-----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, WZBLyub/kgrNRCfPB5Fc7RZeQQboW8zNHOxSQgLjs98hvjHjW2Gv4+qtie//4alF rzlywjAuDHx5wzCWShGc+w== 0000897069-04-000223.txt : 20040130 0000897069-04-000223.hdr.sgml : 20040130 20040130171506 ACCESSION NUMBER: 0000897069-04-000223 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040130 EFFECTIVENESS DATE: 20040130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL CENTRAL INDEX KEY: 0000858997 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-57320 FILM NUMBER: 04556746 BUSINESS ADDRESS: STREET 1: 1 MADISON AVE STREET 2: METROPOLITAN LIFE INSURANCE CO CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2125788717 MAIL ADDRESS: STREET 1: 1 MADISON AVENUE STREET 2: LAW DEPARTMENT AREA 7 G CITY: NEW YORK STATE: NY ZIP: 10010 497 1 sdc620.txt 497(E) FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY SUPPLEMENT DATED FEBRUARY 1, 2004 To PROSPECTUS DATED MAY 1, 2003 This supplements the information contained in the prospectus (``Prospectus'') for Flexible Premium Variable Life Insurance Policies, dated May 1, 2003. You should keep this February 1, 2004 Supplement to the Prospectus for future reference. 1. Footnote 2 on page 8 of the Prospectus is replaced with the following: (2) For Policies issued on or after February 1, 2004 with the Enhanced Cash Surrender Value Rider, if you request a full cash withdrawal during the first ten Policy years, we will refund (a) part of the cumulative charges we have deducted from your premium payments and (b) part of the cost of term insurance we have deducted in the current Policy year, as shown in Table A below. However, we will not pay this refund if the full cash withdrawal is related to an exchange pursuant to Section 1035 of the Internal Revenue Code. For Policies issued with the Enhanced Cash Surrender Value Rider and issued on or after November 23, 2001 and prior to February 1, 2004 or in connection with certain employer sponsored plans effective during that period, if you request a full cash withdrawal during the first seven Policy years, we will refund (a) part of the cumulative charges we have deducted from your premium payments and (b) part of the cost of term insurance we have deducted in the current Policy year, as shown in Table B below. However, we will not pay this refund if the full cash withdrawal is related to an exchange pursuant to Section 1035 of the Internal Revenue Code. Table A - ---------------------- ----------------------- ---------------------------- Portion of Cost of Term Insurance Charges Deducted Portion of during Policy Year of Policy Year of Cumulative Premium Full Cash Withdrawal Full Cash Withdrawal Charges to be Refunded* to be Refunded** - ---------------------- ----------------------- ---------------------------- 1 100% 95% - ---------------------- ----------------------- ---------------------------- 2 95% 85% - ---------------------- ----------------------- ---------------------------- 3 90% 75% - ---------------------- ----------------------- ---------------------------- 4 85% 65% - ---------------------- ----------------------- ---------------------------- 5 80% 55% - ---------------------- ----------------------- ---------------------------- 6 75% 45% - ---------------------- ----------------------- ---------------------------- 7 70% 35% - ---------------------- ----------------------- ---------------------------- 8 65% 25% - ---------------------- ----------------------- ---------------------------- 9 60% 15% - ---------------------- ----------------------- ---------------------------- 10 55% 5% - ---------------------- ----------------------- ---------------------------- 11 and later None None - ---------------------- ----------------------- ---------------------------- Table B - ---------------------- ----------------------- ---------------------------- Portion of Cost of Term Insurance Charges Deducted Portion of during Policy Year of Policy Year of Cumulative Premium Full Cash Withdrawal Full Cash Withdrawal Charges to be Refunded* to be Refunded** - ---------------------- ----------------------- ---------------------------- 1 100% 75% - ---------------------- ----------------------- ---------------------------- 2 90% 50% - ---------------------- ----------------------- ---------------------------- 3 75% 25% - ---------------------- ----------------------- ---------------------------- 4 60% None - ---------------------- ----------------------- ---------------------------- 5 45% None - ---------------------- ----------------------- ---------------------------- 6 30% None - ---------------------- ----------------------- ---------------------------- 7 15% None - ---------------------- ----------------------- ---------------------------- 8 and later None None - ---------------------- ----------------------- ---------------------------- * The percent shown is applied to the cumulative sales, tax, and administrative charges deducted from your premium. ** The percent shown is applied to the cost of term insurance charges deducted during the Policy year in which the full cash withdrawal occurs. 2. The Table of Periodic Charges Applicable to All Policies set forth on page 9 of the Prospectus is replaced by the following: Periodic Charges Applicable to All Policies This table describes other fees and expenses that you will pay periodically during the time that you own the Policy not including the fees and expenses of the Portfolios. ------------------ --------------- ------------------- ----------------- When Charge Current Amount Maximum Amount Charge is Deducted Deducted We Can Deduct ------------------ --------------- ------------------- ----------------- Cost of Term On each monthly Insurance* anniversary of the Policy Highest and Lowest Highest:$11.40 per Highest: $30.45 Charge Among All $1,000 of term per $1,000 of Possible Insureds insurance amount term insurance amount Lowest:$0.03 per $1,000 of term Lowest: $0.09 per insurance amount $1,000 of term insurance amount Charge for male, $0.16 per $1,000 issue age 45, of term insurance $0.40 per $1,000 Guaranteed Issue amount of term insurance underwriting class amount ------------------ --------------- ------------------- ----------------- Mortality and On each monthly Effective annual Effective annual Expense Risk anniversary of rate of 0.40% rate up to .90% Charge the Policy of the cash value in the Separate Account.** We intend to reduce this charge after Policy year 9 to 0.20% and after Policy year 20 to 0.10%. ------------------ --------------- ------------------- ----------------- Loan Interest Annually (or Annual rate of Annual rate of Spread on loan 0.25% of the loan 2% of the loan termination, amount amount if earlier) ------------------ --------------- ------------------- ----------------- * The cost of term insurance charge varies based on anticipated variations in our costs or risks associated with the group or individuals in the group that the charge was intended to cover. See "Charges and Deductions--Cost of Term Insurance" for a more detailed discussion of factors affecting this charge. You can obtain more information about the cost of insurance or other charges that would apply by contacting your insurance sales representative. If you would like, we will provide you with an illustration of the impact of these and other charges under the Policy based on various assumptions. ** For policies issued on or after August 1, 2000 and prior to February 1, 2004 or in connection with certain employer sponsored plans effective prior to February 1, 2004, the charge is currently at an effective annual rate of 0.48% of the cash value in the Separate Account. For those Policies, we intend to reduce this charge after Policy year 9 to .36% and after Policy year 20 to .30%. For policies issued prior to May 1, 1996 or in connection with certain employer sponsored plans effective prior to August 1, 2000, the charge is currently at an effective annual rate of 0.60% of the cash value in the Separate Account. For those Policies, we intend to reduce this charge to .30% for all Policy years after the ninth. -----END PRIVACY-ENHANCED MESSAGE-----