<PAGE>
SELECT 50 PORTFOLIO
THE ENDEAVOR PLATINUM VARIABLE ANNUITY
ISSUED BY
PFL LIFE INSURANCE COMPANY
Supplement Dated January 28, 1998
To The
Prospectus Dated May 1, 1997
The Select 50 Portfolio has been added as an additional investment option
under the Endeavor Platinum Variable Annuity. This prospectus supplement
provides very limited information about this new investment option. A separate
prospectus that accompanies this supplement provides more complete information
about the Select 50 Portfolio. The information in this supplement is qualified
in its entirety by the additional information in the prospectus for the Select
50 Portfolio and by the information in the prospectus for the Endeavor Platinum
Variable Annuity.
The Select 50 Portfolio seeks capital appreciation by investing at least
65% of its total assets in at least 50 different equity securities of companies
of all sizes throughout the world. Each of five teams from different investment
management disciplines of the Portfolio's Adviser selects ten equity securities
based on the potential for capital appreciation. THERE IS NO ASSURANCE THAT THE
PORTFOLIO WILL ACHIEVE ITS OBJECTIVE. Read the Portfolio's prospectus carefully
before investing.
The table on the following page summarizes the charges and deductions that
may be applicable to an investment in the Select 50 Portfolio through the Mutual
Fund Account of the Endeavor Platinum Variable Annuity. These charges and
deductions are explained in the prospectus for the Endeavor Platinum Variable
Annuity and the prospectus for the Select 50 Portfolio. This table does not
include any premium taxes that may be applicable.
THIS PROSPECTUS SUPPLEMENT MUST BE ACCOMPANIED
BY THE
PROSPECTUS FOR THE ENDEAVOR PLATINUM VARIABLE ANNUITY DATED MAY 1, 1997
AND BY THE
PROSPECTUS FOR THE SELECT 50 PORTFOLIO DATED JANUARY 28, 1998
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FEE TABLE
<TABLE>
<CAPTION>
MUTUAL FUND ACCOUNT ANNUAL EXPENSES
POLICY OWNER TRANSACTION EXPENSES (AS A PERCENTAGE OF ACCOUNT VALUE)
<S> <C> <C> <C>
Sales Load On Purchase Payments 0 Mortality and Expense Risk Fees /(2)/ 1.25%
Surrender Fees 0 Administrative Charge 0.15%
Annual Service Charge /(1)/ $35 Distribution Financing Charge 0.25%
----
Transfer Fee /(1)/ TOTAL MUTUAL FUND ACCOUNT
Currently No Fee ANNUAL EXPENSES 1.65%
</TABLE>
SELECT 50 PORTFOLIO ANNUAL EXPENSES
(as a percentage of average net assets and after expense reimbursements)
<TABLE>
<CAPTION>
Management Other Rule 12b-1 Total Portfolio
Fees Expenses Fees Annual Expenses
----------- -------- ---------- ---------------
<S> <C> <C> <C> <C>
ENDEAVOR SERIES TRUST
Select 50 /(3)/ 1.10% 0.40% - 1.50%
</TABLE>
- ----------------------------------------
/(1)/ The Transfer Fee, if any is imposed, apply to each Policy, regardless of
how the Policy Value is allocated among the Mutual Fund Account and the
Fixed Account. The Service Charge applies to both the Fixed Account and
the Mutual Fund Account, and is assessed on a prorata basis relative to
each Account's Policy Value as a percentage of the Policy's total Policy
Value. The Service Charge is deducted on each Policy Anniversary and at
the time of surrender, if surrender occurs during a Policy Year. (See
"CHARGES AND DEDUCTIONS--Other Expenses Including Investment Advisory
Fees," p. 52.)
/(2)/ The Mortality and Expense Risk Fees shown (1.25%) are for the 5% Annually
Compounding Death Benefit and the Annual Step Up Death Benefit. The
corresponding Fee for the Return of Premium Death Benefit is 1.10% for
each Subaccount. (See "DISTRIBUTIONS UNDER THE POLICY--Death
Benefit," p. 47.)
/(3)/ The Select 50 Portfolio is expected to commence operations on or about the
date of this Prospectus. The expenses shown are annualized estimates of
expenses for 1998. The Manager has agreed to limit the Portfolio's total
operating expenses for the first year of operations to an annual rate of
1.50% of the Portfolio's average daily net assets.
<PAGE>
EXPENSE EXAMPLES: SELECT 50 PORTFOLIO
I. An Owner would pay the following expenses on a $1,000 investment,
assuming Return of Premium Death Benefit, a hypothetical 5% annual return on
assets (a 1.10% Mortality and Expense Risk Fee), and assuming the entire Policy
Value is in the Select 50 Subaccount:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
Select 50 Portfolio $31 $94 $160 $337
</TABLE>
II. An Owner would pay the following expenses on a $1,000 investment,
assuming a 5% Annually Compounding Death Benefit or Annual Step-Up Death
Benefit, a hypothetical 5% annual return on assets (a 1.25% Mortality and
Expense Risk Fee), and assuming the entire Policy Value is in the Select 50
Subaccount:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
Select 50 Portfolio $32 $99 $168 $351
</TABLE>
The expenses would be the same whether the Policy is completely surrendered,
simply continued, or annuitized at the end of the applicable period, since there
is no surrender or withdrawal charge.
The above tables are intended to assist the Owner in understanding the costs
and expenses that will be borne, directly or indirectly. These include the
expenses of the Select 50 Portfolio. (See "CHARGES AND DEDUCTIONS," p. 50.) In
addition to the expenses listed above, premium taxes may be applicable.
THESE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES, AND ACTUAL EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN. THE
ASSUMED 5% ANNUAL RETURN IS HYPOTHETICAL AND SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE ANNUAL RETURNS, WHICH COULD BE GREATER OR LESS
THAN THE ASSUMED RATE. The figures and data for the Select 50 Portfolio annual
expenses have been provided by Endeavor Investment Advisers, and while PFL does
not dispute these figures, PFL has not independently verified their accuracy.
In these examples, the $35 Annual Service Charge is reflected as a charge of
.0547% based on average Policy Value of $64,005. Normally, the $35 Service
Charge would be waived if the Premium Payment(s) less partial withdrawals, or
the Policy Value is at least $50,000. However, it was included in these examples
for illustrative purposes.
