<PAGE>
PROSPECTUS SUPPLEMENT
ExecAnnuity Plus
Separate Account VA-K of First Allmerica Financial Life Insurance Company
Supplement to Prospectus dated April 30, 1996
* * *
The first performance table on page 14 of the prospectus is amended to read
in its entirety as follows:
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDING DECEMBER 31, 1995
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(Assuming COMPLETE redemption of the investment)
For year 10 years
ended or since
Sub-Account NAME 12/31/95 3 Years 5 Years Inception*
- ----------- ---- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C>
Sub-Account 1 Growth 22.93% 8.85% 13.86% 13.12%
Sub-Account 2 Investment Grade 8.18% 4.58% 7.26% 7.51%
Sub-Account 3 Money Market -3.18% 0.57% 1.76% 4.38%
Sub-Account 4 Equity Index 26.27% 11.19% 7.45% 14.82%
Sub-Account 5 Government Bond 3.46% 2.75% N/A 5.21%
Sub-Account 6 Select Aggressive Growth 22.43% 12.14% N/A 17.22%
Sub-Account 7 Select Growth 14.83% 3.82% N/A 6.92%
Sub-Account 8 Select Growth and Income 20.50% 9.65% N/A 8.60%
Sub-Account 9 Small Cap Value 7.95% N/A N/A 6.22%
Sub-Account 11 Select International Equity 9.94% N/A N/A 2.79%
Sub-Account 12 Select Capital Appreciation N/A N/A N/A 30.19%
Sub-Account 102 Fidelity VIP High Income 10.91% 9.17% 16.44% 9.86%
Sub-Account 103 Fidelity VIP Equity-Income 25.20% 16.19% 18.86% 11.70%
Sub-Account 104 Fidelity VIP Growth 25.47% 13.92% 18.32% 13.18%
Sub-Account 105 Fidelity VIP Overseas 0.34% 11.80% 5.44% 5.69%
Sub-Account 106 Fidelity VIP II Asset Manager 7.31% 6.39% 10.19% 9.34%
Sub-Account 150 T. Rowe Price International Stock 1.68% N/A N/A 0.89%
Sub-Account 20 DGPF International Equity 4.27% N/A N/A 5.48%
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SUPPLEMENT DATED MAY 15, 1996
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The first table on page 18 of the prospectus is amended to read in its
entirety as follows:
Allmerica Investment's fee computed for each Fund will be paid from the
assets of such Fund. Allmerica Investment is solely responsible for the
payment of all fees for investment management services to the Sub-Advisers,
who will receive from Allmerica Investment a fee, computed daily at an annual
rate based on the average daily net asset value of each Fund as follows:
<TABLE>
<CAPTION>
Sub-Adviser Fund Net Asset Value Rate
----------- ---- --------------- ----
<S> <C> <C> <C>
Miller, Anderson & Sherrerd Growth * *
Allmerica Asset Management, Inc. Investment Grade Income ** 0.20%
Allmerica Asset Management, Inc. Money Market ** 0.10%
Allmerica Asset Management, Inc. Equity Index ** 0.10%
Allmerica Asset Management, Inc. Government Bond ** 0.20%
Bank of Ireland Asset Management Select International Equity First $50 million 0.45%
Limited Next $50 million 0.40%
Over $100 million 0.30%
Nicholas-Applegate Capital Select Aggressive Growth ** 0.60%
Management
Janus Capital Corporation Select Capital Appreciation First $100 million 0.60%
Over $100 million 0.55%
Provident Investment Counsel Select Growth First $50 million 0.50%
$50 - 150 million 0.45%
$150 - 250 million 0.35%
$250 - 350 million 0.30%
Over $350 million 0.25%
John A. Levin & Co., Inc. Select Growth and Income First $100 million 0.40%
Next $200 million 0.25%
Over $300 million 0.30%
David L. Babson & Co. Small Cap Value ** 0.50%
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Prospectus Supplement Dated May 15, 1996
