497 1 d497.htm PHOENIX LIFE VARIABLE UNIVERSAL LIFE ACCOUNT Phoenix Life Variable Universal Life Account
Phoenix Life Variable Accumulation Account    Phoenix Life Variable Universal Life Account

Spectrum Edge®+

  

Corporate Edge

  

Estate Edge®

PHL Variable Accumulation Account   

Estate Strategies

Spectrum Edge®+

  

Executive Benefit VUL

  

Flex Edge

  

Flex Edge Success®

  

Individual Edge®

  

Joint Edge®

  

Phoenix Executive VUL®

  

Phoenix Express VULSM

  

The Phoenix Edge®

  

The Phoenix Edge® – SPVL

  

Phoenix Express VUL® with GMWB

  

Phoenix Benefit Choice VULSM

   Phoenix Life and Annuity Variable Universal Life Account
  

Corporate Edge

  

Executive Benefit VUL

   PHLVIC Variable Universal Life Account
  

The Phoenix Edge® – SVUL

  

The Phoenix Edge® – VUL

  

Phoenix Express VULSM

  

Phoenix Express VULSM with GMWB

  

Phoenix Benefit Choice VUL SM

This supplement should be read with the prospectuses dated May 1, 2007, and amended in September 2007 along with all other supplements issued since May 1. 2007 for the above variable annuity and variable universal life products.

The following changes are effective on Monday, March 3, 2008

 

v The names of the following investment options have changed, the subadvisor has changed and the series are closed to new investors on March 3, 2008. The disclosure on the first page of your prospectus is revised as follows:

 

   
Old Name   New Name

Phoenix-S&P Dynamic Asset Allocation Series: Aggressive Growth

  Phoenix Dynamic Asset Allocation Series: Aggressive Growth3

Phoenix-S&P Dynamic Asset Allocation Series: Growth

  Phoenix Dynamic Asset Allocation Series: Growth3

Phoenix-S&P Dynamic Asset Allocation Series: Moderate

  Phoenix Dynamic Asset Allocation Series: Moderate3

Phoenix-S&P Dynamic Asset Allocation Series: Moderate Growth

  Phoenix Dynamic Asset Allocation Series: Moderate Growth3

 

3

Closed to new investors on March 3, 2008.

 

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v The section of your prospectus that describes the Phoenix-S&P Dynamic Asset Allocation Series program is deleted and replaced with the following:

 

  

v  Phoenix Dynamic Asset Allocation Series

  

The Phoenix Dynamic Asset Allocation Series are

“funds of funds” that invest in other mutual funds based on

certain target percentages. The series were designed on

established principles of asset allocation and are intended to

provide various levels of potential total return at various levels

of risk. Asset allocations are updated quarterly, or more often,

depending on changes in the economy or markets. Each

option is rebalanced regularly to the most recent allocations.

The options approved for use are:

  

v  Phoenix Dynamic Asset Allocation Series:

 Moderate

  

v  Phoenix Dynamic Asset Allocation Series:

 Moderate Growth

  

v  Phoenix Dynamic Asset Allocation Series:

 Growth

  

v  Phoenix Dynamic Asset Allocation Series:

 Aggressive Growth

 

v The following portion of the Appendix A-Investment Options section of your prospectus is deleted:

 

Phoenix-S&P Dynamic Asset Allocation Series: Aggressive Growth

  Long-term capital growth  

Phoenix Variable Advisors, Inc.

Subadvisor: Standard & Poor’s Investment Advisory Services, LLC

Phoenix-S&P Dynamic Asset Allocation Series: Growth

  Long-term capital growth with current income as a secondary consideration  

Phoenix Variable Advisors, Inc.

Subadvisor: Standard & Poor’s Investment Advisory Services, LLC

Phoenix-S&P Dynamic Asset Allocation Series: Moderate

  Current income with capital growth as a secondary consideration  

Phoenix Variable Advisors, Inc.

Subadvisor: Standard & Poor’s Investment Advisory Services, LLC

Phoenix-S&P Dynamic Asset Allocation Series: Moderate Growth

  Long-term capital growth and current income with a greater emphasis on capital growth  

Phoenix Variable Advisors, Inc.

Subadvisor: Standard & Poor’s Investment Advisory Services, LLC

 

v The following disclosure is added to the Appendix A-Investment Options section of your prospectus:

 

Phoenix Dynamic Asset Allocation Series: Aggressive Growth

  Long-term capital growth  

Phoenix Variable Advisors, Inc.

Subadvisor: Ibbotson Associates, Inc.

Phoenix Dynamic Asset Allocation Series: Growth

  Long-term capital growth with current income as a secondary consideration  

Phoenix Variable Advisors, Inc.

Subadvisor: Ibbotson Associates, Inc.

Phoenix Dynamic Asset Allocation Series: Moderate

  Current income with capital growth as a secondary consideration  

Phoenix Variable Advisors, Inc.

Subadvisor: Ibbotson Associates, Inc.

Phoenix Dynamic Asset Allocation Series: Moderate Growth

  Long-term capital growth and current income with a greater emphasis on capital growth  

Phoenix Variable Advisors, Inc.

Subadvisor: Ibbotson Associates, Inc.

The following changes are effective on Monday, March 24, 2008

 

v The following investment options are added to the first page of your prospectus:

 

  

v  DWS Small Cap Index VIP, Class A

  

v  Summit S&P MidCap 400 Index Portfolio

 

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v The following is added to the Summary of Expenses section of your prospectus:

Annual Fund Expenses (as a percentage of fund average net assets for the year ended 12/31/06)

 

Series   Investment
Management Fee
  Rule
12b-1 or
Service
Fees
  Other
Operating
Expenses
 

Acquired
Fund

Fees and
Expenses

  Total Annual
Fund Expenses
  Contractual
Reimbursements
& Waivers
  Total Net
Annual Fund
Expenses

DWS Small Cap Index VIP, Class A

  0.45   0.00   0.05   0.00   0.50   0.00   0.50

Summit S&P MidCap 400 Index Portfolio

  0.30   0.00   0.22   0.01   0.53   0.00   0.53

 

v The following is added to the APPENDIX A – Investment Options section of your prospectus:

 

     
Fund Name   Investment Objective   Investment Advisor / Subadvisor

DWS Small Cap Index VIP, Class A

  Seeks to replicate, as closely as possible, before the deduction of expenses, the performance of the Russell 2000® Index, which emphasizes stocks of small U.S. companies   Deutsche Investment Management Americas Inc./Northern Trust Investments

Summit S&P MidCap 400 Index Portfolio

  Seeks investment results that correspond to the total return performance of U.S. common stocks, as represented by the S&P MidCap 400   Summit Investment Partners Inc.

 

Dated: March 4, 2008

   Please keep this supplement for future reference.

 

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