<PAGE>
FIRST INVESTORS LIFE SERIES FUND
SUPPLEMENT DATED DECEMBER 29, 1997
TO PROSPECTUS DATED APRIL 30, 1997
1. Effective January 1, 1998, Kimberly Speegle will co-manage the BLUE CHIP
FUND together with Dennis T. Fitzpatrick. Effective January 1, 1998, Ms.
Speegle will also join Mr. Fitzpatrick as co-manager of the Blue Chip Fund of
Executive Investors Trust, the Blue Chip Fund of First Investors Series Fund and
the Growth & Income Fund of First Investors Series Fund II, Inc. Ms. Speegle
joined FIMCO in August 1997 as an Assistant Portfolio Manager. From March 1997
to August 1997, Ms. Speegle was an Investment Analyst at Sage Asset Management
and from 1992 to 1995 she was a Portfolio Manager for the Clark Family. The
biographical information for Mr. Fitzpatrick is in the Prospectus under
"Management-Portfolio Managers" on page 33.
2. The following paragraph should be added to "Investment Objectives and
Policies-Types of Securities and Their Risks" on page 30:
WHEN-ISSUED SECURITIES. GROWTH FUND, HIGH YIELD FUND, INTERNATIONAL
SECURITIES FUND, INVESTMENT GRADE FUND, TARGET MATURITY 2007 FUND, TARGET
MATURITY 2010 FUND and UTILITIES INCOME FUND each may invest up to 5%, and
GOVERNMENT FUND may invest up to 25%, of its net assets in securities issued on
a when-issued or delayed delivery basis at the time the purchase is made. Under
such an arrangement, delivery of, and payment for, a security occurs up to 60
days after the agreement to purchase the security is made by a Fund. The
purchase price to be paid by a Fund and the interest rate on the instruments to
be purchased are both selected when a Fund agrees to purchase the securities
"when-issued." When a Fund purchases securities on a when-issued basis, it
assumes the risks of ownership, including the risk of price fluctuation, at the
time of purchase, not at the time of receipt. Failure of the issuer to deliver
a security purchased by a Fund on a when-issued basis may result in a Fund
incurring a loss or missing an opportunity to make an alternative investment.
Each Fund is permitted to sell when-issued securities prior to issuance of such
securities, but will not purchase such securities with that purpose intended.
Securities purchased on a when-issued basis are subject to the risk that yields
available in the market, when delivery takes place, may be higher than the rate
to be received on the securities a Fund is committed to purchase. For a further
discussion of when-issued securities, see "When-Issued Securities" in the SAI.
3. The following paragraph should replace the second paragraph under
"Government Fund" on page 15:
GOVERNMENT FUND may invest in mortgage-backed securities, including those
involving Government National Mortgage Association ("GNMA") certificates,
Federal National Mortgage Association ("FNMA") certificates and Federal Home
Loan Mortgage Corporation ("FHLMC") certificates. The Fund also may invest in
securities issued or guaranteed by other U.S. Government agencies or
instrumentalities, including: the Federal Farm Credit System (which may not
borrow from the U.S. Treasury and the securities of which are not guaranteed by
the U.S. Government); the Federal Home Loan Bank (which may borrow from the U.S.
Treasury to meet its obligations but the securities of which are not guaranteed
by the U.S. Government); the Tennessee Valley Authority and the U.S. Postal
Service (each of which may borrow from the U.S. Treasury to meet it
obligations); and the Farmers Home Administration and the Export-Import Bank
(the securities of which are backed by the full faith and credit of the United
States). The Fund may invest in
<PAGE>
collateralized mortgage obligations ("CMOs") and stripped mortgage-backed
securities issued or guaranteed by the U.S. Government, its agencies,
authorities or instrumentalities. See "Mortgage-Backed Securities," below.
4. Since early November 1997, the UTILITIES INCOME FUND has been managed by
Patricia D. Poitra, Director of Equities. The biographical information for Ms.
Poitra is in the Prospectus under "Management-Portfolio Managers" on page 33.
5. The following should be added to the end of the second paragraph on page 2
and the first paragraph under "Investment Objectives and Policies-Blue Chip
Fund" on page 12:
It is the Fund's policy to remain relatively fully invested in equity securities
under all market conditions rather than to attempt to time the market by
maintaining large cash or fixed-income securities positions when market declines
are anticipated. The Fund is appropriate for investors who are comfortable with
a fully invested stock portfolio.
FILDPRO
<PAGE>
FIRST INVESTORS LIFE SERIES FUND
SUPPLEMENT DATED DECEMBER 29, 1997
TO PROSPECTUS DATED APRIL 30, 1997
1. Effective January 1, 1998, Kimberly Speegle will co-manage the BLUE CHIP
FUND together with Dennis T. Fitzpatrick. Effective January 1, 1998, Ms.
Speegle will also join Mr. Fitzpatrick as co-manager of the Blue Chip Fund of
Executive Investors Trust, the Blue Chip Fund of First Investors Series Fund and
the Growth & Income Fund of First Investors Series Fund II, Inc. Ms. Speegle
joined FIMCO in August 1997 as an Assistant Portfolio Manager. From March 1997
to August 1997, Ms. Speegle was an Investment Analyst at Sage Asset Management
and from 1992 to 1995 she was a Portfolio Manager for the Clark Family. The
biographical information for Mr. Fitzpatrick is in the Prospectus under
"Management-Portfolio Managers" on page 33.
2. The following should be added to the end of the second paragraph on page 2
and the first paragraph under "Investment Objectives and Policies-Blue Chip
Fund" on page 12: "It is the Fund's policy to remain relatively fully invested
in equity securities under all market conditions rather than to attempt to time
the market by maintaining large cash or fixed-income securities positions when
market declines are anticipated. The Fund is appropriate for investors who are
comfortable with a fully invested stock portfolio."
3. The second paragraph on the cover page should read as follows:
Investments in a Fund are only available through purchases of the Level
Premium Variable Life Insurance Policies ("Policies") or the Individual Variable
Annuity Contracts ("Contracts") offered by First Investors Life Insurance
Company ("First Investors Life"). Policy premiums, net of certain expenses, are
paid into a unit investment trust, First Investors Life Insurance Company
Separate Account B ("Separate Account B"). Purchase payments for the Contracts,
net of certain expenses, are also paid into a unit investment trust, First
Investors Life Variable Annuity Fund C ("Separate Account C"). Purchase
payments for the Contracts are also paid into a unit investment trust, First
Investors Life Variable Annuity Fund D ("Separate Account D"). Separate Account
B, Separate Account C and Separate Account D ("Separate Accounts") pool these
proceeds to purchase shares of a Fund designated by purchasers of the Policies
or Contracts. Investments in a Fund are used to fund benefits under the
Policies and Contracts. TARGET MATURITY 2007 FUND and TARGET MATURITY 2010 FUND
are only offered to Contractowners of Separate Account C and Separate Account D.
4. References in the Prospectus to Separate Accounts B and C should now read
"Separate Accounts B, C and D."
5. The following sentence should be inserted as the fourth sentence under "How
To Buy Shares" on page 32: "Purchase payments for the Contracts are also paid
into a unit investment trust, Separate Account D."
6. The second sentence under "How to Redeem Shares" on page 32 should read as
follows: "Redemptions will be made at the next determined net asset value, less
any applicable contingent deferred sales charge, of the respective Fund upon
receipt of a proper request for redemption or repurchase."
<PAGE>
7. Since late May 1997, the INVESTMENT GRADE FUND has been co-managed by Nancy
Jones and Clark D. Wagner. The biographical information for both Ms. Jones and
Mr. Wagner is in the Prospectus under "Management-Portfolio Managers" on page
34:
8. The following paragraph should be added to "Investment Objectives and
Policies-Types of Securities and Their Risks" on page 28:
WHEN-ISSUED SECURITIES. GROWTH FUND, HIGH YIELD FUND, INTERNATIONAL
SECURITIES FUND, INVESTMENT GRADE FUND, TARGET MATURITY 2007 FUND, TARGET
MATURITY 2010 FUND and UTILITIES INCOME FUND each may invest up to 5%, and
GOVERNMENT FUND may invest up to 25%, of its net assets in securities issued on
a when-issued or delayed delivery basis at the time the purchase is made. Under
such an arrangement, delivery of, and payment for, a security occurs up to 60
days after the agreement to purchase the security is made by a Fund. The
purchase price to be paid by a Fund and the interest rate on the instruments to
be purchased are both selected when a Fund agrees to purchase the securities
"when-issued." When a Fund purchases securities on a when-issued basis, it
assumes the risks of ownership, including the risk of price fluctuation, at the
time of purchase, not at the time of receipt. Failure of the issuer to deliver
a security purchased by a Fund on a when-issued basis may result in a Fund
incurring a loss or missing an opportunity to make an alternative investment.
Each Fund is permitted to sell when-issued securities prior to issuance of such
securities, but will not purchase such securities with that purpose intended.
Securities purchased on a when-issued basis are subject to the risk that yields
available in the market, when delivery takes place, may be higher than the rate
to be received on the securities a Fund is committed to purchase. For a further
discussion of when-issued securities, see "When-Issued Securities" in the SAI.
9. The following paragraph should replace the second paragraph under
"Government Fund" on page 14:
GOVERNMENT FUND may invest in mortgage-backed securities, including those
involving Government National Mortgage Association ("GNMA") certificates,
Federal National Mortgage Association ("FNMA") certificates and Federal Home
Loan Mortgage Corporation ("FHLMC") certificates. The Fund also may invest in
securities issued or guaranteed by other U.S. Government agencies or
instrumentalities, including: the Federal Farm Credit System (which may not
borrow from the U.S. Treasury and the securities of which are not guaranteed by
the U.S. Government); the Federal Home Loan Bank (which may borrow from the U.S.
Treasury to meet its obligations but the securities of which are not guaranteed
by the U.S. Government); the Tennessee Valley Authority and the U.S. Postal
Service (each of which may borrow from the U.S. Treasury to meet it
obligations); and the Farmers Home Administration and the Export-Import Bank
(the securities of which are backed by the full faith and credit of the United
States). The Fund may invest in collateralized mortgage obligations ("CMOs")
and stripped mortgage-backed securities issued or guaranteed by the U.S.
Government, its agencies, authorities or instrumentalities. See "Mortgage-
Backed Securities," below.
10. Since early November 1997, the UTILITIES INCOME FUND has been managed by
Patricia D. Poitra, Director of Equities. The biographical information for Ms.
Poitra is in the Prospectus under "Management-Portfolio Managers" on page 33.
FIL797
