COLUMBUS LIFE SEPARATE ACCOUNT 1, S-6, 1999-05-14

COLUMBUS LIFE SEPARATE ACCOUNT 1
S-6, 1999-05-14

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As filed with the Securities and Exchange Commission on ___________, 1999
File No. 333-________

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM S-6

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF
SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

COLUMBUS LIFE INSURANCE COMPANY SEPARATE ACCOUNT 1
(Exact Name of Trust)

COLUMBUS LIFE INSURANCE COMPANY
(Name of Depositor)

400 EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Complete Address of Depositor's Principal Executive Offices)

Please send copies of all communications to:

DONALD J. WUEBBLING, ESQ. KAREN M. MCLAUGHLIN, ESQ.
Columbus Life Insurance Company Frost & Jacobs LLP
400 East Fourth Streeet 2500 PNC Center
Cincinnati, Ohio 45202 201 East Fifth Street
(Name and Address of Agent for Service) Cincinnati, Ohio 45202

AN INDEFINITE AMOUNT OF INTERESTS IN COLUMBUS LIFE INSURANCE COMPANY
SEPARATE ACCOUNT 1 UNDER COLUMBUS LIFE VARIABLE
UNIVERSAL LIFE INSURANCE POLICIES
(Title of Securities Being Registered)

AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT
(Approximate Date of Proposed Public Offering)

The Registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until this Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.

<PAGE>

RECONCILIATION AND TIE BETWEEN ITEMS IN
FORM N-8B-2 AND THE PROSPECTUS

COLUMBUS LIFE INSURANCE COMPANY
SEPARATE ACCOUNT 1

FORM N-8B-2* CAPTION IN PROSPECTUS**

Item 1 Cover Page
Item 2 Columbus Life Insurance Company and Separate Account 1
Item 3 Not Applicable****
Item 4 Service Providers
Item 5 Columbus Life Insurance Company and Separate Account 1
Item 6 Columbus Life Insurance Company and Separate Account 1
Item 7 Not Required***
Item 8 Not Required***
Item 9 Not Applicable****
Item 10 Purchasing Your Policy
Borrowing Your Money
Withdrawing Your Money
Death Benefits
Payment of Policy Proceeds
Charges
Continuation of Your Policy
Other Information About Your Policy
Premium Payments
Voting Rights
Columbus Life Insurance Company and Separate Account 1
Information About the Investment Options
Allocation of Net Premiums
Transferring Your Money
Optional Policy Benefits
Tax Matters
Item 11 Information About the Investment Options
Item 12 Service Providers
Item 13 Policy at a Glance
Borrowing Your Money
Withdrawing Your Money
Death Benefits
Charges
Optional Policy Benefits
Information About the Investment Options
Service Providers
Item 14 Purchasing Your Policy
Optional Policy Benefits
Other Information About Your Policy

<PAGE>

FORM N-8B-2* CAPTION IN PROSPECTUS**

Item 15 Purchasing Your Policy
Premium Payments
Allocation of Net Premiums
Transferring Your Money
Other Information About Your Policy
Information About the Investment Options
Valuation of Your Investment
Item 16 Allocation of Net Premiums
Transferring Your Money
Borrowing Your Money
Withdrawing Your Money
Charges
Information About the Investment Options
Valuation of Your Investment
Item 17 Purchasing Your Policy
Borrowing Your Money
Withdrawing Your Money
Death Benefits
Payment of Policy Proceeds
Charges
Continuation of Your Policy
Other Information About Your Policy
Optional Policy Benefits
Item 18 Valuation of Your Investment
Columbus Life Insurance Company and Separate Account 1
Item 19 Other Information About Your Policy
Item 20 Not Applicable****
Item 21 Borrowing Your Money
Continuation of Your Policy
Item 22 Not Applicable****
Item 23 Columbus Life Insurance Company and Separate Account 1
Item 24 Information About the Investment Options
Valuation of Your Investment
Item 25 Columbus Life Insurance Company and Separate Account 1
Item 26 Not Applicable****
Item 27 Columbus Life Insurance Company and Separate Account 1
Item 28 Columbus Life Insurance Company and Separate Account 1
Item 29 Columbus Life Insurance Company and Separate Account 1
Item 30 Not Applicable****
Item 31 Not Applicable****
Item 32 Not Applicable****
Item 33 Not Applicable****
Item 34 Not Applicable****
Item 35 Purchasing Your Policy
Service Providers

<PAGE>

FORM N-8B-2* CAPTION IN PROSPECTUS**

Item 36 Not Required***
Item 37 Not Applicable****
Item 38 Service Providers
Item 39 Service Providers
Item 40 Not Applicable****
Item 41 Service Providers
Item 42 Not Applicable****
Item 43 Not Applicable****
Item 44 Charges
Valuation of Your Investment
Premium Payments
Item 45 Not Applicable****
Item 46 Payments of Policy Proceeds
Charges
Valuation of Your Investment
Item 47 Information about the Investment Options
Item 48 Not Applicable****
Item 49 Not Applicable****
Item 50 Columbus Life Insurance Company and Separate Account 1
Item 51 Columbus Life Insurance Company and Separate Account 1
Death Benefits Optional Policy
Benefits Other Information About
Your Policy Payment of Policy
Proceeds Purchasing Your Policy
Premium Payments Borrowing Your
Money Withdrawing Your Money
Continuation of Your Policy Other
Information About Your Policy
Charges Valuation of Your
Investment
Item 52 Information About the Investment Options
Item 53 Tax Matters
Item 54 Not Applicable****
Item 55 Not Applicable****
Item 56 Not Required***
Item 57 Not Required***
Item 58 Not Required***
Item 59 Not Required***

* Registrant includes this Reconciliation and Tie Statement in its
Registration Statement in compliance with Instruction 4 as to the
Prospectus as set out in Form S-6. Registrant, simultaneously herewith,
filed a Notification of Registration as an investment company on Form
N-8A and a Form N-8B-2 Registration Statement under the Investment

<PAGE>

Company Act of 1940. Pursuant to Sections 8 and 30(b)(1) of the
Investment Company Act of 1940, Rule 30a-1 under that Act, and Forms
N-8B-2 and N-SAR under that Act, Registrant will keep its Form N-8B-2
Registration Statement current through the filing of periodic reports
required by the Securities and Exchange Commission.

** Caption in Prospectus, to the extent relevant to this Form. Certain
items are not relevant pursuant to the administrative practice of the
Commission and its staff of adapting the disclosure requirements of the
Commission's registration statement forms in recognition of the
differences between variable life insurance policies and other periodic
payment plan certificates issued by investment companies and between
separate accounts organized as management companies and unit investment
trusts.

*** Not required pursuant to Instruction 1(a) as to the Prospectus as set
out in Form S-6.

**** Omitted from the Prospectus pursuant to Instruction 3 as to the
Prospectus as set out in Form S-6.

<PAGE>

COLUMBUS LIFE VARIABLE UNIVERSAL LIFE INSURANCE POLICY
COLUMBUS LIFE INSURANCE COMPANY
SEPARATE ACCOUNT 1

PROSPECTUS

July ___, 1999

This Prospectus describes the Columbus Life Variable Universal Life Insurance
Policy (Policy) and the investment options available to Policy owners. It
contains information you should know before purchasing a Policy and selecting
your investment options. Please read this Prospectus carefully and keep it for
future reference.

The Policy is issued by Columbus Life Insurance Company (CLIC). The Policy is an
investment alternative that offers you:

o Life insurance protection o Tax-deferred earnings
o Flexible premium payments o Access to your funds via
o Flexible benefits withdrawals and loans
o Optional coverages o 19 investment options

You tell us how to invest your premium payments among the investment options.
Your investment options include the following Sub-Accounts of Separate Account 1
(SA1):

o AIM V.I. GROWTH o TOUCHSTONE INTERNATIONAL EQUITY
o AIM V.I. GOVERNMENT SECURITIES o TOUCHSTONE INCOME OPPORTUNITY
o ALGER AMERICAN SMALL CAPITALIZATION o TOUCHSTONE HIGH YIELD
o ALGER AMERICAN GROWTH o TOUCHSTONE VALUE PLUS
o MFS VIT EMERGING GROWTH o TOUCHSTONE GROWTH & INCOME
o MFS VIT GROWTH WITH INCOME o TOUCHSTONE ENHANCED 30
o PIMCO LONG-TERM U.S. GOVERNMENT o TOUCHSTONE BALANCED
o TOUCHSTONE SMALL CAP VALUE o TOUCHSTONE BOND
o TOUCHSTONE EMERGING GROWTH o TOUCHSTONE STANDBY INCOME

The Fixed Account is an additional investment option. It is a fixed-rate option,
backed by the general assets of CLIC.

The Securities and Exchange Commission maintains a web site (http://www.sec.gov)
that contains certain other material that is legally part of the registration
statement for SA1 and other information about SA1. You can view these documents
at the Public Reference Room of the Securities and Exchange Commission or obtain
copies, for a fee, by writing to the Public Reference Room of the Securities and
Exchange Commission, 450 Fifth Street N.W., Washington, D.C. 20549. You can also
call the Securities and Exchange Commission at 800.SEC.0330.

<PAGE>

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the Policies or determined if this
Prospectus is accurate or complete. Any representation to the contrary is a
criminal offense.

The Policies are not deposits or obligations of any bank. No bank has guaranteed
or endorsed the Policies. The Policies are not federally insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board, the National Credit
Union Share Insurance Fund or any other agency.

Each Sub-Account invests in a corresponding Fund that may have a name and/or
investment objective that is very similar to that of a publicly available mutual
fund that is managed by the same advisor and sub-advisor. The Funds in which the
Sub-Accounts invest are not publicly available and will not have the same
performance as those publicly available mutual funds. Different performance will
result from differences in various elements that affect the operation of a Fund,
such as implementation of investment policies, cash flows, Fund expenses and
size of the Fund. In addition, your investment return from your Policy will be
less than the investment return of a shareholder in the publicly available funds
because you will pay additional charges related to your Policy, such as premium
tax charges and mortality and expense risk charges.

Investments in variable life insurance policies involve investment risk,
including possible loss of principal and interest.

<PAGE>

TABLE OF CONTENTS

TABLE OF CONTENTS...........................................................3
POLICY AT A GLANCE..........................................................4
SUMMARY.....................................................................7
PURCHASING YOUR POLICY.....................................................11
PREMIUM PAYMENTS...........................................................12
ALLOCATION OF NET PREMIUMS.................................................14
TRANSFERRING YOUR MONEY....................................................15
BORROWING YOUR MONEY.......................................................17
WITHDRAWING YOUR MONEY.....................................................19
DEATH BENEFITS.............................................................20
PAYMENT OF POLICY PROCEEDS.................................................24
CHARGES....................................................................27
CONTINUATION OF YOUR POLICY................................................32
OPTIONAL POLICY BENEFITS...................................................36
OTHER INFORMATION ABOUT YOUR POLICY........................................40
INFORMATION ABOUT THE INVESTMENT OPTIONS...................................45
VALUATION OF YOUR INVESTMENT...............................................56
PERFORMANCE INFORMATION....................................................57
VOTING RIGHTS..............................................................58
COLUMBUS LIFE INSURANCE COMPANY AND SEPARATE ACCOUNT 1.....................59
SERVICE PROVIDERS..........................................................62
TAX MATTERS................................................................63
OTHER GENERAL INFORMATION..................................................69
SUPPLEMENT A...............................................................70
SUPPLEMENT B...............................................................71
CLIC FINANCIAL STATEMENTS..................................................73
GLOSSARY...................................................................74

POLICY AT A GLANCE

The following is a snapshot of the Policy. Please refer to the Policy and the
remainder of the Prospectus for further details and other information.

PREMIUM PAYMENTS AND WITHDRAWALS
- --------------------------------

<S> <C>

MINIMUM AMOUNTS
PREMIUMS Depends on the Insured's Attained Age, gender and underwriting class
and the Specified Amount of insurance coverage
WITHDRAWALS $500

INSURANCE BENEFITS
- ------------------
DEATH BENEFITS
OPTION 1 Greater of Specified Amount or the applicable multiple of your Account Value
OPTION 2 Greater of Specified Amount plus Account Value or the applicable multiple of your
Account Value
MINIMUM ISSUE LIMIT
PREFERRED $100,000
STANDARD $25,000
MINIMUM INCREASE OR DECREASE IN $25,000, subject to Minimum Issue Limit restrictions
COVERAGE
OPTIONAL INSURANCE BENEFITS Accidental Death
AVAILABLE BY RIDER Insured Insurability
Accelerated Death Benefit
Disability Credit
Children's Term
Other Insured

POLICY CHARGES AND DEDUCTIONS
- -----------------------------
MONTHLY DEDUCTIONS FROM ACCOUNT VALUE
COST OF INSURANCE CHARGES Depends on the Insured's Attained Age, gender and underwriting class, and
your Specified Amount, Account Value and death benefit option
MONTHLY EXPENSE CHARGES $6.00 (maximum of $7.00)
RIDER CHARGES
Accidental Death Depends on the Insured's Attained Age and selected Accidental Death Benefit
amount
Insured Insurability Depends on the Insured's Attained Age and selected Insured Insurability Option
amount
Accelerated Death Benefit None
Disability Credit Depends on the Insured's Attained age and selected Credit Amount
Children's Term Depends on selected Children's Term Benefit amounts
Other Insured Depends on each Other Insured's Attained Age, gender and underwriting
class and selected Other Insured Benefit amounts

SEPARATE ACCOUNT CHARGES
MORTALITY AND EXPENSE 0.90% effective annual rate (maximum of 1.00%) deducted daily from the Accumulation
RISK CHARGE Unit Value of each Sub-Account
PERCENT OF PREMIUM CHARGES
PREMIUM EXPENSE CHARGES 4.75% (maximum of 5.50%) of premium payments
TAX CHARGES Varies by state of residence (maximum of 3.50% of premium payments)
TRANSACTION CHARGES
TRANSFER CHARGES $0 for first 12 transfers among Sub-Accounts each Policy Year; $10 for
each additional transfer in a Policy Year--deducted from Account Value at
time of transfer
SURRENDER CHARGES
Full Surrender As shown in your most recent Policy Schedule (applies during the
first 14 years since your Policy Date or since the date of any increase
in Specified Amount)
Partial Surrender A pro rata portion of the maximum amount shown in your most
recent Policy Schedule (applies during the first 14 years since your Policy
Date or since the date of any increase in Specified Amount) and a withdrawal
fee of $50 for your second and each additional withdrawal in a Policy Year

</TABLE>

FUND EXPENSES
Total Expenses Total Expenses
Other After Expense Before Expense
Advisor Fees Expenses Reimbursement Reimbursement(a)

AIM VARIABLE INSURANCE FUNDS, INC.
(ADVISOR--AIM ADVISORS, INC.)
AIM V.I. Growth Fund 0.64% 0.08% 0.72% 0.72%
AIM V.I. Government Securities Fund 0.50% 0.26% 0.76% 0.76%

THE ALGER AMERICAN FUND
(ADVISOR--FRED ALGER MANAGEMENT, INC.)
Alger American Small Capitalization Portfolio 0.85% 0.04% 0.89% 0.89%
Alger American Growth Portfolio 0.75% 0.04% 0.79% 0.79%

MFS VARIABLE INSURANCE TRUST
(ADVISOR--MASSACHUSETTS FINANCIAL SERVICES COMPANY)
MFS VIT Emerging Growth Series 0.75% 0.10% 0.85% 0.85%(b)
MFS VIT Growth with Income Series 0.75% 0.13% 0.88% 0.95%(b)

PIMCO VARIABLE INSURANCE TRUST
(ADVISOR--PACIFIC INVESTMENT MANAGEMENT COMPANY)
PIMCO Long-Term U.S. Government Portfolio 0.40% 0.25% 0.65% 0.67%(c)

TOUCHSTONE VARIABLE SERIES TRUST
(ADVISOR--TOUCHSTONE ADVISORS, INC.)
Touchstone Small Cap Value Fund 0.80%(d) 0.20%(d) 1.00%(d) 2.70%(d)(e)
Touchstone Emerging Growth Fund 0.80% 0.35% 1.15% 1.49%(e)
Touchstone International Equity Fund 0.95% 0.30% 1.25% 1.95%(e)
Touchstone Income Opportunity Fund 0.65% 0.20% 0.85% 1.25%(e)
Touchstone High Yield Fund 0.60%(d) 0.20%(d) 0.80%(d) 2.50%(d)(e)
Touchstone Value Plus Fund 0.75%(d) 0.40%(d) 1.15%(d) 7.49%(d)(e)
Touchstone Growth & Income Fund 0.80%(d) 0.05%(d) 0.85%(d) 1.37%(d)(e)
Touchstone Enhanced 30 Fund 0.65%(d) 0.10%(d) 0.75%(d) 2.45%(d)(e)
Touchstone Balanced Fund 0.80% 0.10% 0.90% 1.37%(e)
Touchstone Bond Fund 0.55%(d) 0.20%(d) 0.75%(d) 1.32%(d)(e)
Touchstone Standby Income Fund 0.25% 0.25% 0.50% 0.95%(e)

</TABLE>

(a) The fee and expense figures shown for each Fund are based on amounts
incurred during the Fund's most recent fiscal year.

(b) The custodian for each of the MFS Funds has agreed to an expense offset
arrangement if expenses reach a certain level.
The MFS Funds may also have other agreements that reduce the expenses
actually paid by the MFS Funds. For example, prior to October 2, 1998,
Massachusetts Financial Services Company had agreed to waive certain
fees or reimburse the MFS Growth with Income Fund so that the Fund's
expenses did not exceed a specified level.

(c) Pacific Investment Management Company has agreed to reduce its
administrative fee, subject to potential future reimbursement, to the
extent that the total expenses of the PIMCO Fund would exceed 0.65%.

(d) Since the Touchstone Value Plus Fund started on May 1, 1998, the
Touchstone Growth & Income Fund and the Touchstone Bond Fund started on
January 4, 1999, and the Touchstone Small Cap Value Fund, the Touchstone
High Yield Fund and the Touchstone Enhanced 30 Fund started on May 1,
1999, expenses for these funds are based on estimates.

(e) During 1998, fee waiver and expense reimbursement arrangements had the
effect of reducing expenses actually paid by the Touchstone Emerging
Growth Fund, the Touchstone International Equity Fund, the Touchstone
Income Opportunity Fund, the Touchstone Balanced Fund and the Touchstone
Standby Income Fund. Touchstone Advisors, Inc. has agreed to waive
certain fees or reimburse each Touchstone Fund so that the Fund's total
expenses do not exceed the percentage set forth in the "Total Expenses
After Expense Reimbursement" column for the Fund. These agreements will
remain in place until at least December 31, 1999.

TRANSFERS
- ---------

<S> <C>

NUMBER OF FREE TRANSFERS 12 times between Sub-Accounts per Policy Year; 1 time from the
Fixed Account per Policy Year; 1 time to the Fixed Account per
Policy Year (restrictions do not apply to transfers made
under the Dollar Cost Averaging Program)
MINIMUM AMOUNT OF TRANSFER $250

LOANS
- -----
LOAN AMOUNT
MINIMUM None
MAXIMUM 90% of the Cash Surrender Value, less any Indebtedness and less the
next 2 Monthly Deductions and Monthly Expense Charges
INTEREST RATE 6.50% (maximum of 8.00%)

</TABLE>

<PAGE>

SUMMARY

The following are answers to some basic questions about the Policy. Because this
is a summary, please read the Policy and the remainder of the Prospectus for
further details and other information. If the terms of your Policy differ from
the description of the Policy in this Prospectus, you should rely on the terms
in your Policy.

WHAT KIND OF LIFE INSURANCE IS THE POLICY?

The Policy is a FLEXIBLE PREMIUM, VARIABLE UNIVERSAL LIFE INSURANCE POLICY. The
Policy is called "flexible premium" because you can change the amount and
frequency of your premium payments, within certain limits. The Policy is called
"variable" life insurance because your Cash Surrender Value and your Death
Benefit can vary because your Account Value will vary. THE POLICY HAS NO
GUARANTEED MINIMUM ACCOUNT VALUE, WHICH MEANS THAT YOU BEAR THE ENTIRE
INVESTMENT RISK THAT YOUR ACCOUNT VALUE COULD FALL TO ZERO.

HOW DO I PURCHASE A POLICY?

You can apply for a Policy by contacting your insurance agent or ______________
by mail at ____________ or by phone at _______________. Your insurance agent or
our licensed insurance representative can help you complete an application [and
assist you through our underwriting process, which normally involves a medical
exam]. We will not issue a Policy that insures a person who does not meet our
underwriting standards. We will also not issue a Policy that insures a person
who is over 85 years of age. Insurance coverage under your Policy begins on the
Policy Date shown in your Policy Schedule.

HOW MUCH INSURANCE CAN I PURCHASE?

The minimum amount of insurance you must purchase depends on which premium
classification is applicable to your application. If you qualify for our
"preferred" premium classification, the minimum amount of insurance you must
purchase is $100,000; otherwise it is $25,000.

We call the amount of insurance that you specify in your application the
"Specified Amount." Federal tax law may limit your ability to make certain
large premium payments. We will monitor your premium payments to be sure that
you do not exceed the permitted amounts or inadvertently incur any tax penalties
due to excess premium payments.

You can request a change to your Specified Amount at any time after the first
Policy Year. You cannot decrease your Specified Amount below your Minimum Issue
Limit.

WHAT INSURANCE PROTECTION DOES THE POLICY OFFER?

The Policy offers 2 types of insurance protection or death benefit
options--Option 1 and Option 2. Option 1 emphasizes the potential growth of your
Account Value. If you select Option 1, any increase in your Account Value will
decrease the risk to us relative to the death benefit we must pay when the

<PAGE>

Insured dies. On the other hand, Option 2 emphasizes the potential growth of
your Death Benefit. If you select Option 2, any increase in your Account Value
will increase the amount of your Death Benefit. The Cost of Insurance Charge
that you pay depends on which death benefit option you select and will be higher
if you select Option 2.

Although there is no guaranteed minimum Account Value, which means that you bear
the entire investment risk that your Account Value could fall to zero, the Death
Benefit will never be lower than your Specified Amount less any Indebtedness. We
will pay the Death Benefit only if the Policy remains in effect on the date of
the Insured's death.

HOW MUCH ARE THE PREMIUM PAYMENTS?

When you purchase your Policy, you tell us how much you plan to pay and how
often you plan to pay. This is called your Planned Premium. The amount and
frequency of your Planned Premium is shown in your Policy Schedule. Generally,
you would continue to make Planned Premium payments until the Insured reaches
100 years of age or dies. You are not required to make premium payments in set
amounts or on a set schedule. You may skip a Planned Premium payment and you may
change the amount and frequency of your Planned Premium. If you skip a Planned
Premium payment or you stop making Planned Premium payments, your Policy and
your insurance may not continue depending on the amount of your Net Cash
Surrender Value or the applicability of the continuation provisions. On the
other hand, your Planned Premium payments may not be enough to keep your Policy
in force. You may need to increase your Planned Premium or make additional
premium payments to keep your Policy in force.

WHAT ARE THE CHARGES?

We assess certain charges to support the operation of your Policy and SA1. Some
charges are subtracted from your premium payments and others reduce your Account
Value. In addition, we assess administrative fees for processing withdrawals and
certain transfers among the Sub-Accounts.

WHAT FACTORS AFFECT MY COST OF INSURANCE CHARGES?

If you are the Insured, your Cost of Insurance Charges will depend on your age,
gender and underwriting class and the death benefit option you select. Your
underwriting class depends on your health, whether you use tobacco and other
factors that we use to determine your insurability. The maximum monthly Cost of
Insurance Charges will never exceed the guaranteed monthly cost of insurance
rates as shown in your Policy Schedule.

WHAT IS SA1?

SA1 is a separate asset account of CLIC that supports the Policies. SA1 consists
of 18 Sub-Accounts. SA1 holds the investments allocated to the Sub-Accounts by
the holders of the Policies. SA1 invests the assets of each Sub-Account in an
underlying fund. The investment objective of the Sub-Account and the underlying
fund in which it invests are identical.

<PAGE>

WHAT ARE MY INVESTMENT OPTIONS?

You have 19 investment options for your premium payments. You may allocate your
Net Premiums among the 18 Sub-Accounts of SA1 and the Fixed Account. Each
Sub-Account invests exclusively in a corresponding Fund of AIM Variable
Insurance Funds, Inc. (AIM), The Alger American Fund (Alger), MFS Variable
Insurance Trust (MFS), PIMCO Variable Insurance Trust (PIMCO) or Touchstone
Variable Series Trust (TVST). The Sub-Acounts provide an opportunity for a
higher rate of return than the Fixed Account but also expose you to a higher
risk of losing your money. The Fixed Account provides a guaranteed minimum rate
of return.

HOW MAY I ALLOCATE MY NET PREMIUMS AMONG INVESTMENT OPTIONS?

You may allocate your Net Premiums by specifying on your application the
percentage of your Net Premiums you would like us to allocate to each investment
option. A minimum of 1% must be allocated to each selected investment option and
all allocations must be in whole percentage numbers (12% not 12.5%). You may
change your allocation instructions at any time by notifying us either by
telephone or in writing. When we receive a premium payment from you, we
allocate it based on the most recent allocation instructions we have received
from you.

CAN I TRANSFER MY ACCOUNT VALUE AMONG INVESTMENT OPTIONS?

Yes, you can transfer your Account Value among the Sub-Accounts up to 12 times
per Policy Year without charge. We will charge you $10 for each additional
transfer that you make among the Sub-Accounts in a Policy Year. You are also
permitted to make 1 transfer to the Fixed Account and 1 transfer from the Fixed
Account per Policy Year. You may authorize transfers by telephone or by writing
to us.

HOW WILL MY ACCOUNT VALUE VARY?

Your Account Value will vary on a daily basis to reflect the investment
experience of the Sub-Accounts. Your Policy's Account Value will also reflect
the amount and frequency of premium payments, any withdrawals, any Indebtedness
and charges and deductions connected with your Policy. There is no guaranteed
minimum Account Value, which means that you bear the entire investment risk that
your Account Value could fall to zero.

HOW DO I ACCESS MY ACCOUNT VALUE?

Generally, you can withdraw from your Policy part or all of your Account Value,
less any applicable withdrawal fees and surrender charges, and less any
Indebtedness. We generally assess a surrender charge for each partial or full
withdrawal. Partial withdrawals and related withdrawal fees and surrender
charges will reduce your Policy's Account Value and Specified Amount. A full
withdrawal will terminate your Policy. A withdrawal may also have tax
consequences.

<PAGE>

CAN I BORROW AGAINST MY POLICY?

Yes, you can borrow money from us by using your Policy as the sole collateral
for the loan. The most you can borrow against your Policy is 90% of Cash
Surrender Value, less any Indebtedness and less an amount sufficient to cover
the next 2 Monthly Deductions and Monthly Expense Charges. The maximum interest
rate we charge on loans is 8.00%. A loan, whether repaid or not, will have a
permanent negative effect on the Death Benefit and Account Value of your Policy.

WHAT WILL CAUSE THE POLICY TO LAPSE WITHOUT VALUE?

Your Policy will lapse if your Net Cash Surrender Value is insufficient to pay
the Monthly Expense Charge and Monthly Deduction and none of the continuation
provisions apply and we do not receive sufficient payment during the Grace
Period. If your Policy terminates, you will not receive the Net Cash Surrender
Value of your Policy or any other money from us.

WILL THE POLICY'S DEATH BENEFIT AND ACCOUNT VALUE BE TAXED?

The Policy is intended to meet the definition of a "life insurance contract"
under federal tax law. Therefore, the Policy's Death Proceeds should be fully
excludable from the Beneficiary's gross income if paid by reason of the death of
the Insured. In addition, any earnings on your investment in a Sub-Account
should not be taxable to you while the Policy is in effect unless you surrender
some or all of your Policy's Account Value. Under certain circumstances, a loan
may be treated as taxable income. We do not intend this discussion to be tax
advice. You should consult with your own tax advisor before purchasing a Policy.

CAN I OBTAIN PERSONALIZED ILLUSTRATIONS DEMONSTRATING HOW THE POLICY MIGHT WORK?

Yes, we will furnish, upon request and free of charge, a personalized
illustration reflecting the proposed Insured's Attained Age, gender and
underwriting class. We may charge a reasonable fee for additional illustrations.

DO I HAVE A "FREE LOOK" RIGHT TO EXAMINE THE POLICY?

Yes, you may cancel the Policy within 10 days after receiving it, or such longer
period as state law may require. If you cancel the Policy during the FREE LOOK
period, we generally will refund to you (1) the amount of your premium payments
allocated to the Fixed Account, plus (2) the value of your investments in the
Sub-Accounts as calculated on the date your notice of cancellation is received
by us or your insurance agent, plus (3) any fees and charges on amounts
allocated to the Sub-Accounts.

<PAGE>

PURCHASING YOUR POLICY

To obtain an application to purchase a Policy, please contact your insurance
agent or _______ by mail at ______ or by phone at ________.

ELIGIBLE PURCHASERS

You can apply for a Policy if:

o You live in a state where we can issue a Policy.
o You are of legal age.

Your application will be processed through our underwriting process, which
usually requires the proposed Insured to have a medical exam. After we complete
the underwriting process, we will notify you of our decision regarding your
application. If we accept your application, the insurance coverage provided by
your Policy will begin on the Policy Date as shown in your Policy Schedule. Any
premium payment received by us from you prior to the issuance of your Policy
will be allocated to your selected investment options on the Policy Date.

Even if you live in a state where we can issue a Policy, we will not issue a
Policy that insures a person who is over 85 years of age. We will also not issue
a Policy that insures a person who does not meet our underwriting standards. If
we do not issue a Policy to you, we will return any premium payments received by
us from you.

SPECIFIED AMOUNT AND MINIMUM ISSUE LIMIT

If you meet our underwriting standards, you may purchase a Policy with a
Specified Amount as low as the Minimum Issue Limit. The Minimum Issue Limit
depends on the premium classification used and is shown on your Policy Schedule.
If you purchase a Policy with a Specified Amount equal to or near the Minimum
Issue Limit, you might not be able to

o Make partial withdrawals
o Reduce your Specified Amount
o Change your Death Benefit option

You should consider these limitations before you purchase a Policy with a
Specified Amount at or near the Minimum Issue Limit. You should discuss the
Specified Amount for your Policy with your insurance agent or financial advisor
before purchasing a Policy.

10-DAY REVIEW PERIOD

You have 10 days to review your Policy after you receive it. This 10-day review
period is called the FREE LOOK period. The state where you live may require us
to give you a longer FREE LOOK period.

<PAGE>

If you are not satisfied with the Policy, you can cancel it during the FREE LOOK
period. To cancel your Policy, you must return it to either the insurance agent
who sold you the Policy or us at [______________________________] within 10 days
after you receive it. If you cancel the Policy during the FREE LOOK period, we
will refund to you

o The amount of your premium payments allocated to the Fixed
Account, plus
o The value of your investments in the Sub-Accounts as calculated
on the date your notice of cancellation is received by us or
your insurance agent, plus
o Any fees and charges on amounts allocated to the Sub-Accounts.

However, some state laws may require us to refund your premium payments.

PREMIUM PAYMENTS

Premium payments are payments that you make to purchase and maintain your
Policy. The amount and frequency of your premium payments will affect your
Account Value and the duration of insurance coverage under your Policy. We
reserve the right to reject any premium payment if, in our opinion, accepting
the payment would mean the Policy would not qualify as life insurance under
federal tax laws.

Your initial premium payment must equal at least 1/12th of the Minimum Annual
Premium for the Term No-Lapse Guarantee provision. This Minimum Annual Premium
is shown in your Policy Schedule. Your initial premium payment may be given to
your insurance agent. You should send your subsequent premium payments to
[________________________.]

Generally each premium payment must be at least $50.

You can make premium payments through automatic or scheduled installment
payments, such as pre-authorized checking account deductions. If you use one of
these methods to make premium payments, we will accept premium payments in
amounts less than $50.

PLANNED PREMIUM

When you purchase your Policy, you tell us how much you plan to pay and how
often you plan to pay. This is called your Planned Premium. The amount and
frequency of your Planned Premium is shown in your Policy Schedule. Generally,
you would continue to make Planned Premium payments until the Policy Anniversary
after the Insured reaches 100 years of age or dies. You are not required to make
premium payments in set amounts or on a set schedule. You may skip a Planned
Premium payment and you may change the amount and frequency of your Planned
Premium. If you skip a Planned Premium payment or you stop making Planned
Premium payments, your Policy and your insurance may not continue depending on
the amount of your Net Cash Surrender Value or the applicability of the
continuation provisions. On the other hand, your Planned Premium payments may
not be enough to keep your Policy in force. You may need to increase your
Planned Premium or make additional premium payments to keep your Policy in
force. The continuation of your Policy is discussed on pages ___ of this
Prospectus.

<PAGE>

An illustration is a useful tool for estimating, under one or more hypothetical
investment return scenarios, whether or not a given Planned Premium is likely to
achieve the goals you have set for your Policy. An illustration is available
upon request and free of charge.

CHANGING YOUR PLANNED PREMIUM

PLANNED PREMIUM CHANGES BY PHONE. You can change the amount or frequency of your
Planned Premium over the phone by following these steps:

STEP 1: Fill out either the telephone authorization part of the application or a
[Telephone Authorization Form]. You can get a copy of this form by contacting
the ______. You must complete and return one of these telephone authorizations
before you call to change your Planned Premium.

STEP 2: Call the _______ at _____ between 8:00 a.m. and 4:00 p.m.

Give the representative the following information:

o Your Social Security number
o Your Policy number or other precise information that identifies
your Policy
o Your new Planned Premium information

PLANNED PREMIUM CHANGES IN WRITING. You can also change the amount or frequency
of your Planned Premium by writing to the _______. Your written instructions
must include the following information:

o Your Policy number or other precise information that identifies
your Policy
o Your new Planned Premium information

SKIPPING PLANNED PREMIUM PAYMENTS

Under certain circumstances, you can skip Planned Premium payments and your
Policy will continue to be effective. When you skip your Planned Premium
payments, your Policy will continue if the Net Cash Surrender Value of your
Policy is sufficient or one of the continuation provisions described on pages
___ is applicable. If not, your Policy may terminate.

INVESTOR ALERT

o Your Net Cash Surrender Value is affected by various factors,
including the investment performance of the investment options you
select. Therefore, it is possible that, due to poor investment
performance, your Net Cash Surrender Value will not be sufficient
to continue coverage under your Policy even if you have paid your
Planned Premiums.
o Skipped premium payments, withdrawals and loans will reduce your
Net Cash Surrender Value and may prevent you from meeting the
conditions required to continue coverage under your Policy.

<PAGE>

ALLOCATION OF NET PREMIUMS

INVESTMENT OPTIONS

You decide how to allocate your Net Premiums by selecting from the following
investment options:

SUB-ACCOUNTS

o AIM V.I. Growth
o AIM V.I. Government Securities
o Alger American Small Capitalization
o Alger American Growth
o MFS VIT Emerging Growth
o MFS VIT Growth with Income
o PIMCO Long-Term U.S. Government
o Touchstone Small Cap Value
o Touchstone Emerging Growth
o Touchstone International Equity
o Touchstone Income Opportunity
o Touchstone High Yield
o Touchstone Value Plus
o Touchstone Growth & Income
o Touchstone Enhanced 30
o Touchstone Balanced
o Touchstone Bond
o Touchstone Standby Income

FIXED ACCOUNT

- -------------------------------------------------------------------------------
You should review your selected investment options and allocations periodically
to determine if they are appropriate considering market conditions and your
financial objectives.
- -------------------------------------------------------------------------------

ALLOCATION OF NET PREMIUMS

Your initial allocation instructions are included in your application and are
shown in your Policy Schedule. You can change your allocation instructions by
contacting us either by phone or in writing. When we receive a premium payment
from you, we allocate it based on the most recent allocation instructions we
have received from you.

The following guidelines apply to the allocation of your Net Premiums:

o Allocate at least 1% of your Net Premiums to each investment option
you choose.
o Use whole percentages. For example, you can allocate 33% or 34% to
an investment option, not 33 1/3%.

<PAGE>

o Make sure your percentages total 100%.

ALLOCATION CHANGES BY PHONE. You can change the allocation of your future Net
Premiums over the phone by following these steps:

STEP 1: Fill out either the telephone authorization part of the application or a
[Telephone Authorization Form]. You can get a copy of this form by contacting
___________________. You must complete and return one of these telephone
authorizations before you call to change your allocations over the phone.

STEP 2: Call _____________________________ at ___________________ between
[8:00 a.m. and 4:00 p.m. Eastern Time].

Give the representative the following information:

o Your Social Security number
o Your Policy number or other precise information that identifies
your Policy
o Your allocation instructions

This privilege is subject to state approval.

ALLOCATION CHANGES IN WRITING. You can also change the allocation of your future
Net Premiums by writing to _______________________________. Your written
instructions must include the following information:

o Your Policy number or other precise information that identifies
your Policy
o Your allocation instructions

THIRD PARTY AUTHORIZATION

You can authorize a third party to allocate your Net Premiums. To do so, you
must complete the appropriate authorization forms. Contact ___________ at
____________ for additional information.

INVESTOR ALERT

There is no guaranteed minimum value for amounts allocated to the Sub-Accounts.
This means that you bear the entire investment risk that your investment in a
Sub-Account could fall to zero.

TRANSFERRING YOUR MONEY

After your FREE LOOK period, you can transfer money from one investment option
to another. You can make transfers by phone or in writing.

<PAGE>

The following guidelines apply to transfers other than dollar cost averaging
transfers:

o Each transfer must be at least $250.
o The allocation to each investment option must be at least 1% of
the total transfer amount.
o You can transfer money among the Sub-Accounts up to 12 times in a
Policy Year without a charge. You will be charged $10 per
transfer for each additional transfer in a Policy Year.
o You can transfer FROM the Fixed Account only once each Policy
Year. During the first 4 Policy Years, you can transfer up to 25%
of your money in the Fixed Account in a Policy Year. After your
4th Policy Year, you can transfer all of your money from the Fixed
Account at any time.
o You can transfer TO the Fixed Account only once each Policy
Year, transferring an unlimited amount.

TRANSFERS BY PHONE. You can transfer your money by calling us and following
these steps:

STEP 1: Fill out either the telephone authorization part of the application or a
[Telephone Authorization Form]. You can get a copy of this form by contacting
____________________. You must complete and return one of these telephone
authorizations before you call to transfer your money.

STEP 2: Call _____________________________ at ___________________ between
[8:00 a.m. and 4:00 p.m. Eastern Time].

Give the representative the following information:

o Your Social Security number
o Your Policy number or other precise information that identifies
your Policy
o Your transfer instructions

TRANSFERS IN WRITING. You can also transfer your money by writing to _______.
Your written instructions must include the following information:

o Your Policy number or other precise information that identifies
your Policy
o Your transfer instructions

THIRD PARTY AUTHORIZATION

You can authorize a third party to transfer money for you. To do so, you must
complete the appropriate authorization forms. Contact ___________ at
____________ for additional information.

<PAGE>

DOLLAR COST AVERAGING PROGRAM

Dollar cost averaging is a method of investing equal amounts of money at regular
intervals. Dollar cost averaging allows you to purchase more when prices are low
and less when prices are high. For dollar cost averaging to be effective, you
should continue to invest during both market ups and downs. You should also
consider your financial ability to maintain a consistent level of investment
over time.

The Dollar Cost Averaging Program allows you to transfer amounts at regular
intervals from the Touchstone Standby Income Sub-Account or the Fixed Account to
the other Sub-Accounts. You can make the following transfers:

o A specific dollar amount
o A specific percentage of your money in the Touchstone Standby
Income Sub-Account or the Fixed Account
o Earnings in the Touchstone Standby Income Sub-Account or the
Fixed Account

You select the number and frequency of your transfers in the Dollar Cost
Averaging Program. We will transfer the money on your Monthly Anniversary Day.

The following guidelines apply to dollar cost averaging transfers:

o Dollar cost averaging transfers must continue for at least
12 months.
o Each transfer must be at least $100.
o The allocation to each Sub-Account must be at last 1% of the
transfer amount.

To set up dollar cost averaging transfers, contact __________ at ___________ or
______________________________________. We currently do not charge a fee for
this service. However, we reserve the right to charge a fee in the future for
your transfers in the Dollar Cost Averaging Program.

Dollar cost averaging transfers will stop if we complete the number of transfers
you requested, you ask us to stop after using the program for 12 months, you do
not have enough money in your accounts to complete the transfer, or we
discontinue the program. If we discontinue the program, you will be allowed to
complete the number of transfers you previously requested.

BORROWING YOUR MONEY

Your Policy is designed to provide insurance coverage and to help you achieve
your long-term financial goals. However, there may be times when you need to
borrow money against your Policy.

<PAGE>

LOANS

You can borrow money against your Policy. We calculate the maximum loan amount
using the following procedure:

o We determine 90% of your Cash Surrender Value.
o We subtract any outstanding Indebtedness.
o We determine and subtract the next 2 Monthly Deductions and Monthly
Expense Charges.

COLLATERAL FOR LOANS

If you borrow money against your Policy, we will transfer the same amount of
money to your Loan Account. The money in your Loan Account is collateral for
your loan. We transfer money on a pro-rata basis from each of your investment
options. For example, if you have 25% of your money in the Touchstone Income
Opportunity Sub-Account and 75% of your money in the Touchstone Balanced
Sub-Account and you borrow $2,000, we will transfer $500 from the Touchstone
Income Opportunity Sub-Account (25% of $2,000) and $1,500 from the Touchstone
Balanced Sub-Account (75% of $2,000) to your Loan Account.

We pay interest on your Loan Account. The minimum interest we currently pay is
3.00% annually.

When you make a payment towards the principal amount of your loan, we transfer
the amount of the loan payment from your Loan Account back to your investment
options on a pro-rata basis according to your current allocation instructions.
Each month we transfer the interest on your Loan Account back to your investment
options in the same manner.

INVESTOR ALERT

Any loan, even if you repay the loan, will have a permanent effect on the Death
Benefit and Account Value because

o Loan amounts will not be available for investment in the
Sub-Accounts or Fixed Account.
o Outstanding Indebtedness is subtracted to determine your Death
Benefit.

INTEREST ON BORROWED AMOUNTS

We charge interest on the amounts you borrow at the current rate shown in your
Policy Schedule. [We may change the interest rate at any time, but the interest
rate will never be greater than the maximum interest rate that is listed in your
Policy Schedule.]

Interest is due on each Policy Anniversary. If you do not pay the interest when
it is due, we will treat it as an additional loan and transfer it on a pro-rata
basis from each of your investment options to the Loan Account.

<PAGE>

LOAN REPAYMENTS

You can repay all or part of your loan at any time while the Insured is living.
If you do not repay the loan before the Insured dies, we will deduct the
Indebtedness when determining your Death Proceeds. If you do not repay the loan
before you surrender your Policy or your Policy lapses at the end of a Grace
Period, we will deduct the Indebtedness to determine the Net Cash Surrender
Value proceeds.

CANCELLATION BASED ON INDEBTEDNESS

If the Indebtedness exceeds the Cash Surrender Value less the Monthly Deduction
and Monthly Expense Charge for the current month, we can terminate your Policy.
We will tell you that we intend to terminate your Policy by mailing a notice to
you at least 31 days before we terminate your Policy. This notice will tell you
the minimum amount that you must pay to keep your Policy in effect. We will mail
the notice to your address as shown on our records. If our records indicate that
someone holds your Policy as collateral, we will also mail a copy of the notice
to that person's address as shown on our records.

WITHDRAWING YOUR MONEY

There may be times when you need to withdraw money from your Policy. If you
withdraw money from your Policy or cancel your Policy, you may have to pay a
surrender charge. Surrender charges are explained on page ____.

PARTIAL WITHDRAWALS

After you have owned your Policy for 1 year, you may withdraw money from your
Policy by sending written instructions to the ________________. For help with a
partial withdrawal, please call the ________________ at ____________.

The following guidelines apply to partial withdrawals:

o Include your Policy number or other information that identifies
your Policy and the amount to be withdrawn in your instructions.
o Each withdrawal must be at least $500.
o No withdrawal may be made that would reduce your Net Cash Surrender
Value below $250.
o You will generally pay a surrender charge for each partial withdrawal
you make.
o You can make one withdrawal in a Policy Year without paying a
withdrawal fee. You will be charged a fee of $50 per withdrawal for
each additional withdrawal in a Policy Year.
o Each partial withdrawal will reduce your Specified Amount by the
amount withdrawn [including any withdrawal fees and surrender
charges].
o Your withdrawal may be limited because your Specified Amount
cannot be reduced to less than the Minimum Issue Limit by a
partial withdrawal. As a result, if your Specified Amount is equal

<PAGE>

to the Minimum Issue Limit for your Policy, you will not be able
to make partial withdrawals.

PROCESSING WITHDRAWALS

When we process your partial withdrawal, we will deduct the amount withdrawn
[including any withdrawal fees and surrender charges] from your Account Value.
We withdraw money from each of your investment options on a pro-rata basis.

We will generally send payments to you within 7 days of the date that we process
your request. We may delay calculating the amount of the payment from a
Sub-Account or sending a payment from a Sub-Account for any of the following
reasons:

o The New York Stock Exchange is closed on a day that it normally
would be open.
o Trading on the New York Stock Exchange is restricted.
o Because of an emergency, it is not reasonably practicable for the
Sub-Accounts to sell securities or to fairly determine the value
of their investments.
o The Securities and Exchange Commission permits us to postpone
payments from the Sub-Accounts for your protection.

As required by most states, we reserve the right to delay payments from the
Fixed Account for up to 6 months. We do not expect to delay payments from the
Fixed Account and we will notify you if there will be a delay.

CANCELING YOUR POLICY

You can cancel your Policy at any time. When you cancel your Policy, we pay you
the Net Cash Surrender Value. This payment terminates your Policy and our
obligations under the Policy.

The Net Cash Surrender Value will equal your Account Value, less any
Indebtedness and any applicable surrender charge. Because investment
performance, Monthly Deductions and Monthly Expense Charges affect your Account
Value, loan activity affects your Indebtedness and surrender charges may apply,
the Net Cash Surrender Value may be much less than the total of your premium
payments.

To cancel your Policy, send written instructions to _____________. Include your
Policy number or other information that identifies your Policy in your
instructions. For assistance, please call the ______________ at ___________.

DEATH BENEFITS

DEATH BENEFIT OPTIONS

Your Death Benefit depends on the death benefit option you select. When you
complete your application, you select one of 2 death benefit options (Option 1
or Option 2).

<PAGE>

OPTION 1

WHAT YOUR BENEFICIARY RECEIVES

The Death Benefit will equal the greater of the following amounts:

o The Specified Amount, less any Indebtedness
o The Account Value multiplied by the Applicable Death Benefit
Factor (see Supplement A), less any Indebtedness

We calculate these amounts as of the date of the Insured's death.

WHY SELECT THIS OPTION

Option 1 emphasizes the potential growth of your Account Value. Under
Option 1, any increase in your Account Value will decrease the risk to
us relative to the Death Benefit we must pay when the Insured dies. As
a result, all other things being equal, you will pay less in Cost of
Insurance Charges under Option 1 for the same Specified Amount. These
lower charges may allow your Account Value to grow faster.

EXAMPLE

Facts:
o The Insured is less than 40 years old (Applicable Death
Benefit Factor = 2.50).
o Your Policy's Specified Amount is $100,000.
o You have never borrowed money from your Policy.
o Your Account Value is $25,000.

Under Option 1, your Death Benefit would be the greater of $100,000 and
$62,500 ($25,000 multiplied by 2.50). Therefore, your Death Benefit
would be $100,000.

OPTION 2

WHAT YOUR BENEFICIARY RECEIVES

The Death Benefit will equal the greater of the following amounts:

o The Specified Amount plus the Account Value, less any
Indebtedness
o The Account Value multiplied by the Applicable Death Benefit
Factor (see Supplement A), less any Indebtedness

We calculate these amounts as of the date of the Insured's death.

WHY SELECT THIS OPTION

<PAGE>

Option 2 emphasizes the potential growth of your Death Benefit. Under
Option 2, any increase in your Account Value will increase the amount
of your Death Benefit. As a result, your Death Benefit under Option 2
will generally be greater than that under Option 1 for the same
Specified Amount. However, you will pay more in Cost of Insurance
Charges under Option 2 for the same Specified Amount than you would
under Option 1.

EXAMPLE

Facts:
o The Insured is less than 40 years old (Applicable Death Benefit
Factor = 2.50).
o Your Policy's Specified Amount is $100,000.
o You have never borrowed money from your Policy.
o Your Account Value is $25,000.

Under Option 2, your Death Benefit would be the greater of $125,000
($100,000 plus $25,000) and $62,500 ($25,000 multiplied by 2.50).
Therefore, your Death Benefit would be $125,000.

CHANGING YOUR DEATH BENEFIT OPTION

After you have owned your Policy for one year, you may change your death benefit
option by sending written notice to___________________ . If you change your
death benefit option, your Specified Amount will also change. The change in your
Specified Amount insures that your Death Benefit immediately after you change
your death benefit option is the same as your Death Benefit immediately before
you change your death benefit option. Also, a change in death benefit option
will generally affect your Cost of Insurance Charges. If you change your death
benefit option, we will automatically make any other changes necessary to
preserve the status of the Policy as life insurance under the federal tax laws.

We must approve any changes in your death benefit option. Changes in your death
benefit option are effective on the first Monthly Anniversary Day after we
approve your request. We will send you an amended Policy Schedule showing the
new Minimum Annual Premiums applicable to your Policy.

CHANGING FROM OPTION 1 TO OPTION 2

If you change from Option 1 to Option 2, your previous Specified Amount
will be reduced by your Account Value at the time of the change. We
will not allow this change if it causes the new Specified Amount to
fall below the Minimum Issue Limit shown on your Policy Schedule.

CHANGING FROM OPTION 2 TO OPTION 1

If you change from Option 2 to Option 1, your previous Specified Amount
will be increased by your Account Value at the time of the change.

<PAGE>

CHANGING YOUR SPECIFIED AMOUNT

You may change the Specified Amount of your Policy without changing your death
benefit option. The Specified Amount must be increased or decreased by at least
$25,000.

INCREASING THE SPECIFIED AMOUNT

You must apply for any increase in your Specified Amount on a
supplemental application. Before the increase is effective, we will
require proof of insurability satisfactory to us. Any approved
increases will be effective as of the date shown on the amended Policy
Schedule.

DECREASING THE SPECIFIED AMOUNT

Only your written request is needed to decrease your Specified Amount.
However, you may not decrease your Specified Amount below the Minimum
Issue Limit shown on your Policy Schedule. We may also limit the amount
of the decrease in order to preserve the tax status of your Policy as
life insurance.

A decrease in your Specified Amount will be applied in the following
order:

(1) We will reduce the most recent increase in your Specified Amount,
if any.
(2) We will then reduce the next most recent increase in your
Specified Amount, if any.
(3) We will continue reducing any increases in your Specified Amount
until it has been reduced to your initial Specified Amount.
(4) Finally, any remaining decreases will reduce your initial
Specified Amount.

CHARGES FOR CHANGING SPECIFIED AMOUNT

You will generally be charged a surrender charge if you decrease your Specified
Amount. Please note that changing your death benefit option from Option 1 to
Option 2 will automatically cause a decrease in your Specified Amount.

The amount of your surrender charge will depend on the amount of the decrease in
Specified Amount, the number of year since the issuance of your Policy, whether
or not your Specified Amount has previously changed and when previous changes in
your Specified Amount occurred. If you are charged a surrender charge, the
applicable surrender charge will be deducted from your Account Value on the
effective date of the decrease.

PAYMENT OF POLICY PROCEEDS

POLICY PROCEEDS

We will pay the proceeds of this Policy in a lump sum or under one of
the Income Plans. We will generally pay one of 2 types of proceeds--Death
Proceeds or Net Cash Surrender Value proceeds. Proceeds applied under one of the
Income Plans no longer vary with the investment experience of the Sub-Accounts.

PROCEEDS DEATH PROCEEDS NET CASH SURRENDER VALUE

WHEN PAID? o Upon the death of the Insured. o Upon any cancellation of the Policy
during the lifetime of the Insured.

WHO RECEIVES o The Beneficiaries receive the o You receive the payments.
PAYMENTS? payments.
o If the Beneficiaries are dead,
the Contingent Beneficiaries who are
still alive receive the payments.
o If there are no surviving
Beneficiaries or Contingent
Beneficiaries, you or your estate
receive the payments.

AMOUNT OF PROCEEDS? o The proceeds equal your Death o The proceeds equal your Account Value
Benefit plus any insurance on the less any applicable Surrender Charges and
life of the Insured provided by less any Indebtedness on the date of
riders. cancellation.
o We will also pay you interest on o If payment of proceeds is delayed by
the proceeds at not less than the more than 10 days, we will also pay you
rate required by law for the time interest at not less than the rate
between the date of the Insured's required by law for the time between the
death to the date of payment. date of your withdrawal request to the
date of payment.

HOW TO CLAIM o The Beneficiary must contact us o You must write to us and tell us that
PROCEEDS? for instructions and provide proof you want to terminate your Policy.
of the Insured's death. o We may request other information
o We may request other information before we pay the proceeds.
before we pay the proceeds.

</TABLE>

SELECTING AN INCOME PLAN

While the Insured is alive, you may select an Income Plan under which we will
pay the proceeds of your Policy. If the Insured dies and you have not selected
an Income Plan, the Beneficiary may select an Income Plan. If you have selected

an Income Plan before the Insured's death, the Beneficiary may not change the
Income Plan after the Insured's death.

We will send you a separate written agreement putting the selected Income Plan
into effect. One of the following Income Plans may be selected:

<S> <C>

INCOME PLAN 1 o Payments for Fixed Period - we make monthly payments for a
fixed number of years.
INCOME PLAN 2 o Payments for Life--Guaranteed Period - we make monthly payments
for a guaranteed period or the life of the Payee, whichever is
longer.
INCOME PLAN 3 o Payments of a Fixed Amount - we make monthly payments of a
fixed amount until an amount equal to the proceeds plus accrued
interest has been paid.
INCOME PLAN 4 o Life Annuity--No Guaranteed Period - we make monthly payments
for the life of the Payee.
INCOME PLAN 5 o Joint and Survivor - we make monthly payments as long as one of
the two designated Payees is alive.

</TABLE>

In addition to these Income Plans, other Income Plans may be available in the
future or upon request.

[DEFAULT OPTION]

The Income Plan selected and the time when the Income Plan is selected can
affect the tax consequences to you or the Beneficiary. You should consult your
tax advisor before selecting an Income Plan.

SUMMARY OF INCOME PLANS

In the following summaries of the Income Plans, we use Payee to mean the person
that actually receives the payment of proceeds from us. Depending upon the
circumstances, the Payee might mean you, the Beneficiary, the Contingent
Beneficiary, your estate or another designated person.

INCOME PLAN 1
(PAYMENTS FOR FIXED PERIOD)

We will pay the proceeds in equal monthly installments for a fixed
period of time, up to a maximum of 30 years. The installment payments
will remain the same throughout the period of years selected.

The amount of the monthly installment payment will depend on the
following:

o The total amount of proceeds to be paid under this Income Plan
o The number of years selected for installment payments

<PAGE>

INCOME PLAN 2
(PAYMENTS FOR LIFE--GUARANTEED PERIOD)

You select a guaranteed payment period of 10 or 20 years. We will make
equal monthly payments for the selected guaranteed period or the life
of the Payee, whichever is longer. Before we make a payment, we may
require proof that the Payee is alive at the time a payment is due.

The amount of the monthly installment payment will depend on the
following:

o The total amount of proceeds to be paid under this Income Plan
o The gender of the Payee
o The age of the Payee on the effective
date of this Income Plan
o The selected guaranteed period

INCOME PLAN 3
(PAYMENTS OF A FIXED AMOUNT)

We will pay the proceeds in equal monthly installment payments. You
select the amount of the monthly installment payment, which must be at
least $5 for every $1,000 of proceeds. For example, if the proceeds are
$60,000, the minimum monthly installment payment is $300 ($5 x 60). The
monthly installment payment will remain the same until your entire
proceeds, including interest, are paid. The last payment will be for
the balance only. All monthly installment payments must be made in 30
years or less.

INCOME PLAN 4
(LIFE ANNUITY--NO GUARANTEED PERIOD)

We will make equal monthly payments as long as the Payee is alive. When
the Payee dies, we will stop making payments, even if we have only made
one payment. Before we make a payment, we may require proof that the
Payee is alive at the time a payment is due.

The amount of the monthly installment payment will depend on the
following:

o The total amount of proceeds to be paid under this Income Plan
o The gender of the Payee
o The age of the Payee on the effective date of this Income Plan

INCOME PLAN 5
(JOINT AND SURVIVOR)

You can select this Income Plan only if 2 persons are named as Payees
and either you or the Beneficiary is one of those Payees. We will make
monthly payments to the Payee or Payees as long as at least one Payee
is alive. Before we make a payment, we may require proof that at least
one of the Payees is alive at the time a payment is due.

<PAGE>

The amount of the monthly installment payment will depend on the
following:

o The total amount of proceeds to be paid under this Income Plan
o The gender of each of the Payees
o The age of each of the Payees on the effective date of this
Income Plan

CHARGES

PREMIUM EXPENSE CHARGES

The premium expense charge covers the cost of distributing the Policies. The
maximum premium expense charge percentage is 5.50% of a premium payment. The
current premium expense charge percentage is 4.75%.

We will deduct the premium expense charge from each premium payment that we
receive from you before we allocate the payment to your investment options.

TAX CHARGES

The tax charge covers state taxes on insurance premiums and certain federal
taxes. The maximum tax charge percentage is 3.50% of a premium payment. The tax
charge you pay will reflect the federal DAC tax plus the actual state premium
tax charged by the state in which you reside. We will deduct the tax charge from
each premium payment that we receive from you before we allocate the payment to
your investment options.

COST OF INSURANCE CHARGES

When you purchase universal life insurance, including variable universal life
insurance, you pay the insurance company a monthly cost of insurance charge for
providing you with life insurance protection. The cost of insurance charge that
you pay to us is based on the amount of life insurance you purchased under your
Policy.

The cost of insurance charges depend on the amount of insurance you purchased
and the age, gender and underwriting class of the Insured. Various risk factors
determine the underwriting class of the Insured. Some examples showing how the
cost of insurance varies are set forth below:

o The cost of insurance for a policy insuring a particular person
for a Specified Amount of $1,000,000 is generally more than the
cost of insurance for a policy insuring the same person for a
Specified Amount of $250,000 because the $1,000,000 policy
provides 4 times the amount of insurance as the $250,000 policy.

<PAGE>

o If all other relevant factors are the same, the cost of insurance
on a 50-year old male is generally more than the cost of insurance
on a 35-year old female. The differences in age and gender between
the 2 persons affects the cost of insurance. The monthly cost of
insurance for the 50-year old man is higher because he will
probably die sooner than the 35-year old woman, which means we
will receive fewer payments for the insurance we provide on the
life of the 50-year old man.

o A person who does not smoke is in a different underwriting class
than a person who does smoke because smoking affects life
expectancy. If all other relevant factors are the same, the
monthly cost of insurance for the smoker is generally higher.

The monthly cost of insurance charge is the same for all insured persons of the
same Attained Age, gender and underwriting classification whose policies have
been in effect for the same amount of time.

The maximum monthly cost of insurance charges under your Policy are shown in
your Policy Schedule. At our option, we may charge less than the maximum shown
in your Policy Schedule. Your monthly cost of insurance may be higher than the
maximum shown in your Policy if the Insured under your Policy is in a special or
substandard underwriting class.

We deduct the cost of insurance charge on each Monthly Anniversary Day. We
deduct the cost of insurance charge from each of your investment options on a
pro-rata basis.

MONTHLY DEDUCTION

The Monthly Deduction includes the amount deducted each Monthly Anniversary Day
for the Cost of Insurance Charge described above plus the cost of any additional
benefits provided under your Policy by rider.

MONTHLY EXPENSE CHARGE

The Monthly Expense Charge covers the cost of administering your Policy. The
maximum Monthly Expense Charge is $7.00. The current monthly expense charge is
$6.00.

We deduct the Monthly Expense Charge on each Monthly Anniversary Day. We deduct
the monthly expense charge from each of your investment options on a pro-rata
basis.

MORTALITY AND EXPENSE RISK CHARGE

We assume 2 risks with every Policy: a mortality risk and an expense risk. We
take a mortality risk that the Insured will not live as long as we expected and
therefore the amount of the premium payments we receive will be less than we
expected. We take an expense risk that the monthly expense charge will not cover
all the costs of administering your Policy.

You pay us to assume these risks by paying mortality and expense risk charges.
If we do not actually incur any unexpected costs associated with these risks, we
will make money from collecting these charges. If surrender charges do not cover

<PAGE>

the distribution expenses of the Policies, we will pay those expenses from our
general account, including amounts derived from the expense risk charge.

The maximum mortality and expense risk charge is 1.00% annually. The current
effective annual rate of these charges is 0.90%.

On each Valuation Date, we deduct the mortality and expense risk charges from
the Accumulation Unit Value of each Sub-Account. We do not impose these charges
on your money in the Fixed Account.

SURRENDER CHARGES

A surrender charge may apply if:

o Your Policy is cancelled for any reason.
o The Specified Amount of your Policy decreases for any reason.

The Specified Amount of your Policy will decrease if:

o You reduce the Specified Amount of your Policy.
o You withdraw money from your Policy at any time that you have
selected Death Benefit Option 1. (The Specified Amount decreases
by the amount withdrawn.)
o You change from Death Benefit Option 1 to Death Benefit Option 2.
(The Specified Amount decreases by your Account Value on the
effective date of the change.)

Surrender charges apply for 14 years:

o During the first 14 years after the issuance of your Policy
o During the first 14 years after an increase in the Specified Amount.

The maximum surrender charge for each month in the 14-year period is shown in
your Policy Schedule. The surrender charge will be deducted from your Account
Value. For example, if you are a 35-year-old male tobacco abstainer, you
purchase a $100,000 policy and you cancel your Policy 3 years after we issue it,
we would deduct a surrender charge of $2,400 from your Account Value.

A separate 14-year period applies to the initial Specified Amount and each
increase in the Specified Amount. In this discussion, we will refer to the
initial Specified Amount and each increase as a layer of insurance. If your
Policy has more than one layer of insurance and you decrease the Specified
Amount, we will cancel layers of insurance (or a part of a layer) in order,
starting with the last layer of insurance that you purchased, until the amount
cancelled equals the amount of the decrease. We will apply the appropriate
surrender charge to each cancelled layer.

<PAGE>

The following example should help you understand the surrender charges.

o You purchase a $200,000 policy on October 1, 2000. This is the first
layer of insurance.
o You increase the Specified Amount by $100,000 on October 1, 2012. This
is the second layer of insurance.
o Your total Specified Amount would then be $300,000.
o You withdraw $150,000 from your Policy on October 15, 2015. Since
the withdrawal amount is more than the amount of the second layer
of insurance, we would cancel that layer. In addition, we would
cancel a portion of the first layer of insurance.
o We would deduct the maximum surrender charge on the second layer
from your Account Value. We would not apply a surrender charge to
the cancelled portion of the first layer because the applicable
14-year period would have expired.
o If the maximum surrender charge were $2,400, your Account Value
would be reduced by $152,400. Your Account Value and your new
Specified Amount would be $146,600.

TRANSFER CHARGES

We do not charge you for the first 12 transfers among Sub-Accounts in a Policy
Year. If you make more than 12 transfers among Sub-Accounts in a Policy Year, we
will charge you $10 per transfer for each additional transfer. We do not charge
you for transfers made in connection with the Dollar Cost Averaging Program and
we do not count these transfers when we determine the number of transfers you
have made in a Policy Year. We deduct the $10 transfer charge from your Account
Value.

SUMMARY OF CHARGES

- ------------------------- ----------------------- ----------------------- ------------------------- --------------------------
PREMIUM COST OF MONTHLY
EXPENSE CHARGE TAX CHARGE INSURANCE CHARGES EXPENSE CHARGE
- ------------------------- ----------------------- ----------------------- ------------------------- --------------------------

When Charged? When you make a When you make a On each Monthly On each Monthly
premium payment. premium payment. Anniversary Day. Anniversary Day.
- ------------------------- ----------------------- ----------------------- ------------------------- --------------------------
How Much Charged? The maximum premium The maximum tax This charge is The maximum monthly
expense charge is charge is 3.50% of generally based on the expense charge is $7
5.50% of each premium each premium payment. Death Benefit and each month. The current
payment. The current The tax charge you Account Value at the monthly expense charge
premium expense pay will reflect the beginning of the policy is $6.00 per month.
charge is 4.75% of federal DAC tax plus month and the age,
each premium payment. the actual state gender and underwriting
premium tax charged classification of the
by the state in which Insured. See your
you reside. Policy Schedule for the
maximum Cost of
Insurance Charge
applicable to your
Policy.
- ------------------------- ----------------------- ----------------------- ------------------------- --------------------------
How Charged? We deduct this charge We deduct this charge We reduce your Account We reduce your Account
from each premium from each premium Value. Value.
payment before we payment before we
allocate the Net allocate the Net
Premiums to your Premiums to your
investment options. investment options.
- ------------------------- ----------------------- ----------------------- ------------------------- --------------------------

- ------------------------- ---------------------------------- ---------------------------------- ------------------------------
MORTALITY AND
EXPENSE RISK CHARGE SURRENDER CHARGES TRANSFER CHARGES
- ------------------------- ---------------------------------- ---------------------------------- ------------------------------

When Charged? On each day the New York Stock When the Specified Amount On transfers among
Exchange is open for trading. decreases for any reason. Sub-Accounts after the first
12 transfers in a Policy
Year.
- ------------------------- ---------------------------------- ---------------------------------- ------------------------------
How Much Charged? The maximum charge is 1.00% This charge is based on a $10 per transfer.
annually. The current effective specific dollar amount, which is
annual rate of the charge is applied to each $1,000 decrease
0.90%. in the portion of the Specified
Amount subject to
the charge. The
charge decreases on
a monthly basis
after the first 10
years in the
applicable 14-year
period. See your
Policy Schedule for
the maximum
surrender charges
applicable to your
Policy.
- ------------------------- ---------------------------------- ---------------------------------- ------------------------------
How Charged? We deduct this charge from the We reduce your Account Value. We reduce your Account Value.
Accumulation Unit Value of each
Sub-Account. We do not impose
this charge on your money in the
Fixed Account.
- ------------------------- ---------------------------------- ---------------------------------- ------------------------------

</TABLE>

CONTINUATION OF YOUR POLICY

CONTINUATION OF INSURANCE COVERAGE

On each Monthly Anniversary Day, we determine whether your insurance coverage
will continue. If your Net Cash Surrender Value is equal to or more than the
MONTHLY CHARGES to be charged on that Monthly Anniversary Day, your Policy will
continue.

If your Net Cash Surrender Value is less than the MONTHLY CHARGES, then a Grace
Period related to the continuation of your Policy will start unless one of the
no-lapse guarantees described below applies.

o MONTHLY CHARGES include the Monthly Deduction and the Monthly
Expense Charge. The Monthly Deduction includes the amount deducted
for the Cost of Insurance Charges plus the cost of any additional
benefit provided under your Policy by rider.
o Grace Periods, which are designed to give you time to make an
additional premium payment, are explained below.

CONTINUATION UNDER THE TERM NO-LAPSE GUARANTEE PROVISION

Even if your Net Cash Surrender Value on a Monthly Anniversary Day is not
sufficient to continue your Policy, your Policy may continue under the Term
No-Lapse Guarantee.

<PAGE>

If the Term No-Lapse Guarantee applies, we guarantee that, for a specific period
of time, we will not terminate your Policy or start a Grace Period related to
continuation of your Policy. In this discussion, we call this specific period of
time the guaranteed minimum continuation period. The guaranteed minimum
continuation period applicable to your Policy is shown in your Policy Schedule.

The Term No-Lapse Guarantee will apply only if your ADJUSTED TOTAL PREMIUM
PAYMENTS at all times since the Policy Date have been equal to or more than the
TOTAL REQUIRED AMOUNT under this provision.

On each Monthly Anniversary Day, we determine if your ADJUSTED TOTAL PREMIUM
PAYMENTS are sufficient to maintain the Term No-Lapse Guarantee. If your
ADJUSTED TOTAL PREMIUM PAYMENTS are not sufficient, then a Grace Period related
to the Term No-Lapse Guarantee will start. If you do not make the required
additional premium payment during this Grace Period, you will lose the Term
No-Lapse Guarantee. In addition, you will no longer be eligible for the Lifetime
No-Lapse Guarantee described below.

o ADJUSTED TOTAL PREMIUM PAYMENTS are the total of your premium
payments less any withdrawals you have made and less any
Indebtedness.
o The TOTAL REQUIRED AMOUNT under this provision is based on the
applicable Minimum Annual Premium for the Term No-Lapse Guarantee.
The applicable Minimum Annual Premium for the Term No-Lapse
Guarantee is shown in your Policy Schedule.
o Supplement B to this Prospectus contains a description of the
procedures we use to determine the TOTAL REQUIRED AMOUNT and to
determine if your ADJUSTED TOTAL PREMIUM PAYMENTS were sufficient
under this provision.
o Grace Periods, which are designed to give you time to make an additional
premium payment, are explained below.

CONTINUATION UNDER THE LIFETIME NO-LAPSE GUARANTEE PROVISION

Even if your Net Cash Surrender Value on a Monthly Anniversary Day is not
sufficient to continue your Policy and the guaranteed minimum continuation
period has expired, your Policy may continue under the Lifetime No-Lapse
Guarantee.

As long as the Lifetime No-Lapse Guarantee applies, we guarantee that we will
never terminate your Policy or start a Grace Period related to continuation of
your Policy.

The Lifetime No-Lapse Guarantee will apply only if

o You met the conditions for maintaining the Term No-Lapse Guarantee
throughout the guaranteed minimum continuation period.
o The guaranteed minimum continuation period has expired.
o Your ADJUSTED TOTAL PREMIUM PAYMENTS, at all times since the
expiration of the guaranteed minimum continuation period, have
been equal to or more than TOTAL REQUIRED AMOUNT under this
provision.

<PAGE>

On each Monthly Anniversary Day after the expiration of the guaranteed minimum
continuation period, we determine if your ADJUSTED TOTAL PREMIUM PAYMENTS are
sufficient to maintain the Lifetime No-Lapse Guarantee. If your ADJUSTED TOTAL
PREMIUM PAYMENTS are not sufficient, then a Grace Period related to the Lifetime
No-Lapse Guarantee will start. If you do not make the required additional
premium payment during this Grace Period, you will lose the Lifetime No-Lapse
Guarantee.

o ADJUSTED TOTAL PREMIUM PAYMENTS are the total of your premium
payments less any withdrawals you have made and less any
Indebtedness.
o The TOTAL REQUIRED AMOUNT under this provision is based on the
applicable Minimum Annual Premium for the Lifetime No-Lapse Guarantee.
The applicable Minimum Annual Premium for the Lifetime No-Lapse
Guarantee is shown in your Policy Schedule.
o Supplement B to this Prospectus contains a description of the
procedures we use to determine the TOTAL REQUIRED AMOUNT and to
determine if your ADJUSTED TOTAL PREMIUM PAYMENTS were sufficient
under this provision.
o Grace Periods, which are designed to give you time to make an additional
premium payment, are explained below.

GRACE PERIODS

A Grace Period is a 61-day period that starts on the day after we mail you the
applicable notice. Under certain circumstances, the Grace Periods related to the
continuation of your Policy and the No-Lapse Guarantees may overlap or start at
the same time. The chart below shows how Grace Periods related to the
continuation of your Policy and the No-Lapse Guarantees work.

- ----------------------------------------- -------------------------------------- -------------------------------------
Continuation of Your Policy Maintenance of Term Maintenance of Lifetime
No-Lapse Guarantee No-Lapse Guarantee
- ----------------------------------------- -------------------------------------- -------------------------------------

o A Grace Period related to the o A Grace Period related to o A Grace Period related to
continuation of your Policy will the Term No-Lapse Guarantee the Lifetime No-Lapse
start if: will start if: Guarantee will start if:

o Your Net Cash Surrender Value o ADJUSTED TOTAL PREMIUM o You maintained your Term
is not sufficient on a Monthly PAYMENTS are not sufficient No-Lapse Guarantee.
Anniversary Day. on a Monthly Anniversary o The guaranteed minimum
o Neither No-Lapse Guarantee Day. continuation period has
applies. expired.

o ADJUSTED TOTAL PREMIUM
PAYMENTS are not sufficient
on a Monthly Anniversary Day.
- ----------------------------------------- -------------------------------------- -------------------------------------
o The notice will tell you the o The notice will tell you o The notice will tell you
amount of the minimum additional the amount of the minimum the amount of the minimum
premium you must pay to keep your additional premium you must pay additional premium you must
Policy in effect. to maintain the Term No-Lapse pay to maintain the Lifetime
Guarantee. No-Lapse Guarantee.
- ----------------------------------------- -------------------------------------- -------------------------------------
o If you make the required o If you make the required o If you make the required
additional premium payment during additional premium payment additional premium payment
the Grace Period, your Policy will during the Grace Period, the during the Grace Period, the
continue to be effective. Term No-Lapse Guarantee will Lifetime No-Lapse Guarantee
continue to be effective. will continue to be effective.
- ----------------------------------------- -------------------------------------- -------------------------------------

o If you do not make the o If you do not make the o If you do not make the
required additional premium required additional premium required additional premium
payment during the Grace Period, payment during the Grace payment during the Grace
your Policy will terminate at the Period, you will lose the Term Period, you will lose the
end of the Grace Period without No-Lapse Guarantee. Lifetime No-Lapse Guarantee.
value.
- ----------------------------------------- -------------------------------------- -------------------------------------
o If the Insured dies during the o In addition, if you do not o
Grace Period, we will reduce the make the required additional
death benefit amount by the amount premium payment during the
of the required additional premium Grace Period, you will lose the
payment. Lifetime No-Lapse Guarantee.
- ----------------------------------------- -------------------------------------- -------------------------------------

</TABLE>

We will mail Grace Period notices to you at your address as shown on our
records. We will also mail these notices to anyone holding your Policy as
collateral as shown on our records at the collateral holder's address as shown
on our records.

TERMINATION OF YOUR POLICY

If a Grace Period related to the continuation of your Policy ends and you have
not paid the minimum additional premium needed to continue your Policy, your
Policy will terminate and you will not receive the Net Cash Surrender Value of
your Policy or any other money from us.

REINSTATEMENT

If your Policy was terminated but the Insured is still living, you can ask us to
reinstate your Policy at any time during the 5-year period after the Grace
Period ended. We will reinstate your Policy if:

o We receive satisfactory evidence of insurability.
o You pay a premium sufficient to pay all costs and charges that we
would have deducted from your Account Value on each Monthly
Anniversary Day from the date of termination to the date of
reinstatement.
o You pay an amount sufficient to cover the Monthly Deductions and
Monthly Expense Charges for the next 3 months.
o You repay any Indebtedness that was outstanding on the date of
termination.

If you do not maintain the Term No-lapse Guarantee, we will not reinstate this
guarantee and you will not be eligible for the Lifetime No-Lapse Guarantee. If
you do not maintain the Lifetime No-Lapse Guarantee, we will not reinstate this
guarantee.

MINIMUM ANNUAL PREMIUMS

Your Minimum Annual Premiums for the Term No-Lapse Guarantee and the Lifetime
No-Lapse Guarantee are shown in your Policy Schedule. We use the Minimum Annual
Premiums to determine if you have met the conditions for continuing your
insurance coverage under these provisions.

<PAGE>

If you make any changes in your Policy that result in a change in the Monthly
Deduction, we will determine new Minimum Annual Premiums. We will send you a new
Policy Schedule showing the new Minimum Annual Premiums.

OPTIONAL POLICY BENEFITS

Subject to certain underwriting and other requirements, you may add one or more
of the following optional insurance benefits to your Policy by rider. Each
rider's description in this Prospectus is subject to the specific terms of the
rider as each contains definitions, contractual limitations and conditions.
Please read each rider carefully before you purchase that rider. We will deduct
the cost of any optional insurance benefits as part of the Monthly Deduction.
Each available optional insurance benefit (or rider) is summarized below.

ACCIDENTAL DEATH RIDER

Benefit Summary: Pays an additional death benefit if the Insured's
death is caused by accidental bodily injury

Benefit Description: You select the Accidental Death Benefit amount.
The Accidental Death Benefit amount will be
added to the Death Proceeds and paid under the
same Income Plan.

Under certain circumstances, we will pay up to 2
times your Accidental Death Benefit amount.

Excluded Coverage: We will not pay an Accidental Death Benefit if the
Insured's injury or death resulted from certain
risks, such as suicide, certain travel in
aircraft, certain use of drugs and participation
in an activity while intoxicated.

Cost of Benefits: Depends on the Insured's Attained Age and
selected Accidental Death Benefit amount

Termination of The benefits terminate
Benefits: o When your Policy ends
o The day before the Policy Anniversary on
which the Insured is 70 years old

<PAGE>

INSURED INSURABILITY RIDER

Benefit Summary: Provides an option to purchase additional
insurance on the life of the Insured without
evidence of insurability

Benefit Description: We provide you an option to purchase additional
insurance on the life of the Insured without
evidence of insurability. The Insured Insurability
Option amount you select is the amount of
additional insurance you have the option to
purchase.

Under most circumstances, the options may be
exercised on each regular option date. The regular
option dates are the Policy Anniversaries that
occur after the Insured is ages 25, 28, 31, 34, 37
and 40.

The options may also be exercised on alternate
option dates. An alternate option date occurs on
the 90th day following each of the following:

o Insured's marriage
o Birth of a living child of Insured
o Adoption of a child by Insured

The exercise of an option on an alternate option
date cancels the next regular option date still
available.

Excluded Coverage: N/A

Cost of Benefits: Depends on the Insured's Attained Age and
selected Insured Insurability Option amount

Termination of The benefits terminate
Benefits: o When your Policy ends
o When you cancel the rider
o The day before the Policy Anniversary on
which the Insured is 40 years old
o Upon the exercise of the option on an
alternate option date that cancels the
regular option date corresponding to the
Insured's 40th birthday

ACCELERATED DEATH BENEFIT RIDER

Benefit Summary: Advances a portion of the Death Benefit upon
diagnosis of fatal illness

<PAGE>

Benefit Description: When the Insured is diagnosed with a fatal
illness, we will make you special loans secured by
your Death Benefits payable under the Policy. The
maximum amount of these special loans is the
lesser of
o $250,000
o 60% of the difference between your
Death Benefit and the maximum amount you
are able to borrow from your Policy

Multiple special loan advances are permitted until
you reach the maximum amount. The minimum special
loan is $5,000. We charge you interest at an
annual rate of 8% on all special loans we make to
you.

Some or all of the special loan advances may be
considered taxable by the Internal Revenue
Service. You should consult your tax adviser
before requesting an advance under this rider.

The Death Proceeds will be reduced by the amount
of all special loan advances, plus accrued
interest, upon the death of the Insured.

Excluded Coverage: This rider must be voluntarily purchased. This
rider is not available if:

o You are required to elect this benefit
by law to meet the claims of creditors
o You are required to elect this benefit
by a government agency in order to
apply, keep or maintain a government
benefit

Cost of Benefits: None

Termination of The benefits terminate
Benefits: o When your Policy ends
o When the cumulative maximum amount has
been advanced

DISABILITY CREDIT RIDER

Benefit Summary: Pays premium payments while you are disabled

Benefit Description: You select the Credit Amount. The Credit Amount
is the annual amount of premium payments we will
pay under this optional policy benefit. The
Credit Amount must always be

o Greater than or equal to your Minimum
Annual Premium for the Term No-Lapse
Guarantee
o Less than or equal to your Minimum Annual
Premium for the Lifetime No-Lapse
Guarantee
Your Credit Amount may be adjusted if either
Minimum Annual Premium changes.

We make a premium payment of 1/12 of the Credit
Amount for each month you are disabled. This
amount may or may not be sufficient to keep your
Policy in effect.

Excluded Coverage: Disabilities that result from the following are
not covered:
o Self-inflicted injuries
o A declared or undeclared war
o Injuries or diseases that manifest while
this optional insurance benefit is
not in force

Cost of Benefits: Depends on the Insured's Attained Age and selected
Credit Amount

<PAGE>

Termination of The benefits terminate
Benefits: o When your Policy ends
o The day before the Policy
Anniversary on which the Insured is
60 years old, unless such benefits
are being paid at that time

CHILDREN'S TERM RIDER

Benefit Summary: Pays a death benefit if an Insured Child dies

Benefit Description: For each Insured Child that you name
in your application, you select the Children's
Term Benefit amount. The Children's Term Benefit
amount will be paid upon the death of an Insured
Child and can be paid under an Income Plan.

Under most circumstances, if the Insured dies, the
insurance on each Insured Child provided by this
rider will become fully paid-up nonparticipating
term insurance and will continue until each
Insured Child's 23rd birthday. After an Insured
Child is age 18, that Insured Child may convert
the term insurance policy to a whole life plan.

Excluded Coverage: The Insured Child must be at least 15 days old and
less than 18 years old when named in the
application.

Cost of Benefits: Depends on selected Children's Term Benefit
amounts

Termination of The benefits terminate
Benefits: o When your Policy ends
o When you cancel th rider
o The day before the Policy Anniversary on
which the Insured is 65 years old
o On an Insured Child's 23rd birthday, for
that Insured Child

OTHER INSURED RIDER

Benefit Summary: Pays a death benefit if an Other Insured dies
Benefit Description: For each Other Insured that you name
in your application, you select an Other Insured
Benefit amount. The Other Insured Benefit amount
will be paid to the designated beneficiary upon
the death of an Other Insured and can be paid
under an Income Plan.

Under most circumstances, if the Insured dies,
each Other Insured has the right to convert the
coverage to a new life insurance policy.

After an Other Insured Child is age 85, that Other
Insured may convert the coverage to any life
insurance policy (other than term insurance) that
we regularly issue.

Excluded Coverage: N/A

Cost of Benefits: Depends on each Other Insured's Attained Age,
gender and underwriting class and selected Other
Insured Benefit amounts

<PAGE>

Termination of The benefits terminate
Benefits: o When your Policy ends
o When you cancel the rider
o The day before the Policy Anniversary on which
the Insured is 100 years old
o The day before the Policy Anniversary on which
the Other Insured is 95 years old, for that
Other Insured
o The day an Other Insured exercises the
conversion options, for that Other Insured

OTHER INFORMATION ABOUT YOUR POLICY

POLICY IS A CONTRACT

The Policy is a legal contract between you and us to insure the life of the
person named in the application as the Insured. We provide the insurance
coverage and other benefits described in the Policy in exchange for your
completed application and your payment of premiums.

When we refer to the Policy, we mean the entire contract, which consists of:

o The basic policy
o The application
o Any supplemental applications
o Any optional policy benefits, riders or endorsements that add
provisions or change the terms of the basic policy

The description of the Policy in this Prospectus is subject to the specific
terms of your Policy as it contains specific contractual provisions and
conditions. If the terms of your Policy differ from the description of the
Policy in the Prospectus, you should rely on the terms in your Policy.

We will consider statements in the application as representations. We will not
use any representation to void your Policy or defend a claim under the Policy
unless it is contained in your written application or supplemental application.

Only the president, a vice-president, secretary or assistant secretary of CLIC
has authority to change or waive a provision of your Policy, and then only in
writing. No other person, including an insurance agent, can change any of the
terms of your Policy, extend the time for paying premiums or make any other
agreement that would be binding on us.

All requests for changes to your Policy must be clear and in writing, and must
be received by [__________________________].

The Policy is subject to the laws in the state in which it is issued. To the
extent that the Policy may not comply with the applicable state law, we will
interpret it so that it complies.

MODIFICATION OF POLICY

<PAGE>

Upon notice to you, we may modify your Policy:

o If such modification is necessary to make the Policy [or SA1]
comply with any law or regulation issued by a governmental agency
to which the Company [or SA1] is subject
o If such modification is necessary to assure continued
qualification of the Policy under the Internal Revenue Code or
other federal or state laws as a life insurance policy
o If such modification is necessary to reflect a change in the
operation of the Company [or SA1] or the Sub-Accounts
o If such modification adds, deletes or otherwise changes Sub-Account
options

We also reserve the right to modify certain provisions of the Policy as stated
in those provisions. In the event of a modification, we may make appropriate
endorsement to the Policy to reflect the modification.

EXTENDED MATURITY BENEFIT

On the Policy Anniversary after the Insured turns age 100, the total value of
your Sub-Accounts will be automatically transferred to the Fixed Account. After
that time, we will not accept any further premium payments, we will not deduct
further charges, we will not permit you to transfer your money from the Fixed
Account and your death benefit option will be changed to Option 2. Your Policy
will continue in effect until the Insured's death or until the Policy is
surrendered for its Net Cash Surrender Value.

CONVERSION TO A FIXED POLICY

You may elect to convert your Policy to a fixed policy at any time:

o Within 24 months of your Policy Date or
o Within 60 days of the later of
o notification of a change in the investment policy of SA1, or
o the effective date of the change.

If you elect to convert your Policy, we will transfer the entire value of your
investment in the Sub-Accounts to the Fixed Account. We will not charge you for
this transfer. After the date of your election to convert your Policy, premium
payments may not be allocated and transfers may not be made to any of the
Sub-Accounts. All other terms and charges of your Policy continue to apply.

CONFIRMATIONS AND STATEMENTS

We will send you a confirmation of each premium payment and other financial
transactions, such as transfers and partial withdrawals. We will also send you a
statement each year showing the value of your investment in the Sub-Accounts and
the Fixed Account.

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If you have invested money in a Sub-Account, you will also receive semi-annual
reports for the Fund in which the Sub-Account invests. These semi-annual reports
will include a list of portfolio securities held by the underlying Fund.

PROCESSING GUIDELINES

We use certain guidelines to determine when we will process your Policy
application and other instructions. These processing guidelines determine your
Policy Date and the effective date of instructions that you send to us. The
effective date depends upon the time of day we receive your application or
instructions, whether the New York Stock Exchange is open at that time and
whether your application and instructions are in good order.

If we receive an incomplete application or incomplete instructions from you, we
will contact you for more information. If we have not received all the
application information that we need within 5 days of the day we received your
application, we will return your initial premium payment to you unless you tell
us not to return it.

If you are the sole owner of the Policy, you must sign the Policy application
and other instructions. If you and another person are joint owners of your
Policy, you and your joint owner must both sign your Policy application and
instructions.

REQUIRED NOTE ON COMPUTATIONS

Calculations are based on the mortality table shown in your Policy Schedule.

We have filed a detailed statement of our computations with the applicable state
insurance department. The values under this Policy are not less than those
required by law of the applicable state. Any benefit provided by an attached
rider will not increase these values unless stated in the rider.

The method used in calculating Policy values will be based on the actuarial
procedures that recognize the variable nature of this Policy.

PROJECTION OF BENEFITS AND VALUES

In addition to any examples and illustrations provided to you by your insurance
agent, you may request that we send you a hypothetical illustration of policy
benefits and values. We may charge a reasonable fee to provide this information
to you.

INCONTESTABILITY

We will issue the Policy in reliance on the answers you provided in the
application and any supplemental applications. We have assumed that all these
answers are true and complete. If they are not, we may have the right to contest
and void the Policy as if it had not been issued. Except for cases involving
termination of the Policy or fraud, we will not contest:

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o The Policy after the Policy has been in effect for 2 years during the
Insured's lifetime
o Any increase in Specified Amount after the increase has been in effect
for 2 years during the Insured's lifetime
o Any rider attached to the Policy after the rider has been in effect
for 2 years from the rider's date of issue during the Insured's lifetime

During these 2-year periods, we may contest the validity of your Policy, any
increase in Specified Amount or the validity of any riders based on material
misstatements made in the application or any supplemental application. No
statement will be used in contesting a claim unless it is in an application or
supplemental application and a copy of the application is attached to the
Policy.

If your Policy is reinstated after termination, the 2-year period of
contestability begins on the reinstatement date. If the Policy has been in
effect for 2 years during the lifetime of the Insured, it will be contestable
only as to statements made in the reinstatement application. If the Policy has
been in force for less than 2 years, it will be contestable as to statements
made in the reinstatement application as well as the initial application and
supplemental applications.

SUICIDE EXCLUSION

Your Policy does not cover suicide by the Insured, whether sane or insane,
during the 2-year period beginning with the Policy Date. If the Policy is in
effect and the Insured commits suicide during this 2-year period, we will pay
you the greater of the following amounts:

o Your premium payments, less any Indebtedness, less any previous
withdrawals, and less all monthly costs of insurance on all
persons other than the Insured ever covered by rider
o The Net Cash Surrender Value

We will not pay any Death Benefit in these circumstances.

With respect to any increase in Specified Amount we will not pay death benefits
if the Insured, whether sane or insane, commits suicide within 2 years from the
effective date of the increase. If the Policy has been in effect for more than 2
years after the Policy Date but less than 2 years from an increase in Specified
Amount, we will return the monthly costs of insurance charged for the increase
and pay death benefits based on the initial Specified Amount (on which the
2-year suicide exclusion has expired).

This provision also applies to any rider attached to the Policy. The 2-year
period begins on the rider's date of issue.

If your Policy terminates and is later reinstated, we will measure the 2-year
time period from the effective date of reinstatement. Any premium payment refund
will be limited to premiums paid on or after the effective date of
reinstatement.

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TERMINATION OF YOUR POLICY

Your Policy will terminate and all insurance coverage under the Policy will stop
in the following instances:

o As of the date on which we receive notice from you requesting that the
Policy be cancelled
o As of the date the Insured dies (although some riders may provide benefits
for other covered persons beyond the Insured's death)
o As of the date a Grace Period related to the continuation of your Policy
expires
o As of 31 days after we mail you a notice that your Indebtedness exceeds
your Cash Surrender Value less the Monthly Deduction and the Monthly
Expense Charge for the current month if sufficient payment has not been
received.

NO DIVIDENDS

The Policies are "non-participating," which means that they do not pay
dividends.

MISSTATEMENT OF AGE OR GENDER

If the age or gender of the Insured is misstated in information sent to us, we
will change any benefits under the Policy to those benefits that your premium
payments would have purchased if the correct age and gender had been stated. If
we do not discover the misstatement until after the payment of the Policy
proceeds under one of the Income Plans has started, we will deduct any
overpayments, plus compound interest, from subsequent payments and we will pay
any underpayments, plus compound interest, in a lump sum.

SECURITY PROCEDURES

We have established security procedures for telephone transactions, such as
recording telephone calls. We may also require a personal identification number
(PIN) or other identifying information. We will not be liable for losses due to
unauthorized or fraudulent telephone instructions if we follow reasonable
security procedures and reasonably believe the instructions are genuine.

YEAR 2000 INFORMATION

CLIC began its effort to address the Year 2000 compliance issue prior to 1990.
As of January 1, 1999, the internal effort was completed. All computer equipment
and software systems, communications equipment and software, and any building
equipment and facilities are expected to properly calculate, process and use
dates before, during and after January 1, 2000, without error or interruption.
In addition to its internal efforts, CLIC has a Year 2000 Task Force in place to
monitor the Year 2000 efforts of its critical business partners and suppliers.
Should this Task Force determine that the Year 2000 efforts of any of these
partners or suppliers will not be adequate, CLIC will develop contingency plans
to address any issues that may arise.

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ASSIGNMENT

Generally, you may assign your Policy. We will not be bound by an assignment
until we receive and record written notice of the assignment at
______________________________. Your rights and the rights of your Beneficiary
will be affected by an assignment. We are not responsible for the validity or
tax consequences of any assignment.

INFORMATION ABOUT THE INVESTMENT OPTIONS

THE SUB-ACCOUNTS AND THE FUNDS

You can allocate your Net Premiums to one or more Sub-Accounts. You may also
transfer amounts among the Fixed Account and the Sub-Accounts. Each Sub-Account
invests in a corresponding Fund of the AIM Variable Insurance Funds, Inc. (AIM),
The Alger American Fund (Alger), MFS Variable Insurance Trust (MFS), PIMCO
Variable Insurance Trust (PIMCO) or Touchstone Variable Series Trust (TVST).

This table contains information about the investment advisor, investment
objective and principal investment strategies of each Fund in which a
corresponding Sub-Account invests. A Fund may have a name and/or investment
objective that is very similar to that of a publicly available mutual fund that
is managed by the same advisor or sub-advisor. The Funds in which the
Sub-Accounts invest are not publicly available and will not have the same
performance as those publicly available mutual funds. Different performance will
result from differences in various elements that affect the operation of a Fund,
such as implementation of investment policies, cash flows, Fund expenses and
size of the Fund. In addition, your investment return from your Policy will be
less than the investment return of a shareholder in the publicly available funds
because you will pay additional charges related to your Policy, such as premium
tax charges and mortality and expense risk charges.

AIM V.I. GROWTH FUND
(AIM V.I. GROWTH SUB-ACCOUNT)

Fund Family: AIM Variable Insurance Funds, Inc.
Fund Advisor: AIM Advisors, Inc.

Investment Objective: The Fund seeks to achieve growth of capital
principally through investment in common stocks of
seasoned and better capitalized companies
considered to have strong earnings growth.

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Principal Investment The Fund invests primarily in the common stocks
of 2 types of companies:
Strategies: o "Core" companies that the portfolio manager
believes have experienced consistent,
long-term growth and have a good chance to
continue such growth in the future
o "Earnings Acceleration" companies
that the portfolio manager believes
are currently enjoying a dramatic
increase in profits.

The Fund may also invest in
o Money market obligations
o Convertible securities
o Foreign securities, including American
Depositary Receipts (ADRs) and European
Depositary Receipts (EDRs) (up to 20 % of
total assets)
o Repurchase Agreements and Reverse Repurchase
Agreements (up to 33 1/3%)
o Illiquid Securities (up to 15%)

The Fund may also lend its securities (up to 33
1/3% of total assets) to brokers, dealers and
other financial institutions in order to generate
income and offset expenses.

AIM V.I. GOVERNMENT SECURITIES FUND
(AIM V.I. GOVERNMENT SECURITIES SUB-ACCOUNT)

Fund Family: AIM Variable Insurance Funds, Inc.
Fund Advisor: AIM Advisors, Inc.

Investment Objective: The Fund seeks to achieve a high level of current
income consistent with reasonable concern for
safety of principal by investing in debt
securities issued, guaranteed or otherwise backed
by the U.S. Government.

Principal Investment The Fund invests primarily in U.S. Treasury
Strategies: obligations and obligations issued or guaranteed
by U.S. Government agencies and instrumentalities.

The Fund may also invest in
o Money market obligations
o Foreign securities, including American
Depositary Receipts (ADRs) and European
Depositary Receipts (EDRs) (up to 20 % of
total assets)
o Repurchase Agreements and Reverse Repurchase
Agreements (up to 33 1/3%)
o Illiquid Securities (up to 15%)

The Fund may also lend its securities (up to 33
1/3% of total assets) to brokers, dealers and
other financial institutions in order to generate
income and offset expenses.

ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO
(ALGER AMERICAN SMALL CAPITALIZATION SUB-ACCOUNT)

Fund Family: The Alger American Fund
Fund Advisor: Fred Alger Management, Inc.

Investment Objective: The Fund seeks long-term capital appreciation.

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Principal Investment The Fund invests primarily (up to 65% of total
Strategies: assets) in equity securities of companies that
have a market capitalization within the range of
companies included in the Russell 2000 Growth
Index or the S&P SmallCap 600 Index. The combined
range of the market capitalization of companies
included in these indices is approximately $20
million to $4.25 billion. The Fund may invest up
to 35% of total assets in companies with a market
capitalization outside the range provided by the
indices.

The Fund may also invest in:

o Money market instruments and repurchase
agreements (up to 15%)
o Foreign securities denominated in foreign
currencies (up to 20%)
o American Depositary Receipts (ADRs), American
Depositary Shares (ADSs) and
foreign securities denominated in U.S.
dollars

The Fund may also lend its securities (up to 33
1/3% of total assets) to brokers, dealers and
other financial institutions in order to generate
income and offset expenses.

ALGER AMERICAN GROWTH PORTFOLIO
(ALGER AMERICAN GROWTH SUB-ACCOUNT)

Fund Family: The Alger American Fund
Fund Advisor: Fred Alger Management, Inc.

Investment Objective: The Fund seeks long-term capital appreciation.
Principal Investment The Fund invests primarily (up to 65% of total
Strategies: assets) in equity securities of companies that
have a market capitalization of $1 billion or
greater The Fund may invest up to 35% of total
assets in companies with a market capitalization
of less than $1 billion.

The Fund may also invest in:

o Money market instruments and repurchase
agreements (up to 15%)
o Foreign securities denominated in foreign
currencies (up to 20%)
o American Depositary Receipts (ADRs),
American Depositary Shares (ADSs) and
foreign securities denominated in U.S.
dollars

The Fund may also lend its securities (up to 33
1/3% of total assets) to brokers, dealers and
other financial institutions in order to generate
income and offset expenses.

MFS VIT EMERGING GROWTH SERIES
(MFS VIT EMERGING GROWTH SUB-ACCOUNT)

Fund Family: MFS Variable Insurance Trust
Fund Advisor: Massachusetts Financial Services Company

Investment Objective: The Fund seeks to provide long-term growth of
capital. Dividend and interest income from
portfolio securities, if any, is incidental to
the Fund's objective of long-term growth of
capital.

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Principal Investment The Fund invests primarily (at least 80% of total
Strategies: assets) in the common stocks of companies believed
to be early in their life cycle but have the
potential to become major enterprises (emerging
growth companies). In selecting its investments,
the portfolio manager focuses on those companies
it believes will grow faster than the overall
U.S. economy and the rate of inflation.

When the portfolio manager believes the following
securities offer a good potential for capital
growth, the Fund's assets, to a limited extent,
may be invested in:

o Convertible securities
o Warrants
o Fixed income securities that are rated
lower than investment grade (up to 5%),
which are often referred to as "junk
bonds" and are considered speculative.

The Fund may also invest in:
o Foreign securities (up to 25%, but
generally less than 15%)

MFS VIT GROWTH WITH INCOME SERIES
(MFS VIT GROWTH WITH INCOME SUB-ACCOUNT)

Fund Family: MFS Variable Insurance Trust
Fund Advisor: Massachusetts Financial Services Company

Investment Objective: The Fund seeks to provide reasonable current
income and long-term growth of capital and
income.

Principal Investment The Fund invests primarily (at least 65% of total
Strategies: assets) in equity securities of companies that
are believed to have long-term prospects for
growth and income.

The Fund may also invest in foreign securities
traded mainly outside the U.S. (up to 75%)

PIMCO LONG-TERM U.S. GOVERNMENT PORTFOLIO
(PIMCO LONG-TERM U.S. GOVERNMENT SUB-ACCOUNT)

Fund Family: PIMCO Variable Insurance Trust
Fund Advisor: Pacific Investment Management Company

Investment Objective: The Fund seeks to maximize total return,
consistent with the preservation of capital
and prudent investment management.

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Principal Investment The Fund invests primarily (up to 65% of total
Strategies: assets) in U.S. Government securities. The U.S.
Government securities may be represented by
options and futures contracts.

The Fund also invests in debt securities of U.S.
companies that are rated at least A by Moody's or
S&P. The Fund may invest in o Securities rated
below Aa by Moody's and AA by S&P (up to 10%) o
Securities rated Aa by Moody's and AA by S&P (up
to 25%)

The Fund may also invest in:
o Derivative instruments, such as options,
futures contracts or swap agreements
(up to 100%)
o Mortgage- or asset-backed securities
(up to 100%)

The Fund may also lend its securities (up to 33
1/3% of total assets) to brokers, dealers and
other financial institutions in order to generate
income and offset expenses.

TOUCHSTONE SMALL CAP VALUE FUND
(TOUCHSTONE SMALL CAP VALUE SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Todd Investment Advisors, Inc.

Investment Objective: The Fund seeks long-term growth of capital.
Principal Investment The Fund invests primarily (at least 75% of total
Strategies: assets) in the common stocks of small to medium
capitalization companies that the portfolio
manager believes are undervalued. The portfolio
manager looks for stocks that are priced lower
than they should be, and also contain a catalyst
for growth. The Fund may also invest up to 5% of
its assets (at the time of purchase) in any one
company. The Fund will limit its investments so
that the percentage of the Fund's assets invested
in a particular industry will not be more than
double the percentage of the industry in the
Russell 2000 Index.

The Fund may also invest in:
o Cash equivalent investments (up to 25%)
o Short-term debt securities

TOUCHSTONE EMERGING GROWTH FUND
(TOUCHSTONE EMERGING GROWTH SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisors: David L. Babson & Company, Inc.
Westfield Capital Management Company, Inc.

Investment Objective: The Fund seeks to increase the value of its
shares as a primary goal and to earn income as a
secondary goal.

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Principal Investment The Fund invests primarily (at least 65% of total
Strategies: assets) in the common stocks of smaller, rapidly
growing (emerging growth) companies. In selecting
its investments, the portfolio managers focus on
those companies they believe will grow faster
than the U.S. economy in general. They also
choose companies they believe are priced lower
in the market than their true value.

When the portfolio managers believe the following
securities offer a good potential for capital
growth or income, up to 35% of the Fund's assets
may be invested in:

o Larger company stocks
o Preferred stocks
o Convertible bonds
o Other debt securities, including
collateralized mortgage obligations (CMOS),
stripped U.S. government securities
(Strips) and mortgage-related securities,
all of which will be rated investment
grade.

The Fund may also invest in:
o Securities of foreign companies traded
mainly outside the U.S. (up to 20%)
o American Depositary Receipts (ADRs)
(up to 20%)
o Emerging market securities (up to 10%)

TOUCHSTONE INTERNATIONAL EQUITY FUND
(TOUCHSTONE INTERNATIONAL EQUITY SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Credit Suisse Asset Management

Investment Objective: The Fund seeks to increase the value of its
shares over the long-term.

Principal Investment The Fund invests primarily (at least 80% of total
Strategies: assets) in equity securities of foreign
companies and will invest in at least 3 countries
outside the United States. A large portion of
those non-U.S. equity securities may be issued
by companies active in emerging market countries
(up to 40% of total assets).

The Fund may also invest in certain debt
securities issued by U.S. and non-U.S.
entities (up to 20%), including non-investment
grade debt securities rated as low as B.

The portfolio manager uses a growth oriented style
to choose investments for the Fund. This includes
the use of both qualitative and quantitative
analysis to identify markets and companies that
offer solid growth prospects at reasonable prices.
The portfolio manager's investment process seeks
to add value by making good regional and country
allocations as well as by selecting individual
stocks within a region.

TOUCHSTONE INCOME OPPORTUNITY FUND
(TOUCHSTONE INCOME OPPORTUNITY SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Alliance Capital Management L.P.

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Investment Objective: The Fund seeks to achieve a high level
of current income as its main goal. The Fund may
also seek to increase the value of its shares, if
consistent with its main goal.

Principal Investment The Fund invests primarily in debt securities.
Strategies: These debt securities will generally be more
risky non-investment grade corporate and
government securities (up to 100% of total
assets). Non-investment grade debt securities are
often referred to as "junk bonds" and are
considered speculative.

The Fund's investments may include:
o Securities in foreign companies (up to
100%), but only up to 30% of its assets
in securities of foreign companies that
are denominated in a currency other than
the U.S. dollar
o Debt securities that are emerging market
securities (up to 65%)
o Mortgage-related securities and loan
participations
o Currency futures and option contracts

TOUCHSTONE HIGH YIELD FUND
(TOUCHSTONE HIGH YIELD SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Fort Washington Investment Advisors, Inc.

Investment Objective: The Fund seeks to achieve a high level of current
income as its main goal. Capital appreciation is
a secondary consideration in achieving its goal.

Principal Investment The Fund invests primarily in debt securities.
Strategies: These debt securities will generally be more
risky non-investment grade corporate and
government securities (up to 100% of total
assets) issued primarily by U.S. issuers.
Non-investment grade debt securities are often
referred to as "junk bonds" and are considered
speculative.

The Fund's investments may include:
o Securities in foreign companies (up to
15%), but only up to 5% of its assets
in securities of foreign companies that
are denominated in a currency
other than the U.S. dollar
o Debt securities that are emerging market
securities (up to 10%)
o Mortgage-related securities and other
types of loans and loan participations
o Currency futures and option contracts.

TOUCHSTONE VALUE PLUS FUND
(TOUCHSTONE VALUE PLUS SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Fort Washington Investment Advisors, Inc.

Investment Objective: The Fund seeks to increase the value of its
shares over the long-term.

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Principal Investment The Fund invests primarily (at least 65% of total
Strategies: assets) in common stock of larger companies that
the portfolio manager believes are undervalued.
In choosing undervalued stocks, the portfolio
manager looks for companies that have proven
management and unique features or advantages and
are believed to be priced lower than their true
value. These companies may not pay dividends. The
Fund may also invest in common stocks of rapidly
growing companies to enhance the Fund's return
and vary its investments to avoid having too
much of the Fund's assets subject to risks
specific to undervalued stocks.

Up to 70% of total assets may be invested in large
cap companies and up to 30% may be invested in mid
cap companies.

The Fund may invest in:

o Preferred stocks (up to 35%)
o Investment grade debt securities
o Convertible securities

In addition, the Fund may invest in:

o Cash equivalent instruments (up to 10%)
o Short-term debt securities

TOUCHSTONE GROWTH & INCOME FUND
(TOUCHSTONE GROWTH & INCOME SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Scudder Kemper Investments, Inc.

Investment Objective: The Fund seeks to increase the value of its
shares over the long-term, while receiving
dividend income.

Principal Investment The Fund invests primarily (at least 65% of total
Strategies: assets) in dividend-paying common stocks,
preferred stocks and convertible securities in a
variety of industries. The portfolio manager may
choose to purchase securities that do not pay
dividends (up to 35%) but which are expected to
increase in value or produce high income payments
in the future.

In choosing securities for the Fund, the portfolio
manager will follow a value oriented style,
generally buying securities with yields that are
at least 20% higher than the average yield of
companies in the S&P 500. The portfolio manager
focuses on investing in companies that have a
market capitalization of at least $1 billion, but
may invest in companies of any size.

The Fund may also invest up to 20% of its total
assets in debt securities--and within this 20%
limitation, the Fund may invest the full 20% in
investment grade debt securities or up to 5% in
non-convertible, non-investment grade debt
securities.

The Fund may also invest in:
o Securities of foreign companies including
American Depository Receipts (ADRs)
(up to 20%)
o Real estate investment trusts (REITs)
(up to 10%)

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TOUCHSTONE ENHANCED 30 FUND
(TOUCHSTONE ENHANCED 30 SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Todd Investment Advisors, Inc.

Investment Objective: The Fund seeks to achieve a total
return which is higher than the total return of
the Dow Jones Industrial Average (DJIA).

Principal Investment The Fund's portfolio is based on the 30 stocks
which comprise the DJIA. The portfolio manager
seeks to enhance the total return of the Fund by
substituting some rapidly growing companies for
those companies in the DJIA that appear to have
slower growth. The portfolio manager uses a
database of 4,000 stocks from which to choose the
companies that will be substituted in the
enhanced portion of the portfolio. A specific
process is followed to assist the portfolio
manager in its selections:

o The 4,000 stocks are reduced to 1,400 by
screening for quality and market
capitalization ($1 billion minimum)
o A dividend discount model is applied
to the stocks to select those most
attractively priced. The model
reduces the stock choices to about
300 companies.
o The portfolio manager then searched
for the companies that exhibit
characteristics that may help to
unlock their earnings potential.
Examples of such characteristics
are:
o positive earnings momentum
o restructuring announcements
o changes in regulations

Stocks are sold when the portfolio manager
believes they are overpriced or face a significant
reduction in earnings prospects. The portfolio is
rebalanced periodically or as needed due to
changes in the DJIA or the other securities in the
portfolio.

The portfolio manager's selection process is
expected to cause the Fund to consist of
securities that have some of the following
characteristics:

o Attractive valuation
o Above-average earning and dividend growth
o Above-average market capitalization ratio
o Dominant industry position
o Seasoned management
o Above-average quality

TOUCHSTONE BALANCED FUND
(TOUCHSTONE BALANCED SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: OpCap Advisors, Inc.

Investment Objective: The Fund seeks to achieve an increase in value
and current income.

<PAGE>

Principal Investment The Fund invests in both equity securities
Strategies: (generally about 60% of total assets) and debt
securities (generally about 40%, but at least
25%). The debt securities will be rated investment
grade or at the highest level of non-investment
grade.

The Fund may also invest in:

o Warrants
o Preferred stocks
o Convertible securities

The Fund may also invest up to one-third of its
assets in securities of foreign companies, and up
to 15% in emerging market securities.

In choosing equity securities for the Fund, the
portfolio manager will seek out companies that are
in a strong position in their industry, are owned
in part by management and are selling at a price
lower than the company's intrinsic value. Debt
securities are also chosen using a value style.
The portfolio manager will focus on higher
yielding securities, but will also consider
expected movements in interest rates and industry
position.

TOUCHSTONE BOND FUND
(TOUCHSTONE BOND SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Fort Washington Investment Advisors, Inc.

Investment Objective: The Fund seeks to provide a high level of
dividends and distributions.

Principal Investment The Fund invests primarily in higher quality
Strategies: investment grade debt securities (at least 65%
of total assets). The Fund's investment in debt
securities may be determined by the direction in
which interest rates are expected to move because
the value of these securities generally moves in
the opposite direction from interest rates. The
Fund expects to have an average maturity between
5 and 15 years.

The Fund invests in:
o Mortgage-related securities
o Asset-backed securities
o Preferred stocks

The Fund also invests in U.S. and foreign debt
securities which are rated non-investment grade
(up to 35%).

In addition, the Fund may invest in:
o Debt securities denominated in foreign
currencies (20% or less)

TOUCHSTONE STANDBY INCOME FUND
(TOUCHSTONE STANDBY INCOME SUB-ACCOUNT)

Fund Family: Touchstone Variable Series Trust
Fund Advisor: Touchstone Advisors, Inc.
Fund Sub-Advisor: Fort Washington Investment Advisors, Inc.

<PAGE>

Investment Objective: The Fund seeks to provide a higher level of
current income than a money market fund,
while also seeking to prevent large fluctuations
in the value of the Sub-Account's initial
investment. The Fund does not try to keep a
constant $1.00 per share net asset value.

Principal Investment The Fund invests mostly in various types of money
Strategies: market instruments. All investments will be rated
at least investment grade. On average, the
securities held by the Fund will mature in less
than one year.

The Fund's investments may include:
o Short-term government securities
o Mortgage-related securities
o Asset-backed securities
o Repurchase agreements

The Fund may invest up to 50% of total assets in:
o Securities denominated in U.S. dollars
and issued in the U.S. by foreign
issuers (known as Yankee bonds)
o Eurodollar Certificates of Deposit

In addition, the Fund may invest in:
o Debt securities denominated in
foreign currencies (up to 20%)
o Corporate bonds, commercial paper,
certificates of deposit, and bankers'
acceptances

More complete information about each Fund, including information about its risks
and performance, is included in the Prospectus of each Fund. Please read each
Prospectus carefully before you purchase a Policy.

Neither AIM Advisors, Inc., Fred Alger Management, Inc., Massachusetts Financial
Services Company nor Pacific Investment Management Company are affiliates of
CLIC.

SPECIAL CONSIDERATIONS

AIM, Alger, MFS and PIMCO offer shares to SA1 and other separate accounts of
unaffiliated life insurance companies to fund benefits under variable annuity
contracts and variable life insurance policies. TVST offers its shares to the
separate accounts of CLIC and Western-Southern Life Assurance Company to fund
benefits under the Policies, other variable life insurance policies and variable
annuity contracts. We do not foresee any disadvantage to you arising out of
these arrangements. Nevertheless, differences in treatment under tax and other
laws, as well as other considerations, could cause the interests of various
purchasers of contracts and policies to conflict. For example, violation of the
federal tax laws by one separate account investing in a Fund could cause the
contracts or policies funded through another separate account to lose their
tax-deferred status, unless remedial action were taken. If a material
irreconcilable conflict arises between separate accounts, a separate account may
be required to withdraw its participation in a Fund. If it becomes necessary for
a separate account to replace its shares of a Fund with another investment, the
Fund may have to liquidate portfolio securities on a disadvantageous basis. At
the same time, AIM, Alger, MFS, PIMCO and CLIC are subject to conditions imposed
by the Securities and Exchange Commission that are designed to prevent or remedy
any conflict of interest. TVST, which is not subject to such conditions, has

<PAGE>

nevertheless adopted certain procedures that substantially reflect and implement
the substance of these conditions. In this connection, the Board of Trustees of
each Fund has the obligation to monitor events in order to identify any material
irreconcilable conflict that may possibly arise and to determine what action, if
any, should be taken to remedy or eliminate the conflict.

CHANGES IN THE SUB-ACCOUNTS AND THE FUNDS

We may add, delete or combine Sub-Accounts. New Sub-Accounts will invest in
Funds we consider suitable. We may also substitute a new Fund or similar
investment option for the Fund in which a Sub-Account invests. We would make a
substitution to ensure the underlying Fund continues to be a suitable
investment. A substitution may be triggered by unsatisfactory investment
performance, a change in laws or regulations, a change in the Fund's investment
objectives or restrictions, a change in the availability of the Fund for
investment, or any other reason. Before any substitution, we will obtain any
required approvals, including approval from the SEC or from Policy holders.

FIXED ACCOUNT

The Net Premiums that you allocate to the Fixed Account will earn interest. We
guarantee that this interest rate will never be less than an effective annual
rate of at least 3%. We may, but are not required to, credit interest in excess
of this rate. Different excess rates of interest may apply to Net Premiums
allocated, or amounts transfers, to the Fixed Account on different dates. The
current interest rate of the Fixed Account at the time we issue your Policy is
shown in your Policy Schedule.

VALUATION OF YOUR INVESTMENT

SUB-ACCOUNTS

- ------------------------------------------------------------------------------
ACCUMULATION UNIT A unit of measure used to calculate
a Policy owner's share of a Sub-Account.
Although it is not the same as a mutual
fund share, it is similar.

- ------------------------------------------------------------------------------
ACCUMULATION UNIT VALUE The dollar value of an Accumulation Unit
in a Sub-Account.
- ------------------------------------------------------------------------------

The value of your interest in a Sub-Account is measured in Accumulation Units.
An Accumulation Unit is an accounting unit of measure. It is similar to a share
of a mutual fund. The value of an Accumulation Unit varies from day to day
depending on the investment performance of the Fund in which the Sub-Account is
invested and the expenses of the Sub-Account.

The Accumulation Unit Value of each Sub-Account is calculated on each day that
we and the New York Stock Exchange are open for business (Valuation Date). The
Accumulation Unit Value of a Sub-Account on any Valuation Date is calculated by
dividing the value of the Sub-Account's net assets by the number of Accumulation
Units credited to the Sub-Account on the Valuation Date.

<PAGE>

When you allocate Net Premiums, or transfer amounts, to a Sub-Account, your
Account Value is credited with Accumulation Units. Other transactions, such as
withdrawals and payments of the Monthly Deduction and Monthly Expense Charge,
will decrease the number of Accumulation Units.

The number of Accumulation Units added to or subtracted from your Account Value
is calculated by dividing the dollar amount of the transaction by the
Accumulation Unit Value for the Sub-Account at the close of trading on the
Valuation Date when we process the transaction. To calculate the Accumulation
Unit Value of a Sub-Account on any Valuation Date, we start with the
Accumulation Unit Value from the preceding Valuation Date and adjust it to
reflect the following items:

o The investment performance of the Sub-Account, which is based on
the investment performance of the corresponding Fund
o Any dividend or distributions paid by the corresponding Fund
o Any charges or credits for taxes that we determined were the
result of the investment operations of the Sub-Account
o The mortality and expense risk charge

FIXED ACCOUNT

The value of the Fixed Account is calculated daily and reflects the following
transactions:

o Net Premiums allocated to the Fixed Account
o Withdrawals from the Fixed Account
o Transfers to and from the Fixed Account
o Interest credited to the Fixed Account
o Charges assessed against the Fixed Account, such as the Cost of
Insurance Charges, the Monthly Deduction and Monthly Expense
Charges and any surrender charges

PERFORMANCE INFORMATION

We may include performance information for the Sub-Accounts in advertisements,
sales literature and reports to Policy holders or prospective investors.

We may report performance information in any manner permitted under applicable
law. For example, we may report the average annual total returns over various
time periods of the Funds in which the Sub-Accounts invest. Such returns would
reflect an annual reduction for investment management fees and Fund expenses,
but would not reflect charges at the SA1 level or the Policy level, such as
mortality and expense risk charges, cost of insurance charges, Monthly
Deductions or Monthly Expense Charges. The charges at the SA1 level and the
Policy level will vary from Policy to Policy because of the individual nature of
these charges. If the charges at the SA1 level or the Policy level were
included, the performance would be reduced.

<PAGE>

You can request a personalized illustration that shows the performance of a
hypothetical Policy. The illustration will be based either on actual historic
fund performance or on the hypothetical investment return that you request. The
Net Cash Surrender Value provided in the illustration will assume all Fund
charges and expenses, all SA1 charges and all other Policy charges are deducted.
The Account Value provided in the illustration will assume all charges except
the surrender charge are deducted.

We may also compare the performance of a Sub-Account to the performance of other
separate accounts or investments as listed in rankings prepared by independent
organizations that monitor the performance of separate accounts and other
investments. We may also include evaluations of the Sub-Accounts published by
nationally recognized ranking services or nationally recognized financial
publications.

Performance information for any Sub-Account reflects performance of a
hypothetical Policy. Your Policy's actual investment performance may not be the
same as the performance information of the hypothetical Policy. Therefore, you
should not consider the performance information to be an estimate or guarantee
for future performance.

VOTING RIGHTS

Because each Sub-Account invests in a corresponding Fund, CLIC is entitled to
vote at any meeting of the Fund's shareholders. CLIC, on behalf of SA1, votes
the shares of a Fund that are held by a Sub-Account according to the
instructions of the holders of the Policies who have invested in that
Sub-Account.

If you have money in a Sub-Account on the record date for a meeting of the
shareholders of the corresponding Fund, we will ask you for voting instructions.
Your voting instructions will apply to a specific number of Fund shares. We will
calculate this number by determining the percentage of the Sub-Account that you
own and applying this percentage to the total number of Fund shares that the
Sub-Account owns.

We will mail materials to you at least 14 days before the shareholder meeting so
you can provide your voting instructions to us. If we do not receive voting
instructions from you, we will still vote the shares for which you are entitled
to provide instructions. We will vote these shares in the same proportion as the
voting instructions received by Policy holders who provide instructions. If CLIC
itself is entitled to vote at the shareholders meeting, it will vote its shares
in the same manner.

We may not ask the Policy holders for voting instructions if the applicable
rules and regulations change and permit us to vote the shares of the Fund. We
may also change the manner in which we calculate the number of shares for which
you can provide voting instructions if the applicable rules and regulations
change.

We may disregard the voting instructions of Policy holders under certain
circumstances and state insurance regulators may require us to disregard these
instructions under certain circumstances. If we disregard the voting

<PAGE>

instructions we receive, we will include a summary of our actions in our next
report to you.

COLUMBUS LIFE INSURANCE COMPANY AND SEPARATE ACCOUNT 1

COLUMBUS LIFE INSURANCE COMPANY

Columbus Life Insurance Company (CLIC) is a stock life insurance company
organized under the laws of the State of Ohio on September 8, 1986. It is a
wholly-owned subsidiary of The Western and Southern Life Insurance Company, a
mutual life insurance company originally organized under the laws of the State
of Ohio on February 23, 1888. CLIC issues insurance and annuity contracts and is
located at 400 East Fourth Street, Cincinnati, Ohio 45202. CLIC is subject to
supervision by the department of insurance of the various states in which it is
licensed to transact business.

Investments allocated to the Fixed Account are held in CLIC's general account
along with CLIC's other assets. The interests of the Fixed Account have not been
registered under the Securities Act of 1933 and CLIC's general account has not
been registered as an investment company under the Investment Company Act of
1940. As a result, the staff of the SEC has not reviewed the information in the
Prospectus about the Fixed Account.

Because of state insurance law requirements, CLIC maintains reserves to cover
its obligations under the Policies. The assets in SA1 attributable to the
Policies make up a part of these reserves. Although these reserves support the
Policies, Policy owners have no ownership interest in these reserves and any
excess reserves will be for the benefit of CLIC and not the Policy owners. The
general account of CLIC is available to satisfy CLIC's obligations under the
Policies.

DIRECTORS OF CLIC. CLIC is managed by its Board of Directors, 4 of whom are also
officers of CLIC or The Western and Southern Life Insurance Company (WSLIC).
Each Director's principal business address is 400 East Fourth Street,
Cincinnati, Ohio 45202, unless otherwise noted. As of April 30, 1999, the
following persons serve as Directors of CLIC:

Name Principal Occupation (Past 5 years)

William J. Williams Chairman of the Board of CLIC
since 1989; Chairman of the Board of WSLIC
since 1989; Chief Executive Officer of WSLIC
1989-1994; Chairman of the Board and Chief
Executive Officer of Western-Southern Life
Assurance Company since 1989-1994.

John F. Barrett Vice-Chairman of the Board of CLIC since __;
President and Chief Executive Officer of
WSLIC; Chief Executive Officer of WSLIC
since 1994; President of WSLIC since 1989;
Chief Operating Officer of WSLIC 1989-1994;
President and Chief Executive Officer of
Western-Southern Life Assurance Company
(WSLAC); President of WSLAC since 1989;
Chief Executive Officer of WSLAC since 1994;
Chief Operating Officer of WSLAC 1989-1994.

<PAGE>

Paul H. Amato President and Chief Executive Officer of
CLIC since 1990.

James N. Clark

Robert C. Savage General Agent, Savage and Associates, 4427
Talmadge Road, Building 2, Toledo, Ohio
43623.

Ralph E. Waldo Retired President and Chief Executive
Officer of CLIC.

OFFICERS OF CLIC (OTHER THAN DIRECTORS). The senior officers of CLIC, other than
the Directors named above, and the officers responsible for the variable life
operations are described below. Each officer's principal business address is 400
East Fourth Street, Cincinnati, Ohio 45202, unless otherwise noted.

Name Principal Occupation (Past 5 years)

Dale P. Hennie Senior Vice President of CLIC
since _____; Senior Vice President of
Insurance Operations of WSLIC since 1997;
Vice President of WSLIC 1990-1997.

Nora E. Moushey Senior Vice President and Chief
Actuary of CLIC since _____; Senior Vice
President of Products and Financial
Management of CLIC from 1993-_____; Senior
Vice President and Chief Actuary of WSLIC
since 1998.

James M. Teeters Senior Vice President of Administration of
CLIC since 1991.

Robert L. Walker Senior Vice President and Chief
Financial Officer of CLIC; Senior Vice
President of CLIC since 1998; Chief
Financial Officer of CLIC since 1998; Senior
Vice President and Chief Financial Officer
of WSLIC since 1998; Chief Financial Officer
of National Data Corporation 1997-1998;
Senior Vice President and Chief Financial
Officer of Providian Corporation 1993-1997.

Mark A. Wilkerson Senior Vice President and Chief Marketing
Officer of CLIC since 1990.

William F. Ledwin Vice President and Chief Investment Officer
of CLIC; Vice President since ________;
Chief Investment Officer since _____;
President of Fort Washington Investment
Advisors, Inc. since 1990.

Thomas D. Holdridge Vice President of Underwriting of CLIC
since 1980.

<PAGE>

Donald J. Wuebbling Vice President and Secretary of
CLIC since _____; Vice President and General
Counsel of WSLIC since 1988.

Edward S. Heenan Vice President and Comptroller of
CLIC since _____; Vice President and
Comptroller of WSLIC since 1987.

James J. Vance Treasurer of CLIC since _____;
Treasurer of WSLIC since 1997; Assistant
Treasurer of WSLIC 1995-1997; Director of
Financial Research of WSLIC 1994-1995.

Charles W. Wood, Jr. Vice President of Marketing Support of CLIC
since 1998; Regional Vice President of Sales
of Ameritas Life Insurance Company
1996-1998; Senior Vice President and
Chief Marketing Officer of Covenant Life
Insurance Company 1988-1995.

Donald W. Kaplan Vice President of Financial
Projections of CLIC since _____; Vice
President of Financial Projections of WSLIC
since 1988.

Mario J. San Marco Vice President of CLIC since ______; Vice
President of WSLIC since 1988

The directors, officers and employees of CLIC [and Touchstone Securities] are
bonded in the amount of [$25,000,000 by a Financial Institutions Blanket Bond],
for any dishonest, fraudulent, or criminal act, wherever committed, and whether
committed alone or in collusion with others.

SEPARATE ACCOUNT 1

CLIC established Separate Account 1 (SA1) under Ohio law on September 10, 1998.
SA1 supports the Policies that it issues. SA1 is registered with the SEC as a
unit investment trust. We may operate SA1 as a management investment company or
any other form permitted by law. We may also deregister SA1 if registration with
the SEC is no longer required.

SA1 is currently divided into 18 Sub-Accounts. SA1 holds the investments
allocated to the Sub-Accounts by the holders of the Policies. It may also hold
assets for the benefit of holders of certain other variable universal life
insurance policies that it issues. SA1 invests the assets of each Sub-Account in
an underlying fund. The investment objective of a Sub-Account and the underlying
fund in which it invests are identical.

We own SA1's assets but we separate SA1's assets from our general account assets
and the assets of our other separate accounts. Liabilities from other businesses
we conduct will not be charged to SA1's assets. We hold SA1's assets exclusively
for the benefit of holders and beneficiaries of the Policies and any other
variable universal life policies supported by SA1. We is obligated to pay all
benefits provided under the Policies.

<PAGE>

The income, capital gains and capital losses of each Sub-Account are credited to
or charged against the assets of that Sub-Account without regard to the income,
capital gains or capital losses of any other Sub-Account or CLIC.

SERVICE PROVIDERS

DISTRIBUTION OF THE POLICIES

Touchstone Advisors, Inc. is the investment advisor for each Fund of TVST and
the sponsor of TVST, positions for which it does or may receive compensation.
Subject to the review and approval of the Board of Trustees of TVST, it selects
the Sub-Advisors for the Funds of TVST and regularly reviews the investment
strategies of each Sub-Advisor and the performance of each Fund. Its address is
311 Pike Street, Cincinnati, Ohio 45202. Touchstone Advisors, Inc. is a
wholly-owned subsidiary of IFS Financial Services, a wholly-owned subsidiary of
Western-Southern Life Assurance Company, a wholly-owned subsidiary of The
Western and Southern Life Insurance Company. [DESCRIBE AGREEMENTS IN MORE
DETAIL].

Investors Bank and Trust Company (IBT) provides administrative and fund
accounting services to TVST. IBT's address is 200 Clarendon Street, Boston,
Massachusetts 02116. IBT is not an affiliate of CLIC. [DESCRIBE AGREEMENTS IN
MORE DETAIL].

The Policy will be sold by licensed insurance agents in those states where the
Policy may be lawfully sold. Such agents will be registered representatives of
broker-dealers registered under the Securities Exchange Act of 1934 who are
members of the National Association of Securities Dealers, Inc. (NASD) and who
have entered into distribution agreements with Touchstone Securities, Inc.
Touchstone Securities, Inc. is the principal underwriter of the Policies. Its
principal business address is 311 Pike Street, Cincinnati, Ohio 45202.
Touchstone Securities is a wholly-owned subsidiary of IFS Financial Services, a
wholly-owned subsidiary of Western-Southern Life Assurance Company, a
wholly-owned subsidiary of The Western and Southern Life Insurance Company.
Touchstone Securities is a broker-dealer registered under the Securities
Exchange Act of 1934 and is a member of NASD and SIPC. [DESCRIBE AGREEMENTS IN
MORE DETAIL].

[Touchstone Securities pays sales commissions to persons or entities that sell
the Policies. These persons are called dealers. Sales commissions may be
calculated as a percentage of the premium payments received for a Policy or a
percentage of the Account Value. Sales commissions may also be based on a
dealer's total sales and other performance factors (sometimes called production
bonuses). Touchstone Securities may also pay dealers for other services not
directly related to Policy sales.] [DESCRIBE AGREEMENTS IN MORE DETAIL].

[ADDITIONAL NECESSARY INFORMATION TO BE SUBMITTED BY PRE-EFFECTIVE AMENDMENT]

SERVICE PROVIDERS TO THE FUNDS

The key service providers for each family of Funds in which the Sub-Accounts
invest are indicated below:

- ----------------------------------------------------------------------------------------------------------------------
AIM VARIABLE INSURANCE FUNDS, INC. (AIM)
ADVISOR CUSTODIAN UNDERWRITER
AIM Advisors, Inc. State Street Bank and Trust Company
11 Greenway Plaza, Suite 100 225 Franklin Street
Houston, Texas 77046 Boston, Massachusetts 02110
- ---------------------------------------- -------------------------------------- --------------------------------------

THE ALGER AMERICAN FUND (ALGER)
ADVISOR CUSTODIAN UNDERWRITER
Fred Alger Management, Inc.
75 Maiden Lane
New York, New York 10038
- ---------------------------------------- -------------------------------------- --------------------------------------

MFS VARIABLE INSURANCE TRUST (MFS)
ADVISOR CUSTODIAN UNDERWRITER
Massachusetts Financial Services State Street Bank and Trust Company
Company 225 Franklin Street
500 Boyleston Street Boston, Massachusetts 02110
Boston, Massachusetts 02116
- ---------------------------------------- -------------------------------------- --------------------------------------

PIMCO VARIABLE INSURANCE TRUST (PIMCO)
ADVISOR CUSTODIAN UNDERWRITER
Pacific Investment Management Company

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

TOUCHSTONE VARIABLE SERIES TRUST (TVST)
ADVISOR CUSTODIAN UNDERWRITER
Touchstone Advisors, Inc. Investors Bank & Trust Company
311 Pike Street 200 Clarendon Street
Cincinnati, Ohio 45202 Boston, Massachusetts 02116
- ---------------------------------------- -------------------------------------- --------------------------------------

</TABLE>

TAX MATTERS

The following is a discussion of certain federal income tax matters. We do not
intend this discussion to be tax advice, nor does the following summary purport
to be complete or to cover all situations. You should consult your own tax
advisor for more complete information.

The individual situation of each Policy owner or beneficiary will determine how
ownership or receipt of Policy proceeds will be treated for purposes of federal
estate tax, state inheritance tax and other taxes.

<PAGE>

The following discussion is based on current federal income tax law and
interpretations. The discussion is general in nature, and should not be
considered tax advice. It assumes that you are the Policy owner and you are a
natural person who is a U.S. citizen and resident. The tax effects on non-U.S.
residents or non-U.S. citizens may be different.

GENERAL. A Policy will be treated as "life insurance" for federal income tax
purposes (a) if it meets the definition of life insurance under Section 7702 of
the Internal Revenue Code (the "Code") and (b) for as long as the investments
made by the underlying mutual funds satisfy certain investment diversification
requirements under Section 817(h) of the Code.
We believe that the Policies will meet these requirements.

We also believe that:

o The death benefit received by the beneficiary under your Policy
will not be subject to federal income tax.

o Increases in your Policy's cash value as a result of investment
experience will not be subject to federal income tax unless and
until there is a distribution from your Policy, such as a
surrender or a partial withdrawal.

The federal income tax consequences of a distribution from your Policy can be
affected by whether your Policy is determined to be a "modified endowment
contract" (which is discussed below). In all cases, however, the character of
all income that is described below as taxable to the payee will be ordinary
income (as opposed to capital gain).

TESTING FOR MODIFIED ENDOWMENT CONTRACT STATUS. Your Policy will be a "modified
endowment contract" if, at any time during the first 7 Policy Years, you have
paid a cumulative amount of premiums that exceeds the premiums that would have
been paid by that time under a similar fixed-benefit insurance policy that was
designed (based on certain assumptions mandated under the Code) to provide for
paid-up future benefits after the payment of 7 level annual premiums. This is
called the "7-pay" test.

Whenever there is a "material change" under your Policy, it will generally be
(a) treated as a new contract for purposes of determining whether the Policy is
a modified endowment contract and (b) subjected to a new 7-pay period and a new
7-pay limit. The new 7-pay limit will take into account, under a prescribed
formula, the accumulation value of the Policy at the time of the material
change. A materially changed policy will be considered a modified endowment
contract if it fails to satisfy the new 7-pay limit. A material change for
these purposes could occur as a result of a change in death benefit option, the
selection of additional rider benefits, an increase in your Policy's Specified
Amount of coverage, and certain other changes.

If your Policy's benefits are reduced during the first 7 Policy Years (or within
7 years after a material change), the 7-pay limit will be recalculated based on
the reduced level of benefits and applied retroactively for purposes of the
7-pay test. (Such a reduction in benefits could include, for example, a
decrease in Specified Amount that you request or, in some cases, a partial
surrender or termination of additional benefits under a rider.) If the premiums

<PAGE>

previously paid are greater than the recalculated 7-pay limit, the Policy will
become a modified endowment contract.

A life insurance policy that is received in exchange for a modified endowment
contract will also be considered a modified endowment contract.

Changes made to your Policy (for example, a decrease in benefits or a lapse or
reinstatement of your Policy) may also impact the maximum amount of premiums
that can be paid under your Policy, as well as the maximum amount of
accumulation value that may be maintained under your Policy.

TAXATION OF PRE-DEATH DISTRIBUTIONS IF YOUR POLICY IS NOT A MODIFIED ENDOWMENT
CONTRACT.

Loans. As long as your Policy remains in force during the Insured's lifetime as
a non-modified endowment contract, no part of the proceeds of a loan from your
Policy will be subject to current federal income tax. Interest on the loan
generally will not be tax deductible.

Partial Withdrawals. After the first 15 Policy Years, the proceeds from a
partial withdrawal will not be subject to federal income tax except to the
extent such proceeds exceed your "basis" in your Policy. (Your "basis" in your
Policy generally will equal the premiums you have paid, less the amount of any
previous distributions from your Policy that were not taxable.) During the first
15 Policy years, the proceeds from a partial withdrawal or a reduction in
insurance coverage could be subject to federal income tax, under a complex
formula, to the extent that your cash value exceeds your basis in your Policy.

Surrender. Upon full surrender, any excess in the amount of proceeds we pay
(including amounts we use to discharge any Policy loan) over your basis in the
Policy will be subject to federal income tax. In addition, if your Policy
terminates while there is a Policy loan, the cancellation of the loan and
accrued loan interest will be treated as a distribution and could be subject to
tax under the above rules. Finally, if you make an assignment of rights or
benefits under your Policy, you may be deemed to have received a distribution
from your Policy, all or part of which may be taxable.

TAXATION OF PRE-DEATH DISTRIBUTIONS IF YOUR POLICY IS A MODIFIED ENDOWMENT
CONTRACT. If your Policy is a modified endowment contract, any distribution from
your Policy during the Insured's lifetime will be taxed on an "income-first"
basis. Distributions for this purpose include a loan (including any increase in
the loan amount to pay interest on an existing loan or an assignment or a pledge
to secure a loan) or partial withdrawal. Any such distributions will be
considered taxable income to you to the extent your cash value exceeds your
basis in the Policy. (For modified endowment contracts, your basis is similar to
the basis described above for other Policies, except that it also would be
increased by the amount of any prior loan under your Policy that was considered
taxable income to you.)

For purposes of determining the taxable portion of any distribution, all
modified endowment contracts issued by the same insurer (or its affiliate) to
the same owner (excluding certain qualified plans) during any calendar year are

<PAGE>

aggregated. The U.S. Treasury Department has authority to prescribe additional
rules to prevent avoidance of "income-first" taxation on distributions from
modified endowment contracts.

A 10% penalty tax also will apply to the taxable portion of most distributions
from a Policy that is a modified endowment contract. The penalty tax will not,
however, apply to distributions:

o To taxpayers 59 1/2 years of age or older
o In the case of a disability (as defined in the Code)
o Received as part of a series of substantially equal periodic
annuity payments for the life (or life expectancy) of the taxpayer
or the joint lives (or joint life expectances) of the taxpayer and
his or her beneficiary.

If your Policy terminates after a Grace Period while there is a Policy loan, the
cancellation of the loan will be treated as a distribution (to the extent not
previously treated as a distribution) and could be subject to tax, including the
10% penalty tax, as described above. In addition, upon a full surrender, any
excess of the proceeds we pay (including any amounts we use to discharge any
loan) over your basis in the Policy will be subject to federal income tax and,
unless an exception applies, the 10% penalty tax.

Distributions that occur during a Policy Year in which your Policy becomes a
modified endowment contract, and during any subsequent Policy Years, will be
taxed as described in the preceding paragraphs. In addition, distributions
from your Policy within 2 years before it becomes a modified endowment contract
also will be subject to tax in this manner. This means that a distribution made
from your Policy when it was not a modified endowment contract could later
become taxable as a distribution from a modified endowment contract. The
Treasury Department has been authorized to prescribe rules that would treat
similarly other distributions made in anticipation of a Policy becoming a
modified endowment contract.

POLICY LAPSES AND REINSTATEMENTS. The lapse of your Policy may have the tax
consequences described above, even though you may be able to reinstate your
Policy. For tax purposes, some reinstatements may be treated as the purchase of
a new insurance contract.

DIVERSIFICATION. Under Section 817(h) of the Code, the Treasury Department has
issued regulations that implement investment diversification requirements. If we
fail to comply with these regulations, your Policy would be disqualified as a
life insurance policy under Section 7702 of the Code. If your Policy were
disqualified, you would be subject to federal income tax on the income under
your Policy for the period of the disqualification and for subsequent periods.
SA1, through the Funds, intends to comply with these requirements.

In connection with the issuance of then temporary diversification regulations,
the Treasury Department stated that it anticipated the issuance of guidelines
about the circumstances in which your ability as a Policy owner to direct your
investment to particular mutual funds within SA1 may cause you, rather than
CLIC, to be treated as the owner of the assets in SA1. If you were considered
the owner of the assets of SA1, income and gains from the account would be
included in your gross income for federal income tax purposes. CLIC

<PAGE>

reserves the right to amend the Policies in any way necessary to avoid any such
result. As of the date of this Prospectus, no such guidelines have been issued,
although the Treasury Department has informally indicated that any such
guidelines could limit the number of investment funds or the frequency of
transfers among such funds. If these guidelines are issued, they may be applied
retroactively.

ESTATE AND GENERATION SKIPPING TAXES. If you are the Insured, the death benefit
under a Policy will generally be includable in your estate for purposes of
federal estate tax. If you are not the Insured, under certain conditions, only
an amount approximately equal to the cash surrender value of your Policy will
be includable.

Federal estate tax is integrated with federal gift tax under a unified rate
schedule. In general, estates less than [$625,000 (increasing annually,
beginning in 1999, to $1 million in 2006 and thereafter)] will not incur a
federal estate tax liability. In addition, an unlimited marital deduction may be
available for federal estate tax purposes.

If you are not the Insured, and you die before the Insured, the value of the
Policy, as determined under Internal Revenue Service regulations, is includable
in your estate for federal estate tax purposes. Whether a federal estate tax is
payable depends on a variety of factors, including those listed in the
preceding paragraph.

As a general rule, if a "transfer" is made to a person 2 or more generations
younger than you, a generation skipping tax may be payable at rates similar to
the maximum estate tax rate in effect at the time. The generation skipping tax
provisions generally apply to "transfers" that would be subject to the gift and
estate tax rules. Individuals are generally allowed an aggregate generation
skipping tax exemption of $1 million. Because these rules are complex, you
should consult with a qualified tax advisor for specific information, especially
where benefits are passing to younger generations.

The particular situation of each Policy owner, Insured or beneficiary will
determine how ownership or receipt of Policy proceeds will be treated for
purposes of federal estate and generation skipping taxes, as well as state and
local estate, inheritance and other taxes.

PENSION AND PROFIT-SHARING PLANS. If Policies are purchased by a trust or other
entity that forms part of a pension or profit-sharing plan qualified under
Section 401(a) of the Code for the benefit of participants covered under the
plan, the federal income tax treatment of such Policies will be somewhat
different from that described above.

If purchased as part of a pension or profit sharing plan, the reasonable net
premium cost for such amount of insurance is required to be included annually in
the plan participant's gross income. This cost (generally referred to as the
"P.S. 58" cost) is reported to the participant annually.

If the plan participant dies while covered by the plan and the Policy proceeds
are paid to the participant's beneficiary, then the excess of the death benefit
over the Policy's cash value will not be subject to federal income tax. However,
the Policy's cash value will generally be taxable to the extent it exceeds the

<PAGE>

participant's cost basis in the Policy. The participant's cost basis will
generally include the costs of insurance previously reported as income to the
participant. Special rules may apply if the participant borrowed from the
Policy or was an owner-employee under the plan.

There are limits on the amounts of life insurance that may be purchased on
behalf of a participant in a pension or profit-sharing plan. Complex rules, in
addition to those discussed above, apply whenever life insurance is purchased by
a tax qualified plan. You should consult a qualified tax advisor.

OTHER EMPLOYEE BENEFIT PROGRAMS. Complex rules may also apply when a Policy is
held by an employee or a trust, or acquired by an employee, in connection with
the provision of other employee benefits. These Policy owners must consider
whether the Policy was applied for by or issued to a person having an insurable
interest under applicable state law and with the insured person's consent. The
lack of an insurable interest or consent may, among other things, affect the
qualification of the Policy as life insurance for federal income tax purposes
and the right of the beneficiary to receive a death benefit.

ERISA. Employers and employer-created trusts may be subject to reporting,
disclosure and fiduciary obligations under the Employee Retirement Income
Security Act of 1974. You should consult a qualified legal advisor.

WITHHOLDING. Payments received from your Policy are generally subject to federal
income tax withholding, unless you elect not to have taxes withheld and you
notify us that you are making this election. In some cases, where generation
skipping taxes may apply, we may also be required to withhold for such taxes
unless we receice satisfactory written notification that no such taxes are due.

CHANGES IN TAX LAWS. Your Policy may be affected by changes that occur in the
federal income tax laws and by other tax laws, such as state or local income tax
laws, federal estate and gift tax laws and local estate and other similar laws.
We have not discussed the effect of possible tax law changes on your Policy in
this Prospectus. We suggest that you consult your tax advisor if you have
questions about the effects of possible changes in the tax laws.

TAXATION OF CLIC

CLIC is taxed as a life insurance company under federal income tax laws. CLIC
does not initially expect to incur any income tax on the earnings or the
realized capital gains attributable to SA1. If, in the future, CLIC determines
that SA1 may incur federal income taxes, then it may assess a charge against the
Sub-Accounts for those taxes. Any charge will reduce your Policy's Account
Value.

We may have to pay state, local or other taxes in addition to premium taxes. At
present, these taxes are not substantial. If they increase, charges may be made
for such taxes when they are attributable to SA1 or allocable to the Policies.

<PAGE>

Certain Funds in which the Sub-Accounts are invested may elect to pass through
to CLIC taxes withheld by foreign taxing jurisdictions of foreign source income.
Such an election may result in additional taxable income and income tax to CLIC.
The amount of the additional income tax, however, may be more than offset by
credits for the foreign taxes withheld that are also passed through. These
credits may provide a benefit to CLIC.

OTHER GENERAL INFORMATION

LEGAL MATTERS

Frost & Jacobs LLP has advised CLIC on certain federal securities law matters.
All matters of Ohio law pertaining to the Policy, including the validity of the
Policy and CLIC's right to issue the Policy under Ohio insurance law, have been
passed upon by Donald J. Wuebbling, Esq., Vice President and General Counsel of
CLIC.

EXPERTS

The consolidated financial statements of CLIC as of December 31, 1998, 1997, and
1996 have been included in this Prospectus in reliance upon the report of
PricewaterhouseCoopers LLP, independent certified public accountants, included
elsewhere herein, and upon the authority of said firm as experts in accounting
and auditing.

FINANCIAL STATEMENTS

The consolidated financial statements of CLIC are relevant only for the purpose
of showing the ability of CLIC to meet its contractual obligations under the
Policies. They do not show or contain any information about the investment
performance of SA1. This Prospectus contains no financial statements for SA1,
which commenced operations as of the date of this Prospectus.

SUPPLEMENT A

TABLE OF APPLICABLE DEATH BENEFIT FACTORS

INSURED'S AGE LAST APPLICABLE INSURED'S AGE APPLICABLE INSURED'S AGE APPLICABLE
POLICY ANNIVERSARY DEATH BENEFIT LAST POLICY DEATH BENEFIT LAST POLICY DEATH BENEFIT
FACTOR ANNIVERSARY FACTOR ANNIVERSARY FACTOR

1 through 40 2.50 54 1.57 68 1.17
41 2.43 55 1.50 69 1.16
42 2.36 56 1.46 70 1.15
43 2.29 57 1.42 71 1.13
44 2.22 58 1.38 72 1.11
45 2.15 59 1.34 73 1.09
46 2.09 60 1.30 74 1.07
47 2.03 61 1.28 75 through 90 1.05
48 1.97 62 1.26 91 1.04
49 1.91 63 1.24 92 1.03
50 1.85 64 1.22 93 1.02
51 1.78 65 1.20 94 1.01
52 1.71 66 1.19 95 or higher 1.00
53 1.64 67 1.18

</TABLE>

<PAGE>

SUPPLEMENT B

CONTINUATION UNDER THE TERM NO-LAPSE GUARANTEE PROVISION

To determine if your adjusted total premium payments are sufficient for
continuation of your Policy when the Term No-Lapse Guarantee applies, we use the
following procedure:

o We determine your ADJUSTED TOTAL PREMIUM PAYMENTS (the total
amount of your premium payments less the amount of any withdrawals
and the amount of your Loan Account).
o We determine if you have made any changes in your Policy that
resulted in a change in the Monthly Deduction. In this discussion,
we call this type of change a POLICY CHANGE.
o We determine the TOTAL REQUIRED AMOUNT for this guarantee
provision.

o If you have not made any POLICY CHANGES, the TOTAL REQUIRED
AMOUNT is 1/12th of the applicable Minimum Annual Premium for
the Term No-Lapse Guarantee multiplied by the number of months
from the Policy Date to the next Monthly Anniversary Day. The
Minimum Annual Premium for the Term No-Lapse Guarantee under
your Policy is shown in your Policy Schedule.

For example, if the Minimum Annual Premium for the Term
No-Lapse Guarantee is $1,200, your Policy Date is June 15, and
the next Monthly Anniversary Day is March 15, and you have not
made any POLICY CHANGE, the REQUIRED AMOUNT is $900 ($100
($1,200 divided by 12) x 9 (number of months in the period)).

o If you have made a POLICY CHANGE, we calculate a REQUIRED
AMOUNT for the period from the Policy Date to the date on
which the POLICY CHANGE was effective and a REQUIRED AMOUNT
for the period from the date on which the POLICY CHANGE was
effective to the next Monthly Anniversary Day. Each
calculation is based on the Minimum Annual Premium for the
Term No-Lapse Guarantee applicable for the period. We then add
the 2 REQUIRED AMOUNTS to determine the TOTAL REQUIRED AMOUNT.
o If you have made more than one POLICY CHANGE, we calculate a
REQUIRED AMOUNT for each period. We then add the REQUIRED
AMOUNTS to determine the TOTAL REQUIRED AMOUNT.

o We then compare your ADJUSTED TOTAL PREMIUM PAYMENTS to the
TOTAL REQUIRED AMOUNT.

o If your ADJUSTED TOTAL PREMIUM PAYMENTS are equal to or
greater than the TOTAL REQUIRED AMOUNT, your Policy will
continue to be effective.

o If your ADJUSTED TOTAL PREMIUM PAYMENTS are less than the
TOTAL REQUIRED AMOUNT, a Grace Period will start.

CONTINUATION UNDER THE LIFETIME NO-LAPSE GUARANTEE PROVISION

<PAGE>

To determine if your adjusted total premium payments are sufficient for
continuation when the Lifetime No-Lapse Guarantee applies, we use the procedure
described above, but we base our calculation of the TOTAL REQUIRED AMOUNT on the
Minimum Annual Premium for the Lifetime No-Lapse Guarantee under your Policy as
shown on your Policy Schedule.

<PAGE>

CLIC FINANCIAL STATEMENTS

[TO BE FILED BY PRE-EFFECTIVE AMENDMENT]

<PAGE>

GLOSSARY

ACCOUNT VALUE The sum of the value of your
investments in the Sub-Accounts,
the value of your investments in
the Fixed Account and the value
of your Loan Account.

ACCUMULATION UNIT A unit of measure used to
calculate a Policyholder's share
of a Sub-Account.

ACCUMULATION UNIT VALUE The dollar value of an Accumulation
Unit in a Sub-Account.

ATTAINED AGE We determine the Attained Age of the
Insured at various times for various
reasons.

o At the time we issue
your Policy, the Insured's
Attained Age is the
Insured's age on the
Policy Date.
o After we issue your
Policy, the Insured's
Attained Age generally
is the Insured's age on
the last Policy
Anniversary on or before
the Monthly Anniversary
Date.
o If you increase the
Specified Amount after
we issue your Policy,
the Insured's Attained
Age, for purposes of
determining Cost of
Insurance Charges
applicable to the
increase, is the
Insured's age on the
last anniversary of the
increase on or before
that Monthly Anniversary
Date.

BENEFICIARY The person or persons you have
named to receive the Death
Proceeds when the Insured dies.

CASH SURRENDER VALUE The Account Value minus any
surrender charge.

CLIC, WE, US AND OUR Columbus Life Insurance Company.

COST OF INSURANCE CHARGES The amount deducted to pay for
insurance coverage under your
Policy.

DEATH BENEFIT The amount we pay to the
Beneficiary under the Policy when
the Insured dies.

DEATH PROCEEDS Death Benefit plus any
insurance on the Insured's life
that was provided by riders to
your Policy.

FIXED ACCOUNT An investment option that provides a fixed
rate of interest.

FUND Each Sub-Account invests in a Fund
that has the same investment objective
as the Sub-Account. Each Fund is a series
of a registered management investment
company.

<PAGE>

INDEBTEDNESS The sum of the value of your Loan
Account plus accrued interest on
the loan.

INSURED The person on whose life we
provide insurance coverage under
your Policy.

LOAN ACCOUNT The portion of your Account Value
that is collateral for your loans.

MINIMUM ISSUE LIMIT The minimum amount of insurance you
must purchase and maintain. If
the Insured is in a standard
premium class, the Minimum Issue
Limit is $25,000. If the Insured
is in a preferred premium class,
the Minimum Issue Limit is
$100,000.

MONTHLY ANNIVERSARY DAY The same date of each month
as the Policy Date.
This is the date each month on
which we deduct the Monthly
Deduction and Monthly Expense
Charge.

MONTHLY DEDUCTION The Monthly Deduction
includes the amount deducted for
the Cost of Insurance Charge plus
the cost of any additional
benefit provided under your
Policy by rider.

MONTHLY EXPENSE CHARGES The Monthly Expense Charge covers
the cost of administering your
Policy.

NET CASH SURRENDER VALUE Your Account Value minus any
surrender charge and any Indebtedness.

NET PREMIUMS The amount of premium payment you paid
less the Premium Expense Charge and
less the Tax Charge.

PAYEE The person who actually receives the
payment of proceeds from us under one of
the Income Plans. Depending on the
circumstances, the Payee might mean you,
the Beneficiary, the Contingent
Beneficiary, your estate or another
designated person.

POLICY The Columbus Life Variable
Universal Life Policy, including
the application and any
amendments, riders or
endorsements.

POLICY ANNIVERSARY The same date each year as the Policy
Date.

POLICY DATE The effective date of your Policy.

POLICY SCHEDULE The schedule that begins on page 3
of your Policy. It contains
specific information about your
Policy such as the Specified
Amount, your planned premium, the
Death Benefit option you
selected, required payments for
guaranteed continuation of your
Policy and the amount of various
charges.

POLICY YEAR A year that starts on the your
Policy Date or the anniversary of
your Policy Date.

<PAGE>

SA1 A separate account of Columbus
Life Insurance Company that
supports your Policy.

SPECIFIED AMOUNT The amount of insurance coverage
your selected.

SUB-ACCOUNTS A division of Separate Account 1.
Each Sub-Account invests in a
Fund, which has the same
investment objective as the
Sub-Account.

SURRENDER CHARGE If the Specified Amount of
your Policy decreases, you will
pay a surrender charge under
certain circumstances.

<PAGE>

BACK COVER

This booklet contains the Columbus Life Variable Universal Life Insurance
Prospectus and the current prospectuses of AIM Variable Insurance Funds, Inc.,
The Alger American Fund, MFS Variable Insurance Trust, PIMCO Variable Insurance
Trust and Touchstone Variable Series Trust. You should rely only on the
information contained in the Policy (including any attached riders or
endorsements), this Prospectus or our approved sales literature.

No one is authorized to give any information or make any representation other
than those contained in the Policy (including any attached riders or
endorsements), this Prospectus or our approved sales literature.

<PAGE>

PART II

INFORMATION NOT REQUIRED TO BE FILED IN A PROSPECTUS

UNDERTAKING TO FILE REPORTS

Subject to the terms and conditions of Section 15(d) of the Securities Exchange
Act of 1934, the undersigned Registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and reports as may be prescribed by any rule or regulation of the
Commission heretofore or hereafter duly adopted pursuant to authority conferred
in that section.

INFORMATION AND UNDERTAKING PURSUANT TO RULE 484(B)(1) UNDER THE SECURITIES
ACT OF 1933

Description of indemnification provisions applicable to Columbus Life Insurance
Company to be filed by Pre-Effective Amendment to this Registration Statement on
Form S-6.

Insofar as indemnification for liability arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

REPRESENTATION REGARDING THE REASONABLENESS OF AGGREGATE FEES AND CHARGES
DEDUCTED UNDER POLICIES PURSUANT TO SECTION 26(E)(2)(A) OF THE INVESTMENT
COMPANY ACT OF 1940

Pursuant to Section 26(e) of the Investment Company Act of 1940, as amended,
Columbus Life Insurance Company represents that, with respect to the Policies
registered with the Securities and Exchange Commission by this Registration
Statement, as it may be amended, and offered by the Prospectus included in the
Registration Statement, all fees and charges imposed for any purpose and in any
manner and deducted under the Policies, in the aggregate, are reasonable in
relation to the services rendered, the expenses expected to be incurred, and the
risks assumed by Columbus Life Insurance Company.

II-1

<PAGE>

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement comprises the following papers and documents:

The facing sheet

Reconciliation and tie between the Items in Form N-8B-2 and the
Prospectus

The Prospectus consisting of 77 pages

The undertaking to file reports

Other undertakings and representations

The signatures

Written consents*

The following exhibits:

1. Exhibits required by Article IX, paragraph A, of Form N-8B-2:

(1) Resolution of Board of Directors of
the Company dated September 10, 1998
authorizing the establishment of the
Separate Account filed herewith.

(2) Not applicable

(3) (a) Agreement between the Company, on
behalf of Separate Account 1, and
Touchstone Securities, Inc.*

(b) Specimen of typical agreement(s)
between Touchstone Securities, Inc.
and dealers, managers, sales
supervisors and salesmen.*

(4) Not applicable

(5) Form of Flexible Premium Variable
Universal Life Insurance Policy filed
herewith.

(6) (a) Certificate of Incorporation of the
Company*

(b) By-Laws of the Company*

(7) Not applicable

II-2

<PAGE>

(8) Agreement between the Company, on
its behalf and Separate Account 1,
with the issuer, depositor, principal
underwriter or investment adviser of
any underlying investment company*

(9) Not applicable

(10) Form of Application for Flexible
Premium Variable Universal Life
Insurance Policy*

2. Opinion and Consent of Counsel*

3. None

4. Not Applicable

5. Not required

99.(1) Actuarial Opinion and Consent*

99.(2) Consent of PricewaterhouseCoopers LLP*

99.(3) Powers of Attorney filed herewith.

* To be filed by pre-effective amendment to this Registration Statement on Form
S-6.

II-3

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Columbus Life Insurance Company Separate Account 1, has duly caused
this Registration Statement to be signed on its behalf by the undersigned
thereunto duly authorized in the City of Cincinnati and State of Ohio, on the
22nd day of April, 1999.

COLUMBUS LIFE INSURANCE COMPANY SEPARATE ACCOUNT 1

By: COLUMBUS LIFE INSURANCE COMPANY

By: /s/ Paul H. Amato
-----------------
Paul H. Amato
President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated.

PRINCIPAL EXECUTIVE OFFICER:

/s/ Paul H. Amato
-----------------
Paul H. Amato
President and Chief Executive Officer
April 22, 1999

PRINCIPAL ACCOUNTING AND FINANCIAL OFFICER:

/s/ Robert L. Walker
--------------------
Robert L. Walker
Chief Financial Officer
April 22, 1999

DIRECTORS:
William J. Williams*
John H. Barrett*
Paul H. Amato*
James N. Clark*
Robert C. Savage*
Ralph E. Waldo*

*By: /s/ Paul H. Amato
-----------------
Paul H. Amato
as attorney in fact for each Director
April 22, 1999

II-4

<PAGE>

EXHIBIT INDEX

EXHIBIT NO. DESCRIPTION PAGE

1. (1) Resolution of Board of Directors of the Company
establishing Separate Account 1

1. (5) Form of Flexible Premium Variable Universal Life
Insurance Policy

99. (3) Powers of Attorney

COLUMBUS LIFE INSURANCE COMPANY
EXECUTIVE COMMITTEE ACTION
SEPTEMBER 10, 1998

RESOLUTION AUTHORIZING APPLICATION
FOR VARIABLE AUTHORITY AND ESTABLISHING SEPARATE ACCOUNT
FOR VARIABLE PRODUCTS

The undersigned, being all of the members of the Executive Committee of
Columbus Life Insurance Company, do by this writing unanimously take the
following action:

WHEREAS, the Company wishes to develop variable products; and

WHEREAS, in order to develop such a products applications for variable
authority must be filed with the insurance departments of all the states in
which the Company is licensed to do business and a separate account must be
established as a depository of the premiums paid under such products and
allocated to the variable account options under such products;

NOW, THEREFORE, BE IT RESOLVED:

A. That the officers of the Company be, and each of them hereby,
is authorized, directed and empowered to take any and all
action which, in the judgment of any such officer, is
necessary and appropriate in order to obtain variable
authority from the states in which the Company is licensed to
do business;

B. That the Company establish a separate account pursuant to the
provisions of Section 3907.15, Ohio Revised Code, to be called
the Columbus Life Insurance Company Separate Account 1 (the
"Separate Account");

C. That the purpose of the Separate Account is to receive funds
deposited therein as premium payments for variable products
issued by the Company through the Separate Account and to
invest, manage and deal with such funds in accordance with the
terms of such products;

D. That pursuant to Section 3907.15, Ohio Revised Code, the
products issued in respect of the Separate Account shall
provide that that portion of the assets of the Separate
Account equal to the reserves and other liabilities under all
products and other contracts identified with such account
shall not be chargeable with liabilities, or otherwise subject
to claims, arising out of any other business in which the
Company may be engaged;

E. That the Company and the Separate Account shall make
application to the Securities and Exchange Commission (the
"Commission") for any exemption determined to be necessary

<PAGE>

under any provision of The Investment Company Act of 1940 (the
"Act");

F. That the President or any Vice President of the Company be,
and each of them hereby is, authorized, directed and empowered
to file the above mentioned application or applications (and
such amendments thereto as the President or any such Vice
President, or any of them, may deem appropriate) and to take
any such further action in connection therewith as the
President or any such Vice President, or any of them, may deem
appropriate, the filing of such amendments or the taking of
such further action being conclusive evidence that the same is
or are appropriate;

G. That the officers of the Company be, and each of them hereby
is, authorized, directed and empowered to cause to be filed
with the Commission with respect to the offering of variable
products through the Separate Account a registration statement
under the Act and under the Securities Act of 1933;

H. That the officers of the Company be, and each of them hereby
is, authorized, directed and empowered to take any and all
action which, in the judgment of any such officer, is
necessary and appropriate in order to cause such variable
products to be eligible for offering and sale under the
securities and insurance laws of any jurisdiction in which
the Company is qualified to issue such policies, including,
but not limited to, making application for and obtaining
qualification or registration under such laws and, in that
connection, executing and filing such documents, and making
any agreements that may appear necessary, useful or
appropriate with respect thereto, the taking of any
such action to be conclusive evidence of the necessity and
appropriateness thereof;

I. That the officers of the Company be, and each of them hereby
is, authorized, directed and empowered to execute such
additional documents and take such other and further action as
any such officer may deem necessary or appropriate for the
purpose of effecting the transactions contemplated by the
foregoing resolutions, the taking of any such action to be
conclusive evidence of the necessity and appropriateness
thereof;

J. That the fundamental investment policy of the Separate Account
shall be to invest or reinvest its assets in securities issued
by investment companies registered under the Investment
Company Act of 1940, as may be specified in the respective
variable products;

K. That specialized investment divisions may be established
within the Separate Account to which net payments under the
products will be allocated in accordance with instructions
received from the policyholder, and that the Company is hereby
authorized to create such divisions and to increase or
decrease the number of such divisions as it deems necessary or
appropriate from time to time;

<PAGE>

L. That each such investment division shall invest only in the
shares of a single mutual fund or a single mutual fund
portfolio of an investment company organized as a series fund
pursuant to the Investment Company Act of 1940;

M. That the officers of this Company be, and each of them
hereby is, authorized and empowered, in the names and on
behalf of the Separate Account and the Company to execute and
file irrevocable written consents on the part of the Separate
Account and the Company, to be used in those states wherein
the products will be offered and such consents to service of
process as may be required under the insurance or securities
laws of such states in connection with the registration or
qualification of the policies and, as necessary, to appoint
the appropriate state official, or such other person as may
be allowed by the insurance or securities laws, as agent or
agents of the Separate Account and of the Company for the
purpose of receiving and accepting process;

N. That the officers of the Company be, and each of them hereby
is, authorized and empowered to establish procedures under
which the Company will provide voting rights for owners of the
products with respect to securities owned by the Separate
Account;

O. That the officers of the Company be, and each of them hereby
is, authorized and empowered to execute such agreement or
agreements as may be deemed necessary or appropriate (a) with
a qualified entity under which such entity will be appointed
principal underwriter and distributor for the products and (b)
with one or more other qualified entities to provide any
services deemed necessary in connection with the establishment
and maintenance of the Separate Account and the design,
issuance and administration of the products; and

P. That the officers of this Company be, and each of them hereby
is, authorized and empowered to enter into such agreement or
agreements as may be necessary or appropriate in connection
with the investment by the Separate Account in one or more
investment companies.

/s/ Paul H. Amato
-----------------
Paul H. Amato

/s/ John F. Barrett
-------------------
John F. Barrett

/s/ William J. Williams
-----------------------
William J. Williams

Life Insurance Policy

Coverage Provided By This Policy. We agree to pay the Death Benefit to the
Beneficiary when We receive proof of the death of the Insured while this policy
is in effect, subject to the terms of this policy. The Death Benefit is
explained in the Death Benefit Provisions section.

The amount or the duration of the Death Benefit may be fixed or may increase or
decrease depending upon the investment results of the Sub-Accounts You select,
and upon the Death Benefit Option selected. The Account Value may increase or
decrease without limit depending upon the investment results of the Sub-Accounts
You select. There is no minimum guaranteed Account Value for amounts You
allocate to the Sub-Accounts.

Premiums are payable on this policy until the day before the policy anniversary
on which the Insured is age 100. If the policy is still in effect at that time,
the insurance coverage provided by this policy will continue until the death of
the Insured, as explained in the Extended Maturity Benefit Provisions section,
with no further premium payments.

Ten-Day Right To Examine the Policy (Free Look Period). Please read Your policy
carefully. If You are not satisfied with it, You may return it to Us within 10
days after You receive it. Mail or deliver the policy to Us at Our Home Office
(P.O. Box 5737, Cincinnati, Ohio 45201-5737) or to the agent through whom You
purchased it. The policy will be deemed void as though it had never been applied
for. We will refund to You an amount equal to the sum of (1) the difference
between any premiums You have paid, including fees and charges, and the amounts
allocated to the Variable Account, (2) the Variable Account Value on the date
Your cancellation request is received by Us or the agent through whom You
purchased this policy, and (3) any fees or charges imposed on amounts allocated
to the Variable Account.

This policy is a legal contract between You, as Owner, and Columbus Life
Insurance Company.

Signed for Columbus Life Insurance Company at Cincinnati, Ohio.

PLEASE READ YOUR POLICY CAREFULLY

Flexible Premium Variable Universal Life Policy
Flexible Premiums Payable During Life of Insured to Age 100
Death Benefit Payable at Death of Insured
Period of Coverage Not Guaranteed
Non-Participating

TABLE OF CONTENTS

POLICY SCHEDULE 3 POLICY VALUES 16
3
DEFINITIONS 4 Account Value 16
THIS POLICY IS A CONTRACT 7 Cash Surrender Value 16
OWNERSHIP PROVISIONS 7 Net Cash Surrender Value 16
Owner, Contingent Owner Withdrawal or Partial Surrender 16
and Joint Owner 7 LOAN PROVISIONS 17
BENEFICIARY PROVISIONS 8 Right to Borrow and
Primary Beneficiary and Maximum Loan 17
Contingent Beneficiary 8 Loan Account 17
DEATH BENEFIT PROVISIONS 8 Loan Interest 17
Death Benefit 8 Policy Termination 17
Death Benefit Options 8 Repaying Loans 17
Specified Amount and Death POLICY COSTS AND CHARGES 18
Benefit Option Changes 9 Premium Expense Charges 18
PREMIUM PAYMENT PROVISIONS 10 Tax Charges 18
Payment of Premiums 10 Cost of Insurance Charges 18
Planned Premiums 10 Monthly Deduction and
Grace Period and Termination Monthly Expense Charge 18
of Coverage 11 Mortality and Expense
REINSTATEMENT 11 Risk Charge 18
GUARANTEES OF CONTINUED COVERAGE 11 Surrender Charges 19
MINIMUM ANNUAL PREMIUMS 11
Minimum Annual Premiums 11 PAYMENT OF PROCEEDS 19
Term No-Lapse Guarantee 11 Policy Proceeds 19
Lifetime No-Lapse Guarantee 12 How We Pay 19
EXTENDED MATURITY BENEFIT PROVISIONS 12 How to Claim Death Proceeds 19
VARIABLE ACCOUNT PROVISIONS 13 Calculation of Death Proceeds 20
Separate Account 13 CHOOSING AN INCOME PLAN 20
Sub-Accounts 13 The Income Plans 20
Variable Account 13 GENERAL PROVISIONS 23
Valuation Date and Annual Report 23
Valuation Period 13 Projection of Benefits
Accumulation Unit 13 and Values 23
Net Investment Factor 13 Ownership and Insulation
Crediting and Deduction of of Assets 23
Accumulation Units 14 Reliance 23
Addition, Deletion or Limits on Our Contesting
Substitution of Investments 14 This Policy 23
FIXED ACCOUNT PROVISIONS 14 Conversion to a Fixed Policy 23
Fixed Account 14 Suicide 24
Fixed Account Value 15 Error in Age or Sex 24
Interest Rate 15 Claims of Creditors 24
ALLOCATION OF PREMIUMS 15 Assignment 24
DOLLAR COST AVERAGING 15 Required Note on
TRANSFER PROVISIONS 15 Our Computations 24
Transfers 15 Authority to Make
Limitation on Transfers Agreements 24
from the Fixed Account 16 Conformity with Laws 25
Taxes 25
Termination 25
Notices 25
Nonparticipating 25

</TABLE>
<PAGE>

Definitions

YOU AND YOUR. In this policy, You and Your refer to the Owner of the policy.
In the application, You and Your refer to the proposed Insured.

WE, OUR AND US. Columbus Life Insurance Company.

ACCOUNT VALUE. The sum of Your interest in the Fixed Account, the Variable
Account and the Loan Account. The Account Value section explains how to
calculate the Account Value.

ACCUMULATION UNIT. An accounting unit of measure that We use to calculate the
Variable Account Value.

AMOUNT AT RISK. The amount by which the Death Benefit plus any Indebtedness
exceeds the Account Value.

ATTAINED AGE. The Age of the Insured on the last anniversary of the Policy
Date or of the date of any increase.

BENEFICIARY OR PRIMARY BENEFICIARY. The person or persons You have named to
receive the Death Benefit when the Insured dies.

CASH SURRENDER VALUE. The Account Value, less any applicable Surrender Charges.

CONTINGENT BENEFICIARY. The person or persons You have named to receive the
Death Benefit if none of the Primary Beneficiaries is living when the Insured
dies.

CONTINGENT OWNER. The person You have named to be the Owner of this policy
if You die before the Insured.

CONTINGENT PAYEE. The person who will receive any amount still due under an
Income Plan when the Payee dies.

COST OF INSURANCE CHARGES. The amount deducted each Monthly Anniversary Day for
insurance coverage under this policy, as described in the Cost of Insurance
Charges section.

FIXED ACCOUNT. An option under this policy which allows You to allocate Your Net
Premiums to Our general account, or to transfer amounts from the Variable
Account to Our general account, in order to earn interest at an effective annual
rate guaranteed to be not less than 3.00%.

GUARANTEED MINIMUM CONTINUATION PERIOD. The period shown on the Policy Schedule
during which We guarantee that this policy will not terminate or begin the Grace
Period, provided certain conditions are met, as described in the Guarantees of
Continued Coverage section.

INDEBTEDNESS. Any policy loan plus any accrued loan interest.

INSURED. The person named on the application on whose life this policy
provides insurance coverage.

LIFETIME NO-LAPSE GUARANTEE. Our guarantee that this policy will never terminate
or begin the Grace Period, provided certain conditions are met, as described in
the Guarantees of Continued Coverage section.

LOAN ACCOUNT. The portion of the Account Value which is collateral for loan
amounts and any interest due which remains unpaid.

MONTHLY ANNIVERSARY DAY. The same date of each month as the Policy Date. This is
the date each month on which We deduct the Monthly Deduction and the Monthly
Expense Charges.

MONTHLY DEDUCTION. The amount deducted each Monthly Anniversary Day for the Cost
of Insurance Charges plus the cost of any additional benefits provided under
this policy by rider.

MONTHLY EXPENSE CHARGE. The amount deducted each Monthly Anniversary Day to
cover Our expenses of administering this policy. The maximum Monthly Expense
Charge is shown on the Policy Schedule.

<PAGE>

MORTALITY AND EXPENSE RISK CHARGE.
The amount deducted to compensate Us for assuming the mortality and expense risk
of this policy. The maximum Mortality and Expense Risk Charge is shown on the
Policy Schedule.

NET CASH SURRENDER VALUE. The Account Value, less any applicable Surrender
Charge, less any Indebtedness.

NET INVESTMENT FACTOR. A factor which reflects the investment gain or loss of
a Sub-Account from one Valuation Period to the next.

NET PREMIUM. The amount of premium paid less the Premium Expense Charge and
the Tax Charge.

OWNER OR JOINT OWNER. The person or persons who have all rights under this
policy. If there are Joint Owners, both must consent in writing to the exercise
of any right under this policy.

PLANNED PREMIUM. The amount and frequency of the premium You have indicated
You plan to pay, as shown on the Policy Schedule.

POLICY DATE. The date from which policy months, years and anniversaries are
measured.

POLICY SCHEDULE. The schedule on page 3 of this policy, or the most recent
amended Policy Schedule We have sent You to
replace it.

PORTFOLIO. A separate investment fund in which a Sub-Account of the Separate
Account invests.

PREMIUM EXPENSE CHARGE. The percentage deducted from each premium payment
before it is allocated, for Our distribution expenses. The maximum Premium
Expense Charge is shown on the Policy Schedule.

SEPARATE ACCOUNT. Columbus Life Insurance Company Separate Account 1.

SPECIFIED AMOUNT. The amount of insurance coverage You have selected, as
shown on the Policy Schedule.

SUB-ACCOUNT. A sub-division of the Separate Account. Each Sub-Account
invests in a different Portfolio. The Sub-Accounts are shown on the Policy
Schedule.

SURRENDER CHARGES. An amount which will be deducted from the Account Value if
this policy, or any part of it, is surrendered or withdrawn, or if the Specified
Amount is decreased. A Surrender Charge would also be deducted on any date when
the Grace Period ends without sufficient premium being paid to keep the policy
in force.

TAX CHARGE. The percentage deducted from each premium payment before it is
allocated to cover state premium taxes, if any, and premium-based federal taxes.
The maximum Tax Charge is shown on the Policy Schedule.

TERM NO-LAPSE GUARANTEE. Our guarantee that this policy will not terminate or
begin the Grace Period during the Guaranteed Minimum Continuation Period shown
on the Policy Schedule, provided certain conditions are met, as described in the
Guarantees of Continued Coverage section.

VALUATION DATE. Any date on which We are open for business and the New York
Stock Exchange is open for trading.

VALUATION PERIOD. A period beginning with the close of business on the New York
Stock Exchange on one Valuation Date and ending at the close of business on the
New York Stock Exchange on the next Valuation Date.

VARIABLE ACCOUNT. An option under this policy which allows You to allocate Your
Net Premiums to one or more Sub-Accounts of the Separate Account, or to transfer
amounts from the Fixed Account to one or more Sub-Accounts of the Separate
Account.

VARIABLE ACCOUNT VALUE. The current value of all Your Accumulation Units in the
Sub-Accounts to which You have allocated Net Premiums, or to which You have
transferred amounts from the Fixed Account.

<PAGE>

This Policy Is A Contract
This policy is a contract between You and Us to insure the life of the Insured.
We provide insurance coverage and other benefits described in this policy. Our
decision to do this is based on the completed application and payment by You of
premiums.

Whenever We refer to the policy, We mean the entire contract. The entire
contract consists of:

the basic policy;
the attached application;
any attached supplemental applications; and
any attached riders or endorsements.

Riders and endorsements add provisions or change the terms of the basic policy.

Ownership Provisions

Owner, Contingent Owner and Joint Owner
You have all rights in this policy, subject to any assignment and to the rights
of any irrevocable Beneficiary You have named. During the life of the Insured,
You may exercise the following rights, subject to the terms of this policy:

(1) the right to change the Specified Amount;
(2) the right to change the amount or frequency of Planned Premium;
(3) the right to change the Death Benefit Option;
(4) the right to assign the policy;
(5) the right to change the Owner or Beneficiary;
(6) the right to surrender this policy;
(7) the right to take loans;
(8) the right to take partial withdrawals;
(9) the right to make transfers;
(10) the right to change Net Premium allocations; and
(11) any other rights under this policy.

If You are not the Insured, You may name a Contingent Owner. If You die before
the Insured, ownership would then pass to the Contingent Owner. If there is no
Contingent Owner, Your estate would become the Owner.

This policy may be owned by two persons as Joint Owners. In that case, both
Joint Owners must consent in writing to the exercise of any rights under the
policy. You must also have the consent of any irrevocable Beneficiary to
exercise Your rights under this policy. You do not need the consent of a
Contingent Owner or a revocable Beneficiary to exercise any of Your rights.

You may change the Owner, or change or revoke any Contingent Owner designation,
at any time by written notice to Us. The change will take effect on the date You
signed the notice, but We will not be liable for any actions We take before We
receive the notice at Our Home Office. A change of Owner automatically revokes
any Contingent Owner designation. A change of Owner, or a change or revocation
of a Contingent Owner designation, does not automatically change or revoke a
prior Beneficiary designation.

Beneficiary Provisions

Primary Beneficiary and Contingent Beneficiary
The Beneficiary will receive the Death Benefit upon the Insured's death. Unless
You change them later, the Primary and Contingent Beneficiaries are the persons
named in the application. If no Primary Beneficiary is still living when the
Insured dies, We will pay the Death Benefit to any Contingent Beneficiary who is
still living. If there is no surviving Primary or Contingent Beneficiary, We
will pay You. If You were the Insured, We will pay Your estate. The interest of
any Beneficiary is subject to the rights of any assignee reflected on Our
records.

Two or more persons may be named as Primary Beneficiaries or Contingent
Beneficiaries. We will pay equal shares when there is more than one Beneficiary
of the same class, unless You specify otherwise on the Beneficiary designation.

<PAGE>

No revocable Beneficiary has rights under this policy until the Insured dies. An
irrevocable Beneficiary cannot be changed without his or her consent.

You may change the Beneficiary at any time before the death of the Insured by
sending written notice to Us. The change will be effective as of the date You
signed the notice, but We will not be liable for any payments We make or other
actions We take before the notice is received at Our Home Office.

Unless You have instructed otherwise, if the Beneficiary is the spouse of the
Insured, both die and We cannot tell who died first, We will pay the Death
Benefit as if the Beneficiary had survived the Insured.

Death Benefit Provisions

Death Benefit
We will pay the Death Benefit proceeds as described in the Payment of Proceeds
section when We receive proof that the Insured died while this policy was in
force, and any other proof that We may require in order to investigate the
claim. The Beneficiary should contact Us at the Home Office or contact one of
Our agents for instructions on how to file a claim.

Death Benefit Options
The Death Benefit will be one of the following two Options, as selected by You
on the application, or as subsequently changed by You.

Option 1
The Death Benefit is the greater of the following, less any Indebtedness as of
the Insured's date of death: (1) the Specified Amount; or (2) the Account Value
times the applicable factor from the table below.

Option 2
The Death Benefit is the greater of the following, less any Indebtedness as of
the Insured's date of death: (1) the Account Value plus the Specified Amount; or
(2) the Account Value times the applicable factor from the table below.

Insured's Age Applicable Insured's Age Applicable
Last Policy Anniversary Factor Last Policy Anniversary Factor

40 and under 2.50 61 1.28
41 2.43 62 1.26
42 2.36 63 1.24
43 2.29 64 1.22
44 2.22 65 1.20
45 2.15 66 1.19
46 2.09 67 1.18
47 2.03 68 1.17
48 1.97 69 1.16
49 1.91 70 1.15
50 1.85 71 1.13
51 1.78 72 1.11
52 1.71 73 1.09
53 1.64 74 1.07
54 1.57 75 through 90 1.05
55 1.50 91 1.04
56 1.46 92 1.03
57 1.42 93 1.02
58 1.38 94 1.01
59 1.34 95 or higher 1.00
60 1.30

</TABLE>

Specified Amount and Death Benefit Option Changes
You may request a change in the Specified Amount or Death Benefit Option at any
time after the first policy year by sending notice to Us in writing at Our Home
Office. Following Our approval of any such change, We will send You an amended
Policy Schedule. The amended Policy Schedule will show the new Minimum Annual
Premium for the Term No-Lapse Guarantee and the new Minimum Annual Premium for

<PAGE>

the Lifetime No-Lapse Guarantee. It will also show the new maximum Surrender
Charges applicable to Your policy.

Increasing the Specified Amount - If Your Attained Age is 75 or less, You may
apply for any increase in the Specified Amount on a supplemental application.
The requested increase is subject to evidence of insurability satisfactory to
Us. The minimum increase is $25,000. Any increase We approve will be effective
on the date shown on an amended Policy Schedule, subject to deduction of the
first month's Cost of Insurance Charges for the increase from the Net Cash
Surrender Value of this policy. Because the new Maximum Surrender Charges will
increase, thereby reducing Your Net Cash Surrender Value, and because the Cost
of Insurance Charges will be higher, the amount of premium You must pay to keep
Your policy from terminating will increase.

Decreasing the Specified Amount - Any decrease in the Specified Amount which You
request will become effective on the first Monthly Anniversary Day after We
receive Your request. The minimum decrease is $25,000. The new Specified Amount
must not be less than the minimum issue limit shown on the Policy Schedule at
issue. We may limit the amount of the decrease to preserve the tax status of
this policy as life insurance. If You decrease Your Specified Amount during the
fourteen year period following the Policy Date or the date of any increase in
the Specified Amount, a Surrender Charge will be deducted from Your Account
Value as described in the Surrender Charges section.

Any decrease You request will occur in the following order: first against the
most recent increase in Specified Amount, if any; then in order against the next
most recent increases; then finally against the initial Specified Amount.

Changing the Death Benefit Option - You may request a change in the Death
Benefit Option. This will require a change in the Specified Amount, which may in
turn change the Death Benefit. If You request a change from Option 1 to Option
2, the new Specified Amount will be the previous Specified Amount reduced by the
Account Value at the time of the change. If You request a change from Option 2
to Option 1, the new Specified Amount will be the previous Specified Amount plus
the Account Value at the time of the change.

Premium Payment Provisions
Payment of Premiums
Premium payments under this policy are payable during the lifetime of the
Insured until the day before the policy anniversary on which the Insured is age
100. Any premium You pay generally must be at least $50. If You pay by
pre-authorizing Us to make automatic deductions from Your bank account, however,
We will accept smaller premium payments. We reserve the right not to accept any
premium payment which would, in Our opinion, cause this policy to fail to
qualify as life insurance under federal tax laws.

In order for this policy to take effect, the first premium paid must equal at
least 1/12th of the Minimum Annual Premium for the Term No-Lapse Guarantee, as
shown on the Policy Schedule. Premiums after the first are payable at Our Home
Office.

Planned Premiums
The amount and frequency of Your Planned Premiums are shown on the Policy
Schedule, but You are not required to make premium payments according to a set
schedule. You may skip a Planned Premium payment, and You may change the
frequency and the amount of the Planned Premium shown.

Even if premium payments are not continued, insurance coverage under this policy
and any benefits provided by rider will be continued until the value is
insufficient as described below in the Grace Period section. No rider will be
continued beyond the termination date provided in the rider.

The amount and frequency of Your premium payments will affect Your policy values
and the length of time for which You have insurance coverage. Depending on the
investment performance of the Sub-Accounts You select, the Planned Premium may
not be enough to keep the policy in force. You may need to change Your Planned
Premium or make additional premium payments to keep Your policy from
terminating.

Grace Period and Termination of Coverage
Except as described below in the Guarantees of Continued Coverage section, on
any Monthly Anniversary Day when the Net Cash Surrender Value is less than the
sum of the Monthly Expense Charge and Monthly Deduction for the following month,
We will allow a Grace Period. We will mail You, and anyone shown on Our records
as holding this policy as collateral, a notice indicating the minimum premium
You must pay in order to keep the policy in effect. You will have 61 days from
the date We mail You this notice to pay enough premium. If You do not pay the

<PAGE>

needed premium within the 61 day Grace Period, all coverage provided by this
policy will terminate without value at the end of the 61 day period. If the
Insured dies during the Grace Period, the proceeds paid will be reduced by such
premium. We will not terminate this policy until at least 61 days after We mail
You and anyone shown on Our records as holding this policy as collateral, notice
at the last addresses shown on Our records.

Reinstatement
If the Grace Period expires and Your policy terminates because You have not paid
the needed premium, You may reinstate the policy within five years after the
expiration of the Grace Period if the Insured is still living. The reinstatement
is subject to evidence of insurability satisfactory to Us. In addition, You must
pay an amount of premium sufficient to pay all back costs and charges which
would have been subtracted from the Account Value if there had been sufficient
value on each Monthly Anniversary Day from the date of termination to the date
of reinstatement, plus an amount sufficient to cover the Monthly Deductions for
the next three months. You must also repay or reinstate any Indebtedness at the
time of the termination. The Guarantees of Continued Coverage may not be
reinstated.

Guarantees of Continued Coverage

Minimum Annual Premiums
At issue, the Minimum Annual Premium for the Term No-Lapse Guarantee and the
Minimum Annual Premium for the Lifetime No-Lapse Guarantee are as shown on the
Policy Schedule. If You make any changes in Your policy which result in a change
in the Monthly Deduction (as used in this section, a "Policy Change"), We will
send You an amended Policy Schedule showing the new Minimum Annual Premium for
the Term No-Lapse Guarantee and the Minimum Annual Premium for the Lifetime
No-Lapse Guarantee.

Term No-Lapse Guarantee During the Guaranteed Minimum Continuation Period shown
on the Policy Schedule, We guarantee that this policy will not terminate or
begin the Grace Period if, at all times since the Policy Date, the sum of the
premiums paid, less any withdrawals, less the amount of any Indebtedness, is
equal to or greater than the following:

(1) If You have made no Policy Changes, 1/12th of the Minimum Annual Premium for
the Term No-Lapse Guarantee, as shown on the Policy Schedule at issue, times the
number of months from the Policy Date to the next Monthly Anniversary Day.

(2) If You have made Policy Changes, 1/12th of the Minimum Annual Premium for
the Term No-Lapse Guarantee at issue times the number of months from the Policy
Date to the first such change, plus 1/12th of the Minimum Annual Premium for the
Term No-Lapse Guarantee following each such change times the number of months
from that change to the next change, or, with respect to the most recent such
change, the number of months from that change to the next Monthly Anniversary
Day.

On any Monthly Anniversary Day when the sum of the premiums paid, less any
withdrawals, less the amount of any Indebtedness is less than the amount
required to meet the conditions of the Term No-Lapse Guarantee described above,
We will allow a Grace Period. We will mail You, and anyone shown on Our records
as holding this policy as collateral, a notice indicating the minimum premium
You must pay in order to keep the Term No-Lapse Guarantee in effect. You will
have 61 days from the date We mail You this notice to pay enough premium. If You
do not pay the needed premium within the 61 day Grace Period, the Term No-Lapse
Guarantee will terminate at the end of the 61 day period. In addition, You will
no longer be eligible for the Lifetime No-Lapse Guarantee.

Lifetime No-Lapse Guarantee
If You meet the conditions of the Term No-Lapse Guarantee throughout the entire
Guaranteed Minimum Continuation Period shown on the Policy Schedule, You will be
eligible for the Lifetime No-Lapse Guarantee. We guarantee that this policy will
never terminate or begin the Grace Period if, at all times beginning with the
expiration of the Guaranteed Minimum Continuation Period, the sum of the
premiums paid, less any withdrawals, less the amount of any Indebtedness, is
equal to or greater than the following:

(1) If You have made no Policy Changes, 1/12th of the Minimum Annual Premium for
the Lifetime No-Lapse Guarantee, as shown on the Policy Schedule at issue, times
the number of months from the Policy Date to the next Monthly Anniversary Day.

(2) If You have made Policy Changes, 1/12th of the Minimum Annual Premium for
the Lifetime No-Lapse Guarantee at issue times the number of months from the
Policy Date to the first such change, plus 1/12th of the Minimum Annual Premium

<PAGE>

for the Lifetime No-Lapse Guarantee following each such change times the number
of months from that change to the next change, or, with respect to the most
recent such change, the number of months from that change to the next Monthly
Anniversary Day.

On any Monthly Anniversary Day following the expiration of the Guaranteed
Minimum Continuation Period when the sum of the premiums paid, less any
withdrawals, less the amount of any Indebtedness, is less than the amount
required to meet the conditions of the Lifetime No-Lapse Guarantee described
above, We will allow a Grace Period. We will mail You, and anyone shown on Our
records as holding this policy as collateral, a notice indicating the minimum
premium You must pay in order to keep the Lifetime No-Lapse Guarantee in effect.
You will have 61 days from the date We mail You this notice to pay enough
premium. If You do not pay the needed premium within the 61 day Grace Period,
the Lifetime No-Lapse Guarantee will terminate at the end of the 61 day period.

Extended Maturity Benefit Provisions
Premium payments under this policy are payable during the lifetime of the
Insured until the day before the policy anniversary on which the Insured is age
100. The current value of all Your Accumulation Units in any Sub-Accounts, and
the current value of the Loan Account plus interest due and unpaid, will be
permanently transferred into the Fixed Account. The Fixed Account Value will be
decreased by the amount of any outstanding Indebtedness, and no further loans
will be permitted. At all times thereafter, no further premiums may be paid, no
charges will be deducted, and the Death Benefit Option will be Option 2. If Your
Death Benefit Option was previously Option 1, We will not automatically decrease
the Specified Amount by the Account Value unless You were greater than age 75 on
the Policy Date. The policy will continue in effect until the Insured's death,
or until it is surrendered for its Net Cash Surrender Value.

Variable Account Provisions

Separate Account
The Separate Account is established under the laws of the State of Ohio. It is a
unit investment trust registered with the Securities and Exchange Commission
under the Investment Company Act of 1940. The assets in the Separate Account are
kept separate from Our general assets and assets of any other separate accounts
We may have.

Sub-Accounts
The Separate Account is divided into Sub-Accounts, each of which invests all its
assets in a corresponding Portfolio.

Variable Account
The Variable Account of this policy is an option which allows You to allocate
Your Net Premiums to one or more Sub-Accounts of the Separate Account. The
Variable Account Value is equal to the current value of all Your Accumulation
Units in the Sub-Accounts to which You have allocated Net Premiums.

Valuation Date and Valuation Period
A Valuation Date is any date on which We are open for business and the New York
Stock Exchange is open for business. The assets of each Sub-Account will be
valued on each Valuation Date. A Valuation Period is a period beginning with the
close of business on the New York Stock Exchange on one Valuation Date and
ending at the close of business on the New York Stock Exchange on the next
Valuation Date.

Accumulation Unit
The value of an Accumulation Unit for each Sub-Account was arbitrarily set at
$10 when funds were first credited to the Sub-Account. The Accumulation Unit
Value for any subsequent Valuation Period is determined by multiplying the
Accumulation Unit value for the immediately preceding Valuation Period by the
Net Investment Factor. The Accumulation Unit value will fluctuate from day to
day depending on the investment performance of the Portfolio in which the
Sub-Account is invested.

Net Investment Factor The Net Investment Factor reflects the investment
performance of a Sub-Account from one Valuation Period to the next. The Net
Investment Factor for each Sub-Account, for any Valuation Period, is determined
by dividing (1) by (2) and subtracting (3) from the result, where:

(1) equals:
(a) the net asset value per share of the corresponding Portfolio at the end of
the current Valuation Period, plus
(b) the per share amount of any dividend or capital gain distribution made by
the Portfolio on shares held in the Sub-Account if the "ex-dividend" date
occurs during the current Valuation Period, plus or minus

<PAGE>

(c) a per Accumulation Unit charge or credit for any taxes incurred by or
reserved for in the Sub-Account, which is determined by Us to have resulted
from the investment operations of the Sub-Account during the current Valuation
Period;

(2) equals:
(a) the net asset value per share of the corresponding Portfolio at the end of
the immediately preceding Valuation Period, plus or minus
(b) the per Accumulation Unit charge or credit for any taxes reserved for the
immediately preceding Valuation Period; and

(3) is a factor representing the charges deducted from the Sub-Account on a
daily basis for the Mortality and Expense Risk Charge.

Crediting and Deduction of Accumulation Units
We will credit Net Premiums You have allocated to the Variable Account in the
form of Accumulation Units.

In the case of the initial premium, Accumulation Units will be credited as of
the later of these dates:

(1) the Policy Date; or
(2) the Valuation Date We receive the premium in Our Home Office.

For subsequent premiums, We will credit Accumulation Units as of the Valuation
Date We receive the premium in Our Home Office.

The number of Accumulation Units to be credited to this policy in each
Sub-Account will generally be determined by dividing the Net Premium allocated
to each Sub-Account by the Accumulation Unit Value for that Sub-Account as of
the end of the Valuation Period during which the premium is received.

Accumulation Units are credited when amounts are transferred into a Sub-Account.
Accumulation Units are deducted when amounts are transferred out of a
Sub-Account, when amounts (including any fees or charges) are partially
surrendered, and when the Monthly Deduction and the Monthly Expense Charge are
assessed.

Addition, Deletion or Substitution of Investments
We reserve the right to make additional Sub-Accounts available. These
Sub-Accounts will invest in investment portfolios that We believe are suitable
for the Separate Account. We also reserve the right to eliminate existing
Sub-Accounts, or to combine two or more Sub-Accounts.

We reserve the right to substitute a new investment portfolio or similar
investment option for the Portfolio in which a Sub-Account invests. This may
happen if the shares of the Portfolio are no longer available, or as a result of
unsatisfactory investment performance, a change in laws or regulations, a change
in a Portfolio's investment objectives or restrictions, or for some other
reason. We will not substitute any shares attributable to Your interest in a
Sub-Account without obtaining the prior approval of the Securities and Exchange
Commission, to the extent required by the Investment Company Act of 1940, and
any other required approvals.

If We make a substitution or change, We may, by rider or endorsement, make any
changes in this policy which may be necessary or appropriate to reflect the
substitution or change.

We reserve the right to operate the Separate Account as a management investment
company under the Investment Company Act of 1940, or in any other form permitted
by law. We reserve the right to deregister the Separate Account under the 1940
Act in the event such registration is no longer required.

Fixed Account Provisions
Fixed Account

The Fixed Account is an option under this policy which allows You to allocate
Your Net Premiums to Our general account.

Fixed Account Value

At any time, the Fixed Account Value of Your policy equals:

<PAGE>

(1) the sum of all Net Premiums allocated to the Fixed Account; plus
(2) all amounts transferred from the Variable Account or the Loan Account; plus
(3) interest credited to the Fixed Account; minus
(4) all amounts transferred from the Fixed Account to the Variable Account;
minus
(5) all amounts withdrawn from the Fixed Account for charges, deductions or
partial surrenders.

Interest Rate
The amounts You allocate to the Fixed Account will earn interest. We guarantee
that this interest rate will never be less than an effective annual rate of 3%.
We may, but are not required to, credit interest in excess of this rate. The
current interest rate applicable to the Fixed Account at the time of issue is
shown on the Policy Schedule.

Allocation of Premiums

You may elect to have Net Premiums allocated to the Fixed Account and/or to one
or more Sub-Accounts of the Variable Account. Each allocation must be in whole
percentages of at least 5%. The sum of the allocation percentages must equal
100%. The allocation You selected for the initial Net Premium is shown on the
Policy Schedule. Additional Net Premiums will be allocated in the same manner as
Your initial Net Premium, unless You request a change in Your allocation.

Dollar Cost Averaging
You may request in writing at any time that We automatically transfer specified
dollar amounts, earnings or specified percentages from the Fixed Account or from
the Touchstone Standby Income Sub-Account to other Sub-Accounts You select. You
may elect to have these transfers done on a monthly or quarterly basis. We will
process the transfers on the appropriate Monthly Anniversary Days. You must
select this automatic transfer, referred to as "Dollar Cost Averaging," for a
period of at least 12 months. The minimum Dollar Cost Averaging transfer is
$100. You must allocate at least 5% of the total amount transferred to each
Sub-Account You select.

Dollar Cost Averaging will terminate when any of the following occurs: (1) the
number of designated transfers has been completed; (2) the value in the Fixed
Account or the Touchstone Standby Income Sub-Account is insufficient to complete
the next scheduled transfer; (3) You request termination in writing; or (4) this
policy terminates. We reserve the right to charge a fee for this service. We
also reserve the right to stop offering this service. If We decide to stop
offering this service after Your policy is issued, We will give You 30 days
written notice. This would not affect any Dollar Cost Averaging programs already
in effect.

Transfer Provisions
Transfers
You may transfer amounts among the Fixed Account and the Sub-Accounts of the
Variable Account. The minimum transfer amount is $250. Each allocation to a
Sub-Account must be at least 5% of the amount transferred.

Transfers may be made among the Sub-Accounts at any time. There is no charge for
the first twelve transfers among the Sub-Accounts in any policy year. A single
transfer involving multiple Sub-Accounts is considered one transfer for purposes
of these limits. Each transfer after the twelfth will be subject to a transfer
fee of $10.

Transfers from the Fixed Account to one or more Sub-Accounts, or from one or
more Sub-Accounts to the Fixed Account may be made only once each policy year.
There is no charge for these transfers. There is no limitation on the maximum
amount which may be transferred from the Sub-Accounts to the Fixed Account.

Limitation on Transfers from the Fixed Account
Transfers from the Fixed Account are limited to a maximum of 25% of the Fixed
Account Value during each of the first four policy years. After the fourth
policy year, the entire Fixed Account can be transferred at any time.

Policy Values
Account Value
The Account Value of this policy is the sum of Your interest in the Variable
Account, the Fixed Account and the Loan Account. The Account Value on each
Valuation Date after the Policy Date will be:

1. the Account Value on the prior Valuation Date, less any partial surrender or
withdrawal (including withdrawal fees or Surrender Charges) paid since that
date; plus
2. interest on amounts allocated to the Fixed Account and the Loan
Account; plus or minus

<PAGE>

3. the positive or negative investment experience on amounts allocated to the
Variable Account, reflected in the change in value of
the Accumulation Units; plus
4. any Net Premium for the policy received since the prior Valuation Date; less
5. any Monthly Deduction and Monthly Expense Charge due, if the Valuation Date
is a Monthly Anniversary Day; less
6. any transfer charges assessed.

The Account Value on the Policy Date, or if later, the date We receive the
initial premium, is the initial Net Premium received for this policy less the
Monthly Expense Charges and the Monthly Deduction made as of the Policy Date or
as of such later date.

Cash Surrender Value
The Cash Surrender Value of this policy is the Account Value, less any
applicable Surrender Charge, as described in the Surrender Charges section.

Net Cash Surrender Value
The Net Cash Surrender Value of this policy is the Cash Surrender Value less the
amount of any Indebtedness. You may surrender this policy for the Net Cash
Surrender Value by written notice to Us. We will pay proceeds as described in
the Payment of Proceeds section.

Withdrawal or Partial Surrender
You may withdraw part of this policy for cash after the first policy year by
written notice to Us. We will pay withdrawals as described in the Payment of
Proceeds section. The minimum amount which can be withdrawn is $500. No
withdrawal can be made which would reduce the Net Cash Surrender Value to less
than $250. The fee for each withdrawal after the first in any policy year is
$50. No withdrawal can be made which would reduce the Specified Amount to less
than the minimum issue limit shown on the Policy Schedule.

The amount withdrawn (including any applicable withdrawal fees and Surrender
Charges) will be deducted from the Account Value. The deduction will be made
from the Sub-Accounts and the Fixed Account in proportion to the amounts in each
account. This will reduce the Death Benefit.

The Specified Amount will be reduced to the extent necessary such that (1) does
not exceed (2) where: (1) is the Death Benefit less the Account Value
immediately after the partial surrender, and (2) is the Death Benefit less the
Account Value immediately before the partial surrender.

Loan Provisions

Right to Borrow and Maximum Loan
You may borrow from this policy in any amount not in excess of 90% of the Cash
Surrender Value less the amount of any outstanding Indebtedness on the date the
loan is made and less an amount equal to the Monthly Deductions and Monthly
Expense Charges for the next two months. This policy will be the only security
We require for the loan, as described in the Loan Account section. We will pay
loan proceeds as described in the Payment of Proceeds section.

Loan Account
When We issue You a loan, an amount equal to the loan is transferred from the
Sub-Accounts and the Fixed Account into a Loan Account as collateral for the
loan. The transfer is made in proportion to the values in each account. The Loan
Account will earn interest. The earned interest will be transferred on each
Monthly Anniversary Day from the Loan Account to the Sub-Accounts and the Fixed
Account in proportion to the current premium allocation instructions from You.
The minimum interest rate We will credit to the Loan Account is shown on the
Policy Schedule. We may, but are not required to, credit interest in excess of
this rate. Any loan, whether or not repaid, will have a permanent effect on the
Death Benefit and policy values because the investment results of the
Sub-Accounts and the current interest rates of the Fixed Account will not apply
to amounts in the Loan Account.

Loan Interest
The maximum interest rate We charge on loans is shown on the Policy Schedule.
Loan Interest is due on each Policy Anniversary and on the date the loan is
repaid in full. The amount of any Loan Interest charged on the loan which is not
paid when due will be treated as an additional loan, and will be transferred
from the Sub-Accounts and the Fixed Account into the Loan Account in proportion
to the values in each account.

<PAGE>

Policy Termination
If the Indebtedness exceeds the Cash Surrender Value less the Monthly Deduction
and the Monthly Expense Charge for the current month on any Monthly Anniversary
Day, We will terminate this policy. We will not do this, however, until 31 days
after We mail notice to You indicating the minimum amount You must pay in order
to keep this policy in effect. We will notify You, and anyone shown on Our
records as holding this policy as collateral, at the last addresses shown on Our
records.

Repaying Loans
Loans can be repaid in whole or in part at any time during the lifetime of the
Insured. Any Indebtedness not repaid will reduce the amounts payable upon
surrender of the policy or at the death of the Insured.

All payments We receive from You will be credited to Your policy as premium
unless You give Us written notice that the payment is for loan repayment. Loan
repayments will first reduce the outstanding balance of Your loan, and then
accrued but unpaid interest on the loan. The amount of any loan repayment will
be transferred from the Loan Account to the Sub-Accounts and the Fixed Account
in proportion to the current premium allocations from You.

Policy Costs and Charges
Premium Expense Charges As compensation for Our distribution expenses, a Premium
Expense Charge is deducted from all premiums received. This charge is deducted
before premiums are credited to the Fixed Account or the Sub-Accounts. The
maximum Premium Expense Charge percentage is shown on the Policy Schedule.

Tax Charges
To cover state premium taxes and federal taxes associated with distribution of
this policy, We will deduct a Tax Charge from all premiums received before they
are credited to the Fixed Account or the Sub-Accounts. The percentage deducted
will vary by state to reflect each state's actual percentage of premium tax
charged, if any. The maximum Tax Charge percentage is shown on the Policy
Schedule.

Cost of Insurance Charges
The maximum monthly Cost of Insurance Charges are shown on the Policy Schedule.
Cost of Insurance Charges apply to all Insureds of the same Attained Age, sex
and risk classification whose policies have been in effect the same length of
time. At Our option, We may charge less than the maximums shown. The actual
charges will be determined by Us from time to time. Any change in the monthly
Cost of Insurance Charges will be on a non-discriminatory basis toward any one
Insured. The maximum monthly Cost of Insurance Charges at the Insured's Attained
Age are determined as follows:

(1) Divide the Death Benefit plus any Indebtedness at the beginning of the
policy month by 1 plus the guaranteed monthly interest rate applicable to the
Fixed Account.
(2) Subtract the Account Value at the beginning of the policy month.
(3) Add the cost of additional benefits provided by rider.
(4) Add the Monthly Expense Charge.
(5) Divide the resulting number by 1000 to determine the number of thousands of
dollars of insurance coverage.
(6) Multiply by the Cost of Insurance Charge shown on the Policy Schedule.

Monthly Deduction and Monthly Expense Charge
Each Monthly Deduction on the Monthly Anniversary Day consists of the Cost of
Insurance Charge plus the cost of any additional benefits provided by rider. The
maximum Monthly Expense Charge is shown on the Policy Schedule. We take the
Monthly Deduction and the Monthly Expense Charge from the Fixed Account and the
Sub-Accounts in proportion to the values in each account on the Monthly
Anniversary Day.

Mortality and Expense Risk Charge
As compensation for Our assumption of mortality and expense risks, We deduct
from the Accumulation Unit Values on a pro rata basis a daily charge. The
maximum Mortality and Expense Risk Charge, expressed as an effective annual
rate, is shown on the Policy Schedule.

Surrender Charges During the fourteen year period following the Policy date or
the date of any increase in Specified Amount, a Surrender Charge will be
deducted from Your Account Value if any of the following occurs:

(1) You surrender Your policy;
(2) a Grace Period ends without sufficient premium being received by Us to keep
the policy in effect;

<PAGE>

(3) You request a decrease in the Specified Amount; or
(4) You request a partial surrender which results in a reduction in the
Specified Amount, as described in the Withdrawal or Partial Surrender
section.

If the Surrender Charge results from either (1) or (2), the amount deducted will
be the Maximum Surrender Charge shown on the Policy Schedule.

If the Surrender Charge results from either (3) or (4), the amount deducted will
generally be less than the Maximum Surrender Charge shown on the Policy
Schedule. The amount will be calculated based on the total reduction in
Specified Amount. Because the most recent increase in Specified Amount is
reduced first, the Surrender Charge associated with that increase will be
deducted first. The Surrender Charge will be deducted from the Sub-Accounts and
the Fixed Account in proportion to the amounts in each account.

Payment of Proceeds Policy Proceeds The proceeds of this policy may be either
Death Proceeds, payable to the Beneficiary upon the death of the Insured, or Net
Cash Surrender Value proceeds, payable to You if this policy is canceled for its
Net Cash Surrender Value during the lifetime of the Insured.

How We Pay Proceeds may be paid in a lump sum or under one or more Income Plans.
The Income Plans are described in the Income Plans section.

We may defer the payment of any proceeds or transfer for a period of up to six
months from the date of Our receipt of the notice giving rise to such payment,
if such payment or transfer is based on the Fixed Account. We will not defer any
amounts needed to pay premiums for other policies in force with Us. Proceeds
under the policy that are attributable to the Variable Account are generally
payable within seven days after We receive notice and any additional
requirements are met. We may defer payments or transfers out of the Variable
Account if:

(1) the New York Stock Exchange is closed on other than customary weekend
holiday closings; or
(2) trading on the New York Stock Exchange is restricted as
determined by the SEC; or
(3) an emergency exists, as determined by the SEC, as
a result of which disposal or valuation of assets is not reasonably
practicable; or
(4) the SEC by order permits deferral for the protection of Owners.

We will pay interest from the date of death or other date proceeds are due to
the date of payment. The rate of interest will not be less than that required by
law.

How to Claim Death Proceeds
We must receive proof of the Insured's death before We will pay Death Proceeds.
The Beneficiary should contact Our Home Office or Our nearest agent for
instructions.

Calculation of Death Proceeds
Death Proceeds include the Death Benefit plus any insurance on the Insured's
life provided by riders.

Choosing an Income Plan
You may choose an Income Plan for Net Cash Surrender Value proceeds, or for
Death Proceeds. If You do not choose an Income Plan before the Insured dies, the
Beneficiary can choose one. For each plan We may issue a separate written
agreement putting the plan into effect. The smallest amount which may be applied
under an income plan is $2,000. Each payment must be at least $100. We may make
less frequent payments if payments to be made would be less than $100.

The Beneficiary may be the Payee for payments under the selected Income Plan, or
may name a different Payee to receive the payments under Income Plans. The
Beneficiary may also name a Contingent Payee to receive any amount still due
when the Payee dies.

The Income Plans
In addition to the following options, other Income Plans may be available.

Option 1 - Payments for a Fixed Period

Equal monthly payments will be made for a stated number of years, which You
select from the Fixed Period Minimum Income Table. The monthly payments will not
be less than those shown in the table.

OPTION 1
FIXED PERIOD MINIMUM INCOME TABLE*
Monthly Payments for each $1,000 applied

Number Monthly Number Monthly Number Monthly
of Install- of Install- of Install-
Years ments Years ments Years ments

1 $84.47 11 $8.86 21 $5.32
2 42.86 12 8.24 22 5.15
3 28.99 13 7.71 23 4.99
4 22.06 14 7.26 24 4.84
5 17.91 15 6.87 25 4.71
6 15.14 16 6.53 26 4.59
7 13.16 17 6.23 27 4.47
8 11.68 18 5.96 28 4.37
9 10.53 19 5.73 29 4.27
10 9.61 20 5.51 30 4.18

*Values are based on interest at
an effective annual rate of 3%.

</TABLE>

Option 2 - Payments for Life - Guaranteed Period

Equal monthly payments will be made for the guaranteed period chosen and
thereafter during the life of a designated person. The amount of each monthly
payment depends on that person's age and sex on the date of first payment and on
any guaranteed period chosen. See the One Life Minimum Income Table, below. We
may require proof to Our satisfaction of such age. We may require like proof
that such person is alive on the date any payment is due. The guaranteed period
may be 10 or 20 years.

OPTIONS 2 AND 4
ONE LIFE MINIMUM INCOME TABLE*
MONTHLY PAYMENTS FOR EACH $1,000 APPLIED

AGE OF LIFE LIFE LIFE AGE OF LIFE LIFE LIFE
PAYEE NO YEARS 10 YEARS 20 YEARS PAYEE NO YEARS 10 YEARS 20 YEARS
LAST CERTAIN CERTAIN CERTAIN LAST CERTAIN CERTAIN CERTAIN
BIRTH- BIRTH-
DAY MALE FEMALE MALE FEMALE MALE FEMALE DAY MALE FEMALE MALE FEMALE MALE FEMALE

15 AND
UNDER $2.82 $2.76 $2.81 $2.76 $2.81 $2.75 50 $3.91 $3.66 $3.88 $3.64 $3.80 $3.60
16 2.83 2.77 2.83 2.77 2.82 2.76 51 3.98 3.71 3.94 3.70 3.85 3.65
17 2.84 2.78 2.84 2.78 2.83 2.78 52 4.05 3.77 4.01 3.75 3.91 3.70
18 2.86 2.79 2.85 2.79 2.85 2.79 53 4.12 3.83 4.08 3.82 3.96 3.75
19 2.87 2.80 2.87 2.80 2.86 2.80 54 4.20 3.90 4.16 3.88 4.02 3.81

20 2.89 2.82 2.88 2.81 2.88 2.81 55 4.28 3.97 4.23 3.95 4.09 3.87
21 2.90 2.83 2.90 2.83 2.89 2.82 56 4.37 4.04 4.32 4.02 4.15 3.93
22 2.92 2.84 2.91 2.84 2.91 2.84 57 4.47 4.12 4.41 4.09 4.21 3.99
23 2.93 2.86 2.93 2.86 2.93 2.85 58 4.57 4.21 4.50 4.17 4.28 4.05
24 2.95 2.87 2.95 2.87 2.94 2.87 59 4.67 4.30 4.60 4.25 4.35 4.12

25 2.97 2.89 2.97 2.89 2.96 2.88 60 4.79 4.39 4.70 4.34 4.42 4.19
26 2.99 2.90 2.99 2.90 2.98 2.90 61 4.91 4.49 4.81 4.44 4.49 4.26
27 3.01 2.92 3.01 2.92 3.00 2.92 62 5.04 4.60 4.92 4.54 4.56 4.33
28 3.03 2.94 3.03 2.94 3.02 2.93 63 5.18 4.71 5.04 4.64 4.63 4.41
29 3.05 2.96 3.05 2.96 3.04 2.95 64 5.33 4.84 5.17 4.75 4.70 4.49

30 3.08 2.98 3.07 2.97 3.07 2.97 65 5.49 4.97 5.30 4.87 4.76 4.56
31 3.10 3.00 3.10 3.00 3.09 2.99 66 5.66 5.11 5.44 5.00 4.83 4.64
32 3.13 3.02 3.12 3.02 3.11 3.01 67 5.85 5.26 5.59 5.13 4.90 4.72
33 3.15 3.04 3.15 3.04 3.14 3.03 68 6.04 5.43 5.74 5.27 4.96 4.79
34 3.18 3.06 3.18 3.06 3.17 3.06 69 6.25 5.60 5.89 5.42 5.03 4.87

35 3.21 3.09 3.21 3.09 3.20 3.08 70 6.48 5.80 6.06 5.58 5.08 4.94
36 3.25 3.12 3.24 3.11 3.22 3.10 71 6.71 6.00 6.22 5.75 5.14 5.01
37 3.28 3.14 3.27 3.14 3.26 3.13 72 6.97 6.23 6.39 5.92 5.19 5.08
38 3.32 3.17 3.31 3.17 3.29 3.16 73 7.24 6.47 6.57 6.10 5.24 5.14
39 3.35 3.20 3.35 3.20 3.32 3.19 74 7.53 6.73 6.75 6.29 5.28 5.20

40 3.39 3.23 3.38 3.23 3.36 3.22 75 7.84 7.02 6.93 6.49 5.32 5.25
41 3.43 3.27 3.42 3.26 3.39 3.25 76 8.18 7.33 7.12 6.69 5.35 5.29
42 3.48 3.30 3.47 3.30 3.43 3.28 77 8.53 7.66 7.30 6.90 5.38 5.34
43 3.52 3.34 3.51 3.33 3.47 3.31 78 8.92 8.02 7.48 7.11 5.41 5.37
44 3.57 3.38 3.56 3.37 3.51 3.35 79 9.33 8.42 7.67 7.32 5.43 5.40

45 3.62 3.42 3.60 3.41 3.56 3.39 80 9.77 8.85 7.85 7.53 5.45 5.43
46 3.67 3.46 3.65 3.45 3.60 3.43 81 10.24 9.31 8.02 7.73 5.47 5.45
47 3.73 3.51 3.71 3.50 3.65 3.47 82 10.75 9.82 8.19 7.93 5.48 5.47
48 3.78 3.55 3.76 3.54 3.70 3.51 83 11.29 10.37 8.35 8.13 5.49 5.48
49 3.84 3.60 3.82 3.59 3.75 3.55 84 11.87 10.96 8.50 8.31 5.50 5.49

85 and 12.49 11.61 8.64 8.48 5.50
5.50
over

*VALUES ARE BASED ON THE "ANNUITY 2000 TABLE," WITH
PROJECTION SCALE G, ADJUSTED FOR AGE LAST BIRTHDAY, WITH
INTEREST AT AN EFFECTIVE ANNUAL RATE OF 3%.

</TABLE>
<PAGE>

Option 3 - Payments of a Fixed Amount

Equal monthly payments of a fixed amount will be made until the value applied
under this option, with interest credited at an effective annual rate of 3% on
the unused balance, is exhausted. The amount chosen must be at least $5 per
month for each $1,000 of proceeds placed under this option. The last payment
will be for the balance only. Payments may not be for more than 30 years.

Option 4 - Life Annuity - No Guaranteed Period

Equal monthly payments will be made during the life of a designated person. The
amount of each monthly payment depends on that person's sex and age on the date
of the first payment. See the One Life Minimum Income Table, above. We may
require proof to Our satisfaction of such age. We may require like proof that
such person is alive on the date any payment is due. There is no guaranteed
period. This means that when the designated person dies, no further payments
will be made, even if only one payment has been made.

Option 5 - Joint and Survivor

Equal monthly payments will be made during the lifetimes of two designated
persons. Upon the death of either, payments will continue unchanged throughout
the lifetime of the survivor, or they may be reduced to a pre-selected
percentage (75%, 66 2/3%, or 50%) of the original payment. Payments will cease
upon the death of the survivor. There is no guaranteed period. This means that
when the survivor dies, no further payments will be made, even if only one
payment has been made. The amount of each monthly payment depends on the ages
and sexes of both persons on the date of first payment, and the pre-selected
percentage for continuing payments. See the sample monthly payments in the Joint
and Survivor Minimum Income Table, below. We may require proof to Our
satisfaction of their ages. We may require proof that any designated person is
alive on the date any payment based upon the life of such person is due.

OPTION 5
JOINT AND SURVIVOR
MINIMUM INCOME TABLE*
SAMPLE MONTHLY PAYMENTS FOR EACH $1,000 APPLIED

MALE FEMALE JOINT & JOINT & JOINT & JOINT &
AGE AGE 100% 75% 66 2/3% 50%
SURVIVOR SURVIVOR SURVIVOR SURVIVOR

60 60 3.93 4.23 4.34 4.58
60 65 4.14 4.48 4.61 4.880
60 70 4.34 4.75 4.90 5.24
65 60 4.07 4.44 4.58 4.88
65 65 4.36 4.75 4.90 5.22
65 70 4.66 5.10 5.27 5.64
70 60 4.18 4.65 4.83 5.23
70 65 4.56 5.03 5.22 5.62
70 70 4.97 5.48 5.68 6.12

*Values are based on the "Annuity 2000 Table," with
Projection Scale G, adjusted for age last birthday, with
interest at an effective annual rate of 3%.

</TABLE>

General Provisions

Annual Report At least once a year We will send You an annual report showing the
current Account Value, Surrender Charge, Cash Surrender Value, Indebtedness, Net
Cash Surrender Value, amount of interest credited to amounts in the Fixed
Account and Loan Account, change in value of amounts in the Variable Account,
premiums paid, loan activity, partial withdrawals, Monthly Expense Charges and
Cost of Insurance charges since the date of the last report. Any other
information required by applicable law will also be included in the annual
report.

Projection of Benefits and Values You may request other information about this
policy, including a hypothetical illustration of policy benefits and values. We
may make a reasonable charge to provide this information.

Ownership and Insulation of Assets We shall have exclusive and absolute
ownership and control of the assets of the Separate Account. The assets of the
Separate Account which are equal to reserves and other liabilities are not
chargeable with liabilities arising out of any other business We may conduct.

Reliance We have issued this policy in reliance on the answers You have provided
to Us in the application and in any supplemental applications. We have assumed
that all these answers are true and complete. If they are not, We may have the
right to void the policy as if it had not been issued, as explained in the
Limits on Our Contesting This Policy section. If that occurred, We would send
back all the premiums You had paid.

Limits on Our Contesting This Policy No statement will be used in contesting a
claim unless it is in an application or supplemental application and a copy of
such application is attached to this policy.

We will not contest this policy to the extent of the initial Specified Amount
after it has been in effect during the Insured's lifetime for two years from the
Policy Date. We will not contest the validity of any increase in Specified
Amount after such increase has been in effect during the Insured's lifetime for
two years. Unless otherwise provided in the rider, We will not contest any rider
attached to this policy after the rider has been in effect during the Insured's
lifetime for two years from the effective date of the rider.

We will not contest this policy with respect to statements made in an
application for reinstatement after the policy has been in effect during the
Insured's lifetime for two years from the effective date of the reinstatement.

Conversion to a Fixed Policy You may elect to convert this policy to a fixed
policy at any time:

(1) within 24 months of the Policy Date; or
(2) within 60 days of the later of notification of a change in the investment
policy of the Separate Account, or the effective date of such change.

This election will be executed by transferring all Variable Account values into
the Fixed Account without charge. After the date of this election, Net Premiums
may not be allocated, and transfers may not be made, to the Variable Account.
The other terms and charges of this policy continue to apply.

Suicide We will pay only a limited benefit if the Insured commits suicide while
sane or insane, within two years from the Policy Date. If the policy is in
effect, We will return the premiums You paid, less: (1) the amount of any
Indebtedness; (2) any withdrawal amount; and (3) all monthly costs of insurance
on all persons other than the Insured ever covered by rider. If the amount of
the Net Cash Surrender Value is larger, We will pay it instead.

We will not pay with respect to any increases in the Specified Amount if the
Insured commits suicide while sane or insane, within two years from the
effective date of any such increase. If the policy is in effect and the Insured

<PAGE>

commits suicide more than two years after the Policy Date and within two years
after the date of an increase in Specified Amount, We will return the monthly
costs of insurance charged for such increase.

This provision also applies to any rider attached to this policy. The two year
period will be measured from the rider's date of issue. If this policy is
reinstated, this provision will run anew from the reinstatement date. Any
premium refund will be limited to those paid on or after the effective date of
the reinstatement.

Error in Age or Sex If the Insured's age or sex as stated in the application is
wrong, it could mean the Monthly Deductions are wrong. The same is true for the
age or sex of any other person insured by this policy or its riders. We will
adjust the amount payable to the amount that the monthly Cost of Insurance for
the month of death would have purchased at the correct age and sex.

Claims of Creditors The proceeds of this policy will be paid free from the
claims of creditors to the extent allowed by law.

Assignment You may assign this policy by giving Us notice of the assignment. We
will not be responsible for the validity of an assignment. We will not be liable
for any payments We make or actions We take before We receive notice of an
assignment.

Required Note on Our Computations Calculations are based on the Mortality Tables
shown on the Policy Schedule. We have filed a detailed statement of Our
computations with the applicable State Insurance Department. The values under
this policy are not less than those required by the law of the applicable state.
Any benefit provided by an attached rider will not increase these values unless
stated in the rider.

The method used in calculating policy values will be based on actuarial
procedures that recognize the variable nature of this policy.

Authority to Make Agreements All agreements made by Us must be in writing and
signed by Our president, a vice president, Our secretary or an assistant
secretary. No other person, including an insurance agent, can change any of this
policy's terms, extend the time for paying premiums, or make any other agreement
which would be binding on Us.

Conformity with Laws We reserve the right to make any changes necessary to
comply with any federal or state statute, rule or regulation. We do not need
Your consent to make such changes.

Taxes We reserve the right to deduct any taxes levied by any government entity
which, at Our sole discretion, are determined to have resulted from the
establishment or maintenance or operation of the Separate Account, or from the
investment performance of the Separate Account.

Termination This policy will terminate and all insurance coverage under the
policy will stop: (1) as of the end of the Valuation Period during which We
receive notice from You requesting that this policy be surrendered; (2) as of
the date the Insured dies (although some riders may provide benefits for other
covered persons beyond the Insured's death); (3) as of the date the Grace Period
expires; or (4) as of the date 31 days after We mail You notice that the amount
of the Indebtedness exceeds the Cash Surrender Value less the Monthly Deduction
and the Monthly Expense Charge.

Notices Whenever written notice is required, send it to Our Home Office. The
address of Our Home Office is shown on the front of this policy. Please include
the policy number in Your correspondence.

Nonparticipating This policy and any riders attached to it are issued at a
nonparticipating rate and shall not share in Our surplus earnings.

POWER OF ATTORNEY

WHEREAS, Columbus Life Insurance Company, an Ohio corporation (the
"Company"), proposes to file with the Securities and Exchange Commission under
the provisions of the Securities Act of 1933, as amended, and the rules and
regulations thereunder, a Registration Statement for Separate Account 1 of
Columbus Life Insurance Company on Form S-6; and

WHEREAS, the undersigned is a director of the Company;

NOW, THEREFORE, the undersigned hereby constitutes and appoints Paul H.
Amato, Robert L. Walker and Edward S. Heenan, and each of them individually, his
attorney-in-fact, for him and in his name, place and stead and in his office and
capacity with the Company, to execute and file such Registration Statement on
Form S-6, or any successor form of the Registration Statement of the Securities
and Exchange Commission, and thereafter to execute and file any amendments or
supplements thereto, hereby giving and granting to said attorneys full power and
authority to do and perform on every act and thing whatsoever requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he might or could do if personally present at the doing thereof,
hereby ratifying and confirming all that said attorneys may or shall lawfully do
or cause to be done by virtue hereof.

This authority hereby granted is limited to the execution and delivery
of the Registration Statement on Form S-6 and any amendments or supplements
thereto, unless earlier revoked by me or expressly extended by me in writing,
and shall remain in force and effective only until the Registration Statement
shall have become effective under the Federal Securities Laws and in any event
no later than September 30, 1999.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 1st
day of April, 1999.

/s/Paul H. Amato
----------------
Paul H. Amato

<PAGE>

POWER OF ATTORNEY

WHEREAS, the undersigned is a director of the Company;

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 1st
day of April, 1999.

/s/ John F. Barrett
-------------------
John F. Barrett

<PAGE>

POWER OF ATTORNEY

WHEREAS, the undersigned is a director of the Company;

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 1st
day of April, 1999.

/s/ James N. Clark
------------------
James N. Clark

<PAGE>

POWER OF ATTORNEY

WHEREAS, the undersigned is a director of the Company;

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 1st
day of April, 1999.

/s/ William J. Williams
-----------------------
William J. Williams

<PAGE>

POWER OF ATTORNEY

WHEREAS, the undersigned is a director of the Company;

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 20th
day of April, 1999.

/s/ Robert C. Savage
--------------------
Robert C. Savage

<PAGE>

POWER OF ATTORNEY

WHEREAS, the undersigned is a director of the Company;

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 3rd
day of April, 1999.

/s/ Ralph E. Waldo
------------------
Ralph E. Waldo