COVA FINANCIAL SERVICES LIFE INSURANCE COMPANY
SUPPLEMENT DATED MAY 1, 1996
TO PROSPECTUS DATED MAY 1, 1996
The following is added to the prospectus:
Maturity value means the portion of the value of your contract
attributable to the FIXED ACCOUNT which is available on the ANNUITY DATE.
The following is added to the "Access to your Money" section on page 15:
The portion of the withdrawal value attributable to the FIXED ACCOUNT
will not be less than the present value, as of the date of a total withdrawal,
of that portion of the maturity value of the paid-up annuity benefit which is
provided under the contract at the ANNUITY DATE attributable to PURCHASE
PAYMENTS paid prior to the total withdrawal reduced by any prior withdrawals.
Withdrawal value means the value of the contract on the day you make the
withdrawal, less any applicable withdrawal charge, less any premium tax and
less any contract maintenance charge. The present value is calculated on the
basis of an interest rate one percent higher than the interest rate specified
in the contract for accumulating the PURCHASE PAYMENTS to determine the
maturity value, increased by any existing additional amounts credited by Cova
to the contract.
The following paragraph is added to the "Access to your Money" section on page
15:
Prior to or currently with the receipt of the first ANNUITY PAYMENT, you
may, upon written request received by Cova, make a total or partial withdrawal
of the value of the contract the day you made the withdrawal, less any
applicable withdrawal charge, less any premium tax and less any contract
maintenance charge.
