<PAGE>
MARCH 19, 1998 SUPPLEMENT TO THE FORTIS WALL STREET SURVIVOR SERIES PROSPECTUS
Dated May 1, 1997
Oregon Premium Based Bonuses and Policy Value Bonuses
State law requirements in Oregon mandate that Premium Based Bonuses and Policy
Value Bonuses cannot be guaranteed. Therefore, for Policies issued in Oregon
there will be no minimum bonuses guaranteed. In all other respects Fortis
Benefits will pay these bonuses as set on pages 14 and 15 of the prospectus.
Appendix B--Illustrations of Death Benefits, Policy Values, Surrender Values,
and Accumulated Premiums.
As a result of the fact that the above-referenced bonuses are not guaranteed the
illustrated values shown on pages B-4 and B-5 would be somewhat lower for
Policies issued in Oregon. The illustrated values for Oregon are as follows:
MALE ISSUE AGE 55, FEMALE AGE 53
STANDARD NONSMOKER UNDERWRITING RISK
FACE AMOUNT: $825,000--DEATH BENEFIT OPTION A
GUARANTEED CHARGE, POLICY VALUE BONUS AND PREMIUM BASED BONUS SCHEDULES
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED
AT 5%
END OF INTEREST
POLICY PER YEAR DEATH POLICY SURRENDER DEATH POLICY SURRENDER DEATH POLICY SURRENDER
YEAR (1) BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE
- --------- ----------- ----------- --------- ----------- ----------- --------- ----------- --------- --------- -----------
0% (1)(2) 4% (1)(2) 8% (1)(2)
----------------------------------- ----------------------------------- ---------------------------------
VALUES BASED ON ASSUMED HYPOTHETICAL GROSS ANNUAL INVESTMENT RATES OF RETURN OF
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 $ 15,750 825,000 11,365 2,529 825,000 11,871 3,036 825,000 12,378 3,544
2 32,288 825,000 22,409 12,696 825,000 23,885 14,176 825,000 25,402 15,698
3 49,652 825,000 33,127 23,722 825,000 36,030 26,625 825,000 39,096 29,691
4 67,884 825,000 43,503 35,274 825,000 48,289 40,060 825,000 53,480 45,251
5 87,029 825,000 53,527 46,473 825,000 60,645 53,592 825,000 68,578 61,524
6 107,130 825,000 63,177 57,299 825,000 73,075 67,197 825,000 84,407 78,529
7 128,237 825,000 72,430 67,728 825,000 85,549 80,847 825,000 100,982 96,280
8 150,398 825,000 81,262 77,735 825,000 98,038 94,511 825,000 118,321 114,794
9 173,668 825,000 89,628 87,277 825,000 110,493 108,142 825,000 136,426 134,075
10 198,102 825,000 97,474 96,298 825,000 122,853 121,678 825,000 155,289 154,114
15 339,862 825,000 130,085 130,085 825,000 184,664 184,664 825,000 265,155 265,155
20 520,789 825,000 134,777 134,777 825,000 229,705 229,705 825,000 393,809 393,809
25 751,702 825,000 107,523 107,523 825,000 239,740 239,740 825,000 539,507 539,507
40 1,902,596 0 0 0 0 0 0 1,387,861 1,347,438 1,347,438
<CAPTION>
END OF
POLICY DEATH POLICY SURRENDER
YEAR BENEFIT VALUE VALUE
- --------- --------- --------- -----------
12% (1)(2)
---------------------------------
<S> <C> <C> <C>
1 825,000 12,886 4,052
2 825,000 26,960 17,261
3 825,000 42,329 32,924
4 825,000 59,102 50,873
5 825,000 77,401 70,347
6 825,000 97,354 91,476
7 825,000 119,101 114,399
8 825,000 142,799 139,272
9 825,000 168,605 166,254
10 825,000 196,690 195,514
15 825,000 384,047 384,047
20 825,000 678,211 678,211
25 1,219,787 1,161,702 1,161,702
40 4,905,844 4,762,955 4,762,955
</TABLE>
- ------------------------
(1) Assumes annual premium of $15,000 paid in full at the beginning of each
Policy year. The values vary from those shown if the amount or frequency of
payments vary.
(2) Assumes that no Policy loan or partial withdrawal has been made and no
optional insurance riders have been selected. Zero values in the Death
Benefit column indicate Policy lapse in the absence of sufficient additional
premium payments.
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE
OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS INCLUDING THE
PREMIUM AND POLICY VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF
RETURN OF THE PORTFOLIOS. THE DEATH BENEFIT, POLICY VALUE AND SURRENDER VALUE
FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES
OF RETURN AVERAGED 0%, 4%, 8%, AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS
WERE ALLOCATED OR POLICY VALUE TRANSFERRED TO THE GENERAL ACCOUNT. NO
REPRESENTATIONS CAN BE MADE BY FORTIS BENEFITS OR FORTIS SERIES THAT THESE
HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER
ANY PERIOD OF TIME.
<PAGE>
MALE ISSUE AGE 55, FEMALE ISSUE AGE 53
NONSMOKER UNDERWRITING RISK
FACE AMOUNT: $825,000--DEATH BENEFIT OPTION B
GUARANTEED CHARGE, POLICY VALUE BONUS AND PREMIUM BASED BONUS SCHEDULES
<TABLE>
<CAPTION>
PREMIUMS
ACCUMULATED
AT 5%
END OF INTEREST
POLICY PER YEAR DEATH POLICY SURRENDER DEATH POLICY SURRENDER DEATH POLICY SURRENDER
YEAR (1) BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE
- --------- ----------- ----------- --------- ----------- --------- --------- ----------- --------- --------- -----------
0% (1)(2) 4% (1)(2) 8% (1)(2)
----------------------------------- --------------------------------- ---------------------------------
VALUES BASED ON ASSUMED HYPOTHETICAL GROSS ANNUAL INVESTMENT RATES OF RETURN OF
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 $ 15,750 836,364 11,364 2,528 836,871 11,871 3,035 837,378 12,378 3,543
2 32,288 847,405 22,405 12,692 848,880 23,880 14,172 850,397 25,397 15,693
3 49,652 858,113 33,113 23,708 861,015 36,015 26,610 864,080 39,080 29,675
4 67,884 868,470 43,470 35,241 873,252 48,252 40,023 878,439 53,439 45,210
5 87,029 878,460 53,460 46,406 885,569 60,569 53,515 893,490 68,490 61,437
6 107,130 888,056 63,056 57,178 897,933 72,933 67,055 909,240 84,240 78,362
7 128,237 897,228 72,228 67,525 910,305 85,305 80,603 925,689 100,689 95,986
8 150,398 905,942 80,942 77,415 922,643 97,643 94,116 942,834 117,834 114,308
9 173,668 914,143 89,143 86,792 934,880 109,880 107,529 960,651 135,651 133,300
10 198,102 921,761 96,761 95,586 946,931 121,931 120,755 979,093 154,093 152,918
15 339,862 951,535 126,535 126,535 1,004,456 179,456 179,456 1,082,466 257,466 257,466
20 520,789 947,966 122,966 122,966 1,034,591 209,591 209,591 1,184,191 359,191 359,191
25 751,702 921,880 96,880 96,880 1,042,599 217,599 217,599 1,292,251 467,251 467,251
40 1,902,596 0 0 0 0 0 0 951,446 126,446 126,446
<CAPTION>
END OF
POLICY DEATH POLICY SURRENDER
YEAR BENEFIT VALUE VALUE
- --------- --------- --------- -----------
12% (1)(2)
---------------------------------
<S> <C> <C> <C>
1 837,885 12,885 4,052
2 851,955 26,955 17,256
3 867,312 42,312 32,907
4 884,056 59,056 50,827
5 902,300 77,300 70,247
6 922,159 97,159 91,281
7 943,750 118,750 114,047
8 967,201 142,201 138,674
9 992,628 167,628 165,277
10 1,020,142 195,142 193,966
15 1,197,650 372,650 372,650
20 1,443,253 618,253 618,253
25 1,607,268 982,268 982,268
40 3,669,581 2,844,581 2,844,581
</TABLE>
- ------------------------
(1) Assumes annual premium of $15,000 paid in full at the beginning of each
Policy year. The values vary from those shown if the amount or frequency of
payments vary.
(2) Assumes that no Policy loan or partial withdrawal has been made and no
optional insurance riders have been selected. Zero values in the Death
Benefit column indicate Policy lapse in the absence of sufficient additional
premium payments.
IT IS EMPHASIZED THAT THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR
FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN MAY BE MORE
OR LESS THAN THOSE SHOWN AND WILL DEPEND UPON A NUMBER OF FACTORS INCLUDING THE
PREMIUM AND POLICY VALUE ALLOCATIONS MADE BY AN OWNER AND THE DIFFERENT RATES OF
RETURN OF THE PORTFOLIOS. THE DEATH BENEFIT, POLICY VALUE AND SURRENDER VALUE
FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL INVESTMENT RATES
OF RETURN AVERAGED 0%, 4%, 8%, AND 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS OR IF ANY PREMIUMS
WERE ALLOCATED OR POLICY VALUE TRANSFERRED TO THE GENERAL ACCOUNT. NO
REPRESENTATIONS CAN BE MADE BY FORTIS BENEFITS OR FORTIS SERIES THAT THESE
HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER
ANY PERIOD OF TIME.
