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PEOPLES BENEFIT LIFE INSURANCE COMPANY
SEPARATE ACCOUNT IV
(FORMERLY PROVIDIAN LIFE & HEALTH INSURANCE COMPANY SEPARATE ACCOUNT IV)
SUPPLEMENT DATED OCTOBER 1, 1998
TO THE
PROSPECTUS DATED APRIL 30, 1998
FOR THE
VANGUARD VARIABLE ANNUITY PLAN CONTRACT
OFFERED BY
PEOPLES BENEFIT LIFE INSURANCE COMPANY
(FORMERLY PROVIDIAN LIFE & HEALTH INSURANCE COMPANY)
(A MISSOURI STOCK COMPANY)
Effective October 1, 1998, Providian Life & Health Insurance Company has
changed its name to Peoples Benefit Life Insurance Company, and Providian Life
& Health Insurance Company Separate Account IV has changed its name to Peoples
Benefit Life Insurance Company Separate Account IV, subject to obtaining the
necessary regulatory approvals. Therefore, all references to "Providian Life &
Health Insurance Company" and "Providian Life & Health Insurance Company Sepa-
rate Account IV" in the Prospectus dated April 30, 1998 and in the Statement
of Additional Information dated April 30, 1998 should be read accordingly.
* * * * *
Beginning October 1, 1998 for NEW Contract Owners in certain states only,
the Initial Purchase Payment for the Vanguard Variable Annuity Plan Contract
will be immediately allocated to the Portfolios of the Vanguard Variable In-
surance Fund in the whole-number percentages you specify on the Contract Ap-
plication. Please telephone the Vanguard Variable Annuity Center at 1-800-462-
2391 before purchasing to find out if the immediate allocation feature applies
to Contracts issued in your state.
If the immediate allocation feature does not apply to Contracts issued in
your state, your Initial Purchase Payment will be allocated to the Money Mar-
ket Portfolio during the Free Look Period for a minimum of 10 days (30 or more
in some instances as specified in your contract) during which you may cancel
your contract. Upon expiration of the Free Look Period, the Accumulated Value
will remain in the Money Market Portfolio for an additional 5-day grace period
to allow for mail delivery. Upon expiration of the Free Look Period and the 5-
day grace period (15 to 35 days or more), the Accumulated Value will then be
allocated among the Portfolios in accordance with your instructions.
For all Contracts issued on or after October 1, 1998, whether or not the im-
mediate allocation feature applies to Contracts issued in your state the fol-
lowing will apply: If you choose to cancel your Contract during the applicable
Free Look Period, you will receive the greater of the Purchase Payments made
under the Contract or the Accumulated Value of the Contract as of the day the
Contract is received by the Company. (This excludes the state of Pennsylvania,
where you will receive the Accumulated Value whether or not it exceeds Pur-
chase Payments made under the Contract.)
Capitalized terms herein have the same meanings as in the Prospectus dated
April 30, 1998.
PSPBL1098
