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Supplement dated March 15, 1996
to Flexible Premium Variable Life Survivorship
Insurance Policy Prospectus dated May 1, 1995
The following information replaces the text under "Additional Sum Insured"
appearing on pages 14 and 15 of the Prospectus:
Additional Sum Insured. The Owner must purchase an amount of Additional
Sum Insured under the Policy equal in amount to the Basic Sum Insured under the
Policy. The Basic Sum Insured and Additional Sum Insured generally cannot be
increased or decreased after issue, although the Additional Sum Insured may be
decreased or, upon application and submission or evidence of insurability,
increased on a Policy anniversary. John Hancock may refuse to accept any request
to reduce the Additional Sum Insured (a) that would cause the Policy's current
Sum Insured to fall below $1,000,000 or (b) if immediately following the
reduction, the Policy's current death benefit would reflect an increase
necessary for the Policy to continue to qualify as life insurance (see "Death
Benefits-Definition of Life Insurance") or an increase pursuant to the optional
Extra Death Benefit feature. Any change in Additional Sum Insured will become
effective at the beginning of the Policy year after John Hancock receives in
good order at its Home Office all information necessary to process the change,
and, in the case of an increase in coverage, approves the change.
Any decision by the Owner to modify the amount of Additional Sum Insured
coverage after issue can have significant tax consequences. See "Tax
Considerations-Policy Proceeds."
The Owner may elect among several forms of Additional Sum Insured coverage:
a level amount of coverage; an amount of coverage that increases on each Policy
anniversary up to a prescribed limit; an amount of coverage that increases on
each Policy anniversary equal to the amount of premiums paid during prior years
plus the Planned Premium for the current year, subject to certain limits; or a
combination of those forms of coverage.
The amount of any Additional Sum Insured is not included in any Guaranteed
Minimum Death Benefit. Therefore, if the Policy's Account Value is insufficient
to pay the monthly charges as they fall due (including the charges for the
Additional Sum Insured) the Additional Sum Insured coverage will lapse, even if
the Basic Sum Insured stays in effect pursuant to the Guaranteed Minimum Death
Benefit feature.
The Additional Sum Insured is limited to 100% of the Basic Sum Insured at
issue of the Policy and 400% of the Basic Sum Insured thereafter.
The following amends the reference to the minimum dollar amount of a Policy
loan appearing on page 16 of the Prospectus:
The amount of any loan may not be less than $500.
The following information is added to the references in the Prospectus to
the amount of death benefit proceeds:
If the last surviving Insured or the younger of two living insureds attains
age 100, the Surrender Value otherwise payable on such date will become payable
to the beneficiary instead of any death benefit.
The following amends the reference on page 17 of the Prospectus to the
period of time in which reinstatement must be requested:
The request must be received at John Hancock's Home Office within 3 years
after the beginning of the grace period....
