RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
             INDIVIDUAL FLEXIBLE PAYMENT VARIABLE ANNUITY CONTRACTS
                                   OFFERED BY
                RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
                 BANKERS SECURITY VARIABLE ANNUITY FUND P AND Q

                  SUPPLEMENT TO PROSPECTUS DATED APRIL 30, 1996


The name of the  insurance  company  issuer of the  variable  annuity  insurance
contracts  offered by the Prospectus  through Separate Accounts P and Q, Bankers
Security Life Insurance Society,  has been changed to ReliaStar Bankers Security
Life Insurance Company,  effective July 1, 1996. ReliaStar Bankers Security Life
Insurance  Company  remains an indirect  wholly-owned  subsidiary  of  ReliaStar
Financial Corp.



                  The date of this supplement is July 1, 1996.



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