TRANSAMERICA ELITE(SM)
SUPPLEMENT DATED SEPTEMBER 1, 2000 TO
PROSPECTUS DATED MAY 8, 2000 AS
SUPPLEMENTED JUNE 30, 2000
Effective September 1, 2000, the WRL Series Fund offers two new investment
options under the Transamerica Occidental Life Separate Account VUL-3. Pending
any prior approval by a state insurance regulatory authority, certain
subaccounts and corresponding portfolios may not be available to residents of
some states.
THE FOLLOWING INFORMATION IS ADDED TO PAGE 6 OF THE PROSPECTUS UNDER THE HEADING
"INVESTMENT OPTIONS":
WRL SERIES FUND, INC.
WRL Great Companies - Global(2)
WRL Gabelli Global Growth
THE FOLLOWING INFORMATION IS ADDED TO THE PORTFOLIO ANNUAL EXPENSE TABLE ON PAGE
14 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
------------------------------------- ---------------- ----------- ------------ --------------------
MANAGEMENT OTHER RULE 12B-1 TOTAL PORTFOLIO
PORTFOLIO FEES EXPENSES FEES ANNUAL EXPENSES
------------------------------------- ---------------- ----------- ------------ --------------------
<S> <C> <C> <C> <C>
WRL Great Companies - Global(2) (12) 0.80% 0.20% N/A 1.00%
------------------------------------- ---------------- ----------- ------------ --------------------
WRL Gabelli Global Growth(12) 1.00% 0.20% N/A 1.20%
------------------------------------- ---------------- ----------- ------------ --------------------
</TABLE>
THE FOLLOWING IS ADDED TO THE TABLE IN FOOTNOTE (3) ON PAGE 15 OF THE
PROSPECTUS:
<TABLE>
<CAPTION>
------------------------------------- ---------------- -------------------- --------------------------
EXPENSE REIMBURSEMENT EXPENSE RATIO WITHOUT
LIMIT AMOUNT REIMBURSEMENT
------------------------------------- ---------------- -------------------- --------------------------
<S> <C> <C> <C>
WRL Great Companies - Global(2) 1.00% N/A N/A
------------------------------------- ---------------- -------------------- --------------------------
WRL Gabelli Global Growth 1.20% N/A N/A
------------------------------------- ---------------- -------------------- --------------------------
</TABLE>
FOOTNOTE (5) ON PAGE 15 OF THE PROSPECTUS IS REVISED TO READ AS FOLLOWS:
(5) Because these portfolios did not commence operations until May 1, 2000, the
percentages set forth as "Other Expenses" and "Total Annual Expenses"
reflect estimates of "Other Expenses" for the first year of operations.
THE FOLLOWING FOOTNOTE IS ADDED TO PAGE 15 OF THE PROSPECTUS:
(12) Because these portfolios did not commence operations until September 1,
2000, the percentages set forth as "Other Expenses" and "Total Annual
Expenses" reflect estimates of "Other Expenses" for the first year of
operations.
THE FOLLOWING INFORMATION IS ADDED TO PAGES 18 - 20 OF THE PROSPECTUS UNDER THE
HEADING "THE SEPARATE ACCOUNT AND THE PORTFOLIOS - THE FUNDS":
<TABLE>
<CAPTION>
PORTFOLIO SUB-ADVISER OR ADVISER INVESTMENT OBJECTIVE
<S> <C> <C>
WRL Great Companies - Global(2) Great Companies, L.L.C. Seeks long-term growth of capital
in a manner consistent with
preservation of capital.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO SUB-ADVISER OR ADVISER INVESTMENT OBJECTIVE
<S> <C> <C>
WRL Gabelli Global Growth Gabelli Asset Management Company Seeks to provide investors with
appreciation of capital. Current
income is a secondary objective.
</TABLE>
THE FOLLOWING PARAGRAPH REPLACES THE SECOND PARAGRAPH ON PAGE 64 OF THE
PROSPECTUS UNDER THE HEADING "PERFORMANCE DATA - RATES OF RETURN":
We base the rates of return that we show below on each portfolio's
actual investment performance. We deduct investment management fees and direct
fund expenses. The rates are actual average annual total return for the periods
ended on December 31, 1999.
THE FOLLOWING SENTENCE REPLACES THE SECOND SENTENCE ON PAGE 64 OF THE PROSPECTUS
UNDER THE HEADING "PERFORMANCE DATA - RATES OF RETURN":
IF THESE CHARGES WERE DEDUCTED, PERFORMANCE WOULD BE SIGNIFICANTLY LOWER.
THE FOLLOWING REPLACES THE HEADING FOR THE TABLE ON PAGE 65 OF THE PROSPECTUS
UNDER THE HEADING PERFORMANCE DATA - RATES OF RETURN":
AVERAGE ANNUAL TOTAL RETURN
FOR THE PERIODS ENDED ON DECEMBER 31, 1999
THE FOLLOWING PARAGRAPH REPLACES THE LAST PARAGRAPH ON PAGE 65 OF THE PROSPECTUS
UNDER THE HEADING "PERFORMANCE DATA - RATES OF RETURN":
Because the WRL Great Companies - America(SM), WRL Great Companies -
Technology(SM), WRL Value Line Aggressive Growth, WRL Great Companies -
Global(2), WRL Gabelli Global Growth portfolios, Fidelity VIP Equity-Income
Portfolio - Service Class 2, Fidelity VIP II Contrafund(R) Portfolio - Service
Class 2 and Fidelity VIP III Growth Opportunities Portfolio - Service Class 2
had not commenced operations as of December 31, 1999, the above chart does not
reflect rates of return for these portfolios.
THE FOLLOWING PARAGRAPH REPLACES THE FIRST PARAGRAPH ON PAGE 76 OF THE
PROSPECTUS UNDER THE HEADING "PERFORMANCE DATA - HYPOTHETICAL ILLUSTRATIONS
BASED ON SUBACCOUNT PERFORMANCE":
Because the WRL Goldman Sachs Small Cap, WRL Goldman Sachs Growth, WRL
T. Rowe Price Dividend Growth, WRL T. Rowe Price Small Cap, WRL Salomon All Cap,
WRL Pilgrim Baxter Mid Cap Growth and WRL Dreyfus Mid Cap portfolios did not
commence operations until May 3, 1999, because the Fidelity VIP Equity-Income
Portfolio - Service Class 2, Fidelity VIP II Contrafund(R) Portfolio - Service
Class 2 and Fidelity VIP III Growth Opportunities Portfolio - Service Class 2
did not commence operations until January 12, 2000, and because the WRL Great
Companies - America(SM), WRL Great Companies - Technology(SM), and WRL Value
Line Aggressive Growth portfolios did not commence operations until May 1, 2000,
and the WRL Great Companies - Global(2) and WRL Gabelli Global Growth portfolios
did not commence operations until September 1, 2000, there are no hypothetical
illustrations for these portfolios.
THE FOLLOWING PARAGRAPH IS ADDED AFTER THE FOURTH PARAGRAPH ON PAGE 83 OF THE
PROSPECTUS UNDER THE HEADING "APPENDIX A - ILLUSTRATIONS":
Because the WRL Great Companies - America(SM), WRL Great Companies -
Technology(SM), WRL Value Line Aggressive Growth, WRL Great Companies -
Global(2), WRL Gabelli Global Growth portfolios, Fidelity VIP Equity-Income
Portfolio - Service Class 2, Fidelity VIP II Contrafund(R) Portfolio - Service
Class 2 and Fidelity VIP III Growth Opportunities Portfolio - Service Class 2
had not commenced operations as of December 31, 1999, the estimated average
annual portfolio expense level reflects estimated expenses for each of these
portfolios for 2000.
<PAGE>
THE FOLLOWING INFORMATION REPLACES THE INFORMATION ON PAGES 85-86 OF THE
PROSPECTUS UNDER THE HEADING "APPENDIX A - ILLUSTRATIONS":
<TABLE>
<CAPTION>
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
HYPOTHETICAL ILLUSTRATIONS
MALE ISSUE AGE 35
Specified Amount $500,000 Ultimate Select Class
Annual Premium $5,500 Option Type A
Using Current Cost of Insurance Rates
------------------- ----------------- -------------------------------------------------------------------------------------
DEATH BENEFIT
ASSUMING HYPOTHETICAL GROSS AND NET ANNUAL INVESTMENT RETURN OF
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
END OF POLICY PREMIUM 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR ACCUMULATED AT -1.83% (NET) YEARS 1-15 4.17% (NET) YEARS 1-15 10.17 (NET) YEARS 1-15
5% -1.23% (NET) YEARS 16+ 4.77% (NET) YEARS 16+ 10.77% (NET) YEARS 16+
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
<S> <C> <C> <C> <C>
1 5,775 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
2 11,839 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
3 18,206 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
4 24,891 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
5 31,911 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
6 39,281 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
7 47,020 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
8 55,146 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
9 63,678 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
10 72,637 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
15 124,616 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
20 190,956 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
30 (AGE 65) 383,684 500,000 500,000 1,100,086
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
40 (AGE 75) 697,619 500,000 504,291 2,742,163
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
50 (AGE 85) 1,208,985 * 852,268 7,490,830
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
60 (AGE 95) 2,041,946 * 1,351,111 19,737,458
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
<CAPTION>
------------------- -------------------------------------------------------------------------------------
CASH VALUE
ASSUMING HYPOTHETICAL GROSS AND NET ANNUAL INVESTMENT RETURN OF
------------------- -------------------------------------------------------------------------------------
END OF POLICY 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR -1.83% (NET) YEARS 1-15 4.17% (NET) YEARS 1-15 10.17 (NET) YEARS 1-15
-1.23% (NET) YEARS 16+ 4.77% (NET) YEARS 16+ 10.77% (NET) YEARS 16+
------------------- ----------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
1 4,582 4,886 5,190
------------------- ----------------------------- --------------------------- ---------------------------
2 9,068 9,963 10,896
------------------- ----------------------------- --------------------------- ---------------------------
3 13,450 15,231 17,161
------------------- ----------------------------- --------------------------- ---------------------------
4 17,736 20,703 24,050
------------------- ----------------------------- --------------------------- ---------------------------
5 21,893 26,356 31,594
------------------- ----------------------------- --------------------------- ---------------------------
6 25,921 32,192 39,856
------------------- ----------------------------- --------------------------- ---------------------------
7 29,813 38,213 48,906
------------------- ----------------------------- --------------------------- ---------------------------
8 33,574 44,428 58,826
------------------- ----------------------------- --------------------------- ---------------------------
9 37,136 50,780 69,643
------------------- ----------------------------- --------------------------- ---------------------------
10 40,534 57,304 81,484
------------------- ----------------------------- --------------------------- ---------------------------
15 54,889 92,610 160,163
------------------- ----------------------------- --------------------------- ---------------------------
20 66,806 137,096 295,117
------------------- ----------------------------- --------------------------- ---------------------------
30 (AGE 65) 83,720 264,988 901,710
------------------- ----------------------------- --------------------------- ---------------------------
40 (AGE 75) 73,568 471,300 2,562,769
------------------- ----------------------------- --------------------------- ---------------------------
50 (AGE 85) * 811,684 7,134,124
------------------- ----------------------------- --------------------------- ---------------------------
60 (AGE 95) * 1,337,733 19,542,037
------------------- ----------------------------- --------------------------- ---------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------- -------------------------------------------------------------------------------------
NET SURRENDER VALUE
ASSUMING HYPOTHETICAL GROSS AND NET ANNUAL INVESTMENT RETURN OF
------------------- -------------------------------------------------------------------------------------
END OF POLICY 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR -1.83% (NET) YEARS 1-15 4.17% (NET) YEARS 1-15 10.17 (NET) YEARS 1-15
-1.23% (NET) YEARS 16+ 4.77% (NET) YEARS 16+ 10.77% (NET) YEARS 16+
------------------- ----------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
1 414 718 1,022
------------------- ----------------------------- --------------------------- ---------------------------
2 4,460 5,355 6,287
------------------- ----------------------------- --------------------------- ---------------------------
3 8,402 10,183 12,113
------------------- ----------------------------- --------------------------- ---------------------------
4 12,248 15,215 18,562
------------------- ----------------------------- --------------------------- ---------------------------
5 15,965 20,427 25,666
------------------- ----------------------------- --------------------------- ---------------------------
6 19,553 25,824 33,488
------------------- ----------------------------- --------------------------- ---------------------------
7 23,005 31,405 42,097
------------------- ----------------------------- --------------------------- ---------------------------
8 26,325 37,180 51,578
------------------- ----------------------------- --------------------------- ---------------------------
9 29,448 43,091 61,955
------------------- ----------------------------- --------------------------- ---------------------------
10 32,406 49,176 73,356
------------------- ----------------------------- --------------------------- ---------------------------
15 54,889 92,610 160,163
------------------- ----------------------------- --------------------------- ---------------------------
20 66,806 137,096 295,117
------------------- ----------------------------- --------------------------- ---------------------------
30 (AGE 65) 83,720 264,988 901,710
------------------- ----------------------------- --------------------------- ---------------------------
40 (AGE 75) 73,568 471,300 2,562,769
------------------- ----------------------------- --------------------------- ---------------------------
50 (AGE 85) * 811,684 7,134,124
------------------- ----------------------------- --------------------------- ---------------------------
60 (AGE 95) * 1,337,733 19,542,037
------------------- ----------------------------- --------------------------- ---------------------------
</TABLE>
* In the absence of an additional payment, the Policy would lapse.
<TABLE>
<CAPTION>
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
HYPOTHETICAL ILLUSTRATIONS
MALE ISSUE AGE 35
Specified Amount $500,000 Ultimate Select Class
Annual Premium $5,500 Option Type A
Using Guaranteed Cost of Insurance Rates
------------------- ----------------- -------------------------------------------------------------------------------------
DEATH BENEFIT
ASSUMING HYPOTHETICAL GROSS AND NET ANNUAL INVESTMENT RETURN OF
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
END OF POLICY PREMIUM 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR ACCUMULATED AT -1.83% (NET) YEARS 1-15 4.17% (NET) YEARS 1-15 10.17 (NET) YEARS 1-15
5% -1.23% (NET) YEARS 16+ 4.77% (NET) YEARS 16+ 10.77% (NET) YEARS 16+
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
<S> <C> <C> <C> <C>
1 5,775 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
2 11,839 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
3 18,206 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
4 24,891 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
5 31,911 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
6 39,281 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
7 47,020 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
8 55,146 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
9 63,678 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
10 72,637 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
15 124,616 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
20 190,956 500,000 500,000 500,000
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
30 (AGE 65) 383,684 500,000 500,000 1,054,729
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
40 (AGE 75) 697,619 * 500,000 2,562,829
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
50 (AGE 85) 1,208,985 * 607,472 6,794,599
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
60 (AGE 95) 2,041,946 * 932,519 16,956,781
------------------- ----------------- ---------------------------- ---------------------------- ---------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------- -------------------------------------------------------------------------------------
CASH VALUE
ASSUMING HYPOTHETICAL GROSS AND NET ANNUAL INVESTMENT RETURN OF
------------------- -------------------------------------------------------------------------------------
END OF POLICY 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR -1.83% (NET) YEARS 1-15 4.17% (NET) YEARS 1-15 10.17 (NET) YEARS 1-15
-1.23% (NET) YEARS 16+ 4.77% (NET) YEARS 16+ 10.77% (NET) YEARS 16+
------------------- ----------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
1 4,582 4,886 5,190
------------------- ----------------------------- --------------------------- ---------------------------
2 8,981 9,873 10,803
------------------- ----------------------------- --------------------------- ---------------------------
3 13,254 15,024 16,942
------------------- ----------------------------- --------------------------- ---------------------------
4 17,400 20,340 23,658
------------------- ----------------------------- --------------------------- ---------------------------
5 21,412 25,821 31,002
------------------- ----------------------------- --------------------------- ---------------------------
6 25,288 31,472 39,038
------------------- ----------------------------- --------------------------- ---------------------------
7 29,019 37,286 47,825
------------------- ----------------------------- --------------------------- ---------------------------
8 32,608 43,274 57,446
------------------- ----------------------------- --------------------------- ---------------------------
9 36,044 49,432 67,977
------------------- ----------------------------- --------------------------- ---------------------------
10 39,331 55,769 79,518
------------------- ----------------------------- --------------------------- ---------------------------
15 53,217 90,094 156,298
------------------- ----------------------------- --------------------------- ---------------------------
20 63,667 132,334 287,301
------------------- ----------------------------- --------------------------- ---------------------------
30 (AGE 65) 55,369 233,707 864,532
------------------- ----------------------------- --------------------------- ---------------------------
40 (AGE 75) * 359,569 2,395,167
------------------- ----------------------------- --------------------------- ---------------------------
50 (AGE 85) * 578,545 6,471,046
------------------- ----------------------------- --------------------------- ---------------------------
60 (AGE 95) * 923,286 16,788,892
------------------- ----------------------------- --------------------------- ---------------------------
<CAPTION>
------------------- -------------------------------------------------------------------------------------
NET SURRENDER VALUE
ASSUMING HYPOTHETICAL GROSS AND NET ANNUAL INVESTMENT RETURN OF
------------------- -------------------------------------------------------------------------------------
END OF POLICY 0% (GROSS) 6% (GROSS) 12% (GROSS)
YEAR -1.83% (NET) YEARS 1-15 4.17% (NET) YEARS 1-15 10.17 (NET) YEARS 1-15
-1.23% (NET) YEARS 16+ 4.77% (NET) YEARS 16+ 10.77% (NET) YEARS 16+
------------------- ----------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
1 414 718 1,022
------------------- ----------------------------- --------------------------- ---------------------------
2 4,373 5,265 6,195
------------------- ----------------------------- --------------------------- ---------------------------
3 8,206 9,975 11,894
------------------- ----------------------------- --------------------------- ---------------------------
4 11,912 14,852 18,170
------------------- ----------------------------- --------------------------- ---------------------------
5 15,484 19,893 25,074
------------------- ----------------------------- --------------------------- ---------------------------
6 18,920 25,103 32,670
------------------- ----------------------------- --------------------------- ---------------------------
7 22,211 30,478 41,017
------------------- ----------------------------- --------------------------- ---------------------------
8 25,359 36,026 50,197
------------------- ----------------------------- --------------------------- ---------------------------
9 28,356 41,743 60,288
------------------- ----------------------------- --------------------------- ---------------------------
10 31,203 47,641 71,390
------------------- ----------------------------- --------------------------- ---------------------------
15 53,217 90,094 156,298
------------------- ----------------------------- --------------------------- ---------------------------
20 63,667 132,334 287,301
------------------- ----------------------------- --------------------------- ---------------------------
30 (AGE 65) 55,369 233,707 864,532
------------------- ----------------------------- --------------------------- ---------------------------
40 (AGE 75) * 359,569 2,395,167
------------------- ----------------------------- --------------------------- ---------------------------
50 (AGE 85) * 578,545 6,471,046
------------------- ----------------------------- --------------------------- ---------------------------
60 (AGE 95) * 923,286 16,788,892
------------------- ----------------------------- --------------------------- ---------------------------
</TABLE>
* In the absence of an additional payment, the Policy would lapse.
TA00018-9/2000
