497 1 d497.htm CVUL 03 AND CVUL 04 - JH USA - MERGER SUPPLEMENT CVUL 03 and CVUL 04 - JH USA - Merger Supplement

Supplement Dated November 10, 2008

To

Prospectuses Dated April 28, 2008 or Later

 

 

This supplement is intended for distribution with prospectuses dated April 28, 2008 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 prospectuses bear the titles:

 

Medallion Executive Variable Life

Medallion Executive Variable Life II

Medallion Executive Variable Life III

Majestic Variable Universal Life

Majestic Variable Universal Life 98

Variable Master Plan Plus

Majestic Variable COLI

Variable Estate Protection

Majestic Variable Estate Protection

Majestic Variable Estate Protection 98

Variable Estate Protection Plus

Variable Estate Protection Edge

Performance Survivorship Variable Universal Life

Majestic Performance Survivorship Variable Universal Life

Performance Executive Variable Life

Medallion Variable Life

Medallion Variable Universal Life Plus

Medallion Variable Universal Life Edge

Medallion Variable Universal Life Edge II

  

Annual Premium Variable Life

eVariable Life

Flex V1

Flex V2

VUL Accumulator

EPVUL

Accumulation VUL

VUL Protector

SPVL

Survivorship VUL

Protection Variable Universal Life

Majestic Performance VUL

Survivorship Variable Universal Life

Majestic Survivorship VULX

Majestic VULX

Corporate VUL

Changes to Variable Investment Accounts

Effective after the close of business on November 7, 2008, the portfolios of John Hancock Trust listed below under “Acquired Portfolios” merged into the corresponding John Hancock Trust portfolio listed below under “Acquiring Portfolios.”

 

Acquired Portfolios   Acquiring Portfolios
Emerging Growth   Small Cap Growth
Managed   Lifestyle Balanced
Small Cap   Small Cap Growth
U.S. Core   Fundamental Value

As a result, you will not be able to allocate your policy value or any premium payments to an investment account corresponding with one of the Acquired Portfolios after November 7, 2008. You should disregard any reference in the product prospectus to the Acquired Portfolios.

Moreover, one or more of the Acquired Portfolios may not be available to you. You should consult your current prospectus to verify which investment accounts are currently available under your policy.


Lifestyle Balanced Portfolio Addition

This supplement also supplements the Annual Premium Variable Life prospectus dated April 28, 2008.

Effective November 10, 2008, we will add the Lifestyle Balanced investment account to your policy, which invests in the Lifestyle Balanced portfolio of the John Hancock Trust.

We revise the list of investment accounts on the first page of the prospectus to add the Lifestyle Balanced portfolio.

We revise the “Maximum” Total Annual Portfolio Operating Expenses as follows:

 

Total Annual Portfolio Operating Expenses

   Minimum          Maximum

Range of expenses, including management fees, distribution and/or service (12b-1) fees, and other expenses

   0.58%          0.88%

We add the following disclosure under Portfolio Annual Expenses:

 

Portfolio   Management
Fees
 

12b-1

Fees

 

Other

Expenses

 

Acquired

Fund

Fees and
Expenses

 

Total

Operating
Expenses

  Contractual
Expense
Reimbursement
  Net Fund
Operating
Expenses

Lifestyle

Balanced

  0.04%   0.00%   0.02%   0.82%   0.88%   0.00%   0.88%

We add the following disclosure under Table of Investment Options and Investment Subadvisers:

 

Portfolio   Portfolio Manager   Investment Objective and Strategy
Lifestyle Balanced   MFC Global Investment Management (U.S.A.) Limited   To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. The portfolio operates as a fund of funds and invests approximately 40% of its assets in underlying portfolios which invest primarily in fixed income securities and approximately 60% in underlying portfolios which invest primarily in equity securities.

Small Cap Growth Portfolio Addition

This supplement also supplements the prospectuses dated April 28, 2008 bearing the following titles:

VUL Accumulator

EPVUL

VUL Protector

SPVL

Corporate VUL

Survivorship VUL

Effective November 10, 2008, we will add the Small Cap Growth investment account to your policy, which invests in the Small Cap Growth portfolio of the John Hancock Trust.


We revise the list of investment accounts on the first page of the prospectus to add the Small Cap Growth portfolio.

We add the following disclosure under Portfolio Annual Expenses:

 

Portfolio   Management
Fees
 

12b-1

Fees

 

Other

Expenses

 

Acquired

Fund

Fees and
Expenses

 

Total

Operating
Expenses

  Contractual
Expense
Reimbursement
  Net Fund
Operating
Expenses

Small Cap

Growth3

  1.07%   0.05%   0.06%   0.00%   1.18%   0.01%   1.17%

We add the following disclosure under Table of Investment Options and Investment Subadvisers:

 

Portfolio   Portfolio Manager   Investment Objective and Strategy
Small Cap Growth   Wellington Management Company, LLP   To seek long-term capital appreciation. Under normal market conditions, the portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in small-capitalization companies. For the purposes of the portfolio, “small-capitalization companies” are those with market capitalizations, at the time of investment, not exceeding the maximum market capitalization of any company represented in either the Russell 2000 Index* or the S&P SmallCap 600 Index.*

If you need additional information, please contact your representative or contact our Service Office at the address or telephone number on the back page of your product prospectus.

You should read this supplement together with the prospectus for the contract you purchased, and retain both for future reference.

 

VLI ProdSupp 11/08