<PAGE>
PROSPECTUS
SUPPLEMENT
- --------------------------------------------------------------------------------
VARIFLEX VARIABLE ANNUITY
VARIFLEX LS VARIABLE ANNUITY
VARIFLEX SIGNATURE VARIABLE ANNUITY
VARIFLEX ES VARIABLE ANNUITY
SECURITY ELITE BENEFIT VARIABLE LIFE
SUPPLEMENT DATED NOVEMBER 2, 1998
Effective November 2, 1998, OppenheimerFunds, Inc. became the sub-adviser to
Series D (Worldwide Equity Series). Any references in the Prospectus to
Lexington Management Corporation as the Sub-Adviser are replaced with
OppenheimerFunds, Inc.
