REGISTRATION NOS. 333-
811-6217
FISCAL YEAR END DECEMBER 31
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM S-6

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FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES
OF UNIT INVESTMENT TRUSTS REGISTERED ON FORMS N-8B-2

MONY VARIABLE ACCOUNT L
(EXACT NAME OF TRUST)

MONY LIFE INSURANCE COMPANY
(NAME OF DEPOSITOR)

1740 BROADWAY
NEW YORK, NEW YORK 10019
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)

FREDERICK C. TEDESCHI
VICE PRESIDENT AND CHIEF COUNSEL -- OPERATIONS
MONY LIFE INSURANCE COMPANY
1740 BROADWAY
NEW YORK, NEW YORK 10019
(NAME AND ADDRESS OF AGENT FOR SERVICE)

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as possible after the
effective date of this Registration Statement.

Pursuant to Rule 24f-2 of the Investment Company Act of 1940, the
Registrant hereby declares that an indefinite amount of its securities is being
registered under the Securities Act of 1933.

Registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until Registrant shall file a
further amendment which specifically states that this Registration Statement
shall become effective in accordance with Section 8(a) of the Securities Act of
1933 or until this Registration Statement shall become effective on such date as
the Commission, acting pursuant to said Section 8(a), may determine.

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2

CROSS REFERENCE TO ITEMS REQUIRED BY FORM N-8B-2

ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
- ----------- ---------------------

1 Cover Page
2 Cover Page
3 Not applicable
4 Distribution of the Policy
5 Detailed Information About the Company and MONY Variable
Account L
6 MONY Variable Account L
7 Not required
8 Not required
9 Legal Proceedings
10 Detailed Information About the Policy; Detailed Information
About the Company and MONY Variable Account L; Charges and
Deductions; Other Information; Voting of Fund Shares; More
About the Policy
11 Detailed Information About the Company and MONY Variable
Account L; The Funds; Purchase of Portfolio Shares by MONY
Variable Account L
12 Detailed Information About the Company and MONY Variable
Account L; The Funds; Purchase of Portfolio Shares by MONY
Variable Account L
13 Detailed Information About the Policy; Charges and
Deductions; The Funds
14 Detailed Information About the Policy
15 Detailed Information About the Policy
16 The Funds; Detailed Information About the Policy; Detailed
Information About the Company and MONY Variable Account L
17 Detailed Information About the Policy
18 The Funds; Detailed Information About the Policy; Detailed
Information About the Company and MONY Variable Account L
19 Voting of Fund Shares; More About the Policy
20 Not applicable
21 Detailed Information About the Policy
22 Not applicable
23 Not applicable
24 Important Terms; More About the Policy
25 Detailed Information About the Company and MONY Variable
Account L
26 Not applicable
27 Detailed Information About the Company and MONY Variable
Account L
28 Detailed Information About the Company and MONY Variable
Account L
29 Detailed Information About the Company and MONY Variable
Account L
30 Not applicable
31 Not applicable
32 Not applicable
33 Not applicable
34 Not applicable
35 More About the Policy
36 Not applicable
37 Not applicable
38 Information About the Company and MONY Variable Account L;
More About the Policy
39 More About the Policy
40 Not applicable
41 More About the Policy
42 Not applicable
43 Not applicable

ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
- ----------- ---------------------

44 Detailed Information About the Company and MONY Variable
Account L; Detailed Information About the Policy; More About
the Policy
45 Not applicable
46 Detailed Information About the Company and MONY Variable
Account L; Detailed Information About the Policy; More About
the Policy
47 Detailed Information About the Company and MONY Variable
Account L; Detailed Information About the Policy; More About
the Policy
48 Not applicable
49 Not applicable
50 Detailed Information About the Company and MONY Variable
Account L
51 Cover Page; Detailed Information About the Company and MONY
Variable Account L; Detailed Information About the Policy;
More About the Policy
52 Other Information
53 Other Information
54 Not applicable
55 Not applicable
56 Not required
57 Not required
58 Not required
59 Financial Statements

PROSPECTUS

Dated September 6, 2000

Flexible Premium Variable Life Insurance Policy
Issued by

MONY Life Insurance Company
MONY Variable Account L

MONY Life Insurance Company (the "Company") issues a flexible premium variable
life insurance policy described in this Prospectus. Among the policy's many
terms are:

Allocation of Premiums and Cash Values:

- - The policy owner can tell us what to do with the premium payments. The policy
owner can also tell us what to do with the cash values the policy may create
as a result of those premium payments.

- The policy owner can tell us to place them into a separate account. That
separate account is called MONY Variable Account L.

- If the policy owner does, the owner can also tell us to place premium
payments and cash values into any or all of 37 different subaccounts.
Each of these subaccounts seeks to achieve a different investment
objective. If the policy owner tells us to place the premium payments
and cash values into one or more subaccounts of the separate account,
the policy owner bears the risk that the investment objectives will
not be met. That risk includes not earning any money on premium
payments and cash values and also that premium payments and cash value
may lose some or all of their value.

- The policy owner can also tell us to place some or all of the premium
payments and cash values into our account. Our account is called the
Guaranteed Interest Account. If the policy owner elects the Guaranteed
Interest Account, we will guarantee that those premium payments and cash
values will not lose any value. We also guarantee that we will pay not
less than 4.0% interest annually. We may pay more than 4.0% if we choose.
Premium payments and cash values the policy owner places into the
Guaranteed Interest Account become part of our assets.

Death Benefit:

- - We will pay death benefit proceeds to the named beneficiary if the insured
dies before age 95 while the policy is in effect. The death proceeds will
never be less than the amount specified in the policy. It may be greater than
the amount specified if the policy's cash values increase.

Living Benefits:

- - The policy owner may ask for some or all of the policy's cash value at any
time. The policy owner may borrow up to 90% of the policy's cash value from us
at any time. The policy owner will have to pay interest to us on the amount
borrowed.

Charges and Fees:

- - The policy allows us to deduct certain charges from the cash value. These
charges are detailed in the policy and in this prospectus.

THESE ARE ONLY SOME OF THE TERMS OF THE POLICY.
PLEASE READ THE PROSPECTUS CAREFULLY FOR MORE COMPLETE DETAILS OF THE POLICY.

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of the prospectus. Any representation to the contrary is a
criminal offense. This prospectus comes with prospectuses for the MONY Series
Fund, Inc., Enterprise Accumulation Trust, the T. Rowe Price Equity Series,
Inc., the T. Rowe Price Fixed Income Series, Inc., the T. Rowe Price
International Series, Inc., the Dreyfus Variable Investment Fund, The Dreyfus
Socially Responsible Growth Fund, Inc., the Dreyfus Stock Index Fund, the Van
Eck Worldwide Insurance Trust, Morgan Stanley Dean Witter Universal Funds, Inc.,
Fidelity Variable Insurance Products Fund, Fidelity Variable Insurance Products
Fund II, Fidelity Variable Insurance Products Fund III and Janus Aspen Series.
You should read these prospectuses carefully and keep them for future reference.

MONY Life Insurance Company
1740 Broadway, New York, New York 10019
1-800-487-6669

THIS PROSPECTUS MUST BE ACCOMPANIED BY, AND IS NOT VALID WITHOUT,
THE PROSPECTUSES FOR THE UNDERLYING FUNDS.
5

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6

TABLE OF CONTENTS

PAGE
----

Summary of the Policy....................................... 1
Important Policy Terms.................................... 1
Purpose of the Policy..................................... 1
Explanation of a Case..................................... 2
Policy Premium Payments and Values........................ 2
Charges and Deductions.................................... 3
Fees and Expenses of the Funds............................ 4
The Death Benefit......................................... 11
Premium Features.......................................... 12
MONY Variable Account L................................... 12
Allocation Options........................................ 12
Transfer of Account Value................................. 12
Policy Loans.............................................. 12
Full Surrender............................................ 13
Partial Surrender......................................... 13
Right to Return Policy Period............................. 13
Grace Period and Lapse.................................... 13
Tax Treatment of Increases in Account Value............... 13
Tax Treatment of Death Benefit............................ 14
Riders.................................................... 14
Contacting the Company.................................... 14
Understanding the Policy.................................. 15
Detailed Information About the Company And MONY Variable
Account L................................................. 16
MONY Life Insurance Company............................... 16
Effects of Inflation...................................... 16
MONY Variable Account L................................... 16
The Funds................................................... 23
MONY Series Fund, Inc..................................... 24
Enterprise Accumulation Trust............................. 24
T. Rowe Price Equity Series, Inc.......................... 27
T. Rowe Price Fixed Income Series, Inc.................... 27
T. Rowe Price International Series, Inc................... 27
Van Eck Worldwide Insurance Trust......................... 27
Dreyfus Variable Investment Fund.......................... 28
The Dreyfus Socially Responsible Growth Fund, Inc......... 28
Dreyfus Stock Index Fund.................................. 28
The Universal Institutional Funds, Inc.................... 29
Fidelity Insurance Products Fund.......................... 29
Fidelity Insurance Products Fund II....................... 29
Fidelity Insurance Products Fund III...................... 29
Janus Aspen Series........................................ 31
Purchase of Portfolio Shares by MONY Variable Account L... 31
Detailed Information About The Policy....................... 33
Application for a Policy.................................. 33
Right to Examine a Policy -- Right to Return Policy
Period................................................. 35
Premiums.................................................. 35
Choice of Definition of Life Insurance.................... 36

i
7

PAGE
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Guaranteed Death Benefit.................................. 36
Allocation of Net Premiums................................ 37
Death Benefits under the Policy........................... 37
Death Benefit Options..................................... 38
Changes in Death Benefit Amounts.......................... 40
Guaranteed Paid-Up Insurance.............................. 42
Guaranteed Death Benefit Rider............................ 43
Other Optional Insurance Benefits......................... 43
Benefits at Maturity...................................... 44
Policy Values............................................. 44
Determination of Account Value............................ 45
Calculating Unit Values for Each Subaccount............... 46
Transfer of Account Value................................. 46
Right to Exchange Policy.................................. 47
Policy Loans.............................................. 47
Full Surrender............................................ 48
Partial Surrender......................................... 48
Grace Period and Lapse.................................... 49
Charges and Deductions...................................... 52
Deductions from Premiums.................................. 53
Deductions from Account Value............................. 54
Guarantee of Certain Charges.............................. 56
Corporate Purchasers -- Reduction of Charges.............. 56
Other Information........................................... 56
Federal Income Tax Considerations......................... 56
Charge for Company Income Taxes........................... 60
Voting of Fund Shares..................................... 61
Disregard of Voting Instructions.......................... 61
Report to Policy Owners................................... 62
Substitution of Investments and Right to Change
Operations............................................. 62
Changes to Comply with Law................................ 63
Performance Information..................................... 63
The Guaranteed Interest Account............................. 64
General Description....................................... 64
Policy Charges............................................ 64
Transfers................................................. 65
Surrenders and Policy Loans............................... 65
More About The Policy....................................... 66
Ownership................................................. 66
Beneficiary............................................... 66
Notification and Claims Procedures........................ 66
Payments.................................................. 67
Payment Plan/Settlement Provisions........................ 67
Payment in Case of Suicide................................ 67
Assignment................................................ 67
Errors on the Application................................. 68
Incontestability.......................................... 68
Policy Illustrations...................................... 68

ii
8

PAGE
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Distribution of the Policy................................ 68
Policy Owner Services..................................... 69
More About The Company...................................... 70
Management................................................ 70
State Regulation.......................................... 73
Records and Accounts...................................... 73
Legal Proceedings......................................... 73
Legal Matters............................................. 73
Registration Statement.................................... 74
Independent Accountants................................... 74
Financial Statements...................................... 74
Index to Financial Statements............................... F-1
Appendix A................................................ A-1
Appendix B................................................ B-1
Appendix C................................................ C-1
Appendix D................................................ D-1
Appendix E................................................ E-1
Appendix F................................................ F-1
Appendix G................................................ G-1

iii
9

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10

SUMMARY OF THE POLICY

This summary provides you with a brief overview of the more important
aspects of your policy. It is not intended to be complete. More detailed
information is contained in this prospectus on the pages following this Summary
and in your policy. This summary and the entire prospectus, will describe the
part of the policy involving Variable Account L. The prospectus also briefly
will describe the Guaranteed Interest Account. The Guaranteed Interest Account
is also described in your policy. BEFORE PURCHASING A POLICY, WE URGE YOU TO
READ THE ENTIRE PROSPECTUS CAREFULLY.

IMPORTANT POLICY TERMS

We are providing you with definitions for the following terms to make the
description of the policy provisions easier for you to understand.

Outstanding Debt -- The unpaid balance of any loan which the policy owner
requests on the policy. The unpaid balance includes accrued loan interest that
is due and has not been paid by the policy owner.

Loan Account -- An account to which amounts are transferred from the
subaccounts of MONY Variable Account L and the Guaranteed Interest Account as
collateral for any loan the policy owner requests. We will credit interest to
the Loan Account at a rate not less than 4.0%. The Loan Account is part of the
Company's general account.

Account Value -- The sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L, the Guaranteed Interest Account
and the Loan Account.

Cash Value -- The Account Value of the policy plus any refund of sales
charge.

Minimum Annual Premium -- The amount the Company determines is necessary to
keep the policy in effect.

Guaranteed Interest Account -- This account is part of the general account
of the Company. The policy owner may allocate all or a part of the policy's net
premium payments to this account. This account will credit the policy owner with
a fixed interest rate (which will not be less than 4.0%) declared by the
Company. (For more detailed information, see "The Guaranteed Interest Account,"
page 62.)

Specified Amount -- The minimum death benefit for as long as the policy
remains in effect.

Valuation Date -- Each day that the New York Stock Exchange is open for
trading.

Base Death Benefit -- Initially this is the Specified Amount for policies
under death benefit Option 1, or the Specified Amount plus the Account Value for
policies under death benefit Option 2.

Target Death Benefit -- The Target Death Benefit is the amount specified in
the application for the policy, or as changed by the policy owner from time to
time (Specified Amount) plus the Term Insurance Rider's benefit amount. You only
have a Target Death Benefit if you have a Term Insurance Rider.

PURPOSE OF THE POLICY

The policy offers insurance protection on the life of the insured. If the
insured is alive on the anniversary of the policy date when the insured is age
95, a maturity benefit will be paid instead of a death benefit. The policy
provides a base death benefit equal to (a) its Specified Amount, or (b) its
Specified Amount plus the Account Value. The policy also provides surrender and
loan privileges. The policy offers a choice of investment alternatives and an
opportunity for the policy's Account Value and its death benefit to grow based
on investment results. In addition, the policy owner chooses the amount and
frequency of premium payments, within certain limits.

1
11

EXPLANATION OF A CASE

Each policy must be a part of a case. A case is a grouping of one or more
policies connected by a non-arbitrary factor. Examples of factors are
individuals who share a common employment, business or other relationship. The
sum of the premiums to be received by the Company in the first policy year for
the policies representing the case must be at least $100,000. The Company at its
sole discretion will determine what constitutes a case. A case may have one
policy owner (e.g., a single entity that owns all the policies in the case) or
as many policy owners as there are policies in the case.

POLICY PREMIUM PAYMENTS AND VALUES

The Company receives the policy premium payments. From those premium
payments, the Company makes deductions to pay premium and other taxes imposed by
state and local governments. The Company makes deductions to cover the cost to
the Company of a deferred acquisition tax imposed by the United States
government. The Company will also deduct a sales charge to cover the costs of
making the policies available to the public. After deduction of these charges,
the amount remaining is called the net premium payment.

The policy owner may allocate net premium payments among the various
subaccounts of MONY Variable Account L and/or the Guaranteed Interest Account.
The net premium payments the owner allocates among the various subaccounts of
MONY Variable Account L may increase or decrease in value on any day depending
on the investment experience of the subaccounts the owner selects. The death
benefit may or may not increase or decrease depending on several factors
including the death benefit option chosen. The death benefit will never decrease
below the Specified Amount of your policy.

Net premium payments allocated to the Guaranteed Interest Account will be
credited with interest at a rate determined by the Company. That rate will not
be less than 4.0%.

The value of the net premium payments allocated to MONY Variable Account L
and to the Guaranteed Interest Account are called the Account Value. There is no
guarantee that the policy's Account Value and death benefit will increase. You
bear the risk that the net premiums and Account Value allocated to MONY Variable
Account L may be worth more or less while the policy remains in effect.

If the owner cancels the policy and returns it to the Company during the
Right to Return Policy Period, premium payments will be returned to the owner by
the Company. After the Right to Return Policy Period, the owner may cancel your
policy by surrendering it to the Company. The Company will pay the owner the
Account Value plus any applicable refund of sales charges less any Outstanding
Debt. The Account Value plus any applicable refund of sales charge is called the
Cash Value of the policy.

Charges and fees such as the cost of insurance, administrative charges, and
mortality and expense risk charges are imposed by the policy. These charges and
fees are deducted by the Company from the policy's Account Value and are
described in further detail below.

The policy remains in effect until the earliest of:

- A grace period expires without the payment of sufficient additional
premium to cover policy charges or repayment of the Outstanding
Debt.

- Age 95.

- Death of the insured.

- Full surrender of the policy.

Generally, the policy remains in effect only as long as the Account Value
less Outstanding Debt is sufficient to pay all monthly deductions. However, a
Guaranteed Death Benefit Rider is also available at the time you purchase the
policy. It will extend the time during which the Specified Amount of the policy

2
12

may remain in effect. The Guaranteed Death Benefit Rider requires the payment of
an agreed upon amount of premiums and is discussed below.

CHARGES AND DEDUCTIONS

The policy provides for the deduction of the various charges, costs and
expenses from the Account Value of the policy. These deductions are summarized
in the table below. Additional details can be found on pages 50-54.
- --------------------------------------------------------------------------------

DEDUCTIONS FROM PREMIUMS

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Sales Charge -- Deducted from premium up to First 10 policy years -- 9%
the Target Premium After the 10th policy year -- 0%
Ten policy years after an increase in
Specified Amount -- 9%
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Tax Charge State and local -- 0.8% Federal -- 1.25%
- -----------------------------------------------------------------------------------------------

DEDUCTIONS FROM ACCOUNT VALUE
- --------------------------------------------------------------------------------

Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
- ----------------------------------------------------------------------------------------------
Mortality & Expense Risk Charge First 10 policy years -- .60% of
Annual Rate subaccount value.
After the 10th policy year -- maximum of
.45% of subaccount value(1).
- ----------------------------------------------------------------------------------------------
Administrative Charge (all $7.50
policies) -- Monthly
Medical Underwriting Charge (applicable $5.00 for the first 3 policy years.
policies) -- Monthly
Guaranteed Issue Underwriting Charge $3.00 for the first 3 policy years.
(applicable policies) -- Monthly
- ----------------------------------------------------------------------------------------------
Guaranteed Death Benefit Charge $0.01 per $1,000 of policy Specified
Monthly Charge for Death Benefit Rider (not Amount. Please note that the Rider requires
available in all states) that premiums on the policy itself be paid
in order to remain in effect.
- ----------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge -- As applicable.
Monthly Deduction for any other optional
insurance Benefits added by rider.
- ----------------------------------------------------------------------------------------------
Transaction and Other Charges
-- Partial Surrender Fee Lesser of $25 or 2% of the partial
surrender amount
-- Transfer of Account Value Maximum of $25(2)
-- Premium allocation changes (over two in $25
any policy year
-- Reinstatement Fee $150
- ----------------------------------------------------------------------------------------------

- ---------------
(1) Expected current amount of .30% of subaccount value.

(2) Currently, the Company does not assess a transfer charge. The Company
reserves the right to charge up to a maximum of $25 for transfers.

3
13

FEES AND EXPENSES OF THE FUNDS

MONY Variable Account L is divided into subdivisions called subaccounts.
Each subaccount invests exclusively in shares of a designated portfolio. Each
portfolio pays a fee to its investment adviser to manage the portfolio. The
investment adviser fees for each portfolio are listed in the table below. Each
portfolio also incurs expenses in its operations. These expenses are also shown
in the table below. These fees and expenses vary by portfolio and are set forth
below. Their Boards govern the Funds. The advisory fees are summarized at pages
23-30. Fees and expenses of the Funds are described in more detail in the Funds'
prospectuses.

Information contained in the following table was provided by the respective
Funds and has not been independently verified by us.

PRO FORMA ANNUAL EXPENSES FOR THE YEAR
ENDED DECEMBER 31, 1999

DISTRIBUTION
MANAGEMENT (12B-1) OTHER TOTAL
FUND/PORTFOLIO FEES FEES EXPENSES EXPENSES
- -------------- ---------- ------------ -------- --------

DREYFUS VARIABLE INVESTMENT FUND
Appreciation Portfolio.............................. 0.75% N/A 0.03% 0.78%
Small Company Stock Portfolio....................... 0.75% N/A 0.22% 0.97%
DREYFUS STOCK INDEX FUND.............................. 0.245% N/A 0.01% 0.26%
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC..... 0.75% N/A 0.04% 0.79%
ENTERPRISE ACCUMULATION TRUST
Equity Portfolio.................................... 0.78% N/A 0.04% 0.82%
Small Company Value Portfolio....................... 0.80% N/A 0.04% 0.84%
Managed Portfolio................................... 0.72% N/A 0.04% 0.76%
International Growth Portfolio...................... 0.85% N/A 0.16% 1.01%
Internet Portfolio.................................. 1.00% N/A 0.45% 1.45%
High Yield Bond Portfolio........................... 0.60% N/A 0.09% 0.69%
Small Company Growth Portfolio...................... 1.00% N/A 0.40% 1.40%(2)
Growth Portfolio.................................... 0.75% N/A 0.09% 0.84%
FIDELITY VARIABLE INSURANCE PRODUCTS (VIP) FUND
Growth Portfolio.................................... 0.58% N/A 0.08% 0.66%(4)
FIDELITY VARIABLE INSURANCE PRODUCTS (VIP II) FUND II
Contrafund(R) Portfolio............................. 0.58% N/A 0.09% 0.67%(4)
Asset Manager Portfolio............................. 0.53% N/A 0.10% 0.63%(4)

4
14

DISTRIBUTION
MANAGEMENT (12B-1) OTHER TOTAL
FUND/PORTFOLIO FEES FEES EXPENSES EXPENSES
- -------------- ---------- ------------ -------- --------

FIDELITY VARIABLE INSURANCE PRODUCTS (VIP III) FUND
III
Growth Opportunities Portfolio...................... 0.58% N/A 0.11% 0.69%(4)
Growth and Income Portfolio......................... 0.48% N/A 0.12% 0.60%(4)
JANUS ASPEN SERIES
Aggressive Growth Portfolio......................... 0.65% N/A 0.02% 0.67%(7)
Flexible Income Portfolio........................... 0.65% N/A 0.07% 0.72%(7)
International Growth Portfolio...................... 0.65% N/A 0.11% 0.76%(7)
Worldwide Growth Portfolio.......................... 0.65% N/A 0.05% 0.70%(7)
Capital Appreciation Portfolio...................... 0.65% N/A 0.04% 0.69%(7)
Strategic Value Portfolio........................... 0.65% 0.25% 0.35% 1.25%(8)
MONY SERIES FUND, INC.
Intermediate Term Bond Portfolio.................... 0.50% N/A 0.07% 0.57%
Long Term Bond Portfolio............................ 0.50% N/A 0.05% 0.55%
Government Securities Portfolio..................... 0.50% N/A 0.08%(1) 0.58%
Money Market Portfolio.............................. 0.40% N/A 0.04% 0.44%
T. ROWE PRICE EQUITY SERIES, INC.
Equity Income Portfolio............................. 0.85%(5) N/A 0.00% 0.85%
New America Growth Portfolio........................ 0.85%(5) N/A 0.00% 0.85%
Personal Strategy Balanced Portfolio................ 0.90%(5) N/A 0.00% 0.90%
T. ROWE PRICE FIXED INCOME SERIES, INC.
Limited-Term Bond Portfolio......................... 0.70%(5) N/A 0.00% 0.70%
Prime Reserve Portfolio............................. 0.55%(5) N/A 0.00% 0.55%
T. ROWE PRICE INTERNATIONAL SERIES, INC.
International Stock Portfolio....................... 1.05%(5) N/A 0.00% 1.05%(5)
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
Equity Growth Portfolio............................. 0.55% N/A 0.30% 0.85%(6)
Fixed Income Portfolio.............................. 0.40% N/A 0.30% 0.70%(6)

5
15

DISTRIBUTION
MANAGEMENT (12B-1) OTHER TOTAL
FUND/PORTFOLIO FEES FEES EXPENSES EXPENSES
- -------------- ---------- ------------ -------- --------

VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund................................. 1.00% N/A 0.22% 1.22%
Worldwide Hard Assets Fund.......................... 1.00% N/A 0.26% 1.26%
Worldwide Emerging Markets Fund..................... 1.00% N/A 0.54% 1.54%(3)

- ---------------

(1) Expenses do not include custodial credits. With custodial credits, expenses
would have been 0.57%.

(2) Reflects contractual expense limitation. This contractual limitation is in
effect until April 30, 2001. Without expense limitation, total expenses
would have been as follows: Small Company Growth -- 1.55%.

(3) Does not include expense reimbursements. With expense reimbursements
expenses for Worldwide Emerging Markets is 1.34%.

(4) Expenses do not include reimbursements. With these expense reimbursements,
expenses would have been as follows: Fidelity VIP Growth -- 0.65%; Fidelity
VIP II Contrafund -- 0.65%; Fidelity VIP III Growth Opportunities -- 0.68%,
Fidelity VIP II Asset Manager -- 0.62%, and Fidelity VIP III Growth &
Income -- 0.59%.

(5) Management fees include operating expenses.

(6) Reflects a contractual expense limitation. Without the expense limitation,
total expenses would have been as follows: Fixed Income -- 0.96%; Equity
Growth -- 1.11%; and Value -- 1.22%.

(7) Expenses are based upon expenses for fiscal year ended December 31, 1999,
restated to reflect a reduction in management fee.

(8) Expenses are based on the estimated expenses that the new Service Shares
Class of the Portfolio expects to incur in its initial fiscal year. All
expenses are shown without the effect of any expense offset arrangements.

- --------------------------------------------------------------------------------

FUND INVESTMENT ADVISER FEES
- --------------------------------------------------------------------------------

DREYFUS VARIABLE INVESTMENT FUND

--------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
--------------------------------------------------------------------------------------------

Capital Appreciation Portfolio Annual rate of 0.75% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Small Company Stock Portfolio Annual rate of 0.75% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH Annual rate of 0.75% of the portfolio's
FUND, INC. average daily net assets.
--------------------------------------------------------------------------------------------
DREYFUS STOCK INDEX FUND Annual rate of 0.25% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------

ENTERPRISE ACCUMULATION TRUST

Equity Portfolio Annual rate of 0.80% of the first $400
million, 0.75% of the next $400 million
and 0.70% in excess of $800 million of the
average daily net assets.
--------------------------------------------------------------------------------------------

6
16

Managed Portfolio Annual rate of 0.80% of the first $400
million, 0.75% of the next $400 million
and 0.70% in excess of $800 million of the
average daily net assets.
--------------------------------------------------------------------------------------------
Small Company Value Portfolio Annual rate of 0.80% of the first $400
million, 0.75% of the next $400 million
and 0.70% in excess of $800 million of the
average daily net assets.
--------------------------------------------------------------------------------------------
International Growth Portfolio Annual rate of 0.85% of the average daily
net assets.
--------------------------------------------------------------------------------------------
Internet Portfolio Annual rate of 1.00% of the average daily
net assets.
--------------------------------------------------------------------------------------------
High Yield Bond Portfolio Annual rate of 0.60% of the average daily
net assets.
--------------------------------------------------------------------------------------------
Growth Portfolio Annual rate of 0.75% of the average daily
net assets.
--------------------------------------------------------------------------------------------
Small Company Growth Portfolio Annual rate of 1.00% of the daily net
assets.
--------------------------------------------------------------------------------------------

FIDELITY VARIABLE INSURANCE PRODUCTS FUND

Growth Portfolio The fee is calculated by adding a group
fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the Fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this fund is 0.30% of the
Fund's average net assets.
--------------------------------------------------------------------------------------------

7
17

- --------------------------------------------------------------------------------

FIDELITY VARIABLE INSURANCE PRODUCTS FUND II

Contrafund(R) Portfolio The fee is calculated by adding a group
fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the Fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this Fund is 0.30% of the
Fund's average net assets.
--------------------------------------------------------------------------------------------
Asset Manager Portfolio The fee is calculated by adding a group
fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the Fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this Fund is 0.25% of the
Fund's average net assets.
--------------------------------------------------------------------------------------------

FIDELITY VARIABLE INSURANCE PRODUCTS FUND III

Growth and Income Portfolio The fee is calculated by adding a group
fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the Fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this Fund, and it drops as total assets
under management increase. The individual
fee rate for this Fund is 0.20% of the
Fund's average net assets.
--------------------------------------------------------------------------------------------
Growth Opportunities Portfolio The fee is calculated by adding a group
fee rate to an individual fee rate,
dividing by twelve, and multiplying the
result by the fund's average net assets
throughout the month. The group fee rate
is based on the average net assets of all
the mutual funds advised by FMR. This
group rate cannot rise above 0.52% for
this fund, and it drops as total assets
under management increase. The individual
fee rate for this fund is 0.30% of the
fund's average net assets.
--------------------------------------------------------------------------------------------

8
18

- --------------------------------------------------------------------------------

JANUS ASPEN SERIES

Aggressive Growth Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Flexible Income Portfolio Annual rate of 0.65% of the first $300
million, 0.55% over $300 million of the
portfolio's average daily net assets.
--------------------------------------------------------------------------------------------
International Growth Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Worldwide Growth Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Capital Appreciation Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Strategic Value Portfolio Annual rate of 0.65% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

MONY SERIES FUND, INC.

- --------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
- --------------------------------------------------------------------------------------------

Government Securities Portfolio Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------
Long Term Bond Portfolio Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------
Intermediate Term Bond Portfolio Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------
Money Market Portfolio Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million, and
0.30% of assets in excess of $800 million of
the portfolio's aggregate average daily net
assets.
- --------------------------------------------------------------------------------------------

9
19

T. ROWE PRICE EQUITY SERIES, INC.

Equity Income Portfolio Annual rate of 0.85% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
New America Growth Portfolio Annual rate of 0.85% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Personal Strategy Balanced Portfolio Annual rate of 0.90% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------

T. ROWE PRICE FIXED INCOME SERIES, INC.

Limited Term Bond Portfolio Annual rate of 0.70% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------
Prime Reserve Portfolio Annual rate of 0.55% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

T. ROWE PRICE INTERNATIONAL SERIES, INC.

International Stock Portfolio Annual rate of 1.05% of the portfolio's
average daily net assets.
--------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

THE UNIVERSAL INSTITUTIONAL FUNDS, INC.

Fixed Income Portfolio Annual rate of 0.40% of the first $500
million, 0.35% in excess of $500 million
up to $1 billion, 0.30% in excess of $1
billion of the portfolio's average daily
net assets.
--------------------------------------------------------------------------------------------
Equity Growth Portfolio Annual rate of 0.55% of the first $500
million, 0.50% in excess of $500 million
up to $1 billion, 0.45% in excess of $1
billion of the portfolio's average daily
net assets.
--------------------------------------------------------------------------------------------

10
20

VAN ECK WORLDWIDE INSURANCE TRUST

Worldwide Bond Fund Annual rate of 1.00% of the first $500
million, .90% of the next $250 million,
and .70% in excess of $750 million of the
portfolio's aggregate average daily net
assets.
--------------------------------------------------------------------------------------------
Worldwide Hard Assets Fund Annual rate of 1.00% of the first $500
million, .90% of the next $250 million,
and .70% in excess of $750 million of the
portfolio's aggregate average daily net
assets.
--------------------------------------------------------------------------------------------
Worldwide Emerging Markets Fund Annual rate of 1.00% of the portfolio's
aggregate average daily net assets.
--------------------------------------------------------------------------------------------

THE DEATH BENEFIT

The minimum Specified Amount is $100,000. However, the Specified Amount may
be reduced to $50,000 if at least $50,000 is provided by a Term Insurance Rider
added to the policy. The policy owner may elect one of two options to compute
the amount of Base Death Benefit payable under the policy. The policy owner's
selection may increase the death benefit.

Option 1 -- The Base Death Benefit equals the greater of:

(a) the Specified Amount plus the increase in the Account Value since
the last monthly anniversary; or

(b) the Cash Value multiplied by a death benefit percentage required
by the Federal tax law definition of life insurance.

If the policy owner chooses Option 1, favorable investment performance
reduces the cost paid for the death benefit. This reduction will decrease
the deduction from Account Value.

Option 2 -- The Base Death Benefit equals the greater of:

(a) The Specified Amount plus the Account Value; or

(b) The Cash Value multiplied by a death benefit percentage required
by the Federal tax law definition of life insurance.

If the policy owner chooses Option 2, favorable investment performance
will increase the Account Value of the policy. This in turn increases
insurance coverage.

The Account Value used in these calculations is the Account Value as of the date
of the insured's death.

The policy owner may change the death benefit option and increase or
decrease the Specified Amount, subject to certain conditions. See "Death
Benefits Under the Policy," page 36.

When the policy owner applies for insurance, the policy owner can purchase
the Guaranteed Death Benefit Rider. This rider provides a guarantee that the
Specified Amount under the policy will remain in effect as long as:

(a) The required premiums (reduced by any partial surrenders and
applicable fees) have been paid; and

(b) The Account Value exceeds Outstanding Debt.

See "Guaranteed Death Benefit Rider," page 41.
11
21

PREMIUM FEATURES

The policy owner must pay an initial premium equal to at least one fourth
of the Minimum Annual Premium. After that, subject to certain limitations, the
policy owner may choose the amount and frequency of premium payments as the
policy owner's financial situation and needs change.

When the policy owner applies for a policy, the policy owner determines the
level amount to pay at fixed intervals over a specified period of time. The
policy owner elects to receive a premium notice on an annual, semiannual or
quarterly basis. However, the policy owner may choose to skip or stop making
premium payments. The policy continues in effect until the Account Value (less
Outstanding Debt) can no longer cover:

(1) The monthly deductions for the policy, and

(2) Any optional insurance benefits added by rider.

The amount, frequency and period of time over which the policy owner pays
premiums may affect whether or not the policy will be classified as a modified
endowment contract. You will find more information on the tax treatment of life
insurance contracts, including modified endowment contracts under "Federal
Income Tax Considerations," page 55.

The payment of premiums the policy owner specifies on the application will
not guarantee that the policy will remain in effect. See "Grace Period and
Lapse," page 48. If any premium would result in an immediate increase in the net
amount at risk, the Company may, (1) reject a part of the premium payment, or
(2) limit the premium payment, unless the policy owner provides satisfactory
evidence of insurability.

MONY VARIABLE ACCOUNT L

MONY Variable Account L is a separate investment account whose assets are
owned by the Company. See "MONY Variable Account L," on page 16.

ALLOCATION OPTIONS

The policy owner may allocate premium payments and Account Values among the
various subaccounts of MONY Variable Account L. Each of the subaccounts uses
premium payments and Account Values to purchase shares of a designated portfolio
of the MONY Series Fund, Inc., the Enterprise Accumulation Trust, the T. Rowe
Price Equity Series, Inc., the T. Rowe Price Fixed Income Series, Inc., the T.
Rowe Price International Series, Inc., the Dreyfus Variable Insurance Fund, the
Dreyfus Stock Index Fund. The Dreyfus Socially Responsible Growth Fund Inc.,
Fidelity Variable Insurance Products Fund, Fidelity Variable Insurance Products
Fund II, Fidelity Variable Insurance Products Fund III, Janus Aspen Series, The
Universal Institutional Funds, Inc. and the Van Eck Worldwide Insurance Trust
(the "Funds"). The subaccounts available to the policy owner and the investment
objectives of each available subaccount are described in detail beginning on
page 17.

TRANSFER OF ACCOUNT VALUE

The policy owner may transfer Account Value among the subaccounts. Subject
to certain limitations, the policy owner may also transfer between the
subaccounts and the Guaranteed Interest Account. See "Transfer of Account
Value," page 45.

POLICY LOANS

The policy owner may borrow up to 90% of the policy's Account Value (less
any Outstanding Debt) from the Company. See " Policy Loans," page 45.

The amount of Outstanding Debt is subtracted from the death benefit. The
Outstanding Debt is repaid from the proceeds of a full surrender. See "Full
Surrender," page 46. Outstanding Debt may also

12
22

affect the continuation of the policy. See "Grace Period and Lapse," page 48.
The Company charges interest on policy loans. If the interest is not paid when
due, the amount due will be added to the principal amount of the Outstanding
Debt.

FULL SURRENDER

The policy owner can surrender the policy during the insured's lifetime and
receive the (a) Account Value, plus (b) any applicable refund of sales charge,
minus (c) any Outstanding Debt. See "Full Surrender," page 46.

PARTIAL SURRENDER

The policy owner may request a partial surrender if the Account Value less
Outstanding Debt after the deduction of the requested surrender amount and any
fees is greater than $500. If the requested amount exceeds the amount available,
we will reject the request and return it to the policy owner. A partial
surrender will generally decrease the Target Death Benefit. See "Partial
Surrender," at page 47.

Partial surrenders must be for at least $500. A partial surrender fee of
the lesser of $25 or 2% of the amount surrendered will be assessed against the
remaining Account Value.

RIGHT TO RETURN POLICY PERIOD

The policy owner has the right to examine the policy when it is received.
The policy owner may return the policy for any reason and obtain a full refund
of the premium paid if the policy is returned within 10 days (or longer in some
states) after it is received. The policy owner may also return the policy within
45 days after the date the application for the policy is signed. During the
Right to Return Policy Period, net premiums will be allocated to the general
account of the Company. See "Right to Examine a Policy -- Right to Return Policy
Period," page 34.

GRACE PERIOD AND LAPSE

The policy will remain in effect as long as:

(1) The Account Value less Outstanding Debt is sufficient to pay the
current monthly deduction; or

(2) The policy owner requested the Guaranteed Death Benefit Rider and
has met all the requirements of that rider.

If the policy is about to terminate (or Lapse), we will give the policy
owner notice that the policy owner must pay additional premiums. That notice
will tell the policy owner the minimum amount that must be paid if the policy is
to remain in effect and the date by which we must receive that amount (this
period is called the "grace period").

In addition, we calculate each month whether the policy owner has paid the
premiums required by the Guaranteed Death Benefit Rider. See "Guaranteed Death
Benefit," page 35. If the policy does not meet the test on that date, a notice
will be sent to the policy owner giving the policy owner 61 days from its date
to make additional payments to the Rider. See "Grace Period and Lapse," page 48.

TAX TREATMENT OF INCREASES IN ACCOUNT VALUE

The federal income tax laws generally tie the taxation of Account Values to
the policy owner's receipt of those Account Values. This policy is currently
subject to the same federal income tax treatment as fixed life insurance.
Certain policy loans may be taxable. Information on the tax treatment of the
policy can be found under "Federal Income Tax Considerations," on page 55.

13
23

TAX TREATMENT OF DEATH BENEFIT

Generally, the death benefit will be fully excludable from the gross income
of the beneficiary under the Internal Revenue Code. Thus the death benefit
received by the beneficiary at the death of the insured will not be subject to
federal income taxes when received by the beneficiary. Also, a death benefit
paid by this policy is currently subject to federal income tax treatment as a
death benefit paid by a fixed life insurance policy. See "Federal Income Tax
Considerations," page 55.

RIDERS

Additional optional insurance benefits may be added to the policy by an
addendum called a rider. There are two riders available with this policy.

- Guaranteed Death Benefit Rider

- Term Insurance Rider

CONTACTING THE COMPANY

All written requests, notices and forms required by the policies and any
questions or inquiries should be directed to the Company's Operations Center at
1 MONY Plaza, Syracuse, New York 13202.

14
24

UNDERSTANDING THE POLICY

The following chart may help you to understand how the policy works.

---------------------------
MONY Life Insurance Company
---------------------------

Issues the
policy

------
Policy
------

Policy owner
allocates premium to
subaccounts
and/or to Guaranteed
Interest Account.

------------------- ------------------------
Guaranteed Interest MONY Variable Account L
Account ------------------------
------------------- Variable Account L
subdivided into
Subaccounts
------------------------

Subaccounts
purchase
shares of
corresponding
portfolios
----------
Portfolios
----------

15
25

DETAILED INFORMATION ABOUT THE COMPANY
AND MONY VARIABLE ACCOUNT L

MONY LIFE INSURANCE COMPANY

MONY Life Insurance Company issues the policy. In this prospectus MONY Life
Insurance Company is called the "Company." The Company is a stock life insurance
company organized in the State of New York. The Company is currently licensed to
sell life insurance and annuities in all 50 states of the United States, the
District of Columbia, the U.S. Virgin Islands, and Puerto Rico.

The principal office of the Company is located at 1740 Broadway, New York,
New York 10019. The Company was founded in 1842 as The Mutual Life Insurance
Company of New York. In 1998, The Mutual Life Insurance Company of New York
converted to a stock company through demutualization and was renamed MONY Life
Insurance Company. The demutualization did not have any material effect on the
obligations of the Company under the policies or on MONY Variable Account L.

At August 16, 1999, the rating assigned to the Company by A.M. Best
Company, Inc., an independent insurance company rating organization, was
upgraded to A (Excellent). This rating is based upon an analysis of financial
condition and operating performance. The A.M. Best rating of the Company should
be considered only as bearing on the ability of the Company to meet its
obligations under the policies.

The Company intends to administer the policies itself.

MONY Securities Corporation, a wholly owned subsidiary of the Company, is
the principal underwriter for the policies.

EFFECTS OF INFLATION

The Company does not believe that inflation has had a material effect on
its results of operations except insofar as inflation affects interest rates.

MONY VARIABLE ACCOUNT L

MONY Variable Account L is a separate investment account of the Company.
Presently, only premium payments and cash values of flexible premium variable
life insurance policies are permitted to be allocated to MONY Variable Account
L. The assets in MONY Variable Account L are kept separate from the general
account assets and other separate accounts of the Company.

The Company owns the assets in MONY Variable Account L. The Company is
required to keep assets in MONY Variable Account L that equal the total market
value of the policy liabilities funded by MONY Variable Account L. Realized or
unrealized income gains or losses of MONY Variable Account L are credited or
charged against MONY Variable Account L assets without regard to the other
income, gains or losses of the Company. Reserves and other liabilities under the
policies are assets of MONY Variable Account L. MONY Variable Account L assets
are not chargeable with liabilities of the Company's other businesses.

Account Values allocated to the Guaranteed Interest Account are held in the
Company's general account. The Company's general account assets are subject to
the liabilities from the businesses the Company conducts. In addition, the
Company may transfer to its general account any assets that exceed anticipated
obligations of MONY Variable Account L. All obligations of the Company under the
policy are general corporate obligations of the Company. The Company may
accumulate in MONY Variable Account L proceeds from various policy charges and
investment results applicable to those assets.

MONY Variable Account L was authorized by the Board of Directors of the
Company and established under New York law on November 28, 1990. MONY Variable
Account L is registered with the SEC as a unit investment trust. The SEC does
not supervise the administration or investment

16
26

practices or policies of MONY Variable Account L. No material change will be
made to the investment policy of MONY Variable Account L without prior
concurrence of the New York Insurance Department.

MONY Variable Account L is divided into subdivisions called subaccounts.
Each subaccount invests exclusively in shares of a designated portfolio of the
Funds. These portfolios serve only as the underlying investment for variable
annuity and variable life insurance contracts issued through separate accounts
of the Company or other life insurance companies. The portfolios may also be
available to certain pension accounts. The portfolios are not available directly
to individual investors. In the future, the Company may establish additional
subaccounts within MONY Variable Account L. Future subaccounts may invest in
other portfolios of the Funds or in other securities. Not all subaccounts are
available to you.

The subaccounts of MONY Variable Account L that are available to you
purchase shares from the underlying mutual funds and designated portfolios shown
in the following table with their respective investment objectives:

--------------------------------------------------------------------------------------------
SUBACCOUNT, UNDERLYING MUTUAL FUND
AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------

SOCIALLY RESPONSIBLE GROWTH SUBACCOUNT Seeks capital growth with current income
as a secondary goal. Invests primarily in
The Dreyfus Socially Responsible Growth common stock of companies that, in the
Fund, Inc. opinion of its management, meet
traditional investment standards and
conduct their business in a manner that
contributes to the enhancement of the
quality of life in America.
--------------------------------------------------------------------------------------------

STOCK INDEX SUBACCOUNT Seeks to match the total return of the
Standard & Poor's 500 Composite Stock
Dreyfus Stock Index Fund Price Index. To pursue this goal, the fund
generally invests in all 500 stocks in the
S&P 500(R) in proportion to their
weighting in the index.
--------------------------------------------------------------------------------------------

APPRECIATION SUBACCOUNT Seeks long-term capital growth consistent
with the preservation of capital; current
Dreyfus Variable Investment Fund income is a secondary goal. To pursue
Appreciation Portfolio these goals, the portfolio invests in
common stocks focusing on "blue chip"
companies with total market values of more
than $5 billion at the time of purchase.
--------------------------------------------------------------------------------------------

SMALL COMPANY STOCK SUBACCOUNT Seeks investment returns (consisting of
capital appreciation and income) that are
Dreyfus Variable Investment Fund greater than the total return performance
Small Company Stock Portfolio of stocks represented by the Russell
2500(TM) Index ("Russell 2500"). To pursue
this goal the portfolio normally invests
in a blended portfolio of growth and value
stocks of small and midsize domestic
companies, whose market values generally
range between $500 million and $5 billion.
--------------------------------------------------------------------------------------------

17
27

GROWTH SUBACCOUNT I Seeks capital appreciation primarily from
investments in U.S. common stocks of large
Enterprise Accumulation Trust capitalization companies. To pursue this
Growth Portfolio goal the fund usually invests in companies
with long-term earnings potential but
which are currently selling at a discount
to their estimated long-term value.
--------------------------------------------------------------------------------------------

EQUITY SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in U.S. common stock
Enterprise Accumulation Trust of companies that meet the portfolio
Equity Portfolio manager's criteria of high return on
investment capital, strong positions
within their industries, sound financial
fundamentals and management committed to
shareholder interests.
--------------------------------------------------------------------------------------------

SMALL COMPANY GROWTH SUBACCOUNT Seeks capital appreciation by investing
primarily in common stocks of small
Enterprise Accumulation Trust capitalization companies with
Small Company Growth Portfolio above-average growth characteristics that
are reasonably valued.
--------------------------------------------------------------------------------------------

SMALL COMPANY VALUE SUBACCOUNT Seeks maximum capital appreciation by
investing primarily in common stocks of
Enterprise Accumulation Trust small capitalization companies that the
Small Company Value Portfolio portfolio manager believes are undervalued
-that is the stock's market price does not
fully reflect the company's value.
--------------------------------------------------------------------------------------------

INTERNATIONAL GROWTH SUBACCOUNT I Seeks capital appreciation by investing
primarily in a diversified portfolio of
Enterprise Accumulation Trust non-United States equity securities that
International Growth Portfolio the portfolio manager believes are
undervalued.
--------------------------------------------------------------------------------------------

INTERNET SUBACCOUNT Seeks long-term capital appreciation by
investing in equity securities, including
Enterprise Accumulation Trust common stocks, preferred stock, warrants
Internet Portfolio and other securities convertible into
common stock of companies primarily
engaged in Internet, Intranet and other
"high-tech" related activities.
--------------------------------------------------------------------------------------------

18
28

HIGH YIELD BOND SUBACCOUNT Seeks maximum current income by primarily
investing in high-yield, income-producing
Enterprise Accumulation Trust U.S. corporate bonds rated B3 or better by
High Yield Bond Portfolio Moody's Investors Service, Inc., or B- or
better by Standard & Poor's Corporation.
These lower rated bonds are commonly
referred to as "Junk Bonds." Bonds of this
type are considered to be speculative with
regard to the payment of interest and
return of principal. Investment in these
types of securities has special risks and
therefore, may not be suitable for all
investors. Investors should carefully
assess the risks associated with
allocating premium payments to this
Subaccount.
--------------------------------------------------------------------------------------------

MANAGED SUBACCOUNT Seeks growth of capital over time by
investing in a portfolio consisting of
Enterprise Accumulation Trust common stocks, bonds and cash equivalents,
Managed Portfolio the percentages of which vary over time
based on the investment manager's
assessment of economic and market trends
and its perception of the relative
investment values available from such
types of securities at any given time.
--------------------------------------------------------------------------------------------

GROWTH SUBACCOUNT II Seeks capital appreciation by investing
primarily in common stocks that it
Fidelity Variable Insurance Products Fund believes have above- average growth
Growth Portfolio potential -- that tends to be companies
with higher than average price/earnings
ratios, and with new products,
technologies, distribution channels or
other opportunities, or have a strong
industry or market position. May also
invest in foreign issuers.
--------------------------------------------------------------------------------------------

ASSET MANAGER SUBACCOUNT Seeks to obtain high total return with
reduced risk over the long term by
Fidelity Variable Insurance Products Fund allocating its assets among stocks, bonds,
II and short-term investments.
Asset Manager Portfolio
--------------------------------------------------------------------------------------------

CONTRAFUND(R) SUBACCOUNT Seeks long-term capital appreciation by
investing mainly in equity securities of
Fidelity Variable Insurance Products Fund companies whose value is not fully
II recognized by the public -- that
Contrafund(R) Portfolio typically, includes companies in
turnaround situations, companies
experiencing transitory difficulties, and
undervalued companies. May also invest in
foreign issuers.
--------------------------------------------------------------------------------------------

19
29

GROWTH AND INCOME SUBACCOUNT Seeks high total return through a
combination of current income and capital
Fidelity Variable Insurance Products Fund appreciation by investing a majority of
III assets in common stocks with a focus on
Growth and Income Portfolio those that pay current dividends and show
potential for capital appreciation.
--------------------------------------------------------------------------------------------

GROWTH OPPORTUNITIES SUBACCOUNT Seeks capital growth by investing
primarily in common stocks. The manager is
Fidelity Variable Insurance Products Fund not constrained by any particular
III investment style, and at any given time,
Growth Opportunities Portfolio may tend to buy "growth" stocks, "value"
stocks, or a combination of both types.
May also invest in bonds, which may be
lower-quality debt securities and
securities of foreign issuers.
--------------------------------------------------------------------------------------------

CAPITAL APPRECIATION SUBACCOUNT Seeks long-term growth of capital. It
pursues its objective by investing
Janus Aspen Series primarily in common stocks selected for
Capital Appreciation Portfolio their growth potential. The portfolio may
invest in companies of any size from
larger, well-established companies to
smaller, emerging growth companies.
--------------------------------------------------------------------------------------------

AGGRESSIVE GROWTH SUBACCOUNT Seeks long-term growth of capital by
investing primarily in common stocks
Janus Aspen Series selected for their growth potential by
Aggressive Growth Portfolio investing at least 50% of its equity
assets in medium-sized companies with
market capitalization's falling within the
range of companies in the S&P MidCap 400
Index.
--------------------------------------------------------------------------------------------

FLEXIBLE INCOME SUBACCOUNT Seeks maximum total return, consistent
with preservation of capital by investing
Janus Aspen Series in a variety of income-producing
Flexible Income Portfolio securities such as corporate bonds and
notes, government securities and preferred
stock. As a fundamental policy, the
portfolio will invest at least 80% of its
assets in income-producing securities. The
portfolio may own an unlimited amount of
high-yield/high-risk securities, and these
may be a big part of the portfolio.
--------------------------------------------------------------------------------------------

VALUE SUBACCOUNT Seeks long-term growth of capital by
investing primarily in common stocks with
Janus Aspen Series the potential for long-term growth of
Strategic Value Portfolio capital using a "value" approach. The
value approach emphasizes investments in
companies the portfolio manager believes
are undervalued relative to their
intrinsic worth.
--------------------------------------------------------------------------------------------

20
30

INTERNATIONAL GROWTH SUBACCOUNT II Seeks long-term growth of capital by
investing at least 65% of its total assets
Janus Aspen Series in securities of issuers from at least
International Growth Portfolio five different countries, excluding the
United States. It intends to invest
substantially all of its assets in issuers
located outside the United States but may
at times invest in U.S. issuers and it may
at times invest all of its assets in fewer
than five countries or even a single
country.
--------------------------------------------------------------------------------------------

WORLDWIDE GROWTH SUBACCOUNT Seeks long-term growth of capital in a
manner consistent with the preservation of
Janus Aspen Series capital by investing primarily in common
Worldwide Growth Portfolio stocks of companies of any size throughout
the world. Normally invests in issuers
from at least five different countries,
including the United States but may at
times invest in fewer than five countries
or even in a single country.
--------------------------------------------------------------------------------------------

GOVERNMENT SECURITIES SUBACCOUNT Seeks to maximize income and capital
appreciation by investing in bonds, notes
MONY Series Fund, Inc. and other obligations either issued or
Government Securities Portfolio guaranteed by the U.S. Government, its
agencies or instrumentalities, together
having a dollar weighted average maturity
of between 4 to 8 years.
--------------------------------------------------------------------------------------------

INTERMEDIATE TERM BOND SUBACCOUNT Seeks to maximize income and capital
appreciation over the intermediate term by
MONY Series Fund, Inc. investing in highly rated fixed-income
Intermediate Term Bond Portfolio securities issued by a diverse mix of
corporations, the U.S. Government and its
agencies or instrumentalities, as well as
mortgage-backed and asset-backed
securities, together having a
dollar-weighted average maturity of
between 4 and 8 years.
--------------------------------------------------------------------------------------------

LONG TERM BOND SUBACCOUNT Seeks to maximize income and capital
appreciation over the longer term by
MONY Series Fund, Inc. investing in highly-rated fixed-income
Long Term Bond Portfolio securities issued by a diverse mix of
corporations, the U.S. Government and its
agencies or instrumentalities, as well as
mortgage-backed and asset-backed
securities, together having a
dollar-weighted average maturity of more
than 8 years.
--------------------------------------------------------------------------------------------

21
31

MONEY MARKET SUBACCOUNT Seeks to maximize current income
consistent with preservation of capital
MONY Series Fund, Inc. and maintenance of liquidity by investing
Money Market Portfolio primarily in high quality short-term money
market instruments.
--------------------------------------------------------------------------------------------

EQUITY INCOME SUBACCOUNT Seeks substantial dividend income as well
as long-term growth of capital through
T. Rowe Price Equity Series, Inc. investments in the common stocks of
T. Rowe Price Equity Income Portfolio established companies. The manager will
normally invest at least 65% of the fund's
total assets in the common stocks of
well-established companies paying above-
average dividends.
--------------------------------------------------------------------------------------------

NEW AMERICA GROWTH SUBACCOUNT Seeks long-term growth of capital by
investing primarily in the common stocks
T. Rowe Price Equity Series, Inc. of companies operating in sectors T. Rowe
T. Rowe Price New America Growth Portfolio Price believes will be the fastest growing
in the U.S.
--------------------------------------------------------------------------------------------

PERSONAL STRATEGY BALANCED SUBACCOUNT Seeks the highest total return over time
consistent with an emphasis on both
T. Rowe Price Equity Series, Inc. capital appreciation and income by
T. Rowe Price Personal Strategy Balanced investing in a diversified portfolio
Portfolio typically consisting of approximately 60%
stocks, 30% bonds, and 10% money market
securities.
--------------------------------------------------------------------------------------------

LIMITED-TERM BOND SUBACCOUNT Seeks a high level of income consistent
with moderate fluctuation in principal
T. Rowe Price Fixed Income Series, Inc. value by investing at least 65% of total
T. Rowe Price Limited-Term Bond Portfolio assets in short- and immediate-term bonds.
At least 90% of the portfolio will consist
of investment grade bonds. The fund's
dollar-weighted average effective maturity
will not exceed five years.
--------------------------------------------------------------------------------------------

PRIME RESERVE SUBACCOUNT Seeks preservation of capital, liquidity,
and consistent with these, the highest
T. Rowe Price Fixed Income Series, Inc. possible current income by investing in
T. Rowe Price Prime Reserve Portfolio high-quality U.S. dollar-denominated money
market securities.
--------------------------------------------------------------------------------------------

INTERNATIONAL STOCK SUBACCOUNT Seeks long-term growth of capital through
investment primarily in the common stocks
T. Rowe Price International Series, Inc. of established, non-U.S. companies. The
T. Rowe Price International Stock manager employs a growth style, and will
Portfolio invest in developed and emerging countries
throughout the world with a focus on large
and to a lesser extent medium-sized
companies.
--------------------------------------------------------------------------------------------

22
32

EQUITY GROWTH SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in growth-oriented
The Universal Institutional Funds, Inc. equity securities of large companies with
Equity Growth Portfolio market capitalizations of $1 billion or
more.
--------------------------------------------------------------------------------------------

FIXED INCOME SUBACCOUNT Seeks above-average total return over a
market cycle of three to five years by
The Universal Institutional Funds, Inc. investing primarily in a diversified mix
Fixed Income Portfolio of dollar denominated investment grade
fixed income securities, particularly U.S.
government securities, corporate bonds,
and mortgage securities. The portfolio may
invest, to a limited extent, foreign fixed
income securities.
----------------------------------------------------------------------------------------

WORLDWIDE BOND SUBACCOUNT Seeks high total return - income plus
capital appreciation - by investing
Van Eck Worldwide Insurance Trust globally, primarily in a variety of debt
Worldwide Bond Fund securities.
--------------------------------------------------------------------------------------------

WORLDWIDE EMERGING MARKETS SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in equity securities
Van Eck Worldwide Insurance Trust in emerging markets around the world. The
Worldwide Emerging Markets Fund fund emphasizes investment in countries
that have relatively low gross national
product per capita, as well as the
potential for rapid economic growth.
--------------------------------------------------------------------------------------------

WORLDWIDE HARD ASSETS SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in "hard asset
Van Eck Worldwide Insurance Trust securities." For the fund's purpose, "hard
Worldwide Hard Assets Fund asset securities" are stocks, bonds, and
other securities of companies that derive
at least 50% of gross revenue or profit
from exploration, development, production
or distribution of precious metals,
natural resources, real estate, or
commodities. Income is a secondary
consideration.
--------------------------------------------------------------------------------------------

THE FUNDS

The Funds (except for the Dreyfus Stock Index Fund, Janus Aspen Series
Aggressive Growth, Capital Appreciation and Strategic Value Portfolios) are
diversified, open-end management investment companies of the series type.
Dreyfus Stock Index Fund, and Janus Aspen Series Aggressive Growth, Capital
Appreciation and Strategic Value Portfolios are non-diversified, open-end
management investment companies. The Funds are registered with the SEC under the
Investment Company Act of 1940. The SEC does not supervise the investments or
investment policy of the Funds. Each available subaccount of MONY Variable
Account L will invest only in the shares of the designated portfolio of the
Funds.

23
33

MONY SERIES FUND, INC.

Only shares of four of the seven portfolios of the MONY Series Fund, Inc.
can be purchased by a subaccount available to the policy owner. Each of the
portfolios has different investment objectives and policies. The Company is a
registered investment adviser under the Investment Advisers Act of 1940. The
Company, as investment adviser, paid all expenses associated with organizing the
MONY Series Fund, Inc. when it was organized in 1985. Those expenses also
included the costs of the initial registration of its securities. The Company,
as investment adviser, currently pays the compensation of the Fund's directors,
officers and employees who are affiliated in some way with the Company. The MONY
Series Fund, Inc. pays for all other expenses including, for example, the
calculation of the net asset value of the portfolios. To carry out its duties as
investment adviser, the Company has entered into a Services Agreement with MONY
to provide personnel, equipment, facilities and other services. As the
investment adviser to the MONY Series Fund, Inc., the Company receives a daily
investment adviser fee for each portfolio (See chart below). Fees are deducted
daily and paid to the Company monthly.

- --------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISORY FEE
- --------------------------------------------------------------------------------------------

GOVERNMENT SECURITIES PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------

INTERMEDIATE TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------

LONG TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million, and
0.30% in excess of $800 million of the
portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------

MONEY MARKET PORTFOLIO Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million, and
0.30% of assets in excess of $800 million of
the portfolio's aggregate average daily net
assets.
- --------------------------------------------------------------------------------------------

ENTERPRISE ACCUMULATION TRUST

Enterprise Accumulation Trust has a number of portfolios, some of which are
currently available to be purchased by subaccounts available to the policy
owner. Enterprise Capital Management, Inc. ("Enterprise Capital"), a wholly
owned subsidiary of the Company, is the investment adviser of Enterprise
Accumulation Trust. Enterprise Capital is responsible for the overall management
of the portfolios, including meeting the investment objectives and policies of
the portfolios. Enterprise Capital contracts with sub-investment advisers to
assist in managing the portfolios. For information on the sub-advisers for each
portfolio, see the Enterprise Accumulation Trust prospectus included in this
Prospectus Portfolio, Volume II -- Underlying Funds. Enterprise Accumulation
Trust pays an investment advisory fee to Enterprise Capital which in turn pays
the sub-investment advisers. Fees are deducted daily and paid to

24
34

Enterprise Capital on a monthly basis. The daily investment adviser fees and
sub-investment adviser fees for each portfolio are shown in the chart below.

- ------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ------------------------------------------------------------------------------------------------------

GROWTH PORTFOLIO Annual rate of 0.75% of the Annual rate of 0.30% up to
average daily net assets. $1 billion and 0.20% in
Montag & Caldwell, Inc. is the excess of $1 billion of the
sub-investment adviser. portfolio's average daily
net assets.
- ------------------------------------------------------------------------------------------------------
EQUITY PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% up to
first $400 million, 0.75% of $1 billion, and 0.30% in
TCW Investment Management Company the next $400 million and excess of $1 billion of the
is the sub-investment adviser. 0.70% in excess of $800 portfolio's average daily
million of the average daily net assets.
net assets.
- ------------------------------------------------------------------------------------------------------

SMALL COMPANY GROWTH PORTFOLIO Annual rate of 1.00% of the Annual rate of 0.65% of the
daily net assets. first $50 million, 0.55% of
William D. Witter, Inc. is the the next $50 million and
sub-investment adviser. 0.45% in excess of $100
million of the portfolio's
average daily net assets.
- ------------------------------------------------------------------------------------------------------

SMALL COMPANY VALUE PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% of the
first $400 million, 0.75% of first $1 billion and 0.30%
Gabelli Asset Management Company the next $400 million and in excess of $1 billion of
is the sub-investment adviser. 0.70% in excess of $800 the portfolio's average
million of the average daily daily net assets.
net assets.
- ------------------------------------------------------------------------------------------------------

INTERNATIONAL GROWTH PORTFOLIO Annual rate of 0.85% of the Annual rate of 0.40% of the
average daily net assets. first $100 million, 0.35% of
Vontobel USA Inc. is the $100 million to $200
sub-investment adviser. million, 0.30% of $200
million to $500 million and
0.25% in excess of $500
million of the portfolio's
average daily net assets.
- ------------------------------------------------------------------------------------------------------

INTERNET PORTFOLIO Annual rate of 1.00% of the Annual rate of 0.40% of the
average daily net assets. average daily net assets.
Fred Alger Management, Inc.
- ------------------------------------------------------------------------------------------------------

25
35

HIGH YIELD BOND PORTFOLIO Annual rate of 0.60% of the Annual rate of 0.30% of the
average daily net assets. first $100 million and 0.25%
Caywood-Scholl Capital Management in excess of $100 million of
is the sub-investment adviser. the portfolio's average
daily net assets.
- ------------------------------------------------------------------------------------------------------

MANAGED PORTFOLIO Annual rate of 0.80% of the OpCap Advisors' fee for the
first $400 million, 0.75% of assets of the portfolio it
OpCap Advisors and Sanford C. the next $400 million and manages is an annual rate of
Bernstein & Co. are the 0.70% in excess of $800 0.40% up to $1 billion,
sub-investment advisers. million of the average daily 0.30% from $1 billion to $2
net assets. billion, and 0.25% in excess
of $2 billion of the
portfolio's aggregate
average daily net assets.
Sanford C. Bernstein & Co.,
Inc.'s fee for the assets of
the portfolio it manages is
an annual rate of 0.40% up
to $10 million, 0.30% from
$10 million to $50 million,
0.20% from $50 million to
$100 million, and 0.10% in
excess of $100 million of
the portfolio's average
daily net assets.
- ------------------------------------------------------------------------------------------------------

26
36

T. ROWE PRICE EQUITY SERIES, INC.
T. ROWE PRICE FIXED INCOME SERIES, INC.

T. Rowe Price Equity Series, Inc. has a number of portfolios, some of which
are currently available to be purchased by subaccounts available to the policy
owner. T. Rowe Price Fixed Income Series, Inc. has two portfolios, the shares of
which can be purchased by subaccounts available to the policy owner. T. Rowe
Price Associates, Inc. acts as the investment manager of T. Rowe Equity Series,
Inc. and T. Rowe Price Fixed Income Series, Inc. Fees are deducted daily and
paid to T. Rowe Price Associates, Inc. on a monthly basis. Management fees
include operating expenses. The daily investment adviser fees for each portfolio
are shown in the table below.

------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------

T. Rowe Price Equity Series, Inc. Annual rate of 0.85% of the portfolio's
T. Rowe Price Equity Income Portfolio average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. Annual rate of 0.85% of the portfolio's
T. Rowe Price New America Growth Portfolio average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Equity Series Inc. Annual rate of 0.90% of the portfolio's
T. Rowe Price Personal Strategy Balanced average daily net assets.
Portfolio
------------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. Annual rate of 0.70% of the portfolio's
T. Rowe Price Limited-Term Bond Portfolio average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. Annual rate of 0.55% of the portfolio's
T. Rowe Price Prime Reserve Portfolio average daily net assets.
------------------------------------------------------------------------------------------

T. ROWE PRICE INTERNATIONAL SERIES, INC.

The International Stock Portfolio of T. Rowe Price International Series,
Inc. can be purchased by subaccounts available to the policy owner. Rowe
Price-Fleming International, Inc., an affiliate of T. Rowe Price Associates,
Inc., acts as the investment manager of T. Rowe Equity International Series,
Inc. Fees are deducted daily and paid to Rowe Price-Fleming International, Inc.
on a monthly basis. Management fees include operating expenses. The daily
investment adviser fees for the portfolio are shown in the table below.

T. Rowe Price International Stock Portfolio Annual rate of 1.05% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------

VAN ECK WORLDWIDE INSURANCE TRUST

Van Eck Worldwide Insurance Trust has a number of portfolios, some of which
are currently available to be purchased by subaccounts available to the policy
owner. Van Eck Associates Corporation, is the investment manager of Worldwide
Insurance Trust. Van Eck Worldwide Insurance Trust pays an investment advisory
fee to Van Eck Associates Corporation. Fees are deducted daily and paid to Van
Eck

27
37

Associates Corporation on a monthly basis. The daily investment adviser fees for
each portfolio are shown in the chart below.

WORLDWIDE BOND FUND Annual rate of 1.00% of the first $500
million, .90% of the next $250 million, and
.70% in excess of $750 million of the
portfolio's aggregate average daily net
assets.
------------------------------------------------------------------------------------------

WORLDWIDE EMERGING MARKETS FUND Annual rate of 1.00% of the portfolio's
aggregate average daily net assets.
------------------------------------------------------------------------------------------

WORLDWIDE HARD ASSETS FUND Annual rate of 1.00% of the first $500
million, .90% of the next $250 million, and
.70% in excess of $750 million of the
portfolio's aggregate average daily net
assets.
------------------------------------------------------------------------------------------

THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
DREYFUS STOCK INDEX FUND
DREYFUS VARIABLE INVESTMENT FUND

Dreyfus Variable Investment Fund has a number of portfolios, some of which
are currently available to be purchased by subaccounts available to the policy
owner. The Dreyfus Corporation, is the investment adviser of the Dreyfus
Variable Investment Fund, the Dreyfus Stock Index Fund and The Dreyfus Socially
Responsible Growth Fund, Inc. As described below, The Dreyfus Corporation
contracts with sub-investment advisers to assist in managing some of the
portfolios as noted below. Fees are deducted on a monthly basis. The daily
investment adviser fees and sub-investment adviser fees for each portfolio are
shown in the chart below.

------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------------------

THE DREYFUS SOCIALLY RESPONSIBLE Annual rate of 0.75% of the The Dreyfus Corporation
GROWTH FUND, INC. portfolio's average daily pays the sub-investment
net assets. adviser an Annual rate of
NCM Capital Management Group, Inc. 0.10% of the first $32
million, 0.15% in excess of
$32 million up to $150
million, 0.20% in excess of
$150 million up to $300
million, 0.25% in excess of
$300 million of the
portfolio's average daily
net assets.
------------------------------------------------------------------------------------------------------
DREYFUS STOCK INDEX FUND Annual rate of 0.245% of The Dreyfus Corporation
the portfolio's average pays the sub-investment
Mellon Equity Associates daily net assets. adviser an annual rate of
0.095% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------

28
38

DREYFUS VARIABLE INVESTMENT FUND Annual rate of 0.75% of the The Dreyfus Corporation
APPRECIATION PORTFOLIO portfolio's average daily pays the sub-investment
net assets. adviser an annual rate of
Fayez Sarofim & Co. 0.20% up to $150 million,
0.25% from next $150
million to $300 million,
and 0.375% of $300 million
or more of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------

DREYFUS VARIABLE INVESTMENT FUND Annual rate of 0.75% of the Not Applicable
SMALL COMPANY STOCK PORTFOLIO portfolio's average daily
net assets.
None
------------------------------------------------------------------------------------------------------

THE UNIVERSAL INSTITUTIONAL FUNDS, INC.

The Universal Institutional Funds, Inc. has a number of portfolios, some of
which are currently available to be purchased by subaccounts available to the
policy owner. Fees are deducted daily and paid to the investment adviser on a
quarterly basis. The investment adviser and daily investment adviser fees for
each portfolio are shown in the chart below.

---------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER INVESTMENT ADVISER FEE
---------------------------------------------------------------------------------------------

FIXED INCOME PORTFOLIO Miller Anderson & Sherrerd, Annual rate of 0.40% of the
LLP first $500 million, 0.35%
in excess of $500 million
up to $1 billion, 0.30% in
excess of $1 billion of the
portfolio's average daily
net assets.
---------------------------------------------------------------------------------------------

EQUITY GROWTH PORTFOLIO Morgan Stanley Dean Witter Annual rate of 0.55% of the
Investment Management Inc. first $500 million, 0.50%
in excess of $500 million
up to $1 billion, 0.45% in
excess of $1 billion of the
portfolio's average daily
net assets.
---------------------------------------------------------------------------------------------

FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- INITIAL CLASS -- GROWTH PORTFOLIO
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II -- INITIAL CLASS -- ASSET MANAGER
PORTFOLIO; CONTRAFUND(R) PORTFOLIO
FIDELITY VARIABLE INSURANCE PRODUCTS FUND III -- INITIAL CLASS -- GROWTH AND
INCOME PORTFOLIO; GROWTH OPPORTUNITIES PORTFOLIO

Portfolios from each of three Fidelity Funds can be purchased by
subaccounts available to you. Fidelity Management & Research ("FMR") is each
Fund's investment manager. As the manager, FMR is responsible for choosing
investments for the funds and handling the Funds' business affairs. Affiliates
assist FMR with foreign investments. The daily investment adviser fees are shown
in the table below.

29
39

------------------------------------------------------------------------------------------------------
PORTFOLIO AND SUB-INVESTMENT ADVISERS INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------------------

FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- GROWTH The fee is calculated by adding a group fee
PORTFOLIO rate to an individual fee rate, dividing by
twelve, and multiplying the result by the
Fund's average net assets throughout the
month. The group fee rate is based on the
average net assets of all the mutual funds
advised by FMR. This group rate cannot rise
above 0.52% for this Fund, and it drops as
total assets under management increase. The
individual fee rate for this fund is 0.30%
of the Fund's average net assets.
------------------------------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group fee
II -- ASSET MANAGER PORTFOLIO rate to an individual fee rate, dividing by
twelve, and multiplying the result by the
Fidelity Management & Research (U.K.) Inc. Fund's average net assets throughout the
Fidelity Management & Research Far East Inc. month. The group fee rate is based on the
Fidelity Investments Money Management, Inc. average net assets of all the mutual funds
advised by FMR. This group rate cannot rise
above 0.52% for this Fund, and it drops as
total assets under management increase. The
individual fee rate for this Fund is 0.25%
of the Fund's average net assets.
------------------------------------------------------------------------------------------------------

FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group fee
II -- CONTRAFUND(R) PORTFOLIO rate to an individual fee rate, dividing by

Fidelity Management & Research (U.K.) Inc. and twelve, and multiplying the result by the
Fidelity Management & Research Far East Inc. are Fund's average net assets throughout the
the sub-investment advisers. month. The group fee rate is based on the
average net assets of all the mutual funds
advised by FMR. This group rate cannot rise
above 0.52% for this Fund, and it drops as
total assets under management increase. The
individual fee rate for this Fund is 0.30%
of the Fund's average net assets.
------------------------------------------------------------------------------------------------------

FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group fee
III -- GROWTH AND INCOME PORTFOLIO rate to an individual fee rate, dividing by
twelve, and multiplying the result by the
Fidelity Management & Research (U.K.) Inc. Fund's average net assets throughout the
Fidelity Management & Research Far East Inc. month. The group fee rate is based on the
average net assets of all the mutual funds
advised by FMR. This group rate cannot rise
above 0.52% for this Fund, and it drops as
total assets under management increase. The
individual fee rate for this Fund is 0.20%
of the Fund's average net assets.
------------------------------------------------------------------------------------------------------

30
40

FIDELITY VARIABLE INSURANCE PRODUCTS FUND The fee is calculated by adding a group fee
III -- GROWTH OPPORTUNITIES PORTFOLIO rate to an individual fee rate, dividing by

Fidelity Management & Research (U.K.) Inc. and twelve, and multiplying the result by the
Fidelity Management & Research Far East Inc. are fund's average net assets throughout the
the sub-investment advisers month. The group fee rate is based on the
average net assets of all the mutual funds
advised by FMR. This group rate cannot rise
above 0.52% for this fund, and it drops as
total assets under management increase. The
individual fee rate for this fund is 0.30%
of the fund's average net assets.
------------------------------------------------------------------------------------------------------

JANUS ASPEN SERIES

Janus Aspen Series has a number of portfolios, some of which are currently
available to be purchased by the subaccounts available to you. Janus Capital is
the investment adviser to each of the portfolios and is responsible for the
day-to-day management of the investment portfolios and other business affairs of
the portfolios. The daily investment advisory fee for each portfolio is shown in
the table below.

------------------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------------------

JANUS ASPEN SERIES AGGRESSIVE GROWTH PORTFOLIO Annual rate of 0.65% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------

JANUS ASPEN SERIES FLEXIBLE INCOME PORTFOLIO Annual rate of 0.65% of the first $300
million, 0.55% over $300 million of the
portfolio's average daily net assets.
------------------------------------------------------------------------------------------------------

JANUS ASPEN SERIES INTERNATIONAL GROWTH PORTFOLIO Annual rate of 0.65% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------

JANUS ASPEN SERIES WORLDWIDE GROWTH PORTFOLIO Annual rate of 0.65% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------

JANUS ASPEN SERIES CAPITAL APPRECIATION PORTFOLIO Annual rate of 0.65% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------

JANUS ASPEN SERIES STRATEGIC VALUE PORTFOLIO Annual rate of 0.65% of the portfolio's
average daily net assets.
------------------------------------------------------------------------------------------------------

The investment objectives of all portfolios (except the Janus Aggressive
Growth, Capital Appreciation, Flexible Income, Growth, International Growth and
Worldwide Growth portfolios) purchased by the subaccounts are fundamental and
may not be changed without the approval of the holders of a majority of the
outstanding shares of the affected portfolio. For each of the Funds this means
the lesser of (1) 67% of the portfolio shares represented at a meeting at which
more than 50% of the outstanding portfolio shares are represented or (2) more
than 50% of the outstanding portfolio shares. The investment objectives of the
Janus portfolios purchased by the corresponding subaccounts are non-fundamental
and may be changed by the Fund's Trustees without a shareholder vote.

31
41

PURCHASE OF PORTFOLIO SHARES BY MONY VARIABLE ACCOUNT L

The Company purchases shares of each portfolio for the corresponding
sub-account at net asset value, i.e. without a sales load. Generally, all
dividends and capital gains distributions received from a portfolio are
automatically reinvested in the portfolio at net asset value. The Company, on
behalf of MONY Variable Account L, may elect not to reinvest dividends and
capital gains distributions. The Company redeems Fund shares at net asset value
to make payments under the Policies.

Fund shares are offered only to insurance company separate accounts. The
insurance companies may or may not be affiliated with the Company or with each
other. This is called "shared funding." Shares may also be sold to separate
accounts to serve as the underlying investments for variable life insurance
policies, variable annuity policies and qualified plans. This is called "mixed
funding." Currently, the Company does not foresee any disadvantages to policy
owners due to mixed or shared funding. However, differences in tax treatment or
other considerations may at some time create conflict of interests between
owners of various contracts. The Company and the Boards of Directors of the
Funds, and any other insurance companies that participate in the Funds are
required to monitor events to identify material conflicts. If there is a
conflict because of mixed or shared funding, the Company might be required to
withdraw the investment of one or more of its separate accounts from the Funds.
This might force the Funds to sell securities at disadvantageous prices.

The investment objectives of each portfolio are substantially similar to
the investment objectives of the subaccount which purchases shares of that
portfolio. A summary of the investment objective of each of the subaccounts
available to you is found in the table on pages 17-23. No portfolio can assure
you that its objective will be achieved. You will find more detailed information
in the prospectus of each Fund that you received with this prospectus. The
Funds' prospectuses include information on the risks of each portfolio's
investments and investment techniques.

THE FUNDS' PROSPECTUSES ACCOMPANY THIS PROSPECTUS AND SHOULD BE
READ CAREFULLY BEFORE INVESTING

32
42

DETAILED INFORMATION ABOUT THE POLICY

The Account Value in MONY Variable Account L and the Guaranteed Interest
Account provide many of the benefits of the policy. The information in this
section describes the benefits, features, charges, and other major provisions of
the policies and the extent to which those benefits depend upon the Account
Value.

APPLICATION FOR A POLICY

The policy design meets the needs of individuals and corporations that wish
to purchase life insurance benefits on the lives of key employees, members of
the employer's board of directors, certain selected independent contractors, or
certain selected highly compensated employees. The policy may be sold together
with other related policies forming a case. A purchaser must complete an
application and personally deliver it to a licensed agent of the Company, who is
also a registered representative of MONY Securities Corporation ("MSC"). The
licensed agent submits the application to the Company. The policy may also be
sold through other broker-dealers authorized under the law and by MSC. A policy
can be issued on the life of an insured not less than 18 years of age and up to
and including 80 years of age with evidence of insurability that satisfies the
Company. The age of the insured is the age on his or her birthday nearest the
date of the policy. The Company accepts the application subject to its
underwriting rules, and may request additional information or reject an
application.

The minimum Target Death Benefit is generally $100,000. The minimum
Specified Amount you may apply for is $100,000. The Specified Amount may be
reduced to $50,000 if at least $50,000 amount of Term Insurance Rider is added
to the policy. However, the Company reserves the right to revise its rules at
any time to require a different minimum Specified Amount and Target Death
Benefit at issue for subsequently issued policies.

Each policy is issued with a policy date. The policy date is used to
determine the policy months and years, and policy monthly, quarterly,
semi-annual and annual anniversaries. The policy date is stated on page 1 of the
policy. The policy date will normally be the later of (1) the date that delivery
of the policy is authorized by the Company ("Policy Release Date"), or (2) the
policy date requested in the application. No premiums may be paid with the
application except under the temporary insurance procedures defined below.

Temporary Insurance Coverage

If you want insurance coverage before the Policy Release Date, are actively
at work and have been at work for an average of 30 hours per week for 90 days
before coverage begins, you are eligible for a temporary insurance agreement.
You must sign a Life Insurance Binder Agreement and give it to the Company's
licensed agent. The agreement contains a question about your employment. Your
eligibility for temporary coverage will depend upon your answer to this
question. In addition, you must complete and sign the Life Insurance Binder
Agreement. You must also submit payment for at least the cost of term coverage
on the Policy as applied for. Your coverage under the Life Insurance Binder
Agreement starts on the date you sign the form and pay the premium amount, or if
later, the requested policy date. See "Premiums-Premium Flexibility," page 34.

Coverage under the Life Insurance Binder Agreement ends (except for
contracts issued in Kansas) on the earliest of:

- the Policy Release Date, if the policy is issued as applied for;

- the date on which all or any portion of the policy premium or life
insurance binder premium is refunded;

- the date you withdraw the application for life insurance on the insured;

- the date on which the employment of the insured or the insured's status
terminates;

- no later than 90 days from the date the Life Insurance Binder Agreement
is effective;

- the date the Company declines to issue any policy; and

- the date you tell the Company that the policy will be refused.

33
43

For contracts issued in Kansas, temporary coverage begins when the
application for the policy and the initial premium is received by the Company.
Temporary coverage ends on the earliest of:

- the date you tell the Company that the policy will be refused; and

- the day written notice of the declination and refund of premium is
provided to the applicant.

If the insured dies during the period of temporary coverage, the death
benefit will be:

(1) The insurance coverage applied for (including any optional riders)
up to $500,000,

less

(2) The deductions from premium and the monthly deduction due prior to
the date of death.

Premiums paid for temporary insurance coverage are held in the Company's
general account until the Policy Release Date. Except as provided below,
interest is credited on the premiums (less any deductions from premiums) held in
the Company's general account. The interest rate will be set by the Company, but
will not be less than 4.0 % per year. In states where approval has been given
for the declaration of interest on a daily basis, the rate will be based on the
London Interbank Offered Rate. The interest rate credited for premiums held in
the general account will vary in accordance with such rate. If the policy is
issued and accepted, these amounts will be applied to the policy. These premiums
will be returned to you (without interest) within 5 days after the earliest of:

(1) The date you tell the Company that the policy will be refused. Your
refusal must be

(a) at or before the Policy Release Date, or

(b) (if the policy is authorized for delivery other than as applied
for), on or before the 15th day after the Policy Release Date; or

(2) The date the Company sends notice to you declining to issue any policy.

Initial Premium Payment

Once the application is approved and the policy owner is issued a policy,
the balance of the first scheduled premium payment is payable. The scheduled
premium payment specified in your policy must be paid in full when your policy
is delivered. Your policy is effective the later of (1) acceptance and payment
of the scheduled premium payment, or (2) the policy date requested in the
application. If you do not request a policy date or if the policy date you
request is earlier than the Policy Release Date, any premium balance remitted by
you will be transferred to the general account until the Right to Return Policy
Period has ended. The amount transferred would include amounts in the general
account under the Binder Agreement, plus interest credited minus deductions from
premiums. The monthly deduction due prior to or on the Policy Release Date will
be made. If you request a policy date which is later than the Policy Release
Date, premium will be held in the general account until the policy date. On the
Policy Date, premiums will be transferred to the general account until the Right
to Return Policy Period ends. During the Right to Return Policy Period, premiums
will be credited with an interest rate of 4%. When the Right to Return Policy
Period ends, the net premium, plus any interest credited by the Company, is
allocated to the subaccounts of MONY Variable Account L or the Guaranteed
Interest Account pursuant to your instructions. (See "Right to Examine a
Policy -- Right to Return Policy Period," page 34.)

Policy Date

The Company may approve the backdating of a policy. However, the policy may
be backdated for not more than 6 months (a shorter period is required in certain
states) prior to the date of the application. Backdating can be advantageous if
it lowers the insured's issue age and results in lower cost of insurance rates.
If the policy is backdated, the initial scheduled premium payment will include
sufficient premium to cover the extra charges for the backdating period. Extra
charges equal the monthly deductions for the period that the policy date is
backdated.

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Risk Classification

Insureds are assigned to underwriting (risk) classes. Risk classes are used
in calculating the cost of insurance and certain rider charges. In assigning
insureds to underwriting classes, the Company will normally use the medical or
paramedical underwriting method. This method may require a medical examination
of any proposed insured that does not meet the Company's guaranteed issue
standards. The Company may use guaranteed issue underwriting when it is
considered appropriate.

RIGHT TO EXAMINE A POLICY -- RIGHT TO RETURN POLICY PERIOD

The Right to Return Policy Period follows the application for a policy and
its issuance to the policy owner. The period runs to the latest of:

(a) 45 days after Part I of the application is signed, or

(b) 10 days (or longer in certain states) after the policy owner
receives the policy, or

During this period, the policy owner may cancel the policy and receive a
refund of the full amount of the premium paid.

PREMIUMS

The policy is a flexible premium policy. The policy provides considerable
flexibility to the policy owner to determine the amount and frequency of premium
payments.

Case Premiums

Generally, to issue a policy, the Company requires the premiums for the
first policy year for the policy or policies representing a case to equal or
exceed $100,000. The Company may, in its sole discretion, allow a reduced
minimum case premium where the Company's rules for exceptions are met.

Premium Flexibility

The Company requires you to pay an amount equal to at least one fourth of
the Minimum Annual Premium to put the policy in effect. If the policy owner
wants to pay premiums less often than annually, the premium required to put the
policy in effect is equal to the lesser of:

(a) The Minimum Annual Premium divided by the frequency of the
scheduled premium payments, or

(b) 25% of the Minimum Annual Premium.

This Minimum Annual Premium will be based upon:

(1) The policy's Specified Amount,

(2) Any riders added to the policy, and

(3) The insured's

(a) Age,

(b) Smoking status,

(c) Gender (unless unisex cost of insurance rates apply, see
"Deductions from Account Value-Cost of Insurance," page 52), and

(d) Underwriting class.

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The Minimum Annual Premium will be shown in the policy. Thereafter, subject
to the limitations described below, the policy owner may choose the amount and
frequency of premium payments to reflect varying financial conditions.

Scheduled Premiums

When applying for a policy, a policy owner determines a scheduled premium
payment. This scheduled premium payment provides for the payment of level
premiums at fixed intervals over a specified period of time. Each policy owner
will receive a premium reminder notice for the scheduled premium payment amount
on an annual, semiannual or quarterly basis, at the policy owner's option. After
the Minimum Annual Premium has been paid, the minimum scheduled premium for any
policy is $100. Although reminder notices will be sent, the policy owner may not
be required to pay scheduled premium payments.

Payment of the scheduled premium payments will not guarantee that your
policy will remain in effect. (See "Grace Period and Lapse" in the Summary and
on page 48.)

CHOICE OF DEFINITION OF LIFE INSURANCE

When applying for the policy, the policy owner will choose one of two tests
to apply to the policy for compliance with the Federal tax law definition of
life insurance. These tests are the Cash Value Accumulation Test and the
Guideline Premium/Cash Value Corridor Test. The Death Benefit Percentage applied
to the policy varies according to the definition of life insurance chosen. See
"Federal Income Tax Considerations -- Definition of Life Insurance," on page 55.

GUARANTEED DEATH BENEFIT

Generally, the policy remains in effect so long as the Account Value less
Outstanding Debt is sufficient to pay the charges that maintain the policy. The
charges that maintain the policy are deducted monthly from the Account Value.
The Account Value of the policy is affected by:

(1) The investment experience of any amounts in the subaccounts of MONY
Variable Account L,

(2) The interest earned in the Guaranteed Interest Account, and

(3) The deduction from Account Value of the various charges, costs, and
expenses imposed by the policy provisions.

This in turn affects the length of time the policy remains in effect
without the payment of additional premiums. See "Grace Period and Lapse," page
48.

When the policy owner applies for a policy, the policy owner will be able
to choose the Guaranteed Death Benefit Rider. The Rider may extend the period
that the Specified Amount of the policy and certain other rider coverages will
remain in effect if the subaccounts suffer adverse investment experience. See
"Guaranteed Death Benefit Rider," page 41.

Modified Endowment Contracts

The amount, frequency and period of time over which the policy owner pays
premiums may affect whether the policy will be classified as a modified
endowment contract. A modified endowment contract is a type of life insurance
policy subject to different tax treatment than that given to a conventional life
insurance policy. The difference in tax treatment occurs when the policy owner
takes certain pre-death distributions from the policy. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page 57.

Unscheduled Premium Payments

Generally, the policy owner may make premium payments at any time and in
any amount as long as each payment is at least $250. However, if the premium
payment the policy owner wishes to make exceeds

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the Scheduled Premium payments for the policy, the Company may reject or limit
any unscheduled premium payment that would result in an immediate increase in
the death benefit payable. An immediate increase would occur if the policy's
death benefit equals a policy owner's cash value multiplied by a death benefit
percentage as a result of the Federal income tax law definition of life
insurance. See "Death Benefits Under the Policy," page 36 and "Federal Income
Tax Considerations -- Definition of Life Insurance," page 55. However, such a
premium may be accepted if satisfactory evidence of insurability is provided. If
satisfactory evidence of insurability is not received, the payment or a part of
it may be returned. In addition, all or a part of a premium payment will be
rejected and returned to the policy owner if it would exceed the maximum premium
limitations prescribed by the Federal income tax law definition of life
insurance.

Payments the policy owner sends to us will be treated as premium payments,
and not as repayment of Outstanding Debt, unless the policy owner requests
otherwise. If the policy owner requests that the payment be treated as a
repayment of Outstanding Debt, any part of a payment that exceeds the amount of
Outstanding Debt will be applied to the Account Value. Applicable taxes and
sales charges are only deducted from any payment that constitutes a premium
payment.

Premium Payments Affect the Continuation of the Policy

If the policy owner skips or stops paying premiums, the policy will
continue in effect until the Account Value less any Outstanding Debt can no
longer cover (1) the monthly deductions from the Account Value for the policy,
and (2) the charges for any optional insurance benefits added by rider. See
"Grace Period and Lapse." page 48.

The policy owner's Specified Amount is guaranteed to remain in effect as
long as a Guaranteed Death Benefit Rider is in effect. See "Guaranteed Death
Benefit Rider," on page 41.

ALLOCATION OF NET PREMIUMS

Net premiums may be allocated to any number of the thirty-seven available
subaccounts and to the Guaranteed Interest Account. Allocations must be in whole
percentages, and no allocation may be for less than 10% of a net premium.
Allocation percentages must sum to 100%.

The Policy owner may change the allocation of net premiums at any time by
submitting a proper written request to our Customer Service Center at 1 MONY
Plaza, Syracuse, New York, 13202. The revised allocation percentages will be
effective within seven days from receipt of notification.

Unscheduled premium payments may be allocated either by percentage or by
dollar amount. If the allocation is expressed in dollar amounts, the 10% limit
on allocation percentages does not apply.

DEATH BENEFITS UNDER THE POLICY

When the policy is issued, the Company will determine the initial amount of
insurance based on the instructions provided in the application. The death
benefit consists of a "Specified Amount" of insurance coverage and, if desired,
an additional amount of insurance coverage which is added by Term Insurance
Rider. The amount of the Term Insurance Rider is defined by the Target Death
Benefit. The Specified Amount is level until the Maturity Date unless changed by
the policy owner. The Target Death Benefit can be scheduled at issue in level,
increasing or decreasing amounts over the lifetime of the insured. The minimum
Target Death Benefit is generally $100,000. The minimum Specified Amount is
$100,000, although the Specified Amount may be reduced to $50,000 if at least
$50,000 of Term Insurance Rider is added to the Policy. The Target Death Benefit
and the Specified Amount will be shown on the specifications page of the policy.

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As described below, over time the Base Death Benefit may vary from the
Specified Amount. This may result from:

(1) The operation of a death benefit Option,

(2) Increases to comply with the Federal income tax law definition of
life insurance,

(3) Changes in the death benefit Option, or

(4) Increases or decreases requested by the policy owner.

The Term Insurance Rider provides term insurance coverage which adjusts
automatically to equal the difference between the Target Death Benefit and the
Base Death Benefit. The Term Insurance Rider does not have a separate premium;
the cost is included in the monthly deductions discussed below. See "Term
Insurance Rider," page 42.

As long as the Policy remains in effect, the Company will, upon proof of
the death of an Insured, pay the death benefit proceeds to the named
beneficiary. Death benefit proceeds will consist of:

(1) The Base Death Benefit under the policy, plus

(2) Any amount provided by the Term Insurance Rider, less

(3) Any Outstanding Debt (and, if in the Grace Period, further reduced
by any overdue charges).

Death benefit proceeds may be paid to a Beneficiary in a lump sum or under
a payment plan offered under the Policy. The Policy should be consulted for
details.

DEATH BENEFIT OPTIONS

Each policy owner may select one of two death benefit Options: Option 1 or
Option 2. Generally, the policy owner designates the death benefit option in the
application. If no option is designated, the Company assumes Option 2 has been
selected. Subject to certain restrictions, you can change the death benefit
option selected. As long as the policy is in effect, the death benefit under
either option will never be less than the Specified Amount of the policy.

Option 1 -- The Base Death Benefit equals the greater of:

(a) The Specified Amount plus any increase in Account Value since the
last monthly anniversary, or

(b) The Cash Value multiplied by a death benefit percentage.

The death benefit percentages vary according to the age of the insured
and will be at least equal to the percentage defined in the Internal
Revenue Code. The Internal Revenue Code addresses the definition of a life
insurance policy for tax purposes. See "Federal Income Tax
Considerations -- Definition of Life Insurance," page 55. The death benefit
percentage is 250% for insureds 40 or under, and it declines for older
insureds. A table showing the death benefit percentages is in Appendix A to
this prospectus and in your policy. If you seek to have favorable
investment performance reflected in increasing Account Value, and not in
increasing insurance coverage, you should choose Option 1.

Option 2 -- The death benefit equals the greater of:

(a) The Specified Amount of the policy, plus the Account Value, or

(b) The Cash Value multiplied by a death benefit percentage.

The Account Value used in these calculations is determined as of the
date of the insured's death. The death benefit percentage is the same as
that used for Option 1 and is stated in Appendices A or B. The death
benefit in Option 2 will always vary as Account Value varies. If you seek
to have

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favorable investment performance reflected in increased insurance coverage,
you should choose Option 2.

In addition, the policy owner has the option at issue to select an
alternate Death Benefit Percentage. The alternate Death Benefit Percentage may
produce a higher Base Death Benefit amount beginning the later of the Insured's
age 55 or 10 years following policy issue. This alternate Death Benefit
Percentage grades back to the Federal income tax law Death Benefit Percentage at
the Maturity Date. Use of the alternate Death Benefit Percentage results in a
higher ratio of Base Death Benefit to Account Value than that resulting from the
use of the IRS' Death Benefit Percentage beginning the later of the Insured's
age 55 or 10 years following Policy issue. This higher percentage then gradually
reduces until, by the Maturity Date, it is equal to the ratio produced by the
use of the IRS' Death Benefit Percentage. Although use of the alternate Death
Benefit Percentage results in a higher Base Death Benefit than the IRS' Death
Benefit Percentage, this higher Base Death Benefit results in higher cost of
insurance charges which has the effect of reducing the Account Value and
consequently future Base Death Benefits. The election of the alternate Death
Benefit Percentage may be eliminated at any time; once eliminated, it cannot be
reinstated. (See Appendix B, E, and F for alternate death benefit percentages.)

Changes in Death Benefit Option

The policy owner may request that the death benefit option under your
policy be changed from Option 1 to Option 2, or Option 2 to Option 1. The policy
owner may make a change by sending a written request to the Company's
administrative office. A change from Option 2 to Option 1 is made without
providing evidence of insurability. A change from Option 1 to Option 2 will
require that you provide satisfactory evidence of insurability. The effective
date of a change requested between monthly anniversaries will be the next
monthly anniversary after the change is accepted by the Company.

If you change from Option 1 to Option 2 your policy's Specified Amount is
reduced by the amount of the policy's Account Value at the date of the change.
This maintains the Base Death Benefit payable under Option 2 at the amount that
would have been payable under Option 1 immediately prior to the change. The
total Base Death Benefit will not change immediately. The change to Option 2
will affect the determination of the Base Death Benefit from that point on. As
of the date of the change, the Account Value will be added to the new Specified
Amount. The death benefit will then vary with the Account Value. This change
will not be permitted if it would result in a new Specified Amount of less than
$100,000.

If you change from Option 2 to Option 1, the Specified Amount of the policy
will be increased by the amount of the policy's Account Value at the date of the
change. This maintains the Base Death Benefit payable under Option 1 at the
amount that would have been payable under Option 2 immediately prior to the
change. The total Base Death Benefit will not change immediately. The change to
Option 1 will affect the determination of the Base Death Benefit from that point
on. The change to Option 1 will generally reduce the death benefit payable in
the future.

Increases in the Specified Amount resulting from a change in death benefit
Option do not create new coverage segments. They increase the size of the oldest
coverage segments of the Specified Amount. Therefore, cost of insurance and
other charges are not computed separately for increases resulting from a death
benefit Option change.

Decreases due to a death benefit Option change will not reduce the Target
Death Benefit but may reduce the Specified Amount. Any decrease associated with
an Option change will maintain the net amount at risk for each coverage layer at
the time of the change.

A change in the death benefit option may affect the monthly cost of
insurance charge since this charge varies with the net amount at risk.
Generally, the net amount at risk is the amount by which the Base Death Benefit
exceeds Account Value. See "Deductions from Account Value-Cost of Insurance,"
page 52. If the policy's Base Death Benefit is not based on the death benefit
percentage under Option 1 or 2, changing from Option 2 to Option 1 will
generally decrease the net amount at risk. Therefore, this

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change may decrease the cost of insurance charges. Changing from Option 1 to
Option 2 will generally result in a net amount at risk that remains level.
However, such a change will result in an increase in the cost of insurance
charges over time. This results because the cost of insurance rates increase
with the insured's age.

CHANGES IN DEATH BENEFIT AMOUNTS

The policy owner may increase or decrease the Target Death Benefit subject
to Company approval. The Target Death Benefit is the Specified Amount plus the
benefit amount of the Term Insurance Rider. Increases or decreases in the Target
Death Benefit can be done on a scheduled or unscheduled basis.

Scheduled Increases in Target Death Benefits

Increases to the Target Death Benefit may be scheduled:

(1) At the time of application for the Policy, or

(2) At the time of the application for an unscheduled increase.

Scheduled increases or decreases will be effective on the requested date. A
scheduled increase may only be made by increasing the amount of the Term
Insurance Rider. Since these increases are scheduled at issue, evidence of
insurability will not be required at the time the increase becomes effective.
Scheduled increases do not create new "coverage segments." Therefore, cost of
insurance and other charges are not computed separately for such increases.

Unscheduled Increases in Target Death Benefit

A policy owner may request an unscheduled increase in the Target Death
Benefit at any time after issue prior to the insured's age 81 (or age 65 for
policies issued on a guaranteed basis). Additional evidence of insurability
satisfactory to the Company will be required. An unscheduled increase will not
be given for increments less than $10,000. Requests for an unscheduled increase
must be made by written application to the Customer Service Center. The increase
will become effective on the monthly anniversary following the approval of the
request by the Company.

An unscheduled increase in the Target Death Benefit may consist of any
combination of increases in Specified Amount and/or Term Insurance Rider.

- Unless otherwise indicated, any request for an unscheduled increase to
the Target Death Benefit will be assumed to be a request for an increase
to the Specified Amount.

- An unscheduled increase in Specified Amount will increase the Target
Death Benefit by an equal amount so that the Term Insurance Rider amount
will remain unchanged after the increase.

An unscheduled increase in Specified Amount will create a new "coverage
segment" for which cost of insurance and other charges are computed separately.
If the Specified Amount is increased:

- Additional sales charges associated with the increase will be incurred.

- The sales charge for the increase is calculated in a similar way as for
the original Specified Amount. Premiums paid after the increase will be
allocated to the original and the new coverage segments in the same
proportion that the guideline annual premiums (defined by the Federal
income tax laws) for each segment bear to the sum of the guideline annual
premiums for all segments.

- The Company deducts a Sales Charge from each premium allocated to each
segment up to the "Target Premium" paid in each year during the first ten
policy years following an increase in Specified Amount.

- The Target Premiums and the required premiums under the Guaranteed Death
Benefit Rider, if applicable, will also be adjusted.
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- The adjustment will be done prospectively to reflect the increase.

- If the Specified Amount is increased at the same time that a premium
payment is received, the increase will be processed before the premium
payment is processed.

If an unscheduled increase creates a new coverage segment of Specified
Amount, the Account Value after the increase will be allocated:

(1) first to the original coverage segment, and

(2) second to each coverage segment in order of the increases.

(3) Allocations will be in the same proportion that the guideline annual
premiums (defined by the Federal income tax laws) for each segment bear
to the sum of the guideline annual premiums for all segments.

Increasing the Specified Amount will generally increase the Base Death
benefit of the policy. The amount of the change in the Base Death Benefit will
depend, among other things on:

(1) The death benefit Option chosen by the policy owner, and

(2) Whether the Base Death Benefit under the policy is being calculated
using a Death Benefit Percentage at the time of the change.

Changing the Specified Amount could affect:

(1) The subsequent level of the Base Death Benefit while the policy is in
effect, and

(2) The subsequent level of policy values.

For example, an increase in Specified Amount may increase the net amount at risk
under a policy, which will increase a policy owner's cost of insurance charges
over time.

Decreases In Target Death Benefits

Any decrease in Specified Amount (whether scheduled or unscheduled) will
reduce the Target Death Benefit of the policy and may reduce the Specified
Amount of the policy at issue. Any decrease will be applied:

(1) First to reduce the coverage segments of Term Insurance Rider
associated with the most recent increases, then

(2) To the next most recent increases of Term Insurance Rider successively,
and last

(3) To the original coverage segment of Term Insurance Rider.

After all coverage segments of Term Insurance Rider have been entirely
eliminated, then coverage segments of the Specified Amount will be reduced in a
similar order. A decrease will not be permitted if less than $10,000. In
addition, no transaction will be permitted if the Specified Amount would fall
below the minimum we require to issue the policy at the time of the reduction.

The required premiums under the Guaranteed Death Benefit Rider, if
applicable, will be adjusted for the decrease in death benefits. If the Target
Death Benefit or Specified Amount is decreased, target premiums will also be
adjusted for the decrease. If the target death benefit is decreased at the same
time that a premium payment is received, the decrease will be processed before
the premium payment is processed. Decreases become effective on the monthly
anniversary following the approval of the request by the Company.

The Company reserves the right to reject a requested decrease. Decreases
will not be permitted if:

(1) Compliance with the guideline premium limitations under federal tax law
resulting from the decrease would result in immediate termination of
your policy, or

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(2) To effect the decrease, payments to you would have to be made from
Account Value for compliance with the guideline premium limitations,
and the amount of the payments would exceed the Account Value of the
policy.

If a requested change is not approved, we will send you a written notice of our
decision. See "Federal Income Tax Considerations -- Definition of Life
Insurance," page 55.

Decreasing the Specified Amount will generally decrease the Base Death
Benefit. The amount of change in the Base Death Benefit will depend, among other
things, on:

(1) The death benefit Option chosen, and

(2) Whether the Base Death Benefit under the policy is being calculated
using a death benefit percentage at the time of the change.

Changing the Specified Amount could affect the subsequent level of the Base
Death Benefit while the policy is in effect and the subsequent level of policy
values. For example, a decrease in Specified Amount may decrease the net amount
at risk, which will decrease a policy owner's cost of insurance charges over
time.

GUARANTEED PAID-UP INSURANCE

On the policy anniversary the Specific Amount may be reduced to an amount
that the Surrender Value will maintain in force until Age 95 when applied as a
net single premium. However, the maximum amount of Surrender Value that may be
applied will not be greater than that needed to provide an amount at risk equal
to the amount at risk immediately before this option becomes effective. Any
surrender value in excess of the amount applied will be refunded to you.

Surrenders for surrender value may be made at any time (see 6 below).

On or after the effective date of this option:

(1) it may not be revoked;

(2) we will not accept any further premiums;

(3) no further optional policy changes may be made;

(4) the Policy is no longer subject to the Administrative Charge;

(5) any loan balance and loan interest which existed immediately before the
effective date will be set to 0;

(6) any partial surrender will result in a recalculation of the Specified
Amount and surrender value;

(7) any additional benefit provided by rider will terminate; and

(8) the death benefit will equal the reduced Specified Amount.

The endorsement issued to reflect this change will show the reduced
Specified Amount and the guaranteed surrender value on the effective date and
each policy anniversary thereafter.

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GUARANTEED DEATH BENEFIT RIDER

When the policy owner applies for a policy, the policy owner may also elect
the Guaranteed Death Benefit Rider. This rider may extend the period the
Specified Amount of the policy remains in effect. An extra charge is deducted
from the Account Value each month and premiums at least equal to the cumulative
Monthly Guaranteed Premium must have been paid.

In order to remain in effect, the Guaranteed Death Benefit Rider requires
that you have paid a certain amount of premiums during the time that the Rider
is in effect. This amount is described in the next paragraph. If the premiums
you have paid do not equal or exceed this amount, the rider will automatically
end. In addition, this rider will automatically end at the insured's age 95
("Guarantee Period"). An extra charge will be deducted from the Account Value
each month during the Guarantee Period. This charge will end at the conclusion
of the Guarantee Period, and it will end if on any monthly anniversary date you
have not paid the amount of premiums the rider requires you to pay. See
"Deductions from Account Value-Guaranteed Death Benefit Charge," page 53.

On each monthly anniversary day we test to determine whether you have paid
the amount of premiums you are required to pay in order to keep the Guaranteed
Death Benefit Rider in effect. To remain in effect, we make two tests. Under the
first test the Account Value must exceed Outstanding Debt. Under the second test
we:

(1) total the actual premiums you have paid for the policy, and

(2) subtract the amount of partial surrenders (and associated fees).

The result must equal or exceed:

(1) the Monthly Guarantee Premium for the Rider, times

(2) the number of compete months since the policy date.

If the policy meets both tests on the monthly anniversary day, the rider remains
in effect until the next monthly anniversary date. If the policy fails to meet
either test, we will send you a notice that requires you to pay additional
premiums within the time specified in the notice. This time is called the grace
period for the rider. If you fail to pay the additional premiums required the
Guarantee Period, and therefore the Rider, will end. Once ended, the Rider can
not be reinstated.

The grace period for this Rider is explained in the section called "Grace
Period and Lapse -- If Guaranteed Death Benefit Is in Effect" on page 49.

Please refer to the policy for additional information on the Guaranteed
Death Benefit Rider.

The Guaranteed Death Benefit Rider is not available on policies offered or
issued for delivery to residents of the Commonwealth of Massachusetts or the
State of Texas.

OTHER OPTIONAL INSURANCE BENEFITS

Subject to certain requirements, you may elect to add one or more of the
optional insurance benefits described below. Optional insurance benefits are
added when you apply for your policy. These other optional benefits are added to
your policy by an addendum called a rider. A charge is deducted monthly from the
Account Value for each optional benefit added to your policy. See "Charges and
Deductions," page 44. The amounts of these benefits are fully guaranteed at
issue. You can cancel these benefits at any time. Certain restrictions may apply
and are described in the applicable rider. In addition, adding or canceling
these benefits may have an effect on your policy's status as a modified
endowment contract. See "Federal Income Tax Considerations -- Modified Endowment
Contracts," page 57. An insurance agent authorized to sell the policy can
describe these extra benefits further. Samples of the provisions are available
from the Company upon written request.

From time to time we may make available riders other than those listed
below. Contact an insurance agent authorized to sell the policy for a complete
list of the riders available.
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Term Insurance Rider

The policy can be issued with a Term Insurance Rider as a portion of the
total death benefit. This Rider provides term life insurance on the life of the
insured, which is annually renewable to attained age 95. As described below, the
amount of coverage provided by the Rider varies over time.

When the policy is issued, a schedule of death benefit amount called the
"Target Death Benefit" is established. The Target Death Benefit may be varied as
often as each policy year, and subject to the Company's rules, may be changed
after issue. See "Death Benefits Under the Policy," page 36.

The amount of the Term Insurance Rider in effect at any time is equal to
the difference between the scheduled Target Death Benefit and the Base Death
Benefit in effect. The Rider is dynamic, it adjusts for variations in the Base
Death Benefit under the policy (e.g., changes resulting from the Federal income
tax law definition of life insurance). The Company generally restricts the
amount of the Target Death Benefit at issue to an amount not more than 900% of
the Specified Amount. For example, if the Specified Amount is $100,000 then the
maximum amount of the Target Death Benefit allowed is $900,000.

For example, assume the Base Death Benefit varies according to the
following schedule. The Term Insurance Rider will adjust to provide death
proceeds equal to the Target Death Benefit each year.

BASE DEATH BENEFIT TARGET DEATH BENEFIT TERM INSURANCE RIDER AMOUNT
------------------ -------------------- ---------------------------

$500,000 $550,000 $50,000
$501,500 $550,000 $48,500
$501,250 $550,000 $48,750

Since the Term Insurance Rider is dynamic, it is possible that the Rider
may be eliminated entirely as a result of increases in the Base Death Benefit.
Using the above example, if the Base Death Benefit grew to $550,000, the Term
Insurance Rider would be reduced to zero. (It can never be reduced below zero.)
Even though the Rider amount is reduced to zero, the Rider will remain in effect
until it is removed from the policy. Therefore, if the Base Death Benefit is
subsequently reduced below the Target Death Benefit, a Rider amount will
reappear as needed to maintain the Target Death Benefit at the requested level.

There is no defined premium for the Term Insurance Rider. The cost of the
Rider is added to the monthly deductions, and is based on the insured's attained
age and premium class. The Company may adjust the rate charged for the Rider
from time to time. The rate will never exceed the guaranteed cost of insurance
rates for the Rider for that policy year. The cost for the Rider is added to the
Company's calculation of the Monthly Guarantee Premium and to the calculation of
the Minimum Annual Premium.

BENEFITS AT MATURITY

The maturity date for this policy is the policy anniversary on which the
insured is age 95. If the insured is living on the maturity date, the Company
will pay to you, as an endowment benefit, the Account Value of the policy less
Outstanding Debt. Ordinarily, the Company pays within seven days of the policy
anniversary. Payments may be postponed in certain circumstances. See "Payments,"
page 65.

POLICY VALUES

Account Value

The Account Value is the sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L and any Guaranteed Interest
Account. It also includes the amount set aside in the Company's loan account,
and any interest, to secure Outstanding Debt.

On each Valuation Date, the part of the Account Value allocated to any
particular subaccount is adjusted to reflect the investment experience of that
subaccount. On each monthly anniversary day, the Account Value also is adjusted
to reflect the assessment of the monthly deduction. See "Determination of
Account Value," page 43. No minimum amount of Account Value allocated to a
particular subaccount is

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guaranteed. A policy owner bears the risk for the investment experience of
Account Value allocated to the subaccounts.

Surrender Value

The owner can surrender a policy at any time while the insured is living
and receive its Cash Value less any Outstanding Debt. The Cash Value of the
policy equals the Account Value plus any applicable refund of sales charges.
Thus, the Cash Value will exceed the policy's Account Value by the refund amount
in the three years following policy issuance. Once the refund of sales charges
has expired, the Surrender Value will equal the Account Value (less any
Outstanding Debt). See "Full Surrender," page 46.

DETERMINATION OF ACCOUNT VALUE

Although the death benefit under a policy can never be less than the
policy's Specified Amount, the Account Value will vary. The Account Value varies
depending on several factors:

- Payment of premiums.

- Amount held in the Loan Account to secure any Outstanding Debt.

- Partial surrenders.

- The charges assessed in connection with the policy.

- Investment experience of the subaccounts.

- Amounts credited to the Guaranteed Interest Account.

There is no guaranteed minimum Account Value and you bear the entire risk
relating to the investment performance of Account Value allocated to the
subaccounts.

The Company invests amounts allocated to the subaccounts in shares of the
corresponding portfolios of the Funds. The values of the subaccounts reflect the
investment experience of the corresponding portfolio. The investment experience
reflects:

- The investment income.

- Realized and unrealized capital gains and losses.

- Expenses of a portfolio including the investment adviser fee.

- Any dividends or distributions declared by a portfolio.

Any dividends or distributions from any portfolio of the Funds are reinvested
automatically in shares of the same portfolio. However, the Company, on behalf
of MONY America Variable Account L, may elect otherwise. The subaccount value
will also reflect the mortality and expense risk charges the Company makes each
day to the Variable Account.

Amounts allocated to the subaccounts are measured in terms of units. Units
are a measure of value used for bookkeeping purposes. The value of amounts
invested in each subaccount is represented by the value of units credited to the
policy for that subaccount. (See "Calculating Unit Values for Each Subaccount,"
on page 45.) On any day, the amount in a subaccount of MONY America Variable
Account L is equal to the unit value times the number of units in that
subaccount credited to the policy. The units of each subaccount will have
different unit values.

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Units of a subaccount are purchased (credited) whenever net premiums or
transfer amounts (including transfers from the loan account) are allocated to
that subaccount. Units are redeemed (debited) to:

- Make partial surrenders.

- Make full surrenders.

- Transfer amounts from a subaccount (including transfers to the loan
account).

- Pay the death benefit when the insured dies.

- Pay monthly deductions from the policy's Account Value.

- Pay policy transaction charges.

- Pay partial surrender fees.

The number of units purchased or redeemed is determined by dividing the dollar
amount of the transaction by the unit value of the affected subaccount, computed
after the close of business that day. The number of units changes only as a
result of policy transactions or charges. The number of units credited will not
change because of later changes in unit value.

Transactions are processed when a premium or an acceptable written or
telephone request is received at the Company's administrative office. If the
premium or request reaches the administrative office on a day that is not a
Valuation Date, or after the close of business on a Valuation Date (after 4:00
Eastern Time), the transaction date will be the next Valuation Date. All policy
transactions are performed as of a Valuation Date. If a transaction date or
monthly anniversary day occurs on a day other than a Valuation Date (e.g.,
Saturday), the calculations will be done on the next day that the New York Stock
Exchange is open for trading.

CALCULATING UNIT VALUES FOR EACH SUBACCOUNT

The Company calculates the unit value of a subaccount on any Valuation Date
as follows:

(1) Calculate the value of the shares of the portfolio belonging to
the subaccount as of the close of business that Valuation Date. This
calculation is done before giving effect to any policy transactions for
that day, such as premium payments or surrenders. For this purpose, the net
asset value per share reported to the Company by the managers of the
portfolio is used.

(2) Add the value of any dividends or capital gains distributions
declared and reinvested by the portfolio during the valuation period.
Subtract from this amount a charge for taxes, if any.

(3) Divide the resulting amount by the number of units held in the
subaccount on the Valuation Date before the purchase or redemption of any
units on that date.

The unit value of each subaccount on its first Valuation Date was set at $10.00.

TRANSFER OF ACCOUNT VALUE

You may transfer Account Value among the subaccounts after the Right to
Return Policy Period by sending a proper written request to the Customer Service
Center. Currently, there are:

(1) No limitations on the number of transfers between subaccounts.

(2) No minimum amount required for a transfer.

(3) No minimum amount required to remain in a given subaccount after a
transfer.

After the Right to Return Policy Period, Account Value may also be
transferred from the subaccounts to the Guaranteed Interest Account. Transfers
from the Guaranteed Interest Account to the subaccounts

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will only be permitted in the policy month following a policy anniversary as
described in "The Guaranteed Interest Account," page 62.

RIGHT TO EXCHANGE POLICY

During the first 24 months following the policy date, you may exchange your
policy for a policy where the investment experience is guaranteed. To accomplish
this, the entire amount in the subaccounts of MONY Variable Account L is
transferred to the Guaranteed Interest Account. All future premiums are
allocated to the Guaranteed Interest Account. This serves as an exchange of your
policy for the equivalent of a flexible premium universal life policy. See "The
Guaranteed Interest Account," page 61. No charge is imposed on the transfer when
you exercise the exchange privilege.

POLICY LOANS

The policy owner may borrow money from the Company at any time using the
policy as security for the loan. A loan is taken by submitting a proper written
request to the Company's administrative office. A policy owner may take a loan
any time a policy is in effect. The minimum amount a policy owner may borrow is
$250 (except for policies offered or issued in Connecticut where the minimum
amount is $200). The maximum amount that may be borrowed at any time is 90% of
the Account Value of the policy less any Outstanding Debt. (If you request a
loan on a monthly anniversary day, the maximum loan is reduced by the monthly
deduction due on that day.) The Outstanding Debt is the cumulative amount of
outstanding loans and loan interest payable to the Company at any time.

Loan interest is payable in arrears on each policy anniversary at an annual
rate of 4.6%. Interest on the full amount of any Outstanding Debt is due on the
policy anniversary, until the Outstanding Debt is repaid. If interest is not
paid when due, it will be added to the amount of the Outstanding Debt.

The owner may repay all or part of the Outstanding Debt at any time while
your policy is in effect. Only payments shown as loan or interest payments will
be treated as such. If a loan repayment is made which exceeds the Outstanding
Debt, the excess will be applied as a scheduled premium payment. The payment
will be subject to the rules on acceptance of premium payments.

When a loan is taken, an amount equal to the loan is transferred out of the
policy owner's Account Value into the loan account to secure the loan. Within
certain limits, you may specify the amount or the percentage of the loan amount
to be deducted from the subaccounts and the Guaranteed Interest Account. The
request for a loan will not be accepted if (1) you do not specify the source of
the transfer, or (2) if the transfer instructions are incorrect. On each policy
anniversary, an amount equal to the loan interest due and unpaid for the policy
year will be transferred to the loan account. The transfer is made from the
subaccounts and the Guaranteed Interest Account on a proportional basis.

The loan account is part of the Company's general account. Amounts held in
the loan account are credited monthly with an annual rate of interest not less
than 4.0%. After the tenth policy anniversary, the annual interest rate that
applies to the Loan Account is expected to be 0.3% higher than otherwise
applicable. In states where approval has been given for the declaration of
interest on a daily basis, the rate will be based on the London Interbank
Offered Rate and the increase in the interest rate after the tenth policy year
will not apply.

Loan repayments release funds from the loan account. Unless you request
otherwise, amounts released from the loan account will be transferred into the
subaccounts and Guaranteed Interest Account pursuant to your most recent valid
allocation instructions for scheduled premium payments. In addition, any
interest earned on the amount held in the Loan Account will be transferred each
policy anniversary to each of the subaccounts and the Guaranteed Interest
Account on the same basis.

Amounts held in the loan account to secure Outstanding Debt forego the
investment experience of the subaccounts and the current interest rate of the
Guaranteed Interest Account. Thus Outstanding Debt, whether or not repaid, has a
permanent effect on your policy values and may have an effect on the amount

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and duration of the death benefit. If not repaid, the Outstanding Debt will be
deducted from the amount of the death benefit upon the death of the insured, or
the Cash Value paid upon surrender or maturity.

Outstanding Debt may affect the length of time the policy remains in
effect. Unless the Guaranteed Death Benefit Rider is in effect, the policy will
lapse when (1) the Account Value minus Outstanding is insufficient to cover the
monthly deduction against the policy's Account Value on any monthly anniversary
day, and (2) the minimum payment required is not made during the grace period.
Moreover, the policy may enter the grace period more quickly when Outstanding
Debt exists, because the Outstanding Debt is not available to cover the monthly
deduction. In addition, the guarantee period under the Guaranteed Death Benefit
Rider may end if Outstanding Debt exceeds the Account Value of the policy.
Additional payments or repayments of a part of Outstanding Debt may be required
to keep the Policy or Rider in effect. See "Grace Period and Lapse," page 48.

A loan will not be treated as a distribution from your policy and will not
result in taxable income to you unless your policy is a modified endowment
contract. If your policy is a modified endowment contract, a loan will be
treated as a distribution that may give rise to taxable income. If your policy
lapses with an outstanding loan balance there could be adverse federal income
tax consequences depending on the particular facts and circumstances. For
example, if (1) your policy lapses with an outstanding loan balance, and (2) it
does not lapse under a non-forfeiture option, you can have ordinary income to
the extent the outstanding loan exceeds your investment in the policy (i.e.
generally premiums paid less prior non-taxable distributions). For more
information on the tax treatment of loans, see "Federal Income Tax
Considerations," page 55.

FULL SURRENDER

A policy owner may fully surrender a policy at any time during the life of
the insured. The amount received for a full surrender is the policy's Account
Value plus (1) any applicable refund of sales charge, reduced by (2) any
Outstanding Debt. For purposes of calculating the Account Value, the net asset
value of shares of the portfolios of the applicable subaccounts will be
determined on (1) the Valuation Date that we receive your request at our
administrative office, or (2) on the next Valuation Date if that day is not a
Valuation Date.

A policy owner may surrender a policy by sending a written request together
with the policy to the Company's administrative office. The proceeds will be
determined as of the end of the valuation period during which the request for
surrender is received. A policy owner may elect to (1) have the proceeds paid in
cash, or (2) apply the proceeds under a payment plan offered under the policy.
See "Payment Plan Settlement Provisions," page 65. For information on the tax
effects of surrender of a policy, see "Federal Income Tax Consideration," page
55.

PARTIAL SURRENDER

With a partial surrender, the policy owner obtains a part of the Account
Value of the policy without having to surrender the policy in full. The policy
owner may request a partial surrender beginning in the first policy year. The
partial surrender and the corresponding calculation of net asset value will take
effect on (1) the Valuation Date that we receive your request at out
administrative office, or (2) on the next Valuation Date if that day is not a
Valuation Date. There is currently no limit on the number of partial surrenders
allowed in a policy year but the Company reserves the right to limit the number
of partial surrenders to 12 per year.

A partial surrender must be for at least $500 (plus the applicable fee). In
addition, the policy's Account Value less Outstanding Debt must be at least $500
after the partial surrender. In addition, the partial surrender must not reduce
the Target Death Benefit or Specified Amount below the minimum we require to
issue the policy.

The policy owner may make a partial surrender by submitting a proper
written request to the Company's administrative office. As of the effective date
of any partial surrender, the policy owner's

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Account Value and Surrender Value are reduced by the amount surrendered (plus
the applicable fee). The amount of the partial surrender (plus the applicable
fee) will be deducted proportionately from the policy owner's Account Value in
the subaccounts and the Guaranteed Interest Account.

When a partial surrender is made and you selected death benefit Option 1,
the Target Death Benefit and the Base Death Benefit of your policy is generally
decreased by the amount of the partial surrender (plus its fee). The Specified
Amount under the policy is decreased by the lesser of:

(1) the amount of the partial surrender, or

(2) if the Base Death Benefit prior to the partial surrender is greater
than the Specified Amount, the amount, if any, that the Specified
Amount exceeds the difference between the Base Death Benefit less the
amount of the partial surrender.

The Target Death Benefit under the policy is reduced by the lesser of:

(1) the amount of the partial surrender, or

(2) if the Base Death Benefit prior to the partial surrender is greater
than the Target Death Benefit, the amount, if any, that the Target
Death Benefit exceeds the difference between the Base Death Benefit and
the amount of the partial surrender.

When a partial surrender is made and you selected death benefit Option 2,
the Target Death Benefit is generally decreased by the amount of the partial
surrender (plus the amount of the partial surrender fee). The partial surrender
will not change the Specified Amount of the policy. However, assuming that the
Base Death Benefit under Option 2 is not equal to the Cash Value times the
applicable death benefit percentage, the partial surrender will reduce the Base
Death Benefit by the amount of the partial surrender. If the Option 2 death
benefit is based upon the Cash Value times the death benefit percentage, a
partial surrender may cause the Base Death Benefit to decrease by an amount
greater than the amount of the partial surrender. The Target Death Benefit under
the policy is reduced by the lesser of:

(1) the amount of the partial surrender, or

There is a fee for each partial surrender of the lesser of $25 or 2% of the
partial surrender amount. See "Charges and Deductions -- Transaction and Other
Charges," page 53.

For information on the tax treatment of partial surrenders, see "Federal
Income Tax Considerations," page 54.

GRACE PERIOD AND LAPSE

Your policy will lapse only when:

(1) The Account Value less Outstanding Debt is insufficient to cover the
current monthly deduction against the policy's Account Value on any
monthly anniversary day, and

(2) A 61-day Grace Period expires without the policy owner making a
sufficient payment.

If Guaranteed Death Benefit Rider Is Not in Effect

To avoid lapse if (1) an insufficiency occurs, and (2) a Guaranteed Death
Benefit Rider is not in effect, the policy owner must pay the required amount
during the grace period. When an insufficiency occurs, you may also be required
to pay any unpaid, loan interest accrued for the policy year. The interest
amount will also have to be paid prior to the end of the grace period.

We will reject any payment if is means your total premium payments will
exceed the maximum permissible premium for your policy's Specified Amount under
the Internal Revenue Code. This may
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happen when the policy owner has Outstanding Debt. In this event, the policy
owner could repay enough of the Outstanding Debt to avoid termination. The
policy owner may also wish to repay an additional part of the Outstanding Debt
to avoid recurrence of the potential lapse. If premium payments have not
exceeded the maximum permissible premiums, the policy owner may wish to make
larger or more frequent premium payments to avoid recurrence of the potential
lapse.

If the Account Value less Outstanding Debt will not cover the entire
monthly deduction on a monthly anniversary day, we will deduct the amount that
is available. We will notify the policy owner (and any assignee of record) of
the payment required to keep your policy in effect. You will then have a grace
period of 61 days, from the date the notice was sent, to make the payment. The
payment required is:

(1) the amount of the monthly deduction not paid, plus

(2) not less than two succeeding monthly deductions (or the number of
monthly deductions remaining until the next scheduled premium due date,
if more than two), grossed up by

(3) the amount of the deductions from premiums.

(See "Charges and Deductions -- Deductions from Premiums," page 51). The policy
will remain in effect through the grace period. If the owner fails to make the
required payment within the grace period, the coverage under the policy will end
and your policy will lapse. Required premium payments made during the grace
period will be allocated among the subaccounts and the Guaranteed Interest
Account. The allocation is made in according to your current scheduled premium
payment allocation instructions. Any monthly deduction due will be charged
proportionately to the subaccounts and the Guaranteed Interest Account. If the
insured dies during the grace period, the death benefit proceeds will equal:

(1) The amount of the death benefit immediately prior to the start of the
grace period, reduced by

(2) Any unpaid monthly deductions and any Outstanding Debt. (For policies
offered to residents of, or issued for delivery in, the State of New
Jersey, the unpaid monthly deductions cannot exceed the minimum premium
for the following month.)

If Guaranteed Death Benefit Rider Is in Effect

The Specified Amount of your policy will not lapse during the guarantee
period even if the Account Value less Outstanding Debt is not enough to cover
all the deductions from the Account Value on any monthly anniversary day if:

(1) A Guaranteed Death Benefit Rider is in effect, and

(2) The test for continuation of the guarantee period has been met.

See "Guaranteed Death Benefit Rider," page 41.

While the Guaranteed Death Benefit Rider is in effect, the Account Value of
the policy may be reduced by monthly deductions but not below zero. During the
guarantee period, we will waive any monthly deduction that will reduce the
Account Value below zero. If the Guaranteed Death Benefit Rider is ended, the
normal test for lapse will resume.

Reinstatement

We will reinstate a lapsed policy at any time:

(1) Before the maturity date, and

(2) Within five years after the monthly anniversary day which precedes the
start of the grace period.

To reinstate a lapsed policy we must also receive:

(1) A written application from you

(2) Evidence of insurability satisfactory to us
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(3) Payment of all monthly deductions that were due and unpaid during the
grace period

(4) Payment of an amount at least sufficient to keep your policy in effect
for three months after the reinstatement date

(5) Payment of due and unpaid interest on Outstanding Debt to the next
succeeding policy anniversary day, and

(6) Payment of the reinstatement fee.

When your policy is reinstated, the Account Value will be equal to the
Account Value on the date of the lapse subject to the following:

(1) Any Outstanding Debt on the date of lapse must be paid or reinstated.

(2) No interest on amounts held in our loan account to secure Outstanding
Debt will be paid or credited between lapse and reinstatement.

Reinstatement will be effective as of the monthly anniversary day on or
proceeding the date of approval by us. At that time, the Account Value minus, if
applicable, Outstanding Debt will be allocated among the subaccounts and the
Guaranteed Interest Account pursuant to your most recent scheduled premium
payment allocation instructions.

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CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------

DEDUCTIONS FROM PREMIUMS
- -----------------------------------------------------------------------------------------------

Sales Charge -- Deducted from premium up to First 10 policy years -- 9%
the Target Premium After the 10th policy year -- 0%
Ten policy years after an increase in
Specified Amount -- 9%
- -----------------------------------------------------------------------------------------------

Tax Charge State and local -- 0.8% Federal -- 1.25%
- -----------------------------------------------------------------------------------------------

DEDUCTIONS FROM ACCOUNT VALUE
- --------------------------------------------------------------------------------

- ---------------
(1) Expected current amount of .30% of subaccount value.
(2) Currently, the Company does not assess a transfer charge. The Company
reserves the right to charge up to a maximum of $25 for transfers.

The following provides additional details of the deductions from premium
payments under a policy prior to allocating net premium payments to the
subaccounts of the MONY America Variable Account L or to the Guaranteed Interest
Account and of th deductions from MONY America Variable Account L and from the
policy's Account Value.

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DEDUCTIONS FROM PREMIUMS

The sales charge and tax charges are deducted from the gross premium prior
to applying the net premium to the Account Value. The sales charge is deducted
from gross premium only up to Target Premium. Tax charges are deducted against
the entire gross premium.

Sales Charge -- During the first ten policy years and during the
ten policy years following an increase in Specified
Amount -- 9%
After the tenth policy year -- 0%

The Target Premium is an amount equal to the maximum amount of premium
which may be paid for a death benefit Option 1 policy without violating the
limits imposed by the Federal income tax law definition of a modified endowment
contract. See "Modified Endowment Contracts," page 57. The Target Premium is not
based on scheduled premium. The Target Premium for the policy and Specified
Amount coverage segments added since the policy date will be stated in the
policy.

The sales charge compensates us for the cost of distributing the policies.
This charge is not expected to be enough to cover sales and distribution
expenses for the policies. To the extent that sales and distribution expenses
exceed sales charges, amounts derived from surrender charges will be used.
Expenses in excess of the sales and surrender charges may be recovered from
other charges, including amount indirectly derived from the charge for mortality
and expense risks and mortality gains.

A portion of the sales charges previously deducted from premium payments
may be refunded if:

(1) the policy is surrendered in the first three policy years, and

(2) the policy is not in default.

YEAR OF SURRENDER AMOUNT OF REFUND
- ----------------- ----------------

First policy year.................... Sum of all sales charge deductions in that
year
Second policy year................... 66.67% of sales charge deductions in the
first policy year
Third policy year.................... 33.33% of sales charge deductions in the
first policy year

No refund will be paid if the policy is in default.

Tax Charges -- State and local premium tax -- currently 0.8%
Federal tax for deferred acquisition costs of the
Company -- 1.25%

All states levy taxes on life insurance premium payments. These taxes vary
from state to state and may vary from jurisdiction to jurisdiction within a
state. For policyholders resident in New York, the Company currently deducts an
amount equal to 0.8% of each premium to pay applicable premium taxes. The 0.8%
current deduction is the actual premium tax imposed by the State of New York. We
do not expect to profit from this charge.

The 1.25% current charge against each premium covers our estimated cost for
the Federal income tax treatment of deferred acquisition costs. This is
determined solely by the amount of life insurance premiums received. We believe
this charge is reasonable in relation to our increased federal tax burden under
IRC Section 848 resulting from the receipt of premium payments. No charge will
be deducted where premiums received from you are not subject to this tax.

We reserve the right to increase or decrease the charge for taxes due to
any change in tax law or due to any change in the cost to us. In addition, if an
insured changes his or her place of residence, we should be notified of the
change. Any change in the tax rate will be effective on the next policy
anniversary.

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DEDUCTIONS FROM ACCOUNT VALUE

A charge called the Monthly Deduction is deducted from the Account Value on
each monthly anniversary day. The Monthly Deduction consists of the following
items:

Cost of Insurance -- This charge compensates us for the anticipated cost
of paying death benefits in excess of Account Value
to insureds' beneficiaries. The amount of the
charge is equal to a current cost of insurance rate
multiplied by the net amount at risk under the
policy at the beginning of each policy month. Here,
net amount at risk equals the death benefit payable
at the beginning of the policy month less the
Account Value at that time.

The policy contains guaranteed cost of insurance rates that may not be
increased. The guaranteed rates are based on the 1980 Commissioners Standard
Ordinary Smoker and Nonsmoker Mortality Tables. (For issue ages under 18, no
smoker/nonsmoker adjustment is made until attained age 15. Where unisex cost of
insurance rates apply, the 1980 Commissioners Ordinary Smoker and Nonsmoker
Mortality Table B applies.) These rates are based on the age and underwriting
class of the insured. They are also based on the gender of the insured. Unisex
rates are used for cases purchased on a split dollar basis, and where
appropriate under applicable law, including policies purchased by employers and
employee organizations in connection with employment related insurance or
benefit programs. As of the date of this prospectus, we charge "current rates"
that are lower (i.e., less expensive) than the guaranteed rates. We may change
current rates in the future. Like the guaranteed rates, the current rates also
vary with the age, gender, smoking status, and underwriting class of the
insured. In addition, they also vary with the policy duration. The cost of
insurance rate generally increases with the age of the insured.

Lower cost of insurance rates are offered at most ages for insureds who:

(1) qualify for the standard underwriting class, and

(2) whose applications are fully underwritten (i.e., subject to
evidence of the insured's insurability).

Current insurance rates are generally higher if the policies are issued on
a guaranteed issue basis, where evidence of insurability is not required.
Policies issued to employers, trustees and similar entities are often issued on
a guaranteed issue basis. Only limited underwriting information is obtained when
underwriting on a guaranteed issue basis. Therefore, policies in this
underwriting class may present an additional mortality expense to us relative to
fully underwritten policies. The additional risk is generally reflected in
higher current insurance rates, which are nevertheless guaranteed not to exceed
the 1980 Commissioners' Standard Ordinary Mortality Tables.

We may offer insurance coverage up to $2.5 million on a guaranteed issue or
simplified issue basis under policies in a single case that meet our
requirements at the time of policy issue.

If there have been increases in the Specified Amount, then for purposes of
calculating the cost of insurance charge, the Account Value will first be
applied to the initial Specified Amount. If the Account Value exceeds the
initial Specified Amount, the excess will then be applied to any increase in
Specified Amount in the order of the increases. If the Base Death Benefit equals
the Surrender Value multiplied by the applicable death benefit percentage, any
increase in Account Value will cause an automatic increase in the Base Death
Benefit. The underwriting class and duration for such increase will be the same
as that used for the most recent increase in Specified Amount (that has not been
eliminated through a later decrease in Specified Amount.

Mortality and Expense Risk
Charge -- First 10 policy years -- .05% per month of
subaccount value which is equivalent to an annual
rate of .60% of subaccount value.

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After the 10th policy year -- Charge expected to be
reduced to an amount equal to .025% per month of
subaccount value equivalent to .30% annually. A
reduction to an annual rate of .45% of subaccount
value is guaranteed.

This charge compensates us for assuming mortality and expense risks under
the policies. The mortality risk assumed is that insureds, as a group, may live
for a shorter period of time than estimated. Therefore, the cost of insurance
charges specified in the policy will not be enough to meet our actual claims. We
assume an expense risk that other expenses incurred in issuing and administering
the policies and operating MONY Variable Account L will be greater than the
amount estimated when setting the charges for these expenses. We will realize a
profit from this fee to the extent it is not needed to provide benefits and pay
expenses under the policies. We may use this profit for other purposes. These
purposes may include any distribution expenses not covered by the sales charge
or surrender charge.

This charge is not assessed against the amount of the policy Account Value
that is allocated to the Guaranteed Interest Account, nor to amounts in the loan
account.

Administrative Charge -- $7.50 per month (all policies)

Medical Underwriting
Charge -- $5.00 per month (applicable policies) for the first
3 policy years.

Guaranteed Issue Charge -- $3.00 per month (applicable policies) for the first
3 policy years.

The administrative charge, medical underwriting charge and guaranteed issue
charge reimburses us for expenses associated with administration and maintenance
of the policies. The charge is guaranteed never to exceed $7.50. We do not
expect to profit from these charges.

Guaranteed Death Benefit
Charge -- If you elect the Guaranteed Death Benefit Rider,
you will be charged $0.01 per $1,000 of policy
Specified Amount per month during the term of the
Guaranteed Death Benefit Rider. This charge is
guaranteed never to exceed this amount.

Optional Insurance Benefits
Charge -- A monthly deduction for any other optional
insurance benefits added to the policy by rider.

Transaction and Other
Charges -- Partial Surrender Fee -- lesser of $25 or 2% of the
partial surrender amount

Transfer of Account Value -- Currently the Company
does not assess a transfer charge. The Company
reserves the right to charge up to a maximum of $25
for transfers

Premium allocation changes -- $25 for more than 2
in any policy year

Reinstatement fee -- $150

The charges for the partial surrender fee, transfer of account value,
premium allocation changes and reinstatement are guaranteed not to exceed the
amounts stated above.

We may charge the subaccounts for federal income taxes that are incurred by
us and are attributable to MONY Variable Account L and its subaccounts. No such
charge is currently assessed. See "Charge for Company Income Taxes," page 59.

We will bear the direct operating expenses of MONY Variable Account L. The
subaccounts purchase shares of the corresponding portfolio of the underlying
Fund. The Fund's expenses are not fixed or specified under the terms of the
policy.

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GUARANTEE OF CERTAIN CHARGES

We guarantee that certain charges will not increase. This includes:

(1) Mortality and expense risk charge.

(2) Administrative charge.

(3) Guaranteed Death Benefit charge.

(4) Sales charge.

(5) Guaranteed cost of insurance rates.

(6) Certain transaction charges.

Any changes in the current cost of insurance charges related to the Base
Death Benefit or the monthly charge for the Term Insurance Rider will be made
based on the class of the insured. Changes will be based on changes in:

(1) Future expectations with respect to investment earnings,

(2) Mortality,

(3) Length of time policies will remain in effect,

(4) Expenses, and

(5) Taxes.

In no event will they exceed the guaranteed rates defined in the policy.

CORPORATE PURCHASERS -- REDUCTION OF CHARGES

The policy is available for purchase by individuals and by corporations and
other institutions. We may reduce the amount of sales charge, mortality and
expense risk charge, the cost of insurance charges, underwriting charge or issue
charge if:

(1) Corporate or other group or sponsored arrangements, purchase one
or more policies constituting a case, and

(2) The expenses associated with the sale of the policy or policies or
the underwriting or other administrative costs associated with the policy
or policies are reduced.

Sales, underwriting or other administrative expenses may be reduced for
reasons such as expected economies resulting from a corporate purchase or a
group or sponsored arrangement. In addition, we may reduce the minimum Specified
Amount, Target Death Benefit, or Minimum Annual Premium for policies
representing the case. Any reduction will be:

(1) Reasonable

(2) Apply uniformly to all prospective policy purchasers in the class,
and

(3) Not be unfairly discriminatory to the interests of any policy
owner.

OTHER INFORMATION

FEDERAL INCOME TAX CONSIDERATIONS

The following provides a general description of the federal income tax
considerations relating to the policy. This discussion is based upon our
understanding of the present federal income tax laws as the Internal Revenue
Service ("IRS") currently interprets them. This discussion is not intended as
tax advice. Tax laws are very complex and tax results will vary according to
your individual circumstances. A person

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considering the purchase of the policy may need tax advice. It should be
understood that these comments on federal income tax consequences are not an
exhaustive discussion of all tax questions that might arise under the policy.
Special rules that are not discussed here may apply in certain situations. We
make no representation as to the likelihood of continuation of federal income
tax or estate or gift tax laws or of the current interpretations of the IRS or
the courts. Future legislation may adversely affect the tax treatment of life
insurance policies or other tax rules that we describe here or that relate
directly or indirectly to life insurance policies. Our comments do not take into
account any state or local income tax considerations that may be involved in the
purchase of the policy.

Definition of Life Insurance

Under section 7702 of the Internal Revenue Code (the "Code"), a policy will
be treated as a life insurance policy for federal tax purposes if one of two
alternate tests are met. These tests are:

(1) "Cash Value Accumulation Test"

(2) "Guideline Premium/Cash Value Corridor Test"

When you apply for a policy you will irrevocably choose which of these two tests
will be applied to your policy.

If your policy is tested under the Guideline Premium/Cash Value Corridor
Test. This test provides for, among other things:

(1) A maximum allowable premium per thousand dollars of death benefit,
known as the "guideline annual premium," and

(2) A minimum ongoing "corridor" of death benefit in relation to the
Account Value of the policy, known as the "death benefit percentage."

See Appendix A, for a table of the Guideline Premium/Cash Value Corridor Test
factors. If your policy is tested under the Cash Value Accumulation Test, a
table of factors will be shown in your policy.

We believe that the policy meets this statutory definition of life
insurance and hence will receive federal income tax treatment consistent with
that of fixed life insurance. Thus, the death benefit should be excludable from
the gross income of the beneficiary (whether the beneficiary is a corporation,
individual or other entity) under Section 101 (a) (1) of the Code for purposes
of the regular federal income tax. You generally should not be considered to be
in constructive receipt of the cash values under the policy until a full
surrender, maturity of the policy, or a partial surrender. In addition, certain
policy loans may be taxable in the case of policies that are modified endowment
contracts. Prospective policy owners that intend to use policies to fund
deferred compensation arrangements for their employees are urged to consult
their tax advisors with respect to the tax consequences of such arrangements.
Prospective corporate owners should consult their tax advisors about the
treatment of life insurance in their particular circumstances for purposes of
the alternative minimum tax applicable to corporations.

Diversification Requirements

To comply with regulations under Section 817(h) of the Code, each portfolio
is required to diversify its investments. Generally, on the last day of each
quarter of a calendar year,

(1) No more than 55% of the value of the portfolio's assets can be
represented by any one investment,

(2) No more than 70% can be represented by any two investments,

(3) No more than 80% can be represented by any three investments, and

(4) No more than 90% can be represented by any four investments.

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Securities of a single issuer generally are treated for purposes of Section
817(h) as a single investment. However, for this purpose, each U.S. Government
agency or instrumentality is treated as a separate issuer. Any security issued,
guaranteed, or insured (to the extent guaranteed and insured) by the U.S. or by
an agency or instrumentality of the U.S. is treated as a security issued by the
U.S. Government or its agency or instrumentality, as applicable.

Currently, for federal income tax purposes, the portfolio shares underlying
the policies are owned by the Company and not by you or any beneficiary.
However, no representation is or can be made regarding the likelihood of the
continuation of current interpretations by the IRS.

Tax Treatment of Policies

The Technical and Miscellaneous Revenue Act of 1988 established a new class
of life insurance contracts referred to as modified endowment contracts. A life
insurance contract becomes a "modified endowment contract" if, at any time
during the first seven contract years, the sum of actual premiums paid exceeds
the sum of the "seven-pay premium." Generally, the "seven-pay premium" is the
level annual premium, which if paid for each of the first seven years, will
fully pay for all future death and endowment benefits under a contract.

Example: "Seven-pay premium" = $1,000
Maximum premium to avoid "modified endowment" treatment =
First year -- $1,000
Through first two years -- $2,000
Through first three years -- $3,000 etc.

Under this test, a policy may or may not be a modified endowment contract. The
outcome depends on the amount of premiums paid during each of the policy's first
seven contract years. Changes in benefits may require testing to determine if
the policy is to be classified as a modified endowment contract. A modified
endowment contract is treated differently for tax purposes then a conventional
life insurance contract.

Conventional Life Insurance Policies

If a policy is not a modified endowment contract distributions are treated
as follows. Upon a full surrender or maturity of a policy for its Cash Value,
the excess if any, of the Cash Value minus the cost basis under a policy will be
treated as ordinary income for federal income tax purposes. A policy's cost
basis will usually equal the premiums paid less any premiums previously
recovered through partial surrenders. Under Section 7702 of the Code, special
rules apply to determine whether part or all the cash received through partial
surrenders in the first 15 policy years is paid out of the income of the policy
and therefore subject to income tax. Cash distributed to a policy owner on
partial surrenders occurring more than 15 years after the policy date will be
taxable as ordinary income to the policy owner to the extent that it exceeds the
cost basis under a policy.

We believe that loans received under policies that are not modified
endowment contracts will be treated as indebtedness of the owner. Thus, no part
of any loan under the policy will constitute income to the owner unless the
policy is surrendered or upon maturity of the policy. Interest paid (or accrued
by an accrual basis taxpayer) on a loan under a policy that is not a modified
endowment contract may be deductible. Deductibility will be subject to several
limitations, depending upon (1) the use to which the proceeds are put and (2)
the tax rules applicable to the policy owner. If, for example, an individual for
business or investment purposes uses the loan proceeds, all or part of the
interest expense may be deductible. Generally, if an individual uses the policy
loan for personal purposes, the interest expense is not deductible. The
deductibility of loan interest (whether incurred under a policy loan or other
indebtedness) also may be subject to other limitations.

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For example, the interest may be deductible to the extent that the interest
is attributable to the first $50,000 of the Outstanding Debt where:

- The interest is paid (or accrued by an accrual basis taxpayer) on a loan
under a policy, and

- The policy covers the life of an officer, employee, or person financially
interested in the trade or business of the policy owners.

Other tax law provisions may limit the deduction of interest payable on loan
proceeds that are used to purchase or carry certain life insurance policies.

Modified Endowment Contracts

Pre-death distributions from modified endowment contracts may result in
taxable income. Upon full surrender or maturity of the policy, the policy owner
would recognize ordinary income for federal income tax purposes. Ordinary income
will equal the amount by which the Cash Value plus Outstanding Debt exceeds the
investment in the policy. (The investment in the policy is usually the premiums
paid plus certain pre-death distributions that were taxable less any premiums
previously recovered that were excludable from gross income.) Upon partial
surrenders and policy loans the policy owner would recognize ordinary income to
the extent allocable to income (which includes all previously non-taxed gains)
on the policy. The amount allocated to income is the amount by which the Account
Value of the policy exceeds investment in the policy immediately before
distribution. The tax law provides for aggregation of two or more policies
classified as modified endowment contracts if:

(1) The policies are purchased from any one insurance company
(including the Company), and

(2) The purchases take place during a calendar year.

The policies are aggregated for the purpose of determining the part of the
pre-death distributions allocable to income on the policies and the part
allocable to investment in the policies.

Amounts received under a modified endowment contract that are included in
gross income are subject to an additional tax. This additional tax is equal to
10% of the amount included in gross income, unless an exception applies. The 10%
additional tax does not apply to any amount received:

(1) When the taxpayer is at least 59 1/2 years old;

(2) Which is attributable to the taxpayer becoming disabled; or

(3) Which is part of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life expectancy)
of the taxpayer or the joint lives (or joint life expectancies) of the
taxpayer and his or her beneficiary.

A contract may not be a modified endowment contract originally but may
become one later. Treasury Department regulations, yet to be prescribed, cover
pre-death distributions received in anticipation of the policy's failure to meet
the seven-pay premium test. These distributions are to be treated as pre-death
distributions from a modified endowment contract (and, therefore, are to be
taxed as described above). This treatment is applied even though the policy was
not yet a modified endowment contract. The Code defines a distribution in
anticipation of failing the test as one made within two years of the policy
being classified as a modified endowment contract.

It is unclear whether interest paid (or accrued by an accrual basis
taxpayer) on Outstanding Debt with respect to a modified endowment contract
constitutes interest for federal income tax purposes. If it does constitute
interest, its deductibility will be subject to the same limitations as
conventional life insurance contracts (see "Conventional Life Insurance
Policies," page 56.)

Reasonableness Requirement for Charges

The tax law also deals with allowable mortality costs and other expenses
used in the calculations to determine whether a contract qualifies as life
insurance for income tax purposes. For policies entered into
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on or after October 21, 1988, the calculations must be based upon, (1)
reasonable mortality charges, and (2) other charges reasonably expected to be
paid. The Treasury Department is expected to declare regulations governing
reasonableness standards for mortality charges. We believe our mortality costs
and other expenses used in these calculations meet the current requirements. It
is possible that future regulations will contain standards that would require us
to modify our mortality charges for these calculations. We reserve the right to
make modifications to retain the policy's qualification as life insurance for
federal income tax purposes.

Pension and Profit Sharing Plans

Policies purchased by a fund, which is part of a pension or profit sharing
plan (under Sections 401(a) or 403 of the Code), will be treated differently
from that described above. For participants in these plans, the current cost of
insurance for the net amount at risk is treated as a "current fringe benefit."
The current cost of insurance must be included annually in the plan
participant's gross income. This cost (referred to as the "P.S. 58" cost) is
reported to the participant annually. The excess of the death benefit over the
policy Account Value will not be subject to federal income tax if:

(1) The plan participant dies while covered by the plan, and

(2) The policy proceeds are paid to the participant's beneficiary.

However, the policy Account Value will generally be taxable to the extent it
exceeds the sum of (1) $5,000 plus (2) the participant's cost basis in the
policy. The participant's cost basis will generally include the costs of
insurance previously reported as income to the participant. Special rules may
apply if the participant has borrowed from his or her policy or was an
owner-employee under the plan.

There are limits on the amounts of life insurance that may be purchased on
behalf of a participant in a pension or profit sharing plan. Complex rules, in
addition to those discussed above, apply whenever life insurance is purchased by
a tax-qualified plan.

Other Employee Benefit Programs

Complex rules may apply when a policy is held by an employer or a trust, or
acquired by an employee, to provide for employee benefits. These policy owners
also must consider whether the policy was applied for by or issued to a person
having an insurable interest under applicable state law. The lack of insurable
interest may, among other things, affect the qualification of the policy as life
insurance for federal income tax purposes. It may also affect the right of the
beneficiary to death benefits. Employers and employer-created trusts may be
subject to reporting, disclosure, and fiduciary obligations under the Employee
Retirement Income Security Act of 1974 (ERISA). The policy owner's legal advisor
should be consulted to address these issues.

Other

Federal estate and gift and state and local estate, inheritance, and other
tax consequences of ownership or receipt of policy proceeds depend on the
jurisdiction and the circumstances of each owner or beneficiary.

For complete information on federal, state, local and other tax
considerations, a qualified tax advisor should be consulted.

THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING
THE TAX STATUS OF ANY POLICY

CHARGE FOR COMPANY INCOME TAXES

For federal income tax purposes, variable life insurance generally is
treated in a manner consistent with fixed life insurance. The Company will
review the question of a charge to the Variable Account for
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the Company's federal income taxes periodically. A charge may be made for any
federal income taxes incurred by the Company that are attributable to the
Variable Account. This might become necessary if:

(1) The tax treatment of the Company is ultimately determined to be
other than what the Company currently believes it to be,

(2) There are changes made in the federal income tax treatment of
variable life insurance at the insurance company level, or

(3) There is a change in the Company's tax status.

Under current laws, the Company may incur state and local taxes (in
addition to premium taxes imposed by the states) in several states. At present,
these taxes are not significant. If there is a material change in applicable
state or local tax laws or in the cost to the Company, the Company reserves the
right to charge the Account for any such taxes attributable to the Account.

VOTING OF FUND SHARES

Based on its view of present applicable law, the Company will exercise
voting rights attributable to the shares of each portfolio of the Funds held in
the subaccounts. We will exercise such rights at any regular and special
meetings of the shareholders of the Funds on matters requiring shareholder
voting under the Investment Company Act of 1940. Our will exercise of these
voting rights will be based on instructions received from persons having the
voting interest in corresponding subaccounts of MONY Variable Account L. We may
elect to vote the shares of the Funds in our own right if:

(1) The Investment Company Act of 1940 or any regulations thereunder
is amended, or

(2) The present interpretation of the Act should change, and

(3) As a result we determine that it is permitted to vote the shares
of the Funds in our own right.

The person having the voting interest under a policy is the policy owner.
Unless otherwise required by applicable law, a policy owner will have the right
to instruct for the number of votes of any portfolio determined by dividing his
or her Account Value in the subaccount that corresponds to the portfolio by
$100. Fractional votes will be counted. The number policy owner votes will be
determined as of the date set by the Company. However, such date will not be
more than 90 days prior to the date established by the corresponding Fund for
determining shareholders eligible to vote at that Fund's meeting. If required by
the Securities and Exchange Commission, the Company reserves the right to
determine the voting rights in a different fashion. Voting instructions may be
cast in person or by proxy.

If the Company does not receive voting instructions from the policy owner
on time, the Company will vote his or her votes. The Company will vote in the
same proportion as voting instructions received on time for all policies
participating in that subaccount. The Company will also exercise the voting
rights from assets in each subaccount, which are not otherwise attributable to
policy owners. These votes will be exercised in the same proportion as the
voting instructions that are received on time for all policies participating in
that subaccount. Generally, the Company will vote any voting rights attributable
to shares of portfolios of the Funds held in its General Account. These votes
will be exercised in the same proportion as the aggregate votes cast with
respect to shares of portfolios of the Funds held by MONY Variable Account L and
other separate accounts of the Company.

DISREGARD OF VOTING INSTRUCTIONS

The Company may disregard voting instructions when required by state
insurance regulatory authorities, if, (1) the instructions require that voting
rights be exercised so as to cause a change in the subclassification or
investment objective of a Portfolio, or (2) to approve or disapprove an
investment advisory contract. In addition, the Company itself may disregard
voting instructions of changes initiated by policy owners in the investment
policy or the investment adviser (or portfolio manager) of a portfolio. The

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Company's disapproval of such change must be reasonable and must be based on a
good faith determination that the change would be contrary to state law or
otherwise inappropriate, considering the portfolio's objectives and purpose, and
considering the effect the change would have on the Company. If Company does
disregard voting instructions; a summary of that action and the reasons for such
action will be included in the next report to policy owners.

REPORT TO POLICY OWNERS

A statement will be sent at least annually to each policy owner setting
forth:

(1) A summary of the transactions which occurred since the last
statement, and

(2) Indicating the death benefit, Specified Amount, Account Value,
Cash Value, and any Outstanding Debt.

In addition, the statement will indicate the allocation of Account Value among
the Guaranteed Interest Account, the Loan Account and the subaccounts, and any
other information required by law. Confirmations will be sent out upon premium
payments, transfers, loans, loan repayments, withdrawals, and surrenders.

Each policy owner will also receive an annual and a semiannual report
containing financial statements for MONY Variable Account L and the Funds. The
Funds' statement will include a list of the portfolio securities of the Funds,
as required by the Investment Company Act of 1940, and/or such other reports as
may be required by federal securities laws.

SUBSTITUTION OF INVESTMENTS AND RIGHT TO CHANGE OPERATIONS

The Company reserves the right, subject to compliance with the law as then
in effect, to make additions to, deletions from, or substitutions for the
securities that are held by or may be purchased by MONY Variable Account L or
any of its other separate accounts. The Company may substitute shares of another
portfolio of the Funds or of a different fund for shares already purchased, or
to be purchased in the future under the policies if:

(1) Shares of any or all of the portfolios of the Funds should no
longer be available for investment or,

(2) In the judgment of the Company's management, further investment in
shares of any or all portfolios of the Funds should become inappropriate in
view of the purposes of the policies.

Where required, the Company will not substitute any shares attributable to
a policy owner's interest in MONY Variable Account L without notice, policy
owner approval, or prior approval of the Securities and Exchange Commission. The
Company will also follow the filing or other procedures established by
applicable state insurance regulators. Applicable state insurance regulators
include the Commissioner of Insurance of the State of Arizona.

The Company also reserves the right to establish additional subaccounts of
MONY Variable Account L. Each additional subaccount would invest in (1) a new
portfolio of the Funds, or (2) in shares of another investment company, a
portfolio thereof, or (3) another suitable investment vehicle, with a specified
investment objective. New subaccounts may be established when, in the sole
discretion of the Company, marketing needs or investment conditions warrant, and
any new Subaccounts will be made available to existing Policy Owners on a basis
to be determined by the Company. The Company may also eliminate one or more
subaccounts if, in its sole discretion, marketing, tax, or investment conditions
so warrant.

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If a substitution or change is made, the Company may make changes in this
and other policies as may be necessary or appropriate to reflect such
substitution or change. If the Company considers it to be in the best interests
of persons having voting rights under the policies, MONY Variable Account L may:

(1) Be operated as a management investment company under the
Investment Company Act of 1940 or any other form permitted by law,

(2) Be deregistered under that Act if such registration is no longer
required, or

(3) Be combined with other separate accounts of the Company or an
affiliate thereof.

Subject to compliance with applicable law, the Company also may combine one or
more Subaccounts and may establish a committee, board, or other group to manage
one or more aspects of the operation of MONY Variable Account L.

CHANGES TO COMPLY WITH LAW

The Company reserves the right to make any change without consent of policy
owners to the provisions of the policy to comply with, or give policy owners the
benefit of, any Federal or State statute, rule, or regulation. Federal and State
laws include but not limited to requirements for life insurance contracts under
the Internal Revenue Code, and regulations of the United States Treasury
Department or any state.

PERFORMANCE INFORMATION

Performance information for the subaccounts of MONY Variable Account L may
appear in advertisements, sales literature, or reports to policy owners or
prospective purchasers. Performance information in advertisements or sales
literature may be expressed in any fashion permitted under applicable law. This
may include presentation of a change in a policy owner's Account Value
attributable to the performance of one or more subaccounts, or as a change in a
policy owner's death benefit. Performance quotations may be expressed as a
change in a policy owner's Account Value over time or in terms of the average
annual compounded rate of return on the policy owner's Account Value. Such
performance is based upon a hypothetical policy in which premiums have been
allocated to a particular Variable Account over certain periods of time that
will include one, five and ten years, or from the commencement of operation of
the Variable Account if less than one, five, or ten years. Any such quotation
may reflect the deduction of all applicable charges to the policy including
premium load, the cost of insurance, the administrative charge, and the
mortality and expense risk charge. The quotation may also reflect the deduction
of the surrender charge, if applicable, by assuming surrender at the end of the
particular period. However, other quotations may simultaneously be given that do
not assume surrender and do not take into account deduction of the surrender
charge.

Performance information for MONY Variable Account L may be compared, in
advertisements, sales literature, and reports to policy owners to:

(1) Other variable life separate accounts or investment products
tracked by research firms, ratings services, companies, publications, or
persons who rank separate accounts or investment products on overall
performance or other criteria, and

(2) The Consumer Price Index (measure for inflation) to assess the
real rate of return from the purchase of a policy.

Reports and promotional literature may also contain the Company's rating or a
rating of the Company's claim paying ability as determined by firms that analyze
and rate insurance companies and by nationally recognized statistical rating
organizations.

Performance information for any subaccount of MONY Variable Account L
reflects only the performance of a hypothetical policy whose Account Value is
allocated to MONY Variable Account L during a particular time period on which
the calculations are based. Performance information should be
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considered in light of the investment objectives and policies, characteristics
and quality of the portfolios of the Funds in which MONY Variable Account L
invests. The market conditions during the given period of time, and should not
be considered as a representation of what may be achieved in the future.

We may also use non-standard performance in cases where we add new
subaccounts which purchase shares of underlying funds in existence prior to the
formation of such subaccounts. In such cases we will use the historical
performance of the underlying fund with the current expenses of the applicable
subaccount under the policy.

THE GUARANTEED INTEREST ACCOUNT

You may allocate all or a portion of your net premiums and transfer Account
Value to the Guaranteed Interest Account of the Company. Amounts allocated to
the Guaranteed Interest Account become part of the "General Account" of the
Company, which supports insurance and annuity obligations. The amounts allocated
to the General Account of the Company are subject to the liabilities arising
from the business the Company conducts. Descriptions of the Guaranteed Interest
Account are included in this Prospectus for the convenience of the purchaser.
The Guaranteed Interest Account and the General Account of the Company have not
been registered under the Securities Act of 1933 and the Investment Company Act
of 1940. Accordingly, neither the Guaranteed Interest Account nor any interest
therein is generally subject to the provisions of these Acts and, as a result,
the staff of the Securities and Exchange Commission has not reviewed the
disclosure in this prospectus relating to the Guaranteed Interest Account.
Disclosures regarding the Guaranteed Interest Account may, however, be subject
to certain generally applicable provisions of the federal securities laws
relating to the accuracy and completeness of statements made in the prospectus.
For more details regarding the Guaranteed Interest Account, see the policy.

GENERAL DESCRIPTION

Amounts allocated to the Guaranteed Interest Account become part of the
General Account of Company which consists of all assets owned by the Company
other than those in MONY Variable Account L and other separate accounts of the
Company. Subject to applicable law, the Company has sole discretion over the
investment of the assets of its General Account.

You may elect to allocate net premiums to the Guaranteed Interest Account,
MONY Variable Account L, or both. You may also transfer Account Value from the
subaccounts of MONY Variable Account L to the Guaranteed Interest Account or
from the Guaranteed Interest Account to the subaccounts. The Company guarantees
that the Account Value in the Guaranteed Interest Account will be credited with
a minimum interest rate of 0.010746% daily, compounded daily, for a minimum
effective annual rate of 4.0%. Such interest will be paid regardless of the
actual investment experience of the Guaranteed Interest Account. In addition,
Company may in its sole discretion declare current interest in excess of the
4.0% annual rate, which will be guaranteed for approximately one year. The
Company's investment strategy is to acquire securities which will allow annual
interest credits to the Guaranteed Interest Account to vary in accordance with
the London Interbank Offered Rate (LIBOR). Annual credits can be less than,
equal to or greater than LIBOR. The Company reserves the right to change its
interest strategy. (The portion of a policy owner's Account Value that has been
used to secure Outstanding Debt will be credited with a guaranteed interest rate
of 0.010746% daily, compounded daily, for a minimum effective annual rate of
4.0%.)

The Company bears the full investment risk for the Account Value allocated
to the Guaranteed Interest Account.

POLICY CHARGES

Deductions from premium, monthly deductions from the Account Value, other
than the mortality and expense risk fee, will be the same for policy owners who
allocate net premiums or transfer Account Value

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to the Guaranteed Interest Account or allocate net premiums to the subaccounts.
These charges include the sales and tax charges; the charges for the cost of
insurance, administrative charge, issue charge, and the charge for the Term
Insurance Rider. Fees for partial surrenders and, if applicable, transfer
charges, will also be deducted from the Guaranteed Interest Account.

You will not directly or indirectly pay charges applicable to the
portfolios, including the operating expenses of the portfolios, and the
investment advisory fee charged by the portfolio managers if your Account Value
is allocated to the Guaranteed Interest Account. Likewise, the mortality and
expense risk charge applicable to the Account Value allocated to the subaccounts
is not deducted from Account Value allocated to the Guaranteed Interest Account.
Any amounts that the Company pays for income taxes allocable to the subaccounts
will not be charged against the Guaranteed Interest Account. However, it is
important to remember that you will not participate in the investment experience
of the subaccounts to the extent that Account Values are allocated to the
Guaranteed Interest Account.

TRANSFERS

Amounts may be transferred after the Right to Return Policy Period from the
subaccounts to the Guaranteed Interest Account and from the Guaranteed Interest
Account to the subaccounts, subject to the following limitations.

- Transfers to the Guaranteed Interest Account may be made at any time and
in any amount, subject to the $250,000 limit referenced above (this limit
is waived if the policy owner elects the Right to Exchange the Policy).

- Transfers from the Guaranteed Interest Account to the subaccounts are
limited to one in any policy year.

- Transfers from the Guaranteed Interest Account are limited to the greater
of $5,000 and 25% of the Account Value allocated to the Guaranteed
Interest Account on the date of the transfer.

- Transfers from the Guaranteed Interest Account may only be made during
the time period which begins on the policy anniversary and which ends 30
days after the policy anniversary.

If the transfer request is received on the policy anniversary, it will be
processed as of the policy anniversary. If the transfer request is received
within 30 days after the policy anniversary, the transfer will be effective as
of the close of business on the day received if it is a Valuation Date. If it is
not a Valuation Date, then at the close of business on the next day which is a
Valuation Date. Any request received within 10 days before the policy
anniversary will be considered received on the policy anniversary. Any transfer
requests received at other times will not be honored, and will be returned to
the policy owner.

Currently there is no charge on transfers of Account Value between
subaccounts or between the Guaranteed Interest Account and the subaccounts. The
Company reserves the right to charge up to a maximum of $25 for transfers. In
addition, we reserve the right to impose other limitations on the number of
transfers, the amount of transfers, and the amount remaining in the Guaranteed
Interest Account or subaccounts after a transfer.

SURRENDERS AND POLICY LOANS

You may also make full surrenders and partial surrenders from the
Guaranteed Interest Account to the same extent as if you had invested in the
subaccounts. See "Full Surrender," page 46 and "Partial Surrender", page 47.
Transfers and surrenders payable from the Guaranteed Interest Account, and the
payment of policy loans allocated to the Guaranteed Interest Account, may be
delayed for up to six months. However, with respect to policies issued for
delivery to residents of the Commonwealth of Pennsylvania, the Company will not
delay payment of surrenders or loans, the proceeds of which will be used to pay
premiums on the policy.

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MORE ABOUT THE POLICY

OWNERSHIP

The policy owner is the individual named as such in the application or in
any later change shown in the Company's records. While the insured is living,
the policy owner alone has the right to receive all benefits and exercise all
rights that the policy grants or the Company allows.

Joint Owners

If more than one person is named as policy owner, they are joint owners.
Any policy transaction requires the signature of all persons named jointly.
Unless otherwise provided, if a joint owner dies, ownership passes to the
surviving joint owner(s). When the last joint owner dies, ownership passes
through that person's estate, unless otherwise provided.

BENEFICIARY

The beneficiary is the individual named as such in the application or any
later change shown in the Company's records. The policy owner may change the
beneficiary at any time during the life of the insured by written request on
forms provided by the Company. The Company must receive the request at its
administrative office. The change will be effective as of the date this form is
signed. Contingent and/or concurrent beneficiaries may be designated. The policy
owner may designate a permanent beneficiary, whose rights under the policy
cannot be changed without his or her consent. Unless otherwise provided, if no
designated beneficiary is living upon the death of the insured, the policy owner
or the policy owner's estate is the beneficiary.

The Company will pay the death benefit proceeds to the beneficiary. Unless
otherwise provided, the beneficiary must be living at the time of the insured's
death to receive the proceeds.

The Policy

This Policy is a contract between the policy owner and the Company. The
entire contract consists of the policy, a copy of the initial application, all
subsequent applications to change the policy, any endorsements, all riders, and
all additional policy information sections (specification pages) added to the
policy.

NOTIFICATION AND CLAIMS PROCEDURES

Any election, designation, change, assignment, or request made by you must
be in writing on a form acceptable to the Company. The Company is not liable for
any action taken before such written notice is received and recorded. The
Company may require that the policy be returned for any policy change or upon
its surrender.

If an insured dies while the policy is in effect, notice should be given to
the Company as soon as possible. Claim procedure instructions will be sent
immediately. As due proof of death, the Company may require proof of age and a
certified copy of a death certificate. The Company may also require the
beneficiary and the insured's next of kin to sign authorizations as part of this
process. These authorization forms allow the Company to obtain information about
the insured, including but not limited to medical records of physicians and
hospitals used by the insured.

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PAYMENTS

Within seven days after the Company receives all the information needed for
processing a payment, the Company will:

(1) Pay death benefit proceeds,

(2) Pay the Cash Value on surrender, partial surrenders and loan
proceeds based on allocations made to the subaccounts, and

(3) Effect a transfer between subaccounts or from the Variable Account
to the Guaranteed Interest Account.

However, payment of any partial surrender or loan payment involving a
determination of account value in the GIA (except when used to pay premiums) may
be postponed for up to 6 months from the date we receive the request for
surrender or loan. The Company can also postpone the calculation or payment of
such a payment or transfer of amounts based on investment performance of the
subaccounts if:

- The New York Stock Exchange is closed on other than customary weekend and
holiday closing or trading on the New York Stock Exchange is restricted
as determined by the SEC; or

- An emergency exists, as determined by the SEC, as a result of which
disposal of securities is not reasonably practicable or it is not
reasonably practicable to determine the value of the Account's net
assets.

Interest will be paid on death proceeds from the date of the insured's
death to the date of payment. We will determine the interest rate for each year,
and this rate will not be less than the annual rate paid under Settlement Option
1.

PAYMENT PLAN/SETTLEMENT PROVISIONS

Maturity or surrender benefits may be used to purchase a payment plan
providing monthly income for the lifetime of the Insured. Death benefit proceeds
may be used to purchase a payment plan providing monthly income for the lifetime
of the beneficiary. The monthly payments consisting of proceeds plus interest
will be paid in equal installments for at least ten years. The purchase rates
for the payment plan are guaranteed not to exceed those shown in the policy, but
current rates that are lower (i.e., providing greater income) may be established
by the Company from time to time. This benefit is not available if the income
would be less than $25 a month. Maturity or surrender benefits or death benefit
proceeds may be used to purchase any other payment plan that the Company makes
available at that time.

PAYMENT IN CASE OF SUICIDE

If the insured dies by suicide, (1) while sane or insane, (2) within two
years from the policy date or reinstatement date, the Company will limit the
death benefit proceeds to the premium payments less any partial surrender
amounts (and their fees) and any Outstanding Debt. If an insured dies by
suicide, (1) while sane or insane, (2) within two years of the effective date of
any increase in the Specified Amount, the Company will refund the cost of
insurance charges made with respect to such increase.

ASSIGNMENT

You may assign your policy as collateral security for a loan or other
obligation. No assignment will bind the Company unless the original, or a copy,
is received at the Company's administrative office. The assignment will be
effective only when recorded by the Company. An assignment does not change the
ownership of the policy. However, after an assignment, the rights of any policy
owner or beneficiary will be subject to the assignment. The entire policy,
including any attached payment option or rider, will be subject to the
assignment. The Company will rely solely on the assignee's statement as to the
amount of the assignee's interest. The Company will not be responsible for the
validity of any assignment. Unless otherwise provided, the assignee may exercise
all rights this policy grants except (a) the right to change

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the policy owner or beneficiary, and (b) the right to elect a payment option.
Assignment of a policy that is a modified endowment contract may generate
taxable income. (See "Federal Income Tax Considerations", page 55.)

ERRORS ON THE APPLICATION

If the age or gender of the insured has been misstated, the death benefit
under this policy will be the greater of:

(1) What would be purchased by the most recent cost of insurance
charge at the correct age and gender, or

(2) The death benefit derived by multiplying the Account Value by the
death benefit percentage for the correct age and gender.

If unisex cost of insurance rates apply, no adjustment will be made for a
misstatement of gender. See "Deductions from Account Value-Cost of Insurance,"
page 52.

INCONTESTABILITY

The Company may contest the validity of this policy if any material
misstatements are made in the application. However, the policy will be
incontestable as follows:

(1) The initial Specified Amount cannot be contested after the policy
has been in force during the insured's lifetime for two years from the
policy date; and

(2) An increase in the Specified Amount or any reinstatement cannot be
contested after the increase or the reinstated policy has been in force
during an Insured's lifetime for two years from its effective date.

POLICY ILLUSTRATIONS

Upon request, the Company will send you an illustration of future benefits
under the policy based on both guaranteed and current cost assumptions.

DISTRIBUTION OF THE POLICY

MONY Securities Corporation ("MSC"), a wholly owned subsidiary of MONY Life
Insurance Company, is principal underwriter (distributor) of the policies. MSC
is a New York corporation organized on September 26, 1969. MSC is registered as
a broker-dealer under the Securities Exchange Act of 1934 and is a member of the
National Association of Securities Dealers. The policies are sold by individuals
who are registered representatives of MSC and who are also licensed as life
insurance agents for the Company. The policies may also be sold through other
broker/dealers authorized by MSC and applicable law to do so.

Except where MSC has authorized other broker/dealers to sell the policies
(as described in the preceding paragraph), compensation payable for the sale of
the policies will be based upon the following schedule. After issue of the
Contract, commissions will equal at most:

- 15% of Target Premiums paid in policy years 1 and 2,

- 12% of Target Premiums paid in policy years 3 through 5, and

- 10% of Target Premiums paid in policy years 6 through 10.

In addition, for as long as the policy is in effect, we may pay a commission up
to .20% of the Account Value allocated to the subaccounts. Upon any subsequent
unscheduled increase in Specified Amount, the same commission rates will apply
to the premium amounts allocated to the new coverage segment. Further,
registered representatives may be eligible to receive certain bonuses and other
benefits based on the amount of earned commissions.
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Commissions may be required to be repaid to us if sales charges are
refunded upon a full surrender or partial surrender of the policy or upon
exercise of the exchange privileges during the first 24 months after the policy
date.

In addition, registered representatives who meet specified production
levels may qualify, under sales incentive programs adopted by Company, to
receive noncash compensation such as expense-paid trips, expense-paid
educational seminars and merchandise. Company makes no separate deductions,
other than previously described, from premiums to pay sales commissions or sales
expenses.

POLICY OWNER SERVICES

The Company currently offers policy owners two services: Dollar Cost
Averaging and Automatic Rebalancing. These services may be terminated at any
time; owners of Policies in force at the time of termination utilizing these
services will receive 30 days prior notice. There currently are no charges for
these services and any transfers as a result of the operation of these services
are not counted toward the limit of 12 transfers per Policy Year without a
transfer charge. If the Company elects to impose a charge for these services,
owners of policies in force at that time utilizing these services will receive
30 days prior notice. These services involve the sale of units in one or more
subaccounts and the purchase of units in one or more other Subaccounts. This may
result in a loss of Account Value.

Dollar Cost Averaging

Dollar Cost Averaging is available to owners of policies with Account Value
allocated to the Money Market Subaccount. The main objective of Dollar Cost
Averaging is to protect the Account Value from short-term price fluctuations.
Under Dollar Cost Averaging the same dollar amount is transferred to other
Subaccounts each period. Therefore, more units are purchased in a Subaccount if
the value per unit that period is low, and fewer units are purchased if the
value per unit that period is high. This plan of investing keeps the Policy
Owner from investing too much when the price of shares is high and too little
when the price of shares is low. There is no guarantee that this service will
generate a profit or avoid a loss.

Dollar Cost Averaging may be elected by completing and returning the form
provided by us to Customer Service Center. Once the election is made, a
designated dollar amount of Account Value will be transferred automatically from
the Money Market Subaccount to one or more other Subaccounts of the Variable
Account each period. Dollar Cost Averaging allocations may be made either
monthly or quarterly. (Dollar Cost Averaging transfers may not be made to the
Guaranteed Interest Account.) Dollar Cost Averaging may be terminated at a
designated date or when the Money Market Subaccount reaches a pre-defined
minimum balance.

Each transfer under Dollar Cost Averaging must be at least $250. Each
automatic monthly transfer will take place on the 10th day of each calendar
month; automatic quarterly transfers take place on the 10th day of the last
month of each calendar quarter. If Dollar Cost Averaging is elected at the time
of application, transfers will begin in the appropriate calendar month following
completion of the Right to Return Policy Period. If elected after issuance of
the Policy, transfers will begin in the appropriate calendar month which is at
least 30 days following our receipt of the request for Dollar Cost Averaging.
If, at the time of any transfer, the amount in the Money Market Subaccount is
equal to or less than the amount elected to be transferred, the entire remaining
balance will be transferred and Dollar Cost Averaging will end. The amount to be
transferred or the Subaccounts to which transfers are to be made may be changed
once each Policy year. Dollar Cost Averaging may be canceled at any time by
sending notice to our Customer Service Center which is received at the Center at
least 10 days before the next transfer date.

If both Dollar Cost Averaging and Automatic Rebalancing are elected, Dollar
Cost Averaging will take place first. Automatic Rebalancing will begin only
after a monthly or quarterly Dollar Cost Averaging transfer has been completed.

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Automatic Rebalancing

Automatic Rebalancing provides a method for maintaining a balanced approach
to allocating Account Values among Subaccounts and simplifies the process of
asset allocation over time.

Automatic Rebalancing may be elected when application for a Policy is made
or at any subsequent time by completing and returning to the Company at the
Customer Service Center the form provided by the Company. Automatic Rebalancing
matches Subaccount Account Value allocations over time to the most recently
filed allocation percentages for new premiums allocated to the Subaccounts. As
of the 10th day of the last month of each calendar quarter, the Company will
automatically re-allocate the amounts in each of the Subaccounts into which
premiums are allocated to match the premium allocation percentages. This will
rebalance Subaccount Account Values that may be out of line with the allocation
percentages indicated, which may result, for example, from Subaccounts which
underperform other Subaccounts in certain quarters. Allocations to the
Guaranteed Interest Account will not be rebalanced.

If Automatic Rebalancing is elected with the application, the first
transfer will occur on the 10th day of the last month of the calendar quarter
which begins after the end of the Right to Return Policy Period. If elected
after Policy issue, transfers will begin as of the 10th day of the last month of
the calendar quarter which follows the Company's receipt of notification at the
Customer Service Center.

The Automatic Rebalancing feature percentages may be adjusted by changing
the Policy's premium allocation percentages. If the Automatic Rebalancing
feature is active on a Policy and a premium allocation which does not meet the
Company's requirement is received, the Company will notify the Policy Owner that
the allocation must be changed; any such request will not be processed unless a
request for discontinuance of Automatic Rebalancing is received.

Automatic Rebalancing may be terminated at any time, so long as notice of
the termination is received at the Customer Service Center at least 10 days
prior to the next scheduled transfer.

If both Dollar Cost Averaging and Automatic Rebalancing are elected, Dollar
Cost Averaging will take place first. Automatic Rebalancing will begin only
after Dollar Cost Averaging has ended.

MORE ABOUT THE COMPANY

MANAGEMENT

The directors and officers of the Company are listed below. The business
address for all directors and officers of MONY Life Insurance Company is 1740
Broadway, New York, New York 10019.

Current Officers and Directors of the Company are:

NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------

Tom H. Barrett............................ Director since 1990. Partner in American Industrial
Partners, a private investment partnership since 1992.
Serves on the board of directors of Air Products and
Chemicals, Inc., A.O. Smith Corporation and Newell
Rubbermaid, Incorporated.
David L. Call............................. Director since 1993. Dean Emeritus, Cornell University,
College of Agriculture and Life Sciences since 1995.
Serves as small business consultant and is a director of
Seneca Foods Corporation.
G. Robert Durham.......................... Director since 1988. Retired from Walter Industries,
Inc., a home building and financing, natural resources
and industrial manufacturing company in 1996 after
serving as Chairman of the Board and Chief Executive
Officer since 1991. Serves on the board of directors of
The FINOVA Group, Inc., Amphenol Corporation and Earle
M. Jorgensen Co.

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NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------

James B. Farley........................... Director since 1988. Retired from MONY Life Insurance
Company in 1994 after serving as Chairman of the Board
from 1993 and Chairman of the Board and Chief Executive
Officer since 1991. Serves on the board of directors of
Ashland, Inc. and Harrah's Entertainment, Inc. and is a
Trustee of the Forster Trust.
Robert Holland, Jr. ...................... Director since 1990. Owner and Chief Executive Officer
of WorkPlace Integrators, an office furniture dealership
in Southeast Michigan, since 1996. Chief Executive
Officer of Ben & Jerry's Homemade, Inc., an ice cream
company from February 1995 to October 1996. Serves on
the board of directors of AC Nielsen Corporation, Henry
Ford Health System, Tricon Global Restaurants, Inc.,
Trumark Inc. and Lexmark International, and is on the
Advisory Board of Boardroom Consultants.
Frederick W. Kanner....................... Director since March 2000. Partner of Dewey Ballantine
LLP since 1976, and an Associate of said firm prior to
that time. Serves on the Board of Trustees of the
Lawyers' Alliance for New York and the Lawyers'
Committee for Civil Rights under Law.
Robert R. Kiley........................... Director since 1995. President and Chief Executive
Officer of the New York City Partnership and Chamber of
Commerce, Inc. since 1995. Principal of Kohlberg & Co.
since 1994. Serves on the board of directors of the New
York City Partnership and Chamber of Commerce, Inc.
James L. Johnson.......................... Director since 1986. Chairman Emeritus of GTE
Corporation, a telecommunications company, having served
as Chairman and Chief Executive Officer from 1988 to
1992. Serves on the board of directors of CellStar
Corporation, The FINOVA Group, Inc., Harte-Hanks
Communications, Inc., Valero Energy Corp. and Walter
Industries, Inc.
John R. Meyer............................. Director since 1972. Professor Emeritus, Harvard
University since 1997. Professor at Harvard University
from 1973 to 1997. Serves on the board of directors of
AC Nielsen Corporation.
Jane C. Pfeiffer.......................... Director since 1988. Ms. Pfeiffer is an independent
management consultant. Serves on the board of directors
of Ashland, Inc., International Paper Company and J.C.
Penney Company, Inc. and is trustee of the University of
Notre Dame and a member of The Council on Foreign
Relations.
Thomas C. Theobald........................ Director since 1990. Managing director, William Blair
Capital Partners, L.L.C., an investment firm since 1994.
Serves on the board of directors of Anixter
International, Inc., Xerox Corp., Jones Lang LaSalle,
Inc., LaSalle US Realty Income and Growth Fund, Stein
Roe Funds, AuditForce, Inc. and MacArthur Foundation.

All of the officers have held their respective positions listed below for five
or more years, except as noted.

NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------

Current Officer-Directors of the Company are:
Michael I. Roth....................................... Director, Chairman and Chief Executive
Officer
Samuel J. Foti........................................ Director, President and Chief Operating
Officer
Kenneth M. Levine..................................... Director, Executive Vice President and
Chief Investment Officer

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NAME OFFICE WITH DEPOSITOR
- ---- ---------------------

Other Officers of the Company are:
Lee M. Smith.......................................... Corporate Secretary and Vice President,
Government Relations
Richard E. Connors.................................... Senior Vice President
Richard Daddario...................................... Executive Vice President and Chief
Financial Officer
Phillip A. Eisenberg.................................. Senior Vice President and Chief Actuary
Stephen J. Hall....................................... Senior Vice President
Bart Schwartz......................................... Senior Vice President and General
Counsel (since June 2000)
David V. Weigel....................................... Treasurer

No officer or director listed above receives any compensation from MONY
Variable Account L. The Company or any of its affiliates has paid no separately
allocable compensation to any person listed for services rendered to the
Account.

Mr. Roth is Chairman of the Board and Chief Executive Officer (since August
1998) and Director (since September 1997) of The MONY Group Inc. Chairman of the
Board and Chief Executive Officer (since July 1991) and Director (since June
1991) of MONY Life Insurance Company of America. Director of MONY subsidiaries:
1740 Advisers, Inc. (since December 1992), MONY Benefits Management Corp. (since
March 1999). Serves on the board of directors of the American Council of Life
Insurance, The Life Insurance Council of New York, Enterprise Foundation (a
charitable foundation which develops housing not affiliated with the Enterprise
Group of Funds), Metropolitan Development Association of Syracuse and Central
New York, Enterprise Group of Funds, Inc., Enterprise Accumulation Trust, Pitney
Bowes, Inc., Lincoln Center for the Performing Arts Leadership Committee, Life
Office Management Association, New York City Partnership and Chamber of
Commerce, and Committee for Economic Development. Also serves as Chairman of the
Board of Insurance Marketplace Standards Association.

Mr. Foti is President and Chief Operating Officer (since August 1998) and
Director (since September 1997) of The MONY Group Inc. President and Chief
Operating Officer of MONY Life Insurance Company of America (since February
1994) and Director (since September 1989). Director of MONY subsidiaries: MONY
Brokerage, Inc. (since January 1990), MONY International Holdings, Inc. (since
October 1994), MONY Life Insurance Company of the Americas, Ltd. (since December
1994). Serves on the board of directors of Enterprise Group of Funds, Inc.,
Enterprise Accumulation Trust and The American College of which he is Chairman.

Mr. Levine is Executive Vice President and Chief Investment Officer (since
August 1998) and Director (since September 1997) of The MONY Group Inc. Chairman
of the Board (since December 1991) and President (since June 1992) of MONY
Series Fund, Inc. Director of MONY subsidiaries: MONY Life Insurance Company of
America (since July 1991), 1740 Advisers, Inc. (since December 1989), MONY
Benefits Management Corp. (since October 1991), MONY Realty Partners, Inc.
(since October 1991) and 1740 Ventures, Inc. (since October 1991).

Mr. Daddario is Executive Vice President and Chief Financial Officer (since
August 1998) of The MONY Group Inc. Vice President and Controller of MONY Life
Insurance Company of America (since September 1989). Director of MONY
subsidiaries: MONY International Holdings, Inc. (since 1998), MONY Brokerage,
Inc. (since June 1997) and MONY Life Insurance Company of the Americas, Ltd.
(since December 1997).

Mr. Eisenberg is Vice President and Actuary (since November 1992) and
Director of MONY Life Insurance Company of America. Director of MONY subsidiary:
MONY Benefits Management Corp. (since March 1999).

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82

Mr. Smith is Vice President and Secretary (since September 1999) of The
MONY Group Inc. Vice President -- Government Relations and Industry Affairs.

Mr. Connors is Director of MONY Life Insurance Company of America (since
June 1994). Director of MONY subsidiary: MONY Brokerage, Inc. (since May 1994).

Mr. Hall is Director of MONY Life Insurance Company of America (since June
1991). Director of MONY subsidiary: MONY Brokerage, Inc. (since October 1991).

Mr. Schwartz is Senior Vice President and General Counsel of the Company
(since June 2000). Previously, he was Senior Vice President, General Counsel and
Secretary of Willis Corroon Corporation (Insurance Brokers) from June 1994 until
June 2000.

Mr. Weigel is Vice President-Treasurer of The MONY Group Inc. (since August
1998). Treasurer of MONY Life Insurance Company of America (since July 1991).

STATE REGULATION

The Company is subject to the laws of the state of Arizona governing
insurance companies and to regulation by the Commissioner of Insurance of
Arizona. In addition, it is subject to the insurance laws and regulations of the
other states and jurisdictions in which it is licensed or may become licensed to
operate. An annual statement in a prescribed form must be filed with the
Commissioner of Insurance of Arizona and with regulatory authorities of other
states on or before March 1st in each year. This statement covers the operations
of the Company for the preceding year and its financial condition as of December
31st of that year. The Company's affairs are subject to review and examination
at any time by the Commissioner of Insurance or his agents, and subject to full
examination of Company's operations at periodic intervals.

RECORDS AND ACCOUNTS

Andesa, TPA, Inc., Suite 502, 1605 N. Cedar Crest Boulevard, Allentown,
Pennsylvania, 18104, will act as transfer agent on behalf of the Company as it
relates to the policies described in this Prospectus. In the role of transfer
agent, Andesa will perform administrative functions, such as decreases,
increases, surrenders, and partial surrenders, fund allocation changes and
transfers on behalf of the Company.

All records and accounts relating to the Separate Account and the Funds
will be maintained by the Company. All financial transactions will be handled by
the Company. All reports required to be made and information required to be
given will be provided by Andesa on behalf of the Company.

LEGAL PROCEEDINGS

There are no legal proceedings pending to which MONY Variable Account L is
a party, or which would materially affect MONY Variable Account L.

LEGAL MATTERS

Legal matters have been passed on by the Vice President and Chief
Counsel -- Operations of MONY Life Insurance Company in connection with:

(1) The issue and sale of the policies described in this prospectus,

(2) The organization of the Company,

(3) The Company's authority to issue the policies under New York law, and

(4) The validity of the forms of the policies under New York law.

Frederick C. Tedeschi, Vice President and Chief Counsel -- Operations of
MONY Life Insurance Company has passed upon legal matters relating to the
federal securities laws and Robert Levy, Vice President -- Chief Tax Counsel,
has passed upon legal matters relating to federal income tax laws.

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REGISTRATION STATEMENT

A Registration Statement under the Securities Act of 1933 has been filed
with the SEC relating to the offering described in this Prospectus. This
Prospectus does not include all of the information set forth in the Registration
Statement, as portions have been omitted pursuant to the rules and regulations
of the SEC. The omitted information may be obtained at the SEC's principal
office located at 450 5th Street, NW, Washington, D.C., 20549, (202) 942-4300
upon payment of the SEC's prescribed fees.

INDEPENDENT ACCOUNTANTS

The audited financial statements for the Company included in this
Prospectus and in the Registration Statement have been audited by
PricewaterhouseCoopers LLP, independent accountants, as indicated in their
reports herein. The audited financial statements for the Company are included in
reliance upon the report of PricewaterhouseCoopers LLP, given on the authority
of said firm as experts in accounting and auditing. PricewaterhouseCoopers LLP's
office is located at 1177 Avenue of the Americas, New York, New York, 10036.

FINANCIAL STATEMENTS

The audited financial statements of the Company are set forth herein,
starting on page F-45.

The financial statements of the Company should be considered only as
bearing upon the ability of the Company to meet its obligations under the
Policies.

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FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS

INDEX TO FINANCIAL STATEMENTS

PAGE
----

With respect to MONY Variable Account L:
No financial statements for MONY Variable Account L are
included because although the MONY Variable Account L
commenced operations in 1990, the subaccounts available to
policyholders had not commenced operations as of June 30,
2000.
With respect to MONY Life Insurance Company:
Unaudited interim condensed consolidated balance sheets as
of June 30, 2000 and December 31, 1999.................
Unaudited interim condensed consolidated statements of
income and comprehensive income for the three-month
periods ended June 30, 2000 and 1999...................
Unaudited interim condensed consolidated statements of
income and comprehensive income for the six-month
periods ended June 30, 2000 and 1999...................
Unaudited interim condensed consolidated statement of
changes in shareholder's equity for the six-month
periods ended June 30, 2000............................
Unaudited interim condensed consolidated statements of
cash flows for the six-month periods ended June 30,
2000 and 1999..........................................
Report of Independent Accountants.........................
Consolidated balance sheets as of December 31, 1999 and
1998...................................................
Consolidated statements of income and comprehensive income
for the years ended December 31, 1999, 1998 and 1997...
Consolidated statements of changes in shareholder's equity
for the years ended December 31, 1999, 1998 and 1997...
Consolidated statements of cash flows for the years ended
December 31, 1999, 1998 and 1997.......................
Notes to financial statements.............................

F-1
85

The complete registration statement and other filed documents for MONY Variable
Account L can be reviewed and copied at the Securities and Exchange Commission's
Public Reference Room in Washington, D.C. You may get information on the
operation of the public reference room by calling the Securities and Exchange
Commission at 1-800-SEC-0330. The registration statement and other filed
documents for MONY Variable Account L are available on the Securities and
Exchange Commission's Internet site at http://www.sec.gov. You may get copies of
this information by paying a duplicating fee, and writing the Public Reference
Section of the Securities and Exchange Commission, Washington, D.C. 20549-6009.
86

PART II

(INFORMATION NOT REQUIRED IN PROSPECTUS)
87

PART II

UNDERTAKING TO FILE REPORTS

Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the Registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and Reports as may be prescribed by any rule or regulation of the
Commission heretofore, or hereafter duly adopted pursuant to authority conferred
in that Section.

RULE 484 UNDERTAKING

The Amended and Restated By-Laws of MONY Life Insurance Company ("MONY")
provide, in Article XV as follows:

Each person (and the heirs, executors and administrators of such
person) made or threatened to be made a party to any action, civil or
criminal, by reason of being or having been a director, officer, or
employee of the corporation (or by reason of serving any other organization
at the request of the corporation) shall be indemnified to the extent
permitted by the law of the State of New York and in the manner prescribed
therein. To this end, and as authorized by Section 722 of the Business
Corporation Law of the State of New York, the Board may adopt all
resolutions, authorize all agreements and take all actions with respect to
the indemnification of directors and officers, and the advance payment of
their expenses in connection therewith.

Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification for such
liabilities (other than the payment by the Registrant of expense incurred or
paid by a director, officer, or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant, will (unless in the opinion of its counsel the
matter has been settled by controlling precedent) submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.

REPRESENTATIONS RELATING TO SECTION 26 OF
THE INVESTMENT COMPANY ACT OF 1940

The Registrant and MONY Life Insurance Company represent that the fees and
charges deducted under the Contract, in the aggregate, are reasonable in
relation to the services rendered, the expenses expected to be incurred, and the
risks assumed by MONY Life Insurance Company.

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88

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement comprises the following papers and documents:

The Facing Sheet.

Cross-Reference to items required by Form N-8B-2.

Prospectus consisting of __ pages.

The Undertaking to file reports.

The signatures.

Written consents of the following persons:

The following exhibits:

1. The following exhibits correspond to those required by paragraph A of
the instructions as exhibits to Form N-8B2:

(1) Resolution of the Board of Trustees of The Mutual Life Insurance
Company of New York authorizing establishment of MONY Variable
Account L, filed as Exhibit 1 (1) to Pre-Effective Amendment No. 1
to Registration Statement on Form S-6, dated December 17, 1990
(Registration Nos. 33-37719 and 811-6217), is incorporated herein by
reference.

(2) Not applicable.

(3) (a) Underwriting Agreement between The Mutual Life Insurance Company
of New York, MONY Series Fund, Inc., and MONY Securities Corp.,
filed as Exhibit 1 (3) (a) to Registration Statement on Form
S-6, dated November 9, 1990 (Registration Nos. 33-37719 and
811-6217), is incorporated by referenced herein.

(b) Proposed specimen agreement between MONY Securities Corp. and
registered representatives, filed as Exhibit 3(b) of
Pre-Effective Amendment No. 1, dated December 17, 1990, to
Registration Statement on Form N-4 (Registration Nos. 33-37722
and 811-6126) is incorporated herein by reference.

(4) Not applicable.

(5) Form of policy [to be filed by Amendment].

(6) Amended and Restated Charter and Amended and Restated By-Laws of
MONY Life Insurance Company, filed as Exhibit 1.(6) to Registration
Statement dated January 29, 1999 on Form S-6 (Registration Nos.
333-71417 and 811-6217) is incorporated herein by reference.

(7) Not applicable.

(8) (a) Form of agreement to purchase shares. (included in Exhibit 1.(5)
[to be filed by Amendment].

(b) Amended Investment Advisory Agreement between MONY Life Insurance
Company of America and MONY Series Fund, Inc. filed as Exhibit
5(i) to Post-Effective amendment No. 14 to Registration Statement
(Registration Nos. 2-95501 and 811-4209) dated February 27, 1998,
is incorporated herein by reference.

Investment Advisory Agreement between Enterprise Capital
Management, Inc. ("Enterprise Capital") and the Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and Quest for Value Advisors, as sub-advisor, filed as Exhibit 5
to Post-Effective Amendment No. 8, dated September 30, 1994, to
Registration Statement on Form N-1A (Registration No. 33-21534),
is incorporated herein by reference.

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89

(c) Services Agreement between The Mutual Life Insurance Company of
New York and MONY Life Insurance Company of America filed as
Exhibit 5(ii) to Pre-Effective Amendment to Registration
Statement (Registration Nos. 2-95501 and 811-4209) dated July 19,
1985, is incorporated herein by reference.

Investment Advisory Agreement between Enterprise Capital
Management, Inc., ("Enterprise Capital") and The Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and , as sub-adviser [to be filed by amendment]

(9) Not applicable.

(10) Application Form for Flexible Premium Variable Universal Life
Insurance Policy (included in Exhibit 1.(5)) [to be filed by
Amendment]

2. Opinion and consent of Frederick C. Tedeschi, Vice President and Chief
Counsel -- Operations, MONY Life Insurance Company, as to legality of
the securities being registered [to be filed by Amendment]

3. Not applicable.

4. Not applicable.

5. Not applicable.

6. Consent of PricewaterhouseCoopers LLP as to financial statements of MONY
Life Insurance Company.

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90

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant,
MONY Variable Account L of MONY Life Insurance Company, has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York and the State of New York, on this 30th
day of June, 2000.

MONY VARIABLE ACCOUNT L OF
MONY LIFE INSURANCE COMPANY

By: /s/ MICHAEL I. ROTH
------------------------------------
Michael I. Roth, Director, Chairman
of
the Board and Chief Executive
Officer

Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been duly signed below by the following persons in
the capacities and on the date indicated.

SIGNATURE DATE
--------- ----

/s/ MICHAEL I. ROTH June 30, 2000
- -----------------------------------------------------
Michael I. Roth
Director, Chairman and Chief Executive Officer

/s/ SAMUEL J. FOTI June 30, 2000
- -----------------------------------------------------
Samuel J. Foti
Director, President and Chief Operating Officer

/s/ KENNETH M. LEVINE June 30, 2000
- -----------------------------------------------------
Kenneth M. Levine
Director, Executive Vice President and Chief
Investment Officer

/s/ RICHARD DADDARIO June 30, 2000
- -----------------------------------------------------
Richard Daddario
Executive Vice President and Chief Financial Officer

/s/ PHILLIP A. EISENBERG June 30, 2000
- -----------------------------------------------------
Phillip A. Eisenberg
Senior Vice President and Chief Actuary

/s/ LEE M. SMITH June 30, 2000
- -----------------------------------------------------
Lee M. Smith
Corporate Secretary and Vice President, Government
Relations

June 30, 2000
- -----------------------------------------------------
Tom H. Barrett*
Director

June 30, 2000
- -----------------------------------------------------
David L. Call*
Director

June 30, 2000
- -----------------------------------------------------
G. Robert Durham*
Director

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91

SIGNATURE DATE
--------- ----

June 30, 2000
- -----------------------------------------------------
James B. Farley*
Director

June 30, 2000
- -----------------------------------------------------
Robert Holland, Jr.*
Director

June 30, 2000
- -----------------------------------------------------
James L. Johnson*
Director

June 30, 2000
- -----------------------------------------------------
Frederick W. Kanner
Director

June 30, 2000
- -----------------------------------------------------
Robert R. Kiley*
Director

June 30, 2000
- -----------------------------------------------------
John R. Meyer*
Director

June 30, 2000
- -----------------------------------------------------
Jane C. Pfeiffer*
Director

June 30, 2000
- -----------------------------------------------------
Thomas C. Theobald*
Director

*By: /s/ LEE M. SMITH June 30, 2000
- -----------------------------------------------------
Lee M. Smith
Attorney In Fact

II-5