09/25/2024 | Press release | Distributed by Public on 09/25/2024 12:53
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.)
SEPARATE ACCOUNTS A, N, S, U, AND UV
JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK
SEPARATE ACCOUNT B
Supplement dated September 25, 2024 to the Statutory Prospectuses,
Updating Summary Prospectuses, and Initial Summary Prospectuses,
as applicable, dated April 29, 2024 for the Policies listed below
Notice of Portfolio Substitution
This Supplement updates the Statutory Prospectuses, Updating Summary Prospectuses, and Initial Summary Prospectuses, as applicable, (each a "prospectus") dated April 29, 2024 for the following variable life insurance policies ("Policies") issued by John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (the "Insurance Companies"):
Accumulation Survivorship Variable Universal Life 2020 |
Majestic Variable COLI |
Protection Variable Universal Life 09 |
||
Accumulation SVUL | Majestic Variable Estate Protection | Protection Variable Universal Life 2012 | ||
Accumulation Variable Universal Life | Majestic Variable Estate Protection 98 | Protection Variable Universal Life 2017 | ||
Accumulation Variable Universal Life 08 | Majestic Variable Universal Life | Protection Variable Universal Life 2021 | ||
Accumulation Variable Universal Life 2014 | Majestic Variable Universal Life 98 | Protection Variable Universal Life 2023 | ||
Accumulation Variable Universal Life 2019 | Majestic VCOLIX | Simplified Life | ||
Accumulation Variable Universal Life 2021 | Majestic VULX | Variable Estate Protection | ||
Accumulation Variable Universal Life 2021 Core | Medallion Executive Variable Life | Variable Estate Protection Edge | ||
Corporate VUL | Medallion Executive Variable Life II | Variable Estate Protection Plus | ||
Corporate VUL 05 | Medallion Executive Variable Life III | Variable Master Plan Plus | ||
Corporate VUL 08 | Medallion Variable Universal Life Edge | Corporate VUL 03 | ||
Majestic Accumulation Variable Universal Life 2019 | Medallion Variable Universal Life Edge II | Corporate VUL 04 | ||
Majestic Accumulation Variable Universal Life 2021 | Medallion Variable Universal Life Plus | EPVUL | ||
Majestic Performance Survivorship Variable Universal Life | Performance Executive Variable Life | SPVL | ||
Majestic Performance Variable Universal Life | Performance Survivorship Variable Universal Life | Survivorship VUL | ||
Majestic Survivorship Variable Universal Life 2020 | Protection SVUL | VUL Accumulator | ||
Majestic Survivorship VULX | Protection Variable Universal Life | VUL Protector |
Scheduled Substitution of Portfolio
Effective at the close of business on October 25, 2024 (the "Substitution Date"), in accordance with standards of the U.S. Securities and Exchange Commission, the Insurance Companies will "Substitute" (i.e., replace) the "Existing Portfolio" under the Policies with the "Replacement Portfolio," as set forth in the table below:
Existing Portfolio | Replacement Portfolio | |
PIMCO VIT All Asset Portfolio - Class M | JHVIT Lifestyle Balanced Portfolio - Series I*or NAV |
* |
For Corporate VUL 03, Corporate VUL 04, EPVUL, SPVL, Survivorship VUL, VUL Accumulator and VUL Protector Policies only. |
On the Substitution Date, any policy value allocated to a Variable Investment Option investing in the Existing Portfolio will be automatically transferred to the Variable Investment Option investing in the Replacement Portfolio.
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The Substitution will be effected at the relative net asset value per share of the Existing Portfolio and Replacement Portfolio. Your policy value immediately prior to the Substitution will equal your policy value immediately after the Substitution. There will be no tax consequences for you as a result of the Substitution. The Substitution will be performed at no cost to you. The fees and charges under your Policy will not increase as a result of the Substitution. Your rights and the Insurance Company's obligations under your Policy will not be altered in any way.
After the Substitution Date, the Variable Investment Option investing in the Existing Portfolio will no longer be available for investment.
Please note the following information regarding the Substitution:
• |
From the date of this Supplement through the Substitution Date, you may transfer any policy value allocated to the Variable Investment Option investing in the Existing Portfolio to any Variable Investment Option available under your Policy free of charge. |
• |
For 30 days after the Substitution Date, you may transfer any policy value allocated to the Variable Investment Option investing in the Replacement Portfolio to any Variable Investment Option available under your Policy free of charge. |
• |
Any such transfer will not count against any restrictions or limits on the number of transfers that may be performed under your Policy (except with respect to restrictions to discourage frequent transfer activity as described in the prospectus). |
• |
A transfer request may be made to the Insurance Companies on our website at JohnHancock.com/lifeaccount, by sending in a transfer request form, or by telephone (800-732-5543). |
• |
The Replacement Portfolio will replace the Existing Portfolio in any standing allocation instructions that you have on file. If you are currently enrolled in a dollar cost averaging or asset allocation balancer program, and have designated an amount to be transferred monthly into the Existing Portfolio, after the Substitution Date, that amount that you have designated to the Existing Portfolio will be transferred to the Replacement Portfolio. |
On the Substitution Date, the new Minimum and Maximum charges at the portfolio level for your policy will be the following:
Annual Fee | Minimum | Maximum | ||||||
Variable investment accounts (portfolio fees and expenses) |
0.39 | % | 1.18 | % |
The Replacement Portfolio's prospectus is available at https://dfinview.com/johnhancock?site=funds. You should read this Supplement together with the prospectus for your Policy and retain both documents for future reference. You can also obtain a copy of the Replacement Portfolio's prospectus, without charge, by contacting our Service Office at 800-732-5543 or by sending an e-mail request to[email protected].
VLI ProdSupp VL 09/2024 | ||||||||||||||||
333-85284 |
333-217721 | 333-131134 | 333-235397 | 333-164173 | ||||||||||||
333-124150 |
333-233647 | 333-132905 | 333-238712 | 333-164161 | ||||||||||||
333-131299 |
333-233648 | 333-141693 | 333-126668 | 333-164162 | ||||||||||||
333-141692 |
333-236446 | 333-148992 | 333-152409 | 333-164164 | ||||||||||||
333-148991 |
333-236447 | 333-151631 | 333-164150 | 333-164163 | ||||||||||||
333-151630 |
333-248502 | 333-152407 | 333-164151 | 333-164165 | ||||||||||||
333-152406 |
333-254210 | 333-152408 | 333-164152 | 333-164166 | ||||||||||||
333-153252 |
333-254211 | 333-153253 | 333-164153 | 333-164167 | ||||||||||||
333-157212 |
333-265436 | 333-157213 | 333-164156 | 333-164168 | ||||||||||||
333-179570 |
333-266659 | 333-179571 | 333-164154 | 333-164169 | ||||||||||||
333-193994 |
333-127543 | 333-193995 | 333-164155 | 333-88748 | ||||||||||||
333-194818 |
333-131139 | 333-235396 | 333-164171 | 333-71136 | ||||||||||||
333-100597 |
333-85296 | 333-88972 | 333-33504 | 333-100664 | ||||||||||||
333-100567 |
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