WRL FREEDOM ELITE(SM)
SUPPLEMENT DATED JUNE 30, 1999
TO
PROSPECTUS DATED MAY 1, 1999
THE FOLLOWING INFORMATION REPLACES THE FIRST SIX PARAGRAPHS, IN THEIR ENTIRETY,
UNDER THE SECTION "THE POLICY - WHEN INSURANCE COVERAGE TAKES EFFECT" ON PAGES
21 AND 22 OF THE PROSPECTUS:
WHEN INSURANCE COVERAGE TAKES EFFECT
Insurance coverage under the Policy will take effect only if the
insured(s) is alive and in the same condition of health as described in the
application when the Policy is delivered to the owner, and if the initial
premium is paid.
CONDITIONAL INSURANCE COVERAGE. If you pay the full initial premium
listed in the conditional receipt attached to the application, and we deliver
the conditional receipt to you, you will have conditional insurance coverage
under the terms of the conditional receipt. Conditional insurance coverage is
void if the check or draft you gave us to pay the initial premium is not honored
when we first present it for payment.
THE AMOUNT OF CONDITIONAL o the specified amount applied for; or
INSURANCE COVERAGE IS THE o $300,000
LESSER OF: reduced by all amounts payable under all life
insurance applications that the insured has
pending with us.
CONDITIONAL LIFE INSURANCE o the date of your application; or
COVERAGE BEGINS ON THE o the date the insured completes all of the
LATER OF: medical tests and examinations that we
require; or
o the date of issue, if any, requested in
the application.
CONDITIONAL LIFE INSURANCE o the date we determine the insured has
COVERAGE TERMINATES satisfied our underwriting
AUTOMATICALLY ON THE requirements and the insurance applied
EARLIEST OF: for takes effect (the Policy date); or
o 60 days from the date the application was
completed; or
o the date we determine that any person
proposed for insurance in the application
is not insurable according to our rules,
limits and standards for the plan, amount
and rate class shown in the application;
or
o the date we modify the plan, amount,
riders and/or the premium rate class
shown in the application, or any
supplemental agreements; or
o the date we mail notice of the ending of
coverage and we refund the first premium
to the applicant at the address shown on
the application.
SPECIAL LIMITATIONS o the conditional receipt will be VOID:
OF THE CONDITIONAL RECEIPT: o -> if not signed by an authorized agent
of Western Reserve; or
-> in the event the application
contains any fraud or material
misrepresentation; or
-> if, on the date of the conditional
receipt, the proposed insured is
under 15 days of age or over 80
years of age.
o the conditional receipt does not provide
benefits for disability and accidental
death benefits.
o the conditional receipt does not provide
benefits if any proposed insured commits
suicide. In this case, Western Reserve's
liability will be limited to return of
the first premium paid with the
application.
