SUPPLEMENT DATED OCTOBER 7, 2002
TO
PROSPECTUSES DATED MAY 1, 2002 OR LATER
This Supplement is intended to be distributed with current prospectuses
(dated May 1, 2002 or later) for certain variable annuity contracts issued by
John Hancock Life Insurance Company or John Hancock Variable Life Insurance
Company ("Product Prospectuses") and with the prospectus dated May 1, 2002 for
the John Hancock Variable Series Trust I ("Variable Series Trust") that
accompanies the Product Prospectuses. The variable annuity contracts involved
bear the title "ACCOMMODATOR VARIABLE ANNUITY," "ACCOMMODATOR 2000 VARIABLE
ANNUITY," "INDEPENDENCE VARIABLE ANNUITY," "INDEPENDENCE PREFERRED VARIABLE
ANNUITY," "INDEPENDENCE 2000 VARIABLE ANNUITY,""MARKETPLACE VARIABLE ANNUITY,"
or "PATRIOT VARIABLE ANNUITY."
This Supplement amends the Product Prospectuses.
Revised Fee Table
The fund expenses shown in the Product Prospectuses for the Large Cap
Growth and Small/Mid Cap CORE/SM/ Funds have changed. The shareholders approved
increases in investment management fees for these funds of the Variable Series
Trust, effective October 7, 2002. The fee table in the Product Prospectuses does
not reflect those increases. Set out below is a supplementary expense table
which shows what the affected Fund's expenses would have been had the investment
management fee increases been in place for all of 2001:
Total Fund Total Fund
Investment Distribution and Other Operating Operating Operating
Management Service Expenses With Expenses With Expenses Absent
Fund Name Fee (12b-1) Fees Reimbursement Reimbursement Reimbursement
- --------- ---------- ---------------- --------------- ------------- -------------
JOHN HANCOCK VARIABLE SERIES TRUST I:
Large Cap Growth ............................ 0.80% N/A 0.03% 0.83% 0.83%
Small/Mid Cap CORE/SM/ ...................... 1.05% N/A 0.10% 1.15% 1.40%
Revised Examples
The following tables revise the examples contained in the Product
Prospectuses with respect to the Large Cap Growth and Small/Mid Cap CORE/SM/
investment options. The tables show the current expenses you would pay, directly
or indirectly, on a $1,000 investment allocated to a variable investment option,
assuming a 5% annual return on assets (but not including any applicable premium
taxes or any fees for optional riders). Actual expense may be greater or less
than those shown.
Revised Examples - ACCOMMODATOR
Periodic Premium Deferred Contract - If you "surrender" (turn in) a periodic
premium deferred ACCOMMODATOR contract or begin receiving annuity payments under
one of its annuity payment options at the end of the applicable time period, you
would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 97 $133 $172 $279
Small/Mid Cap CORE/SM/ $100 $142 $187 $309
Single Premium Deferred Contract - If you "surrender" (turn in) a single premium
deferred ACCOMMODATOR contract or begin receiving annuity payments under one of
its annuity payment options at the end of the applicable time period, you would
pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 73 $109 $149 $258
Small/Mid Cap CORE/SM/ $ 76 $119 $164 $290
Single Premium Immediate Contract - Assuming that annuity payments begin at the
earliest possible date on a single premium immediate ACCOMMODATOR annuity
contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 77 $114 $153 $262
Small/Mid Cap CORE/SM/ $ 81 $123 $169 $293
Revised Examples - ACCOMMODATOR 2000
If you "surrender" (turn in) an ACCOMMODATOR 2000 variable annuity contract
at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 98 $134 $169 $248
Small/Mid Cap CORE/SM/ $102 $144 $185 $281
If you begin receiving payments under one of our ACCOMMODATOR 2000 annuity
payment options at the end of the applicable time period, or if you do not
surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 22 $ 67 $115 $248
Small/Mid Cap CORE/SM/ $ 25 $ 77 $132 $281
Revised Examples - INDEPENDENCE
If you "surrender" (turn in) an INDEPENDENCE variable annuity contract at
the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 95 $142 $183 $258
Small/Mid Cap CORE/SM/ $ 98 $152 $199 $290
If you begin receiving payments under one of our INDEPENDENCE annuity
payment options at the end of the applicable time period, or if you do not
surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 23 $ 70 $120 $258
Small/Mid Cap CORE/SM/ $ 26 $ 80 $137 $290
Revised Examples - INDEPENDENCE PREFERRED
If you "surrender" (turn in) an INDEPENDENCE PREFERRED variable annuity
contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 96 $145 $188 $269
Small/Mid Cap CORE/SM/ $ 99 $155 $204 $300
If you begin receiving payments under one of our INDEPENDENCE PREFERRED
annuity payment options at the end of the applicable time period, or if you do
not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 24 $ 73 $126 $269
Small/Mid Cap CORE/SM/ $ 27 $ 83 $141 $300
Revised Examples - INDEPENDENCE 2000
If you "surrender" (turn in) an INDEPENDENCE 2000 variable annuity contract
at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 86 $115 $147 $258
Small/Mid Cap CORE/SM/ $ 89 $125 $163 $290
If you begin receiving payments under one of our INDEPENDENCE 2000 annuity
payment options at the end of the applicable time period, or if you do not
surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 23 $ 70 $120 $258
Small/Mid Cap CORE/SM/ $ 26 $ 80 $137 $290
Revised Examples - MARKETPLACE
If you "surrender" (turn in) a MARKETPLACE variable annuity contract at the
end of the applicable time period, if you begin receiving payments under one of
our MARKETPLACE annuity payment options at the end of the applicable time
period, or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 19 $ 58 $100 $217
Small/Mid Cap CORE/SM/ $ 22 $ 68 $116 $250
Revised Examples - PATRIOT
If you "surrender" (turn in) a PATRIOT variable annuity contract at the end
of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 75 $110 $148 $243
Small/Mid Cap CORE/SM/ $ 79 $120 $165 $276
If you begin receiving payments under one of our PATRIOT annuity payment
options at the end of the applicable time period, or if you do not surrender
your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $ 21 $ 66 $113 $243
Small/Mid Cap CORE/SM/ $ 25 $ 75 $129 $276
THE STATEMENT OF ADDITIONAL INFORMATION FOR THE VARIABLE SERIES TRUST WAS
UPDATED ON OCTOBER 7, 2002 AND CONTAINS DETAILED INFORMATION ABOUT THE FUNDS
MENTIONED ABOVE. BE SURE TO READ THAT STATEMENT OF ADDITIONAL INFORMATION BEFORE
SELECTING ANY OF THOSE FUNDS AS AN INVESTMENT OPTION. THE SUPPLEMENT MAY BE
OBTAINED BY CALLING 1-800-732-5543.
SUPPLEMENT DATED OCTOBER 7, 2002
TO
PROSPECTUSES DATED MAY 1, 2002 OR LATER
This Supplement is intended to be distributed with prospectuses dated May 1,
2002 for REVOLUTION ACCESS VARIABLE ANNUITY contracts issued by John Hancock
Life Insurance Company ("John Hancock") or John Hancock Variable Life Insurance
Company ("JHVLICO") ("Product Prospectuses") and with the prospectus dated May
1, 2002 for the John Hancock Variable Series Trust I ("Variable Series Trust")
that accompanies the Product Prospectuses. This Supplement amends the Product
Prospectuses.
SUSPENSION OF NEW CONTRACT SALES
John Hancock and JHVLICO have suspended the issuance of new REVOLUTION
ACCESS VARIABLE ANNUITY contracts, effective October 7, 2002.
REVISED FEE TABLE AND EXAMPLES
The fund expenses shown in the Product Prospectuses for the Large Cap
Growth and Small/Mid Cap CORE/SM/ Funds have changed. The shareholders approved
increases in investment management fees for these funds of the Variable Series
Trust, effective October 7, 2002. The fee table in the Product Prospectuses does
not reflect those increases. Set out below is a supplementary expense table that
shows what the affected Fund's expenses would have been had the investment
management fee increases been in place for all of 2001:
Total Fund Total Fund
Investment Distribution and Other Operating Operating Operating
Management Service Expenses With Expenses With Expenses Absent
Fund Name Fee (12b-1) Fees Reimbursement Reimbursement Reimbursement
- --------- ---------- ---------------- --------------- ------------- ---------------
JOHN HANCOCK VARIABLE SERIES
TRUST I:
Large Cap Growth ............... 0.80% N/A 0.03% 0.83% 0.83%
Small/Mid Cap CORE/SM/ ......... 1.05% N/A 0.10% 1.15% 1.40%
The following tables revise the examples contained in the Product
Prospectuses with respect to Large Cap Growth and Small/Mid Cap CORE/SM/
investment allocations. The tables show the current expenses you would pay,
directly or indirectly, on a $1,000 investment allocated to a variable
investment option, assuming a 5% annual return on assets (but not including any
applicable premium taxes). Actual expense may be greater or less than those
shown.
If you "surrender" (turn in) a REVOLUTION ACCESS All Rider variable annuity
contract at the end of the applicable time period, if you begin receiving
payments under one of the annuity payment options of a REVOLUTION ACCESS All
Rider contract at the end of the applicable time period, or if you do not
surrender your contact, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $34 $103 $175 $364
Small/Mid Cap CORE/SM/ $37 $112 $190 $392
If you "surrender" (turn in) a REVOLUTION ACCESS No Rider variable annuity
contract at the end of the applicable time period, if you begin receiving
payments under one of the annuity payment options of a REVOLUTION ACCESS No
Rider contract at the end of the applicable time period, or if you do not
surrender your contact, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth $22 $67 $115 $248
Small/Mid Cap CORE/SM/ $25 $77 $132 $281
REVISED MARKET VALUE ADJUSTMENT AND CALCULATIONS FOR CONTRACTS ISSUED IN NEW
YORK AND FLORIDA
The market value adjustment described on page 30 in the John Hancock
Product Prospectus will NOT apply to death benefits under contracts issued in
New York.
We will also calculate the MVA under a different formula than the formula
shown in Appendix A for contracts issued in New York and Florida.
Here is how the revised Market Value Adjustment works for contracts issued
in New York or Florida:
We compare
. the guaranteed rate of the guarantee period from which the
assets are being taken WITH
. the guaranteed rate we are currently offering for guarantee
periods of the same duration as remains on the guarantee
period from which the assets are being taken.
If the first rate exceeds the second by more than 1/4%, the
market value adjustment produces an increase in your contract's
value.
If the first rate does not exceed the second by at least 1/4%,
the market value adjustment produces a decrease in your
contract's value.
The factor we will use to compute the revised Market Value Adjustment is
expressed by the following formula:
n
--
12
1 + g
(--------------) - 1
1 + c + 0.0025
Revisions to Sample Calculations in Appendix A to the Product
Prospectus
In Sample Calculation 1: Positive Adjustment, the MARKET VALUE ADJUSTMENT is:
60
--
12
1 + 0.08
11,664 x [(------------------) - 1] = 413.58
1 + 0.07 + 0.0025
The amount withdrawn or transferred (adjusted for market value adjustment) is:
$11,664 + $413.58 = $12,077.58
----------
In Sample Calculation 2: Negative Adjustment, the MARKET VALUE ADJUSTMENT
is:
60
--
12
1 + 0.08
11,664 x [(-----------------) - 1] = -652.18
1 + 0.09 + 0.0025
The amount withdrawn or transferred (adjusted for market value adjustment) is
$11,664 - $652.18 = $11,011.82
----------
In Sample Calculation 3: Positive Adjustment Limited by Amount of Excess
Interest, the MARKET VALUE ADJUSTMENT is:
60
--
12
1 + 0.08
11,664 x [(-----------------) - 1] = 1,605.54
1 + 0.05 + 0.0025
Since the market value adjustment exceeds the amount of excess interest of
$1,055, the actual market value adjustment is $1,055.
------
In Sample Calculation 4: Negative Adjustment Limited by Amount of Excess
Interest, the MARKET VALUE ADJUSTMENT is:
60
--
12
1 + 0.08
11,664 x [(-----------------) - 1] = -1,142.61
1 + 0.10 + 0.0025
Since the market value adjustment exceeds the amount of excess interest of
$1,055, the actual market value adjustment is -$1,055.
-------
UNAVAILABLE RIDERS
.. The earnings enhancement death benefit rider is not available for contracts
issued in New York.
.. The accumulated value enhancement rider is not available for contracts
issued in Florida and New York.
.. The guaranteed retirement income benefit rider is not available for
contracts issued in New York.
MODIFIED ENHANCED DEATH BENEFIT RIDER IN NEW YORK
The charge and the benefit for the enhanced death benefit rider differs in
New York from that described in the Product Prospectus. Under the rider
available in New York, we will pay an enhanced death benefit (in lieu of the
standard death benefit) that is the greater of (i) the highest total value of
your contract as of any anniversary of your contract during the rider's
measuring period, plus any premium payments you have made since that
anniversary, minus any withdrawals you have taken since that anniversary or (ii)
the total value of your contract as of the date we receive proof of death. The
monthly charge for this rider is 1/12th of an annual percentage equal to 0.15%
of your contract's total value. For a more complete description of the terms and
conditions of this benefit, you should refer directly to the rider. We will
provide you with a copy on request. This rider (and related charges) will
terminate on the contract's date of maturity, upon your surrendering the
contract, or upon your written request that we terminate it.
THE STATEMENT OF ADDITIONAL INFORMATION FOR THE VARIABLE SERIES TRUST WAS
UPDATED ON OCTOBER 7, 2002 AND CONTAINS DETAILED INFORMATION ABOUT THE FUNDS
MENTIONED ABOVE. BE SURE TO READ THAT STATEMENT OF ADDITIONAL INFORMATION BEFORE
SELECTING ANY OF THOSE FUNDS AS AN INVESTMENT OPTION. THE SUPPLEMENT MAY BE
OBTAINED BY CALLING 1-800-732-5543.
SUPPLEMENT DATED OCTOBER 7, 2002
TO
PROSPECTUSES DATED MAY 1, 2002 OR LATER
This Supplement is intended to be distributed with current prospectuses (dated
May 1, 2002 or later) for certain variable annuity contracts issued by John
Hancock Life Insurance Company or John Hancock Variable Life Insurance Company
("Product Prospectuses") and with the prospectus dated May 1, 2002 for the John
Hancock Variable Series Trust I ("Variable Series Trust") that accompanies the
Product Prospectuses. The variable annuity contracts involved bear the title
"REVOLUTION EXTRA VARIABLE ANNUITY" or "REVOLUTION VALUE VARIABLE ANNUITY."
This Supplement amends the Product Prospectuses.
Revised Fee Table
The fund expenses shown in the Product Prospectuses for the Large Cap Growth and
Small/Mid Cap CORE/SM/ Funds have changed. The shareholders approved increases
in investment management fees for these funds of the Variable Series Trust,
effective October 7, 2002. The fee table in the Product Prospectuses does not
reflect those increases. Set out below is a supplementary expense table that
shows what the affected Fund's expenses would have been had the investment
management fee increases been in place for all of 2001:
Total Fund Total Fund
Investment Distribution and Other Operating Operating Operating
Management Service Expenses With Expenses With Expenses Absent
Fund Name Fee (12b-1) Fees Reimbursement Reimbursement Reimbursement
- --------- ---------- ---------------- -------------- ------------- ---------------
JOHN HANCOCK VARIABLE SERIES
TRUST I:
Large Cap Growth ................. 0.80% N/A 0.03% 0.83% 0.83%
Small/Mid Cap CORE/SM/ ........... 1.05% N/A 0.10% 1.15% 1.40%
Revised Examples
The following tables revise the examples contained in the Product Prospectuses
with respect to Large Cap Growth and Small/Mid Cap CORE/SM/ investment
allocations. The tables show the current expenses you would pay, directly or
indirectly, on a $1,000 investment allocated to a variable investment option,
assuming a 5% annual return on assets (but not including any applicable premium
taxes). Actual expense may be greater or less than those shown.
Revised Examples - REVOLUTION EXTRA
If you "surrender" (turn in) a REVOLUTION EXTRA All Rider variable annuity
contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $98 $171 $237 $381
Small/Mid Cap CORE/SM/ ............... $102 $181 $253 $411
If you begin receiving payments under one of the annuity payment options of
a REVOLUTION EXTRA All Rider contract at the end of the applicable time period,
or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $35 $108 $183 $381
Small/Mid CapCORE/SM/ ................ $39 $118 $199 $411
If you "surrender" (turn in) a REVOLUTION EXTRA No Rider variable annuity
contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $86 $133 $170 $257
Small/Mid Cap CORE/SM/ ............... $89 $143 $188 $290
If you begin receiving payments under one of the annuity payment options of
a REVOLUTION EXTRA No Rider contract at the end of the applicable time period,
or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $23 $70 $119 $257
Small/Mid Cap CORE/SM/ ............... $26 $80 $136 $290
Revised Examples - REVOLUTION VALUE
If you "surrender" (turn in) a REVOLUTION VALUE All Rider variable annuity
contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $97 $149 $204 $368
Small/Mid Cap CORE/SM/ ............... $100 $159 $219 $397
If you begin receiving payments under one of the annuity payment options of
a REVOLUTION VALUE All Rider contract at the end of the applicable time period,
or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $34 $104 $177 $368
Small/Mid Cap CORE/SM/ ............... $37 $114 $192 $397
If you "surrender" (turn in) a REVOLUTION VALUE No Rider variable annuity
contract at the end of the applicable time period, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $85 $112 $142 $248
Small/Mid Cap CORE/SM/ ............... $88 $122 $158 $281
If you begin receiving payments under one of the annuity payment options of
a REVOLUTION VALUE No Rider contract at the end of the applicable time period,
or if you do not surrender your contract, you would pay:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Large Cap Growth ..................... $22 $67 $115 $248
Small/Mid Cap CORE/SM/ ............... $25 $77 $132 $281
THE STATEMENT OF ADDITIONAL INFORMATION FOR THE VARIABLE SERIES TRUST WAS
UPDATED ON OCTOBER 7, 2002 AND CONTAINS DETAILED INFORMATION ABOUT THE FUNDS
MENTIONED ABOVE. BE SURE TO READ THAT STATEMENT OF ADDITIONAL INFORMATION BEFORE
SELECTING ANY OF THOSE FUNDS AS AN INVESTMENT OPTION. THE SUPPLEMENT MAY BE
OBTAINED BY CALLING 1-800-732-5543.