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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, 1999 to Prospectus dated May 1, 1999.
For Massachusetts residents, this disclosure page is delivered as a
supplement to the Prospectus for the NYLIAC Variable Universal Life
Insurance and NYLIAC Survivorship Variable Universal Life Insurance
policies. This page includes information required by Massachusetts law.
You should read it 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(a)
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 1998
- ------------------- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
MainStay VP Capital Appreciation 2.35% (5.05)% 34.84% 17.92% 22.63% 37.17%
MainStay VP Cash Management 0.16% 3.12% 4.86% 4.29% 4.53% 4.46%
MainStay VP Convertible N/A(d) N/A(d) N/A(d) 3.06%(d) 14.62% 3.76%
MainStay VP Government 0.13% (2.52)% 15.91% 1.56% 8.72% 8.24%
MainStay VP High Yield Corporate Bond N/A(c) N/A(c) 9.53%(c) 16.37% 12.24% 1.95%
MainStay VP International Equity N/A(c) N/A(c) 6.46%(c) 9.77% 4.44% 22.26%
MainStay VP Total Return 1.78% (4.66)% 27.44% 11.30% 16.98% 26.24%
MainStay VP Value N/A(c) N/A(c) 16.21%(c) 22.36% 22.04% (4.81)%
MainStay VP Bond N/A(b) (0.43)% (b) 17.48% 1.33% 8.89% 8.36%
MainStay VP Growth Equity N/A(b) 1.45%(b) 28.26% 23.63% 25.87% 25.71%
MainStay VP Indexed Equity 0.00% 5.83% 35.94% 21.57% 31.91% 27.59%
Alger American Small Capitalization N/A(d) N/A(d) N/A(d) (3.40)%(d) 10.62% 14.72%
Calvert Social Balanced N/A(d) N/A(d) N/A(d) (0.41)%(d) 19.24% 15.46%
Fidelity VIP II Contrafund N/A(d) N/A(d) N/A(d) 3.94%(d) 23.28% 29.07%
Fidelity VIP Equity-Income N/A(d) N/A(d) N/A(d) 3.81%(d) 27.22% 10.85%
Janus Aspen Series Balanced N/A(d) N/A(d) N/A(d) 1.49%(d) 21.25% 33.35%
Janus Aspen Series Worldwide Growth N/A(d) N/A(d) N/A(d) 2.86%(d) 21.31% 28.02%
Morgan Stanley Emerging Markets Equity N/A(d) N/A(d) N/A(d) 0.14%(d) (0.39)% (24.71)%
</TABLE>
PLEASE RETAIN FOR FUTURE REFERENCE.
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(a) The NYLIAC Variable Universal Life Separate Account I serves as the
separate account for the NYLIAC Variable Universal Life Insurance and
NYLIAC Survivorship Variable Universal Life Insurance policies. 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. For
periods prior to May 6, 1998, when the NYLIAC Survivorship Variable
Universal Life Insurance policies became available, performance assumes
that these policies were available and that the Investment Divisions
were offered under the NYLIAC Survivorship Variable Universal Life
Insurance policies, which they were not.
(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 assumed a portion of the expenses for 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 to the
level of the corresponding Janus retail fund; and Morgan Stanley Dean Witter
Investment Management Inc. has waived receipt of its advisory fee for the Morgan
Stanley Dean Witter 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 Insurance or Survivorship Variable Universal Life
Insurance policies to which this disclosure page is attached.
