-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GaC+iCPY6XoFg902b+wT1PZiykcISSJvtp4U8YQtpkmQp6cpw4mrej9NMmaEhK3m HBYHbXYLbDkCXz4iFRV9Ew== 0000950135-04-000332.txt : 20040126 0000950135-04-000332.hdr.sgml : 20040126 20040126160628 ACCESSION NUMBER: 0000950135-04-000332 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040126 EFFECTIVENESS DATE: 20040126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANUFACTURERS LIFE INS CO USA SEPARATE ACCOUNT N CENTRAL INDEX KEY: 0000813572 IRS NUMBER: 232030787 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-100567 FILM NUMBER: 04543541 BUSINESS ADDRESS: STREET 1: 200 BLOOR STREET EAST ST 10 STREET 2: TORONTO M4W 1EF CITY: ONTARIO CANADA STATE: A6 ZIP: 48304 BUSINESS PHONE: 4169266302 MAIL ADDRESS: STREET 1: P O BOX 600 CITY: BUFFALO STATE: NY ZIP: 14201-0600 FORMER COMPANY: FORMER CONFORMED NAME: SEPARATE ACCOUNT FOUR OF THE MANUFACTURERS LIFE INS CO OF AM DATE OF NAME CHANGE: 19920703 497 1 b49246sne497.txt MANUSA SEPARATE ACCOUNT N SUPPLEMENT DATED 1-26-04 SUPPLEMENT DATED JANUARY 26, 2004 TO THE PROSPECTUS FOR THE MANUFACTURERS LIFE INSURANCE COMPANY (U.S.A.) SEPARATE ACCOUNT N DATED SEPTEMBER 28, 2003 The prospectus is supplemented to include the following illustrations: ILLUSTRATIONS The following tables illustrate the way in which a Policy's Death Benefit, Policy Value, and Cash Surrender Value could vary over an extended period of time. ASSUMPTIONS - Hypothetical gross annual investment returns for the Portfolios offered as investment options through the Policy (i.e., investment income and capital gains and losses, realized or unrealized) equivalent to constant gross annual rates of 0%, 6%, and 12% over the periods indicated. - A life insured who is a male, Issue Age 45, non-smoker. Short Form Underwriting was used. - A Face Amount of $365,000 and Death Benefit Option 1 in all Policy Years. - Payment of an annual premium of $20,000 on the first day of each of the first seven Policy Years. - All policy values are allocated to the Investment Accounts for the entire period shown. - There are no partial withdrawals or policy loans. - Tables 1, 2, and 3 assumes a Surrender Charge - Tables 4, 5, and 6 assume a Sales Load. - The Cash Value Accumulation Test is used. - All currently applicable charges and deductions are assessed against the Policy, i.e. a Premium Load, Sales Load or Surrender Charge, monthly Cost of Insurance Charge and Administration Charge and an Asset Based Risk Charge deducted daily from Investment Accounts. The first set of columns in each table, under the heading "Current Charges", assumes rates of charges and deductions that we currently expect to charge. The second set of columns, under the heading "Guaranteed Charges", assumes maximum rates of charges and deductions. - The amounts shown in the Tables also take into account the Portfolios' investment management fees and other expenses, which are assumed to be at an annual rate of .982% of the average daily net assets of the portfolio. The Death Benefits, Policy Values, and Cash Surrender Values would be different from those shown if the returns averaged 0%, 6%, and 12%, but fluctuated over and under those averages throughout the years. The values would also be different depending on the allocation of the Policy Value among the Portfolios, if the actual rates of return averaged 0%, 6%, or 12%, but the rates of each Portfolio varied above and below such averages. The gross annual rates of returns correspond to net annual rates of return according to the table below:
Gross Rate of Return Policy Year 0.00% 6.00% 12.00% Net Rate 1-10 -1.47% 4.44% 10.35% of Return 11+ -1.18% 4.75% 10.68%
Current Cost of Insurance are below the guaranteed rates in many instances and may be changed. The Premium Load rate and Asset Based Risk Charge rate we currently expect to charge in Policy Years 11 and later are below the guaranteed rates and may be changed. The tables reflect a policyholder with certain characteristics (such as age and sex) and assuming certain expenses and rates of return. The actual results of a particular policyholder will vary based on the policyholders characteristics, the actual expenses of the policy and the actual rates of return of the assets held in the subaccounts. Illustrations for smokers would show less favorable results than the illustrations shown below. Upon request, the Company will furnish a comparable illustration based on the proposed life insured's Issue Age, sex (unless unisex rates are required by law, or are requested) and risk class, any additional ratings and the death benefit option, Face Amount, Death Benefit Schedule (if applicable), and planned premium requested. From time to time, in advertisements or sales literature for the Policies that quote performance data of one or more of the Portfolios, the Company may include cash surrender values and death benefit figures computed or using the same methodology as that used in the following illustrations, but with the average annual total return of the Portfolio for which performance data is shown in the advertisement replacing the hypothetical rates of return shown in the following tables. The Policies were first sold to the public on January 1, 2003. However, total return data may be advertised for as long a period of time as the underlying Portfolio has been in existence. The results for any period prior to the Policies being offered would be calculated as if the Policies had been offered during that period of time, with all charges assumed to be the same as for the first full year the Policies were offered. Table 1 - Surrender Charge - Short Form Underwriting Hypothetical Gross Investment Return of 0.00%
Current Charges --------------- Premium Policy plus less Less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 19,600 144 1,430 -276 17,750 1,000 16,750 365,000 2 20,000 43,050 17,750 19,600 144 1,487 -537 35,183 1,600 33,583 365,000 3 20,000 66,203 35,183 19,600 144 1,550 -793 52,296 1,800 50,496 365,000 4 20,000 90,513 52,296 19,600 144 1,610 -1,045 69,098 2,000 67,098 365,000 5 20,000 116,038 69,098 19,600 144 1,631 -1,292 85,631 2,000 83,631 365,000 6 20,000 142,840 85,631 19,600 144 1,684 -1,535 101,868 1,500 100,368 365,000 7 20,000 170,982 101,868 19,600 144 1,692 -1,774 117,858 1,000 116,858 365,000 8 0 179,531 117,858 0 144 1,845 -1,719 114,150 1,000 113,150 365,000 9 0 188,508 114,150 0 144 2,033 -1,663 110,310 500 109,810 365,000 10 0 197,933 110,310 0 144 2,249 -1,605 106,312 0 106,312 365,000 11 0 207,830 106,312 0 144 2,401 -1,233 102,534 0 102,534 365,000 12 0 218,221 102,534 0 144 2,446 -1,189 98,755 0 98,755 365,000 13 0 229,132 98,755 0 144 2,220 -1,146 95,246 0 95,246 365,000 14 0 240,589 95,246 0 144 1,989 -1,106 92,007 0 92,007 365,000 15 0 252,619 92,007 0 144 1,805 -1,069 88,989 0 88,989 365,000 16 0 265,249 88,989 0 144 1,775 -1,034 86,037 0 86,037 365,000 17 0 278,512 86,037 0 144 1,878 -998 83,016 0 83,016 365,000 18 0 292,438 83,016 0 144 2,089 -961 79,822 0 79,822 365,000 19 0 307,059 79,822 0 144 2,419 -922 76,338 0 76,338 365,000 20 0 322,412 76,338 0 144 2,783 -879 72,532 0 72,532 365,000 25 0 411,489 54,577 0 144 4,854 -610 48,969 0 48,969 365,000 30 0 525,176 19,438 0 144 9,486 -167 9,641 0 9,641 365,000
Guaranteed Charges ------------------ Premium Policy plus less Less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 19,600 144 1,571 -275 17,610 1,000 16,610 365,000 2 20,000 43,050 17,610 19,600 144 1,614 -534 34,918 1,600 33,318 365,000 3 20,000 66,203 34,918 19,600 144 1,653 -788 51,933 1,800 50,133 365,000 4 20,000 90,513 51,933 19,600 144 1,687 -1,039 68,663 2,000 66,663 365,000 5 20,000 116,038 68,663 19,600 144 1,722 -1,285 85,113 2,000 83,113 365,000 6 20,000 142,840 85,113 19,600 144 1,751 -1,527 101,291 1,500 99,791 365,000 7 20,000 170,982 101,291 19,600 144 1,788 -1,765 117,195 1,000 116,195 365,000 8 0 179,531 117,195 0 144 1,979 -1,709 113,363 1,000 112,363 365,000 9 0 188,508 113,363 0 144 2,200 -1,650 109,369 500 108,869 365,000 10 0 197,933 109,369 0 144 2,454 -1,590 105,182 0 105,182 365,000 11 0 207,830 105,182 0 144 2,732 -1,526 100,780 0 100,780 365,000 12 0 218,221 100,780 0 144 3,042 -1,458 96,135 0 96,135 365,000 13 0 229,132 96,135 0 144 3,375 -1,387 91,229 0 91,229 365,000 14 0 240,589 91,229 0 144 3,741 -1,312 86,031 0 86,031 365,000 15 0 252,619 86,031 0 144 4,145 -1,232 80,510 0 80,510 365,000 16 0 265,249 80,510 0 144 4,604 -1,148 74,615 0 74,615 365,000 17 0 278,512 74,615 0 144 5,128 -1,057 68,286 0 68,286 365,000 18 0 292,438 68,286 0 144 5,737 -959 61,447 0 61,447 365,000 19 0 307,059 61,447 0 144 6,446 -852 54,005 0 54,005 365,000 20 0 322,412 54,005 0 144 7,262 -736 45,862 0 45,862 365,000 25 0 411,489 4,178 0 36 3,265 -7 0 0 0 0 30 0 525,176 0 0 0 0 0 0 0 0 0
- - The policy value, cash surrender value, and the death benefit will differ if premiums are paid in different amounts or frequencies. - - It is emphasized that the hypothetical investment returns are illustrative only, and should not be deemed a representation of past or future results. Actual investment returns may be more or less than those shown and will depend on a number of factors, including the investment allocation made by the policyholder, and the investment return for the portfolios of Manufacturers Investment Trust. - - The policy value, cash surrender value and death benefit would be different from those shown if actual rates of investment return averaged the rate shown above over a period of years, but also fluctuated above or below that average for individual policy years. - - No representations can be made that any hypothetical rate of return can be achieved for any one year or other period of time. - - No supplemental benefits or term riders are illustrated. Table 2 - Surrender Charge - Short Form Underwriting Hypothetical Gross Investment Return of 6.00%
Current Charges --------------- Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 0 0 19,600 144 1,428 833 18,861 1,000 17,861 365,000 2 20,000 18,863 18,861 19,600 144 1,477 1,669 38,509 1,600 36,909 365,000 3 20,000 38,515 38,509 19,600 144 1,526 2,540 58,979 1,800 57,179 365,000 4 20,000 58,992 58,979 19,600 144 1,562 3,448 80,321 2,000 78,321 365,000 5 20,000 80,344 80,321 19,600 144 1,549 4,396 102,623 2,000 100,623 365,000 6 20,000 102,659 102,623 19,600 144 1,554 5,386 125,911 1,500 124,411 365,000 7 20,000 125,963 125,911 19,600 144 1,500 6,421 150,288 1,000 149,288 368,205 8 0 150,359 150,288 0 144 1,578 6,631 155,197 1,000 154,197 369,369 9 0 155,288 155,197 0 144 1,680 6,847 160,220 500 159,720 371,711 10 0 160,333 160,220 0 144 1,787 7,067 165,357 0 165,357 372,052 11 0 165,493 165,357 0 144 1,842 7,811 171,182 0 171,182 374,889 12 0 171,343 171,182 0 144 1,812 8,089 177,315 0 177,315 377,681 13 0 177,502 177,315 0 144 1,592 8,386 183,965 0 183,965 380,808 14 0 184,180 183,965 0 144 1,389 8,707 191,140 0 191,140 386,102 15 0 191,384 191,140 0 144 1,230 9,053 198,819 0 198,819 391,673 16 0 199,095 198,819 0 144 1,176 9,419 206,917 0 206,917 397,281 17 0 207,228 206,917 0 144 1,209 9,803 215,368 0 215,368 402,737 18 0 215,716 215,368 0 144 1,307 10,203 224,119 0 224,119 407,897 19 0 224,507 224,119 0 144 1,479 10,614 233,111 0 233,111 414,937 20 0 233,540 233,111 0 144 1,660 11,037 242,343 0 242,343 421,678 25 0 283,090 282,413 0 144 2,471 13,361 293,159 0 293,159 454,396 30 0 339,681 338,683 0 144 3,881 16,000 350,657 0 350,657 494,427
Guaranteed Charges ------------------ Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 19,600 144 1,569 829 18,716 1,000 17,716 365,000 2 20,000 43,050 18,716 19,600 144 1,603 1,659 38,228 1,600 36,628 365,000 3 20,000 66,203 38,228 19,600 144 1,627 2,525 58,582 1,800 56,782 365,000 4 20,000 90,513 58,582 19,600 144 1,637 3,428 79,829 2,000 77,829 365,000 5 20,000 116,038 79,829 19,600 144 1,636 4,372 102,021 2,000 100,021 365,000 6 20,000 142,840 102,021 19,600 144 1,616 5,357 125,218 1,500 123,718 365,000 7 20,000 170,982 125,218 19,600 144 1,585 6,388 149,476 1,000 148,476 366,217 8 0 179,531 149,476 0 144 1,692 6,592 154,233 1,000 153,233 367,073 9 0 188,508 154,233 0 144 1,814 6,800 159,075 500 158,575 369,055 10 0 197,933 159,075 0 144 1,944 7,012 164,000 0 164,000 369,000 11 0 207,830 164,000 0 144 2,081 7,228 169,002 0 169,002 370,115 12 0 218,221 169,002 0 144 2,224 7,446 174,080 0 174,080 370,791 13 0 229,132 174,080 0 144 2,362 7,669 179,243 0 179,243 371,033 14 0 240,589 179,243 0 144 2,513 7,894 184,481 0 184,481 372,651 15 0 252,619 184,481 0 144 2,667 8,123 189,793 0 189,793 373,892 16 0 265,249 189,793 0 144 2,830 8,355 195,174 0 195,174 374,734 17 0 278,512 195,174 0 144 3,000 8,590 200,620 0 200,620 375,160 18 0 292,438 200,620 0 144 3,179 8,828 206,125 0 206,125 375,148 19 0 307,059 206,125 0 144 3,408 9,067 211,640 0 211,640 376,719 20 0 322,412 211,640 0 144 3,646 9,306 217,156 0 217,156 377,851 25 0 411,489 239,278 0 144 4,777 10,506 244,863 0 244,863 379,537 30 0 525,176 266,651 0 144 6,363 11,683 271,827 0 271,827 383,276
- - The policy value, cash surrender value, and the death benefit will differ if premiums are paid in different amounts or frequencies. - - It is emphasized that the hypothetical investment returns are illustrative only, and should not be deemed a representation of past or future results. Actual investment returns may be more or less than those shown and will depend on a number of factors, including the investment allocation made by the policyholder, and the investment return for the portfolios of Manufacturers Investment Trust. - - The policy value, cash surrender value and death benefit would be different from those shown if actual rates of investment return averaged the rate shown above over a period of years, but also fluctuated above or below that average for individual policy years. - - No representations can be made that any hypothetical rate of return can be achieved for any one year or other period of time. - - No supplemental benefits or term riders are illustrated. Table 3 - Surrender Charge - Short Form Underwriting Hypothetical Gross Investment Return of 12.00%
Current Charges --------------- Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 19,600 144 1,426 1,942 19,973 1,000 18,973 365,000 2 20,000 43,050 19,973 19,600 144 1,467 4,007 41,969 1,600 40,369 365,000 3 20,000 66,203 41,969 19,600 144 1,500 6,282 66,207 1,800 64,407 365,000 4 20,000 90,513 66,207 19,600 144 1,509 8,791 92,945 2,000 90,945 365,000 5 20,000 116,038 92,945 19,600 144 1,456 11,561 122,507 2,000 120,507 365,000 6 20,000 142,840 122,507 19,600 144 1,437 14,623 155,148 1,500 153,648 392,525 7 20,000 170,982 155,148 19,600 144 1,646 17,991 190,949 1,000 189,949 467,824 8 0 179,531 190,949 0 144 1,827 19,658 208,635 1,000 207,635 496,552 9 0 188,508 208,635 0 144 2,108 21,474 227,857 500 227,357 528,628 10 0 197,933 227,857 0 144 2,383 23,448 248,778 0 248,778 559,752 11 0 207,830 248,778 0 144 2,612 26,425 272,447 0 272,447 596,658 12 0 218,221 272,447 0 144 2,716 28,947 298,534 0 298,534 635,878 13 0 229,132 298,534 0 144 2,595 31,742 327,537 0 327,537 678,001 14 0 240,589 327,537 0 144 2,332 34,855 359,916 0 359,916 727,031 15 0 252,619 359,916 0 144 2,200 38,322 395,894 0 395,894 779,912 16 0 265,249 395,894 0 144 2,218 42,165 435,697 0 435,697 836,539 17 0 278,512 435,697 0 144 2,422 46,406 479,538 0 479,538 896,736 18 0 292,438 479,538 0 144 2,840 51,067 527,621 0 527,621 960,271 19 0 307,059 527,621 0 144 3,423 56,171 580,226 0 580,226 1,032,802 20 0 322,412 580,226 0 144 4,120 61,753 637,714 0 637,714 1,109,623 25 0 411,489 927,173 0 144 8,423 98,579 1,017,185 0 1,017,185 1,576,637 30 0 525,176 1,466,202 0 144 17,299 155,671 1,604,430 0 1,604,430 2,262,246
Guaranteed Charges ------------------ Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 19,600 144 1,567 1,934 19,824 1,000 18,824 365,000 2 20,000 43,050 19,824 19,600 144 1,593 3,985 41,672 1,600 40,072 365,000 3 20,000 66,203 41,672 19,600 144 1,600 6,246 65,774 1,800 63,974 365,000 4 20,000 90,513 65,774 19,600 144 1,582 8,742 92,390 2,000 90,390 365,000 5 20,000 116,038 92,390 19,600 144 1,538 11,499 121,807 2,000 119,807 365,000 6 20,000 142,840 121,807 19,600 144 1,513 14,547 154,297 1,500 152,797 390,372 7 20,000 170,982 154,297 19,600 144 1,908 17,889 189,734 1,000 188,734 464,848 8 0 179,531 189,734 0 144 2,160 19,515 206,945 1,000 205,945 492,528 9 0 188,508 206,945 0 144 2,465 21,280 225,615 500 225,115 523,427 10 0 197,933 225,615 0 144 2,793 23,194 245,873 0 245,873 553,214 11 0 207,830 245,873 0 144 3,172 25,271 267,828 0 267,828 586,542 12 0 218,221 267,828 0 144 3,590 27,521 291,614 0 291,614 621,137 13 0 229,132 291,614 0 144 4,033 29,959 317,395 0 317,395 657,008 14 0 240,589 317,395 0 144 4,552 32,599 345,298 0 345,298 697,503 15 0 252,619 345,298 0 144 5,116 35,457 375,495 0 375,495 739,725 16 0 265,249 375,495 0 144 5,743 38,548 408,156 0 408,156 783,659 17 0 278,512 408,156 0 144 6,437 41,891 443,466 0 443,466 829,282 18 0 292,438 443,466 0 144 7,209 45,504 481,618 0 481,618 876,544 19 0 307,059 481,618 0 144 8,170 49,401 522,705 0 522,705 930,415 20 0 322,412 522,705 0 144 9,238 53,596 566,919 0 566,919 986,438 25 0 411,489 779,873 0 144 15,975 79,849 843,602 0 843,602 1,307,584 30 0 525,176 1,146,924 0 144 28,082 117,183 1,235,880 0 1,235,880 1,742,591
- - The policy value, cash surrender value, and the death benefit will differ if premiums are paid in different amounts or frequencies. - - It is emphasized that the hypothetical investment returns are illustrative only, and should not be deemed a representation of past or future results. Actual investment returns may be more or less than those shown and will depend on a number of factors, including the investment allocation made by the policyholder, and the investment return for the portfolios of Manufacturers Investment Trust. - - The policy value, cash surrender value and death benefit would be different from those shown if actual rates of investment return averaged the rate shown above over a period of years, but also fluctuated above or below that average for individual policy years. - - No representations can be made that any hypothetical rate of return can be achieved for any one year or other period of time. - - No supplemental benefits or term riders are illustrated. Table 4 - Sales Load - Short Form Underwriting Hypothetical Gross Investment Return of 0.00%
Current Charges --------------- Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 18,000 144 653 -259 16,944 0 16,944 365,000 2 20,000 43,050 16,944 18,400 144 775 -513 33,912 0 33,912 365,000 3 20,000 66,203 33,912 19,000 144 902 -771 51,095 0 51,095 365,000 4 20,000 90,513 51,095 19,200 144 991 -1,026 68,135 0 68,135 365,000 5 20,000 116,038 68,135 19,400 144 1,063 -1,279 85,049 0 85,049 365,000 6 20,000 142,840 85,049 19,600 144 1,180 -1,530 101,795 0 101,795 365,000 7 20,000 170,982 101,795 19,600 144 1,310 -1,776 118,165 0 118,165 365,000 8 0 179,531 118,165 0 144 1,518 -1,727 114,777 0 114,777 365,000 9 0 188,508 114,777 0 144 1,774 -1,675 111,184 0 111,184 365,000 10 0 197,933 111,184 0 144 2,017 -1,620 107,404 0 107,404 365,000 11 0 207,830 107,404 0 144 2,161 -1,248 103,851 0 103,851 365,000 12 0 218,221 103,851 0 144 2,263 -1,205 100,239 0 100,239 365,000 13 0 229,132 100,239 0 144 2,153 -1,163 96,778 0 96,778 365,000 14 0 240,589 96,778 0 144 1,929 -1,124 93,581 0 93,581 365,000 15 0 252,619 93,581 0 144 1,795 -1,087 90,555 0 90,555 365,000 16 0 265,249 90,555 0 144 1,765 -1,052 87,594 0 87,594 365,000 17 0 278,512 87,594 0 144 1,868 -1,017 84,566 0 84,566 365,000 18 0 292,438 84,566 0 144 2,077 -980 81,365 0 81,365 365,000 19 0 307,059 81,365 0 144 2,406 -940 77,875 0 77,875 365,000 20 0 322,412 77,875 0 144 2,768 -897 74,066 0 74,066 365,000 25 0 411,489 56,111 0 144 4,830 -628 50,509 0 50,509 365,000 30 0 525,176 21,034 0 144 9,442 -186 11,262 0 11,262 365,000
Guaranteed Charges ------------------ Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 18,000 144 1,579 -251 16,026 0 16,026 365,000 2 20,000 43,050 16,026 18,400 144 1,627 -493 32,162 0 32,162 365,000 3 20,000 66,203 32,162 19,000 144 1,671 -739 48,608 0 48,608 365,000 4 20,000 90,513 48,608 19,200 144 1,708 -984 64,973 0 64,973 365,000 5 20,000 116,038 64,973 19,400 144 1,746 -1,227 81,255 0 81,255 365,000 6 20,000 142,840 81,255 19,600 144 1,777 -1,470 97,465 0 97,465 365,000 7 20,000 170,982 97,465 19,600 144 1,816 -1,708 113,397 0 113,397 365,000 8 0 179,531 113,397 0 144 2,010 -1,652 109,592 0 109,592 365,000 9 0 188,508 109,592 0 144 2,233 -1,595 105,620 0 105,620 365,000 10 0 197,933 105,620 0 144 2,489 -1,534 101,453 0 101,453 365,000 11 0 207,830 101,453 0 144 2,771 -1,470 97,067 0 97,067 365,000 12 0 218,221 97,067 0 144 3,085 -1,403 92,435 0 92,435 365,000 13 0 229,132 92,435 0 144 3,421 -1,333 87,538 0 87,538 365,000 14 0 240,589 87,538 0 144 3,791 -1,257 82,345 0 82,345 365,000 15 0 252,619 82,345 0 144 4,199 -1,178 76,824 0 76,824 365,000 16 0 265,249 76,824 0 144 4,663 -1,093 70,924 0 70,924 365,000 17 0 278,512 70,924 0 144 5,193 -1,002 64,585 0 64,585 365,000 18 0 292,438 64,585 0 144 5,808 -903 57,730 0 57,730 365,000 19 0 307,059 57,730 0 144 6,524 -797 50,265 0 50,265 365,000 20 0 322,412 50,265 0 144 7,349 -680 42,091 0 42,091 365,000 25 0 411,489 184 0 0 0 0 0 0 0 0 30 0 525,176 0 0 0 0 0 0 0 0 0
- - The policy value, cash surrender value, and the death benefit will differ if premiums are paid in different amounts or frequencies. - - It is emphasized that the hypothetical investment returns are illustrative only, and should not be deemed a representation of past or future results. Actual investment returns may be more or less than those shown and will depend on a number of factors, including the investment allocation made by the policyholder, and the investment return for the portfolios of Manufacturers Investment Trust. - - The policy value, cash surrender value and death benefit would be different from those shown if actual rates of investment return averaged the rate shown above over a period of years, but also fluctuated above or below that average for individual policy years. - - No representations can be made that any hypothetical rate of return can be achieved for any one year or other period of time. - - No supplemental benefits or term riders are illustrated. Table 5 - Sales Load - Short Form Underwriting Hypothetical Gross Investment Return of 6.00%
Current Charges --------------- Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 18,000 144 652 780 17,984 0 17,984 365,000 2 20,000 43,050 17,984 18,400 144 770 1,593 37,063 0 37,063 365,000 3 20,000 66,203 37,063 19,000 144 889 2,464 57,495 0 57,495 365,000 4 20,000 90,513 57,495 19,200 144 962 3,378 78,967 0 78,967 365,000 5 20,000 116,038 78,967 19,400 144 1,012 4,339 101,551 0 101,551 365,000 6 20,000 142,840 101,551 19,600 144 1,091 5,349 125,265 0 125,265 365,000 7 20,000 170,982 125,265 19,600 144 1,164 6,400 149,957 0 149,957 367,394 8 0 179,531 149,957 0 144 1,302 6,623 155,134 0 155,134 369,218 9 0 188,508 155,134 0 144 1,472 6,849 160,367 0 160,367 372,051 10 0 197,933 160,367 0 144 1,611 7,078 165,690 0 165,690 372,802 11 0 207,830 165,690 0 144 1,670 7,831 171,707 0 171,707 376,039 12 0 218,221 171,707 0 144 1,694 8,117 177,987 0 177,987 379,111 13 0 229,132 177,987 0 144 1,560 8,419 184,701 0 184,701 382,332 14 0 240,589 184,701 0 144 1,362 8,743 191,939 0 191,939 387,716 15 0 252,619 191,939 0 144 1,234 9,090 199,651 0 199,651 393,312 16 0 265,249 199,651 0 144 1,181 9,459 207,785 0 207,785 398,947 17 0 278,512 207,785 0 144 1,213 9,844 216,272 0 216,272 404,429 18 0 292,438 216,272 0 144 1,312 10,245 225,062 0 225,062 409,613 19 0 307,059 225,062 0 144 1,484 10,659 234,093 0 234,093 416,685 20 0 322,412 234,093 0 144 1,667 11,084 243,366 0 243,366 423,456 25 0 411,489 283,605 0 144 2,482 13,417 294,396 0 294,396 456,314 30 0 525,176 340,111 0 144 3,899 16,068 352,136 0 352,136 496,512
Guaranteed Charges ------------------ Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 18,000 144 1,577 758 17,038 0 17,038 365,000 2 20,000 43,050 17,038 18,400 144 1,618 1,531 35,207 0 35,207 365,000 3 20,000 66,203 35,207 19,000 144 1,647 2,364 54,780 0 54,780 365,000 4 20,000 90,513 54,780 19,200 144 1,662 3,241 75,415 0 75,415 365,000 5 20,000 116,038 75,415 19,400 144 1,666 4,166 97,172 0 97,172 365,000 6 20,000 142,840 97,172 19,600 144 1,649 5,141 120,120 0 120,120 365,000 7 20,000 170,982 120,120 19,600 144 1,623 6,161 144,113 0 144,113 365,000 8 0 179,531 144,113 0 144 1,735 6,353 148,587 0 148,587 365,000 9 0 188,508 148,587 0 144 1,859 6,549 153,132 0 153,132 365,000 10 0 197,933 153,132 0 144 1,997 6,747 157,739 0 157,739 365,000 11 0 207,830 157,739 0 144 2,139 6,948 162,404 0 162,404 365,000 12 0 218,221 162,404 0 144 2,287 7,152 167,125 0 167,125 365,000 13 0 229,132 167,125 0 144 2,433 7,358 171,906 0 171,906 365,000 14 0 240,589 171,906 0 144 2,582 7,567 176,746 0 176,746 365,000 15 0 252,619 176,746 0 144 2,735 7,778 181,645 0 181,645 365,000 16 0 265,249 181,645 0 144 2,898 7,991 186,595 0 186,595 365,000 17 0 278,512 186,595 0 144 3,074 8,207 191,583 0 191,583 365,000 18 0 292,438 191,583 0 144 3,267 8,424 196,596 0 196,596 365,000 19 0 307,059 196,596 0 144 3,480 8,641 201,613 0 201,613 365,000 20 0 322,412 201,613 0 144 3,708 8,858 206,620 0 206,620 365,000 25 0 411,489 226,419 0 144 4,900 9,931 231,305 0 231,305 365,000 30 0 525,176 250,006 0 144 6,528 10,939 254,272 0 254,272 365,000
- - The policy value, cash surrender value, and the death benefit will differ if premiums are paid in different amounts or frequencies. - - It is emphasized that the hypothetical investment returns are illustrative only, and should not be deemed a representation of past or future results. Actual investment returns may be more or less than those shown and will depend on a number of factors, including the investment allocation made by the policyholder, and the investment return for the portfolios of Manufacturers Investment Trust. - - The policy value, cash surrender value and death benefit would be different from those shown if actual rates of investment return averaged the rate shown above over a period of years, but also fluctuated above or below that average for individual policy years. - - No representations can be made that any hypothetical rate of return can be achieved for any one year or other period of time. - - No supplemental benefits or term riders are illustrated. Table 6 - Sales Load - Short Form Underwriting Hypothetical Gross Investment Return of 12.00%
Current Charges --------------- Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 18,000 144 651 1,819 19,024 0 19,024 365,000 2 20,000 43,050 19,024 18,400 144 765 3,824 40,339 0 40,339 365,000 3 20,000 66,203 40,339 19,000 144 875 6,086 64,406 0 64,406 365,000 4 20,000 90,513 64,406 19,200 144 931 8,595 91,125 0 91,125 365,000 5 20,000 116,038 91,125 19,400 144 953 11,380 120,809 0 120,809 365,000 6 20,000 142,840 120,809 19,600 144 1,013 14,471 153,722 0 153,722 388,916 7 20,000 170,982 153,722 19,600 144 1,354 17,860 189,684 0 189,684 464,725 8 0 179,531 189,684 0 144 1,603 19,540 207,477 0 207,477 493,794 9 0 188,508 207,477 0 144 1,951 21,363 226,744 0 226,744 526,047 10 0 197,933 226,744 0 144 2,262 23,340 247,679 0 247,679 557,277 11 0 207,830 247,679 0 144 2,509 26,313 271,339 0 271,339 594,232 12 0 218,221 271,339 0 144 2,654 28,833 297,373 0 297,373 633,405 13 0 229,132 297,373 0 144 2,575 31,619 326,273 0 326,273 675,386 14 0 240,589 326,273 0 144 2,320 34,721 358,530 0 358,530 724,231 15 0 252,619 358,530 0 144 2,192 38,175 394,369 0 394,369 776,908 16 0 265,249 394,369 0 144 2,209 42,003 434,019 0 434,019 833,316 17 0 278,512 434,019 0 144 2,412 46,227 477,690 0 477,690 893,280 18 0 292,438 477,690 0 144 2,829 50,870 525,587 0 525,587 956,568 19 0 307,059 525,587 0 144 3,409 55,955 577,988 0 577,988 1,028,819 20 0 322,412 577,988 0 144 4,104 61,514 635,254 0 635,254 1,105,342 25 0 411,489 923,594 0 144 8,391 98,198 1,013,258 0 1,013,258 1,570,549 30 0 525,176 1,460,539 0 144 17,233 155,069 1,598,231 0 1,598,231 2,253,506
Guaranteed Charges ------------------ Premium Policy plus less less plus Policy Net Cash Death Pol Annual Accum Value Net Admin Cost Invest Value Surr Surrender Benefit Year Premium at 5% Beg Yr Premium Fees of Ins Earning End Yr Charge Value End Yr 1 20,000 21,000 0 18,000 144 1,574 1,768 18,050 0 18,050 365,000 2 20,000 43,050 18,050 18,400 144 1,608 3,676 38,374 0 38,374 365,000 3 20,000 66,203 38,374 19,000 144 1,622 5,841 61,450 0 61,450 365,000 4 20,000 90,513 61,450 19,200 144 1,610 8,251 87,147 0 87,147 365,000 5 20,000 116,038 87,147 19,400 144 1,574 10,934 115,763 0 115,763 365,000 6 20,000 142,840 115,763 19,600 144 1,503 13,921 147,637 0 147,637 373,521 7 20,000 170,982 147,637 19,600 144 1,835 17,204 182,461 0 182,461 447,030 8 0 179,531 182,461 0 144 2,077 18,766 199,006 0 199,006 473,635 9 0 188,508 199,006 0 144 2,371 20,463 216,955 0 216,955 503,335 10 0 197,933 216,955 0 144 2,685 22,304 236,429 0 236,429 531,966 11 0 207,830 236,429 0 144 3,050 24,300 257,535 0 257,535 564,001 12 0 218,221 257,535 0 144 3,452 26,463 280,401 0 280,401 597,254 13 0 229,132 280,401 0 144 3,878 28,806 305,185 0 305,185 631,734 14 0 240,589 305,185 0 144 4,377 31,345 332,009 0 332,009 670,659 15 0 252,619 332,009 0 144 4,919 34,092 361,038 0 361,038 711,245 16 0 265,249 361,038 0 144 5,522 37,064 392,436 0 392,436 753,477 17 0 278,512 392,436 0 144 6,189 40,278 426,380 0 426,380 797,331 18 0 292,438 426,380 0 144 6,931 43,751 463,056 0 463,056 842,762 19 0 307,059 463,056 0 144 7,855 47,497 502,554 0 502,554 894,546 20 0 322,412 502,554 0 144 8,882 51,530 545,057 0 545,057 948,400 25 0 411,489 749,773 0 144 15,358 76,767 811,038 0 811,038 1,257,108 30 0 525,176 1,102,624 0 144 26,998 112,656 1,188,139 0 1,188,139 1,675,275
- - The policy value, cash surrender value, and the death benefit will differ if premiums are paid in different amounts or frequencies. - - It is emphasized that the hypothetical investment returns are illustrative only, and should not be deemed a representation of past or future results. Actual investment returns may be more or less than those shown and will depend on a number of factors, including the investment allocation made by the policyholder, and the investment return for the portfolios of Manufacturers Investment Trust. - - The policy value, cash surrender value and death benefit would be different from those shown if actual rates of investment return averaged the rate shown above over a period of years, but also fluctuated above or below that average for individual policy years. - - No representations can be made that any hypothetical rate of return can be achieved for any one year or other period of time. - - No supplemental benefits or term riders are illustrated. CVUL03 Supp 1/26/04 -----END PRIVACY-ENHANCED MESSAGE-----