424B3 1 d424b3.txt 424B3 SUPPLEMENT DATED OCTOBER 7, 2002 TO PROSPECTUSES DATED MAY 1, 2002 OR LATER This Supplement is intended to be distributed with current prospectuses (dated May 1, 2002 or later) for certain variable annuity contracts issued by John Hancock Life Insurance Company or John Hancock Variable Life Insurance Company ("Product Prospectuses") and with the prospectus dated May 1, 2002 for the John Hancock Variable Series Trust I ("Variable Series Trust") that accompanies the Product Prospectuses. The variable annuity contracts involved bear the title "ACCOMMODATOR VARIABLE ANNUITY," "ACCOMMODATOR 2000 VARIABLE ANNUITY," "INDEPENDENCE VARIABLE ANNUITY," "INDEPENDENCE PREFERRED VARIABLE ANNUITY," "INDEPENDENCE 2000 VARIABLE ANNUITY,""MARKETPLACE VARIABLE ANNUITY," or "PATRIOT VARIABLE ANNUITY." This Supplement amends the Product Prospectuses. Revised Fee Table The fund expenses shown in the Product Prospectuses for the Large Cap Growth and Small/Mid Cap CORE/SM/ Funds have changed. The shareholders approved increases in investment management fees for these funds of the Variable Series Trust, effective October 7, 2002. The fee table in the Product Prospectuses does not reflect those increases. Set out below is a supplementary expense table which shows what the affected Fund's expenses would have been had the investment management fee increases been in place for all of 2001:
Total Fund Total Fund Investment Distribution and Other Operating Operating Operating Management Service Expenses With Expenses With Expenses Absent Fund Name Fee (12b-1) Fees Reimbursement Reimbursement Reimbursement --------- ---------- ---------------- --------------- ------------- ------------- JOHN HANCOCK VARIABLE SERIES TRUST I: Large Cap Growth ............................ 0.80% N/A 0.03% 0.83% 0.83% Small/Mid Cap CORE/SM/ ...................... 1.05% N/A 0.10% 1.15% 1.40%
Revised Examples The following tables revise the examples contained in the Product Prospectuses with respect to the Large Cap Growth and Small/Mid Cap CORE/SM/ investment options. The tables show the current expenses you would pay, directly or indirectly, on a $1,000 investment allocated to a variable investment option, assuming a 5% annual return on assets (but not including any applicable premium taxes or any fees for optional riders). Actual expense may be greater or less than those shown. Revised Examples - ACCOMMODATOR Periodic Premium Deferred Contract - If you "surrender" (turn in) a periodic premium deferred ACCOMMODATOR contract or begin receiving annuity payments under one of its annuity payment options at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 97 $133 $172 $279 Small/Mid Cap CORE/SM/ $100 $142 $187 $309
Single Premium Deferred Contract - If you "surrender" (turn in) a single premium deferred ACCOMMODATOR contract or begin receiving annuity payments under one of its annuity payment options at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 73 $109 $149 $258 Small/Mid Cap CORE/SM/ $ 76 $119 $164 $290
Single Premium Immediate Contract - Assuming that annuity payments begin at the earliest possible date on a single premium immediate ACCOMMODATOR annuity contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 77 $114 $153 $262 Small/Mid Cap CORE/SM/ $ 81 $123 $169 $293
Revised Examples - ACCOMMODATOR 2000 If you "surrender" (turn in) an ACCOMMODATOR 2000 variable annuity contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 98 $134 $169 $248 Small/Mid Cap CORE/SM/ $102 $144 $185 $281
If you begin receiving payments under one of our ACCOMMODATOR 2000 annuity payment options at the end of the applicable time period, or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 22 $ 67 $115 $248 Small/Mid Cap CORE/SM/ $ 25 $ 77 $132 $281
Revised Examples - INDEPENDENCE If you "surrender" (turn in) an INDEPENDENCE variable annuity contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 95 $142 $183 $258 Small/Mid Cap CORE/SM/ $ 98 $152 $199 $290
If you begin receiving payments under one of our INDEPENDENCE annuity payment options at the end of the applicable time period, or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 23 $ 70 $120 $258 Small/Mid Cap CORE/SM/ $ 26 $ 80 $137 $290
Revised Examples - INDEPENDENCE PREFERRED If you "surrender" (turn in) an INDEPENDENCE PREFERRED variable annuity contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 96 $145 $188 $269 Small/Mid Cap CORE/SM/ $ 99 $155 $204 $300
If you begin receiving payments under one of our INDEPENDENCE PREFERRED annuity payment options at the end of the applicable time period, or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 24 $ 73 $126 $269 Small/Mid Cap CORE/SM/ $ 27 $ 83 $141 $300
Revised Examples - INDEPENDENCE 2000 If you "surrender" (turn in) an INDEPENDENCE 2000 variable annuity contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 86 $115 $147 $258 Small/Mid Cap CORE/SM/ $ 89 $125 $163 $290
If you begin receiving payments under one of our INDEPENDENCE 2000 annuity payment options at the end of the applicable time period, or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 23 $ 70 $120 $258 Small/Mid Cap CORE/SM/ $ 26 $ 80 $137 $290
Revised Examples - MARKETPLACE If you "surrender" (turn in) a MARKETPLACE variable annuity contract at the end of the applicable time period, if you begin receiving payments under one of our MARKETPLACE annuity payment options at the end of the applicable time period, or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 19 $ 58 $100 $217 Small/Mid Cap CORE/SM/ $ 22 $ 68 $116 $250
Revised Examples - PATRIOT If you "surrender" (turn in) a PATRIOT variable annuity contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 75 $110 $148 $243 Small/Mid Cap CORE/SM/ $ 79 $120 $165 $276
If you begin receiving payments under one of our PATRIOT annuity payment options at the end of the applicable time period, or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $ 21 $ 66 $113 $243 Small/Mid Cap CORE/SM/ $ 25 $ 75 $129 $276
THE STATEMENT OF ADDITIONAL INFORMATION FOR THE VARIABLE SERIES TRUST WAS UPDATED ON OCTOBER 7, 2002 AND CONTAINS DETAILED INFORMATION ABOUT THE FUNDS MENTIONED ABOVE. BE SURE TO READ THAT STATEMENT OF ADDITIONAL INFORMATION BEFORE SELECTING ANY OF THOSE FUNDS AS AN INVESTMENT OPTION. THE SUPPLEMENT MAY BE OBTAINED BY CALLING 1-800-732-5543. SUPPLEMENT DATED OCTOBER 7, 2002 TO PROSPECTUSES DATED MAY 1, 2002 OR LATER This Supplement is intended to be distributed with prospectuses dated May 1, 2002 for REVOLUTION ACCESS VARIABLE ANNUITY contracts issued by John Hancock Life Insurance Company ("John Hancock") or John Hancock Variable Life Insurance Company ("JHVLICO") ("Product Prospectuses") and with the prospectus dated May 1, 2002 for the John Hancock Variable Series Trust I ("Variable Series Trust") that accompanies the Product Prospectuses. This Supplement amends the Product Prospectuses. SUSPENSION OF NEW CONTRACT SALES John Hancock and JHVLICO have suspended the issuance of new REVOLUTION ACCESS VARIABLE ANNUITY contracts, effective October 7, 2002. REVISED FEE TABLE AND EXAMPLES The fund expenses shown in the Product Prospectuses for the Large Cap Growth and Small/Mid Cap CORE/SM/ Funds have changed. The shareholders approved increases in investment management fees for these funds of the Variable Series Trust, effective October 7, 2002. The fee table in the Product Prospectuses does not reflect those increases. Set out below is a supplementary expense table that shows what the affected Fund's expenses would have been had the investment management fee increases been in place for all of 2001:
Total Fund Total Fund Investment Distribution and Other Operating Operating Operating Management Service Expenses With Expenses With Expenses Absent Fund Name Fee (12b-1) Fees Reimbursement Reimbursement Reimbursement --------- ---------- ---------------- --------------- ------------- --------------- JOHN HANCOCK VARIABLE SERIES TRUST I: Large Cap Growth ............... 0.80% N/A 0.03% 0.83% 0.83% Small/Mid Cap CORE/SM/ ......... 1.05% N/A 0.10% 1.15% 1.40%
The following tables revise the examples contained in the Product Prospectuses with respect to Large Cap Growth and Small/Mid Cap CORE/SM/ investment allocations. The tables show the current expenses you would pay, directly or indirectly, on a $1,000 investment allocated to a variable investment option, assuming a 5% annual return on assets (but not including any applicable premium taxes). Actual expense may be greater or less than those shown. If you "surrender" (turn in) a REVOLUTION ACCESS All Rider variable annuity contract at the end of the applicable time period, if you begin receiving payments under one of the annuity payment options of a REVOLUTION ACCESS All Rider contract at the end of the applicable time period, or if you do not surrender your contact, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $34 $103 $175 $364 Small/Mid Cap CORE/SM/ $37 $112 $190 $392 If you "surrender" (turn in) a REVOLUTION ACCESS No Rider variable annuity contract at the end of the applicable time period, if you begin receiving payments under one of the annuity payment options of a REVOLUTION ACCESS No Rider contract at the end of the applicable time period, or if you do not surrender your contact, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth $22 $67 $115 $248 Small/Mid Cap CORE/SM/ $25 $77 $132 $281 REVISED MARKET VALUE ADJUSTMENT AND CALCULATIONS FOR CONTRACTS ISSUED IN NEW YORK AND FLORIDA The market value adjustment described on page 30 in the John Hancock Product Prospectus will NOT apply to death benefits under contracts issued in New York. We will also calculate the MVA under a different formula than the formula shown in Appendix A for contracts issued in New York and Florida. Here is how the revised Market Value Adjustment works for contracts issued in New York or Florida: We compare . the guaranteed rate of the guarantee period from which the assets are being taken WITH . the guaranteed rate we are currently offering for guarantee periods of the same duration as remains on the guarantee period from which the assets are being taken. If the first rate exceeds the second by more than 1/4%, the market value adjustment produces an increase in your contract's value. If the first rate does not exceed the second by at least 1/4%, the market value adjustment produces a decrease in your contract's value. The factor we will use to compute the revised Market Value Adjustment is expressed by the following formula: n -- 12 1 + g (--------------) - 1 1 + c + 0.0025 Revisions to Sample Calculations in Appendix A to the Product Prospectus In Sample Calculation 1: Positive Adjustment, the MARKET VALUE ADJUSTMENT is: 60 -- 12 1 + 0.08 11,664 x [(------------------) - 1] = 413.58 1 + 0.07 + 0.0025 The amount withdrawn or transferred (adjusted for market value adjustment) is: $11,664 + $413.58 = $12,077.58 ---------- In Sample Calculation 2: Negative Adjustment, the MARKET VALUE ADJUSTMENT is: 60 -- 12 1 + 0.08 11,664 x [(-----------------) - 1] = -652.18 1 + 0.09 + 0.0025 The amount withdrawn or transferred (adjusted for market value adjustment) is $11,664 - $652.18 = $11,011.82 ---------- In Sample Calculation 3: Positive Adjustment Limited by Amount of Excess Interest, the MARKET VALUE ADJUSTMENT is: 60 -- 12 1 + 0.08 11,664 x [(-----------------) - 1] = 1,605.54 1 + 0.05 + 0.0025 Since the market value adjustment exceeds the amount of excess interest of $1,055, the actual market value adjustment is $1,055. ------ In Sample Calculation 4: Negative Adjustment Limited by Amount of Excess Interest, the MARKET VALUE ADJUSTMENT is: 60 -- 12 1 + 0.08 11,664 x [(-----------------) - 1] = -1,142.61 1 + 0.10 + 0.0025 Since the market value adjustment exceeds the amount of excess interest of $1,055, the actual market value adjustment is -$1,055. ------- UNAVAILABLE RIDERS . The earnings enhancement death benefit rider is not available for contracts issued in New York. . The accumulated value enhancement rider is not available for contracts issued in Florida and New York. . The guaranteed retirement income benefit rider is not available for contracts issued in New York. MODIFIED ENHANCED DEATH BENEFIT RIDER IN NEW YORK The charge and the benefit for the enhanced death benefit rider differs in New York from that described in the Product Prospectus. Under the rider available in New York, we will pay an enhanced death benefit (in lieu of the standard death benefit) that is the greater of (i) the highest total value of your contract as of any anniversary of your contract during the rider's measuring period, plus any premium payments you have made since that anniversary, minus any withdrawals you have taken since that anniversary or (ii) the total value of your contract as of the date we receive proof of death. The monthly charge for this rider is 1/12th of an annual percentage equal to 0.15% of your contract's total value. For a more complete description of the terms and conditions of this benefit, you should refer directly to the rider. We will provide you with a copy on request. This rider (and related charges) will terminate on the contract's date of maturity, upon your surrendering the contract, or upon your written request that we terminate it. THE STATEMENT OF ADDITIONAL INFORMATION FOR THE VARIABLE SERIES TRUST WAS UPDATED ON OCTOBER 7, 2002 AND CONTAINS DETAILED INFORMATION ABOUT THE FUNDS MENTIONED ABOVE. BE SURE TO READ THAT STATEMENT OF ADDITIONAL INFORMATION BEFORE SELECTING ANY OF THOSE FUNDS AS AN INVESTMENT OPTION. THE SUPPLEMENT MAY BE OBTAINED BY CALLING 1-800-732-5543. SUPPLEMENT DATED OCTOBER 7, 2002 TO PROSPECTUSES DATED MAY 1, 2002 OR LATER This Supplement is intended to be distributed with current prospectuses (dated May 1, 2002 or later) for certain variable annuity contracts issued by John Hancock Life Insurance Company or John Hancock Variable Life Insurance Company ("Product Prospectuses") and with the prospectus dated May 1, 2002 for the John Hancock Variable Series Trust I ("Variable Series Trust") that accompanies the Product Prospectuses. The variable annuity contracts involved bear the title "REVOLUTION EXTRA VARIABLE ANNUITY" or "REVOLUTION VALUE VARIABLE ANNUITY." This Supplement amends the Product Prospectuses. Revised Fee Table The fund expenses shown in the Product Prospectuses for the Large Cap Growth and Small/Mid Cap CORE/SM/ Funds have changed. The shareholders approved increases in investment management fees for these funds of the Variable Series Trust, effective October 7, 2002. The fee table in the Product Prospectuses does not reflect those increases. Set out below is a supplementary expense table that shows what the affected Fund's expenses would have been had the investment management fee increases been in place for all of 2001:
Total Fund Total Fund Investment Distribution and Other Operating Operating Operating Management Service Expenses With Expenses With Expenses Absent Fund Name Fee (12b-1) Fees Reimbursement Reimbursement Reimbursement --------- ---------- ---------------- -------------- ------------- --------------- JOHN HANCOCK VARIABLE SERIES TRUST I: Large Cap Growth ................. 0.80% N/A 0.03% 0.83% 0.83% Small/Mid Cap CORE/SM/ ........... 1.05% N/A 0.10% 1.15% 1.40%
Revised Examples The following tables revise the examples contained in the Product Prospectuses with respect to Large Cap Growth and Small/Mid Cap CORE/SM/ investment allocations. The tables show the current expenses you would pay, directly or indirectly, on a $1,000 investment allocated to a variable investment option, assuming a 5% annual return on assets (but not including any applicable premium taxes). Actual expense may be greater or less than those shown. Revised Examples - REVOLUTION EXTRA If you "surrender" (turn in) a REVOLUTION EXTRA All Rider variable annuity contract at the end of the applicable time period, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $98 $171 $237 $381 Small/Mid Cap CORE/SM/ ............... $102 $181 $253 $411 If you begin receiving payments under one of the annuity payment options of a REVOLUTION EXTRA All Rider contract at the end of the applicable time period, or if you do not surrender your contract, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $35 $108 $183 $381 Small/Mid CapCORE/SM/ ................ $39 $118 $199 $411 If you "surrender" (turn in) a REVOLUTION EXTRA No Rider variable annuity contract at the end of the applicable time period, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $86 $133 $170 $257 Small/Mid Cap CORE/SM/ ............... $89 $143 $188 $290 If you begin receiving payments under one of the annuity payment options of a REVOLUTION EXTRA No Rider contract at the end of the applicable time period, or if you do not surrender your contract, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $23 $70 $119 $257 Small/Mid Cap CORE/SM/ ............... $26 $80 $136 $290 Revised Examples - REVOLUTION VALUE If you "surrender" (turn in) a REVOLUTION VALUE All Rider variable annuity contract at the end of the applicable time period, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $97 $149 $204 $368 Small/Mid Cap CORE/SM/ ............... $100 $159 $219 $397 If you begin receiving payments under one of the annuity payment options of a REVOLUTION VALUE All Rider contract at the end of the applicable time period, or if you do not surrender your contract, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $34 $104 $177 $368 Small/Mid Cap CORE/SM/ ............... $37 $114 $192 $397 If you "surrender" (turn in) a REVOLUTION VALUE No Rider variable annuity contract at the end of the applicable time period, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $85 $112 $142 $248 Small/Mid Cap CORE/SM/ ............... $88 $122 $158 $281 If you begin receiving payments under one of the annuity payment options of a REVOLUTION VALUE No Rider contract at the end of the applicable time period, or if you do not surrender your contract, you would pay: 1 YEAR 3 YEARS 5 YEARS 10 YEARS ------ ------- ------- -------- Large Cap Growth ..................... $22 $67 $115 $248 Small/Mid Cap CORE/SM/ ............... $25 $77 $132 $281 THE STATEMENT OF ADDITIONAL INFORMATION FOR THE VARIABLE SERIES TRUST WAS UPDATED ON OCTOBER 7, 2002 AND CONTAINS DETAILED INFORMATION ABOUT THE FUNDS MENTIONED ABOVE. BE SURE TO READ THAT STATEMENT OF ADDITIONAL INFORMATION BEFORE SELECTING ANY OF THOSE FUNDS AS AN INVESTMENT OPTION. THE SUPPLEMENT MAY BE OBTAINED BY CALLING 1-800-732-5543.