<PAGE>
SUPPLEMENT DATED JUNE 25, 1998 TO THE PROSPECTUS
DATED MAY 1, 1998 FOR
CANADA LIFE OF AMERICA SERIES FUND, INC.
Effective immediately, the following supersedes and replaces the information
contained in the prospectus captioned Sub-Adviser Portfolio Manager under the
Capital Portfolio section:
Marion S. Schultheis, who joined the Sub-Advisor as Managing Director in May,
1998, is responsible for the management of Seligman Growth Fund, Inc. and the
Seligman Capital Portfolio of Seligman Portfolios, Inc. Additionally, she is
responsible for directing and overseeing the domestic investments of the
Seligman Henderson Global Growth Opportunities Fund, a series of Seligman a
series of Seligman Henderson Global Fund Series, Inc. From October, 1997 until
May, 1998, she was a Managing Director at Chancellor LGT. Prior thereto, Ms.
Schultheis was a Senior Portfolio Manager at IDS Advisory Group Inc. from
August, 1987 until October, 1997.