MEMBERS(R) Variable Universal Life
Supplement Dated November 25, 1996
to
MEMBERS(R) Variable Universal Life Prospectus Dated May 1, 1996
("VUL Prospectus")
1. Name Changes. Effective December 31, 1996 the following entities' names will
change and the listed new name should be substituted in the VUL Prospectus
wherever the old name appears:
<TABLE>
<CAPTION>
Old Name New Name
<S> <C>
Century Life of America CUNA Mutual Life Insurance Company
Century Variable Annuity Account CUNA Mutual Life Variable Annuity Account
Century Variable Account CUNA Mutual Life Variable Account
Century Group Variable Annuity Account CUNA Mutual Life Group Variable Annuity Account
Century Investment Management Co. CIMCO Inc.
</TABLE>
Because the Century Life of America name change must be approved by each state
Insurance Commissioner, its new name will be used in each state on the later of
December 31, 1996 or the state approval date.
2. Ultra Series Fund Management Agreement. At a meeting of the Ultra Series Fund
Board of Trustees held October 29, 1996, the Trustees approved a Management
Agreement between CIMCO Inc. ("CIMCO") and the Ultra Series Fund (the "Fund")
and recommended the Management Agreement for approval by the Shareholders of the
Fund at a Shareholder meeting scheduled for January 16, 1997. Subject to the
affirmative vote of a majority of the shares of each Series of the Fund,
effective May 1, 1997, the Management Agreement will replace the existing
Investment Advisory Agreement between the Fund and Century Investment Management
Co. last approved and continued by the Board of Trustees on May 2, 1996. In
addition, Century Life of America management has indicated that effective May 1,
1997 it will not continue its expense reimbursement agreement with the Fund,
pursuant to which Century Life of America has from year to year voluntarily
agreed to absorb substantially all ordinary business expenses (including the
advisory fee) of each Series of the Fund in excess of 0.65% of the average value
of the daily net assets of such Series. (See Fund Expenses, page 6 and Appendix
A, page 72 of the VUL Prospectus). If the Management Agreement is approved,
effective May 1, 1997, the following table will be added to the section of the
VUL Prospectus headed Fund Expenses.
"Annual Fund Expenses
(as percentage of average net assets)
Capital Appreciation Stock Fund
Management Fees 0.80%
Other Expenses 0.01%
Total Annual Fund Expenses 0.81%
Growth and Income Stock Fund
Management Fees 0.60%
Other Expenses 0.01%
Total Annual Fund Expenses 0.61%
Balanced Fund
Management Fees 0.70%
Other Expenses 0.01%
Total Annual Fund Expenses 0.71%
Bond Fund
Management Fees 0.55%
Other Expenses 0.01%
Total Annual Fund Expenses 0.56%
Money Market Fund
Management Fees 0.45%
Other Expenses 0.01%
Total Annual Fund Expenses 0.46%
Treasury 2000
Management Fees .45%
Other Expenses .00%
Total Annual Fund Expenses .45%
International Stock Portfolio
Management Fees 1.05%
Other Expenses .00%
Total Annual Fund Expenses 1.05%
MFS World Governments Series
Management Fees (investment advisory fees) 0.75%
Other Expenses (after reimbursements) 0.25%
Total Annual Fund Expenses 1.00%
MFS Emerging Growth Series
Management Fees (investment advisory fees) 0.75%
Other Expenses (after reimbursements) 0.25%
Total Annual Fund Expenses 1.00%"
If the Management Agreement is approved, effective May 1, 1997, the section
entitled Effect of Hypothetical Investment Returns on page 72 and the
Illustrations Number 1 through Number 6 following it will be revised to reflect
the new management fees set forth above.
