AMERITAS VARIABLE LIFE INSURANCE CO SEPARATE ACCOUNT V
497, 1997-03-03
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By Supplement  dated March 3, 1997,  Ameritas  Variable Life  Insurance  Company
amends its  prospectus  at page 4 so that the  definition of  "Guaranteed  Death
Benefit Period" reads as follows:


  GUARANTEED DEATH BENEFIT PERIOD - The number of years the Guaranteed  Death
  Benefit provision will apply. The period will vary based upon the Insured's
  Issue Age and rating class, and may be restricted as a result of state law.
  The period ranges from 3 to 25 years.  This benefit is provided  without an
  additional policy charge. (See page 17.)


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