Exhibit 10
Illustrations of Death Benefits, Policy Values ("Account Values") and
Cash Surrender Values
POLICY OPTION A
ILLUSTRATIONS OF DEATH BENEFITS, POLICY VALUES ("ACCOUNT VALUES") AND CASH
SURRENDER VALUES
- --------------------------------------------------------------------------------
The following tables illustrate how a policy's death benefits, account values
and cash surrender value could vary over time assuming constant hypothetical
gross annual investment returns of 0%, 6% and 12%. Policy benefits will differ
from those shown if the annual investment returns are not absolutely constant.
The tables are for standard risk males and females that have never smoked. In
states where cost of insurance rates are not based on gender, the tables
designated "male" apply to all standard risk non-smokers. Account values and
cash surrender values may be lower for smokers or former smokers or for risk
classes involving higher mortality risk. We assume planned premium payments are
made at the beginning of each policy year. The difference between the policy
value and the cash surrender value in the first 15 years is the surrender
charge. We include tables for death benefit Option 1 and Option 2 for the
blended cost of insurance charge applied under a Multiple Life Policy.
The death benefit, account value and cash surrender value amounts reflect the
following current charges:
1. Premium Expense Charge of 50% of premium up to the Target Annual Premium
and 6% of premium in excess of the Target Annual premium in the first
policy year and 6% of premium after the first policy year.
2. Monthly administrative charge of $0.01 per $1,000 of face amount up to a
maximum charge of $75 for the first 15 years.
3. The Monthly Mortality and Expense Risk Charge of x% of the non-loaned
account value where x = 0.075 if the non-loaned account value is less than
20% of the sum of the base face amount and the Estate Term Rider face
amount, x = 0.05 if the non-loaned account values is greater then of equal
to 20% and less than 40% of the sum of the base face amount and the Estate
Term Rider face amount; x = 0.025 if the non-loaned account value is
greater than or equal to 40% of the sum of the base face amount and the
Estate Term rider face amount.
4. Cost of insurance charges. The tables illustrate cost of insurance at both
the current rates and at the guaranteed maximum rates.
These illustrations also assume an average investment advisory fee of .68% on an
annual basis, of the average daily net asset value of each separate investment
portfolio. These illustrations also assume other ongoing average fund expenses
of .25%. Management may decide to limit the amount of expense reimbursement in
the future. If this reimbursement had not been in place for the fiscal year
ended December 31, 2001, average total operating expenses for the Series would
have been approximately .93% of the average net assets.
The gross annual investment return rates, taking into account the mortality and
expense risk charge and the investment advisory fees and expenses, of 0%, 6% and
12% on the funds' assets are equivalent to net annual investment return rates of
approximately -0.93%, 5.07% and 11.07%, respectively. For individual
illustrations, interest rates ranging between 0% and 12% may be selected in
place of the 6% rate.
The hypothetical returns shown in the tables are without any tax charges that
may be attributable to the Account in the future. If such tax charges are
imposed in the future, then in order to produce after tax returns equal to those
illustrated for 0%, 6% and 12%, a sufficiently higher amount in excess of the
hypothetical interest rates would have to be earned.
The second column of each table shows the amount that would accumulate if an
amount equal to the premiums paid were invested to earn interest, after taxes,
at 5% compounded annually. These tables show that if a Policy is returned in its
very early years for payment of its Cash Surrender Value, that Cash Surrender
Value may be low in comparison to the amount of the premiums accumulated with
interest. Thus, the cost of owning a Policy for a relatively short time may be
high.
We will furnish the policy owner with a comparable illustration based on the age
and gender of the proposed insured person(s), standard risk assumptions and the
current face amount and planned premium.
1
PHL VARIABLE INSURANCE COMPANY
PAGE 1 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 1
ASSUMING CURRENT CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 600 0 250,000 638 0 250,000 675 0 250,000
2 1,200 2,583 1,666 0 250,000 1,807 0 250,000 1,952 0 250,000
3 1,200 3,972 2,711 504 250,000 3,023 815 250,000 3,356 1,148 250,000
4 1,200 5,431 3,736 1,529 250,000 4,288 2,080 250,000 4,900 2,693 250,000
5 1,200 6,962 4,740 2,533 250,000 5,603 3,395 250,000 6,598 4,390 250,000
6 1,200 8,570 5,724 3,517 250,000 6,970 4,762 250,000 8,464 6,257 250,000
7 1,200 10,259 6,686 4,479 250,000 8,390 6,183 250,000 10,515 8,308 250,000
8 1,200 12,032 7,628 5,774 250,000 9,866 8,011 250,000 12,770 10,916 250,000
9 1,200 13,893 8,549 6,960 250,000 11,398 9,809 250,000 15,248 13,659 250,000
10 1,200 15,848 9,449 8,124 250,000 12,990 11,666 250,000 17,972 16,647 250,000
11 1,200 17,901 10,326 9,267 250,000 14,642 13,582 250,000 20,964 19,904 250,000
12 1,200 20,056 11,182 10,387 250,000 16,355 15,561 250,000 24,252 23,457 250,000
13 1,200 22,318 12,015 11,485 250,000 18,133 17,603 250,000 27,865 27,335 250,000
14 1,200 24,694 12,824 12,559 250,000 19,976 19,711 250,000 31,834 31,569 250,000
15 1,200 27,189 13,611 13,611 250,000 21,887 21,887 250,000 36,197 36,197 250,000
16 1,200 29,808 14,433 14,433 250,000 23,929 23,929 250,000 41,052 41,052 250,000
17 1,200 32,559 15,235 15,235 250,000 26,049 26,049 250,000 46,391 46,391 250,000
18 1,200 35,447 16,014 16,014 250,000 28,250 28,250 250,000 52,329 52,329 250,000
19 1,200 38,479 16,771 16,771 250,000 30,534 30,534 250,000 58,970 58,970 250,000
20 1,200 41,663 17,505 17,505 250,000 32,904 32,904 250,000 66,297 66,297 250,000
21 1,200 45,006 18,213 18,213 250,000 35,361 35,361 250,000 74,379 74,379 250,000
22 1,200 48,517 18,895 18,895 250,000 37,907 37,907 250,000 83,295 83,295 250,000
23 1,200 52,202 19,549 19,549 250,000 40,544 40,544 250,000 93,132 93,132 250,000
24 1,200 56,073 20,172 20,172 250,000 43,274 43,274 250,000 104,090 104,090 250,000
25 1,200 60,136 20,761 20,761 250,000 46,098 46,098 250,000 116,425 116,425 250,000
26 1,200 64,403 21,313 21,313 250,000 49,015 49,015 250,000 130,080 130,080 250,000
27 1,200 68,883 21,824 21,824 250,000 52,185 52,185 250,000 145,198 145,198 250,000
28 1,200 73,587 22,289 22,289 250,000 55,466 55,466 250,000 161,939 161,939 250,000
29 1,200 78,527 22,705 22,705 250,000 58,859 58,859 250,000 180,485 180,485 250,000
30 1,200 83,713 23,064 23,064 250,000 62,366 62,366 250,000 201,036 201,036 250,000
Based on 0% interest rate and current charges, the policy will lapse in year 46.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
2
PHL VARIABLE INSURANCE COMPANY
PAGE 2 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 1
ASSUMING GUARANTEED CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 600 0 250,000 638 0 250,000 675 0 250,000
2 1,200 2,583 1,665 0 250,000 1,806 0 250,000 1,951 0 250,000
3 1,200 3,972 2,710 502 250,000 3,021 814 250,000 3,354 1,147 250,000
4 1,200 5,431 3,733 1,526 250,000 4,284 2,077 250,000 4,896 2,689 250,000
5 1,200 6,962 4,736 2,528 250,000 5,598 3,390 250,000 6,592 4,385 250,000
6 1,200 8,570 5,717 3,510 250,000 6,962 4,755 250,000 8,456 6,249 250,000
7 1,200 10,259 6,678 4,471 250,000 8,380 6,173 250,000 10,504 8,297 250,000
8 1,200 12,032 7,618 5,763 250,000 9,853 7,999 250,000 12,755 10,901 250,000
9 1,200 13,893 8,535 6,946 250,000 11,382 9,793 250,000 15,229 13,639 250,000
10 1,200 15,848 9,432 8,107 250,000 12,969 11,645 250,000 17,946 16,622 250,000
11 1,200 17,901 10,305 9,246 250,000 14,615 13,556 250,000 20,932 19,872 250,000
12 1,200 20,056 11,156 10,361 250,000 16,323 15,528 250,000 24,211 23,417 250,000
13 1,200 22,318 11,983 11,453 250,000 18,093 17,563 250,000 27,813 27,284 250,000
14 1,200 24,694 12,785 12,520 250,000 19,926 19,661 250,000 31,770 31,505 250,000
15 1,200 27,189 13,561 13,561 250,000 21,824 21,824 250,000 36,115 36,115 250,000
16 1,200 29,808 14,339 14,339 250,000 23,818 23,818 250,000 40,918 40,918 250,000
17 1,200 32,559 15,087 15,087 250,000 25,879 25,879 250,000 46,192 46,192 250,000
18 1,200 35,447 15,801 15,801 250,000 28,006 28,006 250,000 51,983 51,983 250,000
19 1,200 38,479 16,480 16,480 250,000 30,200 30,200 250,000 58,340 58,340 250,000
20 1,200 41,663 17,119 17,119 250,000 32,459 32,459 250,000 65,318 65,318 250,000
21 1,200 45,006 17,713 17,713 250,000 34,781 34,781 250,000 72,977 72,977 250,000
22 1,200 48,517 18,258 18,258 250,000 37,165 37,165 250,000 81,386 81,386 250,000
23 1,200 52,202 18,750 18,750 250,000 39,608 39,608 250,000 90,619 90,619 250,000
24 1,200 56,073 19,184 19,184 250,000 42,108 42,108 250,000 100,761 100,761 250,000
25 1,200 60,136 19,552 19,552 250,000 44,662 44,662 250,000 111,902 111,902 250,000
26 1,200 64,403 19,845 19,845 250,000 47,263 47,263 250,000 124,147 124,147 250,000
27 1,200 68,883 20,051 20,051 250,000 49,903 49,903 250,000 137,607 137,607 250,000
28 1,200 73,587 20,154 20,154 250,000 52,569 52,569 250,000 152,412 152,412 250,000
29 1,200 78,527 20,131 20,131 250,000 55,244 55,244 250,000 168,704 168,704 250,000
30 1,200 83,713 19,956 19,956 250,000 57,907 57,907 250,000 186,648 186,648 250,000
Based on 0% interest rate and guaranteed charges, the policy will lapse in year
41.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
3
PHL VARIABLE INSURANCE COMPANY
PAGE 1 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 2
ASSUMING CURRENT CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 600 0 250,601 638 0 250,638 675 0 250,675
2 1,200 2,583 1,666 0 251,666 1,806 0 251,807 1,951 0 251,951
3 1,200 3,972 2,711 504 252,712 3,022 815 253,023 3,354 1,147 253,354
4 1,200 5,431 3,736 1,528 253,736 4,287 2,080 254,288 4,896 2,689 254,897
5 1,200 6,962 4,740 2,532 254,740 5,602 3,395 255,603 6,591 4,384 256,592
6 1,200 8,570 5,723 3,516 255,724 6,969 4,761 256,969 8,455 6,248 258,455
7 1,200 10,259 6,685 4,478 256,686 8,389 6,181 258,389 10,503 8,295 260,503
8 1,200 12,032 7,626 5,772 257,627 9,863 8,009 259,864 12,752 10,898 262,753
9 1,200 13,893 8,547 6,958 258,547 11,395 9,806 261,396 15,224 13,635 265,224
10 1,200 15,848 9,445 8,121 259,446 12,985 11,661 262,986 17,939 16,614 267,939
11 1,200 17,901 10,322 9,262 260,322 14,635 13,575 264,635 20,921 19,861 270,921
12 1,200 20,056 11,176 10,381 261,176 16,346 15,551 266,346 24,195 23,400 274,195
13 1,200 22,318 12,007 11,477 262,007 18,120 17,590 268,120 27,790 27,260 277,790
14 1,200 24,694 12,813 12,548 262,813 19,958 19,693 269,958 31,736 31,471 281,736
15 1,200 27,189 13,597 13,597 263,597 21,863 21,863 271,863 36,067 36,067 286,067
16 1,200 29,808 14,417 14,417 264,417 23,899 23,899 273,900 40,850 40,850 290,851
17 1,200 32,559 15,215 15,215 265,216 26,013 26,013 276,014 46,097 46,097 296,098
18 1,200 35,447 15,992 15,992 265,992 28,206 28,206 278,207 51,851 51,851 301,852
19 1,200 38,479 16,745 16,745 266,745 30,480 30,480 280,481 58,158 58,158 308,159
20 1,200 41,663 17,473 17,473 267,474 32,838 32,838 282,838 65,070 65,070 315,070
21 1,200 45,006 18,176 18,176 268,176 35,279 35,279 285,280 72,639 72,639 322,640
22 1,200 48,517 18,850 18,850 268,851 37,806 37,806 287,806 80,928 80,928 330,929
23 1,200 52,202 19,495 19,495 269,496 40,419 40,419 290,420 90,002 90,002 340,002
24 1,200 56,073 20,107 20,107 270,108 43,119 43,119 293,119 99,933 99,933 349,934
25 1,200 60,136 20,683 20,683 270,684 45,904 45,904 295,905 110,798 110,798 360,799
26 1,200 64,403 21,220 21,220 271,220 48,775 48,775 298,776 122,680 122,680 372,680
27 1,200 68,883 21,712 21,712 271,712 51,872 51,872 301,872 135,664 135,664 385,664
28 1,200 73,587 22,155 22,155 272,155 55,077 55,077 305,078 149,841 149,841 399,842
29 1,200 78,527 22,543 22,543 272,544 58,378 58,378 308,378 165,304 165,304 415,305
30 1,200 83,713 22,870 22,870 272,871 61,769 61,769 311,770 182,151 182,151 432,152
Based on 0% interest rate and current charges, the policy will lapse in year 48.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
4
PHL VARIABLE INSURANCE COMPANY
PAGE 2 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 2
ASSUMING GUARANTEED CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 600 0 250,601 638 0 250,638 675 0 250,675
2 1,200 2,583 1,665 0 251,666 1,806 0 251,806 1,951 0 251,951
3 1,200 3,972 2,710 502 252,710 3,021 814 253,021 3,354 1,147 253,354
4 1,200 5,431 3,733 1,525 253,733 4,284 2,077 254,285 4,896 2,689 254,897
5 1,200 6,962 4,735 2,528 254,736 5,597 3,390 255,598 6,591 4,384 256,592
6 1,200 8,570 5,717 3,509 255,717 6,962 4,754 256,962 8,455 6,248 258,455
7 1,200 10,259 6,677 4,470 256,677 8,379 6,172 258,379 10,503 8,295 260,503
8 1,200 12,032 7,616 5,762 257,616 9,851 7,997 259,851 12,752 10,898 262,753
9 1,200 13,893 8,533 6,944 258,533 11,379 9,789 261,379 15,224 13,635 265,224
10 1,200 15,848 9,428 8,104 259,429 12,964 11,640 262,965 17,939 16,614 267,939
11 1,200 17,901 10,300 9,241 260,301 14,608 13,549 264,609 20,921 19,861 270,921
12 1,200 20,056 11,149 10,355 261,150 16,313 15,518 266,313 24,195 23,400 274,195
13 1,200 22,318 11,973 11,444 261,974 18,078 17,548 268,078 27,790 27,260 277,790
14 1,200 24,694 12,772 12,508 262,773 19,906 19,641 269,906 31,736 31,471 281,736
15 1,200 27,189 13,545 13,545 263,545 21,796 21,796 271,796 36,067 36,067 286,067
16 1,200 29,808 14,318 14,318 264,318 23,780 23,780 273,781 40,850 40,850 290,851
17 1,200 32,559 15,059 15,059 265,060 25,828 25,828 275,829 46,097 46,097 296,098
18 1,200 35,447 15,767 15,767 265,767 27,940 27,940 277,940 51,851 51,851 301,852
19 1,200 38,479 16,435 16,435 266,436 30,112 30,112 280,112 58,158 58,158 308,159
20 1,200 41,663 17,062 17,062 267,063 32,343 32,343 282,343 65,070 65,070 315,070
21 1,200 45,006 17,641 17,641 267,642 34,629 34,629 284,629 72,639 72,639 322,640
22 1,200 48,517 18,169 18,169 268,169 36,967 36,967 286,967 80,928 80,928 330,929
23 1,200 52,202 18,639 18,639 268,639 39,352 39,352 289,353 90,002 90,002 340,002
24 1,200 56,073 19,046 19,046 269,046 41,780 41,780 291,781 99,933 99,933 349,934
25 1,200 60,136 19,383 19,383 269,383 44,243 44,243 294,244 110,798 110,798 360,799
26 1,200 64,403 19,638 19,638 269,638 46,731 46,731 296,731 122,680 122,680 372,680
27 1,200 68,883 19,799 19,799 269,800 49,229 49,229 299,230 135,664 135,664 385,664
28 1,200 73,587 19,849 19,849 269,849 51,718 51,718 301,718 149,841 149,841 399,842
29 1,200 78,527 19,762 19,762 269,763 54,170 54,170 304,171 165,304 165,304 415,305
30 1,200 83,713 19,512 19,512 269,513 56,554 56,554 306,554 182,151 182,151 432,152
Based on 0% interest rate and guaranteed charges, the policy will lapse in year
40.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
5
POLICY OPTION B
ILLUSTRATIONS OF DEATH BENEFITS, POLICY VALUES ("ACCOUNT VALUES") AND CASH
SURRENDER VALUES
- --------------------------------------------------------------------------------
The following tables illustrate how a policy's death benefits, account values
and cash surrender value could vary over time assuming constant hypothetical
gross annual investment returns of 0%, 6% and 12%. Policy benefits will differ
from those shown if the annual investment returns are not absolutely constant.
The tables are for standard risk males and females that have never smoked. In
states where cost of insurance rates are not based on gender, the tables
designated "male" apply to all standard risk non-smokers. Account values and
cash surrender values may be lower for smokers or former smokers or for risk
classes involving higher mortality risk. We assume planned premium payments are
made at the beginning of each policy year. The difference between the policy
value and the cash surrender value in the first 10 years is the surrender
charge. We include tables for death benefit Option 1 and Option 2 for the
blended cost of insurance charge applied under a Multiple Life Policy.
The death benefit, account value and cash surrender value amounts reflect the
following current charges:
1. Premium Expense Charge of 25% of premium up to the Target Annual Premium
and 6% of premium in excess of the Target Annual premium in the first
policy year, 11% of premium up to the Target Annual Premium and 6% of
premium in excess of the Target Annual premium in policy years 2-7, and 6%
of premium after the 7th policy year.
2. Monthly administrative charge of $0.01 per $1,000 of face amount up to a
maximum charge of $75 for the first 15 years.
3. The Monthly Mortality and Expense Risk Charge of x% of the non-loaned
account value where x = 0.075 if the non-loaned account value is less than
30% of the sum of the base face amount and the Estate Term Rider face
amount, x = 0.05 if the non-loaned account values is greater then of equal
to 30% and less than 60% of the sum of the base face amount and the Estate
Term Rider face amount; x = 0.025 if the non-loaned account value is
greater than or equal to 60% of the sum of the base face amount and the
Estate Term rider face amount.
4. Cost of insurance charges. The tables illustrate cost of insurance at both
the current rates and at the guaranteed maximum rates.
These illustrations also assume an average investment advisory fee of .68% on an
annual basis, of the average daily net asset value of each separate investment
portfolio. These illustrations also assume other ongoing average fund expenses
of .25%. Management may decide to limit the amount of expense reimbursement in
the future. If this reimbursement had not been in place for the fiscal year
ended December 31, 2001, average total operating expenses for the Series would
have been approximately .93% of the average net assets.
The gross annual investment return rates, taking into account the mortality and
expense risk charge and the investment advisory fees and expenses, of 0%, 6% and
12% on the funds' assets are equivalent to net annual investment return rates of
approximately -0.93%, 5.07% and 11.07%, respectively. For individual
illustrations, interest rates ranging between 0% and 12% may be selected in
place of the 6% rate.
The hypothetical returns shown in the tables are without any tax charges that
may be attributable to the Account in the future. If such tax charges are
imposed in the future, then in order to produce after tax returns equal to those
illustrated for 0%, 6% and 12%, a sufficiently higher amount in excess of the
hypothetical interest rates would have to be earned.
The second column of each table shows the amount that would accumulate if an
amount equal to the premiums paid were invested to earn interest, after taxes,
at 5% compounded annually. These tables show that if a Policy is returned in its
very early years for payment of its Cash Surrender Value, that Cash Surrender
Value may be low in comparison to the amount of the premiums accumulated with
interest. Thus, the cost of owning a Policy for a relatively short time may be
high.
We will furnish the policy owner with a comparable illustration based on the age
and gender of the proposed insured person(s), standard risk assumptions and the
current face amount and planned premium.
6
PHL VARIABLE INSURANCE COMPANY
PAGE 1 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 1
ASSUMING CURRENT CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 871 0 250,000 925 0 250,000 979 0 250,000
2 1,200 2,583 1,878 774 250,000 2,048 945 250,000 2,225 1,122 250,000
3 1,200 3,972 2,865 1,761 250,000 3,217 2,113 250,000 3,596 2,493 250,000
4 1,200 5,431 3,833 2,729 250,000 4,432 3,329 250,000 5,104 4,000 250,000
5 1,200 6,962 4,781 3,678 250,000 5,696 4,593 250,000 6,762 5,658 250,000
6 1,200 8,570 5,710 4,871 250,000 7,009 6,171 250,000 8,584 7,745 250,000
7 1,200 10,259 6,618 6,045 250,000 8,374 7,800 250,000 10,586 10,012 250,000
8 1,200 12,032 7,561 7,252 250,000 9,849 9,540 250,000 12,848 12,539 250,000
9 1,200 13,893 8,484 8,351 250,000 11,381 11,249 250,000 15,334 15,202 250,000
10 1,200 15,848 9,384 9,384 250,000 12,972 12,972 250,000 18,066 18,066 250,000
11 1,200 17,901 10,263 10,263 250,000 14,623 14,623 250,000 21,068 21,068 250,000
12 1,200 20,056 11,120 11,120 250,000 16,336 16,336 250,000 24,367 24,367 250,000
13 1,200 22,318 11,954 11,954 250,000 18,113 18,113 250,000 27,991 27,991 250,000
14 1,200 24,694 12,764 12,764 250,000 19,954 19,954 250,000 31,973 31,973 250,000
15 1,200 27,189 13,552 13,552 250,000 21,865 21,865 250,000 36,351 36,351 250,000
16 1,200 29,808 14,376 14,376 250,000 23,906 23,906 250,000 41,221 41,221 250,000
17 1,200 32,559 15,178 15,178 250,000 26,025 26,025 250,000 46,577 46,577 250,000
18 1,200 35,447 15,958 15,958 250,000 28,225 28,225 250,000 52,468 52,468 250,000
19 1,200 38,479 16,717 16,717 250,000 30,508 30,508 250,000 58,947 58,947 250,000
20 1,200 41,663 17,451 17,451 250,000 32,877 32,877 250,000 66,072 66,072 250,000
21 1,200 45,006 18,160 18,160 250,000 35,332 35,332 250,000 73,908 73,908 250,000
22 1,200 48,517 18,843 18,843 250,000 37,877 37,877 250,000 82,775 82,775 250,000
23 1,200 52,202 19,498 19,498 250,000 40,514 40,514 250,000 92,558 92,558 250,000
24 1,200 56,073 20,122 20,122 250,000 43,242 43,242 250,000 103,351 103,351 250,000
25 1,200 60,136 20,712 20,712 250,000 46,064 46,064 250,000 115,259 115,259 250,000
26 1,200 64,403 21,265 21,265 250,000 48,981 48,981 250,000 128,402 128,402 250,000
27 1,200 68,883 21,776 21,776 250,000 51,992 51,992 250,000 142,907 142,907 250,000
28 1,200 73,587 22,243 22,243 250,000 55,097 55,097 250,000 159,200 159,200 250,000
29 1,200 78,527 22,659 22,659 250,000 58,298 58,298 250,000 177,448 177,448 250,000
30 1,200 83,713 23,019 23,019 250,000 61,594 61,594 250,000 197,667 197,667 250,000
Based on 0% interest rate and current charges, the policy will lapse in year 48.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
7
PHL VARIABLE INSURANCE COMPANY
PAGE 2 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 1
ASSUMING GUARANTEED CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 871 0 250,000 925 0 250,000 979 0 250,000
2 1,200 2,583 1,877 774 250,000 2,048 944 250,000 2,225 1,121 250,000
3 1,200 3,972 2,864 1,760 250,000 3,215 2,112 250,000 3,595 2,491 250,000
4 1,200 5,431 3,830 2,726 250,000 4,429 3,326 250,000 5,100 3,997 250,000
5 1,200 6,962 4,777 3,673 250,000 5,691 4,587 250,000 6,756 5,652 250,000
6 1,200 8,570 5,703 4,865 250,000 7,002 6,163 250,000 8,575 7,737 250,000
7 1,200 10,259 6,610 6,036 250,000 8,364 7,790 250,000 10,575 10,001 250,000
8 1,200 12,032 7,551 7,242 250,000 9,836 9,527 250,000 12,833 12,524 250,000
9 1,200 13,893 8,470 8,337 250,000 11,365 11,232 250,000 15,314 15,182 250,000
10 1,200 15,848 9,367 9,367 250,000 12,951 12,951 250,000 18,041 18,041 250,000
11 1,200 17,901 10,242 10,242 250,000 14,597 14,597 250,000 21,036 21,036 250,000
12 1,200 20,056 11,094 11,094 250,000 16,303 16,303 250,000 24,326 24,326 250,000
13 1,200 22,318 11,922 11,922 250,000 18,072 18,072 250,000 27,940 27,940 250,000
14 1,200 24,694 12,725 12,725 250,000 19,905 19,905 250,000 31,909 31,909 250,000
15 1,200 27,189 13,502 13,502 250,000 21,802 21,802 250,000 36,268 36,268 250,000
16 1,200 29,808 14,281 14,281 250,000 23,795 23,795 250,000 41,087 41,087 250,000
17 1,200 32,559 15,030 15,030 250,000 25,855 25,855 250,000 46,378 46,378 250,000
18 1,200 35,447 15,746 15,746 250,000 27,981 27,981 250,000 52,187 52,187 250,000
19 1,200 38,479 16,425 16,425 250,000 30,174 30,174 250,000 58,565 58,565 250,000
20 1,200 41,663 17,065 17,065 250,000 32,432 32,432 250,000 65,565 65,565 250,000
21 1,200 45,006 17,660 17,660 250,000 34,753 34,753 250,000 73,250 73,250 250,000
22 1,200 48,517 18,206 18,206 250,000 37,135 37,135 250,000 81,687 81,687 250,000
23 1,200 52,202 18,699 18,699 250,000 39,577 39,577 250,000 90,951 90,951 250,000
24 1,200 56,073 19,134 19,134 250,000 42,076 42,076 250,000 101,127 101,127 250,000
25 1,200 60,136 19,503 19,503 250,000 44,629 44,629 250,000 112,306 112,306 250,000
26 1,200 64,403 19,796 19,796 250,000 47,228 47,228 250,000 124,592 124,592 250,000
27 1,200 68,883 20,003 20,003 250,000 49,867 49,867 250,000 138,098 138,098 250,000
28 1,200 73,587 20,107 20,107 250,000 52,531 52,531 250,000 152,954 152,954 250,000
29 1,200 78,527 20,084 20,084 250,000 55,204 55,204 250,000 169,303 169,303 250,000
30 1,200 83,713 19,910 19,910 250,000 57,866 57,866 250,000 187,310 187,310 250,000
Based on 0% interest rate and guaranteed charges, the policy will lapse in year
41.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
8
PHL VARIABLE INSURANCE COMPANY
PAGE 1 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 2
ASSUMING CURRENT CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 871 0 250,872 925 0 250,926 979 0 250,979
2 1,200 2,583 1,878 774 251,878 2,048 945 252,049 2,225 1,121 252,226
3 1,200 3,972 2,865 1,761 252,865 3,217 2,113 253,217 3,596 2,492 253,596
4 1,200 5,431 3,833 2,729 253,833 4,432 3,328 254,433 5,104 4,000 255,104
5 1,200 6,962 4,781 3,677 254,781 5,696 4,592 255,696 6,761 5,657 256,761
6 1,200 8,570 5,709 4,870 255,710 7,009 6,170 257,009 8,583 7,744 258,583
7 1,200 10,259 6,617 6,043 256,618 8,372 7,799 258,373 10,584 10,011 260,585
8 1,200 12,032 7,560 7,251 257,560 9,847 9,538 259,847 12,845 12,536 262,846
9 1,200 13,893 8,481 8,349 258,482 11,378 11,245 261,378 15,330 15,197 265,330
10 1,200 15,848 9,381 9,381 259,382 12,967 12,967 262,968 18,059 18,059 268,060
11 1,200 17,901 10,259 10,259 260,259 14,616 14,616 264,617 21,058 21,058 271,059
12 1,200 20,056 11,114 11,114 261,114 16,326 16,326 266,327 24,352 24,352 274,352
13 1,200 22,318 11,946 11,946 261,946 18,100 18,100 268,100 27,970 27,970 277,971
14 1,200 24,694 12,753 12,753 262,754 19,936 19,936 269,937 31,943 31,943 281,943
15 1,200 27,189 13,538 13,538 263,539 21,841 21,841 271,841 36,308 36,308 286,308
16 1,200 29,808 14,359 14,359 264,360 23,876 23,876 273,877 41,167 41,167 291,167
17 1,200 32,559 15,159 15,159 265,159 25,989 25,989 275,989 46,508 46,508 296,509
18 1,200 35,447 15,936 15,936 265,937 28,181 28,181 278,182 52,380 52,380 302,381
19 1,200 38,479 16,690 16,690 266,691 30,454 30,454 280,455 58,834 58,834 308,835
20 1,200 41,663 17,419 17,419 267,420 32,810 32,810 282,811 65,928 65,928 315,928
21 1,200 45,006 18,123 18,123 268,123 35,251 35,251 285,251 73,723 73,723 323,724
22 1,200 48,517 18,798 18,798 268,799 37,776 37,776 287,777 82,515 82,515 332,516
23 1,200 52,202 19,444 19,444 269,445 40,388 40,388 290,389 92,225 92,225 342,226
24 1,200 56,073 20,057 20,057 270,058 43,087 43,087 293,087 102,924 102,924 352,924
25 1,200 60,136 20,634 20,634 270,635 45,871 45,871 295,872 114,710 114,710 364,711
26 1,200 64,403 21,172 21,172 271,172 48,740 48,740 298,741 127,693 127,693 377,693
27 1,200 68,883 21,665 21,665 271,665 51,693 51,693 301,693 141,991 141,991 391,991
28 1,200 73,587 22,108 22,108 272,109 54,726 54,726 304,726 157,972 157,972 407,973
29 1,200 78,527 22,498 22,498 272,498 57,836 57,836 307,836 175,859 175,859 425,859
30 1,200 83,713 22,826 22,826 272,826 61,019 61,019 311,020 195,610 195,610 445,611
Based on 0% interest rate and current charges, the policy will lapse in year 48.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
9
PHL VARIABLE INSURANCE COMPANY
PAGE 2 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 2
ASSUMING GUARANTEED CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 871 0 250,872 925 0 250,926 979 0 250,979
2 1,200 2,583 1,877 774 251,878 2,048 944 252,048 2,224 1,121 252,225
3 1,200 3,972 2,863 1,760 252,864 3,215 2,112 253,216 3,594 2,491 253,595
4 1,200 5,431 3,830 2,726 253,830 4,429 3,325 254,429 5,100 3,996 255,101
5 1,200 6,962 4,776 3,672 254,777 5,690 4,587 255,691 6,755 5,652 256,756
6 1,200 8,570 5,703 4,864 255,703 7,001 6,163 257,002 8,575 7,736 258,575
7 1,200 10,259 6,609 6,035 256,610 8,363 7,789 258,363 10,573 9,999 260,574
8 1,200 12,032 7,549 7,240 257,550 9,834 9,525 259,835 12,830 12,521 262,831
9 1,200 13,893 8,467 8,335 258,468 11,361 11,229 261,362 15,310 15,177 265,310
10 1,200 15,848 9,364 9,364 259,364 12,946 12,946 262,946 18,033 18,033 268,034
11 1,200 17,901 10,237 10,237 260,238 14,589 14,589 264,590 21,025 21,025 271,025
12 1,200 20,056 11,087 11,087 261,088 16,293 16,293 266,294 24,310 24,310 274,310
13 1,200 22,318 11,913 11,913 261,913 18,057 18,057 268,058 27,916 27,916 277,916
14 1,200 24,694 12,713 12,713 262,713 19,884 19,884 269,885 31,875 31,875 281,875
15 1,200 27,189 13,486 13,486 263,486 21,774 21,774 271,774 36,219 36,219 286,220
16 1,200 29,808 14,260 14,260 264,261 23,757 23,757 273,758 41,018 41,018 291,019
17 1,200 32,559 15,003 15,003 265,003 25,804 25,804 275,805 46,283 46,283 296,283
18 1,200 35,447 15,711 15,711 265,711 27,915 27,915 277,915 52,055 52,055 302,056
19 1,200 38,479 16,381 16,381 266,381 30,086 30,086 280,086 58,383 58,383 308,383
20 1,200 41,663 17,008 17,008 267,009 32,316 32,316 282,316 65,317 65,317 315,317
21 1,200 45,006 17,589 17,589 267,589 34,601 34,601 284,601 72,911 72,911 322,912
22 1,200 48,517 18,117 18,117 268,118 36,937 36,937 286,938 81,228 81,228 331,228
23 1,200 52,202 18,588 18,588 268,588 39,321 39,321 289,322 90,332 90,332 340,332
24 1,200 56,073 18,996 18,996 268,997 41,748 41,748 291,749 100,296 100,296 350,297
25 1,200 60,136 19,334 19,334 269,334 44,210 44,210 294,211 111,198 111,198 361,198
26 1,200 64,403 19,590 19,590 269,590 46,696 46,696 296,697 123,119 123,119 373,120
27 1,200 68,883 19,752 19,752 269,753 49,193 49,193 299,194 136,148 136,148 386,148
28 1,200 73,587 19,802 19,802 269,803 51,680 51,680 301,681 150,374 150,374 400,374
29 1,200 78,527 19,717 19,717 269,717 54,131 54,131 304,132 165,891 165,891 415,892
30 1,200 83,713 19,467 19,467 269,468 56,513 56,513 306,514 182,797 182,797 432,798
Based on 0% interest rate and guaranteed charges, the policy will lapse in year
40.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
10
POLICY OPTION C
ILLUSTRATIONS OF DEATH BENEFITS, POLICY VALUES ("ACCOUNT VALUES") AND CASH
SURRENDER VALUES
- --------------------------------------------------------------------------------
The following tables illustrate how a policy's death benefits, account values
and cash surrender value could vary over time assuming constant hypothetical
gross annual investment returns of 0%, 6% and 12%. Policy benefits will differ
from those shown if the annual investment returns are not absolutely constant.
The tables are for standard risk males and females that have never smoked. In
states where cost of insurance rates are not based on gender, the tables
designated "male" apply to all standard risk non-smokers. Account values and
cash surrender values may be lower for smokers or former smokers or for risk
classes involving higher mortality risk. We assume planned premium payments are
made at the beginning of each policy year. The difference between the policy
value and the cash surrender value in the first 5 years is the surrender
charge. We include tables for death benefit Option 1 and Option 2 for the
blended cost of insurance charge applied under a Multiple Life Policy.
The death benefit, account value and cash surrender value amounts reflect the
following current charges:
1. Premium Expense Charge of 20% of premium up to the Target Annual Premium
and 5% of premium in excess of the Target Annual Premium in the first
policy year and 5% of premium after the first policy year.
2. Monthly administrative charge of $0.08 per $1,000 of face amount up to a
maximum charge of $200 for the first 15 years.
3. The Monthly Mortality and Expense Risk Charge of x% of the non-loaned
account value where x = 0.075 if the non-loaned account value is less than
50% of the sum of the base face amount and the Estate Term Rider face
amount, x = 0.05 if the non-loaned account values is greater then of equal
to 50% and less than 100% of the sum of the base face amount and the Estate
Term Rider face amount; x = 0.025 if the non-loaned account value is
greater than or equal to 100% of the sum of the base face amount and the
Estate Term rider face amount.
4. Cost of insurance charges. The tables illustrate cost of insurance at both
the current rates and at the guaranteed maximum rates.
These illustrations also assume an average investment advisory fee of .68% on an
annual basis, of the average daily net asset value of each separate investment
portfolio. These illustrations also assume other ongoing average fund expenses
of .25%. Management may decide to limit the amount of expense reimbursement in
the future. If this reimbursement had not been in place for the fiscal year
ended December 31, 2001, average total operating expenses for the Series would
have been approximately .93% of the average net assets.
The gross annual investment return rates, taking into account the mortality and
expense risk charge and the investment advisory fees and expenses, of 0%, 6% and
12% on the funds' assets are equivalent to net annual investment return rates of
approximately -0.93%, 5.07% and 11.07%, respectively. For individual
illustrations, interest rates ranging between 0% and 12% may be selected in
place of the 6% rate.
The hypothetical returns shown in the tables are without any tax charges that
may be attributable to the Account in the future. If such tax charges are
imposed in the future, then in order to produce after tax returns equal to those
illustrated for 0%, 6% and 12%, a sufficiently higher amount in excess of the
hypothetical interest rates would have to be earned.
The second column of each table shows the amount that would accumulate if an
amount equal to the premiums paid were invested to earn interest, after taxes,
at 5% compounded annually. These tables show that if a Policy is returned in its
very early years for payment of its Cash Surrender Value, that Cash Surrender
Value may be low in comparison to the amount of the premiums accumulated with
interest. Thus, the cost of owning a Policy for a relatively short time may be
high.
We will furnish the policy owner with a comparable illustration based on the age
and gender of the proposed insured person(s), standard risk assumptions and the
current face amount and planned premium.
11
PHL VARIABLE INSURANCE COMPANY
PAGE 1 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R)- SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 1
ASSUMING CURRENT CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 719 332 250,000 769 383 250,000 819 433 250,000
2 1,200 2,583 1,586 1,200 250,000 1,741 1,355 250,000 1,902 1,516 250,000
3 1,200 3,972 2,436 2,171 250,000 2,752 2,487 250,000 3,093 2,829 250,000
4 1,200 5,431 3,270 3,137 250,000 3,804 3,671 250,000 4,403 4,271 250,000
5 1,200 6,962 4,086 4,086 250,000 4,897 4,897 250,000 5,843 5,843 250,000
6 1,200 8,570 4,885 4,885 250,000 6,032 6,032 250,000 7,425 7,425 250,000
7 1,200 10,259 5,667 5,667 250,000 7,211 7,211 250,000 9,163 9,163 250,000
8 1,200 12,032 6,431 6,431 250,000 8,436 8,436 250,000 11,073 11,073 250,000
9 1,200 13,893 7,177 7,177 250,000 9,707 9,707 250,000 13,172 13,172 250,000
10 1,200 15,848 7,905 7,905 250,000 11,026 11,026 250,000 15,477 15,477 250,000
11 1,200 17,901 8,615 8,615 250,000 12,395 12,395 250,000 18,010 18,010 250,000
12 1,200 20,056 9,305 9,305 250,000 13,813 13,813 250,000 20,792 20,792 250,000
13 1,200 22,318 9,975 9,975 250,000 15,283 15,283 250,000 23,847 23,847 250,000
14 1,200 24,694 10,625 10,625 250,000 16,804 16,804 250,000 27,202 27,202 250,000
15 1,200 27,189 11,255 11,255 250,000 18,382 18,382 250,000 30,888 30,888 250,000
16 1,200 29,808 12,131 12,131 250,000 20,290 20,290 250,000 35,220 35,220 250,000
17 1,200 32,559 12,985 12,985 250,000 22,271 22,271 250,000 39,983 39,983 250,000
18 1,200 35,447 13,817 13,817 250,000 24,328 24,328 250,000 45,220 45,220 250,000
19 1,200 38,479 14,625 14,625 250,000 26,461 26,461 250,000 50,979 50,979 250,000
20 1,200 41,663 15,408 15,408 250,000 28,673 28,673 250,000 57,311 57,311 250,000
21 1,200 45,006 16,165 16,165 250,000 30,966 30,966 250,000 64,274 64,274 250,000
22 1,200 48,517 16,895 16,895 250,000 33,341 33,341 250,000 71,930 71,930 250,000
23 1,200 52,202 17,596 17,596 250,000 35,799 35,799 250,000 80,349 80,349 250,000
24 1,200 56,073 18,265 18,265 250,000 38,343 38,343 250,000 89,606 89,606 250,000
25 1,200 60,136 18,899 18,899 250,000 40,971 40,971 250,000 99,786 99,786 250,000
26 1,200 64,403 19,495 19,495 250,000 43,685 43,685 250,000 110,982 110,982 250,000
27 1,200 68,883 20,049 20,049 250,000 46,484 46,484 250,000 123,298 123,298 250,000
28 1,200 73,587 20,557 20,557 250,000 49,368 49,368 250,000 137,225 137,225 250,000
29 1,200 78,527 21,013 21,013 250,000 52,337 52,337 250,000 152,633 152,633 250,000
30 1,200 83,713 21,412 21,412 250,000 55,388 55,388 250,000 169,647 169,647 250,000
Based on 0% interest rate and current charges, the policy will lapse in year 48.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
12
PHL VARIABLE INSURANCE COMPANY
PAGE 2 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 1
ASSUMING GUARANTEED CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 719 332 250,000 769 383 250,000 819 433 250,000
2 1,200 2,583 1,585 1,199 250,000 1,740 1,354 250,000 1,902 1,515 250,000
3 1,200 3,972 2,435 2,170 250,000 2,751 2,486 250,000 3,092 2,827 250,000
4 1,200 5,431 3,267 3,135 250,000 3,800 3,668 250,000 4,400 4,267 250,000
5 1,200 6,962 4,082 4,082 250,000 4,891 4,891 250,000 5,837 5,837 250,000
6 1,200 8,570 4,879 4,879 250,000 6,025 6,025 250,000 7,417 7,417 250,000
7 1,200 10,259 5,659 5,659 250,000 7,202 7,202 250,000 9,152 9,152 250,000
8 1,200 12,032 6,421 6,421 250,000 8,423 8,423 250,000 11,058 11,058 250,000
9 1,200 13,893 7,164 7,164 250,000 9,691 9,691 250,000 13,152 13,152 250,000
10 1,200 15,848 7,888 7,888 250,000 11,005 11,005 250,000 15,452 15,452 250,000
11 1,200 17,901 8,594 8,594 250,000 12,368 12,368 250,000 17,977 17,977 250,000
12 1,200 20,056 9,279 9,279 250,000 13,780 13,780 250,000 20,750 20,750 250,000
13 1,200 22,318 9,943 9,943 250,000 15,242 15,242 250,000 23,795 23,795 250,000
14 1,200 24,694 10,585 10,585 250,000 16,754 16,754 250,000 27,137 27,137 250,000
15 1,200 27,189 11,204 11,204 250,000 18,317 18,317 250,000 30,805 30,805 250,000
16 1,200 29,808 12,036 12,036 250,000 20,178 20,178 250,000 35,084 35,084 250,000
17 1,200 32,559 12,836 12,836 250,000 22,099 22,099 250,000 39,780 39,780 250,000
18 1,200 35,447 13,602 13,602 250,000 24,081 24,081 250,000 44,934 44,934 250,000
19 1,200 38,479 14,331 14,331 250,000 26,122 26,122 250,000 50,588 50,588 250,000
20 1,200 41,663 15,019 15,019 250,000 28,221 28,221 250,000 56,791 56,791 250,000
21 1,200 45,006 15,661 15,661 250,000 30,377 30,377 250,000 63,595 63,595 250,000
22 1,200 48,517 16,253 16,253 250,000 32,586 32,586 250,000 71,060 71,060 250,000
23 1,200 52,202 16,791 16,791 250,000 34,846 34,846 250,000 79,251 79,251 250,000
24 1,200 56,073 17,269 17,269 250,000 37,154 37,154 250,000 88,241 88,241 250,000
25 1,200 60,136 17,680 17,680 250,000 39,507 39,507 250,000 98,110 98,110 250,000
26 1,200 64,403 18,015 18,015 250,000 41,896 41,896 250,000 108,946 108,946 250,000
27 1,200 68,883 18,262 18,262 250,000 44,313 44,313 250,000 120,847 120,847 250,000
28 1,200 73,587 18,403 18,403 250,000 46,744 46,744 250,000 133,922 133,922 250,000
29 1,200 78,527 18,418 18,418 250,000 49,170 49,170 250,000 148,294 148,294 250,000
30 1,200 83,713 18,280 18,280 250,000 51,569 51,569 250,000 164,102 164,102 250,000
Based on 0% interest rate and guaranteed charges, the policy will lapse in year
41.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
13
PHL VARIABLE INSURANCE COMPANY
PAGE 1 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 2
ASSUMING CURRENT CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 719 332 250,719 769 383 250,769 819 433 250,820
2 1,200 2,583 1,586 1,200 251,586 1,741 1,355 251,741 1,902 1,516 251,903
3 1,200 3,972 2,436 2,171 252,437 2,752 2,487 252,752 3,093 2,828 253,094
4 1,200 5,431 3,270 3,137 253,270 3,803 3,671 253,804 4,403 4,270 254,403
5 1,200 6,962 4,086 4,086 254,087 4,896 4,896 254,897 5,842 5,842 255,842
6 1,200 8,570 4,885 4,885 254,885 6,031 6,031 256,032 7,424 7,424 257,424
7 1,200 10,259 5,666 5,666 255,667 7,210 7,210 257,211 9,161 9,161 259,162
8 1,200 12,032 6,430 6,430 256,430 8,434 8,434 258,434 11,070 11,070 261,071
9 1,200 13,893 7,175 7,175 257,176 9,704 9,704 259,705 13,168 13,168 263,168
10 1,200 15,848 7,903 7,903 257,903 11,022 11,022 261,023 15,472 15,472 265,472
11 1,200 17,901 8,611 8,611 258,611 12,389 12,389 262,389 18,001 18,001 268,002
12 1,200 20,056 9,300 9,300 259,300 13,804 13,804 263,805 20,779 20,779 270,779
13 1,200 22,318 9,968 9,968 259,969 15,271 15,271 265,272 23,828 23,828 273,829
14 1,200 24,694 10,615 10,615 260,616 16,789 16,789 266,789 27,175 27,175 277,176
15 1,200 27,189 11,243 11,243 261,243 18,361 18,361 268,361 30,851 30,851 280,852
16 1,200 29,808 12,117 12,117 262,118 20,265 20,265 270,265 35,173 35,173 285,174
17 1,200 32,559 12,969 12,969 262,969 22,240 22,240 272,241 39,924 39,924 289,924
18 1,200 35,447 13,798 13,798 263,798 24,290 24,290 274,290 45,145 45,145 295,145
19 1,200 38,479 14,602 14,602 264,603 26,415 26,415 276,415 50,883 50,883 300,883
20 1,200 41,663 15,381 15,381 265,382 28,616 28,616 278,617 57,187 57,187 307,188
21 1,200 45,006 16,133 16,133 266,134 30,895 30,895 280,896 64,114 64,114 314,115
22 1,200 48,517 16,856 16,856 266,857 33,253 33,253 283,254 71,724 71,724 321,724
23 1,200 52,202 17,549 17,549 267,550 35,691 35,691 285,691 80,082 80,082 330,083
24 1,200 56,073 18,208 18,208 268,209 38,207 38,207 288,208 89,261 89,261 339,261
25 1,200 60,136 18,830 18,830 268,831 40,802 40,802 290,802 99,338 99,338 349,339
26 1,200 64,403 19,412 19,412 269,413 43,474 43,474 293,474 110,401 110,401 360,401
27 1,200 68,883 19,949 19,949 269,949 46,221 46,221 296,221 122,542 122,542 372,543
28 1,200 73,587 20,435 20,435 270,436 49,040 49,040 299,040 136,206 136,206 386,206
29 1,200 78,527 20,867 20,867 270,867 51,927 51,927 301,928 151,311 151,311 401,312
30 1,200 83,713 21,236 21,236 271,236 54,878 54,878 304,879 167,932 167,932 417,933
Based on 0% interest rate and current charges, the policy will lapse in year 47.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
14
PHL VARIABLE INSURANCE COMPANY
PAGE 2 OF 2
MALE 35 PREFERRED FACE AMOUNT: $250,000
FEMALE 35 PREFERRED INITIAL ANNUAL PREMIUM:
$1,200
THE PHOENIX EDGE(R) - SVUL--A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY OPTION 2
ASSUMING GUARANTEED CHARGES
CASH CASH CASH
ASSUMED PREMIUM ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH ACCOUNT SURRENDER DEATH
PREMIUM ACCUM. VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
YEAR PAYMENTS @ 5.0% @ 0% @ 0% @ 0% @ 6% @ 6% @ 6% @ 12% @ 12% @ 12%
-------- --------- --------- --------- ---------- --------- --------- --------- ---------- ---------- ---------- ----------
1 1,200 1,260 719 332 250,719 769 383 250,769 819 433 250,820
2 1,200 2,583 1,585 1,199 251,586 1,740 1,354 251,741 1,902 1,515 251,902
3 1,200 3,972 2,435 2,170 252,435 2,750 2,486 252,751 3,092 2,827 253,092
4 1,200 5,431 3,267 3,134 253,267 3,800 3,668 253,801 4,399 4,267 254,400
5 1,200 6,962 4,081 4,081 254,082 4,891 4,891 254,891 5,836 5,836 255,837
6 1,200 8,570 4,879 4,879 254,879 6,024 6,024 256,025 7,416 7,416 257,416
7 1,200 10,259 5,658 5,658 255,658 7,200 7,200 257,201 9,150 9,150 259,151
8 1,200 12,032 6,419 6,419 256,420 8,421 8,421 258,422 11,056 11,056 261,056
9 1,200 13,893 7,162 7,162 257,162 9,688 9,688 259,688 13,148 13,148 263,148
10 1,200 15,848 7,885 7,885 257,886 11,001 11,001 261,002 15,446 15,446 265,446
11 1,200 17,901 8,589 8,589 258,590 12,362 12,362 262,362 17,968 17,968 267,968
12 1,200 20,056 9,273 9,273 259,274 13,771 13,771 263,772 20,736 20,736 270,737
13 1,200 22,318 9,935 9,935 259,936 15,229 15,229 265,230 23,774 23,774 273,774
14 1,200 24,694 10,575 10,575 260,575 16,737 16,737 266,737 27,107 27,107 277,108
15 1,200 27,189 11,190 11,190 261,191 18,294 18,294 268,294 30,763 30,763 280,763
16 1,200 29,808 12,018 12,018 262,018 20,146 20,146 270,146 35,025 35,025 285,025
17 1,200 32,559 12,813 12,813 262,813 22,056 22,056 272,056 39,698 39,698 289,698
18 1,200 35,447 13,573 13,573 263,573 24,023 24,023 274,024 44,820 44,820 294,820
19 1,200 38,479 14,293 14,293 264,293 26,046 26,046 276,046 50,431 50,431 300,431
20 1,200 41,663 14,970 14,970 264,971 28,121 28,121 278,122 56,576 56,576 306,577
21 1,200 45,006 15,599 15,599 265,599 30,245 30,245 280,246 63,302 63,302 313,303
22 1,200 48,517 16,175 16,175 266,175 32,414 32,414 282,415 70,663 70,663 320,663
23 1,200 52,202 16,693 16,693 266,693 34,624 34,624 284,624 78,715 78,715 328,715
24 1,200 56,073 17,147 17,147 267,148 36,869 36,869 286,869 87,521 87,521 337,522
25 1,200 60,136 17,530 17,530 267,530 39,141 39,141 289,141 97,148 97,148 347,148
26 1,200 64,403 17,830 17,830 267,831 41,430 41,430 291,430 107,666 107,666 357,666
27 1,200 68,883 18,036 18,036 268,037 43,721 43,721 293,722 119,149 119,149 369,150
28 1,200 73,587 18,129 18,129 268,130 45,995 45,995 295,995 131,674 131,674 381,675
29 1,200 78,527 18,086 18,086 268,086 48,223 48,223 298,223 145,318 145,318 395,319
30 1,200 83,713 17,878 17,878 267,878 50,373 50,373 300,373 160,163 160,163 410,164
Based on 0% interest rate and guaranteed charges, the policy will lapse in year
40.
Death benefit, account value, and Cash Surrender Value are based on hypothetical
gross interest rates shown, assume current and guaranteed charges and no policy
loans or withdrawals, and are calculated at the end of the Policy Year. Assumed
premium payments shown are assumed paid in full at the beginning of the Policy
Year. Payment of premiums shown other than in full at the beginning of the
Policy Year would reduce values and benefits below the hypothetical illustrated
amounts shown. Values shown reflect an effective annual asset charge of 0.93%
applicable to the investment Subaccounts of the Separate Account). Hypothetical
gross interest rates are presented for illustrative purposes only to illustrate
funds allocated entirely to the investment Subaccounts of the Separate Account
and do not in any way represent actual results or suggest that such results will
be achieved in the future. Actual values will differ from those shown whenever
actual investment results differ from hypothetical gross interest rates
illustrated. A Guaranteed Interest Account providing interest at a minimum
guaranteed rate of 3% also is available under this product through the General
Account.
15