SUPPLEMENT TO THE PROSPECTUS
                              DATED APRIL 30, 2002
                   NORTHWESTERN MUTUAL VARIABLE EXECUTIVE LIFE

PAGE 3 OF THE PROSPECTUS

The first sentence of the first paragraph under the heading "From Policy Value,"
on page 3 of the Prospectus is amended to read as follows: Cost of insurance
charge deducted monthly, is based on the net amount at risk, the issue age, sex
and risk classification of the insured, Policy date, Policy duration, and
presence of the Cash Value Amendment (if applicable -- see "Cash Value" section
below).

The second sentence of the second paragraph under the heading "From Policy
Value" on page 3 of the Prospectus is amended to read as follows: The current
charge is at the annual rate of .75% (0.06250% monthly rate) of the Policy
Value, less any Policy debt, for the first 10 Policy years, and .32% (0.02667%
monthly rate) thereafter for policies with the Cash Value Amendment, or .30%
(0.02500% monthly rate) thereafter for policies without the Cash Value Amendment
(see "Cash Value" section below).

PAGE 10 OF THE PROSPECTUS

The fourth sentence of the first paragraph under the heading "Charges against
the Policy Value" on page 10 of the Prospectus is amended to read as follows:
The cost of insurance rate reflects the issue age, sex and risk classification
of the insured, Policy date, Policy duration, and presence of the Cash Value
Amendment (if applicable -- see "Cash Value" section below).

The third sentence of the second paragraph under the heading "Charges against
Policy Value" on page 10 of the Prospectus is amended to read as follows:
Currently the charge is equal to an annual rate of .75% (0.06250% monthly rate)
of Policy Value, less any Policy debt, for the first ten Policy years, and .32%
(0.02667% monthly rate) thereafter for policies with the Cash Value Amendment,
or .30% (0.02500% monthly rate) thereafter for policies without the Cash Value
Amendment (see "Cash Value" section below).

PAGE 11 OF THE PROSPECTUS

The last paragraph under the heading "Charges against the Policy Value" at the
top of the left column on page 11 of the Prospectus is amended to read as
follows: We will apportion deductions from the Policy Value among the divisions
of the Account in proportion to the amounts invested in the divisions. For
policies with the Monthly Charges From One Division Amendment, the policyowner
may elect in writing to have cost of insurance charges, mortality and expense
risk charges, monthly administrative charges, and charges for expenses and taxes
associated with the Policy debt, if any, deducted from one division. We reserve
the right to determine which divisions to make available for this election.
Currently, the Money Market Division is available for this election. If the
amount in the specified division is not sufficient to pay these charges, the
remainder of these charges is deducted from each division in proportion to the
amounts invested in the divisions. This amendment is available only to
corporate-sponsored plans in approved states where at least five policies will
be issued, each on a life of a different eligible insured person. This amendment
is not available in New Jersey.

The entire "Cash Value" section on page 11 of the Prospectus is amended to read
as follows:

You may surrender a Policy for the cash value at any time during the lifetime of
the insured. The cash value for the Policy will change daily in response to
investment results. No minimum cash






value is guaranteed. The cash value is equal to the Policy Value reduced by any
Policy debt outstanding.

We determine the cash value for a Policy at the end of each valuation period.
Each business day, together with any non-business days before it, is a valuation
period. A business day is any day on which the New York Stock Exchange is open
for trading. In accordance with the requirements of the Investment Company Act
of 1940, we may also determine the cash value for a Policy on any other day on
which there is sufficient trading in securities to materially affect the value
of the securities held by the Portfolios or Funds.

POLICIES WITH THE CASH VALUE AMENDMENT The cash value of the Policy is increased
in the first, second, and third Policy years assuming the Policy is not in a
grace period on the date on which you surrender the Policy. The increase in cash
value in the first three policy years is (c) multiplied by the sum of (a) plus
(b), where: (a) is the cumulative sales load deducted from premiums paid to
date, (b) is 4% of the sum of premiums paid to date, and (c) is an adjustment
factor equal to 100.00% in the first Policy year, 66.67% in the second Policy
year, and 33.33% in the third Policy year. This increase in cash value is
available only for policies issued January 15, 2003 or later in approved states
to corporate-sponsored plans where at least five policies will be issued, each
on a life of a different eligible insured person. This increase in cash value is
not available for policies (1) for individuals where no corporate sponsor is
involved, (2) for corporate-sponsored plans with less than five Policies, (3)
for corporate-sponsored plans issued prior to January 15, 2003, and (4) in New
Jersey. Applicable illustrations are available upon request.

POLICIES WITH THE RETURN OF SALES LOAD AMENDMENT The cash value of the Policy is
increased in the first, second, and third Policy years assuming the Policy is
not in a grace period on the date on which you surrender the Policy. During the
first Policy year the cash value is increased by the amount of sales loads
previously deducted from premiums, during the second Policy year the cash value
is increased by 66.67% of previous sales load deductions and during the third
Policy year the cash value is increased by 33.33% of the previous sales load
deductions. This increase in cash value is available only for policies issued
November 8, 1999 or later in approved states, but before approval of the Cash
Value Amendment described above, to corporate-sponsored plans where at least
five policies will be issued, each on a life of a different eligible insured
person. This increase in cash value is not available in New Jersey.

POLICIES ISSUED PRIOR TO NOVEMBER 8, 1999 For policies issued prior to November
8, 1999, including policies issued after that date in states where the current
Policy form had not been approved, the cash value of the Policy is increased in
the first and second Policy years assuming the Policy is not in a grace period
on the date on which you surrender the Policy. During the first Policy year the
cash value is increased by the amount of sales load deducted from premiums, and
during the second Policy year the cash value is increased by 50% of previous
sales load deductions. This increase in cash value is not available in New
Jersey.

PAGE 17 OF THE PROSPECTUS

The following is added after the fifth paragraph under the heading "Other Tax
Considerations" in the right column on page 17 of the prospectus:  On July 3,
2002, the Treasury and Internal Revenue Service issued proposed regulations
regarding the taxation of split dollar arrangements. The proposed regulations
provide that split dollar arrangements must be taxed under one of two mutually
exclusive tax regimes depending on the ownership of the underlying life
insurance policy. Collateral assignment split dollar arrangements, in which the
employee owns the policy, must be taxed under a loan regime. Where such an
arrangement imposes a below market or no interest rate, the employee is taxed on
the imputed interest under Section 7872 of the Code. Endorsement split dollar
arrangements, in which the employer owns the policy, must be taxed under an
economic benefit regime. Under this regime, the employee is taxed each year on
(i) the current life insurance protection transferred to the employee and (ii)
any other economic benefits, including an interest in the cash surrender value
of the policy, to which the employee is provided any right or benefit during the
taxable year. The proposed regulations have not been finalized as of the date of
this Supplement and final regulations will apply only to arrangements entered
into after their publication in the Federal Register.

On July 30, 2002, the Sarbanes-Oxley Act of 2002 was signed into law. One
provision of the Act provides that it is a criminal offense for a public
employer to extend or arrange a personal loan to a director or executive officer
after July 30, 2002. One issue that has not been clarified is whether each
premium paid by the employer under a split dollar arrangement with a director or
executive officer is a personal loan subject to the new law.

           THE DATE OF THIS PROSPECTUS SUPPLEMENT IS JANUARY 1, 2003.