<PAGE>
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY
SUPPLEMENT DATED MARCH 3, 1997
TO
PROSPECTUS DATED MAY 1, 1996
This supplements the information contained in the prospectus ("Prospectus")
for Flexible Premium Multifunded Life Insurance Policies, dated May 1, 1996
and includes information from the supplement to the Prospectus dated January
17, 1997. You should keep this Supplement to the Prospectus for future
reference.
1. The names of the following seven portfolios of the Metropolitan Series
Fund, Inc. ("Fund") and the corresponding divisions of Metropolitan Separate
Account UL have been changed wherever they appear in the Prospectus:
<TABLE>
<CAPTION>
OLD PORTFOLIO AND
DIVISION NAME NEW PORTFOLIO AND DIVISION NAME
- ----------------- -------------------------------
<S> <C>
Growth State Street Research Growth
Income State Street Research Income
Money Market MetLife Money Market
Diversified State Street Research Diversified
Aggressive Growth State Street Research Aggressive Growth
Stock Index MetLife Stock Index
International Stock GFM International Stock
</TABLE>
2. Four new investment divisions that correspond to four new portfolios of
the Fund have been added. These divisions are the Loomis Sayles High Yield
Bond Division, the Janus Mid Cap Division, the T. Rowe Price Small Cap Growth
Division, and the Scudder Global Equity Division. The accompanying prospectus
for the Fund describes the investment objectives and certain attendant risks
of these new portfolios. These investment divisions and corresponding
portfolios may not be available in all states. Consult a sales representative
registered with Metropolitan Life Insurance Company ("Metropolitan Life") for
additional information. A brief summary of the investment objectives of these
new portfolios is set forth below:
Loomis Sayles High Yield Bond Portfolio. The portfolio seeks 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.
T. Rowe Price Small Cap Growth Portfolio. The portfolio seeks long-term
capital growth by investing in small capitalization companies.
Janus Mid Cap Portfolio. The portfolio is a non-diversified portfolio that
seeks long-term growth of capital. It pursues this objective by investing
primarily in securities issued by medium sized companies.
Scudder Global Equity Portfolio. The portfolio seeks 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.
Metropolitan Life is the investment manager of each of the new portfolios of
the Fund. Loomis, Sayles & Company, L.P., whose general partner is indirectly
owned by Metropolitan Life, is the sub-investment manager of the Loomis Sayles
High Yield Bond Portfolio. T. Rowe Price Associates, Inc. is the sub-
investment manager of the T. Rowe Price Small Cap Growth Portfolio. Janus
Capital Corporation is the sub-investment manager of the Janus Mid Cap
Portfolio. Scudder, Stevens & Clark, Inc. is the sub-investment manager for
the Scudder Global Equity Portfolio. Sub-investment manager fees are paid by
Metropolitan Life.
<PAGE>
For providing investment management services to the Fund, Metropolitan Life
receives a fee from the Fund as set forth in detail in the Fund prospectus.
The marginal fee rate for the T. Rowe Price Small Cap Portfolio, Janus Mid Cap
Portfolio and Scudder Global Equity Portfolio, will decrease when the dollar
amount in each portfolio reaches certain threshold amounts. The maximum
investment management fee for the four new portfolios are equivalent to an
annual rate of: (1) .70% for the Loomis Sayles High Yield Bond Portfolio; (2)
.55% for the T. Rowe Price Small Cap Growth Portfolio; (3) .75% for the Janus
Mid Cap Portfolio; and (4) .90% for the Scudder Global Equity Portfolio.
During the first year of operation, Metropolitan Life has agreed to waive a
certain portion of its fees with respect to the Scudder Global Equity
Portfolio. For more complete information about management fees, consult the
attached Fund prospectus.
3. The addition of the new portfolios affects the total cash values, total
cash surrender values and total death benefits shown under "Illustrations of
Death Benefit, Cash Values, Cash Surrender Values and Accumulated Premiums" in
the prospectus since, using a simple average of the eleven available
portfolios of the Fund, assuming the maximum management fees, the daily charge
to the Fund for investment management services is increased to the equivalent
of a maximum annual rate of .513636% of the average daily value of the
aggregate net assets of the Fund. The result is that the cash surrender values
and cash values will be less for death benefit options A, B and C. In
addition, if the minimum death benefit applies, the death benefit will be
lower for death benefit option A, and for death benefit option C on or after
policy anniversary 65. Also, in all cases, the death benefit will be lower for
death benefit option B, and for death benefit option C prior to policy
anniversary 65. Upon request, MetLife will provide a free, personalized
hypothetical illustration that reflects this change in the investment
management fee average.
4. The GFM International Stock Portfolio is now available in connection with
Policies issued in all states.
5. Metropolitan Life will not mail a Notice of Free Look to Policy owners
that completed Part A of the application on or after February 1, 1997.
Therefore, the "Free Look Period" section that appears on page 8 of the
Prospectus is amended to delete all references to the Notice of Free Look,
including any time periods that were measured from the mailing of the Notice
of Free Look.
Metropolitan Life Insurance Company
One Madison Avenue
New York, NY 10010
(800) 638-5000
ML-2-UL2-SUPP-2 (3/97 EDITION) 97021RMK (exp 0597) MLIC-LD
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