<PAGE>
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT DATED OCTOBER 13, 1997
TO THE
PROSPECTUS DATED APRIL 30, 1997
AS SUPPLEMENTED ON SEPTEMBER 18, 1997
AND JUNE 13, 1997
FOR THE
PROVIDIAN ADVISOR'S EDGE VARIABLE ANNUITY
OFFERED BY
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
Effective October 13, 1997, Providian Advisor's Edge Variable Annuity Contract
Owners will be able to invest in the following Portfolios, which are in addition
to the thirteen Portfolios previously available for investment (which appear on
page one of the Prospectus, as supplemented): the Strong Schafer Value Fund II
("Strong Schafer Value Portfolio"), a series of the Strong Variable Insurance
Funds, Inc.; the T. Rowe Price International Stock Portfolio ("T. Rowe Price
International Stock Portfolio"), a managed investment portfolio offered by the
Endeavor Series Trust; the Dreyfus Small Cap Value Portfolio ("Dreyfus Small Cap
Value Portfolio"), a managed investment portfolio offered by the Endeavor Series
Trust; and the Enhanced Index Portfolio ("Enhanced Index Portfolio"), a managed
investment portfolio offered by the Endeavor Series Trust. The definition of
"Portfolio" appearing on Prospectus page four is hereby amended accordingly.
* * * * *
The definition of "Funds" on Prospectus page four is hereby amended to include
the Endeavor Series Trust (advised by Endeavor Investment Advisers).
* * * * *
The addition of these Portfolios brings to seventeen the number of Subaccounts
of Providian Life and Health Insurance Company's Separate Account V among which
Providian Advisor's Edge Variable Annuity Contract Owners may allocate Net
Purchase Payments. The number of open-end, diversified investment companies
offering Portfolios to Providian Advisor's Edge Variable Annuity Contract Owners
is likewise hereby increased from six to seven.
<PAGE>
* * * * *
The table on Prospectus page nine showing actual expenses for fiscal year 1996
(as a percentage of each Portfolio's average net assets after fee waiver and/or
expense reimbursement, if applicable) is hereby supplemented as follows:
<TABLE>
<CAPTION>
Total
Management Portfolio
and Advisory Other Annual
Expenses Expenses Expenses
------------ -------- ---------
<S> <C> <C> <C>
Strong Schafer Value Portfolio* 1.00% 0.20% 1.20%
T. Rowe Price International
Stock Portfolio** 0.90% 0.28% 1.18%
Dreyfus Small Cap Value
Portfolio*** 0.80% 0.12% 0.92%
Enhanced Index
Portfolio**** 0.75% 0.55% 1.30%
</TABLE>
* The expense figures above are based on estimated expenses for fiscal year 1997
(as a percentage of the Portfolio's average net assets after fee waiver and/or
expense reimbursement). The expense figures shown reflect anticipated voluntary
waivers of a portion of the management fees and/or assumption of expenses. In
the absence of these voluntary waivers, the Management and Advisory Expenses,
Other Expenses, and Total Portfolio Annual Expenses are estimated to be as
follows: 1.00%, 0.21%, and 1.21%, respectively.
** Endeavor Investment Advisers has agreed, until terminated by Endeavor
Investment Advisers, to assume expenses of the T. Rowe Price International Stock
Portfolio that exceed 1.53%.
*** Endeavor Investment Advisers has agreed, until terminated by Endeavor
Investment Advisers, to assume expenses of the Dreyfus Small Cap Value Portfolio
that exceed 1.30%.
**** The expense figures above are based on estimated expenses for fiscal year
1997 (as a percentage of the Portfolio's average net assets after fee waiver
and/or expense reimbursement). Endeavor Investment Advisers has agreed, until
terminated by Endeavor Investment Advisers, to assume expenses of the Enhanced
Index Portfolio that exceed 1.30%.
* * * * *
<PAGE>
The example on Prospectus page ten illustrating expenses a Contract Owner would
incur on a $1,000 Purchase Payment over various periods, assuming (1) a 5%
annual rate of return and (2) redemption at the end of each period, is hereby
supplemented as follows:
<TABLE>
<CAPTION>
1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
------ ------ ------- -------
<S> <C> <C> <C> <C>
Strong Schafer Value Portfolio $19.13 $59.15 $101.67 $219.95
T. Rowe Price International
Stock Portfolio $18.92 $58.54 $100.64 $217.83
Dreyfus Small Cap Value
Portfolio $16.30 $50.56 $ 87.14 $189.82
Enhanced Index
Portfolio $20.13 $62.21 $106.82 $230.50
</TABLE>
* * * * *
The table on Prospectus page eleven showing Condensed Financial Information for
the period January 1, 1994 through December 31, 1996 is hereby supplemented as
follows:
<TABLE>
<CAPTION>
Strong T. Rowe Dreyfus
Schafer Price Int'l Small Cap
Value Stock Value
------- ----------- ---------
<S> <C> <C> <C>
Accumulation unit value as of:
12/31/96............................... N/A N/A N/A
Number of units outstanding as of:
12/31/96............................... N/A N/A N/A
Enhanced
Index
--------
Accumulation unit value as of:
12/31/96 .............................. N/A
Number of units outstanding as of:
12/31/96 .............................. N/A
</TABLE>
* * * * *
<PAGE>
The following supplements the descriptions of the Funds beginning on Prospectus
page thirteen.
ENDEAVOR SERIES TRUST (advised by Endeavor Investment Advisers)
Endeavor Series Trust is a diversified, open-end management investment company
that offers a selection of managed investment portfolios. Each portfolio
constitutes a separate mutual fund with its own investment objectives and
policies. The Fund is organized as a Massachusetts business trust and is
registered under the 1940 Act. The Fund currently issues shares of ten
portfolios, of which the T. Rowe Price International Stock Portfolio, the
Dreyfus Small Cap Value Portfolio, and the Enhanced Index Portfolio are
available as part of the Providian Advisor's Edge. Endeavor Investment Advisers
serves as the Fund's investment adviser. Rowe Price-Fleming International, Inc.
serves as the subadviser to the T. Rowe Price International Stock Portfolio. The
Dreyfus Corporation serves as the subadviser to the Dreyfus Small Cap Value
Portfolio. J.P. Morgan Investment Management Inc. serves as the subadviser to
the Enhanced Index Portfolio.
* * * * *
The description of Strong Variable Insurance Funds, Inc. appearing on Prospectus
page fourteen is hereby amended and restated in its entirety as follows:
STRONG VARIABLE INSURANCE FUNDS, INC. (advised by Strong Capital Management,
Inc.)
Strong Variable Insurance Funds, Inc. is an open-end management investment
company organized under Wisconsin law and is registered under the 1940 Act. Two
series issued by the Fund are available as part of the Providian Advisor's Edge:
the Strong International Stock Portfolio and the Strong Schafer Value Portfolio.
Strong Capital Management, Inc. serves as the Fund's investment adviser. Schafer
Capital Management serves as the subadviser to the Strong Schafer Value
Portfolio.
* * * * *
The following supplements the descriptions of the Portfolios beginning on
Prospectus page fourteen. For more information concerning the risks associated
with each Portfolio's investments, please refer to the applicable underlying
Fund prospectus.
Strong Schafer Value Fund II ("Strong Schafer Value Portfolio")
The primary objective of the Strong Schafer Value Portfolio is long-term capital
appreciation. The Portfolio seeks to achieve its objective by investing in
stocks that offer attractive growth potential but which, for a variety of
reasons, are either undervalued or have gone unnoticed by the market. The Fund
is managed with a long-term perspective, and stocks are typically held for two
or more years, giving the Fund the ability to take full advantage of a company's
growth potential.
<PAGE>
T. Rowe Price International Stock Portfolio ("T. Rowe Price International Stock
Portfolio")
The investment objective of the T. Rowe Price International Stock Portfolio is
long-term growth of capital through investments primarily in common stocks and
other equity-related securities of established non-U.S. companies.
Dreyfus Small Cap Value Portfolio ("Dreyfus Small Cap Value Portfolio")
The investment objective of the Dreyfus Small Cap Value Portfolio (formerly
known as the Value Small Cap Portfolio and prior to that the Quest for Value
Small Cap Portfolio) is capital appreciation through investment in a diversified
portfolio of equity securities of companies with a median market capitalization
of approximately $750 million, provided that under normal market conditions at
least 75% of the Portfolio's investments will be in equity securities of
companies with capitalizations at the time of purchase between $150 million and
$1.5 billion.
Enhanced Index Portfolio ("Enhanced Index Portfolio")
The investment objective of the Enhanced Index Portfolio is to earn a return
modestly in excess of the total return performance of the S&P 500 Composite
Stock Price Index (including the reinvestment of dividends) ("S&P 500 Index")
while maintaining a volatility of return similar to the S&P 500 Index.
* * * * *
There is no assurance that a Portfolio will achieve its stated investment
objective.
Additional information concerning the investment objectives and policies of the
Portfolios and the investment advisory services and charges can be found in the
current prospectuses for the corresponding Funds. The Funds' prospectuses should
be read carefully before any decision is made concerning the allocation of Net
Purchase Payments to a Portfolio or concerning an Exchange to or from a
Portfolio.
<PAGE>
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT DATED OCTOBER 13, 1997
TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 30, 1997
AS SUPPLEMENTED ON JUNE 13, 1997
FOR THE
PROVIDIAN ADVISOR'S EDGE VARIABLE ANNUITY
AND
DIMENSIONAL VARIABLE ANNUITY
OFFERED BY
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
In connection with the information presented on page two of the Statement of
Additional Information, please be aware of the following supplemental
information:
Effective October 13, 1997, the following portfolios are available through the
Providian Advisor's Edge variable annuity contract:
Federated American Leaders Portfolio
Federated Utility Portfolio
Federated High Income Bond Portfolio
Federated U.S. Government Securities Portfolio
Montgomery Growth Portfolio
SteinRoe Capital Appreciation Portfolio
Strong International Stock Portfolio
Wanger U.S. Small Cap Advisor Portfolio
Wanger International Small Cap Advisor Portfolio
Warburg Pincus International Equity Portfolio
Warburg Pincus Small Growth Portfolio
Strong Schafer Value Portfolio
T. Rowe Price International Stock Portfolio
Dreyfus Small Cap Value Portfolio
Enhanced Index Portfolio
The foregoing list reflects the subtraction of Weiss, Peck & Greer Core Large-
Cap Stock Portfolio and Weiss, Peck & Greer Core Small-Cap Stock Portfolio and
the addition of Strong Schafer Value Portfolio, T. Rowe Price International
Stock Portfolio, Dreyfus Small Cap Value Portfolio, and Enhanced Index
Portfolio.
<PAGE>
Federated Prime Money Portfolio continues to be available through the Providian
Advisor's Edge and Dimensional Variable Annuity contracts.
* * * * *
The list of Subaccounts that had not commenced operations as of 12/31/96 (which
list appears on page five of the Statement of Additional Information) is hereby
supplemented as follows: Strong Schafer Value Portfolio, T. Rowe Price
International Stock Portfolio, Dreyfus Small Cap Value Portfolio, and Enhanced
Index Portfolio.
* * * * *
The table on page six of the Statement of Additional Information showing
Standardized Average Annual Total Return for the Period Ending 12/31/96 is
hereby supplemented as follows:
<TABLE>
<CAPTION>
Subaccount One Year Since Inception
<S> <C> <C>
- ---------- -------- ---------------
Strong Schafer Value Portfolio N/A N/A
T. Rowe Price Int'l Stock Portfolio N/A N/A
Dreyfus Small Cap Value Portfolio N/A N/A
Enhanced Index Portfolio N/A N/A
</TABLE>
* * * * *
The table on page seven of the Statement of Additional Information showing Non-
Standardized Actual Total Return for the Period Ending 12/31/96 is hereby
supplemented as follows:
<TABLE>
<CAPTION>
Subaccount One Year Since Inception
<S> <C> <C>
- ---------- -------- ---------------
Strong Schafer Value Portfolio N/A N/A
T. Rowe Price Int'l Stock Portfolio N/A N/A
Dreyfus Small Cap Value Portfolio N/A N/A
Enhanced Index Portfolio N/A N/A
</TABLE>
* * * * *
The table on page eight of the Statement of Additional Information showing Non-
Standardized Actual Average Annual Total Return for the Period Ending 12/31/96
is hereby supplemented as follows:
<PAGE>
<TABLE>
<CAPTION>
Subaccount One Year Since Inception
<S> <C> <C>
- ---------- -------- ---------------
Strong Schafer Value Portfolio N/A N/A
T. Rowe Price Int'l Stock Portfolio N/A N/A
Dreyfus Small Cap Value Portfolio N/A N/A
Enhanced Index Portfolio N/A N/A
</TABLE>
* * * * *
The table on page eight of the Statement of Additional Information showing Non-
Standardized Total Return Year-to-Date is hereby supplemented as follows:
<TABLE>
<CAPTION>
Total Return
Subaccount as of 12/31/96
- ---------- --------------
<S> <C>
Strong Schafer Value Portfolio N/A
T. Rowe Price Int'l Stock Portfolio N/A
Dreyfus Small Cap Value Portfolio N/A
Enhanced Index Portfolio N/A
</TABLE>
* * * * *
The table on page nine of the Statement of Additional Information showing Non-
Standardized One-Year Return is hereby supplemented as follows:
<TABLE>
<CAPTION>
Non-Standardized
One-Year Return
Subaccount 1996
- ---------- ----------------
<S> <C>
Strong Schafer Value Portfolio N/A
T. Rowe Price Int'l Stock Portfolio N/A
Dreyfus Small Cap Value Portfolio N/A
Enhanced Index Portfolio N/A
</TABLE>
