SUPPLEMENT DATED JULY 6, 1999, TO
THE PROSPECTUS DATED MAY 1, 1999, FOR
FUTURE DIMENSIONS VARIABLE UNIVERSAL LIFE POLICY
ISSUED BY
SOUTHLAND LIFE INSURANCE COMPANY
AND ITS
SOUTHLAND SEPARATE ACCOUNT L1
THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN YOUR PROSPECTUS. PLEASE
READ IT CAREFULLY AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
The first sentence of the first paragraph in the "Premium Payments Affect Your
Coverage" section on page 22 is changed to read:
"Unless you have the guaranteed minimum death benefit feature or are in
the special continuation period, your coverage lasts only as long as
your net cash surrender value is enough to pay the monthly charges and
your cash surrender value is more than your outstanding policy loan
plus accrued loan interest."
* * * * * * * * * * * * * * * * *
The second sentence of the first paragraph in the "Guaranteed Minimum Death
Benefit" section on page 27 is deleted and replaced with:
"Your coverage lasts only as long as your net cash surrender value is
enough to pay the monthly charges and your cash surrender value is more
than your outstanding policy loan plus accrued loan interest."
* * * * * * * * * * * * * * * * *
The following information replaces the similar text in the "Lapse Summary" table
on page 39:
In the second and fourth columns headed, "If you do not meet the
requirements", the first sentence is changed to read: "Your policy
enters the grace period if your net cash surrender value is not enough
to pay the monthly charges, or if your loan plus accrued loan interest
is more than your cash surrender value."
* * * * * * * * * * * * * * * * *
The first sentence of the fourth paragraph in the "Requirements to Maintain the
Guarantee Period" section on page 28 is changed to read:
"If your policy has no rider coverage other than the
Guaranteed Minimum Death Benefit rider, the guarantee period annual
premium for the guarantee period for life will be equal to the
guideline annual premium determined under the federal income tax law
definition of life insurance."
* * * * * * * * * * * * * * * * *
The following paragraph is added, after the third paragraph, to the
"Distribution of the Policies" section on page 44:
"Broker-dealers may receive annual renewal payments of up to 0.25% of
the net account value beginning in the sixth year of your policy."
Form 21-291 (6/99)
