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Pursuant to Rule 497(e)
Registration Nos: 2-98441 and 811-4327
SENTRY LIFE INSURANCE COMPANY
SENTRY VARIABLE LIFE ACCOUNT I
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1999
This supplement should be attached to your copy of the Prospectus for the
variable life insurance policy issued by Sentry Life Insurance Company (the
"Company") and Sentry Variable Life Account I (the "Variable Life Account").
Substitution of Existing Portfolios
The purpose of this supplement is to notify you of a proposal to substitute
shares of certain portfolios of T. Rowe Price Equity Series, Inc., T. Rowe Price
Fixed Income Series, Inc., and Janus Aspen Series for shares of the existing
Neuberger Berman Advisers Management Trust portfolios (the "Substitution") as
follows:
<TABLE>
<CAPTION>
FROM THESE PORTFOLIOS ...........................-> INTO THESE PORTFOLIOS
----------------------- ---------------------
<S> <C>
Neuberger Berman
Advisers Management Trust T. Rowe Price Fixed Income Series, Inc.
- - AMT LIQUID ASSET PORTFOLIO ......................-> T. ROWE PRICE PRIME RESERVE PORTFOLIO
T. Rowe Price Fixed Income Series, Inc.
- - AMT LIMITED MATURITY ............................-> T. ROWE PRICE LIMITED-TERM BOND PORTFOLIO
BOND PORTFOLIO
T. Rowe Price Equity Series, Inc.
- - AMT BALANCED PORTFOLIO .........................-> T. ROWE PRICE PERSONAL STRATEGY
BALANCED PORTFOLIO
Janus Aspen Series
- - AMT GROWTH PORTFOLIO ............................-> AGGRESSIVE GROWTH PORTFOLIO
</TABLE>
The Company will file an application with the Securities and Exchange Commission
(the "SEC") shortly requesting an order approving the Substitution. When the SEC
issues an order of approval, and subject to any prior approval by applicable
state insurance authorities, the Company and the Variable Life Account propose
to make the Substitution as soon as practical.
This means, for example, that if you have allocated your purchase payments to
the Subaccount investing in shares of the Neuberger Berman AMT Balanced
Portfolio, those shares will be replaced with shares of the T. Rowe Price
Personal Strategy Balanced Portfolio of the T. Rowe Price Equity Series, Inc. at
net asset value.
THE DATE OF THIS SUPPLEMENT IS JUNE 21, 1999
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The Company will make the Substitution by simultaneously placing an order to
redeem the shares of each portfolio being replaced and placing an order to
purchase shares of the Substitute portfolios at their net asset value. The
Company will bear all costs and expenses involved in the Substitution. You will
receive a notice within five days after the Substitution takes place.
You should know that the Substitution will not affect the value of your Policy
or the value of your investment in the Variable Life Account, nor will it alter
any tax benefits you may have under your Policy. The Substitution does not
relieve the Company of any of its obligations under your Policy. The Company
believes that by replacing the existing investment options, the investment
performance of the Subaccounts will improve. In addition, the Company expects
that total operating expenses of the Substitute portfolios will be less than the
expenses charged by the existing portfolios.
Transfers Between Subaccounts
For a 30-day period following the date the Substitution takes place, the Company
will allow transfers from the Substituted Subaccounts to any other Subaccounts
of the Variable Life Account that will be available with your Policy without any
limitation or charge being imposed. After the 30-day period, any transfers you
make between Subaccounts will be subject to the restrictions described in the
Prospectus. YOU WILL BE NOTIFIED OF THE DATE THE SUBSTITUTION TAKES PLACE.
You may obtain copies of the prospectuses for T. Rowe Price Fixed Income Series,
Inc., T. Rowe Price Equity Series, Inc., and Janus Aspen Series by writing or
calling the Company at:
1800 North Point Drive
Stevens Point, WI 54481
(800)533-7827
THE DATE OF THIS SUPPLEMENT IS JUNE 21, 1999
