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SUPPLEMENT to the PROSPECTUSES dated APRIL 30, 1999 For Metropolitan Life
Separate Account UL Equity Options
Issued By:
Metropolitan Life Insurance Company
You should read this Supplement in conjunction with the appropriate prospectus
for the Metropolitan Life Separate Account UL and retain it with your prospectus
for your future reference. This Supplement is for use between the date
Metropolitan Life Insurance Company ("MetLife", "we") adopts a plan of
reorganization from a mutual company to a stock company and the date on which
the reorganization takes place. This time period is referred to as the "pendency
period." New York Insurance Law requires that we provide persons issued an
equity option during the pendency period with a Notice. The Notice follows and
is part of this Supplement. You should read it carefully. The Notice is only for
use in connection with MetLife's offering of EQUITY OPTIONS for Metropolitan
Life Separate Account UL during the pendency period. NOTICE OF PENDENCY of a
Plan of Reorganization On September 28, 1999, Metropolitan Life Insurance
Company ("MetLife" or "we") adopted a plan of reorganization to convert from a
mutual life insurance company to a stock life insurance company (the "plan").
Upon conversion, MetLife will become a wholly owned subsidiary of a new publicly
owned holding company, MetLife, Inc. The plan is subject to approval by the New
York State Superintendent of Insurance after a public hearing. In addition, the
plan cannot go into effect unless it is approved by a vote of eligible MetLife
policyholders and contract holders whose policies or contracts were in force on
September 28, 1999. Subject to these approvals and certain other conditions, we
expect the plan to become effective during the first quarter of the year 2000.
Holders of policies or contracts who are entitled to vote on the plan will be
entitled to receive certain compensation pursuant to the terms of the plan. Our
conversion to a stock company will have no effect on your rights or our
obligations under your policy or contract, all of which will remain exactly as
stated in the policy or contract. Upon conversion, however, our policyholders
and contract holders will no longer have rights as members of MetLife. (These
rights consist primarily of the right to vote on matters submitted to
policyholders for a vote, including the election of directors, and the right to
receive a portion of any remaining surplus if the company is liquidated.) In
addition, because the policy or contract for which this Notice of Pendency is
being given was issued after September 28, 1999, or was issued but the required
premium was not paid by that date, the New York Insurance Law provides that you
will not (by virtue of that policy or contract) be entitled to vote on the plan
or to receive compensation pursuant to the plan. This Notice of Pendency has no
effect on your rights with respect to any other policies or contracts issued by
us. We bring this to your attention because your policy or contract was not
issued by September 28, 1999, or was issued but the required premium was not
paid by that date. Upon receipt of this Notice of Pendency, you have the right
under the New York Insurance Law to rescind your policy or contract and obtain a
refund of any amounts paid with respect to your policy or contract. A written
notice must be delivered to MetLife stating that you wish to exercise the
rescission and refund right under this Notice of Pendency. Any such notice must
be received by our Administrative Offices or your MetLife representative within
ten days of the date you receive this Notice. If you exercise this rescission
and refund right, your application will be cancelled, your policy or contract
will be rescinded, and any premium you have paid will be refunded to you. You
will then have no further rights under the policy or contract. This notification
itself does not affect your right to exercise any contractual provisions
contained within the policy or contract. For separate account policies or
contracts, however, the amount of the refund would be as described in the Right
to Examine Policy or Right to Examine Contract provision on the cover of your
policy or contract form. If you have any questions regarding this Notice, please
contact your Financial Services Representative or call 1-800-Met-5000
(1-800-638-5000). KEEP THIS SUPPLEMENT WITH YOUR PROSPECTUS September 29, 1999
E99098LHI(exp0900)MLIC-LD
