered under this rider while
                       less than 14 days old.

DATE OF RIDER          The date of this rider is the date of this policy.

FINAL DATE             The Final Date of this rider is the policy anniversary on
                       which the insured is age 65.

TERM INSURANCE         After we receive proof that an insured child died before 
BENEFIT                the end of coverage on that child, we will pay the term  
                       insurance benefit to the child's beneficiary. The amount 
                       of the term insurance benefit on each insured child is   
                       shown on page 3 under "Additional Benefits". The term
                       insurance coverage on each insured child will end on: (1)
                       the insured child's 25th birthday; (2) the Final Date; or
                       (3) the date of any new policy issued on the insured     
                       child under the Option for New Policy provision of this  
                       rider; whichever comes first.  

PAID-UP POLICY         If the insured dies before the Final Date, any remaining
                       insurance on each insured child will be continued for the
                       balance of its term at no further cost. We will issue a
                       supplementary paid-up policy to the owner of such
                       insurance.
                    
OPTION FOR NEW POLICY  An insured child may obtain a new policy on his or her
                       life at any time between the child's 22nd and 25th
                       birthdays or, if earlier, on the Final Date. Evidence of
                       insurability is not required. The amount of life
                       insurance provided by the new policy may be up to 5 times
                       the amount of term insurance on the insured child under
                       this rider.

                       A written application for a new policy must be made by
                       the insured child, who will be the owner of the new
                       policy.

                       If the insured child dies within 31 days after the end of
                       the coverage on his or her life and before a new policy
                       has been applied for or has become effective,we will pay
                       the amount of the term insurance on the insured child
                       which had been in effect under the rider. This amount
                       will be paid to the beneficiary of such term insurance.

                       For the new policy to take effect: (1) the insured child
                       must be alive and this policy must be in force on the
                       applicable option date; and (2) the full first premium
                       for the new policy must be paid while the insured child
                       is alive.

                       The new policy may be on any life plan (but not a term
                       plan) in an amount which is regularly issued at the
                       insured child's age on the date of the new policy. The
                       new policy will be in the standard underwriting class.
                       Any disability benefit, accidental death benefit,or other
                       riders will be included in the new policy only if
                       approved by us.

                       The premium for the new policy will be based on the plan,
                       amount of insurance, any riders included, the insured
                       child's age and sex on the date of the new policy, and
                       the standard underwriting class. Premium rates will be
                       those in effect on the date of the new policy. The policy
                       provisions will also be those in effect on the date of
                       the new policy, including any war or aviation
                       restrictions that are then regularly included in policies
                       being issued.


                                                (Continued on reverse side)
<PAGE>
 
             RIDER: CHILDREN'S TERM INSURANCE BENEFIT (CONTINUED)


                          EFFECT ON POLICY PROVISIONS

OWNERSHIP              The owner of this policy is the owner of this rider while
                       the insured is alive. The owner may, while an insured
                       child is alive, exercise all the rights under this
                       policy with respect to the insurance on that child;
                       except that the right to obtain a new policy on an
                       insured child may be exercised only by that child.

                       The owner will also own any supplementary paid-up policy
                       issued under this rider. However, if the insured is the
                       owner of this policy, each insured child will be the
                       owner of any supplementary paid-up policy on his or her
                       life issued under this rider after the insured dies.

BENEFICIARY            If no other beneficiary is named, the insured is the
                       beneficiary of an insured child's insurance under this
                       rider and the child's estate is the contingent
                       beneficiary of that insurance. While an insured child is
                       alive, you may change that child's beneficiary or
                       contingent beneficiary.

INCONTESTABILITY       We will not contest the validity of this rider with
                       respect to coverage on any insured child after it has
                       been in force for 2 years from the date of the rider if
                       the insured and that insured child are alive at the end
                       of the 2-year period. We will also not contest the
                       validity of any supplementary paid-up policies issued
                       after the insured dies.

REINSTATEMENT          If you reinstate this policy, this rider may also be
                       reinstated at the same time and under the terms of the
                       reinstatement provision of the policy. You must provide
                       evidence satisfactory to us of the insurability of any
                       child who is to be insured on or within 14 days after the
                       date of reinstatement if satisfactory evidence is not
                       provided for any child, the rider may be reinstated but
                       with that child excluded from coverage until such
                       evidence is provided.

TERMINATION            This rider will end on the earliest of: (1) the Final
                       Date; (2) the end of the grace period of the policy; (3)
                       immediately before the date of any supplementary paid-up
                       policy issued after the insured dies; whichever comes
                       first.

                       You may end this rider on any monthly anniversary by
                       sending us a written request and the policy. We will make
                       the change and return the policy.

COST OF RIDER          While this rider is in force, its cost will be a part of
                       the monthly deduction from the cash value. The monthly
                       cost of this rider for each $1,000 of term insurance will
                       be set by us, from time to time. It will never be more
                       than $.60 for each $1,000 of term insurance provided by
                       this rider.
 
                                   EXCLUSION

SUICIDE                If the insured commits suicide, while sane or insane,
                       within 2 years from the date of this rider, the benefits
                       provided by the rider (or any paid-up policy issued under
                       the rider) will be void. Instead, we will pay an amount
                       equal to all premiums paid for this rider, without
                       interest. Also, each insured child (or child's legal
                       guardian) may, within 3 months after the death of the
                       insured, obtain a new policy on his or her life. The
                       amount of life insurance under the new policy may not be
                       more than the amount of term insurance on the insured
                       child under this rider. In all other respects, the
                       conditions which apply to the new policy will be as set
                       forth in the "Option for New Policy" provision of this
                       rider.

                                                /s/ Richard M. Blackwell
                                                Richard M. Blackwell
                                                Vice-President and Secretary

<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                                  ENDORSEMENT

GENERAL PROVISIONS--

The following is added:

        "CHANGE OF PLAN-- Within 24 months from the date of Policy, you may
        change this policy to a Flexible-Premium Life policy. The cash value
        under this policy will be transferred to the new policy. The new policy
        will be on the life of the insured and will bear the same issue age, be
        in the same underwriting class, and be for the same specified face
        amount and same death benefit option as this policy."







                                                  /s/ Richard M. Blackwell

                                                  Richard M. Blackwell
                                                  Vice-President and Secretary

<PAGE>
 
                                                               EXHIBIT 1.A(5)(e)
<PAGE>
 
          DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT


THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL
(SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY
PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES
ISSUED BY METROPOLITAN SERIES FUND, INC.


DIVISION 1 -- GROWTH PORTFOLIO--The investment objective of this portfolio is to
              achieve long-term growth of capital and income, and moderate
              current income, by investing primarily in common stocks that are
              believed to be of good quality or to have good growth potential or
              which are considered to be undervalued based on historical
              investment standards.

DIVISION 2 -- INCOME PORTFOLIO--The investment objective of this portfolio is to
              achieve the highest possible total return, by combining current
              income with capital gains, consistent with prudent investment risk
              and the preservation of capital, by investing primarily in fixed-
              income, high-quality debt securities.

DIVISION 3 -- MONEY MARKET PORTFOLIO--The investment objective of this portfolio
              is to achieve the highest possible current income consistent with
              the preservation of capital and maintenance of liquidity, by
              investing primarily in short-term money market instruments.

DIVISION 4 -- DIVERSIFIED PORTFOLIO--The investment objective of this portfolio
              is to achieve a high total return while attempting to limit
              investment risk and preserve capital by investing in equity
              securities, fixed-income debt securities, or short-term money
              market instruments, or any combination thereof, at the discretion
              of State Street Research.

DIVISION 5 -- EQUITY INCOME PORTFOLIO--The investment objective of this
              portfolio is to provide a high level of current income and,
              secondarily, long-term growth of capital by investing primarily in
              common stocks offering above-average dividend yields and in equity
              and debt securities convertible into or carrying the right to
              acquire common stocks.

DIVISION 6 -- INTERNATIONAL STOCK PORTFOLIO--The investment objective of this
              portfolio is to achieve long-term growth of capital by investing
              primarily in common stocks and equity-related securities of non-
              United States companies.

DIVISION 7 -- STOCK INDEX PORTFOLIO. The investment objective of this portfolio
              is to equal the performance of the Standard & Poor's 500 Composite
              Stock Price Index (adjusted to assume reinvestment of dividends)
              by investing in the common stock of companies which are included
              in the index.

INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES.
PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A
COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED
PORTFOLIOS.
                                        
7FM-05 (92)                            5                                  AAABVE
<PAGE>
 
          DESCRIPTION OF INVESTMENT DIVISIONS IN THE SEPARATE ACCOUNT


THE ASSETS IN EACH INVESTMENT DIVISION OF METROPOLITAN LIFE SEPARATE ACCOUNT UL
(SEPARATE ACCOUNT) ARE INVESTED IN SHARES OF A DESIGNATED INVESTMENT COMPANY
PORTFOLIO. EACH PORTFOLIO REPRESENTS A DIFFERENT CLASS (OR SERIES) OF SHARES
ISSUED BY METROPOLITAN SERIES FUND, INC.
       

DIVISION 1 -- GROWTH PORTFOLIO--The investment objective of this portfolio is to
              achieve long-term growth of capital and income, and moderate
              current income, by investing primarily in common stocks that are
              believed to be of good quality or to have good growth potential or
              which are considered to be undervalued based on historical
              investment standards.

DIVISION 2 -- INCOME PORTFOLIO--The investment objective of this portfolio is to
              achieve the highest possible total return, by combining current
              income with capital gains, consistent with prudent investment risk
              and the preservation of capital, by investing primarily in fixed-
              income, high-quality debt securities.

DIVISION 3 -- MONEY MARKET PORTFOLIO--The investment objective of this portfolio
              is to achieve the highest possible current income consistent with
              the preservation of capital and maintenance of liquidity, by
              investing primarily in short-term money market instruments.

DIVISION 4 -- DIVERSIFIED PORTFOLIO--The investment objective of this portfolio
              is to achieve a high total return while attempting to limit
              investment risk and preserve capital by investing in equity
              securities, fixed-income debt securities, or short-term money
              market instruments, or any combination thereof, at the discretion
              of State Street Research.

DIVISION 5 -- EQUITY INCOME PORTFOLIO--The investment objective of this
              portfolio is to provide a high level of current income and,
              secondarily, long-term growth of capital by investing primarily in
              common stocks offering above-average dividend yields and in equity
              and debt securities convertible into or carrying the right to
              acquire common stocks.

DIVISION 6 -- STOCK INDEX PORTFOLIO. The investment objective of this portfolio
              is to equal the performance of the Standard & Poor's 500 Composite
              Stock Price Index (adjusted to assume reinvestment of dividends)
              by investing in the common stock of companies which are included
              in the index.

INVESTMENT RETURNS WILL REFLECT FLUCTUATIONS IN THE MARKET VALUE OF SECURITIES.
PLEASE REFER TO THE CURRENT PROSPECTUS FOR METROPOLITAN SERIES FUND, INC. FOR A
COMPLETE DESCRIPTION OF THE FUND AND THE CURRENTLY AVAILABLE DESIGNATED
PORTFOLIOS.
                                       
7FM-05 (92)                            5                                   AABVF
CA
<PAGE>
 
                               SEPARATE ACCOUNT

Separate Account UL is an investment account established and maintained by us,
separate from our general account or other separate investment accounts. It is
used for flexible premium multifunded life insurance policies, and if permitted
by law, may be used for other policies or contracts as well.
         
We own the assets in the Separate Account. Assets equal to the reserves and
other liabilities of the Separate Account will not be charged with liabilities
that arise from any other business we conduct. We may from time to time transfer
to our general account assets in excess of such reserves and liabilities.
         
Income and realized and unrealized gains or losses from assets in the Separate
Account are credited to or charged against the Separate Account without regard
to our other income, gains or losses.
         
The Separate Account will be valued at the end of each Valuation Period but
never less than monthly.

A "Valuation Date" is each day on which there is enough trading in
a portfolio's securities that the current value of its shares could be
materially affected. In general, Valuation Dates will be days when the New York
Stock Exchange is open for trading. We reserve the right, on 30 days notice, to
change the basis for such Valuation Date, as long as the basis is not
inconsistent with applicable laws.
         
A "Valuation Period" is the period between successive Valuation Dates starting
at 4:00 P.M. New York City time, on each Valuation Date and ending at 4:00 P.M.,
New York City time, on the next Valuation Date. We reserve the right, on 30 days
notice, to change the basis for such Valuation Period, as long as the basis is
not inconsistent with applicable laws.
         

INVESTMENT        The "Investment Divisions" are part of the Separate Account.
DIVISIONS         Each division holds a separate class (or series) of stock of a
                  designated investment company or companies. Each class of
                  stock represents a separate portfolio in an investment 
                  company.

                  The Investment Divisions available on the Date of Policy are
                  described on Page 5. Those you selected in the application are
                  shown on Page 3. We may from time to time make other
                  investment divisions available to you. We will provide you
                  with written notice of all material details including
                  investment objectives and all charges.


OUR RIGHT         We reserve the right to make certain changes if, in our
TO MAKE           judgment, they would best serve the interests of the owners of
CHANGES           policies such as this one, or would be appropriate in carrying
                  out the purposes of such policies. Any changes will be made
                  only to the extent and in the manner permitted by applicable
                  laws and with the approval of the insurance commissioner of
                  our state of domicile, New York. The approval process is on
                  file with the Commissioner. Also, when required by law, we
                  will obtain your approval of the changes.
          
                  Examples of the changes we may make include:
          
                  .    To operate the Separate Account in any form permitted
                       under the Investment Company Act of 1940, or in any other
                       form permitted by law.

                  .    To take any action necessary to comply with or obtain and
                       continue any exemptions from the Investment Company Act
                       of 1940.

                                      
7FM-11                                11                                  AAABDR
PA,TX
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                 /s/ Robert G. Schwartz           
Richard M. Blackwell                     Robert G. Schwartz              
Vice-President and Secretary             Chairman of the Board, President 
                                         and Chief Executive Officer      

Insured

Face Amount 
of Insurance

Policy Number


 
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the
Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of
Policy.

Premiums must be sufficient to keep the policy in force.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 20 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

7FM-90                                 1                                  AAABA6
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Nicholas D. Latrenta                 /s/ Robert G. Schwartz           
Nicholas D. Latrenta                     Robert G. Schwartz              
Vice-President and Secretary             Chairman of the Board, President 
                                         and Chief Executive Officer      

Insured

Face Amount 
of Insurance

Policy Number


 
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, payable on the Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of
Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 30 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

7FM-90                                 1                                  AAABA7
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                 /s/ Robert G. Schwartz           
Richard M. Blackwell                     Robert G. Schwartz              
Vice-President and Secretary             Chairman of the Board, President 
                                         and Chief Executive Officer      


Insured

Face Amount 
of Insurance

Policy Number


 
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the
Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of
Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 10 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on the last page.

7FM-90                                 1                                  AAABA8
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Nicholas D. Latrenta                   /s/ Robert G. Schwartz
Nicholas D. Latrenta                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and 
                                           Chief Executive Officer



Insured
       
Face Amount
of Insurance
       
Policy Number
       


FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of
Policy.

Cash Value, if any, payable on the Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date
of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.
       
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 20 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on the last page.

7FM-90                                 1                                  AAABA9
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Nicholas D. Latrenta                   /s/ Robert G. Schwartz
Nicholas D. Latrenta                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and 
                                           Chief Executive Officer


Insured
       
Face Amount
of Insurance
       
Policy Number
       

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, payable on the Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.
       
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 30 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

Military Personnel

See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on back cover.

7FM-90                                 1                                  AAABBA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                 /s/ Robert G. Schwartz           
Richard M. Blackwell                     Robert G. Schwartz              
Vice-President and Secretary             Chairman of the Board, President 
                                         and Chief Executive Officer      


Insured

Face Amount 
of Insurance

Policy Number


FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.
       

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the fixed account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

RIGHT TO CANCEL. You may cancel this policy by delivering or mailing a
written notice or sending a telegram to Metropolitan Life Insurance Company at
Aurora, Illinois 60505 or to your account Representative and by returning the
policy before midnight of the twentieth day after the date you receive it or
within 45 days after the application is signed, whichever period ends later.
Notice given by mail and return of the policy by mail are effective on being
postmarked, properly addressed and postage prepaid. The insurer must return all
payment made for this policy within ten days after it receives notice of
cancellation and the returned policy.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between
the policy owner and Metropolitan Life Insurance Company.


7.1 FM-90                              1                                  AAABBB
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and 
                                           Chief Executive Officer


Insured
       
Face Amount
of Insurance
       
Policy Number



FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, payable on the Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.
       
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.
      
The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.
      
THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

RIGHT TO CANCEL. You may cancel this policy by delivering or mailing a
written notice or sending a telegram to Metropolitan Life Insurance Company at
Aurora, Illinois 60505 or to your account Representative and by returning the
policy before midnight of the tenth day after the date you receive it or
within 45 days after the application is signed, whichever period ends later.
Notice given by mail and return of the policy by mail are effective on being
postmarked, properly addressed and postage prepaid. The insurer must return all
payment made for this policy within ten days after it receives notice of
cancellation and the returned policy.

READ THlS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance. 
                                       
7.1 FM-90                              1                                  AAABBC
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Nicholas D. Latrenta                   /s/ Robert G. Schwartz
Nicholas D. Latrenta                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and 
                                           Chief Executive Officer


Insured
       
Face Amount
of Insurance
       
Policy Number

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, payable on the Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.
       
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.
      
The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.
      
THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

RIGHT TO CANCEL. You may cancel this policy by delivering or mailing a
written notice or sending a telegram to Metropolitan Life Insurance Company at
Aurora, Illinois 60505 or to your account Representative and by returning the
policy before midnight of the twentieth day after the date you receive it or
within 45 days after the application is signed, whichever period ends later.
Notice given by mail and return of the policy by mail are effective on being
postmarked, properly addressed and postage prepaid. The insurer must return all
payment made for this policy within ten days after it receives notice of
cancellation and the returned policy.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance. 

See Table of Contents and Company address on the last page.

7.1 FM-90                              1                                  AAABBD
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                 /s/ Robert G. Schwartz           
Richard M. Blackwell                     Robert G. Schwartz              
Vice-President and Secretary             Chairman of the Board, President 
                                         and Chief Executive Officer      


Insured

Face Amount 
of Insurance

Policy Number


FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the 
Final Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.
       

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A
GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF
THE GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% 
OF THE CASH SURRENDER VALUE.

Right to Examine Policy--Please read this policy. You may return this policy
to us or to the account representative through whom you bought it within 20
days from the date you receive it or within 45 days after the application is
signed, whichever period ends later. If you return it within this period, the
policy will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL
    
See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on the last page.

7.2 FM-90                              1                                  AAABBG
VA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and 
                                           Chief Executive Officer


Insured
       
Face Amount
of Insurance
       
Policy Number
       

FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy. 
Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date. 
Adjustable death benefit. 
Premiums payable while the insured is alive and before the Final Date of Policy.
Premiums must be sufficient to keep the policy in force.
Not eligible for dividends.
       
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A
GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE
GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% 
OF THE CASH SURRENDER VALUE.

Right to Examine Policy--Please read this policy. You may return this policy
to us or the account representative through whom you bought it within 10 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on last page.

7.2 FM-90                              1                                  AAABBF
VA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------
                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and 
                                           Chief Executive Officer


Insured
       
Face Amount
of Insurance
       
Policy Number
       

FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy. 
Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date. 
Adjustable death benefit. 
Premiums payable while the insured is alive and before the Final Date of Policy.
Premiums must be sufficient to keep the policy in force.
Not eligible for dividends.
       
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A
GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE
GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% 
OF THE CASH SURRENDER VALUE.

Right to Examine Policy--Please read this policy. You may return this policy
to us or the account representative through whom you bought it within 20 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

7.2 FM-90                              1                                  AAABBE
VA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.
       



/s/ Richard M. Blackwell                 /s/ Robert G. Schwartz
Richard M. Blackwell                     Robert G. Schwartz
Vice-President and Secretary             Chairman of the Board, President 
                                         and Chief Executive Officer



Insured

Face Amount 
of Insurance

Policy Number



FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY 
Life insurance payable if the insured dies before the Final Date of Policy. 
Cash Value, if any, less any policy loan and loan interest, payable on the 
Final Date. 
Adjustable death benefit. 
Premiums payable while the insured is alive and before the Final Date of Policy.
Premiums must be sufficient to keep the policy in force. 
Not eligible for dividends.
 

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.
    
THE CASH VALUE IN THE FIXED ACCOUNT WILL BE CREDITED WITH INTEREST AT A
GUARANTEED RATE OF 4% A YEAR. WE MAY CREDIT ADDITIONAL INTEREST IN EXCESS OF THE
GUARANTEED RATE. SEE THE FIXED ACCOUNT PROVISION ON PAGE 9.
    
THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE (SEE PAGE 7). POLICY LOANS ARE AVAILABLE FOR UP TO 90% OF THE
CASH SURRENDER VALUE.


Right to Examine Policy--Please read this policy. You may return this policy to
us or to the account representative through whom you bought it within 10 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.
      
READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.


7.2 FM-90                              1                                  AAABA2
VA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and
provide the other benefits of this policy according to its provisions.
       


/s/ Richard M. Blackwell               /s/ Robert G. Schwartz
Richard M. Blackwell                   Robert G. Schwartz 
Vice-President and Secretary           Chairman of the Board, President 
                                       and Chief Executive Officer




Insured

Face Amount 
of Insurance

Policy Number


          
FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY 
Life insurance payable if the insured dies before the Final Date of Policy. 
Cash Value, if any, less any policy loan and loan interest, payable on the 
Final Date. 
Adjustable death benefit. 
Premiums payable while the insured is alive and before the Final Date of Policy.
Premiums must be sufficient to keep the policy in force. 
Not eligible for dividends.
          
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE DURATION OF THE POLICY AND, IN CERTAIN CASES, THE AMOUNT OF THE DEATH
BENEFIT DEPEND UPON THE AMOUNT OF THE CASH VALUE WHICH MAY INCREASE OR DECREASE
WITH INVESTMENT EXPERIENCE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 10 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of
insurance. 

See Table of Contents and Company address on the last page.


7.5 FM-90                              1                                  AAABBH
NM
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

               A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.

/s/ Richard M. Blackwell               /s/ Robert G. Schwartz
Richard M. Blackwell                   Robert G. Schwartz 
Vice-President and Secretary           Chairman of the Board, President and 
                                       Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number



           

FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date. 

Adjustable death benefit. 

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.
          
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE DURATION OF THE POLICY AND, IN CERTAIN CASES, THE AMOUNT OF THE DEATH
BENEFIT DEPEND UPON THE AMOUNT OF THE CASH VALUE WHICH MAY INCREASE OR DECREASE
WITH INVESTMENT EXPERIENCE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.
     
See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.


7.5 FM-90                              1                                  AAAGE6
NM
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.


/s/ Richard M. Blackwell                     /s/ Robert G. Schwartz 
Richard M. Blackwell                         Robert G. Schwartz
Vice-President and Secretary                 Chairman of the Board, President 
                                             and Chief Executive Officer       


Insured

Face Amount 
of Insurance

Policy Number


FLEXIBLE PREMIUM MULTIFUNDED VARIABLE LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy. 

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date. 

Adjustable death benefit. 

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force. 

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE DURATION OF THE POLICY AND, IN CERTAIN CASES, THE AMOUNT OF THE DEATH
BENEFIT DEPEND UPON THE AMOUNT OF THE CASH VALUE WHICH MAY INCREASE OR DECREASE
WITH INVESTMENT EXPERIENCE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance. 

See Table of Contents and Company address on the last page.


7.5 FM-90                              1                                  AAAGE7
NM
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES
- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.
       
/s/ Nicholas D. Latrenta                  /s/ Robert G. Schwartz
Nicholas D. Latrenta                      Robert G. Schwartz
Vice-President and Secretary              Chairman of the Board, President and 
                                          Chief Executive Officer



Insured

Face Amount
of Insurance

Policy Number
       

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy. 

Cash Value, if any, payable on the Final Date. 

Adjustable death benefit. 

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force. 

Not eligible for dividends.
       
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, MAY BE VARIABLE OR
FIXED AND DEPEND UPON THE AMOUNT OF THE CASH VALUE.

The death benefit will be equal to at least the Specified Face Amount of
Insurance at issue if there are no outstanding loans, partial withdrawals or
partial surrenders and sufficient premiums are paid.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 10 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.
      
READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL
      
See page 3 for information concerning premiums payable and amount of
insurance. 

See Table of Contents and Company address on the last page.

7.6 FM-90                              1                                  AAABBJ
PA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES
- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.




/s/ Nicholas D. Latrenta             /s/ Robert G. Schwartz           
Nicholas D. Latrenta                 Robert G. Schwartz
Vice-President and Secretary         Chairman of the Board, President 
                                     and Chief Executive Officer


Insured
 
Face Amount 
of Insurance
 
Policy Number
 

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy. 

Cash Value, if any, payable on the Final Date. 

Adjustable death benefit. 

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force. 

Not eligible for dividends.

 
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, MAY BE VARIABLE OR
FIXED AND DEPEND UPON THE AMOUNT OF THE CASH VALUE.

The death benefit will be equal to at least the Specified Face Amount of
Insurance at issue if there are no outstanding loans, partial withdrawals or
partial surrenders and sufficient premiums are paid.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 20 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.
                                        
7.6 FM-90                              1                                  AAABBI
VA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES
- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------



Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.
       



/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer



Insured

Face Amount 
of Insurance

Policy Number


            
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy. 

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date. 

Adjustable death benefit. 

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force. 

Not eligible for dividends.
          
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, MAY BE VARIABLE OR
FIXED AND DEPEND UPON THE AMOUNT OF THE CASH VALUE.

The death benefit will be equal to at least the Specified Face Amount of
Insurance at issue if there are no outstanding loans, partial withdrawals or
partial surrenders and sufficient premiums are paid.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 20 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.
       
MILITARY PERSONNEL
        
See page 3 for information concerning premiums payable and amount of
insurance.

See Table of Contents and Company address on the last page.


7.6 FM-90                          1                                      AAABBK
PA
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES


- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------

Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.
                



/s/ Richard M. Blackwell                /s/ Robert G. Schwartz
Richard M. Blackwell                    Robert G. Schwartz
Vice-President and Secretary            Chairman of the Board, President and 
                                        Chief Executive Officer





Insured

Face Amount 
of Insurance

Policy Number


  

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy. 

Cash Value, if any, less any policy loan and interest, payable on the Final 
Date. 

Adjustable death benefit. 

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force. 

Eligible for dividends.

 
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.

7FM-90 MO, WI                          1                                  AAAGGX
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES
- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------



Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.






/s/ Nicholas D. Latrenta                /s/ Robert G. Schwartz
Nicholas D. Latrenta                    Robert G. Schwartz
Vice-President and Secretary            Chairman of the Board, President and 
                                        Chief Executive Officer


 Insured
 
 Face Amount 
 of Insurance
 
 Policy Number
 


FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy. 

Cash Value, if any, less any policy loan and interest, payable on the Final 
Date. 

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force. 

Eligible for dividends.
 
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 20 days
from the date you receive it or within 45 days after the application is
signed, whichever period ends later. If you return it within this period, the
policy will be void from the beginning. We will refund any premium paid.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of
insurance. 

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company.

7FM-90 MO, WI                          1                                  AAAGGZ
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life


                               Insurance Company

                A Mutual Company Incorporated in New York State
- --------------------------------------------------------------------------------


Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Richard M. Blackwell                    /s/ Robert G. Schwartz 
Richard M. Blackwell                        Robert G. Schwartz 
Vice-President and Secretary                Chairman of the Board, President 
                                            and Chief Executive Officer





Insured

Face Amount 
of Insurance

Policy Number


 
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY 

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less. any policy loan and loan interest, payable on the 
Final Date. 

Adjustable death benefit. 

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force. 

Not eligible for dividends.
 
THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of
the guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE
AMOUNT OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy
to us or the account representative through whom you bought it within 10 days
from the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the
policy owner and Metropolitan Life Insurance Company. Term Insurance Involved.

7FM-90 NC                              1                                  AAAGHN
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   
   

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company. Term Insurance Involved.


7FM-90 NC                              1                                  AAAGHO
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   
   

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 10 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company. Term Insurance Involved.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance. 

See Table of Contents and Company address on the last page.


7FM-90 NC                              1                                  AAAGHP
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   
   

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company. Term Insurance Involved.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on the last page.


7FM-90 NC                              1                                  AAAGHQ
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   
   

VARIABLE LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 10 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

MILITARY PERSONNEL

See Page 3 for information concerning premiums payable and amount of insurance. 

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.


7FM-90 SD, SC                          1                                  AAAGHH
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   
   

VARIABLE LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.


7FM-90 SD, SC                          1                                  AAAGHG
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Richard M. Blackwell                   /s/ Robert G. Schwartz
Richard M. Blackwell                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   
   

VARIABLE LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and loan interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.

THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE.

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

MILITARY PERSONNEL

See Page 3 for information concerning premiums payable and amount of insurance. 

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.


7FM-90 SD, SC                          1                                  AAAGHI
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Nicholas D. Latrenta                   /s/ Robert G. Schwartz
Nicholas D. Latrenta                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   
   
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.


THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE (SEE PAGE 7).

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

See Table of Contents and Company address on the last page.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.


7FM-90                                 1                                  AAABBL
TX
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Nicholas D. Latrenta                   /s/ Robert G. Schwartz
Nicholas D. Latrenta                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.


THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE (SEE PAGE 7).

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 10 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on the last page.


7FM-90                                 1                                  AAABBM
TX
<PAGE>
 
                         [LOGO] METROPOLITAN LIFE (SM)
                           AND AFFILIATED COMPANIES

- --------------------------------------------------------------------------------

                               Metropolitan Life

                               Insurance Company

                A Mutual Company Incorporated in New York State

- --------------------------------------------------------------------------------
Metropolitan Life Insurance Company will pay the amount of insurance and provide
the other benefits of this policy according to its provisions.



/s/ Nicholas D. Latrenta                   /s/ Robert G. Schwartz
Nicholas D. Latrenta                       Robert G. Schwartz
Vice-President and Secretary               Chairman of the Board, President and
                                           Chief Executive Officer


Insured

Face Amount 
of Insurance

Policy Number
   

FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICY

Life insurance payable if the insured dies before the Final Date of Policy.

Cash Value, if any, less any policy loan and interest, payable on the Final
Date.

Adjustable death benefit.

Premiums payable while the insured is alive and before the Final Date of Policy.

Premiums must be sufficient to keep the policy in force.

Not eligible for dividends.


THE CASH VALUE IN EACH INVESTMENT DIVISION OF THE SEPARATE ACCOUNT IS BASED ON
THE INVESTMENT EXPERIENCE OF THAT INVESTMENT DIVISION AND MAY INCREASE OR
DECREASE DAILY. IT IS NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE THE SEPARATE
ACCOUNT PROVISION ON PAGE 11.

The cash value in the Fixed Account will be credited with interest at a
guaranteed rate of 4% a year. We may credit additional interest in excess of the
guaranteed rate. See the Fixed Account provision on page 9.

THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT, OR BOTH, DEPEND UPON THE AMOUNT
OF THE CASH VALUE (SEE PAGE 7).

Right to Examine Policy--Please read the policy. You may return this policy to
us or the account representative through whom you bought it within 20 days from
the date you receive it or within 45 days after the application is signed,
whichever period ends later. If you return it within this period, the policy
will be void from the beginning. We will refund any premium paid.

READ THIS POLICY CAREFULLY. This policy is a legal contract between the policy
owner and Metropolitan Life Insurance Company.

MILITARY PERSONNEL

See page 3 for information concerning premiums payable and amount of insurance.

See Table of Contents and Company address on the last page.


7FM-90                                 1                                  AAABBN
TX
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.)

Age     Monthly Rate*     Age     Monthly Rate*     Age     Monthly Rate*
- ---     ------------      ---     ------------      ---     ------------
 0         .195            33        .149            66        2.010   
 1         .080            34        .157            67        2.190   
 2         .076            35        .165            68        2.378
 3         .074            36        .177            69        2.587   
 4         .072            37        .190            70        2.825   
 5         .069            38        .206            71        3.103   
 6         .066            39        .223            72        3.430   
 7         .063            40        .242            73        3.807   
 8         .061            41        .264            74        4.229   
 9         .060            42        .286            75        4.685   
 10        .060            43        .309            76        5.171   
 11        .064            44        .334            77        5.682   
 12        .071            45        .360            78        6.221   
 13        .080            46        .388            79        6.812   
 14        .090            47        .416            80        7.472   
 15        .101            48        .449            81        8.233   
 16        .111            49        .483            82        9.104   
 17        .119            50        .523            83       10.093   
 18        .125            51        .567            84       11.184   
 19        .129            52        .615            85       12.359   
 20        .131            53        .671            86       13.607   
 21        .131            54        .732            87       14.938   
 22        .131            55        .795            88       16.355   
 23        .130            56        .860            89       17.864   
 24        .128            57        .929            90       19.498   
 25        .127            58       1.001            91       21.324   
 26        .126            59       1.080            92       23.388   
 27        .127            60       1.167            93       25.912   
 28        .129            61       1.269            94       29.362    
 29        .130            62       1.389 
 30        .134            63       1.525 
 31        .137            64       1.676 
 32        .142            65       1.839  

- ----------------------------------------------------------------------
* If there is a supplemental rating for the life insurance benefit, as shown on
 page 3, the monthly deduction for such supplemental rating must be added to the
 monthly rate determined from this table.


7FM-04 A                               4                                  AAABH7
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.)

       Age      Monthly Rate*  Age        Monthly Rate*
               --------------          -----------------
                Male  Female            Male     Female  
       -------------------------------------------------
        0       .000    .000    48       .943       .609 
        1       .000    .000    49      1.013       .651
        2       .000    .000    50      1.092       .698 
        3       .000    .000    51      1.188       .750 
        4       .000    .000    52      1.303       .814 
        5       .000    .000    53      1.440       .888 
        6       .000    .000    54      1.592       .968 
        7       .000    .000    55      1.755      1.051 
        8       .000    .000    56      1.919      1.130 
        9       .000    .000    57      2.081      1.206 
        10      .000    .000    58      2.241      1.277 
        11      .000    .000    59      2.446      1.369 
        12      .200    .113    60      2.517      1.408 
        13      .227    .122    61      2.556      1.443 
        14      .252    .130    62      2.756      1.553 
        15      .268    .140    63      2.989      1.688 
        16      .286    .146    64      3.354      1.839 
        17      .291    .149    65      3.647      2.000 
        18      .296    .156    66      3.956      2.167 
        19      .306    .161    67      4.278      2.334 
        20      .311    .166    68      4.613      2.501 
        21      .310    .168    69      4.977      2.685 
        22      .308    .168    70      5.415      2.893 
        23      .303    .170    71      5.845      3.145 
        24      .299    .171    72      6.335      3.453 
        25      .294    .171    73      6.890      3.817 
        26      .290    .172    74      7.502      4.237 
        27      .291    .176    75      8.162      4.706 
        28      .292    .181    76      8.859      5.218 
        29      .298    .185    77      9.591      5.769 
        30      .310    .194    78     10.372      6.367 
        31      .326    .204    79     11.206      7.026 
        32      .347    .221    80     12.081      7.773 
        33      .356    .224    81     13.131      8.627 
        34      .382    .241    82     14.307      9.609 
        35      .400    .254    83     15.606     10.720 
        36      .424    .269    84     17.002     11.943 
        37      .447    .284    85     18.474     13.276 
        38      .477    .307    86     19.996     14.707 
        39      .509    .334    87     21.560     16.237 
        40      .540    .357    88     23.166     17.873 
        41      .575    .382    89     24.820     19.627 
        42      .617    .412    90     26.573     21.545 
        43      .661    .439    91     28.449     23.656 
        44      .712    .472    92     30.529     26.049 
        45      .765    .502    93     33.106     28.836 
        46      .819    .536    94     36.749     32.940  
        47      .879    .572
- --------------------------------------------------------
* If there is a supplemental rating for the life insurance benefit, as shown on
 page 3, the monthly deduction for such supplemental rating must be added to the
 monthly rate determined from this table.

                                        
7FM-04 E1 (10/90)                      4                                  AAAGH1
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.)

       -------------------------------------------------
       Age      Monthly Rate*  Age        Monthly Rate*
               --------------          -----------------
                Male  Female            Male     Female  
       -------------------------------------------------
        0       .000    .000    48      1.402    .854
        1       .000    .000    49      1.503    .912
        2       .000    .000    50      1.608    .971
        3       .000    .000    51      1.718   1.031
        4       .000    .000    52      1.834   1.097
        5       .000    .000    53      1.954   1.163
        6       .000    .000    54      2.082   1.232
        7       .000    .000    55      2.224   1.305
        8       .000    .000    56      2.379   1.380
        9       .000    .000    57      2.558   1.465
        10      .000    .000    58      2.762   1.558
        11      .000    .000    59      3.035   1.686
        12      .384    .210    60      3.067   1.758
        13      .410    .219    61      3.231   1.804
        14      .435    .228    62      3.503   1.952
        15      .451    .237    63      3.796   2.117
        16      .470    .245    64      4.214   2.296
        17      .475    .248    65      4.552   2.481
        18      .480    .254    66      4.907   2.671
        19      .490    .257    67      5.279   2.864
        20      .495    .263    68      5.667   3.057
        21      .497    .267    69      6.088   3.271
        22      .496    .267    70      6.579   3.506
        23      .491    .267    71      7.038   3.778
        24      .487    .271    72      7.541   4.097
        25      .482    .272    73      8.090   4.464
        26      .479    .273    74      8.681   4.879
        27      .483    .278    75      9.308   5.336
        28      .485    .284    76      9.968   5.833
        29      .494    .290    77     10.663   6.369 
        30      .508    .300    78     11.414   6.951
        31      .527    .312    79     12.222   7.602
        32      .552    .329    80     13.076   8.340
        33      .565    .335    81     14.114   9.187
        34      .593    .354    82     15.281  10.164
        35      .614    .368    83     16.573  11.267
        36      .640    .384    84     17.965  12.489
        37      .665    .401    85     19.434  13.819
        38      .697    .424    86     20.969  15.253
        39      .734    .453    87     22.533  16.788
        40      .769    .480    88     24.155  18.433
        41      .814    .511    89     25.832  20.203
        42      .873    .548    90     27.614  22.136
        43      .941    .590    91     29.519  24.267
        44     1.023    .638    92     31.625  26.676
        45     1.111    .687    93     34.237  29.485
        46     1.204    .742    94     37.934  33.622
        47     1.301    .797

- -----------------------------------------------------
* If there is a supplemental rating for the life insurance benefit, as shown on
  page 3, the monthly deduction for such supplemental rating must be added to
  the monthly rate determined from this table.
                                        
7FM-04 E2 (10/92)                      4                                  AAAGH2
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.)

       -------------------------------------------------
       Age      Monthly Rate*  Age        Monthly Rate*
               --------------          -----------------
                Male  Female            Male     Female  
       -------------------------------------------------
        0       .000    .000    48      1.553    .984
        1       .000    .000    49      1.661   1.047
        2       .000    .000    50      1.779   1.118
        3       .000    .000    51      1.918   1.197
        4       .000    .000    52      2.074   1.289
        5       .000    .000    53      2.253   1.391
        6       .000    .000    54      2.447   1.498
        7       .000    .000    55      2.657   1.612
        8       .000    .000    56      2.873   1.725
        9       .000    .000    57      3.096   1.840
        10      .000    .000    58      3.323   1.952
        11      .000    .000    59      3.603   2.089
        12      .610    .356    60      3.667   2.138
        13      .638    .366    61      3.720   2.163
        14      .662    .375    62      3.983   2.312
        15      .679    .383    63      4.271   2.480
        16      .695    .389    64      4.688   2.664
        17      .700    .392    65      5.029   2.856
        18      .705    .398    66      5.392   3.055
        19      .714    .402    67      5.772   3.260
        20      .718    .406    68      6.176   3.467
        21      .718    .408    69      6.610   3.694
        22      .716    .410    70      7.117   3.942
        23      .713    .410    71      7.614   4.229
        24      .709    .413    72      8.156   4.561
        25      .704    .414    73      8.745   4.939
        26      .700    .415    74      9.372   5.363
        27      .699    .421    75     10.034   5.826
        28      .704    .427    76     10.726   6.328
        29      .713    .432    77     11.447   6.865
        30      .727    .444    78     12.222   7.447
        31      .747    .457    79     13.052   8.090
        32      .772    .474    80     13.927   8.822
        33      .786    .482    81     14.957   9.663
        34      .816    .501    82     16.120  10.636 
        35      .839    .517    83     17.412  11.741 
        36      .867    .536    84     18.808  12.964 
        37      .895    .555    85     20.286  14.299 
        38      .931    .581    86     21.824  15.740 
        39      .970    .611    87     23.414  17.284 
        40     1.005    .639    88     25.053  18.939 
        41     1.048    .670    89     26.751  20.722 
        42     1.099    .706    90     28.556  22.668 
        43     1.156    .742    91     30.486  24.816 
        44     1.222    .783    92     32.662  27.242 
        45     1.292    .826    93     35.276  30.079 
        46     1.372    .875    94     39.021  34.246 
        47     1.457    .928
- -----------------------------------------------------
* If there is a supplemental rating for the life insurance benefit, as shown on
  page 3, the monthly deduction for such supplemental rating must be added to
  the monthly rate determined from this table.

                                         
7FM-04 E3 (10/90)                      4                                  AAAGH3
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.)


                ----------------------------------------------
                        Monthly Rate*           Monthly Rate*
                Age    ---------------  Age    ---------------     
                        Male   Female           Male    Female
                ----------------------------------------------
                0       .000    .000    48      1.896   1.179
                1       .000    .000    49      1.998   1.239
                2       .000    .000    50      2.118   1.311
                3       .000    .000    51      2.267   1.395
                4       .000    .000    52      2.445   1.499
                5       .000    .000    53      2.660   1.621
                6       .000    .000    54      2.908   1.760
                7       .000    .000    55      3.184   1.910
                8       .000    .000    56      3.477   2.066
                9       .000    .000    57      3.786   2.229
                10      .000    .000    58      4.104   2.392
                11      .000    .000    59      4.476   2.579
                12     0.999    .579    60      4.566   2.618
                13     1.027    .588    61      4.628   2.673
                14     1.052    .596    62      4.925   2.840
                15     1.068    .605    63      5.222   3.013
                16     1.080    .609    64      5.626   3.188
                17     1.078    .612    65      5.943   3.366
                18     1.076    .611    66      6.276   3.548
                19     1.080    .612    67      6.631   3.737
                20     1.080    .616    68      7.019   3.935
                21     1.079    .617    69      7.447   4.157
                22     1.077    .615    70      7.957   4.407
                23     1.072    .614    71      8.457   4.694
                24     1.068    .613    72      9.007   5.032
                25     1.063    .610    73      9.604   5.417
                26     1.059    .610    74     10.237   5.845
                27     1.058    .615    75     10.908   6.315
                28     1.056    .621    76     11.610   6.823
                29     1.055    .625    77     12.341   7.366
                30     1.057    .638    78     13.124   7.953
                31     1.087    .651    79     13.963   8.605
                32     1.113    .669    80     14.849   9.345
                33     1.128    .677    81     15.895  10.193
                34     1.159    .696    82     17.073  11.174
                35     1.183    .713    83     18.382  12.285
                36     1.212    .733    84     19.796  13.519
                37     1.241    .751    85     21.291  14.864
                38     1.277    .778    86     22.849  16.315
                39     1.317    .810    87     24.457  17.871
                40     1.354    .837    88     26.117  19.538
                41     1.398    .870    89     27.834  21.332
                42     1.451    .906    90     29.662  22.668
                43     1.510    .942    91     31.616  25.455
                44     1.576    .984    92     33.777  27.897
                45     1.646   1.027    93     36.467  30.756
                46     1.723   1.075    94     40.269  34.958
                47     1.807   1.125  
                -----------------------------------------------
             *  If there is a supplemental rating for the life insurance  
                benefit, as shown on page 3, the monthly deduction for such
                supplemental rating must be added to the monthly rate determined
                from this table.


7FM-04 E4 (10/90)                      4                                  AAAGH4
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.)

                ----------------------------------------------
                        Monthly Rate*           Monthly Rate*
                Age    ---------------  Age    ---------------     
                        Male   Female           Male    Female
                ----------------------------------------------
                0       .000    .000    48      2.384   1.456
                1       .000    .000    49      2.506   1.527
                2       .000    .000    50      2.638   1.606
                3       .000    .000    51      2.791   1.691
                4       .000    .000    52      2.963   1.792
                5       .000    .000    53      3.154   1.901
                6       .000    .000    54      3.366   2.018
                7       .000    .000    55      3.600   2.143
                8       .000    .000    56      3.851   2.276
                9       .000    .000    57      4.120   2.416
                10      .000    .000    58      4.411   2.563
                11      .000    .000    59      4.763   2.741
                12     1.527    .879    60      4.866   2.788
                13     1.554    .888    61      4.880   2.814
                14     1.579    .896    62      5.194   2.990
                15     1.595    .905    63      5.517   3.178
                16     1.610    .909    64      5.955   3.371
                17     1.610    .912    65      6.310   3.570
                18     1.596    .914    66      6.681   3.773
                19     1.600    .917    67      7.071   3.981
                20     1.600    .919    68      7.486   4.193
                21     1.599    .920    69      7.939   4.428
                22     1.597    .921    70      8.473   4.690
                23     1.592    .921    71      8.999   4.994
                24     1.588    .921    72      9.583   5.351
                25     1.583    .922    73     10.224   5.759
                26     1.579    .921    74     10.911   6.219
                27     1.578    .923    75     11.637   6.721
                28     1.576    .926    76     12.389   7.257
                29     1.580    .926    77     13.166   7.827
                30     1.586    .933    78     13.982   8.434
                31     1.594    .938    79     14.844   9.099
                32     1.606    .949    80     15.747   9.850
                33     1.610    .952    81     16.808  10.707
                34     1.628    .964    82     18.002  11.695
                35     1.640    .973    83     19.326  12.815
                36     1.659    .986    84     20.757  14.055
                37     1.681   1.001    85     22.271  15.410
                38     1.711   1.026    86     23.848  16.873
                39     1.749   1.054    87     25.477  18.441
                40     1.784   1.081    88     27.161  20.122
                41     1.828   1.114    89     28.903  21.928
                42     1.882   1.150    90     30.759  23.907
                43     1.942   1.188    91     32.740  26.086
                44     2.014   1.233    92     34.925  28.544
                45     2.092   1.280    93     37.652  31.427
                46     2.181   1.333    94     41.511  35.662
                47     2.277   1.392  
                -----------------------------------------------
     *  If there is a supplemental rating for the life insurance benefit, as 
        shown on page 3, the monthly deduction for such supplemental rating 
        must be added to the monthly rate determined from this table.

7FM-04 E5 (10/90)                      4                                  AAAGH5
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.)


   -------------------------------------------------------------------- 
       Age  Monthly Rate*     Age  Monthly Rate*     Age  Monthly Rate*      
   -------------------------------------------------------------------- 
        0      .000            33     .304            66     3.213  
        1      .000            34     .327            67     3.467 
        2      .000            35     .341            68     3.727 
        3      .000            36     .361            69     4.008 
        4      .000            37     .382            70     4.342 
        5      .000            38     .409            71     4.687 
        6      .000            39     .440            72     5.088 
        7      .000            40     .467            73     5.546 
        8      .000            41     .499            74     6.059 
        9      .000            42     .535            75     6.615 
        10     .000            43     .572            76     7.210 
        11     .000            44     .616            77     7.839 
        12     .166            45     .660            78     8.513 
        13     .186            46     .706            79     9.241 
        14     .204            47     .755            80    10.022
        15     .218            48     .810            81    10.956
        16     .231            49     .867            82    12.007
        17     .235            50     .934            83    13.184
        18     .240            51    1.014            84    14.464
        19     .249            52    1.107            85    15.835
        20     .254            53    1.219            86    17.275
        21     .253            54    1.342            87    18.796
        22     .252            55    1.472            88    20.398
        23     .251            56    1.601            89    22.084
        24     .247            57    1.728            90    23.910
        25     .245            58    1.852            91    25.924
        26     .243            59    2.011            92    28.175
        27     .245            60    2.066            93    30.901
        28     .249            61    2.101            94    34.826 
        29     .253            62    2.263                
        30     .265            63    2.454                
        31     .277            64    2.731                
        32     .296            65    2.966                
   -------------------------------------------------------------------- 
*  If there is a supplemental rating for the life insurance benefit, as 
   shown on page 3, the monthly deduction for such supplemental rating 
   must be added to the monthly rate determined from this table.
                                        
7FM-04 E1 U (10/90)                    4                                  AAAGH6
<PAGE>
 
     TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE 
              (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.)
        
        
   -------------------------------------------------------------------- 
       Age  Monthly Rate*     Age  Monthly Rate*     Age  Monthly Rate* 
   --------------------------------------------------------------------  
        0      .000            33     .473            66     3.985 
        1      .000            34     .499            67     4.280 
        2      .000            35     .515            68     4.581 
        3      .000            36     .537            69     4.909 
        4      .000            37     .560            70     5.286 
        5      .000            38     .588            71     5.656 
        6      .000            39     .622            72     6.069 
        7      .000            40     .653            73     6.525 
        8      .000            41     .694            74     7.023 
        9      .000            42     .743            75     7.555 
        10     .000            43     .801            76     8.122 
        11     .000            44     .869            77     8.722 
        12     .315            45     .942            78     9.371 
        13     .335            46    1.020            79    10.081
        14     .353            47    1.098            80    10.846
        15     .367            48    1.183            81    11.770
        16     .381            49    1.266            82    12.813
        17     .385            50    1.353            83    13.983
        18     .390            51    1.444            84    15.260
        19     .397            52    1.538            85    16.628
        20     .403            53    1.637            86    18.071
        21     .405            54    1.742            87    19.600
        22     .404            55    1.855            88    21.216
        23     .403            56    1.977            89    22.922
        24     .400            57    2.118            90    24.771
        25     .398            58    2.277            91    26.811
        26     .396            59    2.491            92    29.084
        27     .401            60    2.536            93    31.840
        28     .406            61    2.650            94    35.809 
        29     .413            62    2.871       
        30     .426            63    3.110       
        31     .441            64    3.429       
        32     .462            65    3.702       
   --------------------------------------------------------------------  
   *    If there is a supplemental rating for the life insurance benefit, as 
        shown on page 3, the monthly deduction for such supplemental rating 
        must be added to the monthly rate determined from this table.

                                      
7FM-04 E2U (10/90)                     4                                  AAAGH7
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.)

   --------------------------------------------------------------------  
       Age  Monthly Rate*     Age  Monthly Rate*     Age  Monthly Rate*  
   --------------------------------------------------------------------   
        0      .000            33     .665            66     4.430  
        1      .000            34     .691            67     4.734 
        2      .000            35     .710            68     5.051 
        3      .000            36     .734            69     5.392  
        4      .000            37     .759            70     5.783  
        5      .000            38     .791            71     6.182  
        6      .000            39     .827            72     6.624 
        7      .000            40     .859            73     7.108 
        8      .000            41     .898            74     7.631 
        9      .000            42     .942            75     8.186 
        10     .000            43     .991            76     8.775 
        11     .000            44    1.046            77     9.391 
        12     .509            45    1.106            78    10.055
        13     .531            46    1.174            79    10.774
        14     .548            47    1.244            80    11.549
        15     .562            48    1.326            81    12.466
        16     .573            49    1.414            82    13.505
        17     .578            50    1.515            83    14.676
        18     .583            51    1.631            84    15.956
        19     .590            52    1.759            85    17.331
        20     .594            53    1.908            86    18.785
        21     .594            54    2.067            87    20.327
        22     .594            55    2.238            88    21.957
        23     .593            56    2.411            89    23.681
        24     .590            57    2.591            90    25.549
        25     .588            58    2.771            91    27.611
        26     .586            59    2.993            92    29.908
        27     .588            60    3.048            93    32.701
        28     .594            61    3.087            94    36.711 
        29     .601            62    3.303     
        30     .615            63    3.540     
        31     .631            64    3.861     
        32     .652            65    4.138     

   --------------------------------------------------------------------   
     *  If there is a supplemental rating for the life insurance benefit, as 
        shown on page 3, the monthly deduction for such supplemental rating 
        must be added to the monthly rate determined from this table. 


7FM-04 E3 U (10/90)               4                                       AAAGH8
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM LNSURANCE" PROVISION ON PAGE 9.)

   --------------------------------------------------------------------  
       Age  Monthly Rate*     Age  Monthly Rate*     Age  Monthly Rate*  
   --------------------------------------------------------------------   
        0      .000            33     .948            66     5.157 
        1      .000            34     .975            67     5.440 
        2      .000            35     .994            68     5.744 
        3      .000            36    1.020            69     6.079 
        4      .000            37    1.045            70     6.473 
        5      .000            38    1.077            71     6.873 
        6      .000            39    1.115            72     7.323 
        7      .000            40    1.147            73     7.814 
        8      .000            41    1.188            74     8.343 
        9      .000            42    1.233            75     8.906 
        10     .000            43    1.283            76     9.503 
        11     .000            44    1.339            77    10.128
        12     .832            45    1.399            78    10.798
        13     .853            46    1.464            79    11.526
        14     .870            47    1.533            80    12.312
        15     .884            48    1.609            81    13.241
        16     .892            49    1.693            82    14.292
        17     .893            50    1.795            83    15.475
        18     .890            51    1.919            84    16.771
        19     .893            52    2.066            85    18.160
        20     .895            53    2.244            86    19.630
        21     .894            54    2.449            87    21.188
        22     .892            55    2.673            88    22.835
        23     .890            56    2.910            89    24.575
        24     .885            57    3.160            90    26.213
        25     .882            58    3.416            91    28.544
        26     .879            59    3.713            92    30.863
        27     .881            60    3.779            93    33.686
        28     .883            61    3.836            94    37.745 
        29     .884            62    4.079
        30     .891            63    4.324
        31     .913            64    4.633
        32     .935            65    4.890 
   --------------------------------------------------------------------        
     *  If there is a supplemental rating for the life insurance benefit, as 
        shown on page 3, the monthly deduction for such supplemental rating 
        must be added to the monthly rate determined from this table.


7FM-04 E4 U (10/90)                    4                                  AAAGH9
<PAGE>
 
      TABLE OF GUARANTEED MAXIMUM RATES FOR EACH $1,000 OF TERM INSURANCE
              (SEE "COST OF TERM INSURANCE" PROVISION ON PAGE 9.)

      ------------------------------------------------------------------
          Age  Monthly Rate*    Age  Monthly Rate*    Age  Monthly Rate*
      ------------------------------------------------------------------ 
           0      .000           33    1.347           66    5.490
           1      .000           34    1.364           67    5.802
           2      .000           35    1.373           68    6 127
           3      .000           36    1.389           69    6.483
           4      .000           37    1.409           70    6.896
           5      .000           38    1.437           71    7.319
           6      .000           39    1.472           72    7.796
           7      .000           40    1.503           73    8.323
           8      .000           41    1.544           74    8.897
           9      .000           42    1.590           75    9.506
           10     .000           43    1.641           76   10.144
           11     .000           44    1.702           77   10.819
           12    1.268           45    1.768           78   11.550
           13    1.289           46    1.842           79   12.320
           14    1.307           47    1.922           80   13.137
           15    1.320           48    2.013           81   14.025
           16    1.330           49    2.113           82   15.058
           17    1.332           50    2.225           83   16.254
           18    1.324           51    2.352           84   17.562
           19    1.327           52    2.494           85   18.967
           20    1.328           53    2.653           86   20.453
           21    1.327           54    2.827           87   22.028
           22    1.327           55    3.016           88   23.695
           23    1.325           56    3.218           89   25.454
           24    1.320           57    3.435           90   27.367
           25    1.318           58    3.668           91   29.471
           26    1.316           59    3.950           92   31.811
           27    1.316           60    4.027           93   34.665
           28    1.317           61    4.044           94   38.772
           29    1.319           62    4.301       
           30    1.326           63    4.567       
           31    1.332           64    4.904       
           32    1.343           65    5.192       
      ------------------------------------------------------------------ 

      *    If there is a supplemental rating for the life insurance benefit, 
           as shown on page 3, the monthly deduction for such supplemental 
           rating must be added to the monthly rate determined from this table.


7FM-04 E5 U (10/90)                   4                                  AAAGIA
<PAGE>
 
                        METHODS OF PAYMENT (CONTINUED)

MINIMUM PAYMENTS UNDER PAYMENT PLANS- Monthly payments under Options 2, 3,
3A and 4 for each $1,000 applied will not be less than the amounts shown in
the following Tables.

- --------------------------------------------------------------------------------
                OPTION 2. Installment Income for a Stated Period

                    Monthly Payment for each $1,000 Applied
<TABLE> 
<CAPTION> 
- ------------------------------------------------------------------------------------------------------- 
Years         Minimum Amount         Years         Minimum Amount         Years         Minimum Amount   
Chosen       of Each Monthly         Chosen       of Each Monthly         Chosen       of Each Monthly  
                  Payment                              Payment                              Payment      
- -------------------------------------------------------------------------------------------------------
<S>                <C>                 <C>               <C>                <C>               <C> 
   1               $84.47              11                $8.86              21                $5.32
   2                42.86              12                 8.24              22                 5.15
   3                28.99              13                 7.71              23                 4.99
   4                22.06              14                 7.26              24                 4.84
   5                17.91              15                 6.87              25                 4.71
   6                15.14              16                 6.53              26                 4.59
   7                13.16              17                 6.23              27                 4.47
   8                11.68              18                 5.96              28                 4.37
   9                10.53              19                 5.73              29                 4.27
  10                 9.61              20                 5.51              30                 4.18
- -------------------------------------------------------------------------------------------------------
</TABLE> 
To determine the minimum amount for a quarterly payment, multiply the above 
monthly payment by 2.99; for semiannual by 5.96; and for annual by 11.84.

<TABLE> 
<CAPTION> 
- -----------------------------------------------------------------------------------
                 OPTION 3. Single Life Income-            OPTION 3A.               
                   Guaranteed Payment Period              Single Life Income-      
                                                          Guaranteed Return                                      
                 Minimum Amount of each Monthly           Minimum Amount of each                                 
                Payment for each $1,000 Applied           Monthly Payment for each                               
 Payee's    ----------------------------------------      $1,000 Applied            
  Age              Guaranteed Payment Period
            ----------------------------------------
            10 Years        15 Years        20 Years
- -----------------------------------------------------------------------------------
<S>         <C>              <C>             <C>               <C> 
   50        $ 4.12           $4.08           $4.02             $3.97
   55          4.51            4.44            4.32              4.29
   60          5.02            4.87            4.65              4.70
   65          5.67            5.36            4.97              5.21
   70          6.46            5.88            5.24              5.85
   75          7.34            6.33            5.41              6.68
   80          8.21            6.64            5.48              7.75
85 and over    8.92            6.80            5.51              9.12
- -----------------------------------------------------------------------------------
</TABLE>

OPTION 4.  Joint and Survivor Life Income - 
           Guaranteed period of 10 Years

              Age of               Minimum Amount of each Monthly 
            Both Payees            Payment for each $1,000 Applied
            ------------------------------------------------------
                 50                           $3.64        
                 55                            3.93
                 60                            4.30
                 65                            4.80
                 70                            5.47
                 75                            6.33
            ------------------------------------------------------

On request, we will provide additional information about amounts of premium
payments.

7FM-21 U                              21                                  AAAGE5
<PAGE>
 
RIDER:  ACCELERATION OF POLICY BENEFITS FOR LONG TERM CARE (CONTINUED)

               Continuous Period of Care is a period of continuous Home Health
               Care or daily treatment in a Convalescent Care Facility for which
               we will pay benefits under this rider. This care must be under a
               planned program established and approved in writing by the
               insured's physician. A Continuous Period of Care will stop when
               the insured no longer needs the care. But the period will resume
               if the insured again becomes eligible for benefits within 90 days
               after the period stops. Beyond 90 days after a Continuous Period
               of Care stops, a new Continuous Period of Care will start if: (1)
               we have not yet paid the Maximum Lifetime Benefit; and (2) the
               insured again satisfies the requirements of the Elimination
               Period.

               Convalescent Care Facility is a Skilled Nursing Facility or an
               Intermediate Care Facility.

               Custodial Care means any care intended primarily to help a
               physically impaired person to meet basic personal needs. Basic
               personal needs include feeding and personal hygiene. Custodial
               Care may be given by persons without medical training.

               Home Health Care is specific services provided by a licensed home
               health care agency. Home Health Care must be under a planned
               program of care and treatment which is established and approved
               in writing by the insured's physician.

               Intermediate Care Facility is a facility which:

               (1) is licensed and operated as an intermediate care facility in
                   the state in which it is located;

               (2) provides room and board and a planned continuous medical
                   treatment program, including nursing care and personal care,
                   to improve or maintain health, and relieve sickness, injury 
                   or pain;

               (3) has 24 hour nursing services by or under the supervision of a
                   registered nurse (RN) or a licensed practical nurse (LPN);

               (4) provides intermediate care but not the level of care provided
                   in a hospital or skilled nursing facility;

               (5) is not a motel, a hotel, a place for rest or a place that
                   predominantly provides for the care and treatment of drug
                   addicts, alcoholics or the mentally ill; and

               (6) keeps a daily medical record of each patient.

               Maximum Lifetime Benefit is the maximum amount of benefits we
               will pay before the rider ends. We may adjust the Maximum 
               Lifetime Benefit as indicated in the Duration of Benefits  
               provision of this rider. If so, we will adjust the Maximum
               Lifetime Benefit according to the formula described in Exhibit A
               of this rider.

               Preexisting Condition means a condition for which medical advice
               or treatment was recommended by, or received from a provider of
               health care services, within 6 months before the effective date
               of this rider.

               Skilled Nursing Facility is a facility which:

               (1) is licensed and operated as a skilled nursing facility in the
                   state in which it is located;

               (2) provides, under the supervision of a licensed physician, room
                   and board and a planned continuous medical treatment program,
                   including nursing care and personal care, to improve or
                   maintain health, and relieve sickness, injury or pain;

               (3) has 24 hour nursing services by or under the supervision of a
                   registered nurse (RN);

               (4) provides skilled nursing care but not the level of care
                   provided in a hospital;

               (5) is not a motel, a hotel, a place for rest or a place that
                   predominantly provides for the care and treatment of drug
                   addicts, alcoholics or the mentally ill; and

               (6) keeps a daily medical record of each patient.

1-LTCFPMLI-90                                                             BAABPM
MO
<PAGE>
 
                     METROPOLITAN LIFE INSURANCE COMPANY
 
           RIDER: ACCELERATION OF POLICY BENEFITS FOR LONG TERM CARE

               This rider is a part of the policy if it is referred to on 
               page 3.


               This rider provides for payment of part of the Death Benefit of
               the policy during the lifetime of the insured, to help cover
               certain long term care costs incurred by the insured. Rider
               benefits may be used to pay for the cost of care, or in any other
               way you choose. The cash value, loan values and the Specified
               Face Amount of the policy will be reduced to the extent we pay
               benefits under this rider. This rider is NOT a long term care
               rider and the amount this rider pays you may NOT be enough to
               cover your nursing home or other bills.

               IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
               TAXABLE OR AFFECT YOUR ELIGIBILITY FOR BENEFITS UNDER STATE
               AND FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
               DETERMINE THE EFFECT ON YOU.

DATE OF RIDER  The effective date of this rider is the date shown on page 3.

ELIMINATION    For each Continuous Period of Care, we will pay benefits for 
PERIOD         care received after the insured has received any combination 
               of Home Health Care or treatment in a Convalescent Care Facility 
               for 90 continuous days.                               

BENEFIT FOR    We will pay benefits monthly if the insured is: (1) confined for 
TREATMENT IN   a Continuous Period of Care in a Convalescent Care Facility; and 
A CONVALESCENT (2) is unable to perform three or more Activities of Daily Living
CARE FACILITY  without human assistance; or we determine that the insured has a
               comparable level of disability. The monthly benefit for each    
               Continuous Period of Care will be equal to the lesser of: (1) 2% 
               of the Death Benefit as of the time we pay the first benefit for 
               that period; or (2) $5,000. If you reduce the Death Benefit      
               during a Continuous Period of Care by taking a cash withdrawal   
               after we pay a benefit, we may adjust the amount and duration of 
               all future monthly benefits.                                     
               
               We will not deny benefits because the insured is receiving 
               Custodial Care, as long as the insured would otherwise be 
               eligible for benefits.

BENEFIT FOR    We will pay benefits monthly if, for a Continuous Period of 
HOME HEALTH    Care: (1) the insured receives Home Health Care because of
CARE           inability to perform three or more Activities of Daily Living 
               without human assistance; or (2) the insured receives Home Health
               Care for what we determine to be a comparable level of
               disability. The monthly benefit for each Continuous Period of
               Care will be equal to the lesser of: (1)1% of the Death Benefit
               as of the time we pay the first benefit for that period; or (2)
               $2,500. If you reduce the Death Benefit during a Continuous
               Period of Care by taking a cash withdrawal after we pay a
               benefit, we may adjust the amount and duration of all future
               monthly benefits.

DEFINITIONS    Activities of Daily Living are:

               (1) bathing; effectively using bath water, and towel drying the 
                   body;

               (2) dressing, putting on, taking off, clothes and special devices
                   like splints or braces;

               (3) transferring; moving from one support structure to another,
                   such as from a chair to a bed;

               (4) mobility; moving about from one place to another;

               (5) toileting; using the toilet or related equipment and
                   performing related hygiene;

               (6) continence; controlling bladder and bowel sphincter muscles
                   and maintaining hygiene; and

               (7) eating; consuming food after it has been prepared, including
                   food to mouth.

1-LTCFPMLI-90                                                             BAABPE
OH
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

           RIDER: ACCELERATION OF POLICY BENEFITS FOR LONG TERM CARE

               This rider is a part of the policy if it is referred to on 
               page 3.


               This rider provides for payment of part of the Death Benefit of
               the policy during the lifetime of the insured, to help cover
               certain long term care costs incurred by the insured. Rider
               benefits may be used to pay for the cost of care, or in any other
               way you choose. The cash value, loan values and the Specified
               Face Amount of the policy will be reduced to the extent we pay
               benefits under this rider.

               IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
               TAXABLE OR AFFECT YOUR ELIGIBILITY FOR BENEFITS UNDER STATE
               AND FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
               DETERMINE THE EFFECT ON YOU.

DATE OF RIDER  The effective date of this rider is the date shown on page 3. 

ELIMINATION    For each Continuous Period of Care, we will pay benefits for care
PERIOD         received after the insured has received any combination of Home  
               Health Care or treatment in a Convalescent Care Facility for
               90 continuous days.

BENEFIT FOR    We will pay benefits monthly if the insured is: (1) confined for 
TREATMENT IN   a Continuous Period of Care in a Convalescent Care Facility; and 
A CONVALESCENT (2) is unable to perform three or more Activities of Daily Living
CARE FACILITY  without human assistance; or we determine that the insured has a 
               comparable level of disability. The monthly benefit for each     
               Continuous Period of Care will be equal to the lesser of: (1) 2% 
               of the Death Benefit as of the time we pay the first benefit for 
               that period; or (2) $5,000. If you reduce the Death Benefit     
               during a Continuous Period of Care by taking a cash withdrawal  
               after we pay a benefit, we may adjust the amount and duration of 
               all future monthly benefits.                                
                                                                      
               We will not deny benefits because the insured is receiving care
               in a Custodial Care facility, as long as the insured would
               otherwise be eligible for benefits. 

BENEFIT FOR    We will pay benefits monthly if, for a Continuous Period of Care:
HOME HEALTH    (1) the insured receives Home Health Care because of inability to
CARE           perform three or more Activities of Daily Living without human   
               assistance; or (2) the insured receives Home Health Care for what
               we determine to be a comparable level of disability. The monthly 
               benefit for each Continuous Period of Care will be equal to the  
               lesser of: (1) 1% of the Death Benefit as of the time we pay the
               first benefit for that period; or (2) $2,500. If you reduce the
               Death Benefit during a Continuous Period of Care by taking a cash
               withdrawal after we pay a benefit, we may adjust the amount and  
               duration of all future monthly benefits.                 
                                       
DEFINITIONS    Activities of Daily Living are:

               (1) bathing; effectively using bath water, and towel drying the 
                   body;

               (2) dressing; putting on, taking off, clothes and special devices
                   like splints or braces;

               (3) transferring; moving from one support structure to another,
                   such as from a chair to a bed;

               (4) mobility; moving about from one place to another;

               (5) toileting; using the toilet or related equipment and
                   performing related hygiene;
                   
               (6) continence; controlling bladder and bowel sphincter muscles
                   and maintaining hygiene; and

               (7) eating; consuming food after it has been prepared, including
                   food to mouth.


1-LTCFPMLI-90                                                             BAABPJ
TN
<PAGE>
 
                     METROPOLITAN LIFE INSURANCE COMPANY
 
                     RIDER: ACCELERATION OF DEATH BENEFITS

     This rider is a part of the policy as of the issue date of the policy.


               This rider provides for payment of an Accelerated Death Benefit
               during the lifetime of the insured, if the insured is terminally
               ill. Rider benefits may be used for any purpose whatsoever.

               IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
               TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE
               OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
               DETERMINE THE EFFECT ON YOU.

DEFINITIONS    The "INSURED" is the person at whose death the Policy Benefit
               would be payable. The "INSURED" does not include any person who
               has life insurance coverage only under a rider to the policy, or
               any person who has coverage because of his or her relationship to
               the insured.

               "POLICY BENEFIT" is the amount we would pay to the insured's
               beneficiaries in the absence of this rider, on the death of the
               insured.

               "ACCELERATED DEATH BENEFIT" is the amount we will pay under this
               rider if we receive proof that the insured is terminally ill. We
               will compute this amount based on the amount of the Policy
               Benefit applied under this rider, using an interest factor based
               on the insured's reduced life expectancy.

               If we pay an Accelerated Death Benefit, the Policy Benefit may be
               adjusted by the following if they apply: any expected future
               premiums; any expected future dividends at the then current
               dividend scale; any excess interest credited on contract values;
               the rate of any current contract charges; an administrative fee
               of up to $150.

               "YOU" refers to the owner of this policy.

               "WE," "US," and "OUR" refer to Metropolitan Insurance and Annuity
               Company.

               "TERMINALLY ILL" means having a life expectancy of 12 months or
               less.

ASSUMPTIONS    The interest and mortality assumptions we use may change from
               time to time. However, the interest rate we use will never be
               more than the rate charged on policy loans for policies then
               being issued. The rider proceeds will never be less than the cash
               value of the policy multiplied by the percentage of the Policy
               Benefit you choose to accelerate.

AMOUNT OF      If the face amount of your policy is $50,000 or less, you must
ACCELERATED    apply 75% of the Policy Benefit to your Accelerated Death
DEATH BENEFIT  Benefit. If the face amount of your policy is greater than
               $50,000, you may apply less than 75% of the Policy Benefit but:
               (1) you must apply at least $20,000; and (2) the face amount of
               insurance remaining after this payment must be at least $25,000.

               If the face amount of your policy is greater than $50,000, you
               cannot apply more than the greater of (1) $250,000, or (2) 10% of
               the Policy Benefit. You may not ask for more than one Accelerated
               Death Benefit under the rider.

EFFECT OF      When you apply part of the Policy Benefit to your Accelerated
BENEFIT        Death Benefit, the policy will stay in force. Any riders which
ACCELERATION   provide insurance on the life of someone other than the insured
ON POLICY      will stay in effect pursuant to their terms as if the insured had
RIDERS         died, and no further premiums will be payable. We will make
               payment under this rider by applying coverages in the following
               order to the Accelerated Death Benefit: 1) any riders on the
               insured's life; 2) any insurance bought by dividends and 3) the
               policy Face Amount. Policy premiums, values and the face amount
               of insurance will be reduced appropriately.


1-AB-91                                                                   BAABRE
CT
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)


GENERAL        Your right to Accelerated Death Benefits under this rider is 
PROVISIONS     subject to the following:                                     
               
               1. The policy must be in force other than as extended term
                  insurance.

               2. This rider is subject to the terms of the policy
                  Incontestability provision.

               3. This rider does not apply if the insured's terminal illness is
                  the result of an attempt to commit suicide, while any policy
                  suicide clause is in effect.

               4. Any irrevocable beneficiary must consent in writing to the
                  payment of an Accelerated Death Benefit under this rider. We
                  may also require that the beneficiary, contingent beneficiary,
                  assignee, or any other party in interest consent to our
                  payment.

               5. Your policy is not eligible for this benefit if: (a) you are
                  required by law to use this rider to meet the claims of
                  creditors, whether in bankruptcy or otherwise; or (b) you are
                  required by a government agency to use this rider to apply
                  for, obtain, or keep a government benefit or entitlement.

               6. This rider may be reinstated subject to the same terms which
                  apply to the policy.

HOW TO APPLY   You must: (1) apply for this option in writing; (2) send us the
FOR THIS       policy; and (3) provide proof satisfactory to us, including a
BENEFIT        statement signed by a physician, that the insured is terminally
               ill.

               We have the right to have the insured examined at our expense by
               a physician we choose.

PAYMENT OF     At our option, the Accelerated Death Benefit will be paid to you
ACCELERATED    or will be placed in an interest bearing account to which you   
DEATH          will have immediate access.                                      
BENEFIT

RIDER DEATH    If the insured dies within 60 days of a payment made under this
BENEFIT        rider, on receipt of proof of death and a proper claim, we will
               pay the beneficiary the difference between the Policy Benefit and
               Accelerated Death Benefit.

TERMINATION    1. You may cancel this rider if you ask us to do so in writing, 
                  and send us the policy.

               2. This rider will end at the end of the grace period of the
                  first unpaid premium for the policy.



                                              /s/ Richard M. Blackwell
                                              Richard M. Blackwell
                                              Vice-President and Secretary

1-AB-91                                                                   BAABRF
CT
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                     RIDER: ACCELERATION OF DEATH BENEFITS

     This rider is a part of the policy as of the issue date of the policy.


               THIS RIDER PROVIDES AN ACCELERATED PAYMENT OF LIFE INSURANCE
               PROCEEDS. IT IS NOT INTENDED TO PROVIDE HEALTH, NURSING HOME OR
               LONG-TERM CARE INSURANCE. RIDER BENEFITS MAY BE USED FOR ANY
               PURPOSE WHATSOEVER.

               IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
               TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR
               FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
               DETERMINE THE EFFECT ON YOU.

DEFINITIONS    The "INSURED" is the person at whose death the policy benefit
               would be payable. The "INSURED" does not include any person who
               has life insurance coverage only under a rider to the policy, or
               any person who has coverage because of his or her relationship to
               the insured.

               "POLICY BENEFIT" is the amount we would pay to the insured's
               beneficiaries in the absence of this rider, on the death of the
               insured.

               "ACCELERATED DEATH BENEFIT" is the amount we will pay under this
               rider if we receive proof that the insured has a total and
               permanent disability. We will compute this amount based on the
               amount of the Policy Benefit applied under this rider, using an
               interest factor based on the insured's reduced life expectancy.

               If we pay an Accelerated Death Benefit, the Policy Benefit may be
               adjusted by the following if they apply: any expected future
               premiums; any expected future dividends at the then current
               dividend scale; any excess interest credited on contract values;
               the rate of any current contract charges; an administrative fee
               of up to $150.

               "YOU" refers to the owner of this policy.

               "WE," "US," and "OUR" refer to Metropolitan Insurance and Annuity
               Company.

               "TOTAL AND PERMANENT DISABILITY" is a diagnosis that the insured
               is terminally ill with 6 months or less to live.

ASSUMPTIONS    The interest and mortality assumptions we use may change from
               time to time. However, the interest rate we use will never be
               more than the rate charged on policy loans for policies then
               being issued. The rider proceeds will never be less than the cash
               value of the policy multiplied by the percentage of the Policy
               Benefit you choose to accelerate.

AMOUNT OF      You must apply all of the Policy Benefit to your Accelerated 
ACCELERATED    Death Benefit, if the face amount of your policy is $50,000 or 
DEATH BENEFIT  less. You cannot apply more than the greater of (1) $250,000, or
               (2) 10% of the Policy Benefit under this and all other similar
               riders issued by Metropolitan Life Insurance Company or one of
               our affiliates.

               If you apply part of the Policy Benefit to an Accelerated Death
               Benefit under this rider: (1) you must apply at least $20,000;
               and (2) the face amount of insurance remaining after this payment
               must be at least $25,000. You may not ask for more than one
               Accelerated Death Benefit under the rider.

EFFECT OF      If you apply all of the Policy Benefit to your Accelerated
BENEFIT        Death Benefit, all policy benefits based on the insured's life, 
ACCELERATION   except for any benefit for accidental death, will end. Any 
ON POLICY      accidental death benefit on the life of the insured will 
RIDERS         continue in force for 12 months from the date of any payment
               under this rider. Any riders which provide insurance on the life
               of someone other than the insured will stay in effect pursuant to
               their terms as if the insured had died. No further premiums will
               be payable.

1-AB-91                                                                   BAABR1
MI
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)


               If you apply part of the Policy Benefit to your Accelerated Death
               Benefit, the policy will stay in force. We will make payment by
               applying coverages in the following order to the Accelerated
               Death Benefit: 1) any riders on the insured's life; 2) any
               insurance bought by dividends and 3) the policy Face Amount.
               Policy premiums, values and the face amount of insurance will be
               reduced appropriately.

GENERAL        Your right to Accelerated Death Benefits under this rider is 
PROVISIONS     subject to the following:

               1. The policy must be in force other than as extended term
                  insurance.

               2. This rider is subject to the terms of the policy
                  Incontestability provision.

               3. This rider does not apply if the insured's total and permanent
                  disability is the result of an attempt to commit suicide,
                  while any policy suicide clause is in effect.

               4. Any irrevocable beneficiary must consent in writing to the
                  payment of an Accelerated Death Benefit under this rider. We
                  may also require that the beneficiary, contingent beneficiary,
                  assignee, or any other party in interest consent to our
                  payment.

               5. Your policy is not eligible for this benefit if: (a) you are
                  required by law to use this rider to meet the claims of
                  creditors, whether in bankruptcy or otherwise; or (b) you are
                  required by a government agency to use this rider to apply
                  for, obtain, or keep a government benefit or entitlement.

               6. This rider may be reinstated subject to the same terms which
                  apply to the policy.

HOW TO APPLY   You must: (1) apply for this option in writing; (2) send us the
FOR THIS       policy; and (3) provide proof satisfactory to us, including a 
BENEFIT        statement signed by a physician, that the insured is terminally
               ill.

               We have the right to have the insured examined at our expense by
               a physician we choose.

PAYMENT OF     The Accelerated Death Benefit will be paid to you. We may 
ACCELERATED    provide an option for the benefit to be placed in an interest 
DEATH BENEFIT  bearing account to which you will have immediate access.
        
RIDER DEATH    If the insured dies within 60 days of a payment made under
BENEFIT        this rider, on receipt of proof of death and a proper claim, we
               will pay the beneficiary the difference between the Policy
               Benefit and Accelerated Death Benefit.

TERMINATION    1. You may cancel this rider if you ask us to do so in writing,
                  and send us the policy.

               2. This rider will end at the end of the grace period of the
                  first unpaid premium for the policy.


                                          /s/ Nicholas D. Latrenta
                                          Nicholas D. Latrenta
                                          Vice-President and Secretary

1-AB-92                                                                   BAABR2
MI
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

          RIDER: ACCELERATION OF DEATH BENEFITS FOR TERMINAL CONDITION

     This rider is a part of the policy as of the issue date of the policy.

               This rider provides for payment of an Accelerated Death Benefit
               during the lifetime of the insured, if the insured has a terminal
               condition. Rider benefits may be used for any purpose whatsoever.

               THE DEATH BENEFIT AND ANY ACCUMULATION VALUES AND CASH
               VALUES OF THE POLICY WILL BE REDUCED IF WE PAY A BENEFIT UNDER
               THIS RIDER.

               IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
               TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE OR
               FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
               DETERMINE THE EFFECT ON YOU.

DEFINITIONS    The "INSURED" is the person at whose death the Policy Benefit
               would be payable. The "INSURED" does not include any person who
               has life insurance coverage only under a rider to the policy, or
               any person who has coverage because of his or her relationship to
               the insured.                    

               "POLICY BENEFIT" is the amount we would pay to the insured's
               beneficiaries in the absence of this rider, on the death of the
               insured.         

               "ACCELERATED DEATH BENEFIT" is the amount we will pay under this
               rider if we receive proof that the insured has a terminal
               condition. We will compute this amount based on the amount of the
               Policy Benefit applied under this rider, using an interest factor
               based on the insured's reduced life expectancy.

               If we pay an Accelerated Death Benefit, the Policy Benefit may be
               adjusted by the following if they apply: any expected future
               premiums; any expected future dividends at the then current
               dividend scale; any excess interest credited on contract values;
               the rate of any current contract charges; an administrative fee
               of up to $150.

               "YOU" refers to the owner of this policy.

               "WE," "US," and "OUR" refer to Metropolitan Life Insurance
               Company.

               "TERMINAL CONDITION" means having a life expectancy of 12 months
               or less.             

ASSUMPTIONS    The interest and mortality assumptions we use may change from
               time to time. However, the interest rate we use will never be
               more than the rate charged on policy loans for policies then
               being issued. The rider proceeds will never be less than the cash
               value of the policy multiplied by the percentage of the Policy
               Benefit you choose to accelerate.

AMOUNT OF      You must apply all of the Policy Benefit to your Accelerated 
ACCELERATED    Death Benefit, if the face amount of your policy is $50,000 or 
DEATH BENEFIT  less. You cannot apply more than the greater of (1) $250,000, or
               (2) 10% of the Policy Benefit under this and all other similar
               riders issued by Metropolitan Life Insurance Company or one of
               our affiliates. The amount of your Accelerated Death Benefit will
               be reduced by the amount of any outstanding policy loan and loan
               interest to the date of claim.

               If you apply part of the Policy Benefit to an Accelerated Death
               Benefit under this rider: (1) you must apply at least $20,000;
               and (2) the face amount of insurance remaining after this payment
               must be at least $25,000. You may not receive more than one
               Accelerated Death Benefit under the rider. The amount of your
               Accelerated Death Benefit will be reduced by the amount of any
               policy loan and loan interest that cannot be supported by the
               policy that continues in force.

EFFECT OF      If you apply all of the Policy Benefit to your Accelerated Death
BENEFIT        Benefit, all policy benefits based on the insured's life, except
ACCELERATION   for any benefit for accidental death, will end. Any accidental 
ON POLICY AND  death benefit on the life of the insured will continue in force
RIDERS         for 12 months from the date of any payment under this rider. Any
               riders which provide insurance on the life of someone other than
               the insured will stay in effect pursuant to their terms as if the
               insured had died. No further premiums will be payable.

1-AB-91                                                                   BAABQ2
PA
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)

               If you apply part of the Policy Benefit to your Accelerated Death
               Benefit, the policy will stay in force. We will make payment by
               applying coverages in the following order to the Accelerated
               Death Benefit: 1) any riders on the insured's life; 2) any
               insurance bought by dividends and 3) the policy Face Amount.
               Policy premiums, accumulation or cash values and the face amount
               of insurance for any coverage that is only partially applied will
               be reduced in proportion to the reduction in the death benefit
               accelerated. Any outstanding policy loan and loan interest will
               be reduced, if necessary, to an amount that can be supported by
               the policy that continues in force.

GENERAL        Your right to Accelerated Death Benefits under this rider is 
PROVISIONS     subject to the following:                                     
               
               1. The policy must be in force other than as extended term
                  insurance, when the insured is diagnosed as having a terminal
                  condition.

               2. This rider is subject to the terms of the policy
                  Incontestability provision.

               3. This rider does not apply if the insured's terminal condition
                  is the result of an attempt to commit suicide, while any
                  policy suicide clause is in effect.

               4. Any irrevocable beneficiary must consent in writing to the
                  payment of an Accelerated Death Benefit under this rider. We
                  may also require that the beneficiary, contingent beneficiary,
                  assignee, or any other party in interest consent to our
                  payment.

               5. Your policy is not eligible for this benefit if: (a) you are
                  required by law to use this rider to meet the claims of
                  creditors, whether in bankruptcy or otherwise; or (b) you are
                  required by a government agency to use this rider to apply
                  for, obtain, or keep a government benefit or entitlement.

               6. This rider may be reinstated subject to the same terms which
                  apply to the policy.

HOW TO APPLY   You must: (1) apply for this option in writing (2) send us the
FOR THIS       policy and (3) provide proof satisfactory to us, including a 
BENEFIT        statement signed by a physician, that the insured has a terminal
               condition. We will send you a Benefit Payment Notice, specifying
               the amounts of the benefit, and any remaining death benefit
               accumulation values, cash values, and loan balance.

               We have the right to have the insured examined at our expense by
               a physician we choose.

PAYMENT OF     At our option, the Accelerated Death Benefit will be paid to you
ACCELERATED    or will be placed in an interest bearing account to which you 
DEATH BENEFIT  will have immediate access.

RIDER DEATH    If the insured dies within 60 days of a payment made under this 
BENEFIT        rider, on receipt of proof of death and a proper claim, we will
               pay the beneficiary the difference between the Policy Benefit and
               Accelerated Death Benefit.

TERMINATION    1. You may cancel this rider if you ask us to do so in writing,
                  and send us the policy.
                   
               2. This rider will end: (a) at the end of the grace period of the
                  first unpaid premium for the policy; (b) on termination of the
                  policy; or (c) on payment of an accelerated death benefit.
 


                                        /s/ Nicholas D. Latrenta
                                        Nicholas D. Latrenta
                                        Vice-President and Secretary

1-AB-91                                                                   BAABQ3
PA
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                     RIDER: ACCELERATION OF DEATH BENEFITS

     This rider is a part of the policy as of the issue date of the policy.


               This rider provides for payment of an Accelerated Death Benefit
               during the lifetime of the insured, if the insured is terminally
               ill. Rider benefits may be used for any purpose whatsoever.

               IMPORTANT: THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
               TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE
               OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
               DETERMINE THE EFFECT ON YOU.

               BENEFIT PAYMENTS MADE UNDER THIS RIDER WILL REDUCE POLICY
               PREMIUMS, VALUES AND THE FACE AMOUNT OF INSURANCE.

DEFINITIONS    The "INSURED" is the person at whose death the Policy Benefit
               would be payable. The "INSURED" does not include any person who
               has life insurance coverage only under a rider to the policy, or
               any person who has coverage because of his or her relationship to
               the insured.                    

               "POLICY BENEFIT" is the amount we would pay to the insured's
               beneficiaries in the absence of this rider, on the death of the
               insured.         

               "ACCELERATED DEATH BENEFIT" is the amount we will pay under this
               rider if we receive proof that the insured is terminally ill. We
               will compute this amount based on the amount of the Policy
               Benefit applied under this rider, using an interest factor based
               on the insured's reduced life expectancy.

               If we pay an Accelerated Death Benefit, the Policy Benefit may be
               adjusted by the following  if they apply: any expected future
               premiums; any expected future dividends at the then current
               dividend scale; any excess interest credited on contract values;
               the rate of any current contract charges; an administrative fee
               of up to $150.

               "YOU" refers to the owner of this policy.

               "WE," "US," and "OUR" refer to Metropolitan LIfe Insurance
               Company.

               "TERMINALLY ILL" means having a life expectancy of 12 months or
               less.           

ASSUMPTIONS    The interest and mortality assumptions we use may change from
               time to time. However, the interest rate we use will never be
               more than the rate charged on policy loans for policies then
               being issued. The rider proceeds will never be less than the cash
               value of the policy multiplied by the percentage of the Policy
               Benefit you choose to accelerate.

AMOUNT OF      If the face amount of your policy is $50,000 or less, you must 
ACCELERATED    apply 75% of the Policy Benefit to your Accelerated Death 
DEATH BENEFIT  Benefit. If the face amount of your policy is greater than
               $50,000, you may apply less than 75% of the Policy Benefit but:
               (1) you must apply at least $20,000; and (2) the face amount of
               insurance remaining after this payment must be at least $25,000.

               If the face amount of your policy is greater than $50,000, you
               cannot apply more than the greater of (1) $250,000, or (2) 10% of
               the Policy Benefit. You may not ask for more than one Accelerated
               Death Benefit under the rider.

EFFECT OF      When you apply part of the Policy Benefit to your Accelerated
BENEFIT        Death Benefit, the policy will stay in force. Any                
ACCELERATION   riders which provide insurance on the life of someone other than
ON POLICY      the insured will stay in effect pursuant to their terms as if the
RIDERS         insured had died, and no further premiums will be payable. We   
               will make payment under this rider by applying coverages in the 
               following order to the Accelerated Death Benefit; 1) any riders 
               on the insured's life; 2) any insurance bought by dividends and 
               3) the policy Face Amount. Policy premiums, values and the face 
               amount of insurance will be reduced appropriately.               
              
1-AB-91                                                                   BAABQ8
SC              
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)


GENERAL        Your right to Accelerated Death Benefits under this rider is 
PROVISIONS     subject to the following:                                     
               

               1. The policy must be in force other than as extended term
                  insurance.

               2. This rider is subject to the terms of the policy
                  Incontestability provision, beginning on the effective date of
                  the policy.

               3. This rider does not apply if the insured's terminal illness is
                  the result of an attempt to commit suicide, while any policy
                  suicide clause is in effect.

               4. Any irrevocable beneficiary must consent in writing to the
                  payment of an Accelerated Death Benefit under this rider. We
                  may also require that the beneficiary, contingent beneficiary,
                  assignee, or any other party in interest consent to our
                  payment.

               5. Your policy is not eligible for this benefit if: (a) you are
                  required by law to use this rider to meet the claims of
                  creditors, whether in bankruptcy or otherwise; or (b) you are
                  required by a government agency to use this rider to apply
                  for, obtain, or keep a government benefit or entitlement.

               6. This rider may be reinstated subject to the same terms which
                  apply to the policy.

HOW TO APPLY   You must: (1) apply for this option in writing; (2) send us the
FOR THIS       policy; and (3) provide proof satisfactory to us, including a 
BENEFIT        statement signed by a physician, that the insured is terminally 
               ill.

               We have the right to have the insured examined at our expense by
               a physician we choose.

PAYMENT OF     Unless you request otherwise, at our option, the Accelerated 
ACCELERATED    Death Benefit will be paid to you or will be placed in an 
DEATH BENEFIT  interest bearing account to which you will have immediate access.

RIDER DEATH    If the insured dies within 60 days of a payment made under this 
BENEFIT        rider, on receipt of proof of death and a proper claim, we       
               will pay the beneficiary the difference between the Policy
               Benefit and Accelerated Death Benefit.

TERMINATION    1. You may cancel this rider if you ask us to do so in writing,
                  and send us the policy.      

               2. This rider will end at the end of the grace period of the
                  first unpaid premium for the policy.
 



                                        /s/ Nicholas D. Latrenta
                                        Nicholas D. Latrenta
                                        Vice-President and Secretary

1-AB-91                                                                   BAABQ9
SC
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                     RIDER: ACCELERATION OF DEATH BENEFITS

     This rider is a part of the policy as of the issue date of the policy.


               This rider provides for payment of an Accelerated Death Benefit
               during the lifetime of the insured, if the insured is terminally
               ill. Rider benefits may be used for any purpose whatsoever.

               DEATH BENEFITS & CASH VALUES WILL BE REDUCED, AND LOAN VALUES MAY
               BE REDUCED, IF AN ACCELERATED BENEFIT IS PAID.

               IMPORTANT:  THE BENEFIT PAYMENTS UNDER THIS RIDER MAY BE
               TAXABLE OR MAY AFFECT ELIGIBILITY FOR BENEFITS UNDER STATE
               OR FEDERAL LAW. YOU SHOULD CONSULT YOUR TAX ADVISER TO
               DETERMINE THE EFFECT ON YOU.

DEFINITIONS    The "INSURED" is the person at whose death the Policy Benefit
               would be payable. The "INSURED" does not include any person who
               has life insurance coverage only under a rider to the policy, or
               any person who has coverage because of his or her relationship to
               the insured.

               "POLICY BENEFIT" is the amount we would pay to the insured's
               beneficiaries in the absence of this rider, on the death of the
               insured.

               "ACCELERATED DEATH BENEFIT" is the amount we will pay under this
               rider if we receive proof that the insured is terminally ill. We
               will compute this amount based on the amount of the Policy
               Benefit applied under this rider, using an interest factor based
               on the insured's reduced life expectancy.

               If we pay an Accelerated Death Benefit, the Policy Benefit may be
               adjusted by the following if they apply: any expected future
               premiums; any expected future dividends at the then current
               dividend scale; any excess interest credited on contract values;
               the rate of any current contract charges; an administrative fee
               of up to $150.

               "YOU" refers to the owner of this policy.

               "WE," "US," And "OUR" refer to Metropolitan Insurance and
               Annuity Company.

               "TERMINALLY ILL" means having a life expectancy of 12 months or
               less.

ASSUMPTIONS    The interest and mortality assumptions we use may change from
               time to time. However, the interest rate we use will never be
               more than the rate charged on policy loans for policies then
               being issued. The rider proceeds will never be less than the cash
               value of the policy multiplied by the percentage of the Policy
               Benefit you choose to accelerate.

AMOUNT OF      You must apply all of the Policy Benefit to your Accelerated
ACCELERATED    Death Benefit, if the face amount of your policy is $50,000 or
DEATH BENEFIT  less. You cannot apply more than the greater of (1) $250,000, or
               (2) 10% of the Policy Benefit under this and all other similar
               riders issued by Metropolitan Life Insurance Company or one of
               our affiliates.

               If you apply part of the Policy Benefit to an Accelerated Death
               Benefit under this rider: (1) you must apply at least $20,000;
               and (2) the face amount of insurance remaining after this payment
               must be at least $25,000. You may not ask for more than one
               Accelerated Death Benefit under the rider.

1-AB-91                                                                   BAABRK
TX
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)


               If you apply all of the Policy Benefit to your Accelerated Death
               Benefit, the benefit of this rider will be reduced by the amount
               of any outstanding policy loan and loan interest to the date of
               claim. If you apply part of the Policy Benefit to your
               Accelerated Death Benefit, the benefit of this rider will be
               reduced by the amount of any policy loan and loan interest that
               cannot be supported by the policy that continues in force.

EFFECT OF      If you apply all of the Policy Benefit to your Accelerated
BENEFIT        Death Benefit, all policy benefits based on the insured's life,
ACCELERATION   except for any benefit for accidental death, will end. Any 
ON POLICY      accidental death benefit on the life of the insured will 
VALUES         continue in force for 12 months from the date of any payment
               under this rider. Any riders which provide insurance on the life
               of someone other than the insured will stay in effect pursuant to
               their terms as if the insured had died. No further premiums will
               be payable.        

               If you apply part of the Policy Benefit to your Accelerated Death
               Benefit, the policy will stay in force. Premiums and cash value
               will be reduced. Cash value will be reduced by an amount equal to
               the pro rata portion of the cash value associated with the death
               benefit accelerated by this rider. We will make payment by
               coverages in the following order to the Accelerated Death
               Benefit; 1) any riders on the insured's life; 2) any insurance
               bought by dividends; 3) any increase after policy issue in the
               Face Amount, on a last in, first out, basis; and 4) the original
               policy Face Amount. Policy premiums, values and the face amount
               of insurance will be reduced appropriately.

               Any benefit paid under this rider will be accompanied by a
               statement of the effect of benefit acceleration on policy values,
               to include, where appropriate, the Death Benefit, Specified Face
               Amount, Accumulation Fund, cash values, loans, and future charges
               or premiums.

GENERAL        Your right to Accelerated Death Benefits under this rider is
PROVISIONS     subject to the following:

               1. The policy must be in force other than as extended term
                  insurance.

               2. This rider is subject to the terms of the policy
                  Incontestability provision.

               3. This rider does not apply if the insured's terminal illness is
                  the result of an attempt to commit suicide, while any policy
                  suicide clause is in effect.

               4. Any irrevocable beneficiary must consent in writing to the
                  payment of an Accelerated Death Benefit under this rider. We
                  may also require that the beneficiary, contingent beneficiary,
                  assignee, or any other party in interest consent to our
                  payment.

               5. Your policy is not eligible for this benefit if: (a) you are
                  required by law to use this rider to meet the claims of
                  creditors, whether in bankruptcy or otherwise; or (b) you are
                  required by a government agency to use this rider to apply
                  for, obtain, or keep a government benefit or entitlement.

               6. This rider may be reinstated subject to the same terms which
                  apply to the policy.

HOW TO APPLY   You must: (1) apply for this option in writing; (2) send us the
FOR THIS       policy, and before the death of the insured; (3) provide proof
BENEFIT        satisfactory to us, including a statement signed by a physician,
               that the insured is terminally ill.

               We have the right to have the insured examined at our expense by
               a physician we choose. If we do so, the opinion of the physician
               we choose will determine if the insured is terminally ill as
               defined by this rider.

1-AB-91                                                                   BAABRL
TX
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)


PAYMENT OF     At our option, the Accelerated Death Benefit will be paid to you
ACCELERATED    or will be placed in an interest bearing account to which you 
DEATH BENEFIT  will have immediate access.

RIDER DEATH    If the insured dies within 60 days of a payment made under this 
BENEFIT        rider, on receipt of proof of death and a proper claim, we will
               pay the beneficiary the difference between the Policy Benefit and
               Accelerated Death Benefit.                                     

TERMINATION    1. You may cancel this rider if you ask us to do so in writing,
                  and send us the policy.

               2. This rider will end at the end of the grace period of the
                  first unpaid premium for the policy.



                                        /s/ Richard M. Blackwell
                                        Richard M. Blackwell
                                        Vice-President and Secretary

1-AB-91                                                                   BAABRM
TX
<PAGE>
 
               RIDER: ACCELERATION OF DEATH BENEFITS (CONTINUED)


               If you apply part of the Policy Benefit to your Accelerated Death
               Benefit, the policy will stay in force. We will make payment by
               applying coverages in the following order to the Accelerated
               Death Benefit: 1) any riders on the insured's life; 2) any
               insurance bought by dividends and 3) the policy Face Amount.
               Policy premiums, values and the face amount of insurance will be
               reduced appropriately.

GENERAL        Your right to Accelerated Death Benefits under this rider is
PROVISIONS     subject to the following:

               1. The policy must be in force other than as extended term
                  insurance.

               2. This rider is subject to the terms of the policy
                  Incontestability provision.

               3. This rider does not apply if the insured's terminal illness is
                  the result of an attempt to commit suicide, while any policy
                  suicide clause is in effect.

               4. Any irrevocable beneficiary must consent in writing to the
                  payment of an Accelerated Death Benefit under this rider. We
                  may also require that the beneficiary, contingent beneficiary,
                  assignee, or any other party in interest consent to our
                  payment.

               5. Your policy is not eligible for this benefit if: (a) you are
                  required by law to use this rider to meet the claims of
                  creditors, whether in bankruptcy or otherwise; or (b) you are
                  required by a government agency to use this rider to apply
                  for, obtain, or keep a government benefit or entitlement.

               6. This rider may be reinstated subject to the same terms which
                  apply to the policy.

HOW TO APPLY   You must: (1) apply for this option in writing; (2) send us the
FOR THIS       policy; and (3) provide proof satisfactory to us, including a 
BENEFIT        statement signed by a physician, that the insured is terminally 
               ill.

               We have the right to have the insured examined at our expense by
               a physician we choose.

PAYMENT OF     The Accelerated Death Benefit will be paid to you. We may 
ACCELERATED    provide an option for the benefit to be placed in an interest 
DEATH BENEFIT  bearing account to which you will have immediate access.

RIDER DEATH    If the insured dies within 60 days of a payment made under
BENEFIT        this rider, on receipt of proof of death and a proper claim, we
               will pay the beneficiary the difference between the Policy
               Benefit and Accelerated Death Benefit.                         

TERMINATION    1. You may cancel this rider if you ask us to do so in writing,
                  and send us the policy.

               2. This rider will end at the end of the grace period of the
                  first unpaid premium for the policy.


                                             /s/ Richard M. Blackwell
                                             Richard M. Blackwell
                                             Vice-President and Secretary

1-AB-91                                                                   BAABR8
WA
<PAGE>
 
                 RIDER: DISABILITY WAIVER BENEFIT (CONTINUED)
                       TABLE OF GUARANTEED MAXIMUM COSTS
                        (SEE "COST OF RIDER" PROVISION)

- --------------------------------------------------------------------------------
                   Maximum Monthly                          Maximum Monthly
   Age at        Cost of Rider as a         Age at        Cost of Rider as a 
Beginning of      Percentage of the      Beginning of      Percentage of the 
 Rider Year    Total Monthly Deduction    Rider Year    Total Monthly Deduction

- --------------------------------------------------------------------------------

    5                  .020                  33                 .020 
    6                  .020                  34                 .020 
    7                  .020                  35                 .028 
    8                  .020                  36                 .030 
    9                  .020                  37                 .030 
    10                 .020                  38                 .030 
    11                 .020                  39                 .030 
    12                 .020                  40                 .030 
    13                 .020                  41                 .030 
    14                 .020                  42                 .032 
    15                 .020                  43                 .040 
    16                 .020                  44                 .040 
    17                 .020                  45                 .048 
    18                 .020                  46                 .050 
    19                 .020                  47                 .058 
    20                 .020                  48                 .076 
    21                 .020                  49                 .088 
    22                 .020                  50                 .098 
    23                 .020                  51                 .116 
    24                 .020                  52                 .142 
    25                 .020                  53                 .155 
    26                 .020                  54                 .192 
    27                 .020                  55                 .240 
    28                 .020                  56                 .284 
    29                 .020                  57                 .293 
    30                 .020                  58                 .380 
    31                 .020                  59                 .432 
    32                 .020                                          
 
- --------------------------------------------------------------------------------

82W-87 MTLU                                                               BAABA9
82W-90 U                                                             

<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS

       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS The death of the insured as a result of the hazard or hazards
               described below will not be covered under this policy:



AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the
               insurance proceeds will not be payable. Instead, we will pay the
               beneficiary an amount equal to (1) or (2) below, whichever is
               more, less any policy loan and loan interest:

                 1. All premiums paid;
                             or
                 2. The reserve on this policy.

               If the insured dies as the result of an excluded risk:

                 .  The "Incontestability" provision of this policy will not
                    require us to pay more than the amount stated above;
                          and
                 .  We will in no event pay more than would be the case if this
                    endorsement were not a part of this policy.


RESERVE        For the purpose of this endorsement, the reserve will not include
               the reserve on any disability or accidental death benefits which
               may be included in this policy.


                                            /s/ Richard M. Blackwell
                                            Richard M. Blackwell
                                            Vice-President and Secretary



A copy of the above agreement was attached to Policy No._______________________
___________ issued on the life of ___________________________________ when it 
was delivered. The undersigned have read and understand the agreement, and 
accept the policy with the conditions set forth in the agreement.


Signed and dated at ________________ this ___________ day of____________ 19 ____


Witness to Signature __________________________   ______________________________
                                                  Signature of Applicant (Owner)

Witness to Signature __________________________   ______________________________
                                                  Signature of Beneficiary

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHL

<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

               ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS

       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS The death of the insured as a result of the hazard or hazards
               described below will not be covered under this policy:

               Participating in a rodeo performance or in practice for such
               performance.


AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the
               insurance proceeds will not be payable. Instead, we will pay the
               beneficiary an amount equal to (1) or (2) below, whichever is
               more, less any policy loan and loan interest:

                 1. All premiums paid;
                           or
                 2. The reserve on this policy.

               If the insured dies as the result of an excluded risk:

                 .  The "Incontestability" provision of this policy will not
                    require us to pay more than the amount stated above;
                                      and
                 .  We will in no event pay more than would be the case if this
                    endorsement were not a part of this policy.


RESERVE        For the purpose of this endorsement, the reserve will not include
               the reserve on any disability or accidental death benefits which
               may be included in this policy.


                                            /s/ Richard M. Blackwell
                                            Richard M. Blackwell
                                            Vice-President and Secretary



A copy of the above agreement was attached to Policy No._______________________
___________ issued on the life of ___________________________________ when it 
was delivered. The undersigned have read and understand the agreement, and 
accept the policy with the conditions set forth in the agreement.


Signed and dated at ________________ this ___________ day of____________ 19 ____


Witness to Signature __________________________   ______________________________
                                                  Signature of Applicant (Owner)

Witness to Signature __________________________   ______________________________
                                                  Signature of Beneficiary

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHM
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:

                  Any and all aspects of mountain climbing, either with or
                  without special rigging or equipment, and encamping at the
                  site of such climbing.


AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest:

                     1.  All premiums paid;
                                       or
                     2. The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .  The "Incontestability" provision of this policy will not
                        require us to pay more than the amount stated above;
                               and
                     .  We will in no event pay more than would be the case if
                        this endorsement were not a part of this policy.


RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.
                   
                                             /s/  Richard M. Blackwell
                                             Richard M. Blackwell
                                             Vice-President and Secretary


A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                           when it was delivered. The 
                     ---------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.

Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Applicant (Owner)

Witness to Signature                               
                    -------------------------   -------------------------------
                                                    Signature of Beneficiary
 

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHN
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:

                  Ascent, flight, or descent, by means of any apparatus used for
                  such activity as kite flying, parasail flying, or hang-
                  gliding.


AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest:

                     1.  All premiums paid;
                                   or
                     2. The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .  The "Incontestability" provision of this policy will not
                        require us to pay more than the amount stated above;
                                   and
                     .  We will in no event pay more than would be the case if
                        this endorsement were not a part of this policy.

RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.



                                                /s/ Richard M. Blackwell
                                                Richard M. Blackwell
                                                Vice-President and Secretary



A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                             when it was delivered.  The
                     -----------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.


Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Applicant (Owner)

Witness to Signature                               
                    -------------------------   -------------------------------
                                                    Signature of Beneficiary
 

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHP
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:

                  Scuba diving or other underwater activity with supplementary
                  air supply.

AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest:

                     1.  All premiums paid;
                                       or
                     2. The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .  The "Incontestability" provision of this policy will not
                        require us to pay more than the amount stated above;
                                       and
                     .  We will in no event pay more than would be the case if
                        this endorsement were not a part of this policy.


RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.

                                                    /s/ Richard M. Blackwell
                                                    Richard M. Blackwell
                                                    Vice-President and Secretary

 
A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                           when it was delivered. The 
                     ---------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.

Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Applicant (Owner)

Witness to Signature                               
                    -------------------------   -------------------------------
                                                    Signature of Beneficiary
 
                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHQ
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:

                  Driving or riding a motorcycle or similar vehicle engaged in
                  racing, speed testing, or in trial runs in preparation for
                  such racing or speed testing.


AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest:

                     1.  All premiums paid;
                                   or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .  The "Incontestability" provision of this policy will not
                        require us to pay more than the amount stated above;
                                      and
                     .  We will in no event pay more than would be the case if
                        this endorsement were not a part of this policy.


RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.
                  

                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary


A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                           when it was delivered. The 
                     ---------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.

Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Applicant (Owner)

Witness to Signature                               
                    -------------------------   -------------------------------
                                                    Signature of Beneficiary


                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHR
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:

                  Riding a bicycle engaged in racing or in trial runs or
                  practice in preparation for such racing.


AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest:

                     1.  All premiums paid;
                                  or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .  The "Incontestability" provision of this policy will not
                        require us to pay more than the amount stated above;
                                       and
                     .  We will in no event pay more than would be the case if
                        this endorsement were not a part of this policy.


RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.



                                                    /s/ Richard M. Blackwell
                                                    Richard M. Blackwell
                                                    Vice-President and Secretary



A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                           when it was delivered. The 
                     ---------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.

Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Applicant (Owner)

Witness to Signature                               
                    -------------------------   -------------------------------
                                                    Signature of Beneficiary

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHS
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
       This endorsement is a part of the policy to which it is attached.


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:

                  Driving or riding in an automobile or similar vehicle engaged
                  in racing, speed testing, or in trial runs in preparation for
                  such racing or speed testing.

AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest:

                     1.  All premiums paid;
                                   or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .   The "Incontestability" provision of this policy will
                         not require us to pay more than the amount stated
                         above;
                                      and
                     .   We will in no event pay more than would be the case if
                         this endorsement were not a part of this policy.

RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.



                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary


A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                           when it was delivered. The 
                     ---------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.

Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Applicant (Owner)

Witness to Signature                               
                    -------------------------   -------------------------------
                                                    Signature of Beneficiary


                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------


71HX-89 Original                                                          BAABHT
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
                     (A) Limited Death Benefit on Insured
                                AND
               (B) Benefits For Any Other Insured Family Members

       This endorsement is a part of the policy to which it is attached.

                      (A) LIMITED DEATH BENEFIT ON INSURED


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:


AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest. Also, this
                  policy and any riders will be void, except as provided in
                  Section (B) below, when the insured dies as the result of an
                  excluded risk.

                     1.  All premiums paid;
                                  or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .   The "Incontestability" provision of this policy will
                         not require us to pay more than the amount stated
                         above;
                                      and
                     .   We will in no event pay more than would be the case if
                         this endorsement were not a part of this policy.


RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.

                      (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                  The following provisions apply if this policy includes any
                  rider which provides coverage on other insured family members
                  (the spouse or children of the insured); and if such rider is
                  in force on the date of the insured's death. Each such other
                  family member is called an "insured person" in the following
                  provisions.


TEMPORARY DEATH   Upon the death of the insured as the result of an excluded
BENEFIT           risk, we will provide term insurance on each insured person
                  for a period of one year from the date of the insured's death.
                  However, this term insurance will not be provided beyond the
                  date when coverage on the insured person would have ended, as
                  stated in the applicable rider.

                  The amount of this term insurance will equal the amount of
                  insurance that would have been provided under a supplementary
                  paid-up policy issued under the rider's terms, in the event of
                  the insured's death.

                  No premium will be required for this temporary death benefit.
                  The benefit will be payable under the terms of the applicable
                  rider.


OPTION FOR        When the temporary death benefit ends, a new policy may be
NEW POLICY        obtained without evidence of insurability on each insured
                  person. The amount of life insurance provided by the new
                  policy on an insured person may not exceed the temporary death
                  benefit provided by this endorsement on such person.

                                                   (continued on following page)

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHX
<PAGE>
 
                  (B)  BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED)

                  Written application for the new policy must be made by the
                  insured person. (If an insured person is less than 15 years
                  old, application may be made by the person who supports that
                  person.) The application must be submitted, and the full first
                  premium for the new policy must be paid, within 60 days before
                  or 31 days after the end of the temporary death benefit on the
                  insured person as provided by this endorsement.

                  For the new policy to take effect: (1) the insured person must
                  be alive on the date the temporary death benefit on that
                  person ends; and (2) the full first premium for the new policy
                  must be paid while that insured person is alive.

                  The new policy may be on any life plan (but not a term plan)
                  in an amount we regularly issue on the date of the new policy.
                  If the insured person is the spouse of the insured, the new
                  policy will be in the same underwriting classification as the
                  applicable rider on the spouse; if that class is not offered,
                  the new policy will be in the closest available class as we
                  determine. If the insured person is a child of the insured,
                  the new policy will be in the standard underwriting class.

                  Any disability benefit, accidental death benefit, or other
                  rider will be included in the new policy only if we approve.

                  The premium for the new policy will be based on the plan,
                  amount, the insured person's sex and age on the date of the
                  policy, and its underwriting class. Premium rates will be
                  those in effect on the date of the new policy. The policy
                  provisions will also be those in effect on the date of the new
                  policy, including any war or aviation restrictions that are
                  then regularly included in policies being issued.


                                                  /s/ Richard M. Blackwell
                                                  Richard M. Blackwell
                                                  Vice-President and Secretary


A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                           when it was delivered. The 
                     ---------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.

Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Insured

Witness to Signature                               
                    -------------------------   -------------------------------
                                                 Signature of Insured's Spouse

Witness to Signature                               
                    -------------------------   -------------------------------
                                                 Signature of Owner if other 
                                                 than the Insured

Witness to Signature                               
                    -------------------------   -------------------------------
                                                 Signature of Beneficiary


71HX-89 Original                                                          BAABHY
<PAGE>
 
                  (B)  BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED)

                  Written application for the new policy must be made by the
                  insured person. (If an insured person is less than 15 years
                  old, application may be made by the person who supports that
                  person.) The application must be submitted, and the full first
                  premium for the new policy must be paid, within 60 days before
                  or 31 days after the end of the temporary death benefit on the
                  insured person as provided by this endorsement.

                  For the new policy to take effect: (1 )the insured person must
                  be alive on the date the temporary death benefit on that
                  person ends; and (2) the full first premium for the new policy
                  must be paid while that insured person is alive.

                  The new policy may be on any life plan (but not a term plan)
                  in an amount we regularly issue on the date of the new policy.
                  If the insured person is the spouse of the insured, the new
                  policy will be in the same underwriting classification as the
                  applicable rider on the spouse; if that class is not offered,
                  the new policy will be in the closest available class as we
                  determine. If the insured person is a child of the insured,
                  the new policy will be in the standard underwriting class.

                  Any disability benefit, accidental death benefit, or other
                  rider will be included in the new policy only if we approve.

                  The premium for the new policy will be based on the plan,
                  amount, the insured person's age on the date of the policy,
                  and its underwriting class. Premium rates will be those in
                  effect on the date of the new policy. The policy provisions
                  will also be those in effect on the date of the new policy,
                  including any war or aviation restrictions that are then
                  regularly included in policies being issued.


                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary


A copy of the above agreement was attached to Policy No.
                                                        -----------------------
issued on the life of                           when it was delivered. The 
                     ---------------------------
undersigned have read and understand the agreement, and accept the policy with
the conditions set forth in the agreement.

Signed and dated at          this           day of                       19
                   ----------    -----------      -----------------------  ----
Witness to Signature         
                    -------------------------   -------------------------------
                                                 Signature of Insured

Witness to Signature                               
                    -------------------------   -------------------------------
                                                 Signature of Insured's Spouse

Witness to Signature                               
                    -------------------------   -------------------------------
                                                 Signature of Owner if other 
                                                 than the Insured

Witness to Signature                               
                    -------------------------   -------------------------------
                                                 Signature of Beneficiary

71HX-89 Original                                                          BAABHZ
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
                     (A) Limited Death Benefit on Insured
                                AND
               (B) Benefits For Any Other Insured Family Members

       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:

                  Participating in a rodeo performance or in practice for such
                  performance.


AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest. Also, this
                  policy and any riders will be void, except as provided in
                  Section (B) below, when the insured dies as the result of an
                  excluded risk.

                     1.  All premiums paid;
                                   or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .   The "Incontestability" provision of this policy will
                         not require us to pay more than the amount stated
                         above;
                                      and
                     .   We will in no event pay more than would be the case if
                         this endorsement were not a part of this policy.

RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.
                  
                          (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                  The following provisions apply if this policy includes any
                  rider which provides coverage on other insured family members
                  (the spouse or children of the insured); and if such rider is
                  in force on the date of the insured's death. Each such other
                  family member is called an "insured person" in the following
                  provisions.

TEMPORARY DEATH   Upon the death of the insured as the result of an excluded
BENEFIT           risk, we will provide term insurance on each insured person
                  for a period of one year from the date of the insured's death.
                  However, this term insurance will not be provided beyond the
                  date when coverage on the insured person would have ended, as
                  stated in the applicable rider.

                  The amount of this term insurance will equal the amount of
                  insurance that would have been provided under a supplementary
                  paid-up policy issued under the rider's terms, in the event of
                  the insured's death.

                  No premium will be required for this temporary death benefit.
                  The benefit will be payable under the terms of the applicable
                  rider.

OPTION FOR        When the temporary death benefit ends, a new policy may be 
NEW POLICY        obtained without evidence of insurability on each insured
                  person. The amount of life insurance provided by the new
                  policy on an insured person may not exceed the temporary death
                  benefit provided by this endorsement on such person. 

                                                   (continued on following page)


                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABIB
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
                     (A) Limited Death Benefit on Insured
                                AND
               (B) Benefits For Any Other Insured Family Members

       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:
                  
                  Any and all aspects of mountain climbing, either with or
                  without special rigging or equipment, and encamping at the
                  site of such climbing.

AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest. Also, this
                  policy and any riders will be void, except as provided in
                  Section (B) below, when the insured dies as the result of an
                  excluded risk.

                     1.  All premiums paid;
                                   or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .   The "Incontestability" provision of this policy will
                         not require us to pay more than the amount stated
                         above;
                                      and
                     .   We will in no event pay more than would be the case if
                         this endorsement were not a part of this policy.

RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.

                      (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                  The following provisions apply if this policy includes any
                  rider which provides coverage on other insured family members
                  (the spouse or children of the insured); and if such rider is
                  in force on the date of the insured's death. Each such other
                  family member is called an "insured person" in the following
                  provisions.

TEMPORARY DEATH   Upon the death of the insured as the result of an excluded
BENEFIT           risk, we will provide term insurance on each insured person
                  for a period of one year from the date of the insured's death.
                  However, this term insurance will not be provided beyond the
                  date when coverage on the insured person would have ended, as
                  stated in the applicable rider.

                  The amount of this term insurance will equal the amount of
                  insurance that would have been provided under a supplementary
                  paid-up policy issued under the rider's terms, in the event of
                  the insured's death.

                  No premium will be required for this temporary death benefit.
                  The benefit will be payable under the terms of the applicable
                  rider.

OPTION FOR        When the temporary death benefit ends, a new policy may be
NEW POLICY        obtained without evidence of insurability on each insured
                  person. The amount of life insurance provided by the new
                  policy on an insured person may not exceed the temporary death
                  benefit provided by this endorsement on such person. 

                                                   (continued on following page)



                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABIC
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
                     (A) Limited Death Benefit on Insured
                                AND
               (B) Benefits For Any Other Insured Family Members

       This endorsement is a part of the policy to which it is attached.

                      (A) LIMITED DEATH BENEFIT ON INSURED


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:
                
                  Ascent, flight, or descent, by means of any apparatus used for
                  such activity as kite flying, parasail flying, or hang-
                  gliding. 


AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest. Also, this
                  policy and any riders will be void, except as provided in
                  Section (B) below, when the insured dies as the result of an
                  excluded risk.

                     1.  All premiums paid;
                                       or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .   The "Incontestability" provision of this policy will
                         not require us to pay more than the amount stated
                         above;
                                      and
                     .   We will in no event pay more than would be the case if
                         this endorsement were not a part of this policy.

RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.

                      (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                  The following provisions apply if this policy includes any
                  rider which provides coverage on other insured family members
                  (the spouse or children of the insured); and if such rider is
                  in force on the date of the insured's death. Each such other
                  family member is called an "insured person" in the following
                  provisions.

TEMPORARY DEATH   Upon the death of the insured as the result of an excluded 
BENEFIT           risk, we will provide term insurance on each insured person
                  for a period of one year from the date of the insured's death.
                  However, this term insurance will not be provided beyond the
                  date when coverage on the insured person would have ended, as
                  stated in the applicable rider.

                  The amount of this term insurance will equal the amount of
                  insurance that would have been provided under a supplementary
                  paid-up policy issued under the rider's terms, in the event of
                  the insured's death.

                  No premium will be required for this temporary death benefit.
                  The benefit will be payable under the terms of the applicable
                  rider.

OPTION FOR        When the temporary death benefit ends, a new policy may be 
NEW POLICY        obtained without evidence of insurability on each insured
                  person. The amount of life insurance provided by the new
                  policy on an insured person may not exceed the temporary death
                  benefit provided by this endorsement on such person.
                                                   
                                                   (continued on following page)


                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABID
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
                     (A) Limited Death Benefit on Insured
                                AND
               (B) Benefits For Any Other Insured Family Members

       This endorsement is a part of the policy to which it is attached.

                      (A) LIMITED DEATH BENEFIT ON INSURED


EXCLUDED RISKS    The death of the insured as a result of the hazard or hazards
                  described below will not be covered under this policy:
                  
                  Riding a bicycle engaged in racing or in trial runs or
                  practice for such racing.

AMOUNT PAYABLE    If the insured dies as the result of an excluded risk, the
                  insurance proceeds will not be payable. Instead, we will pay
                  the beneficiary an amount equal to (1) or (2) below, whichever
                  is more, less any policy loan and loan interest. Also, this
                  policy and any riders will be void, except as provided in
                  Section (B) below, when the insured dies as the result of an
                  excluded risk.

                     1.  All premiums paid;
                                  or
                     2.  The reserve on this policy.

                  If the insured dies as the result of an excluded risk:

                     .   The "Incontestability" provision of this policy will
                         not require us to pay more than the amount stated
                         above;
                                       and
                     .   We will in no event pay more than would be the case if
                         this endorsement were not a part of this policy.

RESERVE           For the purpose of this endorsement, the reserve will not
                  include the reserve on any disability or accidental death
                  benefits which may be included in this policy.

                      (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                  The following provisions apply if this policy includes any
                  rider which provides coverage on other insured family members
                  (the spouse or children of the insured); and if such rider is
                  in force on the date of the insured's death. Each such other
                  family member is called an "insured person" in the following
                  provisions.


TEMPORARY DEATH   Upon the death of the insured as the result of an excluded
BENEFIT           risk, we will provide term insurance on each insured person
                  for a period of one year from the date of the insured's death.
                  However, this term insurance will not be provided beyond the
                  date when coverage on the insured person would have ended, as
                  stated in the applicable rider.

                  The amount of this term insurance will equal the amount of
                  insurance that would have been provided under a supplementary
                  paid-up policy issued under the rider's terms, in the event of
                  the insured's death.

                  No premium will be required for this temporary death benefit.
                  The benefit will be payable under the terms of the applicable
                  rider.


OPTION FOR        When the temporary death benefit ends, a new policy may be 
NEW POLICY        obtained without evidence of insurability on each insured
                  person. The amount of life insurance provided by the new
                  policy on an insured person may not exceed the temporary death
                  benefit provided by this endorsement on such person.


                                                   (continued on following page)

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABIE
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
               ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
                     (A) Limited Death Benefit on Insured
                                      AND
               (B) Benefits For Any Other Insured Family Members

       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED


EXCLUDED RISKS The death of the insured as a result of the hazard or hazards 
               described below will not be covered under this policy:

               Scuba diving or other underwater activity with supplementary 
               air supply.

AMOUNT         If the insured dies as the result of an excluded risk, the
PAYABLE        insurance proceeds will not be payable. Instead, we will pay the
               beneficiary an amount equal to (1) or (2) below, whichever is
               more, less any policy loan and loan interest. Also, this policy
               and any riders will be void, except as provided in Section (B)
               below, when the insured dies as the result of an excluded risk.

                  1.  All premiums paid;
                               or
                  2. The reserve on this policy.

               If the insured dies as the result of an excluded risk:

                  .  The "Incontestability" provision of this policy will not 
                     require us to pay more than the amount stated above; 
                               and
                  .  We will in no event pay more than would be the case
                     if this endorsement were not a part of this policy.

RESERVE        For the purpose of this endorsement, the reserve will not 
               include the reserve on any disability or accidental death 
               benefits which may be included in this policy.

                  (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

               The following provisions apply if this policy includes any rider
               which provides coverage on other insured family members (the
               spouse or children of the insured); and if such rider is in force
               on the date of the insured's death. Each such other family member
               is called an "insured person" in the following provisions.

TEMPORARY      Upon the death of the insured as the result of an excluded risk,
DEATH BENEFIT  we will provide term insurance on each insured person for a
               period of one year from the date of the insured's death. However,
               this term insurance will not be provided beyond the date when
               coverage on the insured person would have ended, as stated in the
               applicable rider.

               The amount of this term insurance will equal the amount of
               insurance that would have been provided under a supplementary
               paid-up policy issued under the rider's terms, in the event of
               the insured's death.

               No premium will be required for this temporary death benefit. The
               benefit will be payable under the terms of the applicable rider.

OPTION FOR     When the temporary death benefit ends, a new policy may be 
NEW POLICY     obtained without evidence of insurability on each insured 
               person. The amount of life insurance provided by the new policy 
               on an insured person may not exceed the temporary death benefit 
               provided by this endorsement on such person.

                                                   (continued on following page)

               ---------------------------------------------
               THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
               ---------------------------------------------

71HX-89 Original                                                          BAABIF
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
               ENDORSEMENT: SPECIAL HAZARD EXCLUSION PROVISIONS
                     (A) Limited Death Benefit on Insured
                                      AND
               (B) Benefits For Any Other Insured Family Members

       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED


EXCLUDED RISKS  The death of the insured as a result of the hazard or hazards 
                described below will not be covered under this policy:

                Driving or riding in an automobile or similar vehicle engaged in
                racing, speed testing, or in trial runs in preparation for such
                racing or speed testing.

AMOUNT PAYABLE  If the insured dies as the result of an excluded risk, the 
                insurance proceeds will not be payable. Instead, we will pay the
                beneficiary an amount equal to (1) or (2) below, whichever is
                more, less any policy loan and loan interest. Also, this policy
                and any riders will be void, except as provided in Section (B)
                below, when the insured dies as the result of an excluded risk .

                  1. All premiums paid;
                               or
                  2. The reserve on this policy.

                If the insured dies as the result of an excluded risk:
 
                  .  The "Incontestability" provision of this policy will not 
                     require us to pay more than the amount stated above;
                               and
                  .  We will in no event pay more than would be the case if this
                     endorsement were not a part of this policy.

RESERVE         For the purpose of this endorsement, the reserve will not 
                include the reserve on any disability or accidental death 
                benefits which may be included in this policy.

                    (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                The following provisions apply if this policy includes any rider
                which provides coverage on other insured family members (the
                spouse or children of the insured); and if such rider is in
                force on the date of the insured's death. Each such other family
                member is called an "insured person" in the following
                provisions.
 
TEMPORARY       Upon the death of the insured as the result of an excluded risk,
DEATH BENEFIT   we will provide term insurance on each insured person for a
                period of one year from the date of the insured's death.
                However, this term insurance will not be provided beyond the
                date when coverage on the insured person would have ended, as
                stated in the applicable rider.

                The amount of this term insurance will equal the amount of
                insurance that would have been provided under a supplementary
                paid-up policy issued under the rider's terms, in the event of
                the insured's death.

                No premium will be required for this temporary death benefit.
                The benefit will be payable under the terms of the applicable
                rider.
 
OPTION FOR      When the temporary death benefit ends, a new policy may be
NEW POLICY      obtained without evidence of insurability on each insured
                person. The amount of life insurance provided by the new policy
                on an insured person may not exceed the temporary death benefit
                provided by this endorsement on such person.

                                                   (continued on following page)

                ---------------------------------------------
                THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                ---------------------------------------------

71HX-89 Original                                                          BAABIG
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

       This endorsement is a part of the policy to which it is attached.

EXCLUDED RISKS  The death of the insured as a result of travel in an aircraft 
                or descent from the aircraft while in flight will not be covered
                under this policy if the insured:

                  (a)  Acted in any capacity other than as a passenger; 
                                 or
                  (b)  Was on a non-military flight for the purpose of descent
                       from the aircraft while in flight.

AMOUNT PAYABLE  If the insured dies as the result of an excluded risk, the 
                insurance proceeds will not be payable. Instead, we will pay the
                beneficiary an amount equal to (1) or (2) below, whichever is
                more, less any policy loan and loan interest:

                   1.  All premiums paid;
                                 or
                   2.  The reserve on this policy.

                If the insured dies as the result of an excluded risk:

                   .   The "Incontestability" provision of this policy will not 
                       require us to pay more than the amount stated above;
                                 and
                   .   We will in no event pay more than would be the case if 
                       this endorsement were not a part of this policy.

RESERVE         For the purpose of this endorsement, the reserve will not
                include the reserve on any disability or accidental death
                benefits which may be included in this policy.



                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary
 



A copy of the above agreement was attached to Policy No. _______________________

issued on the life of _______________________ when it was delivered. The 
undersigned have read and understand the agreement, and accept the policy with 
the conditions set forth in the agreement.


Signed and dated at _____________ this _________ day of __________________ 19___
 

Witness to Signature _________________________    ______________________________
                                                  Signature of Applicant (Owner)


Witness to Signature _________________________    ______________________________
                                                     Signature of Beneficiary
 
 

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHG
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

       This endorsement is a part of the policy to which it is attached.

EXCLUDED RISKS  The death of the insured as a result of travel in an aircraft 
                or descent from the aircraft while in flight will not be covered
                under this policy if the insured:

                  (a)  Acted in any capacity other than as a passenger; 
                                 or
                  (b)  Was on a non-military flight for the purpose of descent
                       from the aircraft while in flight.

AMOUNT PAYABLE  If the insured dies as the result of an excluded risk, the 
                insurance proceeds will not be payable. Instead, we will pay the
                beneficiary an amount equal to (1) or (2) below, whichever is
                more, less any policy loan and loan interest:

                   1.  All premiums paid;
                                 or
                   2.  The reserve on this policy.

                If the insured dies as the result of an excluded risk:

                   .   The "Incontestability" provision of this policy will not 
                       require us to pay more than the amount stated above;
                                 and
                   .   We will in no event pay more than would be the case if 
                       this endorsement were not a part of this policy.

RESERVE         For the purpose of this endorsement, the reserve will not
                include the reserve on any disability or accidental death
                benefits which may be included in this policy.

CHANGE IN       The "Incontestability" provision of this policy is canceled. The
INCONTEST-      following is substituted for it:
ABILITY                        
PROVISION       "INCONTESTABILITY"-- We will not contest the validity of your
                policy after it has been in force during the insured's
                lifetime for 2 years from the date of the policy, except with
                respect to any aviation or war exclusion provisions included
                in the policy.



                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary
 



A copy of the above agreement was attached to Policy No. _______________________

issued on the life of _______________________ when it was delivered. The 
undersigned have read and understand the agreement, and accept the policy with 
the conditions set forth in the agreement.


Signed and dated at _____________ this _________ day of __________________ 19___
 

Witness to Signature _________________________    ______________________________
                                                  Signature of Applicant (Owner)


Witness to Signature _________________________    ______________________________
                                                     Signature of Beneficiary
 
 

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHH
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

       This endorsement is a part of the policy to which it is attached.

                This endorsement will apply only if the insured dies within 5
                years after the date of this policy. However, this endorsement
                will continue to apply after such 5-year period if:

                 (a) before the date of this policy, the insured received 
                     aviation training or instruction; or
                 (b) on the date of this policy, the insured's occupation 
                     entails duty on an aircraft in flight.

EXCLUDED RISKS  The death of the insured as a result of travel in an aircraft 
                or descent from the aircraft while in flight will not be covered
                under this policy if the insured:

                 (a) Acted in any capacity other than as a passenger; 
                                 or
                 (b) Was on a non-military flight for the purpose of descent
                     from the aircraft while in flight.

AMOUNT PAYABLE  If the insured dies as the result of an excluded risk, the 
                insurance proceeds will not be payable. Instead, we will pay the
                beneficiary an amount equal to (1) or (2) below, whichever is
                more, less any policy loan and loan interest:

                  1. All premiums paid;
                                 or
                  2. The reserve on this policy.

                If the insured dies as the result of an excluded risk:

                  .  The "Incontestability" provision of this policy will not 
                     require us to pay more than the amount stated above;
                                 and
                  .  We will in no event pay more than would be the case if 
                     this endorsement were not a part of this policy.

RESERVE         For the purpose of this endorsement, the reserve will not
                include the reserve on any disability or accidental death
                benefits which may be included in this policy.


                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary
 


A copy of the above agreement was attached to Policy No. _______________________

issued on the life of _______________________ when it was delivered. The 
undersigned have read and understand the agreement, and accept the policy with 
the conditions set forth in the agreement.


Signed and dated at _____________ this _________ day of __________________ 19___
 

Witness to Signature _________________________    ______________________________
                                                  Signature of Applicant (Owner)


Witness to Signature _________________________    ______________________________
                                                     Signature of Beneficiary
 
 

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHI
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

       This endorsement is a part of the policy to which it is attached.

EXCLUDED RISKS  The death of the insured as a result of travel in an aircraft 
                will not be covered under this policy if the insured: 
              

                  (a)  Acted in any capacity other than as a passenger; 
                                 or
                  (b)  Was on a non-military flight for the purpose of descent
                       from the aircraft while in flight.

AMOUNT PAYABLE  If the insured dies as the result of an excluded risk, the 
                insurance proceeds will not be payable. Instead, we will pay the
                beneficiary an amount equal to (1) or (2) below, whichever is
                more, less any policy loan and loan interest:

                   1.  All premiums paid;
                                 or
                   2.  The reserve on this policy.

                If the insured dies as the result of an excluded risk:

                   .   The "Incontestability" provision of this policy will not 
                       require us to pay more than the amount stated above;
                                 and
                   .   We will in no event pay more than would be the case if 
                       this endorsement were not a part of this policy.

RESERVE         For the purpose of this endorsement, the reserve will not
                include the reserve on any disability or accidental death
                benefits which may be included in this policy.


                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary
 



A copy of the above agreement was attached to Policy No. _______________________

issued on the life of _______________________ when it was delivered. The 
undersigned have read and understand the agreement, and accept the policy with 
the conditions set forth in the agreement.


Signed and dated at _____________ this _________ day of __________________ 19___
 

Witness to Signature _________________________    ______________________________
                                                  Signature of Applicant (Owner)


Witness to Signature _________________________    ______________________________
                                                     Signature of Beneficiary
 
 

                 ---------------------------------------------
                 THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                 ---------------------------------------------

71HX-89 Original                                                          BAABHJ
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

               (A) Limited Death Benefit on Insured
                                    AND
               (B) Benefits For Any Other Insured Family Members
       
       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED

EXCLUDED RISKS  The death of the insured as a result of travel in an aircraft or
                descent from the aircraft while in flight will not be covered
                under this policy if the insured:

                 (a)  Acted in any capacity other than as a passenger; or
                 (b)  Was on a non-military flight for the purpose of descent 
                      from the aircraft while in flight.

AMOUNT PAYABLE  If the insured dies as the result of an excluded risk, the 
                insurance proceeds will not be payable. Instead, we will pay 
                the beneficiary an amount equal to (1) or (2) below, whichever 
                is more, less any policy loan and loan interest. Also, this 
                policy and any riders will be void, except as provided in
                Section (B) below, when the insured dies as the result of an 
                excluded risk.

                  1.  All premiums paid; or
                  2.  The reserve on this policy.

                If the insured dies as the result of an excluded risk:

                  .   The "Incontestability" provision of this policy will not
                      require us to pay more than the amount stated above; and
                  .   We will in no event pay more than would be the case if
                      this endorsement were not a part of this policy.

RESERVE         For the purpose of this endorsement, the reserve will not 
                include the reserve on any disability or accidental death 
                benefits which may be included in this policy.

CHANGE IN       The "Incontestability" provision of this policy is canceled. 
INCONTEST-      The following is substituted for it:                         
ABILITY 
PROVISION       "INCONTESTABILITY-- We will not contest the validity of your
                policy after it has been in force during the insured's
                lifetime for 2 years from the date of the policy, except with
                respect to any aviation or war exclusion provisions included
                in the policy."


                (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                The following provisions apply if this policy includes any rider
                which provides coverage on other insured family members (the
                spouse or children of the insured); and if such rider is in
                force on the date of the insured's death. Each such other family
                member is called an "insured person" in the following
                provisions.

TEMPORARY       Upon the death of the insured as the result of an excluded risk,
DEATH BENEFIT   we will provide term insurance on each insured person for a
                period of one year from the date of the insured's death.
                However, this term insurance will not be provided beyond the
                date when coverage on the insured person would have ended, as
                stated in the applicable rider.

                The amount of this term insurance will equal the amount of
                insurance that would have been provided under a supplementary
                paid-up policy issued under the rider's terms, in the event of
                the insured's death.

                No premium will be required for this temporary death benefit.
                The benefit will be payable under the terms of the applicable
                rider.

OPTION FOR      When the temporary death benefit ends, a new policy may be 
NEW POLICY      obtained without evidence of insurability on each insured 
                person. The amount of life insurance provided by the new policy 
                on an insured person may not exceed the temporary death benefit 
                provided by this endorsement on such person.

                                                   (continued on following page)

                --------------------------------------------- 
                THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                ---------------------------------------------

71hx-89 Original                                                          BAABH1
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

               (A) Limited Death Benefit on Insured
                                    AND
               (B) Benefits For Any Other Insured Family Members
       
       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED

                This endorsement will apply only if the insured dies within 5
                years after the date of this policy. However, this endorsement
                will continue to apply after such 5-year period if:

                 (a) before the date of this policy, the insured received 
                     aviation training or instruction; or
                 (b) on the date of this policy, the insured's occupation 
                     entails duty on an aircraft in flight.

EXCLUDED RISKS  The death of the insured as a result of travel in an aircraft or
                descent from the aircraft while in flight will not be covered
                under this policy if the insured:
 
                 (a) Acted in any capacity other than as a passenger; 
                                or
                 (b) Was on a non-military flight for the purpose of descent 
                     from the aircraft while in flight.

AMOUNT PAYABLE  If the insured dies as the result of an excluded risk, the 
                insurance proceeds will not be payable. Instead, we will pay 
                the beneficiary an amount equal to (1) or (2) below, whichever 
                is more, less any policy loan and loan interest. Also, this 
                policy and any riders will be void, except as provided in
                Section (B) below, when the insured dies as the result of an 
                excluded risk.

                  1. All premiums paid; 
                                or
                  2. The reserve on this policy.

                If the insured dies as the result of an excluded risk:

                  .  The "Incontestability" provision of this policy will not
                     require us to pay more than the amount stated above; 
                                and
                  .  We will in no event pay more than would be the case if this
                     endorsement were not a part of this policy.

RESERVE         For the purpose of this endorsement, the reserve will not 
                include the reserve on any disability or accidental death 
                benefits which may be included in this policy.
 
                (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

                The following provisions apply if this policy includes any rider
                which provides coverage on other insured family members (the
                spouse or children of the insured); and if such rider is in
                force on the date of the insured's death. Each such other family
                member is called an "insured person" in the following
                provisions.

TEMPORARY       Upon the death of the insured as the result of an excluded risk,
DEATH BENEFIT   we will provide term insurance on each insured person for a
                period of one year from the date of the insured's death.
                However, this term insurance will not be provided beyond the
                date when coverage on the insured person would have ended, as
                stated in the applicable rider.

                The amount of this term insurance will equal the amount of
                insurance that would have been provided under a supplementary
                paid-up policy issued under the rider's terms, in the event of
                the insured's death.

                No premium will be required for this temporary death benefit.
                The benefit will be payable under the terms of the applicable
                rider.

OPTION FOR      When the temporary death benefit ends, a new policy may be 
NEW POLICY      obtained without evidence of insurability on each insured 
                person. The amount of life insurance provided by the new policy 
                on an insured person may not exceed the temporary death benefit 
                provided by this endorsement on such person.

                                                   (continued on following page)

                --------------------------------------------- 
                THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                ---------------------------------------------

71HX-89 Original                                                          BAABH2
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

               (A) Limited Death Benefit on Insured
                                    AND
               (B) Benefits For Any Other Insured Family Members
       
       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED

EXCLUDED RISKS The death of the insured as a result of travel in an aircraft
               will not be covered under this policy if the insured:

                 (a)  Acted in any capacity other than as a passenger; 
                                or
                 (b)  Was on a non-military flight for the purpose of descent 
                      from the aircraft while in flight.

AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the 
               insurance proceeds will not be payable. Instead, we will pay 
               the beneficiary an amount equal to (1) or (2) below, whichever 
               is more, less any policy loan and loan interest. Also, this 
               policy and any riders will be void, except as provided in
               Section (B) below, when the insured dies as the result of an 
               excluded risk.

                  1.  All premiums paid; 
                                or
                  2.  The reserve on this policy.

               If the insured dies as the result of an excluded risk:

                  .   The "Incontestability" provision of this policy will not
                      require us to pay more than the amount stated above; 
                                and
                  .   We will in no event pay more than would be the case if
                      this endorsement were not a part of this policy.

RESERVE        For the purpose of this endorsement, the reserve will not 
               include the reserve on any disability or accidental death 
               benefits which may be included in this policy.

               (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

               The following provisions apply if this policy includes any rider
               which provides coverage on other insured family members (the
               spouse or children of the insured); and if such rider is in force
               on the date of the insured's death. Each such other family member
               is called an "insured person" in the following provisions.

TEMPORARY      Upon the death of the insured as the result of an excluded risk,
DEATH BENEFIT  we will provide term insurance on each insured person for a
               period of one year from the date of the insured's death. However,
               this term insurance will not be provided beyond the date when
               coverage on the insured person would have ended, as stated in the
               applicable rider.

               The amount of this term insurance will equal the amount of
               insurance that would have been provided under a supplementary
               paid-up policy issued under the rider's terms, in the event of
               the insured's death.

               No premium will be required for this temporary death benefit. The
               benefit will be payable under the terms of the applicable rider.

OPTION FOR     When the temporary death benefit ends, a new policy may be 
NEW POLICY     obtained without evidence of insurability on each insured 
               person. The amount of life insurance provided by the new policy 
               on an insured person may not exceed the temporary death benefit 
               provided by this endorsement on such person.

                                                   (continued on following page)

                --------------------------------------------- 
                THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
                ---------------------------------------------

71HX-89 Original                                                          BAABH3
<PAGE>
 
         (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED)


               Written application for the new policy must be made by the
               insured person. (If an insured person is less than 15 years old,
               application may be made by the person who supports that person.)
               The application must be submitted, and the full first premium for
               the new policy must be paid, within 60 days before or 31 days
               after the end of the temporary death benefit on the insured
               person as provided by this endorsement.

               For the new policy to take effect: (1) the insured person must be
               alive on the date the temporary death benefit on that person
               ends; and (2) the full first premium for the new policy must be
               paid while that insured person is alive.

               The new policy may be on any life plan (but not a term plan) in
               an amount we regularly issue on the date of the new policy. If
               the insured person is the spouse of the insured, the new policy
               will be in the same underwriting classification as the applicable
               rider on the spouse; if that class is not offered, the new policy
               will be in the closest available class as we determine. If the
               insured person is a child of the insured, the new policy will be
               in the standard underwriting class.

               Any disability benefit, accidental death benefit, or other rider
               will be included in the new policy only if we approve.

               The premium for the new policy will be based on the plan, amount,
               the insured person's age on the date of the policy, and its
               underwriting class. Premium rates will be those in effect on the
               date of the new policy. The policy provisions will also be those
               in effect on the date of the new policy, including any war or
               aviation restrictions that are then regularly included in
               policies being issued.



                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary
 


A copy of the above agreement was attached to Policy No. _______________________

issued on the life of _______________________ when it was delivered. The 
undersigned have read and understand the agreement, and accept the policy with 
the conditions set forth in the agreement.


Signed and dated at _____________ this _________ day of __________________ 19___
 

Witness to Signature _________________________    ______________________________
                                                  Signature of Insured


Witness to Signature _________________________    ______________________________
                                                  Signature of Insured's Spouse


Witness to Signature _________________________    ______________________________
                                                  Signature of Owner if other 
                                                  than the insured

Witness to Signature _________________________    ______________________________
                                                  Signature of Beneficiary


71HX-89 Original                                                          BAABH4
<PAGE>
 
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                   Endorsement: Aviation Exclusion Provisions

               (A) Limited Death Benefit on Insured
                                    AND
               (B) Benefits For Any Other Insured Family Members
       
       This endorsement is a part of the policy to which it is attached.

                     (A) LIMITED DEATH BENEFIT ON INSURED

EXCLUDED RISKS The death of the insured as a result of travel in an aircraft or
               descent from the aircraft while in flight will not be covered
               under this policy if the insured:

                 (a)  Acted in any capacity other than as a passenger; 
                                or
                 (b)  Was on a non-military flight for the purpose of descent 
                      from the aircraft while in flight.

AMOUNT PAYABLE If the insured dies as the result of an excluded risk, the 
               insurance proceeds will not be payable. Instead, we will pay 
               the beneficiary an amount equal to (1) or (2) below, whichever 
               is more, less any policy loan and loan interest. Also, this 
               policy and any riders will be void, except as provided in
               Section (B) below, when the insured dies as the result of an 
               excluded risk.

                  1.  All premiums paid; 
                                or
                  2.  The reserve on this policy.

               If the insured dies as the result of an excluded risk:

                  .   The "Incontestability" provision of this policy will not
                      require us to pay more than the amount stated above; 
                                and
                  .   We will in no event pay more than would be the case if
                      this endorsement were not a part of this policy.

RESERVE        For the purpose of this endorsement, the reserve will not 
               include the reserve on any disability or accidental death 
               benefits which may be included in this policy.

               (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS

               The following provisions apply if this policy includes any rider
               which provides coverage on other insured family members (the
               spouse or children of the insured); and if such rider is in force
               on the date of the insured's death. Each such other family member
               is called an "insured person" in the following provisions.

TEMPORARY      Upon the death of the insured as the result of an excluded risk,
DEATH BENEFIT  we will provide term insurance on each insured person for a
               period of one year from the date of the insured's death. However,
               this term insurance will not be provided beyond the date when
               coverage on the insured person would have ended, as stated in the
               applicable rider.

               The amount of this term insurance will equal the amount of
               insurance that would have been provided under a supplementary
               paid-up policy issued under the rider's terms, in the event of
               the insured's death.

               No premium will be required for this temporary death benefit. The
               benefit will be payable under the terms of the applicable rider.

OPTION FOR     When the temporary death benefit ends, a new policy may be 
NEW POLICY     obtained without evidence of insurability on each insured 
               person. The amount of life insurance provided by the new policy 
               on an insured person may not exceed the temporary death benefit 
               provided by this endorsement on such person.

                                                   (continued on following page)

               --------------------------------------------- 
               THIS COPY IS TO REMAIN ATTACHED TO THE POLICY
               ---------------------------------------------


71HX-89 Original                                                          BAABH7
<PAGE>
 
         (B) BENEFITS FOR ANY OTHER INSURED FAMILY MEMBERS (CONTINUED)

               Written application for the new policy must be made by the
               insured person. (If an insured person is less than 15 years old,
               application may be made by the person who supports that person.)
               The application must be submitted, and the full first premium for
               the new policy must be paid, within 60 days before or 31 days
               after the end of the temporary death benefit on the insured
               person as provided by this endorsement.

               For the new policy to take effect: (1) the insured person must be
               alive on the date the temporary death benefit on that person
               ends; and (2) the full first premium for the new policy must be
               paid while that insured person is alive.

               The new policy may be on any life plan (but not a term plan) in
               an amount we regularly issue on the date of the new policy. If
               the insured person is the spouse of the insured, the new policy
               will be in the same underwriting classification as the applicable
               rider on the spouse; if that class is not offered, the new policy
               will be in the closest available class as we determine. If the
               insured person is a child of the insured, the new policy will be
               in the standard underwriting class.

               Any disability benefit, accidental death benefit, or other rider
               will be included in the new policy only if we approve.

               The premium for the new policy will be based on the plan, amount,
               the insured person's sex and age on the date of the policy, and
               its underwriting class. Premium rates will be those in effect on
               the date of the new policy. The policy provisions will also be
               those in effect on the date of the new policy, including any war
               or aviation restrictions that are then regularly included in
               policies being issued.



                                                   /s/ Richard M. Blackwell
                                                   Richard M. Blackwell
                                                   Vice-President and Secretary
 


A copy of the above agreement was attached to Policy No. _______________________

issued on the life of _______________________ when it was delivered. The 
undersigned have read and understand the agreement, and accept the policy with 
the conditions set forth in the agreement.


Signed and dated at _____________ this _________ day of __________________ 19___
 

Witness to Signature _________________________    ______________________________
                                                  Signature of Insured


Witness to Signature _________________________    ______________________________
                                                  Signature of Insured's Spouse


Witness to Signature _________________________    ______________________________
                                                  Signature of Owner if other 
                                                  than the insured

Witness to Signature _________________________    ______________________________
                                                  Signature of Beneficiary


71HX-89 Original                                                          BAABH8


<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY
                                  ENDORSEMENT

               As of its date, this policy is amended as follows:

                  The "Incontestability" and "Suicide" provisions will be 
                  measured from


                  rather than from the date of the policy with respect to all
                  benefits which have been obtained, without evidence of
                  insurability, by conversion of previous insurance on the life
                  of the insured.



                                            /s/ Richard M. Blackwell
                                            Richard M. Blackwell
                                            Vice-President and Secretary


R.S. 652 July 1979                                                        CAAAFH
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY


                                  ENDORSEMENT


   As of its date, this policy is amended as follows:

       The "Incontestability" provision will be measured from


       rather than from the date of the policy with respect to all benefits
       which have been obtained, without evidence of insurability, by exercise
       of an option to obtain new insurance on the life of the insured.


                                /s/ Richard M. Blackwell
                                Richard M. Blackwell
                                Vice-President and Secretary


R.S. 653 July 1979                                                        CAAAF1
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY


                                  ENDORSEMENT

    As of its date, the Disability Waiver of Premiums Benefit rider included in
    this policy is amended as follows:

     "Policy anniversary", wherever it appears under the provision entitled
     "Disability Starting Between Ages 60 and 65", means a policy anniversary of
     the original term policy under which this benefit was provided prior to the
     date of conversion of that policy. The date of the original term policy is

     ..............

                                   /s/ Richard M. Blackwell
                                   Richard M. Blackwell
                                   Secretary


R.S. 700 July 1979                                                        CAAAKP
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                         ENDORSEMENT: POLICY AGREEMENT

     As of its date, the policy's INCONTESTABILITY provision is amended by
     adding the following:

         If this policy replaces other life insurance policies as defined by
         Kentucky law:

          1. The INCONTESTABILITY provision will be measured from the date(s)
             shown below rather than from the date of the policy with respect to
             the amount(s) shown below of the life insurance coverage under this
             policy.

                   Date             Coverage Amount
                   ----             ---------------



          2. There is no change with respect to the contestable period of any
            other coverage.



                                      /s/ Richard M. Blackwell
                                      Richard M. Blackwell
                                      Vice-President and Secretary


R.S. 733 December 1980                                                    CAAAFT
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

ENDORSEMENT: LEGAL LIMITS ON AMOUNT OF INSURANCE TAKEN OUT IN THE STATE OF NEW
     YORK ON PERSONS UNDER THE AGE OF 14 YEARS AND 6 MONTHS.


This endorsement limits the amount of insurance under this policy while the
insured is under the age of 14 years and 6 months, as required by the Insurance
Law of the State of New York.

AMOUNT OF INSURANCE--the "amount of insurance", as used in the endorsement, does
not include any return of premium benefits, or any accidental death benefits.

APPLICANT--The "applicant" is the person who applies for this policy.

LIMITS--while the insured is under the age of 4 years and 6 months, the amount
of insurance under this policy may not be more than:
   * $5,000 or 25% of the total amount of insurance in force on the life of the
     applicant on the date of this policy, whichever is larger.

         MINUS

   * The total amount of insurance in force on the life of the insured under all
     other policies issued by us and any other insurer on or before the date of
     this policy.

While the insured is between the ages of 4 years and 6 months and 14 years and 6
months, the amount of insurance under this policy may not be more than:

   * $10,000 or 50% of the total amount of insurance in force on the life of the
     applicant on the date of this policy, whichever is larger.

         MINUS

   * The total amount of insurance in force on the life of the insured under all
     other policies issued by us and any other insurer on or before the date of
     this policy.

However, in no case will the amount of insurance under this policy be more than
that specified on page 3.

If the amount of insurance under this policy is more than permitted by this
endorsement, we will reduce such amount to the amount permitted. The reduction
will be made when the insured dies or earlier if you request it. If the amount
of insurance is reduced, we will refund:

   * The part of the premium paid under this policy proportionate to the
     reduction;

         MINUS

   * Any policy loan and loan interest outstanding, with respect to the
     reduction.

The refund will include interest at the guaranteed interest rate shown in the
policy. If the amount of insurance is reduced, we may require you to send us the
policy for endorsement.

                                     /s/ Richard M. Blackwell
                                     Richard M. Blackwell
                                     Vice-President and Secretary


R.S. 813 May 1990                                                         CAABAQ
<PAGE>
 
                  METROPOLITAN LIFE INSURANCE COMPANY

                  ENDORSEMENT: POLICY AGREEMENT


As of its date, the policy's INCONTESTABILITY provision is amended by adding the
following:

  If this policy replaces other life insurance policies as defined in Kansas:

   1. The INCONTESTABILITY provision will be measured from the date(s) shown
      below rather than from the date of the policy with respect to the
      amount(s) shown below of the life insurance coverage under this policy.

             Date                   Coverage Amount
             ----                   ---------------


   2. There is no change with respect to the contestable period of any other
     coverage.


                                   /s/ Richard M. Blackwell
                                   Richard M. Blackwell
                                   Vice-President and Secretary


R.S. 1142 May 1989                                                       CAABAGG
<PAGE>
 
                      Metropolitan Life Insurance Company


                                  ENDORSEMENT


1. This endorsement replaces the MINIMUM DEATH BENEFIT provision found on page 7
   of this policy.

2. Notwithstanding any other provision, the death benefit shall never be less
   than (a) divided by (b), where

   (a) - the Cash Value immediately before the death of the insured, and

   (b) - the net single premium immediately before the death of the insured
         (computed on the basis of the 1980 CSO Mortality Table and on the basis
         of interest at the greater of an annual effective rate of 4% or the
         rate or rates guaranteed on issuance of this contract and as otherwise
         required under section 7702 of the Internal Revenue Code) for one
         dollar of death benefit.

3. Therefore, although the death benefit will be based on the death benefit
   option in effect at the time of death, the death benefit will never be less
   than an amount determined under paragraph 2 above. Generally, this means that
   the death benefit will never be less than the Cash Value multiplied by the
   minimum death benefit factor from the table on the reverse of this
   endorsement.

R.S. 1195 (S)                                                             CAAHIY
<PAGE>
 
                    TABLE OF MINIMUM DEATH BENEFIT FACTORS

<TABLE> 
<CAPTION> 
- --------------------------------------------------------------------------------
    Age on           Factors              Age on               Factors
    Date of  ------------------------     Date of    ---------------------------
    Death      Male         Female        Death          Male         Female
- --------------------------------------------------------------------------------
    <S>       <C>           <C>           <C>           <C>           <C> 
     20       6.6164        7.8790          58          2.0452        2.3617
     21       6.4251        7.6272          59          1.9925        2.2951
     22       6.2375        7.3828          60          1.9420        2.2305
     23       6.0525        7.1454          61          1.8935        2.1679
     24       5.8703        6.9142          62          1.8472        2.1075
     25       5.6905        6.6903          63          1.8029        2.0494
     26       5.5133        6.4729          64          1.7607        1.9939
     27       5.3393        6.2621          65          1.7204        1.9407
     28       5.1696        6.0577          66          1.6821        1.8899
     29       5.0035        5.8596          67          1.6455        1.8410
     30       4.8414        5.6676          68          1.6105        1.7940
     31       4.6843        5.4819          69          1.5770        1.7486
     32       4.5317        5.3022          70          1.5450        1.7047
     33       4.3838        5.1282          71          1.5144        1.6623
     34       4.2411        4.9598          72          1.4853        1.6218
     35       4.1029        4.7971          73          1.4578        1.5831
     36       3.9695        4.6402          74          1.4320        1.5466
     37       3.8410        4.4889          75          1.4077        1.5121
     38       3.7173        4.3433          76          1.3849        1.4796
     39       3.5983        4.2038          77          1.3634        1.4489
     40       3.4837        4.0698          78          1.3431        1.4198
     41       3.3737        3.9412          79          1.3237        1.3921
     42       3.2680        3.8178          80          1.3051        1.3658
     43       3.1666        3.6993          81          1.2873        1.3409
     44       3.0690        3.5853          82          1.2703        1.3172
     45       2.9753        3.4755          83          1.2542        1.2950
     46       2.8852        3.3697          84          1.2390        1.2741
     47       2.7986        3.2677          85          1.2247        1.2544
     48       2.7153        3.1694          86          1.2110        1.2358
     49       2.6351        3.0746          87          1.1977        1.2180
     50       2.5581        2.9831          88          1.1846        1.2007
     51       2.4839        2.8950          89          1.1712        1.1835
     52       2.4128        2.8101          90          1.1571        1.1660
     53       2.3447        2.7284          91          1.1415        1.1475
     54       2.2794        2.6498          92          1.1235        1.1272
     55       2.2170        2.5740          93          1.1019        1.1038
     56       2.1572        2.5009          94          1.0746        1.0754
     57       2.1000        2.4302                             
- --------------------------------------------------------------------------------
</TABLE> 

R.S. 1195 (S)                                                             CAABFS
<PAGE>
 
                      Metropolitan Life Insurance Company

                                  ENDORSEMENT

                                                              
1. This endorsement replaces the MINIMUM DEATH BENEFIT provision found on page
   7 of this policy.

2. Notwithstanding any other provision, the death benefit shall never be less
   than (a) divided by (b), where

   (a) - the Cash Value immediately before the death of the insured, and
                                                              
   (b) - the net single premium immediately before the death of the insured
         (computed on the basis of the 1980 CSO Mortality Table and on the basis
         of interest at the greater of an annual effective rate of 4% or the
         rate or rates guaranteed on issuance of this contract and as otherwise
         required under section 7702 of the Internal Revenue Code) for one
         dollar of death benefit.

3. Therefore, although the death benefit will be based on the death benefit
   option in effect at the time of death, the death benefit will never be less
   than an amount determined under paragraph 2 above. Generally, this means
   that the death benefit will never be less than the Cash Value multiplied by
   the minimum death benefit factor from the table on the reverse of this
   endorsement.
                                                                 
R.S. 1195 (U)                                                             CAAHIZ
<PAGE>
 
                    TABLE OF MINIMUM DEATH BENEFIT FACTORS
<TABLE> 
<CAPTION> 
- --------------------------------------------------------------------------------
    Age on            Factors              Age on                 Factors
    Date of    ---------------------       Date of       -----------------------
    Death             Unisex               Death                  Unisex    
- --------------------------------------------------------------------------------
     <S>              <C>                  <C>                    <C> 
     20               6.8329                58                    2.1030
     21               6.6326                59                    2.0481
     22               6.4358                60                    1.9955
     23               6.2422                61                    1.9448
     24               6.0518                62                    1.8963
     25               5.8648                63                    1.8499
     26               5.6812                64                    1.8056
     27               5.5012                65                    1.7634
     28               5.3251                66                    1.7231
     29               5.1536                67                    1.6846
     30               4.9865                68                    1.6478
     31               4.8242                69                    1.6124
     32               4.6668                70                    1.5785
     33               4.5145                71                    1.5460
     34               4.3672                72                    1.5151
     35               4.2246                73                    1.4858
     36               4.0871                74                    1.4582
     37               3.9548                75                    1.4321
     38               3.8272                76                    1.4076
     39               3.7045                77                    1.3845
     40               3.5867                78                    1.3625
     41               3.4735                79                    1.3415
     42               3.3649                80                    1.3214
     43               3.2604                81                    1.3021
     44               3.1601                82                    1.2837
     45               3.0635                83                    1.2662
     46               2.9707                84                    1.2497
     47               2.8815                85                    1.2340
     48               2.7956                86                    1.2190
     49               2.7130                87                    1.2045
     50               2.6335                88                    1.1902
     51               2.5571                89                    1.1756
     52               2.4837                90                    1.1603
     53               2.4132                91                    1.1437
     54               2.3458                92                    1.1249
     55               2.2812                93                    1.1026
     56               2.2194                94                    1.0749
     57               2.1600                        
 
- --------------------------------------------------------------------------------
</TABLE>

R.S. 1195 (U)                                                             CAABFT

<PAGE>
 
                                                               EXHIBIT 1.A(5)(F)
<PAGE>
 
                      METROPOLITAN LIFE INSURANCE COMPANY

                                  ENDORSEMENT

I.   The following is substituted for the DEATH BENEFIT provision of this
     policy:

     You must choose one of the following three death benefit options:

          1. Option A:   The Specified Face Amount of insurance.

          2. Option B:   The Specified Face Amount of insurance
                                     PLUS
                         The cash value on the date of death.

          3. Option C:   If death occurs prior to the policy anniversary on
                         which the insured is age 65:

                              The Specified Face Amount of Insurance
                                     PLUS
                              The cash value on the date of death.

                              On the policy anniversary on which the insured is
                              age 65, the Specified Face Amount of Insurance
                              will be recalculated to equal the Specified Face
                              Amount of Insurance plus the cash value at the end
                              of the previous day. We will issue a new page 3 at
                              that time.

                         If death occurs on or after the policy anniversary on
                         which the insured is age 65:

                              The Specified Face Amount of Insurance.

     The death benefit will be the amount due under the option in effect at the
     time of death or, if greater, the minimum death benefit described on page
     8.

II.  The following is added to Item 1 of the DEATH BENEFIT ADJUSTMENT provision:

     c.   If you change from Option C to Option A prior to the policy
          anniversary on which the insured is age 65, the Specified Face Amount
          of Insurance will be increased by the then current cash value. If you
          make this option change later, there will be no change in the
          Specified Face Amount of Insurance.

     d.   If you change from Option C to Option B prior to the policy
          anniversary on which the insured is age 65, there will be no change in
          the Specified Face Amount of Insurance. If you make this change later,
          the Specified Face Amount of Insurance will be reduced by the then
          current cash value.

     e.   If you change from Option A to Option C, the Specified Face Amount of
          Insurance will be reduced by the then current cash value. You may
          change to Option C at any time on or before the policy anniversary on
          which the insured is age 60.

     f.   If you change from Option B to Option C there will be no change in the
          Specified Face Amount of Insurance. You may change to Option C at any
          time on or before the policy anniversary on which the insured is age
          60.

                                  (see over)

R.S. 1194                                                                 CAABCY
<PAGE>
 
III. The following is substituted for the last two paragraphs of the FULL AND
     PARTIAL CASH WITHDRAWAL provision:

     If either i) Option A is then in effect or ii) Option C is in effect and
     the policy anniversary on which the insured is age 65 has past, we will
     also reduce the Specified Face Amount of Insurance by the amount of the
     partial withdrawal, and a new page 3 will then be issued. We may require
     that you send us this policy to make the change. Partial cash withdrawals
     will not affect the Specified Face Amount of Insurance if i) Option B is in
     effect or ii) Option C is in effect and the withdrawal is made prior to the
     policy anniversary on which the insured is age 65.

     A partial withdrawal which would reduce the cash surrender value to less
     than two monthly deductions may not be made. Also, if either i) Option A is
     then in effect, or ii) Option C is in effect and the policy anniversary on
     which the insured is age 65 has past, then a partial withdrawal may not be
     made if it would reduce the Specified Face Amount of Insurance to less than
     the Specified Face Amount Limits on Page 3.1, or to a level where the
     premiums already paid would exceed the then current Internal Revenue
     Service limits. If you request a partial cash withdrawal and these
     conditions apply, we will contact you to determine if you want to cancel
     the request, withdraw a smaller amount, or surrender the policy.

IV.  The following is added to the SURRENDER CHARGES provision: Option C at
     Issue or Increase.

<TABLE> 
<CAPTION> 
    Age at                                    Policy Years Since Issue or Increase
    Issue or--------------------------------------------------------------------------------------------------------------- 
    Increase    1        2       3      4      5      6      7       8     9     10      11     12      13     14     15
    -----------------------------------------------------------------------------------------------------------------------
    <S>        <C>      <C>     <C>    <C>    <C>    <C>    <C>     <C>   <C>    <C>     <C>    <C>    <C>     <C>    <C> 
       0-5     $ 4      $ 4     $ 3    $ 3    $ 3    $ 3    $ 2     $ 2   $ 2    $ 2     $ 2    $ 1    $ 1     $ 1    $ 1
       6-10      4        4       4      4      3      3      3       3     2      2       2      1      1       1      1    
      11-20      4        4       4      4      4      3      3       3     3      2       2      2      1       1      1    
      21-25      5        5       5      5      5      4      4       3     3      3       2      2      2       1      1    
      26-30      7        6       5      5      5      5      5       4     3      3       3      2      2       1      1    
      31-35     10        9       9      8      8      7      7       6     5      4       4      3      3       2      1    
      36-40     12       11      10     10      9      9      8       7     6      6       5      4      3       2      1    
      41-44     15       15      14     13     12     12     10      10     9      7       7      5      4       3      2    
      45-50     18       18      18     16     16     14     13      12    11      9       8      6      5       3      2    
      51-54     21       21      20     19     18     16     15      14    12     11       9      8      6       4      2    
      55-59     24       23      22     20     19     18     16      15    13     12      10      8      7       4      3    
      60-64     27       26      25     23     21     20     19      17    15     13      11      9      7       5      3    
      65-69     22       22      20     18     17     16     15      13    12     11       9      7      6       4      2    
      70-79     22       21      20     18     17     16     15      13    12     11       9      8      6       4      2    
      80+       22       21      20     18     17     16     15      14    13     12      10      9      8       6      3     
</TABLE>


                                               /s/ Nicholas D. Latrenta
                                                   Nicholas D. Latrenta
                                                   Vice-President  and Secretary


R.S. 1194                              2                                  CAABCZ

<PAGE>
 
                                                                       EXHIBIT 3

<PAGE>
 
                [LETTERHEAD OF METROPOLITAN LIFE APPEARS HERE]


Christopher P. Nicholas
Associate General Counsel
Law Department

                                                    May 13,  1992


Metropolitan Life Insurance Company
One Madison Avenue
New York, New York 10010


Dear Sirs:

     This opinion is furnished in connection with the offering of individual
flexible premium multifunded life insurance policies ("Policies") of
Metropolitan Life Insurance Company ("Metropolitan Life") under a Registration
Statement to be filed by Metropolitan Life and Metropolitan Life Separate
Account UL ("Account") on May 14, 1992 under the Securities Act of 1933, as
amended ("Act").

     I have made such examination of the law and examined such corporate records
and such other documents as in my judgment are necessary and appropriate to
enable me to render the following opinion that:

     1.  Metropolitan Life has been duly organized under the laws of the State
of New York and is a validly existing corporation.

     2.  The Account is duly created and validly existing as a separate account
pursuant to Section 4240 of Chapter 28 of the Consolidated Laws of New York.

     3.  The portion of the assets to be held in the Account equal to the
reserves and other liabilities under the Policies and under other life insurance
policies the premium in which may be allocated to the Account is not chargeable
with liabilities arising out of any other business Metropolitan Life may
conduct.

     4.  The Policies have been duly authorized by Metropolitan Life and, when
issued as contemplated by the Registration Statement, as amended, will
constitute legal, validly issued and binding obligations of Metropolitan Life in
accordance with their terms.


<PAGE>
 
     I hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the use of my name under the caption "Legal
Matters" in the Prospectus contained in the Registration Statement.



                                    Very truly yours,

                                    /s/ Christopher P. Nicholas
                                    Christopher P. Nicholas
                                    Assistant General Counsel




<PAGE>
 
                                                                       EXHIBIT 6





April 28, 1997



Metropolitan Life Insurance Company
One Madison Avenue
New York, New York  10010

Dear Sirs:

This opinion is furnished in connection with the filing of Post-Effective
Amendment No. 5 to Registration Statement No. 33-47927 on Form S-6
("Registration Statement") which covers premiums received under Flexible Premium
Multifunded Life Insurance Policies ("Policies") offered by Metropolitan Life
Insurance Company ("MLIC") in each State where they have been approved by
appropriate State insurance authorities.  As a Vice-President and Actuary of
MLIC, I have reviewed the Policy form and I am familiar with the Registration
Statement and Exhibits thereto.  In my opinion:

(1)     The illustrations of death benefits, cash values, cash surrender values
        and, where applicable, accumulated premiums for the Policy in the
        Section "Policy Benefits -- Cash Value -- Rates of Return and Index
        Values" and in the Section "Illustrations of Death Benefits, Cash
        Values, Cash Surrender Values and Accumulated Premiums" of the
        prospectus included in the Registration Statement ("Prospectus"), based
        on the assumptions stated in the illustrations, are consistent with the
        provisions of the Policies.  The rate structure of the Policies has not
        been designed so as to make the relationship between premiums and
        benefits, as shown in these illustrations appear to be correspondingly
        more favorable to a prospective purchaser of the Policy for males ages
        25 or 40, than to prospective purchasers of Policies for a male at other
        ages or for a female.
 
(2)     The illustrations of the amount of the death benefit under each of the
        death benefit options in the Section "Policy Benefits -- Death Benefits"
        based on the assumptions stated in the illustrations, are consistent
        with the provisions of the Policies.

(3)     The illustration of the amount of surrender charge which would be taken
        upon the surrender of a particular policy in various Policy years in the
        Section "Charges and 
<PAGE>
 
        Deductions - Surrender Charge," based on the assumptions stated in the
        illustration, are consistent with the provisions of the Policies.
 



I hereby consent to the use of this opinion as an exhibit to the Registration
Statement and to the reference to my name under the heading "Experts" in the
Prospectus.


                                     Very truly yours,


                                     -----------------
                                     Michael Harwood
                                     Vice-President and
                                     Actuary

<PAGE>


                                                                       EXHIBIT 8
 
                               POWER OF ATTORNEY
                               -----------------

                                 Harry P. Kamen

                              Director and Officer

     KNOW ALL MEN BY THESE PRESENTS, that I, a director and officer of
Metropolitan Life Insurance Company, do hereby appoint Richard M. Blackwell,
Nicholas D. Latrenta, Richard G. Mandel and Christopher P. Nicholas, and each of
them severally, my true and lawful attorney-in-fact, for me and in my name,
place and stead to execute and file any instrument or document to be filed as
part of or in connection with or in any way related to the Registration
Statements and any and all amendments thereto, filed by said Company under the
Securities Act of 1933 and/or the Investment Company Act of 1940, in connection
with Metropolitan Life Separate Account UL or Metropolitan Life Separate Account
E of said Company, and to have full power and authority to do or cause to be
done in my name, place and stead each and every act and thing necessary or
appropriate in order to effectuate the same, as fully to all intents and
purposes as I might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact or any of them, may do or cause to be done by virtue
hereof. Each said attorney-in-fact shall have power to act hereunder with or
without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 8th day of December,
1992.

                                         /s/ Harry P. Kamen
                                         -------------------
                                            Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                               Stewart G. Nagler

                                    Officer

    KNOW ALL MEN BY THESE PRESENTS, that I, an officer of Metropolitan Life
Insurance Company, do hereby appoint Richard M. Blackwell, Nicholas D. Latrenta,
Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my
true and lawful attorney-in-fact, for me and in my name, place and stead to
execute and file any instrument or document to be filed as part of or in
connection with or in any way related to the Registration Statements and any and
all amendments thereto, filed by said Company under the Securities Act of 1933
and/or the Investment Company Act of 1940, in connection with Metropolitan Life
Separate Account UL or Metropolitan Life Separate Account E of said Company, and
to have full power and authority to do or cause to be done in my name, place and
stead each and every act and thing necessary or appropriate in order to
effectuate the same, as fully to all intents and purposes as I might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact or
any of them, may do or cause to be done by virtue hereof. Each said attorney-in-
fact shall have power to act hereunder with or without the others.

    IN WITNESS WHEREOF, I have hereunto set my hand this 26th day of July, 1993.

                             /s/ Stewart G. Nagler
                             ---------------------
                                 Signature
<PAGE>

 

                               POWER OF ATTORNEY
                               -----------------

                                  Gerald Clark

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director and officer of
Metropolitan Life Insurance Company, do hereby appoint Gary A. Beller, Louis J.
Ragusa, Richard G. Mandel and Christopher P. Nicholas, and each of them
severally, my true and lawful attorney-in-fact, for me and in my name, place and
stead to execute and file any instrument or document to be filed as part of or
in connection with or in any way related to the Registration Statements and any
and all amendments thereto, filed by said Company under the Securities Act of
1933 and/or the Investment Company Act of 1940, in connection with Metropolitan
Life Separate Account UL, Metropolitan Life Separate Account E, The New England
Variable Account, New England Variable Annuity Fund I or New England Retirement
Investment Account of said Company, and to have full power and authority to do
or cause to be done in my name, place and stead each and every act and thing
necessary or appropriate in order to effectuate the same, as fully to all
intents and purposes as I might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact or any of them, may do or cause to be
done by virtue hereof.  Each said attorney-in-fact shall have power to act
hereunder with or without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 14th day of
February, 1997.


                                        /s/ Gerald Clark
                                     ----------------------
                                             Signature
<PAGE>

 
                               POWER OF ATTORNEY
                               -----------------

                              Frederick P. Hauser

                                    Officer

     KNOW ALL MEN BY THESE PRESENTS, that I, an officer of Metropolitan Life
Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard
M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true
and lawful attorney-in-fact, for me and in my name, place and stead to execute
and file any instrument or document to be filed as part of or in connection with
or in any way related to the Registration Statements and any and all amendments
thereto, filed by said Company under the Securities Act of 1933 and/or the
Investment Company Act of 1940, in connection with Metropolitan Life Separate
Account UL of said Company, and to have full power and authority to do or cause
to be done in my name, place and stead each and every act and thing necessary or
appropriate in order to effectuate the same, as fully to all intents and
purposes as I might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact or any of them, may do or cause to be done by virtue
hereof.  Each said attorney-in-fact shall have power to act hereunder with or
without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 15th day of December,
                                                          ----                 
1989.
                                    /s/ Frederick P. Hauser
                                    -------------------------
                                        Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                               Burton A. Dole, Jr.

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Richard M. Blackwell, Christine N.
Markussen, Richard G. Mandel and Christopher P. Nicholas, and each of them
severally, my true and lawful attorney-in-fact, for me and in my name, place and
stead to execute and file any instrument or document to be filed as part of or
in connection with or in any way related to the Registration Statements and any
and all amendments thereto, filed by said Company under the Securities Act of
1933 and/or the Investment Company Act of 1940, in connection with Metropolitan
Life Separate Account UL, Metropolitan Life Separate Account E, The New England
Variable Account, New England Variable Annuity Fund I or New England Retirement
Investment Account of said Company, and to have full power and authority to do
or cause to be done in my name, place and stead each and every act and thing
necessary or appropriate in order to effectuate the same, as fully to all
intents and purposes as I might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact or any of them, may do or cause to be
done by virtue hereof.  Each said attorney-in-fact shall have power to act
hereunder with or without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 16th day of
September, 1996.

                                        /s/ Burton A. Dole, Jr.
                                     ----------------------------
                                            Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                              Charles M. Leighton

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Richard M. Blackwell, Christine N.
Markussen, Richard G. Mandel and Christopher P. Nicholas, and each of them
severally, my true and lawful attorney-in-fact, for me and in my name, place and
stead to execute and file any instrument or document to be filed as part of or
in connection with or in any way related to the Registration Statements and any
and all amendments thereto, filed by said Company under the Securities Act of
1933 and/or the Investment Company Act of 1940, in connection with Metropolitan
Life Separate Account UL, Metropolitan Life Separate Account E, The New England
Variable Account, New England Variable Annuity Fund I or New England Retirement
Investment Account of said Company, and to have full power and authority to do
or cause to be done in my name, place and stead each and every act and thing
necessary or appropriate in order to effectuate the same, as fully to all
intents and purposes as I might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact or any of them, may do or cause to be
done by virtue hereof.  Each said attorney-in-fact shall have power to act
hereunder with or without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 13th day of
September, 1996.

                                    /s/ Charles M. Leighton
                                    ------------------------------
                                         Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                                 Hugh B. Price

                                   Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Richard M. Blackwell, Joseph A. Reali,
Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my
true and lawful attorney-in-fact, for me and in my name, place and stead to
execute and file any instrument or document to be filed as part of or in
connection with or in any way related to the Registration Statements and any and
all amendments thereto, filed by said Company under the Securities Act of 1933
and/or the Investment Company Act of 1940, in connection with Metropolitan Life
Separate Account UL or Metropolitan Life Separate Account E of said Company, and
to have full power and authority to do or cause to be done in my name, place and
stead each and every act and thing necessary or appropriate in order to
effectuate the same, as fully to all intents and purposes as I might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact or
any of them, may do or cause to be done by virtue hereof. Each said attorney-in-
fact shall have power to act hereunder with or without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 23rd day of May, 1995.

                                         /s/ Hugh B. Price
                                         ------------------
                                            Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                                Ruth J. Simmons

                                   Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Richard M. Blackwell, Joseph A. Reali,
Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my
true and lawful attorney-in-fact, for me and in my name, place and stead to
execute and file any instrument or document to be filed as part of or in
connection with or in any way related to the Registration Statements and any and
all amendments thereto, filed by said Company under the Securities Act of 1933
and/or the Investment Company Act of 1940, in connection with Metropolitan Life
Separate Account UL or Metropolitan Life Separate Account E of said Company, and
to have full power and authority to do or cause to be done in my name, place and
stead each and every act and thing necessary or appropriate in order to
effectuate the same, as fully to all intents and purposes as I might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact or
any of them, may do or cause to be done by virtue hereof. Each said attorney-in-
fact shall have power to act hereunder with or without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 7th day of June, 1995.


                                         /s/ Ruth J. Simmons
                                         ---------------------
                                            Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                            Curtis Handley Barnette

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Richard M. Blackwell, Joseph A. Reali,
Richard G. Mandel and Christopher P. Nicholas, and each of them severally, my
true and lawful attorney-in-fact, for me and in my name, place and stead to
execute and file any instrument or document to be filed as part of or in
connection with or in any way related to the Registration Statements and any and
all amendments thereto, filed by said Company under the Securities Act of 1933
and/or the Investment Company Act of 1940, in connection with Metropolitan Life
Separate Account UL or Metropolitan Life Separate Account E of said Company, and
to have full power and authority to do or cause to be done in my name, place and
stead each and every act and thing necessary or appropriate in order to
effectuate the same, as fully to all intents and purposes as I might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact or
any of them, may do or cause to be done by virtue hereof. Each said attorney-in-
fact shall have power to act hereunder with or without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of
August, 1994.

                                             /s/ Curtis H. Barnette
                                             ------------------------
                                                     Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                              Robert G. Schwartz

                             Officer and Director

     KNOW ALL MEN BY THESE PRESENTS, that I, an officer of Metropolitan Life
Insurance Company, do hereby Harry P. Kamen, Richard M. Blackwell, and
Christopher P. Nicholas, and each of them severally, my true and lawful
attorney-in-fact, for me and in my name, place and stead to execute and file any
instrument or document to be filed as part of or in connection with or in any
way related to the Registration Statements and any and all amendments thereto,
filed by said Company under the Securities Act of 1933 and/or the Investment
Company Act of 1940, in connection with Metropolitan Life Separate Account UL of
said Company, and to have full power and authority to do or cause to be done in
my name, place and stead each and every act and thing necessary or appropriate
in order to effectuate the same, as fully to all intents and purposes as I might
or could do in person, hereby ratifying and confirming all that said attorneys-
in-fact or any of them, may do or cause to be done by virtue hereof.  Each said
attorney-in-fact shall have power to act hereunder with or without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of December,
                                                          ----                 
1989.
                                    /s/ Robert G. Schwartz
                                    -----------------------
                                        Signature
<PAGE>
 
                               POWER OF ATTORNEY
                               -----------------

                                 Joan Ganz Cooney

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard
M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true
and lawful attorney-in-fact, for me and in my name, place and stead to execute
and file any instrument or document to be filed as part of or in connection with
or in any way related to the Registration Statements and any and all amendments
thereto, filed by said Company under the Securities Act of 1933 and/or the
Investment Company Act of 1940, in connection with Metropolitan Life Separate
Account UL of said Company, and to have full power and authority to do or cause
to be done in my name, place and stead each and every act and thing necessary or
appropriate in order to effectuate the same, as fully to all intents and
purposes as I might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact or any of them, may do or cause to be done by virtue
hereof.  Each said attorney-in-fact shall have power to act hereunder with or
without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of December,
                                                          ----                 
1989.
                                    /s/ Joan Ganz Cooney
                                    ----------------------
                                        Signature
<PAGE>
 
                                 POWER OF ATTORNEY
                                 -----------------

                                 James R. Houghton

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard
M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true
and lawful attorney-in-fact, for me and in my name, place and stead to execute
and file any instrument or document to be filed as part of or in connection with
or in any way related to the Registration Statements and any and all amendments
thereto, filed by said Company under the Securities Act of 1933 and/or the
Investment Company Act of 1940, in connection with Metropolitan Life Separate
Account UL of said Company, and to have full power and authority to do or cause
to be done in my name, place and stead each and every act and thing necessary or
appropriate in order to effectuate the same, as fully to all intents and
purposes as I might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact or any of them, may do or cause to be done by virtue
hereof.  Each said attorney-in-fact shall have power to act hereunder with or
without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 14th day of December,
                                                          ----                 
1989.
                                    /s/  James R. Houghton
                                    ------------------------
                                        Signature
<PAGE>
 
                                 POWER OF ATTORNEY
                                 -----------------

                                 Helene L. Kaplan

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard
M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true
and lawful attorney-in-fact, for me and in my name, place and stead to execute
and file any instrument or document to be filed as part of or in connection with
or in any way related to the Registration Statements and any and all amendments
thereto, filed by said Company under the Securities Act of 1933 and/or the
Investment Company Act of 1940, in connection with Metropolitan Life Separate
Account UL of said Company, and to have full power and authority to do or cause
to be done in my name, place and stead each and every act and thing necessary or
appropriate in order to effectuate the same, as fully to all intents and
purposes as I might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact or any of them, may do or cause to be done by virtue
hereof.  Each said attorney-in-fact shall have power to act hereunder with or
without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 19th day of December,
                                                          ----                 
1989.
                                    /s/ Helene L. Kaplan
                                    ---------------------
                                        Signature
<PAGE>
 
                                 POWER OF ATTORNEY
                                 -----------------

                                 Richard J. Mahoney

                                    Director

     KNOW ALL MEN BY THESE PRESENTS, that I, a director of Metropolitan Life
Insurance Company, do hereby appoint Robert G. Schwartz, Harry P. Kamen, Richard
M. Blackwell, and Christopher P. Nicholas, and each of them severally, my true
and lawful attorney-in-fact, for me and in my name, place and stead to execute
and file any instrument or document to be filed as part of or in connection with
or in any way related to the Registration Statements and any and all amendments
thereto, filed by said Company under the Securities Act of 1933 and/or the
Investment Company Act of 1940, in connection with Metropolitan Life Separate
Account UL of said Company, and to have full power and authority to do or cause
to be done in my name, place and stead each and every act and thing necessary or
appropriate in order to effectuate the same, as fully to all intents and
purposes as I might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact or any of them, may do or cause to be done by virtue
hereof.  Each said attorney-in-fact shall have power to act hereunder with or
without the others.

     IN WITNESS WHEREOF, I have hereunto set my hand this 15th day of December,
                                                          ----                 
1989.
                                    /s/ Richard J. Mahoney
                                    ------------------------
                                        Signature

<PAGE>
 
                                                                      EXHIBIT 11

To:     See Distribution

From:   Earl Inniss, Business Analyst 
        UL Dev & Admin - Aurora 
        X153-7943

Date:   February 2, 1990

Re:     TAMRA - Premium Payment Processing 
        FPL's/FPMLI

This memorandum addresses the action to be taken when a TAMRA violation is
detected.  Our intent is to install this modification as soon as possible while
continuing to refine the processing necessary to fully support Material Changes,
1035's, Term Conversions and Payouts for policies under the MEC status.

Currently, UL customers are notified of a violation on the policy anniversary.
This modification will now provide for notification at the time of violation for
annual and semi-annual policies and continues anniversary notification for
monthly payment arrangements (Check-O-Matic, Government Allotment Etc.).

As currently done, policies will be tested to determine if payments received
cause the accumulated premiums to exceed the 7-Pay limits.  When a payment does
cause a violation, the system will set the MEC Indicator to 'P' for pending,
and begin recording the amount in excess of the 7-Pay guideline.

If a premium refund is made up to 60 days after the policy anniversary following
detection, the policy will be de-MECd.  If no request for refund is
received, the policy will become a permanent MEC.

Please direct any comments to my attention by March 1, 1990.


/s/ Earl Inniss
- -----------------------------
Earl Inniss
<PAGE>
 
                               SYSTEM PROCESSING
                               -----------------

When an NA/MA payment is received, determine the value in the ME Indicator
field.

If the ME Indicator is 'Y', take no action.

If the ME Indicator is 'P' and the Call-up date is more than 90 days away from
current date (i.e. current date is prior to the next anniversary), add the NA/MA
amount to the existing Violation Amount.

If NA/MA payments are received while the ME Indicator is 'P', and the Call-up
date is 90 days or less away from current date, the payments are not to be added
to the existing Violation Amount.  Policies in this condition will either become
MECs on the Call-up date and no longer require testing, or have refunds
processed and again become subject to violation testing.

If the ME Indicator is 'X', 'N' or blank, access the appropriate 7-Pay module to
determine if there is a violation.


If in violation:

- --  Set ME Indicator to 'P'
- --  Set ME Date to equal the NA/MA effective date
- --  The ME Test Date will be the policy issue date
- --  The MEC Guideline will be the 7-pay premium
- --  The Violation Amount will equal the calculated excess
- --  The Call-up date will equal three month-a-versaries from the 
    next policy anniversary date

Violations on Annual and Semiannual Policies

On the date of violation, generate the notification in EXHIBIT 1 to the
policyowner.

Violations on Monthly Payment Arrangements

The anniversary processing now in place for all policies, will continue for
monthly payment arrangements only.  That is, during the annual statement
processing, monthly policies with the ME Indicator 'P' will be selected so that
a notification to the policyowner (EXHIBIT 2) can be included with the annual
statement.

No Violation

- --  Set ME Indicator to 'N'
- --  Set ME Test Date to equal policy issue date
- --  Set MEC Guideline premium to equal the 7-pay premium


                                       2
<PAGE>
 
REQUEST FOR PAYMENT REVERSAL AND REFUND - ME Indicator 'P'
- ----------------------------------------------------------

If an NA/MA reversal is accepted on a policy with an ME indicator of 'P', reduce
the Violation Amount by the amount of the reversal.

If a NA/MA reversal reduces the Violation Amount to zero, determine if the
reversal is taking place before the anniversary preceding the Call-up date or
between that anniversary and the Call-up date.

If before the anniversary:

- --  Delete Violation Amount
- --  Delete ME Date
- --  Delete Call-up date
- --  Set ME IND to 'N'.

If between the anniversary and the Call-up date:

- --  Delete Violation Amount
- --  Delete ME Date
- --  Delete Call-up date
- --  Set ME IND to 'N'
- --  Search history for any payments applied since the anniversary 
    and subject those payments to the 7-pay testing.


Call-up date Processing

If ME IND is 'P' on Call-up date change ME Indicator to 'Y' and stop monitoring
the policy.

Annual and Semiannual Billing Prior to Anniversary

If a semiannual or annual bill is being produced for a policy which does not
have an ME Indicator of 'Y', determine if the amount being billed will cause a
TAMRA violation in the current year.  If it will, print a special note in the
message area of the bill indicating that the payment should be sent to
Metropolitan on the anniversary date. (EXHIBIT 3).


                                      3
<PAGE>
 
(HEAD OFFICE ADDRESS)                                                 (MET LOGO)

    POLICYOWNER  NAME 
    POLICYOWNER ADDRESS

Re:  Policy number

Scheduled Premium:                                      District/Branch:
Insured:                                                Telephone:
Plan:                                                   Sales Agency:
 
Dear:  (POLICYOWNER NAME)

For Federal Income Tax purposes, certain life insurance policies are classified
as "Modified Endowment Contracts" when the total premiums paid exceed certain
limits.  For such policies:

1.  Payments an insurance company makes to the policyowner during the life of
    the insured, such as loans and withdrawals, will be treated first as income
    and then as recovered investment.

2.  Additionally, if you receive a taxable payment before you become 59 1/2
    years of age, an additional 10% tax is payable unless you receive payment
    (1) on account of becoming disabled or (2) in a series of substantially
    equivalent payments over the period of your life expectancy or the combined
    life expectancy of you and your beneficiary.

Significantly, however, the law does not change the tax treatment of death
benefit payments if no distributions are made prior to the death of the insured.
Death benefit payments will remain generally tax free to your beneficiary.

As of today, your total premiums paid exceed the Modified Endowment Contract
limits by  (Viol. Amt). You may choose to leave your policy as is or ask us, in
          -------------
writing, to refund the excess amount to you.  If the refund is made before 
(Anniversary + 60 days, your policy will not be considered a Modified 
- -----------------------
Endowment Contract.

At Metropolitan, we value your business and are always happy to be of service.
If you have any questions about your policy or any aspect of your insurance
coverage, please contact your Met Life representative at the telephone number
listed above.**

Thank you for the opportunity to serve you.

Sincerely,
VICE-PRESIDENT
TERRITORY
CYCLE DATE

**For CEHO and NEHO, add:".. .or call 1-800-MET LIFE".

                                                      EXHIBIT 1
                    
<PAGE>
 
                             IMPORTANT TAX NOTICE 


Your policy is considered a "Modified Endowment Contract" for Federal Income
Tax purposes.  The tax treatment of Modified Endowment Contracts differs from
that of life insurance policies you may have purchased in the past.  Two
important differences are:

1. Payments an insurance company makes while the insured is alive, such as loans
   and withdrawals, are be treated first as income and then as recovered
   investment.

2. If you receive a taxable payment before you become 59 1/2 years of age, an
   additional l0% tax is payable unless you receive payment (1) on account of
   becoming disabled or (2) in a series of substantially equivalent payments
   over the period of your life expectancy or the combined life expectancy of
   you and your beneficiary.

Although your policy does not provide for a refund of premiums, we are willing
to refund $             of the premium you paid if you request us to do so, in
           ------------
writing, within the next 3 weeks. If the refund is made prior to  anniversary
                                                                 ------------
date + 60 days, your policy will not be considered a Modified Endowment 
- --------------                                                                  
Contract.


If no distributions are made from your policy while the insured is alive, the
law does not change the tax treatment of death benefit payments.  They will
remain generally tax free to your beneficiary.

Please send your request to your local Metropolitan office.  Your Met Life
representative will be pleased to assist you with any questions you may have
about your policy.

Thank you for the opportunity to serve you.

Sincerely,
(Vice-President)



                                   EXHIBIT 2
<PAGE>
 
                 STATEMENT FOR MESSAGE AREA OF PREMIUM NOTICE
                 --------------------------------------------

If we receive this payment before (next anniversary), the tax treatment of money
withdrawn from your policy may change.  To avoid this, your payment should not
reach us before (next anniversary).


                                   EXHIBIT 3
<PAGE>
 
                                 Field Release
                                 -------------

Re:     Flexible Premium Multifunded Life(FPMLI) - Special Accounts 
        Arrangements.


To:     Field Force


We are pleased to announce that effective immediately, the Government Allotment
and Fedematic, Commercial Salary Allotment, and Metropolitan Salary
Allotment Arrangements are available with the FPMLI policy.

The addition of these payment arrangements should increase your sales activity
as well as provide the convenience of salary deductions to your clients.

Application For Insurance, Form 036K-16
- ---------------------------------------

When one of these payment arrangements is requested, question 5A on page 3 of
the application should be completed as follows:

  Method of Payment                    ON APPLICATION                  
  -----------------                    --------------
                                       
   Gov't Allot                         Check Gov't Allot.-Mil box       
   Fedematic                           Check Gov't Allot.-Civ box       
   Commercial Sal. Allot               Check Sal. Sav box & write CSA   
   Field Employee Sal. Sav             Check Sal. Sav box & write FESS  
   H.O. Employee Sal. Sav              Check Sal. Sav box & write HOSS  

Initial Premium and Issue Date
- ------------------------------

Administrative difficulties sometimes occur in the salary and government
allotment programs which delay premium remittances and can result in
insufficient policy value situations.  To minimize these difficulties, and also
due to the investment sensitive nature of the FPMLI product, special
procedures have been established with regard to the initial payment.

An initial payment equal to two monthly premiums must be collected with all
allotment arrangements for FPMLI policies. Once the application is approved and
the policy issued, commissions will be credited.  The two monthly premiums will
keep the policy inforce until regular premium receipts begin.

For Government Allotment and Fedematic cases where the initial premium is to be
paid by allotment, the application will be approved and held in the Underwriting
division.  The policy will be issued when the first allotment is received in the
Home Office.


                                       2
<PAGE>
 
As with our other UL products, the policy issue dates will be the
1st of the month for CSA, FESS and HOSS, and the 20th for
Government Allotment and Fedematic.

Agreement Forms
- ---------------

The following payroll and allotment agreement forms are to be completed and
submitted with the application for insurance, Form 036K-16.

  Government Allotment - Mil
  --------------------------

    Form DA 1341                        Army Allotment Authorization
    Form AF 1548                        Auth. to start, change or stop
    Form 12323                          Armed forces Allot. Certification
                                    
  Fedematic                         
  ---------                         

    Form 1199A or PS1199A               Direct Deposit Sign-Up
    Form 14962                          Allotment agreement
    Form 14999                          Premium Payment Agreement
                                    
  Commercial Salary Allotment
  ---------------------------

    Form 11367                          Employee Request for Pay't of Prems 
                                        .. Through the Extra Security Program
                                     
                                     
  Metropolitan Salary Allotment
  -----------------------------

    Form 11367-A                        Request for the Pay't of prems....
                                        Through Salary Savings Plan

Make sure the appropriate forms contain the required signatures and are
dispersed as instructed on the forms.

Transfer to a Special Account Arrangement
- -----------------------------------------

Transfers to the above arrangements are permitted if requested by the
policyholder. However, premiums that have already been paid will not be
refunded if the transfer occurs on other than the anniversary date of the
policy.  Complete the appropriate form as outlined above, and submit to the New
York Home Office. Special Accounts Division, Area 10-VW.


                                      3
<PAGE>
 
                                    General
                                    -------

The Government Allotment and Fedematic(GA), Commercial Salary Allotment(CSA),
Field Employee Salary Allotment(FESS) and Home Office Salary Allotment(HOSS)
Programs are now available with FPMLI. These paymethods are available with new
business or with existing FPMLI policies.

The application, authorization forms and initial payment will be sent to the
Head Office Underwriting Division. After the policies are issued an electronic
file will be created by the VantageOne system which will insert the policies to
the Special Accounts Disk. Premiums collected for these policies will be
electronically applied to the VTG1 system, by the Special Accounts Disk.

Issue processing will differ for FPMLI. Unlike regular UL, the issue dates for
FPLMI policies cannot be advanced to cover for the delays which sometimes occur
in the receipt of allotments. The issue dates will however continue to be on the
1st for Salary programs and the 20th for Government programs.

To keep the policies inforce until the first allotment is received, an initial 
payment equaling 2 monthly premiums must be collected witht the application. As 
these policies can only be issued with a current issue date, approved 
applications must be held in Underwriting until the 1st or the 20th is reached, 
depending on the type of allotment arrangement.

These policies can be identified on the VantageOne system as follows:

Mode of Payment                         VantageOne Paymethod Code
- ---------------                         -------------------------

GA/Fedmatic                                       G
CSA                                               C
FESS/HOSS                                         S

The paymethod is found on the billing screen(BI) of the VTG1 inquiry system. 
Since FESS and HOSS have the same code S, an additional identifier, 7000500/2 
for FESS and 7000500/3 for HOSS will be established on Bank I.D area of the 
billing screen.

The following changes to VTGI will electronically update the Special Accounts
Disk.
 
   Status Changes                          
   Premium Changes                      
   Paymethod Changes
   Address Changes
   District Changes
Instructions for the Head Office areas follow.


                                      4
<PAGE>
 
                  UNDERWRITING AND ISSUE AND TERM CONVERSIONS
                  -------------------------------------------


FPMLI special accounts policies will bear issue dates of the 1st or the 20th
of the month.  An 'approve and hold' procedure will apply to these cases.

Advance Payment Received With Application
- -----------------------------------------

MODE                    Approved On             Action To Be Taken:


GA/Fedemaatic           1st to 20th             Hold until the 20th of 
                                                current month and issue on 
                                                that day

                        21st to 31st            Backdate to the 20th of 
                                                current month 

CSA/FESS/HOSS           1st to 7th              Issue on the 1st of the 
                                                current month 

                        8th to 31st             Hold until the 1st of the 
                                                following month and issue 
                                                on that day


Initial Payment By Allotment
- ----------------------------

MODE                    Approved On             Action To Be Taken:

GA &                    Anytime                 Contact NYHO Special
Fedematic                                       Accounts to determine when
                                                allotment has been received.
                                                Issue policy on the 20th of the
                                                month money was rec'd

Edit messages will appear online if issue dates other than the 1st or the 20TH
are entered.


Policy Records
- --------------

The mode of payment shown on page 3 of the policy will be 'monthly'.  The
Agent's Record Card will show monthly/CSA, monthly/FESS, monthly/Gov't or 
monthly/HOSS.

Mode of payment rider pages have been discontinued and therefore
were not developed for this product. 

                                       5
<PAGE>
 
Forms Distribution
- ------------------

Submit all authorization forms to the Special Accounts Division in the Home
Office as is currently done. Make certain that a copy of the Agent's Record Card
accompanies each authorization. For Government Allotment & Fedematic cases where
the initial payment is by allotment, the attached form (exhibit I) is to be used
to send the authorization for these policies to the Home Office. The Home Office
will reply via Bulletin, indicating that the first payment has been received.

A copy of all forms are to be retained for microfilming with the original
application.

Reissues
- --------

Special Account reissue rules are the same as any other FPMLI policies. Review
the 'BI' screen of the VTGl system to determine the status of the policy.

If the status is unplaced 'W'

        --Process VTGI transaction QA-N to change status to 'N' for not-taken

        --Update VTGI user area line 4 on each policy in the usual manner

If the policy is placed, status 'A' for active, refer to the premium payment
processing area in your office for handling.

In either case, complete exhibit 2 and send it along with the new Agent's Record
Card and copies of the authorization forms to the Special Accounts Division in
the Home Office.


                                      6
<PAGE>
 
                              FES/ADMINISTRATION
                              ------------------


Premium Payments

An advance pay equalling 2 monthly premiums will be received on these cases.
The advance payment and placing should be handled the regular way. Subsequent
payments will be processed by Special Accounts each month.

The applicable VTGI memo code used by Special Accounts are:

                GA   Gov't allotment  
                ES   Commer. sal. allot 
                SS   Metropolitan sal. sav

Recalls involving these memo codes should be refetred to Special Accounts in the
Home office.  You may recall payments applied by your office.

Reissues
- --------

Process VTG1 transaction QA-C as is currently done to make the old policy not-
taken.  Reapply necessary monies to the new policy.  Update VTG1 User Area line
4 as is currently done.

Transfers
- ---------

Existing FPMLI policies can be transferred to a Special Account arrangement.
Requests for transfers to the special Account modes of payment are to be
referred to the Home Office.


                                      7
<PAGE>
 
TO:     SPECIAL ACCOUNTS DIVISION
        NY HOME OFFICE


               SALARY ALLOTMENT AND MISCELLANEOUS ACCOUNTS SECTION (AREA 10V)
- --------------

               GOVERNMENT ALLOTMENT RECORD SECTION (AREA 10VW)
- --------------

Original Policy Number                             Name
                      ---------------------------       ---------------------

Employee or Social                                 Branch of
Security Number                                    Service
                --------------------------------            -----------------


- -------------------------   ------------------------   ------------------------
    Monthly Premium               District                  (Issue Date)


[_]  The above policy has been reissued to Policy Number 
                                                         ----------------------
     Issue date                  .  Please start deductions with premium due
                ----------------
                             and update the Allotment disk file where necessary.
     -----------------------
          (enter date)

[X]  The above policy was issued on                 (Salary Authorization Form
                                    ---------------
     Attached). Please update all necessary records so that allotment processing
     may take place on schedule.

[_]  The above policy was made Not Taken. Please inhibit all future payment 
     activity and refund premiums accordingly.


[_]  Additional Comments:
                          ------------------------------------------------------

     ---------------------------------------------------------------------------

     ---------------------------------------------------------------------------

<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN
LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 1
   <NAME>   GROWTH
        
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-START>                                  JAN-01-1996
<PERIOD-END>                                    DEC-31-1996
<INVESTMENTS-AT-COST>                           133,325,492
<INVESTMENTS-AT-VALUE>                          158,920,369
<RECEIVABLES>                                             0
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                 11,882
<TOTAL-ASSETS>                                  158,932,251
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                            34,679
<TOTAL-LIABILITIES>                                  34,679
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                                  0
<SHARES-COMMON-STOCK>                             5,208,796
<SHARES-COMMON-PRIOR>                                     0
<ACCUMULATED-NII-CURRENT>                                 0
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                                   0
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                                  0
<NET-ASSETS>                                    158,897,572
<DIVIDEND-INCOME>                                15,051,436
<INTEREST-INCOME>                                         0
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                    1,221,219
<NET-INVESTMENT-INCOME>                          13,830,217
<REALIZED-GAINS-CURRENT>                          2,929,455
<APPREC-INCREASE-CURRENT>                         9,406,099
<NET-CHANGE-FROM-OPS>                            26,165,779
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                                 0
<DISTRIBUTIONS-OF-GAINS>                                  0
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                                   0
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<NET-CHANGE-IN-ASSETS>                           46,456,950
<ACCUMULATED-NII-PRIOR>                                   0
<OVERDISTRIB-NII-PRIOR>                                   0
<ACCUMULATED-GAINS-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                     0
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                           0
<AVERAGE-NET-ASSETS>                                      0
<PER-SHARE-NAV-BEGIN>                                     0
<PER-SHARE-NII>                                           0
<PER-SHARE-GAIN-APPREC>                                   0
<PER-SHARE-DIVIDEND>                                      0
<PER-SHARE-DISTRIBUTIONS>                                 0
<RETURNS-OF-CAPITAL>                                      0
<PER-SHARE-NAV-END>                                       0
<EXPENSE-RATIO>                                           0
<AVG-DEBT-OUTSTANDING>                                    0
<AVG-DEBT-PER-SHARE>                                      0
         

</TABLE>

<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN
LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 2
   <NAME>   INCOME
        
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-START>                                  JAN-01-1996
<PERIOD-END>                                    DEC-31-1996
<INVESTMENTS-AT-COST>                            27,751,597  
<INVESTMENTS-AT-VALUE>                           27,327,760  
<RECEIVABLES>                                             0  
<ASSETS-OTHER>                                            0  
<OTHER-ITEMS-ASSETS>                                  3,998  
<TOTAL-ASSETS>                                   27,331,758  
<PAYABLE-FOR-SECURITIES>                                  0  
<SENIOR-LONG-TERM-DEBT>                                   0  
<OTHER-ITEMS-LIABILITIES>                            74,006  
<TOTAL-LIABILITIES>                                  74,006  
<SENIOR-EQUITY>                                           0  
<PAID-IN-CAPITAL-COMMON>                                  0  
<SHARES-COMMON-STOCK>                             2,210,984  
<SHARES-COMMON-PRIOR>                                     0
<ACCUMULATED-NII-CURRENT>                                 0  
<OVERDISTRIBUTION-NII>                                    0  
<ACCUMULATED-NET-GAINS>                                   0  
<OVERDISTRIBUTION-GAINS>                                  0  
<ACCUM-APPREC-OR-DEPREC>                                  0  
<NET-ASSETS>                                     27,257,752  
<DIVIDEND-INCOME>                                 1,723,590  
<INTEREST-INCOME>                                         0  
<OTHER-INCOME>                                            0  
<EXPENSES-NET>                                      220,150  
<NET-INVESTMENT-INCOME>                           1,503,440  
<REALIZED-GAINS-CURRENT>                           (16,679) 
<APPREC-INCREASE-CURRENT>                         (697,499) 
<NET-CHANGE-FROM-OPS>                               789,262  
<EQUALIZATION>                                            0  
<DISTRIBUTIONS-OF-INCOME>                                 0  
<DISTRIBUTIONS-OF-GAINS>                                  0  
<DISTRIBUTIONS-OTHER>                                     0  
<NUMBER-OF-SHARES-SOLD>                                   0  
<NUMBER-OF-SHARES-REDEEMED>                               0  
<SHARES-REINVESTED>                                       0  
<NET-CHANGE-IN-ASSETS>                            4,946,281  
<ACCUMULATED-NII-PRIOR>                                   0  
<OVERDISTRIB-NII-PRIOR>                                   0  
<ACCUMULATED-GAINS-PRIOR>                                 0  
<OVERDIST-NET-GAINS-PRIOR>                                0  
<GROSS-ADVISORY-FEES>                                     0  
<INTEREST-EXPENSE>                                        0  
<GROSS-EXPENSE>                                           0  
<AVERAGE-NET-ASSETS>                                      0  
<PER-SHARE-NAV-BEGIN>                                     0  
<PER-SHARE-NII>                                           0  
<PER-SHARE-GAIN-APPREC>                                   0  
<PER-SHARE-DIVIDEND>                                      0  
<PER-SHARE-DISTRIBUTIONS>                                 0  
<RETURNS-OF-CAPITAL>                                      0  
<PER-SHARE-NAV-END>                                       0  
<EXPENSE-RATIO>                                           0  
<AVG-DEBT-OUTSTANDING>                                    0  
<AVG-DEBT-PER-SHARE>                                      0  
         

</TABLE>

<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN
LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME>    MONEY MARKET
        
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-START>                                  JAN-01-1996
<PERIOD-END>                                    DEC-31-1996
<INVESTMENTS-AT-COST>                             6,278,669                
<INVESTMENTS-AT-VALUE>                            6,095,430                
<RECEIVABLES>                                             0                
<ASSETS-OTHER>                                            0                
<OTHER-ITEMS-ASSETS>                                 86,448                
<TOTAL-ASSETS>                                    6,181,878                
<PAYABLE-FOR-SECURITIES>                                  0                
<SENIOR-LONG-TERM-DEBT>                                   0                
<OTHER-ITEMS-LIABILITIES>                            62,023                
<TOTAL-LIABILITIES>                                  62,023                
<SENIOR-EQUITY>                                           0                
<PAID-IN-CAPITAL-COMMON>                                  0                
<SHARES-COMMON-STOCK>                               584,077                
<SHARES-COMMON-PRIOR>                                     0
<ACCUMULATED-NII-CURRENT>                                 0                
<OVERDISTRIBUTION-NII>                                    0                
<ACCUMULATED-NET-GAINS>                                   0                
<OVERDISTRIBUTION-GAINS>                                  0                
<ACCUM-APPREC-OR-DEPREC>                                  0                
<NET-ASSETS>                                      6,119,855                
<DIVIDEND-INCOME>                                   300,997                
<INTEREST-INCOME>                                         0                
<OTHER-INCOME>                                            0                
<EXPENSES-NET>                                       37,221                
<NET-INVESTMENT-INCOME>                             263,776                
<REALIZED-GAINS-CURRENT>                           (11,231)               
<APPREC-INCREASE-CURRENT>                          (90,379)               
<NET-CHANGE-FROM-OPS>                               162,166                
<EQUALIZATION>                                            0                
<DISTRIBUTIONS-OF-INCOME>                                 0                
<DISTRIBUTIONS-OF-GAINS>                                  0                
<DISTRIBUTIONS-OTHER>                                     0                
<NUMBER-OF-SHARES-SOLD>                                   0                
<NUMBER-OF-SHARES-REDEEMED>                               0                
<SHARES-REINVESTED>                                       0                
<NET-CHANGE-IN-ASSETS>                            3,145,115                
<ACCUMULATED-NII-PRIOR>                                   0                
<OVERDISTRIB-NII-PRIOR>                                   0                
<ACCUMULATED-GAINS-PRIOR>                                 0                
<OVERDIST-NET-GAINS-PRIOR>                                0                
<GROSS-ADVISORY-FEES>                                     0                
<INTEREST-EXPENSE>                                        0                
<GROSS-EXPENSE>                                           0                
<AVERAGE-NET-ASSETS>                                      0                
<PER-SHARE-NAV-BEGIN>                                     0                
<PER-SHARE-NII>                                           0                
<PER-SHARE-GAIN-APPREC>                                   0                
<PER-SHARE-DIVIDEND>                                      0                
<PER-SHARE-DISTRIBUTIONS>                                 0                
<RETURNS-OF-CAPITAL>                                      0                
<PER-SHARE-NAV-END>                                       0                
<EXPENSE-RATIO>                                           0                
<AVG-DEBT-OUTSTANDING>                                    0                
<AVG-DEBT-PER-SHARE>                                      0                
         

</TABLE>

<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN
LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 4
   <NAME>   DIVERSIFIED
        
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-START>                                  JAN-01-1996
<PERIOD-END>                                    DEC-31-1996
<INVESTMENTS-AT-COST>                           100,173,963
<INVESTMENTS-AT-VALUE>                          110,742,194
<RECEIVABLES>                                             0
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                    168
<TOTAL-ASSETS>                                  110,742,362
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                           274,903
<TOTAL-LIABILITIES>                                 274,903
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                                  0
<SHARES-COMMON-STOCK>                             6,643,203
<SHARES-COMMON-PRIOR>                                     0
<ACCUMULATED-NII-CURRENT>                                 0
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                                   0
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                                  0
<NET-ASSETS>                                    110,467,459
<DIVIDEND-INCOME>                                 9,697,032
<INTEREST-INCOME>                                         0
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                      870,631
<NET-INVESTMENT-INCOME>                           8,826,401
<REALIZED-GAINS-CURRENT>                            532,857
<APPREC-INCREASE-CURRENT>                         3,200,410
<NET-CHANGE-FROM-OPS>                            12,589,668
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                                 0
<DISTRIBUTIONS-OF-GAINS>                                  0
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                                   0
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<NET-CHANGE-IN-ASSETS>                           26,286,718
<ACCUMULATED-NII-PRIOR>                                   0
<OVERDISTRIB-NII-PRIOR>                                   0
<ACCUMULATED-GAINS-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                     0
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                           0
<AVERAGE-NET-ASSETS>                                      0
<PER-SHARE-NAV-BEGIN>                                     0
<PER-SHARE-NII>                                           0
<PER-SHARE-GAIN-APPREC>                                   0
<PER-SHARE-DIVIDEND>                                      0
<PER-SHARE-DISTRIBUTIONS>                                 0
<RETURNS-OF-CAPITAL>                                      0
<PER-SHARE-NAV-END>                                       0
<EXPENSE-RATIO>                                           0
<AVG-DEBT-OUTSTANDING>                                    0
<AVG-DEBT-PER-SHARE>                                      0
          

</TABLE>

<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN
LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 5
   <NAME>   INT'L STOCK
        
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-START>                                  JAN-01-1996
<PERIOD-END>                                    DEC-31-1996
<INVESTMENTS-AT-COST>                            24,907,650 
<INVESTMENTS-AT-VALUE>                           23,798,267 
<RECEIVABLES>                                             0 
<ASSETS-OTHER>                                            0 
<OTHER-ITEMS-ASSETS>                                  6,129 
<TOTAL-ASSETS>                                   23,804,396 
<PAYABLE-FOR-SECURITIES>                                  0 
<SENIOR-LONG-TERM-DEBT>                                   0 
<OTHER-ITEMS-LIABILITIES>                           135,056 
<TOTAL-LIABILITIES>                                 135,056 
<SENIOR-EQUITY>                                           0 
<PAID-IN-CAPITAL-COMMON>                                  0 
<SHARES-COMMON-STOCK>                             1,991,487 
<SHARES-COMMON-PRIOR>                                     0
<ACCUMULATED-NII-CURRENT>                                 0 
<OVERDISTRIBUTION-NII>                                    0 
<ACCUMULATED-NET-GAINS>                                   0 
<OVERDISTRIBUTION-GAINS>                                  0 
<ACCUM-APPREC-OR-DEPREC>                                  0 
<NET-ASSETS>                                     23,669,340 
<DIVIDEND-INCOME>                                   200,282 
<INTEREST-INCOME>                                         0 
<OTHER-INCOME>                                            0 
<EXPENSES-NET>                                      181,892 
<NET-INVESTMENT-INCOME>                              18,390 
<REALIZED-GAINS-CURRENT>                            (9,816)
<APPREC-INCREASE-CURRENT>                         (559,306)
<NET-CHANGE-FROM-OPS>                             (550,732)
<EQUALIZATION>                                            0 
<DISTRIBUTIONS-OF-INCOME>                                 0 
<DISTRIBUTIONS-OF-GAINS>                                  0 
<DISTRIBUTIONS-OTHER>                                     0 
<NUMBER-OF-SHARES-SOLD>                                   0 
<NUMBER-OF-SHARES-REDEEMED>                               0 
<SHARES-REINVESTED>                                       0 
<NET-CHANGE-IN-ASSETS>                            6,373,203 
<ACCUMULATED-NII-PRIOR>                                   0 
<OVERDISTRIB-NII-PRIOR>                                   0 
<ACCUMULATED-GAINS-PRIOR>                                 0 
<OVERDIST-NET-GAINS-PRIOR>                                0 
<GROSS-ADVISORY-FEES>                                     0 
<INTEREST-EXPENSE>                                        0 
<GROSS-EXPENSE>                                           0 
<AVERAGE-NET-ASSETS>                                      0 
<PER-SHARE-NAV-BEGIN>                                     0 
<PER-SHARE-NII>                                           0 
<PER-SHARE-GAIN-APPREC>                                   0 
<PER-SHARE-DIVIDEND>                                      0 
<PER-SHARE-DISTRIBUTIONS>                                 0 
<RETURNS-OF-CAPITAL>                                      0 
<PER-SHARE-NAV-END>                                       0 
<EXPENSE-RATIO>                                           0 
<AVG-DEBT-OUTSTANDING>                                    0 
<AVG-DEBT-PER-SHARE>                                      0 
          

</TABLE>

<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN
LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 6
   <NAME>   STOCK INDEX
        
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-START>                                  JAN-01-1996
<PERIOD-END>                                    DEC-31-1996
<INVESTMENTS-AT-COST>                            27,248,573 
<INVESTMENTS-AT-VALUE>                           32,253,185 
<RECEIVABLES>                                             0 
<ASSETS-OTHER>                                            0 
<OTHER-ITEMS-ASSETS>                                119,880 
<TOTAL-ASSETS>                                   32,373,065 
<PAYABLE-FOR-SECURITIES>                                  0 
<SENIOR-LONG-TERM-DEBT>                                   0 
<OTHER-ITEMS-LIABILITIES>                           339,551 
<TOTAL-LIABILITIES>                                 339,551 
<SENIOR-EQUITY>                                           0 
<PAID-IN-CAPITAL-COMMON>                                  0 
<SHARES-COMMON-STOCK>                             1,450,886 
<SHARES-COMMON-PRIOR>                                     0
<ACCUMULATED-NII-CURRENT>                                 0 
<OVERDISTRIBUTION-NII>                                    0 
<ACCUMULATED-NET-GAINS>                                   0 
<OVERDISTRIBUTION-GAINS>                                  0 
<ACCUM-APPREC-OR-DEPREC>                                  0 
<NET-ASSETS>                                     32,033,514 
<DIVIDEND-INCOME>                                   744,725 
<INTEREST-INCOME>                                         0 
<OTHER-INCOME>                                            0 
<EXPENSES-NET>                                      185,397 
<NET-INVESTMENT-INCOME>                             559,328 
<REALIZED-GAINS-CURRENT>                            742,061 
<APPREC-INCREASE-CURRENT>                         2,836,911 
<NET-CHANGE-FROM-OPS>                             4,138,300 
<EQUALIZATION>                                            0 
<DISTRIBUTIONS-OF-INCOME>                                 0 
<DISTRIBUTIONS-OF-GAINS>                                  0 
<DISTRIBUTIONS-OTHER>                                     0 
<NUMBER-OF-SHARES-SOLD>                                   0 
<NUMBER-OF-SHARES-REDEEMED>                               0 
<SHARES-REINVESTED>                                       0 
<NET-CHANGE-IN-ASSETS>                           18,607,744 
<ACCUMULATED-NII-PRIOR>                                   0 
<OVERDISTRIB-NII-PRIOR>                                   0 
<ACCUMULATED-GAINS-PRIOR>                                 0 
<OVERDIST-NET-GAINS-PRIOR>                                0 
<GROSS-ADVISORY-FEES>                                     0 
<INTEREST-EXPENSE>                                        0 
<GROSS-EXPENSE>                                           0 
<AVERAGE-NET-ASSETS>                                      0 
<PER-SHARE-NAV-BEGIN>                                     0 
<PER-SHARE-NII>                                           0 
<PER-SHARE-GAIN-APPREC>                                   0 
<PER-SHARE-DIVIDEND>                                      0 
<PER-SHARE-DISTRIBUTIONS>                                 0 
<RETURNS-OF-CAPITAL>                                      0 
<PER-SHARE-NAV-END>                                       0 
<EXPENSE-RATIO>                                           0 
<AVG-DEBT-OUTSTANDING>                                    0 
<AVG-DEBT-PER-SHARE>                                      0  
          

</TABLE>

<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM METROPOLITAN
LIFE SEPARATE ACCOUNT UL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 7
   <NAME>   AGGR. GROWTH 
        
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-START>                                  JAN-01-1996
<PERIOD-END>                                    DEC-31-1996
<INVESTMENTS-AT-COST>                            78,361,229
<INVESTMENTS-AT-VALUE>                           84,106,614
<RECEIVABLES>                                             0
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                 28,704
<TOTAL-ASSETS>                                   84,135,318
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                           394,115
<TOTAL-LIABILITIES>                                 394,115
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                                  0
<SHARES-COMMON-STOCK>                             3,107,005
<SHARES-COMMON-PRIOR>                                     0
<ACCUMULATED-NII-CURRENT>                                 0
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                                   0
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                                  0
<NET-ASSETS>                                     83,741,203
<DIVIDEND-INCOME>                                 2,234,170
<INTEREST-INCOME>                                         0
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                      641,863
<NET-INVESTMENT-INCOME>                           1,592,307
<REALIZED-GAINS-CURRENT>                            166,243
<APPREC-INCREASE-CURRENT>                         1,728,894
<NET-CHANGE-FROM-OPS>                             3,487,444
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                                 0
<DISTRIBUTIONS-OF-GAINS>                                  0
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                                   0
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<NET-CHANGE-IN-ASSETS>                           29,409,406
<ACCUMULATED-NII-PRIOR>                                   0
<OVERDISTRIB-NII-PRIOR>                                   0
<ACCUMULATED-GAINS-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                     0
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                           0
<AVERAGE-NET-ASSETS>                                      0
<PER-SHARE-NAV-BEGIN>                                     0
<PER-SHARE-NII>                                           0
<PER-SHARE-GAIN-APPREC>                                   0
<PER-SHARE-DIVIDEND>                                      0
<PER-SHARE-DISTRIBUTIONS>                                 0
<RETURNS-OF-CAPITAL>                                      0
<PER-SHARE-NAV-END>                                       0
<EXPENSE-RATIO>                                           0
<AVG-DEBT-OUTSTANDING>                                    0
<AVG-DEBT-PER-SHARE>                                      0 
          

</TABLE>


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