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PHOENIX LIFE INSURANCE COMPANYPHL VARIABLE INSURANCE COMPANYPHOENIX LIFE AND ANNUITY COMPANYPHL Variable Accumulation AccountThe Big Edge Choice The Phoenix Edge – VAPhoenix Spectrum Edge Phoenix Spectrum Edge Retirement Planner’s EdgeFreedom Edge Phoenix Premium Edge Phoenix Income Choice Phoenix Investor’s Edge Phoenix Asset ManagerPhoenix Dimensions salesPhoenix Life Variable Accumulation AccountBig EdgeThe Big Edge Plus Group Strategic Edge The Big Edge Choice for New YorkThe Phoenix Edge – VA for New YorkPhoenix Spectrum Edge Phoenix Spectrum Edge Retirement Planner’s EdgeFreedom Edge Phoenix Income Choice Phoenix Investor’s Edge Phoenix Dimensions newPHLVIC Variable Universal Life AccountPhoenix Benefit Choice VUL Phoenix Joint Edge VULPhoenix Express VULSMPhoenix Express VULSM (06)The Phoenix Edge SVULThe Phoenix Edge VULtoPhoenix Life Variable Universal Life AccountThe Phoenix Edge The Phoenix Edge SPVLFlex EdgeFlex Edge Success Joint Edge Individual Edge Estate Edge Estate StrategiesCorporate EdgeExecutive Benefit VULPhoenix Executive VUL Phoenix Benefit Choice VUL Phoenix Joint Edge VULavailablePhoenix Life and Annuity Variable Universal Life AccountCorporate EdgeSUPPLEMENT DATED OCTOBER 26, 2017TO THE PROSPECTUSESnotThis supplement should be read with the currently effective or last effective prospectus, along with any other applicablesupplements, 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 theTouchstone Variable Series Trust series (“Acquiring Funds”).PoliciesOn April 18, 2017, Sentinel Asset Management, Inc. (“Sentinel”) entered into an agreement to sell its mutual fund asset managementbusiness to Touchstone Advisors, Inc. (“Touchstone Advisors”), investment advisor to the Touchstone family of mutual funds and anindirect, wholly-owned subsidiary of Western & Southern Mutual Holding Company In connection with Sentinel’s decision to exit themutual fund asset management business, Sentinel recommended and the Board of Trustees of Sentinel Funds has approved anAgreement and Plan of Reorganization (the “Plan”) with respect to each fund of the Sentinel Variable Products Trust, each a “TargetFund”, pursuant to which the Target Fund would be reorganized (each, a “Reorganization” and collectively, the “Reorganizations”) into acorresponding Touchstone Fund, each an Acquiring Fund, as set forth in the table below. On September 13, 2017, the Plan ofReorganization 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 beencreated solely for the purpose of completing the applicable Reorganization. Touchstone Advisors will serve as the investment advisor tothe Acquiring Funds. Touchstone Advisors will employ Fort Washington Investment Advisors, Inc., (an affiliate of Touchstone Advisors)as sub-advisor to provide portfolio management services.TF12101

Target FundsSentinel Variable Products Balanced FundSentinel Variable Products Bond FundSentinel Variable Products Common Stock FundSentinel Variable Products Small Company FundAcquiring FundsTouchstone Balanced FundTouchstone Bond FundTouchstone Common Stock FundTouchstone Small Company FundsalesPlease be advised that Phoenix Life Insurance Company, PHL Variable Insurance Company and Phoenix Life and Annuity Company arenot affiliated with Sentinel Asset Management, Inc. or Touchstone Advisors, Inc. and have no control or influence in this decision or thePlan.newUpon the Reorganization, each Target Fund will transfer all of its assets to the Acquiring Fund in exchange for (i) the Acquiring Fund’sassumption of the liabilities (other than certain excluded liabilities) of the Target Fund, as described in the Plan, and (ii) newly issuedshares of the Acquiring Fund having a value equal to the aggregate net assets of the Target Fund transferred to the Acquiring Fund. Assuch, on the closing date the Acquiring Funds are added to the list of available investment options for the products listed above andTarget Fund shareholders will become shareholders of the Acquiring Funds and will receive shares of the Acquiring Funds with a total netasset value equal to that of their shares of the Target Funds on the closing date. The Reorganizations are designed to be tax-free toshareholders.toThe Reorganizations are expected to take place on or about October 27, 2017. Effective October 27, 2017, any allocation of new premiumor transfer of value to, or withdrawal or other request for redemption from, one of the subaccounts that invests in a Target Funds will bedeemed to be an instruction for the subaccount investment option corresponding to the Acquiring Fund.availableIf your variable life policy or annuity contract value is allocated to a subaccount that invests in a Target Fund at the time theReorganizations occur, those subaccount units will be replaced by units corresponding to the subaccount that invests in the AcquiringFund, and thereafter the policy or contract value will depend on the performance of the Acquiring Fund subaccount(s). TheReorganizations will not result in any change in the amount of your accumulated policy or contract value or in the dollar value of yourinvestment in the separate account. The number of units in a subaccount investing in an Acquiring Fund that will be credited to yourvariable life policy or annuity contract as a result of the Reorganization(s) will depend on the value of the units of a subaccount investingin 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 theReorganizations nor will any such transfer count against any applicable number of free transfers you are allowed under your contract.notIn addition, the Reorganizations do not cause any fees or charges under your policy or contract to be greater, and it does not alter yourrights or our obligations under the policy or contract. The Reorganizations are not expected to be a taxable event for federal income taxpurposes. You should consult with your tax advisor as to the tax consequences for your individual situation.sSummary information regarding investment options is provided herein (see “Appendix – Investment Options,” below). For more detailedinformation regarding each underlying fund you should consult the fund prospectus which can be found on our website,www.phoenixnsre.com*, or requested by writing to us at PO Box 8027, Boston, MA 02266-8027 or calling 1-800-541-0171. You shouldcarefully read the prospectus and consider the investment objectives, risks, charges, and expenses associated with any underlyinginvestment option before investing.ie‘ For all prospectuses including an Appendix – Investment Options, the Appendix is deleted and replaced with the following:licPlease note: This information is intended to provide a brief summary of each fund’s investment objective and advisor information. Notall funds listed here may be currently offered or available with your product.PoFund NameAlger Capital Appreciation Portfolio1,2AB VPS Balanced Wealth Strategy PortfolioCalvert VP S&P MidCap 400 Index PortfolioTF1210Investment ObjectiveLong term capital appreciationAchieve the highest total return consistent withthe Adviser’s determination of reasonable risk.Seeks investment results that correspond to thetotal return performance of U.S. commonstocks, as represented by the S&P MidCap 400IndexInvestment Advisor / SubadvisorFred Alger Management, Inc.AllianceBernstein L.P.Calvert Research and ManagementSubadvisor: Ameritas Investment Partners,Inc.2

Investment ObjectiveInvestment Advisor / SubadvisorSeeks to replicate, as closely as possible, beforethe deduction of expenses, the performance ofthe Standard & Poor’s 500 Composite StockPrice Index, which emphasizes stocks of largeUS companiesSeeks to replicate, as closely as possible, beforethe deduction of expenses, the performance ofthe Russell 2000 Index, which emphasizesstocks of small US companiesFederated Fund for U.S. Government Securities IIFederated High Income Bond Fund IIFederated Prime Money Fund IIFidelity VIP Contrafund PortfolioFidelity VIP Growth Opportunities PortfolioFidelity VIP Investment Grade Bond PortfolioSubadvisor: Northern Trust Investments,Inc.Federated Investment ManagementCompanyFederated Investment ManagementCompanyFederated Investment ManagementCompanyFidelity Management & Research CompanyCapital growthSubadvisor: FMR Co., Inc.Fidelity Management & Research CompanyAs high a level of current income as is consistentwith the preservation of capitalavailableFidelity VIP Growth PortfolioDeutsche Investment ManagementAmericas Inc.The Fund’s investment objective is to providecurrent income.The Fund’s investment objective is to seek highcurrent income.The Fund is a money market fund that seeks tomaintain a stable net asset value (NAV) of 1.00per Share. The Fund’s investment objective is toprovide current income consistent with stabilityof principal and liquidity.Long-term capital appreciationCapital appreciation Subadvisor: Northern Trust Investments,Inc.newDeutsche Small Cap Index VIPtoDeutsche Equity 500 Index VIPDeutsche Investment ManagementAmericas Inc.salesFund NameSubadvisor: FMR Co., Inc.Fidelity Management & Research CompanySubadvisor: FMR Co., Inc.Fidelity Management & Research CompanySubadvisor: Fidelity Investments MoneyManagement, Inc.Franklin Advisers, Inc.Seeks capital appreciation. Under normal marketconditions, the fund invests predominantly inequity securities of companies that theinvestment manager believes have the potentialfor capital appreciation.Seeks to maximize income while maintainingprospects for capital appreciation. Under normalmarket conditions, the fund invests in bothequity and debt securities.Seeks capital appreciation with income as asecondary goal. Under normal marketconditions, the fund invests primarily in U.S. andforeign equity securities that the investmentmanager believes are undervalued.Seeks long-term capital appreciation.Capital appreciationGuggenheim InvestmentsALPS Advisors, Inc.Capital appreciation and some current incomeSubadvisor: Ibbotson Associates, Inc.ALPS Advisors, Inc.Capital appreciationSubadvisor: Ibbotson Associates, Inc.ALPS Advisors, Inc.Ibbotson Income and Growth ETF Asset AllocationPortfolioCurrent income and capital appreciationSubadvisor: Ibbotson Associates, Inc.ALPS Advisors, Inc.Invesco V.I. American Franchise FundInvesco V.I. Equity and Income FundInvesco V.I. Core Equity Fund1,2Invesco V.I. Mid Cap Core Equity Fund1,2Lazard Retirement U.S. Small-Mid Cap EquityPortfolio1,2Capital growthCapital appreciation and current incomeLong term growth of capitalLong term growth of capitalLong term capital appreciationSubadvisor: Ibbotson Associates, Inc.Invesco Advisers, Inc.Invesco Advisers, Inc.Invesco Advisers, Inc.Invesco Advisers, Inc.Lazard Asset Management LLCFranklin Flex Cap Growth VIP FundnotFranklin Income VIP FundFranklin Mutual Shares VIP FundsGuggenheim VT Long Short Equity Fund1,2ieIbbotson Aggressive Growth ETF Asset AllocationPortfoliolicIbbotson Balanced ETF Asset Allocation PortfolioPoIbbotson Growth ETF Asset Allocation PortfolioTF1210Franklin Advisers, Inc.Franklin Mutual Advisers, LLC3