<PAGE> 1
SUPPLEMENT DATED MARCH 9, 1999
TO PROSPECTUS DATED DECEMBER 23, 1998
FOR
VARIABLE ADJUSTABLE LIFE INSURANCE POLICY
ISSUED BY
WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO
AND
WRL SERIES LIFE CORPORATE ACCOUNT
Please keep this supplement with your prospectus dated December 23, 1999.
On the cover page, the following sentence is added at the end of the first
paragraph:
Certain policy provisions may vary based on the state where Western Reserve Life
issues the Policy.
At page 8 under point 9 "May the Policy be Surrendered?," the following sentence
is added after the first sentence:
If the Owner surrenders the Policy during the first three Policy Years, Western
Reserve will refund a portion of the Percent of Premium Load charged in that
Policy Year (see Charges and Deductions -- Percent of Premium Load, page 27).
At page 8 under point 11 "What Charges and Deductions are Assessed Under the
Policy?," the first sentence of the second paragraph is replaced as follows:
During the first Policy Year, Western Reserve deducts 11.5% of each premium
received up to the Target Premium and 3.0% of each premium received in excess of
the Target Premium.
At page 8 under point 11 "What Charges and Deductions are Assessed Under the
Policy?," the following sentence is added to the end of the second paragraph:
If the Owner surrenders the Policy during the first three Policy Years, Western
Reserve will refund a portion of the Percent of Premium Load charged in that
Policy Year (see Charges and Deductions -- Percent of Premium Load, page 27).
At page 9 under "Mortality and Expense Risk Charge," the paragraph is replaced
as follows:
On each Monthly Deduction Day, Western Reserve currently deducts a mortality and
expense risk charge equal to an annual rate of 0.75% in the first Policy Year
and 0.25% in subsequent Policy Years of the Cash Value in the Subaccounts. The
maximum annual rate of this charge in any Policy year is 0.90% of the Cash Value
in the Subaccounts.
At page 21 under "Surrenders and Partial Withdrawals", the following sentence is
added after the third sentence:
If the Owner surrenders the Policy during the first three Policy Years, Western
Reserve will refund a portion of the Percent of Premium Load charged against the
premium payments made in the Policy Year of the surrender. Western Reserve will
refund 6.0% of the premium paid up to Target Premium and 3.0% of the premium
paid in excess of Target Premium (See Charges and Deductions -- Percent of
Premium Load, page 27).
At page 22 under "Interest Rate Charged", the first sentence is changed and the
sentence following the first sentence is added as follows:
The guaranteed annual interest rate on a Policy loan is 6.0% and is due on each
Policy Anniversary for the prior Policy Year and on the day the loan is repaid.
The current annual interest rate on a Policy loan is 4.75% the first Policy Year
and 4.25% in subsequent Policy Years.
<PAGE> 2
At page 27 under "Percent of Premium Load," the first sentence in the second
paragraph is replaced as follows:
During the first Policy Year, Western Reserve deducts 11.5% of each premium
received up to the Target Premium and 3.0% of each premium received in excess of
the Target Premium.
At page 27 under "Percent of Premium Load," the first sentence in the third
paragraph is replaced as follows:
Since 3.0% is deducted from each premium in excess of the Target Premium
received by Western Reserve during the first Policy Year, it may be advantageous
to pay such premiums during the first Policy Year rather than after the first
Policy Year.
At page 27 under "Percent of Premium Load," the following paragraph is added
following the third paragraph:
PREMIUM LOAD REFUND AT SURRENDER
If the Owner surrenders the Policy during the first three Policy Years, Western
Reserve will refund a portion of the Percent of Premium Load charged against the
premium payments made in the Policy Year of the surrender. Western Reserve will
refund 6.0% of the premiums paid up to Target Premium and 3.0% of the premiums
paid in excess of Target Premium. The refund only applies to premiums paid in
the Policy Year of the surrender, not to all premiums paid since issue. This
refund is available only for surrenders occurring in the first three Policy
Years and is not available for partial withdrawals or policy loans.
At page 29 under "Mortality and Expense Risk Charge," the second sentence in the
first paragraph is replaced as follows:
In the first Policy Year, the monthly charge is equivalent to an effective
annual rate of 0.75%. In subsequent Policy Years, the monthly charge is
equivalent to an effective annual rate of 0.25%.
At pages 12 and 13 the hypothetical illustrations are replaced with the
following illustrations:
<PAGE> 3
WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
HYPOTHETICAL ILLUSTRATIONS
MALE ISSUE AGE 35
<TABLE>
<S> <C> <C>
Specified Amount: $250,000 Guaranteed Issue Class
Annual Premium: $10,320 Death Benefit Option III
</TABLE>
USING CURRENT COST OF INSURANCE RATES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEATH BENEFIT
---------------------------------------------
ASSUMING HYPOTHETICAL GROSS AND NET
ANNUAL INVESTMENT RETURN OF
END OF PREMIUMS ---------------------------------------------
POLICY ACCUMULATED 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR AT 5% -.862% (NET) 5.138% (NET) 11.138% (NET)
------ ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
1.................... $ 10,836 $260,320 $ 260,320 $ 260,320
2.................... 22,214 270,640 270,640 270,640
3.................... 34,160 280,960 280,960 280,960
4.................... 46,705 291,280 291,280 291,280
5.................... 59,876 301,600 301,600 301,600
6.................... 73,706 311,920 311,920 311,920
7.................... 88,227 322,240 322,240 322,240
8.................... 103,474 332,560 332,560 362,053
9.................... 119,484 342,880 342,880 420,093
10................... 136,294 353,200 353,200 482,170
15................... 233,825 404,800 508,300 846,544
20................... 358,303 456,400 668,796 1,347,396
30................... 719,931 559,600 988,519 3,030,091
40................... 1,308,986 662,800 1,369,274 6,649,090
50................... 2,268,495 766,000 1,867,725 14,783,801
60................... 3,831,433 lapse 2,570,222 33,819,089
</TABLE>
<TABLE>
<CAPTION>
CASH VALUE NET CASH VALUE
--------------------------------------------- ---------------------------------------------
ASSUMING HYPOTHETICAL GROSS AND NET ASSUMING HYPOTHETICAL GROSS AND NET
ANNUAL INVESTMENT RETURN OF ANNUAL INVESTMENT RETURN OF
END OF --------------------------------------------- ---------------------------------------------
POLICY 0% (GROSS) 6% (GROSS) 12% (GROSS) 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR -.862% (NET) 5.138% (NET) 11.138% (NET) -.862% (NET) 5.138% (NET) 11.138% (NET)
------ ------------ ------------ ------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
1.................... $ 8,706 $ 9,162 $ 9,695 $ 9,325 $ 9,782 $ 10,314
2.................... 17,413 18,794 20,464 18,032 19,413 21,083
3.................... 26,203 29,008 32,524 26,822 29,627 33,144
4.................... 34,942 39,693 45,869 34,942 39,693 45,869
5.................... 43,636 50,879 60,647 43,636 50,879 60,647
6.................... 52,290 62,596 77,020 52,290 62,596 77,020
7.................... 60,897 74,864 95,158 60,897 74,864 95,158
8.................... 70,177 88,468 116,043 70,177 88,468 116,043
9.................... 79,389 102,699 139,104 79,389 102,699 139,104
10................... 88,532 117,591 164,563 88,532 117,591 164,563
15................... 133,087 202,510 337,268 133,087 202,510 337,268
20................... 175,008 306,787 618,071 175,008 306,787 618,071
30................... 246,062 588,404 1,803,626 246,062 588,404 1,803,626
40................... 275,527 999,470 4,853,351 275,527 999,470 4,853,351
50................... 142,403 1,569,517 12,423,363 142,403 1,569,517 12,423,363
60................... lapse 2,358,001 31,026,687 lapse 2,358,001 31,026,687
</TABLE>
<PAGE> 4
WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
HYPOTHETICAL ILLUSTRATIONS
MALE ISSUE AGE 35
<TABLE>
<S> <C> <C>
Specified Amount: $250,000 Guaranteed Issue Class
Annual Premium: $10,320 Death Benefit Option III
</TABLE>
USING GUARANTEED COST OF INSURANCE RATES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEATH BENEFIT
---------------------------------------------
ASSUMING HYPOTHETICAL GROSS AND NET
ANNUAL INVESTMENT RETURN OF
END OF PREMIUMS ---------------------------------------------
POLICY ACCUMULATED 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR AT 5% -.862% (NET) 5.138% (NET) 11.138% (NET)
------ ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
1.................... $ 10,836 $260,320 $ 260,320 $ 260,320
2.................... 22,214 270,640 270,640 270,640
3.................... 34,160 280,960 280,960 280,960
4.................... 46,705 291,280 291,280 291,280
5.................... 59,876 301,600 301,600 301,600
6.................... 73,706 311,920 311,920 311,920
7.................... 88,227 322,240 322,240 322,240
8.................... 103,474 332,560 332,560 344,965
9.................... 119,484 342,880 342,880 399,762
10................... 136,294 353,200 353,200 457,973
15................... 233,825 404,800 476,505 791,998
20................... 358,303 456,400 616,807 1,233,170
30................... 719,931 559,600 862,210 2,589,056
40................... 1,308,986 662,800 1,097,944 5,138,643
50................... 2,268,495 lapse 1,333,615 9,977,508
60................... 3,831,433 lapse 1,615,924 19,662,995
</TABLE>
<TABLE>
<CAPTION>
CASH VALUE NET CASH VALUE
--------------------------------------------- ---------------------------------------------
ASSUMING HYPOTHETICAL GROSS AND NET ASSUMING HYPOTHETICAL GROSS AND NET
ANNUAL INVESTMENT RETURN OF ANNUAL INVESTMENT RETURN OF
END OF --------------------------------------------- ---------------------------------------------
POLICY 0% (GROSS) 6% (GROSS) 12% (GROSS) 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR -.862% (NET) 5.138% (NET) 11.138% (NET) -.862% (NET) 5.138% (NET) 11.138% (NET)
------ ------------ ------------ ------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
1.................... $ 8,325 $ 8,771 $ 9,292 $ 8,944 $ 9,391 $ 9,911
2.................... 16,625 17,966 19,588 17,244 18,585 20,207
3.................... 25,009 27,724 31,129 25,628 28,343 31,748
4.................... 33,318 37,907 43,877 33,318 37,907 43,877
5.................... 41,543 48,530 57,962 41,543 48,530 57,962
6.................... 49,675 59,607 73,526 49,675 59,607 73,526
7.................... 57,709 71,158 90,733 57,709 71,158 90,733
8.................... 66,362 83,965 110,566 66,362 83,965 110,566
9.................... 74,902 97,327 132,372 74,902 97,327 132,372
10................... 83,321 111,268 156,305 83,321 111,268 156,305
15................... 123,316 189,843 315,537 123,316 189,843 315,537
20................... 158,312 282,939 565,674 158,312 282,939 565,674
30................... 196,594 513,221 1,541,104 196,594 513,221 1,541,104
40................... 105,144 801,419 3,750,835 105,144 801,419 3,750,835
50................... lapse 1,120,685 8,384,460 lapse 1,120,685 8,384,460
60................... lapse 1,482,499 18,039,445 lapse 1,482,499 18,039,445
</TABLE>
