RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
Flexible Premium Variable Life Insurance Policy
Issued By
ReliaStar Life Insurance Company of New York
Variable Life Separate Account I
Supplement to Prospectus Dated May 1, 1998
On page 41 of the prospectus, the text of the section entitled
"Distribution of the Policies" should be deleted in its entirety and replaced
with the following:
DISTRIBUTION OF THE POLICIES
The Policies will be sold by licensed insurance agents who are also
registered representatives of broker-dealers registered with the SEC under the
Securities Exchange Act of 1934 who are members of the National Association of
Securities Dealers, Inc.
The Policies will be distributed by the general distributor, Washington
Square Securities, Inc., ("WSSI"), a Minnesota corporation, which is an
affiliate of ours. WSSI is a securities broker-dealer registered with the SEC
and is a member of the National Association of Securities Dealers, Inc. It is
primarily a mutual funds dealer and has dealer agreements under which it markets
shares of more than 50 mutual funds. It also markets limited partnerships and
other tax-sheltered or tax-deferred investments, and acts as general distributor
(principal underwriter) for variable products issued by us and variable products
issued by our affiliates. The Policies may also be sold through other
broker-dealers authorized by WSSI and applicable law to do so. Registered
representatives of such broker-dealers may be paid on a different basis than
described below.
Registered representatives who sell the Policies will receive
commissions based on a commission schedule. In the first Policy Year,
commissions generally will be no more than 55% of the premiums paid up to the
annualized Minimum Monthly Premium, plus no more than 1% of any additional
premium. In any subsequent Policy Year, commissions or service fees generally
will be no more than 1% of premiums paid in that year. Corresponding commissions
or service fees will be paid upon a requested increase in Face Amount. In
addition, after the first Policy Year a commission or a service fee of no more
than .40% of the average monthly Accumulation Value during each Policy Year may
be paid. Further, registered representatives may be eligible to receive certain
overrides, expense allowances and other benefits which may be based on the
amount of earned commissions.
The date of this Supplement is August 15, 1998.
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