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HARTFORD LIFE INSURANCE COMPANY
SEPARATE ACCOUNT TWO
TAX SHELTERED ANNUITY/INDIVIDUAL RETIREMENT ANNUITY
PRE-SUBSTITUTION SUPPLEMENT DATED AUGUST 12, 1999
TO THE PROSPECTUS DATED MAY 3, 1999
On August 11, 1999, Hartford Life Insurance Company and Hartford Life
Insurance Company Separate Account Two, filed an application with the
Securities and Exchange Commission seeking an order approving the
substitution of shares of Hartford Advisers HLS Fund, Inc. for shares of
American Century Variable Portfolios, Inc. American Century VP Advantage. To
the extent required by law, approval of this substitution will also be
obtained from the state insurance regulators in certain jurisdictions. If
such approvals are granted, the American Century VP Advantage Sub-Account
will no longer be an available investment option under the Contract.
Contract Owners and Participants with Contract values allocated to the
American Century VP Advantage Sub-Account as of the date of this supplement
may remain in the Sub-Account until the earlier of: (1) the date they
transfer their Account value out of the American Century VP Advantage
Sub-Account; or (2) the date the proposed substitution is completed. However,
no transfers or new Contributions may be made to the American Century VP
Advantage Sub-Account on or after the date of this supplement. Contract
Owners and Participants who have a dollar-cost averaging program or other
scheduled payment plan in effect that includes the American Century VP
Advantage Sub-Account as of the date of this supplement will be able to
continue such pre-scheduled transactions until the date the proposed
substitution is completed.
Under the proposed substitution, from the date of this supplement until the
date of the proposed substitution, Contract Owners and Participants will be
allowed to transfer Account value out of the American Century VP Advantage
Sub-Account to any other Sub-Account available under the Contract. Because we
have waived the transfer fee under the Contract, no transfer fee will apply
to any such transfers. In addition, because we have waived the transfer fee,
such transfers will not be counted to determine if the number of free
transfers has been exceeded. If a Contract Owner or Participant exercises his
or her right to execute such a transfer, it will not be considered to be a
transfer between competing Sub-Accounts. However, a transfer to the General
Account option, of any assets, which were previously held in the General
Account option at any time during the preceding three (3) months, will not be
permitted. On the date the substitution is completed and Account value is
automatically transferred to the Hartford Advisers HLS Sub-Account, Contract
Owners and Participants will not be charged a transfer fee, nor will the
transfer be included when determining whether the number of free transfers
has been exceeded. The proposed substitution will not affect your rights or
our obligations under the Contract. Other than as stated in this supplement,
we will not exercise any rights that we may
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have under the Contract to impose additional restrictions on transfers for a
period of at least 30 days after the date of the proposed substitution.
The terms and conditions of our application are subject to change and any SEC
exemptive order, if and when granted, may differ from the proposed substitution.
This supplement should be retained with your Prospectus for future reference.
33-59541
