<PAGE>
HARTFORD LIFE INSURANCE COMPANY
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STAG VARIABLE LIFE LAST SURVIVOR
SUPPLEMENT DATED APRIL 1, 1998 TO THE VARIABLE LIFE INSURANCE WITH RESPECT TO
THE
STAG VARIABLE LIFE LAST SURVIVOR PROSPECTUS DATED MAY 1, 1997
Effective April 1, 1998, the following section should be added after the
illustrations accompanying the section entitled "Appendix A -- Illustrations of
Death Benefits, Account Values and Cash Surrender Values:"
APPENDIX B
NEW YORK POLICY OWNERS
The Supplemental Face Amount is not available to an individual who purchases
the Policy in New York ("New York Policy Owner"). The Face Amount for a New York
Policy Owner will equal the initial Face Amount. Thereafter, a New York Policy
Owner may increase or decrease the Face Amount, as specified in the Policy.
The following changes to the Prospectus are applicable to New York Policy
Owners. However, a New York Policy Owners should read the entire Prospectus for
a full understanding of the Policy and the benefits it provides.
SECTION ENTITLED "FRONT-END SALES LOAD"
For New York Policy Owners, the front-end sales load will be calculated as
if 100% of premiums had been allocated to the Basic Face Amount. While the
current and maximum front-end sales load for premiums will be calculated as
stated in the Prospectus, after Policy Year 20, the current and maximum
front-end sales load for New York Policy Owner is 0%. (See second paragraph of
the section entitled "Front-End Sales Load"). The section entitled "Examples of
Front-End Sales Loads/Impact of Refund of Load," applies to New York Policy
Owners and provides an example of the actual front-end sales load and the impact
of the load refund.
SECTION ENTITLED "TRANSFERS OF ACCOUNT VALUE"
New York Policy Owners may make one transfer per calendar month free of
charge. Each subsequent transfer in excess of one per calendar month will be
subject to a transfer charge of up to $25.
SECTION ENTITLED "DEATH BENEFIT," SUBSECTION ENTITLED "DEATH BENEFIT GUARANTEE"
The Death Benefit guarantee will be in effect for New York Policy Owners if:
a) the Death Benefit guarantee period has not expired;
b) on each Monthly Activity Date, the cumulative premiums paid into the Policy,
less withdrawals from the Policy, equal or exceed the Cumulative Death
Benefit Guarantee Premium.
The Death Benefit guarantee period will expire at the end of the first 5
Policy Years. Under the section entitled, "Lapse and Reinstatement," subsection
entitled "Death Benefit Guarantee Default and Grace Period," the last survivor
life expectancy guarantee period is not available to New York Policy Owners.
SECTION ENTITLED "DEDUCTIONS AND CHARGES FROM THE ACCOUNT VALUE"
Discounts to the Cost of Insurance Charge are not available to New York
Policy Owners.
The current monthly administrative fee is the sum of $7.50 per month, plus $
0.01 per month per $1000 of Face Amount at issue, paid in Policy Years 1 through
10. The charge is guaranteed never to exceed the sum of $10 per month plus $0.03
per month per $1000 of Face Amount at issue. The issue charge is the sum of $20
per month for the first five Policy Years plus $0.05 per $1000 of Face Amount at
Issue Date or unscheduled Face Amount increase per month for the first 5 years
from the Issue Date or increase.
Additionally, the current and the guaranteed maximum mortality and expense
risk rate for the first ten Policy Years is 0.80%. For Policy Years eleven
through twenty, the current and guaranteed maximum rate is 0.50% and is reduced
to 0.25% after Policy Year 20.
<PAGE>
2 HARTFORD LIFE INSURANCE COMPANY
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For New York Policy Owners, the following illustrations replace the
illustrations in Appendix A of the Prospectus:
ILLUSTRATIONS OF DEATH BENEFITS, ACCOUNT VALUES
AND CASH SURRENDER VALUES
The tables in Appendix A illustrate the way in which a Policy operates. The
illustrations show how the Death Benefit and Account Value could vary over an
extended period of time assuming hypothetical gross rates of return equal to
constant after tax annual rates of 0%, 6% and 12%. The illustrations assume the
following: (a) A male, preferred, age 55, and a female, preferred, age 50, with
$1,000,000 of Face Amount and a premium of $15,500 paid in all years; and (b) a
male, preferred, age 65, and a female, preferred, age 65, with $1,000,000 of
Face Amount and a premium of $27,000 paid in all years.
The Death Benefit and Account Value for a Policy would be different from
those shown if the rates of return averaged 0%, 6% and 12% over a period of
years, but also fluctuated above or below those averages for individual Policy
Years. They would also differ if any Policy loan was made during the period of
time illustrated.
The illustrations reflect the deductions of guaranteed Policy charges for a
single gross interest rate. The amounts shown for the Death Benefit and Account
Values as of the end of each Policy Year take into account an average daily
charge equal to an annual charge of 0.70% of the average daily net assets of the
Funds for investment advisory and administrative services fees. The gross annual
investment return rates of 0%, 6% and 12% on the Fund's assets are equal to net
annual investment return rates (net of the 0.70% average daily charge) of -.70%,
5.30% and 11.30%, respectively.
In addition, the Death Benefit and Account Values as of the end of each
Policy Year take into account the front-end sales load, premium processing
charge, federal tax charge, premium tax charge (assumed to be 2.0% in these
illustrations), Cost of Insurance charge, monthly administrative fee, issue
charge, and mortality and expense risk charge.
The hypothetical returns shown in the illustrations are without any tax
charges that may be allocable to the Separate Account in the future. In order to
produce after-tax returns of 0%, 6%, and 12%, the Separate Account would have to
earn a sufficient amount in excess of 0%, 6%, and 12%, respectively, to cover
any tax charges. See "Detailed Description of Policy Benefits and Provisions --
Deductions and Charges From the Account Value -- Taxes."
The "Premiums Accumulated at 5% Interest Per Year" column of each
illustration shows the amount which would accumulate if the initial premium was
invested to earn interest, after taxes, of 5% per year, compounded annually.
Hartford will furnish, upon request, a comparable illustration reflecting
the proposed Insured's age and risk classification, a Policy's proposed Face
Amount or the initial premium requested, and reflecting guaranteed Cost of
Insurance rates. Hartford will also furnish an additional similar illustration
reflecting current Cost of Insurance rates which may be less than, but never
greater than, the guaranteed Cost of Insurance rates.
<PAGE>
HARTFORD LIFE INSURANCE COMPANY 3
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FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
DEATH BENEFIT OPTION: LEVEL
$1,000,000 FACE AMOUNT
ISSUE AGE 55 MALE PREFERRED
ISSUE AGE 50 FEMALE PREFERRED
$15,500 PLANNED PREMIUM
ASSUMING THE HYPOTHETICAL GROSS ANNUAL INVESTEMENT RETURNS SHOWN
AND GUARANTEED CHARGES*
<TABLE>
<CAPTION>
PREMIUMS 12% (11.30% NET) 6% (5.30% NET) 0% (-0.70% NET)
END OF ACCUMULATED ----------------------- --------------------- ---------------------
POLICY AT 5% INTEREST ACCOUNT DEATH ACCOUNT DEATH ACCOUNT DEATH
YEAR PER YEAR VALUE BENEFIT VALUE BENEFIT VALUE BENEFIT
- ------ -------------- ----------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,275 6,398** 1,000,000 6,018** 1,000,000 5,640** 1,000,000
2 33,364 19,366** 1,000,000 17,889** 1,000,000 16,459** 1,000,000
3 51,307 33,580 1,000,000 30,187 1,000,000 27,018 1,000,000
4 70,147 49,148 1,000,000 42,911 1,000,000 37,298 1,000,000
5 89,930 66,186 1,000,000 56,053 1,000,000 47,280 1,000,000
6 110,701 86,566 1,000,000 71,277 1,000,000 58,536 1,000,000
7 132,511 108,864 1,000,000 86,974 1,000,000 69,418 1,000,000
8 155,412 133,254 1,000,000 103,134 1,000,000 79,898 1,000,000
9 179,457 159,925 1,000,000 119,740 1,000,000 89,940 1,000,000
10 204,705 189,081 1,000,000 136,768 1,000,000 99,499 1,000,000
11 231,215 222,992 1,000,000 155,956 1,000,000 110,083 1,000,000
12 259,051 260,192 1,000,000 175,635 1,000,000 120,078 1,000,000
13 288,279 301,000 1,000,000 195,753 1,000,000 129,400 1,000,000
14 318,968 345,773 1,000,000 216,246 1,000,000 137,942 1,000,000
15 351,191 394,930 1,000,000 237,040 1,000,000 145,590 1,000,000
16 385,026 448,957 1,000,000 258,052 1,000,000 152,208 1,000,000
17 420,552 508,438 1,000,000 279,199 1,000,000 157,655 1,000,000
18 457,855 574,073 1,000,000 300,387 1,000,000 161,766 1,000,000
19 497,022 646,709 1,000,000 321,518 1,000,000 164,359 1,000,000
20 538,148 727,376 1,000,000 342,477 1,000,000 165,212 1,000,000
25 724,270 1,308,124 1,399,693 446,496 1,000,000 134,624 1,000,000
30 1,014,302 2,278,556 2,392,483 517,668 1,000,000 -- --
* THESE VALUES REFLECT INVESTMENT RESULTS USING GUARANTEED COST OF INSURANCE
RATES, ADMINISTRATIVE FEES, AND MORTALITY AND EXPENSE RISK RATES.
** IF YOU SURRENDER YOUR POLICY DURING THE FIRST TWO POLICY YEARS, YOU WILL
RECEIVE A REFUND IN ADDITION TO THE ACCOUNT VALUES SHOWN. THE REFUND WOULD
BE $3,100.00 IN POLICY YEAR ONE AND $3,691.28 IN POLICY YEAR TWO.
THE DEATH BENEFIT MAY AND THE ACCOUNT VALUES WILL DIFFER IF PREMIUMS ARE
PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
</TABLE>
THE HYPOTHETICAL INVESTMENT RESULTS SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT RESULTS MAY BE MORE OR LESS
THAN THOSE SHOWN. THE DEATH BENEFIT AND ACCOUNT VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF ACTUAL INVESTMENT RETURN APPLICABLE TO THE POLICY
AVERAGED THE RATE SHOWN OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR
BELOW THAT AVERAGE FOR INDIVIDUAL POLICY YEARS. THE DEATH BENEFIT AND ACCOUNT
VALUE FOR A POLICY WOULD ALSO BE DIFFERENT FROM THOSE SHOWN, DEPENDING ON THE
INVESTMENT ALLOCATIONS MADE TO THE SEPARATE ACCOUNT AND THE RATES OF RETURN OF
THE SEPARATE ACCOUNT IF THE ACTUAL RATES OF INVESTMENT RETURN APPLICABLE TO THE
POLICY AVERAGED THE RATE SHOWN, BUT VARIED ABOVE OR BELOW THAT AVERAGE FOR THE
SEPARATE ACCOUNT. NO REPRESENTATION CAN BE MADE THAT THESE HYPOTHETICAL RATES OF
RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
<PAGE>
4 HARTFORD LIFE INSURANCE COMPANY
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FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
DEATH BENEFIT OPTION: LEVEL
$1,000,000 FACE AMOUNT
ISSUE AGE 65 MALE PREFERRED
ISSUE AGE 65 FEMALE PREFERRED
$27,000 PLANNED PREMIUM
ASSUMING THE HYPOTHETICAL GROSS ANNUAL INVESTEMENT RETURNS SHOWN
AND GUARANTEED CHARGES*
<TABLE>
<CAPTION>
PREMIUMS 12% (11.30% NET) 6% (5.30% NET) 0% (-0.70% NET)
END OF ACCUMULATED ----------------------- --------------------- ---------------------
POLICY AT 5% INTEREST ACCOUNT DEATH ACCOUNT DEATH ACCOUNT DEATH
YEAR PER YEAR VALUE BENEFIT VALUE BENEFIT VALUE BENEFIT
- ------ -------------- ----------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1 28,350 12,716** 1,000,000 11,989** 1,000,000 11,263** 1,000,000
2 58,118 35,880** 1,000,000 33,125** 1,000,000 30,459** 1,000,000
3 89,373 60,575 1,000,000 54,342 1,000,000 48,528 1,000,000
4 122,192 86,829 1,000,000 75,506 1,000,000 65,343 1,000,000
5 156,652 114,666 1,000,000 96,459 1,000,000 80,757 1,000,000
6 192,834 146,388 1,000,000 119,199 1,000,000 96,675 1,000,000
7 230,826 179,911 1,000,000 141,368 1,000,000 110,726 1,000,000
8 270,717 215,184 1,000,000 162,626 1,000,000 122,573 1,000,000
9 312,603 252,142 1,000,000 182,555 1,000,000 131,802 1,000,000
10 356,583 290,746 1,000,000 200,693 1,000,000 137,945 1,000,000
11 402,762 334,367 1,000,000 219,411 1,000,000 143,007 1,000,000
12 451,251 380,403 1,000,000 235,583 1,000,000 143,967 1,000,000
13 502,163 429,263 1,000,000 248,683 1,000,000 140,228 1,000,000
14 555,621 481,540 1,000,000 258,090 1,000,000 131,068 1,000,000
15 611,752 538,032 1,000,000 262,988 1,000,000 115,526 1,000,000
16 670,690 599,809 1,000,000 262,259 1,000,000 92,271 1,000,000
17 732,574 668,371 1,000,000 254,383 1,000,000 59,489 1,000,000
18 797,553 745,875 1,000,000 237,294 1,000,000 14,716 1,000,000
19 865,781 835,524 1,000,000 208,292 1,000,000 -- --
20 937,420 942,043 1,000,000 163,852 1,000,000 -- --
25 1,261,632 1,703,654 1,788,837 -- -- -- --
30 1,766,849 2,950,020 2,979,520 -- -- -- --
</TABLE>
<TABLE>
<C> <S>
* THESE VALUES REFLECT INVESTMENT RESULTS USING GUARANTEED COST OF INSURANCE
RATES, ADMINISTRATIVE FEES, AND MORTALITY AND EXPENSE RISK RATES.
** IF YOU SURRENDER YOUR POLICY DURING THE FIRST TWO POLICY YEARS, YOU WILL
RECEIVE A REFUND IN ADDITION TO THE ACCOUNT VALUES SHOWN. THE REFUND WOULD
BE $4,673.31 IN POLICY YEAR ONE AND $4089.59 IN POLICY YEAR TWO.
THE DEATH BENEFIT MAY AND THE ACCOUNT VALUES WILL DIFFER IF PREMIUMS ARE
PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
</TABLE>
THE HYPOTHETICAL INVESTMENT RESULTS SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT RESULTS MAY BE MORE OR LESS
THAN THOSE SHOWN. THE DEATH BENEFIT AND ACCOUNT VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF ACTUAL INVESTMENT RETURN APPLICABLE TO THE POLICY
AVERAGED THE RATE SHOWN OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR
BELOW THAT AVERAGE FOR INDIVIDUAL POLICY YEARS. THE DEATH BENEFIT AND ACCOUNT
VALUE FOR A POLICY WOULD ALSO BE DIFFERENT FROM THOSE SHOWN, DEPENDING ON THE
INVESTMENT ALLOCATIONS MADE TO THE SEPARATE ACCOUNT AND THE RATES OF RETURN OF
THE SEPARATE ACCOUNT IF THE ACTUAL RATES OF INVESTMENT RETURN APPLICABLE TO THE
POLICY AVERAGED THE RATE SHOWN, BUT VARIED ABOVE OR BELOW THAT AVERAGE FOR THE
SEPARATE ACCOUNT. NO REPRESENTATION CAN BE MADE THAT THESE HYPOTHETICAL RATES OF
RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
HV-2238
