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EXECUTIVE BENEFIT VARIABLE UNIVERSAL LIFE
SUPPLEMENT TO THE PROSPECTUS
DATED SEPTEMBER 1, 1995
OF
CONNECTICUT MUTUAL FINANCIAL SERVICES SERIES FUND I, INC.
(THE "COMPANY")
LIFESPAN CAPITAL APPRECIATION PORTFOLIO
LIFESPAN BALANCED PORTFOLIO
LIFESPAN DIVERSIFIED INCOME PORTFOLIO
(THE "LIFESPAN PORTFOLIOS")
At a meeting of the Company's shareholders on February 14, 1996, the
shareholders approved several changes to the management of the Company and the
LifeSpan Portfolios as a result of the impending merger (the "Merger") between
Connecticut Mutual Life Insurance Company ("Connecticut Mutual") and
Massachusetts Mutual Life Insurance Company ("Massachusetts Mutual").
Connecticut Mutual is the indirect parent company of G.R. Phelps & Co., Inc.
("G.R. Phelps"), the current investment adviser to the LifeSpan Portfolios. The
Merger is expected to be consummated on March 1, 1996.
The shareholders have approved the following changes to the Company's
management effective as follows:
- The selection of OppenheimerFunds, Inc. ("Oppenheimer"), Two World
Trade Center, New York, NY, as the investment adviser to the LifeSpan
Portfolios. Oppenheimer is a registered investment adviser, which
together with its affiliates, has over $38 billion in assets under
management. (EFFECTIVE IMMEDIATELY AFTER THE CONSUMMATION OF THE
MERGER.)
The rate of the investment management fee applicable to each LifeSpan
Portfolio will not change as a result of Oppenheimer's assumption of
the management of the Portfolios. Oppenheimer will be responsible to
pay subadvisory fees directly to the LifeSpan Portfolios' respective
subadvisers.
- The selection of Babson-Stewart Ivory International
("Babson-Stewart"), a registered investment adviser and affiliate of
Oppenheimer, as the subadviser to the International Component of each
of LifeSpan Capital Appreciation Portfolio and Balanced Portfolio.
Scudder, Stevens & Clark, Inc. ("Scudder"), the current subadviser to
the International Component of such
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Portfolios, will not provide subadvisory services after the Merger.
The rate of the subadvisory fee to be paid by Oppenheimer to
Babson-Stewart is less than that paid by G.R. Phelps to Scudder.
However, unlike the current Scudder fee arrangement Babson-Stewart's
subadvisory fee will not be calculated on the aggregate assets of the
Portfolios and other portfolios managed by Babson-Stewart. (EFFECTIVE
IMMEDIATELY AFTER THE CONSUMMATION OF THE MERGER.)
- The election of eight (8) new directors to serve as the Company's
Board of Directors. (EFFECTIVE ON THE 91ST DAY AFTER THE MERGER.)
February 16, 1996
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