<PAGE>
United Investors Life Insurance Company
Supplement dated June 30, 1999 to the Prospectus dated May 1, 1999 for:
. Advantage I Variable Life Policy
. Advantage II Deferred Variable Annuity Policy
. Advantage Plus Variable Life Policy
The following information supplements and supersedes any contrary
information contained in the Prospectus:
The "Fund Management and Fees" section is deleted and replaced with the
following paragraphs:
Fund Management and Fees
Waddell & Reed Investment Management Company, the manager of Target/United
Funds, Inc., provides investment advisory services to its portfolios. The
manager is a wholly-owned subsidiary of Waddell & Reed Inc., which is a wholly-
owned subsidiary of Waddell & Reed Financial Services, Inc., a holding company.
Waddell & Reed Financial Services, Inc. is a wholly-owned subsidiary of Waddell
& Reed Financial, Inc., a publicly held company. The manager provides
investment advice to and supervises investments of a number of mutual funds.
The manager maintains a large staff of experienced investment personnel and a
full complement of related support facilities. Each Target/United Funds
portfolio pays the manager a fee for managing its investments.
The fee is computed each day on the portfolio's net asset value at the
following annual rates:
<TABLE>
<CAPTION>
Portfolio Net Asset Level Annual Rate
--------- --------------- -----------
<S> <C> <C>
Asset Strategy Up to $1 Billion .700%
--------------
Over $1 Billion up to $2 Billion .650%
Over $2 Billion up to $3 Billion .600%
Over $3 Billion .550%
Balanced Up to $1 Billion .700%
--------
Over $1 Billion up to $2 Billion .650%
Over $2 Billion up to $3 Billion .600%
Over $3 Billion .550%
Bond Up to $500 Million .525%
----
Over $500 Million up to $1 Billion .500%
Over $1 Billion up to $1.5 Billion .450%
Over $1.5 Billion .400%
Growth Up to $1 Billion .700%
------
Over $1 Billion up to $2 Billion .650%
Over $2 Billion up to $3 Billion .600%
Over $3 Billion .550%
</TABLE>
Form U-1200, Ed. 6/99
<PAGE>
<TABLE>
<CAPTION>
Portfolio Net Asset Level Annual Rate
--------- --------------- -----------
<S> <C> <C>
High Income Up to $500 Million .625%
-----------
Over $500 Million up to $1 Billion .600%
Over $1 Billion up to $1.5 Billion .550%
Over $1.5 Billion .500%
Income Up to $1 Billion .700%
------
Over $1 Billion up to $2 Billion .650%
Over $2 Billion up to $3 Billion .600%
Over $3 Billion .550%
International Up to $1 Billion .850%
-------------
Over $1 Billion up to $2 Billion .830%
Over $2 Billion up to $3 Billion .800%
Over $3 Billion .760%
Limited Term Bond Up to $500 Million .500%
-----------------
Over $500 Million up to $1 Billion .450%
Over $1 Billion up to $1.5 Billion .400%
Over $1.5 Billion .350%
Money Market All Net Assets .400%
------------
Science and Technology Up to $1 Billion .850%
----------------------
Over $1 Billion up to $2 Billion .830%
Over $2 Billion up to $3 Billion .800%
Over $3 Billion .760%
Small Cap Up to $1 Billion .850%
---------
Over $1 Billion up to $2 Billion .830%
Over $2 Billion up to $3 Billion .800%
Over $3 Billion .760%
</TABLE>
This Supplement is dated June 30, 1999.
Please keep this Supplement with your Prospectus dated May 1, 1999, for
the Advantage I Variable Life Policy, Advantage II Deferred Variable
Annuity Policy, or Advantage Plus Variable Life Policy.
Form U-1200, Ed. 6/99
