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Form 497 MERRILL LYNCH LIFE VARIA

February 3, 2023 8:49 AM EST

Supplement dated February 3, 2023

To the Prospectuses Dated:

 

May 1, 1991   MLLIC Directed Life                      May 1, 1991    MLLIC Prime Plan Investor
May 1, 1991   MLLIC Prime Plan VI                    May 1, 1991    MLLIC Prime Plan 7
May 1, 1993   MLLIC Prime Plan I, II, and III    May 1, 1993    MLLIC Directed Life 2
May 1, 1998   MLLIC Prime Plan IV                    May 1, 2018    MLLIC Prime Plan V

Issued by

TRANSAMERICA LIFE INSURANCE COMPANY

MERRILL LYNCH VARIABLE LIFE SEPARATE ACCOUNT II

Effective on April 28, 2023 (the “Liquidation Date”), due to the liquidation of its underlying portfolio listed below (the “Portfolio”), the subaccount (the “Subaccount”) will be liquidated.

 

SUBACCOUNT/P NAME

 

  

PORTFOLIO NAME

 

  

SUBADVISOR

 

BlackRock U.S. Government Bond Portfolio    BlackRock U.S. Government Bond Portfolio    BlackRock Advisors, LLC

If you have contract value allocated to the Subaccount on the Liquidation Date, shares of the Portfolio held for you in the Subaccount will be exchanged for shares of the BlackRock Government Money Market V.I. Fund (the “Money Market Portfolio”), of equal value on the Liquidation Date, and held in the BlackRock Government Money Market V.I. Fund subaccount (the “Money Market Subaccount”).

As of the start of business on the Liquidation Date, you will no longer be able to use automated transfer features such as Rebalancing Program or Dollar Cost Averaging with the Subaccount for the Portfolio. If you are using an automated transfer feature such as Rebalancing Program or Dollar Cost Averaging with the Subaccount for the Portfolio, you should contact us immediately to make alternate arrangements. If you do not make alternate arrangements any subsequent allocations to the Subaccount for the Portfolio will be directed to the Money Market Subaccount.

This Supplement updates certain information in the above referenced prospectus (the ‘‘Prospectus’’). Except as indicated in this Supplement, all other information included in the Prospectus remains unchanged. We will send you another copy of the current Prospectus or any supplement without charge upon request. Please contact our Administrative Office referenced in the Prospectus.

This Supplement must be accompanied or preceded by the current Prospectus.

Please read this Supplement carefully and retain it for future reference.



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