PREFERRED LIFE VARIABLE ACCOUNT C
497, 1996-07-01
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                        Supplement dated July 1, 1996
             to the Preferred Life Variable Account C Prospectus
                              dated May 1, 1996

As of July 1, 1996, Franklin Advisory Services, Inc., One Parker Plaza,
Sixteenth  Floor, Fort Lee, New Jersey, 07024 ("Franklin New Jersey") replaced
Franklin  Advisors,  Inc.  (Advisers), as the Manager for the Rising Dividends
and  Investment  Grade Intermediate Bond Funds ("Funds").  Franklin New Jersey
and Advisers are direct wholly owned subsidiaries of Franklin Resources, Inc.



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