497 1 d497.txt JOHN HANCOCK VARIABLE LIFE ACCOUNT N CVUL 05 Supplement dated June 25, 2007 to the Statements of Additional Information ("SAI") Dated May 1, 2007 or later This supplement is intended for distribution with SAIs dated May 1, 2007 or later for variable life insurance contracts issued by John Hancock Life Insurance Company, John Hancock Variable Life Insurance Company, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York, as applicable. The affected SAIs bear the titles Medallion Executive Variable Life Medallion Variable Universal Life Medallion Executive Variable Life II Medallion Variable Universal Life Plus Medallion Executive Variable Life III Medallion Variable Universal Life Edge Majestic Variable Universal Life Medallion Variable Universal Life Edge II Majestic Variable Universal Life 98 Variable Master Plan Plus Variable Estate Protection Majestic Variable COLI Majestic Variable Estate Protection eVariable Life Majestic Variable Estate Protection 98 Accumulator II Variable Estate Protection Plus EPVUL Variable Estate Protection Edge Accumulation VUL VUL Protector Majestic Performance Survivorship VUL Protection VUL Performance Survivorship Variable SPVL Universal Life Performance Executive Variable Life Survivorship VUL Annual Premium Variable Life Majestic Performance VUL Flex V1 Corporate VUL Flex V2 Corporate VUL 04 Corporate VUL 05 Please add the following text under the heading entitled "Legal and Regulatory Matters": On June 25, 2007, John Hancock Investment Management Services, LLC (the "Adviser") and John Hancock Distributors LLC (the "Distributor") and two of their affiliates (collectively, the "John Hancock Affiliates") reached a settlement with the Securities and Exchange Commission ("SEC") that resolved an investigation of certain practices relating to the John Hancock Affiliates' variable annuity and mutual fund operations involving directed brokerage and revenue sharing. Under the terms of the settlement, each John Hancock Affiliate was censured and agreed to pay a $500,000 civil penalty to the United States Treasury. In addition, the Adviser and the Distributor agreed to pay disgorgement of $14,838,943 and prejudgment interest of $2,001,999 to the John Hancock Trust funds that participated in the Adviser's commission recapture program during the period from 2000 to April 2004. Collectively, all John Hancock Affiliates agreed to pay a total disgorgement of $16,926,420 and prejudgment interest of $2,361,460 to the entities advised or distributed by John Hancock Affiliates. The Adviser discontinued the use of directed brokerage in recognition of the sale of fund shares in April 2004.