<PAGE>
THE ONE(R) INCOME ANNUITY(SM)
Issued Through
PFL RETIREMENT BUILDER VARIABLE ANNUITY ACCOUNT
By
PFL LIFE INSURANCE COMPANY
Supplement Dated December 15, 2000
To The
Prospectus Dated May 1, 2000
The One Income Annuity has been amended to allow you to allocate 100% of your
premium to fixed annuity payments.
The following hereby amends and replaces the corresponding SUMMARY section of
the prospectus on page 4:
3. ANNUITY PAYMENTS
Annuity payments may be fixed, variable or a combination of fixed and
variable. We guarantee the amount of fixed annuity payments. We do not,
however, guarantee the amount of variable annuity payments. Variable
annuity payment amounts are determined by the investment performance of the
subaccounts you select. However, you can purchase a minimum payment
guarantee rider to ensure a minimum payment amount. See Section 10 for more
information.
Annuity payments may be scheduled monthly, quarterly, semiannually, or
annually.
We recommend using electronic funds transfer (EFT) to receive your annuity
payments whenever possible.
The following hereby amends and replaces the Allocation of Premium Payment
section of the prospectus on page 10:
Allocation of Premium Payment
We will invest the amount of your premium that you allocate to the
subaccount(s) on the contract issue date. You must allocate percentages
that are whole numbers, not fractions. Your allocations must equal 100%.
This Prospectus Supplement must be accompanied
by the Prospectus for
The One(R) Income Annuity(SM) dated May 1, 2000
<PAGE>
The following hereby amends and replaces the Variable or Combination Payments
section of the prospectus on page 11:
Fixed, Variable or Combination Payments
You allocate your premium between fixed and variable payments under a
payment option when you buy the contract. You may choose all fixed, all
variable or a combination of fixed and variable annuity payments.
Any portion of your premium allocated to a fixed payment option will always
remain allocated to fixed annuity payments. However, you may transfer from
variable annuity payments to fixed annuity payments at any time.
If you choose a combination of fixed and variable annuity payments, a
portion of your annuity payments will be fixed and a portion will vary. We
will guarantee the dollar amount of any fixed portion of each annuity
payment; however, the amount of the variable annuity payments will depend
upon the investment experience of the underlying portfolios and is not
guaranteed.
Under some joint and survivor payment options, the annuity payments
decrease upon the death of the annuitant or secondary annuitant (as
described for payment options 5, 6, 8, and 9) whether they are fixed or
variable.