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

Transcription

1 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

2 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

3 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. 3 TF1209

4 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

5 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

6 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 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. 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 TF1209 6

7 1 2 Templeton Growth VIP Fund Virtus Capital Growth Series Fund Name Investment Objective Investment Advisor / Subadvisor 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

8 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

9 PHL Variable Insurance Company Phoenix MVA Phoenix Foundations Equity Index Annuity Phoenix Guaranteed Income Edge Lockwood Advisors, Inc. Phoenix Guaranteed Income Edge Institute for Wealth Management, LLC SUPPLEMENT DATED OCTOBER 14, 2015 TO THE PROSPECTUSES DATED APRIL 30, 2012, as previously supplemented General Information Nassau Reinsurance Group Holdings L.P. ( Nassau ) and The Phoenix Companies, Inc. (NYSE:PNX) ( Phoenix ), parent company of PHL Variable Insurance Company, announced September 29, 2015 that they have entered into a definitive agreement in which Nassau will acquire Phoenix for $37.50 per share in cash, or aggregate equity purchase price of $217.2 million. The purchase price represents a 188% premium over Phoenix 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 Phoenix to further stabilize and improve Phoenix s balance sheet as well as providing growth capital. After completion of the transaction, Phoenix will be a privately held, wholly owned subsidiary of Nassau. Phoenix 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 Phoenix shareholders, approvals by regulatory authorities including Connecticut and New York insurance regulators, FINRA and Hart-Scott-Rodino, as well as other closing conditions. Phoenix and Nassau engaged in discussions with state insurance regulators regarding the proposed transaction in advance of executing the agreement. * * * * This supplement should be retained with the Prospectus and Supplements for future reference: Income Edge supplements dated September 20, 2012, November 16, 2012, March 6, 2013, as revised March 20, 2013, July 3, 2013, August 20, 2013, November 21, 2013, February 11, 2014, March 13, 2014, June 11, 2014 September 16, 2014, August 24, 2015, and September 25, 2015; Phoenix MVA additionally supplemented May 2, 2012; Phoenix Foundations Equity Index Annuity supplements dated May 2, 2012, September 20, 2012, November 16, 2012, and March 6, 2013, as revised March 20, 2013, August 24, 2015, and September 25, If you have any questions, please contact us at This supplement has not been audited by the independent auditors. Cautionary Statement Regarding Forward-Looking Statements The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include 1 TF1208

10 statements relating to, or representing management s beliefs about, future events, transactions, strategies, operations and financial results, including, without limitation, our expectation to provide information within anticipated timeframes and otherwise in accordance with law, the outcome of litigation and claims as well as regulatory examinations, investigations, proceedings and orders arising out of restatements of financial statements and the failure by Phoenix and its wholly owned subsidiary, PHL Variable Insurance Company, to file SEC reports on a timely basis, potential penalties that may result from failure to timely file statutory financial statements with state insurance regulators, and Phoenix s ability to satisfy its requirements under, and maintain the listing of its shares on, the NYSE. Such forward-looking statements often contain words such as assume, will, anticipate, believe, predict, project, potential, contemplate, plan, forecast, estimate, expect, intend, is targeting, may, should, would, could, goal, seek, hope, aim, continue and other similar words or expressions or the negative thereof or other variations thereon. Forward-looking statements are made based upon management s current expectations and beliefs and are not guarantees of future performance. Such forwardlooking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. Our ability to maintain a timely filing schedule with respect to our SEC filings is subject to a number of contingencies, including but not limited to, whether existing systems and processes can be timely updated, supplemented or replaced, and whether additional filings may be necessary in connection with the restatements. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our filings with the SEC. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at under Products/Product Prospectuses. You are urged to carefully consider all such factors. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and persons reading this document are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this document. Except as required by law, we do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this document, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this document, such statements or disclosures will be deemed to modify or supersede such statements in this document. * This is intended as an inactive textual reference only. 2 TF1208

11 PHL Variable Insurance Company Phoenix MVA Phoenix Foundations Equity Index Annuity Phoenix Guaranteed Income Edge Lockwood Advisors, Inc. Phoenix Guaranteed Income Edge Institute for Wealth Management, LLC SUPPLEMENT DATED SEPTEMBER 25, 2015 TO THE PROSPECTUSES DATED APRIL 30, 2012, as previously supplemented General Information PHL Variable Insurance Company ( PHL Variable ) is no longer offering the insurance products that caused it to become subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act ). You are receiving this supplement because you hold one of those previously- issued insurance products. On September 25, 2015, PHL Variable announced that, effective on such date, it will cease filing periodic and other reports with the Securities and Exchange Commission (the SEC ) pursuant to Section 15(d) of the Exchange Act, in reliance on the exemption provided in Rule 12h-7 of the Exchange Act ( Rule 12h-7 ) for issuers of securities that are subject to insurance regulation. As a result of its compliance with Rule 12h-7, PHL Variable does not intend to file with the SEC its Quarterly Report on Form 10-Q for the period ended September 30, 2015, and its Quarterly Report on Form 10-Q for the period ended June 30, 2015 will be its final Exchange Act periodic report filed with the SEC. The following prospectus section is added immediately prior to the section entitled Incorporation of Certain Documents by Reference : Reliance on Rule 12h-7 under the Securities Exchange Act of 1934 PHL Variable is relying on the exemption provided by Rule 12h-7 under the Exchange Act from the requirement to file periodic and other reports pursuant to Section 15(d) of the Exchange Act. * * * * This supplement should be retained with the Prospectus and Supplements for future reference: Income Edge supplements dated September 20, 2012, November 16, 2012, March 6, 2013, as revised March 20, 2013, July 3, 2013, August 20, 2013, November 21, 2013, February 11, 2014, March 13, 2014, June 11, 2014 September 16, 2014, and August 24, 2015; Phoenix MVA additionally supplemented May 2, 2012; Phoenix Foundations Equity Index Annuity supplements dated May 2, 2012, September 20, 2012, November 16, 2012, and March 6, 2013, as revised March 20, 2013, and August 24, If you have any questions, please contact us at Cautionary Statement Regarding Forward-Looking Statements The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include statements relating to, or representing management s beliefs about, future events, transactions, strategies, and operations, including, without limitation, our expectation to comply with the amended administrative order entered by the SEC with respect to PHL Variable and its parent, The Phoenix Companies, Inc. ( Phoenix ), and otherwise act in accordance with law, the outcome of litigation and claims as well as regulatory examinations, investigations, 1 TF1205

12 proceedings and orders arising out of the financial statement restatements of Phoenix and PHL Variable and the failure by Phoenix and PHL Variable to file SEC reports on a timely basis, and potential penalties that may result from failure to timely file statutory financial statements, or make such other filings, with state insurance regulators. Such forward-looking statements often contain words such as will, anticipate, believe, plan, estimate, expect, intend, is targeting, may, should and other similar words or expressions. Forward-looking statements are made based upon management s current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our reports filed with the SEC and are available on our website at under Products/Product Prospectuses. You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this document, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forwardlooking statements contained in or accompanying this document, such statements or disclosures will be deemed to modify or supersede such statements in this document. * This is intended as an inactive textual reference only. 2 TF1205

13 PHL VARIABLE INSURANCE COMPANY Phoenix MVA Phoenix Foundations Equity Index Annuity Phoenix Guaranteed Income Edge Lockwood Advisors, Inc. Phoenix Guaranteed Income Edge Investors Capital Advisory Services Phoenix Guaranteed Income Edge Portfolio Design Advisors Phoenix Guaranteed Income Edge Institute for Wealth Management, LLC Phoenix Guaranteed Income Edge J. P. Turner & Company Capital Management, LLC PHL Variable Accumulation Account PHLVIC Variable Universal Life Account The Big Edge Choice Phoenix Benefit Choice VUL Phoenix Spectrum Edge Phoenix Joint Edge VUL* Phoenix Spectrum Edge + Phoenix Dimensions SUPPLEMENT DATED MARCH 6, 2013, AS REVISED MARCH 20, 2013, TO THE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED APRIL 30, 2012, SUPPLEMENTED SEPTEMBER 20, 2012 AND NOVEMBER 16, 2012* Our Financial Statements As previously disclosed to you by prospectus supplement, we have determined that our audited financial statements for the years ended December 31, 2011, 2010, and 2009 prepared in accordance with accounting standards generally accepted in the United States, or GAAP, (the Previously Issued Financial Statements ), should be restated to correct certain errors. Management evaluated these errors, determined that they had a material impact on the Previously Issued Financial Statements, and indicated that the Previously Issued Financial Statements should no longer be relied upon. The restated GAAP financial statements, which will correct the errors in the Previously Issued Financial Statements, are not completed at this time. We will provide an update on the restatement of the GAAP financial statements on or before April 30, We prepare our financial statements both in accordance with GAAP, and with statutory accounting principles, as prescribed or permitted by our state insurance regulators. As described more fully below, we make our unaudited financial statements prepared in accordance with statutory accounting principles available on our public website. We are providing this supplement to you to: list some of the major differences between GAAP accounting and statutory accounting practices explain how you can access our statutory financial statements either via the internet or by contacting us reaffirm that you may continue to exercise your contract rights while we complete the preparation of the corrected GAAP financial statements. The discussion of our financial results contained in this supplement has been prepared by management and represents management s current assessment of the results, which have not been audited or reviewed by our independent registered public accounting firm. Statutory Financial Statements The errors in our Previously Issued Financial Statements are not expected to have a material impact on our statutory financial results for any of the periods noted. As described above, we prepare financial statements on the basis of statutory accounting principles, which are predominately promulgated by the National Association of Insurance Commissioners, for use by state insurance regulators who are responsible for regulating insurance company solvency and other matters. Statutory accounting practices are principally designed to allow state insurance regulators and contractowners to determine if an insurance company can pay its claims at present, while GAAP financial statements are among other things, used by investors to determine if the business of the insurance company is profitable and to assess its financial condition. Statutory accounting practices differ from GAAP accounting practices. The following statutory accounting practices constitute major differences from GAAP practices: The costs related to acquiring business, principally commissions and certain policy issue expenses are charged to income in the year incurred. Statutory concepts such as non-admitted assets, asset valuation reserve and interest maintenance reserve are recognized. * Phoenix Joint Edge VUL last effective prospectus and Statement of Additional Information dated April 29, 2011 and previously additionally supplemented. TF1142-REV 1

14 Bonds are primarily carried at amortized cost. For individual non-participating term life policies, premiums are recognized at the anniversary date. For universal life and annuity contracts, premiums or deposits are recognized as revenue when paid, and withdrawals are recognized as surrender benefits. Statutory reserve assumptions are generally more conservative. Assets and liabilities are reported net of reinsurance balances. The statutory provision for federal income taxes represents estimated amounts currently payable based on taxable income or loss reported in the current accounting period. Deferred income taxes are provided in accordance with Statement of Statutory Accounting Principle ( SSAP ) No. 101, Income Taxes, a Replacement of SSAP No. 10R and SSAP No. 10 ( SSAP No. 101 ) and changes in deferred income taxes are recorded through surplus. The realization of any resulting deferred tax asset is limited based on certain criteria in accordance with SSAP No The Company s unaudited statutory financial statements are not prepared for use by investors and contractowners to make investment decisions. The Company is highlighting the availability of the unaudited statutory financial statements to you since current GAAP financial information is not yet available. The Company s statutory financial statements are not a replacement for GAAP financial information. Variances between the Company s statutory financial information and GAAP financial information are likely to be material. The Company s unaudited statutory financial statements for the year ended December 31, 2012, as well as for the years ended December 31, 2011, 2010 and 2009 are available on our public website, at phoenix.zhtml?c=97632&p=irol-statstatement. You may also request copies free of charge by contacting us at What This Means To You We know it is important for you to understand how the restatement may affect you. Management of the Company believes that the errors which are being corrected in the restatement are not expected to have any material effect on our ability to perform our obligations to you under your contract and you may continue to make transactions according to the terms and conditions of your contract. We encourage you to contact us at if you have any questions about making transactions under your contract. Where to Get More Information We file certain information with the SEC. This information is available free of charge by contacting us at: Investor Relations, One American Row, P.O. Box 5056, Hartford, CT or by telephone at The SEC maintains a website at where such information is available without charge upon written or oral request. This supplement should be retained with your prospectus for future reference. If you have any questions, please contact us at The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forwardlooking statements. These forward-looking statements include statements relating to, or representing management s beliefs about, our future transactions, strategies, operations and financial results, including, without limitation, our expectation to provide information within anticipated timeframes. Such forward-looking statements often contain words such as will, anticipate, believe, plan, estimate, expect, intend, is targeting, may, should and other similar words or expressions. Forward-looking statements are made based upon management s current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at under Investor Relations. You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this discussion, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this discussion, such statements or disclosures will be deemed to modify or supersede such statements in this discussion. TF1142-REV 2

15 PHL VARIABLE INSURANCE COMPANY Phoenix MVA Phoenix Foundations Equity Index Annuity Phoenix Guaranteed Income Edge Lockwood Advisors, Inc. Phoenix Guaranteed Income Edge Investors Capital Advisory Services Phoenix Guaranteed Income Edge Portfolio Design Advisors Phoenix Guaranteed Income Edge Institute for Wealth Management, LLC Phoenix Guaranteed Income Edge J. P. Turner & Company Capital Management, LLC PHL Variable Accumulation Account PHLVIC Variable Universal Life Account The Big Edge Choice Phoenix Benefit Choice VUL Phoenix Spectrum Edge Phoenix Spectrum Edge + Phoenix Dimensions SUPPLEMENT DATED NOVEMBER 16, 2012 TO THE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED APRIL 30, 2012 AND SUPPLEMENTED SEPTEMBER 20, 2012 This supplement updates certain events affecting our financial statements, as previously disclosed to you by prospectus supplement dated September 20, Continuing Restatement of Financial Statements As we previously disclosed to you, we have determined that our audited financial statements for the years ended December 31, 2011, 2010, and 2009 and our unaudited financial statements for the quarterly periods ended June 30, 2012, March 31, 2012, September 30, 2011, June 30, 2011, and March 31, 2011, prepared on the basis of generally accepted accounting principles ( GAAP ), should be restated to correct certain errors related to the accounting for an intercompany reinsurance treaty between us and our indirect parent, Phoenix Life Insurance Company. Accordingly, these financial statements and related financial information, which are included in filings we make with the Securities and Exchange Commission (the SEC ), should no longer be relied upon. During the process of restating these financial statements, certain errors were also identified in our consolidated statement of cash flows for the nine months ended September 30, 2012, as well as for previously reported periods. These errors consisted of (i) the incorrect classification of deposits and withdrawals of universal life and variable universal life products issued by us that were reported as cash flows used in continuing operations and (ii) the incorrect reporting of certain fees and interest charges as cash flows provided by financing activities. Management does not expect the correction of these errors to have a material impact on the total beginning and ending balances, as well as the total change in cash and cash equivalents reported on the consolidated statement of cash flows previously reported for the periods. We will correct these errors in the restatement. As part of the restatement, we will adjust the financial statements for errors identified and corrected during prior periods, recording the adjustments in the appropriate historical period. Additional errors identified, which may affect each of the years ended December 31, 2011, 2010 and 2009 and the quarterly periods ended June 30, 2012, March 31, 2012, and September 30, June 30 and March 31 of 2011 and 2010, will be assessed for materiality and corrected in connection with the restatement. We expect to file with the SEC restated financial statements to correct these errors before the end of March, Until we have made these filings with the SEC restating our financial results, we will continue to cease new sales of our insurance and annuity contracts registered with the SEC. The discussion of our revised financial results contained in this supplement and in the prior supplement provided to you has been prepared by management and represents management s current assessment of the revised results, which have not been audited or reviewed by our independent registered public accounting firm. What This Means To You We know it is important for you to understand how these events may affect you. These errors are not expected to have any material effect on our ability to perform our obligations to you under your contract. The errors described above are not expected to have any material effect on our ability to perform our obligations to you under your contract, nor are they expected to have a material impact on our statutory financial results for any of the periods noted. These errors also are not expected to have a material impact on the calculation of our risk-based capital, which is based on a formula developed by the National Association of Insurance Commissioners ( NAIC ) to measure the minimum amount of capital that an insurance company needs to support its overall business operations. TF1128

16 Any guarantees we provide under your contract, such as those associated with interest crediting, death benefit options, lifetime withdrawal benefits, and any guarantees provided by rider, are paid from our general account. Any amounts that we are obligated to pay under your contract from our general account are subject to our financial strength and claims-paying ability. If you own a variable annuity contract or variable life insurance policy, amounts you allocate to the variable investment options available through your contract are held in a separate account established for the benefit of contract owners. The separate account is not part of our general account, and the financial statements of the separate account are not affected by the errors described in this supplement. Ongoing Contract Transactions If you currently own an insurance or annuity contract issued by us, you may continue to make transactions according to the terms of your contract and prospectus, including: making additional premium payments into your contract (if otherwise permitted); transferring or reallocating your contract value among investment options; taking policy loans (if offered); transferring contract values to the market value adjusted account and renewing expiring guarantee periods (if applicable); and any other transactions offered under your contract. We encourage you to contact us at if you have any questions about making transactions under your contract. Where to Get More Information We file annual, quarterly and current reports, proxy statements, and other information about us with the SEC. This information is available free of charge by contacting PHL Variable at: Investor Relations, One American Row, P.O. Box 5056, Hartford, CT or by telephone at The SEC maintains a website at where such information is available without charge upon written or oral request. This supplement should be retained with your prospectus for future reference. If you have any questions, please contact us at *** This supplement may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include statements relating to trends in, or representing management s beliefs about, future developments affecting us and our future transactions, strategies, operations and financial results, and often contain words such as will, anticipate, believe, plan, estimate, expect, intend, is targeting, may, should and other similar words or expressions. Forward-looking statements are made based upon management s current expectations and beliefs concerning trends and future developments and their potential effects on us. They are not guarantees of future developments or performance. Actual developments and our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC and the risk that we may be unable to file our restated financial results in the anticipated time frame. Certain other factors which may impact developments, our business, financial condition or results of operations or which may cause actual developments or results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC. You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual developments, results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this supplement, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forwardlooking statements contained in or accompanying this supplement, such statements or disclosures will be deemed to modify or supersede such statements in this supplement to the extent incorporated by reference herein. TF1128 2

17 PHL VARIABLE INSURANCE COMPANY Phoenix MVA Phoenix Foundations Equity Index Annuity Phoenix Guaranteed Income Edge - Lockwood Advisors, Inc. Phoenix Guaranteed Income Edge - Investors Capital Advisory Services Phoenix Guaranteed Income Edge - Portfolio Design Advisors Phoenix Guaranteed Income Edge - Institute for Wealth Management, LLC Phoenix Guaranteed Income Edge - J. P. Turner & Company Capital Management, LLC PHL Variable Accumulation Account PHLVIC Variable Universal Life Account The Big Edge Choice Phoenix Benefit Choice VUL Phoenix Spectrum Edge Phoenix Spectrum Edge + Phoenix Dimensions SUPPLEMENT DATED SEPTEMBER 20, 2012 TO THE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED APRIL 30, 2012 This supplement describes certain events affecting our financial statements. Restatement of Financial Statements We have determined that our audited financial statements for the years ended December 31, 2011, 2010, and 2009 and our unaudited financial statements for the quarterly periods ended June 30, 2012, March 31, 2012, September 30, 2011, June 30, 2011, and March 31, 2011, prepared on the basis of generally accepted accounting principles ( GAAP ), should be restated to correct certain errors. The discussion of our revised financial results contained in this supplement has been prepared by management and represents management s current assessment of the revised results, which have not been audited or reviewed by our independent registered public accounting firm. These errors were identified primarily in the GAAP accounting for an intercompany reinsurance treaty between us and our indirect parent, Phoenix Life Insurance Company ( PLIC ), entered into in 2008 with respect to certain universal life insurance policies issued in 2008, and relate to ceded premiums and certain periodic adjustments to receivables, deferred acquisition costs, and liability for policyholder benefits in our GAAP financial statements beginning with the year ended December 31, As a result of these errors, we believe that our net loss was understated and stockholder s equity was overstated at December 31, 2011, 2010, 2009, and We believe that the overall impact of the adjustments will not exceed approximately 15% of GAAP stockholder s equity as of June 30, Our stockholder s equity was $626.7 million at June 30, Accordingly, these financial statements and related financial TF1125 1