497 1 d497.txt PROSPECTUS SUPPLEMENT FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY SUPPLEMENT DATED NOVEMBER 5, 2001 TO PROSPECTUS DATED MAY 1, 2001 This supplements the information contained in the prospectus ("Prospectus") for Flexible Premium Variable Life Insurance Policies, dated May 1, 2001. You should keep this November 5, 2001 Supplement to the Prospectus for future reference. THE TABLE OF CHARGES AND EXPENSES ON PAGE 5 IS HEREBY REPLACED WITH THE FOLLOWING: 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 Policies/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/ in any Policy year; . There is no sales charge for payments in excess of the annual target premium/2/ in any Policy year. Charge for average expected state 2.25% of each premium payment. taxes Charge for expected federal taxes 1.2% of each premium payment. 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/. Charge for the Enhanced Cash .25% of each premium payment in the first Surrender Value Rider/5/: five Policy years. 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 A one time charge of up to $3 per if you request an increase in thousand dollars of increase. your specified face amount) Charges for optional rider As specified in the form of each rider. benefits/4/: Transfer Charge: We currently do not charge for transfers.
FOOTNOTE 1 ON PAGE 6 IS HEREBY REPLACED WITH THE FOLLOWING: /1/For Policies issued with the Refund of Sales Charge Rider, if you request a full cash withdrawal during the first three Policy years (first five Policy years for Policies issued on or after August 1, 2000), we will refund any sales charges deducted within 365 days prior to the date the request is received at our Designated office. For Policies issued with the Enhanced Cash Surrender Value Rider, 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 the table 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.
PORTION OF COST OF TERM INSURANCE CHARGES PORTION OF DEDUCTED DURING POLICY YEAR OF POLICY YEAR OF CUMULATIVE PREMIUM FULL CASH WITHDRAWAL FULL CASH WITHDRAWAL CHANGES 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. THE FOLLOWING FOOTNOTE IS HEREBY ADDED TO PAGE 6: /5/ This rider may be attached to Policies issued on or about November 23, 2001 and thereafter if you request it. Rider may not be available in all states. THE TABLE BELOW HEREBY REPLACES THE TABLE AT THE TOP OF PAGE 17: . Disability Waiver of .Interim Term Insurance Benefit Monthly Deduction Benefit/1/ . Accidental Death Benefit .Yearly Renewable Term Insurance Benefit/3/ . Accelerated Death .Enhanced Cash Surrender Value Rider/4/ Benefit/2/
THE FOLLOWING FOOTNOTE IS ADDED TO PAGE 17: /4/This rider may be attached to Policies issued on or about November 23, 2001 and thereafter if you request it. Rider may not be available in all states.