TRAVELERS VARIABLE LIFE INSURANCE SEPARATE ACCOUNT FOUR, 497, 1997-08-06

TRAVELERS VARIABLE LIFE INSURANCE SEPARATE ACCOUNT FOUR
497, 1997-08-06

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<PAGE> 1

THE TRAVELERS VARIABLE LIFE INSURANCE
SEPARATE ACCOUNT FOUR

PROSPECTUS

This Prospectus describes a modified single premium individual variable life
insurance policy (the "Policy") offered by The Travelers Insurance Company (the
"Company") and funded by a segment of The Travelers Variable Life Insurance
Separate Account Four ("Separate Account Four"). Separate Account Four is a unit
investment trust and is used as a funding mechanism for the variable life policy
described in this prospectus. Other segments of the Separate Account may be used
in connection with insurance products that the company offers. The Separate
Account in accordance with your allocation instructions, invests in certain
underlying mutual funds that are referred to in this Prospectus as "Investment
Options."

These underlying Investment Options are available for purchase only through
variable insurance contracts. Although the Policy can operate as a single
premium policy, additional premium payments may be made under certain
circumstances provided there are no outstanding policy loans. The minimum
Initial Premium required to issue a Policy is $10,000.

The Policy provides for the payment of a Death Benefit upon the death of the
Insured, and for a Cash Value that can be obtained through policy loans (subject
to certain restrictions) or full or partial surrenders of the Policy. The Death
Benefit and Cash Value of a Policy will vary based on the performance of the
underlying Investment Options. There is no guaranteed minimum Cash Value for a
Policy. Additionally, the Cash Value is reduced by the various fees and charges
assessed under the Policy, as described in this Prospectus. Regardless of the
performance of the Investment Options, so long as the Policy is in force, the
Death Benefit can never be less than the current Stated Amount (with proceeds
payable reduced by outstanding policy loans and unpaid interest). The Policy
will remain in force for as long as the Cash Surrender Value is sufficient to
pay the monthly charges imposed under the Policy.
(continued on next page)

THIS PROSPECTUS IS VALID ONLY WHEN ACCOMPANIED BY THE CURRENT PROSPECTUSES FOR
THE UNDERLYING INVESTMENT OPTIONS. THESE PROSPECTUSES SHOULD BE READ AND
RETAINED FOR FUTURE REFERENCE.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH
SUCH OFFERING MAY NOT BE LAWFULLY MADE. NO DEALER, SALESMAN, OR OTHER PERSON IS
AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS IN CONNECTION
WITH THIS OFFERING OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN
OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON.

THE PURPOSE OF THIS VARIABLE LIFE INSURANCE POLICY IS TO PROVIDE INSURANCE
PROTECTION. LIFE INSURANCE IS A LONG-TERM INVESTMENT. PROSPECTIVE POLICY OWNERS
SHOULD CONSIDER THEIR NEED FOR INSURANCE COVERAGE AND THE POLICY'S LONG-TERM
INVESTMENT POTENTIAL. NO CLAIM IS MADE THAT THE POLICY IS IN ANY WAY SIMILAR OR
COMPARABLE TO AN INVESTMENT IN A MUTUAL FUND.

VARIABLE LIFE INSURANCE CONTRACTS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
ENDORSED OR GUARANTEED BY ANY BANK, NOR ARE THEY FEDERALLY INSURED OR OTHERWISE
PROTECTED BY THE FDIC, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY; THEY ARE
SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTMENT.

THE DATE OF THIS PROSPECTUS IS MAY 1, 1997.

<PAGE> 2

From the Issue Date through the end of the Right to Cancel Period, the Initial
Premium will be allocated to the Cash Income Trust, a money market portfolio.
Thereafter, the Cash Value may be allocated to one or more of the following
Investment Options: Alliance Growth Portfolio, Putnam Diversified Income
Portfolio, MFS Total Return Portfolio of the Travelers Series Fund Inc.; and the
Federated Stock, Federated High Yield, Large Cap, Equity Income, Lazard
International Stock, Travelers Quality Bond, MFS Emerging Growth, Travelers Mid
Cap Disciplined Equity, and three Zero Coupon Bond Fund Portfolios (Series 1998,
2000, and 2005) of The Travelers Series Trust; Cash Income Trust; and Capital
Appreciation Fund. The Policy Owner bears the investment risk for all amounts
allocated to the underlying Investment Options and amounts allocated to such
Investment Options will accumulate on a variable basis.

The Policy has a Right to Cancel Period during which the applicant may return
the Policy to the Company for a refund, as described under "Right To Cancel
Period. "

It may not be advantageous to purchase this Policy as a replacement for another
type of life insurance or as a means to obtain additional insurance protection
if you already own a variable life insurance policy. Because the Policy is
designed to operate generally as a single premium policy, in all but very
limited circumstances the Policy will be treated as a modified endowment
contract ("MEC") for federal income tax purposes. As a modified endowment
contract, any loan, partial withdrawal, or surrender may result in adverse tax
consequences, including possible penalties. As with any life insurance contract,
however, (1) a Policy Owner generally should not be considered in constructive
receipt of the Policy's Cash Value, including incremental increases therein,
unless and until he or she is in actual receipt of distributions from the
Policy, and (2) Death Benefit payments should generally be excluded from the
gross income of the Policy beneficiary. A prospective Policy Owner who wants to
purchase a Policy that is not a modified endowment contract should consult his
or her personal tax adviser.

2
<PAGE> 3

TABLE OF CONTENTS

<TABLE>
<S> <C>
GLOSSARY OF SPECIAL TERMS.............................................................. 5
PROSPECTUS SUMMARY..................................................................... 6
THE INSURANCE COMPANY.................................................................. 11
THE SEPARATE ACCOUNT................................................................... 12
Separate Account Four................................................................ 12
THE INVESTMENT OPTIONS................................................................. 12
Substitutions and Additions.......................................................... 14
Mixed and Shared Funding............................................................. 14
THE POLICY............................................................................. 14
The Policy Application............................................................... 14
Eligible Purchasers.................................................................. 14
Payments Made Under the Policy....................................................... 15
Allocation of Premium Payments....................................................... 16
Right to Cancel Period............................................................... 16
CHARGES AND DEDUCTIONS................................................................. 16
Monthly Deduction Amount............................................................. 16
Cost of Insurance Charge.......................................................... 17
State Premium Tax Charges and Deferred Acquisition Cost (DAC) Tax Charges......... 17
Charges Against the Investment Options of Separate Account Four...................... 18
Mortality and Expense Risk Charge................................................. 18
Administrative Expense Charges.................................................... 18
Income Taxes...................................................................... 18
INVESTMENT OPTION EXPENSES............................................................. 19
SURRENDER CHARGES...................................................................... 19
TRANSFER CHARGE........................................................................ 19
REDUCTION OR ELIMINATION OF CHARGES.................................................... 20
VALUATION OF THE SEPARATE ACCOUNT...................................................... 20
How the Cash Value Varies............................................................ 20
How the Investment Experience is Determined.......................................... 20
Accumulation Unit Value.............................................................. 20
Net Investment Factor................................................................ 21
Valuation Periods and Valuation Dates................................................ 21
TRANSFERS OF CASH VALUE................................................................ 21
Telephone Transfers.................................................................. 21
Automated Transfers (Dollar Cost Averaging).......................................... 22
DEATH BENEFIT.......................................................................... 22
Changes in Death Benefit Option...................................................... 23
Changes in Stated Amount............................................................. 23
Maturity and Maturity Extension Benefits............................................. 24
Policy Lapse and Reinstatement....................................................... 24
Lapse Protection Guarantee Rider..................................................... 25
Exchange Rights...................................................................... 25
</TABLE>

3
<PAGE> 4

<TABLE>
<S> <C>
POLICY SURRENDERS AND CASH SURRENDER VALUE............................................. 25
Right to Surrender................................................................... 25
Full Surrenders...................................................................... 25
Partial Surrenders................................................................... 26
POLICY LOANS........................................................................... 26
Risks Associated with Loans Taken Against a Variable Life Insurance Policy........... 27
PAYMENT OPTIONS........................................................................ 27
OTHER MATTERS.......................................................................... 27
Voting Rights........................................................................ 27
Reports to Policy Owners............................................................. 28
Limit on Right to Contest and Suicide Exclusion...................................... 28
Misstatement as to Sex and Age....................................................... 29
Suspension of Valuation.............................................................. 29
Beneficiary.......................................................................... 29
Assignment........................................................................... 29
Dividends............................................................................ 29
FEDERAL TAX CONSIDERATIONS............................................................. 29
General.............................................................................. 29
TAX STATUS OF THE POLICY............................................................... 30
Definition of Life Insurance......................................................... 30
Diversification...................................................................... 30
Investor Control..................................................................... 30
TAX TREATMENT OF POLICY BENEFITS....................................................... 31
In General........................................................................... 31
Modified Endowment Contracts......................................................... 31
Exchanges............................................................................ 32
Aggregation of Modified Endowment Contracts.......................................... 32
Policies Which Are Not Modified Endowment Contracts.................................. 32
Treatment of Loan Interest........................................................... 32
The Company's Income Taxes........................................................... 33
MANAGEMENT............................................................................. 33
SENIOR OFFICERS OF THE TRAVELERS INSURANCE COMPANY..................................... 34
SAFEKEEPING OF THE SEPARATE ACCOUNT'S ASSETS........................................... 34
DISTRIBUTION OF THE POLICY............................................................. 34
LEGAL PROCEEDINGS AND OPINION.......................................................... 35
REGISTRATION STATEMENT................................................................. 35
INDEPENDENT ACCOUNTANTS................................................................ 35
FINANCIAL STATEMENTS................................................................... 35
ILLUSTRATIONS.......................................................................... 35
APPENDIX A: PERFORMANCE INFORMATION.................................................... 41
APPENDIX B: DEATH BENEFIT EXAMPLES..................................................... 43
APPENDIX C: REPRESENTATIVE STATED AMOUNTS.............................................. 45
</TABLE>

4
<PAGE> 5

GLOSSARY OF SPECIAL TERMS

- --------------------------------------------------------------------------------

The following terms are used throughout the Prospectus, and have the indicated
meanings:

ACCUMULATION UNIT -- a standard of measurement used to calculate the values
allocated to the investment options.

AVERAGE NET GROWTH RATE -- an annual measurement of growth, used to determine
the next year's mortality and expense risk charge. For each Policy Owner, the
rate is determined each Policy Year as follows: total daily earnings of the
Investment Option(s) you select, divided by the average amount you allocated
during the Policy Year. The daily earnings are measured using the net asset
value per share of the Investment Options.

BENEFICIARY(IES) -- the person(s) named to receive the benefits of this Policy
at the Insured's death.

CASH SURRENDER VALUE -- the Cash Value less any Loan Account Value and surrender
charges.

CASH VALUE -- the current value of Accumulation Units credited to each of the
Investment Options available under the Policy, plus the value of the Loan
Account.

COMPANY'S HOME OFFICE -- the principal executive offices of The Travelers
Insurance Company located at One Tower Square, Hartford, Connecticut 06183.

COVERAGE AMOUNT -- an amount equal to the Death Benefit minus the Cash Value.

DEATH BENEFIT -- the amount payable to the Beneficiary if the Insured dies while
the Policy is in force.

DEDUCTION DATE -- the day in each Policy Month on which the Monthly Deduction
Amount is deducted from the Policy's Cash Value.

GRACE PERIOD -- the period during which the Policy remains in force after the
Company has given notice to the Policy Owner that the Cash Surrender Value of
the Policy is insufficient to pay the Monthly Deduction Amount due.

INITIAL PREMIUM -- the Premium Payment made in connection with the issuance of a
Policy.

INSURED -- the person on whose life the Policy is issued.

INVESTMENT OPTIONS -- the open-end management investment companies or portfolios
thereof to which you may allocate premiums under Separate Account Four.

ISSUE DATE -- the date on which the Policy is issued by the Company for delivery
to the Policy Owner.

LOAN ACCOUNT -- an account in the Company's general account to which we transfer
the amount of any policy loan, and to which we credit a fixed rate of interest.

LOAN ACCOUNT VALUE -- the amount of any policy loan, plus capitalized loan
interest, plus the net rate of return credited to the Loan Account.

MATURITY DATE -- the anniversary of the Policy Date on which the Insured is age
100.

MINIMUM AMOUNT INSURED -- a percentage of Cash Value required to qualify this
Policy as life insurance under federal tax law.

MONTHLY DEDUCTION AMOUNT -- a monthly charge, deducted from the Policy's Cash
Value, which is comprised of the Cost of Insurance charge, the deductions for
premium tax and deferred acquisition charge ("DAC") taxes, any administrative
charge and any charge for supplemental benefits.

POLICY DATE -- the date on which the Policy becomes effective, which date is
used to determine all future cyclical transactions under the Policy (i.e.,
Deduction Dates, Policy Months, Policy Years).

POLICY MONTH -- monthly periods computed from the Policy Date.

POLICY OWNER (YOU, YOUR OR OWNER) -- the person(s) having rights to benefits
under the Policy during the lifetime of the Insured; the Policy Owner may or may
not be the Insured.

POLICY YEARS -- annual periods computed from the Policy Date.

SEPARATE ACCOUNT FOUR -- The Travelers Variable Life Insurance Separate Account
Four, a separate account established by The Travelers Insurance Company, a
portion of which is designated to fund Portfolio Architect life insurance
policies. The Separate Account consists of segments that correspond to each
Investment Option.

STATED AMOUNT -- the amount used to determine the Death Benefit under the
Policy.

VALUATION DATE -- a day on which Accumulation Units are valued. A Valuation Date
is any day on which the New York Stock Exchange is open for trading. The value
of Accumulation Units will be determined as of the close of trading on the New
York Stock Exchange.

VALUATION PERIOD -- the period between the close of business on successive
Valuation Dates.

5
<PAGE> 6

PORTFOLIO ARCHITECT LIFE INSURANCE
PROSPECTUS SUMMARY
- --------------------------------------------------------------------------------

INTRODUCTION

The Policy described in this Prospectus is an individual variable life insurance
contract which provides for Cash Value to be allocated to one or more of the
available Investment Options available under Separate Account Four. The Policy
is credited with Accumulation Units of the applicable Investment Options.

The Policy has a death benefit, cash surrender value and other features
traditionally associated with a fixed benefit whole life insurance policy. The
Policy is "variable" because unlike the fixed benefits of an ordinary whole life
insurance contract, the Cash Value and, under certain circumstances, the Death
Benefit of the Policy may increase or decrease depending on the investment
experience of the Investment Options to which the premium payment(s) have been
allocated. The Cash Value will also vary to reflect partial cash surrenders and
Monthly Deduction Amounts. In accordance with the Continuation of Insurance
provision of the Policy, the Policy will remain in effect until the Cash
Surrender Value is insufficient to cover the Monthly Deduction Amount due. There
is no minimum guaranteed Cash Value or Cash Surrender Value and the Policy Owner
bears the investment risk associated with an investment in the Investment
Options. (See "Valuation of the Separate Account.")

WHAT TYPES OF INVESTMENT OPTIONS ARE AVAILABLE UNDER THE POLICY?

The Travelers Variable Life Insurance Separate Account Four ("Separate Account
Four"), a registered unit investment trust separate account was established by
The Travelers Insurance Company (the "Company"), to fund the Policy. A Policy
Owner may allocate Cash Value among one or more of the following investment
options ("Investment Options"):

Alliance Growth Portfolio
Putnam Diversified Income Portfolio
MFS Total Return Portfolio
Federated Stock Portfolio
Federated High Yield Portfolio
Large Cap Portfolio
Equity Income Portfolio
Lazard International Stock Portfolio
Travelers Quality Bond Portfolio
MFS Emerging Growth Portfolio
Mid Cap Disciplined Equity Portfolio
Zero Coupon Bond Fund Portfolio 1998
Zero Coupon Bond Fund Portfolio 2000
Zero Coupon Bond Fund Portfolio 2005
Cash Income Trust
Capital Appreciation Fund (Janus subadviser)

Additional Portfolios may be added from time to time.

Further information regarding the investment objectives for each Investment
Option (including the investment manager) is contained under "The Investment
Options" Section of this Prospectus. Refer to each Investment Option's
prospectus for a complete description of the investment objectives, restrictions
and other material information.

WHAT ARE THE REQUIRED AND PERMISSIBLE PREMIUM PAYMENTS?

The minimum Initial Premium is $10,000. Although the Policy can operate as a
single premium policy, additional payments may be made under certain
circumstances, provided there are no outstanding policy loans. If there are any
outstanding loans, any payment received will be treated first as a repayment of
the loan rather than an additional premium payment. (See "Additional Premium
Payments.") For a more detailed discussion concerning modified endowment status
as well as the procedures we will use to test for such status, please see
"Modified Endowment Contract" in this Prospectus. No premiums can be accepted if
they would disqualify the Policy as life insurance under federal tax law. (We
will test any payment received to ensure the Policy's continued status as life
insurance).

6
<PAGE> 7

The Initial Premium purchases a Death Benefit initially equal to the Policy's
Stated Amount (if Option 1 is selected), or to the Stated Amount plus the Cash
Value (if Option 2 is selected). The relationship between the Initial Premium
and the Stated Amount depends on the age and sex of the Insured (as permitted by
state law). Generally, the same Initial Premium will purchase a slightly higher
stated amount for a female Insured than for a male Insured of the same age.
Representative Stated Amounts per dollar of Initial Premium are set forth in
Appendix C.

HOW WILL PREMIUM PAYMENTS BE ALLOCATED?

During the Right to Cancel Period (as described below), the Initial Premium will
be allocated to the Cash Income Trust, a money market portfolio. After the
expiration of the Right to Cancel Period, the values in the Cash Income Trust
will be allocated to the Investment Options selected on the Policy Application
(or according to your most recent instructions), and the Policy will be credited
with the applicable Accumulation Units. (See "Allocation of Premium Payments.")

AFTER THE INITIAL ALLOCATION, MAY I CHANGE THE ALLOCATION OF MY CASH VALUE?

As long as the Policy remains in force, you may transfer all or a portion of
your Policy's Cash Value (not including the Loan Account Value) among any of the
Investment Options. Currently, transfers may be made at any time without charge.
You may request a reallocation of your investment either through written
request, or by telephone in accordance with the Company's telephone transfer
procedures. (See "Transfers of Cash Value.")

You may also request that the Company establish automated transfers of Cash
Values from any Investment Option to any other Investment Option through written
request in good order or other method acceptable to the Company. The minimum
automated transfer amount is $100 per month. (See "Automated Transfers.")

DOES THIS POLICY HAVE A RIGHT TO CANCEL PERIOD?

You have a limited right to return the Policy for cancellation and receive a
full refund. You must return the Policy, by mail or hand delivery, to the
Company or to the agent who sold the Policy during the Right to Cancel Period,
which ends 10 days after the Policy has been delivered to you, 45 days after
completion of the application, or 10 days after the Notice of Right to Cancel
has been mailed or delivered to you, whichever is latest. Within seven (7) days
following our receipt of your request for a refund, we will refund to you the
greater of (1) any premium paid, or (2) the Cash Value of the Policy on the date
we receive the returned policy, plus any charges and expenses which may have
been deducted, less any Loan Account Value. (See "Right to Cancel Period.")

WHAT TYPES OF CHARGES ARE DEDUCTED UNDER THE POLICY?

MONTHLY DEDUCTION AMOUNT. Beginning on the Policy Date, the Company will make
monthly deductions from the Policy's Cash Value on a pro rata basis from amounts
allocated to the Investment Options. The Deduction Amount may vary from month to
month and includes the cost of insurance charges, the deduction for premium tax
and Deferred Acquisition Cost (DAC) charges, any administrative charge and any
charges for certain supplemental benefits. For Policies with an initial premium
of less than $25,000, a monthly charge of $5.00 will apply for the life of the
Policy. (See "Monthly Deduction Amount.")

CHARGES AGAINST THE INVESTMENT OPTIONS UNDER SEPARATE ACCOUNT FOUR. In order to
cover the Company's assumption of mortality and expense risks under the Policy,
the Company assesses a daily charge against the assets of each of the Investment
Options on a pro rata basis at an annual rate of 0.90% of such assets. This rate
will be reduced to 0.75% for the current Policy Year if the Average Net Growth
Rate of the investment options which you have selected under your Policy was
6.5% or greater for the previous Policy Year. This determination will be made
annually on the Policy Anniversary Date.

7
<PAGE> 8

The Company also assesses a daily charge against the amounts allocated to the
Investment Options at an annual rate of 0.40% to cover administrative expenses
assumed by the Company. This administrative expense charge does not exceed the
expected cost of administrative services provided by the Company under the
Policy and the Company does not expect to make a profit from the application of
this charge. (See "Charges Against the Investment Options of Separate Account
Four.")

SUMMARY OF ASSET BASED POLICY CHARGES (ASSUMING A SINGLE PREMIUM PAYMENT):

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
STATE PREMIUM MORTALITY &
POLICY AND DAC EXPENSE ADMINISTRATIVE
YEARS TAX CHARGES RISK CHARGE CHARGE* TOTAL
1-10 .35% .90% .40% 1.65%*
11+ N/A .90% .40% 1.30%*
</TABLE>

SUMMARY OF ASSET BASED POLICY CHARGES IF THE AVERAGE NET GROWTH RATE IS 6.5% OR
MORE (ASSUMING A SINGLE PREMIUM PAYMENT):

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
STATE PREMIUM MORTALITY &
POLICY AND DAC EXPENSE ADMINISTRATIVE
YEARS TAX CHARGES RISK CHARGE CHARGE* TOTAL
2-10 .35% .75% .40% 1.50%*
11+ N/A .75% .40% 1.15%*
</TABLE>

* Additionally a $5.00 per month administrative charge will apply if the initial
premium is less than $25,000.

SURRENDER CHARGES. A percent of premium surrender charge will be assessed upon
a full surrender of the Policy during the first nine policy years after a
Premium Payment is received by the Company. For the first two years following a
Premium Payment, the surrender charge will be 7.5% of such Premium Payment.
Thereafter, the charge will decline in years three (3) through nine (9),
respectively, as follows: 7%, 7%, 6.5%, 6%, 5%, 4% and 3%. The surrender charge
will be 0% starting in the tenth year following a Premium Payment. Partial
surrenders will also be subject to a surrender charge, except that after the
first Policy Year the Company will permit partial surrenders of the Policy's
earnings in an amount of up to 10% of the Policy's Cash Value as of the
beginning of the current Policy Year. For partial surrenders in excess of the
free withdrawal amount, a charge equal to a percentage of the amount
surrendered, not to exceed the charge that would apply to a full surrender, will
apply. (See "Surrender Charges.")

TRANSFER CHARGES. The Company reserves the right to charge up to $10 for each
transfer in excess of four (4) per Policy Year, and reserves the right to assess
a processing fee for the Automated Transfer (Dollar Cost Averaging) service.

INVESTMENT OPTION EXPENSES

Separate Account Four purchases shares of the Investment Options at net asset
value. This net asset value reflects the deduction of investment advisory fees
and other fees as follows:

8
<PAGE> 9

FUNDING OPTION EXPENSES

(as a percentage of average daily net assets of the Funding Option)

<TABLE>
<CAPTION>
<S> <C> <C> <C>
OTHER
EXPENSES TOTAL
--------------- ANNUAL FUNDING
PORTFOLIO NAME OPTION EXPENSES
- ----------------------------------------------- (AFTER EXPENSES ---------------
MANAGEMENT ARE REIMBURSED)
FEE
----------------
(AS A PERCENTAGE
OF ASSETS)
Capital Appreciation Fund 0.75% 0.08%(2) 0.83%
- ------------------------------------------------------------------------------------------------------
Cash Income Trust 0.32% 0.46%(1)(2) 0.78%
- ------------------------------------------------------------------------------------------------------
Alliance Growth Portfolio 0.80% 0.07%(4) 0.87%
- ------------------------------------------------------------------------------------------------------
MFS Total Return Portfolio 0.80% 0.11%(2) 0.91%
- ------------------------------------------------------------------------------------------------------
Putnam Diversified Income Portfolio 0.75% 0.21%(2) 0.96%
- ------------------------------------------------------------------------------------------------------
Travelers Quality Bond Portfolio 0.32% 0.43%(2)(3) 0.75%
- ------------------------------------------------------------------------------------------------------
Lazard International Stock Portfolio 0.83% 0.42%(2)(3) 1.25%
- ------------------------------------------------------------------------------------------------------
MFS Emerging Growth Portfolio 0.75% 0.20%(2)(3) 0.95%
- ------------------------------------------------------------------------------------------------------
Federated Stock Portfolio 0.63% 0.32%(2)(3) 0.95%
- ------------------------------------------------------------------------------------------------------
Federated High Yield Portfolio 0.65% 0.30%(2)(3) 0.95%
- ------------------------------------------------------------------------------------------------------
Large Cap Portfolio (Sub-Adv. Fidelity) 0.75% 0.20%(2)(4) 0.95%
- ------------------------------------------------------------------------------------------------------
Equity Income Portfolio (Sub-Adv. Fidelity) 0.75% 0.20%(2)(4) 0.95%
- ------------------------------------------------------------------------------------------------------
Mid Cap Disciplined Equity Fund 0.70% 0.25%(2)(5) 0.95%
- ------------------------------------------------------------------------------------------------------
Zero Coupon Bond Fund Portfolio (Series 1998) 0.10% 0.05%(6) 0.15%
- ------------------------------------------------------------------------------------------------------
Zero Coupon Bond Fund Portfolio (Series 2000) 0.10% 0.05%(6) 0.15%
- ------------------------------------------------------------------------------------------------------
Zero Coupon Bond Fund Portfolio (Series 2005) 0.10% 0.05%(6) 0.15%
</TABLE>

NOTES:

1 Other Expenses take into account the current expense reimbursement arrangement
with the Company. The Company has agreed to reimburse the Fund for the amount
by which its aggregate expenses (including the management fee, but excluding
brokerage commissions, interest charges and taxes) exceeds 0.60%. This 0.60%
cap became effective during 1996 and was applied prospectively. Without such
arrangements, Other Expenses would have been 1.71% for Cash Income Trust.

2 Includes a Sub-Administrator Charge of 0.06%.

3 The Company has waived all of its fees for the period ended December 31, 1996.
In addition, the Company has agreed to reimburse the Portfolios' expenses for
the same period. Without such arrangements, Other Expenses for the Travelers
Series Trust Travelers Quality Bond Portfolio, Lazard International Stock
Portfolio, MFS Emerging Growth Portfolio, Federated High Yield Portfolio, and
Federated Stock Portfolios would have been 1.76%, 2.87%, 2.09%, 2.19%, and
3.03% respectively.

4 Other Expenses take into account the current expense reimbursement arrangement
with the Company. The Company has agreed to reimburse the Fund for the amount
by which its aggregate expenses (including the management fee, but excluding
brokerage commissions, interest charges and taxes) exceeds 0.95%. Without such
arrangements, Other Expenses for the Travelers Series Trust Large Cap
Portfolio and Equity Income Portfolios would have been 1.55%.

5 Other Expenses for the Mid Cap Disciplined Equity Fund are based on estimated
expenses for 1996 since the portfolio has no investment history. They also
take into account the current expense reimbursement arrangement with the
Company in which The Company has agreed to reimburse the Fund for the amount
by which its aggregate expenses (including the management fee, but excluding
brokerage commissions, interest charges and taxes) exceeds 0.95%.

6 Other Expenses for the Zero Coupon Bond Fund Portfolios takes into account the
current expense reimbursement arrangement with the Company. The Company has
agreed to reimburse each Fund for the amount by which its aggregate expenses
(including the management fee, but excluding brokerage commissions, interest
charges and taxes) exceeds 0.15%. Without such arrangements Other Expenses for
the Series 1998, 2000 and 2005 portfolios would have been 6.51%, 6.51% and
6.48%, respectively.

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<PAGE> 10

WHAT IS THE DEATH BENEFIT UNDER THE POLICY?

The Policy provides for a death benefit upon the death of the Insured. You may
choose one of two options to be used for the calculation of the Death Benefit
payable under the Policy. Under Option 1 (the Level Option), the Death Benefit
will be equal to the greater of the Stated Amount of the Policy or the Minimum
Amount Insured. Under Option 2 (the Variable Option), the Death Benefit will be
equal to the greater of the Stated Amount of the Policy plus the Cash Value
(determined as of the date of the Insured's death) or the Minimum Amount
Insured. Under both options, the Death Benefit will be reduced by any applicable
Loan Account Value, unpaid Monthly Deduction Amount, and any amount payable to
an assignee pursuant to a collateral assignment of the Policy. You may change
the Death Benefit option or the Stated Amount subject to certain conditions.
(See "Death Benefit.")

MAY I TAKE A POLICY LOAN AGAINST THE CASH VALUE OF MY POLICY?

You may request a Policy Loan in an amount not to exceed 90% of the Policy's
Cash Value minus surrender penalties (determined at the time the Company
receives the written loan request). If there is a loan outstanding at the time a
subsequent loan request is made, the amount of the outstanding loan will be
added to the new loan amount. The Company will charge interest on the
outstanding amounts of the loan. Such interest must be paid in advance by the
Policy Owner.

The amount of any loan will be transferred on a pro rata basis from each of the
Investment Options (unless the Owner states otherwise in writing) to the Loan
Account, which is part of the Company's general account. The Loan Account is
credited with a fixed annual rate of interest set forth in the Policy. The Loan
Account Value does not vary with the performance of the Investment Options;
therefore, the Policy's Death Benefit and Cash Value will be permanently
affected by a loan. Additionally, any outstanding Loan Account Value will be
subtracted from any Death Benefit or surrender proceeds payable under the
Policy. Subject to state law, no loan requests may be made for amounts of less
than $500. Policy loans may have federal income tax consequences, especially
when the contract is a Modified Endowment Contract. (See "Policy Loans," and
"Federal Tax Considerations.")

WHAT ARE THE CONDITIONS UNDER WHICH MY POLICY MIGHT LAPSE?

If the Cash Surrender Value of a Policy on any Deduction Date is insufficient to
cover the Monthly Deduction Amount due, the Company will send you a written
notice of the required premium. If the required premium is not paid within 31
days after notice is sent, the Policy may lapse. In addition, outstanding loans
decrease the Cash Surrender Value and could, therefore, cause the Policy to
lapse. (See "Policy Loan" and "Policy Lapse and Reinstatement.") If a Policy
lapses with a loan outstanding, adverse tax consequences may result. (See
"Federal Tax Considerations.")

ARE THERE ANY OTHER POLICY PROVISIONS THAT I SHOULD KNOW ABOUT?

SURRENDERS AND PARTIAL WITHDRAWALS. The Policy may be surrendered at any time
for its Cash Surrender Value. In addition, subject to surrender charges, partial
withdrawals may be made. Surrenders or partial withdrawals made within nine
years of a premium payment may be subject to a surrender charge. (See "Policy
Surrenders and Cash Surrender Value.")

RIGHT TO EXCHANGE THE POLICY. Once the Policy is in effect, you may exchange it
at any time during the first two Policy Years for a fixed fund universal life
insurance policy issued by the Company (or one of its affiliates, if allowed) on
the life of the Insured without submitting proof of insurability. (See "Exchange
Rights.")

PAYMENT OF POLICY BENEFITS. The Policy's Cash Value or full or partial
surrender and the death benefits under the Policy may be paid in a lump sum or
under one of the payment options set forth in the Policy. (See "Payment
Options.")

10
<PAGE> 11

SPECIAL TAX CONSIDERATIONS. The Company believes that a Policy issued on a
standard rate class basis generally should meet the Section 7702 definition of a
life insurance contract. With respect to a Policy issued on a substandard basis,
there is insufficient guidance to determine if such a Policy would satisfy the
Section 7702 definition of a life insurance contract, particularly if you pay
the full amount of premiums permitted under such a Policy. Assuming that a
Policy qualifies as a life insurance contract for federal income tax purposes,
you should not be deemed to be in constructive receipt of Cash Value under a
Policy until there is a distribution from the Policy. Moreover, death benefits
payable under a Policy should be completely excludable from the gross income of
the Beneficiary. As a result, the Beneficiary generally should not be taxed on
these proceeds. (See "Tax Status of the Policy.")

In almost all cases, the Policy will be a modified endowment contract ("MEC").
If a Policy is a MEC, certain distributions made during an Insured's lifetime,
such as loans and partial withdrawals from, and collateral assignments of, the
Policy, are taxable to you on an income-first basis. A 10% penalty tax may be
imposed on income distributed before you attain age 59 1/2. Policies that are
not MECs receive preferential tax treatment with respect to certain
distributions. For a discussion of the tax issues associated with this Policy,
see "Federal Tax Considerations."

WRITTEN REQUESTS

Certain changes and elections must be made in writing to the Company. Where the
term "written request" is used, it means that written information must be sent
to the Company's Home Office in a form and content satisfactory to the Company.

THE INSURANCE COMPANY
- --------------------------------------------------------------------------------

The Travelers Insurance Company (the "Company") is a stock insurance company
which has been continuously engaged in the insurance business since its
incorporation in the state of Connecticut in 1864. The Company writes individual
life insurance and individual and group annuity contracts on a nonparticipating
basis, and acts as the depositor for Separate Account Four. The Company is
licensed to conduct life insurance business in all states of the United States,
the District of Columbia, Puerto Rico, Guam, the British and U.S. Virgin Islands
and the Bahamas. The Company's obligations as depositor for Separate Account
Four may not be transferred without notice to and consent of Policy Owners.

The Company is a wholly owned subsidiary of The Travelers Insurance Group Inc.,
which is an indirect wholly owned subsidiary of Travelers Group Inc. The
Company's principal executive offices are located at One Tower Square, Hartford,
Connecticut 06183, telephone number (860) 277-0111.

The Company is subject to Connecticut law and regulations governing insurance
companies. It is regulated and supervised by the Connecticut Insurance
Commissioner ("Commissioner"). An annual statement in a prescribed form must be
filed with the Commissioner on or before March 1 in each year covering the
operations of the Company for the preceding year and its financial condition on
December 31 of such year. The Company's books and assets are subject to review
or examination by the Commissioner or his agents at all times, and a full
examination of its operations is conducted by the National Association of
Insurance Commissioners at least once every four years. In addition, the Company
is subject to the insurance laws and regulations of any jurisdiction in which it
sells its insurance contracts, as well as to various federal and state
securities laws and regulations.

11
<PAGE> 12

THE SEPARATE ACCOUNT
- --------------------------------------------------------------------------------

SEPARATE ACCOUNT FOUR

The Company established the Separate Account Four on October 16, 1996 pursuant
to the insurance laws of the state of Connecticut. Separate Account Four is
registered with the Securities and Exchange Commission ("SEC") as a unit
investment trust under the Investment Company Act of 1940, as amended (the "1940
Act"). Separate Account Four meets the definition of a separate account under
the federal securities laws. Registration of Separate Account Four with the SEC
does not involve supervision by the SEC of the management or investment policies
of Separate Account Four. It was established to accept premiums paid by policy
holders of the Contract. Subject to Policy Owner approval and applicable law,
the Company reserves the right to end Separate Account Four's registration under
the 1940 Act.

Additionally, the operations of Separate Account Four are subject to the
provisions of Section 38a-433 of the Connecticut General Statutes which
authorizes the Connecticut Insurance Commissioner to adopt regulations under it.
Connecticut law provides that the assets of Separate Account Four will be held
for the exclusive benefit of Policy Owners and the persons entitled to payments
under the Policy offered by this Prospectus and other policies that may be
funded through the Portfolio Architect segment of Separate Account Four. The
Policies provide that the assets of Separate Account Four are not chargeable
with liabilities arising out of any other business which the Company may
conduct. Any obligations arising under the Policy are general corporate
obligations of the Company.

THE INVESTMENT OPTIONS
- --------------------------------------------------------------------------------

You may allocate Premium Payments and Cash Value to one or more of the available
Investment Options. The investments of each option are subject to the risks of
changing economic conditions and the ability of each Investment Option's
investment manager or subadviser to anticipate such changes. There is no
assurance that the Investment Options will achieve their stated objectives.
Since there are varying degrees of risk inherent in each option, please read
carefully the complete risk disclosure in each Portfolio's prospectus before
investing.

The Investment Options and their investment objectives are as follows:

12
<PAGE> 13

<TABLE>
<CAPTION>
INVESTMENT
INVESTMENT OPTION INVESTMENT OBJECTIVE ADVISER/SUBADVISER
- ---------------------------- -------------------------------------------- ----------------------------
<S> <C> <C>
Putnam Diversified Income Seeks high current income consistent with SBMFM Subadviser: Putnam
Portfolio preservation of capital. The Portfolio will Investment Management, Inc.
allocate its investments among the U.S.
Government Sector, the High Yield Sector,
and the International Sector of the fixed
income securities markets.
MFS Total Return Portfolio Seeks above-average income (compared to a SBMFM Subadviser:
(a balanced portfolio) portfolio entirely invested in equity Massachusetts Financial
securities) consistent with the prudent Services Company
employment of capital. While current income
is the primary objective, the Portfolio
believes that there should also be a
reasonable opportunity for growth of capital
and income since many securities offering a
better than average yield may also possess
growth potential. Thus, in selecting
securities for its portfolio, the Portfolio
considers each of these objectives.
Generally, at least 40% of the Portfolio's
assets will be invested in equity
securities.
TRAVELERS SERIES TRUST:
Travelers Quality Bond Seeks current income, moderate capital TAMIC
Portfolio volatility and total return. While there are
no specific criteria regarding quality of
ratings of the investments, it is
anticipated that they will be of investment
grade or its equivalent.
Lazard International Stock Seeks capital appreciation through investing TAMIC
Portfolio primarily in the equity securities of Subadviser: Lazard Asset
non-United States companies. Management
MFS Emerging Growth Seeks to provide long-term growth of TAMIC
Portfolio capital. Dividend and interest income from Subadviser: Massachusetts
portfolio securities, if any, is incidental. Financial Series Company
Federated Stock Portfolio Seeks to provide growth of income and TAMIC
capital by investing principally in a Subadviser: Federated
professionally managed and diversified Investment Counseling, Inc.
portfolio of common stock of high-quality
companies. These companies are generally
leaders in their industries and are
characterized by sound management and the
ability to finance expected growth.
Federated High Yield Seeks to provide high current income by TAMIC
Portfolio investing principally in a professionally Subadviser: Federated
managed, diversified portfolio of Investment Counseling, Inc.
fixed-income securities. Some of the
fixed-income securities are high risk
investments.
Large Cap Portfolio Seeks long-term growth of capital by TAMIC
investing primarily in equity securities of Subadviser: Fidelity
companies with large market capitalizations. Management & Research
Normally, at least 65% of the portfolio's Company
assets will be invested in these securities.
Equity Income Portfolio Seeks reasonable income by investing TAMIC
primarily in income-producing equity Subadviser: Fidelity
securities. Normally, at least 65% of the Management & Research
portfolio's assets will be invested in these Company
securities.
Mid Cap Disciplined Equity Seeks growth of capital by investing TAMIC
Fund primarily in a broadly diversified portfolio Subadviser: Travelers
of common stocks. Investment Management
Company
</TABLE>

13
<PAGE> 14

<TABLE>
<CAPTION>
INVESTMENT
INVESTMENT OPTION INVESTMENT OBJECTIVE ADVISER/SUBADVISER
- ---------------------------- -------------------------------------------- ----------------------------
<S> <C> <C>
Travelers Zero Coupon Bond Seeks as high an investment return as is TAMIC
Fund Portfolios (three consistent with the preservation of capital
Portfolios: Series 1998, investing in primarily zero coupon
2000, 2005) securities that pay cash income but are
acquired by the Portfolios at substantial
discounts from their values at maturity. The
Zero Coupon Bond Fund Portfolios may not be
appropriate for Policy Owners who do not
plan to have their premiums invested in
shares of the Portfolios for the long term
or until maturity.
</TABLE>

SUBSTITUTIONS AND ADDITIONS

If any of the Investment Options become unavailable for allocating purchase
payments, or if, in our judgment further investment in an Investment Option
becomes inappropriate for the purposes of the Policy, we may substitute another
registered, open-end management investment company. Substitution may be made
with respect to both existing investments and the investment of any future
Premium Payments. No such substitution will be made without notice to Contract
Owners, state approval if applicable, and without prior approval of the SEC, to
the extent required by the 1940 Act, or other applicable law. Additional
Investment Options may also be added at our discretion.

MIXED AND SHARED FUNDING

It is conceivable that in the future it may be disadvantageous for both variable
annuity accounts and variable life accounts, or for variable accounts of
different insurance companies, to invest simultaneously in the same portfolios
(called "mixed" and "shared" funding). Currently neither the insurance companies
nor the portfolios foresee any such disadvantages to the companies or to
variable contract owners. Each portfolio's board of trustees, directors or
managers intends to monitor events in order to identify any material conflicts
between such policy owners and to determine what action, if any, should be taken
in response thereto.

THE POLICY
- --------------------------------------------------------------------------------

The Policy is subject to the insurance laws and regulations of each state or
jurisdiction in which it is available for distribution. There may be differences
between the Policy issued and the general policy description contained in this
Prospectus because of requirements of the state where your Policy is issued. Any
such differences will be described in your Policy.

THE POLICY APPLICATION

Individuals wishing to purchase a Policy must submit an application to the
Company. The initial premium must be at least $10,000. You may request an
increase or decrease in the Stated Amount of the Policy in writing from time to
time. (See "Changes in Stated Amount.") No change in the terms or conditions of
the Policy will be made without your consent.

ELIGIBLE PURCHASERS

A person can purchase a Policy to insure the life of another person provided
that the Policy Owner has an insurable interest in the life of the Insured, and
the Insured consents to the purchase. In most states, any person between the
ages of 16 and 80 is eligible to be insured subject to the submission of a
Policy Application to the Company. In some states, the maximum issue age may be
lower. Insurance coverage under a Policy will begin only after the applicant has
satisfied all outstanding underwriting delivery requirements, and after the
Company has received the Initial Premium. Acceptance of an application is
subject to the Company's underwriting rules.

14
<PAGE> 15

The Company reserves the right to reject an application for any lawful reason,
provided that such rejection is made in a manner consistent with that with which
similarly situated risks are treated and provided that unfair discrimination is
avoided.

The Company assigns Insureds to risk classes which determine the current cost of
insurance rates used in calculating the cost of insurance charge under the
Policy. Policies are issued in either the standard non-smoker or smoker risk
class. To the extent permitted by state law, Policies may also be issued on the
basis of the sex of the Insured. Policies may also be issued on Insureds in a
sub-standard underwriting class. (For a discussion of the effect of risk class
on the cost of insurance charge, see "Cost of Insurance Charge.")

PAYMENTS MADE UNDER THE POLICY

INITIAL PREMIUM. The Initial Premium is due on or before the Policy Date and is
payable in full at the Company's Home Office. The Initial Premium is the
guideline single premium for the life insurance coverage provided under the
Policy, as determined in accordance with the Internal Revenue Code of 1986, as
amended (the "Code"). The minimum Initial Premium is $10,000. Additional Premium
Payments may be made under the Policy, as described below.

The Initial Premium purchases a Death Benefit equal to the Policy's Stated
Amount (if Option 1 is selected), or to the Policy's Stated Amount plus the Cash
Value (if Option 2 is selected). The relationship between the Initial Premium
and the Stated Amount depends on the age, sex (where permitted by state law) and
risk class of the Insured. Generally, the same Initial Premium will purchase a
higher Stated Amount for a younger insured than for an older insured. Likewise,
the same Initial Premium will purchase a slightly higher Stated Amount for a
female insured than for a male insured of the same age. Also, the same Initial
Premium will purchase a higher Stated Amount for a standard Insured than for a
substandard Insured. Representative Stated Amounts per dollar of Initial Premium
are set forth in Appendix C.

ADDITIONAL PREMIUM PAYMENTS. Although the Policy can operate as a single
premium policy, additional Premium Payments may be made under certain
circumstances, provided there are no outstanding loans. If there are any
outstanding loans, any payment received by the Company will be considered
repayment of that debt. The circumstances under which additional Premium
Payments can be made under the Policy are as follows:

1. Increases in Stated Amount -- Subject to applicable underwriting
guidelines, you may request an increase in Stated Amount at any time
(prior to the Insured's attaining age 80). If your request is approved,
the Company will require you to make an additional Premium Payment in
order for an increase in Stated Amount to become effective. The minimum
additional Premium Payment that the Company permits in connection with
an increase in Stated Amount is $1,000. (See "Changes in Stated
Amount.")

2. To Prevent Lapse -- If the Cash Surrender Value on any Deduction Day is
insufficient to cover the Monthly Deduction Amount due on that day, then
you must make an additional Premium Payment during the Grace Period
sufficient to cover the Monthly Deduction Amount in order to prevent
lapse. The minimum amount of any payment that may be required to be made
in this circumstance will be stated in the Notice mailed to you in
accordance with the Policy; payments in excess of the amount required to
prevent lapse will be considered a payment "at your discretion" and
consequently subject to the rules described below. If you do not make a
sufficient payment, the Policy will lapse and terminate without value.
(See "Policy Lapse and Reinstatement.")

3. At Your Discretion -- Additional Premium Payments may be made at your
discretion so long as the payment plus the total of all premiums
previously paid does not exceed the maximum premium limitation derived
from the guideline premium test for life insurance prescribed by the
Internal Revenue Code. Because of the test, the maximum premium
limitation will ordinarily equal the Initial Premium for a number of
years after the Policy has

15
<PAGE> 16

been issued. Therefore, discretionary additional Premium Payments
normally will not be permitted during the early years of the Policy.
Discretionary additional Premium Payments must be at least $250, and may
not be paid on or after the Maturity Date.

Any Additional Premium Payments made under the Policy may be subject to new
evidence of insurability. Payments received in excess of any Loan Account Value
will be treated as an additional Premium Payment.

ALLOCATION OF PREMIUM PAYMENTS

You specify on the Policy Application how the Initial Premium will be allocated
among the Investment Options of Separate Account Four. You may allocate premium
to one or more Investment Options, provided that such allocation is made in
whole percentages of at least 5%.

Regardless of the allocation made in the application, during the period between
premium receipt and policy issuance (the "Underwriting Period"), the Initial
Premium will be held by the Company in a general suspense account established
for such purposes. At the time a Policy is issued, the Initial Premium
attributable to such Policy will be credited with interest comparable to the
effective yield during the Underwriting Period of the Cash Income Trust (e.g.,
as if the Policy had been issued and the premium allocated to the Cash Income
Trust on the date the premium was received in good order by the Company), which
amount will become the initial Cash Value of the Policy. The Cash Value will
then be allocated to the Cash Income Trust until the expiration of the Right to
Cancel Period. At the end of the Right to Cancel Period, the Cash Value in the
Cash Income Trust will be allocated (in whole percentages of 5% or more) among
the Investment Options designated on the Policy Application. The number of
Accumulation Units to be credited to the Policy once a Premium Payment has been
received by the Company will be determined by dividing the amount of Premium
Payment applied to each Investment Option by the Accumulation Unit Value of that
Investment Option, as computed on the next Valuation Date following receipt of
the payment.

You may change the allocation of Cash Value or any Additional Premiums received
on or after the expiration of the Right to Cancel Period among any of the
Investment Options then available under the Policy. (See "Transfers of Cash
Value.") You should periodically review the allocation of Cash Value in light of
market conditions and overall financial planning requirements to ensure that
such allocation continues to be consistent with your investment objectives.

RIGHT TO CANCEL PERIOD

A Policy may be returned to the Company for cancellation by mailing or
delivering it to the Company or to the agent who sold the Policy within the
latest of (1) 10 days after delivery of the Policy to you, (2) 45 days of
completion of the policy application, or (3) 10 days after the Notice of Right
to Cancel has been mailed or delivered to you (or later, if state law requires).

Within seven days following the Company's receipt of your request for a refund,
the Company will refund the greater of (1) any premium paid, or (2) the Cash
Value of the Policy on the date we receive the returned policy. For options (1)
and (2), the amounts will be increased by any charges or expenses which may have
been deducted and will be decreased by any Loan Account Value. After the Policy
is returned, it will be considered as if it were never in effect.

CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------

MONTHLY DEDUCTION AMOUNT

The Company will deduct a Monthly Deduction Amount from the Policy's Cash Value
attributable to the Investment Options to cover certain charges and expenses
incurred in connection with the

16
<PAGE> 17

Policy. The Monthly Deduction Amount will be deducted pro rata from each of the
Investment Options attributable to the Policy on the first day of each Policy
Month (the "Deduction Date"), beginning on the Policy Date. The dollar amount of
the Deduction Amount may vary from month to month.

The following is a summary of monthly charges and expenses which make up the
Monthly Deduction Amount.

COST OF INSURANCE CHARGE

The cost of insurance charge is to cover the Company's expected mortality
cost for basic insurance coverage, not including supplemental benefit
provisions. The cost of insurance charge is deducted monthly, and is equal
to the difference between the Death Benefit payable under the Policy
(discounted at the rate set forth in the Policy) and the Cash Value of the
Policy (each determined on the Deduction Date) (the "Coverage Amount"),
multiplied by a monthly "cost of insurance rate," i.e., a monthly rate
charged for each dollar of insurance coverage. The cost of insurance rate
varies annually and is based on the attained age, sex (where permitted by
state law) and risk class of the Insured.

The cost of insurance rate for standard risks will not exceed those based
on the 1980 Commissioners Standard Ordinary Mortality Tables ("1980
Tables"). Substandard risks will have monthly deductions based on cost of
insurance rates which may be higher than those set forth in the 1980
Tables. A table of guaranteed cost of insurance rates per $1,000 will be
included in each Policy; however, the Company reserves the right to use
rates lower than those shown in the Policy. Any changes in the cost of
insurance rates will be made uniformly for all Insureds in the same class.

Because the Cash Value and, under certain conditions, the Death Benefit of
a Policy may vary from month to month, the cost of insurance charge may
also vary on each Deduction Date. In addition, you should note that the
cost of insurance charge is based on the difference between the Death
Benefit payable under the Policy and the Cash Value of the Policy. An
increase in the Cash Value or a decrease in the Death Benefit would result
in a smaller cost of insurance charge assuming that everything else remains
the same; while a decrease in the Cash Value or an increase in the Death
Benefit would result in a larger cost of insurance charge.

Changes in the Policy's Death Benefit option and in the Stated Amount will
affect how the cost of insurance charge is calculated. See "Changes in
Death Benefit Option." and "Changes in Stated Amount" for a discussion of
the effect of changes in the Stated Amount on the cost of insurance.

STATE PREMIUM TAX CHARGES AND DAC TAX CHARGES

Premium tax charges are not deducted at the time that a premium payment is
made, although the Company does pay state premium taxes attributable to a
particular Policy when those taxes are incurred. To reimburse the Company
for the payment of such taxes, during the first ten years following a
premium payment made before the 10th Policy Anniversary, a premium tax
charge of .20% per year will apply.

Premium taxes vary from state to state and currently range from 0.75% to
3.5%. Because there is a range of premium tax rates, you may pay premium
tax charges in total that are higher or lower than the premium tax actually
assessed in your jurisdiction. In addition, a DAC (deferred acquisition
cost) tax of 0.15% annually will apply for the first ten years after each
premium payment.

A monthly total of 0.0291667% will be deducted from the Policy's Cash Value
on each Deduction Date (0.0166667% for the premium tax, and 0.0125% for the
DAC tax). If no

17
<PAGE> 18

additional Premium Payments are made during the first ten Policy Years, no
deductions for the premium and DAC tax charges will be made after Policy Year
10.

If an additional Premium Payment is made during the first ten Policy Years,
then after Policy Year 10, the Company will deduct a total tax charge of
0.0291667% of the portion of the Cash Value attributable to the additional
Premium Payment. The portion of the Cash Value attributable to the
additional Premium Payment is calculated by dividing (a) by (b), where (a)
is the amount of the additional Premium Payment, and (b) is the Policy's
Cash Value immediately after receipt of the additional Premium Payment. In
calculating the charges described above, the Company will use this ratio to
determine the portion of Cash Value in the Separate Account attributable to
that payment until an additional Premium Payment is made.

CHARGES AGAINST THE INVESTMENT OPTIONS OF SEPARATE ACCOUNT FOUR

MORTALITY AND EXPENSE RISK CHARGE

A mortality and expense risk charge of 0.90% on a current basis annually is
deducted from amounts allocated to each Investment Option. The charge is
deducted daily and equals 0.002466% for each day in the Valuation Period.
The annual rate of the mortality and expense risk charge will be reduced to
0.75% for the current Policy Year if the Average Net Growth Rate is 6.5% or
greater during the previous Policy Year. This determination is made
annually.

The mortality risk assumed is that Insureds may live for a shorter period
of time than estimated and, therefore, a greater amount of Death Benefit
proceeds than expected will be payable. The expense risk assumed is that
expenses incurred in issuing and administering the Policy will be greater
than estimated and, therefore, will exceed the administrative expense
charge imposed by the Policy. The Company reserves the right to adjust this
charge, although it guarantees that the adjusted charge will not exceed
0.90%.

ADMINISTRATIVE EXPENSE CHARGES

A charge will be deducted from amounts allocated to each Investment Option
to compensate the Company for certain administrative expenses incurred in
connection with the Policy. The charge will be deducted daily and equals
0.001096% for each day in a Valuation Period. The annual rate of this
charge is 0.40%. Additionally, for policies with an initial premium of less
than $25,000, a monthly fee of $5 will apply for the life of the policy.

The administrative expense charges will compensate the Company for the
issuance, underwriting, processing, start-up and ongoing administrative
expenses of the Policy and the Separate Account. These expenses include the
cost of processing applications; conducting medical examinations;
determining insurability; establishing and maintaining policy and Separate
Account records; processing death benefit claims, surrenders, transfers,
policy loans and changes; and reporting and overhead costs. The Company has
set this charge at a level which is intended to recover no more than the
actual expected costs of the administrative services to be provided while
the Policies are in force, and it does not expect to make a profit from the
application of such administrative charges.

INCOME TAXES

Although the Company does not currently incur any charge for income taxes
as a result of the operations of the Investment Options, the Company
reserves the right to assess a charge for such taxes if it determines that
such taxes will be incurred. (See "Federal Tax Considerations.")

18
<PAGE> 19

INVESTMENT OPTION EXPENSES
- --------------------------------------------------------------------------------

Separate Account Four purchases shares of the Investment Options at net asset
value. The net asset value of the Investment Option shares reflects investment
advisory fees and other expenses already deducted. The investment advisory fees
and other expenses applicable to each of the Investment Options appear in the
Prospectus Summary and are fully described in the individual Investment Option
prospectuses.

SURRENDER CHARGES
- --------------------------------------------------------------------------------

A percent of premium surrender charge will be imposed upon full surrenders of
the Policy that occur within nine (9) years after the Company has received any
Premium Payments under the Policy. For partial surrenders a percentage of amount
surrendered will be charged. This charge is intended to cover certain expenses
relating to the sale of the Policy, including commissions to registered
representatives and other promotional expenses. To the extent that the surrender
charges assessed under the Policy are less than the sales commissions paid with
respect to the Policy, the Company will pay the shortfall from its general
account assets, which will include any profits it may derive from charges
imposed under the Policy. (See also "Policy Surrenders and cash Surrender
Value.") Surrenders charges are determined as follows:

<TABLE>
<CAPTION>
LENGTH OF TIME AFTER FROM FULL SURRENDERS FROM PARTIAL SURRENDERS
PREMIUM PAYMENT (% OF PREMIUM) (% OF AMOUNT SURRENDERED)
- -----------------------------------------------------------------------------------------
<S> <C> <C>
1-2 years 7.5% 7.5%
3-4 7% 7%
5 6.5% 6.5%
6 6% 6%
7 5% 5%
8 4% 4%
9 3% 3%
Year 10 and Thereafter 0% 0%
</TABLE>

PARTIAL SURRENDERS. The Company will impose a surrender charge equal to a
percentage of the amount surrendered for partial surrenders in excess of the
free withdrawal amount described below. The surrender charge will be limited so
that the total charge for partial surrenders will not exceed the charge that
would apply to a full surrender of the Policy.

For purposes of determining the surrender charge percentage that will apply to a
partial surrender, in most states surrender charges are calculated on a
"last-in, first-out basis." This means that any partial withdrawal in excess of
the free withdrawal amount will be taken against premiums in the reverse order
in which they were made, if more than one premium was paid under the Policy.
Surrender charges will be assessed only against that portion of the partial
withdrawal taken from premium payment(s).

FREE WITHDRAWAL ALLOWANCE. The Company will permit partial surrenders of the
Policy's earnings in an amount of up to 10% of the Policy's Cash Value each year
(beginning with the Second Policy Year) without the imposition of a surrender
charge. The amount of Cash Value available for free withdrawal will be
determined on the Policy Anniversary on or immediately prior to the date that
the partial surrender request is received. The amount of earnings available for
withdrawal will be determined on the date the request for such withdrawal is
received by the Company.

TRANSFER CHARGE
- --------------------------------------------------------------------------------

Although there are currently no charges for transfers among the investment
alternatives provided under this Policy, the Company reserves the right to limit
the number of free transfers to no more than four in any Policy Year, and to
charge up to $10 for any transfer request in excess of four in

19
<PAGE> 20

any Policy Year. The Company also reserves the right to assess a processing fee
for the Automated Transfer (Dollar Cost Averaging) service. (See "Transfers of
Cash Value.")

REDUCTION OR ELIMINATION OF CHARGES
- --------------------------------------------------------------------------------

The Company may offer the Policy in arrangements where an employer or trustee
will own a group of policies on the lives of certain employees, or in other
situations where groups of policies will be purchased at one time, or where
policies are sold on a discretionary group basis. The Company may reduce or
eliminate sales charges and administrative charges in such arrangements to
reflect the reduced sales expenses and administrative costs expected as a result
of sales to a particular group. The Company makes any reductions according to
rules in effect when an application for a Policy or additional Premium Payment
is approved. While it may change these rules from time to time, the Company will
attempt not to discriminate unfairly against any person.

VALUATION OF THE SEPARATE ACCOUNT
- --------------------------------------------------------------------------------

HOW THE CASH VALUE VARIES

The Policy's Cash Value is determined daily. A Policy's Cash Value is not
guaranteed, and will vary to reflect a number of factors, including Premium
Payments made, partial withdrawals, loans, charges assessed in connection with
the Policy, and the investment experience of each Investment Option to which
Cash Value is allocated. The Policy's total Cash Value on a Valuation Date
equals the Accumulation Unit Value(s) times the number of Accumulation Units for
each applicable Investment Option, plus the Loan Account Value, on that date.

Separate Account Four purchases the shares of each Investment Option at net
asset value (i.e., without a sales charge). All dividends and capital gains
distributions received from an Investment Option are reinvested by Separate
Account Four in that Fund's shares at net asset value and will increase the
associated Accumulation Unit Value. Investment Option shares will be redeemed by
Separate Account Four at their net asset value to the extent necessary to make
payments under the Policy.

All valuations made under the Policy (e.g., the determination of Cash Value or
Cash Surrender Value, policy loans, and the determination of the number of
Accumulation Units to be credited to a Policy), will be determined as of the
Valuation Date on which the Company receives the Policy Owner's written request
for a transaction under the Policy, or on which the Company is assessing charges
under the Policy.

HOW THE INVESTMENT EXPERIENCE IS DETERMINED

The Cash Value is related to the rate of return of the Investment Option(s) to
which Premium Payments made under the Policy have been allocated. The Cash Value
on any Valuation Date is calculated by multiplying the number of Accumulation
Units credited to the Policy for each Investment Option by the corresponding
Accumulation Unit Value, then adding the result for each Investment Option
credited to the Policy, and adding any value of the Loan Account.

ACCUMULATION UNIT VALUE

The value of an Accumulation Unit for each Investment Option of Separate Account
Four (the "Accumulation Unit Value") is established on each Valuation Date. For
each Investment Option, the Accumulation Unit Value for a Valuation Period is
determined by multiplying the Accumulation Unit Value on the preceding Valuation
Period by the Net Investment Factor for the Investment Option during the
subsequent Valuation Period.

The Accumulation Unit Value may increase or decrease from Valuation Period to
Valuation Period. The number of Accumulation Units credited to your Policy will
not change as a result of the

20
<PAGE> 21

investment experience of the Investment Options. The Accumulation Unit Value of
the Investment Options reflects the reinvestment of any dividends or capital
gains distributions declared by the Investment Option.

NET INVESTMENT FACTOR

The value of an Accumulation Unit for each subsequent Valuation Period
fluctuates based upon the net rate of return for that period. The Company
determines the net rate of return for each Investment Option at the end of each
Valuation Period. The net rate of return reflects the investment performance of
the Investment Option for the Valuation Period and is net of the charges to
Separate Account Four described above.

VALUATION PERIODS AND VALUATION DATES

A Valuation Period is the period commencing at the close of business of the New
York Stock Exchange on any Valuation Date and ending at the close of business on
the next succeeding Valuation Date. A Valuation Date is each day that the New
York Stock Exchange is open for trading.

TRANSFERS OF CASH VALUE
- --------------------------------------------------------------------------------

As long as the Policy remains in effect, the Policy Owner may transfer all or a
portion of the Cash Value (less the Loan Account) among any of the Investment
Option(s) then available. Although there are currently no charges, penalties or
restrictions on the amount or frequency of free transfers between the Investment
Options, the Company reserves the right to limit the number of free transfers to
no more than four in any Policy Year, and to charge an administrative fee (not
to exceed $10) for any transfer request in excess of four per Policy Year.

Some Investment Options have higher investment advisory fees and/or other
expenses than others; therefore, a transfer from one Investment Option to
another could result in a Policy becoming subject to higher or lower fees and
expenses. A transfer between Investment Options has no other effect on the
amount or timing of any of the other charges under the Policy.

The number of Accumulation Units credited to the Investment Options involved in
the transfer will be determined by dividing the amount transferred from or to
that Investment Option by the Accumulation Unit Value of that Investment Option.
The Accumulation Unit Values will be determined on the Valuation Date on which
the Company receives the written request for a transfer.

TELEPHONE TRANSFERS

You may request a transfer of Cash Value either in writing or by telephone. The
telephone transfer privilege is available automatically; no special election is
necessary for a Policy Owner to elect this option. All transfers must be in
accordance with the terms of the Policy. Transfer instructions are currently
accepted on each Valuation Date between 9:00 a.m. and 4:00 p.m., Eastern time,
by calling 1-800-334-4298. Once instructions have been accepted, they may not be
rescinded; however, new telephone instructions may be given the following day.
If the transfer instructions are not in good order, the Company will not execute
the transfer and will promptly notify the caller. The Company will make
reasonable efforts to make certain that telephone transfer requests are genuine.
These measures may include taping telephone requests and/or requiring the use of
a personal identification number. If it fails to take such measures, the Company
may be liable for losses resulting from fraudulent transfer requests.

21
<PAGE> 22

AUTOMATED TRANSFERS (DOLLAR COST AVERAGING)

You may establish automated transfers of Cash Value on a monthly basis from any
Investment Option to any other Investment Option through a written request or
other method acceptable to the Company. You must have a minimum Cash Value of
$5,000 allocated to the Investment Option(s) from which the transfers are to be
made in order to enroll in the Dollar Cost Averaging Program. The minimum
automated transfer amount is $100 per month. Such transfers will be effected on
a certain date each month, as specified by the Policy Owner at the time of
election.

You may start or stop participation in the Dollar Cost Averaging Program at any
time, but you must give the Company at least 30 days' notice to change any
automated transfer instructions that are currently in place. Automated transfers
are subject to all of the provisions and terms of the Policy, including
provisions relating to the transfer of money between Investment Options. The
Company reserves the right to suspend or modify automated transfers at any time
and to assess a processing fee for this service.

Before transferring any part of the Cash Value, Policy Owners should consider
the risks involved in switching between investments available under the Policy.
Dollar cost averaging requires regular investments regardless of fluctuating
price levels, and does not guarantee profits or prevent losses in a declining
market. A potential investor should consider his or her financial ability to
continue purchases through periods of low price levels.

DEATH BENEFIT
- --------------------------------------------------------------------------------

As long as the Policy remains in force, the Policy provides a Death Benefit upon
the death of the Insured. The death benefit proceeds will be paid to a named
Beneficiary. The amount of the death benefit proceeds will be determined on the
date on which the Insured's death occurred. The death benefit proceeds may be
paid in a lump sum or under any optional payment plan.

Death Benefits are payable within seven days of the Company's receipt of
satisfactory proof of the Insured's death. To the extent permitted by state law,
the amount of Death Benefit actually paid to the Policy beneficiary may be
adjusted to reflect any policy loan, suicide by the Insured within two years
after the Issue Date of the Policy, any material misstatements in the policy
application as to age or sex of the Insured, and any amounts payable to an
assignee under a collateral assignment of the Policy. (See "Assignment.") In
addition, if the Insured dies during the Grace Period, the Death Benefit
actually paid to the Policy Owner's beneficiary will be reduced by the amount of
the Deduction Amount that is due and unpaid, and by the amount of any
outstanding Policy Loan. (See "Policy Surrenders and Cash Surrender Value", for
the effects of partial cash surrenders on Death Benefits.)

The Policy provides for two Death Benefit options. Under Option 1 (the Level
Option), the Death Benefit will be equal to the Policy's Stated Amount or, if
greater, a specified multiple of Cash Value determined as of the date of the
Insured's death (the "Minimum Amount Insured"). Under Option 2 (the Variable
Option), the Death Benefit will be equal to the Policy's Stated Amount plus the
Cash Value (determined as of the date of the Insured's death) or, if greater,
the Minimum Amount Insured. The Minimum Amount Insured is the amount required to
qualify the Policy as a life insurance contract under the current federal tax
law. Under that law, the Minimum Amount Insured is equal to a stated percentage
of the Cash Value of the Policy determined daily. The percentages, which differ
according to the attained age of the Insured, may change as federal income tax
laws or regulations change. The percentages used to calculate the Minimum Amount

22
<PAGE> 23

Insured decrease after the Insured is age 40. The following is a schedule of the
applicable percentages:

<TABLE>
<CAPTION>
- ------------------------------------------------
% SHALL
DECREASE BY
A RATABLE
PORTION FOR
EACH FULL
ATTAINED AGE YEAR:
- ------------------------------- ------------
MORE THAN BUT NOT MORE THAN FROM TO
- ------------------------------------------------
<S> <C> <C> <C>
0 40 250 250
40 45 250 215
45 50 215 185
50 55 185 150
55 60 150 130
60 65 130 120
65 70 120 115
70 75 115 105
75 90 105 105
90 95 105 100
</TABLE>

Federal tax law imposes another cash funding limitation on cash value life
insurance policies that, when applicable, may increase the Minimum Amount
Insured in excess of the figures shown in the schedule above. (See Appendix B
for examples demonstrating the relationship between the Death Benefit, the Cash
Surrender Value and the Minimum Amount Insured under the Level and Variable
Options of the Policy.)

CHANGES IN DEATH BENEFIT OPTION

The Company will change your Death Benefit Option at any time prior to the
Insured's death, upon receipt in good order of a written request to do so, and,
if required, acceptable evidence of insurability. There is no direct tax
consequence of changing a Death Benefit option, except as described under
"Modified Endowment Contracts." However, the change could affect future values
of the Coverage Amount, and with some Variable Option to Level Option changes
involving substantially funded policies, there may be a cash distribution which
is included in the gross income of the Policy Owner. Additionally, the cost of
insurance charge, which is based on the Coverage Amount, may be different in the
future. A change from the Level Option to the Variable Option will not be
permitted if the change would result in a Stated Amount of less than the minimum
amount of $10,000. (See "Changes in Stated Amount" below.) Contact your
registered representative for more information.

CHANGES IN STATED AMOUNT

A Policy Owner may request in writing that the Stated Amount of the Policy be
increased or decreased. A minimum premium payment of $1,000 is required for any
increase and the Company will require satisfactory evidence of insurability. An
increase may only be requested prior to the earlier of the Policy anniversary in
the year in which the Insured attains age 81 and the date of the Insured's
death. The effective date of any increase will be as shown on the new Policy
Summary Page which the Company will send to the Policy Owner. The effective date
of any increase in the Stated Amount will generally be the Deduction Date next
following either the date of a new application or, if different, the date
requested by the Policy Owner.

There is no additional charge for a decrease in Stated Amount. However, the
Stated Amount after any decrease may not be less than $10,000. A decrease in
Stated Amount in a substantially funded Policy may cause a cash distribution
that is includable in the gross income of the Policy Owner. (See "Federal Tax
Considerations.")

23
<PAGE> 24

For purposes of determining the cost of insurance charge, a decrease in the
Stated Amount will reduce the Stated Amount in the following order:

1) against the most recent increase in the Stated Amount;

2) to other increases in the reverse order in which they occurred;

3) to the initial Stated Amount.

MATURITY AND MATURITY EXTENSION BENEFITS

If the Insured is living on the Maturity Date (the anniversary of the Policy
Date on which the Insured is age 100), the Company will pay the Policy Owner the
Cash Value of the Policy as of the Maturity Date, less any Loan Account Value,
amounts payable to an assignee under a collateral assignment of the Policy, and
any Deduction Amount due and unpaid. The Policy Owner must surrender the Policy
to the Company before such payment can be made, at which point the Policy will
terminate and the Company will have no further obligations under the Policy.

Where permitted by state law, the Policy provides for a Maturity Extension
Benefit which effectively allows the Policy Owner to request that coverage be
extended beyond the Maturity Date. Such request may only be made during the
twelve months following the Policy anniversary for the year in which the Insured
attains age 99. If the Maturity Extension Benefit is elected, any past due
Monthly Deduction Amounts must first be paid in order for the benefit to become
effective on the Maturity Date. After the Company receives a request for the
Maturity Extension Benefit, the Policy will continue in force until the earlier
of the death of the Insured or the date on which the Policy Owner surrenders the
Policy for its Cash Surrender Value. After the Maturity Date, the Death Benefit
will be the Cash Value less any Loan Account Value and any amounts payable to an
assignee under a collateral assignment of the Policy. The Death Benefit is based
on the experience of the Investment Options selected and is variable and is not
guaranteed. After the Maturity Date, the Monthly Deduction Amount will no longer
be charged against the Cash Value, and additional premiums will not be accepted.

Any loan outstanding need not be extinguished as of the Maturity Date. The loan
may be continued into the maturity extension period. New loans may also be
initiated during the maturity extension period. Restrictions on loans prior to
the Maturity Date of the Policy are still valid.

The Company intends that the Policy and the Maturity Extension Benefit be
considered life insurance for tax purposes. The Death Benefit is designed to
comply with Section 7702 of the Code, or other equivalent section of the Code.
Please note, however, that the Company does not give tax advice, and cannot
guarantee that the Death Benefit and Cash Value will be exempt from any future
tax liability. The tax results of any benefits under the Maturity Extension
provision depend upon interpretation of the Internal Revenue Code. The Policy
Owner should consult his or her own personal tax adviser prior to the exercise
of the Maturity Extension Benefit to assess any potential tax liability.

POLICY LAPSE AND REINSTATEMENT

The Policy will remain in effect until the Cash Surrender Value of the Policy is
insufficient to cover the Monthly Deduction Amount. 30 days after such event
occurs, the Company will give written notice to the Policy Owner indicating that
if the amount shown in the notice (which will be sufficient to cover the
Deduction Amount due) is not paid within 31 days, the Policy will lapse. The
Policy will continue through the Grace Period, but if the required payment is
not received, the Policy will terminate without value at the end of the Grace
Period. If the Insured dies during the Grace Period, the Death Benefit payable
under the Policy will be reduced by the Monthly Deduction Amount due plus the
amount of any Loan Account Balance. (See "Death Benefit,") If the Policy is
surrendered during the Grace Period, the Policy's Cash Surrender Value will be
reduced by the Monthly Deduction Amount due. (See "Policy Surrenders and Cash
Surrender Value.")

24
<PAGE> 25

If the Policy lapses, the Policy Owner may reinstate the Policy upon payment of
the reinstatement premium (and any applicable charges) shown in the Policy. A
request for reinstatement may be made at any time within three years of lapse
(five years for policies issued in Missouri and North Carolina) provided that
(1) the Policy was not surrendered for cash; (2) satisfactory evidence of
insurability is provided; (3) all Monthly Deduction Amounts past due are paid,
subject to state law; (4) premium at least equal to three Monthly Deduction
Amounts is paid, subject to state law; and (5) all Loan Account Value is repaid
or restored. The Cash Value of the Policy upon reinstatement will be equal to
the amount provided by the premium paid.

The tax consequences of a lapse may not be reversible by a reinstatement. Policy
Owners should also refer to "Risks Associated with Loans Taken Against a
Variable Life Insurance Policy" to consider the effects of loans on their
Policy.

LAPSE PROTECTION GUARANTEE RIDER

A Policy Owner may add a Lapse Protection Guarantee Rider. This rider will
prevent a policy from lapsing if the Policy's Cash Surrender Value is
insufficient to pay the Monthly Deduction Amount due. The guarantee will be in
effect only if Premium Payments less amounts surrendered and outstanding loans
is greater than or equal to the initial Premium Payment plus any premiums paid
for increases in Stated Amount. The premium requirement will increase in
connection with an increase in Stated Amount. This rider is available only with
Death Benefit 1, for standard risks, and only at issue. A charge equal to
0.0041667% of the Policy's Cash Value will be deducted on each Deduction Date to
pay for the cost of this benefit.

EXCHANGE RIGHTS

Once the Policy is in effect, it may be exchanged at any time during the first
24 months after its issuance for a fixed fund universal life insurance policy
issued by the Company (or an affiliated company, if allowed) on the life of the
Insured. Benefits under the new life insurance policy will be as described in
that policy. No evidence of insurability will be required. The Policy Owner has
the right to select the same Death Benefit or Coverage Amount as the former
Policy had at the time of the exchange. Cost of insurance rates will be based on
the same risk classification as those of the former Policy. Any outstanding
policy loan must be repaid before the Company will make an exchange. In
addition, there may be an adjustment for the difference in Cash Value between
the two policies.

POLICY SURRENDERS AND CASH SURRENDER VALUE
- --------------------------------------------------------------------------------

RIGHT TO SURRENDER

At any time during the lifetime of the Insured and while the Policy is in force,
the Policy Owner may make a written request for a full or partial surrender of
the Policy, without the consent of the Beneficiary (provided the designation of
Beneficiary is not irrevocable). In the case of full surrenders, the Policy
should be returned to the Company. The amount available upon surrender is the
Cash Surrender Value (i.e., the Cash Value of the Policy determined as of the
Valuation Date on which the Company receives the Policy Owner's written request,
less any outstanding policy loan, and less any applicable Surrender Charges).
(See "Surrender Charges.")

Upon full or partial surrender, the Company will generally pay the Cash
Surrender Value of the Policy within seven days following its receipt of the
written request, or on the date requested by the Policy Owner, whichever is
later.

FULL SURRENDERS

If the Policy is fully surrendered, the Policy will terminate on the surrender
effective date . The Policy must be returned to the Company along with a written
release and surrender of all claims

25
<PAGE> 26

under the Policy in a form satisfactory to the Company. The Policy Owner may
elect to have the surrender amount paid in a lump sum or under a payment option.

PARTIAL SURRENDERS

The Company will permit partial surrenders of the Cash Value in the Policy at
any time during the lifetime of the Insured and while the Policy is in effect. A
partial surrender reduces the Policy's Cash Value by the amount of the partial
surrender requested, plus the amount of the surrender charge imposed in
connection with the partial surrender. The deduction from Cash Value for a
partial surrender will be made on a pro rata basis against the Cash Value of
each of the Investment Options attributable to the Policy (unless the Policy
Owner states otherwise in writing).

In addition to reducing the Cash Value of the Policy, partial cash surrenders
will reduce the Death Benefit payable under the Policy and may reduce the Stated
Amount. The Company may require return of the Policy to record such reduction.
After a partial surrender, the remaining Stated Amount must not be less than
$10,000. Partial surrenders will not be permitted if they would cause the Policy
to fail to qualify as "life insurance" under applicable federal income tax laws.
Reductions in Stated Amount will be processed as described under "Changes in
Stated Amount."

POLICY LOANS
- --------------------------------------------------------------------------------

A Policy Owner may obtain a cash loan from the Company secured by the Policy not
to exceed 90% of the Policy's Cash Value minus surrender charges (determined on
the day on which the Company receives the written loan request). The Company
generally will make the loan to the Policy Owner within seven days after receipt
of the written request. No loan requests may be made for amounts of less than
$500 (subject to state law). If there is a loan outstanding at the time a
subsequent loan request is made, the amount of the outstanding loan will be
added to the new loan request. The amount of the loan will be transferred as of
the date the loan is made on a pro rata basis from the Investment Options
(unless the Policy Owner states otherwise) to another temporary account (the
"Loan Account").

The Company will charge interest on the outstanding amounts of the loan, which
interest must be paid in advance by the Policy Owner at the beginning of each
Policy Year. Interest not paid when due will be capitalized, and an amount equal
to such interest will be transferred to the Loan Account pro rata from the
Investment Options. Loans made during the first ten Policy Years will be made at
a 2% net cost on principal, and a 2% net cost on earnings. Loans made after the
tenth Policy Year will be made at 2% net cost on principal and up to 2% net cost
on earnings (we currently charge 0% net cost on earnings).

For these purposes, "earnings" represents any unloaned Cash Value, minus the
total premiums paid under the Policy. Loans will be taken from earnings first,
and then from principal. Loans taken against earnings will be charged an
interest rate of 5.65% during the first ten Policy Years, and currently 3.85%
(5.65% maximum) for Policy Year 11 and thereafter. Loans taken against principal
will be charged an interest rate of 5.65% in all Policy Years. Amounts in the
Loan Account will be credited by the Company with a fixed annual rate of return
of 4%, and will not be affected by the investment performance of the Investment
Options. The rate of return credited to amounts held in the Loan Account will be
transferred back to the Investment Options on a pro rata basis after each Policy
Year. The Policy's "Loan Account Value" is equal to amounts transferred from the
Investment Options to the Loan Account when a loan is taken, plus capitalized
loan interest, plus the net rate of return credited to the Loan Account that has
not yet been transferred back to the Investment Options.

While the Insured is living and the Policy is in effect, loans may be repaid.
Loan repayments will be first applied to that portion of the loan comprised of
principal. Loan repayments reduce the Loan Account Value, and increase the Cash
Value in the Investment Options. The amount of the repayment will be transferred
from the Loan Account and will be allocated among the Investment Options in
proportion to the outstanding loan amount associated with each Investment
Option.

26
<PAGE> 27

RISKS ASSOCIATED WITH LOANS TAKEN AGAINST A VARIABLE LIFE INSURANCE POLICY

An outstanding loan amount decreases the Cash Surrender Value. If a loan is not
repaid, it permanently decreases the Cash Surrender Value, which could cause the
Policy to lapse (see "Policy Lapse and Reinstatement.") For example, if a Policy
has a Cash Surrender Value of $100,000, the Policy Owner may take a loan of 90%
or $90,000, leaving a new Cash Surrender Value of $10,000 In addition, the Death
Benefit actually payable would be decreased because of the outstanding loan.
Furthermore, even if the loan is repaid, the Death Benefit and Cash Surrender
Value may be permanently affected since the Policy Owner was not credited with
the investment experience of an Investment Option on the amount in the Loan
Account while the loan was outstanding. All or any part of a loan secured by a
Policy may be repaid while the Policy is still in force. Any payment received
while there is an outstanding loan on the Policy will be considered a loan
repayment rather than an additional Premium Payment. A loan outstanding at the
end of the Grace Period cannot be repaid unless the Policy is reinstated. Loans
from a modified endowment contract are treated as distributions to the Policy
Owner (see "Federal Tax Considerations, Tax Treatment of Policy
Benefits -- Modified Endowment Contracts.")

PAYMENT OPTIONS
- --------------------------------------------------------------------------------

Proceeds payable upon the death of the Insured or upon surrender of the Policy,
and the benefits payable upon maturity, may be paid in a lump sum, or in whole
or in part under any of the payment options available under the Policy. Payment
of proceeds which exceed the Death Benefit may be deferred for up to six months
from the date of the request for the payment. A combination of options may be
used. The minimum amount that may be placed under a payment option is $5,000
unless the Company consents to a lesser amount. Proceeds applied under an option
will no longer be affected by the investment experience of the Investment
Options or Trusts. Once in effect, some of the payment options may not provide
any surrender rights.

The following payment options are available under the Policy:

OPTION 1 -- PAYMENTS OF A FIXED AMOUNT

OPTION 2 -- PAYMENTS FOR A FIXED PERIOD

OPTION 3 -- AMOUNTS HELD AT INTEREST

OPTION 4 -- MONTHLY LIFE INCOME

OPTION 5 -- JOINT AND SURVIVOR LEVEL AMOUNT MONTHLY LIFE INCOME

OPTION 6 -- JOINT AND SURVIVOR MONTHLY LIFE INCOME -- TWO-THIRDS TO SURVIVOR

OPTION 7 -- JOINT AND LAST SURVIVOR MONTHLY LIFE INCOME -- MONTHLY PAYMENT
REDUCES ON DEATH OF FIRST PERSON NAMED

OPTION 8 -- OTHER OPTIONS

The Company will make any other arrangements for periodic payments as may be
agreed upon. If any periodic payment due any payee is less than $100, the
Company may make payments less often. If the Company has declared a higher rate
under an option at the date the first payment under an option is due, the
Company will base the payments on the higher rate.

OTHER MATTERS
- --------------------------------------------------------------------------------

VOTING RIGHTS

VOTING RIGHTS OF THE INVESTMENT OPTIONS. In accordance with its view of present
applicable law, the Company will vote the shares of the Investment Options at
regular and special meetings of the shareholders of the Investment Options in
accordance with instructions from Policy Owners having

27
<PAGE> 28

a voting interest in Separate Account Four. The Company will vote shares for
which no instructions have been given or shares which are not otherwise
attributable to Policy Owners in the same proportion as it votes shares for
which it has received instructions. If the 1940 Act or any rule promulgated
thereunder should be amended, however, or if the Company's present
interpretation should change and, as a result, the Company determines it is
permitted to vote the shares of the Investment Options in its own right, it may
elect to do so.

The voting interests of the Policy Owner in the Investment Options will be
determined as follows: Policy Owners may cast one vote for each $100 of Cash
Value of the Policy allocated to the Investment Option, the assets of which are
invested in the particular Investment Option on the record date for the
shareholder meeting for that Fund. Fractional votes are counted. If, however, a
Policy Owner has taken a loan secured by the Policy, amounts transferred from
the Investment Option(s) to the Loan Account in connection with the loan will
not be considered in determining the voting interests of the Policy Owner.

Policy Owners should review the prospectuses for the Investment Options to
determine matters on which shareholders may vote and the definition of a
majority vote required on some matters.

DISREGARD OF VOTING INSTRUCTIONS. When permitted by state insurance regulatory
authorities, the Company may disregard voting instructions if the instructions
require that the shares be voted so as to cause a change in the investment
objective or policies of Separate Account Four or one of the Investment Options,
or to approve or disapprove an investment advisory contract of one of the
Investment Options. In addition, the Company may disregard voting instructions
in favor of changes in the investment policies or the investment adviser of any
of the Investment Options which are initiated by a Policy Owner if the Company
reasonably disapproves of such changes. A change would be disapproved only if
the proposed change is contrary to state law or prohibited by state regulatory
authorities, or if the Company determines that the change would have an adverse
effect on its general account in that the proposed investment policy for an
Investment Option may result in overly speculative or unsound investments.
Should the Company disregard voting instructions, a summary of that action and
the reasons for such action would be included in the next annual report to
Policy Owners.

REPORTS TO POLICY OWNERS

The Company will maintain all records relating to Separate Account Four and the
Investment Options. At least once in each Policy Year, the Company will send to
Policy Owners a statement containing the following information: (1) the Stated
Amount and the Cash Value of the Policy (indicating the number of Accumulation
Units credited to the Policy in each Investment Option and the corresponding
Accumulation Unit Value); (2) the date and amount of each Premium Payment; (3)
the date and amount of each Monthly Deduction; (4) the amount of any outstanding
policy loan as of the date of the statement, and the amount of any loan interest
charged on the Loan Account; (5) the date and amount of any partial cash
surrenders and the amount of any partial surrender charges; (6) the annualized
cost of any supplemental benefits purchased under the Policy; and (7) a
reconciliation since the last report of any change in Cash Value and Cash
Surrender Value. The Company will also send any other reports required by any
applicable state or federal laws or regulations.

Each Policy Owner will also receive semiannual and annual reports containing
financial statements for each of the Investment Options in which premium
payments are allocated at the time of the report.

LIMIT ON RIGHT TO CONTEST AND SUICIDE EXCLUSION

The Company may not contest the validity of the Policy after it has been in
effect during the Insured's lifetime for two years from the Issue Date. If the
Policy is reinstated, the two-year period will be measured from the date of
reinstatement (subject to state regulation). Each requested

28
<PAGE> 29

increase in Stated Amount is contestable for two years from its effective date
(subject to state regulation).

In addition, if the Insured commits suicide during the two-year period following
issue, subject to state law, the Death Benefit will be limited to the premiums
paid less the amount of any partial surrender and the amount of any Loan Account
Value. During the two-year period following an increase, the portion of the
Death Benefit attributable to the increase in the case of suicide will be
limited to an amount equal to the premium paid for such increase (subject to
state law).

MISSTATEMENT AS TO SEX AND AGE

If there has been a misstatement with regard to sex or age in the Policy
Application, benefits payable will be adjusted to what the Policy would have
purchased at the correct age or sex based on the most recent cost of insurance
charge. A misstatement with regard to sex or age in a substantially funded
Policy may cause a cash distribution that is includable in whole or in part in
the gross income of the Policy Owner.

SUSPENSION OF VALUATION

The Company reserves the right to suspend or postpone the date of any payment of
any benefit or values for any Valuation Period (1) when the New York Stock
Exchange is closed (except holidays or weekends); (2) when trading on the
Exchange is restricted; (3) when an emergency exists as determined by the SEC so
that disposal of the securities held in the Investment Options is not reasonably
practicable or it is not reasonably practicable to determine the value of the
Investment Options' net assets; or (4) during any other period when the SEC, by
order, so permits for the protection of security holders.

BENEFICIARY

The Applicant names the beneficiary in the application for the Policy. The
Policy Owner may change the beneficiary (unless irrevocably named) during the
Insured's lifetime, and while the Policy is in force, by sending a written
request to the Company. Any change will be effective from the date the written
request was signed. The Company has no responsibility for payments made or
actions taken prior to receipt of the written request. If no beneficiary is
living when the Insured dies, the Death Benefit will be paid to the Policy
Owner, if living; otherwise, the Death Benefit will be paid to the Policy
Owner's estate.

The rights of any collateral assignee may affect the interest of the
Beneficiary.

ASSIGNMENT

The Policy Owner is specified in the Policy Application. The Policy may be
assigned as collateral for a loan or other obligation. The Company is not
responsible for any payment made or action taken before receipt of written
notice of such assignment, and is not responsible for determining the validity
of any assignment. Proof of interest must be filed with any claim under a
collateral assignment.

DIVIDENDS

No dividends will be paid under the Policy.

FEDERAL TAX CONSIDERATIONS
- --------------------------------------------------------------------------------

GENERAL

The following is a general discussion of the federal income tax considerations
relating to the Policies. This discussion is based upon the Company's
understanding of the federal income tax laws as they are currently interpreted
by the Internal Revenue Service ("IRS"). These laws are complex, and tax results
may vary among individuals. A person contemplating the purchase of or the
exercise of elections under a Policy should seek competent tax advice.

29
<PAGE> 30

IT SHOULD BE UNDERSTOOD THAT THIS IS NOT AN EXHAUSTIVE DISCUSSION OF ALL TAX
QUESTIONS THAT MIGHT ARISE UNDER THE POLICIES. NO ATTEMPT HAS BEEN MADE TO
ADDRESS ANY FEDERAL ESTATE TAX OR STATE AND LOCAL TAX CONSIDERATIONS WHICH MAY
ARISE IN CONNECTION WITH A POLICY. FOR COMPLETE INFORMATION, A QUALIFIED TAX
ADVISOR SHOULD BE CONSULTED.

THE COMPANY DOES NOT GUARANTEE THE TAX STATUS OF ANY POLICY AND THE FOLLOWING
TAX DISCUSSION IS BASED ON THE COMPANY'S UNDERSTANDING OF FEDERAL INCOME TAX
LAWS AS THEY ARE CURRENTLY INTERPRETED. THE COMPANY CANNOT GUARANTEE THAT THOSE
LAWS OR INTERPRETATIONS WILL REMAIN UNCHANGED.

TAX STATUS OF THE POLICY

- --------------------------------------------------------------------------------

DEFINITION OF LIFE INSURANCE

Section 7702 of the Code sets forth a definition of a life insurance contract
for federal tax purposes. Guidance as to how Section 7702 is to be applied,
however, is limited. Although the Secretary of the Treasury (the "Treasury") is
authorized to prescribe regulations implementing Section 7702, and while
proposed regulations and other limited, interim guidance has been issued, final
regulations have not been adopted. If a Policy were determined not to be a life
insurance contract for purposes of Section 7702, such Policy would not provide
the tax advantages normally provided by a life insurance policy.

With respect to a Policy issued on the basis of a standard rate class, the
Company believes (largely in reliance on IRS Notice 88-128 and the proposed
regulations under Section 7702) that such a Policy should meet the Section 7702
definition of a life insurance contract. There is less guidance on the
application of the rules with respect to a Policy that is issued on a
substandard basis (i.e., a premium class involving higher than standard
mortality risk). Thus, it is not clear whether such a Policy would satisfy
Section 7702, particularly if the Policy Owner pays the full amount of premiums
permitted under the Policy.

The Company reserves the right to make changes in the Policy if such changes are
deemed necessary to attempt to assure its qualification as a life insurance
contract for tax purposes.

DIVERSIFICATION

Section 817(h) of the Code provides that separate account investments (or the
investments of a mutual fund, the shares of which are owned by separate accounts
of insurance companies) underlying the Policy must be "adequately diversified"
in accordance with Treasury regulations in order for the Policy to qualify as
life insurance. The Treasury Department has issued regulations prescribing the
diversification requirements in connection with variable contracts. Separate
Account Four, through the Investment Options, intends to comply with these
requirements. Although the Company does not control the Investment Options, it
intends to monitor the investments of the Investment Options to ensure
compliance with the diversification requirements prescribed by the Treasury
Department.

INVESTOR CONTROL

In certain circumstances, owners of variable life insurance contracts may be
considered the owners, for federal income tax purposes, of the assets of the
separate accounts used to support their contract. In those circumstances, income
and gains from the separate account assets would be includable in the variable
contract owner's gross income each year. The IRS has stated in published rulings
that a variable contract owner will be considered the owner of separate account
assets if the contract owner possesses incidents of ownership in those assets,
such as the ability to exercise investment control over the assets. The Treasury
has also announced, in connection with the issuance of regulations concerning
diversification, that those regulations "do not provide guidance concerning the
circumstances in which investor control of the investments of a segregated asset
account may cause the investor (i.e., the Policy Owner), rather than the

30
<PAGE> 31

insurance company, to be treated as the owner of the assets in the account."
This announcement also stated that guidance would be issued by way of
regulations or rulings on the "extent to which policyholders may direct their
investments to particular Investment Options without being treated as owners of
the underlying assets." As of the date of this prospectus, no such guidance has
been issued.

The ownership rights under the Policy are similar to, but different in certain
respects from, those described by the IRS in rulings in which it determined that
the policy owners received the desired tax benefits because they were not
treated as the owners of separate account assets. For example, a Policy Owner of
this Policy has additional flexibility in allocating payments and cash values.
These differences could result in the Policy Owner being treated as the owner of
the assets of Separate Account Four. In addition, the Company does not know what
standard will be set forth in the regulations or rulings which the Treasury is
expected to issue, nor does the Company know if such guidance will be issued.
The Company therefore reserves the right to modify the Policy as necessary to
attempt to prevent the Policy Owner from being considered the owner of a pro
rata share of the assets of Separate Account Four.

The remaining tax discussion assumes that the Policy qualifies as a life
insurance contract for federal income tax purposes.

TAX TREATMENT OF POLICY BENEFITS
- --------------------------------------------------------------------------------

IN GENERAL

The Company believes that the proceeds and cash value increases of a Policy
should be treated in a manner consistent with a fixed-benefit life insurance
policy for federal income tax purposes. Thus, the Death Benefit under the Policy
should be excludable from the gross income of the Beneficiary.

In addition, the Policy Owner will generally not be deemed to be in constructive
receipt of the Cash Value, including increments thereof, until there is a
distribution. The tax consequences of distribution from, and loans taken from or
secured by, a Policy depend on whether the Policy is classified as a "Modified
Endowment Contract." However, whether a Policy is or is not a Modified Endowment
Contract, upon a complete surrender or lapse of a Policy or when benefits are
paid at a Policy's maturity date, if the amount received plus the amount of
indebtedness exceeds the total investment in the Policy, the excess will
generally be treated as ordinary income subject to tax.

Depending on the circumstances, the exchange of a Policy, a change in the
Policy's Death Benefit Option, a Policy loan, a partial withdrawal, a surrender,
a change in ownership, or an assignment of the Policy may have federal income
tax consequences. In addition, federal, state and local transfer, and other tax
consequences of ownership or receipt of Policy proceeds depend on the
circumstances of each Owner or beneficiary. Therefore it is important to check
with a tax advisor prior to the purchase of a policy.

MODIFIED ENDOWMENT CONTRACTS

In light of Policy premium requirements, a Policy will, in almost all cases, be
a modified endowment contract. (See, however, the discussion below on a Policy
issued in exchange for another life insurance contract.)

Loans and partial withdrawals from, as well as collateral assignments of,
Policies that are modified endowment contracts will be treated as distributions
to the Policy Owner for tax purposes. All pre-death distributions (including
loans, partial withdrawals and collateral assignments) from these Policies will
be included in gross income on an income-first basis to the extent of any income
in the Policy (the cash value less the Policy Owner's investment in the Policy)
immediately before the distribution.

31
<PAGE> 32

The law also imposes a 10% penalty tax on pre-death distributions (including
loans, collateral assignments, partial withdrawals and complete surrenders) from
modified endowment contracts to the extent they are included in income, unless a
specific exception to the penalty applies. The penalty does not apply to amounts
which are distributed on or after the date on which the taxpayer attains age 59
1/2, because the taxpayer is disabled, or as substantially equal periodic
payments over the taxpayer's life (or life expectancy) or over the joint lives
(or joint life expectancies) of the taxpayer and his or her beneficiary.
Furthermore, if the loan interest is capitalized by adding the amount due to the
balance of the loan, the amount of the capitalized interest will be treated as
an additional distribution subject to income tax as well as the 10% penalty tax,
if applicable, to the extent of income in the Policy.

EXCHANGES

Any Policy issued in exchange for a modified endowment contract will be subject
to the tax treatment accorded to modified endowment contracts. However, the
Company believes that any Policy received in exchange for a life insurance
contract that is not a modified endowment contract will generally not be treated
as a modified endowment contract if the face amount of the Policy is greater
than or equal to the death benefit of the policy being exchanged. The payment of
any premiums at the time of or after the exchange may, however, cause the Policy
to become a modified endowment contract. A prospective purchaser should consult
a qualified tax advisor before authorizing the exchange of his or her current
life insurance contract for a Policy.

AGGREGATION OF MODIFIED ENDOWMENT CONTRACTS

In the case of a pre-death distribution (including a loan, partial withdrawal,
collateral assignment or complete surrender) from a Policy that is treated as a
modified endowment contract, a special aggregation requirement may apply for
purposes of determining the amount of the income on the Policy. Specifically, if
the Company or any of its affiliates issues to the same Policy Owner more than
one modified endowment contract within a calendar year, then for purposes of
measuring the income on the Policy with respect to a distribution from any of
those Policies, the income on the Policy for all those Policies will be
aggregated and attributed to that distribution.

POLICIES WHICH ARE NOT MODIFIED ENDOWMENT CONTRACTS

Unlike loans from modified endowment contracts, a loan from a Policy that is not
a modified endowment contract will be considered indebtedness of the owner and
no part of a loan will constitute income to the owner. However, the treatment of
loans taken on earnings after the tenth Policy Year, or of loans taken to
acquire a Travelers long-term care policy is unclear; such loans might be
considered a withdrawal instead of indebtedness for federal tax purposes.

Pre-death distributions from a Policy that is not a modified endowment contract
will generally not be included in gross income to the extent that the amount
received does not exceed the Policy Owner's investment in the Policy. (An
exception to this general rule may occur in the case of a decrease or change
that reduces the benefits provided under a Policy in the first 15 years after
the Policy is issued and that results in a cash distribution to the Policy
Owner. Such a cash distribution may be taxed in whole or in part as ordinary
income to the extent of any gain in the Policy.) Further, the 10% penalty tax on
pre-death distributions does not apply to Policies that are not modified
endowment contracts.

Certain changes to Policies that are not modified endowment contracts may cause
such Policies to be treated as modified endowment contracts. A Policy Owner
should therefore consult a tax advisor before effecting any change to a Policy
that is not a modified endowment contract.

TREATMENT OF LOAN INTEREST

If there is any borrowing against the Policy, the interest paid on loans may not
be tax deductible.

32
<PAGE> 33

THE COMPANY'S INCOME TAXES
- --------------------------------------------------------------------------------

The Company currently makes no charge to Separate Account Four for any federal,
state or local taxes that it incurs that may be attributable to Separate Account
Four or to the Policies. The Company reserves the right, however, to make a
charge for any tax or other economic burden responsibility from the application
of tax laws that it determines to be properly attributable to Separate Account
Four or to the Policies.

MANAGEMENT

- --------------------------------------------------------------------------------

DIRECTORS OF THE TRAVELERS INSURANCE COMPANY

The following are the Directors and Executive Officers of The Travelers
Insurance Company. Unless otherwise indicated, the principal business address
for all individuals is the Company's Home Office at One Tower Square, Hartford,
Connecticut 06183. References to Travelers Group Inc. include, prior to December
31, 1993, Primerica Corporation or its predecessors.

<TABLE>
<CAPTION>
DIRECTOR
NAME AND POSITION SINCE PRINCIPAL BUSINESS
- ------------------------- -------- -------------------------------------------------------
<S> <C> <C>
Jay S. Benet............. 1996 Senior Vice President since February 1994 and Vice
Director President (1990-1994) of The Travelers Insurance
Company; Partner (1986-1990) of Coopers & Lybrand.
Ian R. Stuart............ 1996 Senior Vice President since November, 1996; Chief
Director Financial Officer; Chief Accounting Officer and
Controller since March 1996, Vice President (1991-1996)
of The Travelers Insurance Company.
Katherine M. Sullivan.... 1996 Senior Vice President and General Counsel since May
Director 1996 of The Travelers Insurance Company; Senior Vice
President and General Counsel (1994-1996) Connecticut
Mutual; Special Counsel & Chief of Staff (1988-1994)
Aetna Life & Casualty.
George C. Kokulis........ 1996 Senior Vice President since September 1995, Vice
Director President (1993-1995) of The Travelers Insurance
Company.
Michael A. Carpenter..... 1995 Chairman since June 1996 and President and Chief
Director Executive Officer since June 1995 of The Travelers
Insurance Company; Executive Vice President of
Travelers Group Inc. since January 1995; Chairman,
President and Chief Executive Officer (1989-1994),
Kidder Peabody Group Inc.
Robert I. Lipp........... 1992 Chairman, President and Chief Executive Officer since
Director April 1996 of Travelers Property Casualty Corp.; Chief
Executive Officer and Director since December 1993 of
The Travelers Insurance Group Inc.; Vice Chairman and
Director of Travelers Group Inc. since 1991; Chairman
and Chief Executive Officer of Commercial Credit
Company (1991-1993); Executive Vice President
(1986-1991), Primerica Corporation.
Marc P. Weill............ 1994 Senior Vice President-Investments since 1993 and Chief
Director Investment Officer since 1995 of The Travelers
Insurance Group Inc.; Senior Vice President and Chief
Investment Officer of Travelers Group Inc. since 1992;
Vice President (1990-1992), Primerica Corporation; Vice
President (1989-1990), Smith Barney Inc.
</TABLE>

33
<PAGE> 34

SENIOR OFFICERS OF THE TRAVELERS INSURANCE COMPANY
- --------------------------------------------------------------------------------

The following are the Senior Officers of The Travelers Insurance Company, other
than the Directors listed above, as of the date of this Prospectus. Unless
otherwise indicated, the principal business address for all individuals listed
is One Tower Square, Hartford, Connecticut 06183.

<TABLE>
<CAPTION>
NAME POSITION WITH INSURANCE COMPANY
- --------------------------------------------------------------- -------------------------------
<S> <C>
Stuart Baritz.................................................. Senior Vice President
Barry Jacobson................................................. Senior Vice President
Russell H. Johnson............................................. Senior Vice President
Warren H. May.................................................. Senior Vice President
Jay S. Fishman................................................. Senior Vice President
David A. Tyson................................................. Senior Vice President
F. Denney Voss................................................. Senior Vice President
Christine M. Modie............................................. Senior Vice President
Elizabeth C. Georgakopoulos.................................... Senior Vice President
</TABLE>

Information relating to the management of the Investment Options is contained in
the Investment Option prospectuses.

SAFEKEEPING OF THE SEPARATE ACCOUNT'S ASSETS
- --------------------------------------------------------------------------------

The assets of Separate Account Four are held by the Company and are kept
physically segregated and held separate and apart from the Company's general
account. Premium payments allocated under the Portfolio Architect Life Insurance
policies are held in a segment of Separate Account Four. The Company maintains
records of all of Separate Account Four's purchases and redemptions of shares of
the Investment Options.

DISTRIBUTION OF THE POLICY
- --------------------------------------------------------------------------------

The Company intends to sell the Policy in all jurisdictions where it is licensed
to do business and where the Policy is approved.

Policies may be purchased from agents who are licensed by state insurance
authorities to sell variable life insurance policies issued by the Company, and
who are also registered representatives of Tower Square Securities Inc. ("Tower
Square") or of broker-dealers who have entered into Selling Agreements with
Tower Square. Tower Square, whose principal business address is One Tower
Square, Hartford, Connecticut, serves as the principal underwriter for the
variable life insurance policies described herein. Tower Square is registered as
a broker-dealer with the Securities and Exchange Commission under the Securities
Exchange Act of 1934, and is a member of the National Association of Securities
Dealers, Inc. ("NASD"). Tower Square is an affiliate of the Company and an
indirect wholly owned subsidiary of Travelers Group Inc., and serves as
principal underwriter pursuant to an Underwriting Agreement to which Separate
Account Four, the Company, and Tower Square are parties. No amounts have been or
will be retained by Tower Square for acting as principal underwriter for the
Policies. It is anticipated that an affiliated broker-dealer will become the
principal underwriter during 1997.

Agents will be compensated for sales of the Policies on a commission and service
fee basis. The maximum sales commissions to be paid under the Policy will be
8.20% of premiums. In addition, certain production, persistency and managerial
bonuses may be paid.

34
<PAGE> 35

LEGAL PROCEEDINGS AND OPINION
- --------------------------------------------------------------------------------

There are no pending material legal proceedings affecting the Policy, Separate
Account Four or any of the Investment Options.

Legal matters in connection with federal laws and regulations affecting the
issue and sale of the Policy described in this Prospectus and the organization
of the Company, its authority to issue the Policy under Connecticut law and the
validity of the forms of the Policy under Connecticut law have been passed on by
the General Counsel of The Travelers Insurance Company.

REGISTRATION STATEMENT
- --------------------------------------------------------------------------------

A Registration Statement has been filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended. This Prospectus does
not contain all information set forth in the Registration Statement, its
amendments and exhibits, to which reference is made for further information
concerning Separate Account Four, the Company and the Policy.

INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------

Coopers & Lybrand L.L.P., independent accountants, 100 Pearl Street, Hartford,
Connecticut, are the independent auditors for Separate Account Four. The
services to be provided to Separate Account Four will include primarily the
audit of Separate Account Four's financial statements. Separate Account Four had
no assets as of the effective date of this prospectus.

The consolidated financial statements of The Travelers Insurance Company as of
December 31, 1996 and 1995, and for each of the years in the three-year period
ended December 31, 1996, have been included herein and in the registration
statement in reliance upon the reports of KPMG Peat Marwick LLP, independent
certified public accountants, appearing elsewhere herein, and upon the authority
of said firm as experts in accounting and auditing.

FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

The financial statements of the Company contained herein should be considered
only as bearing upon the Company's ability to meet its obligations under the
Policy, and they should not be considered as bearing on the investment
performance of Separate Account Four or its Investment Options.

ILLUSTRATIONS
- --------------------------------------------------------------------------------

The following pages are intended to illustrate hypothetically how the Cash
Value, Cash Surrender Value and Death Benefit can change over time for Policies
issued to a 45-year old male. The difference between the Cash Value and the Cash
Surrender Value in these illustrations reflects the Surrender Charge that would
be incurred upon a full surrender of the Policy.

Two pages of values are shown for each Death Benefit Option (Level and
Variable). One page illustrates the assumption that the maximum Guaranteed Cost
of Insurance Rates allowable under the Policy are charged in all years. The
other page illustrates the assumption that the current scale of Cost of
Insurance Rates are charged in all years. The Cost of Insurance Rates charged
vary by age, sex (where permitted by state law) and underwriting classification.
The illustrations also reflect a monthly deduction of 0.0291667% for the first
ten years following the Initial Premium (.0166667% for premium tax and .0125%
for DAC tax). In addition, a monthly maintenance fee of $5.00 is charged for
contracts with an initial premium of less than $25,000.

The values shown in these illustrations vary according to assumptions used for
charges, and gross rates of investment returns. The charges consist of 0.90% for
mortality and expense risks, 0.40% for administrative expenses, and .78% for
Investment Option expenses. The 12% illustration will

35
<PAGE> 36

assume that the mortality and expense risk charge has been reduced to 0.75% in
the second policy year and thereafter. The charge for Investment Option expenses
reflected in the illustrations uses an average of the investment advisory fees
and other expenses charged by each of the Investment Options during 1996 and
assumes that no Policy Loans are outstanding. After deduction of these amounts,
the illustrated gross annual investment rates of return of 0% and 6% correspond
to approximate net annual rates of -2.08% and 3.92%, respectively. The
illustrated gross annual investment rate of return of 12% corresponds to an
approximate net annual rate of return of 9.92% in the first Policy Year, and
10.07% thereafter. The actual charges under a Policy for expenses of the
Investment Options will depend on the actual allocation of Cash Value and may be
higher or lower than those illustrated.

As stated above, the examples illustrate values that would result based upon
hypothetical uniform gross investment rates of return of 0%, 6% and 12%. The
values would be different from those shown if the gross rates averaged 0%, 6%,
and 12% over a period of years, but fluctuated above and below those averages.

The illustrations also assume that premiums are paid as indicated, no policy
loans are made, no increases or decreases to the Stated Amount are requested, no
partial surrenders are made, and no charges for transfers between funds are
incurred.

The illustrations do not reflect any charges for federal income taxes against
Separate Account Four, since the Company is not currently deducting such charges
from Separate Account Four. However, such charges may be made in the future, and
in that event, the gross annual investment rates of return would have to exceed
0%, 6% and 12% by an amount sufficient to cover the tax charges in order to
produce the Death Benefits, Cash Values and Cash Surrender Values illustrated.

The second column of each Illustration shows the amount that would accumulate if
an amount equal to the Premium Payment was invested to earn interest (after
taxes) at 5%, compounded annually.

Upon request, the Company will provide a comparable personalized illustration
based upon the proposed Insured's age, sex, underwriting classification, the
specified insurance benefits, and the premium requested. The hypothetical gross
annual investment return assumed in such an illustration will not exceed 12%.

36
<PAGE> 37

PORTFOLIO ARCHITECT
MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE POLICY
LEVEL DEATH BENEFIT OPTION
ILLUSTRATED WITH GUARANTEED COST OF INSURANCE CHARGES

<TABLE>
<S> <C>
Male, Issue Age 45 Face Amount: $38,792
Non-Smoker Single Premium: $10,000
</TABLE>

<TABLE>
<CAPTION>
CASH SURRENDER
DEATH BENEFIT* CASH VALUE* VALUE*
--------------------------------- --------------------------------- --------------------
TOTAL PREMIUMS 0% 6% 12% 0% 6% 12% 0% 6%
YEAR WITH 5% INTEREST (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 10,500 38,791 38,791 38,791 9,563 10,156 10,749 8,813 9,406
2 11,025 38,791 38,791 38,791 9,124 10,307 11,578 8,374 9,557
3 11,576 38,791 38,791 38,791 8,681 10,453 12,481 7,981 9,753
4 12,155 38,791 38,791 38,791 8,233 10,591 13,464 7,533 9,891
5 12,763 38,791 38,791 38,791 7,778 10,722 14,536 7,128 10,072
6 13,401 38,791 38,791 38,791 7,314 10,842 15,706 6,714 10,242
7 14,071 38,791 38,791 38,791 6,839 10,950 16,984 6,339 10,450
8 14,775 38,791 38,791 38,791 6,349 11,042 18,380 5,949 10,642
9 15,513 38,791 38,791 38,791 5,841 11,115 19,908 5,541 10,815
10 16,289 38,791 38,791 38,791 5,312 11,167 21,582 5,312 11,167
15 20,789 38,791 38,791 44,763 2,304 11,216 33,405 2,304 11,216
20 26,533 0 38,791 63,694 0 10,119 52,209 0 10,119

12%
YEAR (9.92%)#
- ----
<S> <C>
1 9,999
2 10,828
3 11,781
4 12,764
5 13,886
6 15,106
7 16,484
8 17,980
9 19,608
10 21,582
15 33,405
20 52,209
</TABLE>

These hypothetical rates of return are illustrative only and should not be
considered a representation of past or future investment results. Actual
investment results may be more or less than those shown and will depend on a
number of factors. The Account Values and Cash Surrender Values will be
different from those shown if the actual rates of return averaged 0%, 6% or 12%
over a period of years but fluctuated above or below the average for individual
contract years. No representations can be made that these rates of return can be
achieved for any one year or sustained over a period of time.

<TABLE>
<C> <S>
# 9.92% is increased to 10.07% in years 2 and thereafter due to a reduction in the
mortality and expense risk charge.
* Net Interest Rates are shown in parenthesis.
</TABLE>

37
<PAGE> 38

PORTFOLIO ARCHITECT
MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE POLICY
LEVEL DEATH BENEFIT OPTION
ILLUSTRATED WITH CURRENT COST OF INSURANCE CHARGES

<TABLE>
<S> <C>
Male, Issue Age 45 Face Amount: $38,792
Non-Smoker Single Premium: $10,000
</TABLE>

<TABLE>
<CAPTION>
CASH SURRENDER
DEATH BENEFIT* CASH VALUE* VALUE*
--------------------------------- --------------------------------- --------------------
TOTAL PREMIUMS 0% 6% 12% 0% 6% 12% 0% 6%
YEAR WITH 5% INTEREST (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 10,500 38,791 38,791 38,791 9,616 10,210 10,804 8,866 9,460
2 11,025 38,791 38,791 38,791 9,234 10,422 11,697 8,484 9,672
3 11,576 38,791 38,791 38,791 8,852 10,634 12,672 8,152 9,934
4 12,155 38,791 38,791 38,791 8,470 10,847 13,739 7,770 10,147
5 12,763 38,791 38,791 38,791 8,087 11,060 14,905 7,437 10,410
6 13,401 38,791 38,791 38,791 7,702 11,272 16,180 7,102 10,672
7 14,071 38,791 38,791 38,791 7,312 11,481 17,577 6,812 10,981
8 14,775 38,791 38,791 38,791 6,917 11,688 19,106 6,517 11,288
9 15,513 38,791 38,791 38,791 6,517 11,891 20,785 6,217 11,591
10 16,289 38,791 38,791 38,791 6,107 12,089 22,626 6,107 12,089
15 20,789 38,791 38,791 47,667 4,018 13,255 35,573 4,018 13,255
20 26,533 38,791 38,791 68,652 1,389 14,185 56,272 1,389 14,185

12%
YEAR (9.92%)#
- ----
<S> <C>
1 10,054
2 10,947
3 11,972
4 13,039
5 14,255
6 15,580
7 17,077
8 18,706
9 20,485
10 22,626
15 35,573
20 56,272
</TABLE>

These hypothetical rates of return are illustrative only and should not be
considered a representation of past or future investment results. Actual
investment results may be more or less than those shown and will depend on a
number of factors. The Account Values and Cash Surrender Values will be
different from those shown if the actual rates of return averaged 0%, 6%, or 12%
over a period of years but fluctuated above or below the average for individual
contract years. No representations can be made that these rates of return can be
achieved for any one year or sustained over a period of time.

<TABLE>
<C> <S>
# 9.92% is increased to 10.07% in years 2 and thereafter due to a reduction in the
mortality and expense risk charge.
* Net Interest Rates are shown in parenthesis.
</TABLE>

38
<PAGE> 39

PORTFOLIO ARCHITECT
MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE POLICY
VARIABLE DEATH BENEFIT OPTION
ILLUSTRATED WITH GUARANTEED COST OF INSURANCE CHARGES

<TABLE>
<S> <C>
Male, Issue Age 45 Face Amount: $38,792
Non-Smoker Single Premium: $10,000
</TABLE>

<TABLE>
<CAPTION>
CASH SURRENDER
DEATH BENEFIT* CASH VALUE* VALUE*
--------------------------------- --------------------------------- --------------------
TOTAL PREMIUMS 0% 6% 12% 0% 6% 12% 0% 6%
YEAR WITH 5% INTEREST (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 10,500 48,308 48,898 49,489 9,517 10,107 10,698 8,767 9,357
2 11,025 47,823 48,995 50,253 9,032 10,204 11,462 8,282 9,454
3 11,576 47,333 49,078 51,074 8,542 10,287 12,283 7,842 9,587
4 12,155 46,839 49,146 51,957 8,048 10,355 13,166 7,348 9,665
5 12,763 46,337 49,198 52,906 7,546 10,407 14,115 6,896 9,757
6 13,401 45,827 49,230 53,924 7,036 10,439 15,133 6,436 9,839
7 14,071 45,305 49,239 55,015 6,514 10,448 16,224 6,014 9,948
8 14,775 44,769 49,219 56,183 5,978 10,428 17,392 5,578 10,028
9 15,513 44,215 49,168 57,432 5,424 10,377 18,641 5,124 10,077
10 16,289 43,640 49,079 58,765 4,849 10,288 19,974 4,849 10,288
15 20,789 40,444 48,130 67,442 1,653 9,339 28,651 1,653 9,339
20 26,533 0 45,428 79,673 0 6,637 40,882 0 6,637

12%
YEAR (9.92%)#
- ----
<S> <C>
1 9,948
2 10,712
3 11,583
4 12,466
5 13,465
6 14,533
7 15,724
8 16,992
9 18,341
10 19,974
15 28,651
20 40,882
</TABLE>

These hypothetical rates of return are illustrative only and should not be
considered a representation of past or future investment results. Actual
investment results may be more or less than those shown and will depend on a
number of factors. The Account Values and Cash Surrender Values will be
different from those shown if the actual rates of return averaged 0%, 6%, or 12%
over a period of years but fluctuated above or below the average for individual
contract years. No representations can be made that these rates of return can be
achieved for any one year or sustained over a period of time.

<TABLE>
<C> <S>
# 9.92% is increased to 10.07% in years 2 and thereafter due to a reduction in the
mortality and expense risk charge.
* Net Interest Rates are shown in parenthesis.
</TABLE>

39
<PAGE> 40

PORTFOLIO ARCHITECT
MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE POLICY
VARIABLE DEATH BENEFIT OPTION
ILLUSTRATED WITH CURRENT COST OF INSURANCE CHARGES

<TABLE>
<S> <C>
Male, Issue Age 45 Face Amount: $38,792
Non-Smoker Single Premium: $10,000
</TABLE>

<TABLE>
<CAPTION>
CASH SURRENDER
DEATH BENEFIT* CASH VALUE* VALUE*
--------------------------------- --------------------------------- --------------------
TOTAL PREMIUMS 0% 6% 12% 0% 6% 12% 0% 6%
YEAR WITH 5% INTEREST (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%) (9.92%)# (-2.08%) (3.92%)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 10,500 48,379 48,971 49,564 9,588 10,180 10,773 8,838 9,430
2 11,025 47,968 49,149 50,417 9,177 10,358 11,626 8,427 9,608
3 11,576 47,558 49,323 51,342 8,767 10,532 12,551 8,067 9,832
4 12,155 47,146 49,492 52,346 8,355 10,701 13,555 7,655 10,001
5 12,763 46,734 49,656 53,435 7,943 10,865 14,644 7,293 10,215
6 13,401 46,319 49,812 54,616 7,528 11,021 15,825 6,928 10,421
7 14,071 45,899 49,959 55,895 7,108 11,168 17,104 6,608 10,668
8 14,775 45,473 50,094 57,281 6,682 11,303 18,490 6,282 10,903
9 15,513 45,042 50,218 58,785 6,251 11,427 19,994 5,951 11,127
10 16,289 44,601 50,325 60,413 5,810 11,534 21,622 5,810 11,534
15 20,789 42,364 50,855 71,507 3,573 12,064 32,716 3,573 12,064
20 26,533 39,638 50,679 88,487 847 11,888 49,696 847 11,888

12%
YEAR (9.92%)#
- ----
<S> <C>
1 10,023
2 10,876
3 11,851
4 12,855
5 13,994
6 15,225
7 16,604
8 18,090
9 19,694
10 21,622
15 32,716
20 49,696
</TABLE>

These hypothetical rates of return are illustrative only and should not be
considered a representation of past or future investment results. Actual
investment results may be more or less than those shown and will depend on a
number of factors. The Account Values and Cash Surrender Values will be
different from those shown if the actual rates of return averaged 0%, 6%, or 12%
over a period of years but fluctuated above or below the average for individual
contract years. No representations can be made that these rates of return can be
achieved for any one year or sustained over a period of time.

<TABLE>
<C> <S>
# 9.92% is increased to 10.07% in years 2 and thereafter due to a reduction in the
mortality and expense risk charge.
* Net Interest Rates are shown in parenthesis.
</TABLE>

40
<PAGE> 41

APPENDIX A
PERFORMANCE INFORMATION
- --------------------------------------------------------------------------------

From time to time, Separate Account Four's Investment Options may show the
percentage change in the value of an Accumulation Unit based on the performance
of the Investment Option over a period of time, determined by dividing the
increase (decrease) in value for that unit by the Accumulation Unit Value at the
beginning of the period. Separate Account Four invests in Investment Options
that were in existence prior to the date on which they became available under
the Policy. Average annual rates of return for periods prior to the availability
of the Separate Account are calculated by adjusting the actual returns of the
Investment Options to reflect the contract charges shown below.

The following performance information represents the percentage change in the
value of an Accumulation Unit of the Investment Options for the periods
indicated, and reflects all expenses of the Investment Options, as well as the
0.90% mortality and expense risk charge and the 0.40% administrative expense
charge assessed against the Investment Options. The rates of return do not
reflect surrender charges or Monthly Deduction Amounts (which are depicted in
the Example following the Rates of Return), nor do they reflect a reduction in
mortality and expense risk charges which may apply under certain circumstances.
For information about the Charges and Deductions assessed under the Policy and
how these charges affect Cash Values and Death Benefits, see the Illustrations.

AVERAGE RATES OF RETURN (SINCE INCEPTION) FOR
PERIODS ENDED DECEMBER 31, 1996
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
AVERAGE ANNUAL INCEPTION
INVESTMENT OPTION RATE OF RETURN DATE
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Federated High Yield Bond Portfolio............................... 7.13% 7/31/96
Cash Income Trust................................................. 3.93% 10/1/81
Travelers Quality Bond Portfolio.................................. 3.10% 7/31/96
Large Cap Portfolio............................................... 12.80% 7/31/96
Equity Income Portfolio........................................... 11.20% 7/31/96
Lazard International Stock Portfolio.............................. 7.22% 7/31/96
MFS Emerging Growth Portfolio..................................... 5.53% 7/31/96
Capital Appreciation Fund (Janus subadviser)...................... 8.36% 5/83
Federated Stock Portfolio......................................... 12.11% 7/31/96
Alliance Growth Portfolio......................................... 25.50% 6/20/94
Putnam Diversified Income Portfolio............................... 9.11% 6/20/94
MFS Total Return Portfolio........................................ 13.27% 6/20/94
Zero Coupon Bond Fund Portfolio 1998.............................. 3.91% 10/11/95
Zero Coupon Bond Fund Portfolio 2000.............................. 3.60% 10/11/95
Zero Coupon Bond Fund Portfolio 2005.............................. 4.29% 10/11/95
Mid Cap Disciplined Equity Fund................................... N/A 1/15/97
</TABLE>

41
<PAGE> 42

EXAMPLE OF POLICY CHARGES
- --------------------------------------------------------------------------------

The following chart illustrates the surrender charges and Monthly Deduction
Amounts (including the Cost of Insurance charges, deduction for premium and DAC
tax and a monthly administrative charge of $5.00 for contracts with initial
premium of less than $25,000) that would apply under a Policy based on the
assumptions listed below. Surrender charges and Monthly Deduction Amounts
generally will be higher for an Insured who is older than the assumed Insured,
and lower for an Insured who is younger (assuming the Insureds have the same
risk classification). Cost of insurance rates increase each year as the Insured
becomes a year older.

<TABLE>
<S> <C>
Male, Age 35, Non-Smoker Face Amount: $60,051
$10,000 Single Premium Level Death Benefit Option
Hypothetical Gross Annual Investment Rate of Return: 10%* Current Charges
</TABLE>

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
MONTHLY DEDUCTION AMOUNTS:
CUMULATIVE SURRENDER CHARGE AS ----------------------------------------- ADMINISTRATIVE
YEAR PREMIUMS % OF CUM PREM. COST OF INSURANCE CHARGES PREMIUM TAX CHARGE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 $ 10,000 7.5% 75.60 35.95 60.00
2 $ 10,000 7.5% 78.46 38.19 60.00
3 $ 10,000 7.0% 81.82 40.62 60.00
5 $ 10,000 6.5% 89.68 46.01 60.00
10 $ 10,000 0% 113.50 63.22 60.00
</TABLE>

* Hypothetical investment results shown above are illustrative only and should
not be deemed a representation of past or future investment results. Actual
investment results may be more or less than those shown. Hypothetical
investment results may be different from those shown if the actual rates of
return averaged 10%, but fluctuated above or below that average for individual
policy years. No representations can be made that the hypothetical rates
assumed can be achieved for any one year or sustained over any period of time.

42
<PAGE> 43

APPENDIX B
DEATH BENEFIT EXAMPLES
- --------------------------------------------------------------------------------

The following examples demonstrate the relationship between the Death Benefit,
the Cash Surrender Value and the Minimum Amount Insured under the Level and
Variable Death Benefit Options available under the Policy. Both sets of examples
assume an Insured of age 40, a Minimum Amount Insured of 250% of Cash Value (in
accordance with the table on page of this Prospectus), no outstanding policy
loans and a Stated Amount of $25,000.

OPTION 1 -- LEVEL DEATH BENEFIT
- --------------------------------------------------------------------------------

Under a "Level" Death Benefit, the Death Benefit under the Policy is generally
equal to the Stated Amount of $25,000. Since the Policy is designed to qualify
as a life insurance contract, the Death Benefit cannot be less than the Minimum
Amount Insured (or, in this example, 250% of the Cash Value).

EXAMPLE ONE. If the Cash Value of the Policy equals $8,000, the Minimum Amount
Insured would be $20,000 ($8,000 X 250%). If the Death Benefit in the Policy is
the greater of the Stated Amount ($25,000) or the Minimum Amount Insured
($20,000), then the Death Benefit would be $25,000.

EXAMPLE TWO. If the Cash Value of the Policy equals $40,000, the Minimum Amount
Insured would be $100,000 ($40,000 X 250%). The resulting Death Benefit would be
$100,000 since the Death Benefit is the greater of the Stated Amount ($25,000)
or the Minimum Amount Insured ($100,000).

EXAMPLE THREE. If the Insured is age 41, and the Cash Value of the Policy
equals $44,000, the Minimum Amount Insured would be $106,920 ($44,000 X 243%)
(243% is the applicable percentage for a 41-year old insured). The Death Benefit
would be equal to $106,920 which is the greater of the Stated Amount ($25,000)
and the Minimum Amount Insured ($106,920).

EXAMPLE FOUR. The Death Benefit may also increase or decrease with the
investment experience of the applicable Underlying Funds to the extent the
Minimum Amount Insured exceeds the Stated Amount. Consequently, if the 41-year
old Insured has a Cash Value equal to $35,000 instead of $44,000, the Death
Benefit would be $85,050 ($35,000 X 243%).

OPTION 2 -- VARIABLE DEATH BENEFIT
- --------------------------------------------------------------------------------

Under a "Variable" Death Benefit, the Death Benefit under the Policy will vary
with the investment experience of the Investment Option(s) to which Premium
Payments are allocated under the Policy. The Variable Death Benefit will
generally be equal to the Stated Amount ($25,000) plus the Cash Value of the
Policy (determined on the date of the Insured's death). The Death Benefit
cannot, however, be less than the Minimum Amount Insured (or, in this example,
250% of the Cash Value).

EXAMPLE ONE. If the Cash Value of the Policy equals $10,000, the Minimum Amount
Insured would be $25,000 ($10,000 X 250%). The Death Benefit ($35,000) would be
equal to the Stated Amount ($25,000) plus the Cash Value ($10,000), unless the
Minimum Amount Insured ($25,000) was greater.

EXAMPLE TWO. If the Cash Value of the Policy equals $60,000, then the Minimum
Amount Insured would be $150,000 ($60,000 X 250%). The resulting Death Benefit
would be $150,000 because the Minimum Amount Insured ($150,000) is greater than
the Stated Amount plus the Cash Value ($25,000 + $60,000 = $85,000).

EXAMPLE THREE. If the Insured is age 41, and the Cash Value of the Policy
equals $65,000, the Minimum Amount Insured would be $157,950 ($65,000 X 243%)
(243% is the applicable

43
<PAGE> 44

percentage for a 41-year old insured). The resulting Death Benefit under the
Policy would be equal to $157,950 because the Minimum Amount Insured ($157,950)
is greater than the Stated Amount plus the Cash Value ($25,000 + $65,000 =
$90,000).

As long as the Policy remains in effect, the Company guarantees that the Death
Benefit under either option will not be less than the current Stated Amount of
the Policy less any outstanding policy loan, Deduction Amount due but unpaid,
and any amount payable pursuant to a collateral assignment of the Policy. The
Death Benefit under either option may vary with the Cash Value of the Policy.
Under Option 1, the Death Benefit equals the Stated Amount and will vary only
when the Minimum Amount Insured exceeds the Stated Amount of the Policy. Under
Option 2, the Death Benefit equals the greater of the Stated Amount plus the
Cash Value, and the Minimum Amount Insured.

44
<PAGE> 45

APPENDIX C
REPRESENTATIVE STATED AMOUNTS
- --------------------------------------------------------------------------------

The following table represents the Single Premium Factors for the determination
of the Stated Amount per dollar of Gross Premium, varying by Male and Female
(applicable to standard lives).

<TABLE>
<CAPTION>
MALE FEMALE
- ------------------------------------- -------------------------------------
AGE SP FAC AGE SP FAC AGE SP FAC AGE SP FAC
- --- -------- --- -------- --- -------- --- --------
<S> <C> <C> <C> <C> <C> <C> <C>
16 14.42657 49 3.56731 16 18.84367 49 4.43733
17 13.90681 50 3.42307 17 18.07521 50 4.25702
18 13.41778 51 3.28603 18 17.33770 51 4.08507
19 12.94991 52 3.15604 19 16.62776 52 3.92112
20 12.49633 53 3.03288 20 15.94413 53 3.76500
21 12.05158 54 2.91638 21 15.28347 54 3.61635
22 11.61198 55 2.80620 22 14.64415 55 3.47460
23 11.17593 56 2.70193 23 14.02554 56 3.33918
24 10.74357 57 2.60315 24 13.42830 57 3.20946
25 10.31512 58 2.50941 25 12.85188 58 3.08480
26 9.89207 59 2.42037 26 12.29573 59 2.96483
27 9.47687 60 2.33580 27 11.75996 60 2.84944
28 9.07148 61 2.25553 28 11.24451 61 2.73873
29 8.67750 62 2.17946 29 10.74918 62 2.63297
30 8.29613 63 2.10753 30 10.27378 63 2.53247
31 7.92840 64 2.03963 31 9.81788 64 2.43736
32 7.57481 65 1.97559 32 9.38049 65 2.34746
33 7.23553 66 1.91515 33 8.96090 66 2.26235
34 6.91081 67 1.85800 34 8.55929 67 2.18153
35 6.60043 68 1.80387 35 8.17540 68 2.10443
36 6.30432 69 1.75250 36 7.80902 69 2.03065
37 6.02231 70 1.70379 37 7.46056 70 1.96007
38 5.75413 71 1.65772 38 7.12963 71 1.89279
39 5.49939 72 1.61434 39 6.81591 72 1.82902
40 5.25756 73 1.57373 40 6.51888 73 1.76900
41 5.02826 74 1.53589 41 6.23774 74 1.71287
42 4.81076 75 1.50071 42 5.97155 75 1.66054
43 4.60439 76 1.46798 43 5.71895 76 1.61181
44 4.40855 77 1.43743 44 5.47878 77 1.56633
45 4.22268 78 1.40871 45 5.25023 78 1.52374
46 4.04620 79 1.38157 46 5.03246 79 1.48372
47 3.87847 80 1.35584 47 4.82467 80 1.44610
48 3.71898 48 4.62641
</TABLE>

45
<PAGE> 46

PORTFOLIO ARCHITECT
MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE

PROSPECTUS

INDIVIDUAL VARIABLE LIFE INSURANCE POLICIES

ISSUED BY

THE TRAVELERS INSURANCE COMPANY
HARTFORD, CONNECTICUT

May, 1997