-----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, EvSsrSlqSCh6TmYwSZ0/KdIXrvetdYkV7LJqMLmIr9UUNv+Fbe7S7iy8FxHKzbgB eVmDzlUaQwacyj3NEBN3hg== /in/edgar/work/20000725/0000912057-00-033068/0000912057-00-033068.txt : 20000921 0000912057-00-033068.hdr.sgml : 20000921 ACCESSION NUMBER: 0000912057-00-033068 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20000725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL CENTRAL INDEX KEY: 0000858997 STANDARD INDUSTRIAL CLASSIFICATION: [0000 ] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 033-57320 FILM NUMBER: 678493 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 a497.txt 497 FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY SUPPLEMENT DATED AUGUST 1, 2000 TO PROSPECTUS DATED MAY 1, 2000 This supplements the information contained in the prospectus ("Prospectus") for Flexible Premium Variable Life Insurance Policies, dated May 1, 2000. You should keep this August 1, 2000 Supplement to the Prospectus for future reference. 1. The Table of Charges and Expenses set forth on pages 4 and 5 of the Prospectus is revised to read as follows: TABLE OF CHARGES AND EXPENSES This table shows, subject to state approval, the charges and expenses that you pay under your Policy. See "Charges and Deductions," below for more information about your Policy's charges:
TYPE OF CHARGE OR EXPENSE AMOUNT OF CHARGE OR EXPENSE Charges we deduct from each premium payment Sales charge: For Policies issued prior to May 1, 1996 or in connection with certain employer sponsored plans effective prior to August 1, 2000, up to 1% of each premium payment; For all other Polices(1) - POLICY YEARS 1 TO 10--up to 9% of premiums paid (we currently charge 6.5%) - POLICY YEARS 11 AND LATER--up to 3% of premiums paid, until the total of payments in each such Policy year equals the annual target premium(2) for that year. - There is no sales charge for payments in excess of the annual target premium(3) in any Policy year. Charge for average expected state taxes 2.25% of each premium payment attributable to premiums: Charge for expected federal taxes attributable to 1.2% of each premium payment premiums: Administrative charge: Up to 1.05% of each premium payment. We reduce the charge to .05% on the portion of any premiums paid in a Policy year above the annual target premium(2). Monthly Deduction from your Policy's cash value Cost of term insurance charges: Amount varies depending on the specifics of your Policy(3) Mortality and expense risk charge: 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 equivalent to an effective annual rate of up to .60% of the cash value in the Separate Account. We intend to reduce this charge after Policy year 9 to .30%. For all other Policies, the charge is currently equivalent to an effective annual rate of up to .48% of the cash value in the Separate Account. We intend to reduce this charge after Policy year 9 to .36% and after Policy year 20 to .30%. We may increase this charge to not more than .90% at any time. Underwriting charge: (applies only if you request A one time charge of up to $3 per thousand dollars an increase in your specified face amount) of increase. Charges for optional rider benefits(4): As specified in the form of each rider. Transfer charge: We do not charge for the first six transfers in a Policy year; we charge $25 for each additional transfer you make in a Policy year.
- --------------- (1)Except in certain states, if you surrender your Policy during the first three Policy years (first five Policy years for Policies issued on or after August 1, 2000), we will refund any sales load deducted within 365 days prior to the date the request for surrender is received at our Designated Office. 1 (2) See "Annual Target Premium" under "Charges and Deductions" for a detailed discussion of the determination of the annual target premium. For some Policies, an increase or decrease in the specified face amount will result in a proportionate increase or decrease in the annual target premium. This could, in turn, increase or decrease sales and administrative charges. (3) See "Cost of Term Insurance" under "Charges and Deductions" for a more detailed discussion of factors affecting this charge. 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. (4) Except for the interim term insurance rider, the charge for which is paid for separately. 2. The first sentence above "Cash Value" on page 14 of the Prospectus is revised to read as follows: "For Policies issued on or after May 1, 1996 in connection with other than certain employer sponsored plans effective prior to August 1, 2000, the sales charge and the administration charge may change." 3. The first bullet under "Annual Target Premium:" on page 21 of the Prospectus is revised to read as follows: - "For Policies issued prior to May 1, 1996 or issued in connection with certain employer sponsored plans effective prior to August 1, 2000, 50% of the estimated annual amount which satisfied the 7-Pay test under federal tax law based on the issue age of the insured and the initial specified face amount. (See "Modified Endowment Contracts" under "Federal Tax Matters.")" 4. The bullets describing the maximum commissions payable in a Policy year under "Commissions" on page 27 of the Prospectus are revised to read as follows: - "POLICY YEAR 1: 15% of premiums paid up to the target premium 2% of premiums paid above the target premium - POLICY YEARS 2 - 10: 10% of premiums paid up to the target premium 1.5% of premiums paid above the target premium - POLICY YEARS 11 AND LATER: 3% of premiums paid up to the target premium 1.5% of premiums paid above the target premium - POLICY YEARS 8 AND LATER: We may pay up to .15% of the cash value of a Policy and administrative expenses in certain circumstances." Metropolitan Life Insurance Company One Madison Avenue New York, NY 10010 1900002349(exp0501)MLIC-LD Metflex Supplement 8/2000 2
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