John Hancock Variable Life Account S
John Hancock Life Insurance Company (U.S.A.)
(“John Hancock USA”)
Flexible Premium Variable Universal Life Insurance Policy
MEDALLION EXECUTIVE VARIABLE LIFE
Updating Summary Prospectus dated April 29, 2024, Existing Investors
This Updating Summary Prospectus summarizes key features of the Medallion Executive Variable Life policy, an individual flexible premium variable universal life policy (the “Policy”).
Before you invest you should also review the prospectus for the Policy (the “Prospectus”) carefully, which contains more information about the Policy’s features, benefits, and risks. You can find this document and other information about the Policy online at dfinview.com/JohnHancock/TAHD/MEVL. You can also obtain this information by calling 1-800-732-5543 or by sending an email request to webmail@jhancock.com.
Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Table of Contents 
3
3
Appendix-1
2
Updated Information About Your Policy
The information in this section of the Updating Summary Prospectus is a summary of certain Policy features that have changed since the Prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Policy.
Updating Summary Prospectus
• Beginning this year, you are receiving an Updating Summary Prospectus for Existing Investors in lieu of the full Prospectus and the prospectuses for the underlying portfolios. You may access these and additional documents for your policy and the portfolios in the manner shown in this summary prospectus.
Underlying Investment Options
• Fee and performance information have been updated and are reflected in the APPENDIX: PORTFOLIOS AVAILABLE UNDER THE POLICY.
John Hancock Service Office Update
• We no longer have a facsimile (“fax”) number for our Service Office and have removed the number from our prospectuses. You may contact us using any of the options listed within the Prospectus.
important Information you should consider about the policy 
FEES AND EXPENSES
Charges for Early
Withdrawals
There is a charge assessed upon a partial withdrawal.
FEE TABLE
 
Deductions from account
value
Transaction Charges
In addition to withdrawal charges (if applicable), you may also be charged
for the following transactions:
 
A premium sales charge, premium tax charge, and DAC tax charge will be
deducted upon payment of premium.
 
 
FEE TABLE
 
 
Deductions from account
value
Ongoing Fees and
Expenses (annual charges)
In addition to withdrawal charges and transaction charges, you will also be
subject to certain ongoing fees and expenses, including an insurance charge,
issue charge, account value sales charge, maintenance charge, M&E charge,
policy loan costs, and supplementary benefit rider charges. Some of these
fees and expenses are based wholly or in part on the characteristics of the
insured persons (e.g., age, sex, and underwriting classification).
 
You should view the “policy specifications” page of your policy for rates
applicable to your policy.
 
FEE TABLE
 
Deductions from account
value
You will also bear expenses associated with the portfolios under the policy,
as shown in the following table:
Charges at the portfolio
level
 
APPENDIX
Annual Fee
Minimum
Maximum
Variable investment options (portfolio fees and
expenses)
0.39%
2.58%
 
RISKS
Risk of Loss
You can lose money by investing in this policy.
PRINCIPAL RISKS OF
INVESTING IN A
POLICY
3
RISKS
Not a Short- Term
Investment
This policy is not a short-term investment and is not appropriate for
an investor who needs ready access to cash. The policy is unsuitable
as a short-term savings vehicle because of substantial policy-level
charges, including the premium charge and the surrender charge, as
well as potential adverse tax consequences from such short-term use.
Early Surrender or
Withdrawal Risk/Not a
Short-Term Investment
Risks Associated with
Investment Options
An investment in this policy is subject to the risk of poor
performance and can vary depending on the performance of the
account allocation options available under the policy (e.g.,
portfolios). Each such option (including the fixed investment option)
will have its own unique risks, and you should review these options
before making an allocation decision. You can find the prospectuses
and other information about the portfolios at
dfinview.com/JohnHancock/TAHD/MEVL.
Investment Risk/Risk of
Loss
Insurance Company
Risks
Your investment in the policy is subject to risks related to John
Hancock USA, including that the obligations (including under the
fixed investment option), guarantees, or benefits are subject to the
claims-paying ability of John Hancock USA. Information about John
Hancock USA, including its financial strength ratings, is available
upon request from your John Hancock USA representative. Our
current financial strength ratings can also be obtained by contacting
the Service Office at 1-800-732-5543.
Depositor
 
Registrant
Policy Lapse
Either your entire policy or the Additional Sum Insured portion of
your Total Sum Insured can terminate (i.e., “lapse”) for failure to pay
charges due under the policy. This can happen as a result of
insufficient premium payments, poor performance of the variable or
general account options you have chosen, withdrawals, or unpaid
loans or loan interest. If a default is not cured within a 61-day grace
period, your policy will lapse without value, and no death benefit or
other benefits will be payable. You can apply to reinstate a policy that
has gone into default, subject to conditions including payment of a
specified amount of additional premiums.
Lapse and
Reinstatement
 
RESTRICTIONS
Investments
There are restrictions that may limit the variable investment account
options and general account options (including the fixed investment
option) that you may choose, as well as limitations on the transfer of
account value among those options. These restrictions may include a
monthly limit on the number of transfers you may make. We may also
impose additional restrictions to discourage market timing and
disruptive trading activity.
 
In particular, your allocation options will be affected if you elect to
take a loan or receive benefits under certain supplementary benefit
riders.
 
Among other things, the policy also allows us to eliminate the shares
of a portfolio or substitute shares of another new or existing
portfolio, subject to applicable legal requirements.
Limitations on transfers
to or from a variable
investment account
 
Limitations on transfers
out of the fixed
investment option
 
Effect of Loans on Cash
Value and Death
Benefit
 
Portfolios
4
RESTRICTIONS
Optional Benefits
There are restrictions and limitations relating to optional benefits, as
well as conditions under which an optional benefit may be modified
or terminated by us. For example, certain supplementary benefit
riders may be subject to underwriting, and your election of an option
may result in restrictions upon some of the policy benefits, including
availability of investment options.
More About Certain
Optional Benefits
 
TAXES
Tax Implications
You should consult with a tax professional to determine the tax
implications of an investment in and payments received under the
policy. There is no additional tax benefit to you if the policy is
purchased through a tax-qualified plan. If we pay out any amount of
your account value upon surrender or partial withdrawal, all or part
of that distribution would generally be treated as a return of the
premiums you’ve paid and not subjected to income tax, with any
portion not treated as a return of your premiums includible in your
income. Distributions also are subject to tax penalties under some
circumstances.
Tax Consequences of
Owning a Policy
 
CONFLICTS OF INTEREST
Investment Professional
Compensation
Some investment professionals may receive compensation for selling
the policy, including by means of commissions and revenue sharing
arrangements. These investment professionals may have a financial
incentive to offer or recommend this policy over another investment.
Commissions Paid to
Dealers
Exchanges
Some investment professionals may have a financial incentive to
offer you a new policy in place of the one you already own, and you
should only exchange your policy if you determine, after comparing
the features, fees, and risks of both policies, that it is preferable for
you to purchase the new policy rather than continue to own the
existing policy.
Commissions Paid to
Dealers
5
Appendix: Portfolios Available Under The Policy
The following is a list of portfolios available under the policies. More information about the portfolios is available in the prospectuses for the portfolios, which may be amended from time to time. You can find the prospectuses and other information about the portfolios at dfinview.com/JohnHancock/TAHD/MEVL. You can also request this information at no cost by calling 1-800-732-5543 or by sending an email request to webmail@jhancock.com.
The current expenses and performance information below reflect fees and expenses of the portfolios, but do not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each portfolio’s past performance is not necessarily an indication of future performance. 
Investment Objective
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/23) (%)
1-Year
5-Year
10-Year
To approximate the aggregate total return
of a broad-based U.S. domestic equity
market index.
500 Index Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(North America) Limited
0.25%*
25.95
15.40
11.75
To seek income and capital appreciation.
Active Bond Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.66%
6.48
1.67
2.40
To seek to provide high total return
(including income and capital gains)
consistent with preservation of capital
over the long term.
American Asset Allocation Trust - Series
I
 
Capital Research and Management
Company (Adviser to the Master Fund,
American Fund Insurance Series)
0.93%
13.90
8.80
6.86
To seek to provide long-term growth of
capital.
American Global Growth Trust - Series I
 
Capital Research and Management
Company (Adviser to the Master Fund,
American Fund Insurance Series)
1.06%*
22.12
13.20
9.17
To seek to provide growth of capital.
American Growth Trust - Series I
 
Capital Research and Management
Company (Adviser to the Master Fund,
American Fund Insurance Series)
0.97%*
37.99
18.24
13.94
To seek to provide long-term growth of
capital and income.
American Growth-Income Trust - Series I
 
Capital Research and Management
Company (Adviser to the Master Fund,
American Fund Insurance Series)
0.91%*
25.68
12.95
10.52
To seek to provide long-term growth of
capital.
American International Trust - Series I
 
Capital Research and Management
Company (Adviser to the Master Fund,
American Fund Insurance Series)
1.17%*
15.39
4.44
3.02
To provide long-term growth of capital.
Current income is a secondary objective.
Blue Chip Growth Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/T. Rowe Price Associates, Inc.
0.77%*
49.59
13.58
12.39
Appendix-1
Investment Objective
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/23) (%)
1-Year
5-Year
10-Year
To seek long-term growth of capital.
Capital Appreciation Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Jennison Associates LLC
0.76%*
52.95
18.07
14.18
To seek long-term capital appreciation.
Capital Appreciation Value Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/T. Rowe Price Associates, Inc.
0.89%*
18.31
12.48
10.30
To seek total return consisting of income
and capital appreciation.
Core Bond Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Allspring Global Investments, LLC
0.63%*
5.89
1.11
1.74
To seek long-term growth of capital.
Disciplined Value International Trust -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Boston Partners Global Investors,
Inc.
0.79%*
20.05
8.47
3.10
To seek long-term capital appreciation.
Emerging Markets Value Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Dimensional Fund Advisors LP
1.03%*
15.15
5.42
3.06
To provide substantial dividend income
and also long-term growth of capital.
Equity Income Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/T. Rowe Price Associates, Inc.
0.71%*
9.52
11.15
7.88
To seek growth of capital.
Financial Industries Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.89%*
5.21
9.70
7.08
To seek long-term growth of capital.
Fundamental All Cap Core Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.71%*
35.44
18.38
12.32
To seek long-term capital appreciation.
Fundamental Large Cap Value Trust -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.73%*
23.49
17.64
10.24
To seek long-term capital appreciation.
Global Equity Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.89%*
20.17
8.99
4.58
Appendix-2
Investment Objective
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/23) (%)
1-Year
5-Year
10-Year
To seek long-term capital appreciation.
Health Sciences Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/T. Rowe Price Associates, Inc.
1.00%*
4.26
10.56
10.94
To realize an above-average total return
over a market cycle of three to five years,
consistent with reasonable risk.
High Yield Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Western Asset Management
Company, LLC
0.81%*
12.87
4.95
3.58
To seek to track the performance of a
broad-based equity index of foreign
companies primarily in developed
countries and, to a lesser extent, in
emerging markets.
International Equity Index Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/SSGA Funds Management, Inc.
0.34%*
15.42
6.97
3.71
To seek long-term capital appreciation.
International Small Company Trust -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Dimensional Fund Advisors LP
1.00%*
13.59
7.06
4.27
To provide a high level of current income
consistent with the maintenance of
principal and liquidity.
Investment Quality Bond Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Wellington Management Company
LLP
0.71%*
6.57
1.41
2.00
To seek a balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital.
Lifestyle Balanced Portfolio - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.64%
13.72
6.96
5.41
To seek a high level of current income
with some consideration given to growth
of capital.
Lifestyle Conservative Portfolio - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.66%*
9.18
3.68
3.34
To seek long-term growth of capital.
Current income is also a consideration.
Lifestyle Growth Portfolio - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.62%
16.97
9.14
6.77
To seek a balance between a high level of
current income and growth of capital,
with a greater emphasis on income.
Lifestyle Moderate Portfolio - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.65%*
12.21
5.86
4.73
Appendix-3
Investment Objective
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/23) (%)
1-Year
5-Year
10-Year
To seek growth of capital and current
income while seeking to both manage the
volatility of return and limit the
magnitude of portfolio losses.
Managed Volatility Balanced Portfolio -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.76%
12.00
4.67
3.86
To seek current income and growth of
capital, while seeking to both manage the
volatility of return and limit the
magnitude of portfolio losses.
Managed Volatility Conservative Portfolio
- Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.75%
5.50
1.80
2.41
To seek long term growth of capital while
seeking to both manage the volatility of
return and limit the magnitude of
portfolio losses.
Managed Volatility Growth Portfolio -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.79%
13.81
5.25
3.76
To seek current income and growth of
capital while seeking to both manage the
volatility of return and limit the
magnitude of portfolio losses.
Managed Volatility Moderate Portfolio -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.75%
10.79
4.21
3.78
To seek long-term growth of capital.
Mid Cap Growth Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Wellington Management Company
LLP
0.90%
18.87
12.39
9.79
Seeks to approximate the aggregate total
return of a mid cap U.S. domestic equity
market index.
Mid Cap Index Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(North America) Limited
0.41%*
16.00
12.20
8.86
To seek long-term capital appreciation.
Mid Value Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/T. Rowe Price Associates, Inc.
0.96%*
18.65
13.09
9.35
To obtain maximum current income
consistent with preservation of principal
and liquidity.
Money Market Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.28%*
4.81
1.68
1.07
To seek maximum total return, consistent
with preservation of capital and prudent
investment management.
Opportunistic Fixed Income Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Wellington Management Company
LLP
0.88%*
8.21
2.72
2.22
Appendix-4
Investment Objective
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/23) (%)
1-Year
5-Year
10-Year
To seek to achieve a combination of long-
term capital appreciation and current
income.
Real Estate Securities Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Wellington Management Company
LLP
0.76%*
13.06
7.74
8.00
To seek long-term growth of capital.
Current income is incidental to the fund’s
objective.
Science & Technology Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/T. Rowe Price Associates, Inc.
0.99%*
54.73
18.67
15.76
To seek income and capital appreciation.
Select Bond Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.60%*
6.15
1.39
1.92
To seek a high level of current income
consistent with preservation of capital.
Maintaining a stable share price is a
secondary goal.
Short Term Government Income Trust -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.67%*
3.87
0.51
0.66
Seeks to approximate the aggregate total
return of a small cap U.S. domestic equity
market index.
Small Cap Index Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(North America) Limited
0.48%*
16.52
9.60
6.85
To seek long-term capital appreciation.
Small Cap Opportunities Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Dimensional Fund Advisors LP and
GW&K Investment Management, LLC
0.84%*
18.12
13.99
7.92
To seek long-term capital appreciation.
Small Cap Stock Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Wellington Management Company
LLP
1.08%*
16.31
11.18
7.43
To seek long-term capital appreciation.
Small Cap Value Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Wellington Management Company
LLP
0.99%*
14.07
8.85
6.07
To seek long-term growth of capital.
Small Company Value Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/T. Rowe Price Associates, Inc.
1.16%*
13.52
9.25
6.59
To seek a high level of current income.
Strategic Income Opportunities Trust -
Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.74%*
7.53
3.31
2.85
Appendix-5
Investment Objective
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/23) (%)
1-Year
5-Year
10-Year
To seek to track the performance of the
Bloomberg U.S. Aggregate Bond Index
(the “Bloomberg Index”) (which
represents the U.S. investment grade bond
market).
Total Bond Market Trust - Series NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.25%*
5.29
0.81
1.58
Seeks to approximate the aggregate total
return of a broad U.S. domestic equity
market index.
Total Stock Market Index Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(North America) Limited
0.53%*
25.58
14.44
10.78
The fund seeks a high level of current
income consistent with the maintenance
of liquidity and the preservation of
capital.
Ultra Short Term Bond Trust - Series
NAV
 
John Hancock Variable Trust Advisers
LLC/Manulife Investment Management
(US) LLC
0.62%*
4.74
1.61
1.09
 
Investment Objective
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/23) (%)
1-Year
5-Year
10-Year
The Portfolio seeks maximum real return
consistent with preservation of real
capital and prudent investment
management.
PIMCO VIT All Asset Portfolio - Series
M
 
Pacific Investment Management
Company LLC/Research Affiliates, LLC
2.49%*
7.83
5.69
3.73
To seek to provide capital appreciation.
TOPS® Aggressive Growth ETF - Class 2
 
ValMark Advisers, Inc./Milliman
Financial Risk Management, LLC
0.54%
17.37
10.55
7.42
To seek to provide income and capital
appreciation.
TOPS® Balanced ETF - Class 2
 
ValMark Advisers, Inc./Milliman
Financial Risk Management, LLC
0.55%
11.39
6.39
4.51
To seek to preserve capital and provide
moderate income and moderate capital
appreciation.
TOPS® Conservative ETF - Class 2
 
ValMark Advisers, Inc./Milliman
Financial Risk Management, LLC
0.56%
9.19
4.84
3.37
To seek to provide capital appreciation.
TOPS® Growth ETF - Class 2
 
ValMark Advisers, Inc./Milliman
Financial Risk Management, LLC
0.54%
16.09
9.48
6.54
To seek to provide capital appreciation.
TOPS® Moderate Growth ETF - Class 2
 
ValMark Advisers, Inc./Milliman
Financial Risk Management, LLC
0.54%
13.47
7.96
5.58
* This portfolio’s annual expenses reflect temporary fee or expense waivers or reimbursements.
Appendix-6
The Prospectus relating to the policy and Statement of Additional Information (SAI), both dated April 29, 2024, and any applicable supplements thereto, are incorporated by reference into this summary prospectus. You may obtain the SAI, free of charge, in the same manner as the Prospectus.
 
1940 Act File No. 811-7782—1933 Act File No. 333-164150
EDGAR Contract Identifier No. C000085958