SUPPLEMENT DATED NOVEMBER 2, 1998
TO
PROSPECTUS DATED MAY 1, 1998
WRL FREEDOM WEALTH CREATOR(SM)
For Contracts purchased after November 2, 1998, the following provisions apply.
The following information is added after the third paragraph on page 3 of the
Prospectus under the heading "SUMMARY - Withdrawal Charge."
For Contracts purchased as a Net Income Makeup Charitable Remainder
Unitrust (NIMCRUT), upon the Surrender or partial withdrawal of Purchase
Payments paid beyond the Withdrawal Charge Period shown on page 11 of this
Prospectus, no Withdrawal Charge will be imposed.
Upon the partial withdrawal of Purchase Payments within the Withdrawal
Charge Period, the Withdrawal Charge will equal the Purchase Payments paid
within the Withdrawal Charge Period times the applicable Withdrawal Charge
Percentage shown on page 11 of this Prospectus. Once each calendar quarter, the
Owner may withdraw any portion of the Annuity Value in excess of the total
Purchase Payments made without paying a Withdrawal Charge.
Upon the Surrender of Purchase Payments within the Withdrawal Charge
Period, the Withdrwawal Charge will equal the Purchase Payments paid within the
Withdrawal Charge Period times the applicable Withdrawal Charge Percentage shown
on page 11 of this Prospectus. Upon Surrender, the Purchase Payments subject to
the Withdrawal Charge will not be reduced by any portion of the Annuity Value
previously withdrawn which did not incur a Withdrawal Charge.
The following information is added after the table on page 11 of the Prospectus
under the heading "CHARGES AND DEDUCTIONS - Withdrawal Charge."
For NIMCRUT Contracts, upon Surrender or partial withdrawal of Purchase
Payments paid beyond the Withdrawal Charge Period shown above, no Withdrawal
Charge will be imposed.
Upon the partial withdrawal of Purchase Payments within the Withdrawal
Charge Period, the Withdrawal Charge will equal the Purchase Payments paid
within the Withdrawal Charge Period times the applicable Withdrawal Charge
Percentage shown above. Once each calendar quarter, the Owner may withdraw any
portion of the Annuity Value in excess of the total Purchase Payments made
without paying a Withdrawal Charge.
Upon the Surrender of Purchase Payments within the Withdrawal Charge
Period, the Withdrawal Charge will equal the Purchase Payments paid within the
Withdrawal Charge Period times the applicable Withdrawal Charge Percentage shown
above. Upon Surrender, the Purchase Payments subject to the Withdrawal Charge
will not be reduced by any portion of the Annuity Value previously withdrawn
which did not incur a Withdrawal Charge.
The following is added at the end of the section entitled "FEDERAL TAX MATTERS -
Additional Considerations," on page 25 of the Prospectus.
6. Issues arising in connection with the ownership of certain annuity products
by charitable remainder trusts are currently under extensive study by the
Service. A competent legal or tax advisor should be consulted in connection with
the purchase of the Contract by, or the transfer of the Contract to, a
charitable remainder trust.
WRL00013-11/98
