PHOENIX LIFE INSURANCE COMPANY PHL VARIABLE INSURANCE COMPANY PHOENIX LIFE AND ANNUITY COMPANY

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1 PHOENIX LIFE INSURANCE COMPANY PHL VARIABLE INSURANCE COMPANY PHOENIX LIFE AND ANNUITY COMPANY Phoenix Life Variable Accumulation Account PHL Variable Accumulation Account Big Edge The Big Edge Choice The Big Edge Plus The Phoenix Edge VA Group Strategic Edge Phoenix Spectrum Edge The Big Edge Choice for New York Phoenix Spectrum Edge + The Phoenix Edge VA for New York Retirement Planner s Edge Phoenix Spectrum Edge Freedom Edge Phoenix Spectrum Edge + Phoenix Premium Edge Retirement Planner s Edge Phoenix Income Choice Freedom Edge Phoenix Investor s Edge Phoenix Income Choice Phoenix Asset Manager Phoenix Investor s Edge Phoenix Dimensions Phoenix Dimensions PHLVIC Variable Universal Life Account Phoenix Life Variable Universal Life Account Phoenix Benefit Choice VUL The Phoenix Edge Phoenix Joint Edge VUL The Phoenix Edge SPVL Phoenix Express VUL SM Flex Edge Phoenix Express VUL SM ( 06 ) Flex Edge Success The Phoenix Edge SVUL Joint Edge The Phoenix Edge VUL Individual Edge Estate Edge Phoenix Life and Annuity Variable Universal Life Account Estate Strategies Corporate Edge Corporate Edge Executive Benefit VUL Phoenix Executive VUL Phoenix Benefit Choice VUL Phoenix Joint Edge VUL SUPPLEMENT DATED OCTOBER 26, 2017 TO THE PROSPECTUSES This supplement should be read with the currently effective or last effective prospectus, along with any other applicable supplements, for the above listed variable annuity and variable universal life products. Effective on or about October 27, 2017, the Sentinel Variable Products Trust series ( Target Funds ) will be reorganized into the Touchstone Variable Series Trust series ( Acquiring Funds ). On April 18, 2017, Sentinel Asset Management, Inc. ( Sentinel ) entered into an agreement to sell its mutual fund asset management business to Touchstone Advisors, Inc. ( Touchstone Advisors ), investment advisor to the Touchstone family of mutual funds and an indirect, wholly-owned subsidiary of Western & Southern Mutual Holding Company In connection with Sentinel s decision to exit the mutual fund asset management business, Sentinel recommended and the Board of Trustees of Sentinel Funds has approved an Agreement and Plan of Reorganization (the Plan ) with respect to each fund of the Sentinel Variable Products Trust, each a Target Fund, pursuant to which the Target Fund would be reorganized (each, a Reorganization and collectively, the Reorganizations ) into a corresponding Touchstone Fund, each an Acquiring Fund, as set forth in the table below. On September 13, 2017, the Plan of Reorganization was approved by shareholder vote at a joint special meeting. Each Acquiring Fund is a newly organized series of the Touchstone Variable Series Trust, a Massachusetts business trust, that has been created solely for the purpose of completing the applicable Reorganization. Touchstone Advisors will serve as the investment advisor to the Acquiring Funds. Touchstone Advisors will employ Fort Washington Investment Advisors, Inc., (an affiliate of Touchstone Advisors) as sub-advisor to provide portfolio management services. TF1210 1

2 Target Funds Sentinel Variable Products Balanced Fund Sentinel Variable Products Bond Fund Sentinel Variable Products Common Stock Fund Sentinel Variable Products Small Company Fund Acquiring Funds Touchstone Balanced Fund Touchstone Bond Fund Touchstone Common Stock Fund Touchstone Small Company Fund Please be advised that Phoenix Life Insurance Company, PHL Variable Insurance Company and Phoenix Life and Annuity Company are not affiliated with Sentinel Asset Management, Inc. or Touchstone Advisors, Inc. and have no control or influence in this decision or the Plan. Upon the Reorganization, each Target Fund will transfer all of its assets to the Acquiring Fund in exchange for (i) the Acquiring Fund s assumption of the liabilities (other than certain excluded liabilities) of the Target Fund, as described in the Plan, and (ii) newly issued shares of the Acquiring Fund having a value equal to the aggregate net assets of the Target Fund transferred to the Acquiring Fund. As such, on the closing date the Acquiring Funds are added to the list of available investment options for the products listed above and Target Fund shareholders will become shareholders of the Acquiring Funds and will receive shares of the Acquiring Funds with a total net asset value equal to that of their shares of the Target Funds on the closing date. The Reorganizations are designed to be tax-free to shareholders. The Reorganizations are expected to take place on or about October 27, Effective October 27, 2017, any allocation of new premium or transfer of value to, or withdrawal or other request for redemption from, one of the subaccounts that invests in a Target Funds will be deemed to be an instruction for the subaccount investment option corresponding to the Acquiring Fund. If your variable life policy or annuity contract value is allocated to a subaccount that invests in a Target Fund at the time the Reorganizations occur, those subaccount units will be replaced by units corresponding to the subaccount that invests in the Acquiring Fund, and thereafter the policy or contract value will depend on the performance of the Acquiring Fund subaccount(s). The Reorganizations will not result in any change in the amount of your accumulated policy or contract value or in the dollar value of your investment in the separate account. The number of units in a subaccount investing in an Acquiring Fund that will be credited to your variable life policy or annuity contract as a result of the Reorganization(s) will depend on the value of the units of a subaccount investing in the Target Fund at the time the Reorganization(s) occurs. There will be no charge for any transfer of your account value to the subaccounts investing in the Acquiring Funds as a result of the Reorganizations nor will any such transfer count against any applicable number of free transfers you are allowed under your contract. In addition, the Reorganizations do not cause any fees or charges under your policy or contract to be greater, and it does not alter your rights or our obligations under the policy or contract. The Reorganizations are not expected to be a taxable event for federal income tax purposes. You should consult with your tax advisor as to the tax consequences for your individual situation. Summary information regarding investment options is provided herein (see Appendix Investment Options, below). For more detailed information regarding each underlying fund you should consult the fund prospectus which can be found on our website, or requested by writing to us at PO Box 8027, Boston, MA or calling You should carefully read the prospectus and consider the investment objectives, risks, charges, and expenses associated with any underlying investment option before investing. For all prospectuses including an Appendix Investment Options, the Appendix is deleted and replaced with the following: Please note: This information is intended to provide a brief summary of each fund s investment objective and advisor information. Not all funds listed here may be currently offered or available with your product. Fund Name Investment Objective Investment Advisor / Subadvisor Alger Capital Appreciation Portfolio 1,2 Long term capital appreciation Fred Alger Management, Inc. AB VPS Balanced Wealth Strategy Portfolio Achieve the highest total return consistent with AllianceBernstein L.P. the Adviser s determination of reasonable risk. Seeks investment results that correspond to the Calvert Research and Management Calvert VP S&P MidCap 400 Index Portfolio total return performance of U.S. common Subadvisor: Ameritas Investment Partners, stocks, as represented by the S&P MidCap 400 Inc. Index TF1210 2

3 Deutsche Equity 500 Index VIP Deutsche Small Cap Index VIP Fund Name Investment Objective Investment Advisor / Subadvisor Federated Fund for U.S. Government Securities II Federated High Income Bond Fund II Federated Prime Money Fund II Seeks to replicate, as closely as possible, before the deduction of expenses, the performance of the Standard & Poor s 500 Composite Stock Price Index, which emphasizes stocks of large US companies Seeks to replicate, as closely as possible, before the deduction of expenses, the performance of the Russell 2000 Index, which emphasizes stocks of small US companies The Fund s investment objective is to provide current income. The Fund s investment objective is to seek high current income. The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund s investment objective is to provide current income consistent with stability of principal and liquidity. Long-term capital appreciation Deutsche Investment Management Americas Inc. Subadvisor: Northern Trust Investments, Inc. Deutsche Investment Management Americas Inc. Subadvisor: Northern Trust Investments, Inc. Federated Investment Management Company Federated Investment Management Company Federated Investment Management Company Fidelity VIP Contrafund Portfolio Fidelity Management & Research Company Subadvisor: FMR Co., Inc. Fidelity VIP Growth Opportunities Portfolio Capital growth Fidelity Management & Research Company Subadvisor: FMR Co., Inc. Fidelity VIP Growth Portfolio Capital appreciation Fidelity Management & Research Company Subadvisor: FMR Co., Inc. As high a level of current income as is consistent Fidelity Management & Research Company Fidelity VIP Investment Grade Bond Portfolio with the preservation of capital Subadvisor: Fidelity Investments Money Management, Inc. Seeks capital appreciation. Under normal market Franklin Advisers, Inc. conditions, the fund invests predominantly in Franklin Flex Cap Growth VIP Fund equity securities of companies that the investment manager believes have the potential for capital appreciation. Seeks to maximize income while maintaining Franklin Advisers, Inc. Franklin Income VIP Fund prospects for capital appreciation. Under normal market conditions, the fund invests in both equity and debt securities. Seeks capital appreciation with income as a Franklin Mutual Advisers, LLC secondary goal. Under normal market Franklin Mutual Shares VIP Fund conditions, the fund invests primarily in U.S. and foreign equity securities that the investment manager believes are undervalued. Guggenheim VT Long Short Equity Fund 1,2 Seeks long-term capital appreciation. Guggenheim Investments Ibbotson Aggressive Growth ETF Asset Allocation Capital appreciation ALPS Advisors, Inc. Portfolio Subadvisor: Ibbotson Associates, Inc. Ibbotson Balanced ETF Asset Allocation Portfolio Capital appreciation and some current income ALPS Advisors, Inc. Subadvisor: Ibbotson Associates, Inc. Ibbotson Growth ETF Asset Allocation Portfolio Capital appreciation ALPS Advisors, Inc. Subadvisor: Ibbotson Associates, Inc. Ibbotson Income and Growth ETF Asset Allocation Current income and capital appreciation ALPS Advisors, Inc. Portfolio Subadvisor: Ibbotson Associates, Inc. Invesco V.I. American Franchise Fund Capital growth Invesco Advisers, Inc. Invesco V.I. Equity and Income Fund Capital appreciation and current income Invesco Advisers, Inc. Invesco V.I. Core Equity Fund 1,2 Long term growth of capital Invesco Advisers, Inc. Invesco V.I. Mid Cap Core Equity Fund 1,2 Long term growth of capital Invesco Advisers, Inc. Lazard Retirement U.S. Small-Mid Cap Equity Long term capital appreciation Lazard Asset Management LLC Portfolio 1,2 TF1210 3

4 Fund Name Investment Objective Investment Advisor / Subadvisor High current income and the opportunity for Lord, Abbett & Co. LLC Lord Abbett Series Fund Bond Debenture Portfolio capital appreciation to produce a high total return Lord Abbett Series Fund Growth and Income Long-term growth of capital and income without Lord, Abbett & Co. LLC Portfolio excessive fluctuations in market value Capital appreciation through investments, Lord, Abbett & Co. LLC Lord Abbett Series Fund Mid Cap Stock Portfolio primarily in equity securities, which are believed to be undervalued in the marketplace Neuberger Berman Advisors Management Trust Guardian Portfolio Long term growth of capital; current income is a secondary goal Neuberger Berman Management LLC Subadvisor: Neuberger Berman LLC Neuberger Berman Advisors Management Trust Mid Cap Growth Portfolio The Fund seeks growth of capital. Neuberger Berman Management LLC Subadvisor: Neuberger Berman LLC Oppenheimer Capital Appreciation Fund/VA Capital appreciation OFI Global Asset Management, Inc. Subadvisor: OppenheimerFunds, Inc. Oppenheimer Global Fund/VA Capital appreciation OFI Global Asset Management, Inc. Subadvisor: OppenheimerFunds, Inc. Oppenheimer Main Street Small Cap Fund /VA Capital appreciation OFI Global Asset Management, Inc. Subadvisor: OppenheimerFunds, Inc. PIMCO VIT CommodityRealReturn Strategy Portfolio Maximum real return consistent with prudent investment management. Pacific Investment Management Company LLC PIMCO VIT Real Return Portfolio Maximum real return, consistent with preservation of real capital and prudent Pacific Investment Management Company LLC investment management. PIMCO VIT Total Return Portfolio Maximum total return, consistent with preservation of capital and prudent investment management. Pacific Investment Management Company LLC Seeks to provide total returns that inversely correlate, before fees and expenses, to the price movements of a benchmark for U.S. Treasury Guggenheim Investments debt instruments or futures contracts on a Rydex VT Inverse Government Long Bond Strategy specified debt instrument on a daily basis. The Fund 1,2 fund s current benchmark is the daily price movement of the Long Treasury Bond. The fund does not seek to achieve its investment objective over a period of time greater than one day. Seeks to provide investment results that match, Guggenheim Investments before fees and expenses, the performance of a specific benchmark on a daily basis. The fund s Rydex VT Nova Fund 1,2 current benchmark is 150% of the performance of the S&P 500 Index. The fund does not seek to achieve its investment objective over a period of time greater than one day. Seeks long-term capital appreciation. Under Templeton Asset Management Ltd. Templeton Developing Markets VIP Fund normal market conditions, the fund invests at least 80% of its net assets in emerging markets investments. Seeks long-term capital growth. Under normal Templeton Investment Counsel, LLC market conditions, the fund invests at least 80% Templeton Foreign VIP Fund of its net assets in investments of issuers located outside the U.S., including those in emerging markets. Seeks long-term capital growth. Under normal Templeton Global Advisors Limited market conditions, the fund invests Templeton Growth VIP Fund predominantly in equity securities of companies located anywhere in the world, including emerging markets. TF1210 4

5 Fund Name Investment Objective Investment Advisor / Subadvisor Touchstone Balanced Fund 3 Seeks capital appreciation and current income Touchstone Advisors, Inc. Touchstone Bond Fund 3 Seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. Subadvisor: Fort Washington Investment Advisors, Inc. Touchstone Advisors, Inc. Subadvisor: Fort Washington Investment Advisors, Inc. Touchstone Common Stock Fund 3 Subadvisor: Fort Washington Investment Seeks capital appreciation Touchstone Advisors, Inc. Advisors, Inc. Touchstone Small Company Fund 3 Subadvisor: Fort Washington Investment Seeks growth of capital Touchstone Advisors, Inc. Advisors, Inc. Virtus KAR Capital Growth Series Long-term growth of capital. Virtus Investment Advisers, Inc. Subadvisor: Kayne Anderson Rudnick Investment Management LLC Virtus Rampart Enhanced Core Equity Series Capital appreciation and current income Virtus Investment Advisers, Inc. Subadvisor: Rampart Investment Management Company, LLC Virtus Duff & Phelps International Series High total return consistent with reasonable risk Virtus Investment Advisers, Inc. Subadvisor: Duff & Phelps Investment Management Co Virtus Newfleet Multi-Sector Intermediate Bond Series Long-term total return Virtus Investment Advisers, Inc. Subadvisor: New Fleet Asset Management LLC Virtus Duff & Phelps Real Estate Securities Series Capital appreciation and income with approximately equal emphasis Virtus Investment Advisers, Inc. Subadvisor: Duff & Phelps Investment Management Company Virtus KAR Small-Cap Growth Series Long-term capital growth Virtus Investment Advisers, Inc. Subadvisor: Kayne Anderson Rudnick Investment Management LLC Virtus KAR Small-Cap Value Series Long-term capital appreciation. Virtus Investment Advisers, Inc. Subadvisor: Kayne Anderson Rudnick Investment Management LLC Virtus Strategic Allocation Series High total return over an extended period of time consistent with prudent investment risk Virtus Investment Advisers, Inc. Subadvisor(s): Duff & Phelps Investment Management Co. and Kayne Anderson Rudnick Investment Management, LLC (equity portion); New Fleet Asset Management LLC (fixed income portion) Wanger International Long-term growth of capital Columbia Wanger Asset Management, LLC Wanger Select Long-term growth of capital Columbia Wanger Asset Management, LLC Wanger USA Long-term growth of capital Columbia Wanger Asset Management, LLC 1 2 This fund was closed to new investors on May 1, Contract/policy owners who had value allocated to a fund before its applicable closure date, the following restrictions apply: (1) only regular premium payments are allowed into the fund; (2) no transfers from other funds are allowed into the fund; (3) existing allocation percentages may only be reduced and the fund may not be added to an allocation schedule; (4) existing DCA percentages may only be reduced and the fund may not be added to a DCA allocation schedule; and (5) existing rebalancing percentages may only be reduced and the fund may not be added to the rebalancing allocation schedule. 3 Available on or about October 30, TF1210 5

6 No longer available, on or about October 27, 2017: Sentinel Variable Products Balanced Fund Sentinel Variable Products Bond Fund Sentinel Variable Products Common Stock Fund Sentinel Variable Products Small Company Fund Seeks a combination of growth of capital and current income, with relatively low risk and relatively low fluctuations in value Seeks high current income while seeking to control risk Seeks a combination of growth of capital, current income, growth of income and relatively low risk as compared with the stock market as a whole Seeks growth of capital * * * * Sentinel Asset Management, Inc. Sentinel Asset Management, Inc. Sentinel Asset Management, Inc. Sentinel Asset Management, Inc. This supplement should be retained with the prospectus, as amended, for future reference. If you have any questions, please contact us at * This is intended as an inactive textual reference only. TF1210 6

7 Phoenix Life Variable Accumulation Account Big Edge The Big Edge Plus Group Strategic Edge The Big Edge Choice for New York The Phoenix Edge VA for New York Phoenix Spectrum Edge Phoenix Spectrum Edge + Retirement Planner s Edge Freedom Edge Phoenix Income Choice Phoenix Investor s Edge Phoenix Dimensions Phoenix Life Variable Universal Life Account The Phoenix Edge The Phoenix Edge SPVL Flex Edge Flex Edge Success Joint Edge Individual Edge Estate Edge Estate Strategies Corporate Edge Executive Benefit VUL Phoenix Executive VUL Phoenix Benefit Choice VUL Phoenix Joint Edge VUL PHOENIX LIFE INSURANCE COMPANY PHL VARIABLE INSURANCE COMPANY PHOENIX LIFE AND ANNUITY COMPANY PHL Variable Accumulation Account The Big Edge Choice The Phoenix Edge VA Phoenix Spectrum Edge Phoenix Spectrum Edge + Retirement Planner s Edge Freedom Edge Phoenix Premium Edge Phoenix Income Choice Phoenix Investor s Edge Phoenix Asset Manager Phoenix Dimensions PHLVIC Variable Universal Life Account Phoenix Benefit Choice VUL Phoenix Joint Edge VUL Phoenix Express VUL SM Phoenix Express VUL SM ( 06 ) The Phoenix Edge SVUL The Phoenix Edge VUL Phoenix Life and Annuity Variable Universal Life Account Corporate Edge SUPPLEMENT DATED OCTOBER 21, 2015 TO THE PROSPECTUSES This supplement should be read with the currently effective or last effective prospectus, along with any other applicable supplements, for the above listed variable annuity and variable universal life products. Effective on or about November 6, 2015, Neuberger Berman AMT Small Cap Growth Portfolio Class S is merging ( Merging Fund ) and the surviving fund, Neuberger Berman AMT Mid Cap Growth Portfolio ( Surviving Fund ) is added, effective on the closing date of the merger, as an investment option to those products listed above. 1 TF1209

8 On June 24, 2015, the Board of Trustees of Neuberger Berman Advisers Management Trust approved a Plan of Reorganization and Dissolution (the Plan ) under which the Merging Fund will transfer all of its assets to the Surviving Fund in exchange for shares of the Surviving Fund. Please be advised that Phoenix Life Insurance Company, PHL Variable Insurance Company and Phoenix Life and Annuity Company are not affiliated with Neuberger Berman Advisers Management Trust and have no control or influence in this decision or the Plan. Under the Plan, the merger will involve the transfer of all of the assets of the Merging Fund to the Surviving Fund in exchange for Surviving Fund shares having an aggregate net asset value equal to the value of the Merging Fund s net assets, the Surviving Fund s assumption of all the liabilities of the Merging Fund, the distribution of Surviving Fund shares to the shareholders of the Merging Fund and the dissolution of the Merging Fund. As such, on the closing date of the merger, Surviving Fund is added to the list of available investment options for the products listed above and Merging Fund shareholders will become shareholders of the Surviving Fund and will receive shares of the Surviving Fund with a total net asset value equal to that of their shares of the Merging Fund on the closing date. The merger is designed to be tax-free to shareholders. The merger is expected to take place on or about November 6, As a result of the merger, November 4, 2015, will be the last day the Merging Fund will accept purchases of shares or exchanges into the Merging Fund. Until that date, you will be able to purchase and exchange shares in the Merging Fund indirectly through the subaccount investment option corresponding to the Merging Fund (the Merging Fund Subaccount ). Unless you inform us otherwise, effective November 5, 2015, any instruction to purchase or exchange shares to the Merging Fund Subaccount will be deemed to be an instruction for the subaccount investment option corresponding to the Surviving Fund ( Surviving Fund Subaccount ). Effective November 6, 2015, all such instructions that designate the Merging Fund will be deemed to be an instruction for the Surviving Fund Subaccount. This includes, but is not limited to, instructions for purchase payments, partial withdrawals, and transfer instructions (including instructions under any automatic or systematic transfer option). If your variable life policy or annuity contract value remains allocated to the Merging Fund Subaccount at the time the merger occurs, those units will be replaced by units corresponding to the Surviving Fund Subaccount, and thereafter the policy or contract value will depend on the performance of the Surviving Fund. The number of Surviving Fund Subaccount units you receive as a result of the merger will depend on the value of your Merging Fund Subaccount units at the time the merger occurs. Whether your account value is transferred automatically on the merger date or whether you request that we transfer your account value to a different investment option, the transfer will have no federal income tax consequences, and no charge, and it will not count against any applicable number of free transfers you are allowed under your contract. The merger does not result in any change in the amount of your accumulated policy or contract value or in the dollar value of your investment in the separate account. In addition, the merger does not cause any fees or charges under your policy or contract to be greater, it does not alter your rights or our obligations under the policy or contract and it does not result in any tax liability to you. Summary information regarding the currently available investment options is provided herein (see Appendix Investment Options, below). You can obtain the prospectus for an underlying investment option in your variable life policy or annuity contract by visiting or by calling You should carefully read the prospectus and consider the investment objectives, risks, charges, and expenses associated with any underlying investment option before investing. TF1209 2

9 Please see the fund prospectus for more information about the Surviving Fund, including portfolio operating expenses for the year ended December 31, At the time of the merger, your prospectus is revised by deleting all mention of the Merging Fund and substituting mention of the Surviving Fund. For all prospectuses including an Appendix Investment Options, the Appendix is deleted and replaced with the following: Please note: This information is intended to provide a brief summary of each fund s investment objective and advisor information. For more detailed information regarding each fund you should consult the fund prospectus which can be found on our website, or requested by writing to us at PO Box 8027, Boston, MA or calling Not all funds listed here may be currently offered or available with your product. Fund Name Investment Objective Investment Advisor / Subadvisor Alger Capital Appreciation Portfolio 1,2 Long term capital appreciation Fred Alger Management, Inc. Achieve the highest total return AB VPS Balanced Wealth Strategy consistent with the Adviser s Portfolio 3 determination of reasonable risk. AllianceBernstein L.P. Seeks investment results that Calvert Investment Management, Inc. correspond to the total return Calvert VP S&P MidCap 400 Index performance of U.S. common stocks, Portfolio Subadvisor: Ameritas Investment as represented by the S&P MidCap Partners, Inc. 400 Index Deutsche Equity 500 Index VIP 4 Seeks to replicate, as closely as Deutsche Investment Management possible, before the deduction of Americas Inc. expenses, the performance of the Standard & Poor s 500 Composite Subadvisor: Northern Trust Stock Price Index, which emphasizes Investments, Inc. stocks of large US companies Deutsche Small Cap Index VIP 5 Seeks to replicate, as closely as Deutsche Investment Management possible, before the deduction of Americas Inc. expenses, the performance of the Russell 2000 Index, which Subadvisor: Northern Trust emphasizes stocks of small US Investments, Inc. companies Federated Fund for U.S. Government Securities II The Fund s investment objective is to provide current income. Federated Investment Management Company Federated High Income Bond Fund II The Fund s investment objective is to Federated Investment Management seek high current income. Company The Fund is a money market fund that seeks to maintain a stable net Federated Prime Money Fund II asset value (NAV) of $1.00 per Share. Federated Investment Management The Fund s investment objective is to Company provide current income consistent with stability of principal and liquidity. TF1209 3

10 Fund Name Investment Objective Investment Advisor / Subadvisor Fidelity Management & Research Company Fidelity VIP Contrafund Portfolio Long-term capital appreciation Subadvisor: FMR Co., Inc. Fidelity VIP Growth Opportunities Fidelity Management & Research Company Capital growth Portfolio Subadvisor: FMR Co., Inc. Fidelity Management & Research Company Fidelity VIP Growth Portfolio Capital appreciation Subadvisor: FMR Co., Inc. Fidelity Management & Research Company As high a level of current income as Fidelity VIP Investment Grade Bond is consistent with the preservation of Subadvisor: Fidelity Investments Portfolio capital Money Management, Inc. Seeks capital appreciation. Under normal market conditions, the fund Franklin Flex Cap Growth VIP Fund invests predominantly in equity securities of companies that the Franklin Advisers, Inc. investment manager believes have the potential for capital appreciation. Franklin Income VIP Fund Seeks to maximize income while maintaining prospects for capital appreciation. Under normal market Franklin Advisers, Inc. conditions, the fund invests in both equity and debt securities. Franklin Mutual Shares VIP Fund Seeks capital appreciation with income as a secondary goal. Under normal market conditions, the fund invests primarily in U.S. and foreign Franklin Mutual Advisers, LLC equity securities that the investment manager believes are undervalued. Guggenheim VT Long Short Equity Fund 1,2 Seeks long-term capital appreciation. Guggenheim Investments ALPS Advisors, Inc. Ibbotson Aggressive Growth ETF Asset Capital appreciation Allocation Portfolio Subadvisor: Ibbotson Associates, Inc. ALPS Advisors, Inc. Ibbotson Balanced ETF Asset Allocation Capital appreciation and some Portfolio current income Subadvisor: Ibbotson Associates, Inc. ALPS Advisors, Inc. Ibbotson Growth ETF Asset Allocation Capital appreciation Portfolio Subadvisor: Ibbotson Associates, Inc. ALPS Advisors, Inc. Ibbotson Income and Growth ETF Asset Current income and capital Allocation Portfolio appreciation Subadvisor: Ibbotson Associates, Inc. Invesco V.I. American Franchise Fund Capital growth Invesco Advisers, Inc. 4 TF1209

11 Fund Name Investment Objective Investment Advisor / Subadvisor Invesco V.I. Equity and Income Fund Capital appreciation and current income Invesco Advisers, Inc. Invesco V.I. Core Equity Fund 1,2 Long term growth of capital Invesco Advisers, Inc. Invesco V.I. Mid Cap Core Equity Fund 1,2 Long term growth of capital Invesco Advisers, Inc. Lazard Retirement U.S. Small-Mid Cap Equity Portfolio 1,2 Long term capital appreciation Lazard Asset Management LLC High current income and the Lord Abbett Series Fund Bond opportunity for capital appreciation to Debenture Portfolio produce a high total return Lord, Abbett & Co. LLC Long-term growth of capital and Lord Abbett Series Fund Growth and income without excessive Income Portfolio fluctuations in market value Lord, Abbett & Co. LLC Capital appreciation through Lord Abbett Series Fund Mid Cap Stock investments, primarily in equity Portfolio securities, which are believed to be Lord, Abbett & Co. LLC undervalued in the marketplace Neuberger Berman Advisors Long term growth of capital; current Neuberger Berman Management LLC Management Trust Guardian income is a secondary goal Portfolio Subadvisor: Neuberger Berman LLC Neuberger Berman Advisors Neuberger Berman Management LLC Management Trust Mid Cap Growth The Fund seeks growth of capital. Portfolio 6 Subadvisor: Neuberger Berman LLC Oppenheimer Capital Appreciation OFI Global Asset Management, Inc. Capital appreciation Fund/VA Subadvisor: OppenheimerFunds, Inc. OFI Global Asset Management, Inc. Oppenheimer Global Fund/VA Capital appreciation Subadvisor: OppenheimerFunds, Inc. Oppenheimer Main Street Small Cap OFI Global Asset Management, Inc. Capital appreciation Fund /VA Subadvisor: OppenheimerFunds, Inc. PIMCO VIT CommodityRealReturn Strategy Portfolio Maximum real return consistent with prudent investment management. Pacific Investment Management Company LLC PIMCO VIT Real Return Portfolio Maximum real return, consistent with Pacific Investment Management Company preservation of real capital and LLC prudent investment management. PIMCO VIT Total Return Portfolio Maximum total return, consistent Pacific Investment Management Company with preservation of capital and LLC prudent investment management. TF1209 5

12 Fund Name Investment Objective Investment Advisor / Subadvisor Rydex VT Inverse Government Long Bond Strategy Fund 1,2 Rydex VT Nova Fund 1,2 Sentinel Variable Products Balanced Fund Sentinel Variable Products Bond Fund Sentinel Variable Products Common Stock Fund Sentinel Variable Products Mid Cap Fund Sentinel Variable Products Small Company Fund Templeton Developing Markets VIP Fund Templeton Foreign VIP Fund TF1209 Seeks to provide total returns that inversely correlate, before fees and expenses, to the price movements of a benchmark for U.S. Treasury debt instruments or futures contracts on a specified debt instrument on a daily basis. The fund s current benchmark is the daily price movement of the Long Treasury Bond. The fund does not seek to achieve its investment objective over a period of time greater than one day. Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The fund s current benchmark is 150% of the performance of the S&P 500 Index. The fund does not seek to achieve its investment objective over a period of time greater than one day. Seeks a combination of growth of capital and current income, with relatively low risk and relatively low fluctuations in value Seeks high current income while seeking to control risk Seeks a combination of growth of capital, current income, growth of income and relatively low risk as compared with the stock market as a whole Seeks growth of capital Seeks growth of capital Seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets in emerging markets investments. Seeks long-term capital growth. Under normal market conditions, the fund invests at least 80% of its net assets in investments of issuers located outside the U.S., including those in emerging markets. 6 Guggenheim Investments Guggenheim Investments Sentinel Asset Management, Inc. Sentinel Asset Management, Inc. Sentinel Asset Management, Inc. Sentinel Asset Management, Inc. Sentinel Asset Management, Inc. Templeton Asset Management Ltd. Templeton Investment Counsel, LLC

13 1 2 Fund Name Investment Objective Investment Advisor / Subadvisor Templeton Growth VIP Fund Virtus Capital Growth Series Virtus Growth & Income Series Virtus International Series Seeks long-term capital growth. Under normal market conditions, the fund invests predominantly in equity securities of companies located anywhere in the world, including emerging markets. Long-term growth of capital. Capital appreciation and current income High total return consistent with reasonable risk Virtus Multi-Sector Fixed Income Series Long-term total return Virtus Real Estate Securities Series Virtus Small-Cap Growth Series Capital appreciation and income with approximately equal emphasis Long-term capital growth Templeton Global Advisors Limited Virtus Investment Advisers, Inc. Subadvisor: Kayne Anderson Rudnick Investment Management LLC Virtus Investment Advisers, Inc. Subadvisor: Euclid Advisors LLC Virtus Investment Advisers, Inc. Subadvisor: Aberdeen Asset Management Inc. Virtus Investment Advisers, Inc. Subadvisor: New Fleet Asset Management LLC Virtus Investment Advisers, Inc. Subadvisor: Duff & Phelps Investment Management Company Virtus Investment Advisers, Inc. Subadvisor: Kayne Anderson Rudnick Investment Management LLC Virtus Investment Advisers, Inc. Virtus Small-Cap Value Series Long-term capital appreciation. Subadvisor: Kayne Anderson Rudnick Investment Management LLC Virtus Investment Advisers, Inc. Virtus Strategic Allocation Series High total return over an extended Subadvisor(s): Euclid Advisors LLC (equity period of time consistent with portion) and New Fleet prudent investment risk Asset Management LLC (fixed income portion) Wanger International Long-term growth of capital Columbia Wanger Asset Management, LLC Wanger International Select Long-term growth of capital Columbia Wanger Asset Management, LLC Wanger Select Long-term growth of capital Columbia Wanger Asset Management, LLC Wanger USA Long-term growth of capital Columbia Wanger Asset Management, LLC This fund was closed to new investors on May 1, Contract/policy owners who had value allocated to a fund before its applicable closure date, the following restrictions apply: (1) only regular premium payments are allowed into the fund; (2) no transfers from other funds are allowed into the fund; (3) existing allocation percentages may only be reduced and the fund may not be added to an allocation schedule; (4) existing DCA percentages may only be reduced and the fund may not be added to a DCA allocation schedule; and (5) existing rebalancing percentages may only be reduced and the fund may not be added to the rebalancing allocation schedule. TF1209 7

14 3 4 Name change effective May 1, Previously known as AllianceBernstein VPS Balanced Wealth Strategy Portfolio. Name change effective August 11, Previously known as DWS Equity 500 Index VIP. 5 6 Name change effective August 11, Previously known as DWS Small Cap Index VIP. Surviving fund, effective on or about November 6, The assets of the following Merging Fund, transferred to Surviving Fund, effective on or about November 6, 2015: Neuberger Berman Advisors Management Trust Small Cap Growth Portfolio Long term capital growth; the Portfolio Manager also may consider a company s potential for current income prior to selecting it for the Fund. * * * * Neuberger Berman Management LLC Subadvisor: Neuberger Berman LLC This supplement should be retained with the prospectus, as amended, for future reference. If you have any questions, please contact us at * This is intended as an inactive textual reference only. 8 TF1209

15 PHOENIX LIFE INSURANCE COMPANY Phoenix Life Variable Accumulation Account Phoenix Life Variable Universal Life Account Big Edge Flex Edge The Big Edge Plus Flex Edge Success Group Strategic Edge Joint Edge The Big Edge Choice for NY Individual Edge Phoenix Dimensions Phoenix Benefit Choice VUL General Information Phoenix Joint Edge VUL SUPPLEMENT DATED OCTOBER 14, 2015 TO THE PROSPECTUSES DATED JUNE 5, 2015 This supplement provides current information about your Phoenix Life Insurance Company ( Phoenix, Phoenix Life, the Company and we ) variable annuity contract or variable universal life policy. Acquisition of The Phoenix Companies, Inc. Nassau Reinsurance Group Holdings L.P. ( Nassau ) and The Phoenix Companies, Inc. (NYSE:PNX) ( PNX ), parent company of Phoenix Life, announced September 29, 2015 that they have entered into a definitive agreement in which Nassau will acquire PNX for $37.50 per share in cash, or aggregate equity purchase price of $217.2 million. The purchase price represents a 188% premium over PNX s closing stock price of $13.03 on Sept. 28, After completion of the transaction, which is expected to occur by early 2016, Nassau will contribute $100 million in new equity capital into PNX to further stabilize and improve PNX s balance sheet as well as providing growth capital. After completion of the transaction, PNX will be a privately held, wholly owned subsidiary of Nassau. PNX s corporate headquarters will remain in Hartford, Conn., and its service center will continue to be located in East Greenbush, N.Y. The transaction is subject to approval by PNX shareholders, approvals by regulatory authorities including Connecticut and New York insurance regulators, FINRA and Hart-Scott-Rodino, as well as other closing conditions. PNX and Nassau engaged in discussions with state insurance regulators regarding the proposed transaction in advance of executing the agreement. De-Stacking On July 28, 2015, PNX completed the previously announced de-stacking of its life subsidiaries. PNX completed the de-stacking through an extraordinary dividend of PHL Variable Insurance Company ( PHL Variable ) and two affiliated insurers from Phoenix Life to PNX, effective July 1, Prior to the de-stacking, Phoenix Life, a direct subsidiary of PNX, was the indirect parent of PHL Variable and the two affiliated insurers. As of July 1, 2015, PNX is the direct parent company of PHL Variable and Phoenix Life is no longer an indirect parent of PHL Variable. As result, a financial support arrangement for the benefit of PHL Variable from Phoenix Life is extinguished. The de-stacking was undertaken as a result of discussions with Phoenix Life s New York insurance regulator related to an intercompany reinsurance treaty between Phoenix Life and the Company entered into during the second quarter of TF1207

16 PHL Variable s Operating and Capital Needs On July 28, 2015, PNX completed the de-stacking of PHL Variable and two affiliated insurers through an extraordinary dividend of the three insurers to Phoenix, effective July 1, As of July 1, 2015, PNX is the direct parent company of PHL Variable and Phoenix Life is no longer an indirect parent of PHL Variable. In 2014 and 2013, PNX made capital contributions of $15.0 million and $45.0 million, respectively, for PHL Variable s benefit. In 2013, PHL Variable issued a $30.0 million surplus note which was purchased by PNX. As a result of discussions with regulators related to an intercompany reinsurance treaty between Phoenix Life and PHL Variable, effective June 30, 2015, PNX completed a de-stacking of its insurance company subsidiaries, including PHL Variable, effective July 1, Further, PNX agreed with Phoenix Life s New York regulator that it would not use any future dividends paid by Phoenix Life to meet PHL Variable s capital needs. Upon the effectiveness of the de-stacking, PHL Variable, which had been an indirect subsidiary of both PNX and Phoenix Life, became a direct subsidiary of PNX. As a result of the de-stacking, an existing commitment by Phoenix Life to maintain PHL Variable s capital at certain minimum levels was extinguished. As of June 30, 2015, PHL Variable had an estimated Company Action Level risk-based capital ratio of 201%. The restriction on PNX s use of Phoenix Life dividends and the extinguishment of Phoenix Life s commitment to maintain PHL Variable s capital at certain minimum levels may adversely affect PHL Variable s ability to meet its cash and debt obligations which may slow or cease its ability to write new life insurance and annuity business. If PHL Variable is unable to meet its capital needs either by itself or with assistance from PNX, PHL Variable could become subject to increased regulatory oversight by its domestic insurance regulator or to other regulatory actions including rehabilitation, any of which may materially adversely affect PHL Variable s business, financial condition or results of operations. Financial Support Arrangement PHL Variable no longer has a financial support arrangement with Phoenix Life. On July 28, 2015, PNX completed the de-stacking of its life subsidiaries through an extraordinary dividend of PHL Variable and two affiliated insurers from Phoenix Life to PNX, effective July 1, As of July 1, 2015, PNX is the direct parent company of PHL Variable and Phoenix Life is no longer an indirect parent of PHL Variable. As a result of the de-stacking, this commitment by Phoenix Life to keep PHL Variable s capital at certain minimum levels is extinguished. This financial support arrangement, which is now extinguished, was not evidence of indebtedness or an obligation or liability of Phoenix Life to the owner of a PHL Variable contract and did not provide the owner of a PHL Variable contract with recourse against Phoenix Life. The following replaces the definition of Phoenix contained within the prospectus section entitled Glossary of Special Terms (Big Edge, The Big Edge Plus, Group Strategic Edge, The Big Edge Choice for NY, and Phoenix Dimensions ) and Appendix B Glossary of Special Terms (Flex Edge, Flex Edge Success, Joint Edge, and Individual Edge ): Phoenix (Phoenix Life, our, us, we, company): Phoenix Life Insurance Company TF1207 2

17 The following replaces the subsection of Phoenix Legal Proceedings Litigation and arbitration entitled Cost of Insurance Cases in its entirety: Cost of Insurance Cases On November 18, 2011, Martin Fleisher and another plaintiff (the Fleisher Litigation ), on behalf of themselves and others similarly situated, filed suit against Phoenix Life in the United States District Court for the Southern District of New York (C.A. No. 1:11-cv CM-JCF (U.S. Dist. Ct; S.D.N.Y.)) challenging cost of insurance ( COI ) rate adjustments implemented by Phoenix Life in 2010 and 2011 in certain universal life insurance policies. The complaint seeks damages for breach of contract. The class certified by the court is limited to holders of Phoenix Life policies issued in New York subject to New York law and subject to Phoenix Life s 2011 COI rate adjustment. The Company s affiliate, PHL Variable, has been named as a defendant in six actions challenging its COI rate adjustments in certain universal life insurance policies implemented concurrently with the Phoenix Life adjustments. (Phoenix Life and PHL Variable are referred to as the Phoenix Life Companies. ) Five cases have been brought against PHL Variable, while one case has been brought against the Phoenix Life Companies. These six cases, only one of which is styled as a class action, have been brought by (1) Tiger Capital LLC (C.A. No. 1:12-cv CM-JCF; U.S. Dist. Ct; S.D.N.Y., complaint filed on March 14, 2012; the Tiger Capital Litigation ); (2-5) U.S. Bank National Association, as securities intermediary for Lima Acquisition LP ((2: C.A. No. 1:12-cv CM-JCF; U.S. Dist. Ct; S.D.N.Y., complaint filed on November 16, 2011; 3: C.A. No. 1:13-cv CM-JCF; U.S. Dist. Ct; S.D.N.Y., complaint filed on March 8, 2013; collectively, the U.S. Bank N.Y. Litigations ); (4: C.A. No. 3:14-cv WWE; U.S. Dist. Ct; D. Conn., complaint originally filed on March 6, 2013, in the District of Delaware and transferred by order dated April 22, 2014, to the District of Connecticut; and 5: C.A. No. 3:14-cv WWE, U.S. Dist. Ct; D. Conn., complaint filed on September 23, 2014, and amended on October 16, 2014, to add Phoenix Life as a defendant, and consolidated with No. 3:14-cv WWE (collectively the U.S. Bank Conn. Litigations )); and (6) SPRR LLC (C.A. No. 1:14-cv-8714-CM; U.S. Dist. Ct.; S.D.N.Y., complaint filed on October 31, 2014; the SPRR Litigation ). SPRR LLC filed suit against PHL Variable, on behalf of itself and others similarly situated, challenging COI rate adjustments implemented by PHL Variable in The Tiger Capital Litigation and the two U.S. Bank N.Y. Litigations were assigned to the same judge as the Fleisher Litigation. Plaintiff in the Tiger Capital Litigation seeks damages for breach of contract. Plaintiff in the U.S. Bank N.Y. Litigations and the U.S. Bank Conn. Litigations seeks damages and attorneys fees for breach of contract and other common law and statutory claims. The plaintiff in the SPRR Litigation, which has been reassigned to the same judge as the Fleisher Litigation, Tiger Capital Litigation and the two U.S. Bank N.Y. Litigations, seeks damages for breach of contract for a nationwide class of policyholders. The Phoenix Life Companies reached a definitive agreement to settle a COI case, the Tiger Capital Litigation (Tiger Capital LLC (C.A. No. 1:12-cv CM-JCF; U.S. Dist. Ct; S.D.N.Y.)) on a basis that will not have a material impact on the Company s financial statements. On June 3, 2015, the parties to the Tiger Capital Litigation advised the court of the settlement, which includes Tiger Capital, LLC s participation in the class Settlement described below. The Phoenix Life Companies reached an agreement as of April 30, 2015, memorialized in a formal settlement agreement executed on May 29, 2015, with SPRR, LLC, Martin Fleisher, as trustee of the Michael Moss Irrevocable Life Insurance Trust II, and Jonathan Berck, as trustee of the John L. Loeb, Jr. Insurance Trust (collectively, the SPRR Litigation and the Fleisher Litigation plaintiffs referred to as the Plaintiffs ), to resolve the Fleisher Litigation and SPRR Litigation (the Settlement ). A motion for preliminary approval of the Settlement was filed with the United States District Court for the Southern District of New York on May 29, On June 3, 2015, the court granted preliminary approval of the Settlement, ordered notice be given to class members, and set a hearing on September 9, 2015 to address, among other things, final approval of the Settlement. The proposed Settlement class consists of all policyholders that were subject to the 2010 or 2011 COI rate adjustments (collectively, the Settlement Class ), including the policies within the above-named COI cases, and will be structured to allow members of the Settlement Class to opt out of the Settlement. The Phoenix Life Companies will establish a TF1207 3

18 Settlement fund, which may be reduced proportionally for any opt-outs, and will pay a class counsel fee if the Settlement is approved. The Phoenix Life Companies will be released by all participating members of the Settlement Class, and the COI rate adjustment for policies participating in the Settlement Class will remain in effect. The Phoenix Life Companies agreed to pay a total of $48.5 million, as reduced for any opt-outs, in connection with the Settlement. The Phoenix Life Companies agreed not to impose additional increases to COI rates on policies participating in the Settlement Class through the end of 2020, and not to challenge the validity of policies participating in the Settlement Class for lack of insurable interest or misrepresentations in the policy applications. The Settlement is subject to certain conditions and final court approval is intended to resolve all pending COI cases, other than for policyholders who opt-out of the Settlement. Under the Settlement, policyholders who are members of the Settlement Class, including those which have filed individual actions relating to COI rate adjustments, may opt out of the Settlement and separately litigate their claims. The opt-out period expired on July 17, Opt-out notices have been received by the Phoenix Life Companies, including from U.S. Bank, a party to four COI cases. The Phoenix Life Companies are currently unable to estimate the damages that policyholders who opt out of the Settlement may or may not collect in litigation against the Phoenix Life Companies. There can be no assurance that the ultimate cost to the Company will not be higher or lower than $36.4 million. Complaints to state insurance departments regarding the Phoenix Life Companies COI rate adjustments have also prompted regulatory inquiries or investigations in several states, with two of such states (California and Wisconsin) issuing letters directing PHL Variable to take remedial action in response to complaints by a single policyholder. The Phoenix Life Companies disagree with both states positions. On March 23, 2015, an Administrative Law Judge ( ALJ ) in Wisconsin ordered PHL Variable to pay restitution to current and former owners of seven policies and imposed a fine on PHL Variable which, in a total amount, does not have a material impact on PHL Variable s financial position (Office of the Commissioner of Insurance Case No. 13-C35362). PHL Variable disagrees with the ALJ s determination and has appealed the order. For any cases or regulatory directives not resolved by the Settlement, the Phoenix Life Companies believe that they have meritorious defenses against all of these lawsuits and regulatory directives and intend to vigorously defend against them, including by appeal if necessary. For any matters not resolved by the Settlement, the outcome is uncertain and any potential losses cannot be reasonably estimated. The following replaces the definition of Spouse contained within the prospectus section entitled Glossary of Special Terms (Big Edge, The Big Edge Plus, Group Strategic Edge, The Big Edge Choice for NY, and Phoenix Dimensions ) and Appendix B Glossary of Special Terms (Flex Edge, Flex Edge Success, Joint Edge, and Individual Edge ): Spouse: Any two persons legally married. Spouse does not include domestic partner or civil union partner. The following replaces the prospectus sub-section of Federal Income Taxes Withholding and Information Reporting (Big Edge, The Big Edge Plus, Group Strategic Edge, The Big Edge Choice for NY, and Phoenix Dimensions ) and Federal Income Tax Considerations Withholding and Information Reporting (Flex Edge, Flex Edge Success, Joint Edge, Individual Edge, Phoenix Benefit Choice VUL and Phoenix Joint Edge VUL) entitled Spousal Definition : Spousal Definition The Internal Revenue Code provides special provisions relating to a spouse. As a result of a 2015 decision by the United States Supreme Court in the case of Obergefell v. Hodges, all states must allow marriages between two people of the same sex and must also recognize a marriage between two people TF1207 4