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PORTFOLIO PLUS
FAMILY LIFE INSURANCE COMPANY
MERRILL LYNCH VARIABLE ANNUITY ACCOUNT
SUPPLEMENT DATED DECEMBER 9, 1996 TO THE PROSPECTUS DATED MAY 1, 1991.
This supplement describes certain changes to the subaccounts
available for the allocation of premiums or contract value under Portfolio
Plus flexible premium deferred variable annuity contracts (the "Contracts"),
effective after the close of business on December 6, 1996. Please retain this
supplement with your Contract prospectus for your reference.
CERTAIN CHANGES AFFECTING THE MERRILL LYNCH VARIABLE SERIES FUNDS,
INC. After the close of business on December 6, 1996, the Flexible Strategy
Focus Fund of the Merrill Lynch Variable Series Funds, Inc. (the "Variable
Series Funds") was merged with and into the Global Strategy Focus Fund of the
Variable Series Funds. The Global Strategy Focus Fund seeks high total
investment return by investing primarily in a portfolio of equity and fixed
income securities, including convertible securities, of United States and
foreign issuers. The Fund seeks to achieve its objective by investing
primarily in securities of issuers located in the United States, Canada,
Western Europe, and the Far East. Merrill Lynch Asset Management, L.P.
("MLAM"), the adviser to the Variable Series Funds, receives an advisory fee
from the Global Strategy Focus Fund of 0.65% of the average daily net assets
of the Fund.
CHANGES IN THE SUBACCOUNTS AVAILABLE UNDER THE CONTRACTS. After
December 6, 1996, (i) premiums and contract value may be allocated to the new
subaccount investing in the Global Strategy Focus Fund; and (ii) premiums and
contract value may no longer be allocated to the subaccount investing in the
Flexible Strategy Focus Fund. After the close of business on December 6,
1996, contract value then allocated to the subaccount investing in the
Flexible Strategy Focus Fund will be allocated to the subaccount investing in
the Global Strategy Focus Fund. Thereafter, contract value may be reallocated
in accordance with the terms of your Contract.
If you have any questions about these changes, please contact your
Financial Consultant or call the Annuity Service Center at (800) 535-5549.
For your reference, a copy of the current prospectus for the Variable Series
Funds, including the Global Strategy Focus Fund, is enclosed.
