LIFE OF VIRGINIA SEPARATE ACCOUNT III
497, 1998-12-31
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                                                      Filed Pursuant to Rule 497
                                                            File Number 33-12470
                                   
                     The Life Insurance Company of Virginia
                      Life of Virginia Separate Account III


                       Supplement dated December 31, 1998
                         to Prospectus Dated May 1, 1998

On January 1, 1999, our new name will be GE Life and Annuity  Assurance  Company
(GE Life & Annuity).  Any  reference in your  prospectus  to The Life  Insurance
Company of  Virginia  or Life of  Virginia  will now be  referring  to GE Life &
Annuity.  Please note,  this change is solely a renaming of the company and will
not affect your policy in any other way.


                              As of January 1, 1999
                      GE Life and Annuity Assurance Company
                             6610 West Broad Street
                               Richmond, VA 23230




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