SELECT*ANNUITY II
PROSPECTUS SUPPLEMENT DATED JANUARY 30, 1998
TO PROSPECTUS DATED AUGUST 8, 1997
On page 37 of the prospectus, the text of the section entitled
"Individual Retirement Annuities" should be deleted in its entirety and replaced
with the following:
INDIVIDUAL RETIREMENT ANNUITIES
Section 408 and 408A of the Code permits eligible individuals to
contribute to an individual retirement program known as an "Individual
Retirement Annuity" or "IRA". All IRAs are subject to limits on the amount that
may be contributed, the persons who are eligible, and on the time when
distributions may commence. Section 408 governs "traditional" IRAs. Subject to
certain income limits, contributions to a traditional IRA may be tax deductible.
Distributions from a traditional IRA, if attributable to deductible
contributions, are generally subject to income tax. Distributions from certain
other types of qualified retirement plans may be "rolled over" on a tax-deferred
basis into a traditional IRA.
Section 408A of the Code permits individuals to contribute to a special
type of IRA called a Roth IRA. The IRA must be designated as a "Roth IRA" at the
time it is established, in accordance with IRS rules. Contributions to a Roth
IRA are not deductible. If certain conditions are met, qualified distributions
from a Roth IRA are tax free. Subject to special limitations, a distribution
from a traditional IRA or another Roth IRA may be rolled over to a Roth IRA.
Sales of a Contract for use with traditional or Roth IRAs may be
subject to special requirements of the IRS. The IRS has not reviewed the
contract for qualification as an IRA, and has not addressed in a ruling of
general applicability whether a death benefit provision such as the provision in
the Contract comports with IRS qualification requirements.
