AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
APPLAUSE! II
Supplement to Prospectus dated May 1, 1997
The prospectus is supplemented at page 21 and elsewhere to add the
following provision:
NET CASH SURRENDER VALUE BONUS
Beginning with the twenty-first Policy Anniversary, a bonus equal to
.25% of the Net Cash Surrender Value will be credited to the Fixed
Account and/or the Subaccounts on each policy anniversary, provided
that the Net Cash Surrender Value of the Policy on the Policy
Anniversary is at least $500,000. This bonus is not guaranteed. The
bonus will be credited to the Fixed Account and/or the Subaccounts
based on the premium allocation percentages in effect at that time.
The prospectus is further amended at page 20, under the caption
"Accumulation Value," to change items (e), (f), and (g) to be (f), (g),
and (h), respectively. Item (d) is changed to read "Any Net Premiums
received on that Valuation Date; plus;" New Item (e) is added, as
follows:
"(e) Any amounts credited as Net Cash Surrender Value Bonus; less"
Former items (e), (f), and (g) will accordingly be relabelled (f), (g),
and (h).
The prospectus is further amended at page 60 to replace the following
numbers listed in the "12% Hypothetical Gross Annual Investment Return"
for Ages 70 and 75:
555941 555941 705941
930680 930680 1080680
with
557322 557322 707322
944569 944569 1094569
The date of the Supplement is September 2, 1997.
