FIRST INVESTORS LIFE LEVEL PREMIUM VARIABLE LIF INS SEP AC B, 497, 1996-10-22

FIRST INVESTORS LIFE LEVEL PREMIUM VARIABLE LIF INS SEP AC B
497, 1996-10-22

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Level Premium Variable Life Insurance Policies

Issued By
First Investors Life Insurance Company

95 Wall Street, New York, N.Y. 10005/(212) 858-8200

Investors are advised to read and retain this Prospectus for future
reference.

This Prospectus describes the Level Premium Variable Life Insurance Policy
(the "Policy") offered by First Investors Life Insurance Company ("First
Investors Life"). The purpose of the Policy is to provide life insurance
coverage and to lessen the economic loss resulting from the death of the
Insured.

Policy premiums net of certain expenses ("net annual premiums") are paid
into First Investors Life Insurance Company Separate Account B ("Separate
Account B"). A Policyowner elects to have his or her net annual premiums paid
into one or more of the nine subaccounts of Separate Account B ("Subaccounts").
The assets of each Subaccount are invested at net asset value in shares of a
related series of First Investors Life Series Fund (the "Life Series Fund"), an
open-end diversified management investment company. Target Maturity 2007 Fund
and Target Maturity 2010 Fund are not offered to Policyowners of Separate
Account B.

The Policy is similar to a limited payment whole life insurance policy
with a death benefit, level premiums, loan privileges and other features that
are usually associated with a limited payment insurance policy. Unlike the usual
whole life insurance policy, the Policy is "variable" because the amount of the
insurance coverage and the cash values may increase or decrease depending on the
investment performance of the chosen Subaccount or Subaccounts of Separate
Account B.

The death benefit during the first Policy year will be the face amount
shown on the Policy (the "Guaranteed Insurance Amount"). On each Policy
anniversary, the amount of coverage may increase or decrease depending on the
investment results of the designated Subaccount or Subaccounts, but it will
never be less than the Guaranteed Insurance Amount as long as there is no
outstanding Policy loan and premiums are paid when due.

The cash value of the Policy will vary from day to day, depending on the
investment results of the designated Subaccount or Subaccounts, but with no
guaranteed minimum. The Policyowner bears the entire investment risk and the
Policy's cash value (not the death benefit) could decline to zero.

Replacing existing insurance with the Policy described in this Prospectus
may not be to your advantage because, among other things, of the cost of the
Policy during the first few years.

This Prospectus sets forth the information about the Policies and Separate
Account B that a prospective investor should know before investing and should be
kept for future reference.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.

THIS PROSPECTUS IS VALID ONLY WHEN ATTACHED TO THE
CURRENT PROSPECTUS FOR FIRST INVESTORS LIFE SERIES FUND.

The date of this Prospectus is April 29, 1996

As amended October 28, 1996

<PAGE>

THE PURPOSE OF THE POLICY IS TO PROVIDE LIFE INSURANCE PROTECTION FOR THE
BENEFICIARY NAMED IN THE POLICY. NO CLAIM IS MADE THAT THE POLICY IS IN ANY WAY
SIMILAR OR COMPARABLE TO A SYSTEMATIC INVESTMENT PLAN OF A MUTUAL FUND.

GENERAL DESCRIPTION

First Investors Life Insurance Company

First Investors Life Insurance Company (TIN 13-1968606), 95 Wall Street, New
York, New York 10005 ("First Investors Life"), a stock life insurance company
incorporated under the laws of the State of New York in 1962, writes life
insurance, annuities and accident and health insurance. In addition to Separate
Account B, First Investors Life also maintains First Investors Life Variable
Annuity Fund A and First Investors Life Variable Annuity Fund C. Variable
annuity contracts funded through those accounts are offered through their own
prospectuses. First Investors Consolidated Corporation ("FICC") owns all of the
voting common stock of First Investors Management Company, Inc. ("FIMCO" or
"Adviser") and all of the outstanding stock of First Investors Life, First
Investors Corporation ("FIC" or "Underwriter") and the Transfer Agent. Mr. Glenn
O. Head controls FICC and, therefore, controls the Adviser.

First Investors Life assumes all of the insurance risks under the Policy and
its assets support the Policy's benefits. At December 31, 1995, First Investors
Life had assets of over $512 million and over $3.055 billion of life insurance
in force. (See First Investors Life's financial statements under "Financial
Statements.")

Separate Account B

First Investors Life Insurance Company Separate Account B, also known by its
proprietary name, "Insured Series Plan" ("Separate Account B"), was established
on June 4, 1985 under the provisions of the New York Insurance Law. Separate
Account B is a separate investment account to which assets are allocated to
support the benefits under the Life Level Premium Variable Life Insurance Policy
(the "Policy") offered by First Investors Life. Separate Account B is registered
as a unit investment trust under the Investment Company Act of 1940, as amended
(the "1940 Act"), but such registration does not involve any supervision of the
management or investment practices or policies of Separate Account B.

The assets of each subaccount of Separate Account B (the "Subaccount") are
invested at net asset value in shares of the corresponding Fund (singularly,
"Fund," and collectively, "Funds") of Life Series Fund. For example, the Blue
Chip Subaccount invests in the Blue Chip Fund, the Government Subaccount invests
in the Government Fund, and so on. Life Series Fund's Prospectus describes the
risks attendant to an investment in each Fund.

Any and all distributions received from a Fund will be reinvested to purchase
additional shares of the distributing Fund at net asset value for the
corresponding Subaccount. Accordingly, no capital distributions are anticipated.
Shares of the Funds in the Subaccounts will be valued at their net asset value.

Separate Account B is divided into the following Subaccounts, each of which
corresponds to the following Fund of Life Series Fund:

<PAGE>

Separate Account
B Subaccount Fund
-------------------- ------------------
Blue Chip Subaccount Blue Chip Fund
Cash Management Subaccount Cash Management Fund
Discovery Subaccount Discovery Fund
Government Subaccount Government Fund
Growth Subaccount Growth Fund
High Yield Subaccount High Yield Fund
International Securities Subaccount International Securities Fund
Investment Grade Subaccount Investment Grade Fund
Utilities Income Subaccount Utilities Income Fund

The assets of Separate Account B are the property of First Investors Life.
Each Policy provides that the portion of the assets of Separate Account B equal
to the reserves and other liabilities under the Policy with respect to Separate
Account B shall not be chargeable with liabilities arising out of any other
business that First Investors Life may conduct. In addition to the net assets
and other liabilities for the Policies, the assets of Separate Account B include
amounts derived from expenses charged to Separate Account B by First Investors
Life (see "Charges and Expenses"). From time to time these additional amounts
will be transferred in cash by First Investors Life to its General Account.
Before making a transfer, First Investors Life will consider any possible
adverse impact that the transfer may have on Separate Account B.

First Investors Life reserves the right to invest the assets of Separate
Account B in the shares of other investment companies or any other investment
permitted by law. Such substitution would be made in accordance with the
provisions of the 1940 Act.

Your Choice of Investment Objective

When a Policy is purchased, the Policyowner decides to place the net annual
premium (premium less certain deductions) into at least one but not more than
five of the Subaccounts of Separate Account B to support the Policy's benefits,
provided the allocation to any one Subaccount is not less than 10% of the net
premium. The allocation is made on the Policy's issue date and at the beginning
of each Policy year thereafter. A portion of the allocated amount covers the
cost of insurance protection. Coverage under the Policy begins in accordance
with the terms of the Conditional Receipt or the issue date of the Policy in
accordance with the terms of the Policy. That Subaccount in turn invests in the
corresponding Fund of Life Series Fund, as set forth above. Twice a year, at any
time during the Policy year, the Policyowner may transfer all or part of the
cash value from one Subaccount to another provided the cash value is not
allocated to more than five of the Subaccounts, and provided the allocation to
any one Subaccount is not less than 10% of the cash value. The transfer becomes
effective on the date of receipt of the transfer request. Each Subaccount
corresponds to a Fund of Life Series Fund. The investment objectives of each
Fund of Life Series Fund which are offered to Policyowners of Separate Account B
are set forth below. See "Life Series Fund." There is no assurance that the
investment objective of any Fund of Life Series Fund will be realized. Because
each Fund of Life Series Fund is intended to serve a different investment
objective, each is subject to varying degrees of financial and market risks.
When deciding which Subaccount to utilize, a Policyowner should consider that
the Policy's investment return will affect the death benefit, the cash value and
the loan value of the Policy.

<PAGE>

As an example, using the policies illustrated on pages 19 through 21, First
Investors Life would allocate to the selected Subaccount(s) the following
amounts for each Policy year:

<TABLE>
<CAPTION>
Male Issue Male Issue Male Issue
Age 10 Age 25 Age 40
Beginning $600 Annual $1,200 Annual $1,800 Annual
of Policy Premium For Premium For Premium For
Year Standard Risk Standard Risk Standard Risk
- --------- ------------- ------------- -------------
<S> <C> <C> <C>
1st............................... $170.81 $ 508.46 $ 927.23
2nd-4th........................... 489.00 1,008.00 1,527.00
5th and later..................... 513.00 1,056.00 1,599.00
</TABLE>

Life Series Fund

First Investors Life Series Fund is a diversified open-end management
investment company registered under the 1940 Act. Life Series Fund consists of
eleven separate Funds, nine of which are offered to Policyowners of Separate
Account B. Target Maturity 2007 Fund and Target Maturity 2010 Fund, separate
Funds of Life Series Fund, are not offered to Policyowners of Separate Account
B. The shares of the Funds are not sold directly to the general public but are
available only through the purchase of an annuity contract or a variable life
insurance policy issued by First Investors Life.

The nine Funds of Life Series Fund offered to Policyowners may be referred to
as: First Investors Life Blue Chip Fund, First Investors Life Cash Management
Fund, First Investors Life Discovery Fund, First Investors Life Government Fund,
First Investors Life Growth Fund, First Investors Life High Yield Fund, First
Investors Life International Securities Fund, First Investors Life Investment
Grade Fund and First Investors Life Utilities Income Fund.

The investment objectives of each Fund of Life Series Fund which are offered
to Policyowners of Separate Account B are as follows:

Blue Chip Fund. The investment objective of Blue Chip Fund is to seek high
total investment return consistent with the preservation of capital. This goal
will be sought by investing, under normal market conditions, primarily in equity
securities of larger, well-capitalized companies with high potential earnings
growth that have shown a history of dividend payments, commonly known as "Blue
Chip" companies.

Cash Management Fund. The objective of Cash Management Fund is to seek to
earn a high rate of current income consistent with the preservation of capital
and maintenance of liquidity. The Cash Management Fund will invest in money
market obligations, including high quality securities issued or guaranteed by
the U.S. Government or its agencies and instrumentalities, bank obligations and
high grade corporate instruments. An investment in the Fund is neither insured
nor guaranteed by the U.S. Government. There can be no assurance that the Fund
will be able to maintain a stable net asset value of $1.00 per share.

Discovery Fund. The investment objective of Discovery Fund is to seek
long-term capital appreciation, without regard to dividend or interest income,
through investment in the common stock of companies with small to medium market
capitalization that the Adviser considers to be undervalued or less well known
in the current marketplace and to have the potential for capital growth.

Government Fund. The investment objective of Government Fund is to seek to
achieve a significant level of current income which is consistent with security
and liquidity of principal by

<PAGE>

investing, under normal market conditions, primarily in obligations issued or
guaranteed as to principal and interest by the U.S. Government, its agencies or
instrumentalities ("U.S. Government Obligations"), including mortgage-backed
securities.

Growth Fund. The investment objective of Growth Fund is to seek long-term
capital appreciation. This goal will be sought by investing, under normal market
conditions, primarily in common stocks of companies and industries selected for
their growth potential.

High Yield Fund. The primary objective of the High Yield Fund is to seek to
earn a high level of current income. Consistent with that objective, the Fund
will also seek growth of capital as a secondary objective. The High Yield Fund
seeks to attain its objectives primarily through investments in lower-grade,
high-yielding, high risk debt securities. Investments in high yield, high risk
securities, commonly referred to as "junk bonds," may entail risks that are
different or more pronounced than those involved in higher-rated securities. See
"High Yield Securities--Risk Factors" in Life Series Fund's Prospectus.

International Securities Fund. The primary objective of International
Securities Fund is to seek long-term capital growth. As a secondary objective,
the Fund seeks to earn a reasonable level of current income. These objectives
are sought, under normal market conditions, through investment in common stocks,
rights and warrants, preferred stocks, bonds and other debt obligations issued
by companies or governments of any nation, subject to certain restrictions with
respect to concentration and diversification.

Investment Grade Fund. The investment objective of the Investment Grade Fund
is to seek a maximum level of income consistent with investment in investment
grade debt securities.

Utilities Income Fund. The primary objective of the Utilities Income Fund is
to seek high current income. Long-term capital appreciation is a secondary
objective. These objectives are sought, under normal market conditions, through
investment in equity and debt securities issued by companies primarily engaged
in the public utilities industry.

No offer will be made of a Policy funded by the underlying Fund unless a
current Life Series Fund Prospectus has been delivered. Each Fund of the Life
Series Fund may be referred to as "Fund" or "Series" in the underlying Policies.

For more complete information about each of the Funds underlying Separate
Account B, including management fees and other expenses, see Life Series Fund's
Prospectus. The Prospectus details each Fund's investment goals, management
strategies, investment restrictions, portfolio turnover, and the inherent market
and financial risks of an investment in the Fund's shares. It is important to
read the Prospectus carefully before you decide to invest. Additional copies of
Life Series Fund's Prospectus, which is attached hereto, may be obtained by
writing to First Investors Life Insurance Company, 95 Wall Street, New York, New
York 10005 or by calling (212) 858-8200. There can be no assurance that any of
the objectives of the Funds will be achieved.

Changes in Fund Investment Policies and Restrictions

The investment policies and restrictions of the Funds are set forth above and
within Life Series Fund's Prospectus. Fundamental policies of a Fund may not be
changed without the approval of a majority vote of Policyowners investing in the
Subaccount which invests in that Fund in accordance with the 1940 Act (see
"Voting Rights"). Changes in such investment policies may be made without such
approval when required by state insurance regulatory authorities. The investment
policies may

<PAGE>

not be changed if such change is disapproved by First Investors Life although
any such disapproval may not be unreasonable. Such a change would be disapproved
only if it violated state law or was prohibited by state regulatory authorities
or if First Investors Life determined that the change would have an adverse
effect on its general account because it would result in unsound or overly
speculative investments. If First Investors Life disapproves a change, a summary
of the change and the reasons for disapproval will be set forth in the Proxy
Statement for Life Series Fund's next Special Meeting of Shareholders.

Adviser

First Investors Management Company, Inc., 95 Wall Street, New York, NY 10005,
a New York corporation, supervises and manages each Fund's investments,
supervises all aspects of each Fund's operations and, except for International
Securities Fund and Growth Fund, determines each Fund's portfolio transactions.
The Adviser serves as such under an advisory agreement dated June 13, 1994,
which was approved, with respect to each Fund, by Life Series Fund's Board of
Trustees and by the shareholders of each Fund. See Life Series Fund's Prospectus
for the amount of advisory fees paid by each Fund for the fiscal year ended
December 31, 1995.

Subadviser

Wellington Management Company, 75 State Street, Boston, MA 02109 ("WMC" or
"Subadviser"), has been retained by the Adviser and Life Series Fund on behalf
of International Securities Fund and Growth Fund as each of those Fund's
investment subadviser. The Subadviser serves as such under a subadvisory
agreement dated June 13, 1994 which was approved by Life Series Fund's Board of
Trustees and by the shareholders of the International Securities Fund and Growth
Fund. The Adviser has delegated discretionary trading authority to WMC with
respect to all the assets of International Securities Fund and Growth Fund,
subject to the continuing oversight and supervision of the Adviser and the Board
of Trustees. As compensation for its services, WMC is paid by the Adviser, and
not by either Fund, a fee which is computed daily and paid monthly.

Underwriter

First Investors Life and Separate Account B have entered into an Underwriting
Agreement with their affiliate, FIC, 95 Wall Street, New York, New York 10005.
For the fiscal years ended December 31, 1993, 1994 and 1995, FIC received fees
of $3,417,097, $4,048,086 and $4,963,368, respectively, in connection with the
distribution of Policies in a continuous offering. First Investors Life has
reserved the right in the Underwriting Agreement to sell the Policies directly.
The Policies are sold by insurance agents licensed to sell variable life
insurance policies, who are registered representatives of the Underwriter or
broker-dealers who have sales agreements with the Underwriter.

CHARGES AND EXPENSES

First Investors Life guarantees that it will not increase the amount of
premiums, charges deducted from premiums and the charges to the Subaccount(s)
for mortality and expense risks.

Charges Deducted from Premiums

AMOUNT ALLOCATED TO SELECTED SUBACCOUNT. The amount allocated to the selected
Subaccount(s) for a standard mortality risk Policy is the annual premium you pay
less the premiums for any optional insurance benefits and less the charges
listed below, which are allocated to First Investors Life's General Account.

<PAGE>

ANNUAL CHARGE. A $30 charge, which will be made in each Policy year, is for
annual administrative expenses, including premium billing and collection,
recordkeeping, processing death benefit claims, cash surrenders and Policy
changes, reporting and other communications to Policyowners. This charge has
been set at a level that will recover no more than the actual costs associated
with administering the Policy.

ADDITIONAL FIRST YEAR ADMINISTRATIVE CHARGE. A charge in the first Policy
year at the rate of $5 per $1,000 of initial face amount of insurance or a pro
rata portion thereof, is made to cover administrative expenses in connection
with the issuance of the Policy. Such expenses include medical examinations,
insurance underwriting costs, and costs incurred in processing applications and
establishing permanent Policy records. This charge has been set at a level that
will recover no more than the actual costs associated with administering the
Policy.

SALES LOAD. A charge, which is deemed to be a "sales load" as defined in the
1940 Act, not to exceed the following percentages of the annual premium, will be
charged as follows:

Years Maximum Percentages
----- -------------------
1............................................. 30%
2-4............................................ 10%
5 and thereafter...................................... 6%

The amount of the "sales load" in any Policy year is not specifically related
to sales expenses for that year. First Investors Life expects to recover its
distribution costs solely from sales charges over the life of the Policy.

STATE PREMIUM TAX CHARGE. This charge is 2% of the annual premium. Premium
taxes vary from state to state and the 2% rate is the average rate expected to
be paid on premiums received in all states over the lifetime of the Insured
covered by the Policy.

RISK CHARGE. This is a maximum 1.5% charge of the annual premium, to cover
the contingency that the Insured would die at a time when the guaranteed minimum
death benefit exceeds the death benefit which would have been payable in the
absence of the guaranteed minimum death benefit.

OTHER CHARGES. The extra premium charged for sub-standard life insurance risk
and the charge for premiums not paid on an annual basis is deducted from the
gross premium upon receipt.

Deductions and the accrual for the above charges begin on a Policy's issue
date. For the fiscal year ended December 31, 1995, First Investors Life received
$4,265,000 in sales charges and $3,464,000 in administrative fees.

Expenses Charged to Separate Account B

CHARGE FOR MORTALITY AND EXPENSE RISKS. First Investors Life makes a daily
charge to each Subaccount for mortality and expense risks assumed by First
Investors Life. The charge is computed at an effective annual rate of .50% of
the value of the Subaccount's assets attributable to the Policies.

The mortality risk assumed is that the Insured may live for a shorter period
of time than estimated and, therefore, a greater amount of death benefits than
expected will be payable in relation to the amount of the premiums received. The
expense risk assumed is that expenses incurred in issuing and administering the
Policies will be greater than estimated. First Investors Life

<PAGE>

will realize a gain from this charge to the extent it is not needed to provide
for benefits and expenses under the Policies.

COST OF INSURANCE. After the net annual premium is placed into Separate
Account B, a charge is made for the cost of insurance protection (see "Cost of
Insurance Protection").

CHARGES FOR INCOME TAXES. First Investors Life currently does not charge
Separate Account B for its corporate Federal income taxes that may be
attributable to Separate Account B. However, First Investors Life may make such
a charge in the future. Charges for other applicable taxes attributable to
Separate Account B may also be made (see "Charges for First Investors Life's
Income Taxes").

Expenses Charged to the Fund

BROKERAGE CHARGES. The Funds bear the cost of brokerage commissions, transfer
taxes and other fees related to securities transactions. See Life Series Fund's
Statement of Additional Information for the amount of brokerage commissions paid
by the Funds for the fiscal year ended December 31, 1995, all of which were paid
to unaffiliated dealers.

OTHER CHARGES. Each Subaccount purchases shares of the corresponding Fund at
net asset value. The net asset value of those shares reflects management fees
and expenses already deducted from the assets of the Fund. Those fees and
expenses are described in detail in Life Series Fund's Prospectus.

THE VARIABLE LIFE POLICY

General

The following discussion summarizes important provisions of the Policy
offered by this Prospectus. Appendix I to this Prospectus contains summaries of
other provisions. These discussions assume that premiums have been duly paid and
there have been no Policy loans. The death benefit and cash value are affected
if premiums are not duly paid or if a Policy loan is made. For information about
a default in premium payment, see "Premiums-Default and Options on Lapse." For
loan information, see "Loan Provisions." Policy years and anniversaries will be
measured from the Date of Issue, and each Policy year will commence on the
anniversary of the Date of Issue.

Death Benefit

The death benefit is the amount paid to the beneficiary at the death of the
Insured. It will be the sum of the Guaranteed Insurance Amount (face amount of
the Policy) plus, if positive, the variable insurance amount for each selected
Subaccount as described below. The benefit will be increased to reflect any
insurance on the life of the Insured added by rider and any premium paid which
applies to a period of time beyond the Policy month in which the Insured dies.
It will be reduced by any Policy loan and loan interest and any unpaid premium
which applies to a period prior to and including the Policy month in which the
Insured dies.

Generally, payment is made within seven days after all claim requirements are
received by First Investors Life at its Home Office. Interest is paid on death
proceeds from the date of death until payment is made at the annual rate First
Investors Life is paying under the payment option when proceeds are left on
deposit with First Investors Life, or at a higher rate if required by law.

<PAGE>

THE GUARANTEED MINIMUM. The death benefit is guaranteed never to be less than
the Policy's face amount. The Policy's face amount is constant throughout the
life of the Policy. During the first Policy year, the death benefit is equal to
the Guaranteed Insurance Amount. Thereafter, the death benefit is determined on
each Policy anniversary, and it remains level during the following Policy year.
The death benefit payable, therefore, depends on the Policy year in which the
Insured dies.

THE VARIABLE INSURANCE AMOUNT. The death benefit is made up of two parts: the
Guaranteed Insurance Amount and, if positive, the variable insurance amount for
each selected Subaccount. The variable insurance amount reflects the investment
results of the selected Subaccount(s). During the first Policy year, the death
benefit is the Guaranteed Insurance Amount because the variable insurance amount
is zero. On the first Policy anniversary, and on each anniversary thereafter,
the investment results for the preceding Policy year are ascertained. If the net
investment return on the Policy's benefit base ("Net Investment Return") for
each selected Subaccount is 4%, then the variable insurance amount does not
change. The "benefit base" is the amount at work earning a return under a
Policy.

If the Net Investment Return for each selected Subaccount for the preceding
Policy year is greater than 4%, the variable insurance amount increases. If the
Net Investment Return is less than 4%, the variable insurance amount decreases
(but the death benefit never goes below the Guaranteed Insurance Amount). The
variable insurance amount is set on each Policy anniversary and remains at that
amount until the next Policy anniversary. The percentage change in the death
benefit is not the same as the Net Investment Return.

We call the amount by which the Net Investment Return is more or less than 4%
the "investment return". The change in the variable insurance amount on a Policy
anniversary equals the amount of insurance purchased under a Policy or the
amount of insurance coverage cancelled under a Policy which results from
positive or negative investment return, respectively. To calculate the change in
the variable insurance amount, First Investors Life uses a net single premium
per $1 of paid-up whole life insurance based on the Insured's age at the
anniversary. Thus, if the investment return for a male age 25 is $100, positive
or negative, the variable insurance amount will increase or decrease by $542
(see net single premium amounts on next page).

For example, using the policy illustration for a male issue age 25 on Page
20, and assuming the 8% hypothetical gross annual investment return (equivalent
to a Net Investment Return of approximately 6.55%), the change in the variable
insurance amount on the 6th Policy anniversary and the change on the 12th Policy
anniversary are calculated as follows:

<PAGE>

<TABLE>
<CAPTION>
Calculation of Change in
Variable Insurance Adjustment
Amount at End of Policy Year
-------------------------------
6 12
--------- ----------
<S> <C> <C>
(1) Cash Value End of Prior Year......................... $4,972.00 $14,529.00
(2) Net Premium.......................................... 1,056.00 1,056.00
(3) Benefit Base Beginning of
Current Policy Year: (1)+(2)......................... 6,028.00 15,585.00
(4) Actual Net Investment Return
(.064399) less the Base
Rate of Return which is
the Assumed Rate (.04)............................... .024399 .024399
(5) Investment Return (3)x(4)............................ 147.08 380.25
(6) Net Single Premium at
End of Current Year.................................. 0.22416 0.27338
(7) Change in Variable Adjustment
Amounts (5) divided by (6)........................... $ 656.14 $ 1,390.92
</TABLE>

Figures are rounded.

It should be noted that, as shown in the table below, the net single premium
increases as the Insured advances in age and thus larger dollar amounts of
investment return are required each year to result in the same increases or
decreases in the variable insurance amount.

Net Single Premium. A Policy includes a table of net single premiums used to
convert the investment return for a Policy into increases or decreases in the
variable insurance amount. This purchase basis does not depend upon the risk
classification of a Policy or any changes in the Insured's health after issue of
a Policy. The net single premium will be lower for a Policy issued to a female
than for a Policy issued to a male, as shown below.

Variable Insurance
Adjustment Amount
Net Single Premium Purchased or Cancelled
Male Per $1.00 of Variable by $1.00 of
Attained Age Insurance Amount Investment Return
------------ ---------------- -----------------
5 $.09884 $10.12
15 .13693 7.30
25 .18452 5.42
35 .25593 3.91
45 .35291 2.83
55 .47352 2.11
65 .60986 1.64

Variable Insurance
Adjustment Amount
Net Single Premium Purchased or Cancelled
Female Per $1.00 of Variable by $1.00 of
Attained Age Insurance Amount Investment Return
------------ ---------------- -----------------
5 $.08195 $12.20
15 .11326 8.83
25 .15684 6.38
35 .21872 4.57
45 .30185 3.31
55 .40746 2.45
65 .54017 1.85

The variable insurance amount is cumulative and reflects the accumulation of
increases and decreases from past Policy years. The amount may be positive or
may be negative, depending on the

<PAGE>

investment performance of the designated Subaccount(s) during the time the
Policy is in force. If, at the time of the Insured's death, the variable
insurance amount is negative, then the insurance benefit is the Guaranteed
Insurance Amount. Good investment performance must first offset any negative
variable insurance amount before there can be a positive amount.

An example of the death benefit using the policy illustration for a male
issue age 25 on Page 20, and assuming the 8% hypothetical gross annual
investment return (equivalent to a Net Investment Return of approximately
6.55%), the death benefit shown for the end of Policy year 5 would increase to
the amount shown for the end of Policy year 6 for the Policy, as follows:

<TABLE>
<CAPTION>
Guaranteed
Insurance Variable
Variable Life Amount + Insurance = Death
Policy Minimum Amount Benefit
------ ------- ------ -------
<S> <C> <C> <C>
End of Policy Year 5.......... $51,908 $1,489 $53,398
Increase...................... -- 657 657 (1.2% Increase)
End of Policy Year 6.......... $51,908 $2,146 $54,055
</TABLE>

If, instead, the gross annual investment return in the year illustrated had
been 0% (equivalent to a Net Investment Return of approximately -1.45%), the
death benefit would have decreased by $1,464 (a 2.7% decrease), and the death
benefit for the end of Policy year 6 would have been $51,934.

At a given Net Investment Return rate, the dollar amount of an increase or
decrease in the variable insurance amount is greater when assets in the
Subaccount(s) supporting the death benefit under a Policy are greater.
Therefore, the change in the variable insurance amount (which affects the change
in the death benefit) is expected to be greater in the later Policy years when
those assets are expected to be higher in relation to the death benefit, than in
the early Policy years when those assets are relatively low.

For example, as shown in the example above for a male issue age 25 assuming
the 8% hypothetical gross annual investment return (equivalent to a Net
Investment Return of approximately 6.55%), the death benefit for the end of
Policy year 6 is 1.2% higher than the death benefit for the end of Policy year
5. The death benefit for that Policy at the end of Policy year 12, assuming the
8% hypothetical gross annual investment return, would be 2.4% higher than the
death benefit for the end of Policy year 11 (not shown on Page 20), as follows:

<TABLE>
<CAPTION>
Guaranteed
Insurance Variable
Variable Life Amount + Insurance = Death
Policy Minimum Amount Benefit
------ ------- ------ -------
<S> <C> <C> <C>
End of Policy Year 11......... $51,908 $7,258 $59,166
Increase...................... -- 1,391 1,391 (2.4% Increase)
End of Policy Year 12......... $51,908 $8,649 $60,557
</TABLE>

Where a Policy's death benefit for a Policy year (after the first Policy
year) was equal to the Guaranteed Insurance Amount because the variable
insurance amount was negative, the death benefit would increase above the
Guaranteed Insurance Amount on a Policy anniversary only if the Net Investment
Return for the preceding Policy year was sufficiently greater than 4% to result
in a positive variable insurance amount and, accordingly, a death benefit above
the Guaranteed Insurance Amount. For example, assume the Policy for a male issue
age 25 illustrated on Page 20 had a 0% hypothetical gross annual investment
return for the first five policy years (which results in a negative variable
insurance amount). In order for there to be an increase in the death benefit

<PAGE>

above the Guaranteed Insurance Amount for Policy year 7 (the amount shown for
the end of Policy year 6), the Net Investment Return for Policy year 6 would
have to be at least 17.5%.

NET INVESTMENT RETURN. On each Policy anniversary, the Net Investment Return
of the designated Subaccount(s) is computed separately for each Policy. The Net
Investment Return reflects the investment performance of each selected
Subaccount from the first day of the Policy year until the last day of the
Policy year. It reflects each Subaccount's:

Investment income (net of Series expenses);
Plus realized and unrealized capital gains;
Minus realized and unrealized capital losses;
Minus charges, if any, for taxes;
Minus a charge not exceeding .50% per year for mortality and expense risks.

The method of calculating the Net Investment Return is detailed in the
Policy. The Net Investment Return for a Policy year is not the same as the Net
Investment Return for the Subaccount(s) for a calendar year unless a Policy's
anniversary is the last day of the calendar year.

VALUATION OF ASSETS. For purposes of computing the Net Investment Return, the
value of the assets of each Subaccount are determined as of the close of
business on each business day.

First Investors Life daily calculates the asset valuation of each Subaccount.
The net asset value of a Fund's share is determined by the Fund in the manner
set forth in Life Series Fund's prospectus.

Cash Value

AMOUNT OF CASH VALUE. The cash value of the Policy on any date is the sum of
the cash value you have in each Subaccount in which you have invested. The
amounts of the cash value you have in each Subaccount will vary daily depending
on investment experience. The cash value of each Subaccount at the end of each
Policy year is the amount of the tabular cash value attributable to the
Subaccount(s) on that date plus or minus the net single premium for the current
variable insurance amount attributable to the Subaccount(s) on that date. If the
date is other than the Policy anniversary date, the cash value will be increased
or decreased depending on the investment results of the Subaccount(s) selected
for the time elapsed since the last Policy anniversary. This assumes that no
premium is due and unpaid. In calculating the cash value, adjustments are made
for the net premium, the investment results and the cost of insurance
protection. (See below for an explanation of the Cost of Insurance Protection.)

For example, using the Policy illustration for a male issue age 25 on Page
20, and assuming the 8% hypothetical gross annual investment return (equivalent
to a Net Investment Return of approximately 6.55%), the cash value shown for the
end of Policy year 5 would increase to the amount shown for the end of Policy
year 6 for the Policy as follows:

(1) Cash Value End of Prior Year.............................. $4,972
(2) Net Premium............................................... 1,056
(3) Benefit Base Beginning of Current Policy Year 6: (1)+(2).. 6,028
(4) Actual Rate of Return..................................... .064399
(5) Actual Investment Return (3)x(4).......................... 388
(6) Benefit Base End of Policy Year 6: (3)+(5)................ 6,416
(7) Cost of Insurance During Policy Year 6.................... 84
(8) Cash Value End of Policy Year 6: (6)-(7).................. 6,332

<PAGE>

The cash value is not guaranteed. The Policy offers the possibility of cash
value appreciation resulting from good investment performance, although there is
no assurance that such appreciation will occur. It is also possible, due to poor
investment performance, for the cash value to decline to the point of having no
value or, in fact, a negative value. Subsequent net premium payments and
investment returns would be credited against the negative cash value. The
Policyowner bears all the investment risk as to the amount of the cash value. It
is unlikely that the Policy will have any cash value until the later months of
the first Policy year (see "Additional First Year Administrative Charge"). The
cash value stated in the illustrations on Pages 19 to 21 and Pages 30 to 32 are
at the end of the Policy years shown, assuming the various hypothetical
investment returns, the cash value as of the end of the preceding Policy year,
adjusted to reflect the Net Investment Return of each Subaccount in which you
have invested, the cost of the insurance protection and premiums paid since the
Policy's last anniversary.

TRANSFER RIGHTS. Twice a year, at any time during the Policy year, you may
transfer part or all of your cash value from the Subaccounts you are in to any
other Subaccounts provided the cash value is not allocated to more than five of
the Subaccounts.

SURRENDER FOR CASH VALUE. The Policyowner may surrender the Policy for its
cash value at any time while the Insured is living. The amount payable will be
the cash value next computed after the request is received at the Home Office of
First Investors Life. Surrender will be effective on the date First Investors
Life has received both the Policy and a written request in a form acceptable to
First Investors Life. First Investors Life will usually pay the surrender value
within 7 days, but payment may be delayed if a recent payment by check has not
yet cleared the bank, when First Investors Life is not able to determine the
amount because the New York Stock Exchange is closed for trading or the
Securities and Exchange Commission ("Commission") determines that a state of
emergency exists or for such other periods as the Commission may by order permit
for the protection of security holders. Interest will be paid if payment of the
surrender value is delayed beyond 7 days. In addition, under federal tax laws
withholding taxes may be deducted from the surrender value.

Cost of Insurance Protection

First Investors Life issues variable life insurance policies to individuals
with standard mortality risks and to individuals with higher mortality risks, as
permitted by First Investors Life's underwriting rules. A higher gross premium
is charged for the person with the higher mortality risk. Given the same age,
sex and insurance face amount, the net annual premium going into the
Subaccount(s) is the same for the standard risk and the higher risk person.
Also, the cost of insurance deducted from the Subaccount(s) (item 7 in the
example above) would be the same for each such individual. First Investors Life
uses the 1980 Commissioners' Standard Ordinary Mortality Table to actuarially
compute the cost of insurance for each Policy, except mortality rates for
extended term insurance are from the Commissioners' 1980 Extended Term Table.
The cost is based on the net amount of insurance at risk (the Policy's face
amount plus the variable insurance amount less the cash value) and the person's
sex and attained age. The amount that is deducted each year is different because
as the person's age increases the probability of death generally increases. The
net amount of insurance at risk may decrease or increase each year depending on
investment experience of the selected Subaccount(s).

<PAGE>

Loan Provision

LOAN PRIVILEGE. The Policyowner may borrow up to 75% of the cash value during
the first three Policy years or 90% of the cash value after the first three
Policy years upon assignment to First Investors Life of the Policy as sole
security. Interest will be charged daily at an effective annual rate of 6%
compounded on each Policy anniversary. In general, the loan amount is sent
within seven days of receipt of the request. Except when used to pay premiums, a
new loan will not be permitted unless it is at least $100. The Policyowner may
repay all or a portion of any loan and accrued interest while the Insured is
living and the Policy is in force.

EFFECT OF LOAN. A loan does not affect the amount of the premiums due. When a
loan is taken out, a portion of the cash value equal to the loan is transferred
from the Subaccount(s) to First Investors Life's General Account. Loans will be
charged to each Subaccount in proportion to the investment in each Subaccount as
of the date of the Policy loan. The amount maintained in the General Account
will not be credited with the Net Investment Return earned by Subaccount(s)
during the period the loan is outstanding. Instead, it grows at the assumed
interest rate of 4%, in accordance with the tabular cash value calculations as
filed with the state insurance departments. Therefore, a Policy's death benefit
above the Guaranteed Insurance Amount and a Policy's cash value are permanently
affected by any loan whether or not repaid in whole or in part.

Recall that the death benefit is made up of two parts: the Guaranteed
Insurance Amount and, if positive, the variable insurance amount (see "The
Guaranteed Minimum" and "The Variable Insurance Amount"). The cash value, the
variable insurance amount and the death benefit in excess of the Guaranteed
Insurance Minimum, if any, are dependent upon the Net Investment Return of the
Subaccount(s). During periods of favorable investment return (a net rate of
return greater than 4%), an outstanding Policy loan will result in lower Policy
values than would have otherwise resulted in the absence of any indebtedness.

For example, use the Policy for a male issue age 25 illustrated on Page 20,
and assume the 8% gross annual investment return and that a $3,000 loan was made
at the end of Policy year 9. For the end of Policy year 10, the death benefit
and cash value would be $57,612 and $12,612, respectively. (The outstanding
indebtedness would be deducted from these amounts upon death or surrender.) The
differences between these amounts and the $57,898 death benefit and $12,685 cash
value shown on Page 20 for Policy year 10 result because the portion of the cash
value equal to the indebtedness which is transferred from the Subaccount(s) does
not reflect the Subaccount(s) Net Investment Return of approximately 6.55%.

However, outstanding indebtedness will diminish the adverse effect on Policy
values during a period of unfavorable investment return (a net rate of return
less than 4%) because the portion of the cash value transferred from the
Subaccount(s) to the General Account will grow at the assumed rate of 4%. Thus,
a Policy loan can protect the cash value from decreasing if the Net Investment
Return is less than 4%.

Interest will be charged daily at an effective annual rate of 6% compounded
on each Policy anniversary. Interest is payable at the end of each Policy year
and on the date the loan is repaid. If interest is not paid when due, the loan
will be increased by that amount and an equivalent amount of cash value will be
transferred from the Subaccount(s) to the General Account. Loan repayments will
be credited to each Subaccount in proportion to the investment in each
Subaccount as of the date of repayment.

<PAGE>

The amount of any outstanding loan plus interest is subtracted from the death
benefit or the cash value on payment. Whenever the then outstanding loan with
accrued interest equals or exceeds the cash value, the Policy terminates 31 days
after notice has been mailed by First Investors Life to the Policyowner and any
assignee of record at their last known addresses, unless a repayment is made
within that period.

Premiums

ALLOCATION OF PREMIUM. At the time of application, the Policyowner decides to
place his or her net annual premium (see "Charges Deducted from Premiums") into
any one or more of the Subaccounts. The death benefit and cash value may
increase or decrease depending on the investment performance of the chosen
Subaccount(s).

PAYMENT PERIODS AND FREQUENCY. Premiums are payable annually or may be paid
more frequently as elected by the Policyowner. Payments are due on or before the
due dates as specified in the Policy at the Home Office of First Investors Life.
Premium payments received before they are due will be placed in First Investors
Life's General Account. On the day the premium payment is due, the premium will
be credited to the Subaccount(s) selected by the Policyowner. Premiums for the
Policy are payable for twelve years. A refund will be made of premiums paid
which are applicable to any period which extends beyond the end of the month in
which the Insured's death occurs.

LEVEL PREMIUMS. The level premiums act as an averaging device to cover
expenses, which are highest in the early Policy years, and the cost of the
mortality risk, which increases with age. Thus, in the early Policy years,
premiums are higher than needed to pay death claims, while in the later years
premiums are less than required to meet the death claims. Accordingly, the
assets allocated to the Subaccount(s) in the early Policy years are used in part
to support the expected death claims in those years, with the balance
accumulated as a reserve to help meet the death claims in the later Policy
years. Also, assets are allocated to First Investors Life's General Account to
accumulate as a reserve to cover the contingency that the Insured will die at a
time when the guaranteed minimum death benefit exceeds the death benefit which
would have been payable in the absence of such guarantee. In setting its premium
rates, First Investors Life took into consideration actuarial estimates of death
and surrender benefits, lapses, expenses, investment experience and an amount to
be contributed to First Investors Life's surplus.

PREMIUM RATES. When payments are made on other than an annual basis, the
aggregate premium amounts for a Policy year are higher, reflecting charges for
loss of interest and additional billing and collection expenses. The additional
charge is deducted from these premiums when they are received.

Premiums on Installment Basis
(as a percentage of an annual premium)

Aggregate Premiums
Frequency Each Premium For Policy Year
--------- ------------ ---------------
Annual.......................... 100.00% 100.00%
Semiannual...................... 51.00 102.00
Quarterly....................... 26.00 104.00
Pre-authorized Monthly.......... 8.83 105.96

Under a pre-authorized monthly plan, premiums are automatically paid by
charges made against the Policyowner's bank account.

<PAGE>

AUTOMATIC PREMIUM LOAN PROVISION. Any premium not paid before the end of the
grace period (described below) will be paid by charging the premium as a Policy
loan against the Policy provided the Automatic Premium Loan provision has been
elected in the application for the Policy or is elected in writing and received
by First Investors Life at its Home Office while no premium is in default;
provided, the resulting Policy loan and loan interest to the next premium due
date do not exceed the loan value.

The Automatic Premium Loan Provision may be revoked at any time by written
request from the Policyowner received by First Investors Life at its Home
Office.

DEFAULT AND OPTIONS ON LAPSE. A premium not paid on or before its due date is
in default, but the Policy provides for a 31-day grace period for the payment of
each premium after the due date. The insurance continues in force during the
grace period, but, if the Insured dies during the grace period, the portion of
the premium due which is applicable to the period from the premium due date to
the end of the Policy month in which death occurs is deducted from the death
benefit.

Within 60 days after the date of default, if a Policy is not surrendered, the
cash value less any loans and interest may be applied to purchase continued
insurance. The options are for reduced paid-up whole life insurance or extended
term insurance. Under the Policy, the extended term insurance option would be
the automatic option if no other election was selected. However, that option is
available only in standard risk cases. If the Policy was rated for extra
mortality risks, the paid-up insurance will be the automatic option. Both
options are for fixed life insurance and neither option requires the further
payment of premiums.

The reduced paid-up whole life insurance option provides a fixed and level
amount of paid-up whole life insurance. The amount of coverage will be that
which the surrender value on the date the option becomes effective will
purchase. The extended term insurance option provides a fixed and level amount
of term insurance equal to the death benefit (less any indebtedness) as of the
date the option became effective. The insurance coverage under this option will
continue for as long a period as the surrender value on such date will purchase.

For example, use the Policy for a male issue age 25 illustrated on Page 20
and assume the 0% and 8% hypothetical gross annual investment returns. If an
option became effective at the end of Policy year 5, the fixed insurance
coverage under these Policies would be as follows:

0% 8%
-------- -----
Cash Value...................... $ 3,992 $ 4,972
Reduced Paid-up Insurance....... 18,406 22,925
for life for life
Extended Term Insurance......... 51,908 53,398
for 25 years for 28 years

A Policy continued under either option may be surrendered for its cash value
while the Insured is living. Loans are available under the reduced paid-up whole
life insurance option, but not under the extended term insurance option.

REINSTATEMENT. A Policy not surrendered for its cash value may be reinstated
within five years from the date of default in accordance with the Policy. To
reinstate, the Policyowner must present evidence of insurability acceptable to
First Investors Life and must pay to First Investors Life the greater of (a) (i)
all premiums from the date of default with interest to the date of reinstatement
plus (ii) any Policy debt (plus interest to the date of reinstatement) in effect
when the Policy was continued as paid up insurance or extended term insurance;
or (b) 110% of the increase

<PAGE>

in cash value resulting from reinstatement. Any Policy debt that arose after the
Policy was continued as paid up insurance and in effect immediately before
reinstatement is then added to the greater of (a) or (b) to comprise the payment
required. Interest is calculated at the rate of 6% per year compounded annually.
Cancellation Rights

The Policyowner has a limited right to cancel and return the Policy to First
Investors Life. The Policyowner may examine the Policy and at any time within 10
days after receipt of the Policy or notice of right of withdrawal, or within 45
days after completion of Part I of the application for the Policy, whichever is
later, return it to First Investors Life or to the agent of First Investors Life
through whom it was purchased with a written request for cancellation and obtain
a full refund of the premiums paid.

Exchange Privilege

Provided premiums are duly paid, within twenty-four months after the issue
date shown in the Policy, the Policyowner may exchange the Policy for a
permanent fixed life insurance policy specified in the Policy on the Insured's
life. The Policyowner also may exchange the Policy for a fixed life insurance
policy if a Fund changes its investment adviser or has a material change in its
investment objectives or restrictions. Evidence of insurability is not required
to exercise this privilege. The new policy will have a level face amount equal
to the face amount of the Policy and the same benefit riders, issue dates and
risk classification for the Insured as the Policy. Premiums for the new policy
will be based on the premium rates for the new policy which were in effect on
the Policy date. The Policyowner may elect either a continuous-premium policy or
a limited-payment policy.

In some cases, there may be a cash adjustment on exchange. The adjustment
will be the Policy's surrender value minus the new policy's tabular cash value.
If the result is positive, First Investors Life must pay the owner; if the
result is negative, the owner must pay First Investors Life. First Investors
Life will determine the amount of a cash adjustment as of the date the Policy
and written request is received by First Investors Life at its Home Office.

If a Policy is not issued for any reason, an applicant shall only be refunded
the amount of the premium without interest.

The foregoing description of Policy provisions is qualified by reference to a
specimen of the Policy which has been filed as an exhibit to the Registration
Statement of Separate Account B. Settlement options, optional insurance benefits
and general provisions of the Policies are discussed under Appendix I.

ILLUSTRATIONS OF DEATH BENEFITS,
CASH VALUES AND ACCUMULATED PREMIUMS

The tables on Pages 19 to 21 illustrate the way in which the Policy operates.
They show how the death benefit and the cash value may vary over an extended
period of time assuming the Subaccount(s) experience hypothetical rates of
investment return (i.e., investment income and capital gains and losses,
realized or unrealized) equivalent to constant gross annual rates of 0%, 4% and
8%. The cash value on any day within a Policy year equals the cash value as of
the end of the preceding Policy year, adjusted to reflect the Subaccount(s) Net
Investment Return, the cost of the insurance protection and premiums paid since
the Policy's last anniversary. The tables are based on annual premiums of $600,
$1,200 and $1,800 to assist in a comparison of the death benefits and cash
values under the Policy with those under other variable life insurance policies
which may be issued by First

<PAGE>

Investors Life or other companies. The death benefit and cash value for the
Policy would be different from those shown if premiums are paid more frequently
than annually or if the actual rates of investment return applicable to the
Policy averaged 0%, 4% or 8% over a period of years, but nevertheless fluctuated
above or below that average for individual Policy years. Please refer to Pages
30 to 32 for additional illustrations of death benefits, cash values and
accumulated premiums which assume a hypothetical gross annual investment return
of 0%, 6% and 12%.

The constant gross annual rate of investment return of 0%, 4% and 8% is reduced
by the following:

1. A daily charge to the Subaccount(s) for mortality and expense risks
equivalent to an annual charge of .50% at the beginning of each year.

2. An investment advisory fee of 0.75% of each underlying Fund's average
daily net assets.

3. Assumed operating expenses of 0.20% of each underlying Fund's average
daily net assets.

Taking into account all of these charges, the gross annual rates of
investment return of 0%, 4%, and 8% correspond to net annual rates of
approximately -1.45%, 2.55% and 6.55%, respectively. The tables reflect that no
charge is currently made to the Subaccount(s) for First Investors Life's
corporate Federal income taxes. However, First Investors Life may make such
charges in the future which would require higher rates of investment return in
order to produce after-tax returns of 0%, 4% and 8% (see "Charges for First
Investors Life's Income Taxes").

The second column of each table shows the amount which would be accumulated
if the annual premium (gross amount) was invested to earn interest, after taxes,
at 5% compounded annually. For a further discussion of illustrations of death
benefits, cash values and accumulated premiums, see Appendix II.

-----------------------------------------------------

First Investors Life will furnish upon request a comparable illustration
using the proposed Insured's age and the face amount or premium amount
requested, and assuming that premiums are paid on an annual basis and the
proposed Insured is a standard risk. In addition, a comparable illustration will
be included at the delivery of the Policy if a purchase is made, reflecting the
Insured's risk classification.

<PAGE>

<TABLE>
<CAPTION>
Male Issue Age 10
$600 Annual Premium for Standard Risk (1)
$39,638 Face Amount (Guaranteed Minimum Death Benefit)

Total Death Benefit (2) Cash Values (2)
End of Premiums Assuming Hypothetical Gross (After Assuming Hypothetical Gross (After
Policy Premium Paid Plus Tax) Annual Investment Return of Tax) Annual Investment Return of
Year Due Interest at 5% 0% 4% 8% 0% 4% 8%
- -------- --------- -------------- ----------------------------------- ------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 $600 $ 630 $39,638 $39,638 $ 39,673 $ 138 $ 145 $ 152
2 600 1,291 39,638 39,638 39,798 586 617 650
3 600 1,986 39,638 39,638 40,014 1,023 1,098 1,176
4 600 2,715 39,638 39,638 40,321 1,450 1,585 1,730
5 600 3,481 39,638 39,638 40,720 1,889 2,104 2,339
6 600 4,285 39,638 39,638 41,213 2,316 2,629 2,981
7 600 5,129 39,638 39,638 41,799 2,734 3,163 3,658
8 600 6,016 39,638 39,638 42,479 3,143 3,707 4,374
9 600 6,947 39,638 39,638 43,253 3,547 4,263 5,132
10 600 7,924 39,638 39,638 44,120 3,946 4,832 5,936

15 0 11,608 39,638 39,638 49,496 4,473 6,382 9,133

20 0 14,816 39,638 39,638 55,625 4,010 6,971 12,064

25 0 18,909 39,638 39,638 62,507 3,610 7,646 15,998

30 0 24,133 39,638 39,638 70,244 3,244 8,369 21,173

Attained
Age
65 0 81,723 39,638 39,638 126,226 1,685 11,721 76,980
</TABLE>

(1) Corresponds to $306.00 semiannually, $156.00 quarterly, or $52.98 monthly.

(2) Assumes no policy loan is made.

Hypothetical rates of interest are illustrative only and are not a
representation of past or future rates of return. They are after deduction of
tax charges but before any other expenses charged against Life Series Fund or
Separate Account B. Actual rates may be higher or lower than hypothetical rates.
No representation can be made by First Investors Life or Life Series Fund that
hypothetical rates can be achieved for any one year or sustained over any period
of time. See prospectus for details of the calculations.

<PAGE>

<TABLE>
<CAPTION>
Male Issue Age 25
$1,200 Annual Premium for Standard Risk (1)
$51,908 Face Amount (Guaranteed Minimum Death Benefit)

Total Death Benefit (2) Cash Values (2)
End of Premiums Assuming Hypothetical Gross (After Assuming Hypothetical Gross (After
Policy Premium Paid Plus Tax) Annual Investment Return of Tax) Annual Investment Return of
Year Due Interest at 5% 0% 4% 8% 0% 4% 8%
- -------- --------- -------------- ----------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 $1,200 $ 1,260 $51,908 $51,908 $ 51,973 $ 409 $ 429 $ 449
2 1,200 2,583 51,908 51,908 52,154 1,308 1,385 1,462
3 1,200 3,972 51,908 51,908 52,451 2,197 2,366 2,543
4 1,200 5,431 51,908 51,908 52,864 3,076 3,375 3,695
5 1,200 6,962 51,908 51,908 53,398 3,992 4,459 4,972
6 1,200 8,570 51,908 51,908 54,054 4,897 5,572 6,332
7 1,200 10,259 51,908 51,908 54,832 5,791 6,713 7,778
8 1,200 12,032 51,908 51,908 55,732 6,673 7,882 9,315
9 1,200 13,893 51,908 51,908 56,754 7,544 9,080 10,949
10 1,200 15,848 51,908 51,908 57,898 8,404 10,308 12,685

15 0 23,217 51,908 51,908 64,950 9,524 13,635 19,577

20 0 29,631 51,908 51,908 72,999 8,504 14,836 25,762

25 0 37,818 51,908 51,908 82,058 7,539 16,033 33,680

30 0 48,266 51,908 51,908 92,259 6,628 17,185 43,687

Attained
Age
65 0 78,620 51,908 51,908 116,712 4,947 19,096 71,178
</TABLE>

(1) Corresponds to $612.00 semiannually, $312.00 quarterly, or $105.96 monthly.

(2) Assumes no policy loan is made.

<PAGE>

<TABLE>
<CAPTION>
Male Issue Age 40
$1,800 Annual Premium for Standard Risk (1)
$47,954 Face Amount (Guaranteed Minimum Death Benefit)

Total Death Benefit (2) Cash Values (2)
End of Premiums Assuming Hypothetical Gross (After Assuming Hypothetical Gross (After
Policy Premium Paid Plus Tax) Annual Investment Return of Tax) Annual Investment Return of
Year Due Interest at 5% 0% 4% 8% 0% 4% 8%
- -------- --------- -------------- ----------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 $1,800 $ 1,890 $47,954 $47,954 $48,027 $ 762 $ 799 $ 835
2 1,800 3,874 47,954 47,954 48,206 2,097 2,225 2,355
3 1,800 5,958 47,954 47,954 48,492 3,406 3,678 3,964
4 1,800 8,146 47,954 47,954 48,883 4,689 5,161 5,667
5 1,800 10,443 47,954 47,954 49,386 6,020 6,747 7,549
6 1,800 12,856 47,954 47,954 49,999 7,328 8,367 9,543
7 1,800 15,388 47,954 47,954 50,724 8,615 10,023 11,656
8 1,800 18,048 47,954 47,954 51,560 9,884 11,717 13,898
9 1,800 20,840 47,954 47,954 52,509 11,137 13,450 16,276
10 1,800 23,772 47,954 47,954 53,571 12,375 15,225 18,798

15 0 34,825 47,954 47,954 60,126 13,764 19,765 28,471

20 0 44,447 47,954 47,954 67,618 11,963 20,956 36,545

25 0 56,727 47,954 47,954 76,062 10,274 21,963 46,387

30 0 72,399 47,954 47,954 85,589 8,695 22,699 58,095

Attained
Age
65 0 56,727 47,954 47,954 76,062 10,274 21,963 46,387
</TABLE>

(1) Corresponds to $918.00 semi annually; $468.00 quarterly, or $158.94
monthly.

(2) Assumes no policy loan is made.

<PAGE>

FEDERAL INCOME TAX STATUS

Policy Proceeds

The discussion herein is general in nature and not intended as tax advice. It
is based upon First Investors Life's understanding of Federal income tax laws
and regulations as they are currently interpreted. No representation is made
regarding the likelihood of continuation of such laws and regulations or the
current interpretations by the Internal Revenue Service. Any changes in such
laws, regulations or in interpretations may be given retroactive effect.
Moreover, no attempt is made to consider any applicable state or other (e.g.,
estate, gift, or inheritance) tax laws. Each interested person should consult
his tax advisor concerning the matters set forth herein.

First Investors Life believes that the Policy qualifies as a life insurance
contract as defined in Section 7702(a) of the Internal Revenue Code of 1986, as
amended (the "Code"). Consequently, the death benefit should be fully excludable
from the beneficiary's gross income and the Policyowner should generally not be
taxed on the cash values (including increments thereof) under the Policy, until
its actual surrender. With respect to a corporate Policyowner, however, such
"inside build-up" of the Policy may be subject to the alternative minimum tax.

Qualification as a life insurance contract for Federal income tax purposes
depends, in part, upon the satisfaction by Separate Account B of certain
diversification requirements contained in Section 817(h) of the Code. The
Adviser is expected to manage the assets of the Funds in a manner that complies
with these diversification requirements, and under a special "look-through"
rule, satisfaction of such requirements by the Funds will be attributed to
Separate Account B. The look-through rule is applicable because all shares of
the Funds comprising Life Series Fund will be owned only by Separate Account B
(and similar accounts of First Investors Life or other insurance companies) and
access to the Funds will be available exclusively through the purchase of
Policies (and additional variable annuity or life insurance products of First
Investors Life or other insurance companies). Fund shares also may be held by
the Adviser provided such shares are being held in connection with the creation
or management of the Fund. The Adviser does not intend to sell any Fund shares
it owns to the general public. It is possible that future guidelines, if any,
concerning diversification could restrict the rights of a Policyowner with
respect to the selection of investment options.

First Investors Life does not believe that any Policy will be characterized,
at issuance, as a "modified endowment contract" within the meaning of Section
7702A of the Code. Section 7702A and the characterizations given thereunder
generally apply to a Policy that was received in exchange for another that was
issued, on or after June 21, 1988, but only if the policy surrendered in
exchange therefor was deemed to be a modified endowment contract. A Policy that
escapes characterization as a modified endowment contract may nonetheless be
treated as such if a material term of the Policy, e.g., death benefits, is
altered or if the Policy is converted from a term life insurance contract to a
life insurance contract providing a different form of coverage (whether or not
issued before June 21, 1988). If a Policy is treated as a modified endowment
contract, then distributions thereunder (including the proceeds of any surrender
or loan made under, or in result of a pledge or assignment of, the Policy),
after the Policy becomes a modified endowment contract, or within two years
prior thereto, will be includable in gross income and subject to regular Federal
income taxation to the extent of the income in the contract (basically, cash
value less premium paid). An additional 10% tax will also be imposed on the
taxable amount of any such portion, subject to certain exceptions.

<PAGE>

All modified endowment contracts issued by the same insurer (or affiliates)
to the Policyowner during any calendar year generally will be treated as one
Policy for the purpose of applying the modified endowment contract rules. You
should consult your tax advisor if you have questions regarding the possible
impact of the modified endowment contract rules on your Policy.

Subject to the foregoing discussion of modified endowment contracts, any
loans made under a Policy will be treated as indebtedness and no part of such
loan will constitute income to the Policyowner. In addition, the interest on
such loans generally is not deductible.

Upon surrender of a Policy, taxation of the Surrender Value will depend on
the Payment Option that the Owner has selected. If payment is in one sum, the
Owner will be taxed on the income in the Policy at the time payment is made. If
payment is in installments, the Owner may be taxed (1) on all or a portion of
each installment until the income in the Policy has been paid; (2) only after
all investment in the Policy has been paid, or (3) on a portion of each payment.
You should consult your tax advisor if you have questions about the taxation of
a Policy surrender.

Under the Code, income tax must generally be withheld from the taxable
portion of the proceeds paid upon surrender of a Policy, unless the Policyowner
notifies First Investors Life in writing, before the payment date, that such
withholding is not to be made. Failure to withhold or withholding of an
insufficient amount may subject the Policyowner to taxation. In addition,
insufficient withholding and insufficient estimated tax payments may subject the
Policyowner to penalties.

Charges for First Investors Life's Income Taxes

First Investors Life is taxed as a "life insurance company" under Subchapter
L of the Code. Under the applicable provisions of the Code, First Investors Life
will be required to include its variable life insurance operations in its
Federal income tax return. Currently, no charges are made against the
Subaccount(s) for First Investors Life's Federal income taxes attributable to
the Subaccount(s). However, First Investors Life may make such charges in the
future. First Investors Life may charge the Subaccount(s) for its Federal income
taxes attributable to the Subaccount(s) when First Investors Life's tax
treatment and obligations become clarified. Any such charges against a
Subaccount would reduce its Net Investment Return.

Under current laws, First Investors Life may incur state and local taxes (in
addition to premium taxes) in several states. At present, these taxes are not
significant. After First Investors Life's Federal income tax treatment is
clarified, or if prior to that time there is a material change in applicable
state or local tax laws, charges for such taxes, if any, attributable to the
Subaccount(s) may be made.

If any tax charges are made in the future they will be accumulated daily and
transferred from the Subaccount(s) to First Investors Life's General Account.
Any investment earnings on tax charges accumulated in the Subaccount(s) will be
retained by First Investors Life.

VOTING RIGHTS

In accordance with its view of present applicable law, First Investors Life
will vote the Funds' shares held in the corresponding Subaccount(s) at regular
and special meetings of shareholders of Life Series Fund in accordance with
instructions received from Policyowners. Shares of the Funds held by First
Investors Life which do not represent shares attributable to Policyowners will
be represented by First Investors Life at the meeting and voted, on any matter,
in proportion to the instructions from Policyowners. However, if the 1940 Act or
any Regulation thereunder should be

<PAGE>

amended or if the present interpretation thereof should change, and as a result,
First Investors Life determines that it is permitted to vote the Funds' shares
in its own right, it may elect to do so.

The number of Fund shares held in the corresponding Subaccount which is
attributable to each Policyowner is determined by dividing the corresponding
Subaccount's Accumulated Value by the value of one Fund share. The number of
votes which a person has the right to cast will be determined as of the record
date established by Life Series Fund. Voting instructions will be solicited by
written communication prior to the date of the meeting at which votes are to be
cast. Fund shares held in the corresponding Subaccount as to which no timely
instructions are received will be represented at this meeting and voted by First
Investors Life in proportion to the voting instructions which are received with
respect to all Policies participating in the Subaccount. Each person having a
voting interest in the Subaccount will receive reports and other materials
relating to the Fund.

The voting rights described in this Prospectus are created under applicable
Federal securities laws. To the extent that such laws or regulations promulgated
thereunder eliminate the necessity to submit such matters for approval by
persons having voting rights in separate accounts of insurance companies or
restrict such voting rights, First Investors Life reserves the right to proceed
in accordance with any such laws or regulations. First Investors Life also
reserves the right, subject to compliance with applicable law, including
approval of Policyowners if so required, (1) to transfer assets determined by
First Investors Life to be associated with the class of policies to which the
Policies belong from Separate Account B to another separate account by
withdrawing the same percentage of each investment in Separate Account B with
appropriate adjustments to avoid odd lots and fractions, (2) to operate Separate
Account B as a "management company" under the 1940 Act, or in any other form
permitted by law, the investment adviser of which would be First Investors Life
or an affiliate, (3) to deregister Separate Account B under the 1940 Act, and
(4) to operate Separate Account B under the general supervision of a committee
any or all the members of which may be interested persons (as defined in the
1940 Act) of First Investors Life or an affiliate, or to discharge the
Committee. First Investors Life has reserved all rights in respect of its
corporate name and any part thereof, including without limitation the right to
withdraw its use and to grant its use to one or more other separate accounts and
other entities.

OFFICERS AND DIRECTORS OF FIRST INVESTORS LIFE INSURANCE COMPANY

Name Office Principal Occupation for Last 5 Years
---- ------ -------------------------------------
Jay G. Baris Director Partner, Kramer, Leven, Naftalis,
Nessen, Kamin & Frankel, New
York, Attorneys; Secretary and
Counsel, First Financial Savings
Bank, S.L.A., New Jersey.

William H. Drinkwater First Vice First Vice President and Chief
President and Actuary, First Investors Life
Chief Actuary since April, 1992; Vice President
- Actuary, Home Life Insurance
Company, New York, prior thereto.

Lawrence M. Falcon Senior Senior Vice President and
Vice President Comptroller, First Investors
and Comptroller Life.

Richard H. Gaebler President President, First Investors Life.
and Director

William P. Galvin Assistant Manager, First Investors Life;
Vice President Assistant Vice President since
February, 1996; Licensing
Manager, Pfizer, Inc., New York,
New York from May 1990 to
February, 1995.

<PAGE>

Name Office Principal Occupation for Last 5 Years
---- ------ -------------------------------------
George V. Ganter Director Vice President, First Investors Asset
Management Company, Inc., Portfolio
Manager, FIMCO.

Robert J. Grosso Director Assistant Counsel, FIC since January
1995; Business Consultant; Assistant
Vice President and Assistant General
Counsel, Alliance Fund Distributors,
Inc. from September 1993 to August
1994; Of Counsel, Law Office of
Richard S. Mazawey from May 1991 to
September 1993.

Glenn O. Head Chairman and Director Chairman and Director, FICC, FIMCO
and FIC.

Kathryn S. Head Director President, FICC and FIMCO; Vice
President, Chief Financial Officer
and Director, FIC; President and
Director, First Financial Savings
Bank, S.L.A.

Scott Hodes Director Partner, Ross & Hardies, Chicago,
Illinois, Attorneys, since January
1992; prior thereto, Partner, Arvey,
Hodes, Costello & Burman, Chicago,
Illinois, Attorneys.

Paul E. Kunz Assistant Secretary Staff Attorney, First Investors Life;
Assistant Secretary since May, 1995.

Carol Lerner Brown Secretary Assistant Secretary, FIC; Secretary,
FIMCO and FICC.

William M. Lipkus Chief Accounting Chief Accounting Officer, First
Officer Investors Life since June, 1992;
Manager, Tait Weller & Baker, Edison,
New Jersey from June, 1986 to June,
1992.

Jackson Ream Director Senior Vice President, Nations Bank
of Texas (formerly NCNB Texas
National Bank), Dallas, Texas.

Nelson Schaenen Jr. Director Partner, Weiss, Peck & Greer, New
York, Investment Managers.

Ada M. Suchow Vice President Vice President, First Investors Life.

John T. Sullivan Director Director, FIMCO and FIC; Of Counsel
to Hawkins, Delafield & Wood, New
York, Attorneys.

A fidelity bond in the amount of $5,000,000 covering First Investors Life's
officers and employees has been issued by Gulf Insurance Company. A directors
and officers liability policy in the amount of $3,000,000 covering First
Investors Life's directors and officers has been issued by the Great American
Insurance Companies.

DISTRIBUTION OF POLICIES

The Policies distributed by First Investors Life are sold by insurance agents
who are licensed to sell variable life insurance. These agents are paid a
commission of 28.55% of the first year premium payment and 1% of the premium
payments for years two through ten.

The Policies are offered for sale in Alabama, Arizona, Arkansas, Colorado,
Connecticut, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana,
Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, North
Carolina, Nebraska, New Jersey, New Mexico, New York,

<PAGE>

Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Utah,
Virginia, Washington, West Virginia, Wisconsin and Wyoming.

CUSTODIAN

First Investors Life, subject to applicable laws and regulations, is to be
the custodian of the securities of the Subaccounts. First Investors Life will
maintain the records and accounts of Separate Account B. The assets of the
Subaccounts will be held by United States Trust Company of New York (TIN
13-6065574), 114 W. 47th Street, New York, NY 10036 under a safekeeping
arrangement. Under the terms of a Safekeeping Agreement dated June 16, 1986,
between First Investors Life and United States Trust Company of New York,
securities and similar investments of the Subaccounts shall be deposited in the
safekeeping of United States Trust Company of New York. Such agreement will
remain in effect until Separate Account B has been completely liquidated and the
proceeds of the liquidation distributed to the security holders of Separate
Account B, or a successor custodian, having the requisite qualifications, has
been designated and has accepted such custodianship. First Investors Life is
responsible for the payment of all expenses of, and compensation to, United
States Trust Company of New York in such amounts as may be agreed upon from time
to time. For the fiscal year ended December 31, 1995, First Investors Life paid
$400 to United States Trust Company of New York.

REPORTS

At least once each Policy year, First Investors Life shall mail a report to
the Policyowner within 31 days after the Policy anniversary. The report shall be
mailed to the last address known to First Investors Life. The report will show
the death benefit, cash value and policy debt on the anniversary and any loan
interest for the prior year. The report will also show the allocation of the
investment base on that anniversary. No report will be sent if the Policy is
continued as reduced paid-up or extended term insurance.

STATE REGULATION

First Investors Life is subject to the laws of the State of New York
governing insurance companies and to regulations by the New York State Insurance
Department. An annual statement in a prescribed form is filed with the
Department of Insurance each year covering the operations of First Investors
Life for the preceding year and its financial condition as of the end of such
year.

First Investors Life's books and accounts are subject to review by the
Insurance Department at any time and a full examination of its operations is
conducted periodically. Such regulation does not, however, involve any
supervision of management or investment practices or policies except to
determine compliance with the requirements of the New York Insurance Law. In
addition, First Investors Life is subject to regulation under the insurance laws
of other jurisdictions in which it may operate.

EXPERTS

The financial statements included in this Prospectus have been examined by
Tait, Weller & Baker, independent certified public accountants, and are included
herein in reliance upon the authority of said firm as experts in accounting and
auditing.

<PAGE>

RELEVANCE OF FINANCIAL STATEMENTS

The values of the interests of Policyowners under the Policies will be
affected solely by the investment results of the Subaccount(s). The financial
statements of First Investors Life as contained herein should be considered only
as bearing upon First Investors Life's ability to meet its obligations to
Policyowners under the Policies, and they should not be considered as bearing on
the investment performance of the Subaccount(s).

The most current financial statements of First Investors Life and Separate
Account B are those as of the end of the most recent fiscal year. Neither First
Investors Life nor Separate Account B prepare their financial statements more
often than annually and believe that any incremental benefit to prospective
policyholders that may result from preparing and delivering more current
financial statements, though unaudited, does not justify the additional cost
that would be incurred. In addition, First Investors Life represents that there
have been no adverse changes in the financial condition or operations of First
Investors Life or Separate Account B between the end of the most current fiscal
year and the date of this Prospectus.

APPENDIX I - OTHER POLICY PROVISIONS

Settlement Options

In lieu of a single sum payment of Policy proceeds on death or surrender, an
election may be made to apply all or a portion of the proceeds under any one of
the fixed benefit settlement options provided in the Policy. Tax consequences
may vary depending on the settlement option chosen. The options are stated
below.

PROCEEDS LEFT AT INTEREST. Left on deposit to accumulate with First Investors
Life with interest payable at a rate of 2 1/2% per year.

PAYMENT OF A DESIGNATED AMOUNT. Payable in installments until proceeds
applied under the option and interest on unpaid balance at 2 1/2% per year and
any additional interest are exhausted.

PAYMENT FOR A DESIGNATED NUMBER OF YEARS. Payable in installments for up to
25 years, including interest at 2 1/2% per year. Payments may be increased by
additional interest which would be paid at the end of each installment year.

LIFE INCOME OPTION, GUARANTEED PERIOD. Payments are guaranteed for 10 or 20
years, as elected, and for life thereafter. During the guaranteed period of 10
or 20 years, the payments may be increased by additional interest.

LIFE INCOME, GUARANTEED RETURN. The sum of the payments made and any payments
due at the death of the person on whom the payments are based will never be less
than the proceeds applied.

LIFE INCOME ONLY. Payments will be made only while the person on whom the
payments are based is alive.

Optional Insurance Benefits

On payment of an additional premium and subject to certain age and insurance
underwriting requirements, the following optional provisions, which are subject
to the restrictions and limitations set forth therein, may be included in a
Policy.

<PAGE>

DISABILITY PREMIUM WAIVER. Providing that in the event of the Insured's total
disability before the Policy anniversary nearest to the Insured's 60th birthday
and continuing for at least 6 months, First Investors Life will waive all
premiums falling due after the commencement and during the continuance of such
disability.

ACCIDENTAL DEATH BENEFIT. Providing for an additional fixed amount of death
benefit in the event the Insured dies from accidental bodily injury before the
Policy anniversary nearest the Insured's 70th birthday.

TERM INSURANCE. Providing 12 year convertible level term insurance.

General Provisions

BENEFICIARY. The beneficiary is as designated in the application for the
Policy, unless thereafter changed by the Policyowner during the Insured's
lifetime. A change of designation may be made by filing a written request with
the Home Office of First Investors Life in a form acceptable to First Investors
Life.

ASSIGNMENT. The Policy may be assigned by the Policyowner but no assignment
shall be binding on First Investors Life unless it is in writing and filed with
First Investors Life at its Home Office. First Investors Life will assume no
responsibility for the validity or sufficiency of any assignment. Unless
otherwise provided in the assignment, the interest of any revocable beneficiary
shall be subordinate to the interest of any assignee, regardless of when the
assignment was made and the assignee shall receive any sum payable to the extent
of his or her interest.

AGE AND SEX. If the age or sex of the Insured has been misstated, the
benefits available under the Policy will be those which the premiums paid would
have purchased for the correct age and sex.

SUICIDE. If the Insured commits suicide within 2 years from the Policy's date
of issue, the liability of First Investors Life under the Policy will be limited
to all premiums paid less any indebtedness.

INCONTESTABILITY. Except for nonpayment of premiums, the validity of the
Policy and its riders will not be contestable after it has been in force during
the lifetime of the Insured for 2 years from the Date of Issue.

GRACE PERIOD. A Grace Period of 31 days will be allowed for payment of each
premium after the first. The Policy will continue in force during the Grace
Period unless surrendered.

PAYMENTS AND DEFERMENT. Payment of the death benefit or surrender value or
loan proceeds will usually be made within 7 days after receipt by First
Investors Life of all documents required for such payments. However, payment may
be delayed if the amount cannot be determined because the New York Stock
Exchange is closed for trading or the Securities and Exchange Commission
determines that a state of emergency exists.

Under a Policy continued as paid-up or extended term insurance, the payment
of the surrender value or loan proceeds may be deferred for up to six months. If
the payment is postponed more than 30 days, interest at a rate of not less than
3% will be paid on the Surrender Value. The interest will be paid from the date
of surrender to the date payment is made.

DIVIDENDS. The Policies do not provide for dividend payments and therefore
are considered "non- participating" in the earnings of First Investors Life.

<PAGE>

APPENDIX II
ADDITIONAL ILLUSTRATIONS OF DEATH BENEFITS,
CASH VALUES AND ACCUMULATED PREMIUMS

Tables on Pages 30 to 32 illustrate the way in which a Policy operates. They
show how the death benefit and the cash value may vary over an extended period
of time assuming hypothetical rates of investment return for the Subaccount(s)
equivalent to constant gross annual rates of 0%, 6% and 12%. The table on Page
30 is based on an annual premium of $600 for a male issue age 10, the table on
Page 31 is based on an annual premium of $1,200 for a male issue age 25, and the
table on Page 32 is based on an annual premium of $1,800 for a male issue age
40. The illustrations assume a standard risk classification and will assist in
the comparison of death benefits and cash values under the Policies with those
under other variable life policies issued by First Investors Life or other
companies. Please refer to Page 17 for additional discussion and to Pages 19 to
21 for additional illustrations of death benefits, cash values and accumulated
premiums which assume a hypothetical gross annual investment return of 0%, 4%
and 8%.

The amounts shown are as of the end of each Policy year and take into account
deductions from the annual premium and the daily charge for investment advisory
services and mortality and expense risk equivalent to an effective annual charge
of 1.45%. Taking account of the daily charges, the gross annual rates of
investment return of 0%, 6% and 12% correspond to net annual rates of
approximately -1.45%, 4.55% and 10.55%, respectively. The returns shown are also
net of any tax charges attributable to the Subaccount(s).

The second column of each table shows the amount to which the total premiums
paid to the end of the Policy year during the premium paying period would
accumulate if an amount equal to those premiums were invested to earn interest,
after taxes, at 5% compounded annually.

First Investors Life will furnish upon request a comparable illustration
reflecting the proposed Insured's age and the face amount or premium amount
requested, and assuming that premiums are paid on an annual basis and the
proposed Insured is a standard risk. In addition, a comparable illustration will
be included at the delivery of a Policy if a purchase is made reflecting the
Insured's risk classification if other than standard.

<PAGE>

Male Issue Age 10
$600 Annual Premium for Standard Risk (1)
$39,638 Face Amount (Guaranteed Minimum Death Benefit)

<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 $600 $ 630 $39,638 $39,645 $ 39,729 $ 138 $ 148 $ 158
2 600 1,291 39,638 39,669 40,061 586 633 682
3 600 1,986 39,638 39,710 40,642 1,023 1,136 1,256
4 600 2,715 39,638 39,767 41,482 1,450 1,656 1,884
5 600 3,481 39,638 39,841 42,599 1,889 2,219 2,597
6 600 4,285 39,638 39,932 44,005 2,316 2,800 3,375
7 600 5,129 39,638 40,039 45,711 2,734 3,402 4,227
8 600 6,016 39,638 40,161 47,732 3,143 4,026 5,160
9 600 6,947 39,638 40,299 50,081 3,547 4,676 6,184
10 600 7,924 39,638 40,453 52,774 3,946 5,354 7,309

15 0 11,608 39,638 41,363 70,965 4,473 7,632 13,094

20 0 14,816 39,638 42,310 95,773 4,010 9,176 20,771

25 0 18,909 39,638 43,278 129,224 3,610 11,076 33,073

30 0 24,133 39,638 44,269 174,378 3,244 13,343 52,561

Attained
Age
65 0 81,723 39,638 49,597 785,431 1,685 30,247 479,001
</TABLE>

(1) Corresponds to $306.00 semi annually; $156.00 quarterly, or $52.98 monthly.

(2) Assumes no policy loan is made.

<PAGE>

Male Issue Age 25
$1,200 Annual Premium for Standard Risk (1)
$51,908 Face Amount (Guaranteed Minimum Death Benefit)

<TABLE>
<CAPTION>
Total Death Benefit (2) Cash Values (2)
End of Premiums Assuming Hypothetical Gross (After Assuming Hypothetical Gross (After
Policy Premium Paid Plus Tax) Annual Investment Return of Tax) Annual Investment Return of
Year Due Interest at 5% 0% 6% 12% 0% 6% 12%
- -------- --------- -------------- -------------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 $1,200 $ 1,260 $51,908 $51,921 $ 52,078 $ 409 $ 439 $ 469
2 1,200 2,583 51,908 51,955 52,558 1,308 1,423 1,542
3 1,200 3,972 51,908 52,011 53,359 2,197 2,454 2,727
4 1,200 5,431 51,908 52,088 54,495 3,076 3,532 4,037
5 1,200 6,962 51,908 52,188 55,994 3,992 4,710 5,535
6 1,200 8,570 51,908 52,308 57,870 4,897 5,941 7,187
7 1,200 10,259 51,908 52,450 60,141 5,791 7,226 9,008
8 1,200 12,032 51,908 52,612 62,823 6,673 8,568 11,014
9 1,200 13,893 51,908 52,794 65,934 7,544 9,969 13,222
10 1,200 15,848 51,908 52,996 69,495 8,404 11,430 15,653

15 0 23,217 51,908 54,188 93,429 9,524 16,333 28,161

20 0 29,631 51,908 55,430 126,119 8,504 19,562 44,508

25 0 37,818 51,908 56,702 170,313 7,539 23,273 69,903

30 0 48,266 51,908 58,005 230,101 6,628 27,467 108,958

Attained
Age
65 0 78,620 51,908 60,711 420,822 4,947 37,025 256,641
</TABLE>

(1) Corresponds to $612.00 semi annually; $312.00 quarterly, or $105.96
monthly.

(2) Assumes no policy loan is made.

<PAGE>

Male Issue Age 40
$1,800 Annual Premium for Standard Risk (1)
$47,954 Face Amount (Guaranteed Minimum Death Benefit)
<TABLE>
<CAPTION>
Total Death Benefit (2) Cash Values (2)
End of Premiums Assuming Hypothetical Gross (After Assuming Hypothetical Gross (After
Policy Premium Paid Plus Tax) Annual Investment Return of Tax) Annual Investment Return of
Year Due Interest at 5% 0% 6% 12% 0% 6% 12%
- -------- --------- -------------- --------------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 $1,800 $ 1,890 $47,954 $47,968 $ 48,144 $ 762 $ 817 $ 872
2 1,800 3,874 47,954 48,002 48,621 2,097 2,289 2,488
3 1,800 5,958 47,954 48,056 49,393 3,406 3,819 4,263
4 1,800 8,146 47,954 48,129 50,473 4,689 5,409 6,211
5 1,800 10,443 47,954 48,222 51,886 6,020 7,138 8,431
6 1,800 12,856 47,954 48,335 53,645 7,328 8,937 10,869
7 1,800 15,388 47,954 48,467 55,766 8,615 10,809 13,548
8 1,800 18,048 47,954 48,617 58,266 9,884 12,760 16,491
9 1,800 20,840 47,954 48,786 61,164 11,137 14,792 19,724
10 1,800 23,772 47,954 48,973 64,480 12,375 16,911 23,276

15 0 34,825 47,954 50,080 86,798 13,764 23,714 41,101

20 0 44,447 47,954 51,233 117,342 11,963 27,690 63,419

25 0 56,727 47,954 52,416 158,741 10,274 31,966 96,809

30 0 72,399 47,954 53,630 214,919 8,695 36,402 145,879

Attained
Age
65 0 56,727 47,954 52,416 158,741 10,274 31,966 96,809
</TABLE>

(1) Corresponds to $918.00 semi annually; $468.00 quarterly, or $158.94
monthly.

(2) Assumes no policy loan is made.

<PAGE>

First Investors Life
Level Premium
Variable Life
Insurance
(Separate Account B)

- ----------------------------------

Prospectus

- ----------------------------------

April 29, 1996,
as amended October 28, 1996

First Investors Logo

Logo is described as follows: the arabic numeral one separated into seven
vertical segments followed by the words "First Investors."

Verticle line from top to bottom in center of page about 1/2 inch in thickness

To the left of the verticle line is the following language:

TABLE OF CONTENTS
- ----------------------------------

General Description ....................................................... 2
Charges and Expenses ...................................................... 6
The Variable Life Policy .................................................. 8
Illustrations of Death Benefits,
Cash Values and Accumulated Premiums .................................... 17
Federal Income Tax Status ................................................. 22
Voting Rights ............................................................. 23
Officers and Directors of
First Investors Life Insurance Company .................................. 24
Distribution of Policies .................................................. 25
Custodian ................................................................. 26
Reports ................................................................... 26
State Regulation .......................................................... 26
Experts ................................................................... 26
Relevance of Financial Statements ......................................... 27
Appendix I -- Other Policy Provisions ..................................... 27
Appendix II -- Additional Illustrations of Death
Benefits, Cash Values and
Accumulated Premiums .................................................... 29
Financial Statements of First Investors Life .............................. 33
Financial Statements of Separate Account B ................................ 46

LIFE 318

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As part of this Prospectus we attach the Prospectus of First Investors Life
Series Fund (File No. 2-98409) which was filed with the SEC on October 21, 1996
as part of Post-Effective Amendment No. 20 (Accession No. 0000891554-96-000704).