<PAGE>
PROSPECTUS SUPPLEMENT DATED JULY 17, 1996
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NET ANNUAL RATES OF RETURN A CORRECTION TO PAGES 9 AND 10 OF
THE WALL STREET SURVIVOR SERIES PROSPECTUS
- --------------------------------------------------------------------------------
Wall Street Series Last Survivor was not offered for sale prior to July 1996.
<TABLE>
<CAPTION>
FOR CALENDAR YEAR ENDED
DECEMBER 31
INCEPTION ------------------------------------------------------------------------------------------
DATE 1987 1988 1989 1990 1991 1992 1993 1994 1995
--------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aggressive Growth............. 5/94 N/A N/A N/A N/A N/A N/A N/A (1.89)%* 29.89%
International Stock........... 1/95 N/A N/A N/A N/A N/A N/A N/A N/A 14.35%*
Growth Stock.................. 10/86 11.31% 4.49% 36.46% (3.10)% 53.50% 2.94% 8.78% (2.82)% 27.66%
Global Growth................. 5/92 N/A N/A N/A N/A N/A 10.88%* 17.92% (2.98)% 30.49%
Blue Chip Stock............... 5/96 N/A N/A N/A N/A N/A N/A N/A N/A N/A
S&P 500 Index................. 5/96 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Growth & Income............... 5/94 N/A N/A N/A N/A N/A N/A N/A 1.74%* 29.70%
Value......................... 5/96 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Global Asset Allocation....... 1/95 N/A N/A N/A N/A N/A N/A N/A N/A 17.47%*
Asset Allocation.............. 4/87 (6.12)%* 3.71% 23.75% 2.01% 27.65% 6.95% 9.79% (.31)% 21.97%
Global Bond................... 1/95 N/A N/A N/A N/A N/A N/A N/A N/A 19.02%*
High Yield.................... 5/94 N/A N/A N/A N/A N/A N/A N/A (.75)%* 12.73%
Diversified Income............ 5/88 N/A 3.90%* 12.30% 8.87% 14.68% 7.08% 12.76% (5.22)% 17.26%
U.S. Gov't Securities......... 11/86 1.60% 6.36% 13.14% 7.93% 14.36% 6.14% 9.45% (6.44)% 18.78%
Money Market.................. 11/86 5.80% 6.78% 9.42% 7.87% 5.91% 3.36% 2.77% 3.92% 5.71%
<CAPTION>
THROUGH
DECEMBER 31, 1995 AVG
-------------------- SINCE
3 YEARS 5 YEARS INCEPTION
--------- -------- ---------
<S> <C> <C> <C>
Aggressive Growth............. N/A N/A 15.64%
International Stock........... N/A N/A 14.35%
Growth Stock.................. 10.51% 16.35% 11.24%
Global Growth................. 14.29% N/A 14.73%
Blue Chip Stock............... N/A N/A N/A
S&P 500 Index................. N/A N/A N/A
Growth & Income............... N/A N/A 18.09%
Value......................... N/A N/A N/A
Global Asset Allocation....... N/A N/A 17.47%
Asset Allocation.............. 10.11% 12.75% 9.80%
Global Bond................... N/A N/A 19.02%
High Yield.................... N/A N/A 6.97%
Diversified Income............ 7.81% 9.00% 9.14%
U.S. Gov't Securities......... 6.75% 8.10% 7.69%
Money Market.................. 4.13% 4.33% 5.70%
</TABLE>
- ------------------------
*Not annualized
Example: If the insureds under the Policy were a male, Age 55, and a female, Age
53, and the Policy owner invested $25,000 annually in a Death Benefit
Option A Policy, with a face amount of $1,400,000 it would have
provided the following benefits as of December 31, 1995, for the time
periods and subaccounts indicated based on applicable current charges
and current schedules for premium based and policy value bonuses:
<TABLE>
<CAPTION>
ONE YEAR ENDED DECEMBER 31, 1995 THREE YEARS ENDED DECEMBER 31, 1995
---------------------------------------- ----------------------------------------
POLICY SURRENDER DEATH POLICY SURRENDER DEATH
VALUE VALUE BENEFIT VALUE VALUE BENEFIT
------------ --------- ------------- ------------ --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Aggressive Growth....................... 31,424 21,197 1,400,000 N/A N/A N/A
International Stock..................... 28,126 17,895 1,400,000 N/A N/A N/A
Growth Stock............................ 30,936 20,707 1,400,000 89,714 76,150 1,400,000
Global Growth........................... 32,124 21,897 1,400,000 94,631 81,079 1,400,000
Blue Chip Stock......................... N/A N/A N/A N/A N/A N/A
S&P 500 Index........................... N/A N/A N/A N/A N/A N/A
Growth & Income......................... 30,400 20,176 1,400,000 N/A N/A N/A
Value................................... N/A N/A N/A N/A N/A N/A
Global Asset Allocation................. 28,188 17,957 1,400,000 N/A N/A N/A
Asset Allocation........................ 28,877 18,647 1,400,000 87,703 74,110 1,400,000
Global Bond............................. 27,899 17,665 1,400,000 N/A N/A N/A
High Yield.............................. 26,771 16,539 1,400,000 N/A N/A N/A
Diversified Income...................... 27,576 17,346 1,400,000 82,155 68,519 1,400,000
U.S. Gov't Securities................... 27,817 17,587 1,400,000 81,695 68,055 1,400,000
Money Market............................ 25,234 15,002 1,400,000 77,411 63,755 1,400,000
<CAPTION>
SINCE PORTFOLIO'S INCEPTION THROUGH
FIVE YEARS ENDED DECEMBER 31, 1995 DECEMBER 31, 1995
---------------------------------------- ----------------------------------------
POLICY SURRENDER DEATH POLICY SURRENDER DEATH
VALUE VALUE BENEFIT VALUE VALUE BENEFIT
------------ --------- ------------- ------------ --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Aggressive Growth....................... N/A N/A N/A 61,060 48,758 1,400,000
International Stock..................... N/A N/A N/A 28,126 17,901 1,400,000
Growth Stock............................ 166,163 154,193 1,400,000 436,512 434,517 1,400,000
Global Growth........................... N/A N/A N/A 131,471 117,506 1,400,000
Blue Chip Stock......................... N/A N/A N/A N/A N/A N/A
S&P 500 Index........................... N/A N/A N/A N/A N/A N/A
Growth & Income......................... N/A N/A N/A 59,620 47,310 1,400,000
Value................................... N/A N/A N/A N/A N/A N/A
Global Asset Allocation................. N/A N/A N/A 28,188 17,964 1,400,000
Asset Allocation........................ 159,927 147,957 1,400,000 346,829 342,839 1,400,000
Global Bond............................. N/A N/A N/A 27,899 17,674 1,400,000
High Yield.............................. N/A N/A N/A 51,624 39,301 1,400,000
Diversified Income...................... 147,270 135,300 1,400,000 266,506 260,520 1,400,000
U.S. Gov't Securities................... 144,234 132,264 1,400,000 331,528 329,533 1,400,000
Money Market............................ 132,297 120,327 1,400,000 294,511 292,516 1,400,000
</TABLE>
