COVA FINANCIAL SERVICES LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT ONE
Supplement dated May 1, 1998
to Prospectus dated May 1, 1998
This supplement should be attached to your copy of the Prospectus for the
variable annuity contracts issued by Cova Financial Services Life Insurance
Company ("Cova Life") and Cova Variable Annuity Account One ("Variable Account
One").
Growth and Income Portfolio Substitution
The purpose of this supplement is to notify you of a proposal to substitute
shares of the Lord Abbett Growth and Income Portfolio of Cova Series Trust
("Cova Trust") for shares of the Growth and Income Portfolio of Lord Abbett
Series Fund, Inc. ("Lord Abbett Fund") held by Variable Account One to fund
certain single purchase payment and flexible purchase payment variable annuity
contracts ("Contracts") issued by Cova Life.
Cova Life has filed an application with the Securities and Exchange Commission
("Commission") requesting an order approving the Substitution. Upon obtaining
the order from the Commission approving the Substitution, and subject to any
prior approval by applicable state insurance authorities, Cova Life and Variable
Account One propose to effect the Substitution as soon as is practical.
A Contract owner, prior to the date of Substitution, may transfer his or her
Growth and Income Sub-Account Value to any other sub-account of Variable Account
One without any limitation or charge being imposed. Moreover, following the
Substitution for a period of 30 days, Cova Life will permit transfers from the
Lord Abbett Growth and Income Sub-Account to any other sub-account of Variable
Account One available under your Contract without any limitation or charge being
imposed. After the 30 days, any transfers from the Lord Abbett Growth and Income
Sub-Account will be subject to the restrictions described in the Prospectus.
A complete list of all available Portfolios in which Variable Account One
invests is set forth in the Prospectus. You may obtain a Prospectus by writing
or calling Cova Life at the address or telephone number set forth below.
Cova Life will effect the Substitution by simultaneously placing an order to
redeem the shares of the Growth and Income Portfolio and an order to purchase
shares of the Lord Abbett Growth and Income Portfolio.
Cova Life will bear the expenses attributable to the Substitution. Cova Life
will send affected Owners a notice within five days after the Substitution.
CUSTOMER SERVICE: (800) 343-8496
Issued by: Cova Financial Services Life Insurance Company
Distributed by: Cova Life Sales Company
One Tower Lane, Suite 3000
Oakbrook Terrace, Illinois 60181-4644
CL-2086 (5/98)
