497 1 d497.htm JHUSA N - CVUL 03, CVUL 04 JHUSA N - CVUL 03, CVUL 04

 

Supplement Dated November 8, 2010

To

Prospectuses Dated May 3, 2010

 


This supplement is intended for distribution with prospectuses dated May 3, 2010 for variable life insurance contracts of 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

   Majestic Performance Survivorship Variable

Medallion Executive Variable Life II

   Universal Life

Medallion Executive Variable Life III

   Performance Executive Variable Life

Majestic Variable Universal Life

   Medallion Variable Universal Life Plus

Majestic Variable Universal Life 98

   Medallion Variable Universal Life Edge

Variable Master Plan Plus

   Medallion Variable Universal Life Edge II

Majestic Variable COLI

   VUL Accumulator

Variable Estate Protection

   EPVUL

Majestic Variable Estate Protection

   Accumulation VUL

Majestic Variable Estate Protection 98

   VUL Protector

Variable Estate Protection Plus

   SPVL

Variable Estate Protection Edge

   Survivorship VUL

Performance Survivorship Variable Universal Life

   Protection Variable Universal Life

 

Portfolio Mergers

Effective after the close of business on November 5, 2010, 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

U.S. High Yield Bond

   High Yield

Strategic Bond

   Strategic Income Opportunities

 

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 5, 2010. You should disregard any reference in the product prospectus to the Acquired Portfolios.

 

Portfolio Additions

We revise the list of investment accounts on the first page of the prospectus to add the following investment accounts to your policy, which invest in corresponding portfolios of the John Hancock Trust.

 

American Global Growth

   American High-Income Bond

American Global Small Capitalization

   Ultra Short Term Bond

 

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

 

Portfolio   Portfolio Manager   Investment Objective

American Global Growth

  Capital Research and Management Company (Adviser to the American Funds Insurance Series)   To seek to make the shareholders’ investment grow over time. The portfolio invests all of its assets in Class 1 shares of its master fund, the Global Growth Fund, a series of American Funds Insurance Series. The Global Growth portfolio invests primarily in common stocks of companies located around the world that the adviser believes have potential for growth. The portfolio may invest a portion of its assets in common stocks and other securities of companies in countries with developing economies and/or markets. The portfolio expects to be invested in numerous countries around the world.

American Global Small Capitalization

  Capital Research and Management Company (Adviser to the American Funds Insurance Series)   To seek to make the shareholders’ investment grow over time. The portfolio invests all of its assets in Class 1 shares of its master fund, the Global Small Capitalization Fund, a series of American Funds Insurance Series. Under normal circumstances, the Global Small Capitalization Fund invests primarily in stocks of smaller companies located around the world. Normally, the Global Small Capitalization portfolio invests at least 80% of its net assets in growth-oriented common stocks and other equity securities (such as preferred stocks, convertible preferred stocks and convertible bonds) of companies with small market capitalizations, measured at the time of purchase.

American High-Income Bond

  Capital Research and Management Company (Adviser to the American Funds Insurance Series)   To seek to provide a high level of current income and, secondarily, capital appreciation. The portfolio invests all of its assets in Class 1 shares of its master fund, the High-Income Bond Fund, a series of American Funds Insurance Series. The portfolio invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 or below or BB+ or below by a nationally recognized statistical rating organization or unrated but determined by the master fund’s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.”

 

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Portfolio   Portfolio Manager   Investment Objective

Ultra Short Term Bond

  MFC Global Investment Management Services, LLC   To seek a high level of current income consistent with the maintenance of liquidity and the preservation of capital. Under normal circumstances, the portfolio invests at least 80% of its net assets in a diversified portfolio of domestic, investment grade, debt securities. Debt securities may be issued by governments, companies or special purpose entities and may include notes, discount notes, bonds, debentures, commercial paper, repurchase agreements, mortgage-backed and other asset-backed securities and assignments, participations and other interests in bank loans. The portfolio may also invest in cash and cash equivalents.

 

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

 

Prior to making any investment decisions, you should carefully review your product prospectus and all applicable supplements. In addition, you should review the prospectuses and applicable supplements for the underlying portfolios that we make available as investment options under the policies. The prospectuses describe the investment objectives, policies and restrictions of, and the risks relating to, investment in the portfolios. In the case of any of the portfolios that are operated as feeder funds, you should also review the prospectus for the corresponding master fund. If you need to obtain additional copies of any of these documents, please contact your representative or contact our Service Office at the address or telephone number on the back page of your product prospectus.

 

 

 

VLI ProdSupp(V2) 11/2010

 

 

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