MARKET VALUE ADJUSTED GUARANTEED INTEREST ACCOUNT
                         PHL VARIABLE INSURANCE COMPANY

                         SUPPLEMENT DATED JUNE 25, 2001
                                       TO
                         PROSPECTUS DATED MARCH 30, 2001

This supplement replaces certain information in the prospectus for the Market
Value Adjusted Guaranteed Interest Account.

All references to Phoenix Home Life Mutual Insurance Company now refer to
Phoenix Life Insurance Company.

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THE SECTION TITLED "DISTRIBUTION OF CONTRACTS" IS REPLACED BY THE FOLLOWING:

     Phoenix Equity Planning Corporation ("PEPCO") acts as the principal
     underwriter of the Contracts. Contracts may be purchased through
     representatives of WS Griffith Securities, Inc., formerly W.S. Griffith &
     Company ("WSG.") licensed to sell PHL Variable Annuity Contracts. PEPCO and
     WSG are registered as broker-dealers under the Securities Exchange Act of
     1934 and are members of the National Association of Securities Dealers,
     Inc. (the "NASD"). PHL Variable is an indirect, wholly-owned subsidiary of
     Phoenix Life Insurance Company ("Phoenix"). PEPCO and WSG are indirect,
     wholly-owned subsidiaries of The Phoenix Companies, and are affiliates of
     the Company and of Phoenix.

     PEPCO enters into selling agreements with other broker-dealers or entities
     registered under or exempt under the Securities Act of 1934 ("selling
     brokers"). The Contracts are sold through agents who are licensed by state
     insurance officials to sell the Contracts and who are also registered
     representatives of selling brokers or WSG. Contracts with the MVA option
     are offered in states where we have received authority and the MVA and the
     Contracts have been approved. The maximum dealer concession that a selling
     broker will receive for selling a Contract is 7.25%.

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THE SECTION TITLED "THE COMPANY" IS REPLACED BY THE FOLLOWING:

     We are a life insurance company and an indirect wholly owned subsidiary of
     Phoenix. Phoenix purchased the Company (formerly known as Dreyfuss
     Consumers Life) and changed its name in 1994. We are domiciled in the state
     of Connecticut. We are an indirect, wholly-owned subsidiary of The Phoenix
     Companies, Inc., a publicly-traded Delaware corporation.

     The subsidiaries of The Phoenix Companies, Inc. offer a wide range of
     insurance and investment products and services. We serve as the variable
     annuity operation for these subsidiaries. Phoenix provides all
     administrative and operational services for these same subsidiaries. As of
     the date of this prospectus, we offer individual deferred and immediate
     variable annuities that are registered with the SEC, single life flexible
     premium and survivorship universal life insurance, and 10-year and 20-year
     guaranteed level term life insurance.

     Our home office is located at One American Row, Hartford, Connecticut.