COVA FINANCIAL SERVICES LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT ONE
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
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 primary 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 will file an application with the Securities and Exchange Commission
("Commission") on or about the date of this supplement 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.
Additional Revisions
The first paragraph on page 9 of the Prospectus and the second paragraph under
"Systematic Withdrawal Program" on page 12 of the Prospectus are deleted in
their entirety.
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
COVA SERIES TRUST
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
The first paragraph under "Public Fund Performance" on page 25 of the Prospectus
and the Performance Recap are amended as follows:
The Mid-Cap Value, Large Cap Research and Developing Growth Portfolios are
commencing regular investment operations as of the date of this Supplement and
are now available for new sales.
CL-2086 (11/97)
COVA FINANCIAL SERVICES LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT ONE
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
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").
Proposed Substitution
The primary purpose of this supplement is to notify you of a proposal to
substitute shares of certain Portfolios of Cova Series Trust and of General
American Capital Company for shares of certain other Portfolios of Cova Series
Trust and for shares of Lord Abbett Series Fund, Inc. as follows:
Substitution:
-------------
From the Into the
- ------------------------------------------
following Portfolios following Portfolios
- -------------------- --------------------
Cova Series Trust Cova Series Trust
Stock Index Portfolio Large Cap Stock Portfolio
Quality Income Portfolio Quality Bond Portfolio
High Yield Portfolio Bond Debenture Portfolio
VKAC Growth and Lord Abbett Growth and
Income Portfolio Income Portfolio
Lord Abbett Series Cova Series Trust
Fund, Inc.
Growth and Income Lord Abbett Growth and
Portfolio Income Portfolio
Cova Series Trust General American
Capital Company
Money Market Portfolio Money Market Fund
Cova Life will file an application with the Securities and Exchange Commission
("Commission") on or about the date of this supplement 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 Sub-Account
Values involved in the Substitution 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 such
sub-accounts 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 such sub-accounts 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 each Portfolio being substituted from and an order to
purchase shares of each Portfolio being substituted into.
Cova Life will bear the expenses attributable to the Substitution. Cova Life
will send affected Owners a notice within five days after the Substitution.
As of the date of this Supplement, shares of the Stock Index, Quality Income,
High Yield, VKAC Growth and Income and Money Market Portfolios will no longer be
offered for sale. However, Contract owners participating in the Dollar Cost
Averaging program will be allowed to continue to have monies transferred into
these Portfolios until the earlier of the completion of their programs or the
Substitution.
Additional Revisions
The second full paragraph on page 9 of the Prospectus and the second paragraph
under "Systematic Withdrawal Program" on page 12 of the Prospectus are deleted
in their entirety. The "Transfers" provision on page 8 of the Prospectus is
modified to read as follows: You can transfer money among the fixed account and
the 16 investment portfolios.
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
COVA SERIES TRUST
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997,
as amended September 8, 1997
The first paragraph under "Public Fund Performance" on page 41 of the Prospectus
and the Performance Recap are amended as follows:
The Mid-Cap Value, Large Cap Research and Developing Growth Portfolios are
commencing regular investment operations as of the date of this Supplement and
are now available for new sales.
CL-3006 (11/97)
COVA FINANCIAL SERVICES LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT ONE
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
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").
Proposed Substitution
The primary purpose of this supplement is to notify you of a proposal to
substitute shares of certain Portfolios of Cova Series Trust and of General
American Capital Company for shares of certain other Portfolios of Cova Series
Trust and for shares of Lord Abbett Series Fund, Inc. as follows:
Substitution:
-------------
From the Into the
following Portfolios following Portfolios
- -------------------- --------------------
Cova Series Trust Cova Series Trust
Stock Index Portfolio Large Cap Stock Portfolio
Quality Income Portfolio Quality Bond Portfolio
Lord Abbett Series Cova Series Trust
Fund, Inc.
Growth and Income Lord Abbett Growth
Portfolio and Income Portfolio
Cova Series Trust General American
Capital Company
Money Market Portfolio Money Market Fund
Cova Life will file an application with the Securities and Exchange Commission
("Commission") on or about the date of this supplement 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 Sub-Account
Values involved in the Substitution 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 such
sub-accounts 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 such sub-accounts 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 each Portfolio being substituted from and an order to
purchase shares of each Portfolio being substituted into.
Cova Life will bear the expenses attributable to the Substitution. Cova Life
will send affected Owners a notice within five days after the Substitution.
As of the date of this Supplement, shares of the Stock Index, Quality Income and
Money Market Portfolios will no longer be offered for sale. However, Contract
owners participating in the Dollar Cost Averaging program will be allowed to
continue to have monies transferred into these Portfolios until the earlier of
the completion of their programs or the Substitution.
Additional Revisions
The second full paragraph on page 9 of the Prospectus and the second paragraph
under "Systematic Withdrawal Program" on page 12 of the Prospectus are deleted
in their entirety.
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
COVA SERIES TRUST
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997,
as amended September 8, 1997
The first paragraph under "Public Fund Performance" on page 37 of the
Prospectus and the Performance Recap are amended as follows:
The Mid-Cap Value, Large Cap Research and Developing Growth Portfolios are
commencing regular investment operations as of the date of this Supplement and
are now available for new sales.
CL-3007 (11/97)
COVA FINANCIAL LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT FIVE
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
This supplement should be attached to your copy of the Prospectus for the
variable annuity contracts issued by Cova Financial Life Insurance Company
("Cova Life") and Cova Variable Annuity Account Five ("Variable Account Five").
Proposed Substitution
The primary purpose of this supplement is to notify you of a proposal to
substitute shares of certain Portfolios of Cova Series Trust and of General
American Capital Company for shares of certain other Portfolios of Cova Series
Trust and for shares of Lord Abbett Series Fund, Inc. as follows:
Substitution:
-------------
From the Into the
following Portfolios following Portfolios
- -------------------- --------------------
Cova Series Trust Cova Series Trust
Stock Index Portfolio Large Cap Stock Portfolio
Quality Income Portfolio Quality Bond Portfolio
VKAC Growth and Lord Abbett Growth and
Income Portfolio Income Portfolio
Lord Abbett Series Cova Series Trust
Fund, Inc.
Growth and Income Lord Abbett Growth and
Portfolio Income Portfolio
Cova Series Trust General American
Capital Company
Money Market Portfolio Money Market Fund
Cova Life will file an application with the Securities and Exchange Commission
("Commission") on or about the date of this supplement 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 Five propose to
effect the Substitution as soon as is practical.
A Contract owner, prior to the date of Substitution, may transfer Sub-Account
Values involved in the Substitution to any other sub-account of Variable Account
Five without any limitation or charge being imposed. Moreover, following the
Substitution for a period of 30 days, Cova Life will permit transfers from such
sub-accounts to any other sub-account of Variable Account Five available under
your Contract without any limitation or charge being imposed. After the 30 days,
any transfers from such sub-accounts will be subject to the restrictions
described in the Prospectus.
A complete list of all available Portfolios in which Variable Account Five
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 each Portfolio being substituted from and an order to
purchase shares of each Portfolio being substituted into.
Cova Life will bear the expenses attributable to the Substitution. Cova Life
will send affected Owners a notice within five days after the Substitution.
As of the date of this Supplement, shares of the Stock Index, Quality Income,
VKAC Growth and Income and Money Market Portfolios will no longer be offered for
sale. However, Contract owners participating in the Dollar Cost Averaging
program will be allowed to continue to have monies transferred into these
Portfolios until the earlier of the completion of their programs or the
Substitution.
Additional Revisions
The third paragraph on page 9 of the Prospectus and the second paragraph under
"Systematic Withdrawal Program" on page 12 of the Prospectus are deleted in
their entirety.
CUSTOMER SERVICE: (800) 343-8496
Issued by: Cova Financial
Life Insurance Company
Distributed by: Cova Life Sales Company
One Tower Lane, Suite 3000
Oakbrook Terrace, Illinois 60181-4644
COVA SERIES TRUST
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997,
as amended September 8, 1997
The first paragraph under "Public Fund Performance" on page 38 of the Prospectus
and the Performance Recap are amended as follows:
The Mid-Cap Value, Large Cap Research and Developing Growth Portfolios are
commencing regular investment operations as of the date of this Supplement and
are now available for new sales.
CC-3008 (11/97)
COVA FINANCIAL LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT FIVE
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
This supplement should be attached to your copy of the Prospectus for the
variable annuity contracts issued by Cova Financial Life Insurance Company
("Cova Life") and Cova Variable Annuity Account Five ("Variable Account Five").
Growth and Income Portfolio Substitution
The primary 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 Five to
fund certain flexible purchase payment variable annuity contracts ("Contracts")
issued by Cova Life.
Cova Life will file an application with the Securities and Exchange Commission
("Commission") on or about the date of this supplement 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 Five 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
Five 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 Five 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 Five
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.
Additional Revisions
The second paragraph on page 9 of the Prospectus and the second paragraph under
"Systematic Withdrawal Program" on page 12 of the Prospectus are deleted in
their entirety.
CUSTOMER SERVICE: (800) 343-8496
Issued by: Cova Financial Life Insurance Company
Distributed by: Cova Life Sales Company
One Tower Lane, Suite 3000
Oakbrook Terrace, Illinois 60181-4644
COVA SERIES TRUST
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
The first paragraph under "Public Fund Performance" on page 25 of the Prospectus
and the Performance Recap are amended as follows:
The Mid-Cap Value, Large Cap Research and Developing Growth Portfolios are
commencing regular investment operations as of the date of this Supplement and
are now available for new sales.
CC-2084 (11/97)