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[NEW YORK LIFE LOGO] NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (NYLIAC)
51 Madison Avenue, New York, NY, 10010 (A Delaware Corporation)
NYLIAC VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT - I
SUPPLEMENTAL DISCLOSURE PAGE
Supplement dated May 1, 1998 to Prospectus dated May 1, 1998.
For Massachusetts residents, this disclosure page is delivered as a
supplement to the Prospectus for the NYLIAC Variable Universal Life
Insurance Policy. This page includes information required by Massachusetts
law and should be read carefully. We will send you a report that will
update the figures shown on this page at least once each year.
SEPARATE ACCOUNT NET INVESTMENT RETURN*
The net investment returns for the Investment Divisions of the Separate Account
at the end of each applicable year are as follows:
<TABLE>
<CAPTION>
INVESTMENT DIVISION 1993(a) 1994 1995 1996 1997
- ------------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
MainStay VP Capital Appreciation 2.35% (5.05)% 34.84% 17.92% 22.63%
MainStay VP Cash Management 0.16% 3.12% 4.86% 4.29% 4.53%
MainStay VP Convertible N/A(d) N/A(d) N/A(d) 3.06%(d) 14.62%
MainStay VP Government 0.13% (2.52)% 15.91% 1.56% 8.72%
MainStay VP High Yield Corporate Bond N/A(c) N/A(c) 9.53%(c) 16.37% 12.24%
MainStay VP International Equity N/A(c) N/A(c) 6.46%(c) 9.77% 4.44%
MainStay VP Total Return 1.78% (4.66)% 27.44% 11.30% 16.98%
MainStay VP Value N/A(c) N/A(c) 16.21%(c) 22.36% 22.04%
MainStay VP Bond N/A(b) (0.43)%(b) 17.48% 1.33% 8.89%
MainStay VP Growth Equity N/A(b) 1.45%(b) 28.26% 23.63% 25.87%
MainStay VP Indexed Equity 0.00% 5.83% 35.94% 21.57% 31.91%
Alger American Small Capitalization N/A(d) N/A(d) N/A(d) (3.40)%(d) 10.62%
Calvert Social Balanced N/A(d) N/A(d) N/A(d) (0.41)%(d) 19.24%
Fidelity VIP II Contrafund N/A(d) N/A(d) N/A(d) 3.94%(d) 23.28%
Fidelity VIP Equity-Income N/A(d) N/A(d) N/A(d) 3.81%(d) 27.22%
Janus Aspen Series Balanced N/A(d) N/A(d) N/A(d) 1.49%(d) 21.25%
Janus Aspen Series Worldwide Growth N/A(d) N/A(d) N/A(d) 2.86%(d) 21.31%
Morgan Stanley Emerging Markets Equity N/A(d) N/A(d) N/A(d) 0.14%(d) -0.39%
</TABLE>
* Footnotes appear on the back of this page.
21125 MASS. (5/98) PLEASE RETAIN FOR FUTURE REFERENCE.
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(a) The NYLIAC Variable Universal Life Separate Account I commenced
operations on December 3, 1993. Net investment returns listed for 1993
cover the period from December 3, 1993 through December 31, 1993, and may
not be indicative of the Separate Account's performance for a full year.
(b) There are no investment return figures for the MainStay VP Bond and
MainStay VP Growth Equity Investment Divisions for 1993. These Investment
Divisions were not available until May 2, 1994 in connection with the
policy. The returns listed for these Investment Divisions for 1994 are
for the period from May 2, 1994 through December 31, 1994.
(c) The MainStay VP High Yield Corporate Bond, MainStay VP International
Equity and MainStay VP Value Investment Divisions became available in
connection with the policy on May 1, 1995. The returns listed for these
Investment Divisions for 1995 are for the period from May 1, 1995 through
December 31, 1995.
(d) The MainStay VP Convertible, Alger American Small Capitalization, Calvert
Social Balanced, Fidelity VIP II Contrafund, Fidelity VIP Equity-Income,
Janus Aspen Series Balanced, Janus Aspen Series Worldwide Growth and
Morgan Stanley Emerging Markets Equity Investment Divisions became
available on October 1, 1996 in connection with the policy. The returns
listed for these Investment Divisions for 1996 are for the period from
October 1, 1996 through December 31, 1996.
Past performance is no guarantee of future results. The investment return and
the accumulation value of your policy will fluctuate so that your contract, when
surrendered, may be worth more or less than the original cost. Performance
reflects the percentage change for the period shown with capital gains and
dividends reinvested.
Performance reflects the deduction of the policy's current mortality and expense
risk charge (.60%), the administration fee (.10%) and total portfolio operating
expenses. However, it does not reflect the policy fees or charges. These include
the cost of insurance, surrender charges, monthly contract charges, sales
expense charges, and premium and federal tax charges. Had these expenses been
deducted, investment returns would have been lower.
NYLIAC has agreed to assume a portion of the expenses of the MainStay VP
Convertible and the MainStay VP International Equity Investment Divisions until
12/31/98. This expense limitation was in effect until 12/31/97 for the MainStay
VP High Yield Corporate Bond, and MainStay VP Value Investment Divisions, and
until 12/31/96 for all other MainStay VP Investment Divisions. In addition,
Janus Capital Corporation has agreed to reduce the advisory fee for the Janus
Aspen Series Balanced and the Janus Aspen Series Worldwide Growth Investment
Divisions; and Morgan Stanley Asset Management Inc. has agreed to reduce the
advisory fee and assume certain expenses of the Morgan Stanley Emerging Markets
Equity Investment Division. Had these expenses not been assumed or reduced, the
total returns for these Investment Divisions would have been lower.
For additional information, including illustrations which reflect guaranteed
maximum cost of insurance rates, please consult the prospectus.
All other information required by law is included in the Prospectus for the
NYLIAC Variable Universal Life Separate Account to which this disclosure page is
attached.
21125 MASS. (5/98)
