<PAGE>
PEOPLES BENEFIT LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT DATED JUNE 23, 1999
TO THE
PROSPECTUS DATED MAY 1, 1999
FOR THE
ADVISOR'S EDGE VARIABLE ANNUITY
OFFERED BY
PEOPLES BENEFIT LIFE INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
The "Portfolio Annual Expenses" table on Prospectus page seven showing expenses
for fiscal year 1998 (as a percentage of each Portfolio's average net assets
after fee waiver and/or expense reimbursement, if applicable) is hereby amended
as follows:
<TABLE>
<CAPTION>
Rule
Management and Other 12b-1 Total Portfolio
Advisory Expenses Expenses Fee Annual Expenses
------------------ --------- ----- ----------------
<S> <C> <C> <C> <C>
Warburg Pincus International Equity Portfolio 1.00% 0.33% -- 1.33%
</TABLE>
Footnote 7 to the "Portfolio Annual Expense" table is deleted in its entirety.
****
The example on Prospectus page nine 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) full surrender at the end of each period, is
hereby amended as follows:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
--------------- ---------------- --------------- -------------
<S> <C> <C> <C> <C>
Warburg Pincus International
Equity Portfolio $20.35 $62.86 $107.94 $232.86
</TABLE>
<PAGE>
PEOPLES BENEFIT LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT DATED JUNE 23, 1999
TO THE
PROSPECTUS DATED MAY 1, 1999
FOR THE
ADVISOR'S EDGE SELECT VARIABLE ANNUITY
OFFERED BY
PEOPLES BENEFIT LIFE INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
The "Portfolio Annual Expenses" table on Prospectus page six showing expenses
for fiscal year 1998 (as a percentage of each Portfolio's average net assets
after fee waiver and/or expense reimbursement, if applicable) is hereby amended
as follows:
<TABLE>
<CAPTION>
Rule
Management and Other 12b-1 Total Portfolio
Advisory Expenses Expenses Fee Annual Expenses
------------------ --------- ----- ----------------
<S> <C> <C> <C> <C>
Warburg Pincus International Equity Portfolio 1.00% 0.33% -- 1.33%
</TABLE>
Footnote 7 to the "Portfolio Annual Expense" table is deleted in its entirety.
****
The example on Prospectus page eight 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) full surrender at the end of each period, is
hereby amended as follows:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
--------------- ---------------- --------------- -------------
<S> <C> <C> <C> <C>
Warburg Pincus International
Equity Portfolio $28.61 $87.70 $149.38 $315.68
</TABLE>
