SUPPLEMENT DATED OCTOBER 21, 1999, TO
THE PROSPECTUS DATED MAY 1, 1999, FOR
FUTURE DIMENSIONS UNIVERSAL LIFE
A FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE 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 following information is added to the front cover page of the
Prospectus:
"This life insurance policy IS NOT a bank deposit or
obligation, federally insured, or backed by any bank or
governmental agency."
* * * * * * * * * * * * * * * * *
The following paragraph is added after the second paragraph in the "Your
Account Value in the Variable Subaccounts" subsection on page 9 and after
the second paragraph in the "Determining the Value in the Variable
Subaccounts" section on page 32:
"The valuation date is each date for which the net asset
value of the investment portfolio shares and unit values of
the subaccounts are determined. Valuation dates are each day
the New York Stock Exchange and the company's customer
service center are open for business and a corresponding
investment portfolio values its shares, or as required by
law."
* * * * * * * * * * * * * * * * *
The second sentence of the third paragraph in the "Objectives of the
Investment Portfolios" section on page 15 is hereby deleted and replaced in
its entirety as follows:
"Currently, these advisors include Fidelity Management &
Research Company; and Fred Alger Management, Inc."
* * * * * * * * * * * * * * * * *
The following information is added after the first sentence of the second
paragraph in the "Policy Issuance" subsection on page 20:
"If we receive your initial premium after we issue your
policy and the issue requirements have been met, the
investment date is the later of 20 days after we issue your
policy or the date we receive your initial premium."
* * * * * * * * * * * * * * * * *
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The following information is added to the end of the last paragraph in the
"Policy Issuance" subsection on page 20:
"The policy date is:
o the date you designate on your application, subject
to our approval; or
o the back-date of the policy to save age, if we
permit this for your policy.
If there is no designated date or back-date, the policy date
is:
o the date all underwriting and administrative
requirements have been met if we have received your
initial premium before we issue your policy; or
o the later of 20 days after we issue your policy or
the date we receive your initial premium, if we
receive your initial premium after we issue your
policy."
* * * * * * * * * * * * * * * * *
The following information is added to the end of the fourth paragraph of
the "Guaranteed Minimum Death Benefit" subsection on page 27:
"Charges for your guaranteed minimum death benefit and base
coverage are deducted each month to the extent that there is
sufficient net account value to pay these charges. If there
is not sufficient net account value to pay a charge, it is
permanently waived. Deduction of charges will resume once
there is sufficient net account value."
* * * * * * * * * * * * * * * * *
The following information is added after the first sentence of the first
paragraph of the "Free Look Period" subsection on page 40:
"The right to examine your policy or free look period starts
on the date you receive your policy."
* * * * * * * * * * * * * * * * *
The following information modifies the text found in the second paragraph,
first sentence of the "Monthly Deductions from Your Account Value" section
on page 48:
The statement "On or before November 1, 1999, we will make
available to you the option to designate a single withdrawal
investment option from which we will take your monthly
deductions." is hereby revised to read: "You may designate a
single withdrawal investment option from which we will take
your monthly deductions."
* * * * * * * * * * * * * * * * *
The second sentence of the first paragraph in the "Group or Sponsored
Arrangements or Corporate Purchasers" section on page 55 is hereby deleted
and replaced in its entirety as follows:
"For group or sponsored arrangements (including employees
and certain family members of employees of Southland, its
affiliates and appointed sales agents), corporate
purchasers, or special exchange programs which we may offer
from time to time, we may reduce or waive the:"
* * * * * * * * * * * * * * * * *
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