<PAGE> 1
VARIABLE LIFE INSURANCE POLICY
KEMPER SELECT
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1994
-------------------------
KEMPER INVESTORS FUND
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1994
-------------------------
Kemper Corporation, the parent of both Kemper Investors Life Insurance
Company and Kemper Financial Services, Inc., ("KFS," the investment manager for
the Fund), has entered into an agreement in principle with an investor group led
by Zurich Insurance Company ("Zurich") pursuant to which Kemper Corporation
would be acquired by the investor group in a merger transaction. As part of the
transaction, Zurich or an affiliate would purchase KFS.
A definitive agreement is expected in early May, 1995, subject to the
completion of the investor group's due diligence. Consummation of the
transaction is subject to a number of contingencies, including approval by the
board and stockholders of Kemper Corporation and the Zurich board and regulatory
approvals. Because the transaction would constitute an assignment of the Fund's
investment management agreement with KFS under the Investment Company Act of
1940, and therefore a termination of such agreement, it is anticipated that KFS
would seek approval of a new agreement from the Fund's board and shareholders
prior to consummation of the transaction. The transaction is expected to close
early in the fourth quarter of 1995.
After consummation of the transaction, it is anticipated that the KFS
management team and the Kemper Fund portfolio managers would remain in place and
that the Kemper Funds would be operated in the same manner as they are
currently.
April 19, 1995
KINF2-1Z 4/95 (LOGO)printed on recycled paper
